Document:

EXECUTION
COPY

Exhibit
10.1

STANDSTILL AND SUPPORT AGREEMENT

This Standstill and Support Agreement (this “Agreement”),
dated as of October 20, 2006 by
and between Dendrite International, Inc., a New Jersey Corporation (the “Company”)
and MMI Investments, L.P., a Delaware Limited Partnership (“MMI”).

RECITALS

WHEREAS, as of the date of this Agreement, MMI
Beneficially owns (as defined below) approximately 13.7% of the outstanding
shares of common stock, no par value per share (the “Common Shares”), of
the Company;

WHEREAS, the parties hereto desire to set forth their
agreement concerning the matters herein;

NOW, THEREFORE, in consideration of the agreements,
rights, obligations and covenants contained herein and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged,
the parties hereto agree as follows:

ARTICLE
I

Definitions

1.1.          Definitions. 
The following terms, as used herein, have the following meanings:

“Affiliate” means with respect to any Person, a
Person that directly or indirectly through one or more intermediaries,
controls, is controlled by, or is under common control with such Person or
group of Persons.

“Beneficially own” has the meaning set forth in
Rule 13d- 3 under the Exchange Act.

“Claim” means any action, claim, complaint,
cause of action, debt, demand or suit.

“Control” (including its correlative meanings, “controlled
by” and “under common control with”) means the possession, directly or
indirectly, of the power to direct or cause the direction of management or
policies (whether through ownership of securities or partnership or other ownership
interests, by contract or otherwise).

“Effective Date” means the date of this
Agreement.

“Exchange Act” means the Securities Exchange
Act of 1934, as amended, and the rules and regulations promulgated thereunder.

“Person” means an individual, corporation,
partnership, limited liability company, association, trust and any other entity
or organization, including a government or political subdivision or any agency
or instrumentality thereof.

 

 

 “Securities
Act” means the Securities Act of 1933, as amended, and the rules and regulations
promulgated thereunder.

“Standstill Period” shall mean the period
beginning on the Effective Date and ending on the earlier of (a) the fourth
anniversary of the Effective Date or (b) three months following the date on
which the MMI Director resigns or otherwise ceases to serve as a Director of
the Company, except when such a resignation or termination of service is
pursuant to Section 4.2 (subject to the last sentence of Section 4.2) or
Section 4.5 (subject to the penultimate sentence of Section 4.5).

“Voting Securities” means, with respect to any
Person, any security entitled to vote for the election of directors (or other
similar body) of such Person.

ARTICLE II

Representations and
Warranties of MMI

2.1.          MMI represents and warrants to the Company the following:

(a)           MMI and its Affiliates are the holders of 5,992,312 Common Shares, and have
full voting and investment power with respect to such shares; and

(b)           Prior to the Effective Date and except to the extent
disclosed in its filings on Schedule 13D, MMI did not form and was not a member
of a “group” (as that term is given meaning in Section 13(d)3 of the Exchange
Act) with respect to the Common Shares and did not otherwise act in concert
with any other Person in respect of the Common Shares.

ARTICLE
III

Standstill
Arrangements

3.1.          Prohibited Actions. 
During the Standstill Period, MMI will not, and MMI will cause its
Affiliates not to:

(a)           (i) other than as contemplated in this Agreement, solicit
proxies for the voting of any Voting Securities of the Company or otherwise
become a “participant,” directly or indirectly, in any “solicitation” of “proxies”
to vote, or become a “participant” in any “election contest” (as such terms are
used in Regulations 14A and 14B under the Exchange Act) involving the Company
or its securities, (ii) call or seek to call, directly or indirectly, any
special meeting of shareholders of the Company for any reason whatsoever, (iii)
execute any written consent in lieu of a meeting of shareholders except a
written consent solicited by or on behalf of the board of directors of the
Company (the “Board”);

(b)           form, join, or in any way participate, in a “group” (as that
term is given meaning in Section 13(d)3 of the Exchange Act) with respect to
the Common Shares or otherwise act in concert with any Person in respect of the
Common Shares, except as required to comply with this Agreement or as
previously disclosed in MMI’s filings on Schedule 13D;

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(c)           deposit any Voting Securities of the Company in a voting
trust or, other than as set forth in Section 5.1 of this Agreement, subject any
such Voting Securities to any arrangement or agreement with respect to the
voting of such Voting Securities;

