Document:

Exhibit 4.3

 

 

CNH EQUIPMENT TRUST 2005-B

 

SALE AND SERVICING AGREEMENT

 

among

 

CNH EQUIPMENT TRUST 2005-B,

as Issuer,

 

and

 

CNH CAPITAL RECEIVABLES LLC,

as Seller,

 

and

 

NEW HOLLAND CREDIT COMPANY, LLC,

as Servicer

 

Dated as of September 1,
2005

 

 

 

TABLE OF CONTENTS

 

	
  ARTICLE I

  	
  DEFINITIONS

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 1.1.

  	
  Definitions

  	
   

  
	
  SECTION 1.2.

  	
  Other Definitional Provisions

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE II

  	
  CONVEYANCE OF RECEIVABLES
  AND GRANT OF SECURITY INTEREST IN THE BACKUP SERVICER ACCOUNT

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 2.1.

  	
  Conveyance of Initial Receivables

  	
   

  
	
  SECTION 2.2.

  	
  Conveyance of Subsequent Receivables

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE III

  	
  THE RECEIVABLES

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 3.1.

  	
  Representations and Warranties of Seller

  	
   

  
	
  SECTION 3.2.

  	
  Repurchase upon Breach

  	
   

  
	
  SECTION 3.3.

  	
  Custody of Receivable Files

  	
   

  
	
  SECTION 3.4.

  	
  Duties of Servicer as Custodian

  	
   

  
	
  SECTION 3.5.

  	
  Instructions; Authority To Act

  	
   

  
	
  SECTION 3.6.

  	
  Custodian’s Indemnification

  	
   

  
	
  SECTION 3.7.

  	
  Effective Period and Termination

  	
   

  
	
  SECTION 3.8.

  	
  Backup Servicer as Custodian

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE IV

  	
  ADMINISTRATION AND SERVICING
  OF RECEIVABLES

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 4.1.

  	
  Duties of Servicer

  	
   

  
	
  SECTION 4.2.

  	
  Collection and Allocation of Receivable Payments

  	
   

  
	
  SECTION 4.3.

  	
  Realization upon Receivables

  	
   

  
	
  SECTION 4.4.

  	
  Maintenance of Security Interests in Financed
  Equipment

  	
   

  
	
  SECTION 4.5.

  	
  Covenants of Servicer

  	
   

  
	
  SECTION 4.6.

  	
  Purchase of Receivables upon Breach

  	
   

  
	
  SECTION 4.7.

  	
  Servicing Fee

  	
   

  
	
  SECTION 4.8.

  	
  Servicer’s Certificate

  	
   

  
	
  SECTION 4.9.

  	
  Annual Statement as to Compliance; Notice of
  Default

  	
   

  
	
  SECTION 4.10.

  	
  Annual Independent Certified Public Accountants’
  Report

  	
   

  
	
  SECTION 4.11.

  	
  Access to Certain Documentation and Information
  Regarding Receivables

  	
   

  
	
  SECTION 4.12.

  	
  Servicer Expenses

  	
   

  
	
  SECTION 4.13.

  	
  Appointment of Subservicer

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE V

  	
  DISTRIBUTIONS: SPREAD
  ACCOUNT; STATEMENTS TO CERTIFICATEHOLDERS AND NOTEHOLDERS

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 5.1.

  	
  Establishment of Trust Accounts and the Backup
  Servicer Account

  	
   

  
	
  SECTION 5.2.

  	
  Interest Rate Swap Agreement

  	
   

  
	
  SECTION 5.3.

  	
  Collections

  	
   

  
	
  SECTION 5.4.

  	
  Application of Collections

  	
   

  
	
  SECTION 5.5.

  	
  Additional Deposits

  	
   

  
	
  SECTION 5.6.

  	
  Distributions

  	
   

  
	
  SECTION 5.7.

  	
  Spread Account

  	
   

  
						

 

i

 

	
  SECTION 5.8.

  	
  Pre-Funding Account

  	
   

  
	
  SECTION 5.9.

  	
  Negative Carry Account

  	
   

  
	
  SECTION 5.10.

  	
  Principal Supplement Account

  	
   

  
	
  SECTION 5.11.

  	
  Statements to Certificateholders
  and Noteholders

  	
   

  
	
  SECTION 5.12.

  	
  Net Deposits

  	
   

  
	
  SECTION 5.13.

  	
  Backup Servicer Account

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE VI

  	
  THE SELLER

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 6.1.

  	
  Representations of Seller

  	
   

  
	
  SECTION 6.2.

  	
  Company Existence

  	
   

  
	
  SECTION 6.3.

  	
  Liability of Seller; Indemnities

  	
   

  
	
  SECTION 6.4.

  	
  Merger or Consolidation of, or
  Assumption of the Obligations of, Seller

  	
   

  
	
  SECTION 6.5.

  	
  Limitation on Liability of Seller
  and Others

  	
   

  
	
  SECTION 6.6.

  	
  Seller May Own Certificates
  or Notes

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE VII

  	
  THE SERVICER

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 7.1.

  	
  Representations of Servicer

  	
   

  
	
  SECTION 7.2.

  	
  Indemnities of Servicer

  	
   

  
	
  SECTION 7.3.

  	
  Merger or Consolidation of, or
  Assumption of the Obligations of, Servicer

  	
   

  
	
  SECTION 7.4.

  	
  Limitation on Liability of
  Servicer and Others

  	
   

  
	
  SECTION 7.5.

  	
  NH Credit Not to Resign as
  Servicer

  	
   

  
	
  SECTION 7.6.

  	
  Servicer to Act as Administrator

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE VIII

  	
  DEFAULT

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 8.1.

  	
  Servicer Default

  	
   

  
	
  SECTION 8.2.

  	
  Appointment of Successor Servicer

  	
   

  
	
  SECTION 8.3.

  	
  Notification to Noteholders and
  Certificateholders

  	
   

  
	
  SECTION 8.4.

  	
  Waiver of Past Defaults

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE IX

  	
  TERMINATION

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 9.1.

  	
  Optional Purchase of All
  Receivables

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE X

  	
  MISCELLANEOUS
  PROVISIONS

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 10.1.

  	
  Amendment

  	
   

  
	
  SECTION 10.2.

  	
  Protection of Title to Trust

  	
   

  
	
  SECTION 10.3.

  	
  Notices

  	
   

  
	
  SECTION 10.4.

  	
  Assignment

  	
   

  
	
  SECTION 10.5.

  	
  Limitations on Rights of Others

  	
   

  
	
  SECTION 10.6.

  	
  Severability

  	
   

  
	
  SECTION 10.7.

  	
  Separate Counterparts

  	
   

  
	
  SECTION 10.8.

  	
  Headings

  	
   

  
	
  SECTION 10.9.

  	
  Governing Law

  	
   

  
	
  SECTION 10.10.

  	
  Assignment to Indenture Trustee

  	
   

  
				

 

ii

 

	
  SECTION 10.11.

  	
  Nonpetition Covenants

  	
   

  
	
  SECTION 10.12.

  	
  Limitation of Liability of
  Trustee and Indenture Trustee

  	
   

  
	
  SECTION 10.13.

  	
  Conditions Precedent to Other
  Financing Transactions

  	
   

  
	
  SECTION 10.14.

  	
  Information Requests

  	
   

  

 

iii

 

EXHIBITS

 

	
  EXHIBIT A

  	
  Form of
  Noteholder’s Statement Pursuant to Section 5.11(a)

  
	
  EXHIBIT B

  	
  Form of
  Certificateholder’s Statement Pursuant to Section 5.11(a)

  
	
  EXHIBIT C

  	
  Form of
  Servicer’s Certificate

  
	
  EXHIBIT D

  	
  Form of
  Assignment

  
	
  EXHIBIT E

  	
  Form of
  Subsequent Transfer Assignment

  
	
  EXHIBIT F

  	
  Form of
  Accountants’ Letter in Connection with Subsequent Transfer Assignment

  
	
  EXHIBIT G

  	
  Form of Initial Interest Rate Swap Agreement

  
	
   

  	
   

  
	
  SCHEDULES

  
	
   

  	
   

  
	
  SCHEDULE P

  	
  Perfection
  Representations & Warranties

  

 

iv

 

SALE AND SERVICING AGREEMENT
(as amended or otherwise modified, this “Agreement”) dated as of September 1, 2005
among CNH EQUIPMENT TRUST 2005-B,
a Delaware statutory trust (the “Issuer”), CNH CAPITAL RECEIVABLES LLC, a Delaware limited liability
company, (the “Seller”), and NEW HOLLAND CREDIT COMPANY, LLC, a Delaware limited liability
company, (the “Servicer”).

 

RECITALS

 

WHEREAS,
the Issuer desires to purchase a portfolio of Contracts purchased or originated
by CNH Capital America LLC (f/k/a Case Credit Corporation) (“CNHCA”), in the ordinary course of business and sold to the Seller on
a monthly basis pursuant to the CNHCA Liquidity Receivables Purchase Agreement
and/or the CNHCA Purchase Agreement and a portfolio of Contracts purchased or
originated by New Holland Credit Company, LLC (“NH Credit”)
and sold to the Seller pursuant to the NH Credit Liquidity Purchase Agreement;

 

WHEREAS,
the Seller is willing to sell such Contracts to the Issuer; and

 

WHEREAS,
NH Credit is willing to service such Contracts.

 

NOW,
THEREFORE, in consideration of the premises and
the mutual covenants herein contained, the parties hereto agree as follows:

 

ARTICLE I

Definitions

 

SECTION 1.1.  Definitions.  Capitalized terms used herein and not
otherwise defined herein are defined in Appendix A to the Indenture, dated as
of the date hereof, between CNH Equipment Trust 2005-B and JPMorgan Chase Bank,
N.A.

 

SECTION 1.2.  Other
Definitional Provisions.  (a) 
All terms defined in this Agreement shall have the defined meanings when used
in any certificate or other document made or delivered pursuant hereto unless
otherwise defined therein.

 

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

 

(c)  The words “hereof”, “herein”, “hereunder” and words of
similar import when used in this Agreement shall refer to this Agreement as a
whole and not to any particular provision of

 

 

this
Agreement; Section, Schedule and Exhibit references contained in this
Agreement are references to Sections, Schedules and Exhibits in or to this
Agreement unless otherwise specified; and the term “including” shall mean “including,
without limitation,”.

 

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

 

ARTICLE II

Conveyance of Receivables and Grant of Security

Interest in the Backup Servicer Account

 

SECTION 2.1.  Conveyance
of Initial Receivables.  (A) In
consideration of the Issuer’s delivery to or upon the order of the Seller on
the Closing Date of the net proceeds from the sale of the Notes and the other
amounts to be distributed from time to time to the Seller in accordance with
this Agreement, the Seller does hereby sell, transfer, assign, set over and
otherwise convey to the Issuer, without recourse (subject to the obligations
herein), all of its right, title and interest in, to and under the following
(collectively, the “Initial Assets”):

 

(a) 
the Initial Receivables, including all documents constituting chattel paper
included therewith, and all obligations of the Obligors thereunder, including
all moneys paid thereunder on or after the Initial Cutoff Date;

 

(b) 
the security interests in the Financed Equipment granted by Obligors pursuant
to the Initial Receivables and any other interest of the Seller in such
Financed Equipment;

 

(c) 
any proceeds with respect to the Initial Receivables from claims on insurance
policies covering Financed Equipment or Obligors;

 

(d) 
the Liquidity Receivables Purchase Agreements (only with respect to CNHCA Owned
Contracts or NH Owned Contracts included in the Initial Receivables) and the
CNHCA Purchase Agreement, including the right of the Seller to cause CNHCA or
NH Credit, as the case may be, to repurchase Initial Receivables from the
Seller under the circumstances described therein;

 

(e) 
any proceeds from recourse to Dealers with respect to the Initial Receivables
other than any interest in the Dealers’ reserve accounts maintained with CNHCA
or with NH Credit;

 

(f) 
any Financed Equipment that shall have secured an Initial Receivable and that
shall have been acquired by or on behalf of the Trust;

 

(g) 
all funds on deposit from time to time in the Trust Accounts, including the
Spread Account Initial Deposit, any Principal Supplement Account Deposit, the
Negative Carry Account Initial Deposit and the Pre-Funded Amount, and in all
investments and proceeds thereof (including all income thereon); and

 

2

 

(h) 
any True Lease Equipment that is subject to any Initial Receivable; and

 

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

 

The above assignment
shall be evidenced by a duly executed written assignment in substantially the
form of Exhibit D
(the “Assignment”). The Purchase Price for the
Initial Receivables shall equal $603,453,653.93.

 

(B) The Seller
hereby Grants to JPMorgan Chase Bank, N.A., as Indenture Trustee on behalf of
the Noteholders, all of the Seller’s right, title and interest in and to all
funds on deposit from time to time in the Backup Servicer Account, including
the Backup Servicer Account Initial Deposit, and in all investments and
proceeds thereof (including all income thereon). The foregoing Grant is made to
secure the Seller’s obligation to make funds available in the Backup Servicer
Account available to the Indenture Trustee to pay Backup Servicer
Expenses.  JPMorgan Chase Bank, N.A., as
Indenture Trustee on behalf of the Noteholders, (1) acknowledges such
Grant and (2) agrees to perform its duties with respect thereto expressly
set forth in this Agreement.

 

SECTION 2.2.  Conveyance
of Subsequent Receivables. 
(a)  Subject to the conditions set forth in clause (b) below and the
proviso set forth in clause (c) below, in consideration of the Trustee’s
delivery on the related Subsequent Transfer Date to or upon the order of the
Seller of the amount described in Section 5.8(a) to be delivered to the Seller, the
Seller does hereby sell, transfer, assign, set over and otherwise convey to the
Issuer, without recourse (subject to the obligations herein), all of its right,
title and interest in, to and under (collectively, the “Subsequent Assets”; and together with the Initial
Assets, the “CNHCR Assets”):

 

(i) 
the Subsequent Receivables listed on Schedule A to the related Subsequent
Transfer Assignment, including all documents constituting chattel paper
included therewith, and all obligations of the Obligors thereunder, including
all moneys paid thereunder on or after the related Subsequent Cutoff Date;

 

(ii) 
the security interests in the Financed Equipment granted by Obligors pursuant
to such Subsequent Receivables and any other interest of the Seller in such
Financed Equipment;

 

(iii) 
any proceeds with respect to such Subsequent Receivables from claims on
insurance policies covering Financed Equipment or Obligors;

 

(iv) 
the CNHCA Liquidity Receivables Purchase Agreement (only with respect to
Subsequent Receivables purchased by the Seller pursuant to such Agreement) and
the CNHCA Purchase Agreement, including the right of the Seller to cause CNHCA
to repurchase Subsequent Receivables from the Seller under the circumstances
described therein;

 

(v) 
any proceeds with respect to such Subsequent Receivables from recourse to
Dealers other than any interest in the Dealers’ reserve accounts maintained
with CNHCA or with NH Credit;

 

3

 

(vi) 
any Financed Equipment that shall have secured any such Subsequent Receivable
and that shall have been acquired by or on behalf of the Trust;

 

(vii) 
any True Lease Equipment that is subject to any Subsequent Receivable; and

 

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

 

(b)  Subject to the proviso set forth in clause (c) below,
the Seller shall transfer to the Issuer the Subsequent Receivables and the
other property and rights related thereto described in clause (a) only upon the
satisfaction of each of the following conditions precedent on or prior to the
related Subsequent Transfer Date:

 

(i) 
the Seller shall have delivered to the Trustee and the Indenture Trustee a duly
executed written assignment in substantially the form of Exhibit E (the “Subsequent Transfer
Assignment”), which
shall include a Schedule A to the Subsequent Transfer Assignment listing
the Subsequent Receivables;

 

(ii) 
the Seller shall, to the extent required by Section 5.3, have deposited
in the Collection Account all collections in respect of the Subsequent
Receivables;

 

(iii) 
as of such Subsequent Transfer Date: (A) the Seller was not insolvent and
will not become insolvent as a result of the transfer of Subsequent Receivables
on such Subsequent Transfer Date, (B) the Seller did not intend to incur
or believe that it would incur debts that would be beyond the Seller’s ability
to pay as such debts matured, (C) such transfer was not made with actual
intent to hinder, delay or defraud any Person and (D) the assets of the
Seller did not constitute unreasonably small capital to carry out its business
as conducted;

 

(iv) 
the applicable Spread Account Initial Deposit for such Subsequent Transfer Date
shall have been made;

 

(v) 
the applicable Principal Supplement Account Deposit, if any, for such
Subsequent Transfer Date shall have been made;

 

(vi) 
the Receivables in the Trust, including the Subsequent Receivables to be
conveyed to the Trust on such Subsequent Transfer Date, shall meet the
following criteria: (A) each of the Receivables is a Retail Installment
Contract, (B) the weighted average original term of the Receivables in the
Trust will not be greater than 55 months, and (C) not more than 35% of the
aggregate Contract Value of the Receivables in the Trust will represent
Contracts for the financing of construction equipment, (D) each Receivable has a remaining
term to maturity of not more than 72 months, (E) each Receivable has a
Statistical Contract Value as of the applicable Cutoff Date that (when combined
with the Statistical Contract Value of any other Receivables with the same or
an affiliated Obligor) does not exceed 1% of the aggregate Statistical Contract
Value of all the Receivables and (F) none of the Receivables in the Trust
will represent Contracts originated through CNHCA’s Soris financing program;

 

4

 

(vii) 
the Funding Period shall not have terminated;

 

(viii) 
each of the representations and warranties made by the Seller pursuant to Section 3.1 of
this Agreement and by CNHCA pursuant to Section 3.2(b) of the CNHCA
Purchase Agreement, in each case with respect to the Subsequent Receivables,
shall be true and correct as of such Subsequent Transfer Date, and the Seller
shall have performed all obligations to be performed by it hereunder on or prior
to such Subsequent Transfer Date;

 

(ix) 
the Seller shall, at its own expense, on or prior to such Subsequent Transfer
Date, indicate in its computer files that the Subsequent Receivables identified
in the related Subsequent Transfer Assignment have been sold to the Issuer
pursuant to this Agreement and the Subsequent Transfer Assignment;

 

(x)  the Seller shall have taken any action
required to maintain the first priority perfected ownership interest of the
Issuer in the Trust Estate and the first priority perfected security interest
of the Indenture Trustee in the Collateral;

 

(xi)  no selection procedures believed by the
Seller to be adverse to the interests of the Trust, the Noteholders or the
Certificateholders shall have been utilized in selecting the Subsequent
Receivables;

 

(xii)  the addition of the Subsequent Receivables
will not result in a material adverse tax consequence to the Trust, the
Noteholders or the Certificateholders;

 

(xiii)  the Seller shall have provided the Indenture
Trustee, the Trustee and the Rating Agencies a statement listing the aggregate
Contract Value of such Subsequent Receivables and any other information
reasonably requested by any of the foregoing with respect to such Subsequent
Receivables;

 

(xiv)  [intentionally omitted]

 

(xv)  the Seller shall have delivered to the
Trustee and the Indenture Trustee a letter of a firm of Independent certified
public accountants confirming the satisfaction of the conditions set forth in clause (vi) with
respect to the Subsequent Receivables, and covering substantially the same
matters with respect to the Subsequent Receivables as are set forth in Exhibit F hereto;

 

(xvi)  the Seller shall have delivered to the
Indenture Trustee and the Trustee an Officer’s Certificate confirming the
satisfaction of each condition specified in this clause (b) (substantially in
the form attached hereto as Schedule A to the Subsequent Transfer
Assignment); and

 

(xvii)  Moody’s shall have received written
notification from the Seller of the addition of all such Subsequent
Receivables.

 

5

 

(c)  The Seller covenants to transfer to the Issuer pursuant to clause (a) Subsequent
Receivables with an aggregate Contract Value approximately equal to
$546,546,346.07 subject
only to availability thereof.

 

ARTICLE III

The Receivables

 

SECTION 3.1.  Representations
and Warranties of Seller. 
The Seller makes the following representations and warranties as to the
Receivables on which the Issuer is deemed to have relied in acquiring the
Receivables. Such representations and warranties speak as of the execution and
delivery of this Agreement and as of the Closing Date, in the case of the
Initial Receivables, and as of the applicable Subsequent Transfer Date, in the
case of the Subsequent Receivables, but shall survive the sale, transfer and
assignment of the Receivables to the Issuer and the pledge thereof to the
Indenture Trustee pursuant to the Indenture.

 

(a)  Title. It is the intention
of the Seller that the transfer and assignment herein contemplated constitute a
sale of the Receivables from the Seller to the Issuer and that the beneficial
interest in and title to the Receivables not be part of the debtor’s estate in
the event of the filing of a bankruptcy petition by or against the Seller under
any bankruptcy or similar law. No Receivable has been sold, transferred,
assigned or pledged by the Seller to any Person other than the Issuer.
Immediately prior to the transfer and assignment herein contemplated, the
Seller had good title to each Receivable, free and clear of all Liens and,
immediately upon the transfer thereof, the Issuer shall have good title to each
Receivable, free and clear of all Liens; and the transfer and assignment of the
Receivables to the Issuer has been perfected under the UCC on the Closing Date.

 

If (but only to the
extent) that the transfer of the CNHCR Assets hereunder is characterized by a
court or other governmental authority as a loan rather than a sale, the Seller
shall be deemed hereunder to have granted to the Issuer a security interest in
all of Seller’s right, title and interest in and to the CNHCR Assets.  Such security interest shall secure all of
Seller’s obligations (monetary or otherwise) under this Agreement and the other
Basic Documents to which it is a party, whether now or hereafter existing or
arising, due or to become due, direct or indirect, absolute or contingent.  The Seller shall have, with respect to the
property described in Section 2.1
and Section 2.2,
and in addition to all the other rights and remedies available to Seller under
this Agreement and applicable law, all the rights and remedies of a secured
party under any applicable UCC, and this Agreement shall constitute a security
agreement under applicable law.

 

(b)  All Filings Made. All filings (including UCC filings)
necessary in any jurisdiction to give the Issuer a first priority perfected
ownership interest in the Receivables, and to give the Indenture Trustee a
first priority perfected security interest therein, have been made.

 

(c)  Perfection Representation. The Seller further makes
all the representations, warranties and covenants set forth in Schedule P.

 

6

 

SECTION 3.2.  Repurchase
upon Breach.  (a) 
The Seller, the Servicer or the Trustee, as the case may be, shall inform the
other parties to this Agreement and the Indenture Trustee promptly, in writing,
upon the discovery of any breach of the Seller’s representations and warranties
made pursuant to Section 3.1
or Section 6.1, CNHCA’s representations
and warranties made pursuant to Section 3.2(b) of the CNCHA Liquidity
Receivables Purchase Agreement, NH Credit’s representations and warranties made
pursuant to Section 3.2(b) of the NH Liquidity Receivables Purchase
Agreement, or CNHCA’s representations and warranties made pursuant to Section 3.2(b) of
the CNHCA Purchase Agreement.  Unless any
such breach shall have been cured by the last day of the second (or, if the
Seller elects, the first) Collection Period after such breach is discovered by
the Trustee or in which the Trustee receives written notice from the Seller or
the Servicer of such breach, the Seller shall be obligated, and, if necessary,
the Seller or the Trustee shall enforce the obligation of CNHCA under the CNHCA
Liquidity Receivables Purchase Agreement, of NH Credit under the NH Liquidity
Receivables Purchase Agreement or of CNHCA under the CNHCA Purchase Agreement,
as applicable, to repurchase any Receivable materially and adversely affected
by any such breach as of such last day. As consideration for the repurchase of
the Receivable, the Seller shall remit the Purchase Amount in the manner
specified in Section 5.4;
provided, however, that the
obligation of the Seller to repurchase any Receivable arising solely as a result
of a breach of CNHCA’s representations and warranties pursuant to Section 3.2(b) of
the CNHCA Liquidity Receivables Purchase Agreement, of NH Credit’s
representations and warranties pursuant to Section 3.2(b) of the NH
Liquidity Receivables Purchase Agreement or of CNHCA’s representations and
warranties pursuant to Section 3.2(b) of the CNHCA Purchase Agreement
is subject to the receipt by the Seller of the Purchase Amount from CNHCA or NH
Credit, as applicable.  Subject to the
provisions of Section 6.3, the sole remedy of the
Issuer, the Trustee, the Indenture Trustee, the Noteholders or the
Certificateholders with respect to a breach of the representations and
warranties pursuant to Section 3.1
and the agreement contained in this Section shall be to require
the Seller to repurchase Receivables pursuant to this Section, subject to the
conditions contained herein, and to enforce CNHCA’s or NH Credit’s obligation
to the Seller to repurchase such Receivables pursuant to the CNHCA Liquidity
Receivables Purchase Agreement, NH Liquidity Receivables Purchase Agreement or
the CNHCA Purchase Agreement, as applicable.

 

(b)  With respect to all Receivables repurchased by the Seller
pursuant to this Agreement, the Issuer shall sell, transfer, assign, set over
and otherwise convey to the Seller, without recourse, representation or
warranty, all of the Issuer’s right, title and interest in, to and under such
Receivables, and all security and documents relating thereto.

 

SECTION 3.3.  Custody
of Receivable Files.  To assure
uniform quality in servicing the Receivables and to reduce administrative
costs, the Issuer hereby revocably appoints the Servicer, and the Servicer
hereby accepts such appointment, to act for the benefit of the Issuer and the
Indenture Trustee as custodian of the following documents or instruments, which
are hereby constructively delivered to the Indenture Trustee, as pledgee of the
Issuer (or, in the case of the Subsequent Receivables, will as of the
applicable Subsequent Transfer Date be constructively delivered to the
Indenture Trustee, as pledgee of the Issuer) with respect to each Receivable:

 

(a) 
the original fully executed copy of the Receivable;

 

7

 

(b) 
a record or facsimile of the original credit application fully executed by the
Obligor;

 

(c) 
the original certificate of title or file stamped copy of the UCC financing
statement or such other documents that the Servicer shall keep on file, in
accordance with its customary procedures, evidencing the security interest of
NH Credit or, in the case of a CNHCA Receivable, CNHCA in the Financed
Equipment; and

 

(d) 
any and all other documents that the Servicer or the Seller or, in the case of
CNHCA Receivables, CNHCA shall keep on file, in accordance with its customary
procedures, relating to a Receivable, an Obligor or any of the Financed
Equipment.

 

SECTION 3.4.  Duties of Servicer as
Custodian.

