Document:

Exhibit 4.4

 

CNH EQUIPMENT TRUST 2014-B
 PURCHASE AGREEMENT

 

between

 

CNH INDUSTRIAL CAPITAL AMERICA LLC

 

and

 

CNH CAPITAL RECEIVABLES LLC

 

Dated as of May 1, 2014

 

 

TABLE OF CONTENTS

 

	
ARTICLE I   CERTAIN DEFINITIONS
    	
 
    	
1
    
	
 
    	
 
    	
 
    
	
Section 1.1.
    	
 
    	
Definitions
    	
 
    	
1
    
	
Section 1.2.
    	
 
    	
Other Definitional Provisions
    	
 
    	
1
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
ARTICLE II   CONVEYANCE OF RECEIVABLES
    	
 
    	
2
    
	
 
    	
 
    	
 
    
	
Section 2.1.
    	
 
    	
Conveyance of Purchased Contracts
    	
 
    	
2
    
	
Section 2.2.
    	
 
    	
[Reserved]
    	
 
    	
3
    
	
Section 2.3.
    	
 
    	
Intention of the Parties
    	
 
    	
3
    
	
Section 2.4.
    	
 
    	
The Closing
    	
 
    	
4
    
	
Section 2.5.
    	
 
    	
Payment of the Purchase Price
    	
 
    	
4
    
	
Section 2.6.
    	
 
    	
Cross-Collateralization
    	
 
    	
4
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
ARTICLE III   REPRESENTATIONS AND WARRANTIES
    	
 
    	
4
    
	
 
    	
 
    	
 
    
	
Section 3.1.
    	
 
    	
Representations and Warranties of CNHCR
    	
 
    	
4
    
	
Section 3.2.
    	
 
    	
Representations and Warranties of CNHICA
    	
 
    	
5
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
ARTICLE IV   CONDITIONS
    	
 
    	
10
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Section 4.1.
    	
 
    	
Conditions to Obligation of CNHCR
    	
 
    	
10
    
	
Section 4.2.
    	
 
    	
Conditions to Obligation of CNHICA
    	
 
    	
11
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
ARTICLE V   COVENANTS OF CNHICA
    	
 
    	
12
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Section 5.1.
    	
 
    	
Protection of Right, Title and Interest
    	
 
    	
12
    
	
Section 5.2.
    	
 
    	
Other Liens or Interests
    	
 
    	
12
    
	
Section 5.3.
    	
 
    	
Jurisdiction of Organization
    	
 
    	
13
    
	
Section 5.4.
    	
 
    	
Costs and Expenses
    	
 
    	
13
    
	
Section 5.5.
    	
 
    	
Indemnification
    	
 
    	
13
    
	
Section 5.6.
    	
 
    	
[Reserved]
    	
 
    	
13
    
	
Section 5.7.
    	
 
    	
Cross-Collateralization
    	
 
    	
13
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
ARTICLE VI   MISCELLANEOUS PROVISIONS
    	
 
    	
13
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Section 6.1.
    	
 
    	
Obligations of CNHICA
    	
 
    	
13
    
	
Section 6.2.
    	
 
    	
Repurchase Events
    	
 
    	
13
    
	
Section 6.3.
    	
 
    	
CNHCR Assignment of Repurchased   Receivables
    	
 
    	
14
    
	
Section 6.4.
    	
 
    	
Trust
    	
 
    	
14
    
	
Section 6.5.
    	
 
    	
Amendment
    	
 
    	
14
    
	
Section 6.6.
    	
 
    	
[Reserved.]
    	
 
    	
15
    
	
Section 6.7.
    	
 
    	
Waivers
    	
 
    	
15
    
	
Section 6.8.
    	
 
    	
Notices
    	
 
    	
15
    
	
Section 6.9.
    	
 
    	
Costs and Expenses
    	
 
    	
15
    
	
Section 6.10.
    	
 
    	
Representations of CNHICA and CNHCR
    	
 
    	
16
    
	
Section 6.11.
    	
 
    	
Confidential Information
    	
 
    	
16
    
	
Section 6.12.
    	
 
    	
Headings and Cross-References
    	
 
    	
16
    
	
Section 6.13.
    	
 
    	
Governing Law
    	
 
    	
16
    

 

 

	
Section 6.14.
    	
 
    	
Counterparts
    	
 
    	
16
    
	
Section 6.15.
    	
 
    	
Severability
    	
 
    	
16
    
	
Section 6.16.
    	
 
    	
Information Requests
    	
 
    	
16
    

 

EXHIBITS

 

EXHIBIT A                                                              Form of CNHICA Assignment

 

SCHEDULES

 

SCHEDULE P                                                  Perfection Representation and Warranties

 

ii

 

PURCHASE AGREEMENT (as amended or supplemented from time to time, this “Agreement”) dated as of May 1, 2014, between CNH INDUSTRIAL CAPITAL AMERICA LLC, a Delaware limited liability company (“CNHICA”), and CNH CAPITAL RECEIVABLES LLC, a Delaware limited liability company (“CNHCR”).

 

RECITALS

 

WHEREAS, CNHICA and CNHCR wish to set forth the terms pursuant to which:  Contracts having an aggregate Contract Value of approximately $234,789,717.35 and identified on Schedule A to the CNHICA Assignment (the “Purchased Contracts”) as of the Cutoff Date are to be sold by CNHICA to CNHCR on the date hereof; and

 

WHEREAS, CNHCR, as of the Cutoff Date, owned Contracts previously purchased from CNHICA pursuant to an Amended and Restated Receivables Purchase Agreement dated as of December 15, 2000 (as amended from time to time, the “Liquidity Receivables Purchase Agreement”) between CNHICA and CNHCR, having an aggregate Contract Value of approximately $764,777,831.76 and identified on Schedule A to the Assignment (the “Owned Contracts”, and together with the Purchased Contracts, the “Receivables”); and

 

WHEREAS, the Receivables will be transferred by CNHCR, pursuant to the Sale and Servicing Agreement, to CNH Equipment Trust 2014-B (the “Trust”), which Trust will issue Certificates representing non-assessable, fully paid, undivided beneficial interests in, and Notes collateralized by, the Receivables and the other property of the Trust; and

 

WHEREAS, CNHICA and CNHCR wish to set forth herein certain representations, warranties, covenants and indemnities of CNHICA with respect to the Receivables for the benefit of CNHCR, the Trust, the Noteholders and the Certificateholders.

 

NOW, THEREFORE, in consideration of the foregoing, other good and valuable consideration and the mutual terms and covenants contained herein the parties hereto agree as follows:

 

ARTICLE I

 

CERTAIN DEFINITIONS

 

Section 1.1.                                                              Definitions.  Capitalized terms used herein and not otherwise defined herein are defined in Appendix A to the Indenture dated as of the date hereof between CNH Equipment Trust 2014-B and Deutsche Bank Trust Company Americas, as Indenture Trustee.

 

Section 1.2.                                                              Other Definitional Provisions.

 

(a)                                 All terms defined in this Agreement shall have the defined meanings when used in any certificate or other document made or delivered pursuant hereto unless otherwise defined therein.

 

(b)                                 As used in this Agreement and in any certificate or other document made or delivered pursuant hereto, accounting terms not defined in this Agreement or in any such

 

 

certificate or other document, and accounting terms partly defined in this Agreement or in any such certificate or other document to the extent not defined, shall have the respective meanings given to them under generally accepted accounting principles as in effect on the date hereof.  To the extent that the definitions of accounting terms in this Agreement or in any such certificate or other document are inconsistent with the meanings of such terms under generally accepted accounting principles, the definitions contained in this Agreement or in any such certificate or other document shall control.

 

(c)                                  The words “hereof”, “herein”, “hereunder” and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement; Section, Schedule and Exhibit references contained in this Agreement are references to Sections, Schedules and Exhibits in or to this Agreement unless otherwise specified; and the term “including” shall mean “including, without limitation,”.

 

(d)                                 The definitions contained in this Agreement are applicable to the singular as well as the plural forms of such terms and to the masculine as well as to the feminine and neuter genders of such terms.

 

(e)                                  References to any law or regulation refer to that law or regulation as amended from time to time and include any successor law or regulation.

 

(f)                                   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.

 

(g)                                  References to any Person include that Person’s successors and assigns.

 

ARTICLE II

 

CONVEYANCE OF RECEIVABLES

 

Section 2.1.                                                              Conveyance of Purchased Contracts.  In consideration of CNHCR’s payment of $234,789,717.35 (the “Purchase Price”) in the manner set out in Section 2.5(a), and the other consideration (including the terms and covenants) contained herein, CNHICA does hereby sell, transfer, assign, set over and otherwise convey to CNHCR, without recourse (subject to the obligations herein), all of its right, title, interest in, to and under (collectively, the “CNHICA Assets”):

 

(i)                                     the Purchased Contracts and the Owned Contracts, including all documents constituting chattel paper included therewith, and all obligations of the Obligors thereunder, including all monies paid thereunder on or after the Cutoff Date;

 

(ii)                                  the security interests in the Financed Equipment granted by Obligors pursuant to the Purchased Contracts and the Owned Contracts and any other interest of CNHICA in such Financed Equipment;

 

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(iii)                               any proceeds with respect to the Purchased Contracts and the Owned Contracts from claims on insurance policies covering Financed Equipment or Obligors (to the extent not used to purchase Substitute Equipment);

 

(iv)                              any proceeds from recourse to Dealers with respect to the Purchased Contracts and the Owned Contracts;

 

(v)                                 any Financed Equipment that shall have secured the Purchased Contracts and the Owned Contracts and that shall have been acquired by or on behalf of CNHCR; and

 

(vi)                              the proceeds of any and all of the foregoing.

 

Insofar as the grant above relates to Owned Contracts and related property, it is made for administrative convenience and is not intended to derogate from the prior conveyance of the Owned Contracts and related property pursuant to the Liquidity Receivables Purchase Agreement.  The parties to this Agreement acknowledge and agree that, except as set forth in Section 5.5 of this Agreement, the sole remedy for any breach of any representation or warranty made by CNHICA to CNHCR at any time as to the Owned Contracts and related property will be the repurchase obligation of CNHICA set forth in Section 6.2 of this Agreement.

 

Section 2.2.                                                              [Reserved].

