Note Purchase Agreement



 Exhibit 10.1 
 EXECUTION COPY 
 NOTE PURCHASE AGREEMENT 
 dated as of 
 July 28, 2008 
 among 
 NAVISTAR FINANCIAL RETAIL RECEIVABLES
CORPORATION, 
 as Seller 
 ALPINE
SECURITIZATION CORP., 
 as Conduit Investor 
 CREDIT SUISSE, CAYMAN ISLANDS BRANCH, 
 as Committed Investor 
 CREDIT SUISSE, NEW YORK BRANCH, 
 as Agent for
the Investors 
 and 
 NAVISTAR
FINANCIAL CORPORATION, 
 Individually and as Servicer 
 NAVISTAR FINANCIAL 2008-B OWNER TRUST, 
 Series 2008-B Variable Funding Floating Rate Asset Backed Notes








 TABLE OF CONTENTS 
  


					
	 	  	 	  	Page
	 ARTICLE I         Definitions
	  	1
			
	 SECTION 1.01.
	  	 Defined Terms
	  	1
			
	 SECTION 1.02.
	  	 Terms Generally
	  	9
			
	 SECTION 1.03.
	  	 Computation of Time Periods
	  	9
		
	 ARTICLE II         Matters Relating to the Purchased Note
	  	10
			
	 SECTION 2.01.
	  	 Purchase of the Purchased Note; Incremental Fundings
	  	10
			
	 SECTION 2.02.
	  	 The Purchased Note; Etc.
	  	110
			
	 SECTION 2.03.
	  	 Calculation of Interest; Etc.
	  	11
			
	 SECTION 2.04.
	  	 Sharing of Payments, Etc.
	  	12
		
	 ARTICLE III         Representations and Warranties
	  	12
			
	 SECTION 3.01.
	  	 Representation and Warranties
	  	12
		
	 ARTICLE IV Conditions
	  	17
			
	 SECTION 4.01.
	  	 Conditions Precedent
	  	17
		
	 ARTICLE V         Covenants of the Seller and Servicer
	  	19
			
	 SECTION 5.01.
	  	 Access
	  	19
			
	 SECTION 5.02.
	  	 Information from NFC
	  	19
			
	 SECTION 5.03.
	  	 Security Interests; Further Assurances
	  	20
			
	 SECTION 5.04.
	  	 Conduct of Business
	  	21
			
	 SECTION 5.05.
	  	 Compliance with Laws
	  	21
			
	 SECTION 5.06.
	  	 Replacement of Trustee
	  	21
			
	 SECTION 5.07.
	  	 Compliance with Opinion Assumptions
	  	21
			
	 SECTION 5.08.
	  	 Further Covenants
	  	21
			
	 SECTION 5.09.
	  	 Amendments
	  	21
		
	 ARTICLE VI         Indemnification
	  	21
			
	 SECTION 6.01.
	  	 Indemnities by the Seller, NFC and the Servicer
	  	21
			
	 SECTION 6.02.
	  	 Increased Cost and Reduced Return
	  	22
			
	 SECTION 6.03.
	  	 Other Costs and Expenses
	  	23
		
	 ARTICLE VII         The Agent
	  	23
			
	 SECTION 7.01.
	  	 Authorization and Action
	  	23
			
	 SECTION 7.02.
	  	 Delegation of Duties
	  	24
			
	 SECTION 7.03.
	  	 Liability of Agent
	  	24

  

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 TABLE OF CONTENTS 
 (continued) 
  

					
	 	  	 	  	Page
			
	 SECTION 7.04.
	  	 Reliance by Agent
	  	24
			
	 SECTION 7.05.
	  	 Notice of Event of Default
	  	25
			
	 SECTION 7.06.
	  	 Credit Decision; Disclosure of Information by the Agent
	  	25
			
	 SECTION 7.07.
	  	 Indemnification of the Agent
	  	26
			
	 SECTION 7.08.
	  	 Agent in Individual Capacity
	  	26
			
	 SECTION 7.09.
	  	 Resignation of Agent
	  	26
			
	 SECTION 7.10.
	  	 Payments by the Agent
	  	27
		
	 ARTICLE VIII         Miscellaneous
	  	27
			
	 SECTION 8.01.
	  	 Assignment
	  	27
			
	 SECTION 8.02.
	  	 Notices
	  	29
			
	 SECTION 8.03.
	  	 Waivers; Amendments
	  	30
			
	 SECTION 8.04.
	  	 Survival
	  	30
			
	 SECTION 8.05.
	  	 Counterparts; Integration; Effectiveness
	  	31
			
	 SECTION 8.06.
	  	 Severability
	  	31
			
	 SECTION 8.07.
	  	 Governing Law; Waiver of Jury Trial Right; Submission to Jurisdiction
	  	31
			
	 SECTION 8.08.
	  	 No Bankruptcy Petition Against the Conduit Investor or CP Issuer
	  	32
			
	 SECTION 8.09.
	  	 Benefits of Indenture
	  	32
			
	 SECTION 8.10.
	  	 Headings
	  	32
			
	 SECTION 8.11.
	  	 No Recourse Against Conduit Investor, Members, Officers or Directors
	  	32
			
	 SECTION 8.12.
	  	 Waiver of Confidentiality
	  	33
			
	 SECTION 8.13.
	  	 Confidentiality Agreement
	  	33
			
	 SECTION 8.14.
	  	 Excess Funds
	  	33
			
	 SECTION 8.15.
	  	 Limitation of Liability
	  	34

 EXHIBIT A - Documents To Be Delivered to the Agent On or Prior to the Closing Date 
 EXHIBIT B - Form of Notice of Funding 
 SCHEDULE I List of Designated Financial Institutions 
  

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 NOTE PURCHASE AGREEMENT dated as of July 28, 2008 (as amended, supplemented or
otherwise modified from time to time, the “Agreement”), among: 
 NAVISTAR FINANCIAL RETAIL RECEIVABLES
CORPORATION, a Delaware corporation, as seller (the “Seller”); 
 ALPINE SECURITIZATION CORP., a Delaware
corporation (“Alpine” or the initial Conduit Investor (as defined below)); 
 CREDIT SUISSE, a Swiss banking corporation
(“Credit Suisse”), acting through a New York Branch, as Agent (as defined below); 
 CREDIT SUISSE, a Swiss banking
corporation, acting through its Cayman Islands Branch, as Committed Investor (the “Committed Investor”); and 
 NAVISTAR
FINANCIAL CORPORATION, a Delaware corporation, individually (“NFC”) and as servicer (in such capacity, and together with its successors and assigns, the “Servicer”). 
 RECITALS 
 WHEREAS, the Trust and the
Indenture Trustee are party to an Indenture dated as of July 28, 2008 (as amended, restated, supplemented or otherwise modified from time to time, the “Indenture”), pursuant to which the Trust has issued the Purchased Note (as
defined below); and 
 WHEREAS, on the Closing Date, the Seller intends to sell the Purchased Note to the Agent for the benefit of the
Conduit Investor and the other Investors, and the Conduit Investor and the other Investors desire to acquire the Purchased Note; 
 NOW, THEREFORE, the parties hereto agree as follows: 
 ARTICLE I 
 Definitions 
 SECTION 1.01. Defined Terms. Terms used
herein but not otherwise defined herein have the respective meanings given to such terms in Part I of Appendix A to the Pooling Agreement, dated as of July 28, 2008 (the “Pooling Agreement”) between NFRRC and the Issuer
(each as defined below), as amended, restated, supplemented or otherwise modified from time to time. As used in this Agreement, the following terms have the meanings specified below: 
 “1940 Act” means the Investment Company Act of 1940, as amended. 
 “Act” means the Securities Act of 1993, as amended. 







 “Agent” means Credit Suisse, New York Branch, in its capacity as agent
for the Investors, and its successors and assigns appointed pursuant to Section 7.09. 
 “Agent-Related
Person” means the Agent, its Affiliates, and the officers, directors, employees, agents and attorneys-in-fact of such Persons and their respective Affiliates. 
 “Agreement” is defined in the preamble. 
 “Alpine” is defined in the preamble. 
 “Alternate Rate” for any Fixed
Period for any Funding Tranche means an interest rate per annum equal to the sum of (x) Applicable Margin per annum and (y) the Eurodollar Rate for such Fixed Period; provided, however, that in the case of: 
 (i) any Fixed Period existing on or after the first day of which the Agent shall have been notified by the Conduit
Investor, the Committed Investor or any Program Support Provider that: 
 (w) the introduction of or any
change in or in the interpretation of any law or regulation makes it unlawful, or any central bank or other Governmental Authority asserts that it is unlawful, for the Conduit Investor, the Committed Investor or such Program Support Provider to fund
any Funding Tranche (based on the Eurodollar Rate) set forth above (and the Conduit Investor, the Committed Investor or such Program Support Provider shall not have subsequently notified the Agent that such circumstances no longer exist),

 (x) U.S. dollar deposits in the London interbank market in the relevant amounts and for the relevant
portion of such Fixed Period are not available, 
 (y) adequate and reasonable means do not exist for
ascertaining LIBOR for such Fixed Period, or 
 (z) LIBOR does not accurately reflect the cost to the Conduit
Investor, the Committed Investor or such Program Support Provider (as conclusively determined by the Conduit Investor, the Committed Investor or such Program Support Provider (or by the Agent on its behalf)) of maintaining the applicable Funding
Tranche during such Fixed Period; 
 (ii) any Fixed Period of one to (and including) 13 days, 
 (iii) any Fixed Period relating to a Funding Tranche which is less than $1,000,000, or 
 (iv) any Fixed Period with respect to which the Alternate Rate, for any reason, becomes applicable on notice to the Agent
of less than three (3) Business Days; 
 the “Alternate Rate” for each such Fixed Period shall be an interest rate per
annum equal to the Corporate Base Rate in effect on each day of such Fixed Period. The “Alternate Rate” for any day on or after the occurrence of an Event of Default shall be an interest rate equal to 2.0% per annum
above the Corporate Base Rate in effect on such day. 
  

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 “Applicable Margin” has the meaning specified in the Fee Letter.

 “Bankruptcy Code” means the Bankruptcy Reform Act of 1978, 11 U.S.C. §§ 101 et seq.

 “Breakage Payment” is defined in Section 2.03(b). 
 “Commercial Paper” means short-term promissory notes issued or to be issued by the Conduit Investor (or its related CP
Issuer) to fund the Conduit Investor’s investments in accounts receivable or other financial assets. 
 “Commission” is defined in Section 3.01(c). 
 “Committed Investor”
means, if applicable, each bank or financial institution designated as such with respect to a particular Conduit Investor on the signature pages hereto (or on any assignment or similar agreement pursuant to which such Person becomes a party hereto
as a Committed Investor). 
 “Conduit Assignee” means any commercial paper conduit administered by Credit
Suisse (including any of its branches) or any of its Affiliates and designated by Credit Suisse (including any such branch) from time to time to accept an assignment from the Conduit Investor of all or a portion of its rights and obligations
hereunder. 
 “Conduit Investor” means, initially, Alpine, together with its respective successors and
assigns, including any of its Conduit Assignees. A “Conduit Investor” may include one or more commercial paper conduits as long as such commercial paper conduits are either (i) Affiliates of one another or (ii) administered by
the same Person or its Affiliates. If a “Conduit Investor” consists of more than one commercial paper conduit, each such commercial paper conduit will have the rights and obligations with respect to the Purchased Note as may be determined
between them from time to time. 
 “Corporate Base Rate” means, for any day a fluctuating rate per annum
equal to the higher of (a) the Federal Funds Rate for such day, plus 0.50% and (b) the rate of interest in effect for such day as publicly announced from time to time by the Agent as its “prime rate”. The “prime
rate” is a rate set by the Agent based upon various factors including the Agent’s costs and desired return, general economic conditions and other factors, and is used as a reference point for pricing some loans, which may be priced at,
above, or below such announced rate. Any change in the prime rate announced by the Agent shall take effect at the opening of business on the day specified in the public announcement of such change. 
 “CP Issuer” means, with respect to the Conduit Investor, any other Person which, in the ordinary course of its business,
issues Commercial Paper, the proceeds of which Commercial Paper are made available to the Conduit Investor to acquire and maintain its interest in the Purchased Note. 
  

