Document:

Exhibit 4.5

 

CNH EQUIPMENT TRUST 2019-A

 

ADMINISTRATION AGREEMENT

 

among

 

CNH EQUIPMENT TRUST 2019-A,

 

as Issuing Entity,

 

and

 

NEW HOLLAND CREDIT COMPANY, LLC,

 

as Administrator,

 

and

 

CITIBANK, N.A.,

 

as Indenture Trustee,

 

and

 

WILMINGTON TRUST COMPANY,

 

as Trustee

 

Dated as of January 1, 2019

 

 

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
    	
7
    
	
 
    	
 
    	
 
    
	
5.
    	
Independence of the   Administrator
    	
7
    
	
 
    	
 
    	
 
    
	
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:
    	
10
    
	
 
    	
(c)
    	
if to the Indenture   Trustee, to:
    	
10
    
	
 
    	
(d)
    	
if to the Asset   Representations Reviewer, to:
    	
10
    
	
 
    	
 
    	
 
    
	
11.
    	
Amendments
    	
10
    
	
 
    	
 
    	
 
    
	
12.
    	
Successors and Assigns
    	
12
    
	
 
    	
 
    	
 
    
	
13.
    	
Governing Law
    	
12
    
	
 
    	
 
    	
 
    
	
14.
    	
Headings
    	
12
    
	
 
    	
 
    	
 
    
	
15.
    	
Counterparts
    	
12
    
	
 
    	
 
    	
 
    
	
16.
    	
Electronic Signatures
    	
12
    
	
 
    	
 
    	
 
    
	
17.
    	
Severability
    	
12
    
	
 
    	
 
    	
 
    
	
18.
    	
Not Applicable to New   Holland Credit Company, LLC in Other Capacities
    	
13
    
	
 
    	
 
    	
 
    
	
19.
    	
Limitation of Liability   of the Trustee and the Indenture Trustee
    	
13
    
	
 
    	
 
    	
 
    
	
20.
    	
Indemnification
    	
13
    

 

i

 

	
21.
    	
Information Requests
    	
13
    
	
 
    	
 
    	
 
    
	
22.
    	
Communications with   Rating Agencies
    	
13
    
	
 
    	
 
    	
 
    
	
23.
    	
PATRIOT Act
    	
14
    

 

ii

 

ADMINISTRATION AGREEMENT dated as of January 1, 2019, among CNH EQUIPMENT TRUST 2019-A, a Delaware statutory trust (the “Issuing Entity”), NEW HOLLAND CREDIT COMPANY, LLC, a Delaware limited liability company, as administrator (the “Administrator”), CITIBANK, N.A., a national banking association, 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 February 5, 2019 (the “Depository Agreement”), among the Issuing Entity and The Depository Trust Company, (iii) the Indenture, (iv) a Trust Agreement, dated as of January 4, 2019 (the “Trust Agreement”), between the Seller and the Trustee, and (v) an Asset Representations Review Agreement (the Sale and Servicing Agreement, the Depository Agreement, the Indenture, the Trust Agreement and the Asset Representations Review 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

 

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Collateral and each other instrument and agreement included in the Trust Estate (Section 3.4);

 

(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

 

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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);

 

(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 the duties and obligations of the Issuing Entity under the Asset Representations Review Agreement and 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

 

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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 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.

 

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(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.

 

(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”).

 

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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 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);

 

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(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 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

 

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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.

 

(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 or email as follows:

 

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

 

CNH Equipment Trust 2019-A

c/o Wilmington Trust Company

1100 North Market Street

Wilmington, Delaware 19890-0001

Attention: Corporate Trust Administrator

Facsimile: (302) 636-4140

Email: rsimpson@wilmingtontrust.com

 

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(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:

 

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:

 

Citibank, N.A.

388 Greenwich St.

New York, NY 10013

Attention: Agency & Trust — CNH Equipment Trust 2019-A

Telephone:    713-693-6677

Email: jacqueline.suarez@citi.com

 

(d)                                 if to the Asset Representations Reviewer, to:

 

Clayton Fixed Income Services LLC

2638 South Falkenburg Road

Riverview, FL 33578

Attention: SVP

 

with a copy to:

 

Clayton Fixed Income Services LLC, c/o Clayton Holdings LLC

1500 Market Street, West Tower Suite 2050

Philadelphia, PA 19102

 

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

 

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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 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.

 

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Any amendment which affects the rights, duties, immunities or liabilities of the Trustee shall require the Trustee’s written consent.

 

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.

 

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.                               Electronic Signatures.  Any signature (including any electronic symbol or process attached to, or associated with, a contract or other record and adopted by a Person with the intent to sign, authenticate or accept such contract or record) hereto or to any other certificate, agreement or document related to this transaction, and any contract formation or record-keeping through electronic means shall have the same legal validity and enforceability as a manually executed signature or use of a paper-based recordkeeping system to the fullest extent permitted by applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any similar state law based on the Uniform Electronic Transactions Act, and the parties hereby waive any objection to the contrary.

 

17.                               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.

 

12

 

18.                               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.

 

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

 

(a)                                 It is expressly understood and agreed by the parties hereto that (a) this Agreement is executed and delivered by Wilmington Trust Company (“WTC”), not individually or personally but solely as Trustee of the Trust, in the exercise of the powers and authority conferred and vested in it, (b) each of the representations, undertakings and agreements herein made on the part of the Trust is made and intended not as personal representations, undertakings and agreements by WTC but is made and intended for the purpose of binding only the Trust, (c) nothing herein contained shall be construed as creating any liability on WTC, individually or personally, to perform any covenant either expressed or implied contained herein of the Trust, all such liability, if any, being expressly waived by the parties hereto and by any Person claiming by, through or under the parties hereto, (d) WTC has not verified and has made no investigation as to the accuracy or completeness of any representations and warranties made by the Trust in this Agreement and (e) under no circumstances shall WTC be personally liable for the payment of any indebtedness or expenses of the Trust or be liable for the breach or failure of any obligation, representation, warranty or covenant made or undertaken by the Trust under this Agreement or any other related documents.

 

(b)                                 Notwithstanding anything contained herein to the contrary, this Agreement has been countersigned by Citibank, N.A. not in its individual capacity but solely as Indenture Trustee, and in no event shall Citibank, N.A. 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.

 

20.                               Indemnification.  The Administrator shall indemnify the Trustee, the Indenture Trustee, and the Asset Representations Reviewer (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 any 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, the Indenture Trustee, or the Asset Representations Reviewer.

 

21.                               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.

 

22.                               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

 

13

 

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 10.19 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.

 

23.                               PATRIOT Act.  In order to comply with the laws, rules, regulations and executive orders in effect from time to time applicable to banking institutions, including, without limitation, those relating to the funding of terrorist activities and money laundering, including Section 326 of the USA PATRIOT Act of the United States (“Applicable Law”), the Indenture Trustee is required to obtain, verify, record and update certain information relating to individuals and entities which maintain a business relationship with the Indenture Trustee. Accordingly, each of the parties hereto agrees to provide to the Indenture Trustee, upon its request from time to time such identifying information and documentation as may be available to such party in order to enable the Indenture Trustee to comply with Applicable Law.

 

*   *   *   *   *

 

14

 

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 2019-A
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
Wilmington Trust   Company,
    
	
 
    	
 
    	
not in its individual   capacity but solely as
    
	
 
    	
 
    	
Trustee on behalf of   the Issuing Entity
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
	
 
    	
 
    
	
 
    	
CITIBANK, N.A.
    
	
 
    	
not   in its individual capacity but solely as
    
	
 
    	
Indenture   Trustee
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
	
 
    	
 
    
	
 
    	
NEW HOLLAND CREDIT COMPANY,   LLC
    
	
 
    	
as   Administrator
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name: Christopher   Morris
    
	
 
    	
 
    	
Title: Assistant   Treasurer
    
	
 
    	
 
    
	
 
    	
WILMINGTON TRUST   COMPANY
    
	
 
    	
not   in its individual capacity but solely as
    
	
 
    	
Trustee   under the Trust Agreement
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    

 

Administration AgreementExhibit 4.6

	
 
    

 

ASSET REPRESENTATIONS REVIEW AGREEMENT

 

CNH EQUIPMENT TRUST 2019-A,

 

as Issuing Entity

 

and

 

NEW HOLLAND CREDIT COMPANY, LLC,

 

as Servicer

 

and

 

CLAYTON FIXED INCOME SERVICES LLC,

 

as Asset Representations Reviewer

 

 

Dated as of January 1, 2019

 

 

	
 
    

 

 

TABLE OF CONTENTS

 

	
ARTICLE I.   USAGE AND DEFINITIONS
    	
1
    
	
 
    	
 
    	
 
    
	
Section 1.01
    	
Usage and Definitions
    	
1
    
	
Section 1.02
    	
Definitions
    	
1
    
	
 
    	
 
    	
 
    
	
ARTICLE II.   ENGAGEMENT; ACCEPTANCE
    	
2
    
	
 
    	
 
    	
 
    
	
Section 2.01
    	
Engagement; Acceptance
    	
2
    
	
Section 2.02
    	
Confirmation of Status
    	
3
    
	
 
    	
 
    
	
ARTICLE III.   ASSET REPRESENTATIONS REVIEW PROCESS
    	
3
    
	
 
    	
 
    	
 
    
	
