Document:

Trust Agreement, dated as of May 27, 2010

 Exhibit 10.3 

EXECUTION COPY 
  

 
 TRUST AGREEMENT 

AMONG 
 NAVISTAR
FINANCIAL RETAIL RECEIVABLES CORPORATION 
 AS SELLER, 

AND 
 DEUTSCHE
BANK TRUST COMPANY DELAWARE, 
 AS OWNER TRUSTEE, 

DATED AS OF MAY 27, 2010 
  

 

 TABLE OF CONTENTS 

 

					
	 	  	Page
	 ARTICLE I DEFINITIONS
	  	1
	             SECTION 1.1
	 	Definitions	  	1
		
	 ARTICLE II ORGANIZATION
	  	1
	             SECTION 2.1
	 	Name	  	1
	             SECTION 2.2
	 	Office	  	1
	             SECTION 2.3
	 	Purposes and Powers	  	1
	             SECTION 2.4
	 	Appointment of Owner Trustee	  	2
	             SECTION 2.5
	 	Initial Capital Contribution of Owner Trust Estate	  	2
	             SECTION 2.6
	 	Declaration of Trust	  	2
	             SECTION 2.7
	 	Liability of the Certificateholders	  	3
	             SECTION 2.8
	 	Title to Trust Property	  	3
	             SECTION 2.9
	 	Situs of Trust	  	3
	             SECTION 2.10
	 	Representations and Warranties of the Seller	  	3
		
	 ARTICLE III THE CERTIFICATES
	  	4
	             SECTION 3.1
	 	Initial Beneficial Ownership	  	4
	             SECTION 3.2
	 	Form of the Certificates	  	5
	             SECTION 3.3
	 	Execution, Authentication and Delivery	  	5
	             SECTION 3.4
	 	Registration; Registration of Transfer and Exchange of Certificates	  	5
	             SECTION 3.5
	 	Mutilated, Destroyed, Lost or Stolen Certificates	  	7
	             SECTION 3.6
	 	Persons Deemed Certificateholders	  	8
	             SECTION 3.7
	 	Access to List of Certificateholders’ Names and Addresses	  	8
	             SECTION 3.8
	 	Maintenance of Corporate Trust Office	  	8
	             SECTION 3.9
	 	Appointment of Paying Agent	  	8
	             SECTION 3.10
	 	Seller as Certificateholder	  	9
		
	 ARTICLE IV ACTIONS BY OWNER TRUSTEE
	  	9
	             SECTION 4.1
	 	Prior Notice to Certificateholders with Respect to Certain Matters	  	9
	             SECTION 4.2
	 	Action by Certificateholders with Respect to Certain Matters	  	9
	             SECTION 4.3
	 	Action by Certificateholders with Respect to Bankruptcy	  	10
	             SECTION 4.4
	 	Restrictions on Certificateholders’ Power	  	10
	             SECTION 4.5
	 	Majority Control	  	10
		
	 ARTICLE V APPLICATION OF TRUST FUNDS; CERTAIN DUTIES
	  	10
	             SECTION 5.1
	 	Establishment of Certificate Distribution Account	  	10
	             SECTION 5.2
	 	Application of Trust Funds	  	11
	             SECTION 5.3
	 	Method of Payment	  	12
	             SECTION 5.4
	 	Accounting and Reports to the Certificateholders, the Internal Revenue Service and Others	  	12
	             SECTION 5.5
	 	Signature on Returns	  	12

  

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	 ARTICLE VI THE OWNER TRUSTEE
	  	12
	             SECTION 6.1
	 	Duties of Owner Trustee	  	12
	             SECTION 6.2
	 	Authority of Owner Trustee	  	13
	             SECTION 6.3
	 	Acceptance of Trusts and Duties	  	14
	             SECTION 6.4
	 	Action upon Instruction by Certificateholders	  	15
	             SECTION 6.5
	 	Furnishing of Documents	  	16
	             SECTION 6.6
	 	Representations and Warranties of Owner Trustee	  	16
	             SECTION 6.7
	 	Reliance; Advice of Counsel	  	17
	             SECTION 6.8
	 	Owner Trustee May Own Certificates and Notes	  	17
	             SECTION 6.9
	 	Compensation and Indemnity	  	17
	             SECTION 6.10
	 	Replacement of Owner Trustee	  	18
	             SECTION 6.11
	 	Merger or Consolidation of Owner Trustee	  	19
	             SECTION 6.12
	 	Appointment of Co-Trustee or Separate Trustee	  	19
	             SECTION 6.13
	 	Eligibility Requirements for Owner Trustee	  	20
		
	 ARTICLE VII TERMINATION OF TRUST AGREEMENT
	  	21
	             SECTION 7.1
	 	Termination of Trust Agreement	  	21
		
	 ARTICLE VIII AMENDMENTS
	  	22
	             SECTION 8.1
	 	Amendments Without Consent of Certificateholders or Noteholders	  	22
	             SECTION 8.2
	 	Amendments With Consent of Certificateholders and Noteholders	  	22
	             SECTION 8.3
	 	Form of Amendments	  	23
		
	 ARTICLE IX MISCELLANEOUS
	  	24
	             SECTION 9.1
	 	No Legal Title to Owner Trust Estate	  	24
	             SECTION 9.2
	 	Limitations on Rights of Others	  	24
	             SECTION 9.3
	 	Notices	  	24
	             SECTION 9.4
	 	Severability	  	24
	             SECTION 9.5
	 	Counterparts	  	24
	             SECTION 9.6
	 	Successors and Assigns	  	24
	             SECTION 9.7
	 	No Petition Covenant	  	24
	             SECTION 9.8
	 	No Recourse	  	25
	             SECTION 9.9
	 	Headings	  	25
	             SECTION 9.10
	 	Governing Law	  	25
	             SECTION 9.11
	 	Administrator	  	26
	             SECTION 9.12
	 	Amended and Restated Trust Agreement	  	26
	             SECTION 9.13
	 	Tax Treatment	  	26
			
	 EXHIBIT A
	 	Form of Certificate	  	
	 EXHIBIT B
	 	Form of Certificate of Trust	  	

  

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 TRUST AGREEMENT 

TRUST AGREEMENT, dated as of May 27, 2010, among Navistar Financial Retail Receivables Corporation, a Delaware corporation, as
Seller, and Deutsche Bank Trust Company Delaware, a Delaware banking corporation, as Owner Trustee. 
 WHEREAS, the Seller and
the Owner Trustee desire to amend and restate the original Trust Agreement, dated as of September 8, 2008, as amended on March 26, 2009, and as further amended on December 29, 2009, in its entirety. 

The Seller, the Owner Trustee and the Paying Agent hereby agree as follows: 

ARTICLE I 

DEFINITIONS 

SECTION 1.1 Definitions. Certain capitalized terms used in this Agreement shall have the respective meanings assigned to them in
Part I of Appendix A to the Pooling Agreement of even date herewith, between the Seller and the Trust (as it may be amended, supplemented or modified from time to time, the “Pooling Agreement”). All references herein to “the
Agreement” or “this Agreement” are to this Trust Agreement as it may be amended, supplemented or modified from time to time, the Exhibits hereto and the capitalized terms used herein which are defined in such Appendix A, and all
references herein to Articles, Sections and subsections are to Articles, Sections and subsections of this Agreement unless otherwise specified. The rules of construction set forth in Part II of such Appendix A shall be applicable to this Agreement.

 ARTICLE II 

ORGANIZATION 

SECTION 2.1 Name. The Trust continued hereby shall be known as “Navistar Financial 2010-A Owner Trust” in which name the
Owner Trustee may conduct the business of the Trust, make and execute contracts and other instruments on behalf of the Trust and the Trust may sue and be sued. 

SECTION 2.2 Office. The office of the Trust shall be in care of the Owner Trustee at the Corporate Trust Office of the Owner
Trustee or at such other address in Delaware as the Owner Trustee may designate by written notice to the Certificateholders and the Seller. 

SECTION 2.3 Purposes and Powers. The purpose of the Trust is, and the Trust shall have the power and authority, and is authorized,
to engage in the following activities: 
 (a) to acquire, manage and hold the Receivables and the Related Security, 

(b) to issue the Notes pursuant to the Indenture and the Certificates pursuant to this Agreement, and to sell, transfer or exchange the
Notes and to transfer and exchange the Certificates, 

 (c) to acquire property and assets from the Seller pursuant to the Pooling Agreement, to
make payments or distributions on the Securities to the Securityholders, to make deposits into and withdrawals from accounts established pursuant to the Basic Documents and to pay the organizational, start-up and transactional expenses of the Trust,

 (d) to assign, grant, transfer, pledge, mortgage and convey the Owner Trust Estate pursuant to the terms of the Indenture and
to hold, manage and distribute to the Certificateholders pursuant to the terms of this Agreement, the Pooling Agreement and the Servicing Agreement any portion of the Owner Trust Estate released from the lien of, and remitted to the Trust pursuant
to, the Indenture, 
 (e) to enter into and perform its obligations and exercise its rights under the Basic Documents to which
it is to be a party, including appointing the Servicer or, as provided in the Servicing Agreement and Backup Servicing Agreement, the Backup Servicer to service the Receivables, 

(f) to engage in those activities, including entering into agreements, that are necessary, suitable, desirable or convenient to
accomplish the foregoing or are incidental thereto or connected therewith, and 
 (g) subject to compliance with the Basic
Documents, to engage in such other activities as may be required in connection with conservation of the Owner Trust Estate and the making of payments or distributions to the Securityholders. 

The Trust shall not engage in any activity other than in connection with the foregoing or other than as required or authorized by the terms of this
Agreement or the other Basic Documents. 
 SECTION 2.4 Appointment of Owner Trustee. The Seller hereby appoints Deutsche
Bank Trust Company Delaware as trustee of the Trust (the “Owner Trustee”) effective as of the date hereof, to have all the rights, powers and duties set forth herein. 

SECTION 2.5 Initial Capital Contribution of Owner Trust Estate. The Seller hereby sells, assigns and transfers to the Trust, and
conveys and sets over to the Owner Trustee, on behalf of the Trust, as of the date hereof, the sum of $1.00. The Owner Trustee hereby acknowledges receipt in trust from the Seller, as of the date hereof, of the foregoing contribution, which shall
constitute the initial Owner Trust Estate and shall be deposited in the Certificate Distribution Account. The Seller shall pay organizational expenses of the Trust as they may arise or shall, upon the request of the Owner Trustee, promptly reimburse
the Owner Trustee for any such expenses paid by the Owner Trustee. 
 SECTION 2.6 Declaration of Trust. The Owner Trustee
hereby declares that it shall hold the Owner Trust Estate in trust upon and subject to the conditions and obligations set forth herein, in the Pooling Agreement and in the Servicing Agreement for the use and benefit of the Certificateholders,
subject to the obligations of the Trust under the Basic Documents. It is the intention of the parties hereto that the Trust constitute a statutory trust under the Statutory Trust Statute, that this Agreement constitute the governing instrument of
such statutory trust and that the Certificates represent the beneficial interests therein. The rights of the Certificateholders shall be determined as set forth herein and in the Statutory Trust Statute and the relationship 

 

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between the parties hereto created by this Agreement shall not constitute indebtedness for any purpose. It is the intention of the parties hereto that, solely for purposes of federal income
taxes, state and local income and franchise taxes, and any other taxes imposed upon, measured by, or based upon gross or net income, the Trust shall be treated as a division or branch of the Seller; provided that, if the Certificates are
owned by more than one Person, the parties agree to treat the Trust as a partnership for federal income tax purposes. The parties agree that, unless otherwise required by appropriate tax authorities, the Trust shall file or cause to be filed annual
or other necessary returns, reports and other forms consistent with such characterization of the Trust for tax purposes; provided, however, that until the Seller receives a ruling from the Illinois Department of Revenue or an opinion
of counsel reasonably acceptable to the Trust and the Administrator that the Trust will be treated as a branch or division of the Seller for purposes of the Illinois Income Tax Act and the Illinois Personal Property Tax Replacement Tax Act, for
purposes of the Illinois Income Tax Act and the Illinois Personal Property Tax Replacement Tax Act, the Seller will (A) include the taxable income of the Trust in the combined tax return filed by the combined group that includes the Seller,
(B) take all steps necessary to treat the Trust as a member of the same combined group of which the Seller is a member, and (C) provide information to the Trust and the Adminsitrator to confirm that the actions required by clauses
(A) and (B) of this Section 6.05 have been effected. Effective as of the date hereof, the Owner Trustee and (solely to the extent set forth in the Administration Agreement) the Administrator shall have all rights, powers
and duties set forth in this Agreement, the Pooling Agreement, the Servicing Agreement and the Statutory Trust Statute with respect to accomplishing the purposes of the Trust subject to the terms and conditions of the Basic Documents. 

SECTION 2.7 Liability of the Certificateholders. No Certificateholder shall have any personal liability for any liability or
obligation of the Trust. 
 SECTION 2.8 Title to Trust Property. Legal title to all the Owner Trust Estate shall be
vested at all times in the Trust as a separate legal entity, except where applicable law in any jurisdiction requires title to any part of the Owner Trust Estate to be vested in a trustee or trustees, in which case title shall be deemed to be vested
in the Owner Trustee, a co-trustee and/or other trustees, as the case may be. 
 SECTION 2.9 Situs of Trust. The Trust
shall be located and administered in the State of Delaware. All bank accounts maintained by the Trust or the Owner Trustee on behalf of the Trust or for the benefit of the Certificateholders shall be located in the State of Delaware or the State of
New York. The Trust shall not have any employees in any state other than Delaware; provided, however, that nothing herein shall restrict or prohibit the Owner Trustee from having employees within or without the State of Delaware.
Payments shall be received by the Trust only in Delaware or New York, and payments and distributions shall be made by the Trust only from Delaware or New York. The only office of the Trust shall be the Corporate Trust Office of the Owner Trustee in
Delaware. 
 SECTION 2.10 Representations and Warranties of the Seller. The Seller hereby represents and warrants to the
Owner Trustee that: 
 (a) The Seller has been duly organized and is validly existing as a corporation in good standing under
the laws of the State of Delaware, with power and authority to own its properties and to conduct its business as such properties are presently owned and such business is presently conducted and had at all relevant times, and now has, power,
authority and legal right to acquire and own the Receivables. 
  

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

(c) The Seller has the power and authority to execute and deliver this Agreement and to carry out its terms, the Seller has full power
and authority to sell and assign the property to be sold and assigned to and deposited with the Trust, and the Seller has duly authorized such sale and assignment to the Trust by all necessary corporate action, and the execution, delivery and
performance of this Agreement have been duly authorized by the Seller by all necessary corporate action. 
 (d) The consummation
of the transactions contemplated by this Agreement and the fulfillment of the terms of this Agreement do not conflict with, result in any breach of any of the terms and provisions of or constitute (with or without notice or lapse of time) a default
under, the certificate of incorporation or by-laws of the Seller, or any indenture, agreement or other instrument to which the Seller is a party or by which it is bound, or result in the creation or imposition of any Lien upon any of its properties
pursuant to the terms of any such indenture, agreement or other instrument (other than pursuant to the Basic Documents), or violate any law or, to the Seller’s knowledge, any order, rule or regulation applicable to the Seller of any court or of
any federal or state regulatory body, administrative agency or other governmental instrumentality having jurisdiction over the Seller or any of its properties. 

(e) This Agreement, when duly executed and delivered, shall constitute a legal, valid and binding obligation of the Seller enforceable in
accordance with its terms, except as enforceability may be limited by bankruptcy, insolvency, reorganization or other similar laws affecting the enforcement of creditors’ rights in general and by general principles of equity, regardless of
whether such enforceability is considered in a proceeding in equity or at law. 
 (f) There are no proceedings or, to the
Seller’s knowledge, investigations pending or, to the Seller’s knowledge, threatened before any court, regulatory body, administrative agency or other tribunal or governmental instrumentality having jurisdiction over the Seller or its
properties (i) asserting the invalidity of this Agreement or any Certificates issued pursuant hereto or, (ii) seeking to prevent the issuance of such Certificates or the consummation of any of the transactions contemplated by this
Agreement, or (iii) seeking any determination or ruling that might materially and adversely affect the performance by the Seller of its obligations under, or the validity or enforceability of, such Certificates or this Agreement. 

ARTICLE III 

THE CERTIFICATES 

SECTION 3.1 Initial Beneficial Ownership. Upon the formation of the Trust by the contribution by the Seller pursuant to
Section 2.5 and until the issuance of the Certificates, the Seller shall be the sole beneficiary of the Trust. 
  

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 SECTION 3.2 Form of the Certificates. 

(a) The Certificates (evidencing ownership of a beneficial interest in the Trust) shall be substantially in the form set forth in
Exhibit A. The Certificates shall be executed on behalf of the Trust by manual or facsimile signature of a Responsible Officer of the Owner Trustee. Certificates bearing the manual or facsimile signatures of individuals who were, at the
time when such signatures shall have been affixed, authorized to sign on behalf of the Trust, shall be, when authenticated pursuant to Section 3.3, validly issued and entitled to the benefits of this Agreement, notwithstanding that such
individuals or any of them shall have ceased to be so authorized prior to the authentication and delivery of such Certificates or did not hold such offices at the date of authentication and delivery of such Certificates. 

(b) The Certificates shall be typewritten, printed, lithographed or engraved or produced by any combination of these methods (with or
without steel engraved borders) all as determined by the officers executing such Certificates, as evidenced by their execution of such Certificates. 

