Document:

Exhibit
4.1

 

 

 

 

SECOND
AMENDED AND RESTATED

ORLEANS HOMEBUILDERS, INC. 2004 OMNIBUS

STOCK INCENTIVE PLAN

As Adopted by the Board of Directors

(Effective as of August 26, 2004; Amended and
Restated as of June 6, 2006 and 

February 26, 2007 and further amended as of October 10, 2007)

1.             Purpose.  Orleans Homebuilders, Inc., a Delaware
corporation (the “Company”), adopted the Orleans Homebuilders, Inc. 2004
Omnibus Stock Incentive Plan on August 26, 2005 (the “Original Plan”), which
replaced all other stock option and award plans of the Company (other than the
Orleans Homebuilders, Inc. Stock Award Plan), which plans were deemed to have
been amended and restated and incorporated into the Orleans Homebuilders, Inc.
2004 Omnibus Stock Incentive Plan, so that outstanding grants made under any
such prior plan, if forfeited, result in the shares that were subject to such
grants being again available for grants hereunder, as provided pursuant to
Section 6, below.  The Company adopted an
amendment and restatement of the Orleans Homebuilders, Inc. 2004 Omnibus Stock
Incentive Plan on June 6, 2006 to increase the number of shares of Company
common stock available under the Orleans Homebuilders, Inc. 2004 Omnibus Stock
Incentive Plan, which was approved by the Company’s shareholders on December 7,
2006 (as further amended and amended and restated, the “Plan”).  The Company adopted a second amendment and
restatement of the Plan on February 26, 2007 to increase the number of shares
of Company common stock available under the Plan, subject to the approval of
the Company’s shareholders and adopted a further amendment to the Plan on
October 10, 2007 to further increase the number of shares of Company common
stock available under the Plan and to make certain other changes, subject to
the approval of the Company’s shareholders. 
The Plan, as amended and restated and further amended through October
10, 2007 is as set forth herein.

                The Plan is intended to recognize the contributions
made to the Company by employees (including employees who are members of the
Board of Directors) of the Company or any Affiliate (as defined herein), to
provide such persons with additional incentive to devote themselves to the
future success of the Company or an Affiliate, and to improve the ability of the
Company or an Affiliate to attract, retain, and motivate individuals upon whom
the Company’s sustained growth and financial success depend.  Through the Plan, the Company will provide
such persons with an opportunity to acquire or increase their proprietary
interest in the Company, and to align their interest with the interests of
shareholders, through receipt of rights to acquire the Company’s Common Stock,
par value $0.10 per share (the “Common Stock”) and through the transfer or
issuance of Common Stock or other Awards (as defined herein).  In addition, the Plan is intended as an
additional incentive to directors of the Company or of any Affiliate who are
not employees of the Company or an Affiliate to serve on the Board of Directors
of the Company or on the boards of directors (or any similar governing body) of
an Affiliate and to devote themselves to the future success of the Company by
providing them with an opportunity to acquire or increase their proprietary
interest in the Company through the receipt of rights to acquire Common
Stock.  Furthermore, the Plan may be used
to encourage consultants and advisors of the Company to further the success of
the Company.

 

 

2.             Definitions.  Unless the context clearly indicates
otherwise, the following capitalized terms when used in the Plan shall have the
following meanings:

(a)           “Affiliate” means a
corporation which is a parent corporation or a subsidiary corporation with
respect to the Company within the meaning of Section 424(e) or (f) of the Code,
of any successor provision, and, for purposes of Grants other than ISOs, any
corporation, partnership, joint venture or other entity in which the Company,
directly or indirectly, has an equity interest and which the Committee
determines should be treated as an Affiliate for purposes of the Plan.

(b)           “Award” shall mean a
transfer of Common Stock made pursuant to the terms of the Plan subject to such
terms, benefits or restrictions as the Committee shall specify in the Grant
Document.

(c)           “Board” or “Board of
Directors” means the Board of Directors of the Company.

(d)           “Capitalization
Adjustment” means the adjustment to the number or class of shares subject to
any Grant and the Option Price, exercise price, purchase price or other payment
or deemed payment required in connection with any Grant, as permitted to be
made pursuant to the provisions of Section 13 of the Plan.

(e)           “Change of Control”
shall be deemed to have occurred upon the earliest to occur of the following
dates:

(i)            the date the
stockholders of the Company (or the Board of Directors, if stockholder action
is not required) approve a plan or other arrangement pursuant to which the
Company will be dissolved or liquidated; or

(ii)           the date the
stockholders of the Company (or the Board of Directors, if stockholder action
is not required) approve a definitive agreement to sell or otherwise dispose of
substantially all of the assets of the Company; or

(iii)          the date the
stockholders of the Company (or the Board of Directors, if stockholder action
is not required) and the stockholders of the other constituent corporation (or
its board of directors if stockholder action is not required) have approved a
definitive agreement to merge or consolidate the Company with or into such
other corporation, other than, in either case, a merger or consolidation of the
Company in which holders of shares of the Company’s Common Stock immediately
prior to the merger or consolidation will have at least a majority of the
voting power of the surviving corporation’s voting securities immediately after
the merger or consolidation, which voting securities are to be held in the same
proportion as such holders’ ownership of Common Stock of the Company
immediately before the merger or consolidation; or

(iv)          the date any entity,
person or group, within the meaning of Section 13(d)(3) or Section 14(d)(2) of
the Exchange Act (other than (A) the Company or any of its subsidiaries or any
employee benefit plan (or related trust) sponsored or maintained by the Company
or any of its subsidiaries, (B) Jeffrey P. Orleans or family members of Jeffrey
P.

 

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Orleans
(all such persons being referred to as “Orleans Family Members”), (C) any
entity a majority of the equity in which is owned by Orleans Family Members),
or (D) any trust as to which a majority of the beneficiaries are Orleans Family
Members), shall have become the beneficial owner of, or shall have obtained
voting control over, more than fifty percent (50%) of the outstanding shares of
the Company’s Common Stock.

(f)            “Code” means the
Internal Revenue Code of 1986, as amended, or any successor statute, and the
rules and regulations issued pursuant to that statute or any successor statute.

(g)           “Committee” shall
have the meaning set forth in Section 3 of the Plan.

(h)           “Covered Employee”
means any Employee who is treated as a “covered employee” for purposes of Code
Section 162(m).

(i)            “Disability” means
a condition of a Grantee that constitutes a “disability” as that term is
defined in Section 22(e)(3) of the Code.

(j)            “Employee” means an
employee of the Company or an Affiliate.

(k)           “Fair Market Value”
means, with respect to a share of the Common Stock:

(i)            if the Common Stock
is listed on a national securities exchange or included in the NASDAQ National
Market System, the closing price thereof on the relevant date; or

(ii)           if the Common Stock
is not so listed or included, the mean between the last reported “bid” and “asked”
prices thereof on the relevant date, as reported on NASDAQ; or

(iii)          if not so reported,
as reported by the National Daily Quotation Bureau, Inc. or as reported in a
customary financial reporting service, as applicable and as the Committee
determines.

Provided, however, that if
the Common Stock is not traded in a public market, the Fair Market Value of a
share shall be as determined in good faith by the Committee, taking into
account all relevant facts and circumstances.

(l)            “Fiscal Year Grant
Limitation” means the limitation on the number of shares of Common Stock that
may be subject to Grants made to any one person during any one fiscal year of
the Company, which limitation shall be 250,000 shares, subject to a permitted
Capitalization Adjustment.

(m)          “Grant” shall mean
any Option, Award or SAR granted under the Plan.

(n)           “Grantee” shall mean
a person to whom an Option, Award or SAR has been granted pursuant to the Plan.

 

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(o)           “Grant Document”
shall mean the document provided to a Grantee by the Company describing and
establishing the terms of any Grant made pursuant to the Plan.

(p)           “ISO” means an
Option granted under the Plan which is intended to qualify as an “incentive
stock option” within the meaning of Section 422(b) of the Code.

(q)           “Exchange Act” means
the Securities Exchange Act of 1934, as amended, or any successor statute, and
the rules and regulations issued pursuant to that statute or any successor
statute.

(r)            “Non-Employee
Director” shall mean a member of the Board who is a “non-employee director” as
that term is defined in paragraph (b)(3) of Rule 16b-3 (as defined herein) and
an “outside director” as that term is defined in Treasury Regulations Section
1.162-27 promulgated under the Code.

(s)           “Non-Employee
Director Committee” means a committee designated by the Board to act as the
Committee with respect to the Plan that consists solely of two or more
Non-Employee Directors.

(t)            “Non-qualified
Stock Option” means an Option granted under the Plan which is not intended to
qualify, or otherwise does not qualify, as an ISO.  The term Non-qualified Stock Option shall
also be applicable to any portion of an option that does not qualify for
treatment as an ISO.

(u)           “Option” means
either an ISO or a Non-qualified Stock Option granted under the Plan.

(v)           “Option Price” means
the price at which Shares may be purchased upon exercise of an Option, as set
forth in the Grant Document.

(w)          “Re-Price” means to lower or
reduced the Option Price of any outstanding Option through modification,
amendment, cancellation or replacement Grants, or by any other means.

(x)            “Rule 16b-3” means
Rule 16b-3 promulgated under the Exchange Act, or any successor rule.

(y)           “SAR” means a stock
appreciation right granted under the Plan, as defined in Section 11 hereof.

(z)            “Section 16
Officers” means any person who is an “officer” within the meaning of Rule
16a-1(f) promulgated under the Exchange Act or any successor rule, and who is
subject to the reporting requirements under Section 16 of the Exchange Act with
respect to the Company’s Common Stock.

(aa)         “Securities Act”
means the Securities Act of 1933, as amended, or any successor statute, and the
rules and regulations issued pursuant to that statute or any successor statute.

 

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(bb)         “Shares” means the
shares of Common Stock (including hypothetical shares of Common Stock
referenced under the terms of a Grant Document applicable to an SAR) which are
subject to any Grant made under the Plan.

3.             Administration of the Plan.  The Board may administer the Plan and/or it
may, in its discretion, designate a committee or committees composed of two or
more of directors to operate and administer the Plan with respect to all or a
designated portion of the participants. 
To the extent that the Committee is empowered to grant options to
Section 16 Officers or persons whose compensation might have limits on
deductibility under Code Section 162(m), the Board may, at its discretion,
appoint a separate Non-Employee Director to administer the Plan with respect to
those persons.   Any such committee
designated by the Board, and the Board itself in its administrative capacity
with respect to the Plan, is referred to as the “Committee.”

(a)           Meetings.  The Committee shall hold meetings at such
times and places as it may determine. 
The Committee may take action only upon the agreement of a majority of
the whole Committee.  Any action which
the Committee shall take through a written instrument signed by all its members
shall be as effective as though it had been taken at a meeting duly called and
held.

(b)           Exculpation.  No member of the Board of Directors shall be
personally liable for monetary damages for any action taken or any failure to
take any action in connection with the administration of the Plan or making any
Grants under the Plan, provided that this Subsection 3(b) shall not apply to
(i) any breach of such member’s duty of loyalty to the Company or its
stockholders, (ii) acts or omissions not in good faith or involving intentional
misconduct or a knowing violation of law, (iii) acts or omissions that would
result in liability under Section 174 of the General Corporation Law of the
State of Delaware, as amended, and (iv) any transaction from which the member
derived an improper personal benefit.

(c)           Indemnification.  Service on the Committee shall constitute
service as a member of the Board.  Each
member of the Committee shall be entitled, without further act on the member’s
part, to indemnity from the Company and limitation of liability to the fullest
extent provided by applicable law and by the Company’s Articles of
Incorporation and/or Bylaws in connection with or arising out of any action,
suit or proceeding with respect to the administration of the Plan or the
issuance of any Grant thereunder in which the member may be involved by reason
of the member being or having been a member of the Committee, whether or not
the member continues to be such member of the Committee at the time of the
action, suit or proceeding.

(d)           Interpretation
and Authority of the Committee.  The
Committee shall have the power and authority to (i) interpret the Plan, (ii)
adopt, amend and revoke policies, rules and/or regulations for its
administration that are not inconsistent with the express terms of the Plan,
(iii) waive requirements relating to formalities or other matters that do not
either modify the substance of the rights intended to be granted by means of
Grants made under the Plan or constitute a material amendment for any purpose
under the Code, and (iv) take any actions authorized by the Plan.  The Committee shall, subject to any specific
provisions or limitations applicable under the Plan, have the authority to make
such adjustments to the terms and conditions of any Grants made under the Plan,
including but not limited to those adjustments

 

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identified
in Section 14(b) hereof, in order to take into account any facts and
circumstances that influence the effectiveness of the Plan as a method of
providing appropriate current performance incentives for recipients of Grants,
including, but not limited to, any facts and circumstances related to levels of
compensation and bonuses paid by other similarly situated employers, and
current needs of the Company to encourage the retention of valued Employees and
to reward high levels of performance by such Employees.  Any such actions by the Committee shall be
final, binding and conclusive on all parties in interest.

4.             Grants of Options under the Plan.  Grants of Options under the Plan may be in
the form of a Non-qualified Stock Option, an ISO or a combination thereof, at
the discretion of the Committee.

5.             Eligibility.  All Employees, members of the Board, members
of the boards of directors (or any similar governing body) of any Affiliate and
consultants and advisors to the Company or any Affiliate shall be eligible to
receive Grants hereunder.  Consultants
and advisors shall be eligible only if they render bona fide services to the
Company unrelated to the offer or sale of securities.  The Committee, in its sole discretion, shall
determine whether an individual qualifies as an Employee.

6.             Shares Subject to Plan.  The aggregate maximum number of Shares as to
which Grants may be issued pursuant to the Plan is 2,000,000 (subject to a
permitted Capitalization Adjustment). 
The Shares shall be issued from authorized and unissued Common Stock or
Common Stock held in or hereafter acquired for the treasury of the
Company.  If a Grant terminates or
expires without having been fully exercised for any reason or has been conveyed
back to the Company pursuant to the terms of a Grant Document, the Shares as to
which the Grant was not exercised or the Shares that were conveyed back to the
Company shall again be available for issuance pursuant to the terms of one or
more Grants pursuant to the Plan.

7.             Fiscal Year Grant Limitation.  Notwithstanding anything herein to the
contrary, no Grantee shall be issued Grants during any one fiscal year of the
Company for shares of Common Stock in excess of the Fiscal Year Grant
Limitation.

8.             Term of the Plan.  The Plan (as amended and restated) is
effective as of June 6, 2006, the date on which it was adopted by the Board,
subject to the approval of the Plan within one year after such date (the “Approval
Date”) by the shareholders in the manner required by state law.  If the Plan as amended and restated is not so
approved by the shareholders, the Plan (as amended and restated) and all Grants
issued under the Plan (as amended and restated) in excess of the limitation set
forth in Section 6 of the Original Plan shall be null and void as of the close
of business on the Approval Date and the Original Plan shall continue in full
force and effect as if this amendment and restatement had not been
adopted.  No Grants may be issued under
the Plan on or after October 9, 2017.

9.             Options.  Each Option granted under the Plan shall be a
Non-qualified Stock Option unless the Option shall be specifically designated
at the time of grant to be an ISO.  If
any Option designated an ISO is determined for any reason not to qualify as an
incentive stock option within the meaning of Section 422 of the Code, such
Option shall be treated as a Non-qualified Stock Option for all purposes under
the provisions of the Plan.  Options granted
pursuant to the 

 

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Plan shall be evidenced by
the Grant Documents in such form as the Committee shall approve from time to
time, which Grant Documents shall comply with and be subject to the following
terms and conditions and such other terms and conditions as the Committee shall
require from time to time which are not inconsistent with the terms of the
Plan.  No ISO shall be granted to any
person who does not qualify as an employee of the Company or an Affiliate
within the meaning of Code Section 422.

(a)           Number of Option
Shares.  Each Grant Document shall
state the number of Shares to which it pertains.  A Grantee may receive more than one Option,
which may include Options which are intended to be ISOs and Options which are
not intended to be ISOs, but only on the terms and subject to the conditions
and restrictions of the Plan. 
Notwithstanding anything herein to the contrary, no Grantee shall be
granted Options during any one fiscal year of the Company for more than the
Fiscal Year Grant Limitation.

(b)            Option Price.  Each Grant Document shall state the Option
Price, which, for a Non-qualified Stock Option, shall, unless otherwise
specified in the Grant Document, be the Fair Market Value of the Shares on the
date the Option is granted and, for an ISO, shall in all cases be at least 100%
of the Fair Market Value of the Shares on the date the Option is granted as
determined by the Committee in accordance with this Subsection 9(b); and
provided, further, that if an ISO is granted to a Grantee who then owns,
directly or by attribution under Section 424(d) of the Code, shares possessing
more than ten percent of the total combined voting power of all classes of
stock of the Company or an Affiliate, then, to the extent required by Section
424(d) of the Code, the Option Price shall be at least 110% of the Fair Market
Value of the Shares on the date the Option is granted.

(c)           Exercise.  No Option shall be deemed to have been
exercised prior to the receipt by the Company of written notice of such exercise
and, unless arrangements satisfactory to the Company have been made for payment
through a broker in accordance with procedures permitted by rules or
regulations of the Federal Reserve Board, receipt of payment in full of the
Option Price for the Shares to be purchased. 
Each such notice shall specify the number of Shares to be purchased and,
unless the Shares are covered by a then current registration statement or a
Notification under Regulation A under the Securities Act, shall contain the
Grantee’s acknowledgment, in form and substance satisfactory to the Company,
that (i) such Shares are being purchased for investment and not for
distribution or resale (other than a distribution or resale which, in the
opinion of counsel satisfactory to the Company, may be made without violating
the registration provisions of the Securities Act), (ii) the Grantee has been
advised and understands that (A) the Shares have not been registered under the
Securities Act and are “restricted securities” within the meaning of Rule 144
under the Securities Act and are subject to restrictions on transfer, and (B)
the Company is under no obligation to register the Shares under the Securities
Act or to take any action which would make available to the Grantee any
exemption from such registration, (iii) such Shares may not be transferred
without compliance with all applicable federal and state securities laws, and
(iv) an appropriate legend referring to the foregoing restrictions on transfer
and any other restrictions imposed under the Grant Documents may be endorsed on
the certificates.  Notwithstanding the
foregoing, if the Company determines that issuance of Shares should be delayed
pending registration under federal or state securities laws, the receipt of an
opinion of counsel satisfactory to the Company that an appropriate exemption
from such registration is available, the listing or inclusion of the Shares 

 

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on
any securities exchange or an automated quotation system, or the consent or
approval of any governmental regulatory body whose consent or approval is
necessary in connection with the issuance of such Shares, the Company may defer
exercise of any Option granted hereunder until any of the events described in
this sentence has occurred.

(d)           Medium of Payment.  Subject to the terms of the applicable Grant
Document, a Grantee shall pay for Shares (i) in cash, (ii) by certified or
cashier’s check payable to the order of the Company, or (iii) by such other
mode of payment as the Committee may approve, including payment through a
broker in accordance with procedures permitted by rules or regulations of the
Federal Reserve Board.  The Grantee may
also exercise the Option in any other manner as is approved by the Committee or
as specifically provided for in the applicable Grant Document.  Furthermore, the Committee may provide in a
Grant Document that payment may be made in whole or in part in shares of the
Company’s Common Stock held by the Grantee. 
If payment is made in whole or in part in shares of the Company’s Common
Stock, then the Grantee shall deliver to the Company certificates registered in
the name of such Grantee representing the shares owned by such Grantee, free of
all liens, claims and encumbrances of every kind and having an aggregate Fair
Market Value on the date of delivery that is at least as great as the Option
Price of the Shares (or relevant portion thereof) with respect to which such
Option is to be exercised by the payment in shares of Common Stock, endorsed in
blank or accompanied by stock powers duly endorsed in blank by the
Grantee.  In the event that certificates
for shares of the Company’s Common Stock delivered to the Company represent a
number of shares in excess of the number of shares required to make payment for
the Option Price of the Shares (or relevant portion thereof) with respect to
which such Option is to be exercised by payment in shares of Common Stock, the
stock certificate or certificates issued to the Grantee shall represent (i) the
Shares in respect of which payment is made, and (ii) such excess number of
shares.  Notwithstanding the foregoing,
the Committee may impose from time to time such limitations and prohibitions on
the use of shares of the Common Stock to exercise an Option as it deems
appropriate.

(e)           Termination of
Options.

(i)            No Option shall be
exercisable after the first to occur of the following:

A.            Expiration of the Option term
specified in the Grant Document, which, in the case of an ISO, shall not occur
after (i) ten (10) years from the date of grant, or (ii) five (5) years from
the date of grant if the Grantee on the date of grant owns, directly or by
attribution under Section 424(d) of the Code, shares possessing more than ten
percent of the total combined voting power of all classes of stock of the
Company or of an Affiliate;

B.            Except to the extent otherwise
provided in a Grantee’s Grant Document, a finding by the Committee, after full
consideration of the facts presented on behalf of both the Company and the
Grantee, that the Grantee has been engaged in disloyalty to the Company or an
Affiliate, including, without limitation, fraud, embezzlement, theft,
commission of a felony or proven dishonesty in the course of his employment or
service, or has disclosed trade secrets or confidential information of the
Company or an Affiliate.  In such event,

 

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in addition to immediate
termination of the Option, the Grantee shall automatically forfeit all Shares
for which the Company has not yet delivered the share certificates upon refund
by the Company of the Option Price. 
Notwithstanding anything herein to the contrary, the Company may
withhold delivery of share certificates pending the resolution of any inquiry
that could lead to a finding resulting in a forfeiture;

C.            The date, if any, set by the
Committee as an accelerated expiration date in the event of the liquidation or
dissolution of the Company;

D.            The occurrence of such other event
or events as may be set forth in this Plan or the Grant Document as causing an
accelerated expiration of the Option; or

E.             Except as otherwise set forth in
the Grant Document and subject to the foregoing provisions of this Subsection
9(e)(i), the applicable date set forth below in connection with the Grantee’s
termination of employment or service with the Company or any Affiliate.  For these purposes the applicable date
is:  (1) where the Grantee resigns from
his or her employment or service with the Company or any Affiliate without such
resignation having been solicited by the Company or the Affiliate, as the case
may be, the date of such resignation; (2) where the Grantee’s termination of
employment or service with the Company or any Affiliate is due to the Grantee’s
death or Disability, the date that is one hundred eighty (180) days following
such termination; (3) where the Grantee’s termination of employment or service
with the Company or any Affiliate is due to the Grantee’s retirement, the
second anniversary of such termination; (4) where the Grantee is a member of
the Board or of any board of directors (or similar governing body) of an
Affiliate and is not an Employee and such Grantee’s service is terminated for
any reason other than Disability or death, 90 days following the date of such
termination of service; and (5) in all other cases, 30 days after the Grantee’s
termination of employment or service with the Company or any Affiliate.  The only Options that may be exercised
subsequent to the Grantee’s termination of employment or service with the
Company or an Affiliate are those Options which were exercisable on the last
date of such employment or service and not Options which, if the Grantee were
still employed or rendering service during such post termination period, would
become exercisable, unless the Grant Document specifically provides to the
contrary or the Committee otherwise approves. 
The terms of an executive severance agreement or other agreement between
the Company and a Grantee, approved by the Committee or the Board, whether
entered into prior or subsequent to the grant of an Option, which provide for
Option exercise dates later than those set forth in Subsection 9(e)(i) shall be
deemed to be Option terms approved by the Committee and consented to by the
Grantee.

(ii)           Notwithstanding the
foregoing, the Committee may extend the period during which all or any portion
of an Option may be exercised to a date no later than the Option term specified
in the Grant Document; provided, however, that any change pursuant to this
Subsection 9(e)(ii) which would cause an ISO to become a Non-qualified Stock
Option may be made only with the consent of the Grantee.

(iii)          Notwithstanding
anything to the contrary contained in the Plan or a Grant Document, an ISO
shall be treated as a Non-qualified Stock Option to the extent such ISO is
exercised at any time after the expiration of the time period permitted under
the Code for the exercise of an ISO.

 

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(f)            Transfers.  Except as otherwise provided in this Subsection
9(f), no Option granted under the Plan may be transferred, except by will or by
the laws of descent and distribution, and, during the lifetime of the person to
whom an Option is granted, such Option may be exercised only by the Grantee.  Notwithstanding the foregoing, an Option,
other than an ISO, shall be transferable pursuant to a “domestic relations
order” as defined in the Code or Title I of the Employee Retirement Income
Security Act of 1974, as amended, or the rules thereunder, and also shall be
transferable, without payment of consideration, to (a) immediate family members
of the holder (i.e., spouse or former spouse, parents, issue, including adopted
and “step” issue, or siblings), (b) trusts for the benefit of immediate family
members, and (c) partnerships whose only partners are such family members, and
(d) to any transferee permitted by a rule adopted by the Committee or approved
by the Committee in an individual case. 
Any transferee will be subject to all of the conditions set forth in the
Option prior to its transfer.

(g)           Limitation on ISO
Grants.  To the extent that the
aggregate Fair Market Value of the shares of Common Stock (determined at the
time the ISO is granted) with respect to which ISOs under all incentive stock
option plans of the Company or its Affiliates are exercisable for the first
time by the Grantee during any calendar year exceeds $100,000, such ISOs shall,
to the extent of such excess, be treated as Non-qualified Stock Options.

(h)           Other Provisions.  Subject to the provisions of the Plan, the
Grant Documents shall contain such other provisions, including, without
limitation, provisions authorizing the Committee to accelerate the
exercisability of all or any portion of an Option granted pursuant to the Plan,
additional restrictions upon the exercise of the Option or additional
limitations upon the term of the Option, as the Committee deems advisable.

10.           Change of Control.  In the event of a Change of Control, Options
and SARs granted pursuant to the Plan shall become immediately exercisable in
full, and all Awards shall become fully vested, but only if such vesting is
specified in the applicable Grant Document. 
In addition, the Committee may take whatever action it deems necessary
or desirable with respect to outstanding Grants, including, without limitation,
with respect to Options and SARs, accelerating the expiration or termination
date in the applicable Grant Document to a date no earlier than thirty (30)
days after notice of such acceleration is given to the Grantees; provided,
however, that such accelerated expiration date may not be earlier than the date
as of which the Grant has become fully vested and exercisable.

11.           Stock Appreciation Rights (SARs).

(a)           General.  Subject to the terms and conditions of the
Plan, the Committee may, in its sole and absolute discretion, grant a right
(which right shall be referred to as an “SAR”), which may or may not be granted
in conjunction with an Option, which right shall entitle the Grantee to receive
a payment upon exercise equal to the excess of the Fair Market Value of a
specified number of Shares, determined as of the date the SAR is exercised,
over the “purchase price” specified in the Grant Document applicable to the
SAR.  The SAR may be exercisable in whole
or in part, and at such times and under such circumstances as are set forth in
the Grant Document applicable to the SAR. 
In the event an SAR is granted in conjunction with an Option, the
exercise of the SAR shall result in a cancellation of the Option to the same
extent as the SAR is exercised, and the exercise of the Option shall result in
a cancellation of the SAR

 

-10-

 

to
the same extent as the Option is exercised, and the terms and conditions,
including the number of Shares subject to the SAR, the “purchase price” and the
times and circumstances in which the SAR may be exercised, shall be the same as
are applicable to the Option.  Except as
may otherwise be provided in a Grant Document, such payment may be made, as determined
by the Committee in accordance with Subsection 12(c) below and set forth in the
applicable Grant Document, either in Shares or in cash or in any combination
thereof.  For purposes of the annual and
aggregate limitations on shares of Common Stock that may be subject to Grants
under the Plan, the grant of an SAR not in conjunction with an Option shall be
treated as though such SAR constituted an Option.

(b)           Grant.  Each SAR shall relate either to a specific
Option granted under the Plan or to a hypothetical Option that could have been
granted under the Plan.  Where an SAR is
granted in conjunction with an Option granted under the Plan, the Grant
Document applicable to the Option shall include provisions indicating the SAR
rights.  Where an SAR is granted
independent of an Option granted under the Plan, the Grant Document applicable
to such SAR shall indicate the relevant terms and conditions applicable to the
SAR, including, but not limited to, the number of hypothetical Shares subject
to the terms of the SAR, the “purchase price” to be taken into account upon
exercise of the SAR, and such other terms and conditions as would be permitted
or as are required with respect to the grant of an Option under the Plan.  SARs shall be exercisable at such times and
under such terms and conditions as the Committee, in its sole and absolute
discretion, shall determine; provided, however, that an SAR that is granted
concurrent with an Option shall be exercisable only at such times and by such
individuals as the related Option may be exercised under the Plan and the Grant
Document.

(c)           Payment.  The Committee shall have sole discretion to
determine whether payment in respect of SARs exercised by any Grantee shall be
made in shares of Common Stock, or in cash, or in a combination thereof.  If payment is made in Common Stock, the
number of shares which shall be issued pursuant to the exercise of SARs shall
be determined by dividing the amount of the payment provided for in Section 11(a)
above by the Fair Market Value of a share of Common Stock on the exercise date
of the SARs.  No fractional share of
Common Stock shall be issued on exercise of an SAR; cash may be paid by the
Company to the person exercising an SAR in lieu of any such fractional share,
if the Committee so determines.  If
payment on exercise of an SAR is to be made in cash, the person exercising the
SAR shall receive such cash payment as soon as practicable following the date
of exercise.

12.           Terms and Conditions of Awards.  Awards granted pursuant to the Plan shall be
evidenced by written Grant Documents in such form as the Committee shall from
time to time approve, which Grant Documents shall comply with and be subject to
the following terms and conditions and such other terms and conditions which
the Committee shall from time to time require which are not inconsistent with
the terms of the Plan.

(a)           Number of Shares.  Each Grant Document shall state the number of
Shares or other units or rights to which it pertains.

(b)           Purchase Price.  Each Grant Document shall specify the
purchase price, if any, which applies to the Award.  If the Board specifies a purchase price, the
Grantee shall be required to make payment on or before the payment date
specified in the Grant Document.  A

 

-11-

 

Grantee
shall make payment (i) in cash, (ii) by certified check payable to the order of
the Company, or (iii) by such other mode of payment as the Committee may
approve.

(c)           Grant.  In the case of an Award which provides for a
grant of Shares without any payment by the Grantee, the grant shall take place
on the date specified in the Grant Document. 
In the case of an Award which provides for a payment, the grant shall
take place on the date the initial payment is delivered to the Company, unless
the Committee or the Grant Document otherwise specifies.  Stock certificates evidencing Shares granted
pursuant to an Award shall be issued in the sole name of the Grantee.  Notwithstanding the foregoing, as a
precondition to a grant, the Company may require an acknowledgment by the
Grantee as required with respect to Options under Subsection 9(c).

(d)           Conditions.  The Committee may specify in a Grant Document
any conditions under which the Grantee of that Award shall be required to
convey to the Company the Shares covered by the Award.  Upon the occurrence of any such specified
condition, the Grantee shall forthwith surrender and deliver to the Company the
certificates evidencing such Shares as well as completely executed instruments
of conveyance.  The Committee, in its
discretion, may provide that certificates for Shares transferred pursuant to an
Award be held in escrow by the Company or its designee until such time as each
and every condition has lapsed and that the Grantee be required, as a condition
of the Award, to deliver to such escrow agent or the Company officer stock
transfer powers covering the Shares subject to the Award duly endorsed by the
Grantee.  Unless otherwise provided in
the Grant Document or determined by the Committee, dividends and other
distributions made on Shares held in escrow shall be deposited in escrow, and
held in escrow until such time as the Shares on which the distributions were
made are released from escrow.  Stock
certificates evidencing Shares subject to conditions shall bear a legend to the
effect that the Shares evidenced thereby are subject to repurchase by, or
conveyance to, the Company in accordance with the terms applicable to such
Shares under an Award made pursuant to the Plan, and that the Shares may not be
sold or otherwise transferred.

(e)           Lapse of
Conditions.  Upon termination or
lapse of all forfeiture conditions, the Company shall cause certificates
without the legend referring to the Company’s repurchase or acquisition right
(but with any other legends that may be appropriate) evidencing the Shares
covered by the Award to be issued to the Grantee upon the Grantee’s surrender
to the Company of the legended certificates held by the Grantee.

(f)            Rights as
Shareholder.  Upon payment of the
purchase price, if any, for Shares covered by an Award and compliance with the
acknowledgment requirement of Subsection 9(c), the Grantee shall have all of
the rights of a shareholder with respect to the Shares covered thereby,
including the right to vote the Shares and (subject to the provisions of
Subsection 12(d)) to receive all dividends and other distributions paid or made
with respect thereto, except to the extent otherwise provided by the Committee
or in the Grant Document.

13.           Adjustments on Changes in
Capitalization.

(a)           Capitalization
Adjustments.  In the event that the
outstanding Shares are changed by reason of a reorganization, merger,
consolidation, recapitalization, reclassification, stock split-up, combination
or exchange of shares and the like (not including the issuance of 

 

-12-

 

Common
Stock on the conversion of other securities of the Company which are
convertible into Common Stock) or dividends payable in shares of Common Stock,
a Capitalization Adjustment may be made by the Committee as it deems
appropriate in the aggregate number and/or class of shares available under the
Plan, in the number of shares, class of shares and price per share subject to
outstanding Grants and to any limitations on grants set forth in the Plan and
stated in terms of numbers of Shares. 
Unless the Committee makes other provisions for the equitable settlement
of outstanding Grants, if the Company shall be reorganized, consolidated, or
merged with another corporation, or if all or substantially all of the assets
of the Company shall be sold or exchanged, a Grantee shall at the time of
issuance of the stock under such corporate event be entitled to receive, with
respect to or upon the exercise of his or her Grant, as the case may be, the
same number and kind of shares of stock or the same amount of property, cash or
securities as the Grantee would have been entitled to receive upon the
occurrence of any such corporate event as if the Grantee had been, immediately
prior to such event, the holder of the number of shares covered by his or her
Grant; provided, however, that with respect to an SAR, the Grantee shall only
be entitled to receive payment in the form of property other than cash to the
extent such settlement of the SAR is provided for in the applicable Grant
Document.

(b)           Fractional Shares.  Any adjustment under this Section 13 in the
number of Shares subject to Grants shall apply proportionately to only the
unexercised portion of any Option or SAR granted hereunder.  If a fraction of a Share would result from
any such adjustment, the fraction shall be eliminated, unless the Committee
otherwise determines.

(c)           Committee
Authority.  The Committee shall have
authority to determine the Capitalization Adjustments to be made under this
Section, which may include both adjustments to the number of shares and class
of the Company stock to be issued in connection with or on the exercise of
Grants, all Plan grant limitations stated in terms of numbers of Shares, and
any such determination by the Committee shall be final, binding and conclusive.

14.           Amendments and Termination of Plan.

(a)           Amendment to and
Termination of Plan. The Board may amend the Plan from time to time in such
manner as it may deem advisable or may terminate the Plan, at its
discretion.  Nevertheless, the Board may
not change the class of persons eligible to receive an ISO or increase the
maximum number of Shares as to which Grants may be issued under the Plan, or to
any individual under the Plan in any year, without obtaining approval, within
twelve months before or after such action, by the shareholders in the manner
required by state law.  No amendment to
or termination of the Plan shall adversely affect any outstanding Grant, however,
without the consent of the Grantee.

(b)           Amendment to
Grant Documents.  Subject to the
provisions of the Plan, the Committee shall have the right to amend any Grant
Document issued to a Grantee, subject to the Grantee’s consent, if such
amendment is not favorable to the Grantee or if such amendment has the effect
of changing an ISO to a Non-qualified Stock Option; provided, however, that the
consent of the Grantee shall not be required for any amendment made pursuant to
Subsection 9(e)(i)(C) or Section 10 of the Plan, as applicable.  This Section 14(b) expressly authorizes the
Committee to Re-Price any outstanding Options, including through the issuance
of new Options to replace existing Options (with the consent of the Grantee if
such Re-Pricing is not favorable to

 

-13-

 

the
Grantee), at the Committee’s discretion, taking into account such facts and
circumstances as the Committee deems appropriate.

15.           No Commitment to Retain.  The making of a Grant pursuant to the Plan
shall not be construed to imply or to constitute evidence of any agreement,
express or implied, on the part of the Company or any Affiliate to retain the
Grantee as an employee, director, consultant or advisor of the Company or any
Affiliate, or in any other capacity.

16.           Withholding of Taxes.  In connection with any event relating to any
Grant under the Plan, the Company shall have the right to (a) require the
recipient to remit or otherwise make available to the Company an amount
sufficient to satisfy any federal, state and/or local withholding tax
requirements prior to the delivery or transfer of any certificates for such
Shares, or (b) take whatever other action it deems necessary to protect its
interests with respect to tax liabilities, including, without limitation,
withholding any Shares, funds or other property otherwise due to the
Grantee.  The Company’s obligations under
the Plan shall be conditioned on the Grantee’s compliance, to the Company’s
satisfaction, with any withholding requirement.

 

-14-Exhibit 4.1

 

EXECUTION COPY

 

 

CNH EQUIPMENT TRUST 2008-B

 

INDENTURE

 

between

 

CNH EQUIPMENT TRUST 2008-B

 

and

 

THE BANK OF NEW YORK TRUST COMPANY, N.A.

 

as Indenture Trustee.

 

Dated as of May 1, 2008

 

 

 

TABLE OF CONTENTS

 

	
   

  	
   

  	
  Page

  
	
   

  	
   

  	
   

  
	
  ARTICLE
  I

  	
  Definitions
  and Incorporation by Reference

  	
  2

  
	
   

  	
   

  	
   

  
	
  Section 1.1.

  	
  Definitions

  	
  2

  
	
  Section 1.2.

  	
  Incorporation by Reference of Trust Indenture Act

  	
  2

  
	
  Section 1.3.

  	
  Other Definitional Provisions

  	
  3

  
	
   

  	
   

  	
   

  
	
  ARTICLE
  II

  	
  The Notes

  	
  3

  
	
   

  	
   

  	
   

  
	
  Section 2.1.

  	
  Form

  	
  3

  
	
  Section 2.2.

  	
  Execution, Authentication and Delivery

  	
  4

  
	
  Section 2.3.

  	
  Temporary Notes

  	
  4

  
	
  Section 2.4.

  	
  Registration; Registration of Transfer and Exchange

  	
  5

  
	
  Section 2.5.

  	
  Mutilated, Destroyed, Lost or Stolen Notes

  	
  7

  
	
  Section 2.6.

  	
  Persons Deemed Owner

  	
  8

  
	
  Section 2.7.

  	
  Payment of Principal and Interest; Defaulted Interest

  	
  8

  
	
  Section 2.8.

  	
  Cancellation

  	
  9

  
	
  Section 2.9.

  	
  Release of Collateral

  	
  9

  
	
  Section 2.10.

  	
  Book-Entry Notes

  	
  10

  
	
  Section 2.11.

  	
  Notices to Clearing Agency

  	
  10

  
	
  Section 2.12.

  	
  Definitive Notes

  	
  11

  
	
  Section 2.13.

  	
  Tax Treatment

  	
  11

  
	
   

  	
   

  	
   

  
	
  ARTICLE
  III

  	
  Covenants

  	
  11

  
	
   

  	
   

  	
   

  
	
  Section 3.1.

  	
  Payment of Principal and Interest

  	
  11

  
	
  Section 3.2.

  	
  Maintenance of Office or Agency

  	
  11

  
	
  Section 3.3.

  	
  Money for Payments To Be Held in Trust

  	
  12

  
	
  Section 3.4.

  	
  Existence

  	
  13

  
	
  Section 3.5.

  	
  Protection of the Trust Estate

  	
  13

  
	
  Section 3.6.

  	
  Opinions as to the Trust Estate

  	
  14

  
	
  Section 3.7.

  	
  Performance of Obligations; Servicing of Receivables

  	
  14

  
	
  Section 3.8.

  	
  Negative Covenants

  	
  16

  
	
  Section 3.9.

  	
  Annual Statement as to Compliance

  	
  16

  
	
  Section 3.10.

  	
  Issuing Entity May Consolidate, etc., Only on Certain Terms

  	
  16

  
	
  Section 3.11.

  	
  Successor or Transferee

  	
  18

  
	
  Section 3.12.

  	
  No Other Business

  	
  18

  
	
  Section 3.13.

  	
  No Borrowing

  	
  18

  
	
  Section 3.14.

  	
  Servicer’s Obligations

  	
  18

  
	
  Section 3.15.

  	
  Guarantees, Loans, Advances and Other Liabilities

  	
  19

  
	
  Section 3.16.

  	
  Capital Expenditures

  	
  19

  
	
  Section 3.17.

  	
  Removal of Administrator

  	
  19

  
	
  Section 3.18.

  	
  Restricted Payments

  	
  19

  

 

i

 

	
  Section 3.19.

  	
  Notice of Events of Default

  	
  19

  
	
  Section 3.20.

  	
  Further Instruments and Acts

  	
  19

  
	
  Section 3.21.

  	
  Perfection Representation

  	
  19

  
	
   

  	
   

  	
   

  
	
  ARTICLE
  IV

  	
  Satisfaction
  and Discharge

  	
  20

  
	
   

  	
   

  	
   

  
	
  Section 4.1.

  	
  Satisfaction and Discharge of Indenture

  	
  20

  
	
  Section 4.2.

  	
  Application of Trust Money

  	
  21

  
	
  Section 4.3.

  	
  Repayment of Monies Held by Paying Agent

  	
  21

  
	
   

  	
   

  	
   

  
	
  ARTICLE
  V

  	
  Remedies

  	
  21

  
	
   

  	
   

  	
   

  
	
  Section 5.1.

  	
  Events of Default

  	
  21

  
	
  Section 5.2.

  	
  Acceleration of Maturity; Rescission and Annulment

  	
  22

  
	
  Section 5.3.

  	
  Collection of Indebtedness and Suits for Enforcement by Indenture
  Trustee

  	
  23

  
	
  Section 5.4.

  	
  Remedies; Priorities

  	
  25

  
	
  Section 5.5.

  	
  Optional Preservation of the Receivables

  	
  27

  
	
  Section 5.6.

  	
  Limitation of Suits

  	
  27

  
	
  Section 5.7.

  	
  Unconditional Rights of Noteholders To Receive Principal and Interest

  	
  28

  
	
  Section 5.8.

  	
  Restoration of Rights and Remedies

  	
  28

  
	
  Section 5.9.

  	
  Rights and Remedies Cumulative

  	
  28

  
	
  Section 5.10.

  	
  Delay or Omission Not a Waiver

  	
  28

  
	
  Section 5.11.

  	
  Control by Noteholders

  	
  28

  
	
  Section 5.12.

  	
  Waiver of Past Defaults

  	
  29

  
	
  Section 5.13.

  	
  Undertaking for Costs

  	
  29

  
	
  Section 5.14.

  	
  Waiver of Stay or Extension Laws

  	
  30

  
	
  Section 5.15.

  	
  Action on Notes

  	
  30

  
	
  Section 5.16.

  	
  Performance and Enforcement of Certain Obligations

  	
  30

  
	
   

  	
   

  	
   

  
	
  ARTICLE
  VI

  	
  The Indenture Trustee

  	
  31

  
	
   

  	
   

  	
   

  
	
  Section 6.1.

  	
  Duties of the Indenture Trustee

  	
  31

  
	
  Section 6.2.

  	
  Rights of Indenture Trustee

  	
  32

  
	
  Section 6.3.

  	
  Individual Rights of the Indenture Trustee

  	
  33

  
	
  Section 6.4.

  	
  Indenture Trustee’s Disclaimer

  	
  33

  
	
  Section 6.5.

  	
  Notice of Defaults

  	
  33

  
	
  Section 6.6.

  	
  Reports by Indenture Trustee to the Holders

  	
  33

  
	
  Section 6.7.

  	
  Compensation and Indemnity

  	
  34

  
	
  Section 6.8.

  	
  Replacement of the Indenture Trustee

  	
  34

  
	
  Section 6.9.

  	
  Successor Indenture Trustee by Merger

  	
  35

  
	
  Section 6.10.

  	
  Appointment of Co-Trustee or Separate Trustee

  	
  36

  
	
  Section 6.11.

  	
  Eligibility; Disqualification

  	
  37

  
	
  Section 6.12.

  	
  Preferential Collection of Claims Against the Issuing Entity

  	
  38

  
	
  Section 6.13.

  	
  Information to Be Provided by the Indenture Trustee

  	
  38

  
	
  Section 6.14.

  	
  Representations and Warranties

  	
  38

  

 

ii

 

	
  ARTICLE
  VII

  	
  Noteholders’
  Lists and Reports

  	
  39

  
	
   

  	
   

  	
   

  
	
  Section 7.1.

  	
  Issuing Entity To Furnish Indenture Trustee Names and Addresses of
  Noteholders

  	
  39

  
	
  Section 7.2.

  	
  Preservation of Information; Communications to Noteholders

  	
  39

  
	
  Section 7.3.

  	
  Reports by Issuing Entity

  	
  39

  
	
  Section 7.4.

  	
  Required Filings

  	
  40

  
	
   

  	
   

  	
   

  
	
  ARTICLE
  VIII

  	
  Accounts,
  Disbursements and Releases

  	
  40

  
	
   

  	
   

  	
   

  
	
  Section 8.1.

  	
  Collection of Money

  	
  40

  
	
  Section 8.2.

  	
  Trust Accounts

  	
  40

  
	
  Section 8.3.

  	
  General Provisions Regarding Accounts

  	
  43

  
	
  Section 8.4.

  	
  Release of Trust Estate

  	
  44

  
	
  Section 8.5.

  	
  Opinion of Counsel

  	
  45

  
	
   

  	
   

  	
   

  
	
  ARTICLE
  IX

  	
  Supplemental
  Indentures

  	
  45

  
	
   

  	
   

  	
   

  
	
  Section 9.1.

  	
  Supplemental Indentures Without Consent of Noteholders

  	
  45

  
	
  Section 9.2.

  	
  Supplemental Indentures With Consent of Noteholders

  	
  46

  
	
  Section 9.3.

  	
  Execution of Supplemental Indentures

  	
  48

  
	
  Section 9.4.

  	
  Effect of Supplemental Indenture

  	
  48

  
	
  Section 9.5.

  	
  Conformity with Trust Indenture Act

  	
  48

  
	
  Section 9.6.

  	
  Reference in Notes to Supplemental Indentures

  	
  48

  
	
  Section 9.7.

  	
  Amendment without Consent

  	
  49

  
	
   

  	
   

  	
   

  
	
  ARTICLE
  X

  	
  Redemption
  of Notes

  	
  49

  
	
   

  	
   

  	
   

  
	
  Section 10.1.

  	
  Redemption

  	
  49

  
	
  Section 10.2.

  	
  Form of Redemption Notice

  	
  49

  
	
  Section 10.3.

  	
  Notes Payable on Redemption Date

  	
  50

  
	
   

  	
   

  	
   

  
	
  ARTICLE
  XI

  	
  Miscellaneous

  	
  50

  
	
   

  	
   

  	
   

  
	
  Section 11.1.

  	
  Compliance Certificates and
  Opinions, etc.

  	
  50

  
	
  Section 11.2.

  	
  Form of Documents Delivered to Indenture Trustee

  	
  52

  
	
  Section 11.3.

  	
  Acts of Noteholders

  	
  52

  
	
  Section 11.4.

  	
  Notices, etc., to the Indenture Trustee, Issuing Entity,
  Counterparties and Rating Agencies

  	
  53

  
	
  Section 11.5.

  	
  Notices to Noteholders; Waiver

  	
  54

  
	
  Section 11.6.

  	
  Alternate Payment and Notice Provisions

  	
  54

  
	
  Section 11.7.

  	
  Conflict with Trust Indenture Act

  	
  54

  
	
  Section 11.8.

  	
  Effect of Headings and Table of Contents

  	
  55

  
	
  Section 11.9.

  	
  Successors and Assigns

  	
  55

  
	
  Section 11.10.

  	
  Severability

  	
  55

  
	
  Section 11.11.

  	
  Benefits of Indenture

  	
  55

  
	
  Section 11.12.

  	
  Legal Holidays

  	
  55

  
	
  Section 11.13.

  	
  Governing Law

  	
  55

  

 

iii

 

	
  Section 11.14.

  	
  Counterparts

  	
  55

  
	
  Section 11.15.

  	
  Recording of Indenture

  	
  55

  
	
  Section 11.16.

  	
  Trust Obligation

  	
  56

  
	
  Section 11.17.

  	
  No Petition

  	
  56

  
	
  Section 11.18.

  	
  Inspection

  	
  56

  
	
  Section 11.19.

  	
  Subordination

  	
  57

  
	
  Section 11.20.