Section 3.01
    	
Review Notices and   Identification of Review Receivables
    	
3
    
	
Section 3.02
    	
Review Materials
    	
3
    
	
Section 3.03
    	
Performance of Reviews
    	
3
    
	
Section 3.04
    	
Review Report
    	
5
    
	
Section 3.05
    	
Review Representatives
    	
5
    
	
Section 3.06
    	
Dispute Resolution
    	
5
    
	
Section 3.07
    	
Limitations on Review   Obligations
    	
6
    
	
 
    	
 
    
	
ARTICLE IV.   ASSET REPRESENTATIONS REVIEWER
    	
6
    
	
 
    	
 
    	
 
    
	
Section 4.01
    	
Representations and   Warranties of the Asset Representations Reviewer
    	
6
    
	
Section 4.02
    	
Fees and Expenses
    	
7
    
	
Section 4.03
    	
Limitation on Liability
    	
9
    
	
Section 4.04
    	
Indemnification by   Asset Representations Reviewer
    	
9
    
	
Section 4.05
    	
Indemnification of   Asset Representations Reviewer
    	
9
    
	
Section 4.06
    	
Inspections of Asset   Representations Reviewer
    	
10
    
	
Section 4.07
    	
Delegation of   Obligations
    	
10
    
	
Section 4.08
    	
Confidential   Information
    	
11
    
	
Section 4.09
    	
Personally Identifiable   Information
    	
12
    
	
 
    	
 
    
	
ARTICLE V.   REMOVAL, RESIGNATION
    	
14
    
	
 
    	
 
    	
 
    
	
Section 5.01
    	
Eligibility of the   Asset Representations Reviewer
    	
14
    
	
Section 5.02
    	
Resignation and Removal   of Asset Representations Reviewer
    	
14
    
	
Section 5.03
    	
Successor Asset   Representations Reviewer
    	
15
    
	
Section 5.04
    	
Merger, Consolidation   or Succession
    	
15
    
	
 
    	
 
    
	
ARTICLE VI.   OTHER AGREEMENTS
    	
16
    
	
 
    	
 
    	
 
    
	
Section 6.01
    	
Independence of the   Asset Representations Reviewer
    	
16
    
	
Section 6.02
    	
No Petition
    	
16
    
	
Section 6.03
    	
Limitation of Liability   of Trustee
    	
16
    
	
Section 6.04
    	
Termination of   Agreement
    	
16
    
	
 
    	
 
    
	
ARTICLE VII.   MISCELLANEOUS PROVISIONS
    	
17
    
	
 
    	
 
    	
 
    
	
Section 7.01
    	
Amendments
    	
17
    
	
Section 7.02
    	
Assignment; Benefit of   Agreement; Third Party Beneficiaries
    	
17
    
	
Section 7.03
    	
Notices
    	
17
    
	
Section 7.04
    	
GOVERNING LAW
    	
18
    

 

i

 

	
Section 7.05
    	
WAIVER OF JURY TRIAL
    	
18
    
	
Section 7.06
    	
No Waiver; Remedies
    	
18
    
	
Section 7.07
    	
Severability
    	
18
    
	
Section 7.08
    	
Headings
    	
18
    
	
Section 7.09
    	
Counterparts
    	
18
    
	
Section 7.10
    	
Electronic Signatures
    	
18
    
	
 
    	
 
    
	
Schedule   A — Review Materials
    	
 
    
	
Schedule   B — Representations, Warranties and Tests
    	
 
    

 

ii

 

This ASSET REPRESENTATIONS REVIEW AGREEMENT (this “Agreement”), entered into as of the 1st day of January 2019, by and among CNH EQUIPMENT TRUST 2019-A, a Delaware statutory trust (the “Issuing Entity”), NEW HOLLAND CREDIT COMPANY, LLC, a Delaware limited liability company (the “Servicer”) and CLAYTON FIXED INCOME SERVICES LLC, a Delaware limited liability company (the “Asset Representations Reviewer”).

 

WHEREAS, the Issuing Entity will engage the Asset Representations Reviewer to perform reviews of certain Receivables for compliance with certain representations and warranties made with respect thereto; and

 

WHEREAS, the Asset Representations Reviewer desires to perform such reviews of Receivables in accordance with the terms of this Agreement.

 

NOW, THEREFORE, in consideration of the mutual agreements herein contained and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound hereby, agree as follows:

 

ARTICLE I.

 

USAGE AND DEFINITIONS

 

Section 1.01                             Usage and Definitions.

 

Capitalized terms used but not defined in this Agreement shall have the meanings ascribed to such terms in the Sale and Servicing Agreement.

 

Section 1.02                             Definitions.

 

Whenever used in this Agreement, the following words and phrases shall have the following meanings:

 

“Annual Fee” has the meaning stated in Section 4.02(a).

 

“Confidential Information” has the meaning stated in Section 4.08(b).

 

“Eligible Representations” shall mean those representations identified within the “Tests” included in Schedule B.

 

“Information Recipients” has the meaning stated in Section 4.08(a).

 

“Indemnified Person” has the meaning stated in Section 4.05(a).

 

“Indenture” means the Indenture, dated as of January 1, 2019, between the Issuing Entity and the Indenture Trustee, as the same may be amended, supplemented or modified from time to time.

 

“Indenture Trustee” means Citibank, N.A., as indenture trustee under the Indenture, and any successor thereto.

 

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“Issuing Entity PII” has the meaning stated in Section 4.09(a).

 

“PII” has the meaning stated in Section 4.09(a).

 

“Review” means the completion by the Asset Representations Reviewer of the procedures listed under “Tests” in Schedule B for each Review Receivable as further described in Section 3.03.

 

“Review Fee” has the meaning stated in Section 4.02(b).

 

“Review Materials” means the documents, data, and other information required for each “Test” in Schedule A.

 

“Review Notice” means a notice delivered to the Asset Representations Reviewer by the Indenture Trustee pursuant to Section 7.7 of the Indenture.

 

“Review Receivables” means those Receivables identified by the Servicer as requiring a Review by the Asset Representations Reviewer following receipt of a Review Notice according to Section 3.01.

 

“Review Report” has the meaning stated in Section 3.04.

 

“Tests” mean the procedures listed in Schedule B as applied to the process described in Section 3.03.

 

“Test Complete” has the meaning stated in Section 3.03(c).

 

“Test Fail” has the meaning stated in Section 3.03(a).

 

“Test Pass” has the meaning stated in Section 3.03(a).

 

“Unpaid Amounts” means, on such date, unpaid Review Fees that are to be treated as Unpaid Amounts pursuant to Section 4.02(b), plus unpaid travel expenses that are to be treated as Unpaid Amounts pursuant to Section 4.02(c), plus unpaid expenses that are to be treated as Unpaid Amounts pursuant to Section 4.02(d).

 

ARTICLE II.

 

ENGAGEMENT; ACCEPTANCE

 

Section 2.01                             Engagement; Acceptance.

 

The Issuing Entity hereby engages Clayton Fixed Income Services LLC to act as the Asset Representations Reviewer for the Issuing Entity.  Clayton Fixed Income Services LLC accepts the engagement and agrees to perform the obligations of the Asset Representations Reviewer on the terms stated in this Agreement.

 

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Section 2.02                       Confirmation of Status.

 

The parties confirm that the Asset Representations Reviewer is not responsible for (a) reviewing the Receivables for compliance with the representations and warranties under the Basic Documents, except as described in this Agreement, or (b) determining whether noncompliance with the representations or warranties constitutes a breach of the Basic Documents.

 

ARTICLE III.

 

ASSET REPRESENTATIONS REVIEW PROCESS

 

Section 3.01                             Review Notices and Identification of Review Receivables.

 

On receipt of a Review Notice from the Indenture Trustee according to Section 7.7 of the Indenture, the Asset Representations Reviewer will start a Review.  The Asset Representations Reviewer will not be obligated to start a Review until a Review Notice is received.  The Servicer will provide the list of Review Receivables to the Asset Representations Reviewer within ten (10) business days of receipt of the Review Notice.

 

Section 3.02                             Review Materials.

 

(a)                                 Access to Review Materials.  Within 60 days of the delivery of a Review Notice, the Servicer will provide the Asset Representations Reviewer with access to the Review Materials for all Review Receivables in one or more of the following ways: (i) by providing access to the Servicer’s systems, either remotely or at an office of the Servicer, (ii) by electronic posting to a password-protected website to which the Asset Representations Reviewer has access, (iii) by providing originals or photocopies at an office of the Servicer or (iv) in another manner agreed by the Servicer and the Asset Representations Reviewer.  The Servicer may redact or remove PII from the Review Materials without changing the meaning or usefulness of the Review Materials.

 

(b)                                 Missing or Insufficient Review Materials.  The Asset Representations Reviewer will review the Review Materials to determine if any Review Materials are missing or insufficient for the Asset Representations Reviewer to perform any Test.  If the Asset Representations Reviewer determines any missing or insufficient Review Materials, the Asset Representations Reviewer will notify the Servicer promptly, and in any event no less than twenty (20) days before completing the Review.  The Servicer will have fifteen (15) days to give the Asset Representations Reviewer access to the missing Review Materials or other documents or information to correct the insufficiency.  If the missing Review Materials or other documents have not been provided by the Servicer within fifteen (15) days, the related Review Report will  report a Test Fail for each Test that requires use of the missing or insufficient Review Materials.

 

Section 3.03                             Performance of Reviews.