(d)           other than as a Director of the Company pursuant to
non-public communications with Directors or officers of the Company, seek any
change in the composition of the Board or management of the Company, including
any plans or proposals to change the number or term of directors or to fill any
vacancies on the Board or to nominate any person to serve on the Board, in each
case other than as specified in this Agreement;

(e)           submit any proposal for consideration by the shareholders
of the Company at any shareholder meeting without the prior written consent of
the Board;

(f)            (i) make any statement (to any third party or by public
announcement) relating to the willingness of MMI or any of its Affiliates to
pursue any action prohibited by this Agreement, (ii) make any statement (to any
third party or by public announcement) relating to any of the matters covered
by this Agreement without the prior written consent of the Company (which will
not be unreasonably withheld), or (iii) (A) disparage or criticize the Company
or its Affiliates, or their respective current or former officers, directors or
employees, to competitors, current employees, vendors, customers or any other
Person (except in non-public communications to Directors or officers of the
Company), or (B) make or solicit any comments, statements or the like to the
media or to others (except in non-public communications to Directors or
officers of the Company) that may be considered derogatory or detrimental to
the good name or business reputation of the Company; provided, however,
that the foregoing subparagraphs (i), (ii) and (iii) do not limit MMI from
responding to legal process or governmental inquiry or otherwise complying with
applicable laws or regulations;

(g)           other than as a Director of the Company pursuant to
communications with Directors or officers of the Company, seek to change (i)
the material business policies of the Company, (ii) the capitalization or
dividend policies of the Company or (iii) any charter or by-laws or other
organizational documents of the Company;

(h)           institute, prosecute or pursue against the Company (or any
of its officers, Directors, representatives, trustees, employees, attorneys,
advisors, agents, Affiliates or associates) (a) any Claim with respect to any
action approved by a majority of the Directors that is only properly assertable
derivatively in the right of the Company or (b) any Claim on behalf of a class
of the Company’s security holders; provided, however, that the foregoing
does not limit the Company or MMI from enforcing this Agreement or from
pursuing Claims not relating to or arising under this Agreement; or

(i)            other than as a Director of the Company pursuant to
non-public communications with Directors or officers of the Company, initiate,
advise, solicit, assist, facilitate, finance, or encourage or otherwise
participate in the taking of any of the foregoing actions by any other Person;

Notwithstanding anything to the contrary above,
nothing in this Section 3.1 shall require MMI or its Affiliates, including the
MMI Director, to breach any applicable law, or require the

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MMI Director, in his capacity as a director, to act in
a manner which the MMI Director, in good faith and following consultation with
outside counsel, determines is inconsistent with his fiduciary duties as a
Director of the Company.

3.2.          During the Standstill Period, the Company will not, and the
Company will cause its Affiliates not to (A) disparage or criticize MMI or its
Affiliates, or their respective current or former officers, directors or
employees, to competitors, current employees, vendors, customers or any other
Person (except in non-public communications to Directors or officers of the
Company or MMI), or (B) make or solicit any comments, statements or the like to
the media or to others (except in non-public communications to Directors or
officers of the Company or MMI) that may be considered derogatory or
detrimental to the good name or business reputation of MMI.

ARTICLE
IV

The
Board of Directors and Committees

4.1.          Election of MMI Director.  Promptly after the date hereof, the Company
shall cause (A) the total number of members of the Board to be increased by one
member over the number authorized as of the date of such notice, and (B) the
vacancy so created to be filled with one individual designated by MMI and
approved by a majority of the Directors, which approval may not be unreasonably
withheld (the “MMI Director”). 
The initial MMI Director shall be Clay Lifflander.  Thereafter, with respect to each annual meeting
of shareholders of the Company until the earlier of (i) the expiration of the
Standstill Period, and (ii) the date on which MMI Beneficially owns less than
ten percent (10%) of the outstanding Common Shares (the “Specified Equity
Percentage”), unless the MMI Director resigns or is removed pursuant to
Section 4.3, the Company shall use its reasonable best efforts to cause its
Directors to solicit proxies for, and recommend that the Company’s shareholders
vote in favor of, the MMI Director.