  	
  Information Requests

  	
  57

  

 

iv

 

EXHIBITS

 

	
  EXHIBIT A-1

  	
  Form of
  A-1 Notes

  
	
   

  	
   

  
	
  EXHIBIT A-2a

  	
  Form of
  A-2a Notes

  
	
   

  	
   

  
	
  EXHIBIT A-2b

  	
  Form of
  A-2b Notes

  
	
   

  	
   

  
	
  EXHIBIT A-3a

  	
  Form of
  A-3a Notes

  
	
   

  	
   

  
	
  EXHIBIT A-3b

  	
  Form of
  A-3b Notes

  
	
   

  	
   

  
	
  EXHIBIT A-4a

  	
  Form of
  A-4a Notes

  
	
   

  	
   

  
	
  EXHIBIT A-4b

  	
  Form of
  A-4b Notes

  
	
   

  	
   

  
	
  EXHIBIT A-5

  	
  Form of
  Class B Notes

  
	
   

  	
   

  
	
  EXHIBIT B

  	
  Form of
  Section 3.9 Officer’s Certificate

  
	
   

  	
   

  
	
  EXHIBIT C

  	
  Form of
  Rule 144A Letter

  

 

SCHEDULES

 

	
  SCHEDULE P

  	
  Perfection
  Representations & Warranties

  

 

v

 

INDENTURE
dated as of May 1, 2008 between CNH EQUIPMENT TRUST 2008-B, a Delaware
statutory trust (the “Issuing Entity”),
and THE BANK OF NEW YORK TRUST COMPANY, N.A., a national banking association (“BNYTC”), as trustee and not in its
individual capacity (the “Indenture Trustee”).

 

Each party
agrees as follows for the benefit of the other party and for the equal and
ratable benefit of the Holders of the Issuing Entity’s 2.91675% Class A-1
Asset Backed Notes (each an “A-1 Note”),
4.04% Class A-2a Asset Backed Notes (each an “A-2a Note”), Floating Rate Class A-2b
Asset Backed Notes (each an “A-2b Note”),
4.78% Class A-3a Asset Backed Notes (each an “A-3a Note”), Floating Rate Class A-3b
Asset Backed Notes (each an “A-3b Note”),
5.60% Class A-4a Asset Backed Notes (each an “A-4a Note”), Floating Rate Class A-4b
Asset Backed Notes (each an “A-4b Note”)
and the 0.00% Class B Asset Backed Notes (each a “Class B Note”; and together with the
A-1 Notes, the A-2a Notes, the A-2b Notes, the A-3a Notes, the A-3b Notes, the
A-4a Notes and the A-4b Notes, the “Notes”).

 

GRANTING CLAUSE

 

The Issuing
Entity hereby Grants to BNYTC at the Closing Date, as Indenture Trustee for the
benefit of the Holders of the Notes and the Counterparties, all of the Issuing
Entity’s right, title and interest in, to and under the following, whether now
existing or hereafter arising or acquired (collectively, the “Collateral”):

 

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

 

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

 

(c)           any
proceeds with respect to the Receivables from claims on insurance policies
covering Financed Equipment or Obligors (to the extent not used to purchase
Substitute Equipment);

 

(d)           any
proceeds from recourse to Dealers with respect to the Receivables;

 

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

 

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

 

(g)           the
Sale and Servicing Agreement (including all rights of the Seller under the
Liquidity Receivables Purchase Agreement and the Purchase Agreement assigned to
the Issuing Entity pursuant to the Sale and Servicing Agreement);

 

 

(h)           all
rights of the Issuing Entity under the Interest Rate Swap Agreements; and

 

(i)            all
present and future claims, demands, causes and choses in action in respect of
any or all of the foregoing and all payments on or under and all proceeds of
every kind and nature whatsoever in respect of any or all of the foregoing,
including all proceeds of the conversion, voluntary or involuntary, into cash
or other liquid property, all cash proceeds, accounts, accounts receivable,
notes, drafts, acceptances, chattel paper, checks, deposit accounts, insurance
proceeds (to the extent not used to purchase Substitute Equipment),
condemnation awards, rights to payment of any and every kind and other forms of
obligations and receivables, instruments and other property that at any time
constitute all or part of or are included in the proceeds of any and all of the
foregoing.

 

The foregoing
Grant is made in trust to secure (x) first, the payment of principal of
and interest on, and any other amounts owing in respect of (including the
amounts owed in connection with the Interest Rate Swap Agreements), the Class A
Notes, equally and ratably without prejudice, priority or distinction, and (y) second,
the payment of principal of and interest on, and any other amounts owing in
respect of, the Class B Notes, equally and ratably without prejudice,
priority or distinction, and to secure compliance with this Indenture.

 

BNYTC, as
Indenture Trustee on behalf of the Noteholders and the Counterparties, (1) acknowledges
such Grant, and (2) accepts the trusts under this Indenture in accordance
with this Indenture and agrees to perform its duties required in this Indenture
and the other Basic Documents to which it is a party in accordance with their
terms.

 

ARTICLE I            

Definitions and Incorporation by Reference

 

SECTION 1.1.              Definitions.  Capitalized terms used but not otherwise
defined herein are defined in Appendix A hereto.

 

SECTION 1.2.              Incorporation by Reference of Trust
Indenture Act.  Whenever
this Indenture refers to a provision of the TIA, the provision is incorporated
by reference in and made a part of this Indenture. The following terms, where
used in the TIA, shall have the following meanings for the purposes hereof:

 

“Commission”
means the Securities and Exchange Commission.

 

“indenture
securities” means the Notes.

 

“indenture
security holder” means a Noteholder.

 

“indenture to
be qualified” means this Indenture.

 

“indenture
trustee” or “institutional trustee” means the Indenture Trustee.

 

2

 

“obligor” on
the indenture securities means the Issuing Entity and any other obligor on the
indenture securities.

 

All other TIA
terms used in this Indenture that are defined by the TIA, defined by TIA
reference to another statute or defined by Commission rule have the
meaning assigned to them by such definitions.

 

SECTION 1.3.              Other Definitional Provisions.  (a)  All terms defined in this Agreement
shall have the defined meanings when used in any certificate or other document
made or delivered pursuant hereto unless otherwise defined therein.

 

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

 

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

 

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

 

(e)           References to any law
or regulation refer to that law or regulation as amended from time to time and
include any successor law or regulation.

 

(f)            References to any
agreement refer to that agreement as from time to time amended or supplemented
or as the terms of such agreement are waived or modified in accordance with its
terms.

 

(g)           References to any
Person include that Person’s successors and assigns.

 

ARTICLE II

The Notes

 

SECTION 2.1.              Form.  The A-1 Notes, A-2a Notes, A-2b Notes, A-3a
Notes, A-3b Notes, A-4a Notes, A-4b Notes and Class B Notes, together with
the Indenture Trustee’s certificate of authentication, shall be in
substantially the forms set forth in Exhibits
A-1, A-2a, A-2b, A-3a, A-3b, A-4a, A-4b and A-5 respectively, with
such appropriate insertions, omissions, substitutions and other variations as
are required or permitted by this Indenture, and may have 

 

3

 

such letters,
numbers or other marks of identification and such legends or endorsements
placed thereon, as may, consistently herewith, be determined by the officers
executing such Notes, as evidenced by their execution of the Notes.  Any portion of the text of any Note may be
set forth on the reverse thereof, with an appropriate reference thereto on the
face of the Note.

 

The Definitive
Notes 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 Notes, as evidenced by their
execution of such Notes.

 

Each Note
shall be dated the date of its authentication. 
The terms of the Notes set forth in Exhibits
A-1, A-2a, A-2b, A-3a, A-3b, A-4a, A-4b and A-5 are part of the
terms of this Indenture.

 

SECTION 2.2.              Execution, Authentication and Delivery.  The Notes shall be executed on behalf of the
Issuing Entity by any of its Authorized Officers.  The signature of any such Authorized Officer
on the Notes may be manual or facsimile.

 

Notes bearing
the manual or facsimile signature of individuals who were at the time of
signature Authorized Officers of the Issuing Entity shall bind the Issuing
Entity, notwithstanding that such individuals or any of them have ceased to
hold such offices prior to the authentication and delivery of such Notes or did
not hold such offices at the date of such Notes.

 

The Indenture
Trustee shall upon Issuing Entity Order authenticate and deliver A-1 Notes,
A-2a Notes, A-2b Notes, A-3a Notes, A-3b Notes, A-4a Notes, A-4b Notes and Class B
Notes for original issue in an aggregate principal amount of $143,974,000,
$67,000,000, $104,000,000, $110,000,000, $60,000,000, $96,257,000, $30,000,000,
and $15,673,959, respectively.  The
Outstanding Amount of A-1 Notes, A-2a Notes, A-2b Notes, A-3a Notes, A-3b
Notes, A-4a Notes, A-4b Notes and Class B Notes at any time may not exceed
such respective amounts except as provided in Section 2.5.

 

Each Note
shall be dated the date of its authentication. 
The Notes shall be issuable as registered Notes in the minimum
denomination of $1,000 and in greater whole-dollar denominations in excess
thereof.

 

No Note shall
be entitled to any benefit under this Indenture or be valid or obligatory for
any purpose, unless there appears on such Note a certificate of authentication
substantially in the form provided for herein executed by the Indenture Trustee
by the manual signature of one of its authorized signatories, and such
certificate of authentication shall be conclusive evidence, and the only
evidence, that such Note has been duly authenticated and delivered hereunder.

 

SECTION 2.3.              Temporary Notes.  Pending the preparation of Definitive Notes,
the Issuing Entity may execute, and upon receipt of an Issuing Entity Order,
the Indenture Trustee shall authenticate and deliver, temporary Notes that are
printed, lithographed, typewritten, mimeographed or otherwise produced, of the
tenor of the Definitive Notes in lieu of which they are issued and with such
variations not inconsistent with this Indenture as the Authorized Officers
executing such Notes may determine, as evidenced by their execution of such
Notes.

 

4

 

If temporary
Notes are issued, the Issuing Entity will cause Definitive Notes to be prepared
without unreasonable delay.  After the
preparation of Definitive Notes, the temporary Notes shall be exchangeable for
Definitive Notes upon surrender of the temporary Notes at the office or agency
of the Issuing Entity to be maintained as provided in Section 3.2, without
charge to the Holder.  Upon surrender for
cancellation of any one or more temporary Notes, the Issuing Entity shall
execute and the Indenture Trustee shall authenticate and deliver in exchange
therefor a like principal amount of Definitive Notes of authorized
denominations.  Until so exchanged, the
temporary Notes shall in all respects be entitled to the same benefits under
this Indenture as if they were Definitive Notes.

 

SECTION 2.4.              Registration; Registration of Transfer and
Exchange.  The Issuing
Entity shall cause to be kept a register (the “Note
Register”) in which, subject to such reasonable regulations as it
may prescribe, the Issuing Entity shall provide for the registration of Notes
and the registration of transfers of Notes. 
The Indenture Trustee shall be the “Note
Registrar” for the purpose of registering Notes and transfers of
Notes as herein provided.  Upon any
resignation of any Note Registrar, the Issuing Entity shall promptly appoint a
successor or, if it elects not to make such an appointment, assume the duties
of the Note Registrar.

 

If a Person
other than the Indenture Trustee is appointed by the Issuing Entity as the Note
Registrar, the Issuing Entity will give the Indenture Trustee prompt written
notice of the appointment of such Note Registrar and of the location, and any
change in the location, of the Note Register, and the Indenture Trustee shall
have the right to inspect the Note Register at all reasonable times, to obtain
copies thereof and to rely upon a certificate executed on behalf of the Note
Registrar by an Executive Officer thereof as to the names and addresses of the
Holders of the Notes and the principal amounts and number of such Notes.

 

Upon surrender
for registration of transfer of any Note at the office or agency of the Issuing
Entity to be maintained as provided in Section 3.2, if the requirements of
Section 8-401(a) of the UCC are met (provided, this requirement will
only apply to transfers of Class B Notes following (i) the transfer
of the Class B Notes to an entity unaffiliated with the Originator and (ii) the
exchange of the Class B Notes for Class B Notes registered in the
name of a Clearing Agency (or its nominee)), the Issuing Entity shall execute,
the Indenture Trustee shall authenticate and the Noteholder shall obtain from
the Indenture Trustee, in the name of the designated transferee or transferees,
one or more new Notes in any authorized denominations of a like aggregate
principal amount.

 

At the option
of the Holder, Notes may be exchanged for other new Notes of the same Class in
any authorized denominations of a like aggregate principal amount, upon
surrender of the Notes to be exchanged at such office or agency.  Whenever any Notes are so surrendered for
exchange, if the requirements of Section 8-401(a) of the UCC are met
(provided, this requirement will only apply to exchanges of Class B Notes
following (i) the transfer of the Class B Notes to an entity
unaffiliated with the Originator and (ii) the exchange of the Class B
Notes for Class B Notes registered in the name of a Clearing Agency (or
its nominee)), the Issuing Entity shall execute, the Indenture Trustee shall
authenticate and the Noteholder shall obtain from the Indenture Trustee, the
Notes that the Noteholder making the exchange is entitled to receive.

 

5

 

By its
acquisition of a Note or any interest therein, each purchaser or transferee
shall be deemed to represent and warrant that either (a) it is not an “employee
benefit plan” within the meaning of Section 3(3) of the Employee
Retirement Income Security Act of 1974, as amended (“ERISA”), that is subject to Title I of ERISA, a “plan” as
defined in Section 4975 of the Internal Revenue Code of 1986, as amended
(the “Code”), an entity deemed to
hold “plan assets” of any of the foregoing or a “governmental plan” as defined
in Section 3(32) of ERISA that is subject to any law substantially similar
to ERISA or Section 4975 of the Code or (b) the acquisition and
holding of the Note or any interest therein will not result in a non-exempt
prohibited transaction under Section 406 of ERISA, Section 4975 of
the Code or any substantially similar applicable law.

 

All Notes
issued upon any registration of transfer or exchange of Notes shall be the
valid obligations of the Issuing Entity, evidencing the same debt and entitled
to the same benefits under this Indenture as the Notes surrendered upon such
registration of transfer or exchange.

 

No transfer of
a Class B Note shall be made unless such transfer is made pursuant to an
effective registration statement under the Securities Act of 1933 (the “Securities Act”) and any applicable state
securities laws or is exempt from the registration requirements under said
Securities Act and such state securities laws. In the event that a transfer is
to be made in reliance upon an exemption from the Securities Act and such laws,
in order to assure compliance with the Securities Act and such laws, there
shall be delivered to the Issuing Entity and to the Indenture Trustee a letter
in substantially the form of Exhibit C (the “Rule 144A Letter”). 
Notwithstanding the preceding sentence or anything else herein, any
transfer of the Class B Notes to the Depositor, the Originator or any of
their Affiliates on the Closing Date, and any transfer from any of such
entities to its Affiliate, and any transfer from any such entity to an initial
purchaser(s) pursuant to an exemption from the registration requirements,
will not require the delivery of a Rule 144A Letter and may be made
regardless of whether such entity is a “qualified institutional buyer” as
defined in the Securities Act.  The
Issuing Entity shall provide to any Holder of a Class B Note and any
prospective transferee designated by any such Holder, information regarding the
Class B Notes and the Receivables and such other information as shall be
necessary to satisfy the condition to eligibility set forth in Rule 144A(d)(4) for
transfer of any such Class B Note without registration thereof under the
Securities Act pursuant to the registration exemption provided by Rule 144A.
The Indenture Trustee and the Servicer shall cooperate with the Issuing Entity
in providing the Rule 144A information referenced in the preceding
sentence, including providing to the Issuing Entity such information regarding
the Class B Notes, the Receivables and other matters regarding the Trust
Estate as the Issuing Entity shall reasonably request to meet its obligation
under the preceding sentence. Each Holder of a Class B Note desiring to
effect such transfer shall, and does hereby agree to, indemnify the Indenture
Trustee, the Issuing Entity, the Seller and the Servicer against any liability
that may result if the transfer is not so exempt or is not made in accordance
with such federal and state laws.

 

Every Class A
Note, and every Class B Note (but, with respect to Class B Notes
only, only with respect to transfers following (i) the transfer of the Class B
Notes to an entity unaffiliated with the Originator and (ii) the exchange
of the Class B Notes for Class B Notes registered in the name of a
Clearing Agency (or its nominee)), presented or surrendered for registration of
transfer or exchange shall be duly endorsed by, or be accompanied by a written 

 

6

 

instrument of
transfer in form satisfactory to the Indenture Trustee duly executed by, the
Holder thereof or such Holder’s attorney duly authorized in writing, with such
signature guaranteed by an “eligible guarantor institution” meeting the
requirements of the Note Registrar, which requirements include membership or
participation in the Securities Transfer Agent’s Medallion Program (“STAMP”) or such other “signature guarantee
program” as may be determined by the Note Registrar in addition to, or in
substitution for, STAMP, all in accordance with the Exchange Act.

 

No service
charge shall be made to a Holder for any registration of transfer or exchange
of Notes, but the Issuing Entity may require payment of a sum sufficient to
cover any tax or other governmental charge that may be imposed in connection
with any registration of transfer or exchange of Notes, other than exchanges
pursuant to Sections 2.3 or 9.6 not involving any transfer.

 

SECTION 2.5.              Mutilated, Destroyed, Lost or Stolen Notes. 
If: (i) any mutilated Note is surrendered to the Indenture Trustee,
or the Indenture Trustee receives evidence to its satisfaction of the
destruction, loss or theft of any Note, and (ii) there is delivered to the
Indenture Trustee such security or indemnity as may be required by the Indenture
Trustee and the Issuing Entity to hold the Indenture Trustee and the Issuing
Entity, respectively, harmless, then, in the absence of notice to the Issuing
Entity, the Note Registrar or the Indenture Trustee that such Note has been
acquired by a bona fide purchaser, and provided that the requirements of Section 8-405
of the UCC are met, the Issuing Entity shall execute, and upon its request the
Indenture Trustee shall authenticate and deliver, in exchange for or in lieu of
any such mutilated, destroyed, lost or stolen Note, a replacement Note of the
same Class; provided, however, that if any such destroyed, lost
or stolen Note, but not a mutilated Note, shall have become, or within seven
days shall be, due and payable, or shall have been called for redemption,
instead of issuing a replacement Note, the Issuing Entity may pay such
destroyed, lost or stolen Note when so due or payable or upon the Redemption
Date without surrender thereof.  If,
after the delivery of such replacement Note (or payment of a destroyed, lost or
stolen Note pursuant to the proviso to the preceding sentence), a bona fide
purchaser of the original Note in lieu of which such replacement Note was
issued presents for payment such original Note, the Issuing Entity and the
Indenture Trustee shall be entitled to recover such replacement Note (or such
payment) from the Person to whom it was delivered or any Person taking such
replacement Note from such Person to whom such replacement Note was delivered
(or payment made) or any assignee of such Person, except a bona fide 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
Issuing Entity or the Indenture Trustee in connection therewith.

 

Upon the
issuance of any replacement Note under this Section, the Issuing Entity may
require the payment by the Holder of such Note 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 Indenture
Trustee) connected therewith.

 

Every
replacement Note issued pursuant to this Section in replacement of any
mutilated, destroyed, lost or stolen Note shall constitute an original additional
contractual obligation of the Issuing Entity, whether or not the mutilated,
destroyed, lost or stolen Note shall be at any time 

 

7

 

enforceable by
anyone, and shall be entitled to all the benefits of this Indenture equally and
proportionately with any and all other Notes duly issued hereunder.

 

The provisions
of this Section 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 Notes.

 

SECTION 2.6.              Persons Deemed Owner.  Prior to due presentment for registration of
transfer of any Note, the Issuing Entity, the Indenture Trustee and any agent
of the Issuing Entity or the Indenture Trustee may treat the Person in whose
name any Note is registered (as of the day of determination) as the owner of
such Note for the purpose of receiving payments of principal and interest, if
any, on such Note and for all other purposes whatsoever, whether or not such Note
be overdue, and neither the Issuing Entity, the Indenture Trustee nor any agent
of the Issuing Entity or the Indenture Trustee shall be affected by notice to
the contrary.

 

SECTION 2.7.              Payment of Principal and Interest; Defaulted Interest.  (a)  The A-1 Notes, A-2a Notes, A-2b
Notes, A-3a Notes, A-3b Notes, A-4a Notes, A-4b Notes and Class B Notes
shall accrue interest at the A-1 Note Rate, the A-2a Note Rate, the A-2b Note
Rate, the A-3a Note Rate, the A-3b Note Rate, the A-4a Note Rate, the A-4b Note
Rate and the Class B Note Rate, respectively, and such interest shall be
payable on each Payment Date, subject to Section 3.1.  Any installment of interest or principal, if
any, payable on any Note that is punctually paid or duly provided for by the
Issuing Entity on the applicable Payment Date shall be paid to the Person in
whose name such Note (or one or more Predecessor Notes) is registered on the
Record Date by check mailed first-class, postage prepaid, to such Person’s
address as it appears on the Note Register on such Record Date.  However, unless Definitive Notes have been
issued, with respect to Notes registered on the Record Date in the name of the
nominee of the Clearing Agency (initially, such nominee to be Cede &
Co.), payment will be made by wire transfer in immediately available funds to
the account designated by such nominee. In addition, so long as Definitive
Notes have been issued with respect to the Class B Notes and the
Originator or its Affiliate is the entity in whose name such Class B Notes
are registered on the Record Date, payment will be made by wire transfer in
immediately available funds to the account designated by the Originator or such
Affiliate.  Notwithstanding the above,
the final installment of principal payable with respect to such Note (and
except for the Redemption Price for any Note called for redemption pursuant to Section 10.1(a))
shall be payable as provided in clause
(b)(ii).  The funds
represented by any such checks returned undelivered shall be held in accordance
with Section 3.3.

 

(b)           (i)  The principal
of each Note shall be payable in installments on each Payment Date as provided
in this Indenture, and except as provided below each such installment shall be
due and payable only to the extent that there are funds available to make the
payment in accordance with the Basic Documents. 
Notwithstanding the foregoing:  (A) the
entire Outstanding Amount of each Class of Notes shall be due and payable
on the related Class Final Scheduled Maturity Date, and (B) the
entire Outstanding Amount of all Classes of Notes shall be due and payable,
ratably to all Noteholders, on any date on which an Event of Default shall have
occurred and be continuing if the Indenture Trustee or the Holders of Notes
representing not less than a majority of the Outstanding Amount of the Notes
have declared the Notes to be 

 

8

 

immediately
due and payable in the manner provided in Section 5.2.  All principal payments on the Class A-1
Notes shall be made pro rata to the Noteholders of the Class A-1
Notes.  All principal payments on the Class A-2
Notes shall be made pro rata to the Noteholders of the Class A-2 Notes.
All principal payments on the Class A-3 Notes shall be made pro rata to
the Noteholders of the Class A-3 Notes. 
All principal payments on the Class A-4 Notes shall be made pro
rata to the Noteholders of the Class A-4 Notes.  All principal payments on the Class B
Notes shall be made pro rata to the Noteholders of the Class B Notes.

 

(ii)           The
Indenture Trustee shall notify the Person in whose name a Note is registered at
the close of business on the Record Date preceding the Payment Date on which
the Issuing Entity expects that the final installment of principal of and
interest on such Note will be paid. Such notice shall be mailed no later than
five Business Days prior to such final Payment Date and shall specify that such
final installment will be payable only upon presentation and surrender of such
Note and shall specify the place where such Note may be presented and
surrendered for payment of such installment. Notices in connection with
redemptions of Notes shall be mailed to Noteholders as provided in Section 10.2.

 

(c)           If
the Issuing Entity defaults in a payment of interest on the Notes, the Issuing
Entity shall pay, in any lawful manner, defaulted interest (plus interest on
such defaulted interest to the extent lawful) at the applicable interest rate
from the Payment Date for which such payment is in default.  The Issuing Entity may pay such defaulted
interest to the Persons who are Noteholders on a subsequent special record
date, which date shall be at least five Business Days prior to the special
payment date.  The Issuing Entity shall
fix or cause to be fixed any such special record date and special payment date,
and, at least 15 days before any such special record date, shall mail to each
Noteholder a notice that states the special record date, the special payment
date and the amount of defaulted interest to be paid.

 

SECTION 2.8.              Cancellation.  All Notes surrendered for payment,
registration of transfer, exchange or redemption shall, if surrendered to any
Person other than the Indenture Trustee, be delivered to the Indenture Trustee
and shall be promptly canceled by the Indenture Trustee.  The Issuing Entity may at any time deliver to
the Indenture Trustee for cancellation any Notes previously authenticated and
delivered hereunder that the Issuing Entity may have acquired in any manner
whatsoever, and all Notes so delivered shall be promptly canceled by the
Indenture Trustee.  No Notes shall be
authenticated in lieu of or in exchange for any Notes canceled as provided in
this Section except as expressly permitted by this Indenture.  All canceled Notes may be held or disposed of
by the Indenture Trustee in accordance with its standard retention or disposal
policy as in effect at the time unless the Issuing Entity shall direct by an
Issuing Entity Order that they be returned to it; provided, that such Issuing
Entity Order is timely and the Notes have not been previously disposed of by
the Indenture Trustee.

 

SECTION 2.9.              Release of Collateral.  Subject to Sections 8.4 and 11.1 and the
Basic Documents, the Indenture Trustee shall release property from the Lien of
this Indenture only upon receipt of an Issuing Entity Request accompanied by an
Officer’s Certificate, an Opinion of Counsel and Independent Certificates in
accordance with TIA §§314(c) and 314(d)(l), or an Opinion of Counsel in
lieu of such Independent Certificates to the effect that the TIA does not
require any such Independent Certificates.

 

9

 

SECTION 2.10.                 Book-Entry Notes.  The Class A Notes, upon original
issuance, and at any time after the Closing Date at the Depositor’s request,
the Class B Notes, will be issued in the form of typewritten Notes
representing the Book-Entry Notes, to be delivered to The Depository Trust
Company (“DTC”) (the initial
Clearing Agency), or its custodian, by, or on behalf of, the Issuing Entity.
Such Class A Notes shall initially (and such Class B Notes shall,
upon the Depositor’s request) be registered on the Note Register in the name of
Cede & Co., the nominee of the initial Clearing Agency, and no Note
Owner of such Note will receive a Definitive Note representing such Note Owner’s
interest in such Note, except as provided in Section 2.12, and except with
respect to the Class B Notes, which will initially be issued as Definitive
Notes registered in the name of CNH Capital America LLC.  Unless and until definitive, fully registered
Notes (the “Definitive Notes”)
representing Class A Notes have been issued to Note Owners, and with
respect to Class B Notes, for the period beginning when such Class B
Notes are no longer held as Definitive Notes until such Class B Notes are
again held as Definitive Notes:

 

(i)                                     this Section shall
be in full force and effect;

 

(ii)                                  the
Note Registrar and the Indenture Trustee may deal with the Clearing Agency for
all purposes (including the payment of principal of and interest on the
applicable Notes) as the authorized representative of the Note Owners;

 

(iii)                               to
the extent that this Section conflicts with any other provisions of this
Indenture, this Section shall control;

 

(iv)                              the
rights of Note Owners shall be exercised only through the Clearing Agency and
shall be limited to those established by law and agreements between such Note
Owners and the Clearing Agency and/or the Clearing Agency Participants pursuant
to the Note Depository Agreement.  Unless
and until Definitive Notes are issued (and, with respect to the Class B
Notes, for any period during which no Definitive Notes are issued), the
Clearing Agency will make book-entry transfers among the Clearing Agency
Participants and receive and transmit payments of principal of and interest on
the applicable Notes to such Clearing Agency Participants; and

 

(v)                                 whenever
this Indenture requires or permits actions to be taken based upon instructions
or directions of Holders of Notes evidencing a specified percentage of the
Outstanding Amount of the Notes (or a Class of Notes), the Clearing Agency
shall be deemed to represent such percentage only to the extent that it has
received instructions to such effect from Note Owners and/or Clearing Agency
Participants owning or representing, respectively, such required percentage of
the beneficial interest in the Notes (or Class of Notes) and has delivered
such instructions to the Indenture Trustee.

 

SECTION 2.11.                                    Notices to Clearing Agency.  Whenever a notice or other communication to
the Noteholders is required under this Indenture, unless and until Definitive
Notes for the Class A Notes have been issued (and, with respect to the Class B
Notes, for any period during which no Definitive Notes are issued) to Note
Owners, the Indenture Trustee shall give all such notices and communications to
the Clearing Agency.

 

10

 

SECTION 2.12.                                    Definitive Notes.  Notes initially or subsequently cleared
through a clearing agency may be issued in definitive, fully registered
certificated form to Noteholders if requested by the DTC participants to whom
the Notes are credited and in accordance with DTC’s rules and
procedures.  Upon any surrender to the
Indenture Trustee of the typewritten Notes representing the Book-Entry Notes by
the Clearing Agency, accompanied by registration instructions, the Issuing
Entity shall execute, and the Indenture Trustee shall authenticate, the
Definitive Notes in accordance with the instructions of the Clearing
Agency.  None of the Issuing Entity, the
Note Registrar or the Indenture Trustee shall be liable for any delay in
delivery of such instructions and may conclusively rely on, and shall be fully
protected in relying on, such instructions. 
Upon the issuance of Definitive Notes, the Indenture Trustee shall
recognize the Holders of the Definitive Notes as Noteholders.  In addition, Notes issued as Definitive Notes
from time to time may be subsequently issued as Book-Entry Notes and cleared
through a Clearing Agency at the request of applicable Holders of the
Definitive Notes.  The Class B Notes
are initially issued only as registered Definitive Notes without coupons in
denominations specified herein.

 

SECTION 2.13.                                    Tax Treatment.  It is the intent of the Seller, the Servicer,
the Noteholders and the Note Owners that, for purposes of federal and State
income tax and any other tax measured in whole or in part by income, until the
Certificates are held by other than the Seller, the Trust be disregarded as an
entity separate from the Seller and the Notes be treated as debt of the
Seller.  At such time that the
Certificates are held by more than one Person, it is the intent of the Seller,
the Servicer, the Noteholders and the Note Owners that, for such tax purposes,
the Trust be treated as a partnership and the Notes be treated as debt of the
Trust.  Each Noteholder or Note Owner, by
acceptance of a Note, or, in the case of a Note Owner, a beneficial interest in
a Note, agrees to treat, and to take no action inconsistent with the treatment
of, the Notes for such tax purposes as provided in this Section 2.13.

 

ARTICLE
III

Covenants

 

SECTION 3.1.                                          Payment of Principal and Interest.  The Issuing Entity will duly and punctually
pay the principal and interest, if any, on the Notes in accordance with the
terms of the Notes and this Indenture. 
Without limiting the foregoing, subject to Sections 8.2(c) and (e),
the Issuing Entity will cause to be distributed to Holders of the Notes all
amounts on deposit in the Note Distribution Account on a Payment Date deposited
therein for the benefit of the Notes pursuant to the Sale and Servicing
Agreement.  Amounts properly withheld
under the Code or any applicable State law by any Person from a payment to any
Noteholder of interest and/or principal shall be considered as having been paid
by the Issuing Entity to such Noteholder for all purposes of this Indenture.

 

SECTION 3.2.                                          Maintenance of Office or Agency.  The Issuing Entity will maintain in the
Borough of Manhattan, The City of New York, an office or agency where Notes may
be surrendered for registration of transfer or exchange, and where notices and
demands to or upon the Issuing Entity in respect of the Notes and this
Indenture may be served.  The Issuing
Entity hereby initially appoints the Indenture Trustee to serve as its agent
for the foregoing purposes.  The Issuing
Entity will give prompt written notice to the Indenture Trustee and the
Counterparties of the location, and of any change in the location, of any such
office or agency.  If 

 

11

 

at any time the Issuing Entity shall fail to maintain any such office
or agency or shall fail to furnish the Indenture Trustee and the Counterparties
with the address thereof, such surrenders, notices and demands may be made or
served at the Corporate Trust Office, and the Issuing Entity hereby appoints
the Indenture Trustee as its agent to receive all such surrenders, notices and
demands.

 

SECTION 3.3.                                          Money for Payments To Be Held in Trust.  As provided in Sections 8.2(a) and (b),
all payments of amounts due and payable with respect to any Notes that are to
be made from amounts withdrawn from the Collection Account and the Note
Distribution Account pursuant to Section 8.2(c) or Section 8.2(e),
as applicable, shall be made on behalf of the Issuing Entity by the Indenture
Trustee or by another Paying Agent, and no amounts so withdrawn from the
Collection Account and the Note Distribution Account for payments of Notes
shall be paid over to the Issuing Entity except as provided in this Section.

 

One Business
Day prior to each Payment Date and Redemption Date, the Issuing Entity shall deposit
or cause to be deposited in the Note Distribution Account an aggregate sum
sufficient to pay the amounts then becoming due under the Notes, such sum to be
held in trust for the benefit of the Persons entitled thereto and (unless the
Paying Agent is the Indenture Trustee) shall promptly notify the Indenture
Trustee of its action or failure so to act.

 

Any Paying
Agent shall be appointed by Issuing Entity Order with written notice thereof to
the Indenture Trustee.  Any Paying Agent
appointed by the Issuing Entity shall be a Person who would be eligible to be
Indenture Trustee hereunder as provided in Section 6.11.

 

The Issuing
Entity will cause each Paying Agent other than the Indenture Trustee to execute
and deliver to the Indenture Trustee an instrument in which such Paying Agent
shall agree with the Indenture Trustee (and if the Indenture Trustee acts as
Paying Agent, it hereby so agrees), subject to the provisions of this Section,
that such Paying Agent will:

 

(i)                                     hold in trust all
sums held by it for the payment of amounts due with respect to the Notes in
trust for the benefit of the Persons entitled thereto until such sums shall be
paid to such Persons or otherwise disposed of as herein provided and pay such
sums to such Persons as herein provided;

 

(ii)                                  give
the Indenture Trustee and the Counterparties notice of any default by the
Issuing Entity (or any other obligor upon the Notes) of which it has actual
knowledge in the making of any payment required to be made with respect to the
Notes;

 

(iii)                               at
any time during the continuance of any such default, upon the written request
of the Indenture Trustee, forthwith pay to the Indenture Trustee all sums so
held in trust by such Paying Agent;

 

(iv)                              immediately
resign as a Paying Agent and forthwith pay to the Indenture Trustee all sums
held by it in trust for the payment of Notes if at any time it ceases to meet
the standards required to be met by a Paying Agent; and

 

(v)                                 comply
with all requirements of the Code and any applicable State law with respect to
the withholding from any payments made by it on any Notes of any 

 

12

 

applicable
withholding taxes imposed thereon and with respect to any applicable reporting
requirements in connection therewith.

 

The Issuing
Entity may at any time, for the purpose of obtaining the satisfaction and
discharge of this Indenture or for any other purpose, by Issuing Entity Order,
direct any Paying Agent to pay to the Indenture Trustee all sums held in trust
by such Paying Agent, such sums to be held by the Indenture Trustee upon the
same trusts as those upon which the sums were held by such Paying Agent; and
upon such payment by any Paying Agent to the Indenture Trustee, such Paying
Agent shall be released from all further liability with respect to such money.

 

Subject to
applicable laws with respect to escheat of funds, any money held by the
Indenture Trustee or any Paying Agent in trust for the payment of any amount
due with respect to any Note and remaining unclaimed for two years after such
amount has become due and payable shall be discharged from such trust and be
paid to the Issuing Entity on Issuing Entity Order; and the Holder of such Note
shall thereafter, as an unsecured general creditor, look only to the Issuing
Entity for payment thereof (but only to the extent of the amounts so paid to
the Issuing Entity), and all liability of the Indenture Trustee or such Paying
Agent with respect to such trust money shall thereupon cease; provided, however,
that the Indenture Trustee or such Paying Agent, before being required to make
any such repayment, shall at the expense and direction of the Issuing Entity
cause to be published once, in a newspaper published in the English language,
customarily published on each Business Day and of general circulation in the
City of New York, notice that such money remains unclaimed and that, after a
date specified therein, which shall not be less than 30 days from the date of
such publication, any unclaimed balance of such money then remaining will be
repaid to the Issuing Entity.  The
Indenture Trustee shall also adopt and employ, at the expense of the Issuing
Entity, any other reasonable means of notification of such repayment (including
mailing notice of such repayment to Holders whose Notes have been called but
have not been surrendered for redemption or whose right to or interest in
monies due and payable but not claimed is determinable from the records of the
Indenture Trustee or of any Paying Agent, at the last address of record for
each such Holder).

 

SECTION 3.4.                                          Existence.  The Issuing Entity will keep in full effect
its existence, rights and franchises as a statutory trust under the laws of the
jurisdiction of its organization and will obtain and preserve its qualification
to do business in each jurisdiction in which such qualification is or shall be
necessary to protect the validity and enforceability of this Indenture, the
Notes, the Collateral and each other instrument or agreement included in the
Trust Estate.

 

SECTION 3.5.                                          Protection of the Trust Estate.  The Issuing Entity will from time to time
execute and deliver all such supplements and amendments hereto and all such
financing statements, continuation statements, instruments of further assurance
and other instruments, and will take such other action necessary or advisable
to:

 

(i)                                     maintain or
preserve the Lien and security interest (and the priority thereof) of this
Indenture or carry out more effectively the purposes hereof;

 

(ii)                                  perfect,
publish notice of or protect the validity of any Grant made or to be made by
this Indenture;

 

13

 

(iii)                               enforce
any of the Collateral; or

 

(iv)                              preserve
and defend title to the Trust Estate and the rights of the Indenture Trustee
and the Noteholders in such Trust Estate against the claims of all Persons.

 

The Issuing
Entity hereby designates the Indenture Trustee as its agent and
attorney-in-fact to execute any financing statement, continuation statement,
instrument of further assurance or other instrument required to be executed to
accomplish the foregoing.

 

SECTION 3.6.                                          Opinions as to the Trust Estate.  (a)  On the Closing Date, the Issuing
Entity shall furnish to the Indenture Trustee an Opinion of Counsel either
stating that, in the opinion of such counsel, such action has been taken or
will be taken with respect to the recording and filing of this Indenture, any
indentures supplemental hereto and any other requisite documents, and with
respect to the execution and filing of any financing statements and
continuation statements, as are necessary to perfect and make effective the
Lien and security interest created by this Indenture and reciting the details
of such action, or stating that, in the opinion of such counsel, no such action
is necessary to make such Lien and security interest effective.

 

(b)                                 On
or before April 30 in each calendar year commencing in the calendar year
2008 the Issuing Entity shall furnish to the Indenture Trustee an Opinion of
Counsel either stating that, in the opinion of such counsel, such action has
been taken with respect to the recording, filing, re-recording and refiling of
this Indenture, any indentures supplemental hereto and any other requisite
documents, and with respect to the execution and filing of any financing statements
and continuation statements, as is necessary to maintain the Lien and security
interest of this Indenture and reciting the details of such action, or stating
that in the opinion of such counsel no such action is necessary to maintain
such Lien and security interest.  Such
Opinion of Counsel shall also describe the recording, filing, re-recording and
refiling of this Indenture, any indentures supplemental hereto and any other
requisite documents, and the execution and filing of any financing statements,
amendments to financing statements and continuation statements, that will, in
the opinion of such counsel, be required to maintain the Lien and security
interest of this Indenture until April 30 in the following calendar year.

 

SECTION 3.7.                                          Performance of Obligations; Servicing of
Receivables.  (a) 
The Issuing Entity will not take any action and will use its best efforts not
to permit any action to be taken by others that would release any Person from
any material covenants or obligations under any instrument or agreement
included in the Trust Estate or that would result in the amendment,
hypothecation, subordination, termination or discharge of, or impair the
validity or effectiveness of, any such instrument or agreement, except as
expressly provided in this Indenture, the Sale and Servicing Agreement or such
other instrument or agreement.

 

(b)                                 The
Issuing Entity may contract with other Persons to assist it in performing its
duties under this Indenture, and any performance of such duties by a Person identified
to the Indenture Trustee in an Officer’s Certificate of the Issuing Entity
shall be deemed to be action taken by the Issuing Entity.  Initially, the Issuing Entity has contracted
with the Servicer and the Administrator to assist the Issuing Entity in
performing its duties under this Indenture.

 

14

 

(c)                                  The
Issuing Entity will punctually perform and observe all of its obligations and
agreements contained in this Indenture, the other Basic Documents and in the
instruments and agreements included in the Trust Estate, including filing or
causing to be filed all UCC financing statements and continuation statements
required to be filed by this Indenture and the Sale and Servicing Agreement in
accordance with and within the time periods provided for herein and
therein.  Except as otherwise expressly
provided therein, the Issuing Entity shall not waive, amend, modify, supplement
or terminate any Basic Document or any provision thereof without the consent of
the Indenture Trustee or the Holders of at least a majority of the Outstanding
Amount of the Notes.

 

(d)                                 If
the Issuing Entity shall have knowledge of the occurrence of a Servicer
Default, the Issuing Entity shall promptly notify the Indenture Trustee, the Counterparties
and the Rating Agencies thereof, and shall specify in such notice the action,
if any, the Issuing Entity is taking with respect to such default.  If a Servicer Default shall arise from the
failure of the Servicer to perform any of its duties or obligations under the
Sale and Servicing Agreement with respect to the Receivables, the Issuing
Entity shall take all reasonable steps available to it to remedy such failure.

 

(e)                                  As
promptly as possible after the giving of notice of termination to the Servicer
of the Servicer’s rights and powers pursuant to Section 8.1 of the Sale
and Servicing Agreement, the Backup Servicer shall become the successor
servicer (the “Successor Servicer”)
(or if there is no Backup Servicer on such date, then the Issuing Entity shall
appoint a Successor Servicer acceptable to the Indenture Trustee), and such
Successor Servicer shall accept its appointment by a written assumption in a
form acceptable to the Indenture Trustee. 
In the event that a Successor Servicer has not been appointed and
accepted its appointment at the time when the previous Servicer ceases to act
as Servicer, the Indenture Trustee without further action shall automatically
be appointed as the Successor Servicer. 
Notwithstanding the above, the Indenture Trustee shall, if it is unable
to so act, (i) notify the Issuing Entity of its resignation as Successor
Servicer and (ii) appoint or petition a court of competent jurisdiction to
appoint any established institution, having a net worth of not less than $50,000,000
and whose regular business shall include the servicing of equipment receivables
as the successor to the Servicer under the Sale and Servicing Agreement.  In accordance with Section 8.2 of the
Sale and Servicing Agreement, the Issuing Entity shall enter into an agreement
with such Successor Servicer for the servicing of the Receivables (such
agreement to be in form and substance satisfactory to the Indenture
Trustee).  If the Indenture Trustee shall
succeed to the previous Servicer’s duties as servicer of the Receivables as provided herein, it shall do so in its
individual capacity and not in its capacity as Indenture Trustee and,
accordingly, the provisions of Article VI shall be inapplicable to the
Indenture Trustee in its duties as the Successor Servicer and the servicing of
the Receivables.  In case the Indenture
Trustee shall become the Successor Servicer under the Sale and Servicing
Agreement, the Indenture Trustee shall be entitled to act through or appoint as
Servicer any one of its Affiliates; provided, that it shall be fully liable for
the actions and omissions of such Affiliate in its capacity as Successor
Servicer.  Notwithstanding anything else
herein to the contrary, in no event shall the Indenture Trustee be liable for
any servicing fee or for any differential in the amount of the Servicing Fee
paid hereunder and the amount necessary to induce any successor Servicer to act
as Successor Servicer under this Indenture and the transactions set forth or
provided for herein, or be liable for or be required to make any servicer
advances.

 

15

 

(f)                                    Upon
any termination of the Servicer’s rights and powers pursuant to the Sale and
Servicing Agreement, the Issuing Entity shall promptly notify the Indenture
Trustee and the Counterparties.  As soon
as a Successor Servicer is appointed, the Issuing Entity shall notify the
Indenture Trustee and the Counterparties of such appointment, specifying in
such notice the name and address of such Successor Servicer.

 

SECTION 3.8.                                          Negative Covenants.  So long as any Notes are Outstanding, the
Issuing Entity shall not:

 

(i)                                     except as
expressly permitted by this Indenture, the Purchase Agreement or the Sale and
Servicing Agreement, sell, transfer, exchange or otherwise dispose of any of
the properties or assets of the Issuing Entity, including those included in the
Trust Estate, unless directed to do so by the Indenture Trustee;

 

(ii)                                  claim
any credit on, or make any deduction from the principal or interest payable in
respect of, the Notes (other than amounts properly withheld from such payments
under the Code or applicable State law) or assert any claim against any present
or former Noteholder by reason of the payment of the taxes levied or assessed
upon any part of the Trust Estate; or

 

(iii)                               (A) permit
the validity or effectiveness of this Indenture to be impaired, or permit the
Lien of this Indenture to be amended, hypothecated, subordinated, terminated or
discharged, or permit any Person to be released from any covenants or
obligations with respect to the Notes under this Indenture except as may be
expressly permitted hereby, (B) permit any Lien (other than the Lien of
this Indenture) to be created on or extend to or otherwise arise upon or burden
the Trust Estate or any part thereof or any interest therein or the proceeds
thereof or (C) permit the Lien of this Indenture not to constitute a valid
first priority (other than with respect to any tax lien, mechanics’ lien or
other lien not considered a Lien) security interest in the Trust Estate.

 

SECTION 3.9.                                          Annual Statement as to Compliance.  The Issuing Entity will deliver to the
Indenture Trustee, within 120 days after the end of each fiscal year of the
Issuing Entity, an Officer’s Certificate, substantially in the form of Exhibit B,
stating that:

 

(i)                                     a review of the
activities of the Issuing Entity during such year and of performance under this
Indenture has been made under such Authorized Officer’s supervision; and

 

(ii)                                  to
the best of such Authorized Officer’s knowledge, based on such review, the
Issuing Entity has complied with all conditions and covenants under this
Indenture throughout such year or, if there has been a default in the
compliance of any such condition or covenant, specifying each such default
known to such Authorized Officer and the nature and status thereof.

 

SECTION 3.10.                                    Issuing Entity May Consolidate, etc.,
Only on Certain Terms.  (a) 
The Issuing Entity shall not consolidate or merge with or into any other
Person, unless:

 

16

 

(i)                                     the Person (if
other than the Issuing Entity) formed by or surviving such consolidation or
merger shall be a Person organized and existing under the laws of the United
States of America or any State and shall expressly assume, by an indenture
supplemental hereto, executed and delivered to the Indenture Trustee, in form
satisfactory to the Indenture Trustee, the due and punctual payment of the
principal of and interest on all Notes and the performance or observance of
every agreement and covenant of this Indenture on the part of the Issuing
Entity to be performed or observed, all as provided herein;

 

(ii)                                  immediately
after giving effect to such transaction, no Default or Event of Default shall
have occurred and be continuing;

 

(iii)                               the
Rating Agency Condition shall have been satisfied with respect to such
transaction;

 

(iv)                              the
Issuing Entity shall have received an Opinion of Counsel (and shall have
delivered copies thereof to the Indenture Trustee) to the effect that such
transaction will not have any material adverse tax consequence to the Issuing
Entity, any Noteholder or any Certificateholder;

 

(v)                                 any
action that is necessary to maintain the Lien and security interest created by
this Indenture shall have been taken; and

 

(vi)                              the
Issuing Entity shall have delivered to the Indenture Trustee an Officer’s
Certificate and an Opinion of Counsel each stating that such consolidation or
merger and such supplemental indenture comply with this Article III and
that all conditions precedent herein provided for relating to such transaction
have been complied with (including any filing required by the Exchange Act).

 

(b)                                 Except
as permitted by the Basic Documents, the Issuing Entity shall not convey or
transfer any of its properties or assets, substantially as an entirety,
including those included in the Trust Estate, to any Person, unless:

 

(i)                                     the Person that
acquires by conveyance or transfer the properties and assets of the Issuing
Entity the conveyance or transfer of which is hereby restricted shall:  (A) be a United States citizen or a
Person organized and existing under the laws of the United States of America or
any State, (B) expressly assumes, by an indenture supplemental hereto,
executed and delivered to the Indenture Trustee, in form satisfactory to the
Indenture Trustee, the due and punctual payment of the principal of and
interest on all Notes and the performance or observance of every agreement and
covenant of this Indenture and the other Basic Documents on the part of the
Issuing Entity to be performed or observed, all as provided herein, (C) expressly
agrees by means of such supplemental indenture that all right, title and
interest so conveyed or transferred shall be subject and subordinate to the
rights of Holders of the Notes and the Counterparties, (D) unless
otherwise provided in such supplemental indenture, expressly agrees to
indemnify, defend and hold harmless the Issuing Entity against and from any
loss, liability or expense arising under or related to this Indenture and the
Notes and (E) expressly agrees 

 

17

 

by means of such supplemental indenture that such Person (or if a group
of Persons, then one specified Person) shall make all filings with the
Commission (and any other appropriate Person) required by the Exchange Act in
connection with the Notes;

 

(ii)                                  immediately
after giving effect to such transaction, no Default or Event of Default shall
have occurred and be continuing;

 

(iii)                               the
Rating Agency Condition shall have been satisfied with respect to such
transaction;

 

(iv)                              the
Issuing Entity shall have received an Opinion of Counsel (and shall have
delivered copies thereof to the Indenture Trustee) to the effect that such
transaction will not have any material adverse tax consequence to the Issuing
Entity, any Noteholder or any Certificateholder;

 

(v)                                 any
action that is necessary to maintain the Lien and security interest created by
this Indenture shall have been taken; and

 

(vi)                              the
Issuing Entity shall have delivered to the Indenture Trustee an Officer’s
Certificate and an Opinion of Counsel each stating that such conveyance or
transfer and such supplemental indenture comply with this Article III and
that all conditions precedent herein provided for relating to such transaction
have been complied with (including any filing required by the Exchange Act).