 

(a)  Safekeeping. The Servicer (or its Affiliates, but only
in accordance with the second following sentence) shall hold the Receivable
Files for the benefit of the Issuer and the Indenture Trustee and maintain such
accurate and complete accounts, records and computer systems pertaining to each
Receivable File as shall enable the Issuer to comply with this Agreement. In
performing its duties as custodian, the Servicer shall act with reasonable
care, using that degree of skill and attention that the Servicer exercises with
respect to the receivable files relating to all comparable equipment
receivables that the Servicer services for itself or others.  The Servicer, in its capacity as custodian,
may at any time delegate its duties as custodian to any Affiliate of the
Servicer; provided, that no such delegation shall relieve the Servicer of its
responsibility with respect to such duties and the Servicer shall remain
obligated and liable to the Issuer, the Depositor and the Indenture Trustee for
its duties hereunder as if the Servicer alone were performing such duties. The
Servicer shall conduct, or cause to be conducted, periodic audits of the
Receivable Files and the related accounts, records and computer systems, in
such a manner as shall enable the Issuer or the Indenture Trustee to verify the
accuracy of the Servicer’s record keeping. The Servicer shall promptly report
to the Issuer and the Indenture Trustee any failure on its part, or its
Affiliate’s part, to hold the Receivable Files and maintain its accounts,
records and computer systems as herein provided and promptly take appropriate
action to remedy any such failure. Nothing herein shall be deemed to require an
initial review or any periodic review by the Issuer, the Trustee or the
Indenture Trustee of the Receivable Files.

 

(b)  Maintenance of and Access to Records. The Servicer
shall maintain each Receivable File at one or more of its offices and/or one or
more of its Affiliate’s offices; provided that at no time shall a Receivable
File be moved to an office or location outside the geographic boundaries of the
United States. The Servicer shall make available for inspection by the Seller,
the Issuer and the Indenture Trustee or their respective duly authorized
representatives, attorneys or auditors a list of locations of the Receivable
Files and the related accounts, records and computer systems maintained by the
Servicer at such times during normal business hours as the Seller, the Issuer
or the Indenture Trustee shall instruct.

 

SECTION 3.5.  Instructions;
Authority To Act.  The
Servicer shall be deemed to have received proper instructions with respect to the
Receivable Files upon its receipt of written instructions signed by a Trust
Officer of the Indenture Trustee.

 

8

 

SECTION 3.6.  Custodian’s
Indemnification.  The
Servicer as custodian shall indemnify the Trust, the Trustee and the Indenture
Trustee (and each of their officers, directors, employees and agents) for any
and all liabilities, obligations, losses, compensatory damages, payments, costs
or expenses of any kind whatsoever that may be imposed on, incurred by or
asserted against the Trust, the Trustee or the Indenture Trustee (or any of
their officers, directors and agents) as the result of any improper act or
omission in any way relating to the maintenance and custody by the Servicer as
custodian of the Receivable Files; provided, however,
that the Servicer shall not be liable: (a) to the Trustee for any portion
of any such amount resulting from the willful misfeasance, bad faith or
negligence of the Trustee, and (b) to the Indenture Trustee for any portion
of any such amount resulting from the willful misfeasance, bad faith or
negligence of the Indenture Trustee; and, provided
further, that the Servicer shall only be liable pursuant to this Section 3.6 for
its acts or omissions committed during the period it is serving as custodian
hereunder.  Indemnification under this Section shall
survive the resignation or removal of the Servicer as custodian, the
resignation or removal of the Indenture Trustee or the termination of this
Agreement.

 

SECTION 3.7.  Effective
Period and Termination. 
The Servicer’s appointment as custodian shall become effective as of the
Initial Cutoff Date and shall continue in full force and effect until
terminated pursuant to this Section. If any Servicer shall resign as Servicer
in accordance with this Agreement or if all of the rights and obligations of
any Servicer shall have been terminated under Section 8.1, the appointment
of such Servicer as custodian shall be terminated by: (a) the Indenture
Trustee, (b) the Noteholders of Notes evidencing not less than 25% of the
Note Balance, (c) with the consent of Noteholders of Notes evidencing not
less than 25% of the Note Balance, the Trustee or (d) Certificateholders
evidencing not less than 25% of the beneficial interest in the Issuer, in the
same manner as the Indenture Trustee or such Holders may terminate the rights
and obligations of the Servicer under Section 8.1.  The
Indenture Trustee or, with the consent of the Indenture Trustee, the Trustee
may terminate the Servicer’s appointment as custodian, with cause, at any time
upon written notification to the Servicer, and without cause upon 30 days’
prior written notification to the Servicer. As soon as practicable after any
termination of such appointment, the Servicer shall deliver the Receivable
Files to the Indenture Trustee or the Indenture Trustee’s agent at such
place(s) as the Indenture Trustee may reasonably designate.

 

SECTION 3.8.  Backup Servicer as
Custodian.  The Backup
Servicer shall only act as custodian pursuant to Section 3.4 hereunder if
it is simultaneously acting as Successor Servicer pursuant to this Agreement.

 

ARTICLE IV

Administration and Servicing of Receivables

 

SECTION 4.1.  Duties
of Servicer.  The
Servicer, for the benefit of the Issuer, and (to the extent provided herein)
the Indenture Trustee shall manage, service, administer and make collections on
the Receivables with reasonable care, using that degree of skill and attention
that the Servicer exercises with respect to all comparable equipment receivables
that it services for itself or others. The Servicer’s duties shall include
collection and posting of all payments,

 

9

 

responding
to inquiries of Obligors on such Receivables, investigating delinquencies, sending
payment coupons or statements to Obligors, reporting tax information to
Obligors, accounting for collections and furnishing monthly and annual
statements to the Trustee and the Indenture Trustee with respect to
distributions. Subject to Section 4.2,
the Servicer shall follow its then current customary standards, policies and
procedures in performing its duties as Servicer.  Notwithstanding anything herein to the
contrary, it is understood and agreed that, subject to Section 4.2, in servicing the CNHCA Receivables
the Servicer shall follow CNHCA’s customary standards, policies and procedures
in performing its duties as Servicer with respect to the CNHCA Receivables.

 

Without limiting the
generality of the foregoing, the Servicer is authorized and empowered to
execute and deliver, on behalf of itself, the Issuer, the Trustee, the
Indenture Trustee, the Certificateholders, the Noteholders or any of them, any
and all instruments of satisfaction or cancellation, or partial or full release
or discharge, and all other comparable instruments, with respect to such
Receivables or the Financed Equipment securing such Receivables. If the
Servicer shall commence a legal proceeding to enforce a Receivable, the Issuer
shall thereupon be deemed to have automatically assigned, solely for the
purpose of collection, such Receivable to the Servicer. If in any enforcement
suit or legal proceeding it shall be held that the Servicer may not enforce a
Receivable on the ground that it shall not be a real party in interest or a holder
entitled to enforce such Receivable, the Trustee shall, at the Servicer’s
direction (and, so long as the Servicer is NH Credit, at the Servicer’s
expense), take steps to enforce such Receivable, including bringing suit in its
name or the name of the Trust, the Indenture Trustee, the Certificateholders or
the Noteholders. The Trustee or the Indenture Trustee shall, upon the written
request of the Servicer, furnish the Servicer with any powers of attorney and
other documents reasonably necessary or appropriate to enable the Servicer to
carry out its servicing and administrative duties hereunder.

 

SECTION 4.2.  Collection
and Allocation of Receivable Payments.  The Servicer shall make reasonable efforts to
collect all payments called for under the Receivables as and when the same
shall become due and shall follow such collection procedures as it follows with
respect to all comparable equipment receivables that it services for itself or
others.  The Servicer shall allocate
collections between principal and interest in accordance with the customary
servicing procedures it follows with respect to all comparable equipment
receivables that it services for itself or others.  The Servicer may grant extensions or
adjustments on a Receivable; provided,
however, that if the Servicer extends the date for final payment by the
Obligor of any Receivable beyond the Final Scheduled Maturity Date, it shall
promptly purchase the Receivable from the Issuer in accordance with Section 4.6.  The Servicer may, in its discretion, waive
any late payment charge or any other fees (other than extension fees or any
other fees that represent interest charges on deferred Scheduled Payments) that
may be collected in the ordinary course of servicing a Receivable.  The Servicer shall not agree to any decrease
of the interest rate on any Receivable or reduce the aggregate amount of the
Scheduled Payments due on any Receivable except as required by law.

 

SECTION 4.3.  Realization
upon Receivables.  For the
benefit of the Issuer and the Indenture Trustee, the Servicer shall use
reasonable efforts, consistent with its customary servicing procedures, to
repossess or otherwise convert the ownership of the Financed Equipment securing
any Receivable as to which the Servicer shall have determined eventual

 

10

 

payment
in full is unlikely. The Servicer shall follow such customary and usual
practices and procedures as it shall deem necessary or advisable in its
servicing of equipment receivables, which may include reasonable efforts to
realize upon any recourse to Dealers and selling the Financed Equipment at
public or private sale (it being understood that, if the Backup Servicer is
acting as Successor Servicer, it shall have no duty to enforce remedies against
Dealers). The foregoing shall be subject to the provision that, in any case in
which the Financed Equipment shall have suffered damage, the Servicer shall not
expend funds in connection with the repair or the repossession of such Financed
Equipment unless it shall determine in its discretion that such repair and/or
repossession will increase the Liquidation Proceeds by an amount greater than
the amount of such expenses.

 

SECTION 4.4.  Maintenance
of Security Interests in Financed Equipment.  The Servicer shall, in accordance with its
customary servicing procedures, take such steps as are necessary to maintain
perfection of the security interest created by each Receivable in the related
Financed Equipment. The Servicer is hereby authorized to take such steps as are
necessary to re-perfect such security interest for the benefit of the Issuer
and the Indenture Trustee in the event of the relocation of any Financed
Equipment, any change to the UCC or for any other reason.  Any out-of-pocket expenses incurred by the
Successor Servicer in connection with any such re-perfection shall be
reimbursable in accordance with Section 5.6(b)(x).

 

SECTION 4.5.  Covenants
of Servicer.  The Servicer
shall not release the Financed Equipment securing any Receivable from the security
interest granted by such Receivable in whole or in part except in the event of
payment in full by the Obligor thereunder or repossession, nor shall the
Servicer impair the rights of the Issuer, the Indenture Trustee, the
Certificateholders or the Noteholders in such Receivables. The Servicer shall,
in accordance with its customary servicing procedures, require that each
Obligor shall have obtained physical damage insurance covering the Financed
Equipment as of the execution of the Receivable.

 

SECTION 4.6.  Purchase
of Receivables upon Breach. 
The Servicer or the Trustee shall inform the other party, the Indenture
Trustee, the Seller, NH Credit and CNHCA promptly, in writing, upon the
discovery of any breach pursuant to Sections 4.2,
4.4 or 4.5.  Unless the breach shall have been cured by
the last day of the Collection Period in which such breach is discovered, the
Servicer shall purchase or shall cause CNHCA to purchase any Receivable
materially and adversely affected by such breach as of such last day.  If the Servicer takes any action during any
Collection Period pursuant to Section 4.2 that impairs the rights of the Issuer, the
Indenture Trustee, the Certificateholders or the Noteholders in any Receivable
or as otherwise provided in Section 4.2, the Servicer shall purchase or shall cause
CNHCA to purchase such Receivable as of the last day of such Collection Period.
As consideration for the purchase of any such Receivable pursuant to either of
the two preceding sentences, the Servicer shall remit or shall cause CNHCA to
remit the Purchase Amount in the manner specified in Section 5.5.  Subject to Section 7.2, the sole remedy of the
Issuer, the Trustee, the Indenture Trustee, the Certificateholders or the
Noteholders with respect to a breach pursuant to Sections 4.2, 4.4 or 4.5 shall be to require the Servicer to purchase or to
cause CNHCA to purchase Receivables pursuant to this Section.  The Trustee shall have no duty to conduct any
affirmative investigation as to the occurrence of any condition requiring the
purchase of any Receivable pursuant to this Section.  In no event shall the Backup Servicer as
Successor Servicer be obligated to purchase any Receivables pursuant to this Section 4.6.

 

11

 

SECTION 4.7.  Servicing
Fee.  The Servicing Fee
for each Collection Period shall be equal to 1/12th of 1.00% of the Pool
Balance as of the first day of such Collection Period; provided that with
respect to any Successor Servicer hereunder, the Servicing Fee for each Collection
Period shall be equal to the greater of (a) 1/12th of 1.00% of the Pool
Balance as of the first day of such Collection Period, (b) $8.50 per
Contract in the Trust Estate as of the first day of such Collection Period, and
(c) $5,000.

 

SECTION 4.8.  Servicer’s
Certificate.  On each
Determination Date the Servicer shall deliver to the Trustee, the Indenture
Trustee, the Seller and the Backup Servicer, with a copy to the Rating
Agencies, a Servicer’s Certificate containing all information necessary to make
the distributions pursuant to Sections 5.6 and 5.7 and the deposits to the Collection Account pursuant to Section 5.3 for
the Collection Period preceding the date of such Servicer’s Certificate.  Receivables to be repurchased by the Seller
or purchased by the Servicer shall be identified by the Servicer by account
number with respect to such Receivable (as specified in the schedule of
Receivables delivered on the Closing Date or attached to the applicable
Subsequent Transfer Assignment).

 

SECTION 4.9.  Annual
Statement as to Compliance; Notice of Default.  (a)  The Servicer shall deliver to the
Trustee and the Indenture Trustee, on or before April 30 of each year, an
Officer’s Certificate, dated as of December 31 of the preceding year,
stating that: (i) a review of the activities of the Servicer during the
preceding 12-month period (or, in the case of the first such certificate, from
the Initial Cutoff Date to December 31, 2005) and of its performance under
this Agreement has been made under such officers’ supervision and (ii) to
the best of such officers’ knowledge, based on such review, the Servicer has
fulfilled all its obligations under this Agreement throughout such year or, if
there has been a default in the fulfillment of any such obligation, specifying
each such default known to such officers and the nature and status
thereof.  The Indenture Trustee shall
send a copy of such Certificate and the report referred to in Section 4.10
to the Rating Agencies. A copy of such Certificate and report may be obtained
by any Certificateholder or Noteholder by a request in writing to the Trustee
addressed to the Corporate Trust Office. Upon the written request of the
Trustee, the Indenture Trustee will promptly furnish the Trustee a list of
Noteholders as of the date specified by the Trustee.

 

(b)  The Servicer shall deliver to the Trustee, the Indenture
Trustee, each Counterparty and the Rating Agencies, promptly after having
obtained knowledge thereof, but in no event later than five Business Days
thereafter, written notice in an Officer’s Certificate of any event that, with
the giving of notice or lapse of time, or both, would become a Servicer Default
under Section 8.1(a) or
(b).

 

SECTION 4.10.  Annual
Independent Certified Public Accountants’ Report.  The Servicer shall cause a firm of
independent certified public accountants, which may also render other services
to the Servicer, the Seller or any other Affiliate of CNH Global, to deliver to
the Trustee, the Indenture Trustee and the Rating Agencies on or before April 30
of each year a report, addressed to the Board of Directors of the Servicer,
summarizing the results of certain procedures with respect to certain documents
and records relating to the servicing of the Receivables during the preceding
calendar year (or, in the case of the first such report, during the period from
the Initial Cutoff Date to December 31, 2005). The procedures to be
performed and reported upon by the independent public accountants shall be
those agreed to by the Servicer.

 

12

 

The certification
required by this paragraph may be replaced, at the Servicer’s option, by any
similar certification using standards which are now or in the future in use by
servicers of comparable assets or which otherwise comply with any rule,
regulation, “no action” letter or similar guidance promulgated by the
Securities and Exchange Commission.

 

In the event that such
firm requires the Indenture Trustee to agree to the procedures performed by
such firm, the Servicer shall direct the Indenture Trustee in writing to so
agree; it being understood and agreed that the Indenture Trustee will deliver
such letter of agreement in conclusive reliance upon the direction of the
Servicer and the Indenture Trustee makes no independent inquiry or
investigation as to, and shall have no obligation or liability in respect of,
the sufficiency, validity or correctness of such procedures.

 

Such report will also
indicate that the firm is independent of the Servicer within the meaning of the
Code of Professional Ethics of the American Institute of Certified Public
Accountants.

 

Notwithstanding the
preceding in this Section 4.10, if the Backup Servicer is acting as the
Successor Servicer, it shall only be required to provide a copy of its annual
SAS 70 report and its audited financial statements.

 

SECTION 4.11.  Access
to Certain Documentation and Information Regarding Receivables.  The Servicer shall provide to the Trustee,
the Backup Servicer and the Indenture Trustee access to the Receivable Files in
such cases where the Trustee or the Indenture Trustee shall be required by
applicable statutes or regulations to review such documentation. Access shall
be afforded without charge, but only upon reasonable request and during the
normal business hours at the respective offices of the Servicer (or, in the
case of the CNHCA Receivables, CNHCA). 
Provided, however, at any time upon written request of the Indenture
Trustee, the Servicer will provide (within 10 days of receipt of such request)
an electronic data file containing all relevant loan level information on each
Receivable necessary for a replacement servicer to assume servicing
responsibilities, including current mailing address and telephone number,
current balance, payment schedule and past due status of each obligor
(such request not to be made more frequently than one per month).  Nothing in this Section shall affect the
obligation of the Servicer to observe any applicable law prohibiting disclosure
of information regarding the Obligors, and the failure of the Servicer to
provide access to information as a result of such obligation shall not
constitute a breach of this Section.

 

SECTION 4.12.  Servicer
Expenses.  The Servicer
shall be required to pay all expenses incurred by it in connection with its
activities hereunder, including fees and disbursements of independent
accountants, taxes imposed on the Servicer and expenses incurred in connection
with distributions and reports to Certificateholders and the Noteholders. All
reasonable costs and expenses and indemnities (including attorneys’ fees and
expenses) incurred in connection with the engagement of a Backup Servicer
(including obtaining a Backup Servicer to replace SST as Backup Servicer), or
transitioning the Backup Servicer to the role of Successor Servicer, including
any engagement fees, travel expenses or due diligence costs and other
reasonable expense reimbursements incurred by the Backup Servicer pursuant to
the Backup Servicing Agreement and all indemnification payments payable to the
Backup Servicer pursuant to the Backup Servicing Agreement (collectively, such
fees, expenses and costs and indemnities, the

 

13

 

“Backup Servicer Expenses”) shall be paid
from funds available in the Backup Servicer Account upon presentation of
reasonable documentation to the Servicer. 
Distributions of Backup Servicer Expenses shall be made in accordance
with Section 5.13. To the
extent that any Backup Servicer Expenses exceed the amount on deposit in the
Backup Servicer Account (any such shortfall, a “Backup Servicer Account Shortfall Amount”), the Servicer (so
long as the Servicer is NH Credit) agrees, within thirty days of demand
thereof, to deliver to the Indenture Trustee for deposit in the Backup Servicer
Account, such Backup Servicer Account Shortfall Amount.

 

If amounts in the Backup Servicer Account are insufficient to fully
reimburse the Backup Servicer in respect of Backup Servicer Expenses, the
Backup Servicer shall be reimbursed pursuant to Section 5.6(b)(x).

 

SECTION 4.13.  Appointment
of Subservicer.  The
Servicer may at any time appoint a subservicer to perform all or any portion of
its obligations as Servicer hereunder; provided,
however, that the Rating Agency Condition shall have been satisfied
in connection therewith (other than with respect to the appointment of CNHCA,
as subservicer, with respect to the CNHCA Receivables); and provided further, that the Servicer
shall remain obligated and be liable to the Issuer, the Trustee, the Indenture
Trustee, the Certificateholders and the Noteholders for the servicing and
administering of the Receivables in accordance with the provisions hereof
without diminution of such obligation and liability by virtue of the
appointment of such subservicer and to the same extent and under the same terms
and conditions as if the Servicer alone were servicing and administering the
Receivables. The fees and expenses of any subservicer shall be as agreed
between the Servicer and such subservicer from time to time and none of the
Issuer, the Trustee, the Indenture Trustee, the Certificateholders or the
Noteholders shall have any responsibility therefor.  Notwithstanding the foregoing, the Backup
Servicer as Successor Servicer shall have the right to terminate any prior or
existing subservicing arrangement with or without cause.

 

ARTICLE V

Distributions: Spread Account; 

Statements to Certificateholders and Noteholders

 

SECTION 5.1.  Establishment
of Trust Accounts and the Backup Servicer Account.  (a) (i)  The Servicer, for the
benefit of the Noteholders, each Counterparty and the Certificateholders, shall
establish and maintain in the name of the Indenture Trustee an Eligible Deposit
Account (the “Collection Account”), bearing a designation clearly
indicating that the funds deposited therein are held for the benefit of the
Noteholders, each Counterparty and the Certificateholders.

 

(ii) 
The Servicer, for the benefit of the Noteholders and each Counterparty, shall
establish and maintain in the name of the Indenture Trustee an Eligible Deposit
Account (the “Note Distribution Account”), bearing a designation clearly
indicating that the funds deposited therein are held for the benefit of the
Noteholders.

 

(iii) 
The Servicer, for the benefit of the Noteholders and each Counterparty, shall
establish and maintain in the name of the Indenture Trustee an Eligible Deposit
Account

 

14

 

(the “Spread Account”), bearing a designation clearly indicating that the funds
deposited therein are held for the benefit of the Noteholders.

 

(iv) 
The Servicer, for the benefit of the Noteholders, each Counterparty and the
Certificateholders, shall establish and maintain in the name of the Indenture
Trustee an Eligible Deposit Account (the “Pre-Funding
Account”), bearing a
designation clearly indicating that the funds deposited therein are held for
the benefit of the Noteholders and the Certificateholders; provided, however
that the Servicer shall not be required to establish such account so long as no
amount greater than $0.00 shall be required to be deposited into such account
pursuant to this Agreement or any other Basic Document.

 

(v) 
The Servicer, for the benefit of the Noteholders, each Counterparty and the
Certificateholders, shall establish and maintain in the name of the Indenture
Trustee an Eligible Deposit Account (the “Negative
Carry Account”),
bearing a designation clearly indicating that the funds deposited therein are
held for the benefit of the Noteholders and the Certificateholders; provided,
however that the Servicer shall not be required to establish such account so
long as no amount greater than $0.00 shall be required to be deposited into
such account pursuant to this Agreement or any other Basic Document.

 

(vi) 
The Servicer, for the benefit of the Noteholders, each Counterparty and the
Certificateholders, shall establish and maintain in the name of the Indenture
Trustee an Eligible Deposit Account (the “Principal
Supplement Account”),
bearing a designation clearly indicating that the funds deposited therein are
held for the benefit of the Noteholders and the Certificateholders; provided,
however that the Servicer shall not be required to establish such
account so long as no amount greater than $0.00 shall be required to be deposited
into such account pursuant to this Agreement or any other Basic Document.

 

(vii) 
The Servicer on behalf of the Seller, for the benefit of the Indenture Trustee
on behalf of the Noteholders and the Backup Servicer, shall establish and
maintain in the name of the Indenture Trustee, an Eligible Deposit Account (the
“Backup Servicer  Account”), bearing a designation clearly indicating that the funds
deposited therein are held for the benefit of the Indenture Trustee on behalf
of the Noteholders and the Backup Servicer, provided, however
that the Servicer shall not be required to maintain such account so long as no
amount greater than $0.00 shall be required to be held on deposit in such
account pursuant to this Agreement or any other Basic Document.  The Backup Servicer Account shall not be a “Trust
Account” (as hereinafter defined) and shall not constitute part of the Trust
Estate. Except as provided in Section 5.13,
the only permitted withdrawal from or application of funds on deposit in, or
otherwise standing to the credit of, the Backup Servicer Account shall be for
application to Backup Servicer Expenses.

 

(b)  Funds on deposit in the Collection Account, the Note
Distribution Account, the Spread Account, the Pre-Funding Account, the Negative
Carry Account and the Principal Supplement Account, (collectively, the “Trust Accounts”) and the Backup Servicer Account shall be invested or
reinvested by the Indenture Trustee in Eligible Investments selected by and as
directed in writing by the Servicer (which written direction may be in the form
of standing instructions) or if the Servicer fails to provide written
direction, shall be invested or reinvested

 

15

 

by the
Indenture Trustee in Eligible Investments specified in paragraph (d) of
the definition of “Eligible Investments” (without giving effect to the proviso
therein) as set forth in Appendix A to
the Indenture; provided, however,
it is understood and agreed that the Indenture Trustee shall not be liable for the
selection of, or any loss arising from such investment in, Eligible
Investments. All such Eligible Investments shall be held or controlled by the
Indenture Trustee for the benefit of the Noteholders, the Counterparty and the
Certificateholders or the Noteholders and the Counterparty, as applicable (and
for the purposes of Articles 8 and 9 of the UCC, each Eligible Investment is
intended to constitute a Financial Asset, and each of the Trust Accounts and
the Backup Servicer Account is intended to constitute a Securities Account); provided, that on each Transfer Date, all
Investment Earnings on funds on deposit in the Trust Accounts shall be
deposited into the Collection Account and shall be deemed to constitute a
portion of the Total Distribution Amount Funds on deposit in the Trust Accounts
and the Backup Servicer Account shall be invested in Eligible Investments (or
other investments permitted by the Rating Agencies) that will mature so that
such funds will be available at the close of business on the Transfer Date
preceding the following Payment Date; provided, however,
that funds on deposit in Trust Accounts and the Backup Servicer Account may be
invested in Eligible Investments of the entity serving as Indenture Trustee
payable on demand or that mature so that such funds will be available on the
Payment Date. Funds deposited in a Trust Account or the Backup Servicer Account
on the Transfer Date that precedes a Payment Date upon the maturity or
liquidation of any Eligible Investments are not required to be invested
overnight.

 

(c)  (i)  The Indenture Trustee shall possess or control all
right, title and interest in all funds on deposit from time to time in the
Trust Accounts and in all proceeds thereof (including all income thereon) and
all such funds, investments, proceeds and income shall be part of the Trust
Estate.  The Trust Accounts shall be
under the sole dominion and control of the Indenture Trustee for the benefit of
the Noteholders, the Counterparty and the Certificateholders or the Noteholders
and the Counterparty, as the case may be. The Indenture Trustee shall possess
or control all right, title and interest in all funds on deposit from time to
time in the Backup Servicer Account and in all proceeds thereof (including all
income thereon). The Backup Servicer Account shall be under the sole dominion
and control of the Indenture Trustee for the benefit of the Noteholders and the
Backup Servicer. If, at any time, any of the Trust Accounts or the Backup
Servicer Account ceases to be an Eligible Deposit Account, the Indenture
Trustee (or the Servicer on its behalf) shall within 10 Business Days (or such
longer period, not to exceed 30 calendar days, as to which each Rating Agency
may consent) establish a new Trust Account or new Backup Servicer Account, as
the case may be, as an Eligible Deposit Account and shall transfer any cash
and/or any investments held in the no-longer Eligible Deposit Account to such
new Trust Account or new Backup Servicer Account, as the case may be.