4.2.          Replacement Notice for MMI Director.  In the event that the MMI Director (a “Withdrawing
MMI Director”) designated in the manner set forth in Section 4.1 is unable
to serve, or once having commenced to serve, is removed or withdraws from the
Board, MMI shall promptly after such MMI Director ceases to be a member of the
Board but in no event later than 5 days of such removal or withdrawal provide
notice to the Company if it intends to replace 
such Withdrawing MMI Director (the “Substitute MMI Director”)
pursuant to this Section 4.2 (the “Replacement Notice”); provided, however that
nothing herein shall limit a removal or withdrawal pursuant to Section
4.3.  The Substitute MMI Director will be
designated by MMI in consultation with the Board and subject to the Board
nomination process.  The Company shall
promptly, upon the request of MMI, use its reasonable best efforts to cause the
election or appointment of such Substitute MMI Director (who will be any person
approved by a majority of the Directors, which approval may not be unreasonably
withheld) to replace the Withdrawing MMI Director.  Following such election or appointment, the
Substitute MMI Director shall become the MMI Director.  The right to designate a Director pursuant to
this Section 4.2 is personal to MMI and may not be transferred in any manner
except to a wholly owned Affiliate of MMI. 
Notwithstanding anything in this Agreement to the contrary, the MMI
Director is permitted to resign or otherwise withdraw from, or cease to serve
on, the Board at any time in his

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sole discretion and if he resigns, otherwise
withdraws from, or ceases to serve on, the Board, and no Replacement Notice is
given, the Standstill Period and this Agreement shall terminate three months
following such resignation, withdrawal or cessation.

4.3.          Resignation of MMI Director.  Upon expiration of the Standstill Period or
in the event that MMI Beneficially owns less than the Specified Equity
Percentage at any time during the Standstill Period or in the event MMI
challenges the validity of, or is in material non-compliance with any of the
terms of, this Agreement, the Board may at such time request the MMI Director
to resign from the Board, and within five (5) calendar days following such
request, the MMI Director shall resign from the Board.  The Company’s Certificate of Incorporation or
by-laws may provide that in the event that MMI and its Affiliates Beneficially
own less than the Specified Equity Percentage or in the event MMI challenges
the validity of, or is in material non-compliance with any of the terms of this
Agreement, the Board may vote to remove the MMI Director without necessity of
any action whatsoever on the part of the MMI Director or MMI, which removal
shall be immediately effective.

4.4.          Compliance. 
The MMI Director shall comply with the charter and by-laws or other
organizational documents of the Company, the Board’s policies and procedures
including, without limitation, its corporate governance guidelines, and all
other requirements applicable to the Company’s Board members as in effect from
time to time.  The Company shall provide
copies of these documents and written guidance to the MMI Director to ensure
compliance.  Following a failure to
comply with the foregoing, the Board may at such time request the MMI Director
to resign from the Board, and within five (5) calendar days following such
request, the MMI Director shall resign from the Board.  The Company’s Certificate of Incorporation or
by-laws may provide that in such event, the Board may vote to remove the MMI
Director without necessity of any action whatsoever on the part of the MMI
Director or MMI, which removal shall be immediately effective.

4.5.          Committees.  The Company shall use reasonable best efforts
to cause the election of  the MMI
Director to serve on the nominating committee (or other similar committee
performing the functions typically performed by the nominating committee)
subject at all applicable times to such MMI Director being “independent” in
accordance with all applicable listing organization requirements and provided
that such MMI Director shall comply with the nominating committee’s governance
requirements, charter, policies, procedures and all other requirements
applicable to nominating committee’s members. 
During the Standstill Period,
the Company shall not create an executive or other special committee of the
Board with authority to act on behalf of the Company or the Board without the
consent of the MMI Director; provided, however, that such consent shall not be
required if, upon the advice of Company outside counsel, the MMI Director would not be eligible
to serve on such committee as a result of a potential conflict of interest,
lack of independence or other legal or fiduciary limitation; provided further
that should the MMI Director, after consultation with outside counsel,
determine in good faith that he is eligible to serve on such committee, he may
resign from the Board and the Standstill Period shall terminate forthwith
(without the three month tail period set forth in the definition of the
Standstill Period).  For the avoidance of doubt, nothing herein shall
restrict the ability of the Board to form a committee  for the purpose of
reviewing any matter and making recommendations to the Board.