 

SECTION 3.11.                                    Successor or Transferee.  (a)  Upon any consolidation or merger of
the Issuing Entity in accordance with Section 3.10(a), the Person formed
by or surviving such consolidation or merger (if other than the Issuing Entity)
shall succeed to, and be substituted for, and may exercise every right and
power of, the Issuing Entity under this Indenture with the same effect as if
such Person had been named as the Issuing Entity herein.

 

(b)                                 Upon
a conveyance or transfer of all the assets and properties of the Issuing Entity
pursuant to Section 3.10(b), the Issuing Entity will be released from
every covenant and agreement of this Indenture to be observed or performed on
the part of the Issuing Entity with respect to the Notes immediately upon the
delivery of written notice to the Indenture Trustee and the Counterparties
stating that the Issuing Entity is to be so released.

 

SECTION 3.12.                                    No Other Business.  The Issuing Entity shall not engage in any
business other than as permitted in Section 2.3 of the Trust Agreement.

 

SECTION 3.13.                                    No Borrowing.  The Issuing Entity shall not issue, incur,
assume, guarantee or otherwise become liable, directly or indirectly, for any
indebtedness except for the Notes.

 

SECTION 3.14.                                    Servicer’s Obligations.  The Issuing Entity shall cause the Servicer
to comply with Sections 4.8, 4.9, 4.10, 4.11
and 5.11 of the Sale and
Servicing Agreement.

 

18

 

SECTION 3.15.                                    Guarantees, Loans, Advances and Other
Liabilities.  Except as
contemplated by the Sale and Servicing Agreement or this Indenture, the Issuing
Entity shall not make any loan or advance or credit to, or guarantee (directly
or indirectly or by an instrument having the effect of assuring another’s
payment or performance on any obligation or capability of so doing or
otherwise), endorse or otherwise become contingently liable, directly or
indirectly, in connection with the obligations, stocks or dividends of, or own,
purchase, repurchase or acquire (or agree contingently to do so) any stock,
obligations, assets or securities of, or any other interest in, or make any
capital contribution to, any other Person.

 

SECTION 3.16.                                    Capital Expenditures.  The Issuing Entity shall not make any
expenditure (by long-term or operating lease or otherwise) for capital assets
(either realty or personalty).

 

SECTION 3.17.                                    Removal of Administrator.  So long as any Notes are Outstanding, the
Issuing Entity shall not remove the Administrator without cause unless the
Rating Agency Condition shall have been satisfied in connection with such
removal.

 

SECTION 3.18.                                    Restricted Payments.  The Issuing Entity shall not, directly or
indirectly:  (i) pay any dividend or
make any distribution (by reduction of capital or otherwise), whether in cash,
property, securities or a combination thereof, to the Trustee or any owner of a
beneficial interest in the Issuing Entity or otherwise with respect to any
ownership or equity interest or security in or of the Issuing Entity or to the
Servicer or the Administrator, (ii) redeem, purchase, retire or otherwise
acquire for value any such ownership or equity interest or security or (iii) set
aside or otherwise segregate any amounts for any such purpose; provided,
however, that the Issuing Entity may make, or cause to be made, distributions
to the Servicer, the Trustee, the Certificateholders and the Administrator as
contemplated by, and to the extent funds are available for such purpose under,
the Sale and Servicing Agreement.  The
Issuing Entity will not, directly or indirectly, make payments to or
distributions from the Collection Account except in accordance with this
Indenture and the other Basic Documents.

 

SECTION 3.19.                                    Notice of Events of Default.  The Issuing Entity shall give the Indenture
Trustee, the Counterparties and the Rating Agencies prompt written notice of
each Event of Default hereunder, each default on the part of the Servicer or
the Seller of its obligations under the Sale and Servicing Agreement and each
default on the part of CNHCA of its obligations under the Purchase Agreement.

 

SECTION 3.20.                                    Further Instruments and Acts.  Upon request of the Indenture Trustee, the
Issuing Entity will execute and deliver such further instruments and do such
further acts as may be reasonably necessary or proper to carry out more
effectively the purpose of this Indenture.

 

SECTION 3.21.                                    Perfection Representation.  The Issuing Entity further makes all the
representations, warranties and covenants set forth in Schedule P.

 

19

 

ARTICLE
IV

Satisfaction and Discharge

 

SECTION 4.1.                                          Satisfaction and Discharge of Indenture.  This Indenture shall cease to be of further
effect with respect to the Notes except as to: 
(i) rights of registration of transfer and exchange, (ii) substitution
of mutilated, destroyed, lost or stolen Notes, (iii) rights of Noteholders
to receive payments of principal thereof and interest thereon, (iv) rights
of the Counterparties to receive Net Swap Payments (including interest on any
overdue Net Swap Payment) and any Swap Termination Payment owing to such
Counterparties, (v) Sections 3.3, 3.4,
3.5, 3.8, 3.10, 3.12 and 3.13,
(vi) the rights, obligations and immunities of the Indenture Trustee
hereunder (including the rights of the Indenture Trustee under Section 6.7 and the obligations of
the Indenture Trustee under Section 4.2)
and (vii) the rights of Noteholders and the Counterparties as
beneficiaries hereof with respect to the property so deposited with the
Indenture Trustee payable to all or any of them, and the Indenture Trustee, on
demand of and at the expense of the Issuing Entity, shall execute proper
instruments acknowledging satisfaction and discharge of this Indenture with respect
to the Notes, when:

 

(A)                              either:

 

(1)                                  all
Notes theretofore authenticated and delivered (other than:  (i) Notes that have been destroyed, lost
or stolen and that have been replaced or paid as provided in Section 2.5 and (ii) Notes for
whose payment money has theretofore been deposited in trust or segregated and
held in trust by the Issuing Entity and thereafter repaid to the Issuing Entity
or discharged from such trust, as provided in Section 3.3)
have been delivered to the Indenture Trustee for cancellation; or

 

(2)                                  all
Notes not theretofore delivered to the Indenture Trustee for cancellation:

 

(i)                                     have become due
and payable,

 

(ii)                                  will
become due and payable on the respective Class Final Scheduled Maturity
Date within one year, or

 

(iii)                               are
to be called for redemption within one year under arrangements satisfactory to
the Indenture Trustee for the giving of notice of redemption by the Indenture
Trustee in the name, and at the expense, of the Issuing Entity, and the Issuing
Entity, in the case of clause (2)(i),
(ii) or (iii), has irrevocably deposited or caused
to be irrevocably deposited with the Indenture Trustee cash or direct
obligations of or obligations guaranteed by the United States of America (which
will mature prior to the date such amounts are payable), in trust for such
purpose, in an amount sufficient to pay and discharge the entire indebtedness
on such Notes not theretofore delivered to the Indenture Trustee for
cancellation when due to the respective Class Final Scheduled Maturity
Date or Redemption Date 

 

20

 

(if Notes shall have been called for redemption pursuant to Section 10.1(a)), as the case may be;

 

(B)                                the
Issuing Entity has paid or caused to be paid all other sums payable hereunder
(including amounts due and payable under the Interest Rate Swap Agreements) by
the Issuing Entity; and

 

(C)                                the
Issuing Entity has delivered to the Indenture Trustee an Officer’s Certificate,
an Opinion of Counsel and (if required by the TIA) an Independent Certificate
from a firm of certified public accountants, each meeting the applicable
requirements of Section 11.1(a) and,
subject to Section 11.2,
each stating that all conditions precedent herein provided for relating to the
satisfaction and discharge of this Indenture have been complied with.

 

SECTION 4.2.                                          Application of Trust Money.  All monies deposited with the Indenture
Trustee pursuant to Section 4.1
shall be held in trust and applied by it, in accordance with the provisions of
the Notes and this Indenture, to the payment, either directly or through any
Paying Agent, as the Indenture Trustee may determine, to the Holders of the
particular Notes for the payment or redemption of which such monies have been
deposited with the Indenture Trustee, of all sums due and to become due thereon
for principal and interest; but such monies need not be segregated from other
funds except to the extent required herein or in the Sale and Servicing
Agreement or as required by law.

 

SECTION 4.3.                                          Repayment of Monies Held by Paying Agent.  In connection with the satisfaction and
discharge of this Indenture with respect to the Notes, all monies then held by
any Paying Agent other than the Indenture Trustee under this Indenture with
respect to such Notes shall, upon demand of the Issuing Entity, be paid to the
Indenture Trustee to be held and applied according to Section 3.3, and thereupon such
Paying Agent shall be released from all further liability with respect to such
monies.

 

ARTICLE
V

Remedies

 

SECTION 5.1.                                          Events of Default.  “Event of Default”, wherever used herein,
means any one of the following events (whatever the reason for such Event of
Default and whether it shall be voluntary or involuntary or be effected by
operation of law or pursuant to any judgment, decree or order of any court or
any order, rule or regulation of any administrative or governmental body):

 

(i)                                     default in the
payment of any interest on any Note when the same becomes due and payable, and
such default shall continue for a period of five days;

 

(ii)                                  default
in the payment of the principal of any Note when the same becomes due and
payable;

 

(iii)                               default
in the observance or performance of any covenant or agreement of the Issuing
Entity made in this Indenture (other than a covenant or agreement a default in
the observance or performance of which is elsewhere in this Section specifically
dealt 

 

21

 

with), or any
representation or warranty of the Issuing Entity made in this Indenture or in
any certificate or other writing delivered pursuant hereto or in connection
herewith proving to have been incorrect in any material respect as of the time
when the same shall have been made, and such default shall continue or not be
cured, or the circumstance or condition in respect of which such
misrepresentation or warranty was incorrect shall not have been eliminated or
otherwise cured, for a period of 30 days after there shall have been given, by
registered or certified mail, to the Issuing Entity by the Indenture Trustee or
to the Issuing Entity and the Indenture Trustee by the Holders of at least 25%
of the Outstanding Amount of the Notes, a written notice specifying such
default or incorrect representation or warranty and requiring it to be remedied
and stating that such notice is a notice of Default hereunder;

 

(iv)                              the
filing of a decree or order for relief by a court having jurisdiction in the
premises in respect of the Issuing Entity or any substantial part of the Trust
Estate in an involuntary case under any applicable federal or State bankruptcy,
insolvency or other similar law now or hereafter in effect, or appointing a
receiver, liquidator, assignee, custodian, trustee, sequestrator or similar
official of the Issuing Entity or for any substantial part of the Trust Estate,
or ordering the winding-up or liquidation of the Issuing Entity’s affairs, and
such decree or order shall remain unstayed and in effect for a period of 60
consecutive days; or

 

(v)                                 the
commencement by the Issuing Entity of a voluntary case under any applicable
federal or State bankruptcy, insolvency or other similar law now or hereafter
in effect, or the consent by the Issuing Entity to the entry of an order for
relief in an involuntary case under any such law, or the consent by the Issuing
Entity to the appointment or taking possession by a receiver, liquidator,
assignee, custodian, trustee, sequestrator or similar official of the Issuing
Entity or for any substantial part of the Trust Estate, or the making by the
Issuing Entity of any general assignment for the benefit of creditors, or the
failure by the Issuing Entity generally to pay its debts as such debts become
due, or the taking of action by the Issuing Entity in furtherance of any of the
foregoing.

 

The Issuing
Entity shall deliver to the Indenture Trustee and the Counterparties, within
five days after the Issuing Entity or the Administrator obtains actual
knowledge thereof, written notice in the form of an Officer’s Certificate of
any event that, with the giving of notice or the lapse of time or both, would
become an Event of Default under clause
(iii), its status and what action
the Issuing Entity is taking or proposes to take with respect thereto.

 

SECTION 5.2.                                          Acceleration of Maturity; Rescission and Annulment.  If an Event of Default should occur and be
continuing, then and in every such case the Indenture Trustee or the Holders of
Notes representing not less than a majority of the Outstanding Amount may
declare all the Notes to be immediately due and payable, by a notice in writing
to the Issuing Entity (and to the Indenture Trustee if given by Noteholders),
and upon any such declaration the Outstanding Amount, together with accrued and
unpaid interest thereon through the date of acceleration, shall become
immediately due and payable.

 

22

 

At any time
after such declaration of acceleration of maturity has been made and before a
judgment or decree for payment of the money due has been obtained by the
Indenture Trustee as hereinafter in this Article V provided, the Holders
of Notes representing not less than a majority of the Outstanding Amount, by
written notice to the Issuing Entity, the Counterparties and the Indenture
Trustee, may rescind and annul such declaration and its consequences if:

 

(i)                                     the Issuing Entity
has paid or deposited with the Indenture Trustee a sum sufficient to pay:

 

(A)                              all
amounts owed to the Counterparties under the Interest Rate Swap Agreements,
payments of principal of and interest on all Notes and all other amounts, in
each case, that would then be due hereunder if the Event of Default giving rise
to such acceleration had not occurred; and

 

(B)                                all
sums paid or advanced by the Indenture Trustee hereunder and the reasonable
compensation, expenses, disbursements and advances of the Indenture Trustee and
its agents and counsel; and

 

(ii)                                  all Events of
Default, other than the nonpayment of the principal of the Notes that has
become due solely by such acceleration, have been cured or waived as provided
in Section 5.12.

 

No such
rescission shall affect any subsequent default or impair any right consequent
to such default.

 

SECTION 5.3.                                          Collection of Indebtedness and Suits for Enforcement by Indenture Trustee.  (a)  The Issuing Entity covenants that
if an Event of Default described in Section 5.1(i) or
(ii) occurs, the Issuing
Entity will, upon demand of the Indenture Trustee, pay to it, for the benefit
of the Holders of Notes, the whole amount then due and payable on such Notes
for principal and interest, with interest upon the overdue principal at the
applicable interest rate, and, to the extent payment at such rate of interest
shall be legally enforceable, upon overdue installments of interest, at the
applicable interest rate, and in addition thereto such further amount as shall
be sufficient to cover the costs and expenses of collection, including the
reasonable compensation, expenses, disbursements and advances of the Indenture
Trustee and its agents and counsel.

 

(b)                                 In
case the Issuing Entity shall fail forthwith to pay such amounts upon such
demand, the Indenture Trustee, in its own name and as trustee of an express
trust, may institute a Proceeding for the collection of the sums so due and
unpaid, and may prosecute such Proceeding to judgment or final decree, and may
enforce the same against the Issuing Entity or other obligor upon such Notes
and collect in the manner provided by law out of the property of the Issuing
Entity or other obligor upon such Notes, wherever situated, the monies adjudged
or decreed to be payable.

 

(c)                                  In
case an Event of Default occurs and is continuing, the Indenture Trustee may,
as more particularly provided in Section 5.4,
in its discretion, proceed to protect and enforce its rights and the rights of
the Noteholders and the Counterparties, by such appropriate Proceedings as the
Indenture Trustee shall deem most effective to protect and enforce any such 

 

23

 

rights,
whether for the specific enforcement of any covenant or agreement in this Indenture
or in aid of the exercise of any power granted herein, or to enforce any other
proper remedy or legal or equitable right vested in the Indenture Trustee by
this Indenture or by law.

 

(d)                                 In
case there shall be pending, relative to the Issuing Entity or any other
obligor upon the Notes or any Person having or claiming an ownership interest
in the Trust Estate, Proceedings under Title 11 of the United States Code or
any other applicable federal or State bankruptcy, insolvency or other similar
law, or in case a receiver, assignee, trustee in bankruptcy or reorganization,
liquidator, sequestrator or similar official shall have been appointed for or
taken possession of the Issuing Entity or its property or such other obligor or
Person, or in case of any other comparable judicial Proceedings relative to the
Issuing Entity or other obligor upon the Notes, or to the creditors or property
of the Issuing Entity or such other obligor, the Indenture Trustee,
irrespective of whether the principal of any Notes shall then be due and
payable as therein expressed or by declaration or otherwise and irrespective of
whether the Indenture Trustee shall have made any demand pursuant to this
Section, shall be entitled and empowered, by intervention in such Proceedings
or otherwise:

 

(i)                                     to file and prove
a claim or claims for the whole amount of principal and interest owing and
unpaid in respect of the Notes and to file such other papers or documents as
may be necessary or advisable in order to have the claims of the Indenture Trustee
(including any claim for reasonable compensation to the Indenture Trustee and
each predecessor Indenture Trustee, and their respective agents, attorneys and
counsel, and for reimbursement of all expenses and liabilities incurred, and
all advances made, by the Indenture Trustee and each predecessor Indenture
Trustee, except as a result of negligence or bad faith) and of the Noteholders
allowed in such Proceedings;

 

(ii)                                  unless
prohibited by applicable law or regulations, to vote on behalf of the Holders
of the Notes in any election of a trustee, a standby trustee or any Person
performing similar functions in any such Proceedings;

 

(iii)                               to
collect and receive any monies or other property payable or deliverable on any
such claims and to distribute all amounts received with respect to the claims
of the Noteholders and of the Indenture Trustee on their behalf; and

 

(iv)                              to
file such proofs of claim and other papers or documents as may be necessary or
advisable in order to have the claims of the Indenture Trustee or the Holders
of Notes allowed in any judicial Proceedings relative to the Issuing Entity,
its creditors and its property;

 

and any
trustee, receiver, liquidator, assignee, custodian, sequestrator or other
similar official in any such Proceeding is hereby authorized by each of such
Noteholders to make payments to the Indenture Trustee, and, in the event that
the Indenture Trustee shall consent to the making of payments directly to such
Noteholders, to pay to the Indenture Trustee such amounts as shall be
sufficient to cover reasonable compensation to the Indenture Trustee, each
predecessor Indenture Trustee and their respective agents, attorneys and
counsel, and all other reasonable expenses and liabilities incurred, and all
advances made, by the Indenture Trustee and each predecessor Indenture Trustee
except as a result of negligence or bad faith.

 

24

 

(e)           Nothing
herein contained shall be deemed to authorize the Indenture Trustee to
authorize or consent to or vote for or accept or adopt on behalf of any
Noteholder any plan of reorganization, arrangement, adjustment or composition
affecting the Notes or the rights of any Holder thereof or to authorize the
Indenture Trustee to vote in respect of the claim of any Noteholder in any such
proceeding except, as aforesaid, to vote for the election of a trustee in
bankruptcy or similar Person.

 

(f)            All rights of action
and of asserting claims under this Indenture, or under any of the Notes, may be
enforced by the Indenture Trustee without the possession of any of the Notes or
the production thereof in any trial or other Proceedings relative thereto, and
any such action or Proceedings instituted by the Indenture Trustee shall be
brought in its own name and as trustee of an express trust, and any recovery of
judgment, subject to the payment of the expenses, disbursements and
compensation of the Indenture Trustee, each predecessor Indenture Trustee and
their respective agents and attorneys, shall be for the ratable benefit of the
Holders of the Notes.

 

(g)           In any Proceedings
brought by the Indenture Trustee (and also any Proceedings involving the
interpretation of any provision of this Indenture to which the Indenture
Trustee shall be a party), the Indenture Trustee shall be held to represent all
the Holders of the Notes, and it shall not be necessary to make any Noteholder
a party to any such Proceedings.

 

SECTION 5.4.              Remedies; Priorities.  (a)  If the Notes have been declared to
be due and payable under Section 5.2
following an Event of Default, the Indenture Trustee may do one or more of the
following (subject to Section 5.5):

 

(i)            institute
Proceedings in its own name and as trustee of an express trust for the
collection of all amounts then payable on the Notes and to the Counterparties
or under this Indenture with respect thereto, whether by declaration or
otherwise, enforce any judgment obtained, and collect from the Issuing Entity
and any other obligor upon such Notes monies adjudged due;

 

(ii)           institute
Proceedings from time to time for the complete or partial foreclosure of this
Indenture with respect to the Trust Estate;

 

(iii)          exercise
any remedies of a secured party under the UCC and take any other appropriate
action to protect and enforce the rights and remedies of the Indenture Trustee,
the Counterparties and the Holders of the Notes;

 

(iv)          sell
the Trust Estate, or any portion thereof or rights or interest therein, at one
or more public or private sales called and conducted in any manner permitted by
law; and

 

(v)           make
demand upon the Servicer, by written notice, that the Servicer deliver to the
Indenture Trustee all Receivable Files;

 

provided, however,
that the Indenture Trustee may not sell or otherwise liquidate the Trust Estate
following an Event of Default, other than an Event of Default described in Section 5.1(i) or (ii), 

 

25

 

unless:  (A) all the Noteholders consent thereto,
(B) the proceeds of such sale or liquidation distributable to the
Noteholders and the Counterparties are sufficient to discharge in full all
amounts then due and unpaid upon such Notes for principal and interest and
under the Interest Rate Swap Agreements for any Net Swap Payments (including
interest on any overdue Net Swap Payments) and any Swap Termination Payments or
(C) the Indenture Trustee determines that the Trust Estate will not
continue to provide sufficient funds for the payment of principal of and
interest on the Notes as they would have become due if the Notes had not been
declared due and payable, and the Indenture Trustee obtains the consent of
Holders of 66 2/3% of the Outstanding Amount of the Notes. In determining such
sufficiency or insufficiency with respect to clauses
(B) and (C), the
Indenture Trustee may, but need not, obtain and rely upon an opinion of an
Independent investment banking or accounting firm of national reputation as to
the feasibility of such proposed action and as to the sufficiency of the Trust
Estate for such purpose.  The Indenture
Trustee shall incur no liability as a result of the sale of the Trust Estate or
any part thereof at any sale pursuant to this Section 5.4
conducted in a commercially reasonable manner. 
Each of the Issuing Entity and Holders hereby waives any claims against
the Indenture Trustee arising by reason of the fact that the price at which the
Trust Estate may have been sold at such sale was less than the price that might
have been obtained, even if the Indenture Trustee accepts the first offer
received and does not offer the Trust Estate to more than one offeree, so long
as such sale is conducted in a commercially reasonable manner.

 

(b)           If
the Indenture Trustee collects any money or property pursuant to this Article V,
it shall pay out such money or property in the following order:

 

FIRST:  to pay the Backup Servicer its accrued and
unpaid Backup Servicer Fees;

 

SECOND:  to pay the Servicer its accrued and unpaid
Servicing Fee;

 

THIRD:  to the Indenture Trustee for amounts due
under Section 6.7 and to the
Trustee for amounts due under Section 8.1
of the Trust Agreement;

 

FOURTH:  to the Administrator its accrued and unpaid
Administration Fees;

 

FIFTH:  to the Note Distribution Account for
distribution pursuant to Section 8.2(e) to
the extent of all amounts payable under such Section, other than any amounts
that would be deposited into the Certificate Distribution Account under such
Section;

 

SIXTH:  first, to the Backup Servicer, to cover any
accrued and unpaid reimbursable expenses (including the Backup Servicer
Expenses) to the extent unreimbursed after application of Section 4.12 of the Sale and
Servicing Agreement and second to the Servicer, to cover any accrued and unpaid
reimbursable expenses;

 

SEVENTH:  to the Trustee for amounts due to the Trustee
under Article VIII of the
Trust Agreement to the extent not paid under clause THIRD above; and

 

26

 

EIGHTH:  to the Issuing Entity for distribution to the
Certificateholders.

 

The Indenture
Trustee may fix a special record date and special payment date for any payment
to Noteholders pursuant to this Section. 
At least 15 days before such special record date, the Issuing Entity shall
mail to each Noteholder, the Counterparties and the Indenture Trustee a notice
that states the special record date, the special payment date and the amount to
be paid.

 

SECTION 5.5.              Optional Preservation of the Receivables.  If the Notes have been declared to be due and
payable under Section 5.2
following an Event of Default, and such declaration and its consequences have
not been rescinded and annulled, the Indenture Trustee may, but need not, elect
to maintain possession of the Trust Estate. 
It is the desire of the parties hereto and the Noteholders that there be
at all times sufficient funds for the payment of principal of and interest on
the Notes, and the Indenture Trustee shall take such desire into account when
determining whether or not to maintain possession of the Trust Estate.  In determining whether to maintain possession
of the Trust Estate, the Indenture Trustee may, but need not, obtain and rely
upon an opinion of an Independent investment banking or accounting firm of
national reputation as to the feasibility of such proposed action and as to the
sufficiency of the Trust Estate for such purpose.

 

SECTION 5.6.              Limitation of Suits.  No Holder of any Note shall have any right to
institute any Proceeding, judicial or otherwise, with respect to this
Indenture, or for the appointment of a receiver or trustee, or for any other
remedy hereunder, unless:

 

(i)            such
Holder has previously given written notice to the Indenture Trustee of a
continuing Event of Default;

 

(ii)           the
Holder(s) of not less than 25% of the Outstanding Amount of the Notes have
made written request to the Indenture Trustee to institute such Proceeding in
respect of such Event of Default in its own name as Indenture Trustee
hereunder;

 

(iii)          such
Holder(s) have offered to the Indenture Trustee indemnity satisfactory to
it against the costs, expenses and liabilities to be incurred in complying with
such request;

 

(iv)          the
Indenture Trustee for 60 days after its receipt of such notice, request and
offer of indemnity has failed to institute such Proceeding; and

 

(v)           no
direction inconsistent with such written request has been given to the
Indenture Trustee during such 60-day period by the Holders of a majority of the
Outstanding Amount of the Notes;

 

it being
understood and intended that no one or more Holder(s) of Notes shall have
any right in any manner whatever by virtue of, or by availing of, any provision
of this Indenture to affect, disturb or prejudice the rights of any other
Holder(s) of Notes or to obtain or to seek to obtain priority or
preference over any other Holder(s) or to enforce any right under this
Indenture, except in the manner herein provided.

 

27

 

In the event
the Indenture Trustee shall receive conflicting or inconsistent requests and
indemnity from two or more groups of Noteholders, each representing less than a
majority of the Outstanding Amount of the Notes, the Indenture Trustee in its
sole discretion may determine what action, if any, shall be taken,
notwithstanding any other provisions of this Indenture.

 

SECTION 5.7.              Unconditional Rights of Noteholders To
Receive Principal and Interest.  Notwithstanding any other provisions in this
Indenture, the Holder of any Note shall have the right, which is absolute and
unconditional, to receive payment of the principal of and interest, if any, on
such Note on or after the respective due dates thereof expressed in such Note
or in this Indenture (or, in the case of redemption, on or after the Redemption
Date) and to institute suit for the enforcement of any such payment, and such
right shall not be impaired without the consent of such Holder.

 

SECTION 5.8.              Restoration of Rights and Remedies.  If the Indenture Trustee or any Noteholder
has instituted any Proceeding to enforce any right or remedy under this
Indenture and such Proceeding has been discontinued or abandoned for any reason
or has been determined adversely to the Indenture Trustee or to such
Noteholder, then and in every such case the Issuing Entity, the Indenture Trustee
and the Noteholders shall, subject to any determination in such Proceeding, be
restored severally and respectively to their former positions hereunder, and
thereafter all rights and remedies of the Indenture Trustee and the Noteholders
shall continue as though no such Proceeding had been instituted.

 

SECTION 5.9.              Rights and Remedies Cumulative. 
No right or remedy herein conferred upon or reserved to the Indenture
Trustee or to the Noteholders is intended to be exclusive of any other right or
remedy, and every right and remedy shall, to the extent permitted by law, be
cumulative and in addition to every other right and remedy given hereunder or
now or hereafter existing at law or in equity or otherwise.  The assertion or employment of any right or
remedy hereunder, or otherwise, shall not prevent the concurrent assertion or
employment of any other appropriate right or remedy.

 

SECTION 5.10.            Delay or Omission Not a Waiver.  No delay or omission of the Indenture Trustee
or any Holder of Notes to exercise any right or remedy accruing upon any
Default or Event of Default shall impair any such right or remedy or constitute
a waiver of any such Default or Event of Default or an acquiescence
therein.  Every right and remedy given by
this Article or by law to the Indenture Trustee or to the Noteholders may
be exercised from time to time, and as often as may be deemed expedient, by the
Indenture Trustee or by the Noteholders, as the case may be.

 

SECTION 5.11.            Control by Noteholders.  The Holders of not less than a majority of
the Outstanding Amount of the Notes shall have the right to direct the time,
method and place of conducting any Proceeding for any remedy available to the
Indenture Trustee with respect to the Notes or exercising any trust or power
conferred on the Indenture Trustee; provided,
that:

 

(i)            such
direction shall not be in conflict with any rule of law or with this
Indenture;

 

28

 

(ii)           subject
to the express terms of Section 5.4,
any direction to the Indenture Trustee to sell or liquidate the Trust Estate
shall be by all the Noteholders;

 

(iii)          if
the conditions set forth in Section 5.5
have been satisfied and the Indenture Trustee elects to retain the
Trust Estate pursuant to such Section, then any direction to the Indenture
Trustee by Holders of Notes representing less than 100% of the Outstanding
Amount of the Notes to sell or liquidate the Trust Estate shall be of no force
and effect; and

 

(iv)          the
Indenture Trustee may take any other action deemed proper by the Indenture
Trustee that is not inconsistent with such direction;

 

provided further, however, that, subject to Section 6.1,
the Indenture Trustee need not take any action that it determines might involve
it in liability or might materially adversely affect the rights of any
Noteholder(s) not consenting to such action.

 

SECTION 5.12.            Waiver of Past Defaults.  Prior to the time a judgment or decree for
payment of money due has been obtained as described in Section 5.3, the Holders of Notes of
not less than a majority of the Outstanding Amount of the Notes may waive any
past Default or Event of Default and its consequences except a Default:  (a) in payment of principal of or
interest on any of the Notes or (b) in respect of a covenant or provision
hereof that cannot be modified or amended without the consent of the Holder of
each Note.  In the case of any such
waiver, the Issuing Entity, the Indenture Trustee and the Holders of the Notes
shall be restored to their former positions and rights hereunder, respectively;
but no such waiver shall extend to any subsequent or other Default or Event of
Default or impair any right consequent thereto.

 

Upon any such
waiver, such Default shall cease to exist and be deemed to have been cured and
not to have occurred, and any Event of Default arising therefrom shall be
deemed to have been cured and not to have occurred, for every purpose of this
Indenture; but no such waiver shall extend to any subsequent or other Default
or impair any right consequent thereto.

 

SECTION 5.13.            Undertaking for Costs.  All parties to this Indenture agree, and each
Holder of any Note by such Holder’s acceptance thereof shall be deemed to have
agreed, that any court may in its discretion require, in any suit for the
enforcement of any right or remedy under this Indenture, or in any suit against
the Indenture Trustee for any action taken, suffered or omitted by it as
Indenture Trustee, the filing by any party litigant in such suit of an
undertaking to pay the costs of such suit, and that such court may in its
discretion assess reasonable costs, including reasonable attorney’s fees,
against any party litigant in such suit, having due regard to the merits and
good faith of the claims or defenses made by such party litigant; but the
provisions of this Section shall not apply to:  (a) any suit instituted by the Indenture
Trustee, (b) any suit instituted by any Noteholder(s) holding in the
aggregate more than 10% of the Outstanding Amount of the Notes or (c) any
suit instituted by any Noteholder for the enforcement of the payment of
principal of or interest on any Note on or after the respective due dates
expressed in such Note and in this Indenture (or, in the case of redemption, on
or after the Redemption Date).

 

29

 

SECTION 5.14.            Waiver of Stay or Extension Laws.  The Issuing Entity covenants (to the extent
that it may lawfully do so) that it will not at any time insist upon, or plead
or in any manner whatsoever, claim or take the benefit or advantage of, any
stay or extension law wherever enacted, now or at any time hereafter in force,
that may affect the covenants or the performance of this Indenture; and the
Issuing Entity (to the extent that it may lawfully do so) hereby expressly
waives all benefit or advantage of any such law, and covenants that it will not
hinder, delay or impede the execution of any power herein granted to the
Indenture Trustee, but will suffer and permit the execution of every such power
as though no such law had been enacted.

 

SECTION 5.15.            Action on Notes.  The Indenture Trustee’s right to seek and
recover judgment on the Notes or under this Indenture shall not be affected by
the seeking, obtaining or application of any other relief under or with respect
to this Indenture.  Neither the Lien of
this Indenture nor any rights or remedies of the Indenture Trustee or the
Noteholders shall be impaired by the recovery of any judgment by the Indenture
Trustee against the Issuing Entity or by the levy of any execution under such
judgment upon any portion of the Trust Estate or upon any of the assets of the
Issuing Entity. Any money or property collected by the Indenture Trustee shall
be applied in accordance with Section 5.4(b).

 

SECTION 5.16.            Performance and Enforcement of Certain Obligations.  (a)  Promptly following a request from
the Indenture Trustee to do so and at the Administrator’s expense, the Issuing
Entity shall take all such lawful action as the Indenture Trustee may request
to compel or secure the performance and observance by the Seller and the
Servicer, as applicable, of each of their obligations to the Issuing Entity
under or in connection with the Sale and Servicing Agreement or to the Seller
under or in connection with the Purchase Agreement in accordance with the terms
thereof, and to exercise any and all rights, remedies, powers and privileges
lawfully available to the Issuing Entity under or in connection with the Sale
and Servicing Agreement (or the Seller under or in connection with the Purchase
Agreement) to the extent and in the manner directed by the Indenture Trustee,
including the transmission of notices of default on the part of the Seller or
the Servicer thereunder and the institution of legal or administrative actions
or proceedings to compel or secure performance by the Seller or the Servicer of
each of their obligations under the Sale and Servicing Agreement or the
Purchase Agreement.

 

(b)           If
an Event of Default has occurred and is continuing, the Indenture Trustee may,
and at the direction (which direction shall be in writing) of the Holders of
not less than 66 2/3% of the Outstanding Amount of the Notes shall, exercise
all rights, remedies, powers, privileges and claims of the Issuing Entity
against the Seller or the Servicer under or in connection with the Sale and
Servicing Agreement, including the right or power to take any action to compel
or secure performance or observance by the Seller or the Servicer of each of
their obligations to the Issuing Entity thereunder and to give any consent,
request, notice, direction, approval, extension or waiver under the Sale and
Servicing Agreement, and any right of the Issuing Entity to take such action
shall be suspended.

 

(c)           If an Event of Default
has occurred and is continuing, the Indenture Trustee may, and at the direction
(which direction shall be in writing) of the Holders of not less than 66 2/3%
of the Outstanding Amount of the Notes shall, exercise all rights, remedies, 

 

30

 

powers,
privileges and claims of the Seller against CNHCA under or in connection with
the Purchase Agreement, including the right or power to take any action to
compel or secure performance or observance by CNHCA, of each of its obligations
to the Seller thereunder and to give any consent, request, notice, direction,
approval, extension or waiver under the Purchase Agreement, and any right of
the Seller to take such action shall be suspended.

 

ARTICLE
VI

The Indenture Trustee

 

SECTION 6.1.              Duties of the Indenture Trustee.  (a)  If an Event of Default has occurred
and is continuing, the Indenture Trustee shall exercise the rights and powers
vested in it by this Indenture and use the same degree of care and skill in
their exercise as a prudent person would exercise or use under the
circumstances in the conduct of such person’s own affairs.

 

(b)           Except
during the continuance of an Event of Default actually known to a Responsible
Officer:

 

(i)            the
Indenture Trustee undertakes to perform such duties and only such duties as are
specifically set forth in this Indenture and no implied covenants or
obligations shall be read into this Indenture against the Indenture Trustee;
and

 

(ii)           in
the absence of bad faith on its part, the Indenture Trustee may conclusively
rely, as to the truth of the statements and the correctness of the opinions
expressed therein, upon certificates or opinions furnished to the Indenture
Trustee and conforming to the requirements of this Indenture; provided, however,
in the case of any such certificates or opinions that by any provision hereof
are specifically required to be furnished to the Indenture Trustee, the
Indenture Trustee shall examine the certificates and opinions to determine
whether or not they conform to the requirements of this Indenture.

 

(c)           The
Indenture 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
clause (c) does not limit
the effect of clause (b) of
this Section;

 

(ii)           the
Indenture Trustee shall not be liable for any error of judgment made in good
faith by a Responsible Officer unless it is conclusively determined by a court
of competent jurisdiction that the Indenture Trustee was negligent in
ascertaining the pertinent facts;

 

(iii)          the
Indenture 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 the Indenture;

 

(iv)          the
Indenture Trustee shall not be charged with knowledge of an Event of Default or
Servicer Default unless a Responsible Officer obtains actual knowledge of such
event or the Indenture Trustee receives written notice of such event from the
Seller, 

 

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Servicer or
Note Owners owning Notes aggregating not less than 10% of the Outstanding
Amount of the Notes; and

 

(v)           the
Indenture Trustee shall have no duty to monitor the performance of the Issuing
Entity, the Trustee, the Seller or the Servicer, nor shall it have any
liability in connection with malfeasance or nonfeasance by the Issuing Entity,
the Trustee, the Seller or the Servicer. 
The Indenture Trustee shall have no liability in connection with
compliance of the Issuing Entity, the Trustee, the Seller or the Servicer with
statutory or regulatory requirements related to the Receivables.  The Indenture Trustee shall not make or be
deemed to have made any representations or warranties with respect to the
Receivables or the validity or sufficiency of any assignment of the Receivables
to the Trust Estate or the Indenture Trustee.

 

(d)           Every
provision of this Indenture that in any way relates to the Indenture Trustee is
subject to clauses (a), (b), (c) and
(g).

 

(e)           The Indenture Trustee
shall not be liable for interest on any money received by it except as the
Indenture Trustee may agree in writing with the Issuing Entity.

 

(f)            Money held in trust by
the Indenture Trustee need not be segregated from other funds except to the
extent required by law, this Indenture or the Sale and Servicing Agreement.

 

(g)           No provision of this
Indenture shall require the Indenture Trustee to expend or risk its own funds
or otherwise incur financial liability in the performance of any of its duties
hereunder or in the exercise of any of its rights or powers if it shall have
reasonable grounds to believe that repayment of such funds or adequate
indemnity satisfactory to it against any loss, liability or expense is not
reasonably assured to it.

 

(h)           Every provision of this
Indenture relating to the conduct or affecting the liability of or affording
protection to the Indenture Trustee shall be subject to this Section and
the TIA.

 

SECTION 6.2.              Rights of Indenture Trustee.  (a)  The Indenture Trustee may
conclusively rely and shall be fully protected in acting on any document
reasonably believed by it to be genuine and to have been signed or presented by
the proper Person.  The Indenture Trustee
need not investigate any fact or matter stated in any such document.

 

(b)           Before
the Indenture Trustee acts or refrains from acting, it may require an Officer’s
Certificate or an Opinion of Counsel. 
The Indenture Trustee shall not be liable for any action it takes or
omits to take in good faith in reliance on the Officer’s Certificate or Opinion
of Counsel.

 

(c)           The Indenture Trustee
may execute any of the trusts or powers hereunder or perform any duties
hereunder either directly or by or through agents, attorneys, a custodian or a
nominee, and the Indenture Trustee shall not be responsible for any misconduct
or negligence on the part of, or for the supervision of, any such agent,
attorney, custodian or nominee appointed with due care by it.

 

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(d)           The Indenture Trustee
shall not be liable for any action it takes or omits to take in good faith that
it believes to be authorized or within its rights or powers; provided, however,
that the Indenture Trustee’s conduct does not constitute willful misconduct,
negligence or bad faith.

 

(e)           The Indenture Trustee
may consult with counsel, and the advice or opinion of counsel with respect to
legal matters relating to this Indenture and the Notes shall be full and
complete authorization and protection from liability in respect to any action
taken, omitted or suffered by it hereunder in good faith and in accordance with
the advice or opinion of such counsel.

 

(f)            The Indenture Trustee
shall not be required to make any initial or periodic examination of any files
or records related to the Receivables for the purpose of establishing the
presence or absence of defects, the compliance by the Issuing Entity with its
representations and warranties or for any other purpose.

 

(g)           In the event that the
Indenture Trustee is also acting as Paying Agent or Note Registrar hereunder,
the rights and protections afforded to the Indenture Trustee pursuant to this Article VI shall also be afforded to
the Indenture Trustee in its capacity as such Paying Agent or Note Registrar.

 

SECTION 6.3.              Individual Rights of the Indenture Trustee.  The Indenture Trustee shall not, in its
individual capacity, but may in a fiduciary capacity, become the owner of Notes
or otherwise extend credit to the Issuing Entity.  The Indenture Trustee may otherwise deal with
the Issuing Entity or its Affiliates with the same rights it would have if it
were not the Indenture Trustee.  Any
Paying Agent, Note Registrar, co-registrar or co-paying agent may do the same
with like rights. However, the Indenture Trustee must comply with Sections 6.11 and 6.12.

 

SECTION 6.4.              Indenture Trustee’s Disclaimer.  The Indenture Trustee shall not be
responsible for, and makes no representation as to the validity or adequacy of,
this Indenture or the Notes; shall not be accountable for the Issuing Entity’s
use of the proceeds from the Notes; and shall not be responsible for any
statement of the Issuing Entity in this Indenture or in any document issued in
connection with the sale of the Notes or in the Notes other than the Indenture
Trustee’s certificate of authentication.

 

SECTION 6.5.              Notice of Defaults.  If a Default occurs and is continuing and is
known to a Responsible Officer, the Indenture Trustee shall mail to the
Counterparties and each Noteholder notice of the Default within 90 days after
it occurs.  Except in the case of a
Default in payment of principal of or interest on any Note (including payments
pursuant to the mandatory redemption provisions of such Note), the Indenture
Trustee may withhold the notice if and so long as a committee of its
Responsible Officers in good faith determines that withholding the notice is in
the interests of Noteholders and the Counterparties.

 

SECTION 6.6.              Reports by Indenture Trustee to the Holders.  The Indenture Trustee shall deliver to each
Noteholder such information as may be required to enable such Holder to prepare
its federal, State and other income tax returns.  Within 60 days after each 

 

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December 31,
starting with December 31, 2008, the Indenture Trustee shall mail to each
Noteholder a brief report as of such December 31 that complies with TIA §
313(a) (if required by said section).

 

SECTION 6.7.              Compensation and Indemnity.  The Issuing Entity shall, or shall cause the
Servicer to, pay to the Indenture Trustee from time to time reasonable
compensation for its services as agreed to between the Issuing Entity and the
Indenture Trustee in writing.  The
Indenture Trustee’s compensation shall not be limited by any law on
compensation of a trustee of an express trust. 
The Issuing Entity shall, or shall cause the Servicer to, reimburse the
Indenture Trustee for all reasonable out-of-pocket expenses incurred or made by
it, including costs of collection, in addition to the compensation for its
services. Such expenses shall include the reasonable compensation and expenses,
disbursements and advances of the Indenture Trustee’s agents, counsel,
accountants and experts.  The Issuing
Entity shall or shall cause the Servicer to indemnify the Indenture Trustee and
its officers, directors, employees and agents against any and all loss, liability
or expense (including attorneys’ fees and expenses) incurred by them in
connection with the administration of this trust and the performance of its
duties hereunder.  The Indenture Trustee
shall notify the Issuing Entity and the Servicer promptly of any claim for
which it may seek indemnity.  Failure by
the Indenture Trustee to so notify the Issuing Entity and the Servicer shall
not relieve the Issuing Entity or the Servicer of its respective obligations
hereunder.  The Issuing Entity shall, or
shall cause the Servicer to, defend the claim and the Indenture Trustee may
have separate counsel and the Issuing Entity shall, or shall cause the Servicer
to, pay the reasonable fees and expenses of such counsel.  Notwithstanding anything to the contrary
contained herein, neither the Issuing Entity nor the Servicer need reimburse
any expense or indemnify against any loss, liability or expense incurred by the
Indenture Trustee through the Indenture Trustee’s own willful misconduct,
negligence or bad faith.

 

The Issuing
Entity’s payment obligations to the Indenture Trustee pursuant to this Section shall
survive the discharge of this Indenture or the earlier resignation or removal
of the Indenture Trustee.  When the
Indenture Trustee incurs expenses after the occurrence of a Default specified
in Section 5.1(iv) or (v), the expenses are intended to
constitute expenses of administration under Title 11 of the United States Code
or any other applicable federal or State bankruptcy, insolvency or similar law.

 

SECTION 6.8.              Replacement of the Indenture Trustee.  No resignation or removal of the Indenture
Trustee and no appointment of a successor Indenture Trustee shall become
effective until the acceptance of appointment by the successor Indenture
Trustee pursuant to this Section 6.8.  The Indenture Trustee may resign at any time
by so notifying the Issuing Entity in writing. 
The Holders of not less than a majority of the Outstanding Amount of the
Notes may remove the Indenture Trustee by so notifying the Indenture Trustee in
writing and may appoint a successor Indenture Trustee.  The Issuing Entity shall remove the Indenture
Trustee if:

 

(i)            the
Indenture Trustee fails to comply with Section 6.11;

 

(ii)           the
Indenture Trustee is adjudged a bankrupt or insolvent;

 

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(iii)          a
receiver or other public officer takes charge of the Indenture Trustee or its
property; or

 

(iv)          the
Indenture Trustee otherwise becomes incapable of acting.

 

If the
Indenture Trustee resigns or is removed or if a vacancy exists in the office of
Indenture Trustee for any reason (the Indenture Trustee in such event being
referred to herein as the retiring Indenture Trustee), the Issuing Entity shall
promptly appoint a successor Indenture Trustee.

 

A successor Indenture
Trustee shall deliver a written acceptance of its appointment to the retiring
Indenture Trustee and to the Issuing Entity. 
Thereupon the resignation or removal of the retiring Indenture Trustee
shall become effective, and the successor Indenture Trustee shall have all the
rights, powers and duties of the Indenture Trustee under this Indenture.  The successor Indenture Trustee shall mail a
notice of its succession to the Counterparties and the Noteholders. The
retiring Indenture Trustee shall promptly transfer all property held by it as
Indenture Trustee to the successor Indenture Trustee.

 

If a successor
Indenture Trustee does not take office within 60 days after the retiring
Indenture Trustee resigns or is removed, the retiring Indenture Trustee, the
Issuing Entity or the Holders of not less than a majority of the Outstanding
Amount of the Notes may petition any court of competent jurisdiction for the
appointment of a successor Indenture Trustee.

 

If the
Indenture Trustee fails to comply with Section 6.11,
any Noteholder may petition any court of competent jurisdiction for the removal
of the Indenture Trustee and the appointment of a successor Indenture Trustee.

 

Notwithstanding
the replacement of the Indenture Trustee pursuant to this Section, the Issuing
Entity’s and the Administrator’s obligations under Section 6.7 shall continue for the benefit of the
retiring Indenture Trustee.  The retiring
Indenture Trustee shall have no liability for any act or omission by any
successor Indenture Trustee other than itself, serving again as Indenture
Trustee.

 

SECTION 6.9.              Successor Indenture Trustee by Merger.  If the Indenture Trustee consolidates with,
merges or converts into, or transfers all or substantially all its corporate
trust business or assets to, another corporation or banking association, the
resulting, surviving or transferee corporation without any further act shall be
the successor Indenture Trustee.  The
Indenture Trustee shall provide the Rating Agencies, the Counterparties and the
Issuing Entity prompt written notice of any such transaction following the
consummation thereof; provided, that such corporation or banking association
shall be otherwise qualified and eligible under Section 6.11.

 

In case at the
time such successor(s) by merger, conversion or consolidation to the
Indenture Trustee shall succeed to the trusts created by this Indenture any of
the Notes shall have been authenticated but not delivered, any such successor
to the Indenture Trustee may adopt the certificate of authentication of any
predecessor Indenture Trustee, and deliver such Notes so authenticated; and in
case at that time any of the Notes shall not have been authenticated, any
successor to the Indenture Trustee may authenticate such Notes either in the
name of any 

 

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predecessor
Indenture Trustee hereunder or in the name of the successor to the Indenture
Trustee; and in all such cases such certificates of authentication shall have
the full force and effect to the same extent given to the certificate of
authentication of the Indenture Trustee anywhere in the Notes or in this
Indenture.

 

SECTION 6.10.            Appointment of Co-Trustee or Separate
Trustee.  (a) 
Notwithstanding any other provisions of this Indenture, at any time, for the
purpose of meeting any legal requirement of any jurisdiction in which any part
of the Trust Estate may at the time be located, the Indenture Trustee shall
have the power and may execute and deliver all instruments to appoint one or
more Person(s) to act as co-trustee(s), or separate trustee(s), of all or
any part of the Trust Estate, and to vest in such Person(s), in such capacity
and for the benefit of the Noteholders, such title to the Trust Estate, or any
part thereof, and, subject to the other provisions of this Section, such
powers, duties, obligations, rights and trusts as the Indenture Trustee may
consider necessary or desirable.  No
co-trustee or separate trustee hereunder shall be required to meet the terms of
eligibility as a successor trustee under Section 6.11
and no notice to Noteholders of the appointment of any co-trustee or separate
trustee shall be required under Section 6.8.

 

(b)           Every
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 Indenture
Trustee shall be conferred or imposed upon and exercised or performed by the
Indenture 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 Indenture Trustee joining in such act), except to the
extent that under any law of any jurisdiction in which any particular act(s) are
to be performed, the Indenture Trustee shall be incompetent or unqualified to
perform such act(s), in which event such rights, powers, duties and obligations
(including the holding of title to the 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 Indenture Trustee;

 

(ii)           no
trustee hereunder shall be personally liable by reason of any act or omission
of any other trustee hereunder; and

 

(iii)          the
Indenture Trustee may at any time accept the resignation of or remove, in its
sole discretion, any separate trustee or co-trustee.