 

Section 2.3.                                                              Intention of the Parties.  The parties to this Agreement intend that the transactions contemplated hereby shall be, and shall be treated as, a purchase by CNHCR and a sale by CNHICA of the Receivables and not as a lending transaction, such that in the event of a filing of a petition for relief by or against CNHICA under the Bankruptcy Code, (i) such Receivables would not be property of CNHICA’s bankruptcy estate under Section 541 of the Bankruptcy Code, (ii) the bankruptcy court would not compel the turnover of such Receivables or collections thereon by CNHCR to CNHICA under Section 542 of the Bankruptcy Code, and (iii) the bankruptcy court would determine that payments on such Receivables not in the possession of CNHICA would not be subject to the automatic stay provisions of Section 362(a) of the Bankruptcy Code imposed upon the commencement of CNHICA’s bankruptcy case.  The foregoing sale, assignment, transfer and conveyance does not constitute, and is not intended to result in a creation or assumption by CNHCR of, any obligation or liability with respect to any Receivables, nor shall CNHCR be obligated to perform or otherwise be responsible for any obligation of CNHICA or any other Person in connection with the Receivables or under any agreement or instrument relating thereto, including any contract or any other obligation to any Obligor.  If (but only to the extent that) the transfer of the Assets hereunder is characterized by a court or other governmental authority as a loan rather than a sale, CNHICA shall be deemed hereunder to have granted to CNHCR a security interest in all of CNHICA’s right, title and interest in and to the Assets.  Such security interest shall secure all of CNHICA’s obligations (monetary or otherwise) under this Agreement and the other Basic Documents to which it is a party, whether now or hereafter existing or arising, due or to become due, direct or indirect, absolute or contingent.  CNHCR shall have, with respect to the property described in Section 2.1, and in addition to all the other rights and remedies available to CNHCR under this Agreement

 

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and applicable law, all the rights and remedies of a secured party under any applicable UCC, and this Agreement shall constitute a security agreement under applicable law.

 

Section 2.4.                                                              The Closing.  The sale and purchase of the Purchased Contracts shall take place at a closing at the offices of Greenberg Traurig, LLP, 77 West Wacker Drive, Suite 3100, Chicago, Illinois  60601 on the Closing Date, simultaneously with the closings under:  (a) the Sale and Servicing Agreement, (b) the Trust Agreement, (c) the Administration Agreement and (d) the Indenture.

 

Section 2.5.                                                              Payment of the Purchase Price.

 

(a)                                 Purchased Contracts.  The Purchase Price is payable in cash in an amount of $234,789,717.35 on the Closing Date.

 

Section 2.6.                                                              Cross-Collateralization.  To the extent CNHICA retains any interest in any item of Financed Equipment securing the repayment of any Receivable, as a result of the related Obligor agreeing to cross-collateralize all obligations owed by such Obligor to CNHICA or otherwise, CNHICA acknowledges and agrees that its interest in the Financed Equipment shall be expressly subordinate and junior in priority to the repayment of all amounts outstanding under such Receivable prior to becoming available to pay any amount outstanding under any other obligation owed by such Obligor to CNHICA.  CNHICA hereby represents, warrants and covenants that NH Credit has not retained, and will not retain, any interest in any item of Financed Equipment securing the repayment of any Receivable, whether as a result of the related Obligor agreeing to cross-collateralize obligations or otherwise.

 

ARTICLE III

 

REPRESENTATIONS AND WARRANTIES

 

Section 3.1.                                                              Representations and Warranties of CNHCR.  CNHCR hereby represents and warrants to CNHICA as of the date hereof and as of the Closing Date:

 

(a)                                 Organization and Good Standing.  CNHCR has been duly organized and is validly existing as a limited liability company in good standing under the laws of the State of Delaware, with the power and authority to own its properties and to conduct its business as such properties are currently owned and such business is presently conducted, and had at all relevant times, and has, the power and authority to acquire, own and sell the Receivables.

 

(b)                                 Due Qualification.  CNHCR is duly qualified to do business as a foreign limited liability company in good standing, and has obtained all necessary licenses and approvals, in all jurisdictions in which the ownership or lease of property or the conduct of its business shall require such qualifications, except where the failure to be so qualified and have such licenses and approvals would not have a material adverse effect on (i) the Trust Estate, (ii) CNHCR’s performance of its obligations under the Basic Documents to which it is a party, (iii) the business or condition (financial or otherwise) of CNHCR or (iv) the validity or enforceability of any Receivable.

 

4

 

(c)                                  Power and Authority.  CNHCR has the power and authority to execute and deliver this Agreement and to carry out its terms; and the execution, delivery and performance of this Agreement have been duly authorized by CNHCR by all necessary limited liability company action.

 

(d)                                 Binding Obligation.  This Agreement constitutes a legal, valid and binding obligation of CNHCR enforceable against CNHCR in accordance with its terms.

 

(e)                                  No Violation.  The consummation of the transactions contemplated by this Agreement and the fulfillment of the terms hereof do not conflict with, result in any breach of any of the terms and provisions of, or constitute (with or without notice or lapse of time) a default under, the certificate of formation, limited liability company agreement or by-laws of CNHCR, or any indenture, agreement or other instrument to which CNHCR is a party or by which it is bound; or result in the creation or imposition of any Lien upon any of its properties pursuant to the terms of any such indenture, agreement or other instrument (other than the Sale and Servicing Agreement and the Indenture); or violate any law or, to the best of CNHCR’s knowledge, any order, rule or regulation applicable to CNHCR of any court or of any federal or state regulatory body, administrative agency or other governmental instrumentality having jurisdiction over CNHCR or its properties.

 

(f)                                   No Proceedings.  As of the date of the Underwriting Agreement, the Preliminary Prospectus Date, Prospectus Date and the Closing Date, there are no proceedings or investigations pending or, to CNHCR’s knowledge, threatened against CNHCR, before any court, regulatory body, administrative agency or other tribunal or governmental instrumentality having jurisdiction over CNHCR or its properties:  (i) asserting the invalidity of this Agreement, (ii) seeking to prevent the consummation of any of the transactions contemplated by this Agreement, or (iii) seeking any determination or ruling that might materially and adversely affect the performance by CNHCR of its obligations under, or the validity or enforceability of, this Agreement or otherwise be material to the Noteholders, except as otherwise may be described in the Preliminary Prospectus or the Prospectus.

 

Section 3.2.                                                              Representations and Warranties of CNHICA.

 

(a)                                 CNHICA hereby represents and warrants to CNHCR as of the date hereof and as of the Closing Date:

 

(i)                                     Organization and Good Standing.  CNHICA has been duly organized and is validly existing as a limited liability company in good standing under the laws of the State of Delaware, with the power and authority to own its properties and to conduct its business as such properties are currently owned and such business is presently conducted, and had at all relevant times, and has, the power and authority to acquire, own and sell the Receivables.

 

(ii)                                  Due Qualification.  CNHICA is duly qualified to do business as a foreign limited liability company in good standing, and has obtained all necessary licenses and approvals, in all jurisdictions in which the ownership or lease of property or the conduct of its business shall require such qualifications, except where the failure to be so qualified and have

 

5

 

such licenses and approvals would not have a material adverse effect on (a) the Trust Estate, (b) CNHICA’s performance of its obligations under the Basic Documents to which it is a party, (c) the business or condition (financial or otherwise) of CNHICA or (d) the validity or enforceability of any Receivable.

 

(iii)                               Power and Authority.  CNHICA has the power and authority to execute and deliver this Agreement and to carry out its terms; CNHICA has full power and authority to sell and assign the property to be sold and assigned to CNHCR hereby and has duly authorized such sale and assignment to CNHCR by all necessary limited liability company action; and the execution, delivery and performance of this Agreement have been duly authorized by CNHICA by all necessary limited liability company action.

 

(iv)                              Binding Obligation.  This Agreement constitutes a legal, valid and binding obligation of CNHICA enforceable against CNHICA in accordance with its terms.

 

(v)                                 No Violation.  The consummation of the transactions contemplated by this Agreement and the fulfillment of the terms hereof do not conflict with, result in any breach of any of the terms and provisions of, or constitute (with or without notice or lapse of time) a default under, the certificate of formation, by-laws or limited liability company agreement of CNHICA, or any indenture, agreement or other instrument to which CNHICA is a party or by which it is bound; or result in the creation or imposition of any Lien upon any of its properties pursuant to the terms of any such indenture, agreement or other instrument (other than this Agreement); or violate any law or, to the best of CNHICA’s knowledge, any order, rule or regulation applicable to CNHICA of any court or of any federal or state regulatory body, administrative agency or other governmental instrumentality having jurisdiction over CNHICA or its properties.

 

(vi)                              No Proceedings.  There are no proceedings or investigations pending or, to CNHICA’s best knowledge, threatened, before any court, regulatory body, administrative agency or other governmental instrumentality having jurisdiction over CNHICA or its properties:  (A) asserting the invalidity of this Agreement, (B) seeking to prevent the consummation of any of the transactions contemplated by this Agreement, or (C) seeking any determination or ruling that could reasonably be expected to materially and adversely affect the performance by CNHICA of its obligations under, or the validity or enforceability of, this Agreement.  As of the date of the Underwriting Agreement, Preliminary Prospectus Date, Prospectus Date and the Closing Date, there are no legal proceedings pending against CNHICA, or of which any property of CNHICA is subject, that are material to the Noteholders, and no such legal proceedings are known to CNHICA to be contemplated by any governmental authority.

 

(b)                                 CNHICA makes the following representations and warranties as to the Receivables on which CNHCR relies in accepting the Receivables and in transferring the Receivables to the Trust.  Such representations and warranties speak as of the Closing Date, but shall survive the sale, transfer and assignment of the Receivables to CNHCR and the subsequent assignment and transfer of such Receivables to the Trust pursuant to the Sale and Servicing Agreement and the Grant to the Indenture Trustee pursuant to the Indenture:

 

6

 

(i)                                     Characteristics of Receivables.  Each Receivable is a Retail Installment Contract and:  (A) (1) (i) was originated in the United States of America by a Dealer in connection with the retail sale of Financed Equipment in the ordinary course of such Dealer’s business, and (ii) was purchased by CNHICA from a Dealer and validly assigned by such Dealer to CNHICA in accordance with its terms, except that some of the Receivables were purchased by NH Credit from Dealers (after being originated as provided above), securitized in a previous CNH Equipment Trust and purchased by CNHICA through the exercise of a clean-up call relating to that previous securitization or (2) was originated in the United States of America by CNHICA in connection with the financing or refinancing, as applicable, of Financed Equipment in the ordinary course of CNHICA’s business, and in the case of the foregoing clauses (1) and (2), was fully and properly executed by the parties thereto, (B) has created a valid, subsisting and enforceable first priority security interest in the Financed Equipment in favor of CNHICA except to the extent that such security interest has been assigned by CNHICA to CNHCR, by CNHCR to the Issuing Entity and by the Issuing Entity to the Indenture Trustee, (C) contains customary and enforceable provisions such that the rights and remedies of the holder thereof are adequate for realization against the collateral of the benefits of the security, and (D) provides for fixed payments on a periodic basis that fully amortize the Amount Financed by maturity and yield interest at the Annual Percentage Rate.