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 “Day Count Fraction” means, as to any Funding Tranche for any Fixed
Period, a fraction (a) the numerator of which is the number of days in such Fixed Period and (b) the denominator of which is 360 (or, with respect to any Funding Tranche which accrues interest by reference to the Corporate Base Rate, the
actual number of days in the related calendar year). 
 “Designated Financial Institution” means any
financial institution identified on (or referenced in) Schedule I attached hereto. 
 “Distribution Period”
means, initially, the period from, and including, the Closing Date to, but excluding, the first Distribution Date and thereafter the period from, and including, each Distribution Date to, but excluding, the next Distribution Date. 
 “Eurodollar Rate” means, for any Fixed Period, an interest rate per annum (rounded upward to the nearest 1/1000th of 1%)
determined pursuant to the following formula: 
  

					
	 Eurodollar Rate =
	  	LIBOR	  	
		  	1.00 - Eurodollar Reserve Percentage	  	

 where, 
 “Eurodollar Reserve Percentage” means, for any Fixed Period, the maximum reserve percentage (expressed as a decimal, rounded upward to the nearest 1/1000th of 1%) in effect on
the date LIBOR for such Fixed Period is determined under regulations issued from time to time by the Federal Reserve Board for determining the maximum reserve requirement (including any emergency, supplemental or other marginal reserve requirement)
with respect to Eurocurrency funding (currently referred to as “Eurocurrency liabilities”) having a term comparable to such Fixed Period; and 
 “LIBOR” means the rate per annum equal to the applicable British Bankers’ Association Interest Settlement Rate for deposits in U.S. dollars for a period of one month appearing on Reuters Screen
FRBD as of 11:00 a.m. (London time) on the second Business Day prior to the commencement of such Fixed Period in the approximate amount of the portion of the Funded Amount associated with such Fixed Period, provided that, (i) if Reuters
Screen FRBD is not available to the Agent for any reason, LIBOR for such Fixed Period shall instead be the applicable British Bankers’ Association Interest Settlement Rate for deposits in U.S. dollars for a period of one month as reported by
any other generally recognized financial information service as of 11:00 a.m. (London time) on the second Business Day prior to the commencement of such Fixed Period in the approximate amount of the portion of the Funded Amount associated with such
Fixed Period, and (ii) if no such British Bankers’ Association Interest Settlement Rate is available to the Agent, LIBOR for such Fixed period shall instead be the rate determined by the Agent to be the rate at which the Agent offers to
place deposits in U.S. dollars for a period of one month with first-class banks in the London interbank market at approximately 11:00 a.m. (London time) on the second Business Day prior to the commencement of such Fixed Period in the approximate
amount of the portion of the Funded Amount associated with such Fixed Period. 
  

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 “Event of Bankruptcy” means, with respect to any Person, (a) that
such Person (i) shall generally not pay its debts as such debts become due or (ii) shall admit in writing its inability to pay its debts generally or (iii) shall make a general assignment for the benefit of creditors; (b) any
proceeding shall be instituted by or against such Person seeking to adjudicate it as bankrupt or insolvent, or seeking liquidation, winding up, reorganization, arrangement, adjustment, protection, relief or composition of it or its debts under any
law relating to bankruptcy, insolvency or reorganization or relief of debtors, or seeking the entry of an order for relief or the appointment of a receiver, trustee or other similar official for it or any substantial part of its property; or
(c) such Person shall take any corporate, partnership or other similar appropriate action to authorize any of the actions set forth in the preceding clauses (a) or (b) . 
 “Federal Funds Rate” means, for any day, the rate per annum (rounded upwards, if necessary, to the nearest 1/100 of 1%)
equal to the weighted average of the rates on overnight Federal funds transactions with members of the Federal Reserve System arranged by Federal funds brokers on such day, as published by the Federal Reserve Bank of New York on the Business Day
next succeeding such day; provided that (a) if such day is not a Business Day, the Federal Funds Rate for such day shall be such rate on such transactions on the next preceding Business Day as so published on the next succeeding Business
Day, and (b) if no such rate is so published on such next succeeding Business Day, the Federal Funds Rate for such day shall be the average rate charged to the Agent on such day on such transactions as determined by it. 
 “Fee Letter” means the agreement, dated as of the Closing Date, among the Seller, NFC and the Agent. 
 “Fitch” means Fitch Ratings and its successors in interest. 
 “Fixed Period” means, unless otherwise mutually agreed by the Agent and the applicable Investor, with respect to
any Funding Tranche, (i) initially the period commencing on (and including) the date of the initial purchase or funding of such Funding Tranche and ending on (but excluding) the next following Distribution Date and (ii) thereafter, each
period commencing on (and including) the first day after the last day of the immediately preceding Fixed Period for such Funding Tranche and ending on (and excluding) the next following Distribution Date; provided, that 
 (i) any Fixed Period with respect to any Funding Tranche which would otherwise end on a day which is not a Business Day
shall be extended to the next succeeding Business Day; provided, however, if interest in respect of such Fixed Period is computed by reference to the Eurodollar Rate, and such Fixed Period would otherwise end on a day which is not a
Business Day, and there is no subsequent Business Day in the same calendar month as such day, such Fixed Period shall end on the next preceding Business Day; and 
 (ii) in the case of any Fixed Period for any Funding Tranche which commences before the Final Scheduled Distribution Date and would otherwise end on a date occurring after the Final Scheduled
Distribution Date, such Fixed 

  

 5 








 
Period shall end on such Final Scheduled Distribution Date and the duration of each Fixed Period which commences on or after the Final Scheduled Distribution
Date shall be of such duration as shall be selected by the Agent. 
 “Funded Amount” means on any Business
Day, an amount equal to the result of (a) the Initial Invested Amount, plus (b) all Subsequent Invested Amounts, minus (c) the aggregate principal amount of principal payments made to the Noteholder prior to such day;
provided, that the Funded Amount shall be restored or reinstated to the extent any such principal payment so received and applied is at any time rescinded, returned or refunded for any reason. 
 “Funding Date” means each date on which an Incremental Funding is made hereunder. 
 “Funding Limit” means with respect to any Investor, the amount set forth with respect to such Investor on the signature
pages hereto or on any assignment agreement or similar document pursuant to which such Person became a party hereto as an Investor. 
 “Funding Period Expiration Date” means October 31, 2008. 
 “Funding Tranche”
means, at any time, each portion of the Funded Amount allocated to the same Fixed Period and accruing interest by reference to the same Alternate Rate at such time. 
 “Governmental Actions” means any and all consents, approvals, permits, orders, authorizations, waivers, exceptions, variances, exemptions or licenses of, or registrations,
declarations or filings with, any Governmental Authority required under any Governmental Rules. 
 “Governmental
Authority” means the United States of America, any state or other political subdivision thereof and any entity exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government and having
jurisdiction over the applicable Person. 
 “Governmental Rules” means any and all laws, statutes, codes,
rules, regulations, ordinances, orders, writs, decrees and injunctions, of any Governmental Authority and any and all legally binding conditions, standards, prohibitions, requirements and judgments of any Governmental Authority. 
 “Incremental Funding” means any loan or advance made hereunder from time to time on any date following the Closing Date.

 “Indemnified Amounts” has the meaning specified in Section 6.01. 
 “Indemnified Parties” has the meaning specified in Section 6.01. 
 “Indenture” is defined in the first paragraph of the Recitals hereto. 
 “Indenture Trustee” is defined in the Indenture. 
 “Initial Invested Amount” means $239,044,564.85. 
  

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 “Investors” means the Conduit Investor (and its related CP Issuer, if
any), the Committed Investor and/or the Program Support Providers, as the context may require or permit. 
 “Issuer” or “Trust” means Navistar Financial 2008-B Owner Trust, a Delaware statutory trust. 
 “Material Adverse Effect” means a material adverse effect on (i) the business, results of operations or financial condition or the material properties or assets of NFC or NFRRC, (ii) the
ability of NFC or NFRRC to perform its obligations hereunder or under any other Basic Document or (iii) the interests of the Agent or any Investor hereunder or under the other Basic Documents. 
 “Maximum Net Investment” means $300,000,000; provided, that the Maximum Net Investment shall be reduced to the then
Funded Amount on the earlier of (i) the Funding Period Expiration Date and (ii) the date specified by the Seller in a written notice delivered to the Agent and, at all times thereafter, the Maximum Net Investment shall equal the Funded
Amount. 
 “Moody’s” means Moody’s Investors Service, Inc., or any successor that is a nationally
recognized statistical rating organization. 
 “NFC” is defined in the preamble. 
 “NFRRC” means Navistar Financial Retail Receivables Corporation, a Delaware corporation, and its successors and
permitted assigns. 
 “Noteholders’ Interest Distributable Amount” means, with respect to any
Distribution Date, the sum of: 
 (A) the sum of (i) the summation of the amount of interest accrued during the related
Distribution Period on each Funding Tranche funded by the Conduit Investor through the issuance of Commercial Paper, determined by multiplying (a) the applicable Alternate Rate times (b) the Weighted Average Funded Amount for such
Funding Tranche times (c) the applicable Day Count Fraction for which interest accrued at such rate and (ii) any Noteholders’ Interest Distributable Amount calculated in accordance with clause (A)(i) above due but not paid with
respect to the prior Distribution Period, plus interest on such unpaid amount calculated as the product of (x) the weighted average Alternate Rate for all Funding Tranches during the most recent Distribution Period, times (y) the
amount of such unpaid Noteholders’ Interest Distributable Amount, times (z) for Funding Tranches that do not accrue interest by reference to the Corporate Base Rate, the quotient of the number of days in the related Distribution
Period divided by 360 and for Funding Tranches that accrue interest by reference to the Corporate Base Rate, the quotient of the number of days in the related Distribution Period divided by 365 or 366, as applicable. 
 plus 
 (B) the sum of (i) the summation of the amount of interest accrued during the related Distribution Period on each Funding Tranche not described in preceding clause (A), determined by multiplying (a) the applicable Alternate Rate
times (b) the Weighted Average Funded 

  

 7 








 
Amount for such Funding Tranche times (c) the applicable Day Count Fraction for which interest accrued at such rate and (ii) any
Noteholders’ Interest Distributable Amount calculated in accordance with clause (B)(i) above due but not paid with respect to the prior Distribution Period, plus interest on such unpaid amount calculated as the product of (x) the weighted
average Alternate Rate for all Funding Tranches during the most recent Distribution Period, times (y) the amount of such unpaid Noteholders’ Interest Distributable Amount, times (z) for Funding Tranches that do not
accrue interest by reference to the Corporate Base Rate, the quotient of the number of days in the related Distribution Period divided by 360 and for Funding Tranches that accrue interest by reference to the Corporate Base Rate, the quotient of the
number of days in the related Distribution Period divided by 365 or 366, as applicable. 
 “Note Interest”
means, with respect to any Investor at any time, the undivided interest in the Purchased Note owned by such Investor at such time. 
 “Notice of Funding” means each notice relating to a request for Incremental Funding delivered pursuant to Section 2.01(b) and in the form attached hereto as Exhibit B. 
 “Other Obligations” means the fees under the Fee Letter and any other amounts payable to the Agent or any Investor under
or in connection with this Agreement or any other Basic Document (other than principal or interest in respect of the Purchased Note), including, without limitation, all Breakage Payments and all amounts payable from time to time pursuant to
Article VI. 
 “Program Support Agreement” means and includes any agreement entered into by any
Program Support Provider providing for the issuance of one or more letters of credit for the account of the Conduit Investor, the issuance of one or more surety bonds for which the Conduit Investor is obligated to reimburse the applicable Program
Support Provider for any drawings thereunder, the sale by the Conduit Investor to any Program Support Provider of the Purchased Note (or any portion thereof or participation therein) and/or the making of loans and/or other extensions of credit to
the Conduit Investor in connection with the Conduit Investor’s commercial paper program, together with any letter of credit, surety bond or other instrument issued thereunder, whether any of the foregoing is for the purpose of providing credit
support or liquidity to the Conduit Investor. 
 “Program Support Provider” means and includes any Person
now or hereafter extending credit or having a commitment to extend credit to or for the account of, or to make purchases from, the Conduit Investor or issuing a letter of credit, surety bond or other instrument to support any obligations arising
under or in connection with the Conduit Investor’s commercial paper program. 
 “Purchased Note” means
the Note, in the maximum aggregate principal amount of $300,000,000 issued on the Closing Date by the Trust to the Agent (or its nominee) on behalf of the Investors pursuant to the Indenture and Section 2.01 hereof. 
 “Recipient” has the meaning specified in Section 2.04. 
 “Seller” is defined in the preamble. 
  

