Document:

Exhibit 4.10

 

Execution Copy

 

(Multicurrency-Cross Border)

 

SCHEDULE

to the

Master
Agreement

dated as of April 18, 2008

between

 

BNP
PARIBAS S.A. (“Party A”),

 

and

 

Wilmington
Trust Company, not in its individual capacity but solely in its capacity as
trustee (“Trustee”) of the CNH Equipment Trust 2008-A (the “Trust”),  (“Party B”)

 

Part 1.    Termination
Provisions.

 

For the purposes of this Agreement:-

 

(a)          “Specified
Entity” will not apply to Party A or Party B for any purpose.

 

(b)          “Specified
Transaction” will have the meaning specified in Section 14.

 

(c)           Events of Default.

 

The
statement below that an Event of Default will apply to a specific party means
that upon the occurrence of such an Event of Default with respect to such
party, the other party shall have the rights of a Non-defaulting Party under Section 6
of this Agreement; conversely, the statement below that such event will not
apply to a specific party means that the other party shall not have such
rights.

 

(i)           The “Failure to Pay or Deliver” provisions of Section 5(a)(i) will
apply to Party A and will apply to Party B.

 

(ii)          The “Breach of Agreement” provisions of Section 5(a)(ii) will
apply to Party A and will not apply to Party B; provided, however, that  notwithstanding anything to the contrary in Section 5(a)(ii),
any failure by Party A to comply with or perform any obligation to be complied
with or performed by Party A under the Credit Support Annex shall not
constitute an Event of Default under Section 5(a)(ii) unless (A) a
Moody’s Second Trigger Downgrade Event has occurred and been continuing for 30
or more Local Business Days, (B) an S&P Required Ratings Downgrade
Event has occurred and been continuing for 10 or more Local Business Days, (C) a
Fitch Required Ratings Downgrade Event has occurred and been continuing for 30
or more days, or (D) a DBRS Required Ratings Downgrade Event has occurred
and been continuing for 30 or more days.

 

(iii)         The “Credit Support Default” provisions of Section 5(a)(iii) will
apply to Party A and will not apply to Party B except that Section 5(a)(iii)(1) will
apply to Party B solely in respect of Party B’s obligations under Paragraph 3(b) of
the Credit Support Annex; provided, however, that notwithstanding anything to
the contrary in Section 5(a)(iii)(1), any failure by Party A to comply
with or perform any obligation to be complied with or performed by Party A
under the Credit Support Annex shall not constitute an Event of Default under Section 5(a)(iii) unless
(A) a Moody’s Second Trigger Downgrade Event has occurred and been
continuing for 30 or more Local Business Days, (B) an S&P Required
Ratings Downgrade Event has occurred and been continuing for 10 or more Local
Business Days, (C) a Fitch Required Ratings Downgrade Event has occurred
and been continuing for 30 or more days, or (D) a DBRS Required Ratings
Downgrade Event has occurred and been continuing for 30 or more days.

 

(iv)         The “Misrepresentation” provisions of Section 5(a)(iv) will
apply to Party A and will not apply to Party B.

 

 

(v)          The “Default under Specified Transaction” provisions of Section 5(a)(v) will
not apply to Party A and will not apply to Party B.

 

(vi)         The “Cross Default” provisions of Section 5(a)(vi) will
apply to Party A and will not apply to Party B. For purposes of Section 5(a)(vi),
solely with respect to Party A:

 

“Specified
Indebtedness” will have the meaning specified in Section 14, except that
such term shall not include obligations in respect of deposits received in the
ordinary course of Party A’s banking business.

 

“Threshold
Amount” means with respect to Party A an amount equal to three percent (3%) of
the Shareholders’ Equity of Party A or, if applicable, a guarantor under an
Eligible Guarantee with credit ratings at least equal to the S&P Required
Ratings Threshold, the Moody’s Second Trigger Threshold, the Fitch Approved
Ratings Threshold and the DBRS Approved Ratings Threshold.

 

“Shareholders’
Equity” means with respect to an entity, at any time, such party’s shareholders’
equity (on a consolidated basis) determined in accordance with generally
accepted accounting principles in such party’s jurisdiction of incorporation or
organization as at the end of such party’s most recently completed fiscal year.

 

(vii)        The “Bankruptcy” provisions of Section 5(a)(vii) will
apply to Party A and will apply to Party B; provided, however, that, for
purposes of applying Section 5(a)(vii) to Party B: (A) Section 5(a)(vii)(2) shall
not apply, (B) Section 5(a)(vii)(3) shall not apply to any
assignment, arrangement or composition that is effected by or pursuant to the
Indenture, (C) Section 5(a)(vii)(4) shall not apply to a
proceeding instituted, or a petition presented, by Party A or any of its
Affiliates (notwithstanding anything to the contrary in this Agreement, for
purposes of Section 5(a)(vii)(4), Affiliate shall have the meaning set
forth in Section 14 of the ISDA Master Agreement), (D) Section 5(a)(vii)(6) shall
not apply to any appointment that is effected by or pursuant to the Indenture,
or any appointment to which Party B has not yet become subject; (E) Section 5(a)(vii) (7) shall
not apply; (F) Section 5(a)(vii)(8) shall apply only to the
extent of any event which has an effect analogous to any of the events
specified in clauses (1), (3), (4), (5) or (6) of Section 5(a)(vii),
in each case as modified in this Part 1(c)(vii), and (G) Section 5(a)(vii)(9) shall
not apply.

 

(viii)       The “Merger Without Assumption” provisions of Section 5(a)(viii) will
apply to Party A and will  not apply to
Party B.

 

(d)          Termination
Events.

 

The
statement below that a Termination Event will apply to a specific party means
that upon the occurrence of such a Termination Event, if such specific party is
the Affected Party with respect to a Tax Event, the Burdened Party with respect
to a Tax Event Upon Merger (except as noted below) or the non-Affected Party
with respect to a Credit Event Upon Merger, as the case may be, such specific
party shall have the right to designate an Early Termination Date in accordance
with Section 6 of this Agreement; conversely, the statement below that
such an event will not apply to a specific party means that such party shall
not have such right; provided, however, with respect to “Illegality” the
statement that such event will apply to a specific party means that upon the
occurrence of such a Termination Event with respect to such party, either party
shall have the right to designate an Early Termination Date in accordance with Section 6
of this Agreement.

 

(i)          The “Illegality” provisions of Section 5(b)(i) will
apply to Party A and will apply to Party B.

 

(ii)           The “Tax Event” provisions of Section 5(b)(ii) will
apply to Party A except that, for purposes of the application of Section 5(b)(ii) to
Party A, Section 5(b)(ii) is hereby amended by deleting the words “(x) any
action taken by a taxing authority, or brought in a court of competent
jurisdiction, on or after the date on which a Transaction is entered into
(regardless of whether such action is taken or brought with respect to a party
to this Agreement) or (y)”, and the “Tax Event” provisions
of Section 5(b)(ii) will apply to Party B.

 

 

(iii)          The “Tax Event Upon Merger” provisions of Section 5(b)(iii) will
apply to Party A and will apply to Party B, provided that Party A shall not be
entitled to designate an Early Termination Date by reason of a Tax Event upon
Merger in respect of which it is the Affected Party.

 

(iv)          The “Credit Event Upon Merger” provisions of Section 5(b)(iv) will
not apply to Party A and will not apply to Party B.

 

(e)           The “Automatic Early Termination” provision of Section 6(a) will
not apply to Party A and will not apply to Party B.

 

(f)            Payments
on Early Termination. For the purpose of Section 6(e) of this
Agreement:

 

(i)            Market Quotation
will apply, provided, however, that, in the event of a Derivative Provider
Trigger Event, the following provisions will apply:

 

(A)          The
definition of Market Quotation in Section 14 shall be deleted in its
entirety and replaced with the following:

 

“Market Quotation” means, with respect to one or
more Terminated Transactions, a Firm Offer which is (1) made by a
Reference Market-maker that is an Eligible Replacement, (2) for an amount
that would be paid to Party B (expressed as a negative number) or by Party B
(expressed as a positive number) in consideration of an agreement between Party
B and such Reference Market-maker to enter into a Replacement Transaction, and (3) made
on the basis that Unpaid Amounts in respect of the Terminated Transaction or
group of Transactions are to be excluded but, without limitation, any payment
or delivery that would, but for the relevant Early Termination Date, have been
required (assuming satisfaction of each applicable condition precedent) after
that Early Termination Date is to be included.

 

(B)           The definition of
Settlement Amount shall be deleted in its entirety and replaced with the
following:

 

“Settlement Amount” means, with respect to any
Early Termination Date, an amount (as determined by Party B) equal to:

 

(a)                                  if,
on or prior to such Early Termination Date, a Market Quotation for the relevant
Terminated Transaction or group of Terminated Transactions is accepted by Party
B so as to become legally binding, the Termination Currency Equivalent of the
amount (whether positive or negative) of such Market Quotation;

 

(b)                                 if,
on such Early Termination Date, no Market Quotation for the relevant Terminated
Transaction or group of Terminated Transactions has been accepted by Party B so
as to become legally binding and one or more Market Quotations from Approved
Replacements have been communicated to Party B and remain capable of becoming
legally binding upon acceptance by Party B, the Termination Currency Equivalent
of the amount (whether positive or negative) of the lowest of such Market
Quotations (for the avoidance of doubt, (i) a Market Quotation expressed
as a negative number is lower than a Market Quotation expressed as a positive
number and (ii) the lower of two Market Quotations expressed as negative
numbers is the one with the largest absolute value); or

 

(c)                                  if,
on such Early Termination Date, no Market Quotation for the relevant Terminated
Transaction or group of Terminated Transactions is accepted by Party B so as to
become legally binding and no Market Quotation from an Approved Replacement has
been communicated to Party B and remains capable of becoming legally binding
upon acceptance by Party B, Party B’s Loss (whether positive or negative and
without reference to any Unpaid Amounts) for the relevant Terminated
Transaction or group of Terminated Transactions.”

 

 

(C)          If Party B requests
Party A in writing to obtain Market Quotations, Party A shall use its
reasonable efforts to do so before the Early Termination Date.

 

(D)         If the Settlement
Amount is a negative number, Section 6(e)(i)(3) shall be deleted in
its entirety and replaced with the following:

 

“(3) Second Method and Market Quotation. If the Second Method and
Market Quotation apply, (I) Party B shall pay to Party A an amount equal
to the absolute value of the Settlement Amount in respect of the Terminated
Transactions, (II) Party B shall pay to Party A the Termination Currency
Equivalent of the Unpaid Amounts owing to Party A and (III) Party A shall
pay to Party B the Termination Currency Equivalent of the Unpaid Amounts owing
to Party B; provided, however, that (x) the amounts payable under the
immediately preceding clauses (II) and (III) shall be subject to
netting in accordance with Section 2(c) of this Agreement and (y) notwithstanding
any other provision of this Agreement, any amount payable by Party A under the
immediately preceding clause (III) shall not be netted against any amount
payable by Party B under the immediately preceding clause (I).”

 

(E)          At any time on or
before the Early Termination Date at which two or more Market Quotations from
Approved Replacements have been communicated to Party B and remain capable of
becoming legally binding upon acceptance by Party B, Party B shall be entitled
to accept only the lowest of such Market Quotations (for the avoidance of
doubt, (i) a Market Quotation expressed as a negative number is lower than
a Market Quotation expressed as a positive number and (ii) the lower of
two Market Quotations expressed as negative numbers is the one with the largest
absolute value).

 

(ii)            The Second Method
will apply.

 

(g)         “Termination
Currency” means USD.

 

(h)         Additional
Termination Events. Additional Termination Events will apply as provided in
Part 5(c).

 

Part 2.  Tax Matters.

 

(a)         Tax
Representations.

 

(i)            Payer Representations. For the purpose of Section 3(e) of
this Agreement:

 

(A)            Party A makes the following representation(s):

 

None.

 

(B)           Party B makes the following representation(s):

 

None.

 

(ii)           Payee Representations. For the purpose of Section 3(f) of
this Agreement:

 

(A)         Party A makes the following representation(s):

 

None.

 

(B)          Party B makes the following representation(s):

 

None.

