Document:

Exhibit 4.2

 

 

 

CNH EQUIPMENT TRUST 2009-A

 

TRUST AGREEMENT

 

between

 

CNH CAPITAL RECEIVABLES LLC

 

and

 

WILMINGTON TRUST COMPANY,

 

as Trustee

 

Dated as of March 1, 2009

 

 

 

 

TABLE OF CONTENTS

 

	
  ARTICLE I Definitions

  	
  1

  
	
   

  	
   

  	
   

  
	
  SECTION 1.1

  	
  Definitions

  	
  1

  
	
   

  	
   

  	
   

  
	
  ARTICLE II Organization

  	
  2

  
	
   

  	
   

  	
   

  
	
  SECTION 2.1

  	
  Name

  	
  2

  
	
  SECTION 2.2

  	
  Office

  	
  2

  
	
  SECTION 2.3

  	
  Purposes and Powers

  	
  2

  
	
  SECTION 2.4

  	
  Appointment of Trustee

  	
  3

  
	
  SECTION 2.5

  	
  Initial Capital Contribution of
  Trust Estate

  	
  3

  
	
  SECTION 2.6

  	
  Declaration of Trust

  	
  3

  
	
  SECTION 2.7

  	
  Liability of the
  Certificateholders

  	
  3

  
	
  SECTION 2.8

  	
  Title to Trust Property

  	
  3

  
	
  SECTION 2.9

  	
  Situs of Trust

  	
  4

  
	
  SECTION 2.10

  	
  Representations and Warranties
  of the Depositor

  	
  4

  
	
  SECTION 2.11

  	
  Federal Income Tax Allocations;
  Tax Treatment

  	
  5

  
	
   

  	
   

  	
   

  
	
  ARTICLE III Trust Certificates and Transfer
  of Interests

  	
  5

  
	
   

  	
   

  	
   

  
	
  SECTION 3.1

  	
  Initial Ownership

  	
  5

  
	
  SECTION 3.2

  	
  The Trust Certificates

  	
  5

  
	
  SECTION 3.3

  	
  Authentication of Trust
  Certificates

  	
  5

  
	
  SECTION 3.4

  	
  Registration of Transfer and
  Exchange of Trust Certificates

  	
  5

  
	
  SECTION 3.5

  	
  Mutilated, Destroyed, Lost or
  Stolen Trust Certificates

  	
  7

  
	
  SECTION 3.6

  	
  Persons Deemed
  Certificateholders

  	
  8

  
	
  SECTION 3.7

  	
  Access to List of
  Certificateholders’ Names and Addresses

  	
  8

  
	
  SECTION 3.8

  	
  Maintenance of Office or Agency

  	
  8

  
	
  SECTION 3.9

  	
  Appointment of Paying Agent

  	
  8

  
	
   

  	
   

  	
   

  
	
  ARTICLE IV Actions by Trustee

  	
  9

  
	
   

  	
   

  	
   

  
	
  SECTION 4.1

  	
  Prior Notice to
  Certificateholders With Respect to Certain Matters

  	
  9

  
	
  SECTION 4.2

  	
  Action By Certificateholders
  With Respect to Certain Matters

  	
  10

  
	
  SECTION 4.3

  	
  Action By Certificateholders
  With Respect to Bankruptcy

  	
  10

  
	
  SECTION 4.4

  	
  Restrictions on
  Certificateholders’ Power

  	
  10

  
	
  SECTION 4.5

  	
  Majority Control

  	
  10

  
	
   

  	
   

  	
   

  
	
  ARTICLE V Application of Trust Funds;
  Certain Duties

  	
  10

  
	
   

  	
   

  	
   

  
	
  SECTION 5.1

  	
  Establishment of Trust Account

  	
  10

  
	
  SECTION 5.2

  	
  Applications of Trust Funds

  	
  11

  
	
  SECTION 5.3

  	
  Method of Payment

  	
  12

  
	
  SECTION 5.4

  	
  No Segregation of Monies; No
  Interest

  	
  12

  
	
  SECTION 5.5

  	
  Accounting and Reports to the
  Noteholders, Certificateholders, the Internal Revenue Service and Others

  	
  12

  

 

i

 

	
  SECTION 5.6

  	
  Signature on Returns; Tax
  Matters Partner

  	
  13

  
	
   

  	
   

  	
   

  
	
  ARTICLE VI Authority and Duties of Trustee

  	
  13

  
	
   

  	
   

  	
   

  
	
  SECTION 6.1

  	
  General Authority

  	
  13

  
	
  SECTION 6.2

  	
  General Duties

  	
  13

  
	
  SECTION 6.3

  	
  Action upon Instruction

  	
  13

  
	
  SECTION 6.4

  	
  No Duties Except as Specified in
  This Agreement or in Instructions

  	
  14

  
	
  SECTION 6.5

  	
  No Action Except Under Specified
  Documents or Instructions

  	
  15

  
	
  SECTION 6.6

  	
  Restrictions

  	
  15

  
	
   

  	
   

  	
   

  
	
  ARTICLE VII Concerning the Trustee

  	
  15

  
	
   

  	
   

  	
   

  
	
  SECTION 7.1

  	
  Acceptance of Trusts and Duties

  	
  15

  
	
  SECTION 7.2

  	
  Furnishing of Documents

  	
  16

  
	
  SECTION 7.3

  	
  Representations and Warranties

  	
  17

  
	
  SECTION 7.4

  	
  Information to be Provided by
  the Trustee

  	
  17

  
	
  SECTION 7.5

  	
  Reliance; Advice of Counsel

  	
  18

  
	
  SECTION 7.6

  	
  Not Acting in Individual
  Capacity

  	
  18

  
	
  SECTION 7.7

  	
  Trustee Not Liable For Trust
  Certificates or Receivables

  	
  18

  
	
  SECTION 7.8

  	
  Trustee May Not Own Notes

  	
  19

  
	
   

  	
   

  	
   

  
	
  ARTICLE VIII Compensation of Trustee

  	
  19

  
	
   

  	
   

  	
   

  
	
  SECTION 8.1

  	
  Trustee’s Fees and Expenses

  	
  19

  
	
  SECTION 8.2

  	
  Indemnification

  	
  19

  
	
  SECTION 8.3

  	
  Payments to the Trustee

  	
  20

  
	
   

  	
   

  	
   

  
	
  ARTICLE IX Termination of Trust Agreement

  	
  20

  
	
   

  	
   

  	
   

  
	
  SECTION 9.1

  	
  Termination of Trust Agreement

  	
  20

  
	
   

  	
   

  	
   

  
	
  ARTICLE X Successor Trustees and Additional
  Trustees

  	
  21

  
	
   

  	
   

  	
   

  
	
  SECTION 10.1

  	
  Eligibility Requirements for
  Trustee

  	
  21

  
	
  SECTION 10.2

  	
  Resignation or Removal of
  Trustee

  	
  21

  
	
  SECTION 10.3

  	
  Successor Trustee

  	
  22

  
	
  SECTION 10.4

  	
  Merger or Consolidation of
  Trustee

  	
  23

  
	
  SECTION 10.5

  	
  Appointment of Co-Trustee or
  Separate Trustee

  	
  23

  
	
   

  	
   

  	
   

  
	
  ARTICLE XI Miscellaneous

  	
  24

  
	
   

  	
   

  	
   

  
	
  SECTION 11.1

  	
  Supplements and Amendments

  	
  24

  
	
  SECTION 11.2

  	
  No Legal Title To Trust Estate
  in Certificateholders

  	
  26

  
	
  SECTION 11.3

  	
  Limitations on Rights of Others

  	
  26

  
	
  SECTION 11.4

  	
  Notices

  	
  26

  
	
  SECTION 11.5

  	
  Severability

  	
  26

  
	
  SECTION 11.6

  	
  Separate Counterparts

  	
  26

  

 

ii

 

	
  SECTION 11.7

  	
  Successors and Assigns

  	
  26

  
	
  SECTION 11.8

  	
  Covenants of The Depositor

  	
  27

  
	
  SECTION 11.9

  	
  No Petition

  	
  27

  
	
  SECTION 11.10

  	
  No Recourse

  	
  27

  
	
  SECTION 11.11

  	
  Headings

  	
  27

  
	
  SECTION 11.12

  	
  Governing Law

  	
  27

  
	
  SECTION 11.13

  	
  Administrator

  	
  27

  
	
  SECTION 11.14

  	
  Information to be Provided by
  the Trustee

  	
  28

  
	
  SECTION 11.15

  	
  Complete Information

  	
  29

  
	
  SECTION 11.16

  	
  Indemnification.

  	
  29

  
	
  SECTION 11.17

  	
  Paying Agent Protection

  	
  31

  

 

iii

 

EXHIBITS

	
  EXHIBIT A

  	
  Form of Trust Certificate

  
	
  EXHIBIT B

  	
  Form of Certificate of Trust

  

 

iv

 

TRUST
AGREEMENT (as amended or supplemented from time to
time, this “Agreement”) dated as
of March 1, 2009 between CNH CAPITAL RECEIVABLES LLC, a Delaware limited
liability company, as Depositor, and Wilmington Trust Company (“WTC”), a Delaware banking corporation, as Trustee.

 

ARTICLE I

Definitions

 

SECTION 1.1                 Definitions.  Capitalized
terms used herein and not otherwise defined herein are defined in Appendix A to
the Indenture dated as of the date hereof between CNH Equipment Trust 2009-A
and The Bank of New York Mellon Trust Company, N.A.

 

SECTION 1.2                Other
Definitional Provisions.

 

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

 

(b)           As used in this Agreement and in any
certificate or other document made or delivered pursuant hereto or thereto,
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 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 and
Exhibit references contained in this Agreement are references to Sections
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

Organization

 

SECTION 2.1                 Name.  The
Trust created hereby shall be known as “CNH Equipment Trust 2009-A”, in which
name the Trustee may conduct the business of the Trust, make and execute
contracts and other instruments on behalf of the Trust and sue and be sued.