 

(ii) 
With respect to the Trust Account Property or Backup Servicer Account Property,
the Indenture Trustee agrees, by its acceptance hereof, that:

 

(A) 
any Trust Account Property or Backup Servicer Account Property that is held in
deposit accounts shall be held solely in Eligible Deposit Accounts, subject to
the last sentence of Section 5.1(c)(i); and each such Eligible
Deposit Account shall be subject to the exclusive custody and control of the
Indenture Trustee, and the Indenture Trustee shall have sole signature
authority with respect thereto;

 

16

 

(B) 
any Trust Account Property or Backup Servicer Account Property that constitutes
a Certificated Security shall be delivered to the Indenture Trustee in
accordance with paragraph (i) of the definition of “Delivery” and shall be
held, pending maturity or disposition, solely by the Indenture Trustee or its
agent;

 

(C) 
any such Trust Account Property or Backup Servicer Account Property that
constitutes an Uncertificated Security (including any investments in money
market mutual funds, but excluding any Federal Book Entry Security) shall be
delivered to the Indenture Trustee in accordance with paragraph (ii) of
the definition of “Delivery” and shall be maintained, pending maturity or disposition,
through continued registration of the Indenture Trustee’s (or its custodian or
nominee’s) ownership of such security; and

 

(D) 
with respect to any Trust Account Property or Backup Servicer Account Property
that constitutes a Federal Book Entry Security, the Indenture Trustee shall
maintain and obtain Control over such property.

 

(iii) 
The Servicer shall have the power, revocable by the Indenture Trustee or by the
Trustee, with the consent of the Indenture Trustee, to instruct the Indenture
Trustee to make withdrawals and payments from the Trust Accounts and the Backup
Servicer Account for the purpose of permitting the Servicer or the Trustee to
carry out its respective duties hereunder or permitting the Indenture Trustee
to carry out its duties under the Indenture.

 

(d)  All Trust Accounts as well as the Backup Servicer Account
will initially be established at the Indenture Trustee.

 

SECTION 5.2.  Interest Rate Swap
Agreement.  (a)  The
Issuer shall on or prior to the Closing Date enter into the Interest Rate Swap
Agreement with the Counterparty for the benefit of the Noteholders and
Certificateholders, such that the aggregate notional amount under the Interest
Rate Swap Agreement shall, at any time, be equal to the Outstanding Amount of
the Class A-4a Notes at such time. 
Net Swap Receipts shall be deposited by the Indenture Trustee into the
Collection Account on the day received and shall constitute part of the Total
Distribution Amount.  On any Payment Date
when there shall be a Net Swap Payment, the Indenture Trustee shall pay such
Net Swap Payment from the Total Distribution Amount.

 

(b)  The Interest Rate Swap Agreement shall be in substantially
the same form as the Interest Rate Swap Agreement attached hereto as Exhibit G.

 

(c)  The Servicer (so long as the Servicer is NH Credit), when
required under the Interest Rate Swap Agreement, shall cause the Issuer to
enter into a replacement Interest Rate Swap Agreement.

 

SECTION 5.3.  Collections.  The Servicer shall, and shall cause any
subservicer to, remit within two Business Days of receipt thereof to the
Collection Account all payments by or on behalf of the Obligors with respect to
the Receivables, and all Liquidation Proceeds, both as collected during the
Collection Period. Notwithstanding the foregoing, for so long as: (i) NH
Credit remains the Servicer, (ii) no Servicer Default shall have occurred
and be continuing and

 

17

 

(iii) prior
to ceasing remittances as described in the preceding sentence, the Rating
Agency Condition shall have been satisfied (and any conditions or limitations
imposed by the Rating Agencies in connection therewith are complied with), the
Servicer shall remit such collections with respect to the related Collection
Period to the Collection Account on the Transfer Date immediately following the
end of such Collection Period. For purposes of this Article V, the phrase “payments
by or on behalf of the Obligors” shall mean payments made with respect to the
Receivables by Persons other than the Servicer or the Seller.  On any Payment Date with respect to which the
Backup Servicer shall have been acting as Successor Servicer during the related
Collection Period, the Backup Servicer, in its capacity as Successor Servicer,
may direct the Indenture Trustee to withdraw from the Collection Account and
pay to the Backup Servicer, in its capacity as Successor Servicer, the sum of
any accrued amounts expended by such Successor Servicer in connection with the
liquidation of any Liquidated Receivables, but solely to the extent such
amounts were not netted out of Liquidation Proceeds with respect of such
Liquidated Receivables or previously recovered by such Successor Servicer
pursuant to this Section 5.3; provided
that, the amount that such Successor Servicer may withdraw from the Collection
Account pursuant to this Section 5.3 on any Payment Date shall not exceed
the aggregate amount of Liquidation Proceeds collected during the related
Collection Period and deposited into the Collection Account prior to such
Payment Date.  Any such withdrawals
permissible under this Section 5.3
shall be made prior to any distributions under Section 5.6.

 

SECTION 5.4.  Application
of Collections.  (a) 
With respect to each Receivable, all collections for the Collection Period
shall be applied in accordance with the Servicer’s customary procedures.

 

(b)  All Liquidation Proceeds shall be applied to the related
Receivable.

 

SECTION 5.5.  Additional
Deposits.  The Servicer
and the Seller shall deposit or cause to be deposited in the Collection Account
the aggregate Purchase Amount with respect to Purchased Receivables on the
Transfer Date related to the Collection Period on the last day of which the
purchase occurs, and the Servicer shall deposit therein all amounts to be paid
under Section 9.1
on the Transfer Date falling in the Collection Period referred to in
Section 9.1.  The Servicer shall deposit the aggregate
Purchase Amount with respect to Purchased Receivables when such obligations are
due, unless the Servicer shall not be required to make deposits within two
Business Days of receipt of funds pursuant to Section 5.3, in which case such
deposits shall be made on the Transfer Date following the related Collection
Period.  This Section 5.5
shall not apply to the Backup Servicer as Successor Servicer.

 

SECTION 5.6.  Distributions.  (a)  On each Determination Date, the
Servicer shall calculate all amounts required to determine the amounts to be
deposited in the Note Distribution Account, the Certificate Distribution Account
and the Spread Account.

 

(b)  On each Payment Date, the Servicer shall instruct the
Indenture Trustee (based on the information contained in the Servicer’s
Certificate delivered on the related Determination Date pursuant to Section 4.8)
to make from the Collection Account the following deposits and distributions
for receipt by the Servicer or deposit in the applicable Trust Account or
Certificate Distribution Account, as applicable, by 10:00 a.m. (New York
time), to the extent of the Total Distribution Amount, in the following order
of priority:

 

18

 

(i) 
to the Backup Servicer, the Backup Servicer Fees and all unpaid Backup Servicer
Fees from prior Collection Periods;

 

(ii) 
to the Servicer, the Servicing Fee and all unpaid Servicing Fees from prior
Collection Periods;

 

(iii) 
to the Administrator, the Administration Fee and all unpaid Administration Fees
from prior Collection Periods;

 

(iv) 
to the Note Distribution Account, the Net Swap Payment (including interest on
any overdue Net Swap Payment), if any;

 

(v) 
to the Note Distribution Account, the Class Interest Amount for each Class of
Class A Notes and the Swap Termination Payment payable by the Issuer, if
any;

 

(vi) 
to the Note Distribution Account, the Class Interest Amount for the Class B
Notes;

 

(vii) 
to the Note Distribution Account, the Class Interest Amount for the Class C
Notes;

 

(viii) 
to the Note Distribution Account, the Note Monthly Principal Distributable
Amount;

 

(ix) 
to the Spread Account to the extent necessary so that the balance on deposit
therein will equal the Specified Spread Account Balance;

 

(x)  first, to the Backup Servicer, to cover any
accrued and unpaid reimbursable expenses (including the Backup Servicer
Expenses) that remain unpaid after the application, when applicable, of amounts
in the Backup Servicer Account, and second, to the Servicer, to cover any
accrued and unpaid reimbursable expenses; and

 

(xi)  to the Certificate Distribution Account, the
remaining Total Distribution Amount to be distributed to the
Certificateholders.

 

(c)  On the A-1 Note Final Scheduled Maturity Date, the Servicer
shall instruct the Indenture Trustee to deposit from the Collection Account
into the Note Distribution Account by 10:00 a.m. (New York time), to the
extent of available funds on such day, an amount equal to the sum of (i) the
aggregate accrued and unpaid interest on the Class A-1 Notes as of the A-1
Note Final Scheduled Maturity Date, and (ii) the amount necessary to
reduce the outstanding principal amount of the Class A-1 Notes to zero.

 

It is understood and
agreed that, with respect to the amounts to be distributed pursuant to this Section 5.6(c), the Servicer shall, to
the extent necessary (i) deposit into the Collection Account any amounts
received as payments by or on behalf of any Obligor (and not previously
deposited into the Collection Account) on or prior to the A-1 Note Final
Scheduled Maturity Date, (ii) make each calculation that would otherwise
be made on a Determination Date (with appropriate adjustments) in accordance
with Section 4.8
on the Business Day immediately

 

19

 

proceeding the A-1
Note Final Scheduled Maturity Date, (iii) on the Payment Date immediately
succeeding the A-1 Note Final Scheduled Maturity Date, make any adjustments to
the Note Monthly Principal Distributable Amount, the Class Interest Amount
and any other amount to be paid on such Payment Date, and (iv) make any
other calculation, adjustment or correction that may be required as a result of
any payment made on the A-1 Note Final Scheduled Maturity Date.

 

SECTION 5.7.  Spread
Account.  (a)  On the
Closing Date and on each Subsequent Transfer Date, the Seller shall deposit the
applicable Spread Account Initial Deposit into the Spread Account.

 

(b)  If the amount on deposit in the Spread Account on any Payment
Date (after giving effect to all deposits or withdrawals therefrom on such
Payment Date) is greater than the Specified Spread Account Balance for such
Payment Date, the Servicer shall instruct the Indenture Trustee to distribute
the amount of the excess to the Seller (and its transferees and assignees in
accordance with their respective interests); provided,
that if, after giving effect to all payments made on the Notes on such Payment
Date, the sum of the Pool Balance and the Pre-Funded Amount as of the first day
of the Collection Period in which such Payment Date occurs is less than the
Note Balance, such excess shall not be distributed to the Seller (or such
transferees or assignees) and shall be retained in the Spread Account for
application in accordance with this Agreement. Amounts properly distributed
pursuant to this Section 5.7(b) shall
be deemed released from the Trust and the security interest therein granted to
the Indenture Trustee, and the Seller (and such transferees and assignees)
shall in no event thereafter be required to refund any such distributed
amounts.

 

(c)  Following: (i) the payment in full of the aggregate
Outstanding Amount of the Notes and of all other amounts owing or to be
distributed hereunder or under the Indenture to the Noteholders, the Trustee
and the Indenture Trustee and (ii) the termination of the Trust, any
amount remaining on deposit in the Spread Account shall be distributed to the
Seller or any transferee or assignee pursuant to clause (e).  The Seller (and such transferees and
assignees) shall in no event be required to refund any amounts properly
distributed pursuant to this Section 5.7(c).

 

(d)  In the event that the sum of (x) the Noteholders’
Distributable Amount for a Payment Date, (y) the Net Swap Payment (including
interest on any overdue Net Swap Payment) for a Payment Date, if any, and (z)
the Swap Termination Payment payable by the Issuer, if any, exceeds the amount
deposited into the Note Distribution Account pursuant to Sections 5.6(b)(iv), (v), (vi),
(vii) and (viii) on such Payment Date, the Servicer shall
instruct the Indenture Trustee on such Payment Date to withdraw from the Spread
Account on such Payment Date an amount equal to such excess, to the extent of
funds available therein, and deposit such amount into the Note Distribution
Account.

 

(e)  The Seller may at any time, without consent of the
Noteholders, sell, transfer, convey or assign in any manner its rights to and
interests in distributions from the Spread Account, including interest and
other investment earnings thereon; provided,
that the Rating Agency Condition is satisfied.

 

20

 

SECTION 5.8.  Pre-Funding
Account.  (a) 
Subject to the proviso set forth in Section 5.1(a)(iv), on the
Closing Date, the Trustee will deposit, on behalf of the Seller, in the
Pre-Funding Account $546,546,346.07 from the net proceeds of the sale of the Notes.
On each Subsequent Transfer Date, the Servicer shall instruct the Indenture
Trustee to withdraw from the Pre-Funding Account an amount equal to: (i) the
aggregate Contract Value of the Subsequent Receivables transferred to the
Issuer on such Subsequent Transfer Date less
the amounts described in clause (ii) and clause (iii) below, and
distribute such amount to or upon the order of the Seller upon satisfaction of
the conditions set forth in Section 2.2(b) with respect to such transfer, (ii) the
Spread Account Initial Deposit for such Subsequent Transfer Date and, on behalf
of the Seller, deposit such amount in the Spread Account and (iii) the
Principal Supplement Account Deposit for such Subsequent Transfer Date, and, on
behalf of the Seller, deposit such amount in the Principal Supplement Account.

 

(b)  If: (i) the Pre-Funded Amount has not been reduced to
zero on the Payment Date on which the Funding Period ends (or, if the Funding
Period does not end on a Payment Date, on the first Payment Date following the
end of the Funding Period) or (ii) the Pre-Funded Amount has been reduced
to $200,000 or less on any Determination Date, in either case after giving
effect to any reductions in the Pre-Funded Amount on such date pursuant to paragraph (a),
the Servicer shall instruct the Indenture Trustee to withdraw from the
Pre-Funding Account, in the case of clause (i),
on such Payment Date or, in the case of clause (ii), on the Payment Date immediately succeeding such
Determination Date, the amount remaining at the time in the Pre-Funding Account
(such remaining amount being the “Remaining
Pre-Funded Amount”)
and deposit such amounts in the Collection Account, for inclusion in the Total
Distribution Amount for that Payment Date.

 

SECTION 5.9.  Negative
Carry Account.  Subject to
the proviso set forth in Section 5.1(a)(v), on the Closing Date, the Seller
shall deposit the Negative Carry Account Initial Deposit into the Negative
Carry Account. On each Payment Date, the Servicer will instruct the Indenture
Trustee to withdraw from the Negative Carry Account and deposit into the
Collection Account an amount equal to the Negative Carry Amount for such
Collection Period. If the amount on deposit in the Negative Carry Account on
any Payment Date (after giving effect to the withdrawal therefrom of the
Negative Carry Amount for such Payment Date) is greater than the Required
Negative Carry Account Balance, the excess will be released to the Seller.

 

SECTION 5.10.  Principal
Supplement Account.  On
each Subsequent Transfer Date the Servicer shall calculate the amount, if any,
of the Principal Supplement Account Deposit applicable to such Subsequent
Transfer Date, and, if such amount is positive, the Seller shall deposit such
amount into the Principal Supplement Account (subject to the proviso set forth
in Section 5.1(a)(vi)).  In the event that the sum of (x) the
Noteholders’ Distributable Amount for a Payment Date, (y) the Net Swap Payment
(including interest on any overdue Net Swap Payment) for a Payment Date, if
any, and (z) the Swap Termination Payment payable by the Issuer, if any,
exceeds the amount deposited into the Note Distribution Account pursuant to Sections 5.6(b)(iv), (v), (vi),
(vii) and (viii) on such Payment Date and Section 5.7(d) on such
Payment Date, the Servicer shall instruct the Indenture Trustee on such Payment
Date to withdraw from the Principal Supplement Account on such Payment Date an
amount equal to such excess, to the extent of funds available therein, and
deposit such amount into the Note Distribution Account.  In the event that the Note Monthly Principal
Distributable Amount on any Class Final Scheduled

 

21

 

Maturity
Date for any Class of Notes exceeds the remainder of the Total
Distribution Amount and the amounts available in the Spread Account pursuant to
Section 5.7(d) for that
Payment Date after subtracting the Note Monthly Principal Distributable Amount,
the Servicer shall instruct the Indenture Trustee on such Payment Date to
withdraw from the Principal Supplement Account on such Payment Date an amount
equal to such excess, to the extent of funds available therein, and deposit
such amount into the Note Distribution Account. Funds on deposit in the
Principal Supplement Account may be withdrawn and paid to the Seller on any day
if each Rating Agency has confirmed that such action will not result in a
withdrawal or downgrade of its rating of any Class of Notes.

 

SECTION 5.11.  Statements
to Certificateholders and Noteholders.  (a)  On each Determination Date the
Servicer shall provide to the Indenture Trustee (with a copy to the Rating
Agencies), for the Indenture Trustee to make available to each Noteholder of
record, and to the Trustee, for the Trustee to forward to each
Certificateholder of record, a statement substantially in the form of Exhibits A and B, respectively, setting
forth at least the following information as to each Class of the Notes and
the Certificates to the extent applicable:

 

(i) 
the amount of such distribution allocable to principal of each Class of
Notes;

 

(ii) 
the amount of the distribution allocable to interest on each Class of
Notes;

 

(iii) 
the amount to be distributed to the Certificateholders;

 

(iv) 
the Pool Balance as of the close of business on the last day of the preceding
Collection Period;

 

(v) 
the aggregate Outstanding Amount and the Note Pool Factor for each Class of
Notes as of such Payment Date, after giving effect to payments allocated to
principal reported under
clause (i) above;

 

(vi) 
the amount of the Backup Servicer Fees paid to the Backup Servicer with respect
to the prior Collection Period;

 

(vii) 
the amount of the Servicing Fee paid to the Servicer with respect to the
preceding Collection Period;

 

(viii) 
the amount of the Administration Fee paid to the Administrator in respect of
the preceding Collection Period;

 

(ix) 
the amount of the aggregate Realized Losses, if any, for such Collection
Period;

 

(x)  the aggregate Purchase Amounts for
Receivables, if any, that were repurchased or purchased in such Collection
Period;

 

(xi)  the balance of the Spread Account on the
related Payment Date, after giving effect to changes therein on such Payment
Date;

 

22

 

(xii)  for Payment Dates during the Funding Period,
the Remaining Pre-Funded Amount;

 

(xiii)  for the final Payment Date with respect to
the Funding Period, the amount of any Remaining Pre-Funded Amount that has not
been used to fund the purchase of Subsequent Receivables;

 

(xiv)  the balance of the Principal Supplement
Account on the related Payment Date, after giving effect to changes therein on
such Payment Date;

 

(xv)  the balance of the Negative Carry Account on
the related Payment Date, after giving effect to changes therein on such
Payment Date;

 

(xvi)  the amount of Net Swap Payments or Net Swap
Receipts for the related Payment Date;

 

(xvii)  the amount of Swap Termination Payment paid
by the Issuer on the related Payment Date;

 

(xviii)  the A-4a Note Rate for the next Interest
Period;

 

(xix)  if the related Payment Date falls in March 2007,
September 2007 or March 2008,

 

(x) the Average
Delinquency Ratio and whether the Average Delinquency Ratio Test is met on such
Payment Date;

 

(y) the Cumulative
Net Loss Ratio and whether the Cumulative Net Loss Ratio Test is met on such
Payment Date; and

 

(z) whether the
Specified Spread Account Reduction Trigger is met on such Payment Date; and

 

(xx)  the Specified Spread Account Balance.

 

Each amount set forth
pursuant to clauses
(i), (ii), (vi), (vii) and (viii) shall be expressed
as a dollar amount per $1,000 of original principal balance of a Note.

 

The Indenture Trustee
will make the statement to Noteholders available each month to Noteholders and
other parties to the Basic Documents via the Indenture Trustee’s internet
website, which is presently located at www.jpmorgan.com/sfr.

 

Persons who are unable to
use the above website are entitled to have a paper copy mailed to them via
first class mail by calling the Indenture Trustee at 1-877-722-1095.  The Indenture Trustee shall have the right to
change the way the statement to Noteholders is distributed in order to make
such distribution more convenient and/or more accessible to the above parties
and to the Noteholders.  The Indenture
Trustee shall provide timely and adequate notification to all above parties and
to the Noteholders regarding any such change.

 

23

 

In connection with any
electronic transmissions of information, including without limitation, the use
of electronic mail or internet or intranet web sites, the systems used in such
transmissions are not fully tested by the Indenture Trustee and may not be
completely reliable as to stability, robustness and accuracy.  Accordingly, the parties hereto acknowledge and
agree that information electronically transmitted as described herein may not
be relied upon as timely, accurate or complete and that the Indenture Trustee
shall have no liability hereunder in connection with such information
transmitted electronically.  The parties
hereto further acknowledge that any and all systems, software or hardware
utilized in posting or retrieving any such information are utilized on an “as
is” basis without representation or warranty as to the intended uses of such
systems, software or hardware.  The
Indenture Trustee makes no representation or warranty that the systems and the
related software used in connection with the electronic transmission of
information are free and clear of threats known as software and hardware
viruses, time bombs, logic bombs, Trojan horses, worms, or other malicious
computer instructions, intentional devices or techniques which may cause a
component or system to become erased, damaged, inoperable, or otherwise
incapable of being used in the manner to which it is intended, or which would
permit unauthorized access thereto.

 

SECTION 5.12.  Net
Deposits.  As an
administrative convenience, unless the Servicer is required to remit
collections within two Business Days of receipt thereof, the Servicer will be permitted
to make the deposit of collections net of distributions, if any, to be made to
the Servicer with respect to the Collection Period.  The Servicer, however, will account to the
Trustee, the Indenture Trustee, the Noteholders and the Certificateholders as
if all deposits, distributions and transfers were made individually.

 

SECTION 5.13.  Backup Servicer Account.  (a) On the Closing Date, the Seller, or
the Servicer on its behalf, shall deposit the Backup Servicer Account Initial
Deposit into the Backup Servicer Account. On each Payment Date to the extent
that any Backup Servicer Expenses are then due and payable, the Servicer will
instruct the Indenture Trustee in writing to withdraw an amount equal to such
Backup Servicer Expenses then due and payable, and distribute such amount to
the Person entitled thereto. If the amount on deposit in the Backup Servicer
Account on any Payment Date (after giving effect to the withdrawal therefrom
for the payment of Backup Servicer Expenses for such Payment Date) is greater
than the Backup Servicer Account Required Amount, the excess will be released
to the Seller; provided however, such excess will only be released to the
Seller (i) to the extent that all reimbursable expenses of the Backup
Servicer as set forth in the following sentence that are due have been paid and
(ii) so long as no Servicer Default shall have occurred and be
continuing.  In addition, the amount on
deposit in the Backup Servicer Account will also be made available to pay
reasonable costs and expenses (including attorney’s fees) incurred by the
Backup Servicer.  The Seller (and any of
its transferees and assignees) shall in no event be required to refund any
amounts properly distributed to it pursuant to this Section 5.13.

 

(b) If the amount on deposit in the Backup Servicer Account is
insufficient to cover any Backup Servicer Expenses, NH Credit, as Servicer,
shall pay such fees and expenses to the Backup Servicer out of its Servicing
Fee.

 

(c) Following: (i) the payment in full of the aggregate Outstanding
Amount of the Notes and all amounts owing or to be distributed to the Backup
Servicer hereunder and (ii) the

 

24

 

termination
of the Trust, any amount remaining on deposit in the Backup Servicer Account
shall be distributed to the Seller or any transferee or assignee.

 

ARTICLE VI

The Seller

 

SECTION 6.1.  Representations
of Seller.  The Seller
makes the following representations on which the Issuer is deemed to have
relied in acquiring the Receivables.  The
representations speak as of the execution and delivery of this Agreement and
shall survive the sale of the Receivables to the Issuer and the pledge thereof
to the Indenture Trustee pursuant to the Indenture.

 

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

 

(b) 
Due Qualification.  The Seller is
duly qualified to do business as a foreign limited liability company in good
standing, and has obtained all necessary licenses and approvals, in all
jurisdictions in which the ownership or lease of property or the conduct of its
business shall require such qualifications.

 

(c) 
Power and Authority.  The Seller
has the power and authority to execute and deliver this Agreement and to carry
out its terms; the Seller has full power and authority to sell and assign the
property to be sold and assigned to and deposited with the Issuer and has duly
authorized such sale and assignment to the Issuer by all necessary limited
liability company action; and the execution, delivery and performance of this
Agreement have been, and the execution, delivery and performance of each
Subsequent Transfer Assignment have been or will be on or before the related
Subsequent Transfer Date, duly authorized by the Seller by all necessary
limited liability company action.

 

(d) 
Binding Obligation.  This
Agreement constitutes, and each Subsequent Transfer Assignment when executed
and delivered by the Seller will constitute, a legal, valid and binding
obligation of the Seller enforceable in accordance with their terms.

 

(e) 
No Violation.  The consummation of
the transactions contemplated by this Agreement and the fulfillment of the
terms hereof do not conflict with, result in any breach of any of the terms and
provisions of, or constitute (with or without notice or lapse of time) a
default under, the certificate of formation, limited liability company
agreement or by-laws of the Seller, or any indenture, agreement or other
instrument to which the Seller is a party or by which it shall be bound; or
result in the creation or imposition of any Lien upon any of its properties
pursuant to the terms of any such indenture, agreement or other instrument
(other than the Basic Documents); or violate any law or, to the best of the
Seller’s knowledge, any order, rule or regulation applicable to the Seller
of

 

25

 

any court or of
any federal or State regulatory body, administrative agency or other
governmental instrumentality having jurisdiction over the Seller or its
properties.

 

(f) 
No Proceedings. There are no proceedings or investigations pending or,
to the Seller’s best knowledge, threatened, before any court, regulatory body,
administrative agency or other governmental instrumentality having jurisdiction
over the Seller or its properties: (i) asserting the invalidity of this
Agreement, the Indenture or any of the other Basic Documents, the Notes or the
Certificates, (ii) seeking to prevent the issuance of the Notes or the
Certificates or the consummation of any of the transactions contemplated by
this Agreement, the Indenture or any of the other Basic Documents, (iii) seeking
any determination or ruling that could reasonably be expected to materially and
adversely affect the performance by the Seller of its obligations under, or the
validity or enforceability of, this Agreement, the Indenture, any of the other
Basic Documents, the Notes or the Certificates or (iv) that might
adversely affect the federal or State income tax attributes of the Notes or the
Certificates.