 

(a)                                 Test Procedures. For a Review, the Asset Representations Reviewer will perform, for each Review Receivable, the procedures listed under “Tests” in Schedule B for each Eligible Representation.  In the course of its review, the Asset Representations Reviewer will use the 

 

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Review Materials listed in Schedule A.  For each Test and Review Receivable, the Asset Representations Reviewer will determine if the Test has been satisfied (a “Test Pass”) or if the Test has not been satisfied (a “Test Fail”).

 

(b)                                 Review Period.  The Asset Representations Reviewer will complete the Review within 60 days of receiving access to the Review Materials.  However, if additional Review Materials are provided to the Asset Representations Reviewer as described in Section 3.02(b), the Review period will be extended for an additional 30 days.

 

(c)                                  Completion of Review for Certain Review Receivables.  Following the delivery of the list of the Review Receivables and before the delivery of the Review Report by the Asset Representations Reviewer, the Servicer may notify the Asset Representations Reviewer if a Review Receivable is paid in full by the Obligor or purchased from the Issuing Entity in accordance with the terms of the Basic Documents.  On receipt of such notice, the Asset Representations Reviewer will immediately terminate all Tests of the related Review Receivable, and the Review of such Review Receivables will be considered complete (a “Test Complete”).  In this case, the related Review Report will indicate a Test Complete for such Review Receivable and the related reason.

 

(d)                                 Previously Reviewed Receivables; Duplicative Tests.  If any Review Receivable was included in a prior Review, the Asset Representations Reviewer will not conduct additional Tests on such Review Receivable, but will include the previously reported Test results in the Review Report for the current Review.  If the same Test is required for more than one representation and warranty, the Asset Representations Reviewer will only perform the Test once for each Review Receivable, but will report the results of the Test for each applicable representation and warranty on the Review Report.

 

(e)                                  Termination of Review.  If a Review is in process and the Notes will be paid in full on the next Payment Date, the Servicer or the Administrator will notify the Asset Representations Reviewer no less than ten (10) days before that Payment Date.  On receipt of such notice, the Asset Representations Reviewer will terminate the Review immediately and will not be obligated to deliver a Review Report.  If the Notes are not paid in full on such next Payment Date, the Servicer will promptly notify the Asset Representations Reviewer, and on receipt of such notice, the Asset Representations Reviewer will recommence the Review immediately and will be obligated to deliver a Review Report.

 

(f)                                   Review Systems; Personnel.  The Asset Representations Reviewer will maintain business process management and/or other systems necessary to ensure that it can perform each Test and, on execution of this Agreement, will load each Test into these systems. The Asset Representations Reviewer will ensure that these systems allow for each Review Receivable and the related Review Materials to be individually tracked and stored as contemplated by this Agreement.  The Asset Representations Reviewer will maintain adequate staff that is properly trained to conduct Reviews as required by this Agreement.

 

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Section 3.04                             Review Report.

 

Within five (5) days after the end of the applicable Review period under Section 3.03(b), the Asset Representations Reviewer will deliver to the Issuing Entity and the Servicer a Review Report indicating for each Review Receivable whether there was a Test Pass, Test Fail or Test Complete for each related Test.  For each Test Fail or Test Complete, the Review Report will indicate (i) the related reason, including (for example) whether the Review Receivable was a Test Fail as a result of missing or incomplete Review Materials, and (ii) as to which representation(s) the Test Fail or Test Complete is applicable.  The Review Report will contain a summary of the Review results to be included in the Issuing Entity’s Form 10-D report for the Collection Period in which the Review Report is received.  The Asset Representations Reviewer will ensure that the Review Report does not contain any PII.  On reasonable request of the Servicer, the Asset Representations Reviewer will provide additional details on the Test results.

 

Section 3.05                             Review Representatives.

 

(a)                                 Servicer Representative.  The Servicer will designate one or more representatives who will be available to assist the Asset Representations Reviewer in performing the Review, including responding to requests and answering questions from the Asset Representations Reviewer about access to Review Materials on the Servicer’s originations, receivables or other systems, obtaining missing or insufficient Review Materials and/or providing clarification of any Review Materials or Tests.

 

(b)                                 Asset Representations Review Representative. The Asset Representations Reviewer will designate one or more representatives who will be available to the Issuing Entity, the Servicer and the Administrator during the performance of a Review.

 

(c)                                  Questions About Review.  The Asset Representations Reviewer will make appropriate personnel available to respond in writing to written questions or requests for clarification of any Review Report from the Indenture Trustee or the Servicer until the earlier of (i) the payment in full of the Notes and (ii) one (1) year after the delivery of the Review Report.  The Asset Representations Reviewer will not be obligated to respond to questions or requests for clarification from Noteholders or any other Person and will direct such Persons to submit written questions or requests to the Indenture Trustee.

 

Section 3.06                             Dispute Resolution.

 

If a Review Receivable that was the subject of a Review becomes the subject of a dispute resolution proceeding under Section 3.3 of the Sale and Servicing Agreement, the Asset Representations Reviewer will participate in the dispute resolution proceeding on request of a party to the proceeding.  The reasonable out-of-pocket expenses of the Asset Representations Reviewer for its participation in any dispute resolution proceeding will be considered expenses of the requesting party for the dispute resolution and will be paid by a party to the dispute resolution as determined by the mediator or arbitrator for the dispute resolution according to Section 3.3 of the Sale and Servicing Agreement.  If not paid by a party to the dispute resolution, the expenses will be reimbursed according to Section 4.02(d) of this Agreement.

 

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Section 3.07                             Limitations on Review Obligations.

 

(a)                                 Review Process Limitations.  The Asset Representations Reviewer will have no obligation (i) to determine  whether a Delinquency Trigger has occurred or whether the required percentage of Noteholders has voted to direct a Review under the Indenture; (ii) to determine which Receivables are subject to a Review, (iii) to obtain or confirm the validity of the Review Materials, (iv) to obtain missing or insufficient Review Materials except as specifically described herein,(v) to take any action or cause any other party to take any action under any of the Basic Documents to enforce any remedies for breaches of representations or warranties about the Eligible Representations, (vi) to determine the reason for the delinquency of any Review Receivable, the creditworthiness of any Obligor, the overall quality of any Review Receivable or the compliance by the Servicer with its covenants with respect to the servicing of such Review Receivable, or (vii) to establish materiality or recourse for any failed Test as described in Section 3.03.

 

(b)                                 Testing Procedure Limitations.  The Asset Representations Reviewer will only be required to perform the “Tests” listed under Schedule B, and will not be obligated to perform additional procedures on any Review Receivable or to provide any information other than a Review Report.  However, the Asset Representations Reviewer may provide additional information in a Review Report about any Review Receivable that it determines in good faith to be material to the Review.

 

(c)                                  Maintenance of Review Materials.  It will maintain copies of any Review Materials, Review Reports and other documents relating to a Review, including internal correspondence and work papers, for a period of two (2) years after the delivery of any Review Report.

 

(d)                                 Reliance on Review Materials. The Asset Representations Reviewer is entitled to rely on the Review Materials provided by the Servicer in connection with any Review.  The Asset Representations Reviewer shall have no duty to verify or determine whether any document that it reviews is forged or fraudulent and the Asset Representations Reviewer shall not be liable for, any inaccurate, incomplete, forged or fraudulent Review Materials.

 

ARTICLE IV.

 

ASSET REPRESENTATIONS REVIEWER

 

Section 4.01     Representations and Warranties of the Asset Representations Reviewer.

 

The Asset Representations Reviewer hereby makes the following representations and warranties as of the Closing Date:

 

(a)                                 Organization and Qualification.  The Asset Representations Reviewer is duly organized and validly existing as a limited liability company in good standing under the laws of State of Delaware.  The Asset Representations Reviewer is qualified as a foreign limited liability

 

6

 

company in good standing and has obtained all necessary licenses and approvals in all jurisdictions in which the ownership or lease of its properties or the conduct of its activities requires the qualification, license or approval, unless the failure to obtain the qualifications, licenses or approvals would not reasonably be expected to have a material adverse effect on the Asset Representations Reviewer’s ability to perform its obligations under this Agreement.

 

(b)                                 Power, Authority and Enforceability.  The Asset Representations Reviewer has the power and authority to execute, deliver and perform its obligations under this Agreement.  The Asset Representations Reviewer has authorized the execution, delivery and performance of this Agreement.  This Agreement is the legal, valid and binding obligation of the Asset Representations Reviewer enforceable against the Asset Representations Reviewer, except as may be limited by insolvency, bankruptcy, reorganization or other laws relating to the enforcement of creditors’ rights or by general equitable principles.

 

(c)                                  No Conflicts and No Violation.  The completion of the transactions  contemplated by this Agreement and the performance of the Asset Representations Reviewer’s obligations under this Agreement will not (i) conflict with, or be a breach or default under, any indenture, loan agreement, guarantee or similar document under which the Asset Representations Reviewer is a debtor or guarantor, (ii) result in the creation or imposition of a Lien on the properties or assets of the Asset Representations Reviewer under the terms of any indenture, loan agreement, guarantee or similar document, (iii) violate the organizational documents of the Asset Representations Reviewer or (iv) violate a law or, to the Asset Representations Reviewer’s knowledge, an order, rule or regulation of a federal or State court, regulatory body, administrative agency or other governmental instrumentality having jurisdiction over the Asset Representations Reviewer or its property that applies to the Asset Representations Reviewer, which, in each case, would reasonably be expected to have a material adverse effect on the Asset Representations Reviewer’s ability to perform its obligations under this Agreement.