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ARTICLE
V

Voting
Matters

5.1.          Board of Directors; Other.  MMI agrees that in exercising its voting
rights on the election of directors of the Company or as set forth below,
whether at an annual or special meeting of shareholders of the Company whether
by written consent, proxy or otherwise, and whether or not at an adjourned
meeting, MMI shall vote all its Voting Securities of the Company (a) for the
election to the Board of the individuals nominated or designated by the Board
(or any nominating or similar committee of the Board), and (b) for any
amendment to the Company’s Certificate of Incorporation or by-laws intended to
make effective the provision of Sections 4.3 and 4.4 of this Agreement.

5.2.          Quorum. 
During the Standstill Period, MMI, as holder of Voting Securities of the
Company, shall be present, in person or by proxy, at any meeting of
shareholders of the Company for the purpose, among others, if any, to elect
directors, so that all such Voting Securities may be counted for the purpose of
determining the existence of a quorum at such meeting.

ARTICLE
VI

Confidentiality

6.1.          Confidentiality. 
MMI agrees (i) to keep confidential all proprietary and non-public
information regarding the Company and its Affiliates received through MMI
Director, or otherwise, and not to disclose or reveal any such information to
any person other than its general partners and officers, legal counsel, and if
they agree to be bound by this Section 6.1 and following written consent from
the Company, which consent shall not be unreasonably withheld, other advisors (“Permitted
Representatives”) and to cause those Permitted Representatives to observe the
terms of this Section 6.1, (ii) not to use such proprietary and non-public
information for any purpose other than in connection with evaluating,
monitoring or taking any other action with respect to the investment by MMI in
the Company, and (iii) not to use such proprietary and non-public information
in a manner that is competitive against or otherwise harmful to the Company;
provided that nothing herein shall prevent MMI from disclosing any such
information that (a) is or becomes generally available to the public in
accordance with applicable law other than as a result of a disclosure by MMI or
its Permitted Representatives or its Affiliates or subsidiaries or in violation
of this Section 6.1 or any other legal or fiduciary duty of such Person, (b)
was within MMI’s possession or developed by it prior to being furnished with
such information (provided that the source of such information was not known
after reasonable inquiry by MMI to be bound by a confidentiality agreement
with, or other contractual, legal or fiduciary obligation of confidentiality
to, the Company with respect to such information); (c) becomes available to MMI
on a non-confidential basis from a source other than the Company (provided that
such source is not known after reasonable inquiry by MMI to be bound by a
confidentiality agreement with, or other contractual, legal or fiduciary
obligation of confidentiality to, the Company with respect to such information);
or (d) is required to be disclosed by law or order (provided that prior to such
disclosure, MMI shall, unless prohibited by law or order, promptly notify the
Company of any such disclosure).

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ARTICLE
VII

Miscellaneous

7.1.          Governing Law; Jurisdiction; Waiver of Jury Trial.

(a)           This Agreement shall be governed in all respects by the
Laws of the State of New Jersey. Any disagreement, issue, dispute, claim,
demand or controversy arising out of or relating to this Agreement (each, a “Dispute”)
shall be brought in the United States District Court for the District of New
Jersey in New Jersey or any court in the state of New Jersey, so long as one of
such courts shall have subject matter jurisdiction over such Dispute. Each of
the parties hereby irrevocably consents to the jurisdiction of such courts (and
of the appropriate appellate courts therefrom) in any such Dispute and
irrevocably waives, to the fullest extent permitted by Law, any objection that
it may now or hereafter have to the laying of the venue of any such Dispute in
any such court and that any such Dispute which is brought in any such court has
been brought in an inconvenient forum. Process in any such Dispute may be
served on any party anywhere in the world, whether within or without the jurisdiction
of any such court. Without limiting the foregoing, each party agrees that
service of process on such party as provided in Section 7.6 shall be deemed
effective service of process on such party.

(b)           EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ANY
AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR
RELATED TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

7.2.          Binding Effect. 
This Agreement shall inure to the benefit of and be legally binding upon
all heirs, personal representatives, executors, legal representatives,
successors and assigns of the parties. 
This Agreement may not be assigned without the prior written consent of
the parties hereto and this Agreement is not made for the benefit of any person
not a party hereto.  No assignment of
this Agreement will relieve the assigning party of its obligations hereunder.