 

(c)           Any
notice, request or other writing given to the Indenture 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 Indenture Trustee or separately, as may be
provided therein, subject to all the provisions of this Indenture, specifically
including every provision of this Indenture relating to the conduct of,
affecting the liability of, or affording 

 

36

 

protection to,
the Indenture Trustee.  Every such
instrument shall be filed with the Indenture Trustee.

 

(d)           Any separate trustee or
co-trustee may at any time constitute the Indenture 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 Indenture Trustee, to the extent permitted by law, without the
appointment of a new or successor trustee.

 

(e)           The Indenture Trustee
shall have no obligation to determine whether a co-trustee or separate trustee
is legally required in any jurisdiction in which any part of the Trust Estate
may be located.

 

SECTION 6.11.            Eligibility; Disqualification.  The Indenture Trustee shall at all times
satisfy the requirements of TIA § 310(a) and, upon Issuing Entity Order, Section 26(a)(1) of
the Investment Company Act of 1940, as amended. 
The Indenture Trustee shall have a combined capital and surplus of at
least $50,000,000 as set forth in its most recent published annual report of
condition and it shall have a long term senior, unsecured debt rating of “Baa3”
or better by Moody’s (or, if not rated by Moody’s, a comparable rating by
another statistical rating agency).  The
Indenture Trustee shall comply with TIA § 310(b), including the optional
provision permitted by the second sentence of TIA § 310(b)(9); provided, however,
that there shall be excluded from the operation of TIA § 310(b)(1) any
indenture(s) under which other securities of the Issuing Entity are
outstanding if the requirements for such exclusion set forth in TIA § 310(b)(1) are
met.

 

If a default
occurs under this Indenture, and the Indenture Trustee is deemed to have a
conflicting interest as a result of acting as trustee for both (1) the Class A
Notes and (2) the Class B Notes, a successor Indenture Trustee shall
be appointed for one or more of such Classes, so that there will be separate
Indenture Trustees for the Class A Notes and the Class B Notes,
respectively.  No such event shall alter
the voting rights of the Class A Noteholders or the Class B
Noteholders under this Indenture or any other Basic Document.  However, so long as any amounts remain unpaid
with respect to the Class A Notes, only the Indenture Trustee for the Class A
Noteholders will have the right to exercise remedies under this Indenture (but
subject to the express provisions of Section 5.4
and to the right of the Class B Noteholders to receive their respective
shares of any proceeds of enforcement, subject to the subordination of the Class B
Notes to the Class A Notes as described herein).  Upon repayment of the Class A Notes in
full, but so long as any amounts remain unpaid with respect to the Class B
Notes, only the Indenture Trustee for the Class B Noteholders will have
the right to exercise remedies under this Indenture (but subject to the express
provisions of Section 5.4).

 

In the case of
the appointment hereunder of a successor Indenture Trustee with respect to any Class of
Notes, the Issuing Entity, the retiring Indenture Trustee and the successor
Indenture Trustee with respect to such Class of Notes shall execute and
deliver an indenture supplemental hereto wherein the each successor Indenture
Trustee shall accept such appointment and which (i) shall contain such
provisions as shall be necessary or desirable to transfer and confirm to, and
to 

 

37

 

vest in, the
successor Indenture Trustee all the rights, powers, trusts and duties of the
retiring Indenture Trustee with respect to the Notes of the Class to which
the appointment of such successor Indenture Trustee relates, (ii) if the
retiring Indenture Trustee is not retiring with respect to all Classes of
Notes, shall contain such provisions as shall be deemed necessary or desirable
to confirm that all the rights, powers, trusts and duties of the retiring Indenture
Trustee with respect to the Notes of each Class as to which the retiring
Indenture Trustee is not retiring shall continue to be vested in the retiring
Indenture Trustee, and (iii) shall add to or change any of the provisions
of this Indenture as shall be necessary to provide for or facilitate the
administration of the trusts hereunder by more than one Indenture Trustee, it
being understood that nothing herein or in such supplemental indenture shall
constitute such Indenture Trustees co-trustees of the same trust and that each
such Indenture Trustee shall be trustee of a trust or trusts hereunder separate
and apart from any trust or trusts hereunder administered by any other such
Indenture Trustee; and upon the execution and delivery of such supplemental
indenture the resignation or removal of the retiring Indenture Trustee shall
become effective to the extent provided therein.

 

SECTION 6.12.            Preferential Collection of Claims Against
the Issuing Entity.  The
Indenture Trustee shall comply with TIA § 311(a), excluding any creditor
relationship listed in TIA § 311(b).  An
Indenture Trustee who has resigned or been removed shall be subject to TIA §
311(a) to the extent indicated.

 

SECTION 6.13.            Information to Be Provided by the Indenture
Trustee.  At any time when
the Issuing Entity’s reporting obligations under Section 15(d) of the Exchange Act are not
suspended, the Indenture Trustee shall notify the Servicer promptly after the
Indenture Trustee becomes aware of (a) the initiation of any legal
proceedings against the Indenture Trustee, or of which any property of the
Indenture Trustee is subject, that are material to the Noteholders, (b) any
developments in any such proceedings that are material to the Noteholders and (c) any
such material proceedings that are contemplated by any governmental authority
against the Indenture Trustee.

 

SECTION 6.14.            Representations and Warranties.  The Indenture Trustee hereby represents that:

 

(a)           the
Indenture Trustee is duly organized and validly existing as a national banking
corporation in good standing under the laws of the United States with power and
authority to own its properties and to conduct its business as such properties
are currently owned and such business is presently conducted;

 

(b)           the Indenture Trustee
has the power and authority to execute and deliver this Indenture and to carry
out its terms; and the execution, delivery and performance of this Indenture
have been duly authorized by the Indenture Trustee by all necessary corporate
action;

 

(c)           the consummation of the
transactions contemplated by this Indenture and the fulfillment of the terms
hereof do not conflict with, result in any breach of any of the terms and
provisions of, or constitute (with or without notice or lapse of time) a
default under the articles of association or bylaws of the Indenture Trustee or
any material agreement or other instrument to which the Indenture Trustee is a
party or by which it is bound;

 

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(d)           to best of the
Indenture Trustee’s knowledge, there are no proceedings or investigations
pending or threatened before any court, regulatory body, administrative agency
or other governmental instrumentality having jurisdiction over the Indenture
Trustee or its properties:  (i) asserting
the invalidity of this Indenture, (ii) seeking to prevent the consummation
of any of the transactions contemplated by this Indenture or (iii) seeking
any determination or ruling that might materially and adversely affect the
performance by the Indenture Trustee of its obligations under, or the validity
or enforceability of, this Indenture; and

 

(e)           as of the date of the
Underwriting Agreement, the Preliminary Prospectus Date, the Prospectus Date
and the Closing Date, there are no legal proceedings pending against the
Indenture Trustee, or of which any property of the Indenture Trustee is
subject, that are material to the Noteholders, and no such legal proceedings
are known to the Indenture Trustee to be contemplated by any governmental
authority against the Indenture Trustee that are material to the Noteholders.

 

ARTICLE
VII

Noteholders’ Lists and Reports

 

SECTION 7.1.              Issuing Entity To Furnish Indenture Trustee
Names and Addresses of Noteholders.  The Issuing Entity will furnish or cause to
be furnished to the Indenture Trustee:  (a) not
more than five days after the earlier of: 
(i) each Record Date and (ii) three months after the last
Record Date, a list, in such form as the Indenture Trustee may reasonably
require, of the names and addresses of the Holders of Notes as of such Record
Date, and (b) at such other times as the Indenture Trustee may request in
writing, within 30 days after receipt by the Issuing Entity of any such
request, a list of similar form and content as of a date not more than 10 days
prior to the time such list is furnished; provided, however, that so long as
the Indenture Trustee is the Note Registrar, no such list shall be required to
be furnished.

 

SECTION 7.2.              Preservation of Information; Communications
to Noteholders.  (a) 
The Indenture Trustee shall preserve, in as current a form as is reasonably
practicable, the names and addresses of the Holders of Notes contained in the
most recent list furnished to the Indenture Trustee as provided in Section 7.1 and the names and
addresses of Holders of Notes received by the Indenture Trustee in its capacity
as Note Registrar. The Indenture Trustee may destroy any list furnished to it
as provided in Section 7.1
upon receipt of a new list so furnished.

 

(b)           Three
or more Noteholders, or one or more Holder(s) of Notes evidencing at least
25% of the Outstanding Amount of the Notes, may communicate pursuant to TIA §
312(b) with other Noteholders with respect to their rights under this
Indenture or under the Notes.

 

(c)           The Issuing Entity, the
Indenture Trustee and the Note Registrar shall have the protection of TIA §
312(c).

 

SECTION 7.3.              Reports by Issuing Entity.  (a)  The Issuing Entity shall:

 

(i)            file with the Indenture Trustee, within 15
days after the Issuing Entity is required to file the same with the Commission,
copies of the annual reports and of the information, documents and other
reports (or copies of such portions of any of the 

 

39

 

foregoing as the Commission may from time to time by rules and
regulations prescribe) that the Issuing Entity may be required to file with the
Commission pursuant to Section 13 or 15(d) of
the Exchange Act;

 

(ii)           file
with the Commission, in accordance with the rules and regulations
prescribed from time to time by the Commission, such additional information,
documents and reports with respect to compliance by the Issuing Entity with the
conditions and covenants of this Indenture (with a copy of any such filings
being delivered promptly to the Indenture Trustee); and

 

(iii)          supply
to the Indenture Trustee (and the Indenture Trustee shall transmit by mail to
all Noteholders described in TIA § 313(c)) such summaries of any information,
documents and reports required to be filed by the Issuing Entity pursuant to clauses (i) and (ii) as may be required by the rules and
regulations prescribed from time to time by the Commission.

 

(b)           Unless
the Issuing Entity otherwise determines, the fiscal year of the Issuing Entity
shall end on December 31 of each year.

 

SECTION 7.4.              Required Filings.  In no event shall the Indenture Trustee or
any agent of the Indenture Trustee be obligated or responsible for preparing,
executing, filing or delivering in respect of the Trust Estate or on behalf of
another person, either (A) any report or filing required or permitted by
the SEC to be prepared, executed, filed or delivered by or in respect of the
Trust Estate or another person, or (B) any certification in respect of any
such report or filing; in either case, other than as required expressly herein
or in the other Basic Documents.

 

ARTICLE
VIII

Accounts, Disbursements and Releases

 

SECTION 8.1.              Collection of Money.  Except as otherwise expressly provided
herein, the Indenture Trustee may demand payment or delivery of, and shall
receive and collect, directly and without intervention or assistance of any
fiscal agent or other intermediary, all money and other property payable to or
receivable by the Indenture Trustee pursuant to this Indenture.  The Indenture Trustee shall apply all such
money received by it as provided in this Indenture. Except as otherwise
expressly provided in this Indenture, if any default occurs in the making of
any payment or performance under any agreement or instrument that is part of
the Collateral and the Trust Estate, the Indenture Trustee may take such action
as may be appropriate to enforce such payment or performance, including the
institution and prosecution of appropriate Proceedings.  Any such action shall be without prejudice to
any right to claim a Default or Event of Default under this Indenture and any
right to proceed thereafter as provided in Article V.

 

SECTION 8.2.              Trust Accounts.  (a)  On or prior to the Closing Date,
the Issuing Entity shall cause the Servicer to establish and maintain, in the
name of the Indenture Trustee, for the benefit of the Noteholders, the
Certificateholders and the Counterparties, the Trust Accounts as provided in Section 5.1 of the Sale and Servicing
Agreement.

 

(b)           On
or before each Payment Date, the Total Distribution Amount with respect to the
preceding Collection Period will be deposited in the Collection Account as 

 

40

 

provided in Section 5.2 of the Sale and Servicing
Agreement.  On or before each Payment
Date, the First Principal Payment Amount and Noteholders’ Distributable Amount
with respect to the preceding Collection Period will be transferred to the Note
Distribution Account as provided in Sections
5.5 and 5.6 of the
Sale and Servicing Agreement.

 

(c)           On each Payment Date
and Redemption Date prior to an Event of Default and acceleration of the Notes,
the Indenture Trustee shall deposit or distribute all amounts on deposit in the
Note Distribution Account to the Noteholders and the Counterparties in the
following amounts and in the following order of priority:

 

(i)            to the Counterparties for any due and
unpaid Net Swap Payments due to them under the Interest Rate Swap Agreements
(including interest on any overdue Net Swap Payments), if any, ratably, without
preference or priority of any kind, according to the amount due under each
Interest Rate Swap Agreement as Net Swap Payments (including interest on any
overdue Net Swap Payments);

 

(ii)           with
the same priority and ratably in proportion to the Outstanding Amount of the Class A
Notes and the amounts due under clause (y) of
this Section 8.2(c)(ii), to (x) the
Class A Noteholders, the Class Interest Amount for each Class of
Class A Notes; provided, that if there are not sufficient funds in the
Note Distribution Account to pay the entire amount of accrued and unpaid
interest then due on such Notes, the amount in the Note Distribution Account
shall be applied to the payment of such interest on such Notes pro rata on the
basis of the total such interest due on such Notes, and (y) the
Counterparties, any Priority Swap Termination Payments due to them under the Class A
Swap Agreements, ratably, without preference or priority of any kind, according
to the amounts due to each as Priority Swap Termination Payments under the Class A
Swap Agreements; provided, that if any money or property remains after making
the payments required by the immediately preceding clause (x) or (y),
such money or property shall be used to pay any remaining amounts due and
payable under this Section 8.2(c)(ii) before
any such money or property shall be distributed pursuant to Sections 8.2(c)(iii) through (viii);

 

(iii)          to
the Class A Noteholders, an amount equal to the First Principal Payment
Amount in the following order of priority:

 

(A)          to
the A-1 Noteholders, until the Outstanding principal balance of the A-1 Notes
is reduced to zero;

 

(B)           to
the A-2a Noteholders and the A-2b Noteholders, pro rata based upon the
Outstanding principal balances of the A-2a Notes and the A-2b Notes, until the
Outstanding principal balances of the A-2a Notes and the A-2b Notes are reduced
to zero;

 

(C)           to
the A-3a Noteholders and the A-3b Noteholders, pro rata based upon the
Outstanding principal balances of the A-3a Notes and the A-3b Notes, until the
Outstanding principal balances of the A-3a Notes and the A-3b Notes are reduced
to zero;

 

41

 

(D)          to
the A-4a Noteholders and the A-4b Noteholders, pro rata based upon the
Outstanding principal balances of the A-4a Notes and the A-4b Notes, until the
Outstanding principal balances of the A-4a Notes and the A-4b Notes are reduced
to zero;

 

(iv)          to the Class B Noteholders, the Class Interest
Amount for the Class B Notes;

 

(v)           to
the Class A Noteholders, for payment of principal, in the following order
of priority:

 

(A)          to
the A-1 Noteholders, until the Outstanding principal balance of the A-1 Notes
is reduced to zero;

 

(B)           to
the A-2a Noteholders and the A-2b Noteholders, pro rata based on the Outstanding
principal balances of the A-2a Notes and the A-2b Notes, until the Outstanding
principal balances of the A-2a Notes and the A-2b Notes are reduced to zero;

 

(C)           to
the A-3a Noteholders and the A-3b Noteholders, pro rata based on the
Outstanding principal balances of the A-3a Notes and the A-3b Notes, until the
Outstanding principal balances of the A-3a Notes and the A-3b Notes are reduced
to zero;

 

(D)          to
the A-4a Noteholders and the A-4b Noteholders, pro rata based on the
Outstanding principal balances of the A-4a Notes and the A-4b Notes, until the
Outstanding principal balances of the A-4a Notes and the A-4b Notes are reduced
to zero;

 

(vi)          to the Class B Noteholders, for payment
of principal, until the Outstanding principal balance of the Class B Notes
is reduced to zero;

 

(vii)         to
the Counterparties, any Swap Termination Payments due to them under the Class A
Swap Agreements to the extent not paid pursuant to clause (ii) above, ratably, without preference or
priority of any kind, according to the amounts due to each as Class A Swap
Termination Payments under the Class A Swap Agreements; and

 

(viii)        thereafter,
any excess shall be deposited in the Certificate Distribution Account.

 

(d)           On
the A-1 Note Final Scheduled Maturity Date, the Indenture Trustee shall
distribute to the Class A-1 Noteholders, from the amount available in the
Note Distribution Account, an amount equal to the sum of (i) the aggregate
accrued and unpaid interest on the Class A-1 Notes as of the A-1 Note
Final Scheduled Maturity Date, and (ii) the amount necessary to reduce the
outstanding principal amount of the Class A-1 Notes to zero.

 

(e)           On each Payment Date
and Redemption Date, after an Event of Default and acceleration of the Notes
(and, if any Notes remain outstanding after the Final Scheduled 

 

42

 

Maturity
Date), the Indenture Trustee shall distribute all amounts on deposit in the
Note Distribution Account to the Noteholders and the Counterparties in the
following amounts and in the following order of priority:

 

(i)            to the Counterparties for any due and
unpaid Net Swap Payments due to them under the Interest Rate Swap Agreements
(including interest on any overdue Net Swap Payments), if any, ratably, without
preference or priority of any kind, according to the amount due under each
Interest Rate Swap Agreement as Net Swap Payments (including interest on any
overdue Net Swap Payments);

 

(ii)           with
the same priority and ratably in proportion to the Outstanding Amount of the Class A
Notes and the amounts due under clause (y) of
this Section 8.2(e)(ii), to (x) Class A
Noteholders, the Class Interest Amount for each Class of Class A
Notes;  provided , that if there are not
sufficient funds in the Note Distribution Account to pay the entire amount of
accrued and unpaid interest then due on such Notes, the amount in the Note
Distribution Account shall be applied to the payment of such interest on such
Notes pro rata on the basis of the total such interest due on such Notes and (y) the
Counterparties, any Priority Swap Termination Payments due to them under the Class A
Swap Agreements, ratably, without preference or priority of any kind, according
to the amounts due to each as Priority Swap Termination Payments under the Class A
Swap Agreements; provided, that if any money or property remains after making
the payments required by the immediately preceding clause (x), such money or property shall be used to pay any
remaining Priority Swap Termination Payments due and payable under the Class A
Swap Agreements before any such money or property shall be distributed pursuant
to Sections 8.2(e)(iii) through
(vii);

 

(iii)          to
the Class A Noteholders, for payment of principal, ratably, according to
the amounts due and payable on each Class of Class A Notes for
principal, without preference or priority of any kind, until the Outstanding
principal balance of each Class of Class A Notes has been reduced to
zero;

 

(iv)          to
the Class B Noteholders, the Class Interest Amount for the Class B
Notes;

 

(v)           to
the Class B Noteholders, for payment of principal, until the Outstanding
principal balance of the Class B Notes is reduced to zero;

 

(vi)          to
the Counterparties, any Swap Termination Payments due to them under the Class A
Swap Agreements to the extent not paid pursuant to clause (ii) above, ratably, without preference or
priority of any kind, according to the amounts due to each as Class A Swap
Termination Payments under the Class A Swap Agreements; and

 

(vii)         thereafter,
any excess shall be deposited in the Certificate Distribution Account.

 

SECTION 8.3.              General Provisions Regarding Accounts.  (a)  So long as no Default or Event of
Default shall have occurred and be continuing, all or a portion of the funds in
the Trust Accounts shall be invested in Eligible Investments and reinvested by
the Indenture 

 

43

 

Trustee upon Issuing Entity Order, subject to the provisions of Section 5.1(b) of the Sale and
Servicing Agreement.  All income or other
gain from investments of monies deposited in the Trust Accounts shall be
deposited by the Indenture Trustee in the Collection Account, and any loss or
expenses resulting from such investments shall be charged to such account.  The Issuing Entity will not direct the
Indenture Trustee to make any investment of any funds or to sell any investment
held in any of the Trust Accounts unless the security interest granted and
perfected in such account will continue to be perfected in such investment or
the proceeds of such sale, in either case without any further action by any
Person, and, in connection with any direction to the Indenture Trustee to make
any such investment or sale, if requested by the Indenture Trustee, the Issuing
Entity shall deliver to the Indenture Trustee an Opinion of Counsel to such
effect.

 

(b)           Subject
to Section 6.1(c), the
Indenture Trustee shall not in any way be held liable for the selection of
Eligible Investments or by reason of any insufficiency in any of the Trust
Accounts resulting from any loss on any Eligible Investment included therein,
except for losses attributable to the Indenture Trustee’s failure to make
payments on such Eligible Investments issued by the Indenture Trustee, in its
commercial capacity as principal obligor and not as trustee, in accordance with
their terms; provided, however, that the limitation to the Indenture Trustee’s
liability does not extend to any actions constituting willful misconduct,
negligence or bad faith.

 

(c)           If (i) the Issuing
Entity shall have failed to give investment directions for any funds on deposit
in the Trust Accounts to the Indenture Trustee by 11:00 a.m. (New York
City time) (or such other time as may be agreed by the Issuing Entity and the
Indenture Trustee) on any Business Day; or (ii) a Default or Event of Default
shall have occurred and be continuing with respect to the Notes but the Notes
shall not have been declared due and payable pursuant to Section 5.2, or, if such Notes shall
have been declared due and payable following an Event of Default, but amounts collected
or receivable from the Trust Estate are being applied in accordance with Section 5.4(b) as if there had
not been such a declaration; then the Indenture Trustee shall, to the fullest
extent practicable, invest and reinvest funds in the Trust Accounts in the
Eligible Investments identified in clause (d) of
the definition of Eligible Investments.

 

SECTION 8.4.              Release of Trust Estate.  (a)  Subject to the payment of its fees
and expenses pursuant to Section 6.7,
the Indenture Trustee may, and when required by this Indenture shall, execute
instruments to release property from the Lien of this Indenture, or convey the
Indenture Trustee’s interest in the same, in a manner and under circumstances
that are not inconsistent with this Indenture. 
No party relying upon an instrument executed by the Indenture Trustee as
provided in this Article shall be bound to ascertain the Indenture Trustee’s
authority, inquire into the satisfaction of any conditions precedent or see to
the application of any monies.

 

(b)           The
Indenture Trustee shall, at such time as there are no Notes Outstanding and all
sums due to the Indenture Trustee pursuant to Section 6.7
and the Counterparties under the Interest Rate Swap Agreements have been paid,
release any remaining portion of the Trust Estate that secured the Notes from
the Lien of this Indenture and release to the Issuing Entity or any other
Person entitled thereto any funds then on deposit in the Trust Accounts.  The Indenture Trustee shall release property
from the Lien of this Indenture pursuant to this paragraph only upon receipt of
an Issuing Entity Request accompanied by an Officer’s 

 

44

 

Certificate,
an Opinion of Counsel, and (if required by the TIA) Independent Certificates in
accordance with TIA §§ 314(c) and 314(d)(1) meeting the applicable
requirements of Section 11.1
or an Opinion of Counsel in lieu of such Independent Certificates to the effect
that the TIA does not require any such Independent Certificates.

 

SECTION 8.5.              Opinion of Counsel.  The Indenture Trustee shall receive at least
seven days’ notice when requested by the Issuing Entity to take any action
pursuant to Section 8.4(a),
accompanied by copies of any instruments involved, and the Indenture Trustee
shall also require, as a condition to such action, an Opinion of Counsel
stating the legal effect of any such action, outlining the steps required to
complete the same, and concluding that all conditions precedent to the taking
of such action have been complied with and such action will not materially and
adversely impair the security for the Notes or the rights of the Noteholders in
contravention of this Indenture; provided,
however, that such Opinion of
Counsel shall not be required to express an opinion as to the fair value of the
Trust Estate.  Counsel rendering any such
opinion may rely, without independent investigation, on the accuracy and
validity of any certificate or other instrument delivered to the Indenture
Trustee in connection with any such action. 
Notwithstanding anything herein to the contrary, any such Opinion of
Counsel shall include each Counterparty as an addressee thereof.

 

ARTICLE
IX

Supplemental Indentures

 

SECTION 9.1.              Supplemental
Indentures Without Consent of Noteholders.

 

(a)           Without
the consent of the Holders of Notes but with prior written notice to the Rating
Agencies, the Issuing Entity, the Counterparties and the Indenture Trustee,
when authorized by an Issuing Entity Order, at any time and from time to time,
may enter into one or more indentures supplemental hereto (which shall conform
to the TIA as in force at the date of the execution thereof), in form
satisfactory to the Indenture Trustee, for any of the following purposes:

 

(i)            to correct or amplify the description of
any property at any time subject to the Lien of this Indenture, or better to
assure, convey and confirm unto the Indenture Trustee any property subject or
required to be subjected to the Lien of this Indenture, or to subject to the
Lien of this Indenture additional property;

 

(ii)           to
evidence the succession, in compliance with the applicable provisions hereof,
of another Person to the Issuing Entity, and the assumption by any such
successor of the covenants of the Issuing Entity herein and in the Notes;

 

(iii)          to
add to the covenants of the Issuing Entity, for the benefit of the Holders of
Notes, or to surrender any right or power herein conferred upon the Issuing
Entity;

 

(iv)          to
convey, transfer, assign, mortgage or pledge any property to or with the
Indenture Trustee;

 

(v)           to
replace the Spread Account with another form of credit enhancement; provided, the Rating Agency Condition is
satisfied;

 

45

 

(vi)          to
cure any ambiguity, to correct or supplement any provision herein or in any
supplemental indenture that may be inconsistent with any other provision herein
or in any supplemental indenture or to make any other provisions with respect
to matters or questions arising under this Indenture or in any supplemental
indenture; provided, that such action shall not materially adversely affect the
interests of the Holders of Notes;

 

(vii)         to
evidence and provide for the acceptance of the appointment hereunder by a
successor or additional trustee with respect to the Notes or any class thereof
and to add to or change any of the provisions of this Indenture as shall be
necessary to facilitate the administration of the trusts hereunder by more than
one trustee, pursuant to the requirements of Article VI; or

 

(viii)        to
modify, eliminate or add to the provisions of this Indenture to such extent as
shall be necessary to effect the qualification of this Indenture under the TIA
or under any similar federal statute hereafter enacted and to add to this
Indenture such other provisions as may be expressly required by the TIA.

 

The Trustee is
hereby authorized to join in the execution of any such supplemental indenture
and to make any further appropriate agreements and stipulations that may be
therein contained.

 

(b)           The
Issuing Entity and the Indenture Trustee, when authorized by an Issuing Entity
Order, may, without the consent of any of the Holders of Notes but with prior
written notice to the Rating Agencies and the Counterparties, enter into an
indenture or indentures supplemental hereto to cure any ambiguity, to correct
or supplement any provisions in this Indenture or for the purpose of adding any
provisions to or changing in any manner or eliminating any of the provisions of
this Indenture or of modifying in any manner the rights of the Holders of Notes
under this Indenture; provided, however, that such action shall not, as
evidenced by an Officer’s Certificate of the Seller, adversely affect in any
material respect the interests of any Noteholder.  A supplemental indenture shall be deemed not
to adversely affect in any material respect the interests of any Class of
Notes if the Rating Agency Condition has been satisfied with respect to such
supplemental indenture for such Class of Notes.

 

(c)           With respect to any
amendment pursuant to this Section 9.1,
if any amendment or supplement would either: (1) materially and adversely
affect any of the Counterparties’ rights or obligations under an Interest Rate
Swap Agreement or any other Basic Document; or (b) materially and
adversely modify the obligations of, or materially and adversely impact the
ability of, the Trust to fully perform any of the Trust’s obligations under an
Interest Rate Swap Agreement, the Trust and the Indenture Trustee shall be
required to first obtain the written consent of the applicable Counterparties
to the affected Interest Rate Swap Agreements before entering into any such
amendment or supplement (which consent shall not be unreasonably withheld).

 

SECTION 9.2.              Supplemental Indentures With Consent of
Noteholders.  The Issuing Entity
and the Indenture Trustee, when authorized by an Issuing Entity Order, may,
with prior written notice to the Rating Agencies and the Counterparties and
with the consent of the Holders of Notes evidencing not less than a majority of
the Outstanding Amount of the Notes, by 

 

46

 

Act of such Holders delivered to the Issuing Entity and the Indenture
Trustee, enter into an indenture or indentures supplemental hereto for the
purpose of adding any provisions to or changing in any manner or eliminating
any of the provisions of this Indenture or of modifying in any manner the
rights of the Holders of Notes under this Indenture; provided, however,
that no such supplemental indenture shall, without the consent of the Holder of
each Outstanding Note affected thereby:

 

(i)            delay the Class Final Scheduled
Maturity Date of any Note, or reduce the principal amount thereof, the interest
rate thereon or the Redemption Price with respect thereto or change any place
of payment where, or the coin or currency in which, any Note or the interest
thereon is payable, or impair the right to institute suit for the enforcement
of the provisions of this Indenture requiring the application of funds
available therefor, as provided in Article V, to the payment of any such
amount due on or after the respective due dates thereof (or, in the case of
redemption, on or after the Redemption Date);

 

(ii)           reduce
the percentage of the Outstanding Amount, the consent of the Holders of which
is required for any such supplemental indenture, or the consent of the Holders
of which is required for any waiver of compliance with certain provisions of
this Indenture or certain defaults hereunder and their consequences provided
for in this Indenture;

 

(iii)          modify
or alter the provisions of the proviso to the definition of “Outstanding”;

 

(iv)          reduce
the percentage of the Outstanding Amount required to direct the Indenture
Trustee to direct the Issuing Entity to sell or liquidate the Trust Estate
pursuant to Section 5.4;

 

(v)           modify
any provision of this Section except to increase any percentage specified
herein or to provide that certain additional provisions of this Indenture or
the Basic Documents cannot be modified or waived without the consent of the
Holder of each Outstanding Note affected thereby;

 

(vi)          modify
any of the provisions of this Indenture in such manner as to affect the
calculation of the amount of any payment of interest or principal due on any
Note on any Payment Date (including the calculation of any of the individual
components of such calculation) or to affect the rights of the Holders of Notes
to the benefit of any provisions for the mandatory redemption of the Notes
contained herein; or

 

(vii)         permit
the creation of any Lien ranking prior to or on a parity with the Lien of this
Indenture with respect to any part of the Trust Estate or, except as otherwise
permitted or contemplated herein, terminate the Lien of this Indenture on any
property at any time subject hereto or deprive any Holder of Notes of the
security provided by the Lien of this Indenture.

 

It shall not
be necessary for any Act of the Noteholders under this Section to approve
the particular form of any proposed supplemental indenture, but it shall be
sufficient if such Act shall approve the substance thereof.  The manner of obtaining such consents (and
any other 

 

47

 

consents of
Noteholders provided for in this Indenture or in any other Basic Document) and
of evidencing the authorization of the execution thereof by Noteholders shall
be subject to such reasonable requirements as the Indenture Trustee may
provide.

 

Promptly after
the execution by the Issuing Entity and the Indenture Trustee of any
supplemental indenture pursuant to this Section, the Indenture Trustee shall
mail to the Holders of the Notes to which such amendment or supplemental
indenture relates a notice setting forth in general terms the substance of such
supplemental indenture.  Any failure of
the Indenture Trustee to mail such notice, or any defect therein, shall not,
however, in any way impair or affect the validity of any such supplemental
indenture.

 

With respect
to any amendment pursuant to this Section 9.2,
if any amendment or supplement would either: (1) materially and adversely
affect any of the Counterparties’ rights or obligations under an Interest Rate
Swap Agreement or any other Basic Document; or (b) materially and
adversely modify the obligations of, or materially and adversely impact the
ability of, the Trust to fully perform any of the Trust’s obligations under an
Interest Rate Swap Agreement, the Administrator shall be required to first
obtain the written consent of the applicable Counterparties to the affected
Interest Rate Swap Agreements before entering into any such amendment or
supplement (which consent shall not be unreasonably withheld).

 

SECTION 9.3.              Execution of Supplemental Indentures.  In executing, or permitting the additional
trusts created by, any supplemental indenture permitted by this Article IX or the modifications
thereby of the trusts created by this Indenture, the Indenture Trustee shall be
entitled to receive, and, subject to Sections
6.1 and 6.2, shall be
fully protected in relying upon, an Opinion of Counsel stating that the execution
of such supplemental indenture is authorized or permitted by this
Indenture.  The Indenture Trustee may,
but shall not be obligated to, enter into any such supplemental indenture that
affects the Indenture Trustee’s own rights, duties, liabilities or immunities
under this Indenture or otherwise.

 

SECTION 9.4.              Effect of Supplemental Indenture.  Upon the execution of any supplemental
indenture pursuant to the provisions hereof, this Indenture shall be and be
deemed to be modified and amended in accordance therewith with respect to the
Notes affected thereby, and the respective rights, limitations of rights,
obligations, duties, liabilities and immunities under this Indenture of the
Indenture Trustee, the Issuing Entity and the Holders of the Notes shall thereafter
be determined, exercised and enforced hereunder subject in all respects to such
modifications and amendments, and all the terms and conditions of any such
supplemental indenture shall be and be deemed to be part of the terms and
conditions of this Indenture for any and all purposes.

 

SECTION 9.5.              Conformity with Trust Indenture Act.  Every amendment of this Indenture and every
supplemental indenture executed pursuant to this Article IX shall conform to the requirements of the TIA
as then in effect so long as this Indenture shall then be qualified under the
TIA.

 

SECTION 9.6.              Reference in Notes to Supplemental
Indentures.  Notes
authenticated and delivered after the execution of any supplemental indenture
pursuant to this Article may, and if required by the Indenture Trustee
shall, bear a notation in form approved by 

 

48

 

the Indenture Trustee as to any matter provided for in such
supplemental indenture.  If the Issuing
Entity or the Indenture Trustee shall so determine, new Notes so modified as to
conform, in the opinion of the Indenture Trustee and the Issuing Entity, to any
such supplemental indenture may be prepared and executed by the Issuing Entity
and authenticated and delivered by the Indenture Trustee in exchange for
Outstanding Notes.

 

SECTION 9.7.              Amendment without Consent.  Notwithstanding anything herein to the
contrary (other than as provided in Section 9.1(c) and
Section 9.2), any term or
provision of this Agreement may be amended by the Issuing Entity and the
Indenture Trustee without the consent of the Noteholders or any other Person to
add, modify or eliminate any provisions as may be necessary or advisable in
order to comply with or obtain more favorable treatment under or with respect to
any law or regulation or any accounting rule or principle (whether now or
in the future in effect); it being a condition to any such amendment that the
Rating Agency Condition shall have been satisfied.

 

ARTICLE
X

Redemption of Notes

 

SECTION 10.1.            Redemption.  (a)  The Notes are subject to redemption
in whole, but not in part, at the direction of CNHCA pursuant to Section 9.1(a) of the Sale and
Servicing Agreement, on any Payment Date on which CNHCA exercises its option to
purchase the Trust Estate pursuant to said Section 9.1(a),
for a purchase price equal to the Redemption Price.  The Servicer or the Issuing Entity shall
furnish the Rating Agencies and the Counterparties notice of such
redemption.  If such Notes are to be
redeemed pursuant to this Section 10.1,
CNHCA or the Issuing Entity shall furnish notice of such election to the
Indenture Trustee not later than 25 days prior to the Redemption Date and the
Issuing Entity shall deposit with the Indenture Trustee in the Note
Distribution Account the Redemption Price of the Notes to be redeemed.

 

(b)           Reserved.

 

SECTION 10.2.            Form of Redemption Notice.  Notice of redemption under Section 10.1 shall be given by the
Indenture Trustee by first-class mail, postage prepaid, mailed not less than
five Business Days prior to the applicable Redemption Date to each Holder of
Notes, as of the close of business on the Record Date preceding the applicable
Redemption Date, at such Holder’s address appearing in the Note Register.

 

All notices of
redemption shall state:

 

(i)            the Redemption Date;

 

(ii)           the
Redemption Price;

 

(iii)          the
place where such Notes are to be surrendered for payment of the Redemption
Price (which shall be the office or agency of the Issuing Entity to be
maintained as provided in Section 3.2);
and

 

(iv)          the
CUSIP numbers of the affected Notes.

 

49

 

Notice of redemption of the Notes shall be given by the Indenture
Trustee in the name and at the expense of the Issuing Entity.  Failure to give notice of redemption, or any
defect therein, to any Holder of any Note shall not impair or affect the
validity of the redemption of any other Note.

 

SECTION 10.3.            Notes Payable on Redemption Date.  The Notes to be redeemed shall, following
notice of redemption pursuant to this Article, become due and payable on the
Redemption Date at the Redemption Price and (unless the Issuing Entity shall
default in the payment of the Redemption Price) no interest shall accrue on the
Redemption Price for any period after the date to which accrued interest is
calculated for purposes of calculating the Redemption Price.

 

ARTICLE XI

Miscellaneous

 

SECTION 11.1.            Compliance Certificates and Opinions, etc.  (a) 
Upon any application or request by the Issuing Entity to the Indenture Trustee
to take any action under this Indenture, the Issuing Entity shall furnish to
the Indenture Trustee:  (i) an
Officer’s Certificate stating that all conditions precedent, if any, provided
for in this Indenture relating to the proposed action have been complied with, (ii) an
Opinion of Counsel stating that in the opinion of such counsel all such
conditions precedent, if any, have been complied with and (iii) (if
required by the TIA) an Independent Certificate from a firm of certified public
accountants meeting the applicable requirements of this Section, except that,
in the case of any such application or request as to which the furnishing of
such documents is specifically required by this Indenture, no additional
certificate or opinion need be furnished.

 

Every
certificate or opinion with respect to compliance with a condition or covenant
provided for in this Indenture shall include:

 

(w)          a
statement that each signatory of such certificate or opinion has read or has
caused to be read such covenant or condition and the definitions herein
relating thereto;

 

(x)            a
brief statement as to the nature and scope of the examination or investigation
upon which the statements or opinions contained in such certificate or opinion
are based;

 

(y)           a
statement that, in the opinion of each such signatory, such signatory has made
(or has caused to be made) such examination or investigation as is necessary to
enable such signatory to express an informed opinion as to whether or not such
covenant or condition has been complied with; and

 

(z)            a
statement as to whether, in the opinion of each such signatory, such condition
or covenant has been complied with.

 

(b)           (i)  Prior to the
deposit of any Collateral or other property or securities with the Indenture
Trustee that is to be made the basis for the release of any property or
securities subject to the Lien of this Indenture, the Issuing Entity shall, in
addition to any 

 

50

 

obligation
imposed in Section 11.1(a) or
elsewhere in this Indenture, furnish to the Indenture Trustee an Officer’s
Certificate certifying or stating the opinion of each person signing such
certificate as to the fair value (within 90 days after such deposit) to the
Issuing Entity of the Collateral or other property or securities to be so
deposited.

 

(ii)           Whenever
the Issuing Entity is required to furnish to the Indenture Trustee an Officer’s
Certificate described in clause (i),
the Issuing Entity shall also deliver to the Indenture Trustee an Independent
Certificate as to the same matters, if the fair value to the Issuing Entity of
the Collateral or other property or securities to be so deposited and of all
other such Collateral or other property or securities made the basis of any
such withdrawal or release since the commencement of the then-current fiscal
year of the Issuing Entity, as set forth in the certificates delivered pursuant
to clause (i) and this clause (ii), is 10% or more of the
Outstanding Amount of the Notes, but such a certificate need not be furnished
with respect to any Collateral or other property or securities so deposited if
the fair value thereof to the Issuing Entity as set forth in the related
Officer’s Certificate is (A) less than $25,000 or (B) less than one
percent of the then Outstanding Amount of the Notes.

 

(iii)          Other
than with respect to property as contemplated by clause (v), whenever any Collateral or other property or
securities are to be released from the Lien of this Indenture, the Issuing
Entity shall also furnish to the Indenture Trustee an Officer’s Certificate
certifying or stating the opinion of each person signing such certificate as to
the fair value (within 90 days after such release) of the Collateral or other
property or securities proposed to be released and stating that in the opinion
of such person the proposed release will not impair the security under this
Indenture in contravention of the provisions hereof.

 

(iv)          Whenever
the Issuing Entity is required to furnish to the Indenture Trustee an Officer’s
Certificate certifying or stating the opinion of any signer thereof as to the
matters described in clause (iii),
the Issuing Entity shall also furnish to the Indenture Trustee an Independent
Certificate as to the same matters if the fair value to the Issuing Entity of
the Collateral or other property or securities and of all other property, other
than property as contemplated by clause (v),
or securities released from the Lien of this Indenture since the commencement
of the then-current fiscal year, as set forth in the certificates required by clause (iii) and this clause (iv), equals 10% or more of the
Outstanding Amount of the Notes, but such certificate need not be furnished in
the case of any release of Collateral or other property or securities if the
fair value thereof to the Issuing Entity as set forth in the related Officer’s
Certificate is (A) less than $25,000 or (B) less than one percent of
the then Outstanding Amount of the Notes.

 

(v)           Notwithstanding
Section 2.9 or any other
provision of this Section, the Issuing Entity may, without compliance with the
requirements of the other provisions of this Section:  (A) collect, liquidate, sell or
otherwise dispose of Receivables and Financed Equipment as and to the extent
permitted or required by the Basic Documents and (B) make cash payments
out of the Trust Accounts as and to the extent permitted or required by the Basic
Documents so long as the Issuing Entity shall deliver to the Indenture Trustee
every six months, commencing March 1, 2008, an Officer’s Certificate of
the 

 

51

 

Issuing Entity
stating that all such dispositions of Collateral that occurred since the
execution of the previous such Officer’s Certificate (or for the first such
Officer’s Certificate, since the Closing Date) were in the ordinary course of
the Issuing Entity’s business and that the proceeds thereof were applied in
accordance with the Basic Documents.

 

SECTION 11.2.            Form of Documents Delivered to
Indenture Trustee.  In any
case where several matters are required to be certified by, or covered by an
opinion of, any specified Person, it is not necessary that all such matters be
certified by, or covered by the opinion of, only one such Person, or that they
be so certified or covered by only one document, but one such Person may
certify or give an opinion with respect to some matters and one or more other
such Persons as to other matters, and any such Person may certify or give an
opinion as to such matters in one or several documents.

 

Any
certificate or opinion of an Authorized Officer of the Issuing Entity may be
based, insofar as it relates to legal matters, upon a certificate or opinion
of, or representations by, counsel, unless such officer knows, or in the
exercise of reasonable care should know, that the certificate, opinion or
representations with respect to the matters upon which his certificate or
opinion is based is/are erroneous.  Any
such certificate of an Authorized Officer or Opinion of Counsel may be based,
insofar as it relates to factual matters, upon a certificate or opinion of, or
representations by, an officer or officers of the Servicer, the Seller, the
Issuing Entity or the Administrator, stating that the information with respect
to such factual matters is in the possession of the Servicer, the Seller, the
Issuing Entity or the Administrator, as applicable, unless such Authorized Officer
or counsel knows, or in the exercise of reasonable care should know, that the
certificate, opinion or representations with respect to such matters is/are
erroneous.

 

Where any
Person is required or permitted to make, give or execute two or more applications,
requests, consents, certificates, statements, opinions or other instruments
under this Indenture, they may, but need not, be consolidated and form one
instrument.

 

Whenever in
this Indenture, in connection with any application, certificate or report to
the Indenture Trustee, it is provided that the Issuing Entity shall deliver any
document as a condition of the granting of such application, or as evidence of
the Issuing Entity’s compliance with any term hereof, it is intended that the
truth and accuracy, at the time of the granting of such application or at the
effective date of such certificate or report (as the case may be), of the facts
and opinions stated in such document shall in such case be conditions precedent
to the right of the Issuing Entity to have such application granted or to the
sufficiency of such certificate or report. The foregoing shall not, however, be
construed to affect the Indenture Trustee’s right to rely upon the truth and
accuracy of any statement or opinion contained in any such document as provided
in Article VI.

 

SECTION 11.3.            Acts of Noteholders.  (a)  Any request, demand, authorization,
direction, notice, consent, waiver or other action provided by this Indenture
to be given or taken by Noteholders may be embodied in and evidenced by one or
more instrument(s) of substantially similar tenor signed by such
Noteholders in person or by agents duly appointed in writing; and except as
herein otherwise expressly provided, such action shall become effective when
such 

 

52

 

instrument(s) are
delivered to the Indenture Trustee, and, where it is hereby expressly required,
to the Issuing Entity.  Such instrument(s) (and
the action embodied therein and evidenced thereby) are herein sometimes
referred to as the “Act” of the Noteholders signing such instrument(s).  Proof of execution of any such instrument or
of a writing appointing any such agent shall be sufficient for any purpose of
this Indenture and (subject to Section 6.1)
conclusive in favor of the Indenture Trustee and the Issuing Entity, if made in
the manner provided in this Section.

 

(b)           The
fact and date of the execution by any Person of any such instrument or writing
may be proved in any manner that the Indenture Trustee deems sufficient.

 

(c)           The ownership of Notes
shall be proved by the Note Register.

 

(d)           Any request, demand,
authorization, direction, notice, consent, waiver or Act by the Holder of any
Notes shall bind the Holder of every Note issued upon the registration thereof,
in exchange therefor or in lieu thereof, in respect of anything done, omitted
or suffered to be done by the Indenture Trustee or the Issuing Entity in
reliance thereon, whether or not notation of such action is made upon such
Note.

 

SECTION 11.4.            Notices, etc., to the Indenture Trustee,
Issuing Entity, Counterparties and Rating Agencies.  Any request, demand, authorization,
direction, notice, consent, waiver or Act of Noteholders, or other documents
provided or permitted by this Indenture, shall be in writing and, if such
request, demand, authorization, direction, notice, consent, waiver or Act of
Noteholders is to be made upon, given or furnished to or filed with:

 

(a)           the
Indenture Trustee by any Noteholder or by the Issuing Entity, shall be
sufficient for every purpose hereunder if made, given, furnished or filed in
writing to or with the Indenture Trustee at its Corporate Trust Office, or

 

(b)           the
Issuing Entity by the Indenture Trustee or by any Noteholder, shall be
sufficient for every purpose hereunder if in writing and mailed, first-class,
postage prepaid, to the Issuing Entity addressed to:  CNH Equipment Trust 2008-B, in care of
Wilmington Trust Company, Rodney Square North, 1100 North Market Street,
Wilmington, Delaware 19890, Attention: Corporate Trust Administration,
(facsimile: (302) 636-4140), and to New Holland Credit Company, LLC, as
Administrator, 33 South Railroad Avenue, New Holland Pennsylvania, 17557,
Attention: Finance Manager, (facsimile: (630) 887-5448); with a copy to: New
Holland Credit Company, LLC, 6900 Veterans Boulevard, Burr Ridge, Illinois
60527, Attention: Assistant Treasurer, (facsimile: (630) 887-5448), or at any
other address or facsimile number previously furnished in writing to the
Indenture Trustee by the Issuing Entity or the Administrator.  The Issuing Entity shall promptly transmit
any notice received by it from the Noteholders to the Indenture Trustee and the
Counterparties, or

 

(c)           the
Counterparties by the Issuing Entity or the Indenture Trustee, shall be
sufficient for every purpose hereunder if in writing and mailed, first-class
postage prepaid, hand delivered or sent by overnight courier service or by
telecopy in legible form to the Counterparties addressed to: Bank of America,
N.A., One Bryant Park, Mail 

 

53

 

Code
NY1-100-05-01, New York, New York 10036, Attention: Client Integration
Documentation Group, (facsimile: (212) 548-8622), or at any other address or
facsimile number previously furnished in writing to the Issuing Entity or the
Indenture Trustee by the applicable Counterparty.

 

Notices
required to be given to the Rating Agencies by the Issuing Entity, the
Counterparties, the Indenture Trustee or the Trustee shall be in writing,
personally delivered or mailed by certified mail, return receipt requested, or
by facsimile to their respective addresses or facsimile numbers set forth above
or, to the extent not set forth there, as set forth in Section 10.3 of the Sale and
Servicing Agreement.

 

SECTION 11.5.            Notices to Noteholders; Waiver.  Where this Indenture provides for notice to
Noteholders of any event, such notice shall be sufficiently given (unless
otherwise herein expressly provided) if in writing and mailed, first-class,
postage prepaid to each Noteholder affected by such event, at his address as it
appears on the Note Register, not later than the latest date, and not earlier
than the earliest date, prescribed for the giving of such notice.  In any case where notice to Noteholders is
given by mail, neither the failure to mail such notice nor any defect in any
notice so mailed to any particular Noteholder shall affect the sufficiency of
such notice with respect to other Noteholders, and any notice that is mailed in
the manner herein provided shall conclusively be presumed to have been duly
given.

 

Where this
Indenture provides for notice in any manner, such notice may be waived in
writing by any Person entitled to receive such notice, either before or after
the event, and such waiver shall be the equivalent of such notice.  Waivers of notice by Noteholders shall be
filed with the Indenture Trustee but such filing shall not be a condition
precedent to the validity of any action taken in reliance upon such a waiver.

 

In case, by
reason of the suspension of regular mail service, it shall be impractical to
mail notice of any event to Noteholders when such notice is required to be
given pursuant to this Indenture, then any manner of giving such notice as
shall be satisfactory to the Indenture Trustee shall be deemed to be a
sufficient giving of such notice.

 

Where this
Indenture provides for notice to the Rating Agencies, failure to give such
notice shall not affect any other rights or obligations created hereunder, and
shall not under any circumstance constitute a Default or Event of Default.