 

(b)         Tax Provisions.

 

 

(i)            Indemnifiable Tax. Notwithstanding the definition of “Indemnifiable
Tax” in Section 14 of this Agreement, all Taxes in relation to payments by
Party A shall be Indemnifiable Taxes unless (i) such Taxes are assessed
directly against Party B and not by deduction or withholding by Party A or (ii) arise
as a result of a Change in Tax Law (in which case such Tax shall be an
Indemnifiable Tax only if such Tax satisfies the definition of Indemnifiable
Tax provided in Section 14). In relation to payments by Party B, no Tax
shall be an Indemnifiable Tax, unless the Tax is due to a Change in Tax Law and
otherwise satisfies the definition of Indemnifiable Tax provided in Section 14.

 

 

Part 3.    Agreement
to Deliver Documents.

 

 (a)          For
the purpose of Section 4(a)(i), tax forms, documents, or certificates to
be delivered are:

 

	
  Party required to

  deliver document

  	
   

  	
  Form/Document/

  Certificate

  	
   

  	
  Date by which to

  be delivered

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Party A and
  Party B

  	
   

  	
  Any form or
  document required or reasonably requested to allow the other party to make
  payments under the Agreement without any deduction or withholding for or on
  account of any Tax, or with such deduction or withholding at a reduced rate.

  	
   

  	
  (i) upon
  execution of this Agreement, (ii) on or before the first payment date
  under this Agreement, including any Credit Support Document,
  (iii) promptly upon the reasonable demand by the other party,
  (iv) prior to the expiration or obsolescence of any previously delivered
  form, and (v) promptly upon the information on any such previously
  delivered form becoming inaccurate or incorrect.

  

 

(b)           For
the purpose of Section 4(a)(ii), other documents to be delivered are:

 

	
  Party required

  to deliver

  document

  	
   

  	
  Form/Document/

  Certificate

  	
   

  	
  Date by which to

  be delivered

  	
   

  	
  Covered by

  Section 3(d)

  Representation

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Party A and
  Party B

  	
   

  	
  Any documents
  required by the receiving party to evidence the authority of the delivering
  party or its Credit Support Provider, if any, for it to execute and deliver
  the Agreement, each Confirmation, and any Credit Support Documents to which
  it is a party, and to evidence the authority of the delivering party or its
  Credit Support Provider to perform its obligations under the Agreement, each
  Confirmation and any Credit Support Document, as the case may be

  	
   

  	
  Upon the
  execution and delivery of this Agreement

  	
   

  	
  Yes

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Party A and
  Party B

  	
   

  	
  Credit Support
  Document specified in Part 4 of the Schedule, such Credit Support
  Document being duly executed

  	
   

  	
  Upon the execution
  and delivery of this Agreement

  	
   

  	
  Yes

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Party A and
  Party B

  	
   

  	
  A certificate of
  an authorized officer of the party, as to the incumbency and authority of the
  respective officers of the party signing the Agreement, each Confirmation,
  and any relevant Credit Support Document, as the case may be

  	
   

  	
  Upon the
  execution and delivery of this Agreement

  	
   

  	
  Yes

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Party A

  	
   

  	
  Annual Report of
  Party A containing consolidated financial statements certified by independent
  certified public accountants and prepared in accordance with generally
  accepted accounting principles in the country in which Party A is organized

  	
   

  	
  Promptly upon
  request after becoming publicly available

  	
   

  	
  Yes

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Party A

  	
   

  	
  Opinions of
  counsel to Party A substantially in the form of Exhibit A to this
  Agreement reasonably satisfactory to Party B

  	
   

  	
  Upon the
  execution and delivery of this Agreement

  	
   

  	
  No

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Party B

  	
   

  	
  An opinion of
  counsel to Party B reasonably satisfactory to Party A

  	
   

  	
  Upon the
  execution and delivery of this Agreement

  	
   

  	
  No

  

 

 

	
  Party required

  to deliver

  document

  	
   

  	
  Form/Document/

  Certificate

  	
   

  	
  Date by which to

  be delivered

  	
   

  	
  Covered by

  Section 3(d)

  Representation

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Party B

  	
   

  	
  An executed copy
  of each Base Agreement

  	
   

  	
  Within 30 days
  after the date of this Agreement.

  	
   

  	
  No

  

 

Part 4.
Miscellaneous.

 

(a)           Address for Notices:  For the purposes of Section 12(a) of
this Agreement:

 

Address
for notices or communications to Party A:

	
  Address:

  	
   

  	
  BNP Paribas, 787 Seventh Avenue, New York New York 10019 USA

  
	
  Attention:

  	
   

  	
  Legal and Transaction Management Group – ISDA

  
	
  Telephone No:

  	
   

  	
  +(212) 841-3000

  
	
  Facsimile No:

  	
   

  	
  +(212) 841-3561

  

 

With a copy to:

 

	
  Address:

  	
   

  	
  BNP
  Paribas,3 rue Taitbout, ACI : CLA03A1,75009 Paris, France

  
	
  Attention:

  	
   

  	
  Legal and Transaction Management Group – ISDA

  
	
  Telephone No:

  	
   

  	
  +(33) (0) 1 4014 0199

  
	
  Facsimile No:

  	
   

  	
  +(33) (0) 1 4014 0114/ 5577 3261

  

 

Address
for notices or communications to Party B:

 

	
  Address:

  	
   

  	
  CNH Equipment Trust 2008-A

  
	
   

  	
   

  	
  c/o The Bank of
  New York Trust Company, N.A.

  
	
   

  	
   

  	
  2 North LaSalle
  Street, Suite 1020

  
	
   

  	
   

  	
  Chicago, Illinois
  60602

  
	
   

  	
   

  	
  Facsimile no.:

  	
  (312) 827-8562

  
	
   

  	
   

  	
  Telephone no.:

  	
  (312) 887-8572

  
	
   

  	
   

  	
  Attention:

  	
  Structured
  Finance-ABS

  
	
   

  	
   

  	
   

  	
   

  
	
  With a copy to

  	
   

  	
   

  
	
   

  	
   

  	
  Address: CNH Capital America LLC

  
	
   

  	
   

  	
  6900 Veterans
  Boulevard

  
	
   

  	
   

  	
  Burr Ridge, IL
  60527

  
	
   

  	
   

  	
  Attention:

  	
  Assistant Treasurer

  
	
   

  	
   

  	
  Facsimile no.:

  	
  (630) 887-5448

  
	
   

  	
   

  	
  Telephone no.:

  	
  (630) 887-2095

  

 

(For
all purposes)

 

(b)           Process
Agent. For the purpose of Section 13(c):

 

Party
A appoints as its Process Agent:  Not
applicable.

 

Party
B appoints as its Process Agent:  Not
applicable.

 

(c)           Offices. The
provisions of Section 10(a) will apply to this Agreement.

 

(d)           Multibranch Party. For
the purpose of Section 10(c) of this Agreement:

 

Party
A is a Multibranch Party and may act through its London and New York Offices.

 

 

Party
B is not a Multibranch Party.

 

(e)           Calculation Agent. The
Calculation Agent is Party A; provided, however, that if an Event of Default
shall have occurred with respect to Party A, Party B shall have the right to
appoint as Calculation Agent a financial institution which would qualify as a
Reference Market-maker, reasonably acceptable to Party A, the cost for which
shall be borne by Party A.

 

(f)            Credit Support Document.

 

	
  Party A:

  	
   

  	
  The Credit
  Support Annex, and any guarantee in support of Party A’s obligations under
  this Agreement.

  
	
   

  	
   

  	
   

  
	
  Party B:

  	
   

  	
  The Credit
  Support Annex, solely in respect of Party B’s obligations under Paragraph
  3(b) of the Credit Support Annex.

  

 

(g)           Credit Support
Provider.

 

	
  Party A:

  	
   

  	
  The guarantor
  under any guarantee in support of Party A’s obligations under this Agreement.

  
	
   

  	
   

  	
   

  
	
  Party B:

  	
   

  	
  None.

  

 

(h)           Governing Law. The
parties to this Agreement hereby agree that the law of the State of New York
shall govern their rights and duties in whole (including any claim or
controversy arising out of or relating to this Agreement), without regard to
the conflict of law provisions thereof other than New York General Obligations
Law Sections 5-1401 and 5-1402.

 

(i)            Netting of Payments. Subparagraph
(ii) of Section 2(c) will apply to each Transaction hereunder.

 

(j)            Affiliate. “Affiliate”
shall have the meaning assigned thereto in Section 14; provided, however,
that Party B shall be deemed to have no Affiliates for purposes of this
Agreement, including for purposes of Section 6(b)(ii).

 

 

Part 5.          Other
Provisions.

 

(a)                                 Definitions. Unless otherwise specified in a Confirmation,
this Agreement and each Transaction under this Agreement are subject to the
2000 ISDA Definitions as published and copyrighted in 2000 by the International
Swaps and Derivatives Association, Inc. (the “Definitions”),
and will be governed in all relevant respects by the provisions set forth in
the Definitions, without regard to any amendment to the Definitions subsequent
to the date hereof. The provisions of the Definitions are hereby incorporated
by reference in and shall be deemed a part of this Agreement, except that (i) references
in the Definitions to a “Swap Transaction” shall be deemed references to a “Transaction”
for purposes of this Agreement, and (ii) references to a “Transaction” in
this Agreement shall be deemed references to a “Swap Transaction” for purposes
of the Definitions. Each term capitalized but not defined in this Agreement
shall have the meaning assigned thereto in the Base Agreements.

 

Each
reference herein to a “Section” (unless specifically referencing the Base
Agreements) or to a “Section” “of this Agreement” will be construed as a
reference to a Section of the ISDA Master Agreement; each herein reference
to a “Part” will be construed as a reference to the Schedule to the ISDA Master
Agreement; each reference herein to a “Paragraph” will be construed as a
reference to a Paragraph of the Credit Support Annex.

 

(b)                                 Amendments to ISDA Master Agreement.

 

(i)                                 Single Agreement. Section 1(c) is hereby amended
by the adding the words “including, for the avoidance of doubt, the Credit
Support Annex”  after the words “Master
Agreement”.

 

(ii)                              Change of Account. Section 2(b) is hereby amended
by the addition of the following after the word “delivery” in the first line
thereof: “to another account in the same legal and tax jurisdiction as the
original account”.

 

(iii)                           Representations.
Section 3 is hereby amended by adding at the end thereof the
following subsection (g):

 

“(g)                           Relationship Between Parties.

 

(1)                                  Non-Reliance. It is acting for its own account, and it has made its own independent
decisions to enter into that Transaction and as to whether that Transaction is
appropriate or proper for it based upon its own judgment and upon advice from
such advisors as it has deemed necessary. It is not relying on any
communication (written or oral) of the other party as investment advice or as a
recommendation to enter into that Transaction, it being understood that
information and explanations related to the terms and conditions of a
Transaction will not be considered investment advice or a recommendation to
enter into that Transaction. No communication (written or oral) received from
the other party will be deemed to be an assurance or guarantee as to the
expected results of that Transaction.

 

(2)                                  Assessment and Understanding. It is
capable of assessing the merits of and understanding (on its own behalf or
through independent professional advice), and understands and accepts, the
terms, conditions and risks of that Transaction. It is also capable of
assuming, and assumes, the risks of that Transaction.

 

(3)                                  Purpose. It is entering into the
Transaction for the purposes of managing its borrowings or investments, hedging
its underlying assets or liabilities or in connection with a line of business.

 

(4)                                  Status of Parties. The other party
is not acting as an agent of, fiduciary for or advisor to it in respect of the
Transaction.

 

(5)                                  Eligible Contract Participant. It is
an “eligible contract participant” as defined in Section 1a(12) of the
Commodity Exchange Act, as amended.”

 

 

(iv)                          Transfer to Avoid Termination Event. Section 6(b)(ii) is
hereby amended by (i) deleting the words “or if a Tax Event Upon Merger
occurs and the Burdened Party is the Affected Party,” and (ii) by deleting
the words “to transfer” and inserting the words “to effect a Permitted Transfer”
in lieu thereof.