 

(ii)                                  Schedule of Receivables; No Adverse Selection of Receivables; Accuracy of Computer Tape.  The information set forth on Schedule A to the CNHICA Assignment delivered on the Closing Date is true and correct in all material respects as of the opening of business on the Cutoff Date.  No selection procedures believed by CNHICA to be adverse to the interests of the Trust, the Noteholders or the Certificateholders were or will be utilized in selecting the Receivables.  The computer tape regarding the Receivables made available to CNHCR and its assigns is true and correct in all respects.

 

(iii)                               Compliance with Law.  Each Receivable and the sale of the related Financed Equipment complied in all material respects at the time it was originated or made and at the execution of this Agreement with all requirements of applicable federal, state and local laws and regulations thereunder, including usury law, the Federal Truth-in-Lending Act, the Equal Credit Opportunity Act, the Fair Credit Reporting Act, the Fair Debt Collection Practices Act, the Federal Trade Commission Act, the Magnuson-Moss Warranty Act, the Consumer Financial Protection Bureau’s Regulations B and Z, the Wisconsin Consumer Act and state adaptations of the National Consumer Act and of the Uniform Consumer Credit Code, and other consumer credit laws and equal credit opportunity and disclosure laws, in each case, to the extent applicable.

 

(iv)                              Binding Obligation.  Each Receivable represents the genuine, legal, valid and binding payment obligation in writing of the Obligor, enforceable by the holder thereof in accordance with its terms.

 

(v)                                 No Government Obligor.  None of the Receivables is due from the United States of America or any state or from any agency, department or instrumentality of the United States of America or any state.

 

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(vi)                              Security Interest in Financed Equipment.  Immediately prior to the sale, assignment and transfer thereof, each Receivable shall be secured by a validly perfected first priority security interest in the Financed Equipment in favor of CNHICA as secured party or all necessary and appropriate actions have been commenced that would result in the valid perfection of a first priority security interest in the Financed Equipment in favor of CNHICA as secured party.

 

(vii)                           Receivables in Force.  No Receivable has been satisfied, subordinated or rescinded, nor has any Financed Equipment been released from the Lien granted by the related Receivable in whole or in part (other than with respect to equipment released from a Lien in accordance with the Servicing Procedures and replaced with Substitute Equipment).

 

(viii)                        No Amendment or Waiver.  No provision of a Receivable has been waived, altered or modified in any respect, except pursuant to a document, instrument or writing included in the Receivable Files and no such amendment, waiver, alteration or modification causes such Receivable not to conform to the other warranties contained in this Section.

 

(ix)                              No Defenses.  No right of rescission, setoff, counterclaim or defense has been asserted or threatened or exists with respect to any Receivable.

 

(x)                                 No Liens.  To the best of CNHICA’s knowledge, no Liens or claims, including claims for work, labor or materials, relating to any of the Financed Equipment have been filed that are Liens prior to, or equal or coordinate with, the security interest in the Financed Equipment granted by any Receivable, except those pursuant to the Basic Documents.

 

(xi)                              No Default; Delinquency Limitations.  No Receivable is a non-performing Receivable or has a payment that is more than 90 days overdue as of the Cutoff Date and, except for a payment default continuing for a period of not more than 90 days, no default, breach, violation or event permitting acceleration under the terms of any Receivable has occurred and is continuing; and no continuing condition (other than a payment default continuing for a period of not more than 90 days) that with notice or the lapse of time would constitute such a default, breach, violation or event permitting acceleration under the terms of any Receivable has arisen; and CNHICA has not waived any of the foregoing.  Receivables that are considered “delinquent” (as defined in Item 1101(d) of Regulation AB) constitute less than 20% of the aggregate Statistical Contract Value of all of the Trust’s Receivables as of the Cutoff Date.

 

(xii)                           Title.  It is the intention of CNHICA that the transfers and assignments contemplated herein and in the Liquidity Receivables Purchase Agreement constitute a sale of the Receivables from CNHICA to CNHCR and that the beneficial interest in and title to the Receivables not be part of the debtor’s estate in the event of the filing of a bankruptcy petition by or against CNHICA under any bankruptcy or similar law.  Immediately prior to the transfers and assignments contemplated herein (with respect to the Purchased Contracts) and in the Liquidity Receivables Purchase Agreement (with respect to the Owned Contracts), CNHICA had good title to each Receivable, free and clear of all Liens and, immediately upon the transfer thereof, CNHCR shall have good title to each Receivable, free and clear of all Liens; and the transfer and assignment of the Receivables to CNHCR has been, or

 

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within the timeframe required by Section 3.2(b)(xiv) of this Agreement will be, perfected under the UCC.

 

(xiii)                        Lawful Assignment.  No Receivable has been originated in, or is subject to the laws of, any jurisdiction under which the sale, transfer and assignment of such Receivable or any Receivable under this Agreement, the Liquidity Receivables Purchase Agreement, the Sale and Servicing Agreement or the Indenture is unlawful, void or voidable.

 

(xiv)                       All Filings Made.  All filings (including UCC filings) necessary in any jurisdiction to give CNHCR a first priority perfected ownership interest in the Receivables will be made on or prior to, or within 10 days after, the Closing Date.

 

(xv)                          One Original.  There is only one original executed copy of each Receivable.

 

(xvi)                       Maturity of Receivables.  Each Receivable has a remaining term to maturity of not more than 84 months; the weighted average remaining term of the Receivables is approximately 57.72 months as of the Cutoff Date; the weighted average original term of the Receivables, will not be greater than 60.55 months.

 

(xvii)                    Scheduled Payments.  No Receivable has a final scheduled payment date later than six months preceding the Final Scheduled Maturity Date; each Receivable provides for payments that fully amortize the Amount Financed over the original term of the Receivable, and is either non-interest bearing or is a Simple Interest Receivable.

 

(xviii)                 Insurance.  The Obligor on each Receivable is required to maintain physical damage insurance covering the Financed Equipment in accordance with CNHICA’s normal requirements.

 

(xix)                       Concentrations.  No Receivable has a Statistical Contract Value (when combined with the Statistical Contract Value of any other Receivable with the same or an Affiliated Obligor) that exceeds 1% of the aggregate Statistical Contract Value of all the Receivables.

 

(xx)                          Financing.  Receivables having an aggregate Statistical Contract Value of approximately 50.25% of the Aggregate Statistical Contract Value were secured by equipment that was new at the time the related Receivable was originated; the remainder of the Receivables represent financing of used equipment; Receivables having an aggregate Statistical Contract Value of approximately 92.24% of the Aggregate Statistical Contract Value of the Receivables, are attributable to financing of agricultural equipment; the remainder of the Receivables are attributable to financing of construction equipment.  Additionally, not more than 7.76% of the Aggregate Statistical Contract Value of the Receivables will represent Contracts for the financing of construction equipment.

 

(xxi)                       No Bankruptcies.  No Obligor on any Receivable as of the related Cutoff Date was noted in the related Receivable File as being the subject of a bankruptcy proceeding.

 

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(xxii)                    No Repossessions.  None of the Financed Equipment securing any Receivable is in repossession status.

 

(xxiii)                 Chattel Paper.  Each Receivable constitutes “chattel paper” as defined in the UCC of each State the law of which governs the perfection of the interest granted in it and/or the priority of such perfected interest.

 

(xxiv)                U.S. Obligors.  None of the Receivables is denominated and payable in any currency other than United States Dollars or is due from any Person that does not have a mailing address in the United States of America.

 

(xxv)                   Payment Frequency.  As of the Cutoff Date and as shown on the books of CNHICA:  (A) Receivables having an aggregate Statistical Contract Value equal to 74.85% of the Aggregate Statistical Contract Value had annual scheduled payments, (B) Receivables having an aggregate Statistical Contract Value equal to 2.81% of the Aggregate Statistical Contract Value had semi-annual scheduled payments, (C) Receivables having an aggregate Statistical Contract Value equal to 0.69% of the Aggregate Statistical Contract Value had quarterly scheduled payments, (D) Receivables having an aggregate Statistical Contract Value equal to 16.81% of the Aggregate Statistical Contract Value had monthly scheduled payments, and (E) Receivables having an aggregate Statistical Contract Value equal to 4.83% of the Aggregate Statistical Contract Value had irregularly scheduled payments.

 

(xxvi)                Perfection Representations.  CNHICA further makes all the representations, warranties and covenants set forth in Schedule P.

 

(xxvii)  No Consumer Receivables.   None of the Receivables is a consumer receivable.

 

ARTICLE IV

 

CONDITIONS

 

Section 4.1.                                                              Conditions to Obligation of CNHCR.

 

(a)                                 Purchased Contracts.  The obligation of CNHCR to purchase the Purchased Contracts is subject to the satisfaction of the following conditions:

 

(i)                                     Representations and Warranties True.  The representations and warranties of CNHICA hereunder shall be true and correct on the Closing Date and CNHICA shall have performed all obligations to be performed by it hereunder on or prior to the Closing Date to the extent such obligations are required to be performed by it hereunder on or prior to the Closing Date.

 

(ii)                                  Computer Files Marked.  CNHICA shall, at its own expense, on or prior to the Closing Date, indicate in its computer files that Receivables created in connection with the Purchased Contracts have been sold to CNHCR pursuant to this Agreement and deliver to CNHCR the Schedule of Receivables certified by the Chairman, the President, a Vice

 

10

 

President, a Secretary, the Treasurer, an Assistant Secretary, or an Assistant Treasurer of CNHICA to be true, correct and complete.

 

(iii)                               Documents to Be Delivered by CNHICA on the Closing Date.

 

(A)                               The CNHICA Assignment.  On the Closing Date (but only if the Contract Value of the Purchased Contracts is greater than zero), CNHICA will execute and deliver the CNHICA Assignment, which shall be substantially in the form of Exhibit A.

 

(B)                               Evidence of UCC Filing.  On or prior to, or within 10 days following, the Closing Date (but only if the Contract Value of the Purchased Contracts is greater than zero), CNHICA shall authorize and file, at its own expense, a UCC financing statement in each jurisdiction in which such action is required by applicable law to fully perfect CNHCR’s right, title and interest in the Purchased Contracts and the other property sold hereunder, executed (if execution is required) by CNHICA, as seller or debtor, and naming CNHCR, as purchaser or secured party, describing the Purchased Contracts and the other property sold hereunder, meeting the requirements of the laws of each such jurisdiction and in such manner as is necessary to perfect the sale, transfer, assignment and conveyance of such Purchased Contracts and such other property to CNHCR.  It is understood and agreed, however, that no filings will be made to perfect any security interest of CNHCR in CNHICA’s interests in Financed Equipment.  CNHICA shall deliver (or cause to be delivered) a file-stamped copy, or other evidence satisfactory to CNHCR of such filing, to CNHCR promptly upon CNHICA’s receipt thereof.

 

(C)                               Other Documents.  CNHICA will deliver such other documents as CNHCR may reasonably request.