 

SECTION 11.6.            Alternate Payment and Notice Provisions.  Notwithstanding any provision of this
Indenture or any of the Notes to the contrary, the Issuing Entity may enter
into any agreement with any Holder of a Note providing for a method of payment,
or notice by the Indenture Trustee or any Paying Agent to such Holder, that is
different from the methods provided for in this Indenture or the Notes for such
payments or notices.  The Issuing Entity
will furnish to the Indenture Trustee a copy of each such agreement and the
Indenture Trustee will cause payments to be made and notices to be given in
accordance with such agreements.

 

SECTION 11.7.            Conflict with Trust Indenture Act.  If any provision hereof limits, qualifies or
conflicts with another provision hereof that is required to be included in this
Indenture by the TIA, such required provision shall control.

 

54

 

The provisions
of TIA §§ 310 through 317 that impose duties on any Person (including the
provisions automatically deemed included herein unless expressly excluded by
this Indenture) are a part of and govern this Indenture, whether or not
physically contained herein.

 

SECTION 11.8.            Effect of Headings and Table of Contents.  The Article and Section headings
herein and the Table of Contents are for convenience only and shall not affect
the construction hereof.

 

SECTION 11.9.            Successors and Assigns.  All
covenants and agreements in this Indenture and the Notes by the Issuing Entity
shall bind its successors and assigns, whether so expressed or not.  All agreements of the Indenture Trustee in
this Indenture shall bind its successors, co-trustees and agents of the
Indenture Trustee.

 

SECTION 11.10.          Severability.  Any provision of this Indenture or the Notes
that is prohibited or unenforceable in any jurisdiction shall, as to such
jurisdiction, be ineffective to the extent of such prohibition or
unenforceability without invalidating the remaining provisions hereof or of the
Notes, as applicable, and any such prohibition or unenforceability in any
jurisdiction shall not invalidate or render unenforceable such provision in any
other jurisdiction.

 

SECTION 11.11.          Benefits of Indenture.  Nothing in this Indenture or in the Notes,
express or implied, shall give to any Person, other than the parties hereto and
their successors hereunder, the Noteholders, the Counterparties, the Trustee,
any other party secured hereunder and any other Person with an ownership
interest in any part of the Trust Estate, any benefit or any legal or equitable
right, remedy or claim under this Indenture.

 

SECTION 11.12.          Legal Holidays.  In any case where the date on which any
payment is due shall not be a Business Day, then (notwithstanding any other
provision of the Notes or this Indenture) payment need not be made on such
date, but may be made on the next Business Day with the same force and effect
as if made on the date on which nominally due, and no interest shall accrue for
the period from and after any such nominal date.

 

SECTION 11.13.          Governing Law.  This Indenture shall be construed in
accordance with the laws of the State of New York, and the obligations, rights
and remedies of the parties hereunder shall be determined in accordance with
such laws.

 

SECTION 11.14.          Counterparts.  This Indenture may be executed in any number
of counterparts, each of which when so executed shall be deemed to be an
original, but all such counterparts shall together constitute but one and the
same instrument.

 

SECTION 11.15.          Recording of Indenture.  If this Indenture is subject to recording in
any public recording offices, such recording is to be effected by the Issuing
Entity and, at its expense, accompanied by an Opinion of Counsel (which may be
counsel to the Indenture Trustee or any other counsel reasonably acceptable to
the Indenture Trustee) to the effect that such recording is necessary either
for the protection of the Noteholders or any other Person secured hereunder or
for the enforcement of any right or remedy granted to the Indenture Trustee
under this Indenture.

 

55

 

SECTION 11.16.          Trust Obligation.  No recourse may be taken, directly or
indirectly, with respect to the obligations of the Issuing Entity, the Trustee
or the Indenture Trustee on the Notes or under this Indenture or any
certificate or other writing delivered in connection herewith or therewith,
against:  (i) the Indenture Trustee
or the Trustee in their individual capacities, (ii) any owner of a
beneficial interest in the Issuing Entity or (iii) any partner, owner,
beneficiary, officer, director, employee or agent of:  (a) the Indenture Trustee or the Trustee
in their individual capacities, (b) any owner of a beneficial interest in
the Issuing Entity, the Trustee or the Indenture Trustee or (c) of any
successor or assign of the Indenture Trustee or the Trustee in their individual
capacities, except as any such Person may have expressly agreed (it being
understood that the Indenture Trustee and the Trustee have no such obligations
in their individual capacities) and except that any such partner, owner or
beneficiary shall be fully liable, to the extent provided by applicable law,
for any unpaid consideration for stock, unpaid capital contribution or failure
to pay any installment or call owing to such entity. For all purposes of this
Indenture, in the performance of any duties or obligations of the Issuing
Entity hereunder, the Trustee shall be subject to, and entitled to the benefits
of, Articles VI, VII and VIII of the Trust Agreement.

 

SECTION 11.17.          No Petition.  The Indenture Trustee, by entering into this
Indenture, and each Noteholder, by accepting a Note, hereby covenant and agree
that they will not at any time institute against the Seller or the Issuing
Entity, or solicit or join or cooperate with or encourage any institution
against the Seller or the Issuing Entity of, any bankruptcy, reorganization,
arrangement, insolvency or liquidation proceedings, or other proceedings under
any United States federal or State bankruptcy or similar law in connection with
any obligations relating to the Notes, this Indenture or any of the Basic
Documents.  The foregoing shall not limit
the rights of the Indenture Trustee to file any claim in or otherwise take any
action with respect to any insolvency proceeding that was instituted against
the Issuing Entity by any Person other than the Indenture Trustee.

 

SECTION 11.18.          Inspection.  The Issuing Entity agrees that, on reasonable
prior notice, it will permit any representative of the Indenture Trustee,
during the Issuing Entity’s normal business hours, to examine all the books of
account, records, reports and other papers of the Issuing Entity, to make
copies and extracts therefrom, to cause such books to be audited by Independent
certified public accountants, and to discuss the Issuing Entity’s affairs,
finances and accounts with the Issuing Entity’s officers, employees and
Independent certified public accountants, all at such reasonable times and as
often as may be reasonably requested. 
The Indenture Trustee shall and shall cause its representatives to hold
in confidence all such information; provided,
however, that the foregoing shall
not be construed to prohibit:  (i) disclosure
of any and all information that is or becomes publicly known, or information
obtained by the Indenture Trustee from sources other than the Issuing Entity or
Servicer, (ii) disclosure of any and all information:  (A) if required to do so by any
applicable statute, law, rule or regulation, (B) to any government
agency or regulatory or self-regulatory body having or claiming authority to
regulate or oversee any aspects of the Indenture Trustee’s business or that of
its Affiliates, (C) pursuant to any subpoena, civil investigative demand
or similar demand or request of any court, regulatory authority, arbitrator or
arbitration to which the Indenture Trustee or an Affiliate or any officer,
director, employee or shareholder thereof is subject, (D) in any
preliminary or final offering circular, registration statement or contract or
other document pertaining to the transactions contemplated by the Indenture and
approved in advance by the 

 

56

 

Issuing Entity
or (E) to any Affiliate, independent or internal auditor, agent, employee
or attorney of the Indenture Trustee having a need to know the same; provided, that the Indenture Trustee
advises such recipient of the confidential nature of the information being
disclosed and such recipient agrees to keep such information confidential, and provided further, that the Indenture
Trustee promptly notifies the Issuing Entity of any disclosure of such
information that it is required to make pursuant to the preceding clause (A), (B) or (C) so that the Issuing Entity may
seek appropriate protective orders or restrictions on the disclosure of the
information involved; (iii) any other disclosure authorized by the Issuing
Entity or the Servicer or (iv) disclosure to the other parties to the
transactions contemplated by the Basic Documents.

 

SECTION 11.19.          Subordination.  Issuing Entity and each Noteholder by
accepting a Note acknowledge and agree that such Note represents indebtedness
of Issuing Entity and does not represent an interest in any assets (other than
the Trust Estate) of CNHCR (including by virtue of any deficiency claim in
respect of obligations not paid or otherwise satisfied from the Trust Estate
and proceeds thereof).  In furtherance of
and not in derogation of the foregoing, to the extent CNHCR enters into other
securitization transactions, the Issuing Entity as well as each Noteholder by
accepting a Note acknowledge and agree that it shall have no right, title or
interest in or to any assets (or interests therein) (other than Trust Estate)
conveyed or purported to be conveyed by CNHCR to another securitization trust
or other Person or Persons in connection therewith (whether by way of a sale,
capital contribution or by virtue of the granting of a lien) (“Other Assets”).  To the extent that, notwithstanding the
agreements and provisions contained in the preceding sentences of this
subsection, the Issuing Entity or any Noteholder either (i) asserts an
interest or claim to, or benefit from, Other Assets, whether asserted against
or through CNHCR or any other Person owned by CNHCR, or (ii) is deemed to
have any such interest, claim or benefit in or from Other Assets, whether by
operation of law, legal process, pursuant to applicable provisions of
insolvency laws or otherwise (including by virtue of Section 1111(b) of the Bankruptcy Code or any
successor provision having similar effect under the Bankruptcy Code), and
whether deemed asserted against or through CNHCR or any other Person owned by
CNHCR, then the Issuing Entity and each Noteholder by accepting a Note further
acknowledge and agree that any such interest, claim or benefit in or from Other
Assets is and shall be expressly subordinated to the indefeasible payment in
full of all obligations and liabilities of CNHCR which, under the terms of the
relevant documents relating to the securitization of such Other Assets, are
entitled to be paid from, entitled to the benefits of, or otherwise secured by
such Other Assets (whether or not any such entitlement or security interest is
legally perfected or otherwise entitled to a priority of distribution or
application under applicable law, including insolvency laws, and whether
asserted against CNHCR or any other Person owned by CNHCR), including, the
payment of post-petition interest on such other obligations and liabilities.  This subordination agreement shall be deemed
a subordination agreement within the meaning of Section 510(a) of the Bankruptcy Code.  Each Noteholder further acknowledges and
agrees that no adequate remedy at law exists for a breach of this Section 11.19 and the terms of this Section 11.19 may be enforced by an
action for specific performance.

 

SECTION 11.20.          Information Requests.  The parties hereto shall provide any
information reasonably requested by the Issuing Entity, Seller or any of their
Affiliates, at the expense of the Issuing Entity, Seller or any of their
Affiliates, as applicable, in order to comply 

 

57

 

with or obtain
more favorable treatment under any current or future law, rule, regulation,
accounting rule or principle.

 

[the remainder of this page intentionally
left blank]

 

58

 

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

 

	
   

  	
  CNH
  EQUIPMENT TRUST 2008-B

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  Wilmington Trust Company,

  
	
   

  	
   

  	
  not in its individual capacity but solely

  
	
   

  	
   

  	
  as Trustee

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Jennifer
  A. Luce

  
	
   

  	
   

  	
  Name:
  Jennifer A. Luce

  
	
   

  	
   

  	
  Title: Sr.
  Financial Services Officer

  
	
   

  	
   

  	
   

  
	
   

  	
  THE BANK OF
  NEW YORK TRUST 

  COMPANY, N.A.

  
	
   

  	
  not in its
  individual capacity but solely

  
	
   

  	
  as Indenture
  Trustee

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Keith
  Richardson

  
	
   

  	
   

  	
  Name:  Keith Richardson

  
	
   

  	
   

  	
  Title:    Vice President

  

 

 

APPENDIX A

Definitions

 

“180-Day Receivable” with respect to any
Collection Period means any Receivable as to which a scheduled payment is 180
days or more past due by the last day of such Collection Period and which has
not become a Liquidated Receivable or a Repossessed Receivable; provided that a
Receivable shall cease to be a 180-Day Receivable if the Servicer subsequently
receives payment in full of each scheduled payment that was previously 180-days
or more past due.

 

“A-1 Note” means any of the Issuing Entity’s
2.91675% Class A-1 Asset Backed Notes.

 

“A-1 Note Final Scheduled Maturity Date”
means the June 12, 2009 Payment Date.

 

“A-1 Note Rate” means 2.91675% per annum,
computed on the basis of the actual number of days in that Interest Period and
a year of 360 days.

 

“A-1 Noteholders” means the holders of
record of the A-1 Notes.

 

“A-2 Notes” means, collectively, the A-2a
Notes and the A-2b Notes.

 

“A-2 Noteholders” means the holders of
record of the A-2 Notes.

 

“A-2a Note” means any of the Issuing Entity’s
4.04% Class A-2a Asset Backed Notes.

 

“A-2a Note Final Scheduled Maturity Date”
means the April 2011 Payment Date.

 

“A-2a Note Rate” means 4.04% per annum,
computed on the basis of a 360-day year of twelve 30-day months.

 

“A-2a Noteholders” means the holders of
record of the A-2a Notes.

 

“A-2b Note” means any of the Issuing Entity’s
Floating Rate Class A-2b Asset Backed Notes.

 

“A-2b Note Final Scheduled Maturity Date”
means the April 2011 Payment Date.

 

“A-2b Note Rate” means, for each Interest
Period, a rate per annum equal to One-Month LIBOR for that Interest Period plus
1.00% per annum, computed on the basis of the actual number of days in that
Interest Period and a year of 360 days.

 

“A-2b Noteholders” means the holders of
record of the A-2b Notes.

 

“A-3 Notes” means, collectively, the A-3a
Notes and the A-3b Notes.

 

“A-3 Noteholders” means the holders of
record of the A-3 Notes.

 

“A-3a Note” means any of the Issuing Entity’s
4.78% Class A-3a Asset Backed Notes.

 

Appendix A (Page 1)

 

“A-3a Note Final Scheduled Maturity Date”
means the July 2012 Payment Date.

 

“A-3a Note Rate” means 4.78% per annum,
computed on the basis of a 360-day year of twelve 30-day months.

 

“A-3a Noteholders” means the holders of
record of the A-3a Notes.

 

“A-3b Note” means any of the Issuing Entity’s
Floating Rate Class A-3b Asset Backed Notes.

 

“A-3b Note Final Scheduled Maturity Date”
means the July 2012 Payment Date.

 

“A-3b Note Rate” means, for each Interest
Period, a rate per annum equal to One-Month LIBOR for that Interest Period plus
1.40% per annum, computed on the basis of the actual number of days in that
Interest Period and a year of 360 days.

 

“A-3b Noteholders” means the holders of
record of the A-3b Notes.

 

“A-4 Notes” means, collectively, the A-4a
Notes and the A-4b Notes.

 

“A-4 Noteholders” means the holders of
record of the A-4 Notes.

 

“A-4a Note” means any of the Issuing Entity’s
5.60% Class A-4a Asset Backed Notes.

 

“A-4a Note Final Scheduled Maturity Date”
means the November 2014 Payment Date.

 

“A-4a Note Rate” means 5.60% per annum,
computed on the basis of a 360-day year of twelve 30-day months.

 

“A-4a Noteholders” means the holders of
record of the A-4a Notes.

 

“A-4b Note” means any of the Issuing Entity’s
Floating Rate Class A-4b Asset Backed Notes.

 

“A-4b Note Final Scheduled Maturity Date”
means the November 2014 Payment Date.

 

“A-4b Note Rate” means, for each Interest
Period, a rate per annum equal to One-Month LIBOR for that Interest Period plus
1.90% per annum, computed on the basis of the actual number of days in that
Interest Period and a year of 360 days.

 

“A-4b Noteholders” means the holders of
record of the A-4b Notes.

 

“Act” is defined in Section 11.3(a) of the
Indenture.

 

“Administration Agreement” means the
Administration Agreement dated as of May 1, 2008 among the Administrator,
the Issuing Entity, the Indenture Trustee and the Trustee.

 

“Administration Fee” means the fee payable
to the Administrator pursuant to Section 3
of the Administration Agreement.

 

Appendix A (Page 2)

 

“Administrator” means NH Credit, or any
successor Administrator under the Administration Agreement.

 

“Affiliate” means, with respect to any
specified Person, any other Person controlling or controlled by or under common
control with such specified Person.  For
the purposes of this definition, “control” when used with respect to any
specified Person means the power to direct the management and policies of such
Person, directly or indirectly, whether through the ownership of voting
securities, by contract or otherwise; and the terms “controlling” and “controlled”
have meanings correlative to the foregoing. 
The term “Affiliated” has a correlative meaning.

 

“Amount Financed” with respect to a
Receivable means the amount advanced under such Receivable toward the purchase
price of the Financed Equipment, or, in the case of any retail installment loan
or consumer installment loan, the amount advanced to the related Obligor that
is secured by Financed Equipment, and any related costs, including any
insurance financed thereby.

 

“Annual Percentage Rate” or “APR” of a
Receivable means the annual rate of finance charges in effect from time to time
under the related Contract.

 

“Asset Balance” means, for any Payment
Date, the sum of the Pool Balance and any amounts on deposit in the Pre-Funding
Account, in each case as of the beginning of the current Collection
Period.  For purposes of the calculation
of any amount on deposit in the Pre-Funding Account, any amount in the
Pre-Funding Account that is to be paid as principal on the Notes on the Payment
Date falling in that Collection Period in connection with the end of the
Pre-Funding Period shall be deemed to have been withdrawn from the Pre-Funding
Account as of the end of  the immediately
preceding Collection Period.

 

“Assets” is defined in Section 2.2 of the Purchase
Agreement.

 

“Assignment” is defined in Section 2.1 of the Sale and Servicing
Agreement.

 

“Authorized Officer” means, with respect to
the Issuing Entity, any officer of the Trustee who is authorized to act for the
Trustee in matters relating to the Issuing Entity and who is identified on the
list of Authorized Officers delivered by the Trustee to the Indenture Trustee
on the Closing Date (as such list may be modified or supplemented from time to
time thereafter) and, so long as the Administration Agreement is in effect, any
Vice President, Assistant Treasurer, Assistant Secretary, or more senior
officer of the Administrator who is authorized to act for the Administrator in
matters relating to the Issuing Entity and to be acted upon by the
Administrator pursuant to the Administration Agreement and who is identified on
the list of Authorized Officers delivered by the Administrator to the Indenture
Trustee on the Closing Date (in each case as such list may be modified or
supplemented from time to time thereafter).

 

“Average Delinquency Ratio” on any Payment
Date means the average of the Delinquency Ratios for the preceding three
calendar months.

 

“Average Delinquency Ratio Test” for the
Payment Date occurring in, or following, a month specified below will be met if
the Average Delinquency Ratio for such Payment Date is less than the percentage
specified opposite such Payment Date:

 

Appendix A (Page 3)

 

	
  Payment Date

  	
   

  	
  Percentage

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  November 2009

  	
   

  	
  1.75

  	
  %

  
	
   

  	
   

  	
   

  	
   

  
	
  May 2010

  	
   

  	
  2.50

  	
  %

  
	
   

  	
   

  	
   

  	
   

  
	
  November 2010

  	
   

  	
  3.00

  	
  %

  
	
   

  	
   

  	
   

  	
   

  
	
  May 2011

  	
   

  	
  3.50

  	
  %

  

 

“Backup Servicer” means Systems &
Services Technologies, Inc., a Delaware corporation, and its successors and
assigns.

 

“Backup Servicer Account” means the account
designated as such, established and maintained pursuant to Section 5.1(a)(vii) of the Sale
and Servicing Agreement.

 

“Backup Servicer Account Initial Deposit”
means $150,000.

 

“Backup Servicer Account Property” means
the Backup Servicer Account, all amounts and investments held from time to time
in the Backup Servicer Account (whether in the form of deposit accounts,
physical property, book-entry securities, uncertificated securities or
otherwise), and all proceeds of the foregoing.

 

“Backup Servicer Account Required Amount”
means, initially, the Backup Servicer Account Initial Deposit; provided,
however, the Backup Servicer Account Required Amount may be reduced by the
Servicer if (a) Moody’s shall have been given at least 10 Business Days’
prior notice thereof and shall have not notified the Issuing Entity and the
Indenture Trustee that such reduction will result in a reduction or withdrawal
by Moody’s of its then current rating of any Outstanding Class of the
Notes, (b) SST is no longer acting as Backup Servicer or has otherwise
consented to such reduction (such consent shall not be unreasonably withheld)
and (c) SST as Backup Servicer has been paid any accrued and unpaid
amounts due to it.

 

“Backup Servicer Account Shortfall Amount”
is defined in Section 4.12
of the Sale and Servicing Agreement.

 

“Backup Servicer Expenses” is defined in Section 4.12 of the Sale and
Servicing Agreement.

 

“Backup Servicer Fees” means the fees
payable to the Backup Servicer pursuant to the Backup Servicing Agreement, the
Sale and Servicing Agreement and the Indenture.

 

“Backup Servicing Agreement” means the
Backup Servicing Agreement entered into by the Issuing Entity, the Seller, the
Servicer and the Backup Servicer.

 

“Bankruptcy Code” means the United States
Bankruptcy Code, Title 11 of the United States Code, as amended.

 

Appendix A (Page 4)

 

“Basic Documents” means the Certificate of
Trust, the Trust Agreement, the Purchase Agreement, the Sale and Servicing
Agreement, the Indenture, the Administration Agreement, the Interest Rate Swap
Agreements, the Backup Servicing Agreement and other documents and certificates
delivered in connection therewith.

 

“Benefit Plan” is defined in Section 3.4 of the Trust Agreement.

 

“Book-Entry Notes” means a beneficial
interest in the Notes of a particular Class, ownership and transfers of which
shall be made through book entries by a Clearing Agency as described in Section 2.10 of the Indenture.

 

“Business Day” means any day other than a
Saturday, a Sunday or a day on which banking institutions or trust companies in
The City of New York, New York, Wilmington, Delaware, Chicago, Illinois, New
Holland, Pennsylvania, St. Joseph, Missouri and Racine, Wisconsin are
authorized or obligated by law, regulation or executive order to remain closed.

 

“Certificate Distribution Account” is
defined in Section 5.1 of
the Trust Agreement.

 

“Certificate of Trust” means the
Certificate of Trust substantially in the form of Exhibit B to the Trust
Agreement filed for the Trust pursuant to Section 3810(a) of
the Trust Statute.

 

“Certificate Register” and “Certificate Registrar” means the register
mentioned and the registrar appointed pursuant to Section 3.4 of the Trust Agreement.

 

“Certificated Security” has the meaning
assigned thereto in Section 8-102(a)(4) of
the UCC.

 

“Certificateholder” means a Person in whose
name a Trust Certificate is registered.

 

“Certificates” means the Trust Certificates
(as defined in the Trust Agreement).

 

“CIT Bank” means CIT Bank, an industrial
bank organized under the laws of the State of Utah.

 

“Class” means any class of Notes.

 

“Class A Noteholder” means any holder
of a Class A Note.

 

“Class A Notes” means the A-1 Notes,
the A-2a Notes, the A-2b Notes, the A-3a Notes, the A-3b Notes, the A-4a Notes
and the A-4b Notes.

 

“Class A Swap Agreements” means,
collectively, the Class A-2b Swap Agreement, the Class A-3b Swap
Agreement and the Class A-4b Swap Agreement, and each is a “Class A Swap Agreement”.

 

“Class A Swap Termination Payments” or
“Swap Termination Payments”
means, collectively, the Class A-2b Swap Termination Payment, Class A-3b
Swap Termination Payment  

 

Appendix A (Page 5)

 

and the Class A-4b
Swap Termination Payment, and each is a “Class A
Swap Termination Payment” or a “Swap
Termination Payment”.

 

“Class A-2b Counterparty” means Bank
of America, N.A. and any other counterparty under the Class A-2b Swap
Agreement or any successor agreement to the Class A-2b Swap Agreement.

 

“Class A-2b Net Swap Payment” means,
for any Payment Date, the net amount payable by the Issuing Entity under the Class A-2b
Swap Agreement (excluding any Class A-2b Swap Termination Payment).

 

“Class A-2b Net Swap Receipt” means,
for any Payment Date, the net amount payable by the Class A-2b
Counterparty under the Class A-2b Swap Agreement (excluding any Class A-2b
Swap Termination Payment).

 

“Class A-2b Reference Banks” means
four major banks in the London interbank market selected by the Class A-2b
Counterparty.

 

“Class A-2b Representative Amount”
means, on any LIBOR Determination Date, an amount equal to the outstanding
principal amount of the A-2b Notes on the immediately preceding Payment Date or
the Closing Date, as applicable.

 

“Class A-2b Swap Agreement” means an
interest rate swap agreement between the Trust and the Class A-2b
Counterparty substantially in the form of Exhibit G to the Sale and
Servicing Agreement or such other form as shall have satisfied the Rating
Agency Condition.

 

“Class A-2b Swap Termination Payment”
means any termination payment due under the terms of the Class A-2b Swap
Agreement.

 

“Class A-2b USD-LIBOR Reference Banks Rate”
means, for each Interest Period, the rate determined on the basis of the rates
at which deposits in U.S. Dollars are offered by the Class A-2b Reference
Banks at approximately 11:00 a.m., London time, on the related LIBOR
Determination Date to prime banks in the London interbank market for a period
of one month commencing on the first day of the Interest Period for which such
rate is being determined and in a Class A-2b Representative Amount.  The Class A-2b Counterparty (in its
capacity as calculation agent under the Class A-2b Swap Agreement) will
request the principal London office of each of the Class A-2b Reference
Banks to provide a quotation of its rate. 
If at least two such quotations are provided, the rate for that Interest
Period will be the arithmetic mean of the quotations.  If fewer than two quotations are provided as
requested, the rate for that Interest Period will be the arithmetic mean of the
rates quoted by major banks in New York City, selected by the Class A-2b
Counterparty, at approximately 11:00 a.m., New York time, on the related
LIBOR Determination Date for loans in U.S. Dollars to leading European banks
for a period for which such rate is being determined and in a Class A-2b
Representative Amount.

 

“Class A-3b Counterparty” means Bank
of America, N.A. and any other counterparty under the Class A-3b Swap
Agreement or any successor agreement to the Class A-3b Swap Agreement.

 

Appendix A (Page 6)

 

“Class A-3b Net Swap Payment”
means, for any Payment Date, the net amount payable by the Issuing Entity under
the Class A-3b Swap Agreement (excluding any Class A-3b Swap
Termination Payment).

 

“Class A-3b Net Swap Receipt” means,
for any Payment Date, the net amount payable by the Class A-3b
Counterparty under the Class A-3b Swap Agreement (excluding any Class A-3b
Swap Termination Payment).

 

“Class A-3b Reference Banks” means
four major banks in the London interbank market selected by the Class A-3b
Counterparty.

 

“Class A-3b Representative Amount”
means, on any LIBOR Determination Date, an amount equal to the outstanding
principal amount of the A-3b Notes on the immediately preceding Payment Date or
the Closing Date, as applicable.

 

“Class A-3b Swap Agreement” means an
interest rate swap agreement between the Trust and the Class A-3b
Counterparty substantially in the form of Exhibit G to the Sale and
Servicing Agreement or such other form as shall have satisfied the Rating
Agency Condition.

 

“Class A-3b Swap Termination Payment”
means any termination payment due under the terms of the Class A-3b Swap
Agreement.

 

“Class A-3b USD-LIBOR Reference Banks Rate”
means, for each Interest Period, the rate determined on the basis of the rates
at which deposits in U.S. Dollars are offered by the Class A-3b Reference
Banks at approximately 11:00 a.m., London time, on the related LIBOR
Determination Date to prime banks in the London interbank market for a period
of one month commencing on the first day of the Interest Period for which such
rate is being determined and in a Class A-3b Representative Amount.  The Class A-3b Counterparty (in its
capacity as calculation agent under the Class A-3b Swap Agreement) will
request the principal London office of each of the Class A-3b Reference
Banks to provide a quotation of its rate. 
If at least two such quotations are provided, the rate for that Interest
Period will be the arithmetic mean of the quotations.  If fewer than two quotations are provided as
requested, the rate for that Interest Period will be the arithmetic mean of the
rates quoted by major banks in New York City, selected by the Class A-3b
Counterparty, at approximately 11:00 a.m., New York time, on the related
LIBOR Determination Date for loans in U.S. Dollars to leading European banks
for a period for which such rate is being determined and in a Class A-3b
Representative Amount.

 

“Class A-4b Counterparty” means Bank
of America, N.A. and any other counterparty under the Class A-4b Swap
Agreement or any successor agreement to the Class A-4b Swap Agreement.

 

“Class A-4b Net Swap Payment” means,
for any Payment Date, the net amount payable by the Issuing Entity under the Class A-4b
Swap Agreement (excluding any Class A-4b Swap Termination Payment).

 

“Class A-4b Net Swap Receipt” means,
for any Payment Date, the net amount payable by the Class A-4b
Counterparty under the Class A-4b Swap Agreement (excluding any Class A-4b
Swap Termination Payment).

 

Appendix A (Page 7)

 

“Class A-4b Reference Banks” means
four major banks in the London interbank market selected by the Class A-4b
Counterparty.

 

“Class A-4b Representative Amount”
means, on any LIBOR Determination Date, an amount equal to the outstanding
principal amount of the A-4b Notes on the immediately preceding Payment Date or
the Closing Date, as applicable.

 

“Class A-4b Swap Agreement” means an
interest rate swap agreement between the Trust and the Class A-4b
Counterparty substantially in the form of Exhibit G to the Sale and
Servicing Agreement or such other form as shall have satisfied the Rating
Agency Condition.

 

“Class A-4b Swap Termination Payment”
means any termination payment due under the terms of the Class A-4b Swap
Agreement.

 

“Class A-4b USD-LIBOR Reference Banks Rate”
means, for each Interest Period, the rate determined on the basis of the rates
at which deposits in U.S. Dollars are offered by the Class A-4b Reference
Banks at approximately 11:00 a.m., London time, on the related LIBOR
Determination Date to prime banks in the London interbank market for a period
of one month commencing on the first day of the Interest Period for which such
rate is being determined and in a Class A-4b Representative Amount.  The Class A-4b Counterparty (in its
capacity as calculation agent under the Class A-4b Swap Agreement) will
request the principal London office of each of the Class A-4b Reference
Banks to provide a quotation of its rate. 
If at least two such quotations are provided, the rate for that Interest
Period will be the arithmetic mean of the quotations.  If fewer than two quotations are provided as
requested, the rate for that Interest Period will be the arithmetic mean of the
rates quoted by major banks in New York City, selected by the Class A-4b
Counterparty, at approximately 11:00 a.m., New York time, on the related
LIBOR Determination Date for loans in U.S. Dollars to leading European banks
for a period for which such rate is being determined and in a Class A-4b
Representative Amount.

 

“Class B Note” means any of the
Issuing Entity’s 0.00% Class B Asset Backed Notes.

 

“Class B Note Final Scheduled Maturity Date”
means the November 2014 Payment Date.

 

“Class B Note Rate” means 0.00% per
annum, computed on the basis of a 360-day year of consisting of twelve 30-day months.

 

“Class B Noteholder” means any holder
of a Class B Note.

 

“Class Final Scheduled Maturity Date”
means, as to any Class of Notes, the final scheduled maturity date for
that Class, as designated by the defined term that begins with the designation
of that Class and ends with the phrase “Final Scheduled Maturity Date.”  For instance, the Class Final Scheduled
Maturity Date for the A-1 Notes is the A-1 Note Final Scheduled Maturity Date.

 

“Class Interest Amount” means, with
respect to any Payment Date (the “current Payment Date”) and any Class of
Notes, an amount equal to the sum of (a) the aggregate amount of interest
accrued on that Class of Notes at the applicable Interest Rate from and
including the preceding Payment Date (or, in the case of the initial Payment
Date, from and including the 

 

Appendix A (Page 8)

 

Closing Date)
to but excluding the current Payment Date plus (b) the Class Interest
Shortfall for that Class of Notes and the current Payment Date.

 

“Class Interest Shortfall” means, with
respect to any Payment Date (the “current Payment Date”) and any Class of
Notes, the excess of the Class Interest Amount for the preceding Payment
Date over the amount in respect of interest on that Class of Notes that
was actually deposited in the Note Distribution Account on such preceding
Payment Date, plus interest on such excess, to the extent permitted by law, at
a rate per annum equal to the Interest Rate on that Class of Notes, from
such preceding Payment Date to but excluding the current Payment Date.

 

“Clearing Agency” means an organization
registered as a “clearing agency” pursuant to Section 17A
of the Exchange Act that has been designated as the “Clearing Agency” for
purposes of the Indenture.

 

“Clearing Agency Participant” means a
broker, dealer, bank, other financial institution or other Person for whom from
time to time a Clearing Agency effects book-entry transfers and pledges of
securities deposited with the Clearing Agency.

 

“Closing Date” means May 22, 2008.

 

“CNH America” means CNH America LLC, a
Delaware limited liability company, and its successors and assigns.

 

“CNH Global” means CNH Global N.V., a
company organized in the Kingdom of The Netherlands, and its successors and
assigns.

 

“CNHCA” means CNH Capital America LLC, a
Delaware limited liability company, and its successors and assigns.

 

“CNHCA Assignment” means the document of
assignment attached to the Purchase Agreement as Exhibit A.

 

“CNHCA Subsequent Transfer Assignment” is
defined in Section 4.1(b)(i) of
the Purchase Agreement.

 

“CNHCR” means CNH Capital Receivables LLC,
a Delaware limited liability company, and its successors in interest to the
extent permitted hereunder.

 

“CNHCR Assets” is defined in Section 2.2 of the Sale and Servicing
Agreement.

 

“Code” means the Internal Revenue Code of
1986, as amended from time to time, and Treasury Regulations promulgated
thereunder.

 

“Collateral” is defined in the Granting
Clause of the Indenture.

 

“Collection Account” means the account
designated as such, established and maintained pursuant to Section 5.1(a) of the Sale and
Servicing Agreement.

 

Appendix A (Page 9)

 

“Collection Period” means, with respect to
any Payment Date, the period from the end of the preceding Collection Period
(or, if for the first Payment Date, from the beginning of the day after the
Initial Cutoff Date) to and including the last day of the calendar month
preceding the calendar month in which the Payment Date occurs.

 

“Commission” means the Securities and
Exchange Commission.

 

“Contract” means a Retail Installment
Contract.

 

“Contract Value” means, with respect to any
day (including the Initial Cutoff Date or any Subsequent Cutoff Date), the sum
of (a) the present value of the future Scheduled Payments discounted
monthly at an annual rate equal to the Specified Discount Factor; plus (b) the
amount of any past due payments.

 

“Control” with respect to any Federal Book
Entry Security, the Indenture Trustee shall have obtained control if:

 

(i)            the
Indenture Trustee is a participant in the book entry system maintained by the
Federal Reserve Bank that is acting as fiscal agent for the Issuing Entity of
such Federal Book Entry Security, and such Federal Reserve Bank has indicated
by book entry that such Federal Book Entry Security has been credited to the
Indenture Trustee’s securities account in such book entry system; or

 

(ii)           the
Indenture Trustee (1) is registered on the records of a Securities
Intermediary as the person having a Securities Entitlement in respect of such
Federal Book Entry Security against such Securities Intermediary; or (2) has
obtained the agreement, in writing, of the Securities Intermediary for such
Securities Entitlement that such Securities Intermediary will comply with
Entitlement Orders of the Indenture Trustee without further consent of any
other Person; and (b) the Securities Intermediary is a participant in the
book entry system maintained by the Federal Reserve Bank that is acting as
fiscal agent for the Issuing Entity of such Federal Book Entry Security; and (c) such
Federal Reserve Bank has indicated by book entry that such Federal Book Entry
Security has been credited to the Securities Intermediary’s securities account
in such book entry system.

 

“Corporate Trust Office” means, (a) with
respect to the Indenture Trustee, the office of the Indenture Trustee in
Illinois at which at any particular time its corporate trust business shall be
administered, and all notices to the Indenture Trustee shall be directed to the
Indenture Trustee’s office located at 2 North LaSalle Street, Suite 1020,
Chicago, Illinois 60602, Attention Structured Finance-ABS, facsimile no. (312)
827-8562; or at such other address as the Indenture Trustee may designate from
time to time by notice to the Noteholders and the Seller, or the principal
corporate trust office of any successor Indenture Trustee (the address of which
the successor Indenture Trustee will notify the Noteholders and the Seller),
and (b) with respect to the Trustee, the principal corporate trust office
of the Trustee located at Rodney Square North, 1100 North Market Street,
Wilmington, Delaware 19890, Attention: Corporate Trust 

 

Appendix A (Page 10)

 

Administration;
or at such other address as the Trustee may designate from time to time by
notice to the Certificateholders and the Depositor, or the principal corporate
trust office of any successor Trustee (the address of which the successor
Trustee will notify the Certificateholders and the Depositor).

 

“Counterparties” or “Counterparty” means the Class A-2b
Counterparty, the Class A-3b Counterparty 
and/or the Class A-4b Counterparty.

 

“Cumulative Net Loss Ratio” on any Payment
Date means the ratio, expressed as a percentage, of (a) the aggregate
Measured Losses on the Receivables since their respective Cutoff Dates through
the last day of the related Collection Period, to (b) the sum of (i) the
Pool Balance as of the Initial Cutoff Date and (ii) the sum of the
Contract Values of all Receivables purchased with amounts on deposit in the
Pre-Funding Account, each as of the related Cutoff Date for the related
Receivable.

 

“Cumulative Net Loss Ratio Test” for the
Payment Date occurring in, or following, a month specified below will be met if
the Cumulative Net Loss Ratio for such Payment Date is less than the percentage
specified opposite such Payment Date:

 

	
  Payment Date

  	
   

  	
  Percentage

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  November 2009

  	
   

  	
  0.40

  	
  %

  
	
   

  	
   

  	
   

  	
   

  
	
  May 2010

  	
   

  	
  0.55

  	
  %

  
	
   

  	
   

  	
   

  	
   

  
	
  November 2010

  	
   

  	
  0.65

  	
  %

  
	
   

  	
   

  	
   

  	
   

  
	
  May 2011

  	
   

  	
  0.75

  	
  %

  

 

“Cutoff Date” means, (a) with respect
to any Initial Receivable, the Initial Cutoff Date, and (b) with respect
to any Subsequent Receivable, the applicable Subsequent Cutoff Date.

 

“Dealer” means the dealer (which may
include retail outlets owned in whole or in part by CNH America LLC) or other
third-party that (i) originated and assigned the respective Receivable to
CNHCA or NH Credit, as applicable, under a Dealer Agreement or (ii) coordinated
the origination of a Receivable through a program with CIT Bank, pursuant to
which CIT Bank funds installment loans to consumers to enable the consumers to
purchase products distributed by such party.

 

“Dealer Agreement” means the retail
financing agreement, warranty agreement or other agreement between the
applicable Dealer and CNHCA or NH Credit, as applicable, which governs the
terms of sales of Receivables from that Dealer to CNHCA or NH Credit, as
applicable.

 

“Default” means any occurrence that is, or
with notice or the lapse of time or both would become, an Event of Default.

 

“Definitive Notes” is defined in Section 2.10 of the Indenture.

 

Appendix A (Page 11)

 

“Delinquency Ratio” for any calendar month
means the ratio, expressed as a percentage, of (a) the sum, for all of the
Receivables, of all scheduled payments that are 60 days or more past due (other
than Purchased Receivables and Liquidated Receivables) as of the end of such
month, determined in accordance with the Servicer’s then-current practices, to (b) the
Pool Balance as of the last day of such month.

 

“Delivery” means, when used with respect to
Trust Account Property:

 

(i)            with
respect to a Certificated Security, transfer of such Certificated Security to
the Indenture Trustee or its nominee or custodian by physical delivery to the
Indenture Trustee or its nominee or custodian, endorsed to, or registered in
the name of, the Indenture Trustee or its nominee or custodian or endorsed in
blank; and

 

(ii)           with
respect to any such Trust Account Property that constitutes an Uncertificated
Security (including any investments in money market mutual funds, but excluding
any Federal Book Entry Security), (A) registration of the Indenture
Trustee as the registered owner by the Issuing Entity, or (B) satisfaction
of the requirements for obtaining “control” pursuant to Section 8-106(c)(2) of the UCC.

 

“Depositor” means the Seller in its
capacity as Depositor under the Trust Agreement.

 

“Derivative Agreement” means the applicable
Interest Rate Swap Agreement between the related Counterparty and the Trust,
including any schedule, confirmations, credit support annex or other credit
support document relating thereto, which agreement provides for Net Swap
Payments and Swap Termination Payments to be paid, as provided therein,
together with any schedules, confirmations, or other agreements relating
thereto.

 

“Determination Date” means, with respect to
any Transfer Date, the second Business Day prior to such Transfer Date.

 

“Eligible Deposit Account” means
either:  (a) a segregated account
with an Eligible Institution or any other segregated account, the deposit of
funds in which satisfies the Rating Agency Condition or (b) a segregated
trust account with the corporate trust department of a depository institution
organized under the laws of the United States of America or any State (or any
domestic branch of a foreign bank), having corporate trust powers and acting as
trustee for funds deposited in such account, so long as any of the securities
of such depository institution have a credit rating from each Rating Agency in
one of its generic rating categories that signifies investment grade.

 

“Eligible Institution” means:  (a) the corporate trust department of
the Indenture Trustee or the Trustee or (b) a depository institution
organized under the laws of the United States of America or any State (or any
domestic branch of a foreign bank), which: 
(i) has either a long-term or short-term senior unsecured debt
rating or certificate of deposit rating acceptable to the Rating Agencies and (ii) whose
deposits are insured by the FDIC.

 

Appendix A (Page 12)

 

“Eligible Investments” mean book-entry
securities, negotiable instruments or securities represented by instruments in
bearer or registered form that evidence:

 

(a)           direct
obligations of, and obligations fully guaranteed as to timely payment by, the
United States of America;

 

(b)           demand
deposits, time deposits or certificates of deposit of any depository
institution or trust company incorporated under the laws of the United States
of America or any State (or any domestic branch of a foreign bank) and subject
to supervision and examination by federal or State banking or depository
institution authorities; provided, however, that at the time of the investment
or contractual commitment to invest therein, the commercial paper or other
short-term senior unsecured debt obligations (other than such obligations the
rating of which is based on the credit of a Person other than such depository institution
or trust company) thereof shall have a credit rating from each of the Rating
Agencies in the highest investment category granted thereby;

 

(c)           commercial
paper having, at the time of the investment or contractual commitment to invest
therein, a rating from each of the Rating Agencies in the highest investment
category granted thereby;

 

(d)           investments
in money market funds having a rating from each of the Rating Agencies in the
highest investment category granted thereby (including funds for which the
Indenture Trustee or the Trustee or any of their respective Affiliates is
investment manager or advisor); provided, that during the Funding Period no
investments in money market funds shall be made with funds in any Trust Account
other than the Collection Account;

 

(e)           bankers’
acceptances issued by any depository institution or trust company referred to
in clause (b);

 

(f)            repurchase
obligations with respect to any security that is a direct obligation of, or
fully guaranteed as to timely payment by, the United States of America or any
agency or instrumentality thereof the obligations of which are backed by the
full faith and credit of the United States of America, in either case entered
into with a depository institution or trust company (acting as principal)
described in clause (b); and

 

(g)           any
other investment permitted by each of the Rating Agencies in the highest
investment category granted thereby as set forth in writing delivered to the
Indenture Trustee;

 

provided, that investments described in clauses (b) through (g) shall be made only so long as
making such investments will not require the Issuing Entity to register as an
investment company under the Investment Company Act of 1940, as amended.

 

“Entitlement Order” has the meaning
assigned thereto in Section 8-102(a)(8) of
the UCC.

 

Appendix A (Page 13)

 

“ERISA” means the Employee Retirement
Income Security Act of 1974, as amended from time to time, and the regulations
promulgated thereunder.

 

“Event of Default” is defined in Section 5.1 of the Indenture.

 

“Exchange Act” means the Securities
Exchange Act of 1934, as amended.

 

“Exchange Act Reports” means any reports on
Form 10-D, Form 8-K and Form 10-K filed or to be filed by the
Seller with respect to the Issuing Entity under the Exchange Act.

 

“Executive Officer” means, with respect to
any corporation or limited liability company, the Chief Executive Officer,
Chief Operating Officer, Chief Financial Officer, President, Executive Vice
President, any Vice President, the Secretary or the Treasurer of such
corporation or limited liability company; and with respect to any partnership,
any general partner thereof.

 

“Expected Excess Spread” means, with
respect to each Subsequent Cutoff Date, an amount determined by the Servicer to
represent excess cash flows from the Receivables that can reasonably be
expected to be available to cover the amounts described in clause (a) of the definition of
Required Principal Supplement Account Balance; provided
that each Rating Agency has confirmed that use of such amount determined by the
Servicer in calculating the Required Principal Supplement Account Balance for
such Subsequent Transfer Date will not result in a withdrawal or downgrade of
its rating of any Class of Notes.

 

“Expenses” is defined in Section 8.2 of the Trust Agreement.

 

“Federal Book Entry Security” means an
obligation (i) issued by the U.S. Treasury, the Federal Home Loan Mortgage
Corporation or the Federal National Mortgage Association, or any other direct
obligation of, or obligation fully guaranteed as to timely payment of principal
and interest by, the United States of America, that is a book-entry security
held through the Federal Reserve System pursuant to federal book entry
regulations, and (ii) the perfection of a security interest in which is
governed pursuant to federal regulations by Article 8 of the UCC.

 

“FDIC” means the Federal Deposit Insurance
Corporation or any successor.

 

“Final Scheduled Maturity Date” means the
latest to occur of the Class Final Scheduled Maturity Dates.

 

“Financed Equipment” means property,
including any agricultural, construction, forestry or other equipment, together
with all accessions thereto, securing an Obligor’s indebtedness under a Retail
Installment Contract, including any Substitute Equipment that has been
substituted (in accordance with Section 4.14
of the Sale and Servicing Agreement) for a piece of equipment that originally
secured such indebtedness under a Retail Installment Contract (“Replaced
Equipment”).  Following the substitution
of the Substitute Equipment pursuant to Section 4.14
of the Sale and Servicing Agreement, the Replaced Equipment shall no longer be
considered Financed Equipment for any purposes in the Basic Documents.

 

“Financial Asset” has the meaning assigned
thereto in Section 8-102(a)(9) of
the UCC.

 

Appendix A (Page 14)

 

“First Principal Payment Amount” has the
meaning assigned thereto in Section 5.6(b)(vi) of
the Sale and Servicing Agreement.

 

“Fitch” means Fitch, Inc., or its
successor.

 

“Floating Rate Notes” means the Class A-2b,
Class A-3b and Class A-4b Notes.

 

“Form 10-D Disclosure Item” shall mean
with respect to any Person, (a) any legal proceedings pending against such
Person or of which any property of such Person is then subject, or (b) any
governmental proceeding known to be contemplated by governmental authorities
against such Person or of which any property of such Person would be subject,
in each case that would be material to the Noteholders.

 

“Funding Period” means the period from and
including the Closing Date and ending on the earliest of:  (a) the Determination Date on which the
amount on deposit in the Pre-Funding Account (after giving effect to any
transfers therefrom in connection with the transfer of Subsequent Receivables
to the Issuing Entity on or before such Determination Date) is less than
$200,000, (b) the date on which an Event of Default or a Servicer Default
occurs, (c) the date on which an Insolvency Event occurs with respect to
the Seller or the Servicer and (d) the close of business on the August 2008
Payment Date.

 

“Grant” means mortgage, pledge, bargain,
sell, warrant, alienate, remise, release, convey, assign, transfer, create and
grant a Lien upon and a security interest in and right of set-off against,
deposit, set over and confirm pursuant to the Indenture, and other forms of the
verb “to Grant” shall have correlative meanings.  A Grant of the Collateral or of any other
agreement or instrument shall include all rights, powers and options (but none
of the obligations) of the Granting party thereunder, including the immediate
and continuing right to claim for, collect, receive and give receipt for
principal and interest payments in respect of the Collateral and all other
monies payable thereunder, to give and receive notices and other
communications, to make waivers or other agreements, to exercise all rights and
options, to bring Proceedings in the name of the Granting party or otherwise
and generally to do and receive anything that the Granting party is or may be
entitled to do or receive thereunder or with respect thereto.

 

“Holder” means (a) with respect to a
Note, the Person in whose name a Note is registered on the Note Register and (b) with
respect to a Certificate, a Certificateholder, as the context may require.

 

“Indemnified Parties” is defined in Section 8.2 of the Trust Agreement.

 

“Indenture” means the Indenture dated as of
May 1, 2008 between the Issuing Entity and the Indenture Trustee, as the
same may be amended and supplemented from time to time.

 

“Indenture Trustee” means The Bank of New
York Trust Company, N.A., a national banking association, not in its individual
capacity but solely as Indenture Trustee under the Indenture, or any successor
Indenture Trustee under the Indenture.

 

“Independent” means, when used with respect
to any specified Person, that the Person: 
(a) is in fact independent of the Issuing Entity, any other obligor
upon the Notes, the Seller and 

 

Appendix A (Page 15)

 

any Affiliate
of any of the foregoing Persons, (b) does not have any direct financial
interest or any material indirect financial interest in the Issuing Entity, any
such other obligor, the Seller or any Affiliate of any of the foregoing Persons
and (c) is not connected with the Issuing Entity, any such other obligor,
the Seller or any Affiliate of any of the foregoing Persons as an officer,
employee, promoter, underwriter, trustee, partner, director or Person performing
similar functions.