 

(v)                                 Jurisdiction. Section 13(b) is hereby amended by: (i) deleting
in the second line of subparagraph (i) thereof the word “non-”, (ii) deleting
“; and” from the end of subparagraph (i) and inserting “.” in lieu
thereof, and (iii) deleting the final paragraph thereof.

 

(vi)                              Local Business Day. The definition of Local Business Day in Section 14
is hereby amended by the addition of the words “or any Credit Support Document”
after “Section 2(a)(i)” and the addition of the words “or Credit Support
Document” after “Confirmation”.

 

(vii)                           Modified
Representation. For purposes of Section 3(d) of this
Agreement, the following shall be added immediately prior to the period at the
end thereof:

 

“;
provided, however, that in the case of financial statements delivered by either
party, the only representation being made by either party is that such
financial statements give a fair view of the state of affairs of the relevant
entity to which they relate as at the date of such financial statements.”

 

(c)                                  Additional Termination Events. The following Additional
Termination Events will apply:

 

(i)                                     First Rating Trigger Collateral. If Party A has failed to
comply with or perform any obligation to be complied with or performed by Party
A in accordance with the Credit Support Annex and such failure has not given
rise to an Event of Default under Section 5(a)(i) or Section 5(a)(iii),
then an Additional Termination Event shall have occurred with respect to Party
A and Party A shall be the sole Affected Party with respect to such Additional
Termination Event.

 

(ii)                                  Second Rating Trigger Replacement. The occurrence of any
event described in this Part 5(c)(ii) shall constitute an Additional
Termination Event with respect to Party A and Party A shall be the sole
Affected Party with respect to such Additional Termination Event.

 

(A)                              A
Moody’s Second Trigger Downgrade Event has occurred and been continuing for 30
or more Local Business Days and at least one Eligible Replacement has made a
Firm Offer that would, assuming the occurrence of an Early Termination Date,
qualify as a Market Quotation (on the basis that paragraphs (i) and (ii) of
Part 1(f) (Payments on Early Termination) apply) and which remains
capable of becoming legally binding upon acceptance.

 

(B)                                An
S&P Required Ratings Downgrade Event has occurred and been continuing for
60 or more calendar days.

 

(C)                                A
Fitch Required Ratings Downgrade Event has occurred and been continuing for 30
or more calendar days.

 

(D)                               A
DBRS Required Ratings Downgrade Event has occurred and been continuing for 30
or more calendar days.

 

(iii)                           Amendment of
Basic Documents. If, without the prior written consent of Party A
when such consent is required under the Basic Documents (such consent not to be
unreasonably withheld), an amendment is made to the Basic Documents which
amendment could reasonably be expected to have a material adverse effect on the
interests of Party A (excluding, for the avoidance of doubt, any amendment to
the Basic Documents that is entered into solely for the purpose of appointing a
successor servicer, master servicer, securities administrator, trustee or other
service provider) under this Agreement, an Additional Termination Event shall
have occurred with respect to Party B and Party B shall be the sole Affected
Party with respect to such Additional Termination Event; provided, however,
that notwithstanding Section 6(b)(iv) of this Agreement, both Party A
and Party B shall have the right to designate an Early Termination Date in
respect of this Additional Termination Event.

 

 

(iv)                          Termination of Trust. If, the Trust is terminated pursuant
to the Base Agreements and all rated certificates or notes, as applicable, have
been paid in accordance with the terms of the Base Agreements, an Additional
Termination Event shall have occurred with respect to Party B and Party B shall
be the sole Affected Party with respect to such Additional Termination Event;
provided, however, that notwithstanding Section 6(b)(iv) of this
Agreement, both Party A and Party B shall have the right to designate an Early
Termination Date in respect of this Additional Termination Event.

 

(v)                             Securitization Unwind. If a Securitization Unwind (as
hereinafter defined) occurs, an Additional Termination Event shall have
occurred with respect to Party B and Party B shall be the sole Affected Party
with respect to such Additional Termination Event; provided, however, that
notwithstanding Section 6(b)(iv) of this Agreement, both Party A and
Party B shall have the right to designate an Early Termination Date in respect
of this Additional Termination Event. The Early Termination Date in respect of
such Additional Termination Event shall be not earlier than the latest possible
date that the amount of a termination payment may be submitted to a party
exercising a clean-up call in order to be included in the clean-up call price. As
used herein, “Securitization Unwind” means
notice of the requisite amount of a party’s intention to exercise its option to
purchase the underlying Trust Estate (other than the Trust Accounts) pursuant
the Base Agreements is given by the Trustee to certificateholders or
noteholders, as applicable, pursuant to the Base Agreements.

 

(vi)                          Acceleration of Notes. If there is an acceleration of the
Notes following the occurrence of an “Event of Default” under the Indenture
(provided such acceleration has not been rescinded) and the sale or liquidation
of the Collateral commences under Article V of the Indenture, an
Additional Termination Event shall have occurred with respect to Party B and
Party B shall be the sole Affected Party with respect to such Additional
Termination Event.

 

(vii)                       Regulation
AB. If Party A fails to
satisfy its obligations under that certain Indemnification and Disclosure
Agreement dated as of April 18, 2008 between Party A and CNH Capital
Receivables LLC, an Additional Termination Event shall have occurred
with respect to Party A and Party A shall be the sole Affected Party with
respect to such Additional Termination Event.

 

(d)                                 Required Ratings Downgrade Event. In the event that no
Relevant Entity has credit ratings at least equal to the Required Ratings
Threshold of each relevant Rating Agency (such event, a “Required
Ratings Downgrade Event”), then Party A shall, as soon as reasonably
practicable and so long as a Required Ratings Downgrade Event is in effect, at
its own expense, use commercially reasonable efforts to procure either (A) a
Permitted Transfer or (B) an Eligible Guarantee.

 

(e)                                  Transfers.

 

(i)                                     Section 7
is hereby amended to read in its entirety as follows:

 

“Subject
to Section 6(b)(ii), neither Party A nor Party B is permitted to assign,
novate or transfer (whether by way of security or otherwise) as a whole or in
part any of its rights, obligations or interests under the Agreement or any
Transaction without (a) the prior written consent of the other party and (b) satisfaction
of the Rating Agency Condition, except that:

 

(a)                                  a
party may make such a transfer of this Agreement pursuant to a consolidation or
amalgamation with, or merger with or into, or transfer of all or substantially
all its assets to, another entity (but without prejudice to any other right or
remedy under this Agreement);

 

(b)                                 a
party may make such a transfer of all or any part of its interest in any amount
payable to it from a Defaulting Party under Section 6(e); and

 

(c)                                  Party
A may transfer or assign this Agreement to any Person, including, without
limitation, another of Party A’s offices, branches or affiliates (any such
Person, office, branch or affiliate, a “Transferee”) on
at least five Business Days’ prior written notice to Party B and the
Trustee;  provided that, with respect to
this clause (c), (A) as of the date of such transfer the Transferee will not
be required to withhold or deduct on account of a Tax from any payments under
this Agreement unless the Transferee will be required to make payments of
additional amounts pursuant to Section 2(d)(i)(4) of this Agreement
in respect of such Tax (B) a 

 

 

Termination
Event or Event of Default does not occur under this Agreement as a result of
such transfer; (C) such notice is accompanied by a written instrument
pursuant to which the Transferee acquires and assumes the rights and
obligations of Party A so transferred; (D) Party A will be responsible for
any costs or expenses incurred in connection with such transfer and (E) Party
A obtains in respect of such transfer a written acknowledgement of satisfaction
of the Rating Agency Condition (except for Moody’s). Party B will execute such
documentation as is reasonably deemed necessary by Party A for the effectuation
of any such transfer.”

 

(ii)                                  If
an Eligible Replacement has made a Firm Offer (which remains an offer that will
become legally binding upon acceptance by Party B) to be the transferee
pursuant to a Permitted Transfer, Party B shall, at Party A’s written request
and at Party A’s expense, take any reasonable steps required to be taken by
Party B to effect such transfer.

 

(f)                                    Non-Recourse. Party A acknowledges and agree that,
notwithstanding any provision in this Agreement to the contrary, the
obligations of Party B hereunder are limited recourse obligations of Party B,
payable solely from the Trust and the proceeds thereof, in accordance with the
priority of payments and other terms of the Base Agreements and that Party A
will not have any recourse to any of the directors, officers, employees,
shareholders or affiliates of the Party B with respect to any claims, losses,
damages, liabilities, indemnities or other obligations in connection with any
transactions contemplated hereby. In the event that the Trust and the proceeds
thereof, should be insufficient to satisfy all claims outstanding and following
the realization of the account held by the Trust and the proceeds thereof, any
claims against or obligations of Party B under the ISDA Master Agreement or any
other confirmation thereunder still outstanding shall be extinguished and
thereafter not revive. The Trustee shall not have liability for any failure or
delay in making a payment hereunder to Party A due to any failure or delay in
receiving amounts in the account held by the Trust from the Trust created
pursuant to the Trust Agreement. This provision will survive the termination of
this Agreement.

 

(g)                                 Rating Agency Notifications. Notwithstanding
any other provision of this Agreement, no Early Termination Date shall be
effectively designated hereunder by Party B and no transfer of any rights or
obligations under this Agreement shall be made by either party unless each
Rating Agency has been given prior written notice of such designation or
transfer.

 

(h)                                 No Set-off. Except as expressly provided for in Section 2(c),
Section 6 or Part 1(f)(i)(D) hereof, and notwithstanding any
other provision of this Agreement or any other existing or future agreement,
each party irrevocably waives any and all rights it may have to set off, net,
recoup or otherwise withhold or suspend or condition payment or performance of
any obligation between it and the other party hereunder against any obligation
between it and the other party under any other agreements. Section 6(e) shall
be amended by deleting the following sentence: “The amount, if any, payable in
respect of an Early Termination Date and determined pursuant to this Section will
be subject to any Set-off.”.

 

(i)                                     Amendment. Notwithstanding any provision to the contrary in this Agreement, no
amendment of either this Agreement or any Transaction under this Agreement
shall be permitted by either party unless each of the Rating Agencies has been
provided prior written notice of the same and such amendment satisfies the
Rating Agency Condition with respect to S&P, Fitch and DBRS.

 

(j)                                     Notice of Certain Events or Circumstances. Each Party
agrees, upon learning of the occurrence or existence of any event or condition
that constitutes (or that with the giving of notice or passage of time or both
would constitute) an Event of Default or Termination Event with respect to such
party, promptly to give the other Party and to each Rating Agency notice of
such event or condition; provided that failure to provide notice of such event
or condition pursuant to this Part 5(j) shall not constitute an Event
of Default or a Termination Event.

 

(k)                                Proceedings. No Relevant Entity shall institute against, or
cause any other person to institute against, or join any other person in
instituting against Party B in any bankruptcy, reorganization, arrangement,
insolvency or liquidation proceedings or other proceedings under any federal or
state bankruptcy or similar law for a period of one year (or, if longer, the
applicable preference period) and one day following payment in full of the
Notes; provided, however, that nothing will preclude, or be deemed to stop,
Party A (i) from taking any action prior to the expiration of the
aforementioned one year and one day period, or if longer the applicable
preference period then in effect, in (A) any case or proceeding
voluntarily filed or commenced by Party B or (B) any involuntary

 

 

insolvency
proceeding filed or commenced by a Person other than Party A, or (ii) from
commencing against Party B or any of the Collateral any legal action which is
not a bankruptcy, reorganization, arrangement, insolvency, moratorium,
liquidation or similar proceeding. This provision will survive the termination
of this Agreement.

 

(l)                                   Trustee Liability Limitations. It is expressly understood
and agreed by the parties hereto that (a) this Agreement is executed by
Wilmington Trust Company (“X”) not in its
individual capacity, but solely as Trustee under the Base Agreements in the
exercise of the powers and authority conferred and invested in it thereunder; (b) X
has been directed pursuant to the Base Agreements to enter into this Agreement
and to perform its obligations hereunder; (c) each of the representations,
undertakings and agreements herein made on behalf of the Trust is made and
intended not as personal representations of the Trustee but is made and
intended for the purpose of binding only the Trust; and (d) under no
circumstances shall  X in its
individual capacity be personally liable for any payments hereunder or for the
breach or failure of any obligation, representation, warranty or covenant made
or undertaken under this Agreement, other than due to its negligence or willful
misconduct in performing the obligations of the Trustee under the Base
Agreements or this Agreement.