 

(iv)                              Other Transactions.  The transactions contemplated by the Sale and Servicing Agreement to be consummated on the Closing Date shall be consummated on such date.

 

(b)                                 [Reserved].

 

Section 4.2.                                                              Conditions to Obligation of CNHICA.  The obligation of CNHICA to sell the Purchased Contracts to CNHCR is subject to the satisfaction of the following conditions:

 

(a)                                 Representations and Warranties True.  The representations and warranties of CNHCR hereunder shall be true and correct on the Closing Date with the same effect as if then made, and CNHCR shall have performed all obligations to be performed by it hereunder on or prior to the Closing Date to the extent such obligations are required to be performed by it hereunder on or prior to the Closing Date.

 

(b)                                 Receivables Purchase Price.  On the Closing Date, CNHCR shall have delivered to CNHICA the portion of the Purchase Price payable on the Closing Date pursuant to Section 2.5.

 

11

 

ARTICLE V

 

COVENANTS OF CNHICA

 

CNHICA agrees with CNHCR as follows; provided, however, that to the extent that any provision of this Article conflicts with any provision of the Sale and Servicing Agreement, the Sale and Servicing Agreement shall govern:

 

Section 5.1.                                                              Protection of Right, Title and Interest.

 

(a)                                 Filings.  CNHICA shall cause all financing statements and continuation statements and any other necessary documents covering the right, title and interest of CNHCR in and to the Receivables and the other property included in the Trust Estate to be promptly filed, and at all times to be kept recorded, registered and filed, all in such manner and in such places as may be required by law fully to preserve and protect the right, title and interest of CNHCR hereunder to the Receivables (other than Reacquired Receivables), and other property sold hereunder.  CNHICA shall deliver (or cause to be delivered) to CNHCR file-stamped copies of, or filing receipts for, any document recorded, registered or filed as provided above as soon as available following such recordation, registration or filing.  CNHCR shall cooperate fully with CNHICA in connection with the obligations set forth above and will execute any and all documents reasonably required to fulfill the intent of this paragraph.

 

(b)                                 Name Change.  Within 15 days after CNHICA makes any change in its name, identity or organizational structure that would or could reasonably be expected to make any financing statement or continuation statement filed in accordance with paragraph (a) seriously misleading within the applicable provisions of the UCC or any title statute, as applicable, CNHICA shall give CNHCR notice of any such change, and no later than 10 days after the effective date thereof, shall file such financing statements or amendments as may be necessary to continue the perfection of CNHCR’s interest in the property included in the Trust Estate.

 

(c)                                  Location Change.  Within 15 days after CNHICA makes any change to its “location” as defined in Section 9-307 of the UCC, CNHICA shall give CNHCR notice of any such change, and no later than 10 days after the effective date thereof, shall file such financing statements or amendments as may be necessary to continue the perfection of CNHCR’s interest in the property included in the Trust Estate.

 

Section 5.2.                                                              Other Liens or Interests.  Except for the conveyances hereunder and pursuant to the Liquidity Receivables Purchase Agreement, the Sale and Servicing Agreement, the Indenture and the other Basic Documents, CNHICA:  (a) will not sell, pledge, assign or transfer to any Person, or grant, create, incur, assume or suffer to exist any Lien on, any interest in, to and under the Receivables, and (b) shall defend the right, title and interest of CNHCR in, to and under the Receivables against all claims of third parties claiming through or under CNHICA; provided, however, that CNHICA’s obligations under this Section shall terminate upon the termination of the Trust pursuant to the Trust Agreement; provided further, the preceding shall not apply to Reacquired Receivables.

 

12

 

Section 5.3.                                                              Jurisdiction of Organization.  During the term of the Receivables, CNHICA will maintain its “location” (as defined in Section 9-307 of the UCC) in one of the States.

 

Section 5.4.                                                              Costs and Expenses.  CNHICA agrees to pay all reasonable costs and disbursements in connection with the perfection, as against all third parties, of CNHCR’s right, title and interest in, to and under the Receivables.

 

Section 5.5.                                                              Indemnification.  CNHICA shall indemnify, defend and hold harmless CNHCR for any liability as a result of the failure of a Receivable to be originated in compliance with all requirements of law and for any breach of any of its representations and warranties contained herein.  These indemnity obligations shall be in addition to any obligation that CNHICA may otherwise have.  CNHICA shall indemnify, defend and hold harmless CNHCR, the Issuing Entity, the Trustee and the Indenture Trustee (and their respective officers, directors, employees and agents) from and against any taxes that may at any time be asserted against such Person with respect to the sale of the Purchased Contracts to CNHCR hereunder, the sale of the Owned Contracts to CNHCR under the Liquidity Receivables Purchase Agreement, or the sale of the Receivables to the Issuing Entity by CNHCR or the issuance and original sale of the Certificates and the Notes, including any sales, gross receipts, general corporation, tangible personal property, privilege or license taxes (but, in the case of CNHCR and the Issuing Entity, not including any taxes asserted with respect to ownership of the Receivables or federal or other income taxes arising out of the transactions contemplated by this Agreement) and costs and expenses in defending against the same.

 

Section 5.6.                                                              [Reserved].

 

Section 5.7.                                                              Cross-Collateralization.  To the extent that CNHICA transfers, sells, assigns or otherwise pledges any contract to a third party and conveys any interest in any item of Financed Equipment securing the repayment of any Receivable, as a result of the related Obligor agreeing to cross-collateralize all obligations owed by such Obligor to CNHICA and its assigns or otherwise, CNHICA acknowledges and agrees that it shall obtain from such third party an agreement that such third party’s interest in the Financed Equipment shall be expressly subordinate and junior in priority to the repayment of all amounts outstanding under such Receivable prior to becoming available to pay any amount outstanding under any other obligation owed by such Obligor to such third party.

 

ARTICLE VI

 

MISCELLANEOUS PROVISIONS

 

Section 6.1.                                                              Obligations of CNHICA.  The obligations of CNHICA under this Agreement shall not be affected by reason of any invalidity, illegality or irregularity of any Receivable.

 

Section 6.2.                                                              Repurchase Events.  CNHICA hereby covenants and agrees with CNHCR for the benefit of CNHCR, the Indenture Trustee, the Noteholders, the Trust, the Trustee and the Certificateholders that the occurrence of a breach of any of CNHICA’s

 

13

 

representations and warranties contained in Section 3.2(b) shall constitute events obligating CNHICA to repurchase any Receivable materially and adversely affected by any such breach (“Repurchase Events”) at the Purchase Amount from CNHCR or from the Trust.  Except as set forth in Section 5.5, the repurchase obligation of CNHICA shall constitute the sole remedy of CNHCR, the Indenture Trustee, the Noteholders, the Trust, the Trustee or the Certificateholders against CNHICA with respect to any Repurchase Event or any other breach pursuant to Section 3.2(b) hereof.  Section 4.6 and Section 9.1(a) of the Sale and Servicing Agreement are hereby incorporated by reference as if they were set forth herein, and CNHICA agrees to purchase or repurchase any Receivable which these sections require it, or permit the Servicer to cause it, to purchase or repurchase.

 

Section 6.3.                                                              CNHCR Assignment of Repurchased Receivables.  With respect to all Receivables repurchased by CNHICA pursuant to this Agreement, CNHCR shall sell, transfer, assign, set over and otherwise convey to CNHICA, without recourse, representation or warranty, all of CNHCR’s right, title and interest in, to and under such Receivables, and all Assets related thereto, including all security and documents relating thereto.

 

Section 6.4.                                                              Trust.  CNHICA acknowledges and agrees that: (a) CNHCR will, pursuant to the Sale and Servicing Agreement, sell the Receivables to the Trust and assign its rights under this Agreement to the Trust, (b) the Trust will, pursuant to the Indenture, assign such Receivables and such rights to the Indenture Trustee and (c) the representations, warranties and covenants contained in this Agreement and the rights of CNHCR under this Agreement, including under Section 6.2, are intended to benefit the Trust, the Certificateholders and the Noteholders.  CNHICA hereby consents to all such sales and assignments and agrees that enforcement of a right or remedy hereunder by the Indenture Trustee shall have the same force and effect as if the right or remedy had been enforced or executed by CNHCR.

 

Section 6.5.                                                              Amendment.  Any term or provision of this Agreement may be amended by CNHICA and CNHCR without the consent of the Indenture Trustee, any Noteholder, the Issuing Entity, the Trustee or any other Person subject to the satisfaction of one of the following conditions:

 

(i)                                     CNHICA and CNHCR deliver an Opinion of Counsel to the Indenture Trustee to the effect that such amendment will not materially and adversely affect the interests of the Noteholders or the Certificateholders; or

 

(ii)                                  CNHICA and CNHCR deliver an Officer’s Certificate of CNHICA and CNHCR, respectively, to the Indenture Trustee to the effect that such amendment will not materially and adversely affect the interests of the Noteholders or the Certificateholders.

 

An amendment shall be deemed not to adversely affect in any material respect the interests of any Noteholders of a Class of Notes if the Rating Agency Condition has been satisfied with respect to such amendment for such Class of Notes.

 

Prior to the execution of any such amendment or consent, CNHICA shall furnish written notification of the substance of such amendment or consent to each of the Rating Agencies.

 

14

 

Notwithstanding anything herein to the contrary (other than as provided in the third following paragraph), any term or provision of this Agreement may be amended by CNHICA and CNHCR without the consent of the Certificateholders, the Noteholders or any other Person to add, modify or eliminate any provisions as may be necessary or advisable in order to comply with or obtain more favorable treatment under or with respect to any law or regulation or any accounting rule or principle (whether now or in the future in effect); it being a condition to any such amendment that the Rating Agency Condition shall have been satisfied.

 

This Agreement may also be amended from time to time by CNHICA and CNHCR, with prior written notice to the Rating Agencies, with the written consent of (x) Noteholders holding Notes evidencing at least a majority of the Note Balance and (y) the Certificateholders evidencing not less than 50% of the beneficial interest in the Trust, for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Agreement or of modifying in any manner the rights of the Noteholders or the Certificateholders; provided, however, that no such amendment may:  (i) reduce the interest rate or principal of any Note or Certificate, or delay the Class Final Scheduled Maturity Date of any Note or (ii) reduce the aforesaid percentage of the Notes and Certificates that are required to consent to any such amendment, without the consent of the holders of all the outstanding Notes and Certificates affected thereby.

 

It shall not be necessary for the consent of Certificateholders or Noteholders pursuant to this Section to approve the particular form of any proposed amendment or consent, but it shall be sufficient if such consent shall approve the substance thereof.

 

Section 6.6.                                                              [Reserved.]

 

Section 6.7.                                                              Waivers.  No failure or delay on the part of CNHCR in exercising any power, right or remedy under this Agreement or the CNHICA Assignment shall operate as a waiver thereof, nor shall any single or partial exercise of any such power, right or remedy preclude any other or further exercise thereof or the exercise of any other power, right or remedy.

