Document:

Exhibit
4.5

 

 

 

CNH
EQUIPMENT TRUST 2005-B

 

ADMINISTRATION
AGREEMENT

 

 

among

 

 

CNH EQUIPMENT TRUST 2005-B,

as Issuer,

 

 

and

 

 

NEW HOLLAND CREDIT COMPANY, LLC,

as Administrator,

 

 

and

 

 

JPMORGAN CHASE BANK, N.A.

as Indenture Trustee.

 

 

Dated as of September 1, 2005

 

 

 

 

TABLE OF
CONTENTS

 

	
  1.

  	
  DUTIES OF THE ADMINISTRATOR

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  (a)

  	
  Duties with Respect to the
  Indenture and the Depository Agreement

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  (b)

  	
  Duties with Respect to the Trust

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  (c)

  	
  Non-Ministerial Matters

  	
   

  
	
   

  	
   

  	
   

  
	
  2.

  	
  RECORDS

  	
   

  
	
   

  	
   

  	
   

  
	
  3.

  	
  COMPENSATION

  	
   

  
	
   

  	
   

  	
   

  
	
  4.

  	
  ADDITIONAL INFORMATION TO BE
  FURNISHED TO THE ISSUER

  	
   

  
	
   

  	
   

  	
   

  
	
  5.

  	
  INDEPENDENCE OF THE
  ADMINISTRATOR

  	
   

  
	
   

  	
   

  	
   

  
	
  6.

  	
  NO JOINT VENTURE

  	
   

  
	
   

  	
   

  	
   

  
	
  7.

  	
  OTHER ACTIVITIES OF THE
  ADMINISTRATOR

  	
   

  
	
   

  	
   

  	
   

  
	
  8.

  	
  TERM OF AGREEMENT;
  RESIGNATION AND REMOVAL OF THE ADMINISTRATOR

  	
   

  
	
   

  	
   

  	
   

  
	
  9.

  	
  ACTION UPON TERMINATION,
  RESIGNATION OR REMOVAL

  	
   

  
	
   

  	
   

  	
   

  
	
  10.

  	
  NOTICES

  	
   

  
	
   

  	
   

  	
   

  
	
  11.

  	
  AMENDMENTS

  	
   

  
	
   

  	
   

  	
   

  
	
  12.

  	
  SUCCESSORS AND ASSIGNS

  	
   

  
	
   

  	
   

  	
   

  
	
  13.

  	
  GOVERNING LAW

  	
   

  
	
   

  	
   

  	
   

  
	
  14.

  	
  HEADINGS

  	
   

  
	
   

  	
   

  	
   

  
	
  15.

  	
  COUNTERPARTS

  	
   

  
	
   

  	
   

  	
   

  
	
  16.

  	
  SEVERABILITY

  	
   

  
	
   

  	
   

  	
   

  
	
  17.

  	
  NOT APPLICABLE TO NEW
  HOLLAND CREDIT COMPANY, LLC IN OTHER CAPACITIES

  	
   

  
	
   

  	
   

  	
   

  
	
  18.

  	
  LIMITATION OF LIABILITY OF
  THE TRUSTEE AND THE INDENTURE TRUSTEE

  	
   

  
	
   

  	
   

  	
   

  
	
  19.

  	
  THIRD-PARTY BENEFICIARY

  	
   

  
	
   

  	
   

  	
   

  
	
  20.

  	
  INDEMNIFICATION

  	
   

  
	
   

  	
   

  	
   

  
	
  21.

  	
  INFORMATION REQUESTS

  	
   

  

 

i

 

ADMINISTRATION AGREEMENT
dated as of September 1, 2005, among CNH
EQUIPMENT TRUST 2005-B, a Delaware statutory trust (the “Issuer”), NEW HOLLAND CREDIT COMPANY, LLC, a
Delaware limited liability company, as administrator (the “Administrator”), and JPMORGAN
CHASE BANK, N.A., a national banking association, not in its individual
capacity but solely as Indenture Trustee (the “Indenture Trustee”).