 

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

 

SECTION 2.3                 Purposes
and Powers.  The purpose of the Trust is, and
the Trust shall have the power and authority to, engage in the following
activities:

 

(a)           to issue the Notes pursuant to the Indenture
and the Trust Certificates pursuant to this Agreement and to sell the Notes
and/or the Trust Certificates in one or more transactions;

 

(b)           with the proceeds of the sale of the Notes
and/or the Trust Certificates, to fund the Pre-Funding Account and to purchase
the Receivables pursuant to the Sale and Servicing Agreement;

 

(c)           to assign, Grant, transfer, pledge, mortgage
and convey the Trust Estate pursuant to the Indenture and to hold, manage and
distribute to the Certificateholders pursuant to the Sale and Servicing
Agreement any portion of the Trust Estate released from the Lien of, and
remitted to the Trust pursuant to, the Indenture;

 

(d)           to enter into and perform its obligations
under the Basic Documents to which it is to be a party;

 

(e)           to engage in those activities, including
entering into agreements, that are necessary, suitable or convenient to
accomplish the foregoing or are incidental thereto or connected therewith; and

 

(f)            subject to compliance with the Basic
Documents, to engage in such other activities as may be required in connection
with conservation of the Trust Estate and the making of distributions to the
Certificateholders and the Noteholders.

 

The Trust
shall not engage in any activity other than in connection with the foregoing or
other than as required or authorized by this Agreement or the Basic
Documents.  The Trust shall have no power
to hold any derivative financial instrument unless such derivative financial
instrument complies with the requirements of paragraph 40 of Statement of
Financial Accounting Standards No. 140 issued by the Financial Accounting
Standards Board for “qualifying special purpose entities” (“FAS 140”),
including any interpretations thereof or any successor standard issued by the
Financial Accounting Standards Board. 
The Trustee shall have no obligation to determine whether or not any
derivative financial instrument complies with FAS 140.

 

2

 

SECTION 2.4                 Appointment
of Trustee.  The
Depositor hereby appoints Wilmington Trust Company as Trustee of the Trust
effective as of the date hereof, to have all the rights, powers and duties set
forth herein.

 

SECTION 2.5                 Initial
Capital Contribution of Trust Estate.  The Depositor hereby contributes
to the Trustee, as of the date hereof, the sum of $1.00. The Trustee hereby
acknowledges receipt in trust from the Depositor, as of the date hereof, of the
foregoing contribution, which shall constitute the initial Trust Estate and
shall be deposited in the Certificate Distribution Account. The Depositor shall
pay organizational expenses of the Trust as they may arise or shall, upon the
request of the Trustee, promptly reimburse the Trustee for any such expenses
paid by the Trustee.  The Depositor may
also take steps necessary, including the execution and filing of any necessary
filings, to ensure that the Trust is in compliance with any applicable State
securities law.

 

SECTION 2.6                 Declaration
of Trust.  The Trustee hereby declares that it
will hold the Trust Estate in trust upon and subject to the conditions set
forth herein for the use and benefit of the Certificateholders, subject to the
obligations of the Trust under the Basic Documents. It is the intention of the
parties hereto that the Trust constitute a statutory trust under the Trust
Statute and that this Agreement constitute the governing instrument of such
statutory trust.  It is the intention of
the parties hereto that, solely for income and franchise tax purposes, until
the Trust Certificates are held by a Person other than the Depositor, the Trust
be disregarded as an entity separate from the Depositor and the Notes be
treated as debt of the Depositor.  At
such time that the Trust Certificates are held by more than one Person, it is
the intention of the parties hereto that, solely for income and franchise tax
purposes, the Trust be treated as a partnership, with the assets of the
partnership being the Receivables and other assets held by the Trust, the
partners of the partnership being the Certificateholders (including the
Depositor (or its successor in interest) in its capacity as recipient of
distributions from the Spread Account), and the Notes being debt of the
partnership.  The parties agree that,
unless otherwise required by appropriate tax authorities, until the Trust
Certificates are held by more than one Person the Trust will not file or cause
to be filed annual or other necessary returns, reports and other forms
consistent with the characterization of the Trust as an entity separate from
the Depositor (or other sole owner of the Trust Certificates). Effective as of
the date hereof, the Trustee shall have all rights, powers and duties set forth
herein and in the Trust Statute with respect to accomplishing the purposes of
the Trust.  The Trustee shall file a
Certificate of Trust on behalf of the Trust with the Secretary of State
pursuant to Section 3810 of the Trust Statute.

 

SECTION 2.7                 Liability
of the Certificateholders.  No Certificateholder shall have
any personal liability for any liability or obligation of the Trust. The
Certificateholders shall be entitled to the same limitation of personal
liability extended to stockholders of corporations under the Delaware General
Corporation Law.

 

SECTION 2.8                 Title
to Trust Property.  Subject to the Lien granted in the
Indenture, legal title to all the Trust Estate shall be vested at all times in
the Trust as a separate legal entity except where applicable law in any
jurisdiction requires title to any part of the Trust Estate to be vested in a
trustee or trustees, in which case title shall be deemed to be vested in the
Trustee, a co-trustee and/or a separate trustee, as the case may be.

 

3

 

SECTION 2.9                 Situs
of Trust.  The Trust will be
located and administered in the States of Delaware and Pennsylvania and/or in
any other states to which the Depositor consents in writing.  All bank accounts maintained by the Trustee
on behalf of the Trust shall be located in the State of Delaware or New York
and/or in any other states to which the Depositor consents in writing.  The Trust shall not have any employees.  Payments will be received by the Trust only
in Delaware or New York and/or in any other states to which the Depositor
consents in writing and payments will be made by the Trust only from Delaware
or New York and/or in any other states to which the Depositor consents in
writing.

 

SECTION 2.10               Representations
and Warranties of the Depositor. 
The Depositor hereby represents and warrants to the Trustee that as of
the date hereof:

 

(a)           The Depositor is duly organized and validly
existing as a limited liability company in good standing under the laws of the
State of Delaware, with power and authority to own its properties and to
conduct its business as such properties are currently owned and such business
is presently conducted.

 

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

 

(c)           The Depositor has the power and authority to
execute and deliver this Agreement and to carry out its terms; the Depositor
has full power and authority to sell and assign the property to be sold and
assigned to and deposited with the Trust and the Depositor has duly authorized
such sale and assignment and deposit to the Trust by all necessary limited
liability company action; and the execution, delivery and performance of this
Agreement have been duly authorized by the Depositor by all necessary limited
liability company action.

 

(d)           The consummation of the transactions
contemplated by this Agreement and the fulfillment of the terms hereof do not
conflict with, result in any breach of any of the terms and provisions of, or
constitute (with or without notice or lapse of time) a default under, the
certificate of formation, limited liability company agreement or by-laws of the
Depositor, or any indenture, agreement or other instrument to which the
Depositor is a party or by which it is bound; or result in the creation or
imposition of any Lien upon any of its properties pursuant to the terms of any
such indenture, agreement or other instrument (other than pursuant to the Basic
Documents); or violate any law or, to the best of the Depositor’s knowledge,
any order, rule or regulation applicable to the Depositor of any court or
of any federal or State regulatory body, administrative agency or other
governmental instrumentality having jurisdiction over the Depositor or its
properties.

 

(e)           The Depositor has duly executed and
delivered this Agreement, and this Agreement constitutes a legal, valid and
binding obligation of the Depositor, enforceable in accordance with its terms,
except as enforceability may be subject to or limited by bankruptcy,
insolvency, reorganization or other similar laws affecting the 

 

4

 

enforcement of creditors’ rights generally
and by general principles of equity (regardless of whether such enforcement is
considered in a proceeding in equity or at law).

 

SECTION 2.11               Federal
Income Tax Allocations; Tax Treatment. 
If the Trust Certificates and interests in the Spread Account are held
by more than one Person, this Agreement shall be amended to include such
provisions as are required or appropriate under Subchapter K of the Code in
order for the Trust to be treated as a partnership whose partners are the
beneficial owners of the Trust Certificates and the Depositor (or other holders
of interests in the Spread Account).

 

ARTICLE III

Trust Certificates and Transfer of Interests

 

SECTION 3.1                 Initial
Ownership.  Upon the formation of
the Trust by the contribution by the Depositor pursuant to Section 2.5, and until the issuance
of the Trust Certificates, the Depositor shall be the sole beneficiary of the
Trust; and upon the issuance of the Trust Certificates, the Depositor will no
longer be a beneficiary of the Trust, except to the extent that the Depositor
is a Certificateholder.

 

SECTION 3.2                 The
Trust Certificates.  The Trust
Certificates shall be substantially in the form of Exhibit A hereto and
shall be executed on behalf of the Trust by manual or facsimile signature of an
authorized officer of the Trustee.  Trust
Certificates bearing the manual or facsimile signatures of individuals who
were, at the time when such signatures shall have been affixed, authorized to
sign on behalf of the Trust, shall be, when authenticated pursuant to Section 3.3, validly issued, fully
paid, non-assessable and entitled to the benefits of this Agreement,
notwithstanding that such individuals or any of them shall have ceased to be so
authorized prior to the authentication and delivery of such Trust Certificates
or did not hold such offices at the date of authentication and delivery of such
Trust Certificates.

 

SECTION 3.3                 Authentication
of Trust Certificates. 
Concurrently with the sale of the Receivables to the Trust pursuant to
the Sale and Servicing Agreement, the Trustee shall cause the Trust Certificate
evidencing the 100% beneficial interest in the Trust to be executed on behalf
of the Trust, authenticated and delivered to or upon the written order of the
Depositor, signed by its chairman of the board, its president, any vice
president, any secretary, any assistant secretary, any treasurer, or any
assistant treasurer, without further action by the Depositor.  No Trust Certificate shall entitle its holder
to any benefit under this Agreement, or shall be valid for any purpose, unless
there shall appear on such Trust Certificate a certificate of authentication
substantially in the form set forth in Exhibit A, executed by the Trustee
by the manual signature of one of its authorized signatories; such certificate
of authentication shall constitute conclusive evidence, and the only evidence,
that such Trust Certificate shall have been duly authenticated and delivered
hereunder. All Trust Certificates shall be dated the date of their
authentication.  No further Trust
Certificates shall be issued except pursuant to Section 3.4 or 3.5 hereunder.