(c) The Certificates shall be issued in fully-registered form and shall be in definitive form only. The terms of the Certificates
set forth in Exhibit A shall form part of this Agreement. 
 SECTION 3.3 Execution, Authentication and
Delivery. Concurrently with the sale of the Receivables to the Trust pursuant to the Pooling Agreement, the Owner Trustee shall cause the Certificates to be executed on behalf of the Trust, and to be authenticated and delivered to or upon the
written order of the Seller, signed by its chairman of the board, its president or any vice president, without further corporate action by the Seller, in authorized denominations. No Certificate shall entitle its holder to any benefit under this
Agreement, or shall be valid for any purpose, unless there shall appear on such Certificate a certificate of authentication substantially in the form set forth in Exhibit A, executed by the Owner Trustee or by the Person appointed from
time to time as the Owner Trustee’s authenticating agent hereunder (the “Authenticating Agent”) by manual signature. The Owner Trustee hereby appoints Citibank, N.A. as the initial Authenticating Agent. Such authentication
shall constitute conclusive evidence that such Certificate shall have been duly authenticated and delivered hereunder. All Certificates shall be dated the date of their authentication. 

SECTION 3.4 Registration; Registration of Transfer and Exchange of Certificates. 

(a) The Certificate Registrar shall keep or cause to be kept, at the office or agency maintained pursuant to Section 3.8, a
Certificate Register in which, subject to such reasonable regulations as it may prescribe, the Owner Trustee shall provide for the registration of Certificates and of transfers and exchanges of Certificates as provided herein. The Certificate
Registrar shall be appointed by and may be removed by the Owner Trustee. Citibank, N.A. is hereby appointed as the initial Certificate Registrar. Upon any resignation of a Certificate Registrar, the Owner Trustee shall promptly appoint a successor
or, if it elects not to make such an appointment, assume the duties of Certificate Registrar. 
 (b) A Certificateholder may at
any time, without consent of the Noteholders, sell, transfer, convey or assign in any manner its rights to and interests in the Certificates 

 

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(including its right to distributions from the Reserve Account pursuant to Section 8.10(b) of the Indenture), provided that: (i) such action will not result in a reduction or
withdrawal of the rating of any class of Notes, (ii) the Certificateholder provides to the Owner Trustee and the Indenture Trustee an opinion of independent counsel that such action will not cause the Trust to be treated as an
association (or publicly traded partnership) taxable as a corporation for federal income tax purposes, (iii) such transferee or assignee agrees to take positions for tax purposes consistent with the tax positions agreed to be taken by the
Certificateholder, and (iv) the conditions set forth in Section 3.4(g) have been satisfied. No Certificate may be subdivided upon transfer or exchange in a manner such that the resulting Certificate represents less than a 2.00%
fractional undivided interest in the Trust (or such other amount as the Seller may determine in order to prevent the Trust from being treated as a “publicly traded partnership” under Section 7704 of the Code, but in no event less than
a 1.00% fractional undivided interest in the Trust). For the avoidance of doubt, any transfer of a Certificate by a Certificateholder other than the initial Certificateholder also must comply with the foregoing proviso. In addition, no transfer of a
Certificate shall be registered unless the transferee shall have provided to the Owner Trustee and the Certificate Registrar an opinion of counsel that in connection with such transfer no registration of the Certificates is required under the
Securities Act or applicable state law or that such transfer is otherwise being made in accordance with all applicable federal and state securities laws. 

(c) Subject to Section 3.4(b), upon surrender for registration of transfer of any Certificate at the office or agency
maintained pursuant to Section 3.8, the Owner Trustee shall execute on behalf of the Trust, authenticate and deliver (or shall cause its Authenticating Agent to authenticate and deliver), in the name of the designated transferee or
transferees, one or more new Certificates in authorized denominations of a like aggregate amount dated the date of authentication by the Owner Trustee or any authenticating agent. 

(d) At the option of a Holder, Certificates may be exchanged for other Certificates of a like aggregate percentage interest upon
surrender of the Certificates to be exchanged at the Corporate Trust Office or the office or agency maintained pursuant to Section 3.8. Whenever any Certificates are so surrendered for exchange, the Owner Trustee shall execute on behalf
of the Trust, authenticate and deliver (or shall cause its Authenticating Agent to authenticate and deliver) one or more Certificates dated the date of authentication by the Owner Trustee or any Authenticating Agent. Such Certificates shall be
delivered to the Holder making the exchange. 
 (e) Every Certificate presented or surrendered for registration of transfer or
exchange shall be accompanied by a written instrument of transfer in form satisfactory to the Owner Trustee and the Certificate Registrar duly executed by the Holder or his attorney duly authorized in writing. Each Certificate surrendered for
registration of transfer or exchange shall be canceled and subsequently destroyed or otherwise disposed of by the Owner Trustee or Certificate Registrar in accordance with its customary practice. 

(f) No service charge shall be made for any registration of transfer or exchange of Certificates, but the Owner Trustee or the
Certificate Registrar may require payment of a sum sufficient to cover any tax or governmental charge that may be imposed in connection with any transfer or exchange of Certificates. 

 

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 (g) The Certificates may not be acquired by or for the account of a Benefit Plan. By
accepting and holding a Certificate, the Holder thereof shall be deemed to have represented and warranted that it is not a Benefit Plan. 

SECTION 3.5 Mutilated, Destroyed, Lost or Stolen Certificates. 

(a) If (i) any mutilated Certificate is surrendered to the Certificate Registrar, or the Certificate Registrar receives evidence to
its satisfaction of the destruction, loss or theft of any Certificate, and (ii) there is delivered to the Certificate Registrar, the Owner Trustee and the Trust, such security or indemnity as may be required by them to hold each of them
harmless, then, in the absence of notice to the Certificate Registrar, the Owner Trustee or the Trust that such Certificate has been acquired by a protected purchaser, the Owner Trustee shall execute on behalf of the Trust and the Owner Trustee
shall authenticate and deliver (or shall cause its Authenticating Agent to authenticate and deliver), in exchange for or in lieu of any such mutilated, destroyed, lost or stolen Certificate, a replacement Certificate in authorized denominations of a
like amount; provided, however, that if any such destroyed, lost or stolen Certificate, but not a mutilated Certificate, shall have become or within seven days shall be due and payable, then instead of issuing a replacement Certificate
the Owner Trustee on behalf of the Trust may pay such destroyed, lost or stolen Certificate when so due or payable. 
 (b) If,
after the delivery of a replacement Certificate or distribution in respect of a destroyed, lost or stolen Certificate pursuant to Section 3.5(a), a protected purchaser of the original Certificate in lieu of which such replacement
Certificate was issued presents for payment such original Certificate, the Owner Trustee on behalf of the Trust shall be entitled to recover such replacement Certificate (or such distribution) from the Person to whom it was delivered or any Person
taking such replacement Certificate from such Person to whom such replacement Certificate was delivered or any assignee of such Person, except a protected purchaser, and shall be entitled to recover upon the security or indemnity provided therefor
to the extent of any loss, damage, cost or expense incurred by the Trust or the Owner Trustee in connection therewith. 
 (c) In
connection with the issuance of any replacement Certificate under this Section 3.5, the Owner Trustee on behalf of the Trust may require the payment by the Holder of such Certificate of a sum sufficient to cover any tax or other
governmental charge that may be imposed in relation thereto and any other reasonable expenses (including the fees and expenses of the Trust, the Owner Trustee and the Certificate Registrar) connected therewith. 

(d) Any duplicate Certificate issued pursuant to this Section 3.5 in replacement of any mutilated, destroyed, lost or stolen
Certificate shall constitute an original additional contractual obligation of the Trust, whether or not the mutilated, destroyed, lost or stolen Certificate shall be found at any time or be enforced by anyone, and shall be entitled to all the
benefits of this Agreement equally and proportionately with any and all other Certificates duly issued hereunder. 
 (e) The
provisions of this Section 3.5 are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated, destroyed, lost or stolen Certificates. 

 

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 SECTION 3.6 Persons Deemed Certificateholders. Prior to due presentation of a
Certificate for registration of transfer, the Owner Trustee or the Certificate Registrar may treat the Person in whose name any Certificate shall be registered in the Certificate Register as the Certificateholder of such Certificate for the purpose
of receiving distributions pursuant to Article V and for all other purposes whatsoever, and neither the Owner Trustee nor the Certificate Registrar shall be bound by any notice to the contrary. 

SECTION 3.7 Access to List of Certificateholders’ Names and Addresses. The Owner Trustee shall furnish or cause to be
furnished to the Servicer and the Seller, within 15 days after receipt by the Owner Trustee of a request therefor from the Servicer or the Seller in writing, a list, in such form as the Servicer or the Seller may reasonably require, of the names and
addresses of the Certificateholders as of the most recent Record Date. Each Holder, by receiving and holding a Certificate, shall be deemed to have agreed not to hold any of the Servicer, the Seller, the Trust or the Owner Trustee accountable by
reason of the disclosure of its name and address, regardless of the source from which such information was derived. 
 SECTION
3.8 Maintenance of Corporate Trust Office. The Trust shall maintain in the Borough of Manhattan, the City of New York, an office or offices or agency or agencies where Certificates may be surrendered for registration of transfer or exchange
and where notices and demands to or upon the Trust in respect of the Certificates and the Basic Documents may be served. The Trust initially designates the offices of the Certificate Registrar at Citibank, N.A., 111 Wall Street, 15th Floor, New
York, NY 10005, as its principal office for such purposes. The Owner Trustee shall give prompt written notice to the Seller and to the Certificateholders of any change in the location of the Certificate Register or any such office or agency.

 SECTION 3.9 Appointment of Paying Agent. The Paying Agent shall make distributions to Certificateholders from the
Certificate Distribution Account pursuant to Section 5.2. Any Paying Agent shall have the revocable power to withdraw funds from the Certificate Distribution Account for the purpose of making the distributions referred to above. The
Owner Trustee may appoint and may revoke such power and remove the Paying Agent if the Owner Trustee determines in its sole discretion that the Paying Agent shall have failed to perform its obligations under this Agreement in any material respect.
Citibank, N.A. is hereby appointed as the initial Paying Agent. The Paying Agent shall be permitted to resign as Paying Agent upon 30 days’ written notice to the Owner Trustee. If the Paying Agent shall resign or be removed, the Owner Trustee
shall appoint a successor to act as Paying Agent (which shall be a bank or trust company). The Owner Trustee shall cause such successor Paying Agent or any additional Paying Agent appointed by the Owner Trustee to execute and deliver to the Owner
Trustee an instrument in which such successor Paying Agent or additional Paying Agent shall agree with the Owner Trustee that as Paying Agent, such successor Paying Agent or additional Paying Agent shall hold all sums, if any, held by it for
distribution to the Certificateholders in trust for the benefit of the Certificateholders entitled thereto until such sums shall be paid to such Certificateholders. The Paying Agent shall return all unclaimed funds to the Trust and upon removal of a
Paying Agent such Paying Agent shall also return all funds in its possession to the Trust. Any reference in this Agreement to the Paying Agent shall include any co-paying agent unless the context requires otherwise. 

 

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 SECTION 3.10 Seller as Certificateholder. The Seller in its individual or any other
capacity may become the owner or pledgee of Certificates and may otherwise deal with the Owner Trustee or its Affiliates as if it were not the Seller. 

ARTICLE IV 

ACTIONS BY OWNER TRUSTEE 

SECTION 4.1 Prior Notice to Certificateholders with Respect to Certain Matters. The Owner Trustee shall not take action with
respect to the following matters, unless (i) the Owner Trustee shall have notified the Certificateholders in writing of the proposed action at least 30 days before the taking of such action and (ii) the Certificateholders shall not
have notified the Owner Trustee in writing prior to the 30th day after such notice is given that such Certificateholders have withheld consent or provided alternative direction: 

(a) the initiation of any claim or lawsuit by the Trust (other than an action to collect on a Receivable or an action by the Indenture
Trustee pursuant to the Indenture) and the compromise of any action, claim or lawsuit brought by or against the Trust (other than an action to collect on a Receivable or an action by the Indenture Trustee pursuant to the Indenture); 

(b) the amendment of the Indenture by a supplemental indenture in circumstances where the consent of any Noteholder is required;

 (c) the amendment of the Indenture by a supplemental indenture in circumstances where the consent of any Noteholder is not
required and such amendment materially adversely affects the interests of the Certificateholders; 
 (d) the amendment, change
or modification of the Administration Agreement, except to cure any ambiguity or to amend or supplement any provision in a manner that would not materially adversely affect the interests of the Certificateholders; 

(e) the appointment pursuant to the Indenture of a successor Note Registrar, Paying Agent or Indenture Trustee or pursuant to this
Agreement of a successor Certificate Registrar, Authenticating Agent or Paying Agent, or the consent to the assignment by the Note Registrar, Authenticating Agent, Paying Agent or Indenture Trustee or Certificate Registrar of its obligations under
the Indenture or this Agreement, as applicable; 
 (f) the amendment of the Pooling Agreement or the Servicing Agreement in
circumstances where the consent of any Noteholder is required; or 
 (g) the election by the Trust to file an amendment to the
Certificate of Trust, a form copy of which is attached hereto as Exhibit B, except as permitted or required by the terms of any Basic Document. 

SECTION 4.2 Action by Certificateholders with Respect to Certain Matters. The Owner Trustee shall not have the power, except upon
the written direction of the Certificateholders, to (a) remove the Administrator under the Administration Agreement pursuant to Section 10 thereof, (b) appoint a successor Administrator pursuant to Section 10 of the
Administration Agreement, (c) remove the Servicer under the Servicing Agreement pursuant to Section 7.02 
  

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thereof, or (d) except as expressly provided in the Basic Documents, sell the Receivables or any interest therein after the termination of the Indenture. The Owner Trustee shall take the
actions referred to in the preceding sentence only upon written instructions signed by the Certificateholders. 
 SECTION 4.3
Action by Certificateholders with Respect to Bankruptcy. Neither the Trust nor the Owner Trustee shall have the power to commence a voluntary proceeding in bankruptcy relating to the Trust without the unanimous prior approval of all Holders
of Certificates (including the unanimous approval of the board of directors of the Seller). 
 SECTION 4.4 Restrictions on
Certificateholders’ Power. The Certificateholders shall not direct the Owner Trustee to take or refrain from taking any action if such action or inaction would be contrary to any obligation of the Trust or the Owner Trustee under this
Agreement or any of the Basic Documents or would be contrary to Section 2.3, nor shall the Owner Trustee be obligated to follow any such direction, if given. 

SECTION 4.5 Majority Control. Except as expressly provided herein, any action that may be taken or consent that may be given or
withheld by the Certificateholders under this Agreement shall be effective if such action is taken or such consent is given or withheld by the Holders of a majority of the ownership interest in the Trust outstanding as of the close of the preceding
Distribution Date. Except as expressly provided herein, any written notice, instruction, direction or other document of the Certificateholders delivered pursuant to this Agreement shall be effective if signed by Holders of Certificates evidencing
not less than a majority of the ownership interest in the Trust at the time of the delivery of such notice. 
 ARTICLE V 

 APPLICATION OF TRUST FUNDS; CERTAIN DUTIES 

SECTION 5.1 Establishment of Certificate Distribution Account. 

(a) The Seller shall cause the Servicer, for the benefit of the Certificateholders, to establish and maintain at Citibank, N.A. in the
name of the Trust an Eligible Deposit Account known as the Navistar Financial 2010-A Owner Trust Certificate Distribution Account (the “Certificate Distribution Account”), bearing an additional designation clearly indicating that
the funds deposited therein are held for the benefit of the Certificateholders. 
 (b) The Trust, for the benefit of the
Certificateholders, shall possess all right, title and interest in and to all funds on deposit from time to time in the Certificate Distribution Account and in all proceeds thereof. Except as otherwise provided herein or in the Pooling Agreement or
the Servicing Agreement, the Certificate Distribution Account shall be under the sole dominion and control of the Paying Agent for the benefit of the Certificateholders. If, at any time, the Certificate Distribution Account ceases to be an Eligible
Deposit Account, the Seller shall cause the Servicer within 10 Business Days (or such longer period, not to exceed 30 calendar days, as to which the Certificateholders may consent) to establish a new Certificate Distribution Account as an Eligible
Deposit Account and shall cause the Paying Agent to transfer any cash and/or any investments in the old Certificate Distribution Account to such new Certificate Distribution Account. 

 

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 SECTION 5.2 Application of Trust Funds. 

(a) On each Distribution Date, the Paying Agent shall (based solely on the information contained in the Servicer’s Certificate
delivered on the related Determination Date) distribute to the Certificateholders, on a pro rata basis, amounts on deposit in the Certificate Distribution Account. 