 

(m)                             Severability. If any term, provision, covenant, or condition
of this Agreement, or the application thereof to any party or circumstance,
shall be held to be invalid or unenforceable (in whole or in part) in any
respect, the remaining terms, provisions, covenants, and conditions hereof
shall continue in full force and effect as if this Agreement had been executed
with the invalid or unenforceable portion eliminated, so long as this Agreement
as so modified continues to express, without material change, the original
intentions of the parties as to the subject matter of this Agreement and the
deletion of such portion of this Agreement will not substantially impair the
respective benefits or expectations of the parties.

 

The
parties shall endeavor to engage in good faith negotiations to replace any
invalid or unenforceable term, provision, covenant or condition with a valid or
enforceable term, provision, covenant or condition, the economic effect of
which comes as close as possible to that of the invalid or unenforceable term,
provision, covenant or condition.

 

(n)                               Consent to Recording. Each party hereto consents to the
monitoring or recording, at any time and from time to time, by the other party
of any and all communications between trading, marketing, and operations
personnel of the parties and their Affiliates, waives any further notice of
such monitoring or recording, and agrees to notify such personnel of such
monitoring or recording.

 

(o)                               Waiver of Jury Trial. Each party waives any right it may
have to a trial by jury in respect of any in respect of any suit, action or
proceeding relating to this Agreement or any Credit Support Document.

 

(p)                               Regarding Party A. Party B acknowledges and agrees that
Party A, in its capacity as swap provider, has had and will have no involvement
in and, accordingly Party A accepts no responsibility for:  (i) the establishment, structure, or
choice of assets of Party B; (ii) the selection of any person performing
services for or acting on behalf of Party B; (iii) the selection of Party
A as the Counterparty; (iv) the terms of the Notes; (v) the
preparation of or passing on the disclosure and other information (other than
disclosure and information furnished by Party A) contained in any offering
circular for the Notes, the Base Agreements, or any other agreements or
documents used by Party B or any other party in connection with the marketing
and sale of the Notes; (vi) the ongoing operations and administration of
Party B, including the furnishing of any information to Party B which is not
specifically required under this Agreement; or (vii) any other aspect of
Party B’s existence.

 

(q)                               Rating Agency Requirements. Notwithstanding anything to the
contrary herein, to the extent any Rating Agency does not assign a rating to
the notes issued pursuant to the Indenture, references to the requirements of
such Rating Agency herein shall be ignored for purposes of this Agreement.

 

(r)                                  Additional Definitions.

 

As used in this Agreement, the following terms shall have the meanings
set forth below, unless the context clearly requires otherwise:

 

“Approved Ratings Threshold” means each
of the S&P Approved Ratings Threshold, the Moody’s First Trigger Ratings
Threshold, the Fitch Approved Ratings Threshold and the DBRS Approved Ratings
Threshold.

 

 

“Approved Replacement” means, with
respect to a Market Quotation, an entity making such Market Quotation, which
entity would satisfy conditions (a), (b), (c) and (d) of the
definition of Permitted Transfer (as determined by Party B in its sole
discretion, acting in a commercially reasonable manner) if such entity were a
Transferee, as defined in the definition of Permitted Transfer.

 

“Base Agreements” means the
Trust Agreement, dated as of March 1, 2008, between CNH Capital
Receivables LLC and the Trustee, the Sale and Servicing Agreement, dated as of April 1,
2008, among Party B, CNH Capital Receivables LLC, as Seller, and New Holland
Credit Company, LLC, as Servicer, and the Indenture.

 

“Basic Documents” has the meaning assigned to such term in
the Indenture.

 

“DBRS” means Dominion Bond Rating Service, or
any successor thereto.

 

“DBRS Approved Ratings Threshold”
means, with respect to Party A, the guarantor under an
Eligible Guarantee, or an Eligible Replacement, a long-term unsecured and
unsubordinated debt rating from DBRS of “AA(low)” and a short-term unsecured
and unsubordinated debt rating from DBRS of “R-1(middle)”.

 

“DBRS Required Ratings Downgrade
Event” means that no Relevant Entity has credit
ratings from DBRS at least equal to the DBRS Required Ratings Threshold.

 

“DBRS Required Ratings Threshold”
means, with respect to Party A, the guarantor under an
Eligible Guarantee, or an Eligible Replacement, a long-term unsecured and
unsubordinated debt rating from DBRS of “BBB”.

 

“Derivative Provider Trigger
Event” means (i) an Event of Default with
respect to which Party A is a Defaulting Party, (ii) a Termination Event
(other than an Illegality or Tax Event) with respect to which Party A is the
sole Affected Party or (iii) an Additional Termination Event with respect
to which Party A is the sole Affected Party.

 

“Eligible Guarantee” means an
unconditional and irrevocable guarantee of all present and future obligations
of Party A under this Agreement (or, solely for purposes of the definition of
Eligible Replacement, all present and future obligations of such Eligible
Replacement under this Agreement or its replacement, as applicable) which is
provided by a guarantor as principal debtor rather than surety and which is
directly enforceable by Party B, the form and substance of which guarantee are
subject to the Rating Agency Condition with respect to S&P, Fitch and DBRS,
and either (A) a law firm has given a legal opinion confirming that none
of the guarantor’s payments to Party B under such guarantee will be subject to
deduction or Tax collected by withholding, or (B) such guarantee provides
that, in the event that any of such guarantor’s payments to Party B are subject
to deduction or Tax collected by withholding, such guarantor is required to pay
such additional amount as is necessary to ensure that the net amount actually
received by Party B (free and clear of any Tax collected by withholding) will
equal the full amount Party B would have received had no such deduction or
withholding been required, or (C) in the event that any payment under such
guarantee is made net of deduction or withholding for Tax, Party A is required,
under Section 2(a)(i), to make such additional payment as is necessary to
ensure that the net amount actually received by Party B from the guarantor will
equal the full amount Party B would have received had no such deduction or
withholding been required.

 

“Eligible Replacement” means an
entity (A) (I) (x) which has credit ratings from S&P at
least equal to the S&P Required Ratings Threshold or (y) all present
and future obligations of which entity owing to Party B under this Agreement
(or its replacement, as applicable) are guaranteed pursuant to an Eligible
Guarantee provided by a guarantor with credit ratings from S&P at least
equal to the S&P Required Ratings Threshold, in either case if S&P is a
Rating Agency, (II) (x) which has credit ratings from Moody’s at
least equal to the Moody’s Second Trigger Ratings Threshold or (y) all
present and future obligations of which entity owing to Party B under this
Agreement (or its replacement, as applicable) are guaranteed pursuant to an
Eligible Guarantee provided by a guarantor with credit ratings from Moody’s at
least equal to the Moody’s Second Trigger Ratings Threshold, in either case if
Moody’s is a Rating Agency, (III) (x) which has credit ratings from
Fitch at least equal to the applicable Fitch 

 

 

Approved Ratings Threshold or (y) all
present and future obligations of which entity owing to Party B under this
Agreement (or its replacement, as applicable) are guaranteed pursuant to an
Eligible Guarantee provided by a guarantor with credit ratings from Fitch at
least equal to the Fitch Approved Ratings Threshold, in either case if Fitch is
a Rating Agency, and (IV) (x) which has credit ratings from DBRS at
least equal to the applicable DBRS Approved Ratings Threshold or (y) all
present and future obligations of which entity owing to Party B under this
Agreement (or its replacement, as applicable) are guaranteed pursuant to an
Eligible Guarantee provided by a guarantor with credit ratings from DBRS at
least equal to the DBRS Approved Ratings Threshold, in either case if DBRS is a
Rating Agency, and (B) that has executed or agrees to execute a Regulation
AB indemnification agreement, if applicable.

 

 “Financial Institution” means a
bank, broker/dealer, insurance company, structured investment company or
derivative product company.

 

“Firm Offer” means a quotation from an Eligible
Replacement (i) in an amount equal to the actual amount payable by or to
Party B in consideration of an agreement between Party B and such Eligible
Replacement to replace Party A as the counterparty to this Agreement by way of
novation or, if such novation is not possible, an agreement between Party B and
such Eligible Replacement to enter into a Replacement Transaction (assuming
that all Transactions hereunder become Terminated Transactions), and (ii) that
constitutes an offer by such Eligible Replacement to replace Party A as the
counterparty to this Agreement or enter a Replacement Transaction that will
become legally binding upon such Eligible Replacement upon acceptance by Party
B.

 

“Fitch” means Fitch Ratings Ltd., or any
successor thereto.

 

“Fitch Approved Ratings Threshold” means, with
respect to Party A, the guarantor under an Eligible Guarantee, or an Eligible
Replacement, a long-term unsecured and unsubordinated debt rating from Fitch of
“A” and a short-term unsecured and unsubordinated debt rating from Fitch of “F1”.

 

“Fitch Required Ratings Downgrade
Event” means that no Relevant Entity has credit
ratings from Fitch at least equal to the Fitch Required Ratings Threshold.

 

“Fitch Required Ratings Threshold” means, with
respect to Party A, the guarantor under an Eligible Guarantee, or an Eligible
Replacement, a long-term unsecured and unsubordinated debt rating from Fitch of
“BBB-”.

 

“Indenture” means the
Indenture dated as of April 1, 2008, between Party B and The Bank of New
York Trust Company, N.A., as Indenture Trustee.

 

“Moody’s” means Moody’s Investors Service, Inc.,
or any successor thereto.

 

“Moody’s First Trigger Ratings
Threshold” means, with respect to Party A, the
guarantor under an Eligible Guarantee, or an Eligible Replacement, (i) if
such entity has a short-term unsecured and unsubordinated debt rating from
Moody’s, a long-term unsecured and unsubordinated debt rating or counterparty
rating from Moody’s of “A2” and a short-term unsecured and unsubordinated debt
rating from Moody’s of “Prime-1”, or (ii) if such entity does not have a
short-term unsecured and unsubordinated debt rating or counterparty rating from
Moody’s, a long-term unsecured and unsubordinated debt rating or counterparty
rating from Moody’s of “A1”.

 

“Moody’s Second Trigger Downgrade
Event” means that no Relevant Entity has credit
ratings from Moody’s at least equal to the Moody’s Second Trigger Ratings
Threshold.

 

“Moody’s Second Trigger Ratings
Threshold” means, with respect to Party A, the
guarantor under an Eligible Guarantee, or an Eligible Replacement, (i) if
such entity has a short-term unsecured and unsubordinated debt rating from
Moody’s, a long-term unsecured and unsubordinated debt rating or counterparty
rating from Moody’s of “A3” and a short-term unsecured and unsubordinated debt
rating from Moody’s of “Prime-2”, or (ii) if such entity does not have a
short-term unsecured and unsubordinated debt rating from Moody’s, a long-term
unsecured and unsubordinated debt rating or counterparty rating from Moody’s of
“A3”.

 

 

“Permitted Transfer” means a transfer by novation
by Party A to a transferee (the “Transferee”)
of all, but not less than all, of Party A’s rights, liabilities, duties and
obligations under this Agreement, with respect to which transfer each of the
following conditions is satisfied:  (a) the
Transferee is an Eligible Replacement that is a recognized dealer in interest
rate swaps; (b) as of the date of such transfer the Transferee would not
be required to withhold or deduct on account of Tax from any payments under
this Agreement or would be required to gross up for such Tax under Section 2(d)(i)(4);
(c) an Event of Default or Termination Event would not occur as a result
of such transfer; (d) pursuant to a written instrument (the “Transfer Agreement”), the Transferee acquires and assumes
all rights and obligations of Party A under the Agreement and the relevant
Transaction; (e) such Transfer Agreement is effective to transfer to the
Transferee all, but not less than all, of Party A’s rights and obligations
under the Agreement and all relevant Transactions; (f) Party A will be
responsible for any costs or expenses incurred in connection with such transfer
(including any replacement cost of entering into a replacement transaction); (g) Moody’s
has been given prior written notice of such transfer and the Rating Agency
Condition (other than with respect to Moody’s) is satisfied; and (h) such
transfer otherwise complies with the terms of the Base Agreements.