 

SECTION 3.4                 Registration
of Transfer and Exchange of Trust Certificates.  The Trust shall keep or cause to be kept, at
the office or agency maintained pursuant to Section 3.8,
a register (the “Certificate Register”)
in which, subject to such reasonable regulations as it may prescribe, the Trust
shall provide for the registration of Trust Certificates and of transfers and 

 

5

 

exchanges of Trust Certificates.  The Paying Agent shall be the “Certificate Registrar” for the purpose of
registering Trust Certificates and the transfers of Trust Certificates as
herein provided.  Upon any resignation of
any Certificate Registrar, the Depositor shall promptly appoint a successor or,
if it elects not to make such an appointment, assume the duties of the
Certificate Registrar.  The initial Trust
Certificate shall be registered in the name of “CNH Capital Receivables LLC” as the initial registered owner
thereof.

 

Upon surrender
for registration of transfer of any Trust Certificate at the office or agency
maintained pursuant to Section 3.8,
the Trustee shall execute, authenticate and deliver, in the name of the
designated transferee or transferees, one or more new Trust Certificates
evidencing such transferee’s beneficial interest in the Trust, which Trust
Certificates will be issued in amounts equal, in the aggregate, to the
percentage of beneficial interest in the Trust transferred by such transferor.

 

At the option
of a Certificateholder, upon surrender of the Trust Certificates to be
exchanged at the office or agency maintained pursuant to Section 3.8, a Trust Certificate may
be exchanged for a new Trust Certificate evidencing the same percentage of
beneficial interest in the Trust as the Trust Certificate so exchanged.  Whenever any Trust Certificates are so
surrendered for exchange, the Trustee shall execute, authenticate and deliver
the Trust Certificates that the Certificateholder making the exchange is
entitled to receive.

 

All Trust
Certificates issued upon any registration of transfer or exchange of Trust
Certificates shall be entitled to the same benefits under this Agreement as the
Trust Certificates surrendered upon such registration of transfer or exchange.

 

Every Trust
Certificate presented or surrendered for registration of transfer or exchange
shall be duly endorsed by, or be accompanied by a written instrument of
transfer in form satisfactory to the Trustee and the Certificate Registrar duly
executed by, the Certificateholder thereof or his attorney duly authorized in
writing. No transfer of a Trust Certificate shall be registered unless the
transferee shall have provided (i) if the transferee is not the Seller or
an Affiliate of the Seller and the transferor is not the Seller or an Affiliate
of the Seller, an opinion of counsel that no registration is required under the
Securities Act of 1933, as amended, or applicable State laws, and (ii) if the
transferee is the Seller or an Affiliate of the Seller, an Officer’s
Certificate as to compliance with Section 6.6
of the Sale and Servicing Agreement. 
Each Trust Certificate surrendered for registration of transfer or
exchange shall be canceled and subsequently disposed of by the Trustee in
accordance with its customary practice.

 

No service
charge shall be made to a Certificateholder for any registration of transfer or
exchange of Trust Certificates, but the Trustee or the Certificate Registrar
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 Trust Certificates.

 

The Trust
Certificates and any beneficial interest in such Trust Certificates may not be
acquired by: (a) an employee benefit plan (as defined in Section 3(3) of
ERISA) that is subject to the provisions of Title I of ERISA, (b) a plan
described in Section 4975(e)(1) of the Code or (c) any entity
whose underlying assets include plan assets of any of the foregoing (each a “Benefit Plan”). By accepting and holding a
Trust Certificate or an interest therein, the Certificateholder 

 

6

 

thereof shall be deemed to have represented and warranted that it is
not a Benefit Plan. The Trustee shall have no obligation to determine whether
or not a Certificateholder of a Trust Certificate is or is not a Benefit Plan.

 

Notwithstanding
any other provision of this Agreement, no transfer of a Trust Certificate or
beneficial interest therein shall be allowed, and any such purported transfer
shall be void ab initio, if such
transfer would cause the Trust to have more than 100 partners within the
meaning of Treasury Regulation section 1.7704-1(h)(1).  For purposes of determining the number of
partners in the Trust under Treasury Regulation section 1.7704-1(h)(1), a
person owning an interest in a partnership, grantor trust, or S corporation (a “flow-through entity”) that owns, directly
or through other flow-through entities, an interest in the Trust, will be
treated as a partner in the Trust if more than 50 percent of the value of such
person’s interest in the flow-through entity is attributable to the
flow-through entity’s interest (direct or indirect) in the Trust.

 

No transfer
(or purported transfer) of a Trust Certificate (or any beneficial interest
therein), whether to another Certificateholder or to a person who is not a
Certificateholder, shall be effective, and any such transfer (or purported
transfer) shall be void ab initio,
and no person shall otherwise become a Certificateholder, and none of the
Trust, the Trustee, the Certificate Registrar or any of the Certificateholders
will recognize such transfer (or purported transfer), unless the transferee has
first represented and warranted in writing to the Trust that:

 

(A)          it
is acquiring the Trust Certificate for its own account and is the sole
beneficial owner of such Trust Certificate;

 

(B)           the
transfer is not being effected on or through (x) an “established
securities market” within the meaning of Section 7704(a)(1) of the
Code, including without limitation, an over-the-counter market or an
interdealer quotation system that regularly disseminates firm buy or sell
quotations or (y) a “secondary market (or the substantial equivalent
thereof)” within the meaning of Section 7704(a)(2) of the Code and
any proposed, temporary or final Treasury Regulations thereunder; and

 

(C)           such
transfer will not cause the Trust to be classified as a publicly traded partnership
for U.S. federal income tax purposes, and such purchaser or transferee will not
take any action, including any subsequent disposition of such Trust Certificate
(or any beneficial interest therein), that would cause the Trust to be treated
as a publicly traded partnership for U.S. federal income tax purposes.

 

SECTION 3.5                 Mutilated,
Destroyed, Lost or Stolen Trust Certificates.  If:  (a) any
mutilated Trust Certificate shall be surrendered to the Certificate Registrar,
or if the Certificate Registrar shall receive evidence to its satisfaction of
the destruction, loss or theft of any Trust Certificate (provided, that the
Trustee shall not be required to verify the evidence provided to it), and (b) there
shall be delivered to the Certificate Registrar and the Trustee such security
or indemnity as may be required by them to hold each of them harmless, then, in
the absence of notice that such Trust Certificate shall have been acquired by a
bona fide purchaser, the Trustee on behalf of the Trust shall execute,
authenticate and deliver, in exchange for or in lieu of any such mutilated,
destroyed, lost or stolen Trust Certificate, a replacement Trust Certificate 

 

7

 

evidencing the same percentage of beneficial
interest in the Trust as the Trust Certificate so mutilated, destroyed, lost or
stolen.

 

In connection
with the issuance of any replacement Trust Certificate under this Section, the
Trustee and the Certificate Registrar may require the payment by the Certificateholder
of a sum sufficient to cover any tax or other governmental charge that may be
imposed in connection therewith.

 

Any
replacement Trust Certificate issued pursuant to this Section in
replacement of any mutilated, destroyed, lost or stolen Trust Certificate shall
constitute conclusive evidence of ownership in the Trust, as if originally
issued, whether or not the mutilated, lost, stolen or destroyed Trust
Certificate shall be found at any time, and shall be entitled to all the
benefits of this Agreement.

 

SECTION 3.6                 Persons
Deemed Certificateholders.  Prior
to due presentation of a Trust Certificate for registration of transfer of any
Trust Certificate, the Trustee or the Certificate Registrar may treat the
Person in whose name any Trust Certificate shall be registered in the
Certificate Register (as of the day of determination) as the owner of such
Trust Certificate for the purpose of receiving distributions pursuant to Section 5.2 and for all other
purposes whatsoever, and neither the Trustee nor the Certificate Registrar
shall be bound by any notice to the contrary.

 

SECTION 3.7                 Access
to List of Certificateholders’ Names and Addresses.  The Trustee shall furnish or cause to be
furnished to the Servicer and the Depositor, within 15 days after receipt by
the Trustee of a request therefor from the Servicer or the Depositor in
writing, a list, in such form as the Servicer or the Depositor may reasonably
require, of the names and addresses of the Certificateholders as of the most
recent Record Date. If three or more Certificateholders evidencing in the
aggregate not less than 25% of the beneficial interest in the Trust apply in
writing to the Trustee, and such application states that the applicants desire
to communicate with other Certificateholders with respect to their rights under
this Agreement or under the Trust Certificates and such application shall be
accompanied by a copy of the communication that such applicants propose to
transmit, then the Trustee shall, within five Business Days after the receipt
of such application, afford such applicants access during normal business hours
to the current list of Certificateholders. Each Certificateholder, by receiving
and holding a Trust Certificate, shall be deemed to have agreed not to hold any
of the Depositor, the Certificate Registrar or the Trustee accountable by
reason of the disclosure of its name and address, regardless of the source from
which such information was derived.

 

SECTION 3.8                 Maintenance
of Office or Agency.  The Trustee
shall maintain an office or offices or agency or agencies where Trust
Certificates may be surrendered for registration of transfer or exchange and
where notices and demands to or upon the Trustee in respect of the Trust
Certificates and the Basic Documents may be served.  The Trustee initially designates its
Corporate Trust Office as its principal corporate trust office for such
purposes.  The Trustee shall give prompt
written notice to the Depositor and to the Certificateholders of any change in
the location of the Certificate Register or any such office or agency.