(b) On each Distribution Date, the Paying Agent shall make available, in accordance with Section 8.8(d) of the Indenture (or shall
cause to be sent), to each Certificateholder the statement described in Section 2.17(a) of the Servicing Agreement. 
 (c)
If any withholding tax is imposed on distributions of the Owner Trust Estate (or allocations of income) to a Certificateholder, such tax shall reduce the amount otherwise distributable to the Certificateholder in accordance with this
Section 5.2. The Paying Agent is hereby authorized and directed to retain from amounts otherwise distributable to the Certificateholders sufficient funds for the payment of any withholding tax that is legally owed by the Trust in respect
of any distribution (but such authorization shall not prevent the Owner Trustee from contesting any such tax in appropriate proceedings and withholding payment of such tax, if permitted by law, pending the outcome of such proceedings). The amount of
any withholding tax imposed with respect to a Certificateholder shall be treated as cash distributed to such Certificateholder at the time it is withheld by the Trust and remitted to the appropriate taxing authority. If there is a possibility that
withholding tax is payable with respect to a distribution (such as a distribution to a non-U.S. Certificateholder), the Paying Agent is hereby authorized and directed to withhold such amounts in accordance with this Section 5.2(c);
provided that the Paying Agent shall withhold, and shall not exercise any discretion not to withhold, in the circumstances described in Section 5.2(e). If a Certificateholder wishes to apply for a refund of any such withholding tax, the
Owner Trustee and the Paying Agent shall reasonably cooperate with such Certificateholder in making such claim so long as such Certificateholder agrees to reimburse the Trust, the Owner Trustee and the Paying Agent for any out-of-pocket expenses
incurred. 
 (d) If the Indenture Trustee holds escheated funds for payment to the Trust pursuant to Section 3.3(e) of the
Indenture, the Owner Trustee shall, upon notice from the Indenture Trustee that such funds exist, submit on behalf of the Trust an Issuer Order to the Indenture Trustee pursuant to Section 3.3(e) of the Indenture instructing the Indenture
Trustee to pay such funds pro rata to or at the order of the Certificateholders. 
 (e) Each Certificateholder shall be required
to deliver to the Paying Agent either (i) an IRS Form W-9 evidencing its status as a United States person for U.S. federal income tax purposes, (ii) an IRS Form W-8ECI indicating that such Certificateholder’s share of income from the
Issuer is “effectively connected” income, or (iii) except in the case of a Certificateholder who is the sole Certificateholder, an IRS Form W-8BEN claiming treaty benefits and indicating such Certificateholder’s entitlement to a
complete exemption from withholding tax with respect to such income under an applicable income tax treaty; further, each such Certificateholder shall deliver such documentation prior to the expiration or obsolescence of any prior documentation. In
the case of clauses (ii) and (iii) in this Section 5.2(e), the Paying Agent agrees that it will withhold U.S. federal income tax from a Certificateholder’s share of income pursuant to Code section 1446 as if the
Issuer were engaged in a trade or business within 
  

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the United States, it being understood that in the case of clause (iii) in this Section 5.2(e), such withholding is protective in nature and is intended to protect the
Issuer from possible adverse consequences of a failure to withhold. 
 SECTION 5.3 Method of Payment. Subject to
Section 7.1(c), distributions required to be made to Certificateholders on any Distribution Date shall be made to each Certificateholder of record on the related Record Date (i) by wire transfer, in immediately available funds, to
the account of such Certificateholder at a bank or other entity having appropriate facilities therefor or, where possible, by intra-bank book entry credit, if such Certificateholder shall have provided to the Certificate Registrar appropriate
written instructions at least five Business Days prior to such Record Date and the distribution required to be made to such Certificateholders exceeds $100,000, or (ii) by check mailed to such Certificateholder at the address of such
Certificateholder appearing in the Certificate Register. 
 SECTION 5.4 Accounting and Reports to the Certificateholders, the
Internal Revenue Service and Others. The Trust shall maintain (or cause to be maintained) the books of the Trust on the basis of a fiscal year ending October 31 on the accrual method of accounting, deliver to each Certificateholder, as may
be required by the Code and applicable Treasury Regulations or otherwise, such information as may be required to enable each Certificateholder to prepare its federal income tax returns, file such tax returns relating to the Trust and make such
elections as may from time to time be required or appropriate under any applicable state or federal statute or rule or regulation thereunder so as to maintain the Trust’s characterization as a division or branch of the Seller for federal income
tax purposes, cause such tax returns to be signed in the manner required by law and collect or cause to be collected any withholding tax as described in and in accordance with Section 5.2(c) with respect to income or distributions to
Certificateholders. 
 SECTION 5.5 Signature on Returns. The Administrator shall sign on behalf of the Trust any and all
tax returns of the Trust as directed by the Seller, unless applicable law requires a Certificateholder to sign such documents, in which case such documents shall be signed by the Seller. 

ARTICLE VI 

THE OWNER TRUSTEE 

SECTION 6.1 Duties of Owner Trustee. 

(a) The Owner Trustee undertakes to perform such duties, and only such duties, as are specifically set forth in this Agreement, the
Pooling Agreement, the Servicing Agreement and the other Basic Documents, including the administration of the Trust in the interest of the Certificateholders, subject to the Basic Documents and in accordance with the provisions of this Agreement,
the Pooling Agreement and the Servicing Agreement. No implied covenants or obligations shall be read into this Agreement, the Pooling Agreement, the Servicing Agreement or any other Basic Document against the Owner Trustee. 

(b) Notwithstanding the foregoing, the Owner Trustee shall be deemed to have discharged its duties and responsibilities hereunder and
under the Basic Documents to the extent the Administrator has agreed in the Administration Agreement to perform any act or to discharge any duty of the Owner Trustee hereunder or under any Basic Document, and the Owner Trustee shall not be liable
for the default or failure of the Administrator to carry out its obligations under the Administration Agreement. 
  

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 (c) In the absence of bad faith on its part, the Owner Trustee may conclusively rely upon
certificates or opinions furnished to the Owner Trustee and conforming to the requirements of this Agreement in determining the truth of the statements and the correctness of the opinions contained therein; provided, however, that the
Owner Trustee shall have examined such certificates or opinions so as to determine compliance of the same with the requirements of this Agreement. 

(d) The Owner Trustee may not be relieved from liability for its own negligent action, its own negligent failure to act or its own
willful misconduct, except that: 
 (i) this Section 6.1(d) shall not limit the effect of
Section 6.1(a) or 6.1(b); 
 (ii) the Owner Trustee shall not be liable for any error of
judgment made in good faith by a Responsible Officer unless it is proved that the Owner Trustee was negligent in ascertaining the pertinent facts; and 

(iii) the Owner Trustee shall not be liable with respect to any action it takes or omits to take in good faith in
accordance with a direction received by it pursuant to Section 4.1, 4.2 or 6.4. 
 (e) Subject to
Sections 5.1 and 5.2, monies received by the Owner Trustee hereunder need not be segregated in any manner except to the extent required by law, the Pooling Agreement or the Servicing Agreement and may be deposited under such
general conditions as may be prescribed by law, and the Owner Trustee shall not be liable for any interest thereon. 
 (f) The
Owner Trustee shall not take any action that (i) is inconsistent with the purposes of the Trust set forth in Section 2.3 or (ii) would, to the actual knowledge of a Responsible Officer of the Owner Trustee, result in the Trust
becoming taxable as a corporation for federal income tax purposes. 
 (g) The Certificateholders shall not direct the Owner
Trustee to take action that would violate the provisions of this Section 6.1. 
 SECTION 6.2 Authority of Owner
Trustee. The Owner Trustee is authorized and directed to execute and deliver the Basic Documents and each certificate or other document attached as an exhibit to or contemplated by the Basic Documents to which the Trust is to be a party in such
form as the Seller shall approve as evidenced conclusively by the Owner Trustee’s execution thereof. In addition to the foregoing, the Owner Trustee is authorized, but shall not be obligated, to take all actions required of the Trust pursuant
to the Basic Documents. The Owner Trustee is further authorized from time to time to take such action as the Administrator recommends with respect to the Basic Documents. 
  

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 SECTION 6.3 Acceptance of Trusts and Duties. Except as otherwise provided in this
Article VI, in accepting the trusts hereby created, the Person executing this Agreement as Owner Trustee acts solely as Owner Trustee hereunder and not in its individual capacity and all Persons having any claim against the Owner Trustee by reason
of the transactions contemplated by this Agreement or any Basic Document shall look only to the Owner Trust Estate for payment or satisfaction thereof. The Owner Trustee accepts the trusts hereby created and agrees to perform its duties hereunder
with respect to such trusts but only upon the terms of this Agreement. The Owner Trustee also agrees to disburse all monies actually received by it constituting part of the Owner Trust Estate upon the terms of this Agreement. The Owner Trustee shall
not be liable or accountable hereunder or under any Basic Document under any circumstances, except for its own negligent action, its own negligent failure to act or its own willful misconduct or in the case of the inaccuracy of any representation or
warranty contained in Section 6.6 and expressly made by the Owner Trustee. In particular, but not by way of limitation (and subject to the exceptions set forth in the preceding sentence): 

(a) the Owner Trustee shall at no time have any responsibility or liability for or with respect to the legality, validity and
enforceability of any Receivable or the perfection and priority of any security interest created by any Receivable in any Financed Vehicle or the maintenance of any such perfection and priority, or for or with respect to the sufficiency of the Owner
Trust Estate or its ability to generate the distributions and payments to be made to Certificateholders under this Agreement or to Noteholders under the Indenture, including, without limitation: the existence, condition and ownership of any Financed
Vehicle; the existence and enforceability of any insurance thereon; the existence and contents of any Receivable on any computer or other record thereof; the validity of the assignment of any Receivable to the Trust or of any intervening assignment;
the completeness of any Receivable; the performance or enforcement of any Receivable; the compliance by the Seller or the Servicer with any warranty or representation made under any Basic Document or in any related document or the accuracy of any
such warranty or representation or any action of the Administrator, the Owner Trustee or the Servicer or any subservicer taken in the name of the Owner Trustee; 

(b) the Owner Trustee shall not be liable with respect to any action taken or omitted to be taken by it in accordance with the
instructions of the Administrator or any Certificateholder; 
 (c) no provision of this Agreement or any Basic Document shall
require the Owner Trustee to expend or risk funds or otherwise incur any financial liability in the performance of any of its rights or powers hereunder or under any Basic Document, if the Owner Trustee shall have reasonable grounds for believing
that repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured or provided to it; 

(d) under no circumstances shall the Owner Trustee be liable for indebtedness evidenced by or arising under any of the Basic Documents,
including the principal of and interest on the Notes or any amounts payable with respect to the Certificates; 
 (e) the Owner
Trustee shall not be responsible for or in respect of, and makes no representation as to, the validity or sufficiency of any provision of this Agreement or for the due execution hereof by the Seller or for the form, character, genuineness,
sufficiency, value or validity of any of the Owner Trust Estate or for or in respect of the validity or sufficiency of the 
  

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Basic Documents, the Notes, the Certificates (other than the certificate of authentication on the Certificates) or of any Receivables or any related documents, and the Owner Trustee shall in no
event assume or incur any liability, duty or obligation to any Noteholder or to any Certificateholder, other than as expressly provided for herein and in the Basic Documents; 

(f) the Owner Trustee shall not be liable for the default or misconduct of the Administrator, the Indenture Trustee, the Seller or the
Servicer under any of the Basic Documents or otherwise and the Owner Trustee shall not have any obligation or liability to perform the obligations of the Trust under this Agreement or the Basic Documents that are required to be performed by the
Administrator under the Administration Agreement, the Indenture Trustee under the Indenture, the Servicer under the Servicing Agreement or NFC under the Purchase Agreement; 

(g) the Owner Trustee shall not be under any obligation to exercise any of the rights or powers vested in it by this Agreement, or to
institute, conduct or defend any litigation under this Agreement or otherwise or in relation to this Agreement or any Basic Document, at the request, order or direction of any of the Certificateholders, unless such Certificateholders have offered to
the Owner Trustee security or indemnity satisfactory to it against the costs, expenses and liabilities that may be incurred by the Owner Trustee therein or thereby. The right of the Owner Trustee to perform any discretionary act enumerated in this
Agreement or in any Basic Document shall not be construed as a duty, and the Owner Trustee shall not be answerable for other than its negligence or willful misconduct in the performance of any such act; and 

(h) in no event shall the Owner Trustee be liable for any damages in the nature of special, indirect or consequential damages, however
styled, including, without limitation, lost profits, or for any losses due to forces beyond the control of the Owner Trustee, including, without limitation, strikes, work stoppages, acts of war or terrorism, insurrection, revolution, nuclear or
natural catastrophes or acts of God and interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services provided to the Owner Trustee by third parties. 

SECTION 6.4 Action upon Instruction by Certificateholders. 

(a) Subject to Section 4.4 and Section 6.1(g), the Certificateholders may by written instruction direct the Owner
Trustee in the management of the Trust. Such direction may be exercised at any time by written instruction of the Certificateholders pursuant to Section 4.5. 

(b) Notwithstanding the foregoing, the Owner Trustee shall not be required to take any action hereunder or under any Basic Document if
the Owner Trustee shall have reasonably determined, or shall have been advised by counsel, that such action is likely to result in liability on the part of the Owner Trustee or is contrary to the terms hereof or of any Basic Document or is otherwise
contrary to law. 
 (c) Whenever the Owner Trustee is unable to decide between alternative courses of action permitted or
required by the terms of this Agreement or any Basic Document, or is unsure as to the application, intent, interpretation or meaning of any provision of this Agreement or the Basic Documents, the Owner Trustee shall promptly give notice (in such
form as shall be appropriate under the circumstances) to the Certificateholders requesting instruction 
  

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as to the course of action to be adopted, and, to the extent the Owner Trustee acts in good faith in accordance with any such instruction received, the Owner Trustee shall not be liable on
account of such action to any Person. If the Owner Trustee shall not have received appropriate instructions within ten days of such notice (or within such shorter period of time as reasonably may be specified in such notice or may be necessary under
the circumstances) it may, but shall be under no duty to, take or refrain from taking such action which is consistent, in its view, with this Agreement or the Basic Documents, and as it shall deem to be in the best interests of the
Certificateholders, and the Owner Trustee shall have no liability to any Person for any such action or inaction. 
 SECTION 6.5
Furnishing of Documents. The Owner Trustee shall furnish to the Certificateholders, promptly upon receipt of a written request therefor, duplicates or copies of all reports, notices, requests, demands, certificates, financial statements and
any other instruments furnished to the Trust or the Owner Trustee under the Basic Documents. 
 SECTION 6.6 Representations
and Warranties of Owner Trustee. The Owner Trustee hereby represents and warrants to the Seller, for the benefit of the Certificateholders, that: 

(a) It is a Delaware banking corporation duly organized, validly existing and in good standing under the laws of the State of Delaware.
The eligibility requirements set forth in Sections 6.13(a) through 6.13(d) are satisfied with respect to it. 

(b) It has full power, authority and legal right to execute, deliver and perform this Agreement, and has taken all necessary action to
authorize the execution, delivery and performance by it of this Agreement. 
 (c) The execution, delivery and performance by it
of this Agreement (i) shall not violate any provision of any law or regulation governing the banking and trust powers of the Owner Trustee or any order, writ, judgment or decree of any court, arbitrator or governmental authority applicable to
the Owner Trustee or any of its assets, (ii) shall not violate any provision of the charter or by-laws of the Owner Trustee, or (iii) shall not violate any provision of, or constitute, with or without notice or lapse of time, a default
under, or result in the creation or imposition of any lien on any properties included in the Owner Trust Estate pursuant to the provisions of any mortgage, indenture, contract, agreement or other undertaking to which it is a party, which violation,
default or lien could reasonably be expected to have a materially adverse effect on the Owner Trustee’s performance or ability to perform its duties as Owner Trustee under this Agreement or on the transactions contemplated in this Agreement.

 (d) The execution, delivery and performance by the Owner Trustee of this Agreement shall not require the authorization,
consent or approval of, the giving of notice to, the filing or registration with, or the taking of any other action in respect of, any governmental authority or agency regulating the corporate trust activities of the Owner Trustee. 

(e) This Agreement has been duly executed and delivered by the Owner Trustee and constitutes the legal, valid and binding agreement of
the Owner Trustee, enforceable in accordance with its terms, except as enforceability may be limited by bankruptcy, insolvency, reorganization, or other similar laws affecting the enforcement of creditors’ rights in general and by general
principles of equity, regardless of whether such enforceability is considered in a proceeding in equity or at law. 
  

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 SECTION 6.7 Reliance; Advice of Counsel. 

(a) The Owner Trustee shall incur no liability to anyone in acting upon any signature, instrument, notice, resolution, request, consent,
order, certificate, report, opinion, bond or other document or paper believed by it to be genuine and believed by it to be signed by the proper party or parties and need not investigate any fact or matter in any such document. The Owner Trustee may
accept a certified copy of a resolution of the board of directors or other governing body of any corporate party as conclusive evidence that such resolution has been duly adopted by such body and that the same is in full force and effect. As to any
fact or matter the method of the determination of which is not specifically prescribed herein, the Owner Trustee may for all purposes hereof rely on a certificate, signed by the president or any vice president or by the treasurer or other authorized
officers of the relevant party, as to such fact or matter, and such certificate shall constitute full protection to the Owner Trustee for any action taken or omitted to be taken by it in good faith in reliance thereon. 