 

(d)                                 No Proceedings.  To the Asset Representations Reviewer’s knowledge, there are no proceedings or investigations pending or threatened in writing before a federal or State court, regulatory body, administrative agency or other governmental instrumentality having jurisdiction over the Asset Representations Reviewer or its properties (i) asserting the invalidity of this Agreement, (ii) seeking to prevent the completion of the transactions contemplated by this Agreement or (iii) seeking any determination or ruling that would reasonably be expected to have a material adverse effect on the Asset Representations Reviewer’s ability to perform its obligations under, or the validity or enforceability of, this Agreement.

 

(e)                                  Eligibility.  The Asset Representations Reviewer meets the eligibility requirements in Section 5.01, and will notify the Issuing Entity and the Servicer promptly if it no longer meets, or reasonably expects that it will no longer meet, the eligibility requirements in Section 5.01.

 

Section 4.02                             Fees and Expenses.

 

(a)                                 Annual Fee.  (i) The Issuing Entity will pay the Asset Representations Reviewer as compensation for acting as the Asset Representations Reviewer under this Agreement an annual fee separately agreed to by the Servicer and the Asset Representations Reviewer (the 

 

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“Annual Fee”) pursuant to Section 5.6(b) of the Sale and Servicing Agreement from any amounts available thereunder pursuant to Sections 5.6(b)(i) and (xi). The Annual Fee will be paid as agreed by the Servicer and the Asset Representations Reviewer until repayment in full of the Notes.

 

(ii) If all or a portion of an Annual Fee is not paid to the Asset Representations Reviewer within 90 days of when required under the Basic Documents, then the unpaid portion of such Annual Fee then due and payable and any Unpaid Amounts then due and payable shall be paid on the next Payment Date thereafter by the Servicer.

 

(b)                                 Review Fee.  Following the completion of a Review and the delivery of the related Review Report pursuant to Section 3.04, or the termination of a Review according to Section 3.03(e), and the delivery to the Indenture Trustee and the Servicer of a detailed invoice, the Asset Representations Reviewer will be entitled to a fee of $200.00 for each Review Receivable for which the Review was started (the “Review Fee”).  However, no Review Fee will be charged for any Review Receivable which was included in a prior Review or for which no Tests were completed prior to the Asset Representations Reviewer being notified of a termination of the Review according to Section 3.03(e) or due to missing or insufficient Review Materials under Section 3.02(b).  If the detailed invoice is submitted on or before the first day of a month, the Review Fee will be paid by the Issuing Entity pursuant to Section 5.6(b) of the Sale and Servicing Agreement from any amounts available thereunder pursuant to Sections 5.6(b)(i) and (xi) by or on the next Payment Date, however if all or a portion of such Review Fee that is then due and payable is not paid within 90 days of such Payment Date, then such unpaid Review Fees will be treated as Unpaid Amounts and paid as required under Section 4.02(a)(ii) hereunder on the next Payment Date thereafter.  However, if a Review is terminated according to Section 3.03(e), the Asset Representations Reviewer must submit its invoice to the Indenture Trustee and the Servicer for the Review Fee for the terminated Review no later than ten (10) Business Days before the final Payment Date to be reimbursed on such final Payment Date, and notwithstanding the preceding, the Issuing Entity will pay such amounts pursuant to Section 9.1(b)(iii) of the Sale and Servicing Agreement from any amounts available thereunder by or on final Payment Date, but if for any reason the Issuing Entity does not pay such amounts in full, then any remaining such amounts that are still unpaid will be treated as Unpaid Amounts and paid as required under Section 4.02(a)(ii) hereunder on that final Payment Date.

 

(c)                                  Reimbursement of Travel Expenses.  If the Servicer provides access to the Review Materials at one of its properties, if a detailed invoice is submitted on or before the first day of a month, the Issuing Entity will reimburse the Asset Representations Reviewer for its reasonable travel expenses incurred in connection with the Review pursuant to Section 5.6(b) of the Sale and Servicing Agreement from any amounts available thereunder pursuant to Sections 5.6(b)(i) and (xi) by or on the next Payment Date, however if all or a portion of such travel expenses that are then due and payable are not paid within 90 days of such Payment Date, then such unpaid travel expenses will be treated as Unpaid Amounts and paid as required under Section 4.02(a)(ii) hereunder on the next Payment Date thereafter.

 

(d)                                 Dispute Resolution Expenses.  If the Asset Representations Reviewer participates in a dispute resolution proceeding under Section 3.06 of this Agreement and its reasonable out-of-pocket expenses for participating in the proceeding are not paid by a party to the dispute 

 

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resolution within ninety (90) days after the end of the proceeding, if a detailed invoice is submitted on or before the first day of a month, the Issuing Entity will reimburse the Asset Representations Reviewer for such expenses pursuant to Section 5.6(b) of the Sale and Servicing Agreement from any amounts available thereunder pursuant to Sections 5.6(b)(i) and (xi) by or on the next Payment Date, however if all or a portion of such expenses that are then due and payable are not paid within 90 days of such Payment Date, then such unpaid expenses will be treated as Unpaid Amounts and paid as required under Section 4.02(a)(ii) hereunder on the next Payment Date thereafter.

 

Section 4.03                             Limitation on Liability.

 

The Asset Representations Reviewer will not be liable to any Person for any action taken, or not taken, in good faith under this Agreement or for errors in judgment.  However, the Asset Representations Reviewer will be liable for its willful misconduct, bad faith or negligence in performing its obligations under this Agreement.  In no event will the Asset Representations Reviewer be liable for special, indirect or consequential losses or damages (including lost profit), even if the Asset Representations Reviewer has been advised of the likelihood of the loss or damage and regardless of the form of action.

 

Section 4.04                             Indemnification by Asset Representations Reviewer.

 

The Asset Representations Reviewer will indemnify each of the Issuing Entity, the Depositor, the Servicer, the Administrator, the Trustee and the Indenture Trustee and their respective directors, officers, employees and agents for all fees, expenses, losses, damages and liabilities resulting from (a) the willful misconduct, bad faith or negligence of the Asset Representations Reviewer in performing its obligations under this Agreement and (b) the Asset Representations Reviewer’s breach of any of its representations or warranties in this Agreement.  The Asset Representations Reviewer’s obligations under this Section 4.04 will survive the termination of this Agreement, the termination of the Issuing Entity and the resignation or removal of the Asset Representations Reviewer.

 

Section 4.05                             Indemnification of Asset Representations Reviewer.

 

(a)                                 Indemnification.  The Issuing Entity will indemnify the Asset Representations Reviewer and its officers, directors, employees and agents (each, an “Indemnified Person”), for all costs, expenses, losses, damages and liabilities resulting from the performance of its obligations under this Agreement (including the fees and expenses of defending itself against any loss, damage or liability), but excluding any cost, expense, loss, damage or liability resulting from (i) the Asset Representations Reviewer’s willful misconduct, bad faith or negligence or (ii) the Asset Representations Reviewer’s breach of any of its representations or warranties in this Agreement. If all or a portion of indemnities due to the Asset Representations Reviewer is not paid to the Asset Representations Reviewer within 90 days of when required under the Basic Documents, or if the annual maximum allotted to the Asset Representations Reviewer is exceeded in any calendar year, then the unpaid portion of such indemnities then due and payable shall be paid by CNHICA.

 

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(b)                                 Proceedings.  Promptly on receipt by an Indemnified Person of notice of a Proceeding against it, the Indemnified Person will, if a claim is to be made under Section 4.05(a), notify the Issuing Entity and the Administrator of the Proceeding.  The Issuing Entity and/or the Administrator may participate in and assume the defense and settlement of a Proceeding at its expense.  If the Issuing Entity or the Administrator notifies the Indemnified Person of its intention to assume the defense of the Proceeding with counsel reasonably satisfactory to the Indemnified Person, and so long as the Issuing Entity, the Servicer or the Administrator assumes the defense of the Proceeding in a manner reasonably satisfactory to the Indemnified Person, the Issuing Entity and the Administrator will not be liable for fees and expenses of counsel to the Indemnified Person unless there is a conflict between the interests of the Issuing Entity or the Administrator, as applicable, and an Indemnified Person.  If there is a conflict, the Issuing Entity, the Servicer or the Administrator will pay for the reasonable fees and expenses of separate counsel to the Indemnified Person.  No settlement of a Proceeding may be made without the approval of the Issuing Entity and the Administrator and the Indemnified Person, which approval will not be unreasonably withheld.

 

(c)                                  Survival of Obligations.  The Issuing Entity’s and the Administrator’s obligations under this Section 4.05 will survive the resignation or removal of the Asset Representations Reviewer and the termination of this Agreement.

 

(d)                                 Repayment.  If the Issuing Entity or the Administrator makes any payment under this Section 4.05 and the Indemnified Person later collects any of the amounts for which the payments were made to it from others, the Indemnified Person will promptly repay the amounts to the Issuing Entity or the Administrator, as applicable.