 

SECTION 3.9                 Appointment
of Paying Agent.  The Paying
Agent shall make distributions to Certificateholders from the Certificate
Distribution Account pursuant to Section 5.2

 

8

 

and shall report the amounts of such distributions to the Trustee. Any
Paying Agent shall have the revocable power to withdraw funds from the
Certificate Distribution Account for the purpose of making the distributions
referred to above. The Trustee may revoke such power and remove the Paying
Agent if the Trustee determines in its sole discretion that the Paying Agent
shall have failed to perform its obligations under this Agreement in any
material respect.  The Paying Agent shall
initially be the Indenture Trustee, and any co-paying agent chosen by and
acceptable to the Trustee.  The Paying
Agent shall be permitted to resign as Paying Agent upon 30 days’ written notice
to the Trustee. In the event that the Indenture Trustee shall not be the Paying
Agent, the Trustee shall appoint a successor to act as Paying Agent (which
shall be a bank or trust company).  The
Trustee shall cause such successor Paying Agent or any additional Paying Agent
appointed by the Trustee to execute and deliver to the Trustee an instrument in
which such successor Paying Agent or additional Paying Agent (other than the
Indenture Trustee or the Trustee as Paying Agent) shall agree with the Trustee
that as Paying Agent, such successor Paying Agent or additional Paying Agent will
hold all sums, if any, held by it for payment to the Certificateholders in
trust for the benefit of the Certificateholders entitled thereto until such
sums shall be paid to such Certificateholders. 
The Paying Agent shall return all unclaimed funds to the Trustee and
upon removal of a Paying Agent such Paying Agent shall also return all funds in
its possession to the Trustee.  The
provisions of Sections 7.1, 7.3, 7.4
and 8.1 shall apply to the
Indenture Trustee or Trustee to the extent the Indenture Trustee or Trustee is
a Paying Agent, for so long as the Indenture Trustee or Trustee, as applicable,
shall act as Paying Agent and, to the extent applicable, to any other paying
agent appointed hereunder. Any reference in this Agreement to the Paying Agent
shall include any co-paying agent unless the context requires otherwise.

 

ARTICLE IV

Actions by Trustee

 

SECTION 4.1                 Prior
Notice to Certificateholders With Respect to Certain Matters.  With respect to the following matters, the
Trustee shall not take action unless, at least 30 days before the taking of
such action (or such shorter period as shall be agreed to in writing by all
Certificateholders), the Trustee shall have notified the Certificateholders in
writing of the proposed action and the Certificateholders shall not have
notified the Trustee in writing prior to the 30th day (or such agreed upon
shorter period) after such notice is given that such Certificateholders have
withheld consent or shall not have provided alternative direction:

 

(a)           the initiation of any claim or lawsuit by
the Trust (except claims or lawsuits brought in connection with the collection
of the Receivables) and the compromise of any action, claim or lawsuit brought
by or against the Trust (except with respect to the aforementioned claims or
lawsuits for collection of Receivables);

 

(b)           the amendment of the Indenture in
circumstances where the consent of any Noteholder is not required and such
amendment materially adversely affects the interest of the Certificateholders;

 

(c)           the amendment, change or modification of the
Administration Agreement, except to cure any ambiguity or to amend or
supplement any provision in a 

 

9

 

manner, or add any provision, that would not
materially adversely affect the interests of the Certificateholders; or

 

(d)           the appointment pursuant to the Indenture of
a successor Note Registrar, Paying Agent or Indenture Trustee, or pursuant to
this Agreement of a successor Certificate Registrar (other than the Trustee),
or the consent to the assignment by the Note Registrar, Paying Agent or
Indenture Trustee or Certificate Registrar (other than to the Trustee) of its
obligations under the Indenture or this Agreement, as applicable.

 

SECTION 4.2                 Action
By Certificateholders With Respect to Certain Matters.  The Trustee shall not have the power, except
upon the direction of the Certificateholders, to: (a) remove the
Administrator under the Administration Agreement, (b) appoint a successor
Administrator, (c) remove the Servicer under the Sale and Servicing
Agreement; or (d) except as expressly provided in the Basic Documents,
sell the Receivables after the termination of the Indenture. The Trustee shall
take the actions referred to in the preceding sentence only upon written instructions
signed by the Certificateholders.

 

SECTION 4.3                 Action
By Certificateholders With Respect to Bankruptcy.  The Trustee shall not have the power to
commence a voluntary proceeding in bankruptcy relating to the Trust (i) until
one year and one day after the Outstanding Amount of all the Notes has been
reduced to zero and (ii) without the unanimous prior approval of all
Certificateholders and (iii) without the delivery to the Trustee by each
such Certificateholder of a certificate certifying that such Certificateholder
reasonably believes that the Trust is insolvent.

 

SECTION 4.4                 Restrictions
on Certificateholders’ Power. 
The Certificateholders shall not direct the Trustee to take or refrain
from taking any action if such action or inaction would be contrary to any
obligation of the Trust or the Trustee under this Agreement or any of the Basic
Documents or would be contrary to Section 2.3,
nor shall the Trustee be obligated to follow any such direction, if given.

 

SECTION 4.5                 Majority
Control.  Except as expressly
provided herein, any action that may be taken by the Certificateholders under
this Agreement may be taken by the Certificateholders holding in the aggregate
more than 50% of the beneficial interest in the Trust at the time of such
action. Except as expressly provided herein, any written notice of the
Certificateholders delivered pursuant to this Agreement shall be effective if
signed by Certificateholders holding in the aggregate more than 50% of the
beneficial interest in the Trust at the time of such action.

 

ARTICLE V

Application of Trust Funds; Certain Duties

 

SECTION 5.1                 Establishment
of Trust Account.  The Trustee or
the Paying Agent on the Trust’s behalf, for the benefit of the
Certificateholders, shall establish and maintain in the name of the Trust an
Eligible Deposit Account (the “Certificate
Distribution Account”), bearing a designation clearly indicating
that the funds deposited therein are held for the benefit of the
Certificateholders.

 

10

 

The Trust
shall possess all right, title and interest in all funds on deposit from time
to time in the Certificate Distribution Account and in all proceeds thereof.
Except as otherwise expressly provided herein, the Certificate Distribution
Account shall be under the sole dominion and control of the Trustee or the
Paying Agent for the benefit of the Certificateholders.  If, at any time, the Certificate Distribution
Account ceases to be an Eligible Deposit Account, the Trustee or the Paying
Agent on the Trust’s behalf (or the Depositor on behalf of the Trustee, if the
Certificate Distribution Account is not then held by the initial Paying Agent
or the Trustee or an affiliate thereof) shall, within 10 Business Days (or such
longer period, not to exceed 30 calendar days, as to which the Rating Agency
Condition shall be satisfied), establish a new Certificate Distribution Account
as an Eligible Deposit Account and shall transfer any cash and/or any
investments to such new Certificate Distribution Account.

 

SECTION 5.2                 Applications of Trust Funds.

 

(a)           On each Payment Date, the Indenture Trustee
(if any Notes are Outstanding or amounts are still due to the Counterparties)
or the Trustee (if the Notes and all payments to the Counterparties have been
paid in full) will distribute to Certificateholders, on a pro rata basis,
amounts deposited in the Certificate Distribution Account pursuant to Section 5.6 of the Sale and Servicing
Agreement.

 

(b)           On each Payment Date, the Indenture Trustee
or the Trustee shall send to each Certificateholder the statement provided to
the Indenture Trustee or the Trustee, as applicable, by the Servicer pursuant
to Section 5.11 of the Sale
and Servicing Agreement.

 

(c)           In the event that any withholding tax is
imposed on the Trust’s payment (or allocations of income) to a
Certificateholder, such tax shall reduce the amount otherwise distributable to
the Certificateholder in accordance with this Section.  The Indenture Trustee and the Trustee, as
applicable, are hereby authorized and directed to retain from amounts otherwise
distributable to the Certificateholders sufficient funds for the payment of any
tax that is legally owed by the Trust (but such authorization shall not prevent
the Indenture Trustee or the Trustee, as applicable, from contesting any such
tax in appropriate proceedings, and withholding payment of such tax, if
permitted by law, pending the outcome of such proceedings).  The amount of any withholding tax imposed
with respect to a Certificateholder shall be treated as cash distributed to
such Certificateholder at the time it is withheld by the Trust. If there is a
possibility that withholding tax is payable with respect to a distribution
(such as a distribution to a non-U.S. Certificateholder), the Indenture Trustee
or the Trustee, as applicable, may, in its sole discretion, withhold such
amounts in accordance with this paragraph (c). 
Notwithstanding any other provision of this Agreement, the Trust shall
withhold and pay over to the Internal Revenue Service, pursuant to Sections
1441, 1442 and 1446 of the Code (or any successor provisions or any other
provision as may be enacted into law), at such times as required by such
provisions, such amounts as the Trust is required to withhold under such
provision on account of any foreign Certificateholder’s distributive share of
income of the Trust, as if the entire amount of such foreign Certificateholder’s
distributive share of such income is subject to withholding tax pursuant to
such provisions.  To the extent that a
foreign Certificateholder claims to be 

 

11

 

entitled to a reduced rate of, or exemption
from, U.S. withholding tax pursuant to an applicable income tax treaty, or
otherwise, such foreign Certificateholder shall furnish the Depositor and the
Trustee with such information and forms as it may require and are necessary to
comply with the regulations governing the obligations of withholding tax
agents, which the Depositor may forward to the Indenture Trustee.  Each foreign Certificateholder represents and
warrants that any such information and form furnished by it shall be true and
accurate and agrees to indemnify the Trust and each of the other
Certificateholders from any and all damages, costs and expenses resulting from
the filing of inaccurate or incomplete information or forms relating to such
withholding taxes.  In the event that a
Certificateholder wishes to apply for a refund of any such withholding tax, the
Indenture Trustee or the Trustee, as applicable, shall reasonably cooperate
with such Certificateholder in making such claim so long as such
Certificateholder agrees to reimburse the Indenture Trustee or the Trustee, as
applicable, for any out-of-pocket expenses incurred.

 

SECTION 5.3                 Method
of Payment.  Subject to Section 9.1(c),
distributions required to be made to Certificateholders on any Payment Date
shall be made to each Certificateholder of record on the preceding Record Date
either by wire transfer, in immediately available funds, to the account of such
Certificateholder at a bank or other entity having appropriate facilities
therefor, if such Certificateholder shall have provided to the Certificate
Registrar appropriate written instructions at least five Business Days prior to
such Payment Date and such Certificateholder’s Trust Certificates aggregate not
less than $1,000,000, or, if not, by check mailed to such Certificateholder at
the address of such Certificateholder appearing in the Certificate Register.

 

SECTION 5.4                 No
Segregation of Monies; No Interest. 
Subject to Sections 5.1 and 5.2, monies received by the Trustee or the
Paying Agent hereunder need not be segregated in any manner except to the
extent required by law or the Sale and Servicing Agreement and may be deposited
under such general conditions as may be prescribed by law, and the Trustee or
the Paying Agent, as applicable, shall not be liable for any interest thereon.