 

“Rating Agencies” means, with
respect to any date of determination, each of S&P, Moody’s, Fitch and DBRS,
to the extent that each such rating agency is then providing a rating for any
of the related notes or certificates, as applicable.

 

“Rating Agency Condition” means, with respect to
any particular proposed act or omission to act hereunder and each Rating Agency
specified in connection with such proposed act or omission, that the party
proposing such act or failure to act must consult with each of the specified
Rating Agencies and receive from each such Rating Agency prior written
confirmation that the proposed action or inaction would not cause a downgrade
or withdrawal of the then-current rating of any Notes.

 

“Relevant Entity” means Party
A and, to the extent applicable, a guarantor under an Eligible Guarantee.

 

“Replacement Transaction” means, with
respect to any Terminated Transaction or group of Terminated Transactions, a
transaction or group of transactions that (i) would have the effect of
preserving for Party B the economic equivalent of any payment or delivery
(whether the underlying obligation was absolute or contingent and assuming the
satisfaction of each applicable condition precedent) by the parties under Section 2(a)(i) in
respect of such Terminated Transaction or group of Terminated Transactions that
would, but for the occurrence of the relevant Early Termination Date, have been
required after that date, and (ii) has terms which are substantially the
same as this Agreement, including, without limitation, rating triggers,
Regulation AB compliance, and credit support documentation, as determined by
Party B in its sole discretion, acting in a commercially reasonable manner,
save for the exclusion of provisions relating to Transactions that are not
Terminated Transactions.

 

“Required Ratings Downgrade Event” means that
no Relevant Entity has credit ratings at least equal to the Required Ratings
Threshold.

 

“Required Ratings Threshold” means each
of the S&P Required Ratings Threshold, the Moody’s Second Trigger Ratings
Threshold, the Fitch Required Ratings Threshold and the DBRS Required Ratings
Threshold.

 

“S&P” means
Standard & Poor’s Rating Services, a division of The McGraw-Hill
Companies, Inc., or any successor thereto.

 

“S&P Approved Ratings
Threshold” means, with respect to Party A, the
guarantor under an Eligible Guarantee, or an Eligible Replacement, a short-term
unsecured and unsubordinated debt rating of “A-1” from S&P, or, if such
entity does not have a short-term unsecured and unsubordinated debt rating from
S&P, a long-term unsecured and unsubordinated debt rating or counterparty
rating of “A+” from S&P.

 

“S&P Required Ratings
Downgrade Event”  means that
no Relevant Entity has credit ratings from S&P at least equal to the
S&P Required Ratings Threshold.

 

 

“S&P Required Ratings
Threshold” means, with respect to Party A, the
guarantor under an Eligible Guarantee, or an Eligible Replacement, (I) if
such entity is a Financial Institution, a short-term unsecured and
unsubordinated debt rating of “A-2” from S&P, or, if such entity does not
have a short-term unsecured and unsubordinated debt rating from S&P, a
long-term unsecured and unsubordinated debt rating or counterparty rating of “BBB+”
from S&P, or (II) if such entity is not a Financial Institution, a short-term
unsecured and unsubordinated debt rating of “A-1” from S&P, or, if such
entity does not have a short-term unsecured and unsubordinated debt rating from
S&P, a long-term unsecured and unsubordinated debt rating or counterparty
rating of “A+” from S&P.

 

[Remainder of this page intentionally left blank.]

 

 

IN WITNESS WHEREOF, the parties have executed this Schedule by
their duly authorized officers with effect from the date so specified on the
first page hereof.

 

	
  For and on behalf of  

  BNP PARIBAS S.A.

  	
   

  	
  CNH EQUIPMENT TRUST 2008-A  

  By: Wilmington Trust Company, not in  

  its individual capacity but solely as Trustee

  
	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ Mindy
  Sperling

  	
   

  	
  By:

  	
  /s/ James P.
  Lawler

  
	
  Name: Mindy
  Sperling

  	
   

  	
  Name: James P.
  Lawler

  
	
  Title:
  Authorized Signatory

  	
   

  	
  Title: Vice President

  
	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ Jane
  Shahmanesh 

  	
   

  	
   

  
	
  Name: Jane
  Shahmanesh

  	
   

  	
   

  
	
  Title:
  Authorized Signatory

  	
   

  	
   

  

 

 

Annex A

 

Paragraph 13 of the Credit Support AnnexExhibit 4.11

 

Execution Copy

 

ANNEX A

 

ISDA®

CREDIT SUPPORT ANNEX

to the Schedule to the

ISDA Master Agreement

dated as of  April 18, 2008
between

BNP Paribas S.A. (hereinafter referred to as “Party
A” or “Pledgor”)

and

Wilmington Trust Company, not in its individual capacity but solely in
its capacity as trustee (“Trustee”) of the CNH Equipment Trust 2008-A (the “Trust”)
(hereinafter referred to as “Party B”
or “Secured Party”).

 

This
Annex supplements, forms part of, and is subject to, the above-referenced
Agreement, is part of its Schedule and is a Credit Support Document under this
Agreement with respect to each party.

 

Paragraph 13. 
Elections and Variables.

 

(a)           Security Interest for “Obligations”. 
The term “Obligations” as used in this
Annex includes the following additional obligations:

 

With respect to Party A: not applicable.

 

With respect to Party B: not applicable.

 

(b)           Credit Support Obligations.

 

(i)            Delivery Amount, Return Amount and Credit Support
Amount.

 

(A)         “Delivery Amount” has the meaning specified in Paragraph 3(a), except
that:

 

(I)            the words “upon a demand made by the Secured Party on
or promptly following a Valuation Date” shall be deleted and replaced with the
words “not later than the close of business on each Valuation Date”, and

 

(II)           the sentence beginning “Unless otherwise specified in
Paragraph 13” and ending “(ii) the Value as of that Valuation Date of all
Posted Credit Support held by the Secured Party.” shall be deleted in its
entirety and replaced with the following:

 

“The “Delivery
Amount” applicable to the Pledgor for any Valuation Date will
equal the greatest of

 

(1)           the amount by which (a) the S&P Credit
Support Amount for such Valuation Date exceeds (b) the S&P Value, as
of such Valuation Date, of all Posted Credit Support held by the Secured Party,

 

(2)           the amount by which (a) the Moody’s Credit
Support Amount for such Valuation Date exceeds (b) the Moody’s Value, as
of such Valuation Date, of all Posted Credit Support held by the Secured Party,
and

 

 

(3)           the amount by which (a) the Fitch Credit Support
Amount for such Valuation Date exceeds (b) the Fitch Value, as of such
Valuation Date, of all Posted Credit Support held by the Secured Party.”

 

(B)          “Return Amount” has the meaning specified in Paragraph
3(b), except that:

 

(I)            the sentence beginning “Unless otherwise specified in
Paragraph 13” and ending “(ii) the Credit Support Amount.” shall be
deleted in its entirety and replaced with the following:

 

“The “Return
Amount” applicable to the Secured Party for any Valuation Date
will equal the least of

 

(1)           the amount by which (a) the S&P Value, as of
such Valuation Date, of all Posted Credit Support held by the Secured Party
exceeds (b) the S&P Credit Support Amount for such Valuation Date,

 

(2)           the amount by which (a) the Moody’s Value, as of
such Valuation Date, of all Posted Credit Support held by the Secured Party
exceeds (b) the Moody’s Credit Support Amount for such Valuation Date, and

 

(3)           the amount by which (a) the Fitch Value, as of
such Valuation Date, of all Posted Credit Support held by the Secured Party
exceeds (b) the Fitch Credit Support Amount for such Valuation Date.”

 

(C)          “Credit Support Amount” shall not apply.  For purposes of calculating any Delivery
Amount or Return Amount for any Valuation Date, reference shall be made to the
S&P Credit Support Amount, the Moody’s Credit Support Amount, or the Fitch
Credit Support Amount, in each case  for
such Valuation Date, as provided in Paragraphs 13(b)(i)(A) and
13(b)(i)(B), above.

 

(ii)           Eligible Collateral.

 

On any date, the
following items will qualify as “Eligible Collateral”
(for the avoidance of doubt, all Eligible Collateral to be denominated in USD):

 

12

 

	
  Collateral

  	
   

  	
  S&P

  Approved

  Ratings

  Valuation

  Percentage

  	
   

  	
  S&P

  Required

  Ratings

  Valuation

  Percentage

  	
   

  	
  Moody’s

  First

  Trigger

  Valuation

  Percentage

  	
   

  	
  Moody’s

  Second

  Trigger

  Valuation

  Percentage

  	
   

  	
  Fitch &

  DBRS

  Valuation

  Percentage

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  (A)

  	
  Cash

  	
   

  	
  100

  	
  %

  	
  80

  	
  %

  	
  100

  	
  %

  	
  100

  	
  %

  	
  100

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  (B)

  	
  Fixed-rate negotiable debt obligations issued by the U.S. Treasury
  Department having a remaining maturity on such date of not more than one year

  	
   

  	
  98.9

  	
  %

  	
  79.1

  	
  %

  	
  100

  	
  %

  	
  100

  	
  %

  	
  97.5

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  (C)

  	
  Fixed-rate negotiable debt obligations issued by the U.S. Treasury
  Department having a remaining maturity on such date of more than one year but
  not more than ten years

  	
   

  	
  92.6

  	
  %

  	
  74.1

  	
  %

  	
  100

  	
  %

  	
  94

  	
  %

  	
  86.3

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  (D)

  	
  Fixed-rate negotiable debt obligations issued by the U.S. Treasury
  Department having a remaining maturity on such date of more than ten years

  	
   

  	
  N/A

  	
   

  	
  N/A

  	
   

  	
  100

  	
  %

  	
  87

  	
  %

  	
  79

  	
  %

  

 

Notwithstanding the Valuation Percentages set forth in the preceding
table, upon the first Transfer of Eligible Collateral under this Annex, the
Pledgor may, at the Pledgor’s expense, agree the Valuation Percentages in
relation to (B) through (D) above with the relevant rating agency (to
the extent such rating agency is providing a rating for the Notes), and upon
such agreement (as evidenced in writing), such Valuation Percentages shall supersede
those set forth in the preceding table.

 

(iii)         Other Eligible Support.

 

The following items will qualify as “Other Eligible Support” for the
party specified:

 

Such Other Eligible Support as the Pledgor may
designate; provided, at the expense of the Pledgor, the prior written consent
of the relevant rating agency (to the extent such rating agency is providing 

 

13

 

a rating for the Notes) shall have been obtained.  For the avoidance of doubt, there are no
items that qualify as Other Eligible Support as of the date of this Annex.

 

(iv)          Threshold.

 

(A)         “Independent Amount” means zero with respect to Party A and
Party B.

 

(B)          “Moody’s Threshold” means, with respect to Party A and any
Valuation Date, if a Moody’s First Trigger Downgrade Event has occurred and is
continuing and such Moody’s First Trigger Downgrade Event has been continuing
for at least 30 Local Business Days or since this Annex was executed, zero;
otherwise, infinity.

 

“S&P Threshold” means, with respect to Party A and any
Valuation Date, if  an S&P Approved
Threshold Downgrade Event has occurred and is continuing and such S&P
Approved Threshold Downgrade Event has been continuing for at least 10 Local
Business Days or since this Annex was executed, zero; otherwise, infinity.

 

“Fitch
Threshold” means,
with respect to Party A and any Valuation Date, if a Fitch Approved Threshold
Downgrade Event has occurred and is continuing and such Fitch Approved
Threshold Downgrade Event has been continuing for at least 30 calendar days or
since this Annex was executed, zero; otherwise, infinity

 

“Threshold” means, with respect to Party B and any Valuation Date, infinity.

 

(C)          “Minimum Transfer Amount” means USD 100,000; provided, however,
that if the aggregate principal balance of Notes rated by S&P ceases to be
more than USD 50,000,000, “Minimum Transfer Amount”
means USD 50,000; provided further, with respect to the Secured Party at any
time when the Secured Party is a Defaulting Party, “Minimum
Transfer Amount” means zero.