 

“Independent Certificate” means a
certificate or opinion to be delivered to the Indenture Trustee under the
circumstances described in, and otherwise complying with, the applicable
requirements of Section 11.1
of the Indenture, made by an Independent appraiser or other expert appointed by
an Issuing Entity Order in the exercise of reasonable care and approved by the
Indenture Trustee, and such opinion or certificate shall State that the signer
has read the definition of “Independent” in the Indenture and that the signer
is Independent within the meaning thereof.

 

“Initial Aggregate Statistical Contract Value”
means $655,648,376.19, which amount is equal to the aggregate Statistical
Contract Value of all Initial Receivables as of the Initial Cutoff Date.

 

“Initial Assets” is defined in Section 2.1 of the Sale and Servicing
Agreement.

 

“Initial CNHCA Assets” is defined in Section 2.1 of the Purchase
Agreement.

 

“Initial Cutoff Date” means April 30,
2008.

 

“Initial Cutoff Date APR” means 4.75%,
which is an annual rate that equals the weighted average APR of the Initial
Receivables as of the Initial Cutoff Date.

 

“Initial Pool Balance” means:  (i) the Pool Balance as of the Initial
Cutoff Date, which is $626,904,959.29 plus (ii) the aggregate Contract
Value of all Subsequent Receivables sold to the Issuing Entity as of their
respective Subsequent Cutoff Dates.

 

“Initial Purchase Price” is defined in Section 2.1 of the Purchase
Agreement.

 

“Initial Receivable” means any Contract
included in the Schedule of Receivables delivered by CNHCA to CNHCR on the
Closing Date or the Schedule of Receivables delivered by the Servicer to the
Trustee on the Closing Date.

 

“Insolvency Event” means, with respect to a
specified Person:  (a) the filing of
a decree or order for relief by a court having jurisdiction in the premises in
respect of such Person or any substantial part of its property in an
involuntary case under any applicable federal or State bankruptcy, insolvency
or other similar law now or hereafter in effect, or appointing a receiver,
liquidator, assignee, custodian, trustee, sequestrator or similar official for
such Person or for any substantial part of its property, or ordering the
winding-up or liquidation of such Person’s affairs, and such decree or order
shall remain unstayed and in effect for a period of 60 consecutive days, or (b) the
commencement by such Person of a voluntary case under any applicable federal or
State bankruptcy, insolvency or other similar law now or hereafter in effect,
or the consent by such Person to the entry of an order for relief in an
involuntary case under any such law, or the 

 

Appendix A (Page 16)

 

consent by
such Person to the appointment of or taking possession by a receiver,
liquidator, assignee, custodian, trustee, sequestrator or similar official for
such Person or for any substantial part of its property, or the making by such
Person of any general assignment for the benefit of creditors, or the failure
by such Person generally to pay its debts as such debts become due, or the
taking of action by such Person in furtherance of any of the foregoing.

 

“Instrument” has the meaning assigned
thereto in Section 9-102(47)
of the UCC.

 

“Interest Period” means (a) with respect
to the first Payment Date, the period from and including the Closing Date to,
but excluding, the first Payment Date, and (b) with respect to any other
Payment Date, the period from and including the immediately preceding Payment
Date to, but excluding, that Payment Date.

 

“Interest Rate” means (a) as to the
A-1 Notes, the A-1 Note Rate, (b) as to the A-2a Notes, the A-2a Note
Rate, (c) as to the A-2b Notes, the A-2b Note Rate, (d) as to the
A-3a Notes, the A-3a Note Rate, (e) as to the A-3b Notes, the A-3b Note
Rate, (f) as to the A-4a Notes, the A-4a Note Rate, (g) as to the
A-4b Notes, the A-4b Note Rate, and (h) as to the Class B Notes, the Class B
Note Rate.

 

“Interest Rate Swap Agreements” or “Interest Rate Swap Agreement” means the Class A-2b
Swap Agreement, Class A-3b Swap Agreement and/or the Class A-4b Swap
Agreement.

 

“Investment Earnings” means, with respect
to any Payment Date, the interest and other investment earnings (net of losses
and investment expenses) on amounts on deposit in the Trust Accounts to be
deposited into the Collection Account on the related Transfer Date pursuant to Section 5.1(b) of the Sale and
Servicing Agreement.

 

“Investment Property” is defined in Section 9-102(49) of the UCC.

 

“Issuing Entity” means CNH Equipment Trust
2008-B until a successor replaces it and, thereafter, means the successor and,
for purposes of any provision contained in the Indenture and required by the
TIA, each other obligor on the Notes.

 

“Issuing Entity Order” and “Issuing Entity Request” means a written
order or request, respectively, signed in the name of the Issuing Entity by any
one of its Authorized Officers and delivered to the Indenture Trustee.

 

“Item 1119 Party” means the Seller, CNHCA,
the Servicer, the Indenture Trustee, the Trustee, the Backup Servicer, any
underwriter of the Notes, any Counterparty and any other material transaction
party identified by the Seller or CNHCA to the Indenture Trustee or the Trustee
in writing.

 

“LIBOR Determination Date” means the day
that is two London Banking Days preceding the first day of an Interest Period
and with respect to the first LIBOR Determination Date, the day that is two
London Banking Days preceding the Closing Date.

 

“Lien” means a security interest, lien,
charge, pledge, equity or encumbrance of any kind, other than (i) tax
liens, mechanics’ liens and any liens that attach to the related Receivable by 

 

Appendix A (Page 17)

 

operation of
law as a result of any act or omission by the related Obligor and (ii) any
lien against the Financed Equipment resulting from a cross-collateralization
provision in the related Contract.

 

“Liquidated Receivable” means any
Receivable liquidated by the Servicer through the sale or other disposition of
the related Financed Equipment or that the Servicer has, after using all
reasonable efforts to realize upon the Financed Equipment, determined to charge
off without realizing upon the Financed Equipment.

 

“Liquidation Proceeds” means, with respect
to any Liquidated Receivable, the monies collected in respect thereof from
whatever source (including the proceeds of insurance policies with respect to
the related Financed Equipment (to the extent not used to purchase Substitute
Equipment) or Obligor and payments made by a Dealer pursuant to the related
Dealer Agreement with respect to such Receivable), other than Recoveries, net
of the sum of any amounts expended by the Servicer in connection with such
liquidation and any amounts required by law to be remitted to the Obligor on
such Liquidated Receivable.

 

“Liquidity Receivables Purchase Agreement”
is defined in the Recitals of the Purchase Agreement.

 

“London Banking Day” means any day on which
dealings in deposits in U.S. Dollars are transacted in the London interbank
market.

 

“Maximum Negative Carry Amount” means, for
any Payment Date, the product of:

 

(a)           the
weighted average of the Interest Rate on each class of Notes (assuming LIBOR is
equal to the Stated Fixed Interest Rate Swap Rate for each class of Floating
Rate Notes) minus 1.75%; multiplied by

 

(b)           the
amount on deposit in the Pre-Funding Account; multiplied by

 

(c)           the
fraction of a year represented by the number of days until the expected end of
the Funding Period, calculated on the basis of a 360-day year of twelve 30-day
months.

 

“Measured Losses” means, for any Collection
Period, the sum of (a) for each Receivable that became a Liquidated
Receivable during such Collection Period, the difference between (i) the
Principal Balance plus accrued and unpaid interest on such Receivable less the
Write Down Amount for such Receivable (if such receivable was a 180-Day
Receivable or Repossessed Receivable at the time of liquidation), if any, and (ii) the
Liquidation Proceeds received with respect to such Receivable during such
Collection Period, (b) with respect to any Receivable that became a
180-Day Receivable or a Repossessed Receivable during such Collection Period,
the Write Down Amount, if any, for that Receivable and (c) with respect to
each other 180-Day Receivable or Repossessed Receivable, the amount of the
adjustment, if any, to the Write Down Amount for such Receivable for the
related Collection Period.

 

“Modification Purchase Event” is defined in
Section 4.2 of the Sale and
Servicing Agreement.

 

Appendix A (Page 18)

 

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

 

“Negative Carry Account” means the account
designated as such, established and maintained pursuant to Section 5.1(a)(v) of the Sale and
Servicing Agreement.

 

“Negative Carry Account Initial Deposit”
means $0.

 

“Negative Carry Amount” means an amount for
each Payment Date calculated by the Servicer as the difference (if positive)
between:  (a) the product of:  (i) the sum of the Class Interest
Amounts for each Class of Notes for such Payment Date multiplied by (ii) the
Pre-Funded Percentage as of the immediately prior Payment Date (or, in the case
of the first Payment Date, the Closing Date) minus (b) the Pre-Funding
Account Investment Earnings.

 

“Net Swap Payments” or “Net Swap Payment” means the Class A-2b
Net Swap Payment, the Class A-3b Net Swap Payment and/or the Class A-4b
Net Swap Payment.

 

“Net Swap Receipts” or “Net Swap Receipt” means the Class A-2b
Net Swap Receipt, the Class A-3b Net Swap Receipt and/or the Class A-4b
Net Swap Receipt.

 

“NH Credit” means New Holland Credit
Company, LLC, a Delaware limited liability company, and its successors and
assigns.

 

“Note Balance” means the aggregate
Outstanding Amount of the Notes from time to time.

 

“Note Depository Agreement” means the
agreement between the Issuing Entity and The Depository Trust Company, as the
initial Clearing Agency, dated as of the Closing Date.

 

“Note Distribution Account” means the
account designated as such, established and maintained pursuant to Section 5.1(a)(ii) of the Sale
and Servicing Agreement.

 

“Note Monthly Principal Distributable Amount”
means, with respect to any Payment Date, the amount necessary to be paid on the
Notes to reduce the Outstanding Amount of the Notes (after giving effect to the
application of the First Principal Payment Amount to reduce such Outstanding
Amount) to an amount equal to the Asset Balance for that Payment Date; provided that the Note Monthly Principal
Distributable Amount shall not exceed the aggregate Outstanding Amount of the
Notes; provided, further, that on the Class Final
Scheduled Maturity Date for each Class of Notes, the Note Monthly
Principal Distributable Amount will at least equal the amount necessary to
repay the Outstanding Amount of that Class of Notes and of any other Class of
Notes payable prior to that Class of Notes. For purposes of this
definition only, the A-1 Notes, A-2 Notes, A-3 Notes and the A-4 Notes shall
each be deemed to be a separate Class of Notes.

 

“Note Owner” means, with respect to a
Book-Entry Note, the Person who is the owner of such Book-Entry Note, as
reflected on the books of the Clearing Agency, or on the books of a Person
maintaining an account with the Clearing Agency (directly as a Clearing Agency
Participant or as an indirect participant, in each case in accordance with the rules of
the Clearing Agency).

 

Appendix A (Page 19)

 

“Note Pool Factor” means,
as of the close of business on any Payment Date with respect to any Class of
Notes, the Outstanding Amount of that Class of Notes divided by the
original Outstanding Amount of that Class of Notes (carried out to the
seventh decimal place). The Note Pool Factor for each Class will be 100%
as of the Closing Date, and, thereafter, will decline to reflect reductions in
the Outstanding Amount of the Notes.

 

“Note Register” and “Note Registrar” have the respective
meanings specified in Section 2.4
of the Indenture.

 

“Noteholders” means the Class A
Noteholders and the Class B Noteholders.

 

“Noteholders’ Distributable Amount”
means, with respect to any Payment Date, the sum of:  (a) the Class Interest Amount for
each Class of Notes and (b) the Note Monthly Principal Distributable
Amount.

 

“Notes” means the Class A
Notes and the Class B Notes.

 

“Obligor” means, with
respect to any Receivable, any Person who owes payments under the Receivable.

 

“Officer’s Certificate”
means a certificate signed by one of the following:  the Chairman of the Board, the President, the
Vice Chairman of the Board, an Executive Vice President, any Vice President, a
Treasurer, Assistant Treasurer, Secretary or Assistant Secretary of the Seller,
Administrator or Servicer, as appropriate.

 

“One-Month LIBOR” means,
for each Interest Period, the rate for deposits in U.S. Dollars for a period of
one month corresponding to such Interest Period which appears on the Reuters
Screen LIBOR01 Page as of 11:00 a.m., London time, on the related
LIBOR Determination Date. If such rate does not appear on the Reuters Screen
LIBOR01 Page, the rate for that Interest Period will be determined as if the
parties had specified “USD-LIBOR Reference Banks Rate” as the applicable rate.

 

“Opinion of Counsel”
means a written opinion of counsel (who may, except as otherwise expressly
provided in this Agreement, be an employee of or counsel to the Seller or the
Servicer), which counsel and opinion shall be reasonably acceptable to the
Indenture Trustee, the Trustee, the Counterparties or the Rating Agencies, as
applicable.

 

“Originator” means CNHCA.

 

“Outstanding” means, as
of the date of determination, all Notes theretofore authenticated and delivered
under the Indenture except:

 

(i)                                     Notes theretofore
canceled by the Note Registrar or delivered to the Note Registrar for
cancellation;

 

(ii)                                  Notes or portions
thereof the payment for which money in the necessary amount has been
theretofore deposited with the Indenture Trustee or any Paying Agent in trust
for the Holders of such Notes (provided,
however, that

 

Appendix A (Page 20)

 

if such Notes are to be redeemed, notice of such redemption has been
duly given pursuant to the Indenture); and

 

(iii)                               Notes in exchange for or
in lieu of other Notes that have been authenticated and delivered pursuant to
the Indenture unless proof satisfactory to the Indenture Trustee is presented
that any such Notes are held by a bona fide purchaser; provided, that in determining whether the
Holders of the requisite Outstanding Amount of the Notes have given any
request, demand, authorization, direction, notice, consent or waiver hereunder
or under any Basic Document, Notes owned by the Issuing Entity, any other
obligor upon the Notes, the Seller or any Affiliate of any of the foregoing
Persons shall be disregarded and deemed not to be Outstanding, except that, in
determining whether the Indenture Trustee shall be protected in relying upon
any such request, demand, authorization, direction, notice, consent or waiver,
only Notes that a Responsible Officer of the Indenture Trustee actually knows
to be so owned shall be so disregarded. Notes so owned that have been pledged
in good faith may be regarded as Outstanding if the pledgee establishes to the
satisfaction of the Indenture Trustee the pledgee’s right so to act with
respect to such Notes and that the pledgee is not the Issuing Entity, any other
obligor upon the Notes, the Seller or any Affiliate of any of the foregoing
Persons.

 

“Outstanding Amount”
means the aggregate principal amount of all Notes, or Class of Notes, as
applicable, Outstanding at the date of determination.

 

“Owned Contracts” is
defined in the Recitals of the Purchase Agreement.

 

“Paying Agent” means (a) with
respect to the Notes, the Indenture Trustee or any other Person that meets the
eligibility standards for the Indenture Trustee specified in Section 6.11 of the Indenture and is
authorized by the Issuing Entity to make the payments to and distributions from
the Collection Account and the Note Distribution Account, including payment of
principal of or interest on the Notes on behalf of the Issuing Entity, and (b) with
respect to the Certificates, any paying agent or co-paying agent appointed
pursuant to Section 3.9 of
the Trust Agreement, and shall initially be The Bank of New York Trust Company,
N.A.

 

“Payment Date” means,
with respect to each Collection Period, the fifteenth day of the calendar month
following the end of that Collection Period, or, if such day is not a Business
Day, the next Business Day, commencing on June 16, 2008, provided that if
any A-1 Notes remain Outstanding after giving effect to distributions on the May 2009
Payment Date, June 12, 2009 shall constitute a Payment Date solely with
respect to the A-1 Notes.

 

“Person” means any
individual, corporation, limited liability company, estate, partnership, joint
venture, association, joint stock company, trust (including any beneficiary
thereof), unincorporated organization or government or any agency or political
subdivision thereof.

 

“Pool Balance” means, at
any time, the sum of the aggregate Contract Values of the Receivables as of the
beginning of a Collection Period (after giving effect to all payments

 

Appendix A (Page 21)

 

received from
Obligors and Purchase Amounts to be remitted by the Servicer or the Seller, as
the case may be, with respect to the preceding Collection Period and all
Realized Losses on Receivables liquidated during such preceding Collection
Period) less the aggregate Write Down Amount as of the last day of the
preceding Collection Period.

 

“Posted Date” is defined
in Section 5.3 of the Sale
and Servicing Agreement.

 

“Predecessor Note” means,
with respect to any particular Note, every previous Note evidencing all or a
portion of the same debt as that evidenced by such particular Note; and, for
the purpose of this definition, any Note authenticated and delivered under Section 2.5 of the Indenture in lieu
of a mutilated, lost, destroyed or stolen Note shall be deemed to evidence the
same debt as the mutilated, lost, destroyed or stolen Note.

 

“Pre-Funded Amount”
means, with respect to any date, the amount on deposit in the Pre-Funding
Account on such date.

 

“Pre-Funded Percentage” means,
for each Payment Date, the quotient (expressed as a percentage) of:  (i) the Pre-Funded Amount as of such
Payment Date divided by (ii) the sum of the Pool Balance and the
Pre-Funded Amount, after taking into account all transfers of Subsequent Receivables
during the related Collection Period.

 

“Pre-Funding Account”
means the account designated as such, established and maintained pursuant to Section 5.1(a)(iv) of the Sale
and Servicing Agreement.

 

“Pre-Funding Account Initial Deposit”
means $0.

 

“Pre-Funding Account Investment
Earnings” means, with respect to any Payment Date, the interest and
other investment earnings (net of losses and investment expenses) on amounts on
deposit in the Pre-Funding Account to be deposited into the Collection Account
on the related Transfer Date pursuant to Section 5.1(b) of
the Sale and Servicing Agreement.

 

“Preliminary Prospectus”
means the prospectus dated May 13, 2008 and the prospectus supplement
dated May 13, 2008 (subject to completion), relating to the Class A Notes.

 

“Preliminary Prospectus Date”
means the date of the preliminary prospectus supplement included in the
Preliminary Prospectus.

 

“Principal Balance” of a
Receivable, as of the close of business on the last day of a Collection Period,
means the Amount Financed minus the sum of: 
(i) that portion of all Scheduled Payments paid on or prior to such
day allocable to principal using the simple interest method, (ii) any
refunded portion of insurance premiums included in the Amount Financed,
(iii) any payment of the Purchase Amount with respect to the Receivable
allocable to principal and (iv) any prepayment in full or any partial
prepayments applied to reduce the Principal Balance of the Receivable.

 

“Principal Supplement Account”
means the account designated as such, established and maintained pursuant to Section 5.1(a)(vi) of the Sale
and Servicing Agreement.

 

Appendix A (Page 22)

 

“Principal Supplement Account
Deposit” means, with respect to each Subsequent Transfer Date, an
amount equal to the Required Principal Supplement Account Balance applicable to
such Subsequent Transfer Date minus any amount then on deposit in the Principal
Supplement Account.

 

“Prior Securitization”
means a prior securitization by a CNH Equipment Trust.

 

“Priority Swap Termination Payment”
shall mean any Class A-2b Swap Termination Payment, Class A-3b Swap
Termination Payment or Class A-4b Swap Termination Payment payable by the
Issuing Entity relating to (i) an early termination of the Class A-2b
Swap Agreement, Class A-3b Swap Agreement or Class A-4b Swap
Agreement, respectively, following an “Event of Default” or “Termination Event”
for which the applicable Counterparty is not the “Defaulting Party” or sole “Affected
Party” or (ii) an early termination of the Class A-2b Swap Agreement,
Class A-3b Swap Agreement or Class A-4b Swap Agreement, respectively,
as a result of a “Tax Event” or “Illegality” (terms in quotations in the
foregoing definition shall have the respective meanings assigned to such terms
in the Class A-2b Swap Agreement, Class A-3b Swap Agreement or Class A-4b
Swap Agreement, respectively).

 

“Proceeding” means any
suit in equity, action at law or other judicial or administrative proceeding.

 

“Prospectus” means the
prospectus dated May 13, 2008 and the prospectus supplement dated May 14,
2008, relating to the Class A Notes.

 

“Prospectus Date” means
the date of the prospectus supplement included in the Prospectus.

 

“Purchase Agreement”
means the Purchase Agreement dated as of May 1, 2008 between the Seller
and CNHCA, as the same may be amended and supplemented from time to time, which
term shall also include, as the context requires, the Liquidity Receivables
Purchase Agreement.

 

“Purchase Amount” means,
as of the close of business on the last day of a Collection Period, an amount
equal to the Contract Value of the applicable Contract, as of the first day of
the immediately following Collection Period (or, with respect to any applicable
Contract that is a Liquidated Receivable, as of the day immediately prior to
such Contract becoming a Liquidated Receivable less any Liquidation Proceeds
actually received by the Issuing Entity) plus interest accrued and unpaid
thereon as of such last day at a rate per annum equal to: (a) in the case
of any Contract transferred on the Closing Date, the Initial Cutoff Date APR
and (b) in the case of any Contract transferred or a Subsequent Transfer
Date, the applicable Subsequent Cutoff Date APR.

 

“Purchased Contracts” is
defined in the Recitals of the Purchase Agreement.

 

“Purchased Receivable”
means a Receivable purchased as of the close of business on the last day of a
Collection Period by the Servicer or CNHCA pursuant to Section 4.6 of the Sale and Servicing
Agreement, by CNHCA pursuant to Section 6.2
of the Purchase Agreement, or by the Seller pursuant to Section 3.2 of the Sale and Servicing
Agreement, or as of the first day of a

 

Appendix A (Page 23)

 

Collection
Period by CNHCA pursuant to Section 9.1(a) of
the Sale and Servicing Agreement and Section 6.2
of the Purchase Agreement.

 

“Rating Agency” means
each of Fitch, Moody’s and Standard & Poor’s.

 

“Rating Agency Condition”
means, with respect to any action, that (i) each of Fitch and Standard &
Poor’s shall have notified the Seller, the Servicer, the Trustee and the
Indenture Trustee in writing that such action will not result in a reduction or
withdrawal of the then current rating of any Class of the Notes, and (ii) Moody’s
shall have been given at least 10 Business Days’ prior notice thereof and shall
have not notified the Issuing Entity and the Indenture Trustee that such action
will result in a reduction or withdrawal of the then current rating of any Class of
the Notes.

 

“Reacquired Receivables”
means Receivables that (i) have been purchased by the Servicer,
repurchased by CNHCA or the Seller, or otherwise transferred to the Servicer,
Seller or CNHCA or their Affiliate pursuant to the terms of the Basic Documents
or (ii) are designated or identified to be purchased by the Servicer,
repurchased by CNHCA or the Seller, or otherwise transferred to the Servicer,
Seller or CNHCA or their Affiliate pursuant to the terms of the Basic
Documents; provided  however, with respect to the preceding clause (ii), such Receivables shall only
become Reacquired Receivables the instant before (x) such purchase,
repurchase or transfer pursuant to the Basic Documents, and (y) the full
amount, if any, required to be paid for such Receivables having been paid
and/or deposited as and when required under the Basic Documents.

 

“Realized Losses” means,
with respect to any Liquidated Receivable, the excess of the Principal Balance
of such Liquidated Receivable plus accrued but unpaid interest thereon over the
amount of any related Liquidation Proceeds.

 

“Receivable” means,
collectively, any Contract listed on the Assignment and each Subsequent
Transfer Assignment (other than Reacquired Receivables).

 

“Receivable Files” means
the documents specified in Section 3.3
of the Sale and Servicing Agreement.

 

“Record Date” means, with
respect to a Payment Date or Redemption Date, the close of business on the
fourteenth day of the calendar month in which such Payment Date or Redemption
Date occurs, or, if Definitive Notes are issued, the close of business on the
last day of the calendar month preceding the month of such Payment Date,
whether or not such day is a Business Day, or if Definitive Notes were not
outstanding on such date, the date of issuance of the Definitive Note, and with
respect to the A-1 Note Final Scheduled Maturity Date, June 11, 2009.

 

“Recoveries” means, with
respect to any Liquidated Receivable, monies collected in respect thereof, from
whatever source (other than from the sale or other disposition of the Financed
Equipment), after such Receivable became a Liquidated Receivable.

 

“Redemption Date” means
the Payment Date specified by the Servicer or the Issuing Entity pursuant to Section 10.1(a) of the
Indenture.

 

Appendix A (Page 24)

 

“Redemption Price” means
the unpaid principal amount of the Notes redeemed, plus accrued and unpaid
interest thereon at the applicable interest rate to but excluding the
Redemption Date.

 

“Registered Holder” means
the Person in whose name a Note is registered on the Note Register on the
applicable Record Date.

 

“Regulation AB” means
Regulation AB under the Securities Act of 1933, as amended.

 

“Remaining Pre-Funded Amount”
has the meaning assigned thereto in Section 5.8(b) of
the Sale and Servicing Agreement.

 

“Replaced Equipment” is
defined in “Financed Equipment”
above.

 

“Reportable Event” shall
mean any event required to be reported on Form 8-K, and in any event, the
following:

 

(a)                                  entry into a
definitive agreement related to the Issuing Entity or the Notes or an amendment
to a Basic Document, even if the Seller is not a party to such agreement (e.g.,
a servicing agreement with a servicer contemplated by Item 1108(a)(3) of
Regulation AB);

 

(b)                                 termination of a Basic
Document (other than by expiration of the agreement on its stated termination
date or as a result of all parties completing their obligations under such
agreement), even if the Seller is not a party to such agreement (e.g., a
servicing agreement with a servicer contemplated by Item 1108(a)(3) of
Regulation AB);

 

(c)                                  with respect to the
Servicer only, the occurrence of a Servicer Default;

 

(d)                                 an Event of Default;

 

(e)                                  the resignation,
removal, replacement, substitution, of the Indenture Trustee or the Trustee;
and

 

(f)                                    with respect to the
Indenture Trustee only, a required distribution to holders of the Notes is not
made as of the required Payment Date under the Indenture.

 

“Repossessed Receivable”
with respect to any Collection Period will be any Receivable as to which the
Financed Equipment securing the defaulted Receivable has been repossessed on or
prior to the last day of such Collection Period and which has not become a
Liquidated Receivable.

 

“Required Negative Carry Account
Balance” means, as of any Payment Date, an amount equal to the
lesser of:  (a) the Negative Carry
Account Initial Deposit minus all previous

 

Appendix A (Page 25)

 

withdrawals
from the Negative Carry Account and (b) the Maximum Negative Carry Amount
as of such Payment Date.

 

“Required Principal Supplement
Account Balance” means, with respect to each Subsequent Cutoff Date,
the excess, if any, of (a) an amount equal to the difference (if positive)
between (x) the Contract Value of the Receivables and (y) the aggregate
of the contractual payoff amounts for each Receivable (as specified by the
Servicer for each Receivable in the applicable Schedule of Receivables), in
each case, as of the end of the prior Collection Period (or the applicable
Subsequent Cutoff Date for Subsequent Receivables being transferred on that
Subsequent Transfer Date), over (b) the Expected Excess Spread.

 

“Responsible Officer”
means, with respect to the Indenture Trustee, any officer within the Corporate
Trust Office of the Indenture Trustee, including any Vice President, Assistant
Vice President, Secretary or Assistant Secretary, or any other officer of the
Indenture Trustee customarily performing functions similar to those performed
by any of the above designated officers and also, with respect to a particular
matter, any other officer to whom such matter is referred because of such
officer’s knowledge of and familiarity with the particular subject.

 

“Retail Installment Contract”
means an equipment retail installment contract or retail installment loan,
including any consumer installment loan, secured by Financed Equipment.

 

“Reuters  Screen LIBOR01 Page” means the display page currently
so designated on the Reuters Monitor Money Rates Service (or such other page as
may replace that page on that service for the purpose of displaying
comparable rates or prices).

 

“Sale and Servicing Agreement” means the Sale and
Servicing Agreement, dated as of May 1, 2008 among the Issuing Entity, the
Seller and the Servicer.

 

“Sale Proceeds” is
defined in Section 9.1(b) of
the Sale and Servicing Agreement.

 

“Schedule of Receivables”
means, collectively, the listings of the Receivables attached to, or
incorporated by reference in, the CNHCA Assignment and the Assignment, and the
listing of Receivables attached to, or incorporated by reference in, each CNHCA
Subsequent Transfer Assignment and Subsequent Transfer Assignment (each of
which schedules may be in the form of a compact disk or any other
computer-readable medium).

 

“Scheduled Payment” on a
Receivable means that portion of the payment required to be made by the Obligor
during any Collection Period sufficient to amortize the Principal Balance under
the simple interest method, in each case, over the term of the Receivable and
to provide interest at the APR.

 

“Secretary of State”
means the Secretary of State of the State of Delaware.

 

“Securities Account” has
the meaning assigned thereto in Section 8-501(a) of
the UCC.

 

“Securities Entitlement”
has the meaning assigned thereto in Section 8-102(a)(17)
of the UCC.

 

Appendix A (Page 26)

 

“Securities Intermediary”
is defined in Section 8-102(a)(14)
of the UCC.

 

“Seller” means CNHCR.

 

“Servicer” means NH
Credit, as the servicer of the Receivables, and any successor to NH Credit (in
the same capacity) pursuant to Section 7.3
or 8.2 of the Sale and Servicing
Agreement.

 

“Servicer Default” means
an event specified in Section 8.1
of the Sale and Servicing Agreement.

 

“Servicer’s Certificate”
means an Officer’s Certificate of the Servicer, substantially in the form of Exhibit C
to the Sale and Servicing Agreement.

 

“Servicing Criteria”
shall mean the “servicing criteria” set forth in Item 1122(d) of
Regulation AB.

 

“Servicing Fee” means,
for any Collection Period, the fee payable to the Servicer for services
rendered during such Collection Period, determined pursuant to Section 4.7 of the Sale and Servicing
Agreement.

 

“Servicing Procedures” is
defined in Section 4.1 of
the Sale and Servicing Agreement.

 

“Simple Interest Receivable”
means any Receivable under which the portion of a payment allocable to interest
and the portion allocable to principal is determined by allocating a fixed
level payment between principal and interest, such that such payment is
allocated first to the accrued and unpaid interest at the Annual Percentage
Rate for such Receivable on the unpaid principal balance and the remainder of
such payment is allocable to principal.

 

“Specified Discount Factor”
equals 7.00%.

 

“Specified Spread Account Balance”
means on the Closing Date, 2.60% of the sum of the Pool Balance as of the
Initial Cutoff Date and on any Payment Date thereafter the lesser of, (a) 2.60%
of the sum of (i) the Pool Balance as of the Initial Cutoff Date plus (ii) the
aggregate Contract Value of all Subsequent Receivables sold to the Trust as of
their respective Cutoff Dates and (b) the outstanding principal amount of
the Notes. However, if (A) the
Specified Spread Account Reduction Trigger is met on the Payment Date in November 2009
or any Payment Date thereafter, the percentage in clause (a) will be reduced to 2.00% on such Payment
Date and will remain at such percentage for each Payment Date thereafter unless
further reduced on the Payment Dates as provided in the following clauses (B), (C) or (D);
(B) if the Specified Spread
Account Reduction Trigger is met on the Payment Date in May 2010 or any
Payment Date thereafter, the percentage in clause
(a) of the preceding sentence will be reduced to 1.75% on such
Payment Date (regardless of whether the Specified Spread Account Reduction
Trigger was met on the Payment Date in November 2009 or any Payment Date
thereafter and will remain at such percentage for each Payment Date thereafter
unless further reduced on the Payment Date as provided in the following clause (C) or (D); (C) the
Specified Spread Account Reduction Trigger is met on the Payment Date in November 2010
or any Payment Date thereafter, the percentage in clause (a) of the preceding sentence will be reduced to
1.50% on such Payment Date (regardless of whether the Specified Spread Account
Reduction Trigger was met on the

 

Appendix A (Page 27)

 

Payment Dates
in November 2009 or any Payment Date thereafter or May 2010 or any
Payment Date thereafter) and will remain at such percentage for each Payment
Date thereafter unless further reduced on the Payment Date as provided in the
following clause (D); and (D) the Specified Spread Account
Reduction Trigger is met on the Payment Date in May 2011 or any Payment
Date thereafter, the percentage in clause (a) of
the preceding sentence will be reduced to 1.15% on such Payment Date
(regardless of whether the Specified Spread Account Reduction Trigger was met
on the Payment Dates in November 2009 or any Payment Date thereafter, May 2010
or any Payment Date thereafter or November 2010 or any Payment Date
thereafter) and will remain at such percentage for each Payment Date thereafter.
The Specified Spread Account Balance may be reduced or modified without the
consent of the Holders of the Notes if the Rating Agency Condition is satisfied
with respect to such reduction or modification.

 

“Specified Spread Account Reduction
Trigger” for the Payment Date in November 2009, May 2010, November 2010,
or May 2011 or any Payment Date after such Payment Dates will be met if
the Average Delinquency Ratio Test and the Cumulative Net Loss Ratio Test for
such Payment Date are met on such Payment Date or a Payment Date thereafter.

 

“Spread Account” means
the account designated as such, established and maintained pursuant to Section 5.1(a) of the Sale and
Servicing Agreement.

 

“Spread Account Initial Deposit”
means, initially, $16,299,528.94 and, with respect to each Subsequent Transfer
Date, cash or Eligible Investments having a value approximately equal to 2.60%
of the aggregate Contract Value of the Subsequent Receivables conveyed to the
Issuing Entity on such Subsequent Transfer Date.

 

“SST” means Systems &
Services Technologies, Inc., or its successor.

 

“Standard & Poor’s”
means Standard & Poor’s Ratings Services, a division of The
McGraw-Hill Companies, Inc., or its successor.

 

“State” means any one of
the 50 states of the United States of America or the District of Columbia.

 

“Stated Fixed Interest Rate Swap
Rate” means with respect to the Class A-2b Notes, the Class A-3b
Notes and the Class A-4b Notes, the fixed interest rate of 3.11%, 3.4825%
and 3.8225%, respectively.

 

“Statistical Contract Value”
of a Receivable means the current balance of the Receivable on the Servicer’s
records.

 

“Subsequent Assets” is
defined in Section 2.2 of
the Sale and Servicing Agreement.

 

“Subsequent CNHCA Assets”
is defined in Section 2.2 of
the Purchase Agreement.

 

“Subsequent CNHCA Receivables”
means the Receivables transferred to CNHCR pursuant to Section 2.2 of the Purchase
Agreement, which shall be listed on Schedule A to the related CNHCA Subsequent
Transfer Assignment.

 

Appendix A (Page 28)

 

“Subsequent Cutoff Date”
means, with respect to any Subsequent Receivables, the close of business on the
last day of the calendar month preceding the related Subsequent Transfer Date.

 

“Subsequent Cutoff Date APR”
means, with respect to any Subsequent Cutoff Date, the Specified Discount
Factor.

 

“Subsequent Purchase Price”
is defined in Section 2.5(b) of
the Purchase Agreement.

 

“Subsequent Receivables”
means the Receivables transferred to the Issuing Entity pursuant to Section 2.2 of the Sale and Servicing
Agreement, which shall be listed on Schedule A to the related Subsequent
Transfer Assignment.

 

“Subsequent Transfer Assignment”
has the meaning assigned thereto in Section 2.2(b)(i) of
the Sale and Servicing Agreement.

 

“Subsequent Transfer Date”
means with respect to a Subsequent Receivable, any Business Day during the
Funding Period on which Subsequent Receivables are transferred to the Issuing
Entity and a Subsequent Transfer Assignment is executed and delivered to the
Trustee and the Indenture Trustee pursuant to Section 2.2
of the Sale and Servicing Agreement.

 

“Substitute Equipment” is
defined in Section 4.14 of
the Sale and Servicing Agreement.

 

“Successor Servicer” is
defined in Section 3.7(e) of
the Indenture.

 

“TIA” means the Trust
Indenture Act.

 

“Total Distribution Amount”
means, with respect to any Payment Date, the aggregate amount of collections on
or with respect to the Receivables (including collections received after the
end of the preceding calendar month on any Subsequent Receivables added to the
Trust after the end of that preceding calendar month and on or before that
Payment Date) with respect to the related Collection Period plus the Negative
Carry Amount for such Payment Date. Collections on or with respect to the
Receivables include all payments made by or on behalf of the Obligors (including
any late fees, prepayment charges, extension fees and other administrative fees
or similar charges allowed by applicable law with respect to the Receivables),
any proceeds from insurance policies covering the Financed Equipment (to the
extent not used to purchase Substitute Equipment) or related Obligor,
Liquidation Proceeds, the Purchase Amount of each Receivable that became a
Purchased Receivable in respect of the related Collection Period (to the extent
deposited into the Collection Account), Investment Earnings for such Payment
Date, payments made by a Dealer pursuant to the related Dealer Agreement with
respect to such Receivable, Net Swap Receipts and the Remaining Pre-Funded
Amount, on the Payment Date specified in Section 5.8(b) of
the Sale and Servicing Agreement; provided,
however, that the Total
Distribution Amount shall not include:  (i) all
payments or proceeds (including Liquidation Proceeds) of any Receivables the
Purchase Amount of which has been included in the Total Distribution Amount in
a prior Collection Period, (ii) any Recoveries or (iii) amounts
released to the Seller from the Pre-Funding Account.

 

Appendix A (Page 29)

 

“Transfer Date” means the
Business Day preceding the fifteenth day of each calendar month.

 

“Treasury Regulations”
means regulations, including proposed or temporary regulations, promulgated
under the Code. References to specific provisions of proposed or temporary
regulations shall include analogous provisions of final Treasury Regulations or
other successor Treasury Regulations.

 

“Trust” means the Issuing
Entity.

 

“Trust Account Property”
means the Trust Accounts, all amounts and investments held from time to time in
any Trust Account (whether in the form of deposit accounts, physical property,
book-entry securities, uncertificated securities or otherwise), and all
proceeds of the foregoing.

 

“Trust Accounts” has the
meaning assigned thereto in Section 5.1(b) of
the Sale and Servicing Agreement.

 

“Trust Agreement” means
the Trust Agreement dated as of May 1, 2008 between the Seller and the
Trustee, as the same may be amended and supplemented from time to time.

 

“Trust Certificate” means
a certificate evidencing the beneficial interest of a Certificateholder in the
Trust, substantially in the form of Exhibit A to the Trust Agreement.

 

“Trust Estate” means (a) with
respect to the Indenture, all the money, instruments, rights and other property
that are subject or intended to be subject to the Lien and security interest of
the Indenture for the benefit of the Noteholders (including all property and
interests Granted to the Indenture Trustee), including all proceeds thereof,
and (b) with respect to the Trust Agreement, all right, title and interest
of the Trust in and to the property and rights assigned to the Trust pursuant
to Article II (other than Section 2.1(b))
of the Sale and Servicing Agreement, all funds on deposit from time to time in
the Trust Accounts and the Certificate Distribution Account and all other
property of the Trust from time to time, including any rights of the Trustee
and the Trust pursuant to the Sale and Servicing Agreement and the
Administration Agreement.

 

“Trust Indenture Act”
means the Trust Indenture Act of 1939, as in force on the date of the Indenture
unless otherwise specifically provided.

 

“Trust Officer” means, in
the case of the Indenture Trustee, any officer within the Corporate Trust
Office of the Indenture Trustee, including any Vice President, Assistant Vice
President, Secretary, Assistant Secretary or any other officer of the Indenture
Trustee customarily performing functions similar to those performed by any of
the above designated officers and also, with respect to a particular matter,
any other officer to whom such matter is referred because of such officer’s
knowledge of and familiarity with the particular subject and, with respect to
the Trustee, any officer in the Corporate Trustee Administration Department of
the Trustee with direct responsibility for the administration of the Trust
Agreement and the Basic Documents on behalf of the Trustee.

 

Appendix A (Page 30)

 

“Trust Statute” means
Chapter 38 of Title 12 of the Delaware Code, 12 Del. Code § 3801 et seq., as
the same may be amended from time to time.

 

“Trustee” means
Wilmington Trust Company, a Delaware banking corporation, not in its individual
capacity but solely as trustee under the Trust Agreement, and any successor
Trustee thereunder.

 

“Uncertificated Security”
has the meaning assigned thereto in Section 8-102(a)(18)
of the UCC.

 

“UCC” means, unless the
context otherwise requires, the Uniform Commercial Code as in effect in the
relevant jurisdiction, as amended from time to time.

 

“Underwriting Agreement”
means the Underwriting Agreement dated May 14, 2008 among Banc of America
Securities LLC and BNP Paribas Securities Corp. as representatives of the
several underwriters named therein, CNHCA and CNHCR.

 

“USD-LIBOR Reference Banks Rate”
means the Class A-2b USD-LIBOR Reference Banks Rate, the Class A-3b
USD-LIBOR Reference Banks Rate or the Class A-4b USD-LIBOR Reference Banks
Rate, as applicable.

 

“Write Down Amount” for
any Collection Period for any 180-Day Receivable or Repossessed Receivable will
be the excess of (a) the Principal Balance plus accrued and unpaid
interest of such Receivable as of the last day of the Collection Period during
which the Receivable became a 180-Day Receivable or Repossessed Receivable, as
applicable, over (b) the estimated realizable value of the Receivable, as
determined by the Servicer in accordance with its then-current servicing
procedures for the related Collection Period, which amount may be adjusted to
zero by the Servicer in accordance with its normal servicing procedures if the
Receivable has ceased to be a 180-Day Receivable as provided in the definition
of “180-Day Receivable.”

 

Appendix A (Page 31)

 

EXHIBIT A-1
 to Indenture

 

FORM OF A-1 NOTES

 

	
  REGISTERED

  	
   

  	
  $143,974,000(1)

  
	
  No. R-1

  	
   

  	
  CUSIP NO. 12619Q AA8

  

 

Unless this Note is presented by an authorized representative of The
Depository Trust Company, a New York corporation (“DTC”), to the Issuing Entity or its agent for registration
of transfer, exchange or payment, and any Note issued is registered in the name
of Cede & Co. or in such other name as is requested by an authorized
representative of DTC (and any payment is made to Cede & Co. or to
such other entity as is requested by an authorized representative of DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has
an interest herein.

 

THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH
HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE
LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.

 

CNH EQUIPMENT TRUST 2008-B

2.91675%  CLASS A-1 ASSET BACKED NOTES

 

CNH Equipment Trust 2008-B, a statutory trust organized and existing
under the laws of the State of Delaware (including any successor, the “Issuing Entity”), for value received,
hereby promises to pay to CEDE & CO., or registered assigns, the
principal sum of ONE HUNDRED FORTY-THREE MILLION NINE HUNDRED SEVENTY-FOUR
THOUSAND DOLLARS ($143,974,000), partially payable on each Payment Date in an
amount equal to the aggregate amount, if any, payable from the Note
Distribution Account in respect of principal on the A-1 Notes pursuant to Section 3.1 of the Indenture; provided, however,
that the entire unpaid principal amount of this Note shall be due and payable
on the earlier of the June 12, 2009 Payment Date and the Redemption Date,
if any, pursuant to Section 10.1(a) of
the Indenture. The Issuing Entity will pay interest on this Note at the rate
per annum shown above, on each Payment Date until the principal of this Note is
paid or made available for payment, on the principal amount of this Note
outstanding on the preceding Payment Date (after giving effect to all payments
of principal made on the preceding Payment Date), subject to certain
limitations contained in Section 3.1
of the Indenture. Interest on this Note will accrue for each Payment Date from
the most recent Payment Date on which interest has been paid to but excluding
the then current Payment Date or, if no interest has yet been paid, from the
date hereof. Interest will be computed on the basis of a 360-day year and the
actual number of days in the applicable Interest Period. Such principal of and
interest on this Note shall be paid in the manner specified in the Indenture.

 

(1)           Denominations of $1,000 and in greater whole-dollar
denominations in excess thereof.

 

Exhibit A-1 (Page 1)

 

The principal of and interest on this Note are payable in such coin or
currency of the United States of America as at the time of payment is legal
tender for payment of public and private debts. All payments made by the Issuing
Entity with respect to this Note shall be applied first to interest due and
payable on this Note as provided above and then to the unpaid principal of this
Note.

 

Reference is made to the further provisions of this Note set forth on
the reverse hereof, which shall have the same effect as though fully set forth
on the face of this Note.

 

Unless the certificate of authentication hereon has been executed by
the Indenture Trustee by manual signature, this Note shall not be entitled to
any benefit under the Indenture referred to on the reverse hereof, or be valid
or obligatory for any purpose.

 

Exhibit A-1 (Page 2)

 

IN WITNESS WHEREOF, the Issuing Entity has caused this instrument to be
signed, manually or in facsimile, by its Authorized Officer.

 

Dated:  May [    ], 2008

 

	
   

  	
  CNH
  EQUIPMENT TRUST 2008-B

  
	
   

  	
   

  
	
   

  	
  By:

  	
  Wilmington
  Trust Company,

  
	
   

  	
   

  	
  not in its
  individual capacity but

  
	
   

  	
   

  	
  solely as
  Trustee under the

  
	
   

  	
   

  	
  Trust
  Agreement

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  
						

 

Exhibit A-1 (Page 3)

 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

This is one of the Notes designated above and referred to in the
within-mentioned Indenture.

 

Dated:  May [    ], 2008

 

	
   

  	
  THE BANK OF
  NEW YORK TRUST

  COMPANY, N.A.

  
	
   

  	
  not in its
  individual capacity but solely

  
	
   

  	
  as Indenture
  Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Authorized
  Signatory

  

 

Exhibit A-1 (Page 4)

 

[REVERSE OF NOTE]

 

This Note is one of a duly authorized issue of Notes of the Issuing
Entity, designated as its 2.91675% Class A-1 Asset Backed Notes (herein
called the “A-1 Notes” or the “Notes”), all issued under an Indenture
dated as of May 1, 2008 (such Indenture, as supplemented or amended, is
herein called the “Indenture”)
between the Issuing Entity and The Bank of New York Trust Company, N.A., not in
its individual capacity but solely as trustee (the “Indenture Trustee”, which term includes any successor
Indenture Trustee under the Indenture), to which Indenture and all indentures
supplemental thereto reference is hereby made for a statement of the respective
rights and obligations thereunder of the Issuing Entity, the Indenture Trustee
and the Holders of the Notes. The Notes are subject to all terms of the
Indenture. All terms used in this Note that are not otherwise defined herein
and that are defined in the Indenture shall have the meanings assigned to them
in or pursuant to the Indenture.

 

The Notes, the A-2 Notes, the A-3 Notes and the A-4 Notes are and will
be equally and ratably secured by the collateral pledged as security therefor
as provided in the Indenture.

 

The Issuing Entity shall pay interest on overdue installments of
interest at the A-1 Note Rate to the extent lawful.

 

Each Noteholder or Note Owner, by acceptance of a Note, or, in the case
of a Note Owner, a beneficial interest in the Note, covenants and agrees that
no recourse may be taken, directly or indirectly, with respect to the
obligations of the Issuing Entity or the Indenture Trustee on the Notes or
under the Indenture or any certificate or other writing delivered in connection
therewith, against:  (i) the
Indenture Trustee or the Trustee in their individual capacities, (ii) any
owner of a beneficial interest in the Issuing Entity or (iii) any partner,
owner, beneficiary, agent, officer, director or employee of:  (a) the Indenture Trustee or the Trustee
in their individual capacities, (b) any holder of a beneficial interest in
the Issuing Entity, the Trustee or the Indenture Trustee or of (c) any successor
or assign of the Indenture Trustee or the Trustee in their individual
capacities, except as any such Person may have expressly agreed and except that
any such partner, owner or beneficiary shall be fully liable, to the extent
provided by applicable law, for any unpaid consideration for stock, unpaid
capital contribution or failure to pay any installment or call owing to such
partner, owner or beneficiary.

 

It is the intent of the Seller, the Servicer, the Noteholders and the
Note Owners that, for purposes of federal and State income tax and any other
tax measured in whole or in part by income, the Notes qualify as indebtedness
of the Trust. Each Noteholder or Note Owner, by acceptance of a Note, or, in
the case of a Note Owner, a beneficial interest in a Note, agrees to treat, and
to take no action inconsistent with the treatment of, the Notes for such tax
purposes as indebtedness of the Trust.

 

Each Noteholder or Note Owner, by acceptance of a Note, or, in the case
of a Note Owner, a beneficial interest in a Note, covenants and agrees that by
accepting the benefits of the Indenture that such Noteholder will not at any
time institute against the Seller or the Issuing Entity, or join in any
institution against the Seller or the Issuing Entity of, any bankruptcy,
reorganization or arrangement, insolvency or liquidation proceedings under any
United States 

 

Exhibit A-1 (Page 5)

 

federal or
State bankruptcy or similar law in connection with any obligations relating to
the Notes, the Indenture or the Basic Documents.

 

Each Noteholder or Note Owner, by acceptance of a Note, or in the case
of Note Owner, a beneficial interest in the Note, represents that either (a) it
is not (i) an employee benefit plan (as defined in Section 3(3) of ERISA) that is
subject to the provisions of Title I of ERISA, (ii) a plan described in Section 4975(e)(1) of the Code, (iii) any
entity whose underlying assets include plan assets of any of the foregoing
(each a “Benefit Plan”), or (iv) a
governmental plan (as defined in Section 3(32)
of ERISA) that is subject to any law substantially similar to ERISA or Section 4975 of the Code or (b) the
purchase and holding of the Note, or a beneficial interest therein, will not
result in a non-exempt prohibited transaction under Section 406 of ERISA, Section 4975
of the Code or any substantially similar applicable law.