 

SECTION 5.5                 Accounting
and Reports to the Noteholders, Certificateholders, the Internal Revenue
Service and Others.  The
Depositor or, if any Trust Certificates are held by any Person other than the
Depositor or its Affiliate, the Trustee, shall: (a) maintain (or cause to
be maintained) the books of the Trust on a calendar year basis on the accrual
method of accounting, (b) deliver to each Certificateholder, as may be
required by the Code and applicable Treasury Regulations, such information as
may be required (including Schedule K-1, if applicable) to enable each
Certificateholder to prepare its federal, State and local income tax returns, (c) file
such tax returns relating to the Trust (including, if applicable, a partnership
information return on Internal Revenue Service Form 1065 or its
successor), and make such elections as may from time to time be required or
appropriate under any applicable State or federal statute or rule or
regulation thereunder so as to maintain the Trust’s characterization as a
disregarded entity or partnership for federal income tax purposes, as
applicable, (d) cause such tax returns to be signed in the manner required
by law and (e) collect or cause to be collected any withholding tax as
described in and in accordance with Section 5.2(c) with respect to
income or distributions to Certificateholders. 
The Trustee shall elect under Section 1278 of the Code to include
in income currently any market discount that accrues with respect to the
Receivables and shall elect under 

 

12

 

Section 171 of the Code to amortize any
bond premium with respect to the Receivables. 
The Trustee shall not make the election provided under Section 754
of the Code.

 

SECTION 5.6                 Signature on Returns; Tax Matters Partner.

 

(a)           The Depositor, or if any Trust Certificates
are held by any Person other than the Depositor, the Trustee shall sign on
behalf of the Trust the tax returns of the Trust, unless applicable law
requires a Certificateholder to sign such documents, in which case such
documents shall be signed by such Certificateholder.

 

(b)           In the event the Trust is characterized as a
partnership, in accordance with Section 2.6, the Depositor shall be
designated the “tax matters partner” of the Trust pursuant to Section 6231(a)(7)(A) of
the Code and applicable Treasury Regulations.

 

ARTICLE VI

Authority and Duties of Trustee

 

SECTION 6.1                 General
Authority.  The Trustee is
authorized and directed to execute and deliver the Basic Documents to which the
Trust is to be a party and each certificate or other document attached as an
exhibit to or contemplated by the Basic Documents to which the Trust is to be a
party, in each case in such form as the Depositor shall approve as evidenced
conclusively by the Trustee’s execution thereof, and, on behalf of the Trust,
to direct the Indenture Trustee to authenticate and deliver the Notes in the
aggregate principal amount specified in a letter of instruction from the
Depositor to the Trustee.  In addition to
the foregoing, the Trustee is authorized, but shall not be obligated, to take
all actions required of the Trust pursuant to the Basic Documents.  The Trustee is further authorized from time
to time to take such action as the Administrator recommends with respect to the
Basic Documents.

 

SECTION 6.2                 General
Duties.  It shall be the duty of
the Trustee to discharge (or cause to be discharged) all of its responsibilities
pursuant to this Agreement and the Basic Documents to which the Trust is a
party and to administer the Trust in the interest of the Certificateholders,
subject to the Basic Documents and in accordance with this Agreement.
Notwithstanding the foregoing, the Trustee shall be deemed to have discharged
its duties and responsibilities hereunder and under the Basic Documents to the
extent the Administrator has agreed in the Administration Agreement to perform
any act or to discharge any duty of the Trustee hereunder or under any Basic
Document, and the Trustee shall not be held liable for the default or failure
of the Administrator to carry out its obligations under the Administration
Agreement.

 

SECTION 6.3                 Action upon Instruction.

 

(a)           Subject to Article IV and in accordance with the Basic
Documents, the Certificateholders may by written instruction direct the Trustee
in the management of the Trust. Such direction may be exercised at any time by
written instruction of the Certificateholders pursuant to Article IV.

 

(b)           The Trustee shall not be required to take
any action hereunder or under any Basic Document if the Trustee shall have
reasonably determined, or shall have been 

 

13

 

advised by counsel, that such action is
likely to result in liability on the part of the Trustee or is contrary to the
terms hereof or of any Basic Document or is otherwise contrary to law.

 

(c)           Whenever the Trustee is unable to decide
between alternative courses of action permitted or required by this Agreement
or any Basic Document, the Trustee shall promptly give notice (in such form as
shall be appropriate under the circumstances) to the Certificateholders
requesting instruction as to the course of action to be adopted, and to the
extent the Trustee acts in good faith in accordance with any written
instruction of the Certificateholders received, the Trustee shall not be liable
on account of such action to any Person. 
If the Trustee shall not have received appropriate instruction within 10
days of such notice (or within such shorter period of time as reasonably may be
specified in such notice or may be necessary under the circumstances) it may,
but shall be under no duty to, take or refrain from taking such action, not
inconsistent with this Agreement or the Basic Documents, as it shall deem to be
in the best interests of the Certificateholders, and shall have no liability to
any Person for such action or inaction.

 

(d)           In the event that the Trustee is unsure as
to the application of any provision of this Agreement or any Basic Document or
any such provision is ambiguous as to its application, or is, or appears to be,
in conflict with any other applicable provision, or in the event that this
Agreement permits any determination by the Trustee or is silent or is
incomplete as to the course of action that the Trustee is required to take with
respect to a particular set of facts, the Trustee may give notice (in such form
as shall be appropriate under the circumstances) to the Certificateholders
requesting instruction and, to the extent that the Trustee acts or refrains
from acting in good faith in accordance with any such instruction received, the
Trustee shall not be liable, on account of such action or inaction, to any
Person.  If the Trustee shall not have
received appropriate instruction within 10 days of such notice (or within such
shorter period of time as reasonably may be specified in such notice or may be
necessary under the circumstances) it may, but shall be under no duty to, take
or refrain from taking such action, not inconsistent with this Agreement or the
Basic Documents, as it shall deem to be in the best interests of the
Certificateholders, and shall have no liability to any Person for such action
or inaction.

 

SECTION 6.4                 No
Duties Except as Specified in This Agreement or in Instructions.  The Trustee shall not have any duty or
obligation to manage, make any payment with respect to, register, record, sell,
dispose of or otherwise deal with the Trust Estate, or to otherwise take or
refrain from taking any action under, or in connection with, any document
contemplated hereby to which the Trustee is a party, except as expressly
provided by this Agreement or in any document or written instruction received
by the Trustee pursuant to Section 6.3;
and no implied duties or obligations shall be read into this Agreement or any
Basic Document against the Trustee.  The
Trustee shall have no responsibility for filing any financing or continuation
statement in any public office at any time or to otherwise perfect or maintain
the perfection of any security interest or Lien granted to it hereunder or to
prepare or file any Securities and Exchange Commission filing for the Trust or
to record this Agreement or any Basic Document. 
The Trustee nevertheless agrees that it will, at its own cost and
expense, promptly take all action 

 

14

 

as may be necessary to discharge any Liens on
any part of the Trust Estate arising by, through or under the Trustee
(including in its individual capacity) which are unrelated to the
administration or ownership of the Trust Estate.

 

Further,
notwithstanding anything to the contrary herein or in any other document, the
Trustee shall not be required to execute, deliver or certify on behalf of the
Trust, the Servicer, the Depositor or any other Person any filings,
certificates, affidavits or other instruments required under Section 302
of the Sarbanes-Oxley Act of 2002. 
Notwithstanding any Person’s right to instruct the Trustee, neither the
Trustee nor any agent, employee, director or officer of the Trustee shall have
any obligation to execute any certificates or other documents required pursuant
to Section 302 of the Sarbanes-Oxley Act of 2002 or the rules and
regulations promulgated thereunder, and the refusal to comply with any such
instructions shall not constitute a default or breach under this Agreement or
any other document in connection herewith.

 

SECTION 6.5                 No
Action Except Under Specified Documents or Instructions. 
The Trustee shall not manage, control, use, sell, dispose of or
otherwise deal with any part of the Trust Estate except: (i) in accordance
with the powers granted to and the authority conferred upon the Trustee
pursuant to this Agreement, (ii) in accordance with the Basic Documents
and (iii) in accordance with any document or instruction delivered to the
Trustee pursuant to Section 6.3.

 

SECTION 6.6                 Restrictions.  The Trustee shall not take any action (a) that
is inconsistent with the purposes of the Trust set forth in Section 2.3 or (b) that, to the
actual knowledge of the Trustee, would result in the Trust’s becoming taxable
as a corporation for federal income tax purposes.  The Certificateholders shall not direct the
Trustee to take action that would violate this Section.

 

ARTICLE VII

Concerning the Trustee

 

SECTION 7.1                 Acceptance
of Trusts and Duties.  The
Trustee accepts the trusts hereby created and agrees to perform its duties
hereunder with respect to such trusts but only upon the terms of this
Agreement. The Trustee also agrees to disburse all monies actually received by
it constituting part of the Trust Estate upon the terms of the Basic Documents
and this Agreement. The Trustee shall not be answerable or accountable
hereunder or under any Basic Document under any circumstances, except: (i) for
its own willful misconduct or negligence or (ii) in the case of the
inaccuracy of any representation or warranty contained in Section 7.3 expressly made by the
Trustee. In particular, but not by way of limitation (and subject to the
exceptions set forth in the preceding sentence):

 

(a)           the Trustee shall not be liable for any
error of judgment made in good faith by a responsible officer of the Trustee
unless it is proved that the Trustee was negligent in ascertaining the
pertinent facts;

 

(b)           the Trustee shall not be liable with respect
to any action taken or omitted to be taken by it in accordance with the
instructions of the Administrator, the Servicer or any Certificateholder;

 

15

 

(c)           no provision of this Agreement or any Basic
Document shall require the Trustee to expend or risk funds or otherwise incur
any financial liability in the performance of any of its rights or powers
hereunder or under any Basic Document, if the Trustee shall have reasonable
grounds for believing that repayment of such funds or adequate indemnity
against such risk or liability is not reasonably assured or provided to it;

 

(d)           under no circumstances shall the Trustee be
liable for indebtedness evidenced by or arising under any of the Basic
Documents, including the principal of and interest on the Notes;

 

(e)           the Trustee shall not be responsible for or
in respect of the validity or sufficiency of this Agreement or for the due
execution hereof by the Depositor or for the form, character, genuineness,
sufficiency, value or validity of any of the Trust Estate or for or in respect
of the validity or sufficiency of the Basic Documents, other than the
certificate of authentication on the Trust Certificates, and the Trustee shall
in no event assume or incur any liability, duty or obligation to any Noteholder
or to any Certificateholder, other than as expressly provided for herein and in
the Basic Documents;

 

(f)            the Trustee shall not be liable for the
default or misconduct of the Administrator, the Depositor, the Indenture
Trustee or the Servicer under any of the Basic Documents or otherwise and the
Trustee shall have no obligation or liability to perform the obligations of the
Trust under this Agreement or the Basic Documents that are required to be
performed by the Administrator under the Administration Agreement, the
Indenture Trustee under the Indenture or the Servicer under the Sale and
Servicing Agreement; and

 

(g)           the Trustee shall be under no obligation to
exercise any of the rights or powers vested in it by this Agreement, or to
institute, conduct or defend any litigation under this Agreement or otherwise
or in relation to this Agreement or any Basic Document, at the request, order
or direction of any of the Certificateholders unless such Certificateholders
have offered to the Trustee security or indemnity satisfactory to it against
the costs, expenses and liabilities that may be incurred by the Trustee therein
or thereby.  The right of the Trustee to
perform any discretionary act enumerated in this Agreement or in any Basic
Document shall not be construed as a duty, and the Trustee shall not be
answerable for other than its negligence or willful misconduct in the
performance of any such act.