 

Section 4.06                             Inspections of Asset Representations Reviewer.  The Asset Representations Reviewer agrees that, with reasonable advance notice not more than once during any year, it will permit authorized representatives of the Issuing Entity, the Servicer or the Administrator, during the Asset Representations Reviewer’s normal business hours, to examine and review the books of account, records, reports and other documents and materials of the Asset Representations Reviewer relating to (a) the performance of the Asset Representations Reviewer’s obligations under this Agreement, (b) payments of fees and expenses of the Asset Representations Reviewer for its performance and (c) a claim made by the Asset Representations Reviewer under this Agreement.  In addition, the Asset Representations Reviewer will permit the Issuing Entity’s, the Servicer’s or the Administrator’s representatives to make copies and extracts of any of those documents and to discuss them with the Asset Representations Reviewer’s officers and employees.  Each of the Issuing Entity, the Servicer and the Administrator will, and will cause its authorized representatives to, hold in confidence the information except if disclosure may be required by law or if the Issuing Entity, the Servicer or the Administrator reasonably determines that it is required to make the disclosure under this Agreement or the other Basic Documents.  The Asset Representations Reviewer will maintain all relevant books, records, reports and other documents and materials for a period of at least two years after the termination of its obligations under this Agreement.

 

Section 4.07                             Delegation of Obligations.  The Asset Representations Reviewer may not delegate or subcontract its obligations under this Agreement to any Person without the consent of the Issuing Entity and the Servicer.

 

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Section 4.08                             Confidential Information.

 

(a)                                 Treatment.  The Asset Representations Reviewer agrees to hold and treat Confidential Information given to it under this Agreement in confidence and under the terms and conditions of this Section 4.08, and will implement and maintain safeguards to further assure the confidentiality of the Confidential Information.  The Confidential Information will not, without the prior consent of the Issuing Entity and the Servicer, be disclosed or used by the Asset Representations Reviewer, or its officers, directors, employees, agents, representatives or affiliates, including legal counsel (collectively, the “Information Recipients”) other than for the purposes of performing Reviews of Review Receivables or performing its obligations under this Agreement.  The Asset Representations Reviewer agrees that it will not, and will cause its Affiliates to not (i) purchase or sell securities issued by CNH Industrial N.V. or its Affiliates or special purpose entities on the basis of Confidential Information or (ii) use the Confidential Information for the preparation of research reports, newsletters or other publications or similar communications.

 

(b)                                 Definition.  “Confidential Information” means oral, written and electronic materials (irrespective of its source or form of communication) furnished before, on or after the date of this Agreement to the Asset Representations Reviewer for the purposes contemplated by this Agreement, including:

 

(i)             lists of Review Receivables and any related Review Materials;

 

(ii)          origination and servicing guidelines, policies and procedures, and form contracts; and

 

(iii)       notes, analyses, compilations, studies or other documents or records prepared by the Servicer, which contain information supplied by or on behalf of the Servicer or its representatives.

 

However, Confidential Information will not include information that (A) is or becomes generally available to the public other than as a result of disclosure by the Information Recipients, (B) was available to, or becomes available to, the Information Recipients on a non-confidential basis from a Person or entity other than the Issuing Entity or the Servicer before its disclosure to the Information Recipients who, to the knowledge of the Information Recipient is not bound by a confidentiality agreement with the Issuing Entity or the Servicer and is not prohibited from transmitting the information to the Information Recipients, (C) is independently developed by the Information Recipients without the use of the Confidential Information, as shown by the Information Recipients’ files and records or other evidence in the Information Recipients’ possession or (D) the Issuing Entity or the Servicer provides permission to the applicable Information Recipients to release.

 

(c)                                  Protection.  The Asset Representations Reviewer will take reasonable measures to protect the secrecy of and avoid disclosure and unauthorized use of Confidential Information, including those measures that it takes to protect its own confidential information and not less than a reasonable standard of care.  The Asset Representations Reviewer acknowledges that Personally Identifiable Information is also subject to the additional requirements in Section 4.09.

 

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(d)                                 Disclosure.  If the Asset Representations Reviewer is required by applicable law, regulation, rule or order issued by an administrative, governmental, regulatory or judicial authority to disclose part of the Confidential Information, it may disclose the Confidential Information.  However, before a required disclosure, the Asset Representations Reviewer, if permitted by law, regulation, rule or order, will use its reasonable efforts to provide the Issuing Entity and the Servicer with notice of the requirement and will cooperate, at the Servicer’s expense, in the Issuing Entity’s and the Servicer’s pursuit of a proper protective order or other relief for the disclosure of the Confidential Information.  If the Issuing Entity or the Servicer is unable to obtain a protective order or other proper remedy by the date that the information is required to be disclosed, the Asset Representations Reviewer will disclose only that part of the Confidential Information that it is advised by its legal counsel it is legally required to disclose.

 

(e)                                  Responsibility for Information Recipients.  The Asset Representations Reviewer will be responsible for a breach of this Section 4.08 by its Information Recipients.

 

(f)                                   Violation.  The Asset Representations Reviewer agrees that a violation of this Agreement may cause irreparable injury to the Issuing Entity and the Servicer and the Issuing Entity and the Servicer may seek injunctive relief in addition to legal remedies.  If an action is initiated by the Issuing Entity or the Servicer to enforce this Section 4.08, the prevailing party will be reimbursed for its fees and expenses, including reasonable attorney’s fees, incurred for the enforcement.

 

Section 4.09                             Personally Identifiable Information.

 

(a)                                 Definitions.  “Personally Identifiable Information” or “PII” means information in any format about an identifiable individual, including, name, address, phone number, e-mail address, account number(s), identification number(s), any other actual or assigned attribute associated with or identifiable to an individual and any information that when used separately or in combination with other information could identify an individual.  “Issuing Entity PII” means PII furnished by the Issuing Entity, the Servicer or their Affiliates to the Asset Representations Reviewer and PII developed or otherwise collected or acquired by the Asset Representations Reviewer in performing its obligations under this Agreement.

 

(b)                                 Use of Issuing Entity PII.  The Issuing Entity does not grant the Asset Representations Reviewer any rights to Issuing Entity PII except as provided in this Agreement.  The Asset Representations Reviewer will use Issuing Entity PII only to perform its obligations under this Agreement or as specifically directed in writing by the Issuing Entity and will only reproduce Issuing Entity PII to the extent necessary for these purposes.  The Asset Representations Reviewer must comply with all laws applicable to PII, Issuing Entity PII and the Asset Representations Reviewer’s business, including any legally required codes of conduct, including those relating to privacy, security and data protection.  The Asset Representations Reviewer will protect and secure Issuing Entity PII.  The Asset Representations Reviewer will implement privacy or data protection policies and procedures that comply with applicable law and this Agreement.  The Asset Representations Reviewer will implement and maintain reasonable and appropriate practices, procedures and systems, including administrative, technical and physical safeguards to (i) protect the security, confidentiality and integrity of Issuing Entity 

 

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PII, (ii) ensure against anticipated threats or hazards to the security or integrity of Issuing Entity PII, (iii) protect against unauthorized access to or use of Issuing Entity PII and (iv) otherwise comply with its obligations under this Agreement.  These safeguards include a written data security plan, employee training, information access controls, restricted disclosures, systems protections (e.g., intrusion protection, data storage protection and data transmission protection) and physical security measures.

 

(c)                                  Additional Limitations.  In addition to the use and protection requirements described in Section 4.09(b), the Asset Representations Reviewer’s disclosure of Issuing Entity PII is also subject to the following requirements:

 

(i)             The Asset Representations Reviewer will not disclose Issuing Entity PII to its personnel or allow its personnel access to Issuing Entity PII except (A) for the Asset Representations Reviewer personnel who require Issuing Entity PII to perform a Review, (B) with the prior consent of the Issuing Entity or (C) as required by applicable law.  When permitted, the disclosure of or access to Issuing Entity PII will be limited to the specific information necessary for the individual to complete the assigned task.  The Asset Representations Reviewer will inform personnel with access to Issuing Entity PII of the confidentiality requirements in this Agreement and train its personnel with access to Issuing Entity PII on the proper use and protection of Issuing Entity PII.

 

(ii)          The Asset Representations Reviewer will not sell, disclose, provide or exchange Issuing Entity PII with or to any third party without the prior consent of the Issuing Entity.

 

(d)                                 Notice of Breach.  The Asset Representations Reviewer will notify the Issuing Entity promptly in the event of an actual or reasonably suspected security breach, unauthorized access, misappropriation or other compromise of the security, confidentiality or integrity of Issuing Entity PII and, where applicable, immediately take action to prevent any further breach.

 

(e)                                  Return or Disposal of Issuing Entity PII.  Except where return or disposal is prohibited by applicable law, promptly on the earlier of the completion of the Review or the request of the Issuing Entity, all Issuing Entity PII in any medium in the Asset Representations Reviewer’s possession or under its control will be (i) destroyed in a manner that prevents its recovery or restoration or (ii) if so directed by the Issuing Entity, returned to the Issuing Entity without the Asset Representations Reviewer retaining any actual or recoverable copies, in both cases, without charge to the Issuing Entity.  Where the Asset Representations Reviewer retains Issuing Entity PII, the Asset Representations Reviewer will limit the Asset Representations Reviewer’s further use or disclosure of Issuing Entity PII to that required by applicable law.

 

(f)                                   Compliance; Modification.  The Asset Representations Reviewer will cooperate with and provide information to the Issuing Entity regarding the Asset Representations Reviewer’s compliance with this Section 4.09.  The Asset Representations Reviewer and the Issuing Entity agree to modify this Section 4.09 as necessary for either party to comply with applicable law.