 

This Note and the Indenture shall be construed in accordance with the
laws of the State of New York, and the obligations, rights and remedies of the
parties hereunder and thereunder shall be determined in accordance with such
laws.

 

No reference herein to the Indenture and no provision of this Note or
of the Indenture shall alter or impair the obligation of the Issuing Entity,
which is absolute and unconditional, to pay the principal of and interest on
this Note at the times, place and rate, and in the coin or currency, herein
prescribed.

 

Anything herein to the contrary notwithstanding, except as expressly
provided in the Basic Documents, neither The Bank of New York Trust Company,
N.A., in its individual capacity, any owner of a beneficial interest in the
Issuing Entity, nor any of their respective partners, beneficiaries, agents,
officers, directors, employees, successors or assigns shall be personally
liable for, nor shall recourse be had to any of them for, the payment of
principal of or interest on, or performance of, or omission to perform, any of
the covenants, obligations or indemnifications contained in this Note or the
Indenture, it being expressly understood that said covenants, obligations and
indemnifications have been made by the Indenture Trustee for the sole purposes
of binding the interests of the Indenture Trustee in the assets of the Issuing
Entity. The Holder of this Note by the acceptance hereof, and each Note Owner
by the acceptance of a beneficial interest herein, each agrees that, except as
expressly provided in the Basic Documents, in the case of an Event of Default
under the Indenture, the Holder and Note Owner shall have no claim against any
of the foregoing for any deficiency, loss or claim therefrom; provided, however, that nothing contained
herein shall be taken to prevent recourse to, and enforcement against, the
assets of the Issuing Entity for any and all liabilities, obligations and
undertakings contained in the Indenture or in this Note.

 

Exhibit A-1 (Page 6)

 

ASSIGNMENT

 

Social
Security or taxpayer I.D. or other identifying number of assignee

 

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

 

	
   

  
	
  (name and address of assignee)

  

 

the within
Note and all rights thereunder, and hereby irrevocably constitutes and appoints
                                                      ,
attorney, to transfer said Note on the books kept for registration thereof,
with full power of substitution in the premises.

 

	
  Dated:

  	
   

  	
   

  	
  *

  
	
   

  	
   

  	
   

  	
  Signature
  Guaranteed:

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Signatures
  must be guaranteed by an “eligible

  guarantor institution” meeting the

  requirements of the Note Registrar, which

  requirements include membership or

  participation in STAMP or such other

  “signature guarantee program”
  as may be

  determined by the Note Registrar in addition

  to, or in substitution for, STAMP, all in

  accordance with the Securities Exchange Act

  of 1934, as amended.

  

 

 

*                                        NOTE:  The signature to this assignment must
correspond with the name of the registered owner as it appears on the face of
the within Note in every particular without alteration, enlargement or any
change whatsoever.

 

Exhibit A-1 (Page 7)

 

EXHIBIT A-2a

to Indenture

 

FORM OF A-2a NOTES

 

	
  REGISTERED

  	
   

  	
  $67,000,000(1)

  
	
  No. R-1

  	
   

  	
  CUSIP NO. 12619Q AB6

  

 

Unless this Note is presented by an authorized representative of The
Depository Trust Company, a New York corporation (“DTC”), to the Issuing Entity or its agent for registration
of transfer, exchange or payment, and any Note issued is registered in the name
of Cede & Co. or in such other name as is requested by an authorized representative
of DTC (and any payment is made to Cede & Co. or to such other entity
as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE
OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL
inasmuch as the registered owner hereof, Cede & Co., has an interest
herein.

 

THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH
HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE
LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.

 

CNH EQUIPMENT TRUST 2008-B

4.04% CLASS A-2a ASSET BACKED NOTES

 

CNH Equipment Trust 2008-B, a statutory trust organized and existing
under the laws of the State of Delaware (including any successor, the “Issuing Entity”), for value received,
hereby promises to pay to CEDE & CO., or registered assigns, the
principal sum of SIXTY-SEVEN MILLION DOLLARS ($67,000,000), partially payable
on each Payment Date in an amount equal to the aggregate amount, if any,
payable from the Note Distribution Account in respect of principal on the A-2a
Notes pursuant to Section 3.1
of the Indenture; provided, however, that the entire unpaid principal
amount of this Note shall be due and payable on the earlier of the April 2011
Payment Date and the Redemption Date, if any, pursuant to Section 10.1(a) of the
Indenture. Except as provided in Section 5.4
of the Indenture, no payments of principal of the Notes will be made until the
principal of the A-1 Notes has been paid in full. The Issuing Entity will pay
interest on this Note at the A-2a Note Rate, on each Payment Date until the
principal of this Note is paid or made available for payment, on the principal
amount of this Note outstanding on the preceding Payment Date (after giving
effect to all payments of principal made on the preceding Payment Date),
subject to certain limitations contained in Section 3.1
of the Indenture. Interest on this Note will accrue for each Payment Date from
the most recent Payment Date on which interest has been paid to but excluding
the then current Payment Date or, if no interest has yet been paid, from the
date hereof. Interest will be computed on the basis of a 360-day year
consisting of twelve 30-day months. Such principal of and interest on this Note
shall be paid in the manner specified in the Indenture.

 

(1)                                 Denominations
of $1,000 and in greater whole-dollar denominations in excess thereof.

 

Exhibit A-2a (Page 1)

 

The principal of and interest on this Note are payable in such coin or
currency of the United States of America as at the time of payment is legal
tender for payment of public and private debts. All payments made by the
Issuing Entity with respect to this Note shall be applied first to interest due
and payable on this Note as provided above and then to the unpaid principal of
this Note.

 

Reference is made to the further provisions of this Note set forth on
the reverse hereof, which shall have the same effect as though fully set forth
on the face of this Note.

 

Unless the certificate of authentication hereon has been executed by
the Indenture Trustee by manual signature, this Note shall not be entitled to
any benefit under the Indenture referred to on the reverse hereof, or be valid
or obligatory for any purpose.

 

Exhibit A-2a (Page 2)

 

IN WITNESS WHEREOF, the Issuing Entity has caused this instrument to be
signed, manually or in facsimile, by its Authorized Officer.

 

Dated:  May [    ], 2008

 

	
   

  	
  CNH
  EQUIPMENT TRUST 2008-B

  
	
   

  	
   

  
	
   

  	
  By:

  	
  Wilmington
  Trust Company,

  
	
   

  	
  not in its
  individual capacity but

  
	
   

  	
  solely as
  Trustee under the

  
	
   

  	
  Trust
  Agreement

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  
						

 

Exhibit A-2a (Page 3)

 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

This is one of the Notes designated above and referred to in the
within-mentioned Indenture.

 

Dated:  May [    ], 2008

 

	
   

  	
  THE BANK OF
  NEW YORK TRUST

  COMPANY, N.A.

  
	
   

  	
  not in its
  individual capacity but solely

  
	
   

  	
  as Indenture
  Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Authorized
  Signatory

  

 

Exhibit A-2a (Page 4)

 

[REVERSE OF NOTE]

 

This Note is one of a duly authorized issue of the Issuing Entity,
designated as its 4.04% Class A-2a Asset Backed Notes (herein called the “A-2a Notes” or the “Notes”), all issued
under an Indenture dated as of May 1, 2008 (such Indenture, as
supplemented or amended, is herein called the “Indenture”)
between the Issuing Entity and The Bank of New York Trust Company, N.A., not in
its individual capacity but solely as trustee (the “Indenture Trustee”, which term includes any successor
Indenture Trustee under the Indenture), to which Indenture and all indentures
supplemental thereto reference is hereby made for a statement of the respective
rights and obligations thereunder of the Issuing Entity, the Indenture Trustee
and the Holders of the Notes. The Notes are subject to all terms of the
Indenture. All terms used in this Note that are not otherwise defined herein
and that are defined in the Indenture shall have the meanings assigned to them
in or pursuant to the Indenture.

 

The Notes, the A-1 Notes, the A-2b Notes, the A-3 Notes and the A-4
Notes are and will be equally and ratably secured by the collateral pledged as
security therefor as provided in the Indenture.

 

The Issuing Entity shall pay interest on overdue installments of
interest at the A-2a Note Rate to the extent lawful.

 

Each Noteholder or Note Owner, by acceptance of a Note, or, in the case
of a Note Owner, a beneficial interest in the Note, covenants and agrees that
no recourse may be taken, directly or indirectly, with respect to the
obligations of the Issuing Entity or the Indenture Trustee on the Notes or
under the Indenture or any certificate or other writing delivered in connection
therewith, against:  (i) the
Indenture Trustee or the Trustee in their individual capacities, (ii) any
owner of a beneficial interest in the Issuing Entity or (iii) any partner,
owner, beneficiary, agent, officer, director or employee of:  (a) the Indenture Trustee or the Trustee
in their individual capacities, (b) any holder of a beneficial interest in
the Issuing Entity, the Trustee or the Indenture Trustee or of (c) any
successor or assign of the Indenture Trustee or the Trustee in their individual
capacities, except as any such Person may have expressly agreed and except that
any such partner, owner or beneficiary shall be fully liable, to the extent
provided by applicable law, for any unpaid consideration for stock, unpaid
capital contribution or failure to pay any installment or call owing to such
partner, owner or beneficiary.

 

It is the intent of the Seller, the Servicer, the Noteholders and the
Note Owners that, for purposes of federal and State income tax and any other
tax measured in whole or in part by income, the Notes qualify as indebtedness
of the Trust. Each Noteholder or Note Owner, by acceptance of a Note, or, in
the case of a Note Owner, a beneficial interest in a Note, agrees to treat, and
to take no action inconsistent with the treatment of, the Notes for such tax
purposes as indebtedness of the Trust.

 

Each Noteholder or Note Owner, by acceptance of a Note, or, in the case
of a Note Owner, a beneficial interest in a Note, covenants and agrees that by
accepting the benefits of the Indenture that such Noteholder will not at any
time institute against the Seller or the Issuing 

 

Exhibit A-2a (Page 5)

 

Entity, or
join in any institution against the Seller or the Issuing Entity of, any
bankruptcy, reorganization or arrangement, insolvency or liquidation
proceedings under any United States federal or State bankruptcy or similar law
in connection with any obligations relating to the Notes, the Indenture or the
Basic Documents.

 

Each Noteholder or Note Owner, by acceptance of a Note, or in the case
of Note Owner, a beneficial interest in the Note, represents that either (a) it
is not (i) an employee benefit plan (as defined in Section 3(3) of ERISA) that is
subject to the provisions of Title I of ERISA, (ii) a plan described in Section 4975(e)(1) of the Code, (iii) any
entity whose underlying assets include plan assets of any of the foregoing
(each a “Benefit Plan”), or (iv) a
governmental plan (as defined in Section 3(32)
of ERISA) that is subject to any law substantially similar to ERISA or Section 4975 of the Code or (b) the
purchase and holding of the Note, or a beneficial interest therein, will not
result in a non-exempt prohibited transaction under Section 406 of ERISA, Section 4975
of the Code or any substantially similar applicable law.

 

This Note and the Indenture shall be construed in accordance with the
laws of the State of New York, and the obligations, rights and remedies of the
parties hereunder and thereunder shall be determined in accordance with such
laws.

 

No reference herein to the Indenture and no provision of this Note or
of the Indenture shall alter or impair the obligation of the Issuing Entity,
which is absolute and unconditional, to pay the principal of and interest on
this Note at the times, place and rate, and in the coin or currency, herein
prescribed.

 

Anything herein to the contrary notwithstanding, except as expressly
provided in the Basic Documents, neither The Bank of New York Trust Company,
N.A., in its individual capacity, any owner of a beneficial interest in the
Issuing Entity, nor any of their respective partners, beneficiaries, agents,
officers, directors, employees, successors or assigns shall be personally
liable for, nor shall recourse be had to any of them for, the payment of principal
of or interest on, or performance of, or omission to perform, any of the
covenants, obligations or indemnifications contained in this Note or the
Indenture, it being expressly understood that said covenants, obligations and
indemnifications have been made by the Indenture Trustee for the sole purposes
of binding the interests of the Indenture Trustee in the assets of the Issuing
Entity. The Holder of this Note by the acceptance hereof, and each Note Owner
by the acceptance of a beneficial interest herein, each agrees that, except as
expressly provided in the Basic Documents, in the case of an Event of Default
under the Indenture, the Holder and Note Owner shall have no claim against any
of the foregoing for any deficiency, loss or claim therefrom; provided, however, that nothing contained
herein shall be taken to prevent recourse to, and enforcement against, the
assets of the Issuing Entity for any and all liabilities, obligations and
undertakings contained in the Indenture or in this Note.

 

Exhibit A-2a (Page 6)

 

ASSIGNMENT

 

Social
Security or taxpayer I.D. or other identifying number of assignee

 

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

 

	
   

  
	
  (name and address of assignee)

  

 

the within Note and all rights thereunder, and hereby irrevocably
constitutes and appoints                                                        ,
attorney, to transfer said Note on the books kept for registration thereof,
with full power of substitution in the premises.

 

	
  Dated:

  	
   

  	
   

  	
   

  	
  *

  
	
   

  	
   

  	
   

  	
   

  	
  Signature
  Guaranteed:

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Signatures
  must be guaranteed by an “eligible

  
	
   

  	
   

  	
   

  	
  guarantor institution” meeting the

  requirements of the Note Registrar, which

  requirements include membership or

  participation in STAMP or such other

  “signature guarantee program”
  as may be

  determined by the Note Registrar in addition

  to, or in substitution for, STAMP, all in

  accordance with the Securities Exchange Act

  of 1934, as amended.

  

 

 

*             NOTE:  The signature to this assignment must correspond
with the name of the registered owner as it appears on the face of the within
Note in every particular without alteration, enlargement or any change
whatsoever.

 

Exhibit A-2a (Page 7)

 

EXHIBIT A-2b

to Indenture

 

FORM OF A-2b NOTES

 

	
  REGISTERED

  	
   

  	
  $104,000,000(1)

  
	
  No. R-1

  	
   

  	
  CUSIP NO. 12619Q AC4

  

 

Unless this Note is presented by an authorized representative of The
Depository Trust Company, a New York corporation (“DTC”), to the Issuing Entity or its agent for registration
of transfer, exchange or payment, and any Note issued is registered in the name
of Cede & Co. or in such other name as is requested by an authorized
representative of DTC (and any payment is made to Cede & Co. or to
such other entity as is requested by an authorized representative of DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has
an interest herein.

 

THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH
HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE
LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.

 

CNH EQUIPMENT TRUST 2008-B

FLOATING RATE CLASS A-2b ASSET BACKED
NOTES

 

CNH Equipment Trust 2008-B, a statutory trust organized and existing
under the laws of the State of Delaware (including any successor, the “Issuing Entity”), for value received,
hereby promises to pay to CEDE & CO., or registered assigns, the
principal sum of ONE HUNDRED FOUR MILLION DOLLARS ($104,000,000), partially
payable on each Payment Date in an amount equal to the aggregate amount, if
any, payable from the Note Distribution Account in respect of principal on the
A-2b Notes pursuant to Section 3.1
of the Indenture; provided, however,
that the entire unpaid principal amount of this Note shall be due and payable
on the earlier of the April 2011 Payment Date and the Redemption Date, if
any, pursuant to Section 10.1(a) of
the Indenture. Except as provided in Section 5.4
of the Indenture, no payments of principal of the Notes will be made until the
principal of the A-1 Notes has been paid in full.  The Issuing Entity will pay interest on this
Note at the A-2b Note Rate, on each Payment Date until the principal of this
Note is paid or made available for payment, on the principal amount of this
Note outstanding on the preceding Payment Date (after giving effect to all
payments of principal made on the preceding Payment Date), subject to certain
limitations contained in Section 3.1
of the Indenture.  Interest on this Note
will accrue for each Payment Date from the most recent Payment Date on which
interest has been paid to but excluding the then current Payment Date or, if no
interest has yet been paid, from the date hereof.  Interest will be computed on the basis of a
360-day year and the actual number of days in the applicable Interest
Period.  Such principal of and interest
on this Note shall be paid in the manner specified in the Indenture.

 

(1)           Denominations of $1,000 and in greater whole-dollar
denominations in excess thereof.

 

Exhibit A-2b (Page 1)

 

The principal of and interest on this Note are payable in such coin or
currency of the United States of America as at the time of payment is legal
tender for payment of public and private debts. 
All payments made by the Issuing Entity with respect to this Note shall
be applied first to interest due and payable on this Note as provided above and
then to the unpaid principal of this Note.

 

Reference is made to the further provisions of this Note set forth on
the reverse hereof, which shall have the same effect as though fully set forth
on the face of this Note.

 

Unless the certificate of authentication hereon has been executed by
the Indenture Trustee by manual signature, this Note shall not be entitled to
any benefit under the Indenture referred to on the reverse hereof, or be valid
or obligatory for any purpose.

 

Exhibit A-2b (Page 2)

 

IN WITNESS WHEREOF, the Issuing Entity has caused this instrument to be
signed, manually or in facsimile, by its Authorized Officer.

 

Dated:  May [    ], 2008

 

	
   

  	
  CNH
  EQUIPMENT TRUST 2008-B

  
	
   

  	
   

  
	
   

  	
  By:

  	
  Wilmington
  Trust Company,

  
	
   

  	
   

  	
  not in its
  individual capacity

  
	
   

  	
   

  	
  but solely
  as Trustee under

  
	
   

  	
   

  	
  the Trust
  Agreement

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  
						

 

Exhibit A-2b (Page 3)

 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

This is one of the Notes designated above and referred to in the
within-mentioned Indenture.

 

Dated:  May [    ], 2008

 

	
   

  	
  THE BANK OF
  NEW YORK TRUST

  COMPANY, N.A.,

  
	
   

  	
  not in its
  individual capacity but

  
	
   

  	
  solely as
  Indenture Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Authorized
  Signatory

  

 

Exhibit A-2b (Page 4)

 

[REVERSE OF NOTE]

 

This Note is one of a duly authorized issue of Notes of the Issuing
Entity, designated as its Floating Rate Class A-2b Asset Backed Notes
(herein called the “A-2b Notes”
or the “Notes”), all issued under
an Indenture dated as of May 1, 2008 (such Indenture, as supplemented or
amended, is herein called the “Indenture”)
between the Issuing Entity and The Bank of New York Trust Company, N.A., not in
its individual capacity but solely as trustee (the “Indenture Trustee”, which term includes any successor
Indenture Trustee under the Indenture), to which Indenture and all indentures
supplemental thereto reference is hereby made for a statement of the respective
rights and obligations thereunder of the Issuing Entity, the Indenture Trustee
and the Holders of the Notes.  The Notes
are subject to all terms of the Indenture. 
All terms used in this Note that are not otherwise defined herein and
that are defined in the Indenture shall have the meanings assigned to them in
or pursuant to the Indenture.

 

The Notes, the A-1 Notes, the A-2a Notes, the A-3 Notes and the A-4
Notes are and will be equally and ratably secured by the collateral pledged as
security therefor as provided in the Indenture.

 

The Issuing Entity shall pay interest on overdue installments of
interest at the A-2b Note Rate to the extent lawful.

 

Each Noteholder or Note Owner, by acceptance of a Note, or, in the case
of a Note Owner, a beneficial interest in the Note, covenants and agrees that
no recourse may be taken, directly or indirectly, with respect to the
obligations of the Issuing Entity or the Indenture Trustee on the Notes or
under the Indenture or any certificate or other writing delivered in connection
therewith, against:  (i) the
Indenture Trustee or the Trustee in their individual capacities, (ii) any
owner of a beneficial interest in the Issuing Entity or (iii) any partner,
owner, beneficiary, agent, officer, director or employee of:  (a) the Indenture Trustee or the Trustee
in their individual capacities, (b) any holder of a beneficial interest in
the Issuing Entity, the Trustee or the Indenture Trustee or of (c) any
successor or assign of the Indenture Trustee or the Trustee in their individual
capacities, except as any such Person may have expressly agreed and except that
any such partner, owner or beneficiary shall be fully liable, to the extent
provided by applicable law, for any unpaid consideration for stock, unpaid
capital contribution or failure to pay any installment or call owing to such
partner, owner or beneficiary.

 

It is the intent of the Seller, the Servicer, the Noteholders and the
Note Owners that, for purposes of federal and State income tax and any other
tax measured in whole or in part by income, the Notes qualify as indebtedness
of the Trust.  Each Noteholder or Note
Owner, by acceptance of a Note, or, in the case of a Note Owner, a beneficial
interest in a Note, agrees to treat, and to take no action inconsistent with
the treatment of, the Notes for such tax purposes as indebtedness of the Trust.

 

Each Noteholder or Note Owner, by acceptance of a Note, or, in the case
of a Note Owner, a beneficial interest in a Note, covenants and agrees that by
accepting the benefits of the Indenture that such Noteholder will not at any
time institute against the Seller or the Issuing Entity, or join in any
institution against the Seller or the Issuing Entity of, any bankruptcy,
reorganization or arrangement, insolvency or liquidation proceedings under any
United States 

 

Exhibit A-2b (Page 5)

 

federal or
State bankruptcy or similar law in connection with any obligations relating to
the Notes, the Indenture or the Basic Documents.

 

Each Noteholder or Note Owner, by acceptance of a Note, or in the case
of Note Owner, a beneficial interest in the Note, represents that either (a) it
is not (i) an employee benefit plan (as defined in Section 3(3) of ERISA) that is
subject to the provisions of Title I of ERISA, (ii) a plan described in Section 4975(e)(1) of the Code, (iii) any
entity whose underlying assets include plan assets of any of the foregoing
(each a “Benefit Plan”), or (iv) a
governmental plan (as defined in Section 3(32)
of ERISA) that is subject to any law substantially similar to ERISA or Section 4975 of the Code or (b) the
purchase and holding of the Note, or a beneficial interest therein, will not
result in a non-exempt prohibited transaction under Section 406 of ERISA, Section 4975
of the Code or any substantially similar applicable law.

 

This Note and the Indenture shall be construed in accordance with the
laws of the State of New York, and the obligations, rights and remedies of the
parties hereunder and thereunder shall be determined in accordance with such
laws.

 

No reference herein to the Indenture and no provision of this Note or
of the Indenture shall alter or impair the obligation of the Issuing Entity,
which is absolute and unconditional, to pay the principal of and interest on
this Note at the times, place and rate, and in the coin or currency, herein
prescribed.

 

Anything herein to the contrary notwithstanding, except as expressly
provided in the Basic Documents, neither The Bank of New York Trust Company,
N.A., in its individual capacity, any owner of a beneficial interest in the
Issuing Entity, nor any of their respective partners, beneficiaries, agents,
officers, directors, employees, successors or assigns shall be personally
liable for, nor shall recourse be had to any of them for, the payment of
principal of or interest on, or performance of, or omission to perform, any of
the covenants, obligations or indemnifications contained in this Note or the
Indenture, it being expressly understood that said covenants, obligations and
indemnifications have been made by the Indenture Trustee for the sole purposes
of binding the interests of the Indenture Trustee in the assets of the Issuing
Entity.  The Holder of this Note by the
acceptance hereof, and each Note Owner by the acceptance of a beneficial
interest herein, each agrees that, except as expressly provided in the Basic
Documents, in the case of an Event of Default under the Indenture, the Holder
and Note Owner shall have no claim against any of the foregoing for any
deficiency, loss or claim therefrom; provided,
however, that nothing contained herein shall be taken to prevent recourse to,
and enforcement against, the assets of the Issuing Entity for any and all
liabilities, obligations and undertakings contained in the Indenture or in this
Note.

 

Exhibit A-2b (Page 6)

 

ASSIGNMENT

 

Social
Security or taxpayer I.D. or other identifying number of assignee

 

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

 

	
   

  
	
  (name and address of assignee)

  

 

the within
Note and all rights thereunder, and hereby irrevocably constitutes and appoints
                                                 ,
attorney, to transfer said Note on the books kept for registration thereof,
with full power of substitution in the premises.

 

	
  Dated: 

  	
   

  	
   

  	
   

  	
  *

  
	
   

  	
   

  	
  Signature
  Guaranteed:

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Signatures
  must be guaranteed by an “eligible

  
	
   

  	
   

  	
   

  	
  guarantor institution” meeting the

  requirements of the Note Registrar, which

  requirements include membership or

  participation in STAMP or such other

  “signature guarantee program”
  as may be

  determined by the Note Registrar in addition

  to, or in substitution for, STAMP, all in

  accordance with the Securities Exchange Act

  of 1934, as amended.

  

 

*              NOTE:  The signature to this assignment must
correspond with the name of the registered owner as it appears on the face of
the within Note in every particular without alteration, enlargement or any
change whatsoever.

 

Exhibit A-2b (Page 7)

 

EXHIBIT A-3a

to Indenture

 

FORM OF A-3a NOTES

 

	
  REGISTERED

  	
  $110,000,000(1)

  
	
  No. R-1

  	
  CUSIP NO. 12619Q AD2

  

 

Unless this Note is presented by an authorized representative of The
Depository Trust Company, a New York corporation (“DTC”), to the Issuing Entity or its agent for registration of
transfer, exchange or payment, and any Note issued is registered in the name of
Cede & Co. or in such other name as is requested by an authorized
representative of DTC (and any payment is made to Cede & Co. or to
such other entity as is requested by an authorized representative of DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has
an interest herein.

 

THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH
HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE
LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.

 

CNH EQUIPMENT TRUST 2008-B

4.78% CLASS A-3a ASSET BACKED NOTES

 

CNH Equipment Trust 2008-B, a statutory trust organized and existing
under the laws of the State of Delaware (including any successor, the “Issuing Entity”), for value received,
hereby promises to pay to CEDE & CO., or registered assigns, the
principal sum of ONE HUNDRED TEN MILLION DOLLARS ($110,000,000), partially
payable on each Payment Date in an amount equal to the aggregate amount, if
any, payable from the Note Distribution Account in respect of principal on the
A-3a Notes pursuant to Section 3.1
of the Indenture; provided, however, that the entire unpaid principal
amount of this Note shall be due and payable on the earlier of the July 2012
Payment Date and the Redemption Date, if any, pursuant to Section 10.1(a) of the
Indenture. Except as provided in Section 5.4
of the Indenture, no payments of principal of the Notes will be made until the
principal of the A-1 Notes and the A-2 Notes has been paid in full. The Issuing
Entity will pay interest on this Note at the A-3a Note Rate, on each Payment
Date until the principal of this Note is paid or made available for payment, on
the principal amount of this Note outstanding on the preceding Payment Date
(after giving effect to all payments of principal made on the preceding Payment
Date), subject to certain limitations contained in Section 3.1 of the Indenture. Interest on this Note
will accrue for each Payment Date from the most recent Payment Date on which
interest has been paid to but excluding the then current Payment Date or, if no
interest has yet been paid, from the date hereof.  Interest will be computed on the basis of a
360-day year consisting of twelve 30-day months.  Such principal of and interest on this Note
shall be paid in the manner specified in the Indenture.

 

(1)           Denominations of $1,000 and in greater whole-dollar
denominations in excess thereof.

 

Exhibit A-3a (Page 1)

 

The principal of and interest on this Note are payable in such coin or
currency of the United States of America as at the time of payment is legal
tender for payment of public and private debts. 
All payments made by the Issuing Entity with respect to this Note shall
be applied first to interest due and payable on this Note as provided above and
then to the unpaid principal of this Note.

 

Reference is made to the further provisions of this Note set forth on
the reverse hereof, which shall have the same effect as though fully set forth
on the face of this Note.

 

Unless the certificate of authentication hereon has been executed by
the Indenture Trustee by manual signature, this Note shall not be entitled to
any benefit under the Indenture referred to on the reverse hereof, or be valid
or obligatory for any purpose.

 

Exhibit A-3a (Page 2)

 

IN WITNESS WHEREOF, the Issuing Entity has caused this instrument to be
signed, manually or in facsimile, by its Authorized Officer.

 

Dated:  May [    ], 2008

 

	
   

  	
  CNH
  EQUIPMENT TRUST 2008-B

  
	
   

  	
   

  
	
   

  	
  By:

  	
  Wilmington
  Trust Company,

  
	
   

  	
  not in its
  individual capacity

  
	
   

  	
  but solely
  as Trustee

  
	
   

  	
  under the
  Trust Agreement

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  
						

 

Exhibit A-3a (Page 3)

 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

This is one of the Notes designated above and referred to in the
within-mentioned Indenture.

 

Dated:  May [    ], 2008

 

	
   

  	
  THE BANK OF
  NEW YORK TRUST

  COMPANY, N.A.,

  
	
   

  	
  not in its
  individual capacity but solely

  
	
   

  	
  as Indenture
  Trustee

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Authorized
  Signatory

  

 

Exhibit A-3a (Page 4)

 

[REVERSE OF NOTE]

 

This Note is one of a duly authorized issue of the Issuing Entity,
designated as its 4.78% Class A-3a Asset Backed Notes (herein called the “A-3a Notes” or the “Notes”), all issued
under an Indenture dated as of May 1, 2008 (such Indenture, as supplemented
or amended, is herein called the “Indenture”)
between the Issuing Entity and The Bank of New York Trust Company, N.A., not in
its individual capacity but solely as trustee (the “Indenture Trustee”, which term includes any successor
Indenture Trustee under the Indenture), to which Indenture and all indentures
supplemental thereto reference is hereby made for a statement of the respective
rights and obligations thereunder of the Issuing Entity, the Indenture Trustee
and the Holders of the Notes.  The Notes
are subject to all terms of the Indenture. 
All terms used in this Note that are not otherwise defined herein and
that are defined in the Indenture shall have the meanings assigned to them in
or pursuant to the Indenture.

 

The Notes, the A-1 Notes, the A-2 Notes, the A-3b Notes and the A-4
Notes are and will be equally and ratably secured by the collateral pledged as
security therefor as provided in the Indenture.

 

The Issuing Entity shall pay interest on overdue installments of
interest at the A-3a Note Rate to the extent lawful.

 

Each Noteholder or Note Owner, by acceptance of a Note, or, in the case
of a Note Owner, a beneficial interest in the Note, covenants and agrees that
no recourse may be taken, directly or indirectly, with respect to the
obligations of the Issuing Entity or the Indenture Trustee on the Notes or
under the Indenture or any certificate or other writing delivered in connection
therewith, against:  (i) the
Indenture Trustee or the Trustee in their individual capacities, (ii) any
owner of a beneficial interest in the Issuing Entity or (iii) any partner,
owner, beneficiary, agent, officer, director or employee of:  (a) the Indenture Trustee or the Trustee
in their individual capacities, (b) any holder of a beneficial interest in
the Issuing Entity, the Trustee or the Indenture Trustee or of (c) any
successor or assign of the Indenture Trustee or the Trustee in their individual
capacities, except as any such Person may have expressly agreed and except that
any such partner, owner or beneficiary shall be fully liable, to the extent
provided by applicable law, for any unpaid consideration for stock, unpaid
capital contribution or failure to pay any installment or call owing to such
partner, owner or beneficiary.

 

It is the intent of the Seller, the Servicer, the Noteholders and the
Note Owners that, for purposes of federal and State income tax and any other
tax measured in whole or in part by income, the Notes qualify as indebtedness
of the Trust.  Each Noteholder or Note
Owner, by acceptance of a Note, or, in the case of a Note Owner, a beneficial
interest in a Note, agrees to treat, and to take no action inconsistent with
the treatment of, the Notes for such tax purposes as indebtedness of the Trust.

 

Each Noteholder or Note Owner, by acceptance of a Note, or, in the case
of a Note Owner, a beneficial interest in a Note, covenants and agrees that by
accepting the benefits of the Indenture that such Noteholder will not at any
time institute against the Seller or the Issuing 

 

Exhibit A-3a (Page 5)

 

Entity, or
join in any institution against the Seller or the Issuing Entity of, any
bankruptcy, reorganization or arrangement, insolvency or liquidation
proceedings under any United States federal or State bankruptcy or similar law
in connection with any obligations relating to the Notes, the Indenture or the
Basic Documents.

 

Each Noteholder or Note Owner, by acceptance of a Note, or in the case
of Note Owner, a beneficial interest in the Note, represents that either (a) it
is not (i) an employee benefit plan (as defined in Section 3(3) of ERISA) that is
subject to the provisions of Title I of ERISA, (ii) a plan described in Section 4975(e)(1) of the Code, (iii) any
entity whose underlying assets include plan assets of any of the foregoing
(each a “Benefit Plan”), or (iv) a
governmental plan (as defined in Section 3(32)
of ERISA) that is subject to any law substantially similar to ERISA or Section 4975 of the Code or (b) the
purchase and holding of the Note, or a beneficial interest therein, will not
result in a non-exempt prohibited transaction under Section 406 of ERISA, Section 4975
of the Code or any substantially similar applicable law.

 

This Note and the Indenture shall be construed in accordance with the
laws of the State of New York, and the obligations, rights and remedies of the
parties hereunder and thereunder shall be determined in accordance with such
laws.

 

No reference herein to the Indenture and no provision of this Note or
of the Indenture shall alter or impair the obligation of the Issuing Entity,
which is absolute and unconditional, to pay the principal of and interest on
this Note at the times, place and rate, and in the coin or currency, herein
prescribed.

 

Anything herein to the contrary notwithstanding, except as expressly
provided in the Basic Documents, neither The Bank of New York Trust Company,
N.A., in its individual capacity, any owner of a beneficial interest in the
Issuing Entity, nor any of their respective partners, beneficiaries, agents,
officers, directors, employees, successors or assigns shall be personally
liable for, nor shall recourse be had to any of them for, the payment of
principal of or interest on, or performance of, or omission to perform, any of
the covenants, obligations or indemnifications contained in this Note or the
Indenture, it being expressly understood that said covenants, obligations and
indemnifications have been made by the Indenture Trustee for the sole purposes
of binding the interests of the Indenture Trustee in the assets of the Issuing
Entity.  The Holder of this Note by the
acceptance hereof, and each Note Owner by the acceptance of a beneficial
interest herein, each agrees that, except as expressly provided in the Basic
Documents, in the case of an Event of Default under the Indenture, the Holder
and Note Owner shall have no claim against any of the foregoing for any
deficiency, loss or claim therefrom; provided,
however, that nothing contained herein shall be taken to prevent
recourse to, and enforcement against, the assets of the Issuing Entity for any
and all liabilities, obligations and undertakings contained in the Indenture or
in this Note.

 

Exhibit A-3a (Page 6)

 

ASSIGNMENT

 

Social Security
or taxpayer I.D. or other identifying number of assignee

 

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

 

	
   

  
	
  (name and address of assignee)

  

 

the within Note and all rights thereunder, and hereby irrevocably
constitutes and appoints                                                       ,
attorney, to transfer said Note on the books kept for registration thereof,
with full power of substitution in the premises.

 

	
  Dated:

  	
   

  	
   

  	
   

  	
  *

  
	
   

  	
   

  	
   

  	
  Signature
  Guaranteed:

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Signatures
  must be guaranteed by an “eligible

  
	
   

  	
   

  	
   

  	
  guarantor institution” meeting the

  requirements of the Note Registrar, which

  requirements include membership or

  participation in STAMP or such other

  “signature guarantee program”
  as may be

  determined by the Note Registrar in addition

  to, or in substitution for, STAMP, all in

  accordance with the Securities Exchange Act

  of 1934, as amended.

  

 

*              NOTE:  The signature to this assignment must
correspond with the name of the registered owner as it appears on the face of
the within Note in every particular without alteration, enlargement or any
change whatsoever.

 

Exhibit A-3a (Page 7)

 

EXHIBIT A-3b

to Indenture

 

FORM OF A-3b NOTES

 

	
  REGISTERED

  	
  $60,000,000(1)

  
	
  No. R-1

  	
  CUSIP NO. 12619Q AE0

  

 

Unless this Note is presented by an authorized representative of The
Depository Trust Company, a New York corporation (“DTC”), to the Issuing Entity or its agent for registration
of transfer, exchange or payment, and any Note issued is registered in the name
of Cede & Co. or in such other name as is requested by an authorized
representative of DTC (and any payment is made to Cede & Co. or to
such other entity as is requested by an authorized representative of DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has
an interest herein.

 

THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH
HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE
LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.

 

CNH EQUIPMENT TRUST 2008-B

FLOATING RATE CLASS A-3b ASSET BACKED
NOTES

 

CNH Equipment Trust 2008-B, a statutory trust organized and existing
under the laws of the State of Delaware (including any successor, the “Issuing Entity”), for value received,
hereby promises to pay to CEDE & CO., or registered assigns, the
principal sum of SIXTY MILLION DOLLARS ($60,000,000), partially payable on each
Payment Date in an amount equal to the aggregate amount, if any, payable from
the Note Distribution Account in respect of principal on the A-3b Notes
pursuant to Section 3.1 of
the Indenture; provided, however, that the entire unpaid principal
amount of this Note shall be due and payable on the earlier of the July 2012
Payment Date and the Redemption Date, if any, pursuant to Section 10.1(a) of the
Indenture. Except as provided in Section 5.4
of the Indenture, no payments of principal of the Notes will be made until the
principal of the A-1 Notes and the A-2 Notes has been paid in full. The Issuing
Entity will pay interest on this Note at the A-3b Note Rate, on each Payment
Date until the principal of this Note is paid or made available for payment, on
the principal amount of this Note outstanding on the preceding Payment Date
(after giving effect to all payments of principal made on the preceding Payment
Date), subject to certain limitations contained in Section 3.1 of the Indenture. Interest on this Note
will accrue for each Payment Date from the most recent Payment Date on which
interest has been paid to but excluding the then current Payment Date or, if no
interest has yet been paid, from the date hereof.  Interest will be computed on the basis of a
360-day year and the actual number of days in the applicable Interest Period.
Such principal of and interest on this Note shall be paid in the manner specified
in the Indenture.

 

(1)                                  Denominations
of $1,000 and in greater whole-dollar denominations in excess thereof.

 

Exhibit A-3b (Page 1)

 

The principal of and interest on this Note are payable in such coin or
currency of the United States of America as at the time of payment is legal
tender for payment of public and private debts. 
All payments made by the Issuing Entity with respect to this Note shall
be applied first to interest due and payable on this Note as provided above and
then to the unpaid principal of this Note.

 

Reference is made to the further provisions of this Note set forth on
the reverse hereof, which shall have the same effect as though fully set forth
on the face of this Note.

 

Unless the certificate of authentication hereon has been executed by
the Indenture Trustee by manual signature, this Note shall not be entitled to
any benefit under the Indenture referred to on the reverse hereof, or be valid
or obligatory for any purpose.

 

Exhibit A-3b (Page 2)

 

IN WITNESS WHEREOF, the Issuing Entity has caused this instrument to be
signed, manually or in facsimile, by its Authorized Officer.

 

Dated:  May [    ], 2008

 

	
   

  	
  CNH
  EQUIPMENT TRUST 2008-B

  
	
   

  	
   

  
	
   

  	
  By:

  	
  Wilmington
  Trust Company,

  
	
   

  	
  not in its
  individual capacity

  
	
   

  	
  but solely
  as Trustee under

  
	
   

  	
  the Trust
  Agreement

  
	
   

  	
   

  
	
   

  	
  By: 

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  
						

 

Exhibit A-3b (Page 3)

 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

This is one of the Notes designated above and referred to in the
within-mentioned Indenture.

 

Dated:  May [    ], 2008

 

	
   

  	
  THE BANK OF
  NEW YORK TRUST

  COMPANY, N.A.,

  
	
   

  	
  not in its
  individual capacity but

  
	
   

  	
  solely as
  Indenture Trustee

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Authorized
  Signatory

  

 

Exhibit A-3b (Page 4)

 

[REVERSE OF NOTE]

 

This Note is one of a duly authorized issue of the Issuing Entity,
designated as its Floating Rate Class A-3b Asset Backed Notes (herein
called the “A-3b Notes” or the “Notes”),
all issued under an Indenture dated as of May 1, 2008 (such Indenture, as
supplemented or amended, is herein called the “Indenture”)
between the Issuing Entity and The Bank of New York Trust Company, N.A., not in
its individual capacity but solely as trustee (the “Indenture Trustee”, which term includes any successor
Indenture Trustee under the Indenture), to which Indenture and all indentures
supplemental thereto reference is hereby made for a statement of the respective
rights and obligations thereunder of the Issuing Entity, the Indenture Trustee
and the Holders of the Notes.  The Notes
are subject to all terms of the Indenture. 
All terms used in this Note that are not otherwise defined herein and
that are defined in the Indenture shall have the meanings assigned to them in
or pursuant to the Indenture.

 

The Notes, the A-1 Notes, the A-2 Notes, the A-3a Notes and the A-4
Notes are and will be equally and ratably secured by the collateral pledged as
security therefor as provided in the Indenture.

 

The Issuing Entity shall pay interest on overdue installments of
interest at the A-3b Note Rate to the extent lawful.

 

Each Noteholder or Note Owner, by acceptance of a Note, or, in the case
of a Note Owner, a beneficial interest in the Note, covenants and agrees that
no recourse may be taken, directly or indirectly, with respect to the
obligations of the Issuing Entity or the Indenture Trustee on the Notes or
under the Indenture or any certificate or other writing delivered in connection
therewith, against:  (i) the
Indenture Trustee or the Trustee in their individual capacities, (ii) any
owner of a beneficial interest in the Issuing Entity or (iii) any partner,
owner, beneficiary, agent, officer, director or employee of:  (a) the Indenture Trustee or the Trustee
in their individual capacities, (b) any holder of a beneficial interest in
the Issuing Entity, the Trustee or the Indenture Trustee or of (c) any
successor or assign of the Indenture Trustee or the Trustee in their individual
capacities, except as any such Person may have expressly agreed and except that
any such partner, owner or beneficiary shall be fully liable, to the extent
provided by applicable law, for any unpaid consideration for stock, unpaid
capital contribution or failure to pay any installment or call owing to such
partner, owner or beneficiary.

 

It is the intent of the Seller, the Servicer, the Noteholders and the
Note Owners that, for purposes of federal and State income tax and any other
tax measured in whole or in part by income, the Notes qualify as indebtedness
of the Trust.  Each Noteholder or Note
Owner, by acceptance of a Note, or, in the case of a Note Owner, a beneficial
interest in a Note, agrees to treat, and to take no action inconsistent with
the treatment of, the Notes for such tax purposes as indebtedness of the Trust.

 

Each Noteholder or Note Owner, by acceptance of a Note, or, in the case
of a Note Owner, a beneficial interest in a Note, covenants and agrees that by
accepting the benefits of the Indenture that such Noteholder will not at any time
institute against the Seller or the Issuing 

 

Exhibit A-3b (Page 5)

 

Entity, or
join in any institution against the Seller or the Issuing Entity of, any
bankruptcy, reorganization or arrangement, insolvency or liquidation
proceedings under any United States federal or State bankruptcy or similar law
in connection with any obligations relating to the Notes, the Indenture or the
Basic Documents.

 

Each Noteholder or Note Owner, by acceptance of a Note, or in the case
of Note Owner, a beneficial interest in the Note, represents that either (a) it
is not (i) an employee benefit plan (as defined in Section 3(3) of ERISA) that is
subject to the provisions of Title I of ERISA, (ii) a plan described in Section 4975(e)(1) of the Code, (iii) any
entity whose underlying assets include plan assets of any of the foregoing
(each a “Benefit Plan”), or (iv) a
governmental plan (as defined in Section 3(32)
of ERISA) that is subject to any law substantially similar to ERISA or Section 4975 of the Code or (b) the
purchase and holding of the Note, or a beneficial interest therein, will not
result in a non-exempt prohibited transaction under Section 406 of ERISA, Section 4975
of the Code or any substantially similar applicable law.

 

This Note and the Indenture shall be construed in accordance with the
laws of the State of New York, and the obligations, rights and remedies of the
parties hereunder and thereunder shall be determined in accordance with such
laws.

 

No reference herein to the Indenture and no provision of this Note or
of the Indenture shall alter or impair the obligation of the Issuing Entity,
which is absolute and unconditional, to pay the principal of and interest on
this Note at the times, place and rate, and in the coin or currency, herein
prescribed.

 

Anything herein to the contrary notwithstanding, except as expressly
provided in the Basic Documents, neither The Bank of New York Trust Company,
N.A., in its individual capacity, any owner of a beneficial interest in the
Issuing Entity, nor any of their respective partners, beneficiaries, agents,
officers, directors, employees, successors or assigns shall be personally
liable for, nor shall recourse be had to any of them for, the payment of
principal of or interest on, or performance of, or omission to perform, any of
the covenants, obligations or indemnifications contained in this Note or the
Indenture, it being expressly understood that said covenants, obligations and
indemnifications have been made by the Indenture Trustee for the sole purposes
of binding the interests of the Indenture Trustee in the assets of the Issuing
Entity.  The Holder of this Note by the
acceptance hereof, and each Note Owner by the acceptance of a beneficial
interest herein, each agrees that, except as expressly provided in the Basic
Documents, in the case of an Event of Default under the Indenture, the Holder
and Note Owner shall have no claim against any of the foregoing for any
deficiency, loss or claim therefrom; provided,
however, that nothing contained herein shall be taken to prevent
recourse to, and enforcement against, the assets of the Issuing Entity for any
and all liabilities, obligations and undertakings contained in the Indenture or
in this Note.

 

Exhibit A-3b (Page 6)

 

ASSIGNMENT

 

Social
Security or taxpayer I.D. or other identifying number of assignee

 

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

 

	
   

  
	
  (name and address of assignee)

  

 

the within Note and all rights thereunder, and hereby irrevocably
constitutes and appoints                                                      ,
attorney, to transfer said Note on the books kept for registration thereof,
with full power of substitution in the premises.

 

	
  Dated: 

  	
   

  	
   

  	
   

  	
  *

  
	
   

  	
   

  	
  Signature
  Guaranteed:

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Signatures
  must be guaranteed by an “eligible

  
	
   

  	
   

  	
   

  	
  guarantor institution” meeting the

  requirements of the Note Registrar, which

  requirements include membership or

  participation in STAMP or such other

  “signature guarantee program”
  as may be

  determined by the Note Registrar in addition

  to, or in substitution for, STAMP, all in

  accordance with the Securities Exchange Act

  of 1934, as amended.

  

 

*              NOTE:  The signature to this assignment must
correspond with the name of the registered owner as it appears on the face of
the within Note in every particular without alteration, enlargement or any
change whatsoever.

 

Exhibit A-3b (Page 7)

 

EXHIBIT A-4a

to Indenture

 

FORM OF A-4a NOTES

 

	
  REGISTERED

  	
  $96,257,000(1)

  
	
  No. R-1

  	
  CUSIP NO. 12619Q AF7

  

 

Unless this Note is presented by an authorized representative of The
Depository Trust Company, a New York corporation (“DTC”), to the Issuing Entity or its agent for registration
of transfer, exchange or payment, and any Note issued is registered in the name
of Cede & Co. or in such other name as is requested by an authorized
representative of DTC (and any payment is made to Cede & Co. or to
such other entity as is requested by an authorized representative of DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has
an interest herein.

 

THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH
HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE
LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.

 

CNH EQUIPMENT TRUST 2008-B

5.60% CLASS A-4a ASSET BACKED NOTES

 

CNH Equipment Trust 2008-B, a statutory trust organized and existing
under the laws of the State of Delaware (including any successor, the “Issuing Entity”), for value received,
hereby promises to pay to CEDE & CO., or registered assigns, the
principal sum of NINETY-SIX MILLION TWO HUNDRED FIFTY-SEVEN THOUSAND DOLLARS
($96,257,000), partially payable on each Payment Date in an amount equal to the
aggregate amount, if any, payable from the Note Distribution Account in respect
of principal on the A-4a Notes pursuant to Section 3.1
of the Indenture; provided, however, that the entire unpaid principal
amount of this Note shall be due and payable on the earlier of the November 2014
Payment Date and the Redemption Date, if any, pursuant to Section 10.1(a) of the
Indenture. Except as provided in Section 5.4
of the Indenture, no payments of principal of the Notes will be made until the
principal of the A-1 Notes, the A-2 Notes and the A-3 Notes has been paid in
full. The Issuing Entity will pay interest on this Note at the A-4a Note Rate,
on each Payment Date until the principal of this Note is paid or made available
for payment, on the principal amount of this Note outstanding on the preceding
Payment Date (after giving effect to all payments of principal made on the
preceding Payment Date), subject to certain limitations contained in Section 3.1 of the Indenture.
Interest on this Note will accrue for each Payment Date from the most recent
Payment Date on which interest has been paid to but excluding the then current
Payment Date or, if no interest has yet been paid, from the date hereof.  Interest will be computed on the basis of a
360-day year

 

(1)           Denominations of $1,000 and in greater whole-dollar
denominations in excess thereof.

 

Exhibit A-4a (Page 1)

 

consisting of
twelve 30-day months.  Such principal of
and interest on this Note shall be paid in the manner specified in the
Indenture.

 

The principal of and interest on this Note are payable in such coin or
currency of the United States of America as at the time of payment is legal
tender for payment of public and private debts. 
All payments made by the Issuing Entity with respect to this Note shall
be applied first to interest due and payable on this Note as provided above and
then to the unpaid principal of this Note.

 

Reference is made to the further provisions of this Note set forth on
the reverse hereof, which shall have the same effect as though fully set forth
on the face of this Note.