 

SECTION 7.2                 Furnishing
of Documents.  The Trustee shall
furnish to the Certificateholders promptly upon receipt of a written request
therefor, and at the expense of the Certificateholders, duplicates or copies of
all reports, notices, requests, demands, certificates, financial statements and
any other instruments furnished to the Trustee under the Basic Documents.

 

16

 

SECTION 7.3                 Representations
and Warranties.  The Trustee
hereby represents and warrants to the Depositor, for the benefit of the
Certificateholders, that as of the date hereof (other than with respect to Section 7.3(e),
which is as of the dates specified therein):

 

(a)           it is a banking corporation duly organized
and validly existing in good standing under the laws of the State of Delaware,
with the requisite corporate power and authority to execute, deliver and
perform its obligations under this Agreement,

 

(b)           it has taken all corporate action necessary
to authorize the execution and delivery by it of this Agreement, and this
Agreement will be executed and delivered by one of its officers who is duly
authorized to execute and deliver this Agreement on its behalf,

 

(c)           the execution and delivery of this
Agreement, the consummation of the transactions contemplated by this Agreement
and the fulfillment of the terms hereof do not conflict with, result in any
breach of any of the terms and provisions of, or constitute (with or without
notice or lapse of time) a default under, the certificate of incorporation or
by-laws of the Trustee, or to the best of its knowledge without independent
investigation any indenture, agreement or other instrument to which the Trustee
is a party or by which it is bound; or violate any federal or State law
governing the banking or trust powers of the Trustee; or, to the best of the
Trustee’s knowledge, violate any order, rule or regulation applicable to
the Trustee of any court or of any federal or State regulatory body,
administrative agency or other governmental instrumentality having jurisdiction
over the Trustee or its properties,

 

(d)           this Agreement, assuming due authorization,
execution and delivery by the Depositor, constitutes a valid, legal and binding
obligation of the Trustee, enforceable against it in accordance with the terms
hereof subject to applicable bankruptcy, insolvency, reorganization, moratorium
and other laws affecting the enforcement of creditors’ rights generally and to
general principles of equity, regardless of whether such enforcement is
considered in a proceeding in equity or at law, and

 

(e)           as of the date of the Underwriting
Agreement, the Preliminary Prospectus Date, the Prospectus Date and the Closing
Date, to its knowledge without independent investigation, there are no legal
proceedings pending against the Trustee, or of which any property of the
Trustee is subject, that are material to the Noteholders, and to the knowledge
of the Trustee no such legal proceedings are contemplated by any governmental
authority.

 

SECTION 7.4                 Information
to be Provided by the Trustee. 
The Trustee shall notify the Depositor promptly after the Trustee
becomes aware of (a) the initiation of any legal proceedings against the
Trustee, or of which any property of the 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 proceedings that are
contemplated by any governmental authority.

 

17

 

SECTION 7.5                 Reliance;
Advice of Counsel.  (a) Except
to the extent otherwise provided in Section 7.1,
the Trustee shall incur no liability to anyone in acting upon any signature,
instrument, notice, resolution, request, consent, order, certificate, report,
opinion, bond or other document or paper (whether in its original or facsimile
form) believed by it to be genuine and believed by it to be signed by the
proper party or parties. The Trustee may accept a certified copy of a
resolution of the board of directors or other governing body of any party as
conclusive evidence that such resolution has been duly adopted by such body and
that the same is in full force and effect. As to any fact or matter the method
of the determination of which is not specifically prescribed herein, the
Trustee may for all purposes hereof rely on a certificate, signed by the
president, any vice president, any treasurer, any assistant treasurer, any
secretary, any assistant secretary or other authorized officers of the relevant
party as to such fact or matter, and such certificate shall constitute full
protection to the Trustee for any action taken or omitted to be taken by it in
good faith in reliance thereon.

(b)           In the exercise or administration of the
trusts hereunder and in the performance of its duties and obligations under
this Agreement or the Basic Documents, the Trustee: (i) may act directly
or through its agents or attorneys pursuant to agreements entered into with any
of them, and the Trustee shall not be liable for the conduct or misconduct of
such agents or attorneys if such agents or attorneys shall have been selected
by the Trustee with reasonable care, and (ii) may consult with counsel,
accountants and other skilled Persons to be selected with reasonable care and
employed by it.  The Trustee shall not be
liable for anything done, suffered or omitted in good faith by it in accordance
with the written opinion or advice of any such counsel, accountants or other
such Persons and which opinion or advice states that such action is not
contrary to this Agreement or any Basic Document.

 

SECTION 7.6                 Not
Acting in Individual Capacity. 
Except as provided in this Article VII,
in accepting the trusts hereby created Wilmington Trust Company acts solely as
Trustee hereunder and not in its individual capacity and all Persons having any
claim against the Trustee by reason of the transactions contemplated by this
Agreement or any Basic Document shall look only to the Trust Estate for payment
or satisfaction thereof.

 

SECTION 7.7                 Trustee
Not Liable For Trust Certificates or Receivables.  The recitals contained herein and in the
Trust Certificates (other than the signature and counter-signature of the
Trustee on the Trust Certificates) shall be taken as the statements of the
Depositor, and the Trustee assumes no responsibility for the correctness
thereof.  The Trustee makes no
representations as to the validity or sufficiency of this Agreement, of any
Basic Document, of the Trust Certificates (other than the signature and
countersignature, if any, of the Trustee on the Trust Certificates) or of the
Notes, or of any Receivable or related documents.  The Trustee shall at no time have any
responsibility or liability for or with respect to the legality, validity and
enforceability of any Receivable, or the perfection and priority of any
security interest created by any Receivable in any of the Financed Equipment or
the maintenance of any such perfection and priority, or for or with respect to
the sufficiency of the Trust Estate or its ability to generate the payments to
be distributed to Certificateholders under this Agreement or the Noteholders
under the Indenture, including: (a) the existence, condition and ownership
of any Financed Equipment, (b) the existence and enforceability of any
insurance thereon, (c) the existence and contents of any Receivable on any
computer or other record thereof, (d) the validity of the assignment of
any 

 

18

 

Receivable to the Trust or of any intervening
assignment, (e) the completeness of any Receivable, (f) the
performance or enforcement of any Receivable, and (g) the compliance by
the Depositor or the Servicer with any warranty or representation made under
any Basic Document or in any related document or the accuracy of any such
warranty or representation or any action of the Administrator, the Indenture
Trustee or the Servicer or any subservicer taken in the name of the Trustee.

 

SECTION 7.8                 Trustee
May Not Own Notes.  The
Trustee shall not, in its individual capacity, but may in a fiduciary capacity,
become the owner or pledgee of Notes or otherwise extend credit to the Issuing
Entity.  The Trustee may otherwise deal
with the Depositor, the Administrator, the Indenture Trustee and the Servicer
with the same rights as it would have if it were not the Trustee.

 

ARTICLE VIII

Compensation of Trustee

 

SECTION 8.1                 Trustee’s
Fees and Expenses.  The Trustee
shall receive as compensation for its services hereunder such fees as have been
separately agreed upon before the date hereof between the Depositor and the
Trustee, and the Trustee shall be entitled to be reimbursed by the Depositor
for its other reasonable expenses hereunder, including the reasonable
compensation, expenses and disbursements of such agents, representatives,
experts and counsel as the Trustee may employ in connection with the exercise
and performance of its rights and its duties hereunder.

 

SECTION 8.2                 Indemnification.  The Depositor shall be liable as primary
obligor for, and shall indemnify the Trustee and its successors, assigns,
agents and servants (collectively, the “Indemnified
Parties”) from and against, any and all liabilities, obligations,
losses, damages, taxes, claims, actions and suits, and any and all reasonable
costs, expenses and disbursements (including reasonable legal fees and
expenses) of any kind and nature whatsoever (collectively, “Expenses”), which may at any time be
imposed on, incurred by or asserted against the Trustee or any other
Indemnified Party in any way relating to or arising out of this Agreement, the
Basic Documents, the Trust Estate, the administration of the Trust Estate or
the action or inaction of the Trustee hereunder, except only that the Depositor
shall not be liable for or required to indemnify an Indemnified Party from and
against Expenses arising or resulting from: (a) such Indemnified Party’s
willful misconduct or negligence, (b) with respect to the Trustee, the
inaccuracy of any representation or warranty contained in Section 7.3 expressly made by the
Trustee or (c) any tax imposed on an Indemnified Party based on, measured
by or with respect to the net or gross income, capital or net worth, gross or
net receipts, franchise, excess profits or conduct of business by such
Indemnified Party (including, but not limited to, taxes imposed on, measured
by, or with respect to any fees or compensation received by the Trustee
hereunder).  The indemnities contained in
this Section shall survive the resignation or termination of the Trustee
or the termination of this Agreement. In any event of any claim, action or proceeding
for which indemnity will be sought pursuant to this Section, the Trustee’s
choice of legal counsel shall be subject to the approval of the Depositor,
which approval shall not be unreasonably withheld.