 

SECTION 6.2.  Company
Existence.  (a) During
the term of this Agreement, the Seller will keep in full force and effect its
existence, rights and franchises as a limited liability company under the laws
of the jurisdiction of its formation and will obtain and preserve its
qualification to do business in each jurisdiction in which such qualification
is or shall be necessary to protect the validity and enforceability of this
Agreement, the Basic Documents and each other instrument or agreement necessary
or appropriate to the proper administration of this Agreement and the
transactions contemplated hereby.

 

(b)  During the term of this Agreement, the Seller shall observe
the applicable legal requirements for the recognition of the Seller as a legal
entity separate and apart from its Affiliates, including as follows:

 

(i) 
the Seller shall maintain company records and books of account separate from
those of its Affiliates;

 

(ii) 
except as otherwise provided in this Agreement and similar arrangements
relating to other securitizations, the Seller shall not commingle its assets
and funds with those of its Affiliates;

 

(iii) 
the Seller shall hold such appropriate meetings or obtain such appropriate
consents of its Board of Directors as are necessary to authorize all the Seller’s
actions required by law to be authorized by the Board of Directors, shall keep
minutes of such meetings and of meetings of its member(s) and observe all other
customary limited liability company formalities (and any successor Seller not a
limited liability company shall observe similar procedures in accordance with
its governing documents and applicable law);

 

(iv) 
the Seller shall at all times hold itself out to the public under the Seller’s
own name as a legal entity separate and distinct from its Affiliates; and

 

(v) 
all transactions and dealings between the Seller and its Affiliates will be
conducted on an arm’s-length basis.

 

26

 

SECTION 6.3.  Liability
of Seller; Indemnities. 
The Seller shall be liable in accordance herewith only to the extent of
the obligations specifically undertaken by the Seller under this Agreement.

 

(a) 
The Seller shall indemnify, defend and hold harmless the Issuer, the Trustee
and the Indenture Trustee (and their officers, directors, employees and agents)
from and against any taxes that may at any time be asserted against any of them
with respect to the sale of the Receivables to the Issuer or the issuance and
original sale of the Notes, including any sales, gross receipts, general
corporation, tangible personal property, privilege or license taxes (but, in
the case of the Issuer, not including any taxes asserted with respect to
ownership of the Receivables or federal or other income taxes arising out of
the transactions contemplated by this Agreement) and costs and expenses in
defending against the same.

 

(b) 
The Seller shall indemnify, defend and hold harmless the Issuer, the Trustee and
the Indenture Trustee (and their officers, directors, employees and agents)
from and against any loss, liability or expense incurred by reason of the
Seller’s willful misfeasance, bad faith or negligence in the performance of its
duties under this Agreement, or by reason of reckless disregard of its
obligations and duties under this Agreement.

 

Indemnification under
this Section shall survive the resignation or removal of the Trustee or
the Indenture Trustee or the termination of this Agreement and the Indenture
and shall include reasonable fees and expenses of counsel and expenses of
litigation.  If the Seller shall have
made any indemnity payments pursuant to this Section and the Person to or
on behalf of whom such payments are made thereafter shall collect any of such
amounts from others, such Person shall promptly repay such amounts to the
Seller, without interest.

 

SECTION 6.4.  Merger
or Consolidation of, or Assumption of the Obligations of, Seller.  Any Person: (a) into which the Seller
may be merged or consolidated, (b) that may result from any merger or
consolidation to which the Seller shall be a party or (c) that may succeed
to the properties and assets of the Seller substantially as a whole, which
Person (in any of the foregoing cases) executes an agreement of assumption to
perform every obligation of the Seller under this Agreement (or is deemed by
law to have assumed such obligations), shall be the successor to the Seller
hereunder without the execution or filing of any document or any further act by
any of the parties to this Agreement; provided, however,
that: (i) immediately after giving effect to such transaction, no
representation or warranty made pursuant to Section 3.1 shall have been
breached and no Servicer Default, and no event that, after notice or lapse of
time, or both, would become a Servicer Default shall have occurred and be
continuing, (ii) the Seller shall have delivered to the Trustee and the
Indenture Trustee an Officer’s Certificate and an Opinion of Counsel each
stating that such consolidation, merger or succession and such agreement of
assumption comply with this Section and that all conditions precedent, if
any, provided for in this Agreement relating to such transaction have been
complied with, (iii) the Rating Agency Condition shall have been satisfied
with respect to such transaction and (iv) the Seller shall have delivered
to the Trustee and the Indenture Trustee an Opinion of Counsel either: (A) stating
that, in the opinion of such counsel, all financing statements, continuation
statements and amendments thereto have been executed and filed that are
necessary fully to preserve and protect the interest of the Trustee and

 

27

 

Indenture
Trustee, respectively, in the Receivables and reciting the details of such
filings, or (B) stating that, in the opinion of such counsel, no such
action shall be necessary to preserve and protect such interests.  Notwithstanding anything herein to the
contrary, the execution of the foregoing agreement of assumption and compliance
with clauses (i), (ii), (iii) and (iv) shall be conditions to
the consummation of the transactions referred to in clauses (a), (b) or (c).

 

SECTION 6.5.  Limitation
on Liability of Seller and Others.  The Seller and any director, officer,
employee or agent of the Seller may rely in good faith on the advice of counsel
or on any document of any kind prima facie properly executed and submitted by
any Person respecting any matters arising hereunder.  The Seller shall not be under any obligation
to appear in, prosecute or defend any legal action that shall not be incidental
to its obligations under this Agreement, and that in its opinion may involve it
in any expense or liability.

 

SECTION 6.6.  Seller May Own
Certificates or Notes. 
The Seller and any Affiliate thereof may in its individual or any other
capacity become the owner or pledgee of Certificates or the Notes with the same
rights as it would have if it were not the Seller or an Affiliate thereof, except
as expressly provided herein or in any other Basic Document.

 

Notwithstanding the
foregoing, the Seller shall not sell the Certificates except to an entity (a) that
has provided an opinion of counsel to the effect that such sale will not cause
the Trust to be treated as a “publicly traded partnership” under the Code and (b) that
either (i) is not an Affiliate of the Seller or (ii) is an Affiliate
of the Seller that (A) is a subsidiary of CNHCA or NH Credit, the
certificate of formation and limited liability company agreement of which
contains restrictions substantially similar to the restrictions contained in
the certificate of formation and limited liability company agreement of the
Seller and (B) has provided an Opinion of Counsel regarding substantive consolidation
of such Affiliate with CNHCA or NH Credit in the event of a bankruptcy filing
by CNHCA or NH Credit, as applicable, which is substantially similar to the
Opinion of Counsel provided by Seller on the Closing Date, and which may be
subject to the same assumptions and qualifications as that opinion.

 

ARTICLE VII

The Servicer

 

SECTION 7.1.  Representations
of Servicer.  The Servicer
makes the following representations on which the Issuer is deemed to have
relied in acquiring the Receivables.  The
representations speak as of the execution and delivery of the Agreement and as
of the Closing Date, in the case of the Initial Receivables, and as of the
applicable Subsequent Transfer Date, in the case of the Subsequent Receivables,
and shall survive the sale of the Receivables to the Issuer and the pledge
thereof to the Indenture Trustee pursuant to the Indenture.

 

(a) 
Organization and Good Standing. 
The Servicer is duly organized and validly existing as a limited
liability company in good standing under the laws of the state of its
organization, with the power and authority to own its properties and to conduct
its business as such properties are currently owned and such business is
presently conducted, and had at all relevant times, and has, the power, authority
and legal right to service the

 

28

 

Receivables and to
hold the Receivable Files as custodian and, so long as NH Credit is the
Servicer, to acquire, own and sell the NH Owned Contracts.

 

(b) 
Due Qualification.  The Servicer
is duly qualified to do business as a foreign limited liability company in good
standing, and has obtained all necessary licenses and approvals, in all
jurisdictions in which the ownership or lease of property or the conduct of its
business (including the servicing of the Receivables as required by this
Agreement) shall require such qualifications.

 

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

 

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

 

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

 

(f) 
No Proceedings. There are no proceedings or investigations pending, or,
to the Servicer’s best knowledge, threatened, before any court, regulatory
body, administrative agency or other governmental instrumentality having
jurisdiction over the Servicer or its properties: (i) asserting the
invalidity of this Agreement, the Indenture, any of the other Basic Documents,
the Notes or the Certificates, (ii) seeking to prevent the issuance of the
Notes or the Certificates or the consummation of any of the transactions
contemplated by this Agreement, the Indenture or any of the other Basic
Documents, (iii) seeking any determination or ruling that could reasonably
be expected to materially and adversely affect the performance by the Servicer
of its obligations under, or the validity or enforceability of, this Agreement,
the Indenture, any of the other Basic Documents, the Notes or the Certificates
or (iv) relating to the Servicer and that might adversely affect the
federal or State income tax attributes of the Notes or the Certificates.

 

(g) 
No Insolvent Obligors. As of the Initial Cutoff Date or, in the case of
the Subsequent Receivables, as of the related Subsequent Cutoff Date, no
Obligor is shown in the Servicer’s Records (including, without limitation the
Receivable Files) as the subject of a bankruptcy proceeding.

 

29

 

SECTION 7.2.  Indemnities
of Servicer.  The Servicer
shall be liable in accordance herewith only to the extent of the obligations
specifically undertaken by the Servicer under this Agreement.

 

(a) 
The Servicer shall defend, indemnify and hold harmless the Issuer, the Trustee,
the Indenture Trustee, the Noteholders, the Certificateholders and the Seller
(and any of their officers, directors, employees and agents) from and against
any and all costs, expenses, losses, damages, claims and liabilities, arising
out of or resulting from:

 

(i) 
the use, ownership or operation by the Servicer or any Affiliate thereof of any
of the Financed Equipment;

 

(ii) 
any taxes that may at any time be asserted against any such Person with respect
to the transactions contemplated herein, including any sales, gross receipts,
general corporation, tangible personal property, privilege or license taxes (but,
in the case of the Issuer, not including any taxes asserted with respect to,
and as of the date of, the sale of the Receivables to the Issuer or the
issuance and original sale of the Notes and the issuance of the Certificates,
or asserted with respect to ownership of the Receivables, or federal or other
income taxes arising out of distributions on the Certificates or the Notes) and
costs and expenses in defending against the same;

 

(iii) 
the negligence, willful misfeasance or bad faith of the Servicer in the
performance of its duties under this Agreement or by reason of reckless
disregard of its obligations and duties under this Agreement; and

 

(iv) 
the Seller’s or the Issuer’s violation of federal or State securities laws in
connection with the offering or sale of the Notes.

 

(b) 
The Servicer shall indemnify, defend and hold harmless the Trustee and the
Indenture Trustee (and their respective officers, directors, employees and
agents) from and against all costs, expenses, losses, claims, damages and liabilities
arising out of or incurred in connection with the acceptance or performance of
the trusts and duties herein and, in the case of the Trustee, in the Trust
Agreement contained, and, in the case of the Indenture Trustee, in the
Indenture contained, except to the extent that such cost, expense, loss, claim,
damage or liability:

 

(i) 
shall be due to the willful misfeasance, bad faith or negligence (except for
errors in judgment) of the Trustee or the Indenture Trustee as applicable; or

 

(ii) 
shall arise from the breach by the Trustee of any of its representations or
warranties set forth in Section 7.3 of the Trust Agreement.

 

(c) 
The Servicer shall pay any and all taxes levied or assessed upon all or any
part of the Trust Estate.

 

(d) 
The Servicer shall pay the Indenture Trustee and the Trustee from time to time
reasonable compensation for all services rendered by the Indenture Trustee
under

 

30

 

the Indenture or
by the Trustee under the Trust Agreement (which compensation shall not be
limited by any provision of law in regard to the compensation of a trustee of
an express trust).

 

(e) 
The Servicer shall, except as otherwise expressly provided in the Indenture or
the Trust Agreement, reimburse either the Indenture Trustee or the Trustee,
respectively, upon its request for all reasonable expenses, disbursements and
advances incurred or made in accordance with the Indenture or the Trust
Agreement, respectively, (including the reasonable compensation, expenses and
disbursements of its agents and either in-house counsel or outside counsel, but
not both), except any such expense, disbursement or advance as may be
attributable to the Indenture Trustee’s or the Trustee’s, respectively
negligence, bad faith or willful misfeasance.

 

Notwithstanding anything
herein to the contrary, Sections 7.2(a)(ii),
(a)(iv), (b),
(c), (d) and (e) shall not apply to the Backup Servicer in its
capacity as Successor Servicer.

 

For purposes of this
Section, in the event of the termination of the rights and obligations of the
Servicer pursuant to Section 8.1,  or a resignation by the
Servicer pursuant to this Agreement, the Servicer shall be deemed to be the
Servicer pending appointment of a Successor Servicer pursuant to Section 8.2.

 

Indemnification under
this Section shall survive the resignation or removal of the Trustee or
the Indenture Trustee or the termination of this Agreement, the Trust Agreement
and the Indenture and shall include reasonable fees and expenses of counsel and
expenses of litigation.  If the Servicer
shall have made any indemnity payments pursuant to this Section and the
Person to or on behalf of whom such payments are made thereafter collects any
of such amounts from others, such Person shall promptly repay such amounts to
the Servicer, without interest.

 

SECTION 7.3.  Merger
or Consolidation of, or Assumption of the Obligations of, Servicer.  Any Person: (a) into which the Servicer
may be merged or consolidated, (b) that may result from any merger or
consolidation to which the Servicer shall be a party, or (c) that may
succeed to the properties and assets of the Servicer substantially as a whole,
which Person (in any of the foregoing circumstances) executes an agreement of
assumption to perform every obligation of the Servicer hereunder (or is deemed
by law to have assumed such obligations), shall be the successor to the
Servicer under this Agreement without further act on the part of any of the
parties to this Agreement; provided, however,
that: (i) immediately after giving effect to such transaction, no Servicer
Default, and no event that, after notice or lapse of time, or both, would
become a Servicer Default shall have occurred and be continuing, (ii) the
Servicer shall have delivered to the Trustee and Indenture Trustee an Officer’s
Certificate and an Opinion of Counsel each stating that such consolidation,
merger or succession and such agreement of assumption comply with this Section and
that all conditions precedent, if any, provided for in this Agreement relating
to such transaction have been complied with, (iii) the Rating Agencies and
the Counterparty shall have received at least ten days’ prior written notice of
such transaction and (iv) the Servicer shall have delivered to the Trustee
and the Indenture Trustee an Opinion of Counsel either: (A) stating that,
in the opinion of such counsel, all financing statements, continuation
statements and amendments thereto have been executed and filed that are
necessary fully to preserve and protect the interest of the Trustee and the
Indenture Trustee,

 

31

 

respectively,
in the Receivables and reciting the details of such filings, or (B) stating
that, in the opinion of such counsel, no such action shall be necessary to preserve
and protect such interests. Notwithstanding anything herein to the contrary,
the execution of the foregoing agreement of assumption and compliance with clauses (i), (ii), (iii) and (iv) shall be conditions to
the consummation of the transactions referred to in clauses (a), (b) or (c).; provided, however, that this Section 7.3 shall not apply to mergers or
consolidations of the Backup Servicer in its capacity as Successor Servicer
within JPMorgan Chase Bank, N.A.

 

SECTION 7.4.  Limitation
on Liability of Servicer and Others.  Neither the Servicer nor any of the
directors, officers, employees or agents of the Servicer shall be under any
liability to the Issuer, the Noteholders or the Certificateholders, except as
provided under this Agreement, for any action taken or for refraining from the
taking of any action pursuant to this Agreement or for errors in judgment; provided, however, that
this provision shall not protect the Servicer or any such Person against any
liability that would otherwise be imposed by reason of willful misfeasance, bad
faith or negligence in the performance of its duties or by reason of reckless
disregard of obligations and duties under this Agreement.  The Servicer and any director, officer, employee
or agent of the Servicer may rely in good faith on the advice of counsel or on
any document of any kind prima facie properly executed and submitted by any
Person respecting any matters arising hereunder.

 

Except
as provided in this Agreement, the Servicer shall not be under any obligation
to appear in, prosecute or defend any legal action that shall not be incidental
to its duties to service the Receivables in accordance with this Agreement, and
that in its opinion may involve it in any expense or liability; provided,  however, that
the Servicer may undertake any reasonable action that it may deem necessary or
desirable in respect of this Agreement, the Basic Documents and the rights and
duties of the parties to this Agreement, the Basic Documents and the interests
of the Certificateholders under the Trust Agreement and the Noteholders under
the Indenture.

 

SECTION 7.5.  NH
Credit Not to Resign as Servicer.  Subject to Section 7.3,  NH Credit shall not
resign from the obligations and duties imposed on it as Servicer under this
Agreement except upon determination that the performance of its duties under
this Agreement shall no longer be permissible under applicable law and such
impermissibility cannot be reasonably and promptly cured. Notice of any such
determination shall be communicated to the Trustee, the Counterparty, the
Backup Servicer and the Indenture Trustee at the earliest practicable time
(and, if such communication is not in writing, shall be confirmed in writing at
the earliest practicable time) and any such determination shall be evidenced by
an Opinion of Counsel to such effect delivered to the Trustee, the Counterparty
and the Indenture Trustee concurrently with or promptly after such notice. No
such resignation shall become effective until the Indenture Trustee or a
Successor Servicer shall have assumed the responsibilities and obligations of
NH Credit in accordance with Section 8.2.

 

SECTION 7.6.  Servicer
to Act as Administrator. 
In the event of the resignation or removal of the Administrator and the
failure of a successor Administrator to have been appointed and to have
accepted such appointment as successor Administrator, the Servicer shall become
the successor Administrator and shall be bound by the terms of the
Administration Agreement. 
Notwithstanding the foregoing, in no event shall the Backup Servicer, in
its capacity as Successor Servicer, be required to act as Administrator.

 

32

 

ARTICLE VIII

Default

 

SECTION 8.1.  Servicer
Default.  If any one of
the following events (a “Servicer Default”)
shall occur and be continuing:

 

(a) 
any failure by the Servicer to deliver to the Indenture Trustee for deposit in
any of the Trust Accounts or the Certificate Distribution Account any required
payment or to direct the Indenture Trustee or the Trustee to make any required
distributions therefrom, which failure continues unremedied for three Business
Days after written notice of such failure is received by the Servicer from the
Trustee or the Indenture Trustee or after discovery of such failure by an
officer of the Servicer;

 

(b) 
any failure by the Servicer or the Seller, as the case may be, duly to observe
or to perform in any material respect any other covenants or agreements (other
than as set forth in clause
(a)) of the Servicer or the Seller (as the case may be) set forth in
this Agreement or any other Basic Document, which failure shall: (i) materially
and adversely affect the rights of Certificateholders or Noteholders and (ii) continue
unremedied for a period of 60 days after the date on which written notice of
such failure, requiring the same to be remedied, shall have been given: (A) to
the Servicer or the Seller (as the case may be) by the Trustee or the Indenture
Trustee or (B) to the Servicer or the Seller (as the case may be) and to
the Trustee and the Indenture Trustee, by the Noteholders or
Certificateholders, as applicable, evidencing not less than 25% of the
Outstanding Amount of the Notes or 25% of the beneficial interest in the
Issuer;

 

(c) 
an Insolvency Event occurs with respect to the Seller or the Servicer;

 

(d) 
the failure by NH Credit as Servicer to engage a replacement Backup Servicer
within one hundred eighty days after the date that SST is terminated as Backup
Servicer, unless SST is terminated as Backup Servicer pursuant to Section 2.3
of the Backup Servicing Agreement, in which case a Backup Servicer will no
longer be required, notwithstanding anything in the Basic Documents to the
contrary; or

 

(e) 
any failure by NH Credit as Servicer to deliver to the Indenture Trustee for
deposit in the Backup Servicer Account, the Backup Servicer Account Shortfall
Amount, which failure continues unremedied for three Business Days after
written notice of such failure is received by the Servicer from the Trustee or
the Indenture Trustee or after discovery of such failure by an officer of the
Servicer;

 

then, and in each and
every case, so long as the Servicer Default shall not have been remedied,
either the Indenture Trustee, or the Holders of Notes evidencing not less than
25% of the Outstanding Amount of the Notes, by notice then given in writing to
the Servicer and to any Backup Servicer that is engaged at that time (and to
the Indenture Trustee and the Trustee if given by the Noteholders), may
terminate all the rights and obligations (other than the obligations set forth
in Section 7.2)
of the Servicer under this Agreement; provided, however, that the Backup Servicer, acting as Successor
Servicer, may not be terminated for a Servicer Default set forth in Section 8.1(b) or (c) with
respect to the Seller or under Section 8.1(d) or
(e).

 

33

 

On or after the receipt
by the Servicer and any Backup Servicer of such written notice, all authority
and power of the Servicer under this Agreement, whether with respect to the
Notes, the Certificates, the Receivables or otherwise, shall, without further
action, pass to and be vested in (a) the Backup Servicer, or if no Backup
Servicer is then engaged (b) the Indenture Trustee or such Successor Servicer
as may be appointed under Section 8.2;
and, without limitation, the Indenture Trustee and the Trustee are hereby
authorized and empowered to execute and deliver, on behalf of the predecessor
Servicer, as attorney-in-fact or otherwise, any and all documents and other
instruments, and to do or accomplish all other acts or things necessary or
appropriate to effect the purposes of such notice of termination, whether to
complete the transfer and endorsement of the Receivables and related documents,
or otherwise.  The predecessor Servicer
shall cooperate with the Successor Servicer, the Indenture Trustee and the
Trustee in effecting the termination of the responsibilities and rights of the
predecessor Servicer under this Agreement, including the transfer to the
Successor Servicer for administration by it of: (i) all cash amounts that
shall at the time be held by the predecessor Servicer for deposit, or shall
thereafter be received by it with respect to a Receivable and (ii) all
Receivable Files. All reasonable costs and expenses (including attorneys’ fees)
incurred in connection with such transfer, including the costs of transferring
the Receivable Files to the Successor Servicer and amending this Agreement to
reflect its succession as Servicer, shall be paid by the predecessor Servicer
upon presentation of reasonable documentation of such costs and expenses.  Upon receipt of written notice of the
occurrence of a Servicer Default, the Trustee shall give written notice thereof
to the Rating Agencies and the Counterparty.

 

SECTION 8.2.  Appointment
of Successor Servicer.  (a) 
Upon the Servicer’s receipt of notice of termination, pursuant to Section 8.1, or the Servicer’s
resignation in accordance with this Agreement, the predecessor Servicer shall
continue to perform its functions as Servicer 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 earlier of: (x) the date 60
days from the delivery to the Trustee, the Counterparty and the Indenture
Trustee 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 Servicer shall become unable to act as Servicer, as specified in
the notice of resignation and accompanying Opinion of Counsel. In the event of
the Servicer’s termination hereunder, if no Backup Servicer is then engaged,
the Issuer shall appoint a Successor Servicer acceptable to the Indenture
Trustee, and the Successor Servicer shall accept its appointment by a written
assumption in form acceptable to the Indenture Trustee.  In the event that a Successor Servicer has
not been appointed at the time when the predecessor Servicer has ceased to act
as Servicer in accordance with this Section, the Indenture Trustee without
further action shall automatically be appointed the Successor Servicer and
shall be entitled to the Servicing Fee. 
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 servicing of equipment
receivables, as the successor to the Servicer under this Agreement.

 

(b)  Upon appointment, the Successor Servicer (including the
Indenture Trustee acting as Successor Servicer) shall be the successor in all respects
to the predecessor Servicer (except with respect to responsibilities and
obligations of the predecessor Servicer set forth in Section 7.2) and shall be
subject to all the responsibilities, duties and liabilities arising thereafter
relating thereto

 

34

 

placed
on the predecessor Servicer and shall be entitled to the Servicing Fee and all
the rights granted to the predecessor Servicer by this Agreement.  None of the Backup Servicer, the Indenture
Trustee or any other Successor Servicer shall be deemed to be liable for or in
breach of any obligations hereunder due to any act or omission of a predecessor
Servicer, including but not limited to failure of such predecessor Servicer to
timely deliver to the Indenture Trustee any required information pertaining to
the Receivables, any funds required to be deposited with the Indenture Trustee,
or any breach of duty of such predecessor Servicer to cooperate with a transfer
of servicing as required hereunder.  Any
Successor Servicer shall from time to time provide to NH Credit such
information as NH Credit shall reasonably request with respect to the
Receivables and collections thereon.

 

(c)  Subject to the last sentence of clause (a), the Servicer 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, the
Backup Servicer and the Trustee.

 

(d)  Notwithstanding anything else herein to the contrary, in no
event shall the Indenture Trustee be liable for any transition expenses,
servicing fee or for any differential in the amount of the Servicing Fee paid
hereunder and the amount necessary to induce any Successor Servicer to act as
Successor Servicer under this Agreement and the transactions set forth or
provided for herein or be liable for or be required to make any servicer
advances.

 

SECTION 8.3.  Notification
to Noteholders and Certificateholders.  Upon any termination of, or appointment of a
successor to, the Servicer pursuant to this Article VIII,
the Trustee shall give prompt written notice thereof to the Certificateholders
and the Indenture Trustee shall give prompt written notice thereof to the
Noteholders, the Counterparty, the Backup Servicer and the Rating Agencies.

 

SECTION 8.4.  Waiver
of Past Defaults.  The
Noteholders of Notes evidencing not less than a majority of the Note Balance
(or the Holders of Certificates evidencing not less than 50% of the beneficial
interest in the Issuer, in the case of any default that does not adversely
affect the Indenture Trustee or the Noteholders) may, on behalf of all the
Noteholders and Certificateholders, waive in writing any default by the
Servicer in the performance of its obligations hereunder and its consequences,
except a default in making any required deposits to or payments from any of the
Trust Accounts or the Backup Servicer Account in accordance with this
Agreement.  Upon any such waiver of a
past default, such default shall cease to exist, and any Servicer Default arising
therefrom shall be deemed to have been remedied for every purpose of this
Agreement.  No such waiver shall extend
to any subsequent or other default or impair any right consequent thereto.

 

ARTICLE IX

Termination

 

SECTION 9.1.  Optional
Purchase of All Receivables. 
(a)  As of the first day of any Collection Period immediately
preceding a Payment Date as of which the Pool Balance is 10% or less of the
Initial Pool Balance, CNHCA shall have the option (but no obligation) to
purchase all of the Trust Estate, other than the Trust Accounts.  To exercise such option, CNHCA shall

 

35

 

deposit,
pursuant to Section 5.5, in the Collection
Account an amount equal to the aggregate Purchase Amount for the Receivables plus the appraised value of any other
property held by the Trust, such value to be determined by an appraiser
mutually agreed upon by CNHCA, the Trustee and the Indenture Trustee, and shall
succeed to all interests in, to and under the Trust Estate, other than the
Trust Accounts.