(b) In the exercise or administration of the trusts hereunder and in the performance of its duties and obligations under this Agreement
or the Basic Documents, the Owner Trustee: may act directly or through its agents, attorneys, custodians or nominees pursuant to agreements entered into with any of them, and the Owner Trustee shall not be liable for the conduct or misconduct of
such agents, attorneys, custodians or nominees if such agents, attorneys, custodians or nominees shall have been selected by the Owner Trustee with reasonable care; and may consult with counsel, accountants and other skilled professionals to be
selected with reasonable care and employed by it. The Owner Trustee shall not be liable for anything done, suffered or omitted in good faith by it in accordance with the opinion or advice of any such counsel, accountants or other such Persons and
not contrary to this Agreement or any Basic Document. 
 SECTION 6.8 Owner Trustee May Own Certificates and Notes. The
Owner Trustee in its individual or any other capacity may become the owner or pledgee of Certificates or Notes and may deal with the Seller, the Administrator, the Indenture Trustee and the Servicer in transactions in the same manner as it would
have if it were not the Owner Trustee. 
 SECTION 6.9 Compensation and Indemnity. The Owner Trustee shall receive as
compensation from the Seller for its services hereunder such fees as have been separately agreed upon before the date hereof between the Seller and the Owner Trustee, and the Owner Trustee shall be entitled to be reimbursed by the Servicer for its
other reasonable expenses hereunder, including the reasonable compensation, expenses and disbursements of such agents, custodians, nominees, representatives, experts and counsel as it may employ in connection with the exercise and performance of its
rights and its duties hereunder. The Servicer shall indemnify the Owner Trustee and its successors, assigns, agents and servants in accordance with the provisions of Section 6.05 of the Servicing Agreement. The compensation and indemnities
described in this Section 6.9 shall survive the resignation or removal of the Owner Trustee or the termination of this Agreement. Any amounts paid to the Owner Trustee pursuant to this Article VI shall not be deemed to be a
part of the Owner Trust Estate immediately after such payment. 
  

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 SECTION 6.10 Replacement of Owner Trustee. 

(a) The Owner Trustee may give notice of its intent to resign and be discharged from the trusts hereby created by written notice thereof
to the Administrator; provided that no such resignation shall become effective, and the Owner Trustee shall not resign, prior to the time set forth in Section 6.10(c). The Administrator may appoint a successor Owner Trustee by delivering
a written instrument, in duplicate, to the resigning Owner Trustee and the successor Owner Trustee. If no successor Owner Trustee shall have been appointed and have accepted appointment within 30 days after the giving of such notice, the resigning
Owner Trustee giving such notice may petition any court of competent jurisdiction for the appointment of a successor Owner Trustee. The Administrator shall remove the Owner Trustee if: 

(i) the Owner Trustee shall cease to be eligible in accordance with the provisions of Section 6.13 and shall
fail to resign after written request therefor by the Administrator; 
 (ii) the Owner Trustee shall be adjudged
bankrupt or insolvent; 
 (iii) a receiver or other public officer shall be appointed or take charge or control
of the Owner Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation; or 

(iv) the Owner Trustee shall otherwise be incapable of acting. 

(b) If the Owner Trustee gives notice of its intent to resign or is removed or if a vacancy exists in the office of Owner Trustee for any
reason, the Administrator shall promptly appoint a successor Owner Trustee by written instrument, in duplicate (one copy of which instrument shall be delivered to the outgoing Owner Trustee so removed and one copy to the successor Owner Trustee) and
shall pay all fees owed to the outgoing Owner Trustee. 
 (c) Any resignation or removal of the Owner Trustee and appointment of
a successor Owner Trustee pursuant to any of the provisions of this Section 6.10 shall not become effective and no such resignation shall be deemed to have occurred until a written acceptance of appointment is delivered by the successor
Owner Trustee to the outgoing Owner Trustee and the Administrator and all fees and expenses due to the outgoing Owner Trustee are paid. Any successor Owner Trustee appointed pursuant to this Section 6.10 shall be eligible to act in such
capacity in accordance with Section 6.13 and, following compliance with the preceding sentence, shall become fully vested with all the rights, powers, duties and obligations of its predecessor under this Agreement, with like effect as if
originally named as Owner Trustee. The Administrator shall provide notice of such resignation or removal of the Owner Trustee to the Rating Agencies. 

(d) The predecessor Owner Trustee shall upon payment of its fees and expenses deliver to the successor Owner Trustee all documents and
statements and monies held by it under this Agreement. The Administrator and the predecessor Owner Trustee shall execute and deliver such instruments and do such other things as may reasonably be required for fully and certainly vesting and
confirming in the successor Owner Trustee all such rights, powers, duties and obligations. 
  

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 (e) Upon acceptance of appointment by a successor Owner Trustee pursuant to this
Section 6.10, the Administrator shall mail notice of the successor of such Owner Trustee to all Certificateholders, the Indenture Trustee, the Noteholders and the Rating Agencies. The successor Owner Trustee shall file an appropriate
amendment to the Certificate of Trust. 
 SECTION 6.11 Merger or Consolidation of Owner Trustee. Any Person into which
the Owner Trustee may be merged or converted or with which it may be consolidated, or any Person resulting from any merger, conversion or consolidation to which the Owner Trustee shall be a party, or any Person succeeding to all or substantially all
of the corporate trust business of the Owner Trustee, shall be the successor of the Owner Trustee hereunder, provided such Person shall be eligible pursuant to Section 6.13, and without the execution or filing of any instrument or
any further act on the part of any of the parties hereto; provided, however, that the Owner Trustee shall mail notice of such merger or consolidation to the Rating Agencies. 

SECTION 6.12 Appointment of Co-Trustee or Separate Trustee. 

(a) Notwithstanding any other provisions of this Agreement, at any time, for the purpose of meeting any legal requirement of any
jurisdiction in which any part of the Owner Trust Estate or any Financed Vehicle may at the time be located, the Administrator and the Owner Trustee acting jointly shall have the power and shall execute and deliver all instruments to appoint one or
more Persons approved by the Owner Trustee to act as co-trustee, jointly with the Owner Trustee, or as separate trustee or trustees, of all or any part of the Owner Trust Estate, and to vest in such Person, in such capacity, such title to the Owner
Trust Estate, or any part thereof, and, subject to the other provisions of this Section 6.12, such powers, duties, obligations, rights and trusts as the Administrator and the Owner Trustee may consider necessary or desirable. If the
Administrator shall not have joined in such appointment within 15 days after the receipt by it of a request to do so, the Owner Trustee alone shall have the power to make such appointment. No co-trustee or separate trustee under this Agreement shall
be required to meet the terms of eligibility as a successor trustee pursuant to Section 6.13 and no notice of the appointment of any co-trustee or separate trustee shall be required pursuant to Section 6.10. 

(b) Each separate trustee and co-trustee shall, to the extent permitted by law, be appointed and act subject to the following provisions
and conditions: 
 (i) all rights, powers, duties and obligations conferred or imposed upon the Owner Trustee
shall be conferred upon and exercised or performed by the Owner Trustee and such separate trustee or co-trustee jointly (it being understood that such separate trustee or co-trustee is not authorized to act separately without the Owner Trustee
joining in such act), except to the extent that under any law of any jurisdiction in which any particular act or acts are to be performed, the Owner Trustee shall be incompetent or unqualified to perform such act or acts, in which event such rights,
powers, duties and obligations (including the holding of title to the Owner Trust Estate or any portion thereof in any such jurisdiction) shall be exercised and performed singly by such separate trustee or co-trustee, but solely at the direction of
the Owner Trustee; 
  

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 (ii) no trustee under this Agreement shall be personally liable by reason of
any act or omission of any other trustee under this Agreement (unless such other trustee acts or fails to act at the direction of such first trustee); and 

(iii) the Administrator and the Owner Trustee acting jointly may at any time accept the resignation of or remove any
separate trustee or co-trustee. 
 (c) Any notice, request or other writing given to the Owner Trustee shall be deemed to
have been given to each of the then separate trustees and co-trustees, as effectively as if given to each of them. Every instrument appointing any separate trustee or co-trustee shall refer to this Agreement and the conditions of this
Article VI. Each separate trustee and co-trustee, upon its acceptance of the trusts conferred, shall be vested with the estates or property specified in its instrument of appointment, either jointly with the Owner Trustee or
separately, as may be provided therein, subject to all the provisions of this Agreement, specifically including every provision of this Agreement relating to the conduct of, affecting the liability of, or affording protection to, the Owner Trustee.
Each such instrument shall be filed with the Owner Trustee and a copy thereof given to the Administrator. 
 (d) Any separate
trustee or co-trustee may at any time appoint the Owner Trustee as its agent or attorney-in-fact with full power and authority, to the extent not prohibited by law, to do any lawful act under or in respect of this Agreement on its behalf and
in its name. If any separate trustee or co-trustee shall die, become incapable of acting, resign or be removed, all of its estates, properties, rights, remedies and trusts shall vest in and be exercised by the Owner Trustee, to the extent permitted
by law, without the appointment of a new or successor trustee. 
 SECTION 6.13 Eligibility Requirements for Owner
Trustee. The Owner Trustee shall at all times: (a) be a corporation, a national banking association or a bank satisfying the provisions of Section 3807(a) of the Statutory Trust Statute; (b) be authorized to exercise corporate
trust powers; (c) have a combined capital and surplus of at least $50,000,000 and be subject to supervision or examination by federal or state authorities; and (d) have a long-term unsecured debt rating of at least “Baa3” by
Moody’s or be otherwise satisfactory to Moody’s. If such Person or bank shall publish reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purpose
of this Section 6.13, the combined capital and surplus of such Person or bank shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. If at any time the Owner Trustee shall
cease to be eligible in accordance with the provisions of this Section 6.13, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 6.10. 

SECTION 6.14 Liability of Paying Agent, Authenticating Agent and Certificate Registrar. Citibank, N.A., in its capacities as
Paying Agent, Authenticating Agent and Certificate Registrar hereunder, shall be entitled to all of the rights, protections, immunities and indemnities afforded to it in its capacity as Indenture Trustee under the Indenture as if specifically set
forth herein. 
  

 - 20 - 

 ARTICLE VII 

TERMINATION OF TRUST AGREEMENT 

SECTION 7.1 Termination of Trust Agreement. 

(a) The Trust shall dissolve and wind up in accordance with Section 3808 of the Statutory Trust Statute on or immediately preceding
the final distribution by the Owner Trustee of all monies or other property or proceeds of the Owner Trust Estate in accordance with the terms of the Indenture, the Pooling Agreement (including the exercise by the Servicer of its option to purchase
the Receivables pursuant to Section 4.01 of the Pooling Agreement or the exercise by the Seller of its option to purchase the Receivables pursuant to Section 4.03 of the Pooling Agreement), the Servicing Agreement and Article V
of this Agreement. The bankruptcy, liquidation, dissolution, death or incapacity of any Certificateholder shall not (i) operate to terminate this Agreement or the Trust, nor (ii) entitle such Certificateholder’s legal representatives
or heirs to claim an accounting or to take any action or proceeding in any court for a partition or winding up of all or any part of the Trust or the Owner Trust Estate, nor (iii) otherwise affect the rights, obligations and liabilities of the
parties hereto. 
 (b) This Agreement shall be irrevocable. Except as provided in Section 7.1(a) and in this
Section 7.1(b), neither the Seller nor any Certificateholder shall be entitled to revoke or terminate the Trust or this Agreement. Each of the Seller, the Trust and the Owner Trustee acknowledges that the Indenture Trustee, on behalf of
the Noteholders, is a third-party beneficiary of this Agreement. For so long as the Notes are outstanding, neither the Trust nor this Agreement shall be revoked without the consent of the Indenture Trustee. Each of the Seller, the Trust and the
Owner Trustee acknowledges that the Indenture Trustee, as an agent of the Noteholders, maintains a legitimate interest in ensuring that the Trust is not revoked prior to the fulfillment of the Trust objectives. In no event may this Agreement be
amended without the consent of the Indenture Trustee if the effect of such amendment is the revocation or termination of this Trust other than in accordance with this Section 7.1. 

(c) Notice of any dissolution of the Trust specifying the Distribution Date upon which the Certificateholders shall surrender their
Certificates to the Owner Trustee for payment of the final distribution and cancellation, shall be given by the Owner Trustee by letter to Certificateholders mailed within five Business Days of receipt of notice of dissolution from the Servicer
given pursuant to Section 8.13(b) of the Indenture, stating: (i) the Distribution Date upon or with respect to which the final distribution on the Certificates shall be made upon presentation and surrender of the Certificates at the office
of the Owner Trustee; (ii) the amount of any such final distribution; and (iii) that the Record Date otherwise applicable to such Distribution Date is not applicable, distributions being made only upon presentation and surrender of the
Certificates at the office of the Owner Trustee therein specified. The Owner Trustee shall give such notice to the Certificate Registrar, Authenticating Agent and Paying Agent (in each case, if other than the Owner Trustee) at the time such notice
is given to Certificateholders. Upon presentation and surrender of the Certificates, the Owner Trustee shall cause to be distributed to Certificateholders amounts distributable on such Distribution Date pursuant to Section 5.2.

  

 - 21 - 

 (d) If all of the Certificateholders shall not surrender their Certificates for cancellation
within six months after the date specified in the written notice specified in Section 7.1(c), the Owner Trustee shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and
receive the final distribution with respect thereto. If within one year after the second notice all the Certificates shall not have been surrendered for cancellation, the Owner Trustee may take appropriate steps, or may appoint an agent to take
appropriate steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets that shall remain subject to this Agreement. Subject to applicable laws
with respect to escheat of funds, any funds remaining in the Owner Trust Estate after exhaustion of such remedies in the preceding sentence shall be deemed property of the Seller and distributed by the Owner Trustee to the Seller. 

(e) Within sixty days of the later of (i) the cancellation of all of the Certificates pursuant to Section 7.1(c) or
7.1(d) or (ii) payment to the Seller of funds remaining in the Owner Trust Estate pursuant to Section 7.1(d), the Owner Trustee shall provide the Rating Agencies with written notice stating that all Certificates have been so
canceled or such funds have been so paid to the Seller. 
 (f) Upon completion of the winding up of the trust, the Owner Trustee
shall cause the Certificate of Trust to be canceled by filing a certificate of cancellation with the Secretary of State in accordance with the provisions of Section 3810 of the Statutory Trust Statute and, upon such filing, the Trust shall
terminate. 
 ARTICLE VIII 

AMENDMENTS 

SECTION 8.1 Amendments Without Consent of Certificateholders or Noteholders. This Agreement may be amended by the Seller and the
Owner Trustee without the consent of any of the Securityholders (but with prior notice to the Rating Agencies) to (i) cure any ambiguity, (ii) correct or supplement any provision in this Agreement that may be defective or inconsistent with
any other provision in this Agreement or any other Basic Document, (iii) add or supplement any credit enhancement for the benefit of the Securityholders (provided that if any such addition shall affect any class of Securityholders differently
than any other class of Securityholders, then such addition shall not, as evidenced by an Opinion of Counsel, adversely affect in any material respect the interests of any class of the Securityholders), (iv) add to the covenants, restrictions
or obligations of the Seller or the Owner Trustee for the benefit of the Securityholders, (v) evidence and provide for the acceptance of the appointment of a successor trustee with respect to the Owner Trust Estate and add to or change any
provisions as shall be necessary to facilitate the administration of the trusts hereunder by more than one trustee pursuant to Article VI, or (vi) add, change or eliminate any other provision of this Agreement in any manner that
shall not, as evidenced by an Opinion of Counsel, adversely affect in any material respect the interests of the Securityholders. 

SECTION 8.2 Amendments With Consent of Certificateholders and Noteholders. This Agreement may be amended from time to time by the
Seller and the Owner Trustee with the consent of the Noteholders whose Notes evidence not less than a majority of the Outstanding Amount of the Controlling Class as of the close of business on the preceding Distribution Date 

 

 - 22 - 

 
(unless the interests of the Noteholders are not materially and adversely affected thereby as evidenced by an Officer’s Certificate of the Servicer to that effect) and the consent of the
Holders of Certificates (unless the interests of the Certificateholders are not materially and adversely affected thereby as evidenced by an Officer’s Certificate of the Servicer to that effect) evidencing not less than a majority of the
ownership interests in the Owner Trust Estate as of the close of business on the preceding Distribution Date (which consent, whether given pursuant to this Section 8.2 or pursuant to any other provision of this Agreement, shall be
conclusive and binding on such Person and on all future holders of such Notes or Certificates and of any Notes or Certificates issued upon the transfer thereof or in exchange thereof or in lieu thereof whether or not notation of such consent is made
upon the Notes or Certificates) for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Agreement, or of modifying in any manner the rights of the Noteholders or the Certificateholders;
provided, however, that no such amendment shall (a) increase or reduce in any manner the amount of, or accelerate or delay the timing of, collections of payments on Receivables or distributions that shall be required to be made on
any Note, (b) reduce the aforesaid percentage required to consent to any such amendment or (c) amend Section 2.3 or 4.3, without the consent of the Holders of all of the Notes and the Holders of all of the Certificates
then outstanding. The Administrator shall furnish notice of the substance of any proposed amendment, supplement or consent under this Section 8.2 to the Rating Agencies prior to obtaining consent thereto. 

SECTION 8.3 Form of Amendments. 

(a) Promptly after the execution of any amendment, supplement or consent pursuant to Section 8.1 or 8.2, the Owner
Trustee shall furnish written notification of the substance of such amendment or consent to each Certificateholder and the Indenture Trustee. 