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 “Servicer” is defined in the preamble. 
 “Standard & Poor’s” or “S&P” means Standard & Poor’s, a division of The
McGraw-Hill Companies, Inc., or any successor that is a nationally recognized statistical rating organization. 
 “Subsequent Invested Amount” means, with respect to any Incremental Funding, the dollar amount of such Incremental Funding. 
 “Trust” or “Issuer” means Navistar Financial 2008-B Owner Trust, a Delaware statutory trust. 
 “Weighted Average Funded Amount” means, with respect to any Funding Tranche for any Fixed Period, the quotient of (i) the summation of the portion of the Funded Amount
allocated to such Funding Tranche determined as of each day in such Fixed Period, divided by (ii) the number of days in such Fixed Period. 
 SECTION 1.02. Terms Generally. All terms defined directly or by incorporation herein shall have the defined meanings when used in any certificate or other document delivered pursuant hereto unless otherwise
defined therein. For purposes of this Agreement and all such certificates and other documents, unless the context otherwise requires: (a) accounting terms not otherwise defined herein, and accounting terms partly defined herein to the extent
not defined, shall have the respective meanings given to them under, and shall be construed in accordance with, generally accepted accounting principles in effect in the United States from time to time; (b) terms used in Article 9 of the
applicable UCC as in effect from time to time, and not specifically defined herein, are used herein as defined in such Article 9; (c) references to any amount as on deposit or outstanding on any particular date means such amount at the close of
business on such day; (d) the words “hereof,” “herein” and “hereunder” and words of similar import refer to this Agreement (or the certificate or other document in which they are used) as a whole and not to any
particular provision of this Agreement (or such certificate or document); (e) references to any Article, Section, Schedule or Exhibit are references to Articles, Sections, Schedules and Exhibits in or to this Agreement (or the certificate or
other document in which the reference is made) and references to any paragraph, subsection, clause or other subdivision within any Section or definition refer to such paragraph, subsection, clause or other subdivision of such Section or definition;
(f) the term “including” means “including without limitation”; (g) references to any law refer to that law as amended from time to time and include any successor law; (h) references to any agreement refer to that
agreement as from time to time amended or supplemented or as the terms of such agreement are waived or modified in accordance with its terms; (i) references to any Person include that Person’s successors and permitted assigns; and
(j) headings are for purposes of reference only and shall not otherwise affect the meaning or interpretation of any provision hereof. 
 SECTION 1.03. Computation of Time Periods. Unless otherwise stated in this Agreement, in the computation of a period of time from a specified date to a later specified date, the word “from” means
“from and including”, the words “to” and “until” each means “to but excluding”, and the word “within” means “from and excluding a specified date and to and including a later specified
date”. 
  

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 ARTICLE II 
 Matters Relating to the Purchased Note 
 SECTION 2.01. Purchase of the Purchased Note;
Incremental Fundings. 
 (a) Purchase of the Purchased Note. On the terms and subject to the conditions set forth
in this Agreement, and in reliance on the covenants, representations, warranties and agreements herein and therein set forth, the Seller shall cause to be issued (and shall cause the Indenture Trustee to authenticate and deliver to the Agent), and
the Agent shall purchase (on behalf of the Investors), the Purchased Note issued on the Closing Date. The purchase price payable for the Purchased Note shall be equal to the Initial Invested Amount. The Agent (or its nominee) shall hold the
Purchased Note on behalf of the Investors pro rata in accordance with their respective outstanding portions (if any) of the Funded Amount funded by them from time to time. The Purchased Note so issued shall be dated as of the Closing Date,
registered in the name of the Agent (or its nominee) and duly authenticated in accordance with the provisions of the Indenture. Without limiting any other provision of this Agreement, the issuance of the Purchased Note and the funding of the Initial
Invested Amount thereunder on the Closing Date are subject to the satisfaction of the conditions precedent set forth in Sections 4.01(a) and 4.01(b). Upon such issuance, (i) the Agent shall thereby acquire the Purchased Note, and
(ii) the Agent and the Investors shall become subject to the terms and conditions set forth herein and the Indenture. 
 (b) Incremental Fundings. Subject to the terms and conditions of this Agreement (including, without limitation, Sections 4.01(a) and 4.01(c) hereof) and the other Basic Documents, from time to time prior to the Funding Period
Expiration Date upon receipt by the Agent of a Notice of Funding at least five (5) Business Days (or such other period as the Seller and the Agent may agree) prior to the proposed Funding Date, the Agent, on behalf of the Investors (ratably
based on their respective Funding Limits), shall make Incremental Fundings to the Seller on Funding Dates in the amounts so requested in any such Notice of Funding (but in no event shall the Funded Amount after giving effect to such Incremental
Funding exceed the Maximum Net Investment), and upon such request, each Investor severally agrees to make available to the Agent the amount necessary to fund its ratable portion of such Incremental Funding; provided, however, that
neither the Agent nor any Investor shall be required to (i) fund any portion of an Incremental Funding to the extent that, after giving effect thereto, its ratable share of the Funded Amount would exceed its Funding Limit or (ii) make more
than one Incremental Funding during any calendar month. Notwithstanding anything to the contrary herein, in no event shall the Conduit Investor be committed or obligated to provide any funding under Section 2.01(a) or (b). In the
event that the Conduit Investor elects (in its sole discretion) not to provide any funding in respect of the Initial Invested Amount or any Subsequent Invested Amount, then the Committed Investor relating to the Conduit Investor shall, subject to
all of the other terms and conditions set forth herein (including Article IV), make the funding that the Conduit Investor elected not to fund. 
  

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 SECTION 2.02. The Purchased Note; Etc. The funding of the Initial Invested Amount
and each Subsequent Invested Amount shall be evidenced by the Purchased Note and shall be governed by and subject to the Indenture. All payments to be made on the Purchased Note shall be made in accordance with the Indenture and the terms of this
Agreement. The sole Holder of the Purchased Note shall be the Agent, which shall hold such Purchased Note for the benefit of the Investors. Except as otherwise required in the Indenture, all payments to be made on the Purchased Note shall be made by
wire transfer of immediately available funds to the account set forth below the Agent’s signature to this Agreement (or to such other account as the Agent may specify from time to time in writing to the Seller and the Indenture Trustee).

 SECTION 2.03. Calculation of Interest; Etc. 
 (a) On or before the second Business Day after the end of each Monthly Period, the Agent shall calculate for the related Distribution
Date, the Noteholders’ Interest Distributable Amount payable on such Distribution Date and provide such calculation to the Servicer in writing. If (i) there is an Incremental Funding on or after the first day of any calendar month but
prior to the Distribution Date in such calendar month and/or (ii) any Funding Tranche begins to accrue interest by reference to the Corporate Base Rate, in each case, after the date the Agent provides the Noteholders’ Interest
Distributable Amount calculation for any Distribution Date, the Agent shall promptly provide the Servicer a recalculation of the of “Noteholders’ Interest Distributable Amount” for such Distribution Date. 
 (b) If (i) any distribution of principal is made with respect to any Funding Tranche with a Fixed Period and a fixed interest rate
other than on a Distribution Date or any Notice of Funding is delivered by the Seller but the proposed Incremental Funding is not drawn upon by the Seller and (ii) as a consequence of such distribution or failure to draw the interest paid by an
Investor to providers of funds to it to fund such Funding Tranche, or to fund such failed Incremental Funding, exceeds returns earned by such Investor with respect to such Funding Tranche or the funds raised to fund such failed Incremental Funding,
factoring in actual returns earned during the Fixed Period and assuming redeployment of such funds in highly rated short-term money market instruments from the date of principal distribution (or failure to draw) through the end of the Fixed Period,
then, upon written notice (including a detailed calculation of the Breakage Payment) from the Agent to the Servicer, such Investor shall be entitled to receive additional amounts in the amount of such excess (each, a “Breakage
Payment”) on the second Business Day after the Servicer receives such notice or, if later, on the date of such distribution. 
 (c) On each date the principal amount of the Purchased Note is increased or reduced, a duly authorized officer, employee or agent of the Agent (or its nominee) shall make appropriate notations in its books and records
of the applicable rates of interest and the amount of each such increase or reduction, as applicable. Each of the Servicer, the Seller and each Investor authorizes each duly authorized officer, employee and agent of the Agent (or its nominee) to
make such notations on the books and records as aforesaid and such notation made in accordance with the foregoing authority shall be binding on the Servicer, the Seller and each Investor absent manifest error. 
 (d) Whenever any amount is paid pursuant to the Indenture to the Agent in connection with the Purchased Note, the Agent shall promptly
allocate such amounts among the applicable Investors and pay, or cause to be paid, out of such funds received by it, to each 

  

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applicable Investor, its share of such amount; provided, that if any such amount paid to the Agent is insufficient to pay the amount due to each
Investor in respect of such amounts, the Agent shall distribute the amount it has received to each Investor pro rata based on the amounts owed to each Investor and forthwith report the amount of such deficiency to the Seller, the Indenture Trustee
and the Servicer. 
 SECTION 2.04. Sharing of Payments, Etc. If any Investor (for purposes of this Section only, being
a “Recipient”) shall obtain any payment (whether voluntary, involuntary, through the exercise of any right of setoff, or otherwise) on account of any Note Interest owned by it in excess of its ratable share of payments on account of
the applicable Funded Amount obtained by the Investors entitled thereto, such Recipient shall forthwith purchase from the Investors entitled to a share of such amount participations in the applicable Note Interests owned by such Persons as shall be
necessary to cause such Recipient to share the excess payment ratably with each such other Person entitled thereto; provided, that if all or any portion of such excess payment is thereafter recovered from such Recipient, such purchase from
each such other Person shall be rescinded and each such other Person shall repay to the Recipient the purchase price paid by such Recipient for such participation to the extent of such recovery, together with an amount equal to such other
Person’s ratable share (according to the proportion of (a) the amount of such other Person’s required payment to (b) the total amount so recovered from the Recipient) of any interest or other amount paid or payable by the
Recipient in respect of the total amount so recovered. 
 ARTICLE III 
 Representations and Warranties 
 SECTION 3.01. Representation
and Warranties. 
 (a) The Seller. The Seller hereby makes the following representations and warranties to the
Agent and the Investors as of the Closing Date and as of each subsequent Funding Date, and the Investors and the Agent shall be deemed to have relied on such representations and warranties in purchasing the Purchased Note on the Closing Date and
making an Incremental Funding on such Funding Date: 
 (i) the Seller repeats and reaffirms the
representations and warranties of the Seller set forth in Section 2.05 and Section 3.01 of the Pooling Agreement and represents and warrants that such representations and warranties are true and correct; 
 (ii) each of the Basic Documents executed by the Seller has been duly authorized, executed and delivered by the Seller,
and is the valid and legally binding obligation of the Seller, enforceable against the Seller in accordance with its terms, except that the enforcement thereof may be subject to (x) bankruptcy, insolvency, reorganization, moratorium or other
similar laws now or hereafter in effect relating to creditors’ rights generally and (y) general principles of equity and the discretion of the court before which any proceeding therefor may be brought; 
  

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 (iii) the Purchased Note has been duly and validly authorized and, when
executed and authenticated in accordance with the terms of the Indenture, and delivered to and paid for in accordance with this Agreement, (x) will be duly and validly issued and outstanding and will constitute the valid and binding obligation
of the Trust enforceable against the Trust in accordance with its terms, except that the enforcement thereof may be subject to (A) bankruptcy, insolvency, reorganization, moratorium or other similar laws now or hereafter in effect relating to
creditors’ rights generally and (B) general principles of equity and the discretion of the court before which any proceeding therefor may be brought and (y) will be entitled to the benefits of the Indenture; 
 (iv) there is no pending or, to the Seller’s knowledge, threatened action, suit or proceeding by or against the
Seller before any Governmental Authority or any arbitrator (w) asserting the invalidity of this Agreement, any other Basic Document or the Purchased Note, (x) seeking to prevent the issuance of the Purchased Note or the consummation of any
of the transactions contemplated by this Agreement or any other Basic Document, (y) that might materially and adversely affect the performance by the Seller or the Trust of its obligations under, or the validity or enforceability of, this
Agreement, any other Basic Document or the Purchased Note or (z) that if determined adversely as to the Seller or the Trust would have a Material Adverse Effect; 
 (v) except for those caused by the failure of NFC and its affiliates to deliver its financial statements and related
financial information for fiscal quarter ended July 31 of 2008 prior to the earliest of (1) November 30, 2008, (2) five (5) Business Days after the filing thereof with the Commission and (3) the date on which such
financial statements are (or any of them is) required to be delivered pursuant to the Credit Agreement, the Seller (x) is not in violation of its Certificate of Incorporation or By-Laws and (y) is not in breach or violation of any of the
terms or provisions of, or with the giving of notice or lapse of time, or both, would be in default under, any contract, indenture, mortgage, deed of trust, loan agreement, note, lease, partnership agreement, or other agreement or instrument to
which the Seller is a party or by which it may be bound or to which any of its properties or assets may be subject, except for such violations or defaults that would not have a Material Adverse Effect; 
 (vi) any taxes, fees and other charges of Governmental Authorities applicable to the Seller in connection with the
execution, delivery and performance by the Seller of the Basic Documents or otherwise applicable to the Seller in connection with the Trust have been paid or will be paid by the Seller at or prior to the Closing Date or such subsequent Funding Date,
as applicable, to the extent then due, except for any such failures to pay which, individually and in the aggregate, would not have a Material Adverse Effect; 
 (vii) the Trust has been duly created and is validly existing under the laws of the State of Delaware and the Seller has authorized the Trust to issue and sell the Purchased Note and to incur
Incremental Fundings; 
 (viii) neither the Trust nor the Seller is insolvent or the subject of any voluntary
or involuntary bankruptcy proceeding; 
  

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 (ix) no proceeds of a purchase hereunder will be used by the Seller
(x) for a purpose that violates or would be inconsistent with Regulations T, U or X promulgated by the Board of Governors of the Federal Reserve System from time to time or (y) to acquire any security in any transaction in violation of
Section 13 or 14 of the Securities Exchange Act of 1934, as amended; 
 (x) assuming the accuracy of the
representations and warranties of the Investors set forth below, the sale of the Purchased Note pursuant to the terms of this Agreement and the Indenture will not require registration of the Purchased Note under the Act; 
 (xi) neither the Trust nor the Seller is an “investment company” or is controlled by an “investment
company” within the meaning of the 1940 Act; 
 (xii) no written information furnished or to be furnished
by the Seller or any of its Affiliates, agents or representatives to the Investors or the Agent for purposes of or in connection with this Agreement, including, without limitation, any reports delivered pursuant to Section 5.02 and any
information relating to the Receivables and NFC’s retail receivables financing business, is or shall be inaccurate in any material respect, or contains or shall contain any material misstatement of fact, or omits or shall omit to state a
material fact or any fact necessary to make the statements contained therein not misleading, in each case as of the date such information was or shall be stated or certified and as of the date such information was delivered by the Seller or any of
its Affiliates, agents or representatives to the Investors or the Agent; 
 (xiii) the Indenture is not
required to be qualified under the Trust Indenture Act; and 
 (xiv) (A) the Seller’s chief executive
office and principal place of business is, and has been at all times during the five years preceding the date of this Agreement, located in the State of Illinois and (B) the Seller is a “registered organization” (as defined in
Section 9-102 of the UCC) incorporated in the State of Delaware and, for purposes of Article 9 of the UCC, NFC is, and has been at all times during the five years preceding the date of this Agreement, located in the State of Delaware.