 

Section 6.8.                                                              Notices.  All demands, notices and communications under this Agreement shall be in writing, personally delivered or mailed by certified mail, return receipt requested, or by facsimile, and shall be deemed to have been duly given upon receipt:  (a) in the case of CNHICA, to CNH Industrial Capital America LLC, 6900 Veterans Boulevard, Burr Ridge, Illinois 60527, Attention: Assistant Treasurer, (telephone: (630) 887-2095) (facsimile: (630) 887-5448); (b) in the case of CNHCR, 6900 Veterans Boulevard, Burr Ridge, Illinois 60527, Attention: Assistant Treasurer, (telephone: (630) 887-2095) (facsimile: (630) 887-5448); (c) in the case of the Rating Agencies, at their respective addresses set forth in Section 10.3 of the Sale and Servicing Agreement, or, as to each of the foregoing, at such other address or facsimile number as shall be designated by written notice to the other parties.

 

Section 6.9.                                                              Costs and Expenses.  CNHICA will pay all expenses incident to the performance of its obligations under this Agreement and CNHICA agrees to pay all reasonable out-of-pocket costs and expenses of CNHCR, excluding fees and expenses of counsel, in connection with the perfection as against third parties of CNHCR’s right, title and interest in, to and under the Receivables and the enforcement of any obligation of CNHICA hereunder.

 

15

 

Section 6.10.                                                       Representations of CNHICA and CNHCR.  The respective agreements, representations, warranties and other statements by CNHICA and CNHCR set forth in or made pursuant to this Agreement shall remain in full force and effect and will survive the closing under Section 2.4.

 

Section 6.11.                                                       Confidential Information.  CNHCR agrees that it will neither use nor disclose to any Person the names and addresses of the Obligors, except in connection with the enforcement of CNHCR’s rights hereunder, under the Receivables, under the Sale and Servicing Agreement or the Indenture or any other Basic Document or as required by any of the foregoing or by law.

 

Section 6.12.                                                       Headings and Cross-References.  The various headings in this Agreement are included for convenience only and shall not affect the meaning or interpretation of any provision of this Agreement.  References in this Agreement to Section names or numbers are to such Sections of this Agreement unless otherwise expressly indicated.

 

Section 6.13.                                                       Governing Law.  This Agreement and the CNHICA Assignment shall be construed in accordance with the laws of the State of New York, and the obligations, rights and remedies of the parties hereunder or thereunder shall be determined in accordance with such laws.

 

Section 6.14.                                                       Counterparts.  This Agreement may be executed in two or more counterparts and by different parties on separate counterparts, each of which shall be an original, but all of which together shall constitute but one and the same instrument.

 

Section 6.15.                                                       Severability.  Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

 

Section 6.16.                                                       Information Requests.  The parties hereto shall provide any information reasonably requested by the other party or any of their Affiliates, at the expense of such party, in order to comply with or obtain more favorable treatment under any current or future law, rule, regulation, accounting rule or principle.

 

(signature pages follow)

 

16

 

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

 

	
 
    	
CNH   CAPITAL RECEIVABLES LLC
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:    Thomas N. Beckmann
    
	
 
    	
 
    	
Title:    Assistant Treasurer
    
	
 
    	
 
    
	
 
    	
CNH   INDUSTRIAL CAPITAL AMERICA LLC
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:    Thomas N. Beckmann
    
	
 
    	
 
    	
Title:    Assistant Treasurer
    

 

Purchase Agreement

 

 

EXHIBIT A
 to Purchase Agreement

 

FORM OF
 CNHICA ASSIGNMENT

 

For value received, in accordance with and subject to the Purchase Agreement dated as of May 1, 2014 (the “Purchase Agreement”), between the undersigned and CNH Capital Receivables LLC (“CNHCR”), the undersigned does hereby sell, assign, transfer, set over and otherwise convey unto CNHCR, without recourse, all of its right, title, interest in, to and under:  (a) the Purchased Contracts and the Owned Contracts (collectively, the “Receivables”), which are listed on Schedule A hereto, including all documents constituting chattel paper included therewith, and all obligations of the Obligors thereunder, including all monies paid thereunder on or after the Cutoff Date, (b) the security interests in the Financed Equipment granted by Obligors pursuant to the Receivables and any other interest of the undersigned in such Financed Equipment, (c) any proceeds with respect to the Receivables from claims on insurance policies covering Financed Equipment or Obligors (to the extent not used to purchase Substitute Equipment), (d) any proceeds from recourse to Dealers with respect to the Receivables, (e) any Financed Equipment that shall have secured the Receivables and that shall have been acquired by or on behalf of CNHCR, and (f) the proceeds of any and all of the foregoing.  The foregoing sale does not constitute and is not intended to result in any assumption by CNHCR of any obligation of the undersigned to the Obligors, insurers or any other person in connection with the Receivables, Receivables Files, any insurance policies or any agreement or instrument relating to any of them.

 

This CNHICA Assignment is made pursuant to and upon the representations, warranties and agreements on the part of the undersigned contained in the Purchase Agreement and is to be governed in all respects by the Purchase Agreement.

 

Capitalized terms used herein and not otherwise defined shall have the meanings assigned to them in the Purchase Agreement.

 

A-1

 

IN WITNESS WHEREOF, the undersigned has caused this CNHICA Assignment to be duly executed as of                     , 2014.

 

	
 
    	
CNH   INDUSTRIAL CAPITAL AMERICA LLC
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    

 

A-2

 

SCHEDULE A
 to CNHICA Assignment

 

SCHEDULE OF PURCHASED CONTRACTS AND OWNED CONTRACTS
 ATTACHED HERETO.

 

A-3

 

EXHIBIT B
 to Purchase Agreement

 

[RESERVED]

 

B-1

 

Schedule P

 

1.                                      General.  The Purchase Agreement creates a valid and continuing security interest (as defined in the UCC) in the Receivables in favor of CNHCR, which, (a) is enforceable upon execution of the Purchase Agreement against creditors of and purchasers from CNHICA, as such enforceability may be limited by applicable debtor relief laws, now or hereafter in effect, and by general principles of equity (whether considered in a suit at law or in equity), and (b) upon filing of the financing statements described in clause 4 below will be prior to all other Liens (other than Liens permitted pursuant to clause 5 below).

 

2.                                      General.  The Receivables constitute “tangible chattel paper” within the meaning of UCC Section 9-102.  CNHICA has taken all steps necessary to perfect its security interest against the Obligor in the Financed Equipment securing the Receivables.

 

3.                                      Creation.  Immediately prior to the conveyance of the Receivables pursuant to the Purchase Agreement, CNHICA owns and has good and marketable title to, or has a valid security interest in, the Receivables free and clear of any Lien, claim or encumbrance of any Person.

 

4.                                      Perfection.  CNHICA has caused or will have caused, within ten days of the Closing Date, the filing of all appropriate financing statements in the proper filing office in the appropriate jurisdictions under applicable law in order to perfect the security interest granted to CNHCR under the Purchase Agreement in the Receivables.  With respect to the Receivables that constitute tangible chattel paper, the Servicer, as custodian, solely as agent of the Issuing Entity and the Indenture Trustee, received possession of such original copies of such tangible chattel paper that constitute or evidence the Receivables, and CNHICA has caused, or will have caused within ten days of the effective date of the Purchase Agreement, the filing of financing statements against CNHICA in favor of CNHCR in connection herewith describing such Receivables and containing a statement that: “A purchase of or security interest in any collateral described in this financing statement will violate the rights of the Secured Party/Buyer.”

 

5.                                      Priority.  Other than the security interests granted to CNHCR pursuant to the Purchase Agreement and the Liquidity Receivables Purchase Agreement, and any other security interest which has been released or terminated, CNHICA has not pledged, assigned, sold, granted a security interest in, or otherwise conveyed any of the Receivables.  CNHICA has not authorized the filing of and is not aware of any financing statements against CNHICA that include a description of collateral covering the Receivables other than any financing statement (i) relating to the security interests granted to CNHCR under the Purchase Agreement and the Liquidity Receivables Purchase Agreement, (ii) that has been terminated or released the Receivables from such security interest, or (iii) that has been granted pursuant to the terms of the Basic Documents.  None of the tangible chattel paper that constitutes or evidences the Receivables has any marks or notations indicating that they have pledged, assigned or otherwise conveyed to any Person other than Indenture Trustee.

 

P-1Exhibit 4.5

 

CNH EQUIPMENT TRUST 2014-B

 

ADMINISTRATION AGREEMENT

 

among

 

CNH EQUIPMENT TRUST 2014-B,

 

as Issuing Entity,

 

and

 

NEW HOLLAND CREDIT COMPANY, LLC,

 

as Administrator,

 

and

 

DEUTSCHE BANK TRUST COMPANY AMERICAS,

 

as Indenture Trustee,

 

and

 

WILMINGTON TRUST COMPANY,

 

as Trustee

 

Dated as of May 1, 2014

 

 

TABLE OF CONTENTS

 

	
1.
    	
 
    	
Duties of the Administrator
    	
 
    	
2
    
	
 
    	
 
    	
(a)                            Duties with Respect to the Indenture and the Depository Agreement
    	
 
    	
2
    
	
 
    	
 
    	
(b)                            Duties with Respect to the Trust
    	
 
    	
4
    
	
 
    	
 
    	
(c)                             Non-Ministerial Matters
    	
 
    	
6
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
2.
    	
 
    	
Records
    	
 
    	
6
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
3.
    	
 
    	
Compensation
    	
 
    	
6
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
4.
    	
 
    	
Additional Information to be Furnished to the Issuing   Entity
    	
 
    	
6
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
5.
    	
 
    	
Independence of the Administrator
    	
 
    	
6
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
6.
    	
 
    	
No Joint Venture
    	
 
    	
7
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
7.
    	
 
    	
Other Activities of the Administrator
    	
 
    	
7
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
8.
    	
 
    	
Term of Agreement; Resignation and Removal of the   Administrator
    	
 
    	
7
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
9.
    	
 
    	
Action upon Termination, Resignation or Removal
    	
 
    	
9
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
10.
    	
 
    	
Notices
    	
 
    	
9
    
	
 
    	
 
    	
(a)                            if to the Issuing Entity or the Trustee, to
    	
 
    	
9
    
	
 
    	
 
    	
(b)                            if to the Administrator, to
    	
 
    	
9
    
	
 
    	
 
    	
(c)                             if to the Indenture Trustee, to
    	
 
    	
10
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
11.
    	
 
    	
Amendments
    	
 
    	
10
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
12.
    	
 
    	
Successors and Assigns
    	
 
    	
11
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
13.
    	
 
    	
Governing Law
    	
 
    	
11
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
14.
    	