 

Unless the certificate of authentication hereon has been executed by the
Indenture Trustee by manual signature, this Note shall not be entitled to any
benefit under the Indenture referred to on the reverse hereof, or be valid or
obligatory for any purpose.

 

Exhibit A-4a (Page 2)

 

IN WITNESS WHEREOF, the Issuing Entity has caused this instrument to be
signed, manually or in facsimile, by its Authorized Officer.

 

Dated:  May [    ], 2008

 

	
   

  	
  CNH
  EQUIPMENT TRUST 2008-B

  
	
   

  	
   

  
	
   

  	
  By:

  	
  Wilmington
  Trust Company,

  
	
   

  	
  not in its
  individual capacity

  
	
   

  	
  but solely
  as Trustee under

  
	
   

  	
  the Trust
  Agreement

  
	
   

  	
   

  
	
   

  	
  By: 

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  
						

 

Exhibit A-4a (Page 3)

 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

This is one of the Notes designated above and referred to in the
within-mentioned Indenture.

 

Dated:  May [    ], 2008

 

	
   

  	
  THE BANK OF
  NEW YORK TRUST

  COMPANY, N.A.,

  
	
   

  	
  not in its
  individual capacity but

  
	
   

  	
  solely as
  Indenture Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Authorized
  Signatory

  

 

Exhibit A-4a (Page 4)

 

[REVERSE OF NOTE]

 

This Note is one of a duly authorized issue of the Issuing Entity,
designated as its 5.60% Class A-4a Asset Backed Notes (herein called the “A-4a Notes” or the “Notes”), all issued
under an Indenture dated as of May 1, 2008 (such Indenture, as
supplemented or amended, is herein called the “Indenture”)
between the Issuing Entity and The Bank of New York Trust Company, N.A., not in
its individual capacity but solely as trustee (the “Indenture Trustee”, which term includes any successor
Indenture Trustee under the Indenture), to which Indenture and all indentures
supplemental thereto reference is hereby made for a statement of the respective
rights and obligations thereunder of the Issuing Entity, the Indenture Trustee
and the Holders of the Notes.  The Notes
are subject to all terms of the Indenture. 
All terms used in this Note that are not otherwise defined herein and
that are defined in the Indenture shall have the meanings assigned to them in
or pursuant to the Indenture.

 

The Notes, the A-1 Notes, the A-2 Notes, the A-3 Notes and the A-4b
Notes are and will be equally and ratably secured by the collateral pledged as
security therefor as provided in the Indenture.

 

The Issuing Entity shall pay interest on overdue installments of
interest at the A-4a Note Rate to the extent lawful.

 

Each Noteholder or Note Owner, by acceptance of a Note, or, in the case
of a Note Owner, a beneficial interest in the Note, covenants and agrees that
no recourse may be taken, directly or indirectly, with respect to the
obligations of the Issuing Entity or the Indenture Trustee on the Notes or
under the Indenture or any certificate or other writing delivered in connection
therewith, against:  (i) the
Indenture Trustee or the Trustee in their individual capacities, (ii) any
owner of a beneficial interest in the Issuing Entity or (iii) any partner,
owner, beneficiary, agent, officer, director or employee of:  (a) the Indenture Trustee or the Trustee
in their individual capacities, (b) any holder of a beneficial interest in
the Issuing Entity, the Trustee or the Indenture Trustee or of (c) any
successor or assign of the Indenture Trustee or the Trustee in their individual
capacities, except as any such Person may have expressly agreed and except that
any such partner, owner or beneficiary shall be fully liable, to the extent
provided by applicable law, for any unpaid consideration for stock, unpaid
capital contribution or failure to pay any installment or call owing to such
partner, owner or beneficiary.

 

It is the intent of the Seller, the Servicer, the Noteholders and the
Note Owners that, for purposes of federal and State income tax and any other
tax measured in whole or in part by income, the Notes qualify as indebtedness
of the Trust.  Each Noteholder or Note
Owner, by acceptance of a Note, or, in the case of a Note Owner, a beneficial
interest in a Note, agrees to treat, and to take no action inconsistent with
the treatment of, the Notes for such tax purposes as indebtedness of the Trust.

 

Each Noteholder or Note Owner, by acceptance of a Note, or, in the case
of a Note Owner, a beneficial interest in a Note, covenants and agrees that by
accepting the benefits of the Indenture that such Noteholder will not at any
time institute against the Seller or the Issuing 

 

Exhibit A-4a (Page 5)

 

Entity, or
join in any institution against the Seller or the Issuing Entity of, any
bankruptcy, reorganization or arrangement, insolvency or liquidation proceedings
under any United States federal or State bankruptcy or similar law in
connection with any obligations relating to the Notes, the Indenture or the
Basic Documents.

 

Each Noteholder or Note Owner, by acceptance of a Note, or in the case
of Note Owner, a beneficial interest in the Note, represents that either (a) it
is not (i) an employee benefit plan (as defined in Section 3(3) of ERISA) that is
subject to the provisions of Title I of ERISA, (ii) a plan described in Section 4975(e)(1) of the Code, (iii) any
entity whose underlying assets include plan assets of any of the foregoing
(each a “Benefit Plan”), or (iv) a
governmental plan (as defined in Section 3(32)
of ERISA) that is subject to any law substantially similar to ERISA or Section 4975 of the Code or (b) the
purchase and holding of the Note, or a beneficial interest therein, will not
result in a non-exempt prohibited transaction under Section 406 of ERISA, Section 4975
of the Code or any substantially similar applicable law.

 

This Note and the Indenture shall be construed in accordance with the
laws of the State of New York, and the obligations, rights and remedies of the
parties hereunder and thereunder shall be determined in accordance with such
laws.

 

No reference herein to the Indenture and no provision of this Note or
of the Indenture shall alter or impair the obligation of the Issuing Entity,
which is absolute and unconditional, to pay the principal of and interest on
this Note at the times, place and rate, and in the coin or currency, herein prescribed.

 

Anything herein to the contrary notwithstanding, except as expressly
provided in the Basic Documents, neither The Bank of New York Trust Company,
N.A., in its individual capacity, any owner of a beneficial interest in the
Issuing Entity, nor any of their respective partners, beneficiaries, agents,
officers, directors, employees, successors or assigns shall be personally
liable for, nor shall recourse be had to any of them for, the payment of
principal of or interest on, or performance of, or omission to perform, any of
the covenants, obligations or indemnifications contained in this Note or the
Indenture, it being expressly understood that said covenants, obligations and
indemnifications have been made by the Indenture Trustee for the sole purposes
of binding the interests of the Indenture Trustee in the assets of the Issuing
Entity.  The Holder of this Note by the
acceptance hereof, and each Note Owner by the acceptance of a beneficial
interest herein, each agrees that, except as expressly provided in the Basic
Documents, in the case of an Event of Default under the Indenture, the Holder
and Note Owner shall have no claim against any of the foregoing for any
deficiency, loss or claim therefrom; provided,
however, that nothing contained herein shall be taken to prevent
recourse to, and enforcement against, the assets of the Issuing Entity for any
and all liabilities, obligations and undertakings contained in the Indenture or
in this Note.

 

Exhibit A-4a (Page 6)

 

ASSIGNMENT

 

Social
Security or taxpayer I.D. or other identifying number of assignee

 

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

 

	
   

  
	
  (name and address of assignee)

  

 

the within Note and all rights thereunder, and hereby irrevocably
constitutes and appoints                                                     ,
attorney, to transfer said Note on the books kept for registration thereof,
with full power of substitution in the premises.

 

	
  Dated: 

  	
   

  	
   

  	
   

  	
  *

  
	
   

  	
   

  	
  Signature
  Guaranteed:

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Signatures
  must be guaranteed by an “eligible

  
	
   

  	
   

  	
   

  	
  guarantor institution” meeting the

  requirements of the Note Registrar, which

  requirements include membership or

  participation in STAMP or such other

  “signature guarantee program”
  as may be

  determined by the Note Registrar in addition

  to, or in substitution for, STAMP, all in

  accordance with the Securities Exchange Act

  of 1934, as amended.

  

 

*              NOTE:  The signature to this assignment must
correspond with the name of the registered owner as it appears on the face of
the within Note in every particular without alteration, enlargement or any
change whatsoever.

 

Exhibit A-4a (Page 7)

 

EXHIBIT A-4b

to Indenture

 

FORM OF A-4b NOTES

 

	
  REGISTERED

  	
  $30,000,000(1)

  
	
  No. R-1

  	
  CUSIP NO. 12619Q AG5

  

 

Unless this Note is presented by an authorized representative of The
Depository Trust Company, a New York corporation (“DTC”), to the Issuing Entity or its agent for registration
of transfer, exchange or payment, and any Note issued is registered in the name
of Cede & Co. or in such other name as is requested by an authorized
representative of DTC (and any payment is made to Cede & Co. or to
such other entity as is requested by an authorized representative of DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has
an interest herein.

 

THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH
HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE
LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.

 

CNH EQUIPMENT TRUST 2008-B

FLOATING RATE CLASS A-4b ASSET BACKED
NOTES

 

CNH Equipment Trust 2008-B, a statutory trust organized and existing
under the laws of the State of Delaware (including any successor, the “Issuing Entity”), for value received,
hereby promises to pay to CEDE & CO., or registered assigns, the
principal sum of THIRTY MILLION DOLLARS ($30,000,000), partially payable on
each Payment Date in an amount equal to the aggregate amount, if any, payable
from the Note Distribution Account in respect of principal on the A-4b Notes
pursuant to Section 3.1 of
the Indenture; provided, however, that the entire unpaid principal
amount of this Note shall be due and payable on the earlier of the November 2014
Payment Date and the Redemption Date, if any, pursuant to Section 10.1(a) of the
Indenture. Except as provided in Section 5.4
of the Indenture, no payments of principal of the Notes will be made until the
principal of the A-1 Notes, the A-2 Notes and the A-3 Notes has been paid in
full. The Issuing Entity will pay interest on this Note at the A-4b Note Rate,
on each Payment Date until the principal of this Note is paid or made available
for payment, on the principal amount of this Note outstanding on the preceding
Payment Date (after giving effect to all payments of principal made on the
preceding Payment Date), subject to certain limitations contained in Section 3.1 of the Indenture.
Interest on this Note will accrue for each Payment Date from the most recent
Payment Date on which interest has been paid to but excluding the then current
Payment Date or, if no interest has yet been paid, from the date hereof.  Interest will be computed on the basis of a
360-day year and the actual number of days in the applicable Interest 

 

(1)                                  Denominations
of $1,000 and in greater whole-dollar denominations in excess thereof.

 

Exhibit A-4b (Page 1)

 

Period. Such
principal of and interest on this Note shall be paid in the manner specified in
the Indenture.

 

The principal of and interest on this Note are payable in such coin or
currency of the United States of America as at the time of payment is legal
tender for payment of public and private debts. 
All payments made by the Issuing Entity with respect to this Note shall
be applied first to interest due and payable on this Note as provided above and
then to the unpaid principal of this Note.

 

Reference is made to the further provisions of this Note set forth on
the reverse hereof, which shall have the same effect as though fully set forth
on the face of this Note.

 

Unless the certificate of authentication hereon has been executed by
the Indenture Trustee by manual signature, this Note shall not be entitled to
any benefit under the Indenture referred to on the reverse hereof, or be valid
or obligatory for any purpose.

 

Exhibit A-4b (Page 2)

 

IN WITNESS WHEREOF, the Issuing Entity has caused this instrument to be
signed, manually or in facsimile, by its Authorized Officer.

 

Dated:  May [    ], 2008

 

	
   

  	
  CNH
  EQUIPMENT TRUST 2008-B

  
	
   

  	
   

  
	
   

  	
  By:

  	
  Wilmington
  Trust Company,

  
	
   

  	
  not in its
  individual capacity

  
	
   

  	
  but solely
  as Trustee under

  
	
   

  	
  the Trust
  Agreement

  
	
   

  	
   

  
	
   

  	
  By: 

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  
						

 

Exhibit A-4b (Page 3)

 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

This is one of the Notes designated above and referred to in the
within-mentioned Indenture.

 

Dated:  May [    ], 2008

 

	
   

  	
  THE BANK OF
  NEW YORK TRUST

  COMPANY, N.A.,

  
	
   

  	
  not in its
  individual capacity but

  
	
   

  	
  solely as
  Indenture Trustee

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Authorized
  Signatory

  

 

Exhibit A-4b (Page 4)

 

[REVERSE OF NOTE]

 

This Note is one of a duly authorized issue of the Issuing Entity,
designated as its Floating Rate Class A-4b Asset Backed Notes (herein
called the “A-4b Notes” or the “Notes”),
all issued under an Indenture dated as of May 1, 2008 (such Indenture, as
supplemented or amended, is herein called the “Indenture”)
between the Issuing Entity and The Bank of New York Trust Company, N.A., not in
its individual capacity but solely as trustee (the “Indenture Trustee”, which term includes any successor
Indenture Trustee under the Indenture), to which Indenture and all indentures
supplemental thereto reference is hereby made for a statement of the respective
rights and obligations thereunder of the Issuing Entity, the Indenture Trustee
and the Holders of the Notes.  The Notes
are subject to all terms of the Indenture. 
All terms used in this Note that are not otherwise defined herein and
that are defined in the Indenture shall have the meanings assigned to them in
or pursuant to the Indenture.

 

The Notes, the A-1 Notes, the A-2 Notes, the A-3 Notes and the A-4a
Notes are and will be equally and ratably secured by the collateral pledged as
security therefor as provided in the Indenture.

 

The Issuing Entity shall pay interest on overdue installments of
interest at the A-4b Note Rate to the extent lawful.

 

Each Noteholder or Note Owner, by acceptance of a Note, or, in the case
of a Note Owner, a beneficial interest in the Note, covenants and agrees that
no recourse may be taken, directly or indirectly, with respect to the
obligations of the Issuing Entity or the Indenture Trustee on the Notes or
under the Indenture or any certificate or other writing delivered in connection
therewith, against:  (i) the
Indenture Trustee or the Trustee in their individual capacities, (ii) any
owner of a beneficial interest in the Issuing Entity or (iii) any partner,
owner, beneficiary, agent, officer, director or employee of:  (a) the Indenture Trustee or the Trustee
in their individual capacities, (b) any holder of a beneficial interest in
the Issuing Entity, the Trustee or the Indenture Trustee or of (c) any
successor or assign of the Indenture Trustee or the Trustee in their individual
capacities, except as any such Person may have expressly agreed and except that
any such partner, owner or beneficiary shall be fully liable, to the extent
provided by applicable law, for any unpaid consideration for stock, unpaid
capital contribution or failure to pay any installment or call owing to such
partner, owner or beneficiary.

 

It is the intent of the Seller, the Servicer, the Noteholders and the
Note Owners that, for purposes of federal and State income tax and any other
tax measured in whole or in part by income, the Notes qualify as indebtedness
of the Trust.  Each Noteholder or Note
Owner, by acceptance of a Note, or, in the case of a Note Owner, a beneficial
interest in a Note, agrees to treat, and to take no action inconsistent with
the treatment of, the Notes for such tax purposes as indebtedness of the Trust.

 

Each Noteholder or Note Owner, by acceptance of a Note, or, in the case
of a Note Owner, a beneficial interest in a Note, covenants and agrees that by
accepting the benefits of the Indenture that such Noteholder will not at any
time institute against the Seller or the Issuing 

 

Exhibit A-4b (Page 5)

 

Entity, or
join in any institution against the Seller or the Issuing Entity of, any
bankruptcy, reorganization or arrangement, insolvency or liquidation
proceedings under any United States federal or State bankruptcy or similar law
in connection with any obligations relating to the Notes, the Indenture or the
Basic Documents.

 

Each Noteholder or Note Owner, by acceptance of a Note, or in the case
of Note Owner, a beneficial interest in the Note, represents that either (a) it
is not (i) an employee benefit plan (as defined in Section 3(3) of ERISA) that is
subject to the provisions of Title I of ERISA, (ii) a plan described in Section 4975(e)(1) of the Code, (iii) any
entity whose underlying assets include plan assets of any of the foregoing
(each a “Benefit Plan”), or (iv) a
governmental plan (as defined in Section 3(32)
of ERISA) that is subject to any law substantially similar to ERISA or Section 4975 of the Code or (b) the
purchase and holding of the Note, or a beneficial interest therein, will not
result in a non-exempt prohibited transaction under Section 406 of ERISA, Section 4975
of the Code or any substantially similar applicable law.

 

This Note and the Indenture shall be construed in accordance with the
laws of the State of New York, and the obligations, rights and remedies of the
parties hereunder and thereunder shall be determined in accordance with such
laws.

 

No reference herein to the Indenture and no provision of this Note or
of the Indenture shall alter or impair the obligation of the Issuing Entity,
which is absolute and unconditional, to pay the principal of and interest on
this Note at the times, place and rate, and in the coin or currency, herein
prescribed.

 

Anything herein to the contrary notwithstanding, except as expressly
provided in the Basic Documents, neither The Bank of New York Trust Company,
N.A., in its individual capacity, any owner of a beneficial interest in the
Issuing Entity, nor any of their respective partners, beneficiaries, agents,
officers, directors, employees, successors or assigns shall be personally
liable for, nor shall recourse be had to any of them for, the payment of principal
of or interest on, or performance of, or omission to perform, any of the
covenants, obligations or indemnifications contained in this Note or the
Indenture, it being expressly understood that said covenants, obligations and
indemnifications have been made by the Indenture Trustee for the sole purposes
of binding the interests of the Indenture Trustee in the assets of the Issuing
Entity.  The Holder of this Note by the
acceptance hereof, and each Note Owner by the acceptance of a beneficial
interest herein, each agrees that, except as expressly provided in the Basic
Documents, in the case of an Event of Default under the Indenture, the Holder
and Note Owner shall have no claim against any of the foregoing for any
deficiency, loss or claim therefrom; provided,
however, that nothing contained herein shall be taken to prevent
recourse to, and enforcement against, the assets of the Issuing Entity for any
and all liabilities, obligations and undertakings contained in the Indenture or
in this Note.

 

Exhibit A-4b (Page 6)

 

ASSIGNMENT

 

Social
Security or taxpayer I.D. or other identifying number of assignee

 

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

 

	
   

  
	
  (name and address of assignee)

  

 

the within Note and all rights thereunder, and hereby irrevocably
constitutes and appoints                                                      ,
attorney, to transfer said Note on the books kept for registration thereof,
with full power of substitution in the premises.

 

	
  Dated: 

  	
   

  	
   

  	
   

  	
  *

  
	
   

  	
   

  	
  Signature
  Guaranteed:

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Signatures
  must be guaranteed by an “eligible

  
	
   

  	
   

  	
   

  	
  guarantor institution” meeting the

  requirements of the Note Registrar, which

  requirements include membership or

  participation in STAMP or such other

  “signature guarantee program”
  as may be

  determined by the Note Registrar in addition

  to, or in substitution for, STAMP, all in

  accordance with the Securities Exchange Act

  of 1934, as amended.

  

 

*              NOTE:  The signature to this assignment must correspond
with the name of the registered owner as it appears on the face of the within
Note in every particular without alteration, enlargement or any change
whatsoever.

 

Exhibit A-4b (Page 7)

 

EXHIBIT A-5

to Indenture

 

FORM OF CLASS B NOTES

 

	
  REGISTERED

  	
  $15,673,959(1)

  
	
  No. R-1

  	
  CUSIP NO. 12619Q AH3

  

 

THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED (THE “ACT”). ANY RESALE OR TRANSFER OF THIS NOTE WITHOUT REGISTRATION
THEREOF UNDER THE ACT MAY ONLY BE MADE IN A TRANSACTION EXEMPTED FROM THE
REGISTRATION REQUIREMENTS OF THE ACT AND IN ACCORDANCE WITH THE PROVISIONS OF
THE INDENTURE REFERRED TO HEREIN.

 

THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH
HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE
LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.

 

CNH EQUIPMENT TRUST 2008-B

0.00% CLASS B ASSET BACKED NOTES

 

CNH Equipment Trust 2008-B, a statutory trust organized and existing
under the laws of the State of Delaware (including any successor, the “Issuing Entity”), for value received,
hereby promises to pay to [CNH CAPITAL AMERICA LLC], or registered assigns, the
principal sum of FIFTEEN MILLION SIX HUNDRED SEVENTY-THREE THOUSAND NINE HUNDRED
FIFTY-NINE DOLLARS ($15,673,959), partially payable on each Payment Date in an
amount equal to the aggregate amount, if any, payable from the Note
Distribution Account in respect of principal on the Class B Notes pursuant
to Section 3.1 of the
Indenture; provided, however,
that the entire unpaid principal amount of this Note shall be due and payable
on the earlier of the November 2014 Payment Date and the Redemption Date,
if any, pursuant to Section 10.1(a) of
the Indenture.  No payments of principal
of the Notes will be made on any Payment Date until the A-1 Notes, the A-2
Notes, the A-3 Notes and the A-4 Notes have been paid in full.  The Issuing Entity will pay interest on this
Note at the rate per annum shown above, on each Payment Date until the principal
of this Note is paid or made available for payment, on the principal amount of
this Note outstanding on the preceding Payment Date (after giving effect to all
payments of principal made on the preceding Payment Date), subject to certain
limitations contained in Section 3.1
of the Indenture.  Interest on this Note
will accrue for each Payment Date from the most recent Payment Date on which
interest has been paid to but excluding the then current Payment Date or, if no
interest has yet been paid, from the date hereof.  Interest will be computed on the basis of a
360-day year consisting of twelve 30-day months.  Such principal of and interest on this Note
shall be paid in the manner specified in the Indenture.

 

(1)                                  Denominations
of $1,000 and in greater whole-dollar denominations in excess thereof.

 

Exhibit A-5 (Page 1)

 

The principal of and interest on this Note are payable in such coin or
currency of the United States of America as at the time of payment is legal
tender for payment of public and private debts. 
All payments made by the Issuing Entity with respect to this Note shall
be applied first to interest due and payable on this Note as provided above and
then to the unpaid principal of this Note.

 

Reference is made to the further provisions of this Note set forth on
the reverse hereof, which shall have the same effect as though fully set forth
on the face of this Note.

 

Unless the certificate of authentication hereon has been executed by
the Indenture Trustee by manual signature, this Note shall not be entitled to
any benefit under the Indenture referred to on the reverse hereof, or be valid
or obligatory for any purpose.

 

Exhibit A-5 (Page 2)

 

IN WITNESS WHEREOF, the Issuing Entity has caused this instrument to be
signed, manually or in facsimile, by its Authorized Officer.

 

Dated:  May [    ], 2008

 

	
   

  	
  CNH
  EQUIPMENT TRUST 2008-B

  
	
   

  	
   

  
	
   

  	
  By:

  	
  Wilmington
  Trust Company,

  
	
   

  	
   

  	
  not in its
  individual capacity

  
	
   

  	
   

  	
  but solely
  as Trustee under

  
	
   

  	
   

  	
  the Trust
  Agreement

  
	
   

  	
   

  
	
   

  	
  By: 

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  
						

 

Exhibit A-5 (Page 3)

 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

This is one of the Notes designated above and referred to in the
within-mentioned Indenture.

 

Dated:  May [    ], 2008

 

	
   

  	
  THE BANK OF
  NEW YORK TRUST

  COMPANY, N.A.,

  
	
   

  	
  not in its
  individual capacity but

  
	
   

  	
  solely as
  Indenture Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Authorized
  Signatory

  

 

Exhibit A-5 (Page 4)

 

[REVERSE OF NOTE]

 

This Note is one of a duly authorized issue of Notes of the Issuing
Entity, designated as its 0.00% Class B Asset Backed Notes (herein called
the “Class B Notes” or the “Notes”), all issued under an Indenture
dated as of May 1, 2008 (such Indenture, as supplemented or amended, is
herein called the “Indenture”)
between the Issuing Entity and The Bank of New York Trust Company, N.A., not in
its individual capacity but solely as trustee (the “Indenture Trustee”, which term includes any successor
Indenture Trustee under the Indenture), to which Indenture and all indentures
supplemental thereto reference is hereby made for a statement of the respective
rights and obligations thereunder of the Issuing Entity, the Indenture Trustee
and the Holders of the Notes.  The Notes
are subject to all terms of the Indenture. 
All terms used in this Note that are not otherwise defined herein and
that are defined in the Indenture shall have the meanings assigned to them in
or pursuant to the Indenture.

 

The Class B Notes are and will be equally and ratably secured by
the collateral pledged as security therefor as provided in the Indenture, but
the interest of the Class B Noteholders in such collateral is subordinated
and second to the rights of the Class A Noteholders.

 

The Issuing Entity shall pay interest on overdue installments of
interest at the Class B Note Rate to the extent lawful.

 

Each Noteholder or Note Owner, by acceptance of a Note, or, in the case
of a Note Owner, a beneficial interest in the Note, covenants and agrees that
no recourse may be taken, directly or indirectly, with respect to the
obligations of the Issuing Entity or the Indenture Trustee on the Notes or
under the Indenture or any certificate or other writing delivered in connection
therewith, against:  (i) the
Indenture Trustee or the Trustee in their individual capacities, (ii) any
owner of a beneficial interest in the Issuing Entity or (iii) any partner,
owner, beneficiary, agent, officer, director or employee of:  (a) the Indenture Trustee or the Trustee
in their individual capacities, (b) any holder of a beneficial interest in
the Issuing Entity, the Trustee or the Indenture Trustee or of (c) any
successor or assign of the Indenture Trustee or the Trustee in their individual
capacities, except as any such Person may have expressly agreed and except that
any such partner, owner or beneficiary shall be fully liable, to the extent
provided by applicable law, for any unpaid consideration for stock, unpaid
capital contribution or failure to pay any installment or call owing to such
partner, owner or beneficiary.

 

It is the intent of the Seller, the Servicer, the Noteholders and the
Note Owners that, for purposes of federal and State income tax and any other
tax measured in whole or in part by income, the Notes qualify as indebtedness
of the Trust.  Each Noteholder or Note
Owner, by acceptance of a Note, or, in the case of a Note Owner, a beneficial
interest in a Note, agrees to treat, and to take no action inconsistent with the
treatment of, the Notes for such tax purposes as indebtedness of the Trust.

 

Each Noteholder or Note Owner, by acceptance of a Note, or, in the case
of a Note Owner, a beneficial interest in a Note, covenants and agrees that by
accepting the benefits of the Indenture that such Noteholder will not at any
time institute against the Seller or the Issuing 

 

Exhibit A-5 (Page 5)

 

Entity, or
join in any institution against the Seller or the Issuing Entity of, any
bankruptcy, reorganization or arrangement, insolvency or liquidation
proceedings under any United States federal or State bankruptcy or similar law
in connection with any obligations relating to the Notes, the Indenture or the
Basic Documents.

 

No transfer of this Note shall be made unless such transfer is made
pursuant to an effective registration statement under the Act and any
applicable state securities laws or is exempt from the registration
requirements under said Act and such laws. In the event that a transfer is to
be made in reliance upon an exemption from the Securities Act and such laws, in
order to assure compliance with the Securities Act and such laws, there shall
be delivered to the Issuing Entity and to the Indenture Trustee a letter in substantially
the form of Exhibit C (the “Rule 144A Letter”) to the Indenture.  Notwithstanding the preceding sentence or
anything else herein, any transfer of the Class B Notes to the Depositor,
the Originator or any of their Affiliates on the Closing Date, and any transfer
from any of such entities to its Affiliate, and any transfer from any such
entity to an initial purchaser(s) pursuant to an exemption from the
registration requirements, will not require the delivery of a Rule 144A
Letter and may be made regardless of whether such entity is a “qualified
institutional buyer” as defined in the Securities Act.  Each Holder of a Class B Note desiring
to effect such transfer shall indemnify the Indenture Trustee, the Issuing
Entity, the Seller and the Servicer against any liability that may result if
the transfer is not so exempt or is not made in accordance with such federal
and state laws.

 

Each Noteholder or Note Owner, by acceptance of a Note, or in the case
of Note Owner, a beneficial interest in the Note, represents that either (a) it
is not (i) an employee benefit plan (as defined in Section 3(3) of ERISA) that is
subject to the provisions of Title I of ERISA, (ii) a plan described in Section 4975(e)(1) of the Code, (iii) any
entity whose underlying assets include plan assets of any of the foregoing
(each a “Benefit Plan”), or (iv) a
governmental plan (as defined in Section 3(32)
of ERISA) that is subject to any law substantially similar to ERISA or Section 4975 of the Code or (b) the
purchase and holding of the Note, or a beneficial interest therein, will not
result in a non-exempt prohibited transaction under Section 406 of ERISA, Section 4975
of the Code or any substantially similar applicable law.

 

The Class B Notes are initially issued only as registered
Definitive Notes without coupons in denominations specified in the Indenture.

 

This Note and the Indenture shall be construed in accordance with the
laws of the State of New York, and the obligations, rights and remedies of the
parties hereunder and thereunder shall be determined in accordance with such
laws.

 

No reference herein to the Indenture and no provision of this Note or
of the Indenture shall alter or impair the obligation of the Issuing Entity,
which is absolute and unconditional, to pay the principal of and interest on
this Note at the times, place and rate, and in the coin or currency, herein
prescribed.

 

Anything herein to the contrary notwithstanding, except as expressly
provided in the Basic Documents, neither The Bank of New York Trust Company,
N.A., in its individual capacity, any owner of a beneficial interest in the
Issuing Entity, nor any of their respective partners, beneficiaries, agents,
officers, directors, employees, successors or assigns shall be

 

Exhibit A-5 (Page 6)

 

personally
liable for, nor shall recourse be had to any of them for, the payment of
principal of or interest on, or performance of, or omission to perform, any of
the covenants, obligations or indemnifications contained in this Note or the
Indenture, it being expressly understood that said covenants, obligations and
indemnifications have been made by the Indenture Trustee for the sole purposes
of binding the interests of the Indenture Trustee in the assets of the Issuing
Entity.  The Holder of this Note by the
acceptance hereof, and each Note Owner by the acceptance of a beneficial
interest herein, each agrees that, except as expressly provided in the Basic
Documents, in the case of an Event of Default under the Indenture, the Holder
and Note Owner shall have no claim against any of the foregoing for any
deficiency, loss or claim therefrom; provided,
however, that nothing contained herein shall be taken to prevent
recourse to, and enforcement against, the assets of the Issuing Entity for any
and all liabilities, obligations and undertakings contained in the Indenture or
in this Note.

 

Exhibit A-5 (Page 7)

 

ASSIGNMENT

 

Social
Security or taxpayer I.D. or other identifying number of assignee

 

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

 

	
   

  
	
  (name and address of assignee)

  

 

the within
Note and all rights thereunder, and hereby irrevocably constitutes and appoints
                                                  ,
attorney, to transfer said Note on the books kept for registration thereof,
with full power of substitution in the premises.

 

	
  Dated: 

  	
   

  	
   

  	
   

  	
  *

  
	
   

  	
   

  	
  Signature
  Guaranteed:

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  To the
  extent required in the Indenture,

  signatures must be guaranteed by an “eligible

  
	
   

  	
   

  	
   

  	
  guarantor institution” meeting the

  requirements of the Note Registrar, which

  requirements include membership or

  participation in STAMP or such other

  “signature guarantee program”
  as may be

  determined by the Note Registrar in addition

  to, or in substitution for, STAMP, all in

  accordance with the Securities Exchange Act

  of 1934, as amended.

  

 

*              NOTE:  The signature to this assignment must
correspond with the name of the registered owner as it appears on the face of
the within Note in every particular without alteration, enlargement or any
change whatsoever.

 

Exhibit A-5 (Page 8)

 

EXHIBIT B

to Indenture

 

FORM OF SECTION 3.9 OFFICER’S
CERTIFICATE

 

The Bank of
New York Trust Company, N.A.

2 North LaSalle Street, Suite 1020

Chicago, Illinois 60602

 

Pursuant to Section 3.9
of the Indenture, dated as of May 1, 2008 (the “Indenture”) between CNH Equipment Trust 2008-B (the “Issuing Entity”) and The Bank of New York
Trust Company, N.A., as Indenture Trustee, the undersigned hereby certifies
that:

 

(a)           a review of the
activities of the Issuing Entity during the previous fiscal year and of performance
under the Indenture has been made under the supervision of the undersigned; and

 

(b)           to the best
knowledge of the undersigned, based on such review, the Issuing Entity has
complied with all conditions and covenants under the Indenture throughout such
year. [or, if there has been a default in the compliance of any such condition
or covenant, this certificate is to specify each such default known to the
undersigned and the nature and status thereof]

 

	
   

  	
  CNH
  EQUIPMENT TRUST 2008-B

  
	
   

  	
   

  
	
   

  	
  By: 

  	
   

  
	
   

  	
   

  	
  Name: 

  	
   

  
	
   

  	
   

  	
  Title: 

  	
   

  

 

Exhibit B (Page 1)

 

EXHIBIT C

to Indenture

 

FORM OF RULE 144A LETTER

 

                        ,
2008

 

CNH Equipment
Trust 2008-B

c/o Wilmington
Trust Company

1100 North Market Street

Wilmington,
Delaware 19890

 

The Bank of
New York Trust Company, N.A.

700 South
Flower Street

Suite 500

Los Angeles, California 90017

 

Re:               CNH EQUIPMENT TRUST 2008-B

 

Ladies and
Gentlemen:

 

In connection with our acquisition of the Class B Notes (the “Notes”),
we certify that (a) we understand that the Notes are not being registered
under the Securities Act of 1933, as amended (the “Act”), or any state
securities laws and are being transferred to us in a transaction that is exempt
from the registration requirements of the Act and any such laws, (b) we
have such knowledge and experience in financial and business matters that we
are capable of evaluating the merits and risks of investments in the Notes, (c) we
have had the opportunity to ask questions of and receive answers from CNH
Equipment Trust 2008-B (the “Issuing Entity”) concerning the purchase of the
Notes and all matters relating thereto or any additional information deemed
necessary to our decision to purchase the Notes, (d) either (i) it is
not an “employee benefit plan” within the meaning of Section 3(3) of
the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), that is subject to Title I of
ERISA, a “plan” as defined in Section 4975 of the Internal Revenue Code of
1986, as amended (the “Code”), an
entity deemed to hold “plan assets” of any of the foregoing or a “governmental
plan” as defined in Section 3(32) of ERISA that is subject to any law
substantially similar to ERISA or Section 4975 of the Code or (ii) the
acquisition and holding of the Note or any interest therein will not result in
a non-exempt prohibited transaction under Section 406 of ERISA, Section 4975
of the Code or any substantially similar applicable law, (e) we have not,
nor has anyone acting on our behalf offered, transferred, pledged, sold or
otherwise disposed of the Notes, any interest in the Notes or any other similar
security to, or solicited any offer to buy or accept a transfer, pledge or
other disposition of the Notes, any interest in the Notes or any other similar
security from, or otherwise approached or negotiated with respect to the Notes,
any interest in the Notes or any other similar security with, any person in any
manner, or made any general solicitation by means of general

 

Exhibit C (Page 1)

 

advertising or
in any other manner, or taken any other action, that would constitute a
distribution of the Notes under the Act or that would render the disposition of
the Notes a violation of Section 5 of the Act or require registration
pursuant thereto, nor will act, nor has authorized or will authorize any person
to act, in such manner with respect to the Notes, (f) we are a “qualified
institutional buyer” as that term is defined in Rule 144A under the Act (“Rule 144A”)
and have completed either of the forms of certification to that effect attached
hereto as Annex 1 or Annex 2, (g) we are aware that the sale to us is
being made in reliance on Rule 144A, and (h) we are acquiring the
Notes for our own account or for resale pursuant to Rule 144A and further,
understand that such Notes may be resold, pledged or transferred only (A) to
a person reasonably believed to be a qualified institutional buyer that
purchases for its own account or for the account of a qualified institutional
buyer to whom notice is given that the resale, pledge or transfer is being made
in reliance on Rule 144A, or (B) pursuant to another exemption from
registration under the Act.

 

	
   

  	
  Very truly
  yours,

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Print Name
  of Transferee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Authorized
  Officer

  

 

Exhibit C (Page 2)

 

ANNEX 1 TO EXHIBIT C

 

QUALIFIED INSTITUTIONAL BUYER STATUS UNDER
SEC RULE 144A

 

[For Transferees Other Than Registered
Investment Companies]

 

The undersigned (the “Buyer”) hereby certifies as follows to the
parties listed in the Rule 144A Transferee Certificate to which this
certification relates with respect to the Notes described therein:

 

1.                                       As
indicated below, the undersigned is the President, Chief Financial Officer,
Senior Vice President or other executive officer of the Buyer.

 

2.                                       In
connection with purchases by the Buyer, the Buyer is a “qualified institutional
buyer” as that term is defined in Rule 144A under the Securities Act of
1933, as amended (“Rule 144A”) because (i) the Buyer owned and/or
invested on a discretionary basis $                      1 in
securities (except for the excluded securities referred to below) as of the end
of the Buyer’s most recent fiscal year (such amount being calculated in
accordance with Rule 144A and (ii) the Buyer satisfies the criteria
in the category marked below.

 

o
Corporation, etc. The Buyer is a corporation (other than a bank, savings and
loan association or similar institution), Massachusetts or similar business
trust, partnership, or charitable organization described in Section 501(c)(3) of
the Internal Revenue Code of 1986, as amended.

 

o
Bank. The Buyer (a) is a national bank or banking institution organized
under the laws of any State, territory or the District of Columbia, the
business of which is substantially confined to banking and is supervised by the
State or territorial banking commission or similar official or is a foreign
bank or equivalent institution, and (b) has an audited net worth of at
least $25,000,000 as demonstrated in its latest annual financial statements, a
copy of which is attached hereto.

 

o
Savings and Loan. The Buyer (a) is a savings and loan association,
building and loan association, cooperative bank, homestead association or
similar institution, which is supervised and examined by a State or Federal
authority having supervision over any such institutions or is a foreign savings
and loan association or equivalent institution and (b) has an audited net
worth of at least $25,000,000 as demonstrated in its latest annual financial
statements, a copy of which is attached hereto.

 

o
Broker-dealer. The Buyer is a dealer registered pursuant to Section 15 of
the Securities Exchange Act of 1934.

 

1                                           Buyer must
own and/or invest on a discretionary basis at least $100,000,000 in securities
unless Buyer is a dealer, and, in that case, Buyer must own and/or invest on a
discretionary basis at least $10,000,000 in securities.

 

Exhibit C (Page 3)

 

o
Insurance Company. The Buyer is an insurance company whose primary and
predominant business activity is the writing of insurance or the reinsuring of
risks underwritten by insurance companies and which is subject to supervision
by the insurance commissioner or a similar official or agency of a State,
territory or the District of Columbia.

 

o
State or Local Plan. The Buyer is a plan established and maintained by a State,
its political subdivisions, or any agency or instrumentality of the State or
its political subdivisions, for the benefit of its employees.

 

o
ERISA Plan. The Buyer is an employee benefit plan within the meaning of Title I
of the Employee Retirement Income Security Act of 1974.

 

o
Investment Advisor. The Buyer is an investment advisor registered under the
Investment Advisors Act of 1940.

 

o
Small Business Investment Company. Buyer is a small business investment company
licensed by the U.S. Small Business Administration under Section 301(c) or
(d) of the Small Business Investment Act of 1958.

 

o
Business Development Company. Buyer is a business development company as
defined in Section 202(a)(22) of the Investment Advisors Act of 1940.

 

3.                                       The
term “securities” as used herein does not include (i) securities of
issuers that are affiliated with the Buyer, (ii) securities that are part
of an unsold allotment to or subscription by the Buyer, if the Buyer is a
dealer, (iii) securities issued or guaranteed by the U.S. or any
instrumentality thereof, (iv) bank deposit notes and certificates of
deposit, (v) loan participations, (vi) repurchase agreements, (vii) securities
owned but subject to a repurchase agreement and (viii) currency, interest
rate and commodity swaps.

 

4.                                       For
purposes of determining the aggregate amount of securities owned and/or
invested on a discretionary basis by the Buyer, the Buyer used the cost of such
securities to the Buyer and did not include any of the securities referred to
in the preceding paragraph, except (i) where the Buyer reports its
securities holdings in its financial statements on the basis of their market
value, and (ii) no current information with respect to the cost of those
securities has been published. If clause (ii) in the preceding sentence
applies, the securities may be valued at market. Further, in determining such
aggregate amount, the Buyer may have included securities owned by subsidiaries
of the Buyer, but only if such subsidiaries are consolidated with the Buyer in
its financial statements prepared in accordance with generally accepted
accounting principles and if the investments of such subsidiaries are managed
under the Buyer’s direction. However, such securities were not included if the
Buyer is a majority-owned, consolidated subsidiary of another enterprise and
the Buyer is not itself a reporting company under the Securities Exchange Act
of 1934, as amended.

 

5.                                       The
Buyer acknowledges that it is familiar with Rule 144A and understands that
the seller to it and other parties related to the Notes are relying and will
continue to rely on the statements made herein because one or more sales to the
Buyer may be in reliance on Rule 144A.

 

6.                                       Until
the date of purchase of the Rule 144A Securities, the Buyer will notify
each of the parties to which this certification is made of any changes in the
information and

Exhibit C (Page 4)

 

conclusions
herein. Until such notice is given, the Buyer’s purchase of the Notes will
constitute a reaffirmation of this certification as of the date of such
purchase. In addition, if the Buyer is a bank or savings and loan is provided
above, the Buyer agrees that it will furnish to such parties updated annual
financial statements promptly after they become available.

 

	
   

  	
   

  
	
   

  	
  Print Name
  of Buyer

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
  Date:

  	
   

  
				

 

Exhibit C (Page 5)

 

ANNEX 2 TO EXHIBIT C

 

QUALIFIED INSTITUTIONAL BUYER STATUS UNDER
SEC RULE 144A

 

[For Transferees That are Registered
Investment Companies]

 

The undersigned (the “Buyer”) hereby certifies as follows to the
parties listed in the Rule 144A Transferee Certificate to which this
certification relates with respect to the Notes described therein:

 

1.                                      As indicated
below, the undersigned is the President, Chief Financial Officer or Senior Vice
President of the Buyer or, if the Buyer is a “qualified institutional buyer” as
that term is defined in Rule 144A under the Securities Act of 1933, as
amended (“Rule 144A”) because Buyer is part of a Family of Investment
Companies (as defined below), is such an officer of the adviser.

 

2.                                      In connection
with purchases by Buyer, the Buyer is a “qualified institutional buyer” as
defined in SEC Rule 144A because (i) the Buyer is an investment
company registered under the Investment Company Act of 1940, as amended and (ii) as
marked below, the Buyer alone, or the Buyer’s Family of Investment Companies,
owned at least $100,000,000 in securities (other than the excluded securities
referred to below) as of the end of the Buyer’s most recent fiscal year. For
purposes of determining the amount of securities owned by the Buyer or the
Buyer’s Family of Investment Companies, the cost of such securities was used,
except (i) where the Buyer or the Buyer’s Family of Investment Companies
reports its securities holdings in its financial statements on the basis of
their market value, and (ii) no current information with respect to the
cost of those securities has been published. If clause (ii) in the
preceding sentence applies, the securities may be valued at market.

 

o
The Buyer owned $[                          ]
in securities (other than the excluded securities referred to below) as of the
end of the Buyer’s most recent fiscal year (such amount being calculated in
accordance with Rule 144A).

 

o
The Buyer is part of a Family of Investment Companies which owned in the
aggregate $[                          ]
in securities (other than the excluded securities referred to below) as of the
end of the Buyer’s most recent fiscal year (such amount being calculated in
accordance with Rule 144A).

 

3.                                      The term “Family
of Investment Companies” as used herein means two or more registered investment
companies (or series thereof) that have the same investment adviser or
investment advisers that are affiliated (by virtue of being majority owned
subsidiaries of the same parent or because one investment adviser is a majority
owned subsidiary of the other).

 

4.                                      The term “securities”
as used herein does not include (i) securities of issuers that are
affiliated with the Buyer or are part of the Buyer’s Family of Investment
Companies, (ii) securities issued or guaranteed by the U.S. or any
instrumentality thereof, (iii) bank deposit notes and certificates of
deposit, (iv) loan participations, (v) repurchase agreements, (vi) securities
owned but subject to a repurchase agreement and (vii) currency, interest
rate and commodity swaps.

 

Exhibit C (Page 6)

 

5.                                      The Buyer is
familiar with Rule 144A and understands that the parties listed in the Rule 144A
Transferee Certificate to which this certification relates are relying and will
continue to rely on the statements made herein because one or more sales to the
Buyer will be in reliance on Rule 144A. In addition, the Buyer will only
purchase for the Buyer’s own account.

 

6.                                      Until the date of
purchase of the Notes, the undersigned will notify the parties listed in the Rule 144A
Transferee Certificate to which this certification relates of any changes in
the information and conclusions herein. Until such notice is given, the Buyer’s
purchase of the Notes will constitute a reaffirmation of this certification by
the undersigned as of the date of such purchase.

 

	
   

  	
   

  
	
   

  	
  Print Name
  of Buyer or Adviser

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
  IF AN
  ADVISER:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Print Name
  of Buyer

  
	
   

  	
   

  
	
   

  	
  Date:

  	
   

  
				

 

Exhibit C (Page 7)

 

Schedule P

 

1.                                       General.  The Indenture creates, or with respect to the
Receivables that are Subsequent Receivables upon the transfer of such
Subsequent Receivables pursuant to the Subsequent Transfer Assignment will
create, a valid and continuing security interest (as defined in the applicable
UCC) in all of the Issuing Entity’s right, title and interest in, to and under (i) the
Receivables, (ii) the Liquidity Receivables Purchase Agreement (only with
respect to Owned Contracts), (iii) the Sale and Servicing Agreement
(including all rights of the Seller under the Liquidity Receivables Purchase
Agreements and the Purchase Agreement assigned to the Issuing Entity pursuant
to the Sale and Servicing Agreement), and (iv) the Interest Rate Swap
Agreements, in each case, in favor of the Indenture Trustee, which, (a) security
interest is enforceable upon execution of the Indenture against creditors of
and purchasers from the Issuing Entity as such enforceability may be limited by
applicable Debtor Relief Laws, now or hereafter in effect, and by general
principles of equity (whether considered in a suit at law or in equity), and (b) upon
filing of the financing statements described in clause 4 below will be prior to all other Liens.

 

2.                                       Characterization.  The Receivables constitute “tangible chattel
paper” within the meaning of UCC Section 9-102.  The rights granted under the agreements
described in clause 1(ii) through
(iv) constitute “general
intangibles” within the meaning of UCC Section 9-102.  The Issuing Entity has taken or will take all
steps necessary to perfect its security interest in the property securing the
Receivables within 10 days of the Closing Date.

 

3.                                       Creation.  Immediately prior to the grant to the
Indenture Trustee pursuant to the Indenture, the Issuing Entity owns and has
good and marketable title to, or has a valid security interest in, the
Receivables free and clear of any Lien, claim or encumbrance of any Person.

 

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

 

5.                                       Priority.  Other than the security interest granted to
the Indenture Trustee pursuant to the Indenture, the Issuing Entity has not
pledged, assigned, sold, granted a security interest in, or otherwise conveyed
any of the Collateral.  The Issuing
Entity has not authorized the filing of and is not aware of any financing
statements against the Issuing Entity that include a description of collateral
covering the Collateral other than any financing statement (i) relating to
the security interest granted to the Indenture Trustee under the Indenture, (ii) that
has been terminated or relating to a security interest which has been released,
or (iii) that has been granted pursuant to the terms of the Basic
Documents.  None of the tangible chattel paper
that constitutes or

 

Schedule P (Page 1)

 

evidences the
Collateral has any marks or notations indicating that they have pledged,
assigned or otherwise conveyed to any Person other than the Indenture
Trustee.  The Issuing Entity is not aware
of any judgment, ERISA or tax lien filings against it.

 

6.                                       Survival
of Perfection Representations. 
Notwithstanding any other provision of the Indenture or any other Basic
Document, the Perfection Representations contained in this Schedule P shall be
continuing, and remain in full force and effect (other than with respect to
Reacquired Receivables);

 

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

 

8.                                       Servicer
to Maintain Perfection and Priority. 
The Servicer covenants that, in order to evidence the interests of
Issuing Entity and the Indenture Trustee under this Agreement, Servicer shall
take such action, or execute and deliver such instruments as may be necessary
or advisable (including, without limitation, such actions as are requested by
Issuing Entity) to maintain and perfect, as a first priority interest, the
Indenture Trustee’s security interest in the Receivables.  Servicer shall, from time to time and within
the time limits established by law, prepare and present to the Indenture
Trustee for the Indenture Trustee to authorize the Servicer to file, all
financing statements, amendments, continuations, initial financing statements
in lieu of a continuation statement, terminations, partial terminations,
releases or partial releases, or any other filings necessary or advisable to
continue, maintain and perfect the Indenture Trustee’s security interest in the
Receivables as a first-priority interest (each a “Filing”).  Issuing
Entity shall promptly authorize in writing Servicer to, and Servicer shall,
effect such Filing under the Uniform Commercial Code without the signature of
the Indenture Trustee or Issuing Entity where allowed by applicable law.

 

Schedule P (Page 2)

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