 

RECITALS

 

WHEREAS,
the Issuer is issuing: (a) 3.90844% Class A-1 Asset Backed Notes, 4.17% Class
A-2 Asset Backed Notes, 4.27% Class A-3 Asset Backed Notes, floating rate Class
A-4a Asset Backed Notes, 4.40% Class A-4b Asset Backed Notes, (collectively,
the “Class A Notes”),
4.57% Class B Asset Backed Notes (the “Class B Notes”) and 4.93% Class C Asset Backed Notes (the “Class C Notes” and, together with the Class A Notes and the
Class B Notes, 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 Issuer and the Indenture Trustee (capitalized terms used herein and
not otherwise defined herein are defined in Appendix A to the Indenture);

 

WHEREAS,
the Issuer has entered into certain agreements in connection with the issuance
of the Notes and of certain beneficial ownership interests of the Issuer,
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 Issuer, 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 September 21, 2005 (the “Depository Agreement”),
among the Issuer and The Depository Trust Company, (iii) the Indenture and (iv)
a Trust Agreement, dated as of the date hereof (the “Trust Agreement”), between the
Seller and the Trustee (the Sale and Servicing Agreement, the Depository
Agreement, the Indenture and the Trust Agreement being hereinafter referred to
collectively as the “Related
Agreements”);

 

WHEREAS,
pursuant to the Related Agreements, the Issuer 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 Issuer (the registered holders of such
interests being referred to herein as the “Owners”);

 

WHEREAS,
the Issuer and the Trustee desire to have the Administrator perform certain of
the duties of the Issuer 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 Issuer 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 Issuer 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

 

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 Issuer and the Trustee under the Indenture and the Depository Agreement.
In addition, the Administrator shall consult with the Trustee regarding the
duties of the Issuer and the Trustee under such documents. The Administrator
shall monitor the performance of the Issuer and shall advise the Trustee when
action is necessary to comply with the Issuer’s or the Trustee’s duties under
such documents. The Administrator shall prepare for execution by the Issuer 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 Issuer 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 Issuer 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
moneys with the Indenture Trustee (Section 3.3);

 

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

 

(ix)  the preparation of all supplements,
amendments, financing statements, continuation statements, instruments of
further assurance and other instruments, in

 

2

 

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 Issuer 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 Issuer 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 CNHCA under the CNHCA Purchase
Agreement (Section 3.19);

 

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

 

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

 

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

 

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

 

(xix)  the opening of one or more accounts in the
Trust’s name, the preparation of Issuer Orders, Officer’s Certificates and
Opinions of Counsel and all other actions

 

3

 

necessary with respect to investment and reinvestment
of funds in the Trust Accounts (Sections 8.2 and 8.3);

 

(xx)  the preparation of an Issuer 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 Issuer 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 Issuer to the Indenture Trustee to take any action under
the Indenture (Section 11.1(a));

 

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

 

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

 

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

 

(b)  Duties
with Respect to the Trust. (i)  In
addition to the duties of the Administrator set forth above, the Administrator
shall perform such calculations, and shall prepare for execution by the Issuer
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 Issuer or the Trustee to perform, prepare, file
or deliver pursuant to the Related Agreements, and at the request of the
Trustee shall take all appropriate action that it is the duty of the Issuer or
the Trustee to take pursuant to the Related Agreements. Subject to Section 5 of
this Agreement, and in accordance with the directions of the Trustee, 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

 

4

 

Owner as contemplated in Section 5.2(c) of the Trust
Agreement. Any such notice shall specify the amount of any withholding tax
required to be withheld by the Trustee pursuant to such provision.

 

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

 

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

 

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

 

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

 

(vii)  The Administrator hereby agrees to execute on
behalf of the Issuer all such documents, reports, filings, instruments,
certificates and opinions as it shall be the duty of the Issuer 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:

 

5

 

(A)  the amendment of or any supplement to the
Indenture;

 

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

 

(C)  the amendment, change or modification of the
Related Agreements;

 

(D)  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

 

(E)  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 Issuer 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 by the Issuer,
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 Issuer.