(b) It shall not be necessary for the consent of Certificateholders, the Noteholders or the Indenture Trustee pursuant to
Section 8.2 to approve the particular form of any proposed amendment or consent, but it shall be sufficient if such consent shall approve the substance thereof. The manner of obtaining such consents (and any other consents of
Certificateholders provided for in this Agreement or in any other Basic Document) and of evidencing the authorization of the execution thereof by Certificateholders and Noteholders shall be subject to such reasonable requirements as the Owner
Trustee may prescribe. 
 (c) Prior to the execution of any amendment to this Agreement or the Certificate of Trust, the Owner
Trustee shall be entitled to receive and rely upon an Opinion of Counsel stating that the execution of such amendment is authorized or permitted by this Agreement and that all conditions precedent to such execution have been satisfied. The Owner
Trustee may, but shall not be obligated to, enter into any such amendment which affects the Owner Trustee’s own rights, duties or immunities under this Agreement or otherwise. 

(d) Promptly after the execution of any amendment to the Certificate of Trust, the Owner Trustee shall cause the filing of such amendment
with the Secretary of State. 
 (e) No amendment shall affect the rights or obligations of the Paying Agent, Authenticating
Agent or Certificate Registrar hereunder without its prior written consent, which consent shall not be unreasonably withheld. 
  

 - 23 - 

 ARTICLE IX 

MISCELLANEOUS 

SECTION 9.1 No Legal Title to Owner Trust Estate. The Certificateholders shall not have legal title to any part of the Owner Trust
Estate. The Certificateholders shall be entitled to receive distributions with respect to their undivided beneficial interest therein only in accordance with Articles V and VII. No transfer, by operation of law or otherwise, of any right, title, and
interest of the Certificateholders to and in their ownership interest in the Owner Trust Estate shall operate to terminate this Agreement or the trusts hereunder or entitle any transferee to an accounting or to the transfer to it of legal title to
any part of the Owner Trust Estate. 
 SECTION 9.2 Limitations on Rights of Others. The provisions of this Agreement are
solely for the benefit of the Owner Trustee, the Seller, the Certificateholders, the Administrator and, to the extent expressly provided herein, the Indenture Trustee, the Paying Agent, the Authenticating Agent, the Certificate Registrar and the
Noteholders, and nothing in this Agreement, whether express or implied, shall be construed to give to any other Person any legal or equitable right, remedy or claim in the Owner Trust Estate or under or in respect of this Agreement or any covenants,
conditions or provisions contained herein. The Administrator shall be a third party beneficiary with respect to the rights granted to it under Section 6.10(a). 

SECTION 9.3 Notices. All demands, notices and communications upon or to the Seller, the Servicer, the Administrator, the Indenture
Trustee, the Paying Agent, the Authenticating Agent, the Certificate Registrar, the Owner Trustee, the Rating Agencies or any Certificateholder under this Agreement shall be delivered as specified in Appendix B to the Pooling Agreement. 

SECTION 9.4 Severability. If any one or more of the covenants, agreements, provisions or terms of this Agreement shall be for any
reason whatsoever held invalid, then such covenants, agreements, provisions or terms shall be deemed enforceable to the fullest extent permitted, and if not so permitted, shall be deemed severable from the remaining covenants, agreements, provisions
or terms of this Agreement and shall in no way affect the validity or enforceability of the other provisions of this Agreement or of the Certificates or the rights of the holders thereof. 

SECTION 9.5 Counterparts. This Agreement may be executed by the parties hereto in separate counterparts (and by different parties
on separate counterparts), each of which when so executed and delivered shall be an original, but all of which together shall constitute one and the same instrument. 

SECTION 9.6 Successors and Assigns. All covenants and agreements contained herein shall be binding upon, and inure to the benefit
of, the Seller, the Owner Trustee the Paying Agent, the Authenticating Agent, the Certificate Registrar and each Certificateholder and their respective successors and permitted assigns, all as herein provided. Any request, notice, direction,
consent, waiver or other instrument or action by a Certificateholder shall bind the successors and assigns of such Certificateholder. 

SECTION 9.7 No Petition Covenant. 

(a) To the fullest extent permitted by law, notwithstanding any prior termination of this Agreement, the Owner Trustee (in its individual
capacity) and each 
  

 - 24 - 

 
Certificateholder, by accepting a Certificate (or interest therein), hereby covenant and agree that they shall not, prior to the date which is one year and one day after the termination of this
Agreement acquiesce, petition or otherwise invoke the process of any court or governmental authority for the purpose of commencing or sustaining a case against the Trust under any federal or state bankruptcy, insolvency or similar law or appointing
a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official of the Trust or any substantial part of its property, or ordering the winding up or liquidation of the affairs of the Trust. 

(b) To the fullest extent permitted by law, notwithstanding any prior termination of this Agreement, the Trust (or the Owner Trustee, on
behalf of the Trust), and each Certificateholder, by accepting a Certificate (or interest therein), hereby covenant and agree that they shall not, prior to the date which is one year and one day after which all obligations for borrowed money or
other indebtedness of the Seller and its subsidiaries have been paid in full, acquiesce, petition or otherwise invoke or cause the Seller or any of its subsidiaries to invoke the process of any court or government authority for the purpose of
commencing or sustaining a case against the Seller or any of its subsidiaries under any federal or state bankruptcy, insolvency or similar law or appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official
of the Seller or any of its subsidiaries or any substantial part of its property, or ordering the winding up or liquidation of the affairs of the Seller or any of its subsidiaries. 

SECTION 9.8 No Recourse. Each Certificateholder by accepting a Certificate (or interest therein) acknowledges that such
Person’s Certificate (or interest therein) represents beneficial interests in the Trust only and does not represent interests in or obligations of the Seller, the Servicer, the Administrator, the Owner Trustee, the Paying Agent, the
Authenticating Agent, the Certificate Registrar, the Indenture Trustee or any Affiliate thereof and no recourse, either directly or indirectly, may be had against such parties or their assets, except as may be expressly set forth or contemplated in
this Agreement, the Certificates or the Basic Documents. Except as expressly provided in the Basic Documents, neither the Seller, the Servicer nor the Owner Trustee in their respective individual capacities, nor any of their respective partners,
beneficiaries, agents, officers, directors, employees or successors or assigns, shall be personally liable for, nor shall recourse be had to any of them for, the distribution of any amount with respect to the Certificates, or the Owner
Trustee’s performance of, or omission to perform, any of the covenants, obligations or indemnifications contained in the Certificates or this Agreement, it being expressly understood that said covenants and obligations have been made by the
Owner Trustee solely in its capacity as the Owner Trustee. Each Certificateholder by the acceptance of a Certificate (or beneficial interest therein) shall agree that, except as expressly provided in the Basic Documents, in the case of nonpayment of
any amounts with respect to the Certificates, it shall have no claim against any of the foregoing for any deficiency, loss or claim therefrom. 

SECTION 9.9 Headings. The headings of the various Articles and Sections herein are for purposes of reference only and shall not
affect the meaning or interpretation of any provision hereof. 
 SECTION 9.10 Governing Law. This Agreement shall be
governed by and construed in accordance with the internal laws of the State of Delaware, without reference to its conflict of law provisions, and the obligations, rights and remedies of the parties hereunder shall be determined in accordance with
such laws. 
  

 - 25 - 

 SECTION 9.11 Administrator. The Administrator is authorized to execute on behalf of
the Trust all such documents, reports, filings, instruments, certificates and opinions as it shall be the duty of the Trust to prepare, file or deliver pursuant to the Basic Documents. Upon request, the Owner Trustee shall execute and deliver to the
Administrator a power of attorney appointing the Administrator as the Trust’s agent and attorney-in-fact to execute all such documents, reports, filings, instruments, certificates and opinions. 

SECTION 9.12 Amended and Restated Trust Agreement. This Trust Agreement is the amended and restated trust agreement contemplated
by the Trust Agreement dated as of September 8, 2008, as amended on March 26, 2009, and as further amended on December 29, 2009, between the Seller and the Owner Trustee. 

SECTION 9.13 Tax Treatment. The Seller and the Owner Trustee, by entering into this Agreement, and the Certificateholders, by
acquiring any Certificates or interest therein, (i) express their intention that the Certificates will qualify as equity interests in either (A) an entity disregarded as a separate entity for federal income tax purposes if all Certificates
are owned by a single Person (for federal income tax purposes) or (B) a grantor trust or partnership for federal income tax purposes if the Certificates are owned by more than one Person (for federal income tax purposes) and (ii) unless
otherwise required by the appropriate taxing authorities, agree to treat the Certificates as equity interests in an entity as described in clause (i) of this Section 9.13 for the purposes of federal income taxes, state and
local income and franchise taxes, and any other taxes imposed upon, measured by, or based upon gross or net income. The parties agree that, unless otherwise required by appropriate tax authorities, the Trust shall file or cause to be filed annual or
other necessary returns, reports and other forms consistent with such characterization of the Trust for such tax purposes. 
  

 - 26 - 

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

			
	 DEUTSCHE BANK TRUST COMPANY

DELAWARE, as Owner Trustee

		
	By:	 	 /s/ Susan T. Rodriguez

	Name:	 	Susan T. Rodriguez
	Title:	 	Assistant Vice President
		
	By:	 	 /s/ Michelle S. Farally

	Name:	 	Michelle S. Farally
	Title:	 	Assistant Vice President
	
	 NAVISTAR FINANCIAL RETAIL

RECEIVABLES CORPORATION, as Seller

		
	By:	 	 /s/ William V. McMenamin

	Name:	 	William V. McMenamin
	Title:	 	Vice President, Chief Financial Officer and Treasurer

Acknowledged and Accepted: 
  

			
	 NAVISTAR FINANCIAL CORPORATION,

as Servicer

		
	By:	 	 /s/ William V. McMenamin

	Name:	 	William V. McMenamin
	Title:	 	 Vice President, Chief Financial Officer

and Treasurer

	
	CITIBANK, N.A., as the Paying Agent, the Authenticating Agent and the Certificate Registrar
		
	By:	 	 /s/ Jacqueline Suarez

	Name:	 	Jacqueline Suarez
	Title:	 	Vice President

 EXHIBIT A 

FORM OF CERTIFICATE 
 NUMBER
R-     
 OWNERSHIP INTEREST:         % 

SEE REVERSE FOR CERTAIN DEFINITIONS 

THIS CERTIFICATE MAY NOT BE ACQUIRED BY OR FOR THE ACCOUNT OF (i) AN “EMPLOYEE BENEFIT PLAN” (AS DEFINED IN
SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”)) THAT IS SUBJECT TO THE PROVISIONS OF TITLE I OF ERISA, (ii) A “PLAN” SUBJECT TO SECTION 4975 OF THE INTERNAL REVENUE CODE
OF 1986, AS AMENDED (THE “CODE”), (iii) ANY ENTITY WHOSE UNDERLYING ASSETS ARE TREATED UNDER REGULATIONS ISSUED BY THE U.S. DEPARTMENT OF LABOR, AS MODIFIED BY SECTION 3(42) OF ERISA, TO INCLUDE PLAN ASSETS BY REASON OF
INVESTMENT BY AN EMPLOYEE BENEFIT PLAN OR PLAN IN SUCH ENTITY, OR (iv) ANY OTHER PLAN THAT IS SUBJECT TO ANY LAW THAT IS SUBSTANTIALLY SIMILAR TO SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE (A “BENEFIT PLAN”). BY ACCEPTING
AND HOLDING THIS CERTIFICATE, THE HOLDER HEREOF AND THE CERTIFICATE OWNER SHALL EACH BE DEEMED TO HAVE REPRESENTED AND WARRANTED THAT IT IS NOT A BENEFIT PLAN. 

THE SECURITIES REPRESENTED BY THIS CERTIFICATE WERE ORIGINALLY ISSUED ON
                    ,     ,         , HAVE NOT BEEN REGISTERED UNDER
THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), AND MAY NOT BE SOLD OR TRANSFERRED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT OR AN EXEMPTION FROM REGISTRATION THEREUNDER. 

Navistar Financial 2010-A Owner Trust 

CERTIFICATE 

evidencing a fractional undivided interest in the Trust, as defined below, the property of which includes a pool of retail loans evidenced
by notes secured by new and used medium and heavy duty trucks, truck chassis, buses and trailers. 
 (This Certificate does not
represent an interest in or obligation of Navistar Financial Retail Receivables Corporation, Navistar Financial Corporation, Navistar Leasing Company, Navistar, Inc., Navistar International Corporation, the Owner Trustee or any of their respective
affiliates, except to the extent described below.) 
  

 Ex. A-1 

 THIS CERTIFIES THAT
                                        
is the registered owner of a nonassessable, fully-paid, fractional undivided interest in Navistar Financial 2010-A Owner Trust (the “Trust”). 

The Trust was created pursuant to a trust agreement, dated as of September 8, 2008, as amended on March 26, 2009, and as
further amended on December 29, 2009 (as amended, restated or supplemented from time to time, the “Trust Agreement”), between the Seller and Deutsche Bank Trust Company Delaware, as owner trustee (the “Owner Trustee”), a
summary of certain of the pertinent provisions of which is set forth below. To the extent not otherwise defined herein, the capitalized terms used herein have the meanings assigned to them in the Trust Agreement. 

This Certificate is issued under and is subject to the terms, provisions and conditions of the Trust Agreement, the terms of which are
incorporated herein by reference and made a part hereof, to which Trust Agreement the Holder of this Certificate by virtue of the acceptance hereof assents and by which such Holder is bound. 

The Holder of this Certificate acknowledges and agrees that its rights to receive distributions in respect of this Certificate are
subordinated to the rights of the Noteholders as and to the extent described in the Pooling Agreement, the Servicing Agreement and the Indenture. 

Each Certificateholder with respect to a Certificate, by its acceptance of a Certificate, covenants and agrees that such
Certificateholder with respect to a Certificate, shall not, prior to the date which is one year and one day after the termination of the Trust Agreement, acquiesce, petition or otherwise invoke the process of any court or governmental authority for
the purpose of commencing or sustaining a case against the Trust under any federal or state bankruptcy, insolvency, reorganization or similar law or appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar
official of the Trust or any substantial part of its property, or ordering the winding up or liquidation of the affairs of the Trust. 

Each Certificateholder, by accepting a Certificate (or interest therein), hereby covenants and agrees that they shall not, prior to the
date which is one year and one day after which all obligations for borrowed money or other indebtedness of the Seller and its subsidiaries have been paid in full, acquiesce, petition or otherwise invoke or cause the Seller or any of its subsidiaries
to invoke the process of any court or government authority for the purpose of commencing or sustaining a case against the Seller or any of its subsidiaries under any federal or state bankruptcy, insolvency, reorganization or similar law or
appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official of the Seller or any of its subsidiaries or any substantial part of its property, or ordering the winding up or liquidation of the affairs of the
Seller or any of its subsidiaries. 
 Distributions on this Certificate shall be made as provided in the Trust Agreement by the
Paying Agent by wire transfer, check mailed or, where possible, intra-bank book entry to the Certificateholder of record in the Certificate Register without the presentation or surrender of this Certificate or the making of any notation hereon.
Except as otherwise provided in the Trust Agreement and notwithstanding the above, the final distribution on this Certificate shall be made after due notice by the Owner Trustee of the pendency of such distribution and only upon

  

 Ex. A-2 

 
presentation and surrender of this Certificate at the office maintained for such purpose by the Certificate Registrar in the Borough of Manhattan, the City of New York. 

Reference is hereby made to the further provisions of this Certificate set forth on the reverse hereof, which further provisions shall
for all purposes have the same effect as if set forth at this place. 
 Unless the certificate of authentication hereon shall
have been executed by an authorized officer of the Owner Trustee by manual signature, this Certificate shall not entitle the Holder hereof to any benefit under the Trust Agreement, the Pooling Agreement or the Servicing Agreement or be valid for any
purpose. 
  

 Ex. A-3 

 THIS CERTIFICATE SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE,
WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 

 

 Ex. A-4 

 IN WITNESS WHEREOF, the Owner Trustee, not in its individual capacity, but solely as Owner
Trustee, has caused this Certificate to be duly executed. 
  

					
	 Dated:
                         ,
            
	  	NAVISTAR FINANCIAL 2010-A OWNER TRUST
			
		  	By:	 	DEUTSCHE BANK TRUST COMPANY DELAWARE, not in its individual capacity but solely as Owner Trustee
			
		  	By:	 	  

		  	Name:
		  	Title:

 OWNER TRUSTEE’S
CERTIFICATE OF AUTHENTICATION 
 This is one of the Certificates referred to in the within-mentioned Trust Agreement. 