 (b) NFC. NFC hereby makes the following representations and warranties to the Investors and the Agent as of the
Closing Date and as of each subsequent Funding Date (or with respect to the Designated Receivables, as of the date such Designated Receivables were sold to the Seller), and the Investors and the Agent shall be deemed to have relied on such
representations and warranties in purchasing the Purchased Note on the Closing Date and in making (or committing to make) an Incremental Funding on such Funding Date: 
 (i) NFC repeats and reaffirms the representations, warranties and covenants of the Servicer set forth in Section 5.01
of the Servicing Agreement and the representations and warranties of NFC set forth in Sections 3.01, 3.02 and 5.01 of the Purchase Agreement and represents and warrants that all such representations and warranties are true and correct as of such
date; 
  

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 (ii) no Governmental Action which has not been obtained is required by or
with respect to NFC in connection with any of the Basic Documents, except any such failure which would not have a Material Adverse Effect; 
 (iii) each of the Basic Documents has been duly authorized, executed and delivered by NFC, and is the valid and legally binding obligation of NFC, enforceable against NFC in accordance with its terms, except that the
enforcement thereof may be subject to (x) bankruptcy, insolvency, reorganization, moratorium or other similar laws now or hereafter in effect relating to creditors’ rights generally and (y) general principles of equity and the
discretion of the court before which any proceeding therefor may be brought; 
 (iv) the Purchased Note has
been duly and validly authorized and, when executed and authenticated in accordance with the terms of the Indenture, and delivered to and paid for in accordance with this Agreement, (x) will be duly and validly issued and outstanding and will
constitute the valid and binding obligation of the Trust enforceable against the Trust in accordance with its terms, except that the enforcement thereof may be subject to (A) bankruptcy, insolvency, reorganization, moratorium or other similar
laws now or hereafter in effect relating to creditors’ rights generally and (B) general principles of equity and the discretion of the court before which any proceeding therefor may be brought and (y) will be entitled to the benefits
of the Indenture; 
 (v) there is no pending or, to NFC’s knowledge, threatened action, suit or
proceeding by or against NFC or the Seller before any Governmental Authority or any arbitrator (w) asserting the invalidity of this Agreement, any other Basic Document or the Purchased Note, (x) seeking to prevent the issuance of the
Purchased Note or the consummation of any of the transactions contemplated by this Agreement or any other Basic Document, (y) that might materially and adversely affect the performance by any of NFC, the Seller or the Trust of its obligations
under, or the validity or enforceability of, this Agreement, any other Basic Document or the Purchased Note or (z) that if determined adversely as to NFC, the Seller or the Trust would have a Material Adverse Effect; 
 (vi) except for those caused by the failure of NFC and its affiliates to deliver its financial statements and related
financial information for the fiscal quarter ended July 31 of 2008 prior to the earliest of (1) November 30, 2008, (2) five (5) Business Days after the filing thereof with the Commission and (3) the date on which such
financial statements are (or any of them is) required to be delivered pursuant to the Credit Agreement, NFC (x) is not in violation of its Certificate of Incorporation or By-Laws and (y) is not in breach or violation of any of the terms or
provisions of, or with the giving of notice or lapse of time, or both, would be in default under, any contract, indenture, mortgage, deed of trust, loan agreement, note, lease, partnership agreement, or other agreement or instrument to which NFC is
a party or by which it may be bound or to which any of its properties or assets may be subject, except for such violations or defaults that would not have a Material Adverse Effect; 
 (vii) any taxes, fees and other charges of Governmental Authorities applicable to NFC in connection with the execution,
delivery and performance by NFC of the Basic Documents or otherwise applicable to NFC in connection with the Trust have been paid or will be paid by NFC at or prior to the Closing Date or such subsequent Funding Date, as applicable, to the extent
then due, except for any such failures to pay which, individually and in the aggregate, would not have a Material Adverse Effect; 
  

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 (viii) the Trust has been duly created and is validly existing under the
laws of the State of Delaware; 
 (ix) neither the Trust nor NFC is insolvent or the subject of any insolvency
proceeding; 
 (x) no written information furnished or to be furnished by NFC or its Affiliates, agents or
representatives to the Investors or the Agent for purposes of or in connection with this Agreement, including, without limitation, any reports delivered pursuant to Section 5.02 and any information relating to the Receivables and NFC’s
retail receivable financing business, is or shall be inaccurate in any material respect, or contains or shall contain any material misstatement of fact, or omits or shall omit to state a material fact or any fact necessary to make the statements
contained therein not misleading, in each case as of the date such information was or shall be stated or certified, and such information heretofore furnished remains true and correct in all material respects as of the date such information was
delivered by NFC or any of its Affiliates, agents or representatives to the Investors or the Agent; and 
 (xi) (x) NFC’s chief executive office and principal place of business is, and has been at all times during the five (5) years preceding the date of this Agreement, located in the State of Illinois and (y) NFC is a
“registered organization” (as defined in Section 9-102 of the UCC) incorporated in the State of Delaware and, for purposes of Article 9 of the UCC, NFC is, and has been at all times during the five (5) years preceding the
date of this Agreement, located in the State of Delaware. 
 (c) Investors and Agent. The Investors and the Agent
(each as to itself only) hereby make the following representations and warranties to the Seller and NFC as of the Closing Date and as of each subsequent Funding Date, and the Seller shall be deemed to have relied on such representations and
warranties in selling the Purchased Note on the Closing Date and in drawing upon any Incremental Funding: 
 (i) the Purchased Note (or its interest therein) will be acquired for investment only and not with a view to any public distribution thereof, and no Investor will offer to sell or otherwise dispose of its interest in the Purchased Note so
acquired by it (or any interest therein) in violation of any of the registration requirements of the Act or any applicable state or other securities laws; 
 (ii) the Agent and each Investor acknowledges that it has no right to require the Seller to register the Purchased Note under the Act or any other securities law; 
 (iii) the Agent and each Investor has such knowledge and experience in financial and business matters as to be capable of
evaluating the merits and risks of an investment in the Purchased Note, and it is able to bear the economic risk of such investment. The Agent and each Investor has reviewed the Pooling Agreement, the Servicing Agreement and the Indenture (including
the schedule and exhibits thereto) and have had the opportunity to perform due diligence with respect thereto and to ask questions of and receive answers from the Seller and its representatives concerning the Seller, the Trust and the Purchased
Note; 
  

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 (iv) each Investor and the Agent is an “accredited investor” as
defined in Rule 501, promulgated by the Securities and Exchange Commission (the “Commission”) under the Act; and 
 (v) none of the Investors or the Agent is required to register as an “investment company”, and none of the Investors or the Agent is controlled by an “investment company” within the meaning of the
1940 Act. 
 ARTICLE IV 
 Conditions 
 SECTION 4.01. Conditions Precedent. 
 (a) The obligations of the Agent, for the benefit of the Investors, to purchase the Purchased Note and to make any Incremental Funding,
is subject to the conditions precedent that (i) the Purchased Note shall have been on the Closing Date (and shall be on each subsequent Funding Date) rated “AAA” by S&P, (ii) the Agent shall have received each of the Basic
Documents (each of which shall be in full force and effect on the Closing Date and on each subsequent Funding Date), (iii) the Agent shall have received the certificates, opinions, lien searches and other items listed on Exhibit A
hereto, (iv) the Agent shall have received all fees and expenses required to be paid on such date pursuant to the terms of this Agreement and the Fee Letter and (v) all conditions precedent under the Indenture and the other Basic Documents
shall have been satisfied (and the Agent shall have received copies of all documentation delivered in connection therewith). 
 (b) The funding of the Initial Invested Amount shall be subject to the additional conditions precedent that: 
 (i) the Agent shall have received copies of all settlement statements and all reports required to be delivered by the Servicer pursuant to Section 2.17 of the Servicing Agreement; 
 (ii) each of the representations and warranties of the Seller and the Servicer made herein and of the Trust made in the
Basic Documents shall be true and correct in all material respects as of the Closing Date (except to the extent they expressly relate to an earlier or later date); 
 (iii) the Seller, the Trust and the Servicer shall be in compliance in all material respects with all of their respective
covenants contained in the Basic Documents; 
 (iv) (x) no Event of Default or Servicer Default shall have
occurred and be continuing and no Event of Default or Servicer Default shall occur as a result of funding the Initial Invested Amount and (y) no event shall have occurred and be continuing or shall occur as a result of funding the Initial
Invested Amount which, with the giving of notice or lapse of time or both, would constitute an Event of Default or Servicer Default; and 
  

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 (v) the Initial Aggregate Starting Receivables Balance shall equal or
exceed $279,584,286.37. 
 (c) The funding of any Incremental Funding on any Funding Date shall be subject to the additional
conditions precedent that: 
 (i) the Agent shall have received copies of all settlement statements and all
reports required to be delivered by the Servicer to the pursuant to Section 2.17 of the Servicing Agreement; 
 (ii) each of the representations and warranties of the Seller and the Servicer made herein and of the Trust made in the Basic Documents shall be true and correct in all material respects as of such Funding Date
(except to the extent they expressly relate to an earlier or later date); 
 (iii) the Seller, the Trust and
the Servicer shall be in compliance in all material respects with all of their respective covenants contained in the Basic Documents; 
 (iv) (x) no Event of Default or Servicer Default shall have occurred and be continuing and no Event of Default or Servicer Default shall occur as a result of making such Incremental Funding and (y) no event shall
have occurred and be continuing or shall occur as a result of making such Incremental Funding which, with the giving of notice or lapse of time or both, would constitute an Event of Default or Servicer Default; 
 (v) the Funding Period Expiration Date shall not have occurred; 
 (vi) the Funded Amount (after giving effect to such Incremental Funding) shall not exceed the Maximum Net Investment;

 (vii) the Subsequent Invested Amount for such Incremental Funding shall not exceed 85.50% of the Starting
Receivable Balances of the Subsequent Receivables transferred to the Trust on the related Subsequent Transfer Date; 
 (viii) the amount on deposit in the Reserve Account (after giving effect to the Reserve Account Subsequent Transfer Deposit on the related Subsequent Transfer Date) shall equal the Specified Reserve Account Balance; 
 (ix) together with the Notice of Funding delivered pursuant to Section 2.01(b), the Agent shall have received, a pool
cut, in substantially the same form (with such changes as NFC and the Agent may agree) as was delivered to the Agent in connection with the initial transfer of Receivables on the Closing Date (A) with respect to the Subsequent Receivables
transferred to the Trust on the related Subsequent Transfer Date and (B) to the extent necessary to confirm that the Receivables as a whole conform to the pool criteria set forth in Section 3.01 of the Purchase Agreement, with respect to
all of the Receivables in the Trust (after giving effect to the transfer of such Subsequent Receivables); 
  