 

4.  Additional Information to
Be Furnished to the Issuer. 
The Administrator shall furnish to the Issuer from time to time such
additional information regarding the Collateral as the Issuer 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 Issuer or the
Trustee with respect to the manner in which it accomplishes the performance of
its obligations hereunder. Unless expressly authorized by the Issuer, the
Administrator shall have no authority to act for or represent the Issuer or the
Trustee in any way (other than as permitted hereunder) and shall not otherwise
be deemed an agent of the Issuer or the Trustee.

 

6.  No Joint Venture.  Nothing contained in this Agreement:  (i) shall constitute the Administrator and
either of the Issuer 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

 

6

 

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 Issuer, 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 Issuer, upon which event this Agreement shall
automatically terminate.

 

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

 

(c)  Subject to Section 8(e),
the Issuer 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 Issuer, the Administrator may be removed immediately
upon written notice of termination from the Issuer 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 Issuer);

 

(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 Issuer, the Servicer, the Trustee and the Indenture Trustee within seven
days after the happening of such event.

 

7

 

(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 Issuer, 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 Issuer 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, the Indenture Trustee without further action shall automatically be
appointed the successor Administrator and the Indenture Trustee shall be
entitled to the compensation specified in Section 3. Notwithstanding the
above, the Indenture Trustee shall, if it shall be unable so to act, appoint or
petition a court of competent jurisdiction to appoint any established
institution having a net worth of not less than $50,000,000 and whose regular
business shall include the performance of functions similar to those of the
Administrator, as the successor to the Administrator under this Agreement.

 

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

 

(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
Issuer 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),
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 Issuer 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

 

8

 

Administrator
pursuant to Section
8(b) or (c),
respectively, the Administrator shall cooperate with the Issuer and the
Indenture Trustee and take all reasonable steps requested to assist the Issuer
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 as follows:

 

(a)  if to the Issuer or the
Trustee, to:

 

CNH Equipment Trust 2005-B

c/o The Bank of New York

101 Barclay Street, Floor 8W

New York, New York  10286

Attention: Corporate Trust Administration - Asset Backed Finance Unit

 

(b)  if to the Administrator, to:

 

New Holland Credit Company, LLC 

53 South Railroad Avenue

New Holland, Pennsylvania  17557

Attention: Finance Manager

 

with a copy to:

 

New Holland Credit Company, LLC

100 South Saunders Road

Lake Forest, Illinois 60045

Attention: Senior Managing Attorney

 

(c)  if to the Indenture Trustee,
to:

 

JPMorgan Chase Bank, N.A.

227 West Monroe Street, 26th Floor 

Chicago, Illinois  60606

Attention: Institutional Trust Services Group – CNH Equipment Trust 2005-B

 

or to such other address 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.  This Agreement may be amended from time to
time by a written amendment duly executed and delivered by the Issuer, the
Administrator and the Indenture Trustee, with the written consent of the
Trustee, but without the consent of any of the Noteholders or the
Certificateholders, to cure any ambiguity, to correct or supplement provisions
of this Agreement or for the purpose of adding any provisions to or changing in
any manner or

 

9

 

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 such
amendment shall not, as evidenced by an Opinion of Counsel satisfactory to the
Indenture Trustee, adversely affect in any material respect the interests of
any Noteholder or Certificateholder.

 

This Agreement may also be amended from time to time
by the Issuer, 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 Issuer 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) increase or reduce in any manner the amount
of, or accelerate or delay the timing of, collections of payments on
Receivables or distributions that are required to be made for the benefit of
the Noteholders or the Certificateholders 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, 10 days 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, any
term or provision of this Agreement may be amended by the Administrator without
the consent of the Certificateholders, the Noteholders or any other Person to
add, modify or eliminate any provisions as may be necessary or advisable in
order to comply with or obtain more favorable treatment under or with respect
to any law or regulation or any accounting rule or principle (whether now or in
the future in effect); it being a condition to any such amendment that the
Rating Agency Condition shall have been satisfied.