 

(D)         Rounding:  The Delivery Amount will be rounded up
and the Return Amount will be rounded down to the nearest integral multiple of
USD 1000.

 

(c)           Valuation and Timing.

 

(i)           “Valuation Agent” means Party A.  The Valuation Agent’s calculations shall be
made in accordance with standard market practices using commonly accepted third
party sources such as Bloomberg or Reuters.

 

(ii)          “Valuation Date” means each Local Business Day.

 

(iii)         “Valuation Time” means the close of business in the city of
the Valuation Agent on the Local Business Day immediately preceding the
Valuation Date or date of calculation, as applicable; provided
that the calculations of Value and Exposure will be made as of approximately
the same time on the same date.

 

(iv)         “Notification Time” means 11:00 a.m., New York time, on
a Local Business Day.

 

(d)           Conditions Precedent and
Secured Party’s Rights and Remedies.  The following
Termination Events will be a “Specified Condition”
for the party specified (that party being the Affected Party if the Termination
Event occurs with respect to that party): 
None.

 

14

 

(e)           Substitution.

 

(i)           “Substitution Date”
has the meaning specified in Paragraph 4(d)(ii).

 

(ii)          Consent. 
If specified here as applicable, then the Pledgor must obtain the
Secured Party’s consent for any substitution pursuant to Paragraph 4(d):  Inapplicable.

 

(f)            Dispute Resolution.

 

(i)           “Resolution Time”
means 1:00 p.m. New York time on the Local Business Day following the date
on which the notice of the dispute is given under Paragraph 5.

 

(ii)          Value. 
Notwithstanding anything to the contrary in Paragraph 12, for the
purpose of Paragraphs 5(i)(C) and 5(ii), the S&P Value, Moody’s Value,
and Fitch Value, on any date, of Eligible Collateral will be calculated as
follows:

 

For Eligible Collateral comprised of Cash, the amount
of such Cash.

 

For Eligible Collateral comprising securities, the sum
of (A) the product of (1)(x) the bid price at the Valuation Time for
such securities on the principal national securities exchange on which such
securities are listed, or (y) if such securities are not listed on a
national securities exchange, the bid price for such securities quoted at the
Valuation Time by any principal market maker for such securities selected by
the Valuation Agent, or (z) if no such bid price is listed or quoted for
such date, the bid price listed or quoted (as the case may be) at the Valuation
Time for the day next preceding such date on which such prices were available
and (2) the applicable Valuation Percentage for such Eligible Collateral,
and (B) the accrued interest on such securities (except to the extent
Transferred to the Pledgor pursuant to Paragraph 6(d)(ii) or included in
the applicable price referred to in the immediately preceding clause (A)) as of
such date.

 

(iii)          Alternative. 
The provisions of Paragraph 5 will apply; provided, that the obligation
of the appropriate party to deliver the undisputed amount to the other party
will not arise prior to the time that would otherwise have applied to the
Transfer pursuant to, or deemed made, under Paragraph 3 if no dispute had
arisen.

 

(g)           Holding and Using Posted
Collateral.

 

(i)            Eligibility to Hold Posted
Collateral; Custodians.

 

Party B is not and will not be entitled to hold Posted
Collateral.  Party B’s Custodian will be
entitled to hold Posted Collateral pursuant to Paragraph 6(b); provided that
the following conditions applicable to it are satisfied:

 

(1)           The Custodian for Party B shall be the
same banking institution that acts as Trustee for the Notes.

 

(2)           The Custodian for Party B shall have a
short-term unsecured and unsubordinated debt rating from S&P of at least “A-1”
or, if no short-term rating is available, a long-term unsecured debt rating
from S&P of “A+.”  The Trustee is
required to replace the Custodian within 60 calendar days of the Custodian’s
rating falling below “A-1,” in the case of a short-term rating, or “A+,” in the
case of a long-term rating.

 

Initially, the Custodian for
Party B is:  to be advised in writing by
Party B to Party A.

 

15

 

(ii)          Use of Posted Collateral. 
The provisions of Paragraph 6(c) will not apply to Party B;
therefore, Party B will not have any of the rights specified in Paragraph 6(c)(i) or
6(c)(ii); provided, however, that the Trustee shall invest Cash Posted Credit
Support in such investments as designated by Party A, with losses (net of
gains) incurred in respect of such investments to be for the account of Party
A; provided further, that such investments designated by Party A shall be
limited to money market funds rated “AAAm” or “AAAm-G” by S&P and from
which such invested Cash Posted Credit Support may be withdrawn upon no more
than 2 Local Business Day’s notice of a request for withdrawal.

 

(h)           Distributions and Interest Amount.

 

(i)           Interest Rate. 
The “Interest Rate” will be the
actual interest rate earned on Posted Collateral in the form of Cash pursuant
to Paragraph 13(g)(ii).

 

(ii)          Transfer of Interest Amount. The Transfer of the Interest Amount
will be made on the second Local Business Day following the end of each
calendar month and on any other Local Business Day on which Posted Collateral
in the form of Cash is Transferred to the Pledgor pursuant to Paragraph 3(b);
provided, however, that the obligation of Party B to Transfer any Interest
Amount to Party A shall be limited to the extent that Party B has earned and
received such funds and such funds are available to Party B.

 

(iii)          Alternative to Interest Amount. The provisions of Paragraph 6(d)(ii) will
apply.

 

(i)            Additional Representation(s). 
There are no additional representations by either party.

 

(j)            Other Eligible Support and Other
Posted Support.

 

(i)           “Value” with
respect to Other Eligible Support and Other Posted Support shall have such
meaning as the parties shall agree in writing from time to time pursuant to
Paragraph 13(b)(iii).

 

(ii)          “Transfer”
with respect to Other Eligible Support and Other Posted Support shall have such
meaning as the parties shall agree in writing from time to time pursuant to
Paragraph 13(b)(iii).

 

(k)           Demands and Notices.All demands, specifications and notices
under this Annex will be made pursuant to the Notices Section of this
Agreement, except that any demand, specification or notice shall be given to or
made at the following addresses, or at such other address as the relevant party
may from time to time designate by giving notice (in accordance with the terms
of this paragraph) to the other party:

 

	
   

  	
  If to Party A:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Address:

  	
  BNP
  Paribas, 787 Seventh Avenue, New York New York 10019 USA

  
	
   

  	
   

  	
   

  
	
   

  	
  Attention:

  	
  Legal
  and Transaction Management Group – ISDA

  
	
   

  	
   

  	
   

  
	
   

  	
  Telephone
  No:

  	
  +(212)
  841-3000

  
	
   

  	
   

  	
   

  
	
   

  	
  Facsimile
  No:

  	
  +(212)
  841-3561

  
	
   

  	
   

  	
   

  
	
  With a copy to:

  
	
   

  	
  Address:

  	
  BNP Paribas,3 rue Taitbout, ACI : CLA03A1,75009 Paris, France

  
	
   

  	
   

  	
   

  
	
   

  	
  Attention:

  	
  Legal
  and Transaction Management Group – ISDA

  

 

16

 

	
   

  	
  Telephone
  No:

  	
  +(33)
  (0) 1 4014 0199

  
	
   

  	
   

  	
   

  
	
   

  	
  Facsimile
  No:

  	
  +(33)
  (0) 1 4014 0114/ 5577 3261

  
	
   

  	
   

  	
   

  
	
   

  	
  If to Party B’s Custodian, at the address specified
  pursuant to the Notices Section of this Agreement.

  

 

(l)            Address for Transfers. 
Each Transfer hereunder shall be made to the address specified in
writing from time to time by the party to which such Transfer will be made.

 

(m)          Other Provisions.

 

(i)            Collateral Account. 
The Secured Party shall cause any Custodian appointed hereunder to open
and maintain a segregated trust account and to hold, record and identify all
the Posted Collateral in such segregated trust account and, subject to
Paragraph 8(a), such Posted Collateral shall at all times be and remain the
property of the Pledgor and shall at no time constitute the property of, or be
commingled with the property of, the Secured Party or the Custodian.

 

(ii)           Agreement as to Single
Secured Party and Single Pledgor. Party A and Party B hereby agree that,
notwithstanding anything to the contrary in this Annex, (a) the term “Secured
Party” as used in this Annex means only Party B, (b) the term “Pledgor” as
used in this Annex means only Party A, (c) only Party A makes the pledge
and grant in Paragraph 2, the acknowledgement in the final sentence of
Paragraph 8(a) and the representations in Paragraph 9.

 

(iii)          Calculation of Value. 
Paragraph 4(c) is hereby amended by deleting the word “Value” and
inserting in lieu thereof “S&P Value, Moody’s Value, Fitch Value”.  Paragraph 4(d)(ii) is hereby amended by (A) deleting
the words “a Value” and inserting in lieu thereof “an S&P Value, a Moody’s
Value, and a Fitch Value” and (B) deleting the words “the Value” and
inserting in lieu thereof “S&P Value, Moody’s Value, and Fitch Value”.  Paragraph 5 (flush language) is hereby
amended by deleting the word “Value” and inserting in lieu thereof “S&P
Value, Moody’s Value, or Fitch Value”. 
Paragraph 5(i) (flush language) is hereby amended by deleting the
word “Value” and inserting in lieu thereof “S&P Value, Moody’s Value, and
Fitch Value”.  Paragraph 5(i)(C) is
hereby amended by deleting the word “the Value, if” and inserting in lieu
thereof “any one or more of the S&P Value, Moody’s Value, or Fitch Value,
as may be”.  Paragraph 5(ii) is
hereby amended by (1) deleting the first instance of the words “the Value”
and inserting in lieu thereof “any one or more of the S&P Value, Moody’s
Value, or Fitch Value” and (2) deleting the second instance of the words “the
Value” and inserting in lieu thereof “such disputed S&P Value, Moody’s
Value, or Fitch Value”.  Each of
Paragraph 8(b)(iv)(B) and Paragraph 11(a) is hereby amended by
deleting the word “Value” and inserting in lieu thereof “least of the S&P
Value, Moody’s Value or Fitch Value”.

 

(iv)          Form of Annex. 
Party A
and Party B hereby agree that the text of Paragraphs 1 through 12, inclusive,
of this Annex is intended to be the printed form of ISDA Credit Support Annex
(Bilateral Form - ISDA Agreements Subject to New York Law Only version) as
published and copyrighted in 1994 by the International Swaps and Derivatives
Association, Inc.

 

(v)           Events of Default. 
Paragraph 7 will not apply to cause any Event of Default to exist with
respect to Party B except that Paragraph 7(i) will apply to Party B solely
in respect of Party B’s obligations under Paragraph 3(b) of the Credit
Support Annex.  Notwithstanding anything
to the contrary in Paragraph 7, any failure by Party A to comply with or
perform any obligation to be complied with or performed by Party A under the
Credit Support Annex shall only be an Event of 

 

17

 

Default if (A) a
Moody’s Second Trigger Downgrade Event has occurred and been continuing for 30
or more Local Business Days, (B) an S&P Required Ratings Downgrade
Event has occurred and been continuing for 10 or more Local Business Days, (C) a
Fitch Required Ratings Downgrade Event has occurred and been continuing for 30
or more days, or (D) a DBRS Required Ratings Downgrade Event has occurred
and been continuing for 30 or more days.

 

(vi)          Expenses.  Notwithstanding anything to the contrary in
Paragraph 10, the Pledgor will be responsible for, and will reimburse the
Secured Party for, all transfer and other taxes and other costs involved in any
Transfer of Eligible Collateral.

 

(vii)         Withholding.  Paragraph 6(d)(ii) is hereby amended by
inserting immediately after “the Interest Amount” in the fourth line
thereof  the words “less any applicable
withholding taxes.”

 

 (viii)       Additional Definitions. 
As used in this Annex:

 

“Exposure” has the meaning specified in Paragraph 12, except that (1) after
the word “Agreement” the words “(assuming, for this purpose only, that Part 1(f)(i)(A)-(E) of
the Schedule is deleted)” shall be inserted and (2) at the end of the
definition of Exposure, the words “with terms that are, in all material
respects, no less beneficial for Party B than those of this Agreement” shall be
added.