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 (x) the Agent shall have received (1) opinions of legal counsel for
each of Truck Retail Instalment Paper Corp., NFC, NFRRC and the Trust (which may include in-house counsel) reasonably acceptable to the Agent which address UCC, bankruptcy and such other matters as the Agent may reasonably request in form and
substance substantially similar as given on the Closing Date, (2) copies of proper financing statements or releases with respect to previously filed financing statements, duly filed on or before the date of such Incremental Funding under the
UCC of all jurisdictions that the Agent may deem necessary or desirable in order to perfect the ownership and security interests contemplated by this Agreement and the other Basic Documents and (3) such other certificates or documentation
reasonably requested by the Agent; and 
 (xi) the Indenture Trustee shall have delivered to the Agent and
the Servicer, on or prior to such Funding Date, a certificate signed by one or more of its officers and stating that each of the representations and warranties of the Indenture Trustee set forth in Section 6.13 of the Indenture are true
and correct in all material respects as of such Funding Date. 
 ARTICLE V 
 Covenants of the Seller and Servicer 
 SECTION 5.01.
Access. Notwithstanding anything to the contrary contained in any Basic Document, so long as the Purchased Note remains outstanding, each of NFC and the Seller will, at any time from time to time during regular business hours with reasonable
notice to the Seller and NFC, permit the Investors or the Agent, or their agents or representatives to: 
 (a) examine all books, records and
documents (including computer tapes and disks) in the possession or under the control of the Seller or NFC relating to the Receivables (including, without limitation, such books, records and documents as may be necessary to verify the accuracy of
the Servicer’s Certificates), and 
 (b) visit the offices and property of the Seller or NFC for the purpose of examining such materials
described in clause (a) above; 
 it being understood that except as provided in Section 8.12, any information obtained by an
Investor or the Agent pursuant to this Section 5.01 shall be held in confidence by the Investors and the Agent unless and to the extent such information (i) has become available to the public, (ii) is required or requested by any
Governmental Authority or in any court proceeding or (iii) is required by any Governmental Rule. In the case of any disclosure permitted by clause (ii) or (iii), each applicable Investor and the Agent shall use commercially reasonable
efforts to (x) provide the Seller with advance notice of any such disclosure and (y) cooperate with the Seller in limiting the extent or effect of any such disclosure. 
 SECTION 5.02. Information from NFC. So long as the Purchased Note remains outstanding, NFC will furnish to the Agent: 

(a) a copy of each certificate, opinion, report, statement, notice or other communication (other than investment instructions)
furnished by or on behalf of NFC or the 

  

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Seller to the Indenture Trustee under any Basic Document, concurrently therewith, and promptly after receipt thereof, a copy of each notice, demand or other
communication received by or on behalf of NFC or the Seller under any Basic Document; 
 (b) as soon as reasonably possible
following a request therefor, such other information (including financial information), documents, records or reports respecting the Trust, the Receivables, the Seller or, to the extent it relates to the origination of Receivables or the servicing
of the Trust, NFC, as the Investors or Agent may from time to time reasonably request; 
 (c) (I) except as provided in
immediately succeeding clause (II), for periods after the Closing Date, as soon as available and in any event within (i) 45 days after the end of each of the first three fiscal quarters of any fiscal year and (ii) 105 days after the end of
the last fiscal quarter of any fiscal year, copies of the interim or annual, as applicable, financial statements of NFC, prepared in conformity with generally accepted accounting principles consistently applied (and, solely in the case of the
financial statements described in clause (ii), above, prepared by a nationally recognized independent accounting firm) and (II) on or before the earliest of (1) November 30, 2008, (2) five (5) Business Days after the filing
thereof with the Commission and (3) the date on which such financial statements are (or any of them is) required to be delivered pursuant to the Credit Agreement, copies of the interim financial statements of NFC for the fiscal quarter ended
July 31 of 2008 (provided, that, NFC shall not be required to deliver the interim financial statements described in this clause (ii) to the extent that (x) the lenders party to the Credit Agreement have waived in writing the
corresponding requirement set forth in the Credit Agreement and (ii) Credit Suisse, as a lender under the Credit Agreement, has affirmatively consented to any such waiver), in each case, prepared in conformity with generally accepted accounting
principles consistently applied (except to the extent such inconsistencies are described therein); 
 (d) as soon as possible
and in any event within two Business Days (or, with respect to a Servicer Default, within five Business Days) after knowledge thereof by a Responsible Officer of NFC, notice of each Event of Default or Servicer Default or event which with the giving
of notice or the passage of time or both would constitute an Event of Default or a Servicer Default; and 
 (e) on or before
the earlier of (1) November 30, 2008 and (2) the date on which such reports are required to be delivered pursuant to the Credit Agreement, a copy of agreed-upon procedures letters prepared by a firm of independent accountants, with
respect to the fiscal years ended October 31, 2006 and October 31, 2007, relating to receivables serviced by NFC for others in accordance with the requirements of the Minimum Servicing Standards set forth in Exhibit A to the
Servicing Agreement. 
 SECTION 5.03. Security Interests; Further Assurances. The Seller will take all action
reasonably necessary to maintain the Indenture Trustee’s first priority perfected security interest in the Receivables and the other Collateral (to the extent it constitutes Code Collateral) granted pursuant to the Indenture. The Seller agrees
to take any and all acts and to execute any and all further instruments necessary or reasonably requested by the Investors or the Agent to more fully effect the purposes of this Agreement. 
  

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 SECTION 5.04. Conduct of Business. The Seller and the Servicer shall do all things
necessary to remain duly incorporated, validly existing and in good standing as a domestic corporation (or other business entity) in its jurisdiction of incorporation (or formation) and the Seller will cause the Trust to do all things necessary to
remain duly organized, validly existing and in good standing as a statutory trust in the State of Delaware. The Servicer shall maintain all requisite authority to conduct its business in each jurisdiction in which its business requires such
authority except, in each case, where the failure to do so does not, and is not reasonably expected to, have a Material Adverse Effect. 
 SECTION 5.05. Compliance with Laws. The Seller and the Servicer shall comply in all material respects with all laws, rules, regulations, orders, writs, judgments, injunctions, decrees or awards to which it may
be subject or which are applicable to the Collateral except where the failure to so comply does not, and is not reasonably expected to, have a Material Adverse Effect. 
 SECTION 5.06. Replacement of Trustee. If at any time the identity of the Owner Trustee and the Indenture Trustee is such that the Trust Indenture Act would require the replacement of the
Owner Trustee and/or the Indenture Trustee (assuming for this purpose that the Indenture were required to be qualified thereunder), then the Seller shall (or shall cause the Trust to) so replace the Owner Trustee and/or the Indenture Trustee, as
applicable, in each case, within 180 days following the event which precipitated such replacement, with an Owner Trustee and/or Indenture Trustee, as applicable, reasonably satisfactory to the Agent. 
 SECTION 5.07. Compliance with Opinion Assumptions. Each of the Seller and NFC shall at all times (as to itself) conduct its
affairs in all material respects in accordance with the factual assumptions applicable to it set forth in, and forming the basis of, the bankruptcy opinions of Kirkland & Ellis LLP delivered pursuant to Section 4.01(a) and
(c). 
 SECTION 5.08. Further Covenants. Each of the Seller and NFC will duly observe and perform each of its
covenants set forth in the other Basic Documents in all material respects. 
 SECTION 5.09. Amendments. Neither the
Seller nor NFC will make, or permit any Person to make, any amendment, modification or change to, or provide any waiver under any Basic Document without the prior written consent of the Agent. 
 ARTICLE VI 
 Indemnification 
 SECTION 6.01. Indemnities by the Seller, NFC and the Servicer. Without limiting any other rights that the Agent or any Investor
may have hereunder or under applicable law, (A) the Seller hereby agrees to indemnify (and pay upon demand to) the Agent, each Investor and their respective assigns, officers, directors, agents and employees (each an “Indemnified
Party”) from and against any and all damages, losses, claims, taxes, liabilities, costs, expenses and for all other amounts payable, including reasonable attorneys’ fees (which attorneys may be employees of the Agent or such Investor)
and disbursements (all of the 

  

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foregoing being collectively referred to as “Indemnified Amounts”) awarded against or incurred by any of them arising out of or as a result
of this Agreement or the acquisition, either directly or indirectly, by an Investor of the Purchased Note (or any interest therein), and (B) the Servicer hereby agrees to indemnify (and pay upon demand to) each Indemnified Party for Indemnified
Amounts awarded against or incurred by any of them arising out of the Servicer’s activities as Servicer excluding, however, in all of the foregoing instances under the preceding clauses (A) and (B) : 
 (i) Indemnified Amounts to the extent such Indemnified Amounts resulted from gross negligence or willful misconduct on the
part of the Indemnified Party seeking indemnification; 
 (ii) Indemnified Amounts to the extent arising from
the acts or omissions of a successor Servicer; 
 (iii) Indemnified Amounts to the extent the same includes
losses in respect of Receivables that are uncollectible as a result of the creditworthiness of the related Obligors; 
 (iv) taxes imposed by any jurisdiction in which such Indemnified Party is or would be subject to tax (unless such tax arises solely as a result of the transactions contemplated by this Agreement) on or measured by the overall net income of
such Indemnified Party to the extent that the computation of such taxes is consistent with the characterization for income tax purposes of the acquisition by the Investors of interests in the Purchased Note as a loan or loans by the Investors to
Seller secured by the Receivables; or 
 (v) Indemnified Amounts arising from a breach of any representation
or warranty with respect to any Receivable, to the extent such Receivable is repurchased in accordance with the terms of the Pooling Agreement and the Purchase Agreement; provided, that, the exclusion set forth in this clause (v) shall not
apply to any such Indemnified Amounts (A) arising from any failure by NFC (in any capacity), the Seller or any Receivable to comply with applicable law or (B) incurred in connection with any third party claim, action or demand (whether
threatened or pending), whether or not an Indemnified Party is a party thereto; 
 provided, however, that nothing contained in
this sentence shall limit the liability of the Seller or NFC (in any capacity) or limit the recourse of the Agent or the Investors to the Seller or NFC (in any capacity) for amounts otherwise specifically provided to be paid by the Seller or NFC (in
any capacity) under the terms of this Agreement or any other Basic Document. 
 SECTION 6.02. Increased Cost and Reduced
Return. If after the date hereof, any Investor shall be charged any fee, expense or increased cost on account of the adoption of any applicable law, rule or regulation (including any applicable law, rule or regulation regarding capital adequacy)
or any change therein, or any change in the interpretation or administration thereof by any governmental authority, central bank or comparable agency charged with the interpretation or administration thereof or any accounting board or authority
(whether or not part of government) which is responsible for the establishment or interpretation of national or international accounting principles, or compliance with any request or directive (whether or not having the force of law) of any such
authority, central bank or comparable 

  

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agency or accounting board or authority (a “Regulatory Change”): (i) that subjects any Investor to any charge, increased capital costs
or withholding on or with respect to this Agreement or any Program Support Agreement or an Investor’s obligations under this Agreement or a Program Support Agreement, or on or with respect to the Receivables, or changes the basis of taxation of
payments to any Investor of any amounts payable under this Agreement or any Program Support Agreement (except for changes in the rate of tax on the overall net income of an Investor) or taxes excluded by Section 6.01 or (ii) that
imposes, modifies or deems applicable any reserve, assessment, insurance charge, special deposit or similar requirement against assets of, deposits with or for the account of an Investor, or credit extended by an Investor pursuant this Agreement or
a Program Support Agreement or (iii) that imposes any other condition the result of which is to increase the cost to an Investor of performing its obligations under this Agreement or a Program Support Agreement, or to reduce the rate of return
on an Investor’s capital as a consequence of its obligations under this Agreement or a Program Support Agreement, or to reduce the amount of any sum received or receivable by an Investor under this Agreement or a Program Support Agreement or to
require any payment calculated by reference to the amount of interests or loans held or interest received by it, then, upon demand by the Agent, Seller shall pay to the Agent, for the benefit of the relevant Investor, such amounts charged to such
Investor or such amounts to otherwise compensate such Investor for such increased cost or such reduction. 
 SECTION 6.03.
Other Costs and Expenses. Seller shall pay to the Agent within thirty (30) days of receipt of an invoice (including reasonable supporting documentation) (i) all reasonable out-of-pocket fees and expenses incurred by the Agent and
the Investors (including the reasonable fees and expenses of outside counsel to any such Person) in connection with the negotiation, preparation, execution and delivery, the amendment to, or waiver of, or the enforcement of, or any breach by NFC or
NFRRC of, this Agreement or any other Basic Document, (ii) all reasonable out-of-pocket fees and expenses incurred by the Agent and the Investors in connection with Section 5.01 subsequent to the execution and delivery hereof, including
the reasonable fees and expenses of independent accountants (it being understood that if no Event of Default has occurred, the Seller shall be responsible for the reasonable out-of-pocket fees and expenses in connection with one examination/visit
per year pursuant to Section 5.01 related to the transactions contemplated herein or in the other Basic Documents and, if an Event of Default has occurred, the Seller shall be responsible for the reasonable out-of-pocket fees and expenses of
such examinations/visits related to the transactions contemplated herein or in the other Basic Documents as the Agent may request) and (iii) the fees and expenses charged by S&P (or any other Rating Agency) in connection with the rating
(and maintaining and monitoring the rating) of the Purchased Note. 
 ARTICLE VII 
 The Agent 
 SECTION 7.01. Authorization and Action. Each
Investor hereby irrevocably appoints, designates and authorizes the Agent to take such action on its behalf under the provisions of this Agreement and each other Basic Document and to exercise such powers and perform such duties as are expressly
delegated to the Agent by the terms of this Agreement and any other Basic Document, together with such other powers as are reasonably incidental thereto. Notwithstanding any provision to the contrary contained elsewhere in this Agreement or 