 

12.  Successors and Assigns.  This Agreement may not be assigned by the
Administrator unless such assignment is previously consented to in writing by
the Issuer, 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 Issuer or the Trustee to a corporation or other organization
that is a successor (by merger, consolidation or purchase of assets) to the
Administrator, provided that such successor organization executes and delivers
to the Issuer, the Trustee and the Indenture Trustee an agreement in which such
corporation or other organization agrees to be bound hereunder by

 

10

 

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

 

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

 

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

 

(b)  Notwithstanding anything
contained herein to the contrary, this Agreement has been countersigned by
JPMorgan Chase Bank, N.A., not in its individual capacity but solely as
Indenture Trustee, and in no event shall JPMorgan Chase Bank, N.A. have any
liability for the representations, warranties, covenants, agreements or other
obligations of the Issuer 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 Issuer.

 

19.  Third-Party Beneficiary.  The Trustee is a third-party beneficiary to
this Agreement and is entitled to the rights and benefits hereunder and may
enforce the provisions hereof as if it were a party hereto.

 

20.  Indemnification.  The Administrator shall indemnify the Trustee
and the Indenture Trustee (and their officers, directors, employees and agents)
for, and hold them harmless against,

 

11

 

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

 

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.

 

12

 

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
  2005-B

  
	
   

  	
   

  
	
   

  	
  By: The Bank of
  New York,

  
	
   

  	
   

  	
  not in its
  individual capacity but solely as

  Trustee on behalf of the Issuer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Catherine Murray

  	
   

  
	
   

  	
   

  	
   

  	
  Name: Catherine Murray

  	
   

  
	
   

  	
   

  	
   

  	
  Title: Assistant
  Treasurer

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  JPMORGAN CHASE BANK,
  N.A.,

  
	
   

  	
   

  	
  not in its
  individual capacity but solely as

  Indenture Trustee

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Keith
  Richardson

  	
   

  
	
   

  	
   

  	
   

  	
  Name: Keith Richardson

  	
   

  
	
   

  	
   

  	
   

  	
  Title: Attorney-In-Fact

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  NEW HOLLAND CREDIT
  COMPANY, LLC

  
	
   

  	
   

  	
  as Administrator

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Brian
  O’Keane

  	
   

  
	
   

  	
   

  	
   

  	
  Name: Brian O’Keane

  	
   

  
	
   

  	
   

  	
   

  	
  Title: Treasurer

  	
   

  

 

 

	
  Accepted and
  agreed:

  
	
   

  
	
  THE BANK OF NEW
  YORK,

  
	
   

  	
  not in its
  individual capacity but

  solely as Trustee under the Trust Agreement

  
	
   

  
	
   

  
	
  By:

  	
  /s/ Catherine
  Murray

  	
   

  
	
   

  	
  Name: Catherine Murray

  
	
   

  	
  Title: Assistant
  Treasurer

  
				

 

S-1Exhibit
4.6

 

Trust Swap

Class A-4a
Notes

 

CONFIRMATION FOR U.S. DOLLAR INTEREST RATE
SWAP

TRANSACTION UNDER 1992 MASTER AGREEMENT

 

TO:                         CNH Equipment
Trust 2005-B

Ms. Catherine Murray

Assistant
Treasurer

Corporate
Trust/ABS

The Bank of
New York, as Trustee

101 Barclay
St., 8W

(212) 815-2489
(direct)

(212) 815-3883 (fax)

 

FROM:                   BNP PARIBAS

787 Seventh Avenue

New York, New York 10019

Attention:  Legal and Transaction Management Group - ISDA

Facsimile:  (212) 841-3561

Telephone: (212) 841-3000

 

DATE:                    September 21,
2005

 

Our Reference Number: 1832804

 

The purpose of this letter agreement is to
confirm the terms and conditions of the Swap Transaction entered into between
BNP PARIBAS (“Party A”) and CNH Equipment Trust 2005-B (“Party B”) on the Trade
Date specified below (the “Swap Transaction” or the “Transaction”).  This letter agreement constitutes a “Confirmation”
as referred to in the Master Agreement specified below.

 

1.             The definitions and
provisions contained in the 2000 ISDA Definitions (as published by the
International Swaps and Derivatives Association, Inc., the “Definitions”)
are incorporated into this Confirmation. 
In the event of any inconsistency between the Definitions and this
Confirmation, this Confirmation will govern. 
Each party represents and warrants to the other that (a) it is duly
authorized to enter into this Swap Transaction and to perform its obligations
hereunder, (b) the Swap Transaction and the performance of its obligations
hereunder do not violate any material obligation of such party, and (c) the
person executing this Confirmation is duly authorized to execute and deliver
it.