 

(g)                                  Audit of Asset Representations Reviewer.  The Asset Representations Reviewer will permit the Issuing Entity and its authorized representatives to audit the Asset 

 

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Representations Reviewer’s compliance with this Section 4.09 during the Asset Representations Reviewer’s normal business hours on reasonable advance notice to the Asset Representations Reviewer, and not more than once during any year unless circumstances necessitate additional audits.  The Issuing Entity agrees to make reasonable efforts to schedule any audit described in this Section 4.09 with the inspections described in Section 4.06.  The Asset Representations Reviewer will also permit the Issuing Entity during normal business hours on reasonable advance written notice to audit any service providers used by the Asset Representations Reviewer to fulfill the Asset Representations Reviewer’s obligations under this Agreement.

 

(h)                                 Affiliates and Third Parties.  If the Asset Representations Reviewer processes the PII of the Issuing Entity’s Affiliates or a third party when performing a Review, and if such Affiliate or third party is identified to the Asset Representations Reviewer, such Affiliate or third party is an intended third-party beneficiary of this Section 4.09, and this Agreement is intended to benefit the Affiliate or third party.  The Affiliate or third party may enforce the PII related terms of this Section 4.09 against the Asset Representations Reviewer as if each were a signatory to this Agreement.

 

ARTICLE V.

 

REMOVAL, RESIGNATION

 

Section 5.01                             Eligibility of the Asset Representations Reviewer.

 

The Asset Representations Reviewer must be a Person who (a) is not Affiliated with the Sponsor, the Depositor, the Servicer, the Indenture Trustee, the Trustee or any of their Affiliates and (b) was not, and is not Affiliated with a Person that was, engaged by the Sponsor or any underwriter to perform any due diligence on the Receivables prior to the Closing Date.

 

Section 5.02                             Resignation and Removal of Asset Representations Reviewer.

 

(a)                                 No Resignation.  The Asset Representations Reviewer will not resign as Asset Representations Reviewer unless it determines it is legally unable to perform its obligations under this Agreement and there is no reasonable action that it could take to make the performance of its obligations under this Agreement permitted under applicable law.  In such event, the Asset Representations Reviewer will deliver a notice of its resignation to the Issuing Entity and the Servicer, together with an Opinion of Counsel supporting its determination.

 

(b)                                 Removal.  If any of the following events occur, the Issuing Entity, by notice to the Asset Representations Reviewer, may remove the Asset Representations Reviewer and terminate its rights and obligations under this Agreement:

 

(i)             the Asset Representations Reviewer no longer meets the eligibility requirements in Section 5.01;

 

(ii)          the Asset Representations Reviewer breaches of any of its representations, warranties, covenants or obligations in this Agreement; or

 

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(iii)       an Insolvency Event of the Asset Representations Reviewer occurs.

 

(c)                                  Notice of Resignation or Removal.  The Issuing Entity will notify the Servicer, the Trustee and the Indenture Trustee of any resignation or removal of the Asset Representations Reviewer.

 

(d)                                 Continue to Perform After Resignation or Removal.  No resignation or removal of the Asset Representations Reviewer will be effective, and the Asset Representations Reviewer will continue to perform its obligations under this Agreement, until a successor Asset Representations Reviewer has accepted its engagement according to Section 5.03(b).

 

Section 5.03                             Successor Asset Representations Reviewer .

 

(a)                                 Engagement of Successor Asset Representations Reviewer.  Following the resignation or removal of the Asset Representations Reviewer, the Issuing Entity will engage a successor Asset Representations Reviewer who meets the eligibility requirements of Section 5.01.

 

(b)                                 Effectiveness of Resignation or Removal.  No resignation or removal of the Asset Representations Reviewer will be effective until the successor Asset Representations Reviewer has executed and delivered to the Issuing Entity and the Servicer an agreement accepting its engagement and agreeing to perform the obligations of the Asset Representations Reviewer under this Agreement or entering into a new agreement with the Issuing Entity on substantially the same terms as this Agreement.

 

(c)                                  Transition and Expenses.  If the Asset Representations Reviewer resigns or is removed, the Asset Representations Reviewer will cooperate with the Issuing Entity and the Servicer and take all actions reasonably requested to assist the Issuing Entity in making an orderly transition of the Asset Representations Reviewer’s rights and obligations under this Agreement to the successor Asset Representations Reviewer.  The Asset Representations Reviewer will pay the reasonable expenses of transitioning the Asset Representations Reviewer’s obligations under this Agreement and preparing the successor Asset Representations Reviewer to take on the obligations on receipt of an invoice with reasonable detail of the expenses from the Issuing Entity and the Servicer or the successor Asset Representations Reviewer.

 

Section 5.04                             Merger, Consolidation or Succession.  Any Person (a) into which the Asset Representations Reviewer is merged or consolidated, (b) resulting from any merger or consolidation to which the Asset Representations Reviewer is a party or (c) succeeding to the business of the Asset Representations Reviewer, if that Person meets the eligibility requirements in Section 5.01, will be the successor to the Asset Representations Reviewer under this Agreement.  Such Person will execute and deliver to the Issuing Entity, the Servicer and the Administrator an agreement to assume the Asset Representations Reviewer’s obligations under this Agreement (unless the assumption happens by operation of law).

 

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ARTICLE VI.

 

OTHER AGREEMENTS

 

Section 6.01                             Independence of the Asset Representations Reviewer.

 

The Asset Representations Reviewer will be an independent contractor and will not be subject to the supervision of the Issuing Entity for the manner in which it accomplishes the performance of its obligations under this Agreement.  Unless expressly authorized by the Issuing Entity, the Asset Representations Reviewer will have no authority to act for or represent the Issuing Entity and will not be considered an agent of the Issuing Entity.  Nothing in this Agreement will make the Asset Representations Reviewer and the Issuing Entity members of any partnership, joint venture or other separate entity or impose any liability as such on any of them.

 

Section 6.02                             No Petition.

 

Each of the parties agrees that, before the date that is one year and one day (or, if longer, any applicable preference period) after payment in full of all securities issued by the Depositor, the Issuing Entity or by a trust for which the Depositor was a depositor, it will not start or pursue against, or join any other Person in starting or pursuing against the Depositor or the Issuing Entity, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings or other proceedings under any bankruptcy or similar law.  This Section 6.02 will survive the termination of this Agreement.

 

Section 6.03                             Limitation of Liability of Trustee .

 

It is expressly understood and agreed by the parties hereto that (a) this Agreement is executed and delivered by Wilmington Trust Company (“WTC”), not individually or personally but solely as Trustee of the Trust, in the exercise of the powers and authority conferred and vested in it, (b) each of the representations, undertakings and agreements herein made on the part of the Trust is made and intended not as personal representations, undertakings and agreements by WTC but is made and intended for the purpose of binding only the Trust, (c) nothing herein contained shall be construed as creating any liability on WTC, individually or personally, to perform any covenant either expressed or implied contained herein of the Trust, all such liability, if any, being expressly waived by the parties hereto and by any Person claiming by, through or under the parties hereto, (d) WTC has not verified and has made no investigation as to the accuracy or completeness of any representations and warranties made by the Trust in this Agreement and (e) under no circumstances shall WTC be personally liable for the payment of any indebtedness or expenses of the Trust or be liable for the breach or failure of any obligation, representation, warranty or covenant made or undertaken by the Trust under this Agreement or any other related documents.

 

Section 6.04                             Termination of Agreement.

 

This Agreement will terminate, except for the obligations under Section 4.04, on the earlier of (a) the payment in full of all outstanding Notes and the satisfaction and discharge of the Indenture and (b) the date the Issuing Entity is terminated under the Trust Agreement.

 

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ARTICLE VII.

 

MISCELLANEOUS PROVISIONS

 

Section 7.01                             Amendments.

 

(a)                                 The parties may amend this Agreement:

 

(i)             to clarify an ambiguity, correct an error or correct or supplement any term of this Agreement that may be defective or inconsistent with the other terms of this Agreement or to provide for, or facilitate the acceptance of this Agreement by, a successor Asset Representations Reviewer, in each case without the consent of the Noteholders or any other Person;

 

(ii)          to add, change or eliminate terms of this Agreement, in each case without the consent of the Noteholders or any other Person, if (A) the Administrator delivers an Officer’s Certificate to the Issuing Entity, the Trustee and the Indenture Trustee stating that the amendment will not have a material adverse effect on the Noteholders or (B) the Rating Agency Condition is satisfied; or

 

(iii)       to add, change or eliminate terms of this Agreement for which an Officer’s Certificate is not or cannot be delivered, or the Rating Agency Condition has not been satisfied, under Section 7.01(a)(ii), with the consent of Noteholders holding Notes evidencing not less than a majority of the Note Balance.

 

Section 7.02                             Assignment; Benefit of Agreement; Third Party Beneficiaries.

 

(a)                                 Assignment.  Except as stated in Section 5.04, this Agreement may not be assigned by the Asset Representations Reviewer without the consent of the Issuing Entity and the Servicer.

 

(b)                                 Benefit of Agreement; Third-Party Beneficiaries.  This Agreement is for the benefit of and will be binding on the parties and their permitted successors and assigns.  The Trustee and the Indenture Trustee, for the benefit of the Noteholders, will be third-party beneficiaries of this Agreement and may enforce this Agreement against the Asset Representations Reviewer and the Servicer.  No other Person will have any right or obligation under this Agreement.

 

Section 7.03                             Notices.