  

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in any other Basic Document, the Agent shall not have any duties or responsibilities, except those expressly set forth in this Agreement, nor shall the Agent
have or be deemed to have any fiduciary relationship with any Investor, and no implied covenants, functions, responsibilities, duties, obligations or liabilities shall be read into this Agreement or any other Basic Document or otherwise exist
against the Agent. Without limiting the generality of the foregoing sentence, the use of the term “agent” in this Agreement with reference to the Agent is not intended to connote any fiduciary or other implied (or express) obligations
arising under agency doctrine of any applicable law. Instead, such term is used merely as a matter of market custom, and is intended to create or reflect only an administrative relationship between independent contracting parties. 
 SECTION 7.02. Delegation of Duties. The Agent may execute any of its duties under this Agreement or any other Basic Document by or
through agents, employees or attorneys-in-fact and shall be entitled to the advice of counsel concerning all matters pertaining to such duties. The Agent shall not be responsible for the negligence or misconduct of any agent or attorney-in-fact that
it selects with reasonable care. 
 SECTION 7.03. Liability of Agent. No Agent-Related Person shall (i) be liable
for any action taken or omitted to be taken by any of them under or in connection with this Agreement or any other Basic Document or the transactions contemplated hereby (except for its own gross negligence or willful misconduct), or (ii) be
responsible in any manner to any Investor for any recital, statement, representation or warranty made by the Seller, the Servicer, the Indenture Trustee, or any officer thereof, contained in this Agreement or in any other Basic Document, or in any
certificate, report, statement or other document referred to or provided for in, or received by the Agent under or in connection with, this Agreement or any other Basic Document, or the validity, effectiveness, genuineness, enforceability or
sufficiency of this Agreement or any other Basic Document, or for any failure of the Seller, the Servicer, the Indenture Trustee, or any other party to any Basic Document to perform its obligations hereunder or thereunder. No Agent-Related Person
shall be under any obligation to any Investor to ascertain or to inquire as to the observance or performance of any of the agreements contained in, or conditions of, this Agreement or any other Basic Document, or to inspect the properties, books or
records of the Seller, the Servicer, the Indenture Trustee, or any of their respective Affiliates. 
 SECTION 7.04.
Reliance by Agent. (a) The Agent shall be entitled to rely, and shall be fully protected in relying, upon any writing, resolution, notice, consent, certificate, affidavit, letter, telegram, facsimile, telex or telephone message,
statement or other document or conversation believed by it to be genuine and correct and to have been signed, sent or made by or on behalf of the proper Person or Persons, and upon advice and statements of legal counsel (including counsel to the
Seller, the Servicer and the Indenture Trustee), independent accountants and other experts selected by the Agent. The Agent shall be fully justified in failing or refusing to take any action under this Agreement or any other Basic Document unless it
shall first receive such advice or concurrence of the Conduit Investor (and, if required by any Program Support Agreement, the requisite Program Support Providers) as it deems appropriate and, if it so requests, it shall first be indemnified to its
satisfaction by the Investors against any and all liability and expense which may be incurred by it by reason of taking or continuing to take any such action. The Agent shall in all cases be fully protected in acting, or in refraining from acting,
under this Agreement or any other Basic Document in accordance with a request or 

  

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consent of the Conduit Investor (and, if required by any Program Support Agreement, the requisite Program Support Providers) or, if required hereunder, all
Investors and such request and any action taken or failure to act pursuant thereto shall be binding upon all of the Investors. 
 (b) For purposes of determining compliance with the conditions specified in Article IV on the Closing Date or any subsequent Funding Date, each Investor that has executed this Agreement or, in the case of a Funding Date,
transferred funds to the Agent shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter either sent by the Agent to such Investor for consent, approval, acceptance or satisfaction, or required
thereunder to be consented to or approved by or acceptable or satisfactory to such Investor. 
 SECTION 7.05. Notice of
Event of Default. The Agent shall not be deemed to have knowledge or notice of the occurrence of an Event of Default or an event which, with the giving of notice or passage of time, or both, would constitute an Event of Default unless the Agent
has received written notice from an Investor referring to this Agreement, describing such Event of Default or event which, with the giving of notice or passage of time, or both, would constitute an Event of Default stating that such notice is a
“Notice of Event of Default”. The Agent will notify the Investors of its receipt of any such notice. The Agent shall (subject to Section 7.04 ) take such action with respect to such Event of Default or event which, with the
giving of notice or passage of time, or both, would constitute an Event of Default as may be requested by the Conduit Investor (and, if required by any Program Support Agreement, the requisite Program Support Providers), provided, that,
unless and until the Agent shall have received any such request, the Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Event of Default or event which, with the giving of notice or
passage of time, or both, would constitute an Event of Default as it shall deem advisable or in the best interest of the Investors. 
 SECTION 7.06. Credit Decision; Disclosure of Information by the Agent. Each Investor acknowledges that none of the Agent-Related Persons has made any representation or warranty to it, and that no act by the Agent hereinafter taken,
including any consent to and acceptance of any assignment or review of the affairs of the Seller, the Servicer, the Indenture Trustee, or any of their respective Affiliates, shall be deemed to constitute any representation or warranty by any
Agent-Related Person to any Investor as to any matter, including whether the Agent-Related Persons have disclosed material information in their possession. Each Investor, including any Investor by assignment, represents to the Agent that it has,
independently and without reliance upon any Agent-Related Person and based on such documents and information as it has deemed appropriate, made its own appraisal of and investigation into the business, prospects, operations, property, financial and
other condition and creditworthiness of the Seller, the Servicer or the Indenture Trustee, or their respective Affiliates, and all applicable bank regulatory laws relating to the transactions contemplated hereby, and made its own decision to enter
into this Agreement and to extend credit to the Seller hereunder. Each Investor also represents that it shall, independently and without reliance upon any Agent-Related Person and based on such documents and information as it shall deem appropriate
at the time, continue to make its own credit analysis, appraisals and decisions in taking or not taking action under this Agreement and the other Basic Documents, and to make such investigations as it deems necessary to inform itself as to the
business, prospects, operations, property, financial and other 

  

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condition and creditworthiness of the Seller, the Servicer or the Indenture Trustee. Except for notices, reports and other documents expressly herein
required to be furnished to the Investors by the Agent herein, the Agent shall not have any duty or responsibility to provide any Investor with any credit or other information concerning the business, prospects, operations, property, financial and
other condition or creditworthiness of the Seller, the Servicer, the Indenture Trustee, or their respective Affiliates which may come into the possession of any of the Agent-Related Persons. 
 SECTION 7.07. Indemnification of the Agent. Whether or not the transactions contemplated hereby are consummated, the Committed
Investors shall indemnify upon demand each Agent-Related Person, pro rata, and hold harmless each Agent-Related Person from and against any and all damages, losses, claims, liabilities, costs and expenses, including reasonable attorneys’
fees (which such attorneys may be employees of the Agent-Related Persons) and disbursements awarded against or incurred by it; provided, that no Committed Investro shall be liable for the payment to any Agent-Related Person of any portion of such
amounts resulting from such Person’s gross negligence or willful misconduct; provided, further, that no action taken in accordance with the directions of the Conduit Investor (and, if required by any Program Support Agreement, the requisite
Program Support Providers) shall be deemed to constitute gross negligence or willful misconduct for purposes of this Section 7.07. Without limitation of the foregoing, each Committed Investor shall reimburse the Agent upon demand for its
ratable share of any costs or out-of-pocket expenses (including attorney’s fees) incurred by the Agent in connection with the preparation, execution, delivery, administration, modification, amendment or enforcement (whether through
negotiations, legal proceedings or otherwise) of, or legal advice in respect of rights or responsibilities under, this Agreement, any other Basic Document, or any document contemplated by or referred to herein. The undertaking in this
Section 7.07 shall survive payment in full of the Purchased Note and the resignation or the replacement of the Agent. 
 SECTION 7.08. Agent in Individual Capacity. Credit Suisse, New York Branch (and any successor Agent) and its Affiliates (and branches) may make loans to, issue letters of credit for the account of, accept deposits from, acquire
equity interests in and generally engage in any kind of banking, trust, financial advisory, underwriting or other business with any of the Seller, the Servicer, the Indenture Trustee, or any of their Affiliates as though Credit Suisse, New York
Branch were not the Agent hereunder and without notice to or consent of the Investors. The Investors acknowledge that, pursuant to such activities, Credit Suisse, New York Branch, or its Affiliates (and branches) may receive information regarding
the Seller, the Servicer, the Indenture Trustee, or any of their respective Affiliates (including information that may be subject to confidentiality obligations in favor of such Person) and acknowledge that the Agent shall be under no obligation to
provide such information to them. 
 SECTION 7.09. Resignation of Agent. The Agent may resign as Agent upon thirty
(30) days’ notice to the Investors. If the Agent resigns under this Agreement, the Investors shall appoint from among the Program Support Providers a successor agent for the Investors. If no successor agent is appointed prior to the
effective date of the resignation of the Agent, the Agent may appoint, after consulting with the Investors, a successor agent from among the Program Support Providers. Upon the acceptance of its appointment as successor agent hereunder, such
successor agent shall succeed to all the rights, powers and duties of the retiring Agent and the term “Agent” shall mean such successor agent and the retiring Agent’s 

  

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appointment, powers and duties as Agent shall be terminated. After any retiring Agent’s resignation hereunder as Agent, the provisions of this
Section 7.09 and Sections 7.03 and 7.07 shall inure to its benefit as to any actions taken or omitted to be taken by it while it was the Agent under this Agreement. If no successor agent has accepted appointment as Agent by
the date which is thirty (30) days following a retiring Agent’s notice of resignation, the retiring Agent’s resignation shall nevertheless thereupon become effective and the Program Support Providers shall perform all of the duties of
the Agent hereunder until such time, if any, as the Investors appoint a successor agent as provided for above; provided that until such time as a successor agent shall have been appointed, the resigning Agent shall continue to hold the
Purchased Note as “nominee” for the Investors. 
 SECTION 7.10. Payments by the Agent. Unless specifically
allocated to an Investor pursuant to the terms of this Agreement, all amounts received by the Agent on behalf of the Investors shall be paid by the Agent to the Investors pro rata in accordance with their respective outstanding funded
portions of the Funded Amount on the Business Day received by the Agent, unless such amounts are received after 12:00 noon on such Business Day, in which case the Agent shall use its reasonable efforts to pay such amounts to the Investors on such
Business Day, but, in any event, shall pay such amounts to the Investors not later than the following Business Day. 
 ARTICLE VIII

 Miscellaneous 
 SECTION 8.01. Assignment. (a) This Agreement shall be binding on the parties hereto and their respective successors and assigns; provided, that the Seller may not assign any of its rights or delegate any of its duties
hereunder without the prior written consent of the Agent. The Conduit Investor may only assign, participate, grant security interests in, or otherwise transfer any portion of its Note Interest, in each case, as provided in clause (b) or
clause (c) below. No provision of this Agreement shall in any manner restrict the ability of any Program Support Provider to assign, participate, grant security interests in, or otherwise transfer any portion of its Note Interest,
provided that any such transfer shall be in accordance with the terms of the Indenture. All costs and expenses of the Agent incurred in connection with any assignment hereunder shall be borne by the Seller. 
 (b) The Conduit Investor may, from time to time, with prior or concurrent notice to the Seller and the Indenture Trustee, in one
transaction or a series of transactions, assign, participate, grant security interests in, or otherwise transfer all or a portion of its Note Interest and its rights and obligations under this Agreement and any other Basic Document to which it is a
party (x) without the consent of the Seller or any other Person, (i) to a Conduit Assignee, (ii) to any Program Support Provider or Committed Investor or (iii) to any Designated Financial Institution and (y) with the consent
of the Seller (such consent not to be unreasonably withheld or delayed), to any Person not described in preceding clause (x); provided, that, the Conduit Investor may, during the continuance of an Event of Default or Servicer Default, assign,
participate, grant security interests in, or otherwise transfer all or a portion of its Note Interest 

  