 

This Confirmation supplements,
forms part of, and is subject to, the ISDA Master Agreement between Party A and
Party B dated as of September 21, 2005, as amended and supplemented from
time to time (the “Agreement”).  This
Confirmation shall supplement, form part of, and be subject to that Agreement,
and all provisions contained or incorporated

 

 

by reference in the Agreement
shall govern this Confirmation except as expressly modified below.

 

2.             The terms of the particular Transaction to which this Confirmation
relates are as follows:

 

	
  Trade Date:

  	
   

  	
  September 8, 2005

  
	
   

  	
   

  	
   

  
	
  Effective Date:

  	
   

  	
  September 21, 2005

  
	
   

  	
   

  	
   

  
	
  Termination Date:

  	
   

  	
  The earlier of: (i) May 16, 2011
  and (ii) when the Notional Amount hereunder has been reduced to zero,
  subject to adjustment in accordance with the Following Business Day
  Convention and subject to early termination in accordance with the terms of
  the Agreement.

  
	
   

  	
   

  	
   

  
	
  Calculation Periods:

  	
   

  	
  For each Fixed Rate Payer Payment Date, the
  period from and including the immediately preceding Fixed Rate Payer Period
  End Date to, but excluding, the next Fixed Rate Payer Period End Date, during
  the Term of this Swap Transaction, except that (a) the initial Fixed
  Rate Calculation Period will commence on, and include, the Effective Date,
  and (b) the final Fixed Rate Calculation Period will end on, but
  exclude, the Termination Date (without regard to any Business Day adjustment
  in the case of the final Fixed Rate Calculation Period) (“Fixed Rate
  Calculation Period”).

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  For each Floating Rate Payer Payment Date,
  the period from and including the immediately preceding Floating Rate Payer
  Payment Date to, but excluding, such Floating Rate Payer Payment Date, during
  the Term of this Swap Transaction, except that (a) the initial Floating
  Rate Calculation Period will commence on, and include, the Effective Date,
  and (b) the final Floating Rate Calculation Period will end on, but
  exclude, the Termination Date (“Floating Rate Calculation Period”). Floating
  Rate Calculation Periods correspond to “Interest Periods” under the Indenture
  dated as of September 21, 2005, between Party B and JPMorgan Chase Bank,
  as indenture trustee (the “Indenture”).

  

 

2

 

	
  Notional Amount:

  	
   

  	
  The Outstanding Amount of the
  Class A-4a Notes as of the close of business on the first day of each
  Floating Rate Calculation Period. “Outstanding Amount” and “Class A-4a
  Notes” each has the meaning specified in Appendix A to the Indenture.

  
	
   

  	
   

  	
   

  
	
  Fixed Amounts:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Fixed
  Rate Payer:

  	
   

  	
  Party B

  
	
   

  	
   

  	
   

  
	
  Fixed
  Rate Payer

  	
   

  	
   

  
	
  Payment
  Dates:

  	
   

  	
  The 15th
  day of each month, commencing October 15, 2005, subject to adjustment in
  accordance with the Following Business Day Convention.

  
	
   

  	
   

  	
   

  
	
  Fixed Rate
  Payer

  	
   

  	
   

  
	
  Period End
  Date:

  	
   

  	
  The 15th
  day of each month, commencing October 15, 2005, without adjustment.

  
	
   

  	
   

  	
   

  
	
  Fixed
  Rate:

  	
   

  	
  4.327 per cent

  
	
   

  	
   

  	
   

  
	
  Fixed
  Rate

  	
   

  	
   

  
	
  Day
  Count Fraction:

  	
   

  	
  30/360

  
	
   

  	
   

  	
   

  
	
  Fixed
  Rate Payer Payment

  	
   

  	
   

  
	
  Amounts:

  	
   

  	
  For each Fixed Rate Payer Payment Date, in
  respect of the
  related Fixed Rate Calculation Period, the product
  of (a) the Fixed Rate, (b) the Fixed Rate Day Count Fraction and
  (c) the Notional Amount for such Fixed Rate Calculation Period.