 

“Fitch Approved Ratings Downgrade Event” means that no Relevant Entity has credit
ratings from Fitch at least equal to the Fitch Approved Ratings Threshold.

 

“Fitch
Credit Support Amount” means, for any Valuation Date: means, for any
Valuation Date,

 

(A)          if the Fitch Threshold for
such Valuation Date is zero, an amount equal to the sum of (1) the Secured
Party’s Exposure and (2) the sum, for each Transaction, of the product of (a) the
Fitch Volatility Cushion for such Transaction
and (b) the Notional Amount of such Transaction for the
Calculation Period which includes such Valuation Date, or

 

(B)           if the Fitch
Threshold for such Valuation Date is infinity, zero.

 

“Fitch Valuation Percentage” means, for any Valuation Date and each item of
Eligible Collateral, if the Fitch Threshold for such Valuation Date is zero,
the corresponding percentage for such Eligible Collateral in the column headed “Fitch
Valuation Percentage”.

 

“Fitch Value” means, on any date and with respect to any Eligible Collateral other
than Cash, the product of (x) the bid price obtained by the Valuation
Agent for such Eligible Collateral and (y) the Fitch Valuation Percentage
for such Eligible Collateral set forth in paragraph 13(b)(ii).  The Fitch Value of Cash will be the amount of
such Cash.

 

“Fitch Volatility Cushion” means, for any Transaction, the related percentage
set forth in the following table:

 

	
  Rating of Most

  Senior Class of

  Notes Outstanding

  on

  	
   

  	
  Remaining Weighted Average Maturity of Transaction

  (years)

  	
   

  
	
  Valuation Date

  	
   

  	
  1

  	
   

  	
  2

  	
   

  	
  3

  	
   

  	
  4

  	
   

  	
  5

  	
   

  	
  6

  	
   

  	
  7

  	
   

  	
  8

  	
   

  	
  9

  	
   

  	
  10

  	
   

  
	
  At least “AA-”

  	
   

  	
  0.6

  	
  %

  	
  1.6

  	
  %

  	
  2.6

  	
  %

  	
  3.4

  	
  %

  	
  4.2

  	
  %

  	
  4.8

  	
  %

  	
  5.5

  	
  %

  	
  5.9

  	
  %

  	
  6.4

  	
  %

  	
  7.0

  	
  %

  
	
  “A+/A”

  	
   

  	
  0.3

  	
  %

  	
  0.8

  	
  %

  	
  1.3

  	
  %

  	
  1.7

  	
  %

  	
  2.1

  	
  %

  	
  2.4

  	
  %

  	
  2.8

  	
  %

  	
  3.0

  	
  %

  	
  3.3

  	
  %

  	
  3.6

  	
  %

  
	
  “A-/BBB+” or lower

  	
   

  	
  0.2

  	
  %

  	
  0.6

  	
  %

  	
  1.0

  	
  %

  	
  1.3

  	
  %

  	
  1.6

  	
  %

  	
  1.9

  	
  %

  	
  2.1

  	
  %

  	
  2.3

  	
  %

  	
  2.5

  	
  %

  	
  2.7

  	
  %

  

 

18

 

“Local Business Day” means,
for purposes of this Annex: any day on which (A) commercial banks are open
for business (including dealings in foreign exchange and foreign currency
deposits) in New York and the location of Party A, Party B and any Custodian,
and (B) in relation to a Transfer of Eligible Collateral, any day on which
the clearance system agreed between the parties for the delivery of Eligible
Collateral is open for acceptance and execution of settlement instructions (or
in the case of a Transfer of Cash or other Eligible Collateral for which
delivery is contemplated by other means a day on which commercial banks are
open for business (including dealings in foreign exchange and foreign deposits)
in New York and the location of Party A, Party B and any Custodian.

 

“Moody’s
Credit Support Amount” means, for any Valuation Date:

 

(A)          if the Moody’s Threshold for such
Valuation Date is zero and it is not the case that a Moody’s Second Trigger
Downgrade Event  has occurred and been
continuing for at least 30 Local Business Days, an amount equal to the greater
of (x) zero and (y) the sum of the Secured Party’s Exposure and the
aggregate of Moody’s First Trigger Additional Amounts for each Transaction and
such Valuation Date;

 

(B)           if a Moody’s Second Trigger Downgrade
Event  has occurred and been continuing
for at least 30 Local Business Days, an amount equal to the greatest of (x) zero,
(y) the aggregate amount of the Next Payments for each Transaction and
such Valuation Date, and (z) the sum of the Secured Party’s Exposure and
the aggregate of Moody’s Second Trigger Additional Amounts for each Transaction
and such Valuation Date; or

 

(C)           if the Moody’s Threshold for such Valuation Date is infinity,
zero.

 

“Moody’s First Trigger Additional
Amount”  means, for any Valuation Date and any Transaction, the product of (i) the applicable
Moody’s First Trigger Factor set forth in Table 1, (ii) the Scale Factor,
if any, for such Transaction, or, if no Scale Factor is applicable for such
Transaction, one, and (iii) the Notional Amount for such Transaction for
the Calculation Period for such Transaction (each as defined in the related
Confirmation) which includes such Valuation Date.

 

“Moody’s First Trigger Downgrade Event” means that no Relevant Entity has credit
ratings from Moody’s at least equal to the Moody’s First Trigger Ratings
Threshold.

 

“Moody’s Second Trigger
Additional Amount” means, for any Valuation Date and any
Transaction,

 

(A)          if such Transaction is not a
Transaction-Specific Hedge, the product of (i) the applicable Moody’s
Second Trigger Factor set forth in Table 2, (ii) the Scale Factor, if any,
for such Transaction, or, if no Scale Factor is applicable for such
Transaction, one, and (iii) the Notional Amount for such Transaction for
the Calculation Period for such Transaction (each as defined in the related
Confirmation) which includes such Valuation Date; or

 

(B)           if such Transaction is a
Transaction-Specific Hedge, the product of (i) the applicable Moody’s
Second Trigger Factor set forth in Table 3, (ii) the Scale Factor, if any,
for such 

 

19

 

Transaction, or, if no Scale Factor is applicable for such Transaction,
one, and (iii) the Notional Amount for such Transaction for the
Calculation Period for such Transaction (each as defined in the related
Confirmation) which includes such Valuation Date;

 

“Moody’s Valuation Percentage” means, with respect to a Valuation Date and each item
of Eligible Collateral, (i) if the Moody’s Threshold for such Valuation
Date is zero and it is not the case that a Moody’s Second Trigger Downgrade
Event  has occurred and been continuing
for at least 30 Local Business Days, the corresponding percentage for such Eligible
Collateral in the column headed “Moody’s First Trigger Valuation Percentage” or
(ii) if a Moody’s Second Trigger Ratings Event has occurred and been
continuing  for at least 30 Local
Business Days, the corresponding percentage for such Eligible Collateral in the
column headed “Moody’s Second Trigger Valuation Percentage”.

 

“Moody’s Value” means, on any date and with respect to any Eligible
Collateral other than Cash, the product of (x) the bid price obtained by
the Valuation Agent and (y) the applicable Moody’s Valuation Percentage
set forth in Paragraph 13(b)(ii). The Moody’s Value of Cash will be the amount
of such Cash.

 

“Next Payment” means, for each Transaction and each Valuation Date,
the greater of (i) the aggregate amount of any payments due to be made by
Party A under Section 2(a) in respect of such Transaction on the
related Next Payment Date less the aggregate amount of any payments due to be
made by Party B under Section 2(a) on such Next Payment Date (any
such payments determined based on rates prevailing on such Valuation Date) and (ii) zero.

 

“Next Payment Date” means, for each Transaction, the date on which the
next scheduled payment under such Transaction is due to be paid.

 

 “S&P Approved Ratings
Downgrade Event”
means that no Relevant Entity has credit ratings from S&P at least equal to
the S&P Approved Ratings Threshold.

 

“S&P
Credit Support Amount” means, for any Valuation Date:

 

(A)          if the S&P Threshold for such
Valuation Date is zero and it is not the case that an S&P Required Ratings
Downgrade Event has occurred and been continuing for at least 10 Local Business
Days, an amount equal to the Secured Party’s Exposure;

 

(B)           if an S&P Required Ratings Downgrade
Event has occurred and been continuing for at least 10 Local Business Days, an
amount equal to 125% of the Secured Party’s Exposure; or

 

(C)           if the S&P Threshold for such Valuation Date is
infinity, zero.

 

“S&P Valuation Percentage” means, with respect to a Valuation Date and each item
of Eligible Collateral, (i) if the S&P Threshold for such Valuation
Date is zero and it is not the case that a S&P Required Ratings Downgrade
Event has occurred and been continuing for at least 10 Local Business Days, the
corresponding percentage for such Eligible Collateral in the column headed “S&P
Approved Ratings Valuation Percentage” or (ii) if an S&P Required
Ratings Downgrade Event has occurred and been continuing for at least 10 Local
Business Days, the corresponding percentage for such Eligible Collateral in the
column headed “S&P Required Ratings Valuation Percentage”.

 

“S&P Value” means, on any date and with respect to
any Eligible Collateral, the product of (x) the bid price obtained by the
Valuation Agent for such Eligible Collateral and (y) the applicable
S&P Valuation Percentage for such Eligible Collateral set forth in
paragraph 13(b)(ii).

 

20

 

“Transaction-Specific Hedge” means any Transaction in respect of which (x) the
notional amount is “balance guaranteed” or (y) the notional amount for any
Calculation Period (as defined in the related Confirmation) otherwise is not a
specific dollar amount that is fixed at the inception of the Transaction.

 

“Valuation Percentage” shall mean, for purposes of determining the S&P
Value, Moody’s Value and Fitch Value with respect to any Eligible Collateral or
Posted Collateral, the applicable S&P Valuation Percentage, Moody’s
Valuation Percentage, or Fitch Valuation Percentage for such Eligible
Collateral or Posted Collateral, respectively, in each case as set forth in
Paragraph 13(b)(ii).

 

“Value”
shall mean, in respect of any date, the related S&P Value, the related
Moody’s Value, and the related Fitch Value.

 

[Remainder of this page intentionally left blank]

 

21

 

Table 1

 

	
  Remaining

  Weighted Average Life

  of Hedge in Years

  	
   

  	
  Moody’s First Trigger

  Factor—Single Currency

  Interest Rate Hedges

  	
   

  	
  Moody’s First Trigger

  Factor—Currency Hedges

  	
   

  
	
  Equal to or less than 1

  	
   

  	
  0.15

  	
  %

  	
  1.10

  	
  %

  
	
  Greater than 1 but less than or equal to 2

  	
   

  	
  0.30

  	
  %

  	
  1.20

  	
  %

  
	
  Greater than 2 but less than or equal to 3

  	
   

  	
  0.40

  	
  %

  	
  1.30

  	
  %

  
	
  Greater than 3 but less than or equal to 4

  	
   

  	
  0.60

  	
  %

  	
  1.40

  	
  %

  
	
  Greater than 4 but less than or equal to 5

  	
   

  	
  0.70

  	
  %

  	
  1.50

  	
  %

  
	
  Greater than 5 but less than or equal to 6

  	
   

  	
  0.80

  	
  %

  	
  1.60

  	
  %

  
	
  Greater than 6 but less than or equal to 7

  	
   

  	
  1.00

  	
  %

  	
  1.60

  	
  %

  
	
  Greater than 7 but less than or equal to 8

  	
   

  	
  1.10

  	
  %

  	
  1.70

  	
  %

  
	
  Greater than 8 but less than or equal to 9

  	
   

  	
  1.20

  	
  %

  	
  1.80

  	
  %

  
	
  Greater than 9 but less than or equal to 10

  	
   

  	
  1.30

  	
  %

  	
  1.90

  	
  %

  
	
  Greater than 10 but less than or equal to 11

  	
   

  	
  1.40

  	
  %

  	
  1.90

  	
  %

  
	
  Greater than 11 but less than or equal to 12

  	
   

  	
  1.50

  	
  %

  	
  2.00

  	
  %

  
	
  Greater than 12 but less than or equal to 13

  	
   