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and its rights and obligations under this Agreement and any other Basic Document to which it is a party, in each case, without the consent of the Seller or
any other Person. The Committed Investor may, from time to time, with prior or concurrent notice to the Seller and the Indenture Trustee, in one transaction or a series of transactions, assign, participate, grant security interests in, or otherwise
transfer all or a portion of its Note Interest and its rights and obligations under this Agreement and any other Basic Document to which it is a party (x) without the consent of the Seller or any other Person, (i) to the “committed
investor” for any Conduit Investor and (ii) to any Designated Financial Institution and (y) with the consent of the Seller (such consent not to be unreasonably withheld or delayed), to any Person not described in preceding clause (x);
provided, that, the Committed Investor may, during the continuance of an Event of Default, assign, participate, grant security interests in, or otherwise transfer all or a portion of its Note Interest and its rights and obligations under this
Agreement and any other Basic Document to which it is a party, in each case, without the consent of the Seller or any other Person. Subject to the transfer restrictions set forth in the Indenture, upon and to the extent of such assignment or other
transfer by the Conduit Investor or Committed Investor, (i) such assignee shall be the owner of the assigned or transferred portion of the Note Interest, (ii) if such assignee is a Conduit Assignee (or another commercial paper conduit),
such Conduit Assignee (or other commercial paper conduit) and its liquidity support provider(s) and credit support provider(s) and other related parties shall have the benefit of all the rights and protections provided to a Conduit Investor and its
Program Support Provider(s) herein and in the other Basic Documents (including any limitation on recourse against such Conduit Assignee (or other commercial paper conduit) or related parties, any agreement not to file or join in the filing of a
petition to commence an insolvency proceeding against such Conduit Assignee (or other commercial paper conduit), and the right to assign or otherwise transfer to another Conduit Assignee(or commercial paper conduit) as provided in this paragraph),
(iii) such assignee shall assume all (or the assigned or assumed portion) of the Conduit Investor’s or Committed Investor’s obligations, if any, hereunder or under any other Basic Document, and the Conduit Investor or Committed
Investor, as applicable, shall be released from such obligations, in each case to the extent of such assignment, and the obligations of the Conduit Investor or the Committed Investor, as applicable, and such assignee shall be several and not joint,
(iv) all distributions in respect of its Note Interest shall be made to the Agent, on behalf of the Conduit Investor, the Committed Investor and such assignee according to their respective Note Interests, (v) the defined terms and other
terms and provisions of this Agreement and the other Basic Documents shall be interpreted in accordance with the foregoing, and (vi) if requested by the Agent with respect to the assignee, the parties will execute and deliver such further
agreements and documents and take such other actions as the Agent may reasonably request to evidence and give effect to the foregoing. 
 (c) Notwithstanding any other provision of this Section 8.01 or otherwise in this Agreement, any Investor (including any Program Support Provider) may at any time pledge or grant a security interest in all
or any portion of its rights (including, without limitation, rights to payment of interest and repayment of the Purchased Note) under this Agreement to secure obligations of such Investor to a Federal Reserve Bank, without notice to or consent of
any Person; provided, however, that no such pledge or grant of a security interest shall release any Investor from any of its obligations hereunder or substitute any such pledgee or grantee for such Investor as a party hereto.

  

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 SECTION 8.02. Notices. Except in the case of notices and other communications
expressly permitted to be given by telephone, all notices and other communications provided for herein shall be in writing and shall be delivered by hand or overnight courier service or sent by telecopy or by e-mail (if the recipient has provided an
e-mail address), as follows: 
 (a) if to the Seller or the Servicer, at its address or telecopy number set forth in Appendix
B to the Pooling Agreement; 
 (b) if to the Conduit Investor: 
 Alpine Securitization Corp. 
 Eleven Madison Avenue 
 4th Floor 
 New York, New York 10010-3629 
 Attention: Oliver Nisenson 
 Email: oliver.nisenson@credit-suisse.com 
 Phone: (212) 325-1209 
 Fax: (212) 325-4519 
 (c) if to the Committed Investor: 
 Credit Suisse, Cayman Islands Branch 
 Eleven Madison Avenue 
 4th Floor 
 New York, New York 10010-3629 
 Attention: Oliver Nisenson 
 Email: oliver.nisenson@credit-suisse.com 
 Phone: (212) 325-1209 
 Fax: (212) 325-4519 
 (d) if to the Agent: 
 Credit Suisse, New York Branch 
 Eleven Madison Avenue 
 4th Floor 
 New York, New York 10010-3629 
 For Funding Related Notices: 
 Attention: Alex Smith 
 Email: abcp.monitoring@credit-suisse.com 
 Phone: (212) 325-9213 
 Fax: (212) 325-4519 
 For all other Notices: 
 Attention: Oliver Nisenson 
  

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 Email: oliver.nisenson@credit-suisse.com 
 Phone: (212) 325-1209 
 Fax: (212) 325-4519 
 All notices and other communications given to any party hereto in accordance with the
provisions of this Agreement shall be deemed to have been given on the date of receipt. 
 SECTION 8.03. Waivers;
Amendments. 
 (a) No waiver of any provision of this Agreement or consent to any departure by the Seller therefrom shall
in any event be effective unless the same shall be permitted by Section 8.03(b), and then such waiver or consent shall be effective only in the specific instance and for the purpose for which given. Without limiting the generality of the
foregoing, neither the funding of the Purchased Note nor the making of any Incremental Funding shall be construed as a waiver of any Event of Default or Servicer Default, regardless of whether the Indenture Trustee, the Seller, the Servicer, the
Agent, the Conduit Investor or the Committed Investror may have had notice or knowledge of such Event of Default or Servicer Default at the time. 
 (b) Any provision of the Agreement may be amended or waived by (x) the Seller or Servicer if, but only if, it is in writing and signed by such Person and (y) the Agent and the Investors, if, but only if, it
is in writing and signed by the Agent, the Conduit Investor and the Committed Investor. Any consent or other election or action to be taken by an Investor pursuant to the Indenture shall be taken by the Agent as registered Holder of the Purchased
Note, in each case with the consent of the applicable Investors (the Seller shall have no obligation to inquire as to such consent and may rely on any consent, election or action taken by the Agent as such Holder). 
 (c) No waiver, amendment or modification of the Basic Documents or any other agreement referred to herein or therein to which the Seller
is a party (other than this Agreement) shall affect any of the rights or obligations under this Agreement of any party hereto unless such party has given its written consent to such waiver, amendment or modification. 
 (d) A failure or delay in exercising any right, power or privilege in respect of this Agreement will not be presumed to operate as a
waiver, and a single or partial exercise of any right, power or privilege will not be presumed to preclude any subsequent or further exercise, of that right, power or privilege or the exercise of any other right, power or privilege. 
 SECTION 8.04. Survival. (a) All covenants, agreements, representations and warranties made by the Seller and the Servicer
herein and in the certificates or other instruments delivered in connection with or pursuant to this Agreement shall be considered to have been relied upon by the other parties hereto and shall survive the execution and delivery of this Agreement,
the funding of the Purchased Note and the making of any Incremental Fundings, regardless of any investigation made by any such other party or on its behalf and notwithstanding that the Indenture Trustee, the Agent, the Conduit Investor or the
Committed Investor may have had notice or knowledge of any Event of Default or Servicer Default or incorrect representation or warranty at the time any credit is extended hereunder, and shall continue in full force and effect as long as the
Purchased Note or any amount payable under this Agreement is outstanding and unpaid. 
  

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 (b) Notwithstanding anything to the contrary contained in this Agreement or any other
Basic Document, (i) the indemnification and payment provisions of Article VI and Section 7.07 and (ii) the agreements set forth this Section 8.04 and in Sections 8.07, 8.08, 8.11 8.14 and 8.15, shall in each case be continuing
and shall survive any termination of this Agreement and/or the other Basic Documents. 
 SECTION 8.05. Counterparts;
Integration; Effectiveness. This Agreement may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single
contract. This Agreement, the Indenture and the other Basic Documents constitute the entire contract among the parties relating to the subject matter hereof and supersede any and all previous agreements and understandings, oral or written, relating
to the subject matter hereof. This Agreement shall become effective when it shall have been executed by each of the parties hereto and thereafter this Agreement shall be binding upon and inure to the benefit of the parties hereto and their
respective successors and assigns. Delivery of an executed counterpart of a signature page of this Agreement by telecopy or e-mail shall be effective as delivery of a manually executed counterpart of this Agreement. 
 SECTION 8.06. Severability. Any provision of this Agreement held to be invalid, illegal or unenforceable in any jurisdiction
shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of the remaining provisions hereof; and the invalidity of a particular
provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction. 
 SECTION 8.07.
Governing Law; Waiver of Jury Trial Right; Submission to Jurisdiction. 
 (a) This Agreement shall be construed in
accordance with the laws of the State of New York, without reference to its conflict of laws provisions (other than Section 5-1401 of the New York General Obligations Law), and the obligations, rights and remedies of the parties hereunder shall
be determined in accordance with such laws. 
 (b) TO THE EXTENT PERMITTED BY LAW, EACH OF THE PARTIES TO THIS AGREEMENT
HEREBY IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT. 
 (c) EACH OF THE PARTIES HERETO HEREBY SUBMITS TO THE NONEXCLUSIVE JURISDICTION OF THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK AND OF ANY NEW YORK STATE COURT SITTING IN THE CITY OF NEW YORK
FOR PURPOSES OF ALL LEGAL PROCEEDINGS ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT IT MAY EFFECTIVELY DO SO, 

  

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ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF THE VENUE OF ANY SUCH PROCEEDING BROUGHT IN SUCH A COURT AND ANY CLAIM THAT ANY SUCH
PROCEEDING BROUGHT IN SUCH A COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM. NOTHING IN THIS SECTION 8.07(c) SHALL AFFECT THE RIGHT OF ANY PARTY TO BRING ANY ACTION OR PROCEEDING AGAINST ANY OTHER PARTY OR ITS RESPECTIVE PROPERTIES IN THE COURTS OF
OTHER JURISDICTIONS. 
 SECTION 8.08. No Bankruptcy Petition Against the Conduit Investor or CP Issuer. Each of the
Investors, the Agent, the Seller and the Servicer hereby covenants and agrees that, prior to the date which is one year and one day (or the then applicable preference period) after the payment in full of all outstanding Commercial Paper or other
rated indebtedness of the Conduit Investor or any CP Issuer, it will not institute against, or join any other Person in instituting against, the Conduit Investor or such CP Issuer any proceeding of a type referred to in the definition of Event of
Bankruptcy. 
 SECTION 8.09. Benefits of Indenture. Each of the Seller and the Servicer hereby acknowledges and
confirms that each representation, warranty, covenant and agreement made pursuant to the Indenture by the Seller and the Servicer is also made herein, all for the benefit and security of the Investors and the Agent. 
 SECTION 8.10. Headings. Article and Section headings and the Table of Contents used herein are for convenience of reference only,
are not part of this Agreement and shall not affect the construction of, or be taken into consideration in interpreting, this Agreement. 
 SECTION 8.11. No Recourse Against Conduit Investor, Members, Officers or Directors. Notwithstanding anything to the contrary contained in this Agreement, the obligations of the Conduit Investor under this
Agreement and all other Basic Documents are solely the corporate obligations of such Conduit Investor and shall be payable solely to the extent of funds received in accordance herewith or from any party to any Basic Document in accordance with the
terms thereof in excess of funds necessary to pay matured and maturing Commercial Paper. No recourse under any obligation, covenant or agreement of the Conduit Investor contained in this Agreement shall be had against any stockholder, member,
employee, officer, director or incorporator of the Conduit Investor or any beneficial owner of any of them, as such, by the enforcement of any assessment or by any legal or equitable proceeding, by virtue of any statute or otherwise; it being
expressly agreed and understood that this Agreement is solely a corporate obligation of the Conduit Investor, and that no personal liability whatsoever shall attach to or be incurred by the any stockholder, member, employee, officer, director or
incorporator of the Conduit Investor or any beneficial owner of any of them, as such, under or by reason of any of the obligations, covenants or agreements of the Conduit Investor contained in this Agreement, or implied therefrom, and that any and
all personal liability for breaches by the Conduit Investor of any of such obligations, covenants or agreements, either at common law or at equity, or by statute or constitution, of every such stockholder, member, employee, officer, director or
incorporator of the Conduit Investor or any beneficial owner of any of them, as such, is hereby expressly waived as a condition of and consideration for the execution of this Agreement; provided, that this Section 8.11 shall not
relieve any such stockholder, member, employee, officer, director or incorporator of the Conduit Investor or any beneficial owner of any of them, as such, of any liability it might otherwise have for its own intentional misrepresentation or willful
misconduct. 
  