 
    	
Headings
    	
 
    	
11
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
15.
    	
 
    	
Counterparts
    	
 
    	
12
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
16.
    	
 
    	
Severability
    	
 
    	
12
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
17.
    	
 
    	
Not Applicable to New Holland Credit Company, LLC in Other   Capacities
    	
 
    	
12
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
18.
    	
 
    	
Limitation of Liability of the Trustee and the Indenture   Trustee
    	
 
    	
12
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
19.
    	
 
    	
Indemnification
    	
 
    	
12
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
20.
    	
 
    	
Information Requests
    	
 
    	
12
    

 

i

 

	
21.
    	
 
    	
Communications with Rating Agencies
    	
 
    	
13
    

 

ii

 

ADMINISTRATION AGREEMENT dated as of May 1, 2014, among CNH EQUIPMENT TRUST 2014-B, a Delaware statutory trust (the “Issuing Entity”), NEW HOLLAND CREDIT COMPANY, LLC, a Delaware limited liability company, as administrator (the “Administrator”), DEUTSCHE BANK TRUST COMPANY AMERICAS, a New York banking corporation, not in its individual capacity but solely as Indenture Trustee (the “Indenture Trustee”), and WILMINGTON TRUST COMPANY, not in its individual capacity but solely as Trustee under the Trust Agreement (the “Trustee”).

 

RECITALS

 

WHEREAS, the Issuing Entity is issuing the Notes pursuant to the Indenture, dated as of the date hereof (as amended and supplemented from time to time in accordance with the provisions thereof, the “Indenture”), between the Issuing Entity and the Indenture Trustee (capitalized terms used herein and not otherwise defined herein are defined in Appendix A to the Indenture, and the provisions of Section 1.3 of the Indenture shall be incorporated herein).

 

WHEREAS, the Issuing Entity has entered into certain agreements in connection with the issuance of the Notes and of certain beneficial ownership interests of the Issuing Entity, including: (i) a Sale and Servicing Agreement, dated as of the date hereof (as amended and supplemented from time to time, the “Sale and Servicing Agreement”), among the Issuing Entity, New Holland Credit Company, LLC, as servicer (the “Servicer”), and CNH Capital Receivables LLC, a Delaware limited liability company, as seller (the “Seller”), (ii) a Depository Agreement, dated on or about June 11, 2014 (the “Depository Agreement”), among the Issuing Entity and The Depository Trust Company, (iii) the Indenture, and (iv) a Trust Agreement, dated as of the date hereof (the “Trust Agreement”), between the Seller and the Trustee (the Sale and Servicing Agreement, the Depository Agreement, the Indenture and the Trust Agreement being hereinafter referred to collectively as the “Related Agreements”);

 

WHEREAS, pursuant to the Related Agreements, the Issuing Entity and the Trustee are required to perform certain duties in connection with: (a) the Notes and the collateral therefor pledged pursuant to the Indenture (the “Collateral”) and (b) the beneficial ownership interests in the Issuing Entity (the registered holders of such interests being referred to herein as the “Owners”);

 

WHEREAS, the Issuing Entity and the Trustee desire to have the Administrator perform certain of the duties of the Issuing Entity and the Trustee referred to in the preceding clause, and to provide such additional services consistent with this Agreement and the Related Agreements as the Issuing Entity and the Trustee may from time to time request;

 

WHEREAS, the Administrator has the capacity to provide the services required hereby and is willing to perform such services for the Issuing Entity and the Trustee on the terms set forth herein;

 

NOW, THEREFORE, in consideration of the mutual terms and covenants contained herein, and other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties agree as follows:

 

 

1.                                      Duties of the Administrator.

 

(a)                                 Duties with Respect to the Indenture and the Depository Agreement.  The Administrator shall perform all of its duties as Administrator and the duties of the Issuing Entity and the Trustee under the Indenture and the Depository Agreement. In addition, the Administrator shall consult with the Trustee regarding the duties of the Issuing Entity and the Trustee under such documents. The Administrator shall monitor the performance of the Issuing Entity and shall advise the Trustee when action is necessary to comply with the Issuing Entity’s or the Trustee’s duties under such documents. The Administrator shall prepare for execution by the Issuing Entity or shall cause the preparation by other appropriate persons of all such documents, reports, filings, instruments, certificates and opinions as it shall be the duty of the Issuing Entity or the Trustee to prepare, file or deliver pursuant to such documents. In furtherance of the foregoing, the Administrator shall take all appropriate action that is the duty of the Issuing Entity or the Trustee to take pursuant to such documents, including, without limitation, such of the foregoing as are required with respect to the following matters (references in this Section are to sections of the Indenture):

 

(i)                                     the duty to cause the Note Register to be kept and to give the Indenture Trustee notice of any appointment of a new Note Registrar and the location, or change in location, of the Note Register (Section 2.4);

 

(ii)                                  the fixing or causing to be fixed of any specified record date and the notification of the Indenture Trustee and Noteholders with respect to special payment dates, if any (Section 2.7(c));

 

(iii)                               the preparation of or obtaining of the documents and instruments required for authentication of the Notes and delivery of the same to the Indenture Trustee (Section 2.2);

 

(iv)                              the preparation, obtaining or filing of the instruments, opinions, certificates and other documents required for the release of the Collateral (Section 2.9);

 

(v)                                 [reserved];

 

(vi)                              the duty to cause newly appointed Paying Agents, if any, to deliver to the Indenture Trustee the instrument specified in the Indenture regarding funds held in trust (Section 3.3);

 

(vii)                           the direction to the Paying Agents to deposit monies with the Indenture Trustee (Section 3.3);

 

(viii)                        the obtaining and preservation of the Issuing Entity’s qualification to do business in each jurisdiction in which such qualification is or shall be necessary to protect the validity and enforceability of the Indenture, the Notes, the Collateral and each other instrument and agreement included in the Trust Estate (Section 3.4);

 

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(ix)                              the preparation of all supplements, amendments, financing statements, continuation statements, instruments of further assurance and other instruments, in accordance with Section 3.5 of the Indenture, necessary to protect the Trust Estate (Section 3.5);

 

(x)                                 the delivery of the Opinion of Counsel on the Closing Date and the annual delivery of Opinions of Counsel, in accordance with Section 3.6 of the Indenture, as to the Trust Estate, and the annual delivery of the Officer’s Certificate and certain other statements, in accordance with Section 3.9 of the Indenture, as to compliance with the Indenture (Sections 3.6 and 3.9);

 

(xi)                              the identification to the Indenture Trustee in an Officer’s Certificate of a Person with whom the Issuing Entity has contracted to perform its duties under the Indenture (Section 3.7(b));

 

(xii)                           the notification of the Indenture Trustee and the Rating Agencies of a Servicer Default pursuant to the Sale and Servicing Agreement and, if such Servicer Default arises from the failure of the Servicer to perform any of its duties under the Sale and Servicing Agreement, the taking of all reasonable steps available to remedy such failure (Section 3.7(d));

 

(xiii)                        the preparation and obtaining of documents and instruments required for the release of the Issuing Entity from its obligations under the Indenture (Section 3.10(b));

 

(xiv)                       the delivery of notice to the Indenture Trustee and the Rating Agencies of (a) each Event of Default under the Indenture, (b) each default by the Servicer or Seller under the Sale and Servicing Agreement and (c) each default by CNHICA under the Purchase Agreement (Section 3.19);

 

(xv)                          the monitoring of the Issuing Entity’s obligations as to the satisfaction and discharge of the Indenture and the preparation of an Officer’s Certificate and the obtaining of the Opinion of Counsel and the Independent Certificate relating thereto (Section 4.1);

 

(xvi)                       the compliance with any written directive of the Indenture Trustee with respect to the sale of the Trust Estate in a commercially reasonable manner if an Event of Default shall have occurred and be continuing (Section 5.4);

 

(xvii)                    the furnishing to the Indenture Trustee of the names and addresses of Noteholders during any period when the Indenture Trustee is not the Note Registrar (Section 7.1);

 

(xviii)                 the preparation, execution and filing with the Commission and the Indenture Trustee of documents required to be filed on a periodic basis with, and summaries thereof as may be required by rules and regulations prescribed by, the Commission and the transmission of such summaries, as necessary, to the Noteholders (Section 7.3);

 

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(xix)                       the opening of one or more accounts in the Trust’s name, the preparation of Issuing Entity Orders, Officer’s Certificates and Opinions of Counsel and all other actions necessary with respect to investment and reinvestment of funds in the Trust Accounts (Sections 8.2 and 8.3);

 

(xx)                          the preparation of an Issuing Entity Request and Officer’s Certificate and the obtaining of an Opinion of Counsel and Independent Certificates, if necessary, for the release of the Trust Estate as defined in the Indenture (Sections 8.4 and 8.5);

 

(xxi)                       the preparation of Issuing Entity Orders and the obtaining of Opinions of Counsel with respect to the execution of supplemental indentures and the mailing to the Noteholders of notices with respect to such supplemental indentures (Sections 9.1, 9.2 and 9.3);

 

(xxii)                    the execution and delivery of new Notes conforming to any supplemental indenture (Section 9.6);

 

(xxiii)                 the notification of Noteholders of redemption of the Notes or the duty to cause the Indenture Trustee to provide such notification (Section 10.2);

 

(xxiv)                the preparation of all Officer’s Certificates, Opinions of Counsel and Independent Certificates with respect to any requests by the Issuing Entity to the Indenture Trustee to take any action under the Indenture (Section 11.1(a));

 

(xxv)                   the preparation and delivery of Officer’s Certificates and the obtaining of Independent Certificates, if necessary, for the release of property from the Lien of the Indenture (Section 11.1(b));

 

(xxvi)                the preparation and delivery to Noteholders and the Indenture Trustee of any agreements with respect to alternate payment and notice provisions (Section 11.6); and

 

(xxvii)             the recording of the Indenture, if applicable (Section 11.15).

 

(b)                                 Duties with Respect to the Trust.

 

(i)                                     In addition to the duties of the Administrator set forth above, the Administrator shall perform such calculations, and shall prepare for execution by the Issuing Entity or the Trustee or shall cause the preparation by other appropriate persons of all such documents, reports, filings, instruments, certificates and opinions, as it shall be the duty of the Issuing Entity or the Trustee to perform, prepare, file or deliver pursuant to the Related Agreements, and at the request of the Trustee shall take all appropriate action that it is the duty of the Issuing Entity or the Trustee to take pursuant to the Related Agreements (other than with respect to Sections 11.14, 11.15 and 11.16 of the Trust Agreement).  Subject to Section 5 of this Agreement, the Administrator shall administer, perform or supervise the performance of such other activities in connection with

 

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the Collateral (including the Related Agreements) as are not covered by any of the foregoing and as are expressly requested by the Trustee and are reasonably within the capability of the Administrator.