 

									
	 DEUTSCHE BANK TRUST COMPANY DELAWARE
	  	OR	  	DEUTSCHE BANK TRUST COMPANY DELAWARE
			
	  

not in its individual capacity but solely as Owner Trustee
	  		  	  
 not in its
individual capacity but solely as Owner Trustee

					
		 		  		  	By:	  	CITIBANK, N.A., as Authenticating Agent
					
	By:	 	  
	  		  	By:	  	  

		 	 Authorized Officer
	  		  		  	Authorized Officer

  

 Ex. A-4 

 REVERSE OF CERTIFICATE 

The Certificates do not represent an obligation of, or an interest in, the Seller, the Servicer, Navistar Leasing Company, the Indenture
Trustee, the Owner Trustee or any affiliates of any of them and no recourse may be had against such parties or their assets, except as may be expressly set forth or contemplated herein or in the Trust Agreement or the Basic Documents. In addition,
this Certificate is not guaranteed by any governmental agency or instrumentality and is limited in right of payment to certain collections and recoveries with respect to the Receivables (and certain other amounts), all as more specifically set forth
herein and in the Trust Agreement, the Pooling Agreement and the Servicing Agreement. A copy of each of the Pooling Agreement, the Servicing Agreement and the Trust Agreement may be examined during normal business hours at the principal office of
the Seller, and at such other places, if any, designated by the Seller, by any Certificateholder upon written request. 
 The
Trust Agreement permits, with certain exceptions therein provided, the amendment thereof and the modification of the rights and obligations of the Seller and the rights of the Certificateholders under the Trust Agreement at any time by the Seller
and the Owner Trustee with the consent of (i) the Holders of the Notes evidencing not less than a majority of the Outstanding Amount of the Controlling Class, and (ii) Certificateholders whose Certificates evidence not less than a majority
of the ownership interest in the Trust, each as of the close of the preceding Distribution Date. Any such consent by the Holder of this Certificate shall be conclusive and binding on such Holder and on all future Holders of this Certificate and of
any Certificate issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof whether or not notation of such consent is made upon this Certificate. The Trust Agreement also permits the amendment thereof, in certain
circumstances, without the consent of the Holders of any of the Certificates or the Notes. 
 As provided in the Trust Agreement
and subject to certain limitations therein set forth, the transfer of this Certificate is registerable in the Certificate Register upon surrender of this Certificate for registration of transfer at the offices or agencies of the Certificate
Registrar maintained in the City of New York, accompanied by (i) a written instrument of transfer in form satisfactory to the Owner Trustee and the Certificate Registrar duly executed by the Holder hereof or such Holder’s attorney duly
authorized in writing and (ii) certain opinions required by Section 3.4(b) of the Trust Agreement, and thereupon one or more new Certificates of authorized denominations evidencing the same aggregate interest in the Trust will be issued to
the designated transferee. The initial Certificate Registrar appointed under the Trust Agreement is Citibank, N.A., a national banking association. 

The Owner Trustee, the Certificate Registrar and any agent of the Owner Trustee or the Certificate Registrar may treat the Person in
whose name this Certificate is registered as the owner hereof for all purposes, and none of the Owner Trustee, the Certificate Registrar or any such agent shall be affected by any notice to the contrary. 

 

 Ex. A-5 

 The obligations and responsibilities created by the Trust Agreement and the Trust created
thereby shall terminate upon the distribution to Certificateholders of all amounts required to be distributed to them pursuant to the Trust Agreement, the Pooling Agreement and the Servicing Agreement and the disposition of all property held as part
of the Trust. 
  

 Ex. A-6 

 ASSIGNMENT 

FOR VALUE RECEIVED the undersigned hereby sells, assigns and transfers unto 

PLEASE INSERT SOCIAL SECURITY 
 OR OTHER
IDENTIFYING NUMBER 
 OF ASSIGNEE 
  

 
 (Please print or type name and address, including
postal zip code, of assignee) 
  
  

the within Certificate, and all rights thereunder, hereby irrevocably constituting and
appointing                                       
                   

                         
                                         
                                         
                                         
             Attorney to transfer said Certificate on the books of the Certificate Registrar, with full power of substitution in the premises. 

 

					
	 Dated:
	  	  
	  	*
		  	Signature Guaranteed:	  	
			
		  	  
	  	*

 * NOTICE: The signature to this assignment must
correspond with the name as it appears upon the face of the within Certificate in every particular, without alteration, enlargement or any change whatever. Such signature must be guaranteed by a member firm of the New York Stock Exchange or a
commercial bank or trust company. 
  

 Ex. A-7 

 EXHIBIT B 

CERTIFICATE OF TRUST OF 

Navistar Financial 2010-A Owner Trust 

This Certificate of Trust of Navistar Financial 2010-A Owner Trust (the “Trust”), is being duly executed and filed on behalf of
the Trust by the undersigned, as trustee, to form a statutory trust under the Delaware Statutory Trust Act (12 Del. C. §3801 et seq.) (the “Act”). 

1. Name. The name of the business trust formed by this Certificate of Trust is Navistar Financial 2010-A Owner Trust. 

2. Delaware Trustee. The name and business address of the trustee of the Trust in the State of Delaware is Deutsche Bank Trust
Company Delaware, 1011 Centre Road, Suite 200, Wilmington, Delaware 19805. 
 3. This Certificate of Trust shall be effective
upon filing. 
 IN WITNESS WHEREOF, the undersigned has executed this Certificate of Trust in accordance with
Section 3811(a)(1) of the Act. 
  

			
	By:	 	  

	not in its individual capacity but solely as Owner Trustee
		
	By:	 	  

	Name:
	Title:

  

 Ex. B-1Purchase Agreement, dated as of May 27, 2010

 Exhibit 10.4 

EXECUTION COPY 
  

 
  
  

 
  

PURCHASE AGREEMENT 

BETWEEN 

NAVISTAR FINANCIAL RETAIL RECEIVABLES CORPORATION 

AND 
 NAVISTAR
FINANCIAL CORPORATION 
 DATED AS OF MAY 27, 2010 

 
  

 
  
  

 
  

 TABLE OF CONTENTS 

 

					
	 	  	Page
	 ARTICLE I DEFINITIONS
	  	1
	             SECTION 1.01
	  	Definitions	  	1
		
	 ARTICLE II PURCHASE AND SALE OF RECEIVABLES
	  	2
	             SECTION 2.01
	  	Purchase and Sale of Receivables	  	2
	             SECTION 2.02
	  	Purchase Price	  	2
	             SECTION 2.03
	  	The Closing	  	3
	             SECTION 2.04
	  	Cross-Collateralization	  	3
		
	 ARTICLE III REPRESENTATIONS AND WARRANTIES
	  	3
	             SECTION 3.01
	  	Representations and Warranties as to Receivables	  	3
	             SECTION 3.02
	  	Additional Representations and Warranties of NFC	  	7
	             SECTION 3.03
	  	Representations and Warranties of NFRRC	  	9
		
	 ARTICLE IV CONDITIONS
	  	10
	             SECTION 4.01
	  	Conditions to Obligation of NFRRC	  	10
	             SECTION 4.02
	  	Conditions To Obligation of NFC	  	11
		
	 ARTICLE V ADDITIONAL AGREEMENTS
	  	11
	             SECTION 5.01
	  	Conflicts With Further Transfer and Servicing Agreements	  	11
	             SECTION 5.02
	  	Protection of Title.	  	12
	             SECTION 5.03
	  	Other Liens or Interests	  	12
	             SECTION 5.04
	  	Repurchase Events	  	12
	             SECTION 5.05
	  	Indemnification	  	13
	             SECTION 5.06
	  	Further Assignments	  	13
	             SECTION 5.07
	  	Purchase Date Collections	  	13
	             SECTION 5.08
	  	Limitation on Transfer of Navistar Purchase Obligations	  	13
	             SECTION 5.09
	  	Sale Treatment	  	14
		
	 ARTICLE VI MISCELLANEOUS PROVISIONS
	  	14
	             SECTION 6.01
	  	Amendment	  	14
	             SECTION 6.02
	  	Survival	  	14
	             SECTION 6.03
	  	Notices	  	14
	             SECTION 6.04
	  	Governing Law	  	14
	             SECTION 6.05
	  	Waivers	  	14
	             SECTION 6.06
	  	Costs and Expenses	  	14
	             SECTION 6.07
	  	Confidential Information	  	15
	             SECTION 6.08
	  	Headings	  	15
	             SECTION 6.09
	  	Counterparts	  	15
	             SECTION 6.10
	  	Severability of Provisions	  	15
	             SECTION 6.11
	  	Further Assurances	  	15
	             SECTION 6.12
	  	No Third-Party Beneficiaries	  	15
	             SECTION 6.13
	  	Merger and Integration	  	15

  

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	             SECTION 6.14
	  	No Petition Covenants	  	16
	             SECTION 6.15
	  	MUTUAL WAIVER OF JURY TRIAL	  	16
		
	 EXHIBIT A                 Form of PA
Assignment
	  	
		
	 APPENDIX A             Additional Representations and
Warranties
	  	

  

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 PURCHASE AGREEMENT 

PURCHASE AGREEMENT, dated as of May 27, 2010, between NAVISTAR FINANCIAL RETAIL RECEIVABLES CORPORATION, a Delaware corporation
(“NFRRC”), and NAVISTAR FINANCIAL CORPORATION, a Delaware corporation (“NFC”). 
 WHEREAS,
NFRRC desires to purchase on the date hereof certain Receivables and the Related Security with respect thereto; 
 WHEREAS, NFC
is willing to sell the Receivables and the Related Security with respect thereto to NFRRC; 
 WHEREAS, NFRRC may wish to sell or
otherwise transfer the Receivables and the Related Security with respect thereto, or interests therein, to a trust, corporation, partnership or other entity (any such transferee being the “Subsequent Transferee”); and 

WHEREAS, the Subsequent Transferee may issue debentures, notes, participations, certificates of beneficial interest, partnership
interests or other interests or securities (collectively, any such issued interests or securities being “Securities”) to fund its acquisition of the Receivables and the Related Security with respect thereto, and, in connection with
such issuance, the Subsequent Transferee may grant a security interest in, or otherwise pledge, the Receivables and the Related Security to the Indenture Trustee, for the benefit of the Financial Parties. 

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

DEFINITIONS 

SECTION 1.01 Definitions. Capitalized terms used but not otherwise defined in this Agreement shall have the respective meanings
assigned them in Part I of Appendix A to the Pooling Agreement, of even date herewith, by and between Navistar Financial 2010-A Owner Trust and NFRRC, as it may be amended, supplemented or modified from time to time. All references herein to
“the Agreement” or “this Agreement” are to this Purchase Agreement as it may be amended, supplemented or modified from time to time, the exhibits hereto and the capitalized terms used herein which are defined in such Appendix A,
and all references herein to Articles, Sections and subsections are to Articles, Sections or subsections of this Agreement unless otherwise specified. The rules of construction set forth in Part II of such Appendix A shall be applicable to this
Agreement. 

 ARTICLE II 

PURCHASE AND SALE OF RECEIVABLES 

SECTION 2.01 Purchase and Sale of Receivables. Subject to the satisfaction of the conditions specified in Article IV, NFC agrees
to, and does hereby, sell, transfer, assign and otherwise convey to NFRRC, without recourse (except as provided in Section 5.04), and NFRRC agrees to, and does hereby, purchase on the Closing Date (the “Purchase
Date”) pursuant to a written assignment substantially in the form of Exhibit A (the “PA Assignment”) all right, title and interest of NFC in, to and under the Retail Notes identified on the Schedule of Retail
Notes attached to the PA Assignment delivered to NFRRC on the Purchase Date (the “Designated Receivables”), the Related Security associated with the Designated Receivables and all Collections with respect thereto due on or after the
Cutoff Date. 
 It is the intention of NFC and NFRRC that the transfer and assignment contemplated by this Section 2.01 shall
constitute a sale of the Designated Receivables and Related Security by NFC to NFRRC and the beneficial interest in and title to the assets conveyed pursuant to this Section 2.01 shall not be part of NFC’s estate in the event of the
filing of a bankruptcy petition by or against NFC under any bankruptcy law. NFC intends to treat such transfer and assignment as a sale for federal income tax, accounting and other purposes. Notwithstanding the foregoing, in the event a court of
competent jurisdiction determines that such transfer and assignment did not constitute such a sale or that such sale shall for any reasons be ineffective or unenforceable or that such beneficial interest is a part of NFC’s estate, then
(a) NFC shall be deemed to have granted to NFRRC a first priority perfected security interest in all of NFC’s right title and interest in, to and under the assets conveyed pursuant to this Section 2.01, and NFC hereby grants
such security interest and (b) the assets conveyed pursuant to this Section 2.01 shall be deemed to include all rights, powers and options (but none of the obligations, if any) of NFC under any agreement or instrument included in
the assets conveyed pursuant to this Section 2.01, including the immediate and continuing right to claim for, collect, receive and give receipt for principal and interest payments in respect of the Designated Receivables included in the
assets conveyed pursuant to this Section 2.01 and all other monies payable under the Designated Receivables conveyed pursuant to this Section 2.01, to give and receive notices and other communications, to make waivers or
other agreements, to exercise all rights, powers and options, to bring Proceedings in the name of NFC or otherwise and generally to do and receive anything that NFC is or may be entitled to do or receive under or with respect to the assets conveyed
pursuant to this Section 2.01. For purposes of such grant, this Agreement shall constitute a security agreement under the UCC. In the case of any Recharacterization, each of NFC and NFRRC represents and warrants as to itself that each
remittance of collections by NFC to NFRRC hereunder or in connection herewith will have been (x) in payment of a debt incurred by NFC in the ordinary course of business or financial affairs of NFC and NFRRC and (y) made in the ordinary
course of business or financial affairs of NFC and NFRRC. 
 SECTION 2.02 Purchase Price. In consideration for the
purchase of any Designated Receivables and Related Security, NFRRC shall, on the Purchase Date, pay to NFC an amount equal to the aggregate Starting Receivables Balance for such Designated Receivables (the “Purchase Price”), and NFC
shall execute and deliver to NFRRC a PA Assignment with respect to such Designated Receivables. On the Closing Date, a portion of the Purchase Price payable on such date equal to $879,005,492.94 shall be paid to NFC in immediately available

  

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funds, and the balance of the Purchase Price ($61,324,953.27) shall be recorded as an intercompany obligation due from NFRRC to NFC under a revolving note (the “NFRRC Revolving
Note”) issued under the Amended and Restated Intercompany Advance Agreement, dated as of May 3, 1994, between NFC and NFRRC or, to the extent requested by NFC, be recorded as a capital contribution of cash from NFC to NFRRC.

 SECTION 2.03 The Closing. The sale and purchase of the Designated Receivables (the “Closing”), shall
take place at such a place, on a date and at a time mutually agreeable to NFC and NFRRC, and may occur simultaneously with the closing of any related transactions contemplated by the Further Transfer and Servicing Agreements. 

SECTION 2.04 Cross-Collateralization. To the extent NFC retains any interest in any Financed Vehicle securing the repayment of any
Receivable, as a result of the related Obligor agreeing to cross-collateralize all obligations owed by such Obligor to NFC or otherwise, NFC acknowledges and agrees that its interest in each such Financed Vehicle shall be expressly subordinate and
junior in priority to the Indenture Trustee’s security interest in such Financed Vehicle, and NFC further acknowledges and agrees not to enforce any rights or remedies with respect to any such interest in a Financed Vehicle unless such right
and remedies are exercised with respect to a default under such Receivable. 
 ARTICLE III 

REPRESENTATIONS AND WARRANTIES 

SECTION 3.01 Representations and Warranties as to Receivables. NFC makes the following representations and warranties and the
additional representations and warranties set forth in Appendix A hereto as to the Designated Receivables on which NFRRC relies in accepting the Designated Receivables. Such representations and warranties speak as of the Purchase Date
for such Designated Receivables and as of the date of the related transfer of such Designated Receivables under the Further Transfer and Servicing Agreements, and shall survive the sale, transfer and assignment of such Designated Receivables to
NFRRC and the subsequent assignment and transfer thereof pursuant to the Further Transfer and Servicing Agreements: 
 (a)
Characteristics of Receivables. Each Designated Receivable: 
 (i) was originated or acquired by NFC to
finance a retail purchase by a business customer or a refinancing (for reasons other than credit reasons, unless it was amended or restructured at least 12 months prior to the Cutoff Date, it is not owed by an Obligor that is the subject of a
bankruptcy or insolvency proceeding and since its amendment or restructuring it has not been greater than 60 days past due (measured from the date of any Scheduled Payment)) of a Financed Vehicle or Financed Vehicles by a business customer;

 (ii) has created or shall create a valid, binding and enforceable first priority, perfected security interest
in favor of NFC in each Financed Vehicle related thereto, which security interest will be validly assigned by NFC to NFRRC and will be assignable by NFRRC to a subsequent purchaser; 

 

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 (iii) contains customary and enforceable provisions such as to render the
rights and remedies of the holder thereof adequate for realization against the collateral of the benefits of the security; 

(iv) shall yield interest at a fixed Annual Percentage Rate and comes from one of the following categories, which differ
in their provisions for the payment of principal and interest: Equal Payment Fully Amortizing Receivables, Equal Payment Skip Receivables, Equal Payment Balloon Receivables, Level Principal Fully Amortizing Receivables, Level Principal Skip
Receivables, Level Principal Balloon Receivables, or Other Receivables. “Equal Payment Fully Amortizing Receivables” are Receivables that provide for equal monthly payments that fully amortize the amount financed over its original
term to maturity. “Equal Payment Skip Receivables” are Receivables that provide for equal monthly payments in eleven or fewer months of each twelve-month period that fully amortize the amount financed over its original term to
maturity. “Equal Payment Balloon Receivables” are Receivables that provide for equal monthly payments except that a larger payment becomes due on the final maturity date for such Receivables. “Level Principal Fully
Amortizing Receivables” are Receivables that provide for monthly payments consisting of level principal amounts together with accrued and unpaid interest on the unpaid Receivable Balances. “Level Principal Skip Receivables”
are Receivables that provide for monthly payments in eleven or fewer months of each twelve-month period consisting of level principal amounts together with accrued and unpaid interest on the unpaid Receivable Balances. “Level Principal
Balloon Receivables” are Receivables that provide for monthly payments consisting of level principal amounts together with accrued and unpaid interest on the unpaid Receivables Balance, except that a larger principal payment becomes due on
the final maturity date for such Receivables. “Other Receivables” are Receivables not described above, including Receivables that provide for level monthly payments in eleven or fewer months of each twelve-month period that amortize
a portion of the amount financed over its original term to maturity with a larger payment that becomes due on the final maturity date for such Receivables; 

(v) immediately prior to the transfer and assignment thereof to NFRRC by NFC pursuant to this Agreement, NFC had good
title to it, free of any Lien (except for Liens that will be released as of the date of such transfer), and all right, title and interest in it has been validly sold by NFC to NFRRC pursuant to this Agreement, and NFRRC has good title to it, free of
any Lien (except for Liens created by the Basic Documents), and the transfer of the Retail Note to NFRRC has been perfected under the UCC; and 

(vi) was originated or acquired in the ordinary course of business in accordance with NFC’s underwriting standards.