 32 








 SECTION 8.12. Waiver of Confidentiality. Each of the Seller and the Servicer
hereby consents to the disclosure of any non-public information with respect to it received by the Agent or any Investor (i) to the Agent, any nationally recognized statistical rating organization rating the Conduit Investor’s (or its
related CP Issuer’s) Commercial Paper or rating the Purchased Note, any Program Support Provider or other Person providing financing to, or any member or other Person holding equity interests in, the Conduit Investor or any of the foregoing
Person’s counsel or accountants in relation to this Agreement or any other Basic Document (as long as each of the foregoing Persons has been advised to keep such information confidential); (ii) to any CP Issuer or any provider of liquidity
or credit support facilities to, or for the account of, a CP Issuer (as long as each of the foregoing Persons has been advised to keep such information confidential); (iii) as otherwise required by applicable law or order of a court of
competent jurisdiction, including its regulators, (iv) in connection with any proceeding brought by or against it with respect to this Agreement or the related transactions contemplated hereby, and (v) with the Seller’s and the
Servicer’s consent (such consent not to be unreasonably withheld or delayed), to any other Investor or potential Investor. In the case of any disclosure permitted by clause (iii) or (iv) (except in the case of any disclosure required
to be made by an Investor or the Agent to any applicable regulator), each applicable Investor and the Agent shall use commercially reasonable efforts to (x) provide the Seller with advance notice of any such disclosure and (y) cooperate
with the Seller in limiting the extent or effect of any such disclosure. 
 SECTION 8.13. Confidentiality Agreement.
Each of the Seller and the Servicer hereby agrees that it will not disclose the contents of this Agreement or any other Basic Document or any other proprietary or confidential information of or with respect to any Investor, the Agent or any Program
Support Provider to any other Person except (a) its auditors and attorneys, employees or financial advisors (other than any commercial bank) and any nationally recognized statistical rating organization, provided that such auditors,
attorneys, employees, financial advisors or rating agencies are informed of the highly confidential nature of such information, (b) as otherwise required by applicable law or order of a court of competent jurisdiction, including its regulators,
(c) in connection with any proceeding brought by or against it with respect to this Agreement or the related transactions contemplated hereby, (d) in any offering document prepared for the issuance and sale of the Purchased Note if such
disclosure has been reviewed and agreed to by the Investors and the Agent and (e) that the Seller and Servicer may file copies of the Basic Documents (other than the Fee Letter) with the Commission. In the case of any disclosure permitted by
clause (b) or (c), the Seller and the Servicer shall use commercially reasonable efforts to (x) provide the Agent with advance notice of any such disclosure and (y) cooperate with the Agent in limiting the extent or effect of any
such disclosure. 
 SECTION 8.14. Excess Funds. Notwithstanding any provisions contained in this Agreement to the
contrary, the Conduit Investor shall not, and shall not be obligated to, pay any amount pursuant to this Agreement unless (i) the Conduit Investor has received funds which may be used to make such payment and which funds are not required to
repay its (or its related CP Issuer’s) Commercial Paper when due and (ii) after giving effect to such payment, 

  

 33 








 
either (x) the Conduit Investor (or its related CP Issuer) could issue Commercial Paper to refinance all of its (and its related CP Issuer’s)
outstanding Commercial Paper (assuming such outstanding Commercial Paper matured at such time) in accordance with the program documents governing the Conduit Investor’s (and its related CP Issuer’s) securitization program or (y) all
of such Conduit Investor’s (and its related CP Issuer’s) Commercial Paper is paid in full. Any amount which the Conduit Investor does not pay pursuant to the operation of the preceding sentence shall not constitute a claim (as defined in
§ 101 of the United States Bankruptcy Code) against or corporate obligation of the Conduit Investor for any such insufficiency unless and until the Conduit Investor satisfies the provisions of clauses (i) and (ii) above. This
Section shall survive the termination of this Agreement. 
 SECTION 8.15. Limitation of Liability. (a) No claim
may be made by the Trust, the Seller, NFC, the Servicer, any of their Affiliates, or any other Person against the Agent, the Investors, any Program Support Provider, or any of their Affiliates, directors, officers, employees, attorneys or agents for
any special, indirect, consequential or punitive damages in respect of any claim for breach of contract or any other theory of liability arising out of or related to the transactions contemplated by this Agreement or the other Basic Documents, or
any act, omission or event occurring in connection therewith and each of the Trust, the Seller, the Servicer and NFC, to the extent permitted by law, hereby waives, releases, and agrees not to sue upon any claim for any such damages, whether or not
accrued and whether or not known or suspected to exist in its favor. 
 (b) No claim may be made by the Agent, the Investors,
any Program Support Provider, or any of their Affiliates, or any other Person against the Trust, the Seller, NFC, the Servicer, or any of their Affiliates, directors, officers, employees, attorneys or agents for any special, indirect, consequential
or punitive damages in respect of any claim for breach of contract or any other theory of liability arising out of or related to the transactions contemplated by this Agreement or the other Basic Documents, or any act, omission or event occurring in
connection therewith and each of the Agent, the Conduit Investor and the Committed Investor, to the extent permitted by law, hereby waives, releases, and agrees not to sue upon any claim for any such damages, whether or not accrued and whether or
not known or suspected to exist in its favor. 
 [Signature Pages Follow] 
  

 34 








 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by
their respective authorized officers as of the day and year first above written. 
  

			
	CONDUIT INVESTOR:
	
	 ALPINE SECURITIZATION CORP.

		
	 By:
	 	 /s/ Joseph Soave

	 Name:
	 	Joseph Soave
	 Title:
	 	 Attorney-in-Fact



  

			
	 By:
	 	 /s/ Mark Golombeck

	 Name:
	 	Mark Golombeck
	 Title:
	 	 Attorney-in-Fact



  

			
	COMMITTED INVESTOR:
	
	 CREDIT SUISSE, CAYMAN ISLANDS BRANCH

		
	 By:
	 	 /s/ Josh Borg

	 Name:
	 	Josh Borg
	 Title:
	 	 Director



  

			
	 By:
	 	 /s/ Alex Smith

	 Name:
	 	Alex Smith
	 Title:
	 	 Vice President

	
	 Funding Limit: $300,000,000



 [Signature Page to Alpine Securitization Corp. Note Purchase Agreement] 








			
	SELLER:
	
	 NAVISTAR FINANCIAL RETAIL
 RECEIVABLES
CORPORATION, as Seller

		
	 By:
	 	 /s/ John V. Mulvaney, Sr.

	 Name:
	 	John V. Mulvaney, Sr.
	 Title:
	 	 V.P., CFO & Treasurer



  

			
	INDIVIDUALLY AND AS SERVICER:
	
	NAVISTAR FINANCIAL CORPORATION, individually and as Servicer
		
	 By:
	 	 /s/ John V. Mulvaney, Sr.

	 Name:
	 	John V. Mulvaney, Sr.
	 Title:
	 	 V.P., CFO & Treasurer



 [Signature Page to Alpine Securitization Corp. Note Purchase Agreement] 








			
	AGENT:
	
	CREDIT SUISSE, NEW YORK BRANCH
		
	 By:
	 	 /s/ Mark Golombeck

	 Name:
	 	Mark Golombeck
	 Title:
	 	 Director



  

			
	 By:
	 	 /s/ Alex Smith

	 Name:
	 	Alex Smith
	 Title:
	 	 Vice President



  

			
	 Payment Information

	
	 The Bank of New York Mellon

	 ABA: 021-000-018

	 Account Number: 890-038-7025

	 Account Name: Alpine Securitization Corp.



 [Signature Page to Alpine Securitization Corp. Note Purchase Agreement] 







 EXHIBIT A 
 DOCUMENTS TO BE DELIVERED TO THE AGENT 
 ON OR PRIOR TO THE CLOSING DATE 
  

	1.	 Copies of the Resolutions of the board of Directors of each of Truck Retail Instalment Paper Corp., NFC and NFRRC certified by its Secretary authorizing its
execution, delivery and performance of each Basic Document to which it is a party. 


  

	2.	 Articles or Certificate of Incorporation or Formation for each of Truck Retail Instalment Paper Corp., NFC, NFRRC and the Trust certified by the Secretary of
State of its jurisdiction of incorporation or formation on or within thirty (30) days prior to the Closing Date. 


  

	3.	 Good Standing Certificates for each of Truck Retail Instalment Paper Corp., NFC, NFRRC and the Trust issued by the Secretary of State of Delaware.



  

	4.	 A certificate of the Secretary of each of Truck Retail Instalment Paper Corp., NFC and NFRRC certifying (i) the names and signatures of the officers
authorized on its behalf to execute each Basic Documents to which it is a party and (ii) a copy of By-Laws of NFC, NFRRC and Truck Retail Instalment Paper Corp. 


  

	5.	 A favorable opinion of legal counsel for each of Truck Retail Instalment Paper Corp., NFC, NFRRC and the Trust (which may include in-house counsel) reasonably
acceptable to the Agent which addresses the following matters and such other matters as the Agent may reasonably request: 


  

	 	•	 	 authorization, execution and delivery of the Basic Documents; 


  

	 	•	 	 enforceability of the Basic Documents against Truck Retail Instalment Paper Corp., NFC, NFRRC and the Trust; 


  

	 	•	 	 perfection and priority of security interests; 


  

	 	•	 	 true sale of the Receivables from Truck Retail Instalment Paper Corp. to NFC and of the Receivables from NFC to the Seller, and non-consolidation of the Seller
with NFC; and 


  

	 	•	 	 treatment of the Purchased Note as debt for tax purposes. 


  

	6.	 (i) UCC lien search reports (in Delaware) dated a date reasonably near the Closing Date listing all effective financing statements which name Truck Retail
Instalment Paper Corp., NFC, NFRRC or the Trust (under its respective present or previous names), as debtor, together with copies of all such financing statements and (ii) tax lien search reports (in Delaware and Illinois) dated a date
reasonably near the Closing Date listing all effective federal tax liens which name Truck Retail Instalment Paper Corp., NFC or NFRRC (under its respective present or previous names), as debtor. 


  

 A-1 









	7.	 UCC-1 financing statements filed in Delaware (i) naming Truck Retail Instalment Paper Corp., as seller or debtor and NFC, as purchaser or secured party,
identifying the Receivables and Related Security sold by it to NFC as collateral, (ii) naming NFC, as seller or debtor and NFRRC, as purchaser or secured party, identifying the Designated Receivables and Related Security as collateral,
(iii) naming NFRRC, as debtor, the Trust, as assignor secured party, and the Indenture Trustee, as secured party, identifying the Receivables and Related Security as collateral and (iv) naming the Trust, as debtor and the Indenture
Trustee, as secured party, identifying the Collateral as collateral. 


  

	8.	 UCC-3 financing statements for filing in all appropriate jurisdictions to the extent necessary to terminate or release as a matter of record any security
interest in the Receivables, Related Security and Collections. 


  

	9.	 A fully executed Retail Note Bill of Sale and Assignment, dated as of the Closing Date, duly executed by Truck Retail Instalment Paper Corp., relating to the
Receivables and Related Security sold by it to NFC, together with the related Release, dated as of the Closing Date, duly executed by The Bank of New York Mellon (formerly known as The Bank of New York), as Indenture Trustee under the Indenture,
dated as of October 16, 2000, between Truck Retail Instalment Paper Corp. and The Bank of New York Mellon, as Indenture Trustee. 


  

	10.	 Certificates and opinions with respect to the Indenture Trustee and the Owner Trustee as are customary in transactions of the type contemplated in the Basic
Documents, the form and substance of which shall be reasonably satisfactory to the Agent. 


  

	11.	 A letter from S&P, dated the Closing Date, indicating that the Purchased Note has been rated “AAA”. 


  

 A-2 








 EXHIBIT B 
 FORM OF NOTICE OF FUNDING 
 [Date] 
  

	To:	 Credit Suisse, New York Branch, as Agent for the Investors 


  

	Re:	 Request for Incremental Funding 


 Dear Sirs:

 Reference is made to the Note Purchase Agreement, dated as of July 28, 2008, among Navistar Financial Retail
Receivables Corporation (the “Seller”), Alpine Securitization Corp., as Conduit Investor, Credit Suisse, Cayman Islands Branch, as Committed Investor, Credit Suisse, New York Branch, as Agent for the Investors, and Navistar
Financial Corporation, individually and as Servicer (the “Note Purchase Agreement”). Terms used herein and not otherwise defined herein shall have the respective meanings assigned to them in the Note Purchase Agreement. 

Pursuant to Section 2.01(b) of the Note Purchase Agreement, we hereby notify you that the Seller requests that on __________,
_____, the Investors provide an Incremental Funding of $                    . 
  

			
	 Very truly yours,

	
	 NAVISTAR FINANCIAL RETAIL
 RECEIVABLES CORPORATION

		
	 By:
	 	 
		 	 Name:

		 	 Title:



  

 B-1 








 SCHEDULE I 
 LIST OF DESIGNATED FINANCIAL INSTITUTIONS 
 Bank of America, N.A. 
 The Bank of Nova Scotia 
 JPMorgan Chase Bank,
N.A. 
 Citibank, N.A. 
 Royal Bank
of Canada 
 Royal Bank of Scotland plc 
 Deutsche Bank, AG 
 Goldman Sachs 
 BNP Paribas 
 and 
 any
commercial paper conduit administered by any of the foregoing financial institutions 
  

 Sched-1