  	
  1.60

  	
  %

  	
  2.10

  	
  %

  
	
  Greater than 13 but less than or equal to 14

  	
   

  	
  1.70

  	
  %

  	
  2.10

  	
  %

  
	
  Greater than 14 but less than or equal to 15

  	
   

  	
  1.80

  	
  %

  	
  2.20

  	
  %

  
	
  Greater than 15 but less than or equal to 16

  	
   

  	
  1.90

  	
  %

  	
  2.30

  	
  %

  
	
  Greater than 16 but less than or equal to 17

  	
   

  	
  2.00

  	
  %

  	
  2.30

  	
  %

  
	
  Greater than 17 but less than or equal to 18

  	
   

  	
  2.00

  	
  %

  	
  2.40

  	
  %

  
	
  Greater than 18 but less than or equal to 19

  	
   

  	
  2.00

  	
  %

  	
  2.40

  	
  %

  
	
  Greater than 19 but less than or equal to 20

  	
   

  	
  2.00

  	
  %

  	
  2.50

  	
  %

  
	
  Greater than 20 but less than or equal to 21

  	
   

  	
  2.00

  	
  %

  	
  2.50

  	
  %

  
	
  Greater than 21 but less than or equal to 22

  	
   

  	
  2.00

  	
  %

  	
  2.50

  	
  %

  
	
  Greater than 22 but less than or equal to 23

  	
   

  	
  2.00

  	
  %

  	
  2.50

  	
  %

  
	
  Greater than 23 but less than or equal to 24

  	
   

  	
  2.00

  	
  %

  	
  2.50

  	
  %

  

 

22

 

	
  Greater than 24 but less than or equal to 25

  	
   

  	
  2.00

  	
  %

  	
  2.50

  	
  %

  
	
  Greater than 25 but less than or equal to 26

  	
   

  	
  2.00

  	
  %

  	
  2.50

  	
  %

  
	
  Greater than 26 but less than or equal to 27

  	
   

  	
  2.00

  	
  %

  	
  2.50

  	
  %

  
	
  Greater than 27 but less than or equal to 28

  	
   

  	
  2.00

  	
  %

  	
  2.50

  	
  %

  
	
  Greater than 28 but less than or equal to 29

  	
   

  	
  2.00

  	
  %

  	
  2.50

  	
  %

  
	
  Greater than 29

  	
   

  	
  2.00

  	
  %

  	
  2.50

  	
  %

  

 

23

 

Table 2

 

	
  Remaining

  Weighted Average Life

  of Hedge in Years

  	
   

  	
  Moody’s Second Trigger

  Factor—Single Currency

  Interest Rate Swaps

  	
   

  	
  Moody’s Second Trigger

  Factor—Currency Swaps

  	
   

  
	
  Equal to or less than 1

  	
   

  	
  0.50

  	
  %

  	
  6.10

  	
  %

  
	
  Greater than 1 but less than or equal to 2

  	
   

  	
  1.00

  	
  %

  	
  6.30

  	
  %

  
	
  Greater than 2 but less than or equal to 3

  	
   

  	
  1.50

  	
  %

  	
  6.40

  	
  %

  
	
  Greater than 3 but less than or equal to 4

  	
   

  	
  1.90

  	
  %

  	
  6.60

  	
  %

  
	
  Greater than 4 but less than or equal to 5

  	
   

  	
  2.40

  	
  %

  	
  6.70

  	
  %

  
	
  Greater than 5 but less than or equal to 6

  	
   

  	
  2.80

  	
  %

  	
  6.80

  	
  %

  
	
  Greater than 6 but less than or equal to 7

  	
   

  	
  3.20

  	
  %

  	
  7.00

  	
  %

  
	
  Greater than 7 but less than or equal to 8

  	
   

  	
  3.60

  	
  %

  	
  7.10

  	
  %

  
	
  Greater than 8 but less than or equal to 9

  	
   

  	
  4.00

  	
  %

  	
  7.20

  	
  %

  
	
  Greater than 9 but less than or equal to 10

  	
   

  	
  4.40

  	
  %

  	
  7.30

  	
  %

  
	
  Greater than 10 but less than or equal to 11

  	
   

  	
  4.70

  	
  %

  	
  7.40

  	
  %

  
	
  Greater than 11 but less than or equal to 12

  	
   

  	
  5.00

  	
  %

  	
  7.50

  	
  %

  
	
  Greater than 12 but less than or equal to 13

  	
   

  	
  5.40

  	
  %

  	
  7.60

  	
  %

  
	
  Greater than 13 but less than or equal to 14

  	
   

  	
  5.70

  	
  %

  	
  7.70

  	
  %

  
	
  Greater than 14 but less than or equal to 15

  	
   

  	
  6.00

  	
  %

  	
  7.80

  	
  %

  
	
  Greater than 15 but less than or equal to 16

  	
   

  	
  6.30

  	
  %

  	
  7.90

  	
  %

  
	
  Greater than 16 but less than or equal to 17

  	
   

  	
  6.60

  	
  %

  	
  8.00

  	
  %

  
	
  Greater than 17 but less than or equal to 18

  	
   

  	
  6.90

  	
  %

  	
  8.10

  	
  %

  
	
  Greater than 18 but less than or equal to 19

  	
   

  	
  7.20

  	
  %

  	
  8.20

  	
  %

  
	
  Greater than 19 but less than or equal to 20

  	
   

  	
  7.50

  	
  %

  	
  8.20

  	
  %

  
	
  Greater than 20 but less than or equal to 21

  	
   

  	
  7.80

  	
  %

  	
  8.30

  	
  %

  
	
  Greater than 21 but less than or equal to 22

  	
   

  	
  8.00

  	
  %

  	
  8.40

  	
  %

  
	
  Greater than 22 but less than or equal to 23

  	
   

  	
  8.00

  	
  %

  	
  8.50

  	
  %

  
	
  Greater than 23 but less than or equal to 24

  	
   

  	
  8.00

  	
  %

  	
  8.60

  	
  %

  

 

24

 

	
  Greater than 24 but less than or equal to 25

  	
   

  	
  8.00

  	
  %

  	
  8.60

  	
  %

  
	
  Greater than 25 but less than or equal to 26

  	
   

  	
  8.00

  	
  %

  	
  8.70

  	
  %

  
	
  Greater than 26 but less than or equal to 27

  	
   

  	
  8.00

  	
  %

  	
  8.80

  	
  %

  
	
  Greater than 27 but less than or equal to 28

  	
   

  	
  8.00

  	
  %

  	
  8.80

  	
  %

  
	
  Greater than 28 but less than or equal to 29

  	
   

  	
  8.00

  	
  %

  	
  8.90

  	
  %

  
	
  Greater than 29

  	
   

  	
  8.00

  	
  %

  	
  9.00

  	
  %

  

 

25

 

Table 3

 

	
  Remaining

  Weighted Average Life

  of Hedge in Years

  	
   

  	
  Moody’s Second Trigger

  Factor—Single Currency

  Interest Rate Hedges

  	
   

  	
  Moody’s Second Trigger

  Factor—Currency Hedges

  	
   

  
	
  Equal to or less than 1

  	
   

  	
  0.65

  	
  %

  	
  6.30

  	
  %

  
	
  Greater than 1 but less than or equal to 2

  	
   

  	
  1.30

  	
  %

  	
  6.60

  	
  %

  
	
  Greater than 2 but less than or equal to 3

  	
   

  	
  1.90

  	
  %

  	
  6.90

  	
  %

  
	
  Greater than 3 but less than or equal to 4

  	
   

  	
  2.50

  	
  %

  	
  7.10

  	
  %

  
	
  Greater than 4 but less than or equal to 5

  	
   

  	
  3.10

  	
  %

  	
  7.40

  	
  %

  
	
  Greater than 5 but less than or equal to 6

  	
   

  	
  3.60

  	
  %

  	
  7.70

  	
  %

  
	
  Greater than 6 but less than or equal to 7

  	
   

  	
  4.20

  	
  %

  	
  7.90

  	
  %

  
	
  Greater than 7 but less than or equal to 8

  	
   

  	
  4.70

  	
  %

  	
  8.20

  	
  %

  
	
  Greater than 8 but less than or equal to 9

  	
   

  	
  5.20

  	
  %

  	
  8.40

  	
  %

  
	
  Greater than 9 but less than or equal to 10

  	
   

  	
  5.70

  	
  %

  	
  8.60

  	
  %

  
	
  Greater than 10 but less than or equal to 11

  	
   

  	
  6.10

  	
  %

  	
  8.80

  	
  %

  
	
  Greater than 11 but less than or equal to 12

  	
   

  	
  6.50

  	
  %

  	
  9.00

  	
  %

  
	
  Greater than 12 but less than or equal to 13

  	
   

  	
  7.00

  	
  %

  	
  9.20

  	
  %

  
	
  Greater than 13 but less than or equal to 14

  	
   

  	
  7.40

  	
  %

  	
  9.40

  	
  %

  
	
  Greater than 14 but less than or equal to 15

  	
   

  	
  7.80

  	
  %

  	
  9.60

  	
  %

  
	
  Greater than 15 but less than or equal to 16

  	
   

  	
  8.20

  	
  %

  	
  9.80

  	
  %

  
	
  Greater than 16 but less than or equal to 17

  	
   

  	
  8.60

  	
  %

  	
  10.00

  	
  %

  
	
  Greater than 17 but less than or equal to 18

  	
   

  	
  9.00

  	
  %

  	
  10.10

  	
  %

  
	
  Greater than 18 but less than or equal to 19

  	
   

  	
  9.40

  	
  %

  	
  10.30

  	
  %

  
	
  Greater than 19 but less than or equal to 20

  	
   

  	
  9.70

  	
  %

  	
  10.50

  	
  %

  
	
  Greater than 20 but less than or equal to 21

  	
   

  	
  10.00

  	
  %

  	
  10.70

  	
  %

  
	
  Greater than 21 but less than or equal to 22

  	
   

  	
  10.00

  	
  %

  	
  10.80

  	
  %

  
	
  Greater than 22 but less than or equal to 23

  	
   

  	
  10.00

  	
  %

  	
  11.00

  	
  %

  
	
  Greater than 23 but less than or equal to 24

  	
   

  	
  10.00

  	
  %

  	
  11.00

  	
  %

  

 

 

	
  Greater than 24 but less than or equal to 25

  	
   

  	
  10.00

  	
  %

  	
  11.00

  	
  %

  
	
  Greater than 25 but less than or equal to 26

  	
   

  	
  10.00

  	
  %

  	
  11.00

  	
  %

  
	
  Greater than 26 but less than or equal to 27

  	
   

  	
  10.00

  	
  %

  	
  11.00

  	
  %

  
	
  Greater than 27 but less than or equal to 28

  	
   

  	
  10.00

  	
  %

  	
  11.00

  	
  %

  
	
  Greater than 28 but less than or equal to 29

  	
   

  	
  10.00

  	
  %

  	
  11.00

  	
  %

  
	
  Greater than 29

  	
   

  	
  10.00

  	
  %

  	
  11.00

  	
  %

  

 

 

IN WITNESS WHEREOF, the parties have executed this Annex by their duly
authorized officers with effect from the date so specified on the first page hereof.

 

	
  For and on behalf
  of 

  BNP PARIBAS S.A.

  	
  CNH
  EQUIPMENT TRUST 2008-A 

  By:  Wilmington
  Trust Company, not in  

  its individual
  capacity but solely as Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
  By: 

  	
  /s/ Mindy Sperling 
  

  	
   

  	
  By: 

  	
  /s/ James P. Lawler 
  

  
	
   

  	
   

  
	
  Name: Mindy Sperling

  	
  Name: James P. Lawler

  
	
   

  	
   

  
	
  Title: Authorized Signatory

  	
  Title: Vice President

  
	
   

  	
   

  
	
   

  	
   

  
	
  By: 

  	
  /s/ Jane Shahmanesh 

  	
   

  	
   

  
	
   

  	
   

  
	
  Name: Jane Shahmanesh 

  	
   

  
	
   

  	
   

  
	
  Title: Authorized Signatory

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00140-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00140-of-00352.parquet"}]]