 

(a)                                 Notices to Parties.  All notices, requests, demands, consents, waivers or other communications to or from the parties must be in writing and will be considered given:

 

(i)             for overnight mail, on delivery or, for registered first class mail, postage prepaid, three (3) days after deposit in the mail;

 

(ii)          for a fax, when receipt is confirmed by telephone, reply email or reply fax from the recipient;

 

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(iii)       for an email, when receipt is confirmed by telephone or reply email from the recipient; and

 

(iv)      for an electronic posting to a password-protected website to which the recipient has access, on delivery of an email (without the requirement of confirmation of receipt) stating that the electronic posting has occurred.

 

(b)                                 Notice Addresses.  Any notice, request, demand, consent, waiver or other communication will be addressed as stated in the Sale and Servicing Agreement or the Administration Agreement, as applicable, or to another address as a party may give by notice to the other parties.

 

Section 7.04                             GOVERNING LAW.  THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

 

Section 7.05                             WAIVER OF JURY TRIAL.  EACH PARTY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, THE RIGHT TO TRIAL BY JURY IN LEGAL PROCEEDING RELATING TO THIS AGREEMENT.

 

Section 7.06                             No Waiver; Remedies.  No party’s failure or delay in exercising a power, right or remedy under this Agreement will operate as a waiver.  No single or partial exercise of a power, right or remedy will preclude any other or further exercise of the power, right or remedy or the exercise of any other power, right or remedy.  The powers, rights and remedies under this Agreement are in addition to any powers, rights and remedies under law.

 

Section 7.07                             Severability.  If a part of this Agreement is held invalid, illegal or unenforceable, then it will be deemed severable from the remaining Agreement and will not affect the validity, legality or enforceability of the remaining Agreement.

 

Section 7.08                             Headings.  The headings in this Agreement are included for convenience and will not affect the meaning or interpretation of this Agreement.

 

Section 7.09                             Counterparts.  This Agreement may be executed in multiple counterparts. Each counterpart will be an original and all counterparts will together be one document.

 

Section 7.10                             Electronic Signatures.  Any signature (including any electronic symbol or process attached to, or associated with, a contract or other record and adopted by a Person with the intent to sign, authenticate or accept such contract or record) hereto or to any other certificate, agreement or document related to this transaction, and any contract formation or record-keeping through electronic means shall have the same legal validity and enforceability as a manually executed signature or use of a paper-based recordkeeping system to the fullest extent permitted by applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any similar state law based on the Uniform Electronic Transactions Act, and the parties hereby waive any objection to the contrary.

 

[Remainder of Page Left Blank]

 

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IN WITNESS WHEREOF, the Issuing Entity, the Servicer, the Administrator and the Asset Representations Reviewer have caused their names to be signed hereto by their respective officers thereunto duly authorized as of the date first above written.

 

	
 
    	
CNH   EQUIPMENT TRUST 2019-A, as Issuing Entity
    
	
 
    	
 
    
	
 
    	
By:
    	
Wilmington   Trust Company, not in its individual capacity, but solely as Trustee
    
	
 
    	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
	
 
    	
 
    
	
 
    	
NEW   HOLLAND CREDIT COMPANY, LLC,
    
	
 
    	
as Servicer and Administrator
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:Christopher   Morris
    
	
 
    	
 
    	
Title:Assistant   Treasurer
    
	
 
    	
 
    
	
 
    	
CLAYTON   FIXED INCOME SERVICES LLC,
    
	
 
    	
as Asset Representations Reviewer
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    

 

[Signature Page to Asset Representations Review Agreement]

 

 

Schedule A

 

Review Materials

 

Contract

 

Receivable File

 

List of Approved Contract Forms

 

CNH Computer System Information

 

UCC Legal Opinion

 

Fee Matrix

 

 

Schedule B

 

Representations and Warranties and Tests

 

Representation

 

(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.

 

Documents

 

Contract

 

Receivable File

 

List of Approved Contract Forms

 

Procedures to be Performed

 

A)           Origination of Each Receivable

 

i)                 Confirm the Seller/Dealer/Lender (“Seller”) address on the Contract is located within the United States

 

ii)              Confirm that the Buyer, Co-buyer (if applicable) and Seller (if applicable) have signed the Contract(1)

 

(1)  For any Contract with the heading “Note and Security Agreement” a Seller signature is not required for all purposes herein.

 

Schedule B-1

 

iii)           Confirm that CNH, or an acceptable variation of the name, is listed as the assignee within the Assignment section of the Contract(2)

 

B)           (i) Contract Form:  Observe the Contract and confirm the form number on the Contract are on the List of Approved Contract Forms.

 

ii)              State Specific Contract Form: Observe the state of the Seller on the Contract, if the Seller lists an address in Alaska, Arkansas, Delaware, North Carolina, Virginia, Maryland, Montana, Connecticut, Vermont, Louisiana or Mississippi, confirm the form number on the Contract is on the List of Approved Contract Forms, for the corresponding state.

 

C)           Address:  Observe the address of the Customer on the Contract and confirm it is in the United States.

 

D)           Confirm CNHICA name on contract as originator.(3)

 

E)            Observe the Obligor names(s) on the Contract, taking into account any Amendments, and confirm it/they match(es) the name(s) on the UCC.

 

F)             Fixed and Fully Amortizing Payments

 

i)                 Confirm that the Contract requires a fixed payment amount that is due at identified  intervals

 

ii)              Confirm that the number and amount of payments fully amortize the Amount Financed by maturity and pay finance charges at the Annual Percentage Rate

 

iii)           For any Contract with the heading Note and Security Agreement, skip procedure F) ii) and instead confirm that the total of all payments is accurate based on the Amount Financed and the stated interest rate(s).

 

G)           Confirm there is evidence in the Receivables File of (A) a UCC filed within 20 days of the date of the Contract or (B) a UCC and a search to reflect evidencing such UCC and no prior competing lien; in each case identifying the correct Financed Equipment as collateral, the correct Obligor as debtor and filed in the state matching: (x) if the Obligor is an individual, the Obligor’s address on the face of the contract, or (y) if the Obligor is a corporate entity, the jurisdiction of formation of the Obligor.

 

H)          If F & G and A & B or C, D & E are confirmed, then Test Pass.

 

Representation

 

(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

 

(2)  CNH Capital America LLC is a former name and is acceptable for all purposes herein.

(3)  CNH Capital America LLC is a former name and is acceptable for all purposes herein.

 

Schedule B-2

 

consumer credit laws and equal credit opportunity and disclosure laws, in each case, to the extent applicable.

 

Documents

 

Contract

 

List of Approved Contract Forms

 

Fee Matrix

 

Procedures to be Performed

 

i)                                         Contract Form:            Observe the form number on the Contract and confirm that the number appearing on the Contract matches a number appearing on the List of Approved Contract Forms.

 

ii)                                      State Specific Contract Form: Observe the state of the Seller on the Contract, if the Seller lists an address in Alaska, Arkansas, Delaware, North Carolina, Virginia, Maryland, Montana, Connecticut, Vermont, Louisiana or Mississippi, confirm the form number on the Contract is on the List of Approved Contract Forms, for the corresponding state.

 

iii)                                   Buyer Signature: Confirm the presence of a handwritten signature for buyer/debtor (“Buyer”).

 

iv)                                  Completion of Contract Form:                          Observe the sections of the Contract called Statement of Transaction, the Buyer and Seller, and Equipment, confirming that all printed sections are legible and that there are no blank spaces.

 

v)                                     Completion of Contract Form:                          Observe the section of the Contract called Statement of Transaction, confirm each line has a dollar amount, a percentage or provides “N/A”.

 

vi)                                  Amount Financed:  Confirm that the total of all payments is accurate based on the Amount Financed and the stated Interest Rates.

 

vii)                               Fees: Observe the fees listed in the Contract and confirm any fees assessed do not conflict with the maximum fees allowed in the Fee Matrix.

 

vii)                               Assignment:  Observe the Contract, confirm the signature of the Seller (if applicable) on the Contract.  If all of above are confirmed, it will pass the test.(4)

 

Representation

 

(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.

 

(4)  For any Contract with the heading “Note and Security Agreement” a Seller signature is not required for all purposes herein.

 

Schedule B-3

 

Documents

 

Contract

 

List of Approved Contract Forms

 

Procedures to be Performed

 

i)                 Review the Contract form number and confirm it is on the List of Approved Contract Forms

 

ii)              State Specific Contract Form: Observe the state of the Seller on the Contract, if the Seller lists an address in Alaska, Arkansas, Delaware, North Carolina, Virginia, Maryland, Montana, Connecticut, Vermont, Louisiana or Mississippi, confirm the form number on the Contract is on the List of Approved Contract Forms, for the corresponding state.

 

iii)           Confirm the Buyer and Co-buyer (if applicable) signed the Contract

 

iv)          If (i) and (ii) are confirmed, then Test Pass

 

Representation

 

(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.

 

Documents

 

Contract

 

Receivable File

 

Procedures to be Performed

 

i)                 Review the Buyer section on the Contract and in any amendments and confirm a person’s or business’ name is reported

 

ii)              If the Buyer section on the Contract does not report a person’s or business’ name, confirm the buyer is not the USA or a state and then confirm internet search results to not indicate the buyer to be a government agency, department or instrumentality

 

iii)           If (i) or (ii) are confirmed, then Test Pass

 

Schedule B-4

 

Representation

 

(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.