 

(ii)                                  Notwithstanding anything in this Agreement or the Related Agreements to the contrary, if any Certificates are held by any Person other than the Depositor, the Administrator shall be responsible for promptly notifying the Trustee in the event that any withholding tax is imposed on the Trust’s payments (or allocations of income) to an Owner as contemplated in Section 5.2(c) of the Trust Agreement. Any such notice shall specify the amount of any withholding tax required to be withheld by the Trustee pursuant to such provision.

 

(iii)                               Notwithstanding anything in this Agreement or the Related Agreements to the contrary, the Administrator shall be responsible for performance of the duties of the Trustee (if any) set forth in Sections 5.2(a), (b) and (c), the first sentence of Section 5.5 and Section 5.6(a) of the Trust Agreement with respect to, among other things, accounting and reports to Owners; provided, however, that the Trustee shall retain responsibility for the distribution of the Schedule K-1s necessary to enable each Owner to prepare its federal and state income tax returns.

 

(iv)                              If any Certificates are held by any Person other than the Depositor, the Administrator shall satisfy its obligations with respect to  clauses (ii)  and  (iii)  by retaining, at the expense of the Trust payable by the Servicer, a firm of Independent certified public accountants (the “Accountants”) reasonably acceptable to the Trustee, which Accountants shall perform the obligations of the Administrator thereunder. In connection with clause (ii), the Accountants will provide, on or prior to the date on which the Trustee receives its notice from the Administrator under such clause, a letter in form and substance satisfactory to the Trustee as to whether any tax withholding is then required and, if required, the procedures to be followed with respect thereto to comply with the requirements of the Code. The Accountants shall be required to update the letter in each instance that any additional tax withholding is subsequently required or any previously required tax withholding shall no longer be required.

 

(v)                                 The Administrator shall perform the duties of the Administrator specified in Section 10.2 of the Trust Agreement required to be performed in connection with the resignation or removal of the Trustee, and any other duties expressly required to be performed by the Administrator under the Trust Agreement.

 

(vi)                              In carrying out the foregoing duties or any of its other obligations under this Agreement, the Administrator may enter into transactions with or otherwise deal with any of its affiliates; provided, however, that the terms of any such transactions or dealings shall be in accordance with any directions received from the Issuing Entity and shall be, in the Administrator’s opinion, no less favorable to the Issuing Entity than would be available from unaffiliated parties.

 

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(vii)                           The Administrator hereby agrees to execute on behalf of the Issuing Entity all such documents, reports, filings, instruments, certificates and opinions as it shall be the duty of the Issuing Entity to prepare, file or deliver pursuant to the Basic Documents or otherwise by law.

 

(c)                                  Non-Ministerial Matters.

 

(i)                                     With respect to matters that in the reasonable judgment of the Administrator are non-ministerial, the Administrator shall not take any action unless within a reasonable time before the taking of such action the Administrator shall have notified the Trustee of the proposed action and the Trustee shall not have withheld consent or provided an alternative direction. For the purpose of the preceding sentence, “non-ministerial matters” shall include, without limitation:

 

(A)                               the initiation of any claim or lawsuit by the Issuing Entity and the compromise of any action, claim or lawsuit brought by or against the Issuing Entity (other than in connection with the collection of the Receivables);

 

(B)                               the appointment of successor Note Registrars, successor Paying Agents and successor Trustees pursuant to the Indenture or the appointment of successor Administrators or successor Servicers, or the consent to the assignment by the Note Registrar, Paying Agent or Indenture Trustee of its obligations under the Indenture; and

 

(C)                               the removal of the Indenture Trustee.

 

(ii)                                  Notwithstanding anything to the contrary in this Agreement, the Administrator shall not be obligated to, and shall not: (x) make any payments to the Noteholders under the Related Agreements, (y) sell the Trust Estate pursuant to Section 5.4 of the Indenture or (z) take any other action that the Issuing Entity directs the Administrator not to take on its behalf.

 

2.                                      Records.  The Administrator shall maintain appropriate books of account and records relating to services performed hereunder, which books of account and records shall be accessible for inspection upon reasonable written request by the Issuing Entity, the Indenture Trustee and the Depositor at any time during normal business hours.

 

3.                                      Compensation.   As compensation for the performance of the Administrator’s obligations under this Agreement and as reimbursement for its expenses related thereto, the Administrator shall be entitled to $500 per quarter payable in arrears on each Payment Date, which payment shall be solely an obligation of the Issuing Entity (the “Administration Fee”).

 

4.                                      Additional Information to be Furnished to the Issuing Entity.   The Administrator shall furnish to the Issuing Entity from time to time such additional information regarding the Collateral as the Issuing Entity shall reasonably request.

 

5.                                      Independence of the Administrator.  For all purposes of this Agreement, the Administrator shall be an independent contractor and shall not be subject to the supervision of

 

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the Issuing Entity or the Trustee with respect to the manner in which it accomplishes the performance of its obligations hereunder. Unless expressly authorized by the Issuing Entity, the Administrator shall have no authority to act for or represent the Issuing Entity or the Trustee in any way (other than as permitted hereunder) and shall not otherwise be deemed an agent of the Issuing Entity or the Trustee.

 

6.                                      No Joint Venture.  Nothing contained in this Agreement:  (i) shall constitute the Administrator and either of the Issuing Entity or the Trustee as members of any partnership, joint venture, association, syndicate, unincorporated business or other separate entity, (ii) shall be construed to impose any liability as such on any of them or (iii) shall be deemed to confer on any of them any express, implied or apparent authority to incur any obligation or liability on behalf of the others.

 

7.                                      Other Activities of the Administrator.  Nothing herein shall prevent the Administrator or its Affiliates from engaging in other businesses or, in their sole discretion, from acting in a similar capacity as an administrator for any other Person even though such Person may engage in business activities similar to those of the Issuing Entity, the Trustee or the Indenture Trustee.

 

8.                                      Term of Agreement; Resignation and Removal of the Administrator.

 

(a)                                 This Agreement shall continue in force until the dissolution of the Issuing Entity, upon which event this Agreement shall automatically terminate.

 

(b)                                 Subject to Section 8(e), the Administrator may resign its duties hereunder by providing the Issuing Entity, the Trustee, the Indenture Trustee and the Servicer with at least 60 days’ prior written notice.

 

(c)                                  Subject to Section 8(e), the Issuing Entity may remove the Administrator without cause by providing the Administrator, the Trustee, the Indenture Trustee and the Servicer with at least 60 days’ prior written notice.

 

(d)                                 Subject to Section 8(e), at the sole option of the Issuing Entity, the Administrator may be removed immediately upon written notice of termination from the Issuing Entity to the Administrator, the Trustee, the Indenture Trustee and the Servicer if any of the following events shall occur:

 

(i)                                     the Administrator shall default in the performance of any of its duties under this Agreement and, after notice of such default, shall not cure such default within ten days (or, if such default cannot be cured in such time, shall not give within ten days such assurance of cure as shall be reasonably satisfactory to the Issuing Entity);

 

(ii)                                  a court having jurisdiction in the premises shall enter a decree or order for relief, and such decree or order shall not have been vacated within 60 days, in respect of the Administrator in any involuntary case under any applicable bankruptcy, insolvency or other similar law now or hereafter in effect or appoint a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official for

 

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the Administrator or any substantial part of its property or order the winding-up or liquidation of its affairs; or

 

(iii)                               the Administrator shall commence a voluntary case under any applicable bankruptcy, insolvency or other similar law now or hereafter in effect, shall consent to the entry of an order for relief in an involuntary case under any such law, or shall consent to the appointment of a receiver, liquidator, assignee, trustee, custodian, sequestrator or similar official for the Administrator or any substantial part of its property, shall consent to the taking of possession by any such official of any substantial part of its property, shall make any general assignment for the benefit of creditors or shall fail generally to pay its debts as they become due.

 

The Administrator agrees that if any of the events specified in clauses (ii) or (iii) of this subsection shall occur, it shall give written notice thereof to the Issuing Entity, the Servicer, the Trustee and the Indenture Trustee within seven days after the happening of such event.

 

(e)                                  Upon the Administrator’s receipt of notice of termination, pursuant to Sections 8(c) or (d), or the Administrator’s resignation in accordance with this Agreement, the predecessor Administrator shall continue to perform its functions as Administrator under this Agreement, in the case of termination, only until the date specified in such termination notice or, if no such date is specified in a notice of termination, until receipt of such notice and, in the case of resignation, until the later of: (x) the date 45 days from the delivery to the Issuing Entity, the Trustee, the Indenture Trustee and the Servicer of written notice of such resignation (or written confirmation of such notice) in accordance with this Agreement and (y) the date upon which the predecessor Administrator shall become unable to act as Administrator, as specified in the notice of resignation and accompanying Opinion of Counsel. In the event of the Administrator’s termination hereunder, the Issuing Entity shall appoint a successor Administrator acceptable to the Indenture Trustee, and the successor Administrator shall accept its appointment by a written assumption in form acceptable to the Indenture Trustee. In the event that a successor Administrator has not been appointed at the time when the predecessor Administrator has ceased to act as Administrator in accordance with this Section, and if the predecessor Administrator is currently serving as the Servicer under the Transaction Documents, the Indenture Trustee without further action shall automatically be appointed the successor Administrator and the Indenture Trustee shall be entitled to the compensation specified in  Section 3.  Notwithstanding the above, the Indenture Trustee shall, if it shall be unable so to act, appoint or petition a court of competent jurisdiction to appoint any established institution having a net worth of not less than $50,000,000 and whose regular business shall include the performance of functions similar to those of the Administrator, as the successor to the Administrator under this Agreement.

 

(f)                                   Upon appointment, the successor Administrator (including the Indenture Trustee acting as successor Administrator) shall be the successor in all respects to the predecessor Administrator and shall be subject to all the responsibilities, duties and liabilities arising thereafter relating thereto placed on the predecessor Administrator and shall be entitled to the compensation specified in Section 3 and all the rights granted to the predecessor Administrator by the terms and provisions of this Agreement.

 

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(g)                                  Except when and if the Indenture Trustee is appointed successor Administrator, the Administrator may not resign unless it is prohibited from serving as such by law as evidenced by an Opinion of Counsel to such effect delivered to the Indenture Trustee. No resignation or removal of the Administrator pursuant to this Section shall be effective until: (i) a successor Administrator shall have been appointed by the Issuing Entity and (ii) such successor Administrator shall have agreed in writing to be bound by the terms of this Agreement in the same manner as the Administrator is bound hereunder.

 

(h)                                 The appointment of any successor Administrator shall be effective only after satisfaction of the Rating Agency Condition with respect to the proposed appointment.