7.3.          Entire Agreement; Amendment.  This Agreement constitutes the entire
understanding of the parties and supersedes all prior discussions, negotiations,
agreements and understandings, whether oral or written, with respect to its
subject matter.  This Agreement may be
modified only by a written instrument properly executed by all parties to this
Agreement.

7.4.          Severability. 
If any one or more of the provisions of this Agreement is held invalid,
illegal or unenforceable, the remaining provisions of this Agreement shall be
unimpaired, and the invalid, illegal or unenforceable provision shall be
replaced by a mutually acceptable valid, legal and enforceable provision which
comes closest to the intent of the parties.

7.5.          Waiver; Remedies. 
No failure or delay on the part of any party hereto in exercising any
right, power or privilege under this Agreement will operate as a waiver
thereof, nor will any waiver on the part any party hereto of any right, power
or privilege under this Agreement operate as a waiver of any other right, power
or privilege under this Agreement, nor

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 will
any single or partial exercise of any right, power or privilege thereunder preclude
any other or further exercise thereof or the exercise of any other right, power
or privilege under this Agreement.  The
rights and remedies herein provided are cumulative and are not exclusive of any
rights or remedies which the parties may otherwise have at law or in equity.

7.6.          Notices.  All
notices, requests, claims, demands and other communications required or permitted
to be given under this Agreement will be in writing and will be delivered by
hand or telecopied, e-mailed or sent, postage prepaid, by registered, certified
or express mail or UPS or Federal Express next day air and will be deemed given
when so delivered (if on a business day before 5:00 P.M. or, if not, then on
the next business day) by hand or telecopied, when e-mail confirmation is
received (delivery receipt) if delivered by e-mail (if on a business day before
5:00 P.M. or, if not, then on the next business day), or three business days
after being so mailed (one business day in the case of express mail or UPS or
Federal Express next day air).  All such
notices, requests, claims, demands and other communications will be addressed
as set forth below, or pursuant to such other instructions as may be designated
in writing by the party to receive such notice in accordance with this Agreement.

Notices given under this Agreement shall be to those
addresses set forth below:

Dendrite International, Inc. 

1405 U.S. Highway 206 South

Bedminster, NJ 07921

Attn:  General Counsel

Telephone:  (908) 443-2203

Facsimile:   (908) 443-4369

MMI Investments, L.P. 

1370 Avenue of the Americas

New York, New York 10019Attn:  Alan L.
Rivera, Esq.

Telephone:  212-586-4333, ext. 16

Facsimile:   212-586-0340

7.7.          Counterparts. 
This Agreement may be executed in separate counterparts, each such
counterpart being deemed to be an original instrument, and all such
counterparts will together constitute the same agreement.

7.8.          Specific Performance.  In the event of any actual or threatened
default in, or breach of, any of the terms or provisions of this Agreement, the
party who is or is to be thereby aggrieved will have the right of specific
performance and injunctive relief giving effect to its rights under this
Agreement, in addition to any and all other rights and remedies at law or in
equity, and all such rights and remedies will be cumulative.  The parties agree that any such default or
breach or threatened default or breach would cause irreparable injury, that the
remedies at law for any such default or breach or threatened default or breach,
including monetary damages, are inadequate compensation for any loss and that
any defense in any action for specific performance that a remedy at law would
be adequate is waived.

7.9.          Term.  This
Agreement shall terminate upon expiration of the Standstill Period.

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Signature Page to Standstill and Support Agreement

IN WITNESS WHEREOF, this Agreement has been executed
as of the date first written above.

	
  

  	
   

  	
   

  	
  DENDRITE INTERNATIONAL, INC.

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  CHRISTINE A. PELLIZZARI

  
	
   

  	
   

  	
   

  	
   

  	
  Name: Christine A. Pellizzari

  
	
   

  	
   

  	
   

  	
   

  	
  Title: Senior Vice President, General Counsel and

  
	
   

  	
   

  	
   

  	
   

  	
  Secretary

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  MMI INVESTMENTS, L.P.