 

Documents

 

Contract

 

Receivable File

 

Procedures to be Performed

 

Confirm there is evidence in the Receivables File of (A) a UCC filed within 20 days of the date of the Contract or (B) a UCC and a search to reflect evidencing such UCC and no prior competing lien; in each case identifying the correct Financed Equipment as collateral, the correct Obligor as debtor and filed in the state matching: (x) if the Obligor is an individual, the Obligor’s address on the face of the contract, or (y) if the Obligor is a corporate entity, the jurisdiction of formation of the Obligor.

 

Representation

 

(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

 

Documents

 

Receivable File

 

CNH Computer System Information

 

Contract

 

Schedule B-5

 

Procedures to be Performed

 

i)                 Review the Receivable File and CNH’s computer system information and confirm there is no evidence the Receivable was subordinated or rescinded as of the Closing Date

 

ii)              Review the Receivable File and/or CNH’s computer system information and confirm the Receivable was an active account as of the Closing date

 

Representation

 

(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.

 

Documents

 

Receivable File

 

CNH Computer System Information

 

Contract

 

Procedures to be Performed

 

i)                 Review the Receivable File and CNH’s computer system information and confirm there was no indication the terms of the Receivable had been waived, altered or modified between the date of  origination and the Closing Date, except by instruments or documents identified in the Receivable File

 

ii)              Confirm that all amendments, waivers, alterations, or modifications to a Contract are reviewed in connection with each of the other representations set forth herein when such related test requires reviewing the Contract or the Receivables File.

 

Representation

 

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

 

Schedule B-6

 

Documents

 

CNH Computer System Information

 

Receivable File

 

Procedures to be Performed

 

i)                 Review the Receivable File and CNH computer system and confirm there was no indication as of the Closing Date  that the Receivable was subject to rescission, setoff, counterclaim or defense

 

Representation

 

(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.

 

Documents

 

CNH Computer System Information

 

Receivable File

 

Procedures to be Performed

 

Confirm there is evidence in the Receivables File of (A) a UCC filed within 20 days of the date of the Contract or (B) a UCC and a search to reflect evidencing such UCC and no prior competing lien; in each case identifying the correct Financed Equipment as collateral, the correct Obligor as debtor and filed in the state matching: (x) if the Obligor is an individual, the Obligor’s address on the face of the contract, or (y) if the Obligor is a corporate entity, the jurisdiction of formation of the Obligor.

 

Representation

 

(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 

 

Schedule B-7

 

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.

 

Documents

 

Receivable File

 

CNH Computer System Information

 

Procedures to be Performed

 

i)                 Review the Receivable File and CNH’s computer system and confirm there was no indication as of the Closing Date that the Receivable (i) was non performing or (ii) more than 90 days past due, or (iii) was in default, breach, violation or event permitting acceleration under the terms of such Receivable.

 

Representation

 

(xii)                           Title.  Immediately prior to the transfers and assignments contemplated herein, CNHICA had good title to each Receivable, free and clear of all Liens.

 

Documents

 

Contract

 

Receivable File

 

Procedures to be Performed

 

i)                                         Confirm there is a Contract signed by the Seller (if applicable).(5)

 

ii)                                      Confirm CNHICA is listed as the assignee or originator

 

iii)                                   Confirm there is evidence in the Receivables File of (A) a UCC filed within 20 days of the date of the Contract or (B) a UCC and a search to reflect evidencing 

 

(5)  For any Contract with the heading “Note and Security Agreement” a Seller signature is not required for all purposes herein.

 

Schedule B-8

 

such UCC and no prior competing lien; in each case identifying the correct Financed Equipment as collateral, the correct Obligor as debtor and filed in the state matching: (x) if the Obligor is an individual, the Obligor’s address on the face of  the contract, or (y) if the Obligor is a corporate entity, the jurisdiction of formation of the Obligor.

 

iv)                                  Observe the Contract and confirm the form number on the Contract are on the List of Approved Contract Forms.

 

v)                                     State Specific Contract Form: Observe the state of the Seller on the Contract, if the Seller lists an address in Alaska, Arkansas, Delaware, North Carolina, Virginia, Maryland, Montana, Connecticut, Vermont, Louisiana or Mississippi, confirm the form number on the Contract is on the List of Approved Contract Forms, for the corresponding state.

 

Representation

 

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

 

Documents

 

Contract

 

Receivable File

 

Procedures to be Performed

 

i)                 Observe the Contract and confirm that Obligor and Seller (if applicable)(6) have signed the Contract

 

ii)              Review CNH’s computer system to observe the unique account number associated with the Receivable and any associated pool tag.

 

iii)           Observe Contract to confirm not marked “duplicate.”

 

Representation

 

(xvi)                       Maturity of Receivables.  Each Receivable has a remaining term to maturity of not more than 84 months;

 

(6)  For any Contract with the heading “Note and Security Agreement” a Seller signature is not required for all purposes herein.

 

Schedule B-9

 

Documents

 

CNH Computer System Information

 

Contract

 

Procedures to be Performed

 

(i) Review the Contract and CNH’s Computer System Information and confirm the maturity date is no later than December 14, 2025.

 

Representation

 

(xvii)                    Scheduled Payments.  No Receivable has a final scheduled payment date later than six months preceding the Final Scheduled Maturity Date.

 

Documents

 

Contract

 

Procedures to be Performed

 

i)                                         Observe final payment date on the face of contract to confirm such payment is due on or before December 14, 2025.

 

Representation

 

(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.

 

Documents

 

Contract

 

Schedule B-10

 

Procedures to be Performed

 

i)                 Contract Form:  Observe the Contract and confirm the form number on the Contract is on the List of Approved Contract Forms.

 

ii)              State Specific Contract Form: Observe the state of the Seller on the Contract, if the Seller lists an address in Alaska, Arkansas, Delaware, North Carolina, Virginia, Maryland, Montana, Connecticut, Vermont, Louisiana or Mississippi, confirm the form number on the Contract is on the List of Approved Contract Forms, for the corresponding state.

 

Representation

 

(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.

 

Documents

 

Receivable File

 

CNH Computer System Information

 

Procedures to be Performed

 

i)                 Review the Receivable File and CNH’s Computer System Information and confirm the Obligor is not noted as the subject of a bankruptcy proceeding as of the Cut-off Date

 

Representation

 

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

 

Documents

 

Receivable File

 

CNH Computer System Information

 

Schedule B-11

 

Procedures to be Performed

 

i)                 Review the Receivable File and CNH’s Computer System Information and confirm the Financed Equipment was not marked or noted as repossessed as of the Closing Date

 

Representation

 

(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.

 

Documents

 

Contract

 

UCC Legal Opinion

 

Procedures to be Performed

 

i)                 Contract Form:  Observe the Contract and confirm the form number on the Contract is on the List of Approved Contract Forms.

 

ii)              State Specific Contract Form: Observe the state of the Seller on the Contract, if the Seller lists an address in Alaska, Arkansas, Delaware, North Carolina, Virginia, Maryland, Montana, Connecticut, Vermont, Louisiana or Mississippi, confirm the form number on the Contract is on the List of Approved Contract Forms, for the corresponding state.

 

iii)           Contract Signed:  Observe the Contract and confirm signatures are present for the Seller (if applicable)(7) and Obligor.

 

iv)          Confirm UCC legal opinion delivered and dated as of the Closing Date and the opinion should opine that the Receivables are “Chattel Paper”

 

Representation

 

(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.

 

(7)  For any Contract with the heading “Note and Security Agreement” a Seller signature is not required for all purposes herein.

 

Schedule B-12

 

Documents

 

Contract

 

Procedures to be Performed

 

i)                 Confirm the Buyer’s address on the Contract is located within the United States of America

 

ii)              Contract Form:  Observe the Contract and confirm the form number on the Contract is on the List of Approved Contract Forms.

 

iii)           State Specific Contract Form: Observe the state of the Seller on the Contract, if the Seller lists an address in Alaska, Arkansas, Delaware, North Carolina, Virginia, Maryland, Montana, Connecticut, Vermont, Louisiana or Mississippi, confirm the form number on the Contract is on the List of Approved Contract Forms, for the corresponding state.

 

Representation

 

(xxvi)               Perfection Representations.  CNHICA has taken all steps necessary to perfect its security interest against the Obligor in the Financed Equipment securing the Receivables.  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.

 

Procedures to be Performed

 

i)      Confirm there is a contract signed by the Seller (if applicable).(8)

 

ii)     Confirm there is evidence in the Receivables File of (A) a UCC filed within 20 days of the date of the Contract or (B) a UCC and a search to reflect evidencing such UCC and no prior competing lien; in each case identifying the correct Financed Equipment as collateral, the correct Obligor as debtor and filed in the state matching: (x) if the Obligor is an individual, the Obligor’s address on the face of the contract, or (y) if the Obligor is a corporate entity, the jurisdiction of formation of the Obligor.

 

(8)  For any Contract with the heading “Note and Security Agreement” a Seller signature is not required for all purposes herein.

 

Schedule B-13

 

Representation

 

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

 

Documents

 

Contract

 

Procedures to be Performed

 

i)     Contract Form:  Observe the Contract and confirm the form number on the Contract is on the List of Approved Contract Forms.

 

ii)     State Specific Contract Form: Observe the state of the Seller on the Contract, if the Seller lists an address in Alaska, Arkansas, Delaware, North Carolina, Virginia, Maryland, Montana, Connecticut, Vermont, Louisiana or Mississippi, confirm the form number on the Contract is on the List of Approved Contract Forms, for the corresponding state.

 

Schedule B-14

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