 

9.                                      Action upon Termination, Resignation or Removal.  Promptly upon the effective date of termination of this Agreement pursuant to Section 8(a), or the resignation or removal of the Administrator pursuant to Section 8(b), or (c), or (d) respectively, the Administrator shall be entitled to be paid all fees and reimbursable expenses accruing to it to the date of such termination, resignation or removal. The Administrator shall forthwith upon such termination pursuant to Section 8(a) deliver to the Issuing Entity all property and documents of or relating to the Collateral then in the custody of the Administrator. In the event of the resignation or removal of the Administrator pursuant to Section 8(b), or (c), or (d) respectively, the Administrator shall cooperate with the Issuing Entity and the Indenture Trustee and take all reasonable steps requested to assist the Issuing Entity and the Indenture Trustee in making an orderly transfer of the duties of the Administrator.

 

10.                               Notices.  Any notice, report or other communication given hereunder shall be in writing and addressed and personally delivered, mailed or sent by facsimile transmission as follows:

 

(a)                                 if to the Issuing Entity or the Trustee, to:

 

CNH Equipment Trust 2014-B

c/o Wilmington Trust Company

1100 North Market Street

Wilmington, Delaware 19890-0001

Attention: Corporate Trust Administrator

Facsimile: (302) 636-4140

 

(b)                                 if to the Administrator, to:

 

New Holland Credit Company, LLC

100 Brubaker Avenue

New Holland, Pennsylvania 17557

Attention: Finance Manager

Facsimile: (630) 887-5448

 

with a copy to:

 

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New Holland Credit Company, LLC

6900 Veterans Boulevard

Burr Ridge, Illinois 60527

Attention: Assistant Treasurer

Facsimile: (630) 887-5448

 

(c)                                  if to the Indenture Trustee, to:

 

Deutsche Bank Trust Company Americas

60 Wall Street

MS NYC 60-1625

New York, New York 10005

Attention: TSS-SFS

Facsimile: (212) 553-2458

Telephone:  (212) 250-4855

 

or to such other address or facsimile number as any party shall have provided to the other parties in writing. Any notice required to be in writing hereunder shall be deemed given if such notice is mailed by certified mail, postage prepaid, or hand-delivered to the address of such party as provided above.

 

11.                               Amendments.  Any term or provision of this Agreement may be amended by the Issuing Entity, Administrator, Indenture Trustee and the Trustee without the consent of any Noteholder, any Certificateholder or any other Person subject to the satisfaction of one of the following conditions:

 

(i)                                     the Administrator delivers an Opinion of Counsel to the Indenture Trustee to the effect that such amendment will not materially and adversely affect the interests of the Noteholders or the Certificateholders; or

 

(ii)                                  the Administrator delivers an Officer’s Certificate of the Administrator to the Indenture Trustee to the effect that such amendment will not materially or adversely affect the interests of the Noteholders or the Certificateholders.

 

An amendment shall be deemed not to adversely affect in any material respect the interests of any Noteholders of a Class of Notes if the Rating Agency Condition has been satisfied with respect to such amendment for such Class of Notes.

 

This Agreement may also be amended from time to time by the Issuing Entity, the Administrator and the Indenture Trustee with the written consent of (w) the Trustee, (x) Noteholders holding Notes evidencing not less than a majority of the Note Balance and (y) the Certificateholders holding in the aggregate more than 50% of the beneficial interest in the Issuing Entity at the time of such amendment, for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Agreement or of modifying in any manner the rights of the Noteholders or the Certificateholders; provided, however, that no

 

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such amendment shall: (i) reduce the interest rate or principal of any Note, or delay the Class Final Maturity Date of any Note or (ii) reduce the aforesaid percentage of the Holders of Notes and Certificates that are required to consent to any such amendment, without the consent of the Holders of all the outstanding Notes and Certificates. Notwithstanding the foregoing, the Administrator may not amend this Agreement without the permission of the Depositor, which permission shall not be unreasonably withheld.

 

Promptly after the execution of any such amendment or consent (or, in the case of the Rating Agencies, prior thereto), the Administrator shall furnish written notification of the substance of such amendment or consent to each Certificateholder, the Trustee, the Indenture Trustee and each of the Rating Agencies.

 

It shall not be necessary for the consent of the Certificateholders or the Noteholders pursuant to this Section to approve the particular form of any proposed amendment or consent, but it shall be sufficient if such consent shall approve the substance thereof.

 

Notwithstanding anything herein to the contrary (other than as provided in the following paragraph), any term or provision of this Agreement may be amended by the Administrator without the consent of the Certificateholders, the Noteholders or any other Person to add, modify or eliminate any provisions as may be necessary or advisable in order to comply with or obtain more favorable treatment under or with respect to any law or regulation or any accounting rule or principle (whether now or in the future in effect); it being a condition to any such amendment that the Rating Agency Condition shall have been satisfied.

 

12.                               Successors and Assigns.  This Agreement may not be assigned by the Administrator unless such assignment is previously consented to in writing by the Issuing Entity, the Indenture Trustee and the Trustee and subject to the satisfaction of the Rating Agency Condition in respect thereof. An assignment with such consent and satisfaction, if accepted by the assignee, shall bind the assignee hereunder in the same manner as the Administrator is bound hereunder.  Notwithstanding the foregoing, this Agreement may be assigned by the Administrator without the consent of the Issuing Entity, the Indenture Trustee or the Trustee to a corporation or other organization that is a successor (by merger, consolidation or purchase of assets) to, or Affiliate of, the Administrator, provided that such successor organization executes and delivers to the Issuing Entity, the Trustee and the Indenture Trustee an agreement in which such corporation or other organization agrees to be bound hereunder by the terms of said assignment in the same manner as the Administrator is bound hereunder.  Subject to the foregoing, this Agreement shall bind any successors or assigns of the parties hereto.

 

13.                               Governing Law.  This Agreement shall be construed in accordance with the laws of the State of New York, and the obligations, rights and remedies of the parties hereunder shall be determined in accordance with such laws.

 

14.                               Headings.  The section headings hereof have been inserted for convenience of reference only and shall not be construed to affect the meaning, construction or effect of this Agreement.

 

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15.                               Counterparts.  This Agreement may be executed in counterparts, all of which when so executed shall together constitute but one and the same agreement.

 

16.                               Severability.  Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

 

17.                               Not Applicable to New Holland Credit Company, LLC in Other Capacities.  Nothing in this Agreement shall affect any obligation New Holland Credit Company, LLC or any successor administrator may have in any other capacity.

 

18.                               Limitation of Liability of the Trustee and the Indenture Trustee.

 

(a)                                 Notwithstanding anything contained herein to the contrary, this instrument has been countersigned by Wilmington Trust Company, not in its individual capacity but solely in its capacity as Trustee of the Issuing Entity, and in no event shall Wilmington Trust Company, in its individual capacity, or any beneficial owner of the Issuing Entity have any liability for the representations, warranties, covenants, agreements or other obligations of the Issuing Entity hereunder, as to all of which recourse shall be had solely to the assets of the Issuing Entity. For all purposes of this Agreement, in the performance of any duties or obligations of the Issuing Entity thereunder, the Trustee shall be subject to, and entitled to the benefits of, the terms and provisions of Articles VI, VII and VIII of the Trust Agreement.

 

(b)                                 Notwithstanding anything contained herein to the contrary, this Agreement has been countersigned by Deutsche Bank Trust Company Americas, not in its individual capacity but solely as Indenture Trustee, and in no event shall Deutsche Bank Trust Company Americas have any liability for the representations, warranties, covenants, agreements or other obligations of the Issuing Entity hereunder or in any of the certificates, notices or agreements delivered pursuant hereto, as to all of which recourse shall be had solely to the assets of the Issuing Entity.

 

19.                               Indemnification.  The Administrator shall indemnify the Trustee and the Indenture Trustee (and their officers, directors, employees and agents) for, and hold them harmless against, any losses, liability or expense, including attorneys’ fees reasonably incurred by them, incurred without negligence or bad faith on their part, arising out of or in connection with: (i) actions taken by either of them pursuant to instructions given by the Administrator pursuant to this Agreement or (ii) the failure of the Administrator to perform its obligations hereunder. The indemnities contained in this Section shall survive the termination of this Agreement and the resignation or removal of the Administrator, the Trustee or the Indenture Trustee.

 

20.                               Information Requests.  The parties hereto shall provide any information reasonably requested by the Administrator or any of its Affiliates, at the expense of the Administrator or any of its Affiliates, as applicable, in order to comply with or obtain more favorable treatment under any current or future law, rule, regulation, accounting rule or principle.

 

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21.                               Communications with Rating Agencies.  The parties hereto (other than the Seller and its Affiliates but excluding the Issuing Entity) agree that any notices or requests to, or any other written communications with, any of the Rating Agencies, or any of their respective officers, directors or employees, to be given or provided to such Rating Agencies pursuant to, in connection with or related, directly or indirectly, to the Basic Documents, the Collateral or the Notes, shall be in each case either (i) furnished to the Seller who shall forward such communication to the Rating Agencies pursuant to Section 10.18 of the Sale and Servicing Agreement; or (ii) furnished directly to the Rating Agencies with a prior copy to the Seller.  In either case, the parties hereto (other than the Seller and its Affiliates but excluding the Issuing Entity) further agree to provide such notices, requests and communications or copies thereof, as applicable, to the Seller at least one Business Day prior to the date when such notices, requests and communications are required to be delivered (or are in fact delivered, whichever is earlier) to the Rating Agencies pursuant to the Basic Documents.  So long as any Notes are Outstanding, each party hereto (other than the Seller and its Affiliates but excluding the Issuing Entity) agrees that neither it nor any party on its behalf shall engage in any oral communications with respect to the transactions contemplated hereby, under the Basic Documents or in any way relating to the Notes with any Rating Agency or any of their respective officers, directors or employees, without the participation of the Seller.

 

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IN WITNESS WHEREOF, the parties have caused this Agreement to be duly executed and delivered as of the day and year first above written.

 

	
 
    	
CNH   EQUIPMENT TRUST 2014-B
    
	
 
    	
 
    
	
 
    	
By:
    	
Wilmington   Trust Company, 
    
	
 
    	
 
    	
not   in its individual capacity but solely as Trustee on behalf of the Issuing   Entity
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
DEUTSCHE   BANK TRUST COMPANY AMERICAS
    
	
 
    	
 
    	
not   in its individual capacity but solely as 
    
	
 
    	
 
    	
Indenture   Trustee
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
NEW   HOLLAND CREDIT COMPANY, LLC 
    
	
 
    	
 
    	
as   Administrator
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:  Thomas N. Beckmann
    
	
 
    	
 
    	
Title:  Assistant Treasurer
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
WILMINGTON   TRUST COMPANY
    
	
 
    	
 
    	
not   in its individual capacity but solely as 
    
	
 
    	
 
    	
Trustee   under the Trust Agreement
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    

 

Administration Agreement

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00231-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00231-of-00352.parquet"}]]