 (b) Schedule of Retail Notes. The information set forth in the Schedule of Retail Notes relating to the Designated
Receivables is true and correct in all material respects. 
  

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 (c) Compliance With Law. All requirements of applicable federal, state and local
laws, and regulations thereunder, including the Equal Credit Opportunity Act, the Federal Reserve Board’s Regulation “B,” the Service members Civil Relief Act, and any applicable bulk sales or bulk transfer law and other equal credit
opportunity and disclosure laws, in respect of any of the Designated Receivables, have been complied with in all material respects, and each such Designated Receivable and the sale of the Financed Vehicle or Financed Vehicles evidenced thereby
complied at the time it was originated or made and now complies in all material respects with all legal requirements of the jurisdiction in which it was originated or made. 

(d) Binding Obligation. Each Designated Receivable represents the genuine, legal, valid and binding payment obligation in writing
of the Obligor thereon, enforceable against the Obligor by the holder thereof in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization or similar laws affecting the enforcement of
creditors’ rights in general and by equity, regardless of whether such enforceability is considered in a proceeding in equity or at law. 

(e) Security Interest in Financed Vehicle. Immediately prior to the sale, transfer and assignment thereof pursuant hereto, each
Designated Receivable was secured by a validly perfected first priority security interest in the related Financed Vehicle or, in the event any such Receivable was secured by more than one Financed Vehicle, in each related Financed Vehicle, each in
favor of NFC as secured party, or all necessary and appropriate action had been commenced that will result, within 100 days following the Cutoff Date, in the valid perfection of a first priority security interest in each related Financed Vehicle in
favor of NFC as secured party in each case (except for first priority security interests which may exist in any accessions not financed by NFC). 

(f) Receivables in Force. No Designated Receivable has been satisfied, subordinated or rescinded, and no Financed Vehicle securing
any Designated Receivable has been released from the Lien of the related Receivable in whole or in part. 
 (g) No
Waiver. Since the Cutoff Date, no provision of any Designated Receivable has been waived, altered or modified in any respect. 

(h) No Amendments. Since the Cutoff Date, no Designated Receivable has been amended or otherwise modified such that the total
number of the Obligor’s Scheduled Payments is increased or the Starting Receivable Balance thereof is increased, and prior to the Cutoff Date, no Designated Receivable has been amended or restructured for credit reasons, unless it was amended
or restructured at least 12 months prior to the Cutoff Date, it is not owed by an Obligor that is the subject of a bankruptcy or insolvency proceeding and since its amendment or restructuring it has not been greater than 60 days past due (measured
from the date of any Scheduled Payment). 
 (i) No Defenses. No right of rescission, setoff, counterclaim or defense has
been asserted or threatened with respect to any Designated Receivable. 
  

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 (j) No Liens. There are, to NFC’s knowledge, no Liens or claims that have been
filed for work, labor or materials affecting any Financed Vehicle relating to any Designated Receivable that are or may be prior to, or equal or coordinate with, the security interest in each Financed Vehicle granted by the Designated Receivable
(except for Permitted Liens). 
 (k) No Default. There has been no default, breach, violation or event permitting
acceleration under the terms of any Designated Receivable, and no event has occurred and is continuing that, with notice or the lapse of time, would constitute a default, breach, violation or event permitting acceleration under the terms of any
Designated Receivable, and NFC has not waived any of the foregoing, in each case except for payments on any Designated Receivables which were not more than 60 days past due (measured from the date of any Scheduled Payment) as of the applicable
Cutoff Date, or, with respect to any Eligible Restructuring Receivable, no such event has occurred since the date of its amendment or restructuring 

(l) Insurance. Each Obligor on a Designated Receivable is required to maintain a physical damage insurance policy for each
Financed Vehicle of the type that NFC requires in accordance with its customary underwriting standards for the purchase of truck, truck chassis, bus and trailer receivables, unless NFC has in accordance with its customary procedures permitted an
Obligor to self-insure such Financed Vehicle. 
 (m) Lawful Assignment. No Designated Receivable was originated in, or is
subject to the laws of, any jurisdiction the laws of which would make unlawful the sale, transfer and assignment of such Designated Receivable under this Agreement or any Further Transfer and Servicing Agreements. 

(n) All Filings Made. All filings necessary under the UCC in any jurisdiction to give NFRRC a first priority perfected security or
ownership interest in the Designated Receivables and the Related Security (to the extent such Related Security constitutes Code Collateral) have been made, and the Designated Receivables constitute Code Collateral. 

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

(p) No Documents or Instruments; Etc. No Designated Receivable, or constituent part thereof, constitutes a “negotiable
instrument” or “negotiable document of title” (as such terms are used in the UCC), and each Designated Receivable is an “account” or “tangible chattel paper” within the meaning of Section 9-102 of the UCC.

 (q) Maturity of Receivables. Each Designated Receivable has an original term to maturity of not less than 6 months and
not greater than 84 months and, as of the Cutoff Date, had a remaining term to maturity of not less than 1 month and not greater than 84 months. 

(r) Scheduled Payments; Delinquency. (i) As of the Cutoff Date, each Designated Receivable being purchased on the Closing
Date had a first scheduled payment that was due on or before May 31, 2010; (ii) as of the Cutoff Date, no Designated Receivable had or will have a payment that was more than 30 days past due (measured from the date of any Scheduled
Payment); (iii) as of the Cutoff Date, no Eligible Restructured Receivable has had a 
  

 - 6 - 

 
payment more than 60 days past due since the date of its amendment or restructuring; and (iv) as of the Purchase Date, no Designated Receivable had or will have a final scheduled payment
that is due later than April 30, 2017. 
 (s) Vehicles. Each Financed Vehicle to which a Designated Receivable
relates was a new or used medium or heavy duty truck, truck chassis, bus or trailer at the time the related Obligor executed the Retail Note. 

(t) Origin. Each Designated Receivable was originated in the United States and is payable in U.S. Dollars. 

(u) Starting Receivable Balance. The Starting Receivable Balance of each Designated Receivable as of the Cutoff Date shall be
$1,000 or more. 
 (v) Concentration. After giving effect to the transfer of such Designated Receivables to the Trust
under the Further Transfer and Servicing Agreements, (i) the aggregate Starting Receivable Balances of all Receivables from a single Obligor shall not exceed 2.00% of the Aggregate Starting Receivable Balances of all Receivables; (ii) the
weighted average Annual Percentage Rate of the Receivables in the Trust shall not be less than 5.00%; (iii) the aggregate Starting Receivable Balances of all Receivables having a remaining term in excess of 72 months as of the Cutoff Date shall
not exceed 10.00% of the Aggregate Starting Receivables Balances; (iv) the weighted average remaining maturity of all Receivables shall not be greater than 58 months; (v) the aggregate Starting Receivable Balance of all Receivables not
originated by NFC or one of its Affiliates shall not exceed 3.00% of the Aggregate Starting Receivables Balance; and (vi) the aggregate Starting Receivables Balances for all Receivables that are Eligible Restructured Receivables shall not
exceed 5.00% of the Aggregate Starting Receivables Balance. 
 (w) Selection Criteria. The Designated Receivables were
selected on a random basis from all receivables satisfying the selection criteria described herein, and no selection procedures believed to be adverse to NFRRC or to holders of the Securities issued under the Further Transfer and Servicing
Agreements were utilized in selecting the Designated Receivables from those receivables of NFC and Truck Retail Instalment Paper Corp., its wholly owned subsidiary, which meet the selection criteria under this Agreement. 

(x) Minimum APR. As of the Cutoff Date, each Designated Receivable has a fixed Annual Percentage Rate of not less than 5.00%.

 (y) No Government Contracts. No Obligor under any of the Designated Receivables is a governmental authority of the
United States or any state or political subdivision thereof. 
 SECTION 3.02 Additional Representations and Warranties of
NFC. NFC hereby represents and warrants to NFRRC as of the Purchase Date and as of the Closing Date under the Further Transfer and Servicing Agreements, in its capacity as the seller of the Designated Receivables hereunder, that: 

(a) Organization and Good Standing. NFC has been duly organized and is validly existing as a corporation in good standing under the
laws of the State of Delaware, with 
  

 - 7 - 

 
power and authority to own its properties and to conduct its business as such properties are presently owned and such business is presently conducted, and had at all relevant times, and now has,
power, authority and legal right to acquire and own the Designated Receivables. 
 (b) Due Qualification. NFC is duly
qualified to do business as a foreign corporation in good standing, and has obtained all necessary licenses and approvals, in all jurisdictions in which the ownership or lease of property or the conduct of its business requires or shall require such
qualification. 
 (c) Power and Authority. NFC has the power and authority to execute and deliver this Agreement and to
carry out its terms; NFC has full power and authority to sell and assign the Designated Receivables and the Related Security to NFRRC and has duly authorized such sale and assignment to NFRRC by all necessary corporate action; and the execution,
delivery and performance of this Agreement have been duly authorized by NFC by all necessary corporate action. 
 (d) Valid
Sale; Binding Obligation. This Agreement, together with the PA Assignment, when duly executed and delivered by NFC, shall (upon satisfaction of the conditions set forth in Section 4.02(b) hereof relating to the Designated
Receivables) constitute a valid sale, transfer and assignment of the Designated Receivables and Related Security, enforceable against creditors of and purchasers from NFC. This Agreement, together with the PA Assignment, constitute a legal, valid
and binding obligation of NFC enforceable against NFC in accordance with its respective terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization or other similar laws affecting the enforcement of
creditors’ rights in general and by general principles of equity, regardless of whether such enforceability is considered in a proceeding in equity or at law. 

(e) No Violation. The consummation of the transactions contemplated by this Agreement and the PA Assignment, and the fulfillment
of the terms of this Agreement and the PA Assignment shall not conflict with, result in any breach of any of the terms and provisions of, or constitute (with or without notice or lapse of time) a default under, the certificate of incorporation or
by-laws of NFC, or any indenture, agreement, mortgage, deed of trust or other instrument to which NFC is a party or by which it is bound, or result in the creation or imposition of any Lien upon any of its properties pursuant to the terms of any
such indenture, agreement, mortgage, deed of trust or other instrument (other than this Agreement, the PA Assignment or any Further Transfer and Servicing Agreement), or violate any law or, to NFC’s knowledge, any order, rule or regulation
applicable to NFC of any court or of any federal or state regulatory body, administrative agency or other governmental instrumentality having jurisdiction over NFC or any of its properties. 

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

 - 8 - 

 (g) No Consent. No permit, consent, approval or authorization of, or declaration to
or filing with, any governmental authority is required in connection with the execution, delivery and performance by NFC of this Agreement or the PA Assignment or the consummation by NFC of the transactions contemplated hereby or thereby except as
expressly contemplated herein or therein. 
 (h) ERISA. No notice of a Lien arising under Title I or Title IV of ERISA
has been filed against or otherwise affects the assets of NFC. 
 (i) Solvency. NFC is, and after giving effect to the
transactions contemplated to occur on such date will be, solvent. 
 (j) Investment Company Act. NFC is not, and is not
controlled by, an “investment company” within the meaning of, and is not required to register as an “investment company” under, the Investment Company Act. 

SECTION 3.03 Representations and Warranties of NFRRC . NFRRC hereby represents and warrants to NFC as of the Purchase Date:

 (a) Organization and Good Standing. NFRRC has been duly organized and is validly existing as a corporation in good
standing under the laws of the State of Delaware, with power and authority to own its properties and to conduct its business as such properties are presently owned and such business is presently conducted, and had at all relevant times, and now has,
power, authority and legal right to acquire and own the Designated Receivables. 
 (b) Due Qualification. NFRRC is duly
qualified to do business as a foreign corporation in good standing, and has obtained all necessary licenses and approvals, in all jurisdictions in which the ownership or lease of property or the conduct of its business requires such qualification.

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

(d) No Violation. The consummation by NFRRC of the transactions contemplated by this Agreement and the fulfillment of the terms of
this Agreement shall not conflict with, result in any breach of any of the terms and provisions of or constitute (with or without notice or lapse of time) a default under, the certificate of incorporation or by-laws of NFRRC, or any indenture,
agreement, mortgage, deed of trust or other instrument to which NFRRC is a party or by which it is bound, or result in the creation or imposition of any Lien upon any of its properties pursuant to the terms of any such indenture, agreement or other
instrument (other than this Agreement, the PA Assignment or any Further Transfer and Servicing Agreement), or violate any law or, to NFRRC’s knowledge, any order, rule or regulation applicable to NFRRC of any court or of any federal or state
regulatory body, administrative agency or other governmental instrumentality having jurisdiction over NFRRC or any of its properties. 
  

 - 9 - 

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

(f) Binding Obligation. This Agreement has been duly executed and delivered by NFRRC and constitutes a legal, valid and binding
obligation of NFRRC enforceable against NFRRC in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, or other similar laws affecting the enforcement of creditors’ rights in
general and by general principles of equity, regardless of whether such enforceability is considered in a proceeding in equity or at law. 

(g) No Consent. No permit, consent, approval or authorization of, or declaration to or filing with, any governmental authority is
required in connection with the execution, delivery and performance by NFRRC of this Agreement, or the consummation by NFRRC of the transactions contemplated hereby except as expressly contemplated herein. 

ARTICLE IV 

CONDITIONS 

SECTION 4.01 Conditions to Obligation of NFRRC. The obligation of NFRRC to purchase Designated Receivables and the Related
Security hereunder on the Purchase Date is subject to the satisfaction of the following conditions: 
 (a) Representations and
Warranties True. The representations and warranties of NFC in Section 3.01 regarding the Designated Receivables and the Related Security being transferred on the Purchase Date, and the representations and warranties of NFC in
Section 3.02, shall be true and correct as of the Purchase Date (or if specified as applying to some other date, as of such date), and NFC shall have performed all obligations to be performed by it hereunder on or prior to the Purchase
Date. 
 (b) No Repurchase Event. No Repurchase Event (as defined in Section 5.04 below) shall have occurred
on or prior to the Purchase Date with respect to any of the Designated Receivables. 
 (c) Computer Files Marked. NFC
shall, at its own expense, on or prior to the Purchase Date, (i) indicate in its computer files created in connection with the Designated Receivables that the Designated Receivables have been sold by NFC to NFRRC pursuant to this Agreement and
the PA Assignment by NFC and (ii) deliver to NFRRC the Schedule of Retail Notes attached to the PA Assignment certified by an officer of NFC to be true, correct and complete. 

 

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 (d) Documents to Be Delivered by NFC. 

(i) The PA Assignment. On the Purchase Date, NFC shall execute and deliver to NFRRC the PA Assignment of the
Designated Receivables and the Related Security. 
 (ii) Evidence of UCC Filing. On or prior to the
Purchase Date, NFC shall record and file, at its own expense, a UCC-1 financing statement in each jurisdiction in which required by applicable law, naming NFC as seller or debtor, naming NFRRC as purchaser or secured party, describing the Designated
Receivables and Related Security as collateral, meeting the requirements of the laws of each such jurisdiction and in such manner as is necessary to perfect under the UCC the sale, transfer, assignment and conveyance of the Designated Receivables
and the Related Security (to the extent such Related Security constitutes Code Collateral) to NFRRC. NFC shall deliver a file-stamped copy, or other evidence satisfactory to NFRRC of such filing, to NFRRC on or prior to the Purchase Date.

 (iii) Other Documents. On the Purchase Date, NFC shall provide such other documents as NFRRC may
reasonably request. 
 (e) Other Transactions. The related transactions contemplated by the Further Transfer and
Servicing Agreements shall be consummated on or prior to the Purchase Date (and all conditions precedent thereto shall be satisfied) to the extent that such transactions are intended to be substantially contemporaneous with the transactions
hereunder. 
 SECTION 4.02 Conditions To Obligation of NFC. The obligation of NFC to sell the Designated Receivables to
NFRRC hereunder on the Purchase Date is subject to the satisfaction of the following conditions: 
 (a) Representations and
Warranties True. The representations and warranties of NFRRC hereunder shall be true and correct as of the Purchase Date, and NFRRC shall have performed all obligations to be performed by it hereunder on or prior to the Purchase Date.

 (b) Purchase Price. On the Purchase Date, NFRRC shall pay to NFC the Purchase Price, payable on such date as provided
in Section 2.02 of this Agreement. 
 ARTICLE V 

ADDITIONAL AGREEMENTS 

NFC agrees with NFRRC as follows: 

SECTION 5.01 Conflicts With Further Transfer and Servicing Agreements. To the extent that any provision of
Sections 5.02 through 5.04 of this Agreement conflicts with any provision of the Further Transfer and Servicing Agreements, the Further Transfer and Servicing Agreements shall govern. 

 

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 SECTION 5.02 Protection of Title. 