 

(b)  Upon any sale of the assets of the Trust, the Servicer shall
instruct the Indenture Trustee to deposit the proceeds from such sale after all
payments and reserves therefrom have been made (the “Sale
Proceeds”) in the Collection Account.  On the Payment Date on, or, if such proceeds
are not so deposited on a Payment Date, on the first Payment Date following the
date on which the Sale Proceeds are deposited in the Collection Account, the
Servicer shall instruct the Indenture Trustee to make the following deposits
(after the application on such Payment Date of the Total Distribution Amount
and funds on deposit in the Spread Account pursuant to Sections 5.6 and 5.7) from the
Sale Proceeds and any funds remaining on deposit in the Spread Account
(including the proceeds of any sale of investments therein as described in the
following sentence):

 

(i) 
first, to the Note Distribution
Account, any portion of the Class A Noteholders’ Class Interest
Amount and the Outstanding Amount of the Class A Notes (after giving
effect to the reduction resulting from the deposits made in the Note
Distribution Account on such Payment Date and on prior Payment Dates) not
otherwise deposited into the Note Distribution Account on such Payment Date;

 

(ii) 
second, to the Note Distribution
Account, any portion of the Class B Noteholders’ Class Interest
Amount and the Outstanding Amount of the Class B Notes (after giving
effect to the reduction resulting from the deposits made in the Note
Distribution Account on such Payment Date and on prior Payment Dates) not
otherwise deposited into the Note Distribution Account on such Payment Date;

 

(iii) 
third, to the Note Distribution
Account, any portion of the Class C Noteholders’ Class Interest
Amount and the Outstanding Amount of the Class C Notes (after giving
effect to the reduction resulting from the deposits made in the Note
Distribution Account on such Payment Date and on prior Payment Dates) not
otherwise deposited into the Note Distribution Account on such Payment Date;
and

 

(iv) 
fourth, to the Certificate
Distribution Account, any remaining funds to be distributed to the
Certificateholders.

 

Any investments on
deposit in the Spread Account that will not mature on or before such Payment
Date shall be sold by the Indenture Trustee at such time as will result in the
Indenture Trustee receiving the proceeds from such sale not later than the
Transfer Date preceding such Payment Date.

 

(c)  As described in Article IX of the Trust Agreement,
notice of any termination of the Trust shall be given by the Servicer to the
Trustee, the Indenture Trustee and the Backup Servicer as soon as practicable
after the Servicer has received notice thereof. 
In addition, the Servicer shall give notice of termination of the Trust
to the Counterparty.

 

36

 

(d)  Following the satisfaction and discharge of the Indenture and
the payment in full of the principal of and interest on the Notes, the
Certificateholders will succeed to the rights of the Noteholders hereunder and
the Trustee will succeed to the rights of, and assume the obligations of, the
Indenture Trustee pursuant to this Agreement.

 

ARTICLE X

Miscellaneous Provisions

 

SECTION 10.1.  Amendment.  The Agreement may be amended from time to
time by a written amendment duly executed and delivered by the Seller, the
Servicer and the Issuer, with the written consent of the Indenture Trustee, but
without the consent of any of the Noteholders or the Certificateholders, to
cure any ambiguity, to correct or supplement any provisions in this Agreement,
to modify, delete or add any provision hereof relating to the rights and
obligations of the Backup Servicer, or for the purpose of adding any provisions
to or changing in any manner or eliminating any of the provisions in this
Agreement or of modifying in any manner the rights of the Noteholders or the
Certificateholders; provided, however,
that such action shall not, as evidenced by an Opinion of Counsel delivered to
the Trustee and the Indenture Trustee, adversely affect in any material respect
the interests of any Noteholder or Certificateholder.

 

The Specified Spread
Account Balance may be reduced or the definition thereof otherwise modified
without the consent of any of the Noteholders or the Certificateholders if the
Rating Agency Condition is satisfied.

 

This Agreement may also
be amended from time to time by the Seller, the Servicer and the Issuer, with
the written consent of the Indenture Trustee, but without the consent of any of
the Noteholders or the Certificateholders, to: (x) replace the Spread Account
with another form of credit enhancement as long as such substitution will not
result in a reduction or withdrawal of the rating of any Class of the
Notes or (y) add credit enhancement for the benefit of any Class of the
Notes.

 

This Agreement may also
be amended from time to time by the Seller, the Servicer and the Issuer, with
the written consent of (a) the Indenture Trustee, (b) Noteholders
holding Notes evidencing not less than a majority of the Note Balance, and (c) the
Holders of Certificates evidencing not less than 50% of the beneficial interest
in the Trust, for the purpose of adding any provisions to or changing in any
manner or eliminating any of the provisions of this Agreement or of modifying
in any manner the rights of the Noteholders or the Certificateholders; provided, however, that no such amendment
shall: (a) increase or reduce in any manner the amount of, or accelerate
or delay the timing of, collections of payments on Receivables or distributions
that shall be required to be made for the benefit of the Noteholders or the
Certificateholders or (b) reduce the aforesaid percentage of the Notes and
the Certificates that are required to consent to any such amendment, without
the consent of the holders of all the outstanding Notes and Certificates.

 

Promptly after the
execution of any such amendment or consent (or, in the case of the Rating
Agencies, 10 days prior thereto), the Trustee shall furnish written
notification of the

 

37

 

substance of such
amendment or consent to each Certificateholder, the Indenture Trustee and each
of the Rating Agencies.

 

It shall not be necessary
for the consent of 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.

 

Prior to the execution of
any amendment to this Agreement, the Trustee and the Indenture Trustee shall be
entitled to receive and rely upon: (i) an Opinion of Counsel stating that
the execution of such amendment is authorized or permitted by this Agreement
and the other Basic Documents and that all conditions precedent to such
execution and delivery by the Trustee and the Indenture Trustee have been
satisfied and (ii) the Opinion of Counsel referred to in Section 10.2(i)(1).
The Trustee and the Indenture Trustee may, but shall not be obligated to, enter
into any such amendment that affects the Trustee’s or the Indenture Trustee’s,
as applicable, own rights, duties or immunities under this Agreement or
otherwise.

 

Notwithstanding anything
herein to the contrary, any term or provision of this Agreement may be amended
by the Seller, the Servicer and the Issuer without the consent of any of the
Noteholders, Certificateholders 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.

 

SECTION 10.2.  Protection
of Title to Trust.  (a) 
The Seller shall execute and file such financing statements, and cause to be
executed and filed such continuation statements, all in such manner and in such
places as may be required by applicable law fully to preserve, maintain and
protect the right, title and interest of the Issuer and the interests of the
Indenture Trustee in the Receivables, the other property sold hereunder and in
the proceeds thereof.  The Seller shall
deliver (or cause to be delivered) to the Trustee and the Indenture Trustee
file-stamped copies of, or filing receipts for, any document filed as provided
above as soon as available following such filing.  It is understood and agreed, however, that no
filings will be made to perfect any security interest of the Issuer or the Indenture
Trustee in the Seller’s interests in True Lease Equipment.  The Issuer and the Indenture Trustee shall
cooperate fully with the Seller in connection with the obligations set forth
above and will execute any and all documents reasonably required to fulfill the
intent of this paragraph.

 

(b)  Neither the Seller nor the Servicer shall change its name,
identity or organizational structure in any manner that would, could or might
make any financing statement or continuation statement filed in accordance with
paragraph (a) seriously
misleading within the applicable provisions of the UCC, unless it shall have
given the Trustee and the Indenture Trustee at least five days’ prior written
notice thereof and shall have promptly filed appropriate amendments to all
previously filed financing statements or continuation statements.

 

(c)  Each of the Seller and the Servicer shall have an obligation
to give the Trustee and the Indenture Trustee at least 60 days’ prior written
notice of any relocation of its principal executive office or its “location” as
defined in Section 9-307 of the UCC if, as a result of such

 

38

 

relocation,
the applicable provisions of the UCC would require the filing of any amendment
of any previously filed financing or continuation statement or of any new
financing statement and shall promptly file any such amendment. The Servicer
shall at all times maintain each office from which it shall service
Receivables, and its “location” (as defined in Section 9-307 of the UCC),
within the United States of America.

 

(d)  The Servicer shall maintain accounts and records as to each
Receivable accurately and in sufficient detail to permit: (i) the reader
thereof to know at any time the status of such Receivable, including payments
and recoveries made and payments owing (and the nature of each) and (ii) reconciliation
between payments or recoveries on (or with respect to) each Receivable and the
amounts from time to time deposited in the Collection Account in respect of
such Receivable.

 

(e)  The Servicer shall maintain its computer systems so that,
from and after the time of sale under this Agreement of the Receivables, the
Servicer’s master computer records (including any backup archives) that refer
to a Receivable shall indicate clearly the interest of the Issuer and the
Indenture Trustee in such Receivable and that such Receivable is owned by the
Issuer and has been pledged to JPMorgan Chase Bank, N.A., as Indenture Trustee.
Indication of the Issuer’s and the Indenture Trustee’s interest in a Receivable
may be deleted from or modified on the Servicer’s computer systems when, and
only when, the related Receivable shall have been paid in full or repurchased.

 

(f)  If at any time the Seller or the Servicer shall propose to
sell, grant a security interest in, or otherwise transfer any interest in
equipment receivables to any prospective purchaser, lender or other transferee,
the Servicer shall give to such prospective purchaser, lender or other
transferee computer tapes, records or printouts (including any restored from
backup archives) that, if they shall refer in any manner whatsoever to any
Receivable, shall indicate clearly that such Receivable has been sold and is
owned by the Issuer and has been pledged to the Indenture Trustee.  From and after the date of this Agreement,
the Servicer will not sell, pledge, assign or transfer to any Person, or grant,
create, incur, assume or suffer to exist any Lien on, any interest in, to and
under the Receivables.

 

(g)  The Servicer shall permit the Indenture Trustee and its
agents at any time during normal business hours to inspect, audit and make
copies of and abstracts from the Servicer’s records regarding any
Receivable.  The Indenture Trustee and
its agents shall give reasonable notice of any such inspection or audit and
such inspection shall be conducted in a manner that does not cause undue
disruption or interference with the Servicer’s business.

 

(h)  Upon request, the Servicer shall furnish to the Trustee or to
the Indenture Trustee, within five Business Days, a list of all Receivables (by
contract number and name of Obligor) then held as part of the Trust, together
with a reconciliation of such list to the Schedule of Receivables and to
each of the Servicer’s Certificates furnished before such request indicating
removal of Receivables from the Trust.

 

(i)  The Servicer shall deliver to the Trustee and the Indenture
Trustee:

 

39

 

(1)           promptly
after the execution and delivery of this Agreement and of each amendment
hereto, an Opinion of Counsel either: (A) stating that, in the opinion of
such counsel, all financing statements and continuation statements have been
executed and filed that are necessary fully to preserve and protect the
interest of the Trustee and the Indenture Trustee in the Receivables, and
reciting the details of such filings or referring to prior Opinions of Counsel
in which such details are given, or (B) stating that, in the opinion of
such counsel, no such action shall be necessary to preserve and protect such
interest; and

 

(2)           within
90 days after the beginning of each calendar year beginning with the first
calendar year beginning more than three months after the Initial Cutoff Date,
an Opinion of Counsel, dated as of a date during such 90-day period, either: (A) stating
that, in the opinion of such counsel, all financing statements and continuation
statements have been executed and filed that are necessary fully to preserve
and protect the interest of the Trustee and the Indenture Trustee in the
Receivables, and reciting the details of such filings or referring to prior
Opinions of Counsel in which such details are given, or (B) stating that,
in the opinion of such counsel, no such action shall be necessary to preserve
and protect such interest.

 

Each Opinion of Counsel
referred to in clause
(1) or (2) shall
specify any action necessary (as of the date of such opinion) to be taken in
the following year to preserve and protect such interest.

 

(j)  The Seller shall, to the
extent required by applicable law, cause the Certificates and the Notes to be
registered with the Commission pursuant to Section 12(b) or Section 12(g) of
the Exchange Act within the time periods specified in such sections.

 

(k)  If the Backup Servicer is
acting as the Successor Servicer, it shall be reimbursed pursuant to Section 5.6(b)(x) for any costs incurred by it in
performing its duties pursuant to this Section.

 

SECTION 10.3.  Notices.  All demands, notices, directions,
instructions and communications upon or to the Seller, the Servicer, the
Issuer, the Trustee, the Indenture Trustee or the Rating Agencies under this
Agreement shall be in writing, personally delivered or mailed by certified
mail, return receipt requested, and shall be deemed to have been duly given
upon receipt: (a) in the case of the Seller, to CNH Capital Receivables
LLC, 100 South Saunders Road, Lake Forest, Illinois 60045, Attention of:  Treasurer (telephone (847) 735-9200 and
facsimile (847) 955-3923,
(b) in the case of the Servicer, to New Holland Credit Company, LLC, 33
South Railroad Avenue, New Holland, Pennsylvania 17557, Attention of: Finance
Manager (telephone (717) 355-3091; with a copy to: New Holland Credit Company,
LLC, 100 South Saunders Road, Lake Forest, Illinois 60045, Attention of: Senior
Managing Attorney (c) in the case of the Issuer or the Trustee, at the
Trustee’s Corporate Trust Office, (d) in the case of the Indenture
Trustee, at its Corporate Trust Office, (e) in the case of Moody’s, to
Moody’s Investors Service, Inc., ABS Monitoring Department, 99 Church
Street, New York, New York 10007, (f) in the case of Standard &
Poor’s, to Standard & Poor’s Ratings Services, a division of
McGraw-Hill Companies, Inc., 55 Water Street, New York, New York 10041, Attention
of Asset Backed Surveillance Department, (g) in the case of Fitch, to
Fitch, Inc., 55 East Monroe Street, Suite 3500,

 

40

 

Chicago,
Illinois 60603, Attention:  ABS
Monitoring – Equipment Loans, (h) in the case of Dominion, to Dominion
Bond Rating Service, Inc., One Exchange Plaza, 55 Broadway, 25th
Floor, New York, New York  10006,
Attention: Surveillance; or, as to each of the foregoing, at such other address
as shall be designated by written notice to the other parties and (i) in
the case of any Counterparty, the address set forth in Section 11.4(c) of
the Indenture or at any other address previously furnished in writing to the
Issuer, the Servicer or the Indenture Trustee by the Counterparty

 

SECTION 10.4.  Assignment.  Notwithstanding anything to the contrary
contained herein, except as provided in Sections 6.4 and 7.3 and as
provided in the provisions of this Agreement concerning the resignation of the
Servicer, this Agreement may not be assigned by the Seller or the Servicer.

 

SECTION 10.5.  Limitations
on Rights of Others.  The
provisions of this Agreement are solely for the benefit of the Seller, the
Servicer, the Issuer, the Trustee, the Certificateholders, the Indenture
Trustee, the Counterparty and the Noteholders, and nothing in this Agreement,
whether express or implied, shall be construed to give to any other Person any
legal or equitable right, remedy or claim in the Trust Estate or under or in
respect of this Agreement or any covenants, conditions or provisions contained
herein.

 

SECTION 10.6.  Severability.  Any provision of this Agreement that is
prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction,
be ineffective to the extent of such prohibition or unenforceability without
invalidating the remaining provisions hereof, and any such prohibition or
unenforceability in any jurisdiction shall not invalidate or render
unenforceable such provision in any other jurisdiction.

 

SECTION 10.7.  Separate
Counterparts.  This Agreement
may be executed by the parties hereto in separate counterparts, each of which
when so executed and delivered shall be an original, but all such counterparts
shall together constitute but one and the same instrument.

 

SECTION 10.8.  Headings.  The headings of the various Articles and
Sections herein are for convenience of reference only and shall not define or
limit any of the terms or provisions hereof.

 

SECTION 10.9.  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.

 

SECTION 10.10.  Assignment
to Indenture Trustee.  The
Seller hereby acknowledges and consents to any mortgage, pledge, assignment and
grant of a security interest by the Issuer to the Indenture Trustee pursuant to
the Indenture for the benefit of the Noteholders and the Counterparty of all
right, title and interest of the Issuer in, to and under the Receivables and/or
the assignment of any or all of the Issuer’s rights and obligations hereunder
to the Indenture Trustee, and agrees that enforcement of a right or remedy
hereunder by the Indenture Trustee shall have the same force and effect as if
the right or remedy had been enforced or executed by the Issuer.

 

41

 

SECTION 10.11.  Nonpetition
Covenants.  (a) 
Notwithstanding any prior termination of this Agreement, the Servicer and the
Seller shall not, prior to the date that is one year and one day after the
termination of this Agreement, with respect to the Issuer, acquiesce, petition
or otherwise invoke or cause the Issuer to invoke the process of any court or
governmental authority for the purpose of commencing or sustaining a case
against the Issuer under any federal or State bankruptcy, insolvency or similar
law or appointing a receiver, liquidator, assignee, trustee, custodian,
sequestrator or other similar official of the Issuer or any substantial part of
its property, or ordering the winding up or liquidation of the affairs of the
Issuer. The foregoing shall not limit the right of the Servicer and the Seller
to file any claim in or otherwise take any action with respect to any such
insolvency proceeding that was instituted against the Issuer by any Person
other than the Servicer or the Seller.

 

(b)  Notwithstanding any prior termination of this Agreement, the
Servicer shall not, prior to the date that is one year and one day after the
termination of this Agreement, with respect to the Seller, acquiesce, petition
or otherwise invoke or cause the Seller to invoke the process of any court or
governmental authority for the purpose of commencing or sustaining a case against
the Seller under any federal or State bankruptcy, insolvency or similar law or
appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator
or other similar official of the Seller or any substantial part of its
property, or ordering the winding up or liquidation of the affairs of the
Seller. The foregoing shall not limit the right of the Servicer to file any
claim in or otherwise take any action with respect to any such insolvency
proceeding that was instituted against the Seller by any Person other than the
Servicer.

 

SECTION 10.12.  Limitation
of Liability of Trustee and Indenture Trustee.  (a)  Notwithstanding anything contained
herein to the contrary, this Agreement 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, except as expressly provided in the Trust Agreement, any
beneficial owner of the Issuer 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.

 

(b)  Notwithstanding anything contained herein to the contrary,
this Agreement has been accepted 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.

 

SECTION 10.13.  Conditions
Precedent to Other Financing Transactions.  The Seller shall not enter into any
receivables sale or other financing transaction unless either the appropriate
documents relating thereto contain provisions substantially to the effect set
out in Sections 11.17 and 11.19 of the Indenture or such transaction otherwise
shall have satisfied the Rating Agency Condition.

 

SECTION 10.14.  Information Requests.  The parties hereto shall provide any
information reasonably requested by the Servicer, the Issuer or the Seller or
any of their

 

42

 

Affiliates,
at the expense of such party, in order to comply with or obtain more favorable
treatment under any current or future law, rule, regulation, accounting rule or
principle.

 

(signature page follows)

 

43

 

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

 

	
   

  	
  CNH EQUIPMENT TRUST 2005-B

  
	
   

  	
   

  
	
   

  	
  By:  The Bank of New York,

  
	
   

  	
  not its individual capacity but solely

  
	
   

  	
  as Trustee of the Trust

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/Catherine Murray

  	
   

  
	
   

  	
   

  	
  Name: Catherine Murray

  
	
   

  	
   

  	
  Title: Assistant
  Treasurer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  CNH CAPITAL RECEIVABLES
  LLC,

  
	
   

  	
  as Seller

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Brian O’Keane

  	
   

  
	
   

  	
   

  	
  Name: Brian O’Keane

  
	
   

  	
   

  	
  Title: Treasurer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  NEW HOLLAND CREDIT
  COMPANY, LLC,

  
	
   

  	
  as Servicer

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Brian O’Keane

  	
   

  
	
   

  	
   

  	
   Name: Brian O’Keane

  
	
   

  	
   

  	
   Title: Treasurer

  
	
   

  	
   

  

 

Acknowledged and
Accepted:

 

	
  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

  	
   

  
			

 

Sale and Servicing
Agreement

 

S-1

 

	
  Acknowledged and Accepted:

  
	
   

  
	
  CNH Capital America LLC

  
	
   

  
	
  By:

  	
  /s/ Brian
  O’Keane

  	
   

  
	
   

  	
    Name:
  Brian O’Keane

  
	
   

  	
    Title:
  Treasurer

  

 

S-2

 

EXHIBIT A

to Sale and Servicing Agreement

 

FORM OF NOTEHOLDER’S

STATEMENT
PURSUANT TO SECTION 5.11(A)

 

Payment Date:                             

 

(i)            Amount
of principal being paid on Notes:

 

A-1 Notes:                                             ($         
per $1,000 original principal amount)

 

A-2 Notes:                                             ($         
per $1,000 original principal amount)

 

A-3 Notes:                                             ($         
per $1,000 original principal amount)

 

A-4a Notes:                                           ($         
per $1,000 original principal amount)

 

A-4b Notes:                                          ($         
per $1,000 original principal amount)

 

Class B Notes:                                      ($         
per $1,000 original principal amount)

 

Class C Notes:                                      ($         
per $1,000 original principal amount)

 

(ii)           Amount
of interest being paid on Notes:

 

A-1 Notes:                                             ($         
per $1,000 original principal amount)

 

A-2 Notes:                                             ($         
per $1,000 original principal amount)

 

A-3 Notes:                                             ($         
per $1,000 original principal amount)

 

A-4a Notes:                                           ($         
per $1,000 original principal amount)

 

A-4b Notes:                                          ($         
per $1,000 original principal amount)

 

Class B Notes:                                      ($         
per $1,000 original principal amount)

 

Class C Notes:                                      ($         
per $1,000 original principal amount)

 

(iii)          Pool
Balance at end of the preceding Collection Period:          

 

(iv)          After
giving effect to distributions on this Payment Date:

 

(1)           Outstanding
Amount of A-1 Notes:                      

(2)           Outstanding
Amount of A-2 Notes:                      

(3)           Outstanding
Amount of A-3 Notes:                      

(4)           Outstanding
Amount of A-4a Notes:                      

 

A-1

 

(5)           Outstanding
Amount of A-4b Notes:                      

(6)           Outstanding
Amount of Class B Notes:                      

(7)           Outstanding
Amount of Class C Notes:                      

(8)           A-1 Note
Pool Factor:                      

(9)           A-2 Note
Pool Factor:                      

(10)         A-3 Note
Pool Factor:                      

(11)         A-4a Note
Pool Factor:                      

(12)         A-4b Note
Pool Factor:                      

(13)         Class B
Note Pool Factor:                      

(14)         Class C
Note Pool Factor:                      

 

(v)           Amount
of Backup Servicer Fee:                       ($            per
$1,000 original principal amount)

 

(vi)          Amount
of Servicing Fee:                   ($            per
$1,000 original principal amount)

 

(vii)         Amount
of Administration Fee:         ($            per
$1,000 original principal amount)

 

(viii)        Aggregate
Amount of Realized Losses for the Collection Period:             

 

(ix)           Aggregate
Purchase Amounts for the Collection Period: 
            

 

(x)            Balance
of Spread Account:             

 

(xi)           Pre-funded
Amount:             

 

(xii)          Balance
of Principal Supplement Account:            

 

(xiii)         Balance
of Negative Carry Account:             

 

(xiv)        Amount
of Net Swap Payment or Net Swap Receipt:             

 

(xv)         Amount
of Swap Termination Payment paid by the Issuer:             

 

(xvi)        A-4a
Note Rate for the next Interest Period:             

 

(xvii)       If
the related Payment Date is in March 2007, September 2007 or March 2008:

 

	
  (1) Average
  Delinquency Ratio:

  	
   

  	
   

  
	
  (2) Average
  Delinquency Ratio Test is met:

  	
  Yes 

  	
  o

  	
  No

  	
  o

  	
   

  
	
  (3) Cumulative
  Net Loss Ratio:

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  (4) Cumulative
  Net Loss Ratio Test is met:

  	
  Yes 

  	
  o

  	
  No

  	
  o

  	
   

  
	
  (5) Specified
  Spread Account Reduction Trigger is met:

  	
  Yes 

  	
  o

  	
  No

  	
  o

  	
   

  

 

(xviii)      Specified
Spread Account Balance:                             

 

A-2

 

EXHIBIT B

to Sale and Servicing
Agreement

 

FORM OF
CERTIFICATEHOLDER’S

STATEMENT
PURSUANT TO SECTION 5.11(A)

 

Payment Date:                             

 

(i)            Amount
of principal being paid or distributed:

 

(a)           (1)           A-1
Notes:             

(2)           A-2
Notes:             

(3)           A-3
Notes:             

(4)           A-4a
Notes:             

(5)           A-4b
Notes:             

(6)           Class B
Notes:             

(7)           Class C
Notes:             

 

(b)           Total:                                      ($              per
$1,000 original principal amount)

 

(ii)           Amount
of interest being paid or distributed:

 

(a)           (1)           A-1
Notes:                      

(2)           A-2
Notes:                      

(3)           A-3
Notes:                      

(4)           A-4a
Notes:                      

(5)           A-4b
Notes:                     

(6)           Class B
Notes:                      

(7)           Class C
Notes:                      

 

(b)           Total:                                      ($                    per
$1,000 original principal amount)

 

(iii)          Amount
being distributed to the Certificateholders: 
                    

 

(iv)          Pool
Balance at end of the preceding Collection Period:                      

 

(v)           After
giving effect to distributions on this Payment Date:

 

(a)           (1)           Outstanding
Amount of A-1 Notes:                      

(2)           Outstanding
Amount of A-2 Notes:                      

(3)           Outstanding
Amount of A-3 Notes:                      

(4)           Outstanding
Amount of A-4(a) Notes:                      

(5)           Outstanding
Amount of A-4b Notes:                      

(6)           Outstanding
Amount of Class B Notes:                      

(7)           Outstanding
Amount of Class C Notes:                      

(8)           A-1 Note
Pool Factor:                      

(9)           A-2 Note
Pool Factor:                      

(10)         A-3 Note Pool
Factor:                      

 

B-1

 

(11)         A-4a Note
Pool Factor:                      

(12)         A-4b Note
Pool Factor:                      

(13)         Class B
Note Pool Factor:                      

(14)         Class C
Note Pool Factor:                      

 

(vi)          Amount
of Backup Servicer Fee:                       ($        per
$1,000 original principal amount)

 

(vii)         Amount
of Servicing Fee:                   ($        per
$1,000 original principal amount)

 

(viii)        Amount
of Administration Fee:                         ($        per
$1,000 original principal amount)

 

(ix)           Aggregate
Amount of Realized Losses for the Collection Period:                    

 

(x)            Aggregate
Purchase Amounts for the Collection Period: 
                   

 

(xi)           Balance
of Spread Account:                    

 

(xii)          Pre-Funded
Amount:                   

 

(xiii)         Balance
of Negative Carry Account:                    

 

(xiv)        Amount
of Net Swap Payment or Net Swap Receipt:                    

 

(xv)         Amount
of Swap Termination Payment paid by the Issuer:                    

 

(xvi)        A-4a
Note Rate for the next Interest Period:                     

 

(xvii)       If
the related Payment Date is in March 2007, September 2007 or March 2008:

 

	
  (1) Average Delinquency Ratio:

  	
   

  	
   

  
	
  (2) Average Delinquency Ratio Test is met:

  	
  Yes 

  	
  o

  	
  No

  	
  o

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  (3) Cumulative Net Loss Ratio:

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  (4) Cumulative Net Loss Ratio Test is met:

  	
  Yes 

  	
  o

  	
  No

  	
  o

  	
   

  
	
  (5) Specified Spread Account Reduction Trigger
  is met:

  	
  Yes 

  	
  o

  	
  No

  	
  o

  	
   

  

 

(xviii)      Specified
Spread Account Balance:                                    

 

B-2

 

EXHIBIT C

to Sale and Servicing
Agreement

 

FORM OF
SERVICER’S CERTIFICATE

 

The Bank of New York

101 Barclay Street, 8W 

New York, New York  10286

Attention:  Corporate Trust
Administration - Asset Backed Finance Unit

 

JPMorgan Chase Bank, N.A.