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  CLAY LIFFLANDER

  
	
   

  	
   

  	
   

  	
   

  	
  Name: Clay Lifflander

  
	
   

  	
   

  	
   

  	
   

  	
  Title: General Partner

  

 

 

 9EXHIBIT
4.1

FIRST
AMENDMENT TO

SERIES 2005-1 INDENTURE SUPPLEMENT

THIS FIRST AMENDMENT TO SERIES
2005-1 INDENTURE SUPPLEMENT, dated as of as October 19, 2006
(this “Amendment”), is among The Bank of New York Trust Company, N.A.
(successor to JPMorgan Chase Bank, N.A.), as indenture trustee (the “Indenture
Trustee”), and CNH Wholesale Master Note Trust, a Delaware statutory trust
(the “Issuer”).

BACKGROUND

WHEREAS, the parties hereto are parties to the
Series 2005-1 Indenture Supplement, dated as of June 29, 2005 (the “Indenture
Supplement”) to the Indenture, dated as of September 1, 2003, between the
Issuer and the Indenture Trustee (the “Master Indenture”); and

WHEREAS, the parties hereto desire to amend the
Indenture Supplement as set forth herein.

NOW, THEREFORE, in consideration of the foregoing and other
good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the parties hereto hereby agree as follows:

SECTION
1.  Definitions.  Capitalized terms used but not
otherwise defined herein have the meanings ascribed them in the Indenture
Supplement.  All terms shall be
interpreted according to Section 1.01 of the Indenture Supplement.

SECTION
2.  Amendments.  The Indenture Supplement is
hereby amended as set forth in this Section 2.

(a)           The definition of “Dealer Overconcentrations” contained in
Section 1.01 of the Indenture Supplement is amended to read in its entirety as
follows:

“Dealer Overconcentrations”
on any Payment Date means, with respect to any Main Dealer, the excess, if any,
of:

(a)           the aggregate of all amounts of
Principal Receivables due from the Main Dealer on the last day of the
Collection Period immediately preceding such Payment Date; over

(b)           (i) 7.50% of the
Pool Balance on the last day of the immediately preceding Collection Period,
with respect to the Main Dealer that has an Account with the highest
outstanding principal balance, (ii) 3.25% of the Pool Balance on the last day
of the immediately preceding Collection Period, with respect to the Main Dealer
that has an Account with the second highest outstanding principal balance,
(iii) 2.00% of the Pool Balance on the last day of the immediately
preceding Collection Period, with respect 

 

to the Main Dealer that has an Account with the third highest outstanding
principal balance, (iv) 1.50% of the Pool Balance on the last day of the
immediately preceding Collection Period, with respect to the Main Dealers with
the fourth and fifth highest outstanding principal balance or (v) 1.00% of
the Pool Balance on the last day of the immediately preceding Collection
Period, with respect to any other single Main Dealer.”.

(b)           The definition of  “Rental
Overconcentration Amount” contained in Section 1.01 of the Indenture Supplement
is hereby amended by deleting the reference to “15%” therein and replacing such
language with “17.5%”.

(c)           The following definition is hereby inserted into the
correct alphabetical location in Section 1.01 of the Indenture Supplement:

““Reserve
Fund Percentage” means 4.50%; provided, that, if the average of the Monthly
Payment Rates for the three preceding Collection Periods is (a) less than
11% for any Determination Date falling in the months of February through April
or (b) less than 14% for any Determination Date falling in the months of
May through January, then the “Reserve Fund Percentage” shall be 5.25%.”.

(d)           The definition of “Reserve Fund Required Amount” contained
in Section 1.01 of the Indenture Supplement is amended to read in its entirety
as follows:

““Reserve Fund Required Amount” means for any
Payment Date, an amount equal to the lesser of (a) the Reserve Fund Percentage
multiplied by the initial Outstanding Dollar Principal Amount on such Payment
Date and (b) the Outstanding Dollar Principle Amount on such Payment Date.”.

(e)           Section
4.01(7) of the Indenture Supplement is amended to read in its entirety as
follows:

“on any Determination
Date that occurs during the months of February through April, the average of
the Monthly Payment Rates for the three preceding Collection Periods is less
than 10%; or on any Determination Date that occurs during the months of May
through January, the average of the Monthly Payment Rates for the three
preceding Collection Periods is less than 13%;”.