 

19

 

SECTION 8.3                 Payments
to the Trustee.  Any amounts paid
to the Trustee pursuant to this Article VIII
shall be deemed not to be a part of the Trust Estate immediately after such
payment.  The Trustee shall also be
entitled to interest on all fees and expenses that are due and unpaid for more
than sixty (60) days after they have been billed to the party responsible for
the payment of such amounts at a rate equal to the rate publicly announced by
Wilmington Trust Company as its prime rate from time to time.

 

ARTICLE IX

Termination of Trust Agreement

 

SECTION 9.1                 Termination
of Trust Agreement.  (a) The
Trust shall dissolve upon the final distribution by the Trustee of all monies
or other property or proceeds of the Trust Estate in accordance with the Indenture,
the Sale and Servicing Agreement and Article V.  The bankruptcy, liquidation, dissolution,
death or incapacity of any Certificateholder shall not: (x) operate to
dissolve or terminate this Agreement or the Trust, (y) entitle such
Certificateholder’s legal representatives or heirs to claim an accounting or to
take any action or proceeding in any court for a partition or winding up of all
or any part of the Trust or Trust Estate or (z) otherwise affect the
rights, obligations and liabilities of the parties hereto.

 

(b)           Except as provided in Section 9.1(a),
neither the Depositor nor any Certificateholder shall be entitled to dissolve,
revoke or terminate the Trust; provided  however, for the sake of
clarity, no action is necessary by the Depositor, the Certificateholder or any
other Person as a prerequisite for a dissolution under Section 9.1(a) to
occur.

 

(c)           Notice of any anticipated dissolution of the
Trust, specifying the Payment Date upon which the Certificateholders shall
surrender their Trust Certificates to the Paying Agent for payment of the final
distribution and cancellation, shall be given promptly by the Trustee by letter
to Certificateholders mailed within five Business Days of receipt of notice of
such anticipated dissolution from the Servicer given pursuant to Section 9.1(c) of the Sale and
Servicing Agreement, and such notice from the Trustee shall state: (i) the
Payment Date upon which final payment of the Trust Certificates shall be made
upon presentation and surrender of the Trust Certificates at the office of the
Paying Agent therein designated, (ii) the amount of any such final payment
and (iii) that the Record Date otherwise applicable to such Payment Date
is not applicable, payments being made only upon presentation and surrender of the
Trust Certificates at the office of the Paying Agent therein specified.  The Trustee shall give such notice to the
Certificate Registrar (if other than the Trustee) and the Paying Agent at the
time such notice is given to Certificateholders. Upon presentation and
surrender of the Trust Certificates, the Paying Agent shall cause to be
distributed to Certificateholders amounts distributable on such Payment Date
pursuant to Section 5.2.

 

In the event
that all of the Certificateholders shall not surrender their Trust Certificates
for cancellation within six months after the date specified in the above
mentioned written notice, the Trustee shall give a second written notice to the
remaining Certificateholders to surrender their Trust Certificates for cancellation
and to receive the final distribution with respect thereto.  If within one year after the second notice
all the Trust Certificates shall not have 

 

20

 

been surrendered for cancellation, the Trustee may take appropriate
steps, or may appoint an agent to take appropriate steps, to contact the
remaining Certificateholders concerning surrender of their Trust Certificates,
and the cost thereof shall be paid out of the funds and other assets that shall
remain subject to this Agreement.  Any
funds remaining in the Trust after exhaustion of such remedies shall be
distributed by the Trustee to the Depositor.

 

(d)           Upon the dissolution of the Trust and the
payment of all liabilities of the Trust in accordance with applicable law, the
Trustee shall cause the Certificate of Trust to be canceled by filing a
certificate of cancellation with the Secretary of State in accordance with the
provisions of Section 3810 (or successor section) of the Trust Statute, at
which time the Trust and this Agreement (other than Article VIII) shall terminate.

 

ARTICLE X

Successor Trustees and Additional Trustees

 

SECTION 10.1               Eligibility
Requirements for Trustee.  The
Trustee shall at all times:  (a) be
a corporation satisfying the provisions of Section 26(a)(1) of the
Investment Company Act of 1940, as amended, (b) be authorized to exercise
corporate trust powers, (c) have a combined capital and surplus of at
least $50,000,000 and be subject to supervision or examination by federal or
State authorities, and (d) have (or have a parent that has) a rating of at
least “Baa3” by Moody’s.  If such
corporation shall publish reports of condition at least annually, pursuant to
law or the requirements of the aforesaid supervising or examining authority,
then for the purpose of this Section, the combined capital and surplus of such
corporation shall be deemed to be its combined capital and surplus as set forth
in its most recent report of condition so published. At all times, at least one
Trustee of the Trust shall satisfy the requirements of Section 3807(a) of
the Trust Statute. In case at any time the Trustee shall cease to be eligible
in accordance with this Section, the Trustee shall resign immediately in the
manner and with the effect specified in Section 10.2.

 

SECTION 10.2               Resignation or Removal of
Trustee.

 

(a)           The Trustee may at any time resign and be
discharged from the trusts hereby created by giving written notice thereof to
the Administrator.  Upon receiving such
notice of resignation, the Administrator shall promptly appoint a successor
Trustee by written instrument, in duplicate, one copy of which instrument shall
be delivered to the resigning Trustee and one copy to the successor
Trustee.  Other than such instrument, and
as provided in Section 10.2(b) and 10.3 below, no other documentation
or action shall be required, and notwithstanding anything to the contrary
herein or in the Basic Documents, no consent shall be required of any Person
with respect to such appointment or entering into any such agreement, and the
amendment provisions hereof will not apply to such instrument.  If no successor Trustee shall have been so
appointed and have accepted appointment within 30 days after the giving of such
notice of resignation, the resigning Trustee may petition at the expense of the
Administrator any court of competent jurisdiction for the appointment of a
successor Trustee.

 

21

 

If at any time the Trustee
shall cease to be eligible in accordance with Section 10.1
and shall fail to resign after written request therefor by the Administrator,
or if at any time the Trustee shall be legally unable to act, or shall be
adjudged bankrupt or insolvent, or a receiver of the Trustee or of its property
shall be appointed, or any public officer shall take charge or control of the
Trustee or of its property or affairs for the purpose of rehabilitation,
conservation or liquidation, then the Administrator may remove the
Trustee.  If the Administrator shall
remove the Trustee under the authority of the preceding sentence, the
Administrator shall promptly appoint a successor Trustee by written instrument,
in duplicate, one copy of which instrument shall be delivered to the outgoing
Trustee so removed and one copy to the successor Trustee, and pay all fees owed
to the outgoing Trustee.  Other than such
instrument, and as provided in Section 10.2(b) and 10.3 below, no
other documentation or action shall be required, and notwithstanding anything
herein or in the Basic Documents to the contrary, no consent shall be required
of any Person with respect to such appointment or entering into any such
agreement, and the amendment provisions hereof will not apply to such
instrument.

 

(b)           Any
resignation or removal of the Trustee and appointment of a successor Trustee
pursuant to this Section shall not become effective until acceptance of
appointment by the successor Trustee pursuant to Section 10.3 and payment of all fees and expenses owed
to the outgoing Trustee.  The
Administrator shall provide notice of such resignation or removal of the
Trustee to each of the Rating Agencies and the Counterparties.

 

SECTION 10.3               Successor
Trustee.  Any successor Trustee
appointed pursuant to Section 10.2
shall execute, acknowledge and deliver to the Administrator and to its
predecessor Trustee an instrument accepting such appointment under this
Agreement, and thereupon the resignation or removal of the predecessor Trustee
shall become effective and such successor Trustee, without any further act,
deed or conveyance, shall become fully vested with all the rights, powers,
duties, and obligations of its predecessor under this Agreement, with like
effect as if originally named as the Trustee. 
Such instrument shall identify the situs of the Trust, locations where
payments will be made and/or received, and where bank accounts will be
maintained for purposes of Section 2.9 hereof, if such locations are to
change following such appointment.  As of
the effective date of such instrument, Section 2.9 hereof shall be read to
include such locations identified in such instrument. The predecessor Trustee
shall upon payment of its fees and expenses deliver to the successor Trustee
all documents and statements and monies held by it under this Agreement; and
the Administrator and the predecessor Trustee shall execute and deliver such
instruments and do such other things as may reasonably be required for fully
and certainly vesting and confirming in the successor Trustee all such rights,
powers, duties and obligations.

 

No successor Trustee shall
accept appointment as provided in this Section unless at the time of such
acceptance such successor Trustee shall be eligible pursuant to Section 10.1.

 

Upon acceptance of appointment
by a successor Trustee pursuant to this Section, the Administrator shall mail
notice of such appointment to all Certificateholders, the Indenture Trustee,
the Counterparties, the Noteholders and the Rating Agencies.  If the Administrator shall fail to mail such
notice within 10 days after acceptance of appointment by the successor Trustee,
the successor Trustee shall cause such notice to be mailed at the expense of
the Administrator. 

 

22

 

Any successor
Trustee shall file an amendment to the Certificate of Trust as required by the
Statutory Trust Act.

 

SECTION 10.4               Merger or
Consolidation of Trustee.  Any
corporation or other entity into which the Trustee may be merged or converted
or with which it may be consolidated, or any corporation resulting from any
merger, conversion or consolidation to which the Trustee shall be a party, or
any corporation succeeding to all or substantially all of the corporate trust
business of the Trustee, shall be the successor of the Trustee hereunder;
provided, such corporation shall be eligible pursuant to Section 10.1, without the execution
or filing of any instrument or any further act on the part of any of the
parties hereto, anything herein to the contrary notwithstanding; and provided
further, that the Trustee shall mail notice of such merger or consolidation to
the Rating Agencies and the Counterparties.