4 New York Plaza, 6th Floor

New York, New York  10004

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

 

CNH Capital Receivables LLC

100 South Saunders Road

Lake Forest, Illinois 60045

Attention:  Treasurer

 

Fitch, Inc.

55 East Monroe Street,

Suite 3500,

Chicago, Illinois 60603 

Attention:  ABS Monitoring – Equipment
Loans

 

Moody’s Investors Service, Inc.

ABS Monitoring Department

99 Church Street

New York, New York 10007

 

Standard & Poor’s Ratings Services,
  a division of McGraw-Hill Companies, Inc.

55 Water Street

New York, New York 10041

Attention:  Asset Backed Surveillance
Department

 

Dominion Bond Rating Service

One Exchange Plaza

55 Broadway, 25th Floor

New York, New York  10006

 

Systems & Services Technologies, Inc.

4315 Pickett Road

St. Joseph, Missouri 64503

Attention:  John
J. Chappell and Joseph D. Booz

 

C-1

 

Class A-1
Asset-Backed Notes

Class A-2 Asset-Backed
Notes

Class A-3
Asset-Backed Notes

Class A-4a
Asset-Backed Notes

Class A-4b
Asset-Backed Notes

Class B Asset-Backed
Notes

Class C Asset-Backed
Notes

 

	
  Determination Date:

  	
   

  	
      -    -    

  

 

DISTRIBUTIONS

 

	
  (1)

  	
   

  	
  Total Distribution Amount

  	
   

  	
  $             

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  (2)

  	
   

  	
  Backup Servicer Fee

  	
   

  	
  $             

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  (3)

  	
   

  	
  Servicing Fee

  	
   

  	
  $             

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  (4)

  	
   

  	
  Administration Fee

  	
   

  	
  $             

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  (5)

  	
   

  	
  Net Swap Payment

  	
   

  	
  $             

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  (6)

  	
   

  	
  Swap Termination Payment Payable by the Issuer

  	
   

  	
  $             

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  (7)

  	
   

  	
  Class A Noteholders’ Class Interest Amount

  	
   

  	
  $             

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  •      Interest
  on Class A Notes ($                     )
  

  	
   

  	
   

  
	
   

  	
   

  	
  •      Class A
  Noteholders’ Class Interest Shortfall, if any ($                     )

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  (8)

  	
   

  	
  Class B Noteholders’ Class Interest Amount

  	
   

  	
  $             

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  •      Interest
  on Class B Notes ($                     )

  	
   

  	
   

  
	
   

  	
   

  	
  •      Class B
  Noteholders’ Class Interest Shortfall ($                     )

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  (9)

  	
   

  	
  Class C Noteholders’ Class Interest Amount

  	
   

  	
  $             

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  •      Interest
  on Class C Notes ($                     )

  	
   

  	
   

  
	
   

  	
   

  	
  •      Class C
  Noteholders’ Class Interest Shortfall ($                     )

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  (10)

  	
   

  	
  Note Monthly Principal Distributable Amount

  	
   

  	
  $             

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  •      Principal
  on Class A-1 Notes ($                     )
  

  	
   

  	
   

  
	
   

  	
   

  	
  •      Principal
  on Class A-2 Notes ($                     )
  

  	
   

  	
   

  
	
   

  	
   

  	
  •      Principal
  on Class A-3 Notes ($                     )
  

  	
   

  	
   

  
	
   

  	
   

  	
  •      Principal
  on Class A-4a Notes ($                     )
  

  	
   

  	
   

  
	
   

  	
   

  	
  •      Principal
  on Class A-4b Notes ($                     )

  	
   

  	
   

  

 

C-2

 

	
   

  	
   

  	
  •      Principal
  on Class B Notes ($                     )
  

  	
   

  	
   

  
	
   

  	
   

  	
  •      Principal
  on Class C Notes ($                     )

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  (11)

  	
   

  	
  NOTEHOLDERS’
  DISTRIBUTABLE AMOUNT

  	
   

  	
  $             

  
	
   

  	
   

  	
  (7)+(8)+(9)+(10)

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  (12)

  	
   

  	
  Deposit to Note Distribution Account

  	
   

  	
  $             

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  •      Excess,
  if any, of Total Distribution Amount (1), less the Swap Termination Payment
  Payable by the Issuer (6), less the Net Swap Payment (5), less the Administration
  Fee (4), less the Servicing Fee (3), less the Backup Servicer Fee (2) 

  	
   

  	
   

  
	
   

  	
   

  	
  •      Withdrawal
  from Spread Account pursuant to Section 5.7(d) (see (20) below) 

  	
   

  	
   

  
	
   

  	
   

  	
  •      Withdrawal
  from Principal Supplement Account pursuant to Section 5.10 

  	
   

  	
   

  
	
   

  	
   

  	
  •      But
  not greater than the Noteholders’ Distributable Amount (11)

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  (13)

  	
   

  	
  Deposit to Spread Account pursuant to Section 5.6(b)(ix)

  	
   

  	
  $             

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  •      Excess,
  if any, of Total Distribution Amount (1), less the Swap Termination Payment
  Payable by the Issuer (6), less the Net Swap Payment (5), less the
  Administration Fee (4), less the Servicing Fee (3), less the Backup Servicer
  Fee (2), less the Noteholders’ Distributable Amount (11)

  	
   

  	
   

  
	
   

  	
   

  	
  •      But
  not greater than Item (19) below

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  (14)

  	
   

  	
  Backup Servicer accrued and unpaid reimbursable expenses

  	
   

  	
  $             

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  (15)

  	
   

  	
  Servicer accrued and unpaid reimbursable expenses

  	
   

  	
  $             

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  (16)

  	
   

  	
  Deposit to Certificate Distribution Account

  	
   

  	
  $             

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  •      Excess,
  if any, of Total Distribution Amount (1), less Servicer accrued and unpaid
  reimbursable expenses (15), less Backup Servicer accrued and unpaid
  reimbursable expenses (14), less the Deposit to Spread Account (13), less the
  Noteholders’ Distributable Amount (11), less the Swap Termination Payment
  Payable by the Issuer (6), the Net Swap Payment (5), less the Administration
  Fee (4), less the Servicing Fee (3), less the Backup Servicer Fee (2)

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SPREAD ACCOUNT

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  (17)

  	
   

  	
  Spread Account Balance as of Determination Date (prior to any deposits
  or withdrawals)

  	
   

  	
  $             

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  (18)

  	
   

  	
  Specified Spread Account Balance (after all distributions and
  adjustments)

  	
   

  	
  $             

  

 

C-3

 

	
   

  	
   

  	
  With respect to any Payment Date in March 2007, September 2007
  and March 2008:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  A.

  	
  Average Delinquency Ratio Test

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  •      Average
  Delinquency Ratio

  	
                              

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  •      Average
  Delinquency Ratio Test is met on such Payment Date

  	
  Yes   o   No   o   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  B.

  	
  Cumulative Net Loss Ratio Test

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  •      Cumulative
  Net Loss Ratio

  	
                              

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  •      Cumulative
  Net Loss Ratio Test is met on such Payment Date

  	
  Yes   o   No   o   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  C.

  	
  Specified
  Spread Account Reduction Trigger

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  •      Specified
  Spread Account Trigger is met on such Payment Date

  	
  Yes   o   No   o   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  (19)

  	
   

  	
  Limit on Deposit to the Spread Account

  	
   

  	
  $             

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  •      The
  excess, if any, of the Specified Spread Account Balance (18) less the Spread
  Account Balance as of the Determination Date (prior to any deposits or
  withdrawals) (17)

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  (20)

  	
   

  	
  Withdrawal from Spread Account distributed to Seller (as permitted in
  Sections 5.7(b) and (c) of the Sale and Servicing Agreement)

  	
   

  	
  $             

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  •      The
  excess, if any, of the Spread Account Balance as of the Determination Date
  (prior to any deposits or withdrawals) (17) less the Specified Spread Account
  Balance (18) 

  	
   

  	
   

  
	
   

  	
   

  	
  •      But
  zero, if
  (a) the sum of the Pool Balance (23) and the Pre-Funded Amount as of the
  first day of the Collection Period; is less than (b) the sum of the Note
  Balance

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  (21)

  	
   

  	
  Withdrawal from Spread Account pursuant to Section 5.7(d) to be
  deposited in the Note Distribution Account

  	
   

  	
  $             

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  •      Excess,
  if any, of the sum of the Noteholders’ Distributable Amount (11), the Net
  Swap Payment (5) and the Swap Termination Payment payable by the Issuer
  (6), less the Total Distribution Amount (1), less the Administration Fee (4),
  less the Servicing Fee (3), less the Backup Servicer Fee (2) 

  	
   

  	
   

  
	
   

  	
   

  	
  •      But
  not Greater than the Spread Account Balance (17)

  	
   

  	
   

  

 

C-4

 

	
  (22)

  	
   

  	
  Final Spread Account Balance (17) + (19) – (20) – (21)

  	
   

  	
  $             

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  MISCELLANEOUS

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  (23)

  	
   

  	
  Pool Balance at the beginning of this Collection Period

  	
   

  	
  $             

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  (24)

  	
   

  	
  After giving effect to all distributions on the Payment Date during
  this Collection Period:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (a) 
  Outstanding Amount of A-1 Notes

  A-1 Note Pool Factor (   .               )

  	
   

  	
  $             

  
	
   

  	
   

  	
  (b) 
  Outstanding Amount of A-2 Notes

  A-2 Note Pool Factor (   .               )

  	
   

  	
  $             

  
	
   

  	
   

  	
  (c) 
  Outstanding Amount of A-3 Notes

  A-3 Note Pool Factor (   .               )

  	
   

  	
  $             

  
	
   

  	
   

  	
  (d) 
  Outstanding Amount of A-4(a) Notes

  A-4a Note Pool Factor (   .               )

  	
   

  	
  $             

  
	
   

  	
   

  	
  (e) 
  Outstanding Amount of A-4(b) Notes

  A-4b Note Pool Factor (   .               )

  	
   

  	
  $             

  
	
   

  	
   

  	
  (f) 
  Outstanding Amount of Class B Notes

  Class B Note Pool Factor (   .               )

  	
   

  	
  $             

  
	
   

  	
   

  	
  (g) 
  Outstanding Amount of Class C Notes

  Class C Note Pool Factor (   .               )

  	
   

  	
  $             

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  (25)

  	
   

  	
  Aggregate Purchase Amounts for the preceding Collection Period

  	
   

  	
  $             

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  (26)

  	
   

  	
  Asset Balance at the beginning of this Collection Period

  	
   

  	
  $             

  

 

C-5

 

EXHIBIT D

to Sale and Servicing
Agreement

 

FORM OF
ASSIGNMENT

 

For value received, in accordance with and subject to the Sale and Servicing
Agreement dated as of September 1, 2005 (the “Sale and Servicing Agreement”) among the undersigned, CNH Capital America LLC (“CNHCA”) and CNH Equipment Trust 2005-B (the “Issuer”), the undersigned does hereby sell, assign, transfer set over
and otherwise convey unto the Issuer, without recourse, all of its right, title
and interest in, to and under:  (a) the
Initial Receivables, including all documents constituting chattel paper
included therewith, and all obligations of the Obligors thereunder, including
all moneys paid thereunder on or after the Initial Cutoff Date, (b) the
security interests in the Financed Equipment granted by Obligors pursuant to
the Initial Receivables and any other interest of the undersigned in such
Financed Equipment, (c) any proceeds with respect to the Initial
Receivables from claims on insurance policies covering Financed Equipment or
Obligors, (d) the Liquidity Receivables Purchase Agreements (only with
respect to CNHCA Owned Contracts or NH Owned Contracts included in the Initial
Receivables) and the CNHCA Purchase Agreement, including the right of the
undersigned to cause CNHCA or NH Credit, as the case may be, to repurchase
Receivables from the undersigned under the circumstances described therein, (e) any
proceeds from recourse to Dealers with respect to the Initial Receivables other
than any interest in the Dealers’ reserve accounts maintained with CNHCA or
with NH Credit, (f) any Financed Equipment that shall have secured an
Initial Receivable and that shall have been acquired by or on behalf of the
Trust, (g) all funds on deposit from time to time in the Trust Accounts,
including the Spread Account Initial Deposit, any Principal Supplement Account
Deposit, the Negative Carry Account Initial Deposit and the Pre-Funded Amount,
and in all investments and proceeds thereof (including all income thereon), (h) any
True Lease Equipment that is subject to any Initial Receivable, and (i) the
proceeds of any and all of the foregoing. The foregoing sale does not
constitute and is not intended to result in any assumption by the Issuer of any
obligation of the undersigned to the Obligors, insurers or any other person in
connection with the Initial Receivables, Receivables Files, any insurance
policies or any agreement or instrument relating to any of them.

 

This Assignment is made pursuant to and upon the representations,
warranties and agreements on the part of the undersigned contained in the Sale
and Servicing Agreement and is to be governed in all respects by the Sale and
Servicing Agreement. Capitalized terms used herein and not otherwise defined
shall have the meanings assigned to them in the Sale and Servicing Agreement.

 

D-1

 

IN WITNESS WHEREOF, the undersigned has caused this Assignment
to be duly executed as of September 1, 2005.

 

	
   

  	
  CNH CAPITAL RECEIVABLES
  LLC,

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
  Title:

  	
   

  	
   

  
						

 

D-2

 

EXHIBIT E

to Sale and Servicing Agreement

 

FORM OF
SUBSEQUENT TRANSFER ASSIGNMENT

 

For value received, in
accordance with and subject to the Sale and Servicing Agreement dated as of September 1,
2005 (the “Sale and Servicing Agreement”) among CNH Equipment Trust 2005-B,
a Delaware statutory trust (the “Issuer”), CNH Capital Receivables LLC, a
Delaware limited liability company (the “Seller”), and New Holland Credit Company,
LLC, a Delaware limited liability company (“NH Credit”), the Seller does hereby sell, transfer, assign, set over and
otherwise convey to the Issuer, without recourse, all of its right, title and
interest in, to and under: (a) the Subsequent Receivables, with an
aggregate Contract Value equal to $[                     ],
listed on Schedule A hereto, including all documents constituting chattel
paper included therewith, and all obligations of the Obligors thereunder
including all moneys paid thereunder on or after the Subsequent Cutoff Date, (b) the
security interests in the Financed Equipment granted by Obligors pursuant to
such Subsequent Receivables and any other interest of the Seller in such
Financed Equipment, (c) any proceeds with respect to such Subsequent
Receivables from claims on insurance policies covering Financed Equipment or
Obligors, (d) the Liquidity Receivables Purchase Agreements (only with
respect to Subsequent Receivables purchased by the Seller pursuant to those
Agreements) and the CNHCA Purchase Agreement, including the right of the Seller
to cause CNHCA or NH Credit, as the case may be, to repurchase Subsequent
Receivables from the Seller under the circumstances described therein, (e) any
proceeds from recourse to Dealers with respect to such Subsequent Receivables
other than any interest in the Dealers’ reserve accounts maintained with CNHCA
or NH Credit, (f) any Financed Equipment that shall have secured any such
Subsequent Receivables and that shall have been acquired by or on behalf of the
Trust, (g) any True Lease Equipment that is subject to any Subsequent
Receivable, and (h) the proceeds of any and all of the foregoing. The
foregoing sale does not constitute and is not intended to result in any
assumption by the Issuer of any obligation of the Seller to the Obligors,
insurers or any other person in connection with such Subsequent Receivables,
Receivable Files, any insurance policies or any agreement or instrument
relating to any of them.

 

This Subsequent Transfer
Assignment is made pursuant to and upon the representations, warranties and
agreements on the part of the Seller contained in the Sale and Servicing
Agreement (including the Officer’s Certificate of the Seller accompanying this
Agreement) and is to be governed in all respects by the Sale and Servicing
Agreement. Capitalized terms used but not otherwise defined herein shall have
the meanings assigned to them in the Sale and Servicing Agreement.

 

E-1

 

IN WITNESS WHEREOF, the undersigned has caused this Subsequent Transfer
Assignment to be duly executed as of                             ,
2005.

 

	
   

  	
  CNH CAPITAL RECEIVABLES
  LLC,

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
  Title:

  	
   

  	
   

  
						

 

E-2

 

SCHEDULE A

to Subsequent Transfer
Assignment

 

SCHEDULE OF
SUBSEQUENT RECEIVABLES

 

[Attached]

 

E-3

 

ANNEX A

to Subsequent Transfer Assignment

 

OFFICER’S
CERTIFICATE

 

I, the undersigned officer of CNH Capital Receivables LLC. (the “Company”), do hereby certify, pursuant to Section 2.2(b)(xv) of
the Sale and Servicing Agreement dated as of September 1, 2005 among the
Company, CNH Equipment Trust 2005-B and New Holland Credit Company, LLC (the “Agreement”), that (i) all of the conditions precedent to the
transfer to the Issuer of the Subsequent Receivables listed on Schedule A
to the Subsequent Transfer Assignment delivered herewith, and the other
property and rights related to such Subsequent Receivables as described in Section 2.2(a) of
the Agreement, have been satisfied on or prior to the related Subsequent
Transfer Date and (ii) each statement of fact set forth in any Officer’s
certificate executed by an officer of the Company in connection with an Opinion
of Counsel delivered on the Closing Date with respect to a transfer of, or a
security interest in, the Receivables shall be true and correct as of the date
hereof with respect to the Subsequent Receivables listed on the aforementioned Schedule A.

 

Capitalized terms used
but not defined herein shall have the meanings assigned to such terms in the
Agreement.

 

IN WITNESS WHEREOF, the
undersigned has caused this certificate to be duly executed this           day
of                             ,
2005.

 

	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
  Title:

  	
   

  	
   

  
						

 

E-4

 

EXHIBIT F

to Sale and Servicing
Agreement

 

FORM OF ACCOUNTANTS’
LETTER IN CONNECTION

WITH THE SUBSEQUENT
TRANSFER ASSIGNMENT PURSUANT TO

SECTION 2.2(B)(XV) OF THE
SALE AND SERVICING AGREEMENT

 

[Letterhead of Deloitte &Touche]

 

                               ,
            

 

CNH Capital Receivables LLC

100 South Saunders Road

Lake Forest, Illinois  60045

 

CNH Equipment Trust 2005-B

c/o The Bank of New York

101 Barclay Street, Floor 8W

New York, New York  10286

 

JPMorgan Chase Bank, N.A.

4 New York Plaza, 6th Floor

New York, New York  10004

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

 

The Bank of New York

101 Barclay Street, Floor 8W

New York, New York  10286

 

Dear Ladies and Gentlemen:

 

This letter is issued at the request of CNH Capital Receivables LLC.
(the “Seller”) with respect to the sale of
certain retail receivables (the “Subsequent
Receivables”) to the
CNH Equipment Trust 2005-B (the “Trust”) pursuant to the Sale and Servicing
Agreement dated as of September 1, 2005 (the “Sale and Servicing Agreement”) among the Trust, the Seller and New Holland Credit Company,
LLC (the “Servicer”). The sale of the Subsequent
Receivables is described in the prospectus dated September 2, 2005 and the
prospectus supplement dated September 8, 2005 (together, the “Prospectus”), which relates to the offering by the Trust of 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, 4.57% Class B Asset Backed Notes and 4.93% Class C
Asset Backed Notes (collectively, the “Notes”).  Capitalized terms used herein and not
otherwise defined have the meaning described in the Prospectus or the Sale and
Servicing Agreement, as applicable. In connection therewith, we performed or
have previously performed certain agreed upon procedures as specified in the
items below:

 

F-1

 

1.             As
previously communicated in our letter to the Seller, the Trust,                                ,
the Indenture Trustee and the Trustee dated          ,
           relating to the
sale of certain retail receivables (the “Initial Receivables”) and the offering of the Notes [and
the Certificates], we performed several procedures based on a computer data
file (the “Initial
File”) received from
the Servicer, including the following:

 

a.             We
read certain fields on the Initial File to determine whether the data
pertaining to the Initial Receivables complied with the selection criteria as
noted in our previous letter.

 

b.             Proved
the arithmetic accuracy of the Aggregate Contract Value and the related
percentage of Initial Receivables coded as representing construction equipment
and the Total Aggregate Contract Value of the Initial Receivables as shown on Schedule B.

 

c.             Proved
the arithmetic accuracy of the Weighted Average Original Term of the Initial
Receivables as shown in Schedule B.

 

2.             On
                 ,
         , we obtained a computer
data file (the “Subsequent File”) produced by and represented by the
Servicer to contain the list of the Subsequent Receivables.  The Subsequent File was received directly by
Deloitte & Touche from the Servicer. 
By use of data retrieval software, we have performed the following with
respect to the information contained in the Subsequent File:

 

a.             We
read certain fields on the Subsequent File to determine whether the data
relating to the Subsequent Receivables complied with selection criteria 1, 2
and 4 as shown on Schedule A.  For
purposes of selection criteria 3, as shown on Schedule A, we read certain
fields from the Initial File and Subsequent File to aggregate the total
Contract Value for each account number for the purpose of determining the
Contract Value for each Obligor.  The
total Contract Value for each account number was then compared to the aggregate
Contract Value to determine if the selection criteria was achieved.

 

b.             Proved
the arithmetic accuracy of the Aggregate Contract Value and the related
percentage of the Subsequent Receivables coded as representing construction and
the Total Aggregate Contract Value of the Subsequent Receivables as shown on Schedule B.

 

c.             Proved
the arithmetic accuracy of the Weighted Average Original Term of the Subsequent
Receivables as shown in Schedule B.

 

3.             We
proved the arithmetic accuracy of the columnar totals for Aggregate Contract
Value of construction equipment and the Total Aggregate Contract Value as shown
on Schedule B.

 

F-2

 

4.             We
proved the arithmetic accuracy of the percent of total column as shown in 1 on Schedule B
by dividing the amount in the Total Aggregate Contract Value of construction
equipment column by the amount in the Total Aggregate Contract Value column. We
also proved the arithmetic accuracy of the Weighted Average Original Term as
shown in 2 on Schedule B by summing the products of Total Aggregate
Contract Value times Weighted Average Original Term for the Initial Receivables
and the Subsequent Receivables and dividing the resulting sum by the columnar
total of the Total Aggregate Contract Value.

 

The foregoing procedures
do not constitute an audit conducted in accordance with generally accepted
auditing standards, and, therefore, we are unable to and do not express an
opinion on any individual balances or summaries of selected transactions
specifically set forth in this letter. 
Also, these procedures would not necessarily reveal matters of
significance with respect to the findings described herein. Accordingly, we
make no representations regarding the sufficiency of the foregoing procedures
for your purposes of for questions of legal interpretation.  Had we performed additional procedures, other
matters might have come to our attention that would have been reported to
you.  Further, we have addressed
ourselves solely to the foregoing data in the Sale and Servicing Agreement and
the Prospectus and make no representations regarding the adequacy of disclosure
regarding whether any material facts have been omitted.

 

This letter is solely for
the information of the addressees and is not to be used, circulated, quoted or
otherwise referred to for any other purpose including, but not limited to, the
purchase or sale of Notes, nor is it to be referred to in any document.  Furthermore, we undertake no responsibility
to update this letter for events and circumstances occurring after the date of
this letter.

 

Very truly yours,

 

 

DELOITTE &
TOUCHE

 

F-3

 

SCHEDULE A

to Accountant’s Letter

 

	
  Selection Criteria

  	
   

  	
  Results

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  1.

  	
   

  	
  No Subsequent
  Receivables was more than 90 days past due as of the applicable Subsequent
  Cutoff Date.

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  2.

  	
   

  	
  Each Subsequent
  Receivable has a Statistical Contract Value as of the Subsequent Cutoff Date
  that (when combined with the Statistical Contract Value of any other
  Receivables with the same or an affiliated Obligor) does not exceed 1% of the
  aggregate Contract Value of all Receivables.

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  3.

  	
   

  	
  Each Subsequent
  Receivable has a remaining term to maturity (i.e.,
  the period from but excluding the applicable Subsequent Cutoff Date to and
  including the Receivables’ maturity date) of not more than 72 months.

  	
   

  	
   

  

 

F-4

 

SCHEDULE B

to Accountant’s Letter

 

1.             Percentage
of principal balance of the Receivables that represents construction equipment:

 

	
   

  	
   

  	
  Aggregate

  Contract Value of

  Construction

  Equipment

  	
   

  	
  Total Aggregate

  Contract Value

  	
   

  	
  Construction

  Equipment

  Percent of Total

  	
   

  
	
  Initial Receivables

  	
   

  	
  $

  	
   

  	
   

  	
  $

  	
   

  	
  %

  	
   

  	
   

  
	
  Subsequent Receivables

  	
   

  	
  $

  	
   

  	
   

  	
  $

  	
   

  	
  %

  	
   

  	
   

  
	
  Total Receivables

  	
   

  	
  $

  	
   

  	
   

  	
  $

  	
   

  	
  %

  	
   

  	
   

  

 

2.             Weighted
Average Original Term of the Receivables in the Trust.

 

	
   

  	
   

  	
  Total Aggregate

  Contract Value

  	
   

  	
  Weighted

  Average Original

  Term

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Initial Receivables

  	
   

  	
  $

  	
   

  	
   

  	
          months

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Subsequent Receivables

  	
   

  	
  $

  	
   

  	
   

  	
          months

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Total Receivables

  	
   

  	
  $

  	
   

  	
   

  	
          months

  	
   

  

 

As noted above, the Weighted Average Original Term
does not exceed 55.0 months as required by the Sale and Servicing Agreement.