(a) Filings. NFC shall prepare and file such financing statements and cause to be prepared and filed such continuation and other
statements, all in such manner and in such places as may be required by law fully to preserve, maintain and protect the interest of NFRRC under this Agreement in all Designated Receivables and the Related Security (to the extent such Related
Security constitutes Code Collateral) and hereby authorizes NFRRC and the Indenture Trustee to file any such financing statements or continuation statements relating to all or any part thereof. NFC shall deliver (or cause to be delivered) to NFRRC
and the Indenture Trustee file-stamped copies of, or filing receipts for, any document filed as provided above, as soon as available following such filing. 

(b) Name Change. NFC shall not change its name, identity or corporate structure in any manner that would, could or might make any
financing statement or continuation statement filed by NFC in accordance with Section 5.02(a) seriously misleading within the meaning of Section 9-506 of the UCC, unless it shall have given NFRRC at least 60 days prior written
notice thereof and shall file such financing statements or amendments as may be necessary to continue the perfection of NFRRC’s security interest in all Designated Receivables and the Related Security (to the extent such Related Security
constitutes Code Collateral). 
 (c) Jurisdiction of Formation; Maintenance of Offices. NFC shall give NFRRC at least 60
days prior written notice of any change in its jurisdiction of formation and shall file such financing statements or amendments as may be necessary to continue the perfection of NFRRC’s security interest in all Designated Receivables and the
Related Security (to the extent such Related Security constitutes Code Collateral). NFC shall at all times maintain each office from which it services Designated Receivables and its jurisdiction of formation within the United States of America.

 SECTION 5.03 Other Liens or Interests. Except for the conveyances hereunder and as contemplated by the Further
Transfer and Servicing Agreements, NFC shall not sell, pledge, assign or transfer the Designated Receivables or the Related Security to any other Person, or grant, create, incur, assume or suffer to exist any Lien (except any Permitted Lien) on any
interest therein, and NFC shall defend the right, title and interest of NFRRC in, to and under the Designated Receivables and the Related Security against all claims of third parties claiming through or under NFC. 

SECTION 5.04 Repurchase Events. By its execution of the Further Transfer and Servicing Agreements to which it is a party, NFC
shall be deemed to acknowledge the assignment by NFRRC of such of its right, title and interest in, to and under this Agreement to the Subsequent Transferee as shall be provided in the Further Transfer and Servicing Agreements. NFC hereby covenants
and agrees with NFRRC for the benefit of NFRRC and the Interested Parties, that in the event of (i) a breach of any of NFC’s representations and warranties contained in Section 3.01 hereof (and, with respect to
Section 3.01(j) hereof, irrespective of any limitation regarding the knowledge of NFC) with respect to any Designated Receivable or (ii) a breach by NFC of Section 5.03 hereof with respect to any Designated Receivable
(each a “Repurchase Event”), which breach, in each case, materially and adversely affects NFRRC’s interest (or the interest of any Financial Party) in such Designated Receivable, unless, in either 

 

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case, such breach shall have been cured in all material respects as of the second Accounting Date following NFC’s discovery or its receipt of notice of breach (or, at NFC’s election,
the first Accounting Date following such discovery), NFC will repurchase such Designated Receivable from the Subsequent Transferee (if the Subsequent Transferee is then the Owner of such Designated Receivable) on the related Distribution Date for an
amount equal to the Warranty Payment (which amount shall be deposited by NFC into the Collection Account on the Transfer Date for the related Distribution Date), without further notice from NFRRC hereunder. Upon the occurrence of a Repurchase Event
with respect to one or more Designated Receivables for which NFRRC is the Owner, NFC agrees to repurchase such Designated Receivables from NFRRC for an amount and upon the same terms as NFC would be obligated to repurchase such Designated
Receivables from the Subsequent Transferee if the Subsequent Transferee was then the Owner thereof, and upon payment of such amount, NFC shall have such rights with respect to such Designated Receivables as if NFC had purchased such Designated
Receivables from the Subsequent Transferee as the Owner thereof. It is understood and agreed that the obligation of NFC to repurchase any Designated Receivable pursuant to this Section 5.04 shall, if such obligation is fulfilled,
constitute the sole remedy against NFC for such breach available to NFRRC or any Interested Party. 
 SECTION 5.05
Indemnification. NFC shall indemnify NFRRC for any liability as a result of the failure of a Designated Receivable to be originated in compliance with all requirements of law and for any breach of any of its representations and warranties
contained herein. This indemnity obligation shall be in addition to any obligation that NFC may otherwise have. 
 SECTION 5.06
Further Assignments. NFC acknowledges that NFRRC shall, pursuant to the Further Transfer and Servicing Agreements, sell all Designated Receivables and the Related Security to the Subsequent Transferee and assign its rights hereunder to the
Subsequent Transferee, subject to the terms and conditions of the Further Transfer and Servicing Agreements, and that the Subsequent Transferee may in turn further pledge, assign or transfer its rights in all Designated Receivables, the Related
Security and this Agreement to the Indenture Trustee for the benefit of the Financial Parties. NFC further acknowledges that NFRRC may assign its rights under the Servicing Agreement to the Subsequent Transferee and that the Subsequent Transferee
may in turn pledge, assign or transfer its rights in the Servicing Agreement to the Indenture Trustee for the benefit of the Financial Parties. 

SECTION 5.07 Purchase Date Collections. Within two Business Days after the Purchase Date, NFC shall transfer to the account or
accounts designated by NFRRC (or by the Subsequent Transferee under the Further Transfer and Servicing Agreements) all collections (from whatever source) received on or after the Cutoff Date with respect to the Designated Receivables and the Related
Security conveyed by NFC to NFRRC on the Purchase Date pursuant to Section 2.01. 
 SECTION 5.08 Limitation on
Transfer of Navistar Purchase Obligations. NFRRC acknowledges and agrees that the rights pursuant to the Navistar Purchase Obligations are personal to NFC, and only amounts received by NFC from time to time in respect of such rights have been
assigned to NFRRC. NFRRC is not and is not intended to be a third-party beneficiary of such rights, and, accordingly, such rights will not be exercisable by, enforceable by or for the benefit of, or preserved for the benefit of, NFRRC, the Issuer,
the Owner Trustee or the Indenture Trustee. 
  

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 SECTION 5.09 Sale Treatment. NFC intends to treat each transfer and assignment
described herein as a sale for federal income tax, accounting and other purposes. 
 ARTICLE VI 

MISCELLANEOUS PROVISIONS 

SECTION 6.01 Amendment. This Agreement may be amended from time to time (subject to any expressly applicable amendment provision
of the Further Transfer and Servicing Agreements) by a written amendment duly executed and delivered by NFC and NFRRC; provided, however, that this Agreement may not be amended unless such amendment is in accordance with the provisions
of Section 5.01 of the Pooling Agreement as if such Section 5.01 were contained herein and were applicable to this Agreement. Prior to the execution of any such amendment, NFC shall furnish written notification of the
substance of such amendment to each of the Rating Agencies. 
 SECTION 6.02 Survival. The representations, warranties and
covenants of NFC set forth in Article III and Article V shall remain in full force and effect and shall survive the Purchase Date and the Closing under the Further Transfer and Servicing Agreements. This Agreement shall
create and constitute the continuing obligations of the parties hereto and shall remain in full force and effect until terminated in accordance with its terms; provided, however, that this Section 6.02 and the rights and
remedies with respect to Section 6.14 shall be continuing and shall survive any termination of this Agreement. This Agreement may be terminated by NFC and NFRRC at any time following the termination of the Further Transfer and Servicing
Agreements in accordance with their respective terms. 
 SECTION 6.03 Notices. All demands, notices and communications
under this Agreement shall be delivered as specified in Appendix B to the Pooling Agreement. 
 SECTION 6.04 Governing
Law. All questions concerning the construction, validity and interpretation of this Agreement and the PA Assignment shall be governed by and construed and enforced in accordance with the internal laws of the State of Illinois, without giving
effect to any choice of law or conflict provision or rule (whether of the State of Illinois or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than the State of Illinois. 

SECTION 6.05 Waivers. No failure or delay on the part of NFRRC (or the Indenture Trustee) in exercising any power, right or remedy
under this Agreement or the PA Assignment shall operate as a waiver thereof, nor shall any single or partial exercise of any such power, right or remedy preclude any other or further exercise thereof or the exercise of any other power, right or
remedy. 
 SECTION 6.06 Costs and Expenses. NFC agrees to pay all reasonable out-of-pocket costs and expenses of NFRRC,
including fees and expenses of counsel, in connection with the perfection as against third parties of NFRRC’s right, title and interest in, to and under all Designated Receivables and Related Security and the enforcement of any obligation of
NFC hereunder. 
  

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 SECTION 6.07 Confidential Information. NFRRC agrees that it shall neither use nor
disclose to any person the names and addresses of the Obligors, except in connection with the enforcement of NFRRC’s rights hereunder, under the Designated Receivables, under the Further Transfer and Servicing Agreements or as required by law.

 SECTION 6.08 Headings. The various headings in this Agreement are for purposes of reference only and shall not affect
the meaning or interpretation of any provision of this Agreement. 
 SECTION 6.09 Counterparts. This Agreement may be
executed in two or more counterparts, and by different parties on separate counterparts, each of which shall be an original, but all of which together shall constitute one and the same instrument. 

SECTION 6.10 Severability of Provisions. If any one or more of the covenants, agreements, provisions or terms of this Agreement
shall for any reason whatsoever be held invalid, then such covenants, agreements, provisions or terms shall be deemed enforceable to the fullest extent permitted, and if not so permitted, shall be deemed severable from the remaining covenants,
agreements, provisions or terms of this Agreement and shall in no way affect the validity or enforceability of the other provisions of this Agreement or of any Securities or rights of the holders thereof. 

SECTION 6.11 Further Assurances. NFC and NFRRC agree to do and perform, from time to time, any and all acts and to execute any and
all further instruments required or reasonably requested by the other more fully to effect the purposes of this Agreement, including the preparation of any financing statements or continuation statements relating to all Designated Receivables and
Related Security for filing under the provisions of the UCC of any applicable jurisdiction. 
 SECTION 6.12 No Third-Party
Beneficiaries. NFC and NFRRC agree that the Indenture Trustee is an express third-party beneficiary with respect to this Agreement and, as such, shall have the right to enforce this Agreement and to exercise directly all of NFRRC’s rights
and remedies under this Agreement (including, without limitation, the right to give or withhold any consents or approvals of NFRRC to be given or withheld hereunder). Except as otherwise expressly provided in this Agreement, no other Person shall
have any right or obligation hereunder. 
 SECTION 6.13 Merger and Integration. Except as specifically stated otherwise
herein, this Agreement sets forth the entire understanding of the parties relating to the subject matter hereof, and all prior understandings, written or oral, are superseded by this Agreement. This Agreement may not be modified, amended, waived, or
supplemented except as provided herein. 
  

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 SECTION 6.14 No Petition Covenants. 

(a) Notwithstanding any prior termination of this Agreement, NFC shall not, prior to the date which is one year and one day after the
final distribution with respect to the Securities from the Note Distribution Account or the Certificate Distribution Account, as applicable, acquiesce, petition or otherwise invoke or cause any Person to invoke the process of any court or government
authority for the purpose of commencing or sustaining a case against NFRRC or the Issuer under any federal or state bankruptcy, insolvency or similar law or appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator or other
similar official of NFRRC or the Issuer or any substantial part of its property, or ordering the winding up or liquidation of the affairs of NFRRC or the Issuer. 

(b) Notwithstanding any prior termination of this Agreement, NFC shall not, prior to the date which is one year and one day after the
final distribution with respect to all securities of NFRRC or any of its subsidiaries, as applicable, acquiesce, petition or otherwise invoke or cause any Person to invoke the process of any court or government authority for the purpose of
commencing or sustaining a case against NFRRC under any federal or state bankruptcy, insolvency or similar law or appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official of NFRRC or any substantial
part of its property, or ordering the winding up or liquidation of the affairs of NFRRC. 
 SECTION 6.15 MUTUAL WAIVER OF
JURY TRIAL. BECAUSE DISPUTES ARISING IN CONNECTION WITH COMPLEX TRANSACTIONS ARE MOST QUICKLY AND ECONOMICALLY RESOLVED BY AN EXPERIENCED AND EXPERT PERSON AND THE PARTIES WISH APPLICABLE STATE AND FEDERAL LAWS TO APPLY (RATHER THAN ARBITRATION
RULES), THE PARTIES DESIRE THAT THEIR DISPUTES BE RESOLVED BY A JUDGE APPLYING SUCH APPLICABLE LAWS. THEREFORE, TO ACHIEVE THE BEST COMBINATION OF THE BENEFITS OF THE JUDICIAL SYSTEM AND OF ARBITRATION, EACH PARTY TO THIS AGREEMENT HEREBY WAIVES ALL
RIGHTS TO TRIAL BY JURY IN ANY ACTION, SUIT, OR PROCEEDING BROUGHT TO RESOLVE ANY DISPUTE BETWEEN OR AMONG ANY OF THE PARTIES HERETO, WHETHER ARISING IN CONTRACT, TORT OR OTHERWISE, ARISING OUT OF, CONNECTED WITH, RELATED OR INCIDENTAL TO THIS
AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. 

*        *        *      
  * 
  

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

			
	NAVISTAR FINANCIAL CORPORATION
		
	By:	 	 /s/ William V. McMenamin

	Name:	 	William V. McMenamin
	Title:	 	Vice President, Chief Financial Officer and Treasurer

  

			
	NAVISTAR FINANCIAL RETAIL RECEIVABLES CORPORATION
		
	By:	 	 /s/ William V. McMenamin

	Name:	 	William V. McMenamin
	Title:	 	Vice President, Chief Financial Officer and Treasurer

 EXHIBIT A 

FORM OF PA ASSIGNMENT 

As of                     ,
2010, for value received, in accordance with the Purchase Agreement, dated as of the date hereof (the “Purchase Agreement”), between Navistar Financial Corporation, a Delaware corporation (“NFC”), and Navistar
Financial Retail Receivables Corporation, a Delaware corporation (“NFRRC”), NFC does hereby sell, assign, transfer and otherwise convey unto NFRRC, without recourse (except as provided in Section 5.04 of the Purchase
Agreement), all right, title and interest of NFC in, to and under, the Retail Notes identified on the Schedule of Retail Notes attached hereto having an Aggregate Starting Receivables Balance of
$            .     (the “Designated Receivables”) and the Related Security associated with the Designated Receivables. 

The foregoing sale does not constitute and is not intended to result in any assumption by NFRRC of any obligation of the undersigned to
the Obligors, Dealers, insurers or any other Person in connection with the Designated Receivables, the agreements with Dealers, any Insurance Policies or any agreement or instrument relating to any of them. 

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

*        *        *      
  * 
  

 Ex. A-1 

 IN WITNESS WHEREOF, the undersigned has caused this PA Assignment to be duly executed as of
the date and year first above written. 
  

			
	NAVISTAR FINANCIAL CORPORATION
		
	 By:
	 	  

	Name:	 	
	Title:	 	

 APPENDIX A 

ADDITIONAL REPRESENTATIONS AND WARRANTIES 
  

	1.	This Agreement, the Pooling Agreement and the Indenture create a valid and continuing security interest (as defined in the applicable UCC) in the Designated Receivables
in favor of NFRRC, the Issuer and the Indenture Trustee, respectively, which security interest is prior to all other Liens, and is enforceable as such as against creditors of and purchasers from NFC, NFRRC and the Issuer, respectively.

  

	2.	NFC has taken all steps necessary to perfect its security interest against each Obligor in the property securing the Designated Receivables. 

 

	3.	The Designated Receivables constitute “tangible chattel paper” within the meaning of the applicable UCC. 

 

	4.	On the Closing Date, NFC owns and has good and marketable title to the Designated Receivables free and clear of any Lien, claim or encumbrance of any Person, other than
Liens that will be released as of the Closing Date. 

  

	5.	NFC has caused or will have caused, within ten days, the filing of all appropriate financing statements in the proper filing office in the appropriate jurisdictions
under applicable law in order to perfect the security interest in the Designated Receivables granted to NFRRC hereunder, the Issuer under the Pooling Agreement and the Indenture Trustee under the Indenture. 

 

	6.	Other than the security interests granted pursuant to the Basic Documents and any security interest terminated on or prior to the Closing Date, none of NFC, NFRRC or
the Issuer has pledged, assigned, sold, granted a security interest in, or otherwise conveyed any of the Designated Receivables. To NFC’s knowledge, none of NFC, NFRRC or the Issuer has authorized the filing of, and NFC is not aware of, any
financing statements against NFC, NFRRC or the Issuer that include a description of collateral covering the Designated Receivables other than any financing statements relating to the security interests granted under the Basic Documents or that has
been terminated. NFC is not aware of any judgment or tax lien filings against NFC, NFRRC or the Issuer. 

  

	7.	NFC, as Servicer has in its possession all original copies of the documents that constitute or evidence the Designated Receivables. The documents that constitute or
evidence the Designated Receivables do not have any marks or notations indicating that they have been pledged, assigned or otherwise conveyed to any Person other than NFRRC. All financing statements filed or to be filed against NFC, NFRRC or the
Issuer in favor of NFRRC, the Issuer or the Indenture Trustee, respectively, in connection herewith describing the Designated Receivables contain a statement to the following effect: “A purchase of or security interest in any collateral
described in this financing statement will violate the rights of the Noteholders.” 

  

 App. A- 1

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