  
	
   

  	
   

  	
   

  
	
  Floating Amounts:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Floating
  Rate Payer:

  	
   

  	
  Party A

  
	
   

  	
   

  	
   

  
	
  Floating
  Rate Payer

  	
   

  	
   

  
	
  Payment
  Dates:

  	
   

  	
  The 15th
  day of each month, commencing October 15, 2005, subject to adjustment in
  accordance with the Following Business Day Convention.

  
	
   

  	
   

  	
   

  
	
  Floating
  Rate Option:

  	
   

  	
  USD-LIBOR-BBA (set two London Banking Days
  prior to the first day of each Floating Rate Calculation Period).

  
	
   

  	
   

  	
   

  
	
  Designated
  Maturity:

  	
   

  	
  One month

  

 

3

 

	
   

  	
  Initial
  Floating Rate:

  	
   

  	
  To be determined two (2) London Business
  Days prior to the Effective Date.

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Spread:

  	
   

  	
  None

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Floating
  Rate

  	
   

  	
   

  
	
   

  	
  Day
  Count Fraction:

  	
   

  	
  Actual/360

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Floating
  Rate Payer

  	
   

  	
   

  
	
   

  	
  Payment
  Amounts:

  	
   

  	
  For each Floating Rate Payer Payment Date,
  in respect of the
  related Floating Rate Calculation Period, the
  product of (a) the Floating Rate, (b) the Floating Rate Day Count
  Fraction and (c) the Notional Amount for such Floating Rate Calculation
  Period.

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Reset
  Dates:

  	
   

  	
  Other than in connection with the Initial
  Floating Rate, the first day of each Calculation Period.

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Compounding:

  	
   

  	
  Inapplicable

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Business Days:

  	
   

  	
  New York

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Business Day Convention:

  	
   

  	
  Following.

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Calculation Agent:

  	
   

  	
  Party A

  
	
   

  	
   

  	
   

  	
   

  
	
  3.

  	
  Account Details:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Payments to Party A:

  	
   

  	
  BNP PARIBAS NEW YORK, NY

  
	
   

  	
   

  	
   

  	
  Swift Code: BNPAUS3NXXX

  
	
   

  	
   

  	
   

  	
  A/C 00200-194093-001-36

  
	
   

  	
   

  	
   

  	
  Favor: BNP PARIBAS

  
	
   

  	
   

  	
   

  	
  Swift Code: BNPAFRPP

  
	
   

  	
   

  	
   

  	
  Attn: Swaps & Derivatives Back
  Office

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Payments to Party B:

  	
   

  	
  JPMorgan Chase Bank, N.A.-New York, NY

  
	
   

  	
   

  	
   

  	
  ABA #021000021

  
	
   

  	
   

  	
   

  	
  Account #507199782

  
	
   

  	
   

  	
   

  	
  Ref: CNH 2005-B Swap Pymt

  
	
   

  	
   

  	
   

  	
  Attn: K. Richardson (312-267-5030)

  

 

4

 

Please confirm that the foregoing correctly
sets forth the terms and conditions of our agreement by responding within three
(3) Business Days by returning via telecopier an executed copy of this
Confirmation to the attention of Victoria Baker.

 

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

 

 

	
  BNP PARIBAS
  SECURITIES

  CORP., on behalf of BNP PARIBAS

  	
  Accepted and
  confirmed as of the date first

  written:

  
	
   

  	
   

  
	
  By:

  	
    /s/ Victoria Baker

  	
   

  	
  CNH EQUIPMENT TRUST
  2005-B

  
	
  Name:   Victoria Baker

  	
   

  
	
  Title: Authorised Signatory

  	
  By: THE BANK OF NEW YORK, not in its individual
  capacity but solely as Trustee under the Trust Agreement

  
	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
   

  
	
  Name:

  	
   

  
	
  Title: Authorised Signatory

  	
  By:

  	
   /s/ Catherine Murray

  	
   

  
	
   

  	
  Name: Catherine Murray

  
	
   

  	
  Title: Assistant Treasurer

  

 

5

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00091-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00091-of-00352.parquet"}]]