 

F-5

 

Schedule P

 

1.             General.  The Sale and Servicing Agreement creates, or
with respect to the Receivables that are Subsequent Receivables upon the
transfer of such Subsequent Receivables pursuant to the Subsequent Transfer
Assignment will create, a valid and continuing security interest (as defined in
the applicable UCC) in all of CNHCR’s right, title and interest in, to and
under (i) the Receivables, (ii) the Financed Equipment granted by
Obligors pursuant to the Receivables and (iii) the Liquidity Receivables
Purchase Agreements (only with respect to CNHCA Owned Contracts or NH Owned
Contracts included in the Receivables) in favor of the Issuer, which, (a) is
enforceable upon execution of the Sale and Servicing Agreement against
creditors of and purchasers from CNHCR, as such enforceability may be limited
by applicable Debtor Relief Laws, now or hereafter in effect, and by general
principles of equity (whether considered in a suit at law or in equity), and (b) upon
filing of the financing statements described in clause 4 below will be
prior to all other Liens (other than Liens permitted pursuant to clause 5
below).

 

2.             Characterization.  The Receivables constitute “tangible chattel
paper” within the meaning of UCC Section 9-102.  The rights granted under the agreements
described in clause 1 (ii) and (iii) constitute “general intangibles”
within the meaning of UCC Section 9-102. 
CNHCR has taken all steps necessary to perfect its security interest in
the property securing the Receivables.

 

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

 

4.             Perfection.  CNHCR has caused or will have caused, within
ten days of the Closing Date, the filing of all appropriate financing
statements in the proper filing office in the appropriate jurisdictions under
applicable law in order to perfect the security interest granted to the Issuer
under the Sale and Servicing Agreement in the Receivables.  With respect to the Receivables that
constitute tangible chattel paper, the Servicer or a Subservicer, as custodian,
received possession of such original tangible chattel paper after the Issuer received
a written acknowledgment from such custodian that it is acting solely as agent
of the Indenture Trustee.  All financing
statements filed under this clause 4 contain a statement that “A purchase of or
security interest in any collateral described in this financing statement will
violate the rights of the Secured Party”.

 

5.             Priority.  Other than the security interests granted to
the Issuer pursuant to the Sale and Servicing Agreement and the security
interests granted under the Liquidity Receivables Purchase Agreements, which
have been released, CNHCR has not pledged, assigned, sold, granted a security
interest in, or otherwise conveyed any of the Receivables. CNHCR has not
authorized the filing of and is not aware of any financing statements against
CNHCR that include a description of collateral covering the Receivables other
than any financing statement (i) relating to the security interests
granted to the Issuer under the Sale and Servicing Agreement and the security
interests granted under the Liquidity Receivables Purchase Agreements, which

 

F-6

 

have
been released (ii) that has been terminated, or (iii) that has been
granted pursuant to the terms of the Basic Documents.  None of the tangible chattel paper that
constitutes or evidences the Receivables has any marks or notations indicating
that they have pledged, assigned or otherwise conveyed to any Person other than
the Indenture Trustee.  CNHCR is not
aware of any judgment, ERISA or tax lien filings against it.

 

6.             Survival
of Perfection Representations. 
Notwithstanding any other provision of the Sale and Servicing Agreement
or any other Basic Document, the Perfection Representations contained in this Schedule P
shall be continuing, and remain in full force and effect.

 

7.             No
Waiver.  The parties to the Sale and
Servicing Agreement: (i) shall not, without obtaining a confirmation of
the then-current rating of the Notes, waive any of the representations and
warranties in this Schedule P (the “Perfection Representations”); (ii) shall
provide the Ratings Agencies with prompt written notice of any breach of the
Perfection Representations, and shall not, without obtaining a confirmation of
the then-current rating of the Notes (as determined after any adjustment or
withdrawal of the ratings following notice of such breach) waive a breach of
any of the Perfection Representations.

 

8.             Servicer
to Maintain Perfection and Priority. 
The Servicer covenants that, in order to evidence the interests of CNHCR
and Issuer under this Agreement, Servicer shall take such action, or execute
and deliver such instruments (other than effecting a Filing (as defined below),
unless such Filing is effected in accordance with this paragraph) as may be
necessary or advisable (including, without limitation, such actions as are
requested by Issuer) to maintain and perfect, as a first priority interest,
Issuer’s security interest in the Receivables. 
Servicer shall, from time to time and within the time limits established
by law, prepare and present to Issuer for Issuer to authorize (based in
reliance on the Opinion of Counsel hereinafter provided for) the Servicer to
file, all financing statements, amendments, continuations, financing statements
in lieu of a continuation statement, terminations, partial terminations, releases
or partial releases, or any other filings necessary or advisable to continue,
maintain and perfect the Issuer’s security interest in the Receivables as a
first-priority interest (each a “Filing”). 
Servicer shall present each such Filing to the Issuer together with (x)
an Opinion of Counsel to the effect that such Filing is (i) consistent
with grant of the security interest to the Issuer pursuant to the Granting
Clause of this Agreement, (ii) satisfies all requirements and conditions
to such Filing in this Agreement and (iii) satisfies the requirements for
a Filing of such type under the Uniform Commercial Code in the applicable
jurisdiction (or if the Uniform Commercial Code does not apply, the applicable
statute governing the perfection of security interests), and (y) a form of
authorization for Issuer’s signature. 
Upon receipt of such Opinion of Counsel and form of authorization,
Issuer shall promptly authorize in writing Servicer to, and Servicer shall,
effect such Filing under the Uniform Commercial Code without the signature of
CNHCR or Issuer where allowed by applicable law.  Notwithstanding anything else in the
Indenture to the contrary, the Servicer shall not have any authority to effect
a Filing without obtaining written authorization from the Issuer in accordance
with this paragraph (c).

 

F-7Exhibit
4.4

 

 

 

CNH EQUIPMENT TRUST
2005-B

 

 

CNHCA PURCHASE
AGREEMENT

 

 

between

 

 

CNH CAPITAL AMERICA LLC

 

 

and

 

 

CNH CAPITAL RECEIVABLES LLC

 

 

Dated
as of September 1, 2005

 

 

 

 

TABLE OF
CONTENTS

 

	
  ARTICLE I

  	
  Certain Definitions

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 1.1.

  	
  Definitions

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 1.2.

  	
  Other Definitional
  Provisions

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE II

  	
  Conveyance of CNHCA
  Receivables

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 2.1.

  	
  Conveyance of CNHCA
  Purchased Contracts

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 2.2.

  	
  Conveyance of
  Subsequent CNHCA Receivables

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 2.3.

  	
  Intention of the
  Parties

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 2.4.

  	
  The Closing

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 2.5.

  	
  Payment of the Purchase
  Price

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 2.6.

  	
  Cross-Collateralization

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE III

  	
  Representations and Warranties

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 3.1.

  	
  Representations and
  Warranties of CNHCR

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 3.2.

  	
  Representations and
  Warranties of CNHCA

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE IV

  	
  Conditions

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 4.1.

  	
  Conditions to
  Obligation of CNHCR

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 4.2.

  	
  Conditions to
  Obligation of CNHCA

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE V

  	
  Covenants of CNHCA

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 5.1.

  	
  Protection of Right,
  Title and Interest

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 5.2.

  	
  Other Liens or
  Interests

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 5.3.

  	
  Jurisdiction of
  Organization

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 5.4.

  	
  Costs and Expenses

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 5.5.

  	
  Indemnification

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 5.6.

  	
  Transfer of Subsequent
  CNHCA Receivables

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 5.7.

  	
  Cross-Collateralization

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE VI

  	
  Miscellaneous Provisions

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 6.1.

  	
  Obligations of CNHCA

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 6.2.

  	
  Repurchase Events

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 6.3.

  	
  CNHCR Assignment of
  Repurchased Receivables

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 6.4.

  	
  Trust

  	
   

  
				

 

i

 

	
  SECTION 6.5.

  	
  Amendment

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 6.6.

  	
  Accountants’ Letters

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 6.7.

  	
  Waivers

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 6.8.

  	
  Notices

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 6.9.

  	
  Costs and Expenses

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 6.10.

  	
  Representations of
  CNHCA and CNHCR

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 6.11.

  	
  Confidential
  Information

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 6.12.

  	
  Headings and
  Cross-References

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 6.13.

  	
  Governing Law

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 6.14.

  	
  Counterparts

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 6.15.

  	
  Severability

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 6.16.

  	
  Information Requests

  	
   

  
	
   

  	
   

  	
   

  
	
  EXHIBITS

  	
   

  	
   

  
	
  EXHIBIT A

  	
  Form of CNHCA Assignment

  	
   

  
	
  EXHIBIT B

  	
  Form of CNHCA Subsequent Transfer Assignment

  	
   

  
	
   

  	
   

  	
   

  
	
  SCHEDULES

  	
   

  
	
   

  	
   

  	
   

  
	
  SCHEDULE P

  	
  Perfection Representation and Warranties

  	
   

  
				

 

ii

 

CNHCA PURCHASE AGREEMENT (as amended or
supplemented from time to time, this “Agreement”) dated as of
September 1, 2005 between CNH CAPITAL AMERICA LLC, a Delaware limited liability company
(“CNHCA”), and CNH CAPITAL RECEIVABLES LLC, a Delaware
limited liability company (“CNHCR”).

 

RECITALS

 

WHEREAS,
in the regular course of its business, CNHCA purchases, directly and
indirectly, from equipment dealers and brokers, and directly originates,
Contracts; and

 

WHEREAS, CNHCA and CNHCR
wish to set forth the terms pursuant to which: (1) Contracts having an
aggregate Contract Value of approximately $194,961,595.15 and identified on Schedule
A to the CNHCA Assignment (the “CNHCA Purchased Contracts”) as of the Initial
Cutoff Date and CNHCA’s right, title and interest in any True Lease Equipment
related to such Contracts are to be sold by CNHCA to CNHCR on the date hereof
and (2) certain Subsequent CNHCA Receivables and CNHCA’s right, title and
interest in any True Lease Equipment related to such Subsequent CNHCA
Receivables are to be sold by CNHCA to CNHCR from time to time on each
Subsequent Transfer Date; and

 

WHEREAS,
CNHCR, as of the Initial Cutoff Date, owned Contracts previously purchased from
CNHCA pursuant to an Amended and Restated Receivables Purchase Agreement dated
as of December 15, 2000 (as amended from time to time, the “CNHCA Liquidity Receivables
Purchase Agreement”)
between CNHCA and CNHCR, having an aggregate Contract Value of approximately
$395,127,074.87 and identified on Schedule A to the Assignment (the “CNHCA Owned Contracts”, and together with
the CNHCA Purchased Contracts, the “Initial CNHCA Receivables”); and

 

WHEREAS,
the Initial CNHCA Receivables and the Subsequent CNHCA Receivables
(collectively, the “CNHCA
Receivables”),
the NH Owned Contracts and any True Lease Equipment related to such CNHCA
Receivables or NH Owned Contracts will be transferred by CNHCR, pursuant to the
Sale and Servicing Agreement, to CNH Equipment Trust 2005-B (the “Trust”), which Trust will
issue Certificates representing non-assessable, fully paid, undivided
beneficial interests in, and 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, 4.57% Class B
Asset Backed Notes and 4.93% Class C Asset Backed Notes collateralized by, the
Receivables and the other property of the Trust; and

 

WHEREAS,
CNHCA and CNHCR wish to set forth herein certain representations, warranties,
covenants and indemnities of CNHCA with respect to

 

 

the Receivables for the benefit of CNHCR, the Trust,
the Noteholders, any Counterparty and the Certificateholders.

 

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

 

ARTICLE I

Certain Definitions

 

SECTION 1.1.  Definitions.  Capitalized terms used herein and not
otherwise defined herein are defined in Appendix A to the Indenture dated as of
the date hereof between CNH Equipment Trust 2005-B and JPMorgan Chase Bank,
N.A., as Indenture Trustee.

 

SECTION 1.2.  Other Definitional
Provisions.  (a)  All terms defined in this Agreement shall
have the defined meanings when used in any certificate or other document made
or delivered pursuant hereto unless otherwise defined therein.

 

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

 

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

 

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

 

ARTICLE II

Conveyance of CNHCA Receivables

 

SECTION 2.1.  Conveyance of CNHCA
Purchased Contracts.  In
consideration of CNHCR’s payment of $590,088,670.03 (the “Initial CNHCA Purchase
Price”)

 

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in the manner set out in Section 2.5(a), CNHCA does hereby sell, transfer, assign,
set over and otherwise convey to CNHCR, without recourse (subject to the
obligations herein), all of its right, title, interest and, with respect to any
Contracts that are Leases, obligations in, to and under (collectively, the “Initial CNHCA Assets”):

 

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

 

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

 

(iii)                          any proceeds with
respect to the CNHCA Purchased Contracts and the CNHCA Owned Contracts from
claims on insurance policies covering Financed Equipment or Obligors;

 

(iv)                          any proceeds from
recourse to Dealers with respect to the CNHCA Purchased Contracts and the CNHCA
Owned Contracts other than any interest in the Dealers’ reserve accounts
maintained with CNHCA;

 

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

 

(vi)                          any True Lease
Equipment that is subject to any CNHCA Purchased Contract or any CNHCA Owned
Contract; and

 

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

 

Insofar
as the grant above relates to CNHCA Owned Contracts and related property, it is
made for administrative convenience and is not intended to derogate from the
prior conveyance of the CNHCA Owned Contracts and related property pursuant to
the CNHCA Liquidity Receivables Purchase Agreement.

 

SECTION 2.2.  Conveyance of
Subsequent CNHCA Receivables. 
Subject to the conditions set forth in Section
4.1(b), in consideration of CNHCR’s delivery on the related
Subsequent Transfer Date to or upon the order of CNHCA of the related Subsequent
CNHCA Purchase Price pursuant to Section 2.5,
CNHCA does hereby sell, transfer, assign, set over and otherwise convey to
CNHCR, without recourse (subject to the obligations herein), all of its right,
title, interest and, with respect to any Contracts that are Leases, obligations
in, to and under (collectively, the “Subsequent CNHCA Assets”; and together with
the Initial CNHCA Assets, the “CNHCA Assets”):

 

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(i)                            the Subsequent CNHCA
Receivables listed on Schedule A to the related CNHCA Subsequent Transfer
Assignment, including all documents constituting chattel paper included
therewith, and all obligations of the Obligors thereunder, including all moneys
paid thereunder on or after the related Subsequent Cutoff Date;

 

(ii)                           the security
interests in the Financed Equipment granted by Obligors pursuant to such
Subsequent CNHCA Receivables and any other interest of CNHCA in such Financed
Equipment;

 

(iii)                          any proceeds with
respect to such Subsequent CNHCA Receivables from claims on insurance policies
covering Financed Equipment or Obligors;

 

(iv)                          any proceeds with
respect to such Subsequent CNHCA Receivables from recourse to Dealers other
than any interest in the Dealers’ reserve accounts maintained with CNHCA;

 

(v)                           any Financed
Equipment that shall have secured any such Subsequent CNHCA Receivable and that
shall have been acquired by or on behalf of CNHCR;

 

(vi)                          any True Lease
Equipment that is subject to any Subsequent CNHCA Receivable; and

 

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

 

SECTION 2.3.  Intention of the
Parties.  The parties to
this Agreement intend that the transactions contemplated hereby shall be, and
shall be treated as, a purchase by CNHCR and a sale by CNHCA of the CNHCA
Purchased Contracts and the Subsequent CNHCA Receivables and any True Lease
Equipment related to such CNHCA Purchased Contracts or Subsequent CNHCA
Receivables, as the case may be, and not as a lending transaction, such that in
the event of a filing of a petition for relief by or against CNHCA under the
Bankruptcy Code, (i) such CNHCA Purchased Contracts, Subsequent CNHCA
Receivables and True Lease Equipment would not be property of CNHCA’s
bankruptcy estate under Section 541 of the Bankruptcy Code, (ii) the bankruptcy
court would not compel the turnover of such CNHCA Purchased Contracts,
Subsequent CNHCA Receivables and True Lease Equipment or collections thereon by
CNHCR to CNHCA under Section 542 of the Bankruptcy Code, and (iii) the
bankruptcy court would determine that payments on such CNHCA Purchased
Contracts, Subsequent CNHCA Receivables and True Lease Equipment not in the
possession of CNHCA would not be subject to the automatic stay provisions of
Section 362(a) of the Bankruptcy Code imposed upon the commencement of CNHCA’s
bankruptcy case.  The foregoing sale,
assignment, transfer and conveyance does

 

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not constitute, and is
not intended to result in a creation or assumption by CNHCR of, any obligation
or liability with respect to any CNHCA Purchased Contract or any Subsequent
CNHCA Receivables, nor shall CNHCR be obligated to perform or otherwise be
responsible for any obligation of CNHCA or any other Person in connection with
the CNHCA Purchased Contracts or the Subsequent CNHCA Receivables or under any
agreement or instrument relating thereto, including any contract or any other
obligation to any Obligor, except that CNHCR accepts any Contracts that are
Leases subject to (and assumes) the covenants benefiting the Obligors under
such Leases.

 

If (but only to the extent that) the transfer of the
CNHCA Assets hereunder is characterized by a court or other governmental
authority as a loan rather than a sale, CNHCA shall be deemed hereunder to have
granted to CNHCR a security interest in all of CNHCA’s right, title and
interest in and to the CNHCA Assets. 
Such security interest shall secure all of CNHCA’s obligations (monetary
or otherwise) under this Agreement and the other Basic Documents to which it is
a party, whether now or hereafter existing or arising, due or to become due,
direct or indirect, absolute or contingent. 
CNHCR shall have, with respect to the property described in Section 2.1 and Section 2.2,
and in addition to all the other rights and remedies available to CNHCR under
this Agreement and applicable law, all the rights and remedies of a secured
party under any applicable UCC, and this Agreement shall constitute a security
agreement under applicable law.

 

SECTION 2.4.  The Closing.  The sale and purchase of the CNHCA Purchased
Contracts shall take place at a closing at the offices of Mayer, Brown, Rowe
& Maw LLP, 71 South Wacker Drive, Chicago, Illinois 60606 on the Closing
Date, simultaneously with the closings under: (a) the Sale and Servicing Agreement,
(b) the Trust Agreement, (c) the Administration Agreement and (d) the
Indenture.

 

SECTION 2.5.  Payment of the
Purchase Price.

 

(a)           CNHCA
Purchased Contracts.  The
Initial CNHCA Purchase Price is payable as follows:  (i) partially in cash on the Closing Date,
and (ii) the remainder shall be deemed to have been paid by CNHCR to CNHCA and
returned by CNHCA to CNHCR as a contribution to capital.

 

(b)           Subsequent
CNHCA Receivables.  As
consideration for the conveyance of Subsequent CNHCA Receivables pursuant to Section 2.2, CNHCR shall pay or cause to be paid to CNHCA on
each Subsequent Transfer Date an amount (a “Subsequent CNHCA Purchase Price”) equal to the
aggregate Contract Value of the Subsequent CNHCA Receivables as of the related
Subsequent Cutoff Date, plus any premium or minus any discount agreed upon by
CNHCA and CNHCR.  Any Subsequent CNHCA
Purchase Price shall be payable as follows: (i) cash in the amount released to
CNHCR in respect of the Subsequent CNHCA Receivables from the Pre-Funding Account
pursuant to Section 5.8(a) of the Sale

 

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and Servicing Agreement
shall be paid to CNHCA on the related Subsequent Transfer Date; and
(ii) the balance shall be paid in cash as and when amounts are released
to, or otherwise realized by, CNHCR from the Spread Account, the Negative Carry
Account, and the Principal Supplement Account in accordance with the Sale and
Servicing Agreement, or otherwise are available for such purpose.

 

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

 

ARTICLE III

Representations and Warranties

 

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

 

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

 

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

 

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

 

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

 

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

 

(f)            No
Proceedings.  There are no
proceedings or investigations pending or, to CNHCR’s best knowledge,
threatened, before any court, regulatory body, administrative agency or other
governmental instrumentality having jurisdiction over CNHCR or its properties:
(i) asserting the invalidity of this Agreement, (ii) seeking to prevent the
consummation of any of the transactions contemplated by this Agreement or (iii)
seeking any determination or ruling that could reasonably be expected to
materially and adversely affect the performance by CNHCR of its obligations
under, or the validity or enforceability of, this Agreement.

 

SECTION 3.2.  Representations and
Warranties of CNHCA.  (a)  CNHCA hereby represents and warrants to CNHCR
as of the date hereof and as of the Closing Date:

 

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

 

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

 

(iii)                          Power and Authority.  CNHCA has the power and authority to execute
and deliver this Agreement and to carry out its terms; CNHCA has full power and
authority to sell and assign the property to be sold and assigned to CNHCR
hereby and has duly authorized such sale and assignment to CNHCR by

 

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all necessary limited
liability company action; and the execution, delivery and performance of this
Agreement have been, and the execution, delivery and performance of each CNHCA
Subsequent Transfer Assignment have been or will be on or before the related
Subsequent Transfer Date, duly authorized by CNHCA by all necessary limited
liability company action.

 

(iv)                          Binding Obligation.  This Agreement constitutes, and each CNHCA
Subsequent Transfer Assignment when executed and delivered by CNHCA will
constitute, a legal, valid and binding obligation of CNHCA enforceable against
CNHCA in accordance with their terms.

 

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

 

(vi)                          No Proceedings.  There are no proceedings or investigations
pending or, to CNHCA’s best knowledge, threatened, before any court, regulatory
body, administrative agency or other governmental instrumentality having
jurisdiction over CNHCA or its properties: (A) asserting the invalidity of this
Agreement, (B) seeking to prevent the consummation of any of the transactions
contemplated by this Agreement, or (C) seeking any determination or ruling that
could reasonably be expected to materially and adversely affect the performance
by CNHCA of its obligations under, or the validity or enforceability of, this
Agreement.

 

(b)           CNHCA makes the following
representations and warranties as to the Receivables on which CNHCR relies in
accepting the Initial Receivables and the Subsequent Receivables and in
transferring the Receivables to the Trust. 
Such representations and warranties speak as of the execution and
delivery of this Agreement and as of the Closing Date, in the case of the
Initial Receivables, and as of the applicable Subsequent Transfer Date, in the
case of the Subsequent Receivables, but shall survive the sale, transfer and
assignment of the Receivables to CNHCR and the subsequent assignment and
transfer of such Receivables to the Trust pursuant to the Sale and Servicing
Agreement and pursuant to the Indenture:

 

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(i)                            Characteristics of Receivables.  Each Receivable: (A) (1) (i) was originated
in the United States of America by a Dealer in connection with the retail sale
or lease of Financed Equipment in the ordinary course of such Dealer’s
business, and (ii) was purchased by CNHCA (in the case of each CNHCA
Receivable) or NH Credit (in the case of each NH Owned Contract) from a Dealer
and validly assigned by such Dealer to CNHCA (in the case of each CNHCA
Receivable) or NH Credit (in the case of each NH Owned Contract) in accordance
with its terms, or (2) was originated in the United States of America by CNHCA
(in the case of each CNHCA Receivable) or NH Credit (in the case of each NH
Owned Contract) in connection with the financing or lease of Financed Equipment
in the ordinary course of CNHCA’s business (in the case of each CNHCA
Receivable) or NH Credit’s business (in the case of each NH Owned Contract)
and, in each case, 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 CNHCA (in the case of each CNHCA
Receivable) or NH Credit (in the case of each NH Owned Contract) except to the
extent that such security interest has been assigned by CNHCA (in the case of
each CNHCA Receivable) or NH Credit (in the case of each NH Owned Contract) to
CNHCR, by CNHCR to the Issuer and by the Issuer to the Indenture Trustee,
except that (x) no security interest against the Obligor is created in
True Lease Equipment, and (y) CNHCA makes no representation or warranty as
to any such security interest granted by any Dealer to secure the Dealer’s
obligations to make payments in respect of Termination Values, (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) (i) in the case of Retail Installment
Contracts, provides for fixed payments on a periodic basis that fully amortize
the Amount Financed by maturity and yield interest at the Annual Percentage
Rate, and (ii) in the case of any Contracts sold, or to be sold, hereunder that
are Leases, provides for fixed payments on a periodic basis that fully amortize
the Amount Financed by maturity and yield interest at the Annual Percentage
Rate, except that any Contracts sold, or to be sold, hereunder that are Leases
also provide for payments of the related Termination Values.

 

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

 

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(iii)                          Compliance with Law.  Each Receivable and the sale or lease 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, and each CNHCA
Subsequent Transfer Assignment complies in all material respects, 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 Federal Reserve Board’s Regulations B and Z, the Wisconsin Consumer
Act and state adaptations of the National Consumer Act and of the Uniform
Consumer Credit Code, and other consumer credit laws and equal credit
opportunity and disclosure laws.

 

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

 

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

 

(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 CNHCA (in the
case of each CNHCA Receivable) or NH Credit (in the case of each NH Owned
Contract) 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 CNHCA (in the case of
each CNHCA Receivable) or NH Credit (in the case of each NH Owned Contract) as
secured party, except that (A) no security interest against the Obligor is
created in True Lease Equipment and (B) CNHCA makes no representation or
warranty as to any security interest granted by any Dealer to secure the Dealer’s
obligations to make payments in respect of Termination Values.

 

(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.

 

(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.

 

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

 

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

 

(xi)                           No Default. 
No Receivable is a non-performing Receivable or has a payment that is
more than 90 days overdue as of
the Initial Cutoff Date or Subsequent Cutoff Date, as applicable, and, except
for a payment default continuing for a period of not more than 90 days,
no default, breach, violation or event permitting acceleration under the terms
of any Receivable has occurred and is continuing; and no continuing condition
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 CNHCA and NH Credit have not waived and shall not waive any of
the foregoing.