SECTION
3.  Representations and Warranties.  In
order to induce the parties hereto to enter into this Amendment, each of the
parties hereto represents and warrants unto the other parties hereto as set
forth in this Section 3:

(a)           Due Authorization, Non
Contravention, etc.  The execution,
delivery and performance by such party of this Amendment are within its powers,
have been duly authorized by all necessary action and do not (i) contravene its
organizational documents or (ii) contravene any contractual restriction, law or
governmental regulation or court decree or order binding on or affecting it;
and

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(b)           Validity, etc.  This Amendment constitutes the legal, valid
and binding obligation of such party enforceable against such party in
accordance with its terms, subject to applicable bankruptcy, insolvency and similar
laws affecting creditors’ rights and general equitable principles.

SECTION
4.  Binding Effect; Ratification.

(a)           This Amendment shall become
effective, as of the date first set forth above (the “Effective Date”),
when (i) counterparts hereof shall have been executed and delivered by the
parties hereto; (ii) the Rating Agency Condition shall have been satisfied;
(iii) a Tax Opinion shall have been delivered to the Indenture Trustee pursuant
to Section 10.01 of the Master Indenture; (iv) the Indenture Trustee shall have
received from the Issuer pursuant to Sections 1.02 and 10.01 of the Master
Indenture, an Officer’s Certificate to the effect that the Issuer reasonably
believes that such amendment will not, and is not reasonably expected to,
result in the occurrence of an Early Amortization Event or Event of Default and
will not have an Adverse Effect and is not reasonably expected to have an
Adverse Effect and an Officer’s Certificate to the effect that all conditions
precedent to this Amendment provided for in the Indenture shall have been
satisfied; (v) the Indenture Trustee shall have received an Opinion of Counsel
to the effect that this Amendment is authorized or permitted by the Indenture
and all conditions precedent to this Amendment shall have been satisfied; and
(vi) not less than 66 2/3% in Outstanding Principal Dollar Amount of the Series
2005-1 Noteholders as of 5:00 p.m., New York City time on August 31, 2006 shall
have consented to the Amendment (the “Required Noteholders”).  Thereafter this Amendment shall be binding on
the parties hereto and their respective successors and assigns.  By executing this Amendment, the Indenture
Trustee shall be deemed to represent that it has received the written consent
of the Required Noteholders.

(b)           The Indenture Supplement, as amended
hereby, remains in full force and effect. 
Any reference to the Indenture Supplement from and after the date hereof
shall be deemed to refer to the Indenture Supplement as amended hereby, unless
otherwise expressly stated.

(c)           Except as expressly amended hereby,
the Indenture Supplement shall remain in full force and effect and is hereby
ratified and confirmed by the parties hereto.

SECTION 5.  Miscellaneous.

(a)           THIS AMENDMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND
GOVERNED BY THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS
CONFLICT OF LAW PROVISIONS (OTHER THAN SECTION 5-1401 OF THE NEW YORK GENERAL
OBLIGATIONS LAW) AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES
HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

(b)           Headings used herein are for
convenience of reference only and shall not affect the meaning of this
Amendment or any provision hereof.

(c)           This Amendment may be executed in any
number of counterparts, and by the parties hereto on separate counterparts,
each of which when executed and delivered shall be 

 3
 

 

deemed
to be an original and all of which taken together shall constitute one and the
same agreement.

(d)           Executed counterparts of this
Amendment may be delivered electronically.

[SIGNATURES FOLLOW]

 

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IN WITNESS WHEREOF, the parties hereto have caused
this Amendment to be duly executed as of the date and year first above written.

	
  

  	
  CNH WHOLESALE MASTER NOTE TRUST

  
	
   

  	
   

  
	
   

  	
  By:

  	
  The Bank of New York, not in its individual

  
	
   

  	
   

  	
  capacity but solely as Owner Trustee

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Catherine Murray

  
	
   

  	
   

  	
  Name: 

  	
  Catherine Murray

  
	
   

  	
   

  	
  Title:

  	
  Assistant Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  THE BANK OF NEW YORK TRUST COMPANY, N.A., as
  Indenture Trustee and not in its individual capacity

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Keith Richardson

  
	
   

  	
   

  	
  Name: 

  	
  Keith Richardson

  
	
   

  	
   

  	
  Title:

  	
  Vice President

  

 

 S-1

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