 

(xii)                          Title. 
It is the intention of CNHCA that the transfers and assignments
contemplated herein and in the CNHCA Liquidity Receivables Purchase Agreement
constitute a sale of the CNHCA Receivables from CNHCA to CNHCR and that the
beneficial interest in and title to the CNHCA Receivables and any True Lease
Equipment related to such CNHCA Receivables not be part of the debtor’s estate
in the event of the filing of a bankruptcy petition by or against CNHCA under
any bankruptcy or similar law.  It is the
intention of NH Credit that the transfers and assignments contemplated in the
NH Liquidity Receivables Purchase Agreement constituted a sale of the NH Owned
Contracts from NH Credit to CNHCR and that the beneficial interest in and title
to the NH Owned Contracts not be part of the debtor’s estate in the event of
the filing of a bankruptcy petition by or against NH Credit under any
bankruptcy or similar law.  No Receivable
has been sold, transferred, assigned or pledged by CNHCA or NH Credit to any
Person other than CNHCR.  Immediately
prior to the transfers and assignments contemplated herein and in the CNHCA
Liquidity Receivables Purchase Agreement or the NH Liquidity Receivables
Purchase Agreement, as applicable, CNHCA or NH Credit, as applicable, had good
title to each Receivable and any True Lease Equipment related to such
Receivable, free and clear of all Liens and, immediately upon the transfer
thereof, CNHCR shall have good title to each Receivable and any True Lease
Equipment, free and clear of all Liens; and the transfer and assignment of the
Receivables to CNHCR has been perfected under the UCC.

 

(xiii)                         Lawful Assignment.  No Receivable has been originated in, or is
subject to the laws of, any jurisdiction under which the sale, transfer and
assignment of such Receivable or any Receivable under this Agreement, the

 

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CNHCA Liquidity
Receivables Purchase Agreement, the NH Liquidity Receivables Purchase
Agreement, the Sale and Servicing Agreement or the Indenture is unlawful, void
or voidable.

 

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

 

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

 

(xvi)                        Maturity of Receivables.  Each Receivable has a remaining term to
maturity of not more than 72
months, in the case of the Initial Receivables, and 72 months, in the case of the Subsequent Receivables; the
weighted average remaining term of the Initial Receivables is approximately
50.33 months as of the Initial Cutoff Date; the weighted average original term
of the Receivables, including as of each Subsequent Transfer Date all
Subsequent Receivables previously transferred to CNHCR, will not be greater
than 55 months.

 

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

 

(xviii)                      Insurance. 
The Obligor on each Receivable is required to maintain physical damage
insurance covering the Financed Equipment and, in the case of any Lease, public
liability insurance relating to the use of such Financed Equipment, in each case
in accordance with CNHCA’s normal requirements (in the case of each CNHCA
Receivable) or NH Credit’s normal requirements (in the case of each NH Owned
Contract).

 

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

 

(xx)                          Financing. 
Approximately 69.68% of the aggregate Statistical Contract Value of the
Initial Receivables, were secured by or constitute Receivables of equipment
that was new at the time the related Initial Receivable was originated; the
remainder of the Initial Receivables represent financing or leases of used
equipment; approximately 69.49% of the aggregate Statistical Contract Value of
the Initial Receivables, represent financing or leases of agricultural
equipment; the remainder of the Initial Receivables represent financing or
leases of construction equipment.  The
aggregate Statistical Contract

 

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Value of the Receivables
for the purposes of the above calculations as of the Initial Cutoff Date is
$634,064,453.68.  Additionally, not more
than 35% of the aggregate Contract Value of the Receivables, including, as of
each Subsequent Transfer Date, all Subsequent Receivables previously
transferred to CNHCR, will represent Contracts for the financing or lease of
construction equipment.  No Subsequent Receivable
will represent the financing of truck equipment.

 

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

 

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

 

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

 

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

 

(xxv)                        Payment Frequency.  As of the Initial Cutoff Date and as shown on
the books of CNHCA:  (A) Initial
Receivables having an aggregate Statistical Contract Value equal to 40.03% of
the Initial Aggregate Statistical Contract Value had annual scheduled payments,
(B) Initial Receivables having an aggregate Statistical Contract Value equal to
2.95% of the Initial Aggregate Statistical Contract Value had semi-annual
scheduled payments, (C) Initial Receivables having an aggregate Statistical
Contract Value equal to 0.85% of the Initial Aggregate Statistical Contract
Value had quarterly scheduled payments, (D) Initial Receivables having an
aggregate Statistical Contract Value equal to 50.59% of the Initial Aggregate
Statistical Contract Value had monthly scheduled payments, and (E) Initial
Receivables having an aggregate Statistical Contract Value equal to 5.57% of
the Initial Aggregate Statistical Contract Value had irregularly scheduled
payments.

 

(xxvi)                       Interest Accruing.  Each Receivable, other than those Receivables
consisting of Contracts that contain interest waivers for a specified period of
time, is, as of the Closing Date or a Subsequent Transfer Date, as applicable,
accruing interest; no Receivable contains an interest waiver extending more
than 12 months after the Initial Cutoff Date.

 

(xxvii)                      Leases. Each Lease
included in the Initial Receivables or the Subsequent Receivables has a
Termination Value less than or equal to 10% of the purchase price of the
equipment subject to such Lease and is a “lease intended as

 

13

 

security” (rather than a
true lease) within the meaning of Section 1-201(37) of the UCC.

 

(xxviii)                     CNHCA’s Representations.  The representations and warranties of CNHCA contained
in Section 3.2(a) are true and correct, and
the representations and warranties of NH Credit in Section 7.1 of the Sale and
Servicing Agreement are true and correct.

 

(xxix)                       Obligations.  Neither CNHCA nor NH Credit has any
obligations under any Contract, other than the covenant of quiet enjoyment
benefiting the Obligors under any Contracts that are Leases.

 

(xxx)                        No Either/or Leases.  No Lease included in the Initial Receivables
or the Subsequent Receivables is an Either/or Lease, and no Financed Equipment
transferred to CNHCR on the Closing Date or any Subsequent Transfer Date, as
the case may be, constitutes True Lease Equipment.

 

(xxxi)                       No Leases.
Notwithstanding anything to the contrary in the Basic Documents, none of the
Initial Receivables or the Subsequent CNHCA Receivables shall be Leases.

 

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

 

ARTICLE IV

Conditions

 

SECTION 4.1.  Conditions to
Obligation of CNHCR.

 

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

 

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

 

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

 

(iii)                          Documents To Be
Delivered by CNHCA on the Closing Date.

 

14

 

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

 

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

 

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

 

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

 

(b)           Subsequent
CNHCA Receivables.  The
obligation of CNHCR to purchase any Subsequent CNHCA Receivables is subject to
the satisfaction of the following conditions on or prior to the related Subsequent
Transfer Date:

 

(i)                            CNHCA shall have
delivered to CNHCR a duly executed written assignment in substantially the form
of Exhibit B (the “CNHCA Subsequent Transfer
Assignment”),
which shall include supplements to the Schedule of CNHCA Receivables listing
the Subsequent CNHCA Receivables;

 

(ii)                           CNHCA shall, to the
extent required by Section 5.2 of the Sale and Servicing Agreement, have
delivered to CNHCR for deposit in the Collection Account all collections in
respect of the Subsequent CNHCA Receivables;

 

(iii)                          as of such Subsequent
Transfer Date: (A) CNHCA was not insolvent and will not become insolvent as a
result of the transfer of Subsequent CNHCA Receivables on such Subsequent
Transfer Date, (B) CNHCA did not

 

15

 

intend to incur or
believe that it would incur debts that would be beyond CNHCA’s ability to pay
as such debts matured, (C) such transfer was not made with actual intent to
hinder, delay or defraud any Person and (D) the assets of CNHCA did not constitute
unreasonably small capital to carry out its business as conducted;

 

(iv)                          the applicable Spread
Account Initial Deposit and Principal Supplement Account Deposit, if any, for
such Subsequent Transfer Date shall have been made;

 

(v)                           the Funding Period
shall not have terminated;

 

(vi)                          each of the
representations and warranties made by CNHCA pursuant to Section
3.2(b) with respect to the Subsequent CNHCA Receivables or the
Subsequent Receivables shall be true and correct as of such Subsequent Transfer
Date, and CNHCA shall have performed all obligations to be performed by it
hereunder on or prior to such Subsequent Transfer Date;

 

(vii)                         CNHCA shall, at its own
expense, on or prior to such Subsequent Transfer Date, indicate in its computer
files that the Subsequent CNHCA Receivables identified in the related CNHCA
Subsequent Transfer Assignment have been sold to CNHCR pursuant to this
Agreement and the CNHCA Subsequent Transfer Assignment;

 

(viii)                        CNHCA shall take any
action required to give CNHCR a first priority perfected ownership interest in
the Subsequent CNHCA Receivables on or prior to the applicable Subsequent
Transfer Date;

 

(ix)                           no selection
procedures believed by CNHCA to be adverse to the interests of CNHCR, the
Trust, the Noteholders or the Certificateholders shall have been utilized in
selecting the Subsequent CNHCA Receivables;

 

(x)                            the addition of the
Subsequent CNHCA Receivables will not result in a material adverse tax
consequence to CNHCR, the Trust, the Noteholders or the Certificateholders;

 

(xi)                           CNHCA shall have
provided CNHCR a statement listing the aggregate Contract Value of such
Subsequent CNHCA Receivables and any other information reasonably requested by
CNHCR with respect to such Subsequent CNHCA Receivables;

 

(xii)                          all the conditions to
the transfer of the Subsequent CNHCA Receivables to the Issuer specified in the
Sale and Servicing Agreement shall have been satisfied; and

 

16

 

(xiii)                         CNHCA shall have
delivered to CNHCR an Officer’s Certificate confirming the satisfaction of each
condition precedent specified in this clause (b)
(substantially in the form attached hereto as Annex A to the CNHCA Subsequent
Transfer Assignment).

 

SECTION 4.2.  Conditions to
Obligation of CNHCA.  The
obligation of CNHCA to sell the CNHCA Purchased Contracts and the Subsequent
CNHCA Receivables to CNHCR is subject to the satisfaction of the following
conditions:

 

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

 

(b)           Receivables
Purchase Price.  On the
Closing Date or the applicable Subsequent Transfer Date, CNHCR shall have
delivered to CNHCA the portion of the Initial CNHCA Purchase Price or the
Subsequent CNHCA Purchase Price, as the case may be, payable on the Closing
Date or such Subsequent Transfer Date pursuant to Section 2.5.

 

ARTICLE V

Covenants of CNHCA

 

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

 

SECTION 5.1.  Protection of Right,
Title and Interest.  (a)  Filings.  CNHCA shall cause all financing statements
and continuation statements and any other necessary documents covering the
right, title and interest of CNHCR in and to the Receivables and the other
property included in the Trust Estate to be promptly filed, and at all times to
be kept recorded, registered and filed, all in such manner and in such places as
may be required by law fully to preserve and protect the right, title and
interest of CNHCR hereunder to the CNHCA Receivables, and other property sold
hereunder, and the NH Owned Contracts and other related property sold under the
NH Liquidity Purchase Agreement.  It is
understood and agreed, however, that no filings will be made to perfect any
security interest of CNHCR in CNHCA’s interests (or NH Credit’s interests, as
applicable) in Financed Equipment.  CNHCA
shall deliver (or cause to be delivered) to CNHCR file-stamped copies of, or
filing receipts for, any document recorded, registered or filed as provided
above as soon as available following such recordation, registration or
filing.  CNHCR shall cooperate fully with
CNHCA in connection with the obligations set forth above and will execute any
and all documents reasonably required to fulfill the intent of this paragraph.

 

17

 

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

 

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

 

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

 

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

 

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

 

SECTION 5.5.  Indemnification.  CNHCA shall indemnify, defend and hold
harmless CNHCR for any liability as a result of the failure of a Receivable to
be originated in compliance with all requirements of law and for any breach of
any of its representations and warranties contained herein.  These indemnity obligations shall be in
addition to any obligation that CNHCA or NH Credit may otherwise have.  CNHCA shall indemnify, defend and hold
harmless CNHCR, the Issuer, the Trustee and the Indenture Trustee (and their
respective officers, directors, employees and agents) from and against any
taxes that may at any time be asserted against such Person with respect to the
sale of the CNHCA Purchased Contracts to CNHCR hereunder, the sale of the CNHCA
Owned Contracts to

 

18

 

CNHCR under the CNHCA
Liquidity Receivables Purchase Agreement, the sale of the NH Owned Contracts to
CNHCR under the NH Liquidity Receivable Purchase Agreement or the sale of the
CNHCA Receivables to the Issuer by CNHCR or the issuance and original sale of
the Certificates and the Notes, including any sales, gross receipts, general
corporation, tangible personal property, privilege or license taxes (but, in the
case of CNHCR and the Issuer, not including any taxes asserted with respect to
ownership of the Receivables on federal or other income taxes arising out of
the transactions contemplated by this Agreement) and costs and expenses in
defending against the same.

 

SECTION 5.6.  Transfer of
Subsequent CNHCA Receivables. 
CNHCA covenants to transfer to CNHCR, pursuant to Section 2.2,
Subsequent CNHCA Receivables with an aggregate Contract Value approximately
equal to $546,546,346.07, subject only to the availability of such Subsequent
CNHCA Receivables.

 

SECTION 5.7.  Cross-Collateralization.  To the extent that CNHCA transfers, sells,
assigns or otherwise pledges any contract to a third party and retains any
interest in any item of Financed Equipment securing the repayment of any
Receivable, as a result of the related Obligor agreeing to cross-collateralize
all obligations owed by such Obligor to CNHCA and its assigns or otherwise,
CNHCA acknowledges and agrees that it shall obtain from such third party an
agreement that such third party’s interest in the Financed Equipment shall be
expressly subordinate and junior in priority to the repayment of all amounts
outstanding under such Receivable prior to becoming available to pay any amount
outstanding under any other obligation owed by such Obligor to such third
party.  CNHCA hereby represents, warrants
and covenants that NH Credit has not sold, assigned, or otherwise pledged to
any third party (other than CNHCA) any interest in any item of Financed
Equipment securing the repayment of any NH Owned Contract, and will not do so.

 

ARTICLE VI

Miscellaneous Provisions

 

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

 

SECTION 6.2.  Repurchase Events.  CNHCA hereby covenants and agrees with CNHCR
for the benefit of CNHCR, the Indenture Trustee, the Noteholders, the Trust,
the Trustee and the Certificateholders that the occurrence of a breach of any of
CNHCA’s representations and warranties contained in Section
3.2(b), shall constitute events obligating CNHCA to repurchase any
Receivable and, with respect to a breach of any of CNHCA’s representations and
warranties contained in Sections 3.2(b)(xvi), (xvii),
(xix), (xx), (xxv) and (xxvi), any
Receivable materially and adversely affected by any such breach (“Repurchase Events”) at

 

19

 

the Purchase Amount from
CNHCR or from the Trust.  Except as set
forth in Section 5.5, the repurchase obligation
of CNHCA shall constitute the sole remedy of CNHCR, the Indenture Trustee, the
Noteholders, the Trust, the Trustee or the Certificateholders against CNHCA
with respect to any Repurchase Event. 
Section 4.6 and Section 9.1(a) of the Sale and Servicing Agreement are
hereby incorporated by reference as if they were set forth herein.

 

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

 

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

 

SECTION 6.5.  Amendment.  This Agreement may be amended from time to
time, with prior written notice to the Rating Agencies, by a written amendment
duly executed and delivered by CNHCA and CNHCR, without the consent of the
Noteholders or the Certificateholders, to cure any ambiguity, to correct or
supplement any provisions in this Agreement or 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 such amendment will not in the
Opinion of Counsel, materially and adversely affect the interest of any
Noteholder or Certificateholder. 
Notwithstanding anything herein to the contrary, any term or provision
of this Agreement may be amended by CNHCA and CNHCR without the consent of the
Certificateholders, the Noteholders or any other Person to add, modify or
eliminate any provisions as may be necessary or advisable in order to comply
with or obtain more favorable treatment under or with respect to any law or
regulation or any accounting rule or principle (whether now or in the future in
effect); it being a condition to any such amendment that the Rating Agency
Condition shall have been satisfied.

 

This Agreement may also be amended from time to time
by CNHCA and CNHCR, with prior written notice to the Rating Agencies, with the
written

 

20

 

consent of (x) Noteholders holding Notes evidencing at
least a majority of the Note Balance and (y) the Certificateholders evidencing
not less than 50% of the beneficial interest in the Trust, for the purpose of
adding any provisions to or changing in any manner or eliminating any of the
provisions of this Agreement or of modifying in any manner the rights of the
Noteholders or the Certificateholders; provided, however, that no such
amendment may: (i) 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 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.

 

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

 

SECTION 6.6.  Accountants’ Letters.  (a) A firm of independent certified public
accountants will review the characteristics of the Receivables described in the
Schedule of Receivables and will compare those characteristics to the
information with respect to the Receivables contained in the Prospectus, (b)
CNHCA will cooperate with CNHCR and such accounting firm in making available
all information and taking all steps reasonably necessary to permit such
accounting firm to complete the review set forth in clause (a)
and to deliver the letters required of them under the Underwriting Agreement,
(c) such accounting firm will deliver to CNHCR a letter, dated the date of the
Prospectus, in the form previously agreed to by CNHCA, NH Credit and CNHCR,
with respect to the financial and statistical information contained in the
Prospectus and with respect to such other information as may be agreed in the
form of the letter.

 

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

 

SECTION 6.8.  Notices.  All demands, notices and communications under
this Agreement shall be in writing, personally delivered or mailed by certified
mail, return receipt requested, and shall be deemed to have been duly given
upon receipt: (a) in the case of CNHCA, to CNH Capital America LLC, 100 South
Saunders Road, Lake Forest, Illinois 60045, Attention: Treasurer (telephone
(847) 735-9200); (b) in the case of CNHCR, 100 South Saunders Road, Lake
Forest, Illinois 60045, Attention: Treasurer (telephone (847) 735-9200),
(c) in the

 

21

 

case of the Rating
Agencies, at their respective addresses set forth in Section 10.3 of the Sale
and Servicing Agreement; or, as to each of the foregoing, at such other address
as shall be designated by written notice to the other parties.

 

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

 

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

 

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

 

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

 

SECTION 6.13.  Governing Law.  This Agreement, the CNHCA Assignment, and
each CNHCA Subsequent Transfer Assignment 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
or thereunder shall be determined in accordance with such laws.

 

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

 

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

 

22

 

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

 

(signature pages follow)

 

23

 

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

 

	
   

  	
  CNH Capital Receivables LLC

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Brian O’Keane

  	
   

  
	
   

  	
  Name:
   Brian O’Keane

  
	
   

  	
  Title:
   Treasurer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  CNH Capital America LLC

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Brian O’Keane

  	
   

  
	
   

  	
  Name:
   Brian O’Keane

  
	
   

  	
  Title:
   Treasurer

  

 

S-1

 

EXHIBIT A

to
CNHCA Purchase Agreement

 

FORM OF

CNHCA
ASSIGNMENT

 

For value received, in accordance with and subject to
the CNHCA Purchase Agreement dated as of September 1, 2005 (the “CNHCA Purchase Agreement”), between the
undersigned and CNH Capital Receivables LLC (“CNHCR”), the undersigned
does hereby sell, assign, transfer, set over and otherwise convey unto CNHCR,
without recourse, all of its right, title, interest and, with respect to any
Contracts that are Leases, obligations in, to and under: (a) the CNHCA
Purchased Contracts, which are listed on Schedule A hereto, including all
documents constituting chattel paper included therewith, and all obligations of
the Obligors thereunder, including all moneys paid thereunder on or after the
Initial Cutoff Date, (b) the security interests in the Financed Equipment
granted by Obligors pursuant to the CNHCA Purchased Contracts and any other
interest of the undersigned in such Financed Equipment, (c) any proceeds with
respect to the CNHCA Purchased Contracts from claims on insurance policies
covering Financed Equipment or Obligors, (d) any proceeds from recourse to
Dealers with respect to the CNHCA Purchased Contracts other than any interest
in the Dealers’ reserve accounts maintained with CNH Capital America LLC, (e)
any Financed Equipment that shall have secured the CNHCA Purchased Contracts
and that shall have been acquired by or on behalf of CNHCR, (f) any True Lease
Equipment that is subject to any CNHCA Purchased Contract, and (g) the proceeds
of any and all of the foregoing.  The
foregoing sale does not constitute and is not intended to result in any
assumption by CNHCR of any obligation (other than the covenant of quiet enjoyment
benefiting the Obligors under any Contracts that are Leases) of the undersigned
to the Obligors, insurers or any other person in connection with the CNHCA
Purchased Contracts, Receivables Files, any insurance policies or any agreement
or instrument relating to any of them.

 

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

 

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

 

A-1

 

IN WITNESS WHEREOF, the undersigned has caused this
CNHCA Assignment to be duly executed as of September 1, 2005.

 

	
   

  	
  CNH Capital America LLC

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  

 

A-2

 

EXHIBIT B

to
CNHCA Purchase Agreement

 

FORM OF

CNHCA
SUBSEQUENT TRANSFER ASSIGNMENT

 

For value received, in accordance with and subject to
the CNHCA Purchase Agreement dated as of September 1, 2005 (the “CNHCA Purchase Agreement”), between CNH
Capital America LLC, a Delaware limited liability company (“CNHCA”), and CNH Capital
Receivables LLC, a Delaware limited liability company (“CNHCR”), CNHCA does hereby
sell, transfer, assign, set over and otherwise convey to CNHCR, without
recourse, all of its right, title, interest and, with respect to any Contracts
that are Leases, obligations in, to and under: (a) the Subsequent CNHCA Receivables,
with an aggregate Contract Value equal to $[ 
], listed
on Schedule
A hereto, including all documents constituting chattel paper
included therewith, and all obligations of the Obligors thereunder, including
all moneys paid thereunder on or after the Subsequent Cutoff Date, (b) the
security interests in the Financed Equipment granted by Obligors pursuant to
such Subsequent CNHCA Receivables and any other interest of CNHCA in such
Financed Equipment, (c) any proceeds with respect to such Subsequent CNHCA
Receivables from claims on insurance policies covering Financed Equipment or
Obligors, (d) any proceeds from recourse to Dealers with respect to such
Subsequent CNHCA Receivables other than any interest in the Dealers’ reserve
accounts maintained with CNHCA, (e) any Financed Equipment that shall have
secured any such Subsequent CNHCA Receivables and that shall have been acquired
by or on behalf of CNHCR, (f) any True Lease Equipment that is subject to any
Subsequent CNHCA Receivable, and (g) the proceeds of any and all of the
foregoing.  The foregoing sale does not
constitute and is not intended to result in any assumption by CNHCR of any
obligation (other than the covenant of quiet enjoyment benefiting the Obligors under
any Contracts that are Leases) of CNHCA to the Obligors, insurers or any other
person in connection with such Subsequent CNHCA Receivables, Receivable Files,
any insurance policies or any agreement or instrument relating to any of them.

 

This CNHCA Subsequent Transfer Assignment is made pursuant
to and upon the representations, warranties and agreements on the part of CNHCA
contained in the CNHCA Purchase Agreement (including the Officer’s Certificate
of CNHCA accompanying this Agreement) and is to be governed in all respects by
the CNHCA Purchase Agreement.

 

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

 

B-1

 

IN WITNESS WHEREOF, the undersigned has caused this
CNHCA Subsequent Transfer Assignment to be duly executed as of the     
day of                     ,
2005.

 

	
   

  	
  CNH Capital America LLC

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  

 

B-2

 

SCHEDULE A

to
CNHCA Subsequent Transfer Assignment

 

SCHEDULE
OF SUBSEQUENT CNHCA RECEIVABLES

 

[See attached list]

 

 

ANNEX A

to
CNHCA Subsequent Transfer Assignment

 

OFFICER’S
CERTIFICATE

 

I, the undersigned officer of CNH Capital America LLC
(the “Company”), do hereby
certify, pursuant to Section 4.1(b)(xiii) of the CNHCA Purchase Agreement dated
as of September 1, 2005, among the Company, and CNH Capital Receivables LLC
(the “CNHCA Purchase Agreement”), that (i) all of the conditions
precedent to the transfer to CNHCR of the Subsequent CNHCA Receivables listed
on Schedule A to the CNHCA Subsequent Transfer Assignment delivered herewith,
and the other property and rights related to such Subsequent CNHCA Receivables
as described in Section 2.2 of the CNHCA Purchase Agreement, have been satisfied
on or prior to the related Subsequent Transfer Date and (ii) each statement of
fact set forth in any officer’s certificate executed by an officer of the
Company in connection with an Opinion of Counsel delivered on the Closing Date
with respect to a transfer of, or a security interest in, the CNHCA Receivables
shall be true and correct as of the date hereof with respect to the Subsequent
CNHCA Receivables listed on the aforementioned Schedule A.

 

Capitalized terms used but not defined herein shall
have the meanings assigned to such terms in the CNHCA Purchase Agreement.

 

IN WITNESS WHEREOF, the undersigned has caused this
certificate to be duly executed this        day
of                       ,
2005.

 

 

	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
  Title:

  	
   

  	
   

  
						

 

 

Schedule P

 

1.             General.  The CNHCA Purchase Agreement creates, or with
respect to CNHCA Receivables that are Subsequent Receivables upon the transfer
of such Subsequent Receivables pursuant to the Subsequent Transfer Assignment
will create, a valid and continuing security interest (as defined in the UCC)
in the CNHCA Receivables in favor of CNHCR, which, (a) is enforceable upon
execution of the CNHCA Purchase Agreement against creditors of and purchasers
from CNHCA, as such enforceability may be limited by applicable debtor relief
laws, now or hereafter in effect, and by general principles of equity (whether
considered in a suit at law or in equity), and (b) upon filing of the financing
statements described in clause 4 below will be prior to all other Liens (other
than Liens permitted pursuant to clause 3 below).

 

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

 

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

 

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

 

5.             Priority.  Other than the security interests granted to
CNHCR pursuant to the CNHCA Purchase Agreement and the CNHCA Liquidity
Receivables Purchase Agreement, CNHCA has not pledged, assigned, sold, granted
a security interest in, or otherwise conveyed any of the CNHCA
Receivables.  CNHCA has not authorized
the filing of and is not aware of any financing statements against CNHCA that
include a description of collateral covering the CNHCA Receivables

 

 

other than any financing statement (i) relating to the
security interests granted to CNHCR under the CNHCA Purchase Agreement and the
CNHCA Liquidity Receivables Purchase Agreement (ii) that has been terminated,
or (iii) that has been granted pursuant to the terms of the Basic
Documents.  None of the tangible chattel
paper that constitutes or evidences the CNHCA Receivables has any marks or
notations indicating that they have pledged, assigned or otherwise conveyed to
any Person other than Indenture Trustee.

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