 

SECTION 10.5               Appointment of
Co-Trustee or Separate Trustee. 
Notwithstanding any other provisions of this Agreement, at any time, for
the purpose of meeting any legal requirements of any jurisdiction in which any
part of the Trust or any Financed Equipment may at the time be located, the
Administrator and the Trustee acting jointly shall have the power and may
execute and deliver all instruments to appoint one or more Person(s) approved
by the Trustee to act as co-trustee(s), jointly with the Trustee, 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 Certificateholders, 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 Administrator and the Trustee may consider necessary or desirable.  If the Administrator shall not have joined in
such appointment within 15 days after the receipt by it of a request so to do,
the Trustee alone shall have the power to make such appointment.  No co-trustee or separate trustee under this
Agreement shall be required to meet the terms of eligibility as a successor
trustee pursuant to Section 10.1
and no notice of the appointment of any co-trustee or separate trustee shall be
required pursuant to Section 10.3.

 

Each separate trustee and
co-trustee shall, to the extent permitted by law, be appointed and act subject
to the following provisions and conditions:

 

(i)            all
rights, powers, duties and obligations conferred or imposed upon the Trustee
shall be conferred or imposed upon and exercised or performed by the 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
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
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 Trustee;

 

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

 

23

 

(iii)          the
Administrator and the Trustee acting jointly may at any time accept the
resignation of or remove any separate trustee or co-trustee.

 

Any notice, request or other
writing given to the 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. 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 Trustee or separately, as may be provided therein,
subject to all the provisions of this Agreement, specifically including every
provision of this Agreement relating to the conduct of, affecting the liability
of, or affording protection to, the Trustee. Each such instrument shall be
filed with the Trustee and a copy thereof given to the Administrator.

 

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

 

The 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.

 

ARTICLE XI

Miscellaneous

 

SECTION 11.1               Supplements and
Amendments.  Any term or
provision of this Agreement may be amended by the Depositor and the Trustee without
the consent of the Indenture Trustee, any Noteholder, the Issuing Entity or any
other Person subject to the satisfaction of one of the following conditions:

 

(i)            the
Depositor delivers an Opinion of Counsel to the Indenture Trustee to the effect
that such amendment will not materially and adversely affect the interests of
the Noteholders or the Certificateholders; or

 

(ii)           the
Depositor delivers an Officer’s Certificate of the Depositor to the Indenture
Trustee to the effect that such amendment will not materially and adversely
affect the interests of the Noteholders or the Certificateholders.

 

An amendment
shall be deemed not to adversely affect in any material respect the interests
of any Noteholders of a Class of Notes if the Rating Agency Condition has
been satisfied with respect to such amendment for such Class of Notes.

 

This Agreement may also be
amended from time to time by the Depositor and the Trustee, with prior written
notice to the Rating Agencies and the Counterparties, with the written consent
of (x) Noteholders holding Notes evidencing not less than a majority of
the Note Balance and (y) the Certificateholders holding in the aggregate
more than 50% of the beneficial 

 

24

 

interest in
the Trust at the time of such action, for the purpose of adding any provisions
to or changing in any manner or eliminating any of the provisions of this
Agreement or of modifying in any manner the rights of the Noteholders or the
Certificateholders; provided, however,
that no such amendment shall: (a) reduce the interest or principal of any
Note or Certificate or delay the Final Scheduled Maturity Date of any Note or (b) reduce
the aforesaid percentage of the Outstanding Amount and the beneficial interest
in the Trust required to consent to any such amendment, without the consent of
the holders of all the outstanding Notes and Trust Certificates.

 

Notwithstanding the above, the
permitted activities of the Trust set forth in Section 2.3
may not be significantly amended without the consent of Noteholders, other than
the Seller and its Affiliates as Noteholders, evidencing not less than a
majority of the Outstanding Amount of the Notes held by parties exclusive of
the Seller and its Affiliates.

 

Promptly after the execution of
any such amendment or consent (or, in the case of the Rating Agencies and the
Counterparties, prior thereto), the Trustee shall furnish written notification
of the substance of such amendment or consent to each Certificateholder, the
Indenture Trustee, each of the Rating Agencies and the Counterparties.

 

It shall not be necessary for
the consent of Certificateholders, the Noteholders or the Indenture Trustee
pursuant to this Section to approve the particular form of any proposed
amendment or consent, but it shall be sufficient if such consent shall approve
the substance thereof. The manner of obtaining such consents (and any other
consents of Certificateholders provided for in this Agreement or in any other
Basic Document) and of evidencing the authorization of the execution thereof by
Certificateholders shall be subject to such reasonable requirements as the
Trustee may prescribe.

 

Promptly after the execution of
any amendment to the Certificate of Trust, the Trustee shall cause the filing
of such amendment with the Secretary of State.

 

Prior to the execution of any
amendment to this Agreement or the Certificate of Trust, the Trustee shall be
entitled to receive and rely upon an Opinion of Counsel stating that the
execution of such amendment is authorized or permitted by this Agreement and
that all conditions precedent to the execution and delivery of such amendment
has been satisfied.  The Trustee may, but
shall not be obligated to, enter into any such amendment that affects the
Trustee’s own rights, duties or immunities under this Agreement or otherwise.

 

With respect to any amendment
pursuant to this Section 11.1, if any
amendment or supplement would either: (a) 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).

 

25

 

SECTION 11.2               No Legal Title
To Trust Estate in Certificateholders. 
The Certificateholders shall not have legal title to any part of the
Trust Estate. The Certificateholders shall be entitled to receive distributions
with respect to their undivided ownership interest therein only in accordance
with Articles V and IX. No transfer, by operation of law or
otherwise, of any right, title or interest of the Certificateholders in, to and
under their ownership interest in the Trust Estate shall operate to terminate
this Agreement or the trusts hereunder or entitle any transferee to an
accounting or to the transfer to it of legal title to any part of the Trust
Estate.

 

SECTION 11.3               Limitations on
Rights of Others.  The provisions
of this Agreement are solely for the benefit of the Trustee, the Depositor, the
Certificateholders, the Administrator and, to the extent expressly provided
herein, the Indenture Trustee, the Counterparties and the Noteholders, and
nothing in this Agreement, whether express or implied, shall be construed to
give to any other Person any legal or equitable right, remedy or claim in the
Trust Estate or under or in respect of this Agreement or any covenants, conditions
or provisions contained herein.

 

SECTION 11.4               Notices.  (a) Unless otherwise expressly specified
or permitted by the terms hereof, all notices shall be in writing, personally
delivered, by facsimile or mailed by certified mail, postage prepaid and return
receipt requested, and shall be deemed to have been duly given upon receipt: (i) if
to the Trustee, Indenture Trustee or the Paying Agent, addressed to the
applicable Corporate Trust Office, (ii) if to the Depositor, addressed to
CNH Capital Receivables LLC, 6900 Veterans Boulevard, Burr Ridge, Illinois
60527, Attention: Assistant Treasurer, (telephone: (630) 887-2095) (facsimile:
(630) 887-5448), and (iii) if to the Counterparties, addressed to the
addresses set forth in Section 11.4
of the Indenture; or, as to each party, at such other address or facsimile
number as shall be designated by such party in a written notice to the other
party.

 

(b)           Any
notice required or permitted to be given to a Certificateholder shall be given
by first-class mail, postage prepaid, at the address of such Certificateholder
as shown in the Certificate Register. 
Any notice so mailed within the time prescribed in this Agreement shall
be conclusively presumed to have been duly given, whether or not the
Certificateholder receives such notice.

 

SECTION 11.5               Severability.  Any provision of this Agreement that is
prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction,
be ineffective to the extent of such prohibition or unenforceability without
invalidating the remaining provisions hereof, and any such prohibition or
unenforceability in any jurisdiction shall not invalidate or render
unenforceable such provision in any other jurisdiction.

 

SECTION 11.6               Separate
Counterparts.  This Agreement may
be executed by the parties hereto in separate counterparts, each of which when
so executed and delivered shall be an original, but all such counterparts shall
together constitute but one and the same instrument.

 

SECTION 11.7               Successors and
Assigns.  All covenants and agreements
contained herein shall be binding upon, and inure to the benefit of, the
Depositor and its successors, the Trustee and its successors and each
Certificateholder and its successors and permitted assigns, all as herein
provided. Any request, notice, direction, consent, waiver or other instrument
or action by a Certificateholder shall bind the successors and assigns of such
Certificateholder.

 

26

 

SECTION 11.8               Covenants of The
Depositor.  If any litigation
with claims in excess of $1,000,000 to which the Depositor is a party that
shall be reasonably likely to result in a material judgment against the
Depositor that the Depositor will not be able to satisfy shall be commenced by
a Certificateholder during the period beginning nine months following the
commencement of such litigation and continuing until such litigation is
dismissed or otherwise terminated (and, if such litigation has resulted in a
final judgment against the Depositor, such judgment has been satisfied), the
Depositor shall not pay any dividend to CNHCA, or make any distribution on or
in respect of its capital stock to CNHCA, or repay the principal amount of any
indebtedness of the Depositor held by CNHCA, unless (i) after giving
effect to such payment, distribution or repayment, the Depositor’s liquid
assets shall not be less than the amount of actual damages claimed in such
litigation or (ii) the Rating Agency Condition shall have been satisfied
with respect to any such payment, distribution or repayment.  The Depositor will not at any time institute
against the Trust any bankruptcy proceedings under any United States federal or
State bankruptcy or similar law in connection with any obligations relating to
the Trust Certificates, the Notes, the Trust Agreement or any of the Basic
Documents.

 

SECTION 11.9               No Petition.  The Trustee on behalf of the Trust, by
entering into this Agreement, each Certificateholder, by accepting a Trust
Certificate, the Trustee, and the Indenture Trustee and each Noteholder, by
accepting the benefits of this Agreement, hereby covenant and agree that they
will not at any time institute against the Depositor or the Trust, or join in
any institution against the Depositor or the Trust of, any bankruptcy,
reorganization, arrangement, insolvency or liquidation proceedings, or other
proceedings under any federal or State bankruptcy or similar law in connection
with any obligations relating to the Trust Certificates, the Notes, this
Agreement or any of the Basic Documents.

 

SECTION 11.10             No Recourse.  Each Certificateholder by accepting a Trust
Certificate acknowledges that such Certificateholder’s Trust Certificates
represent beneficial interests in the Trust only and do not represent interests
in or obligations of the Depositor, the Servicer, the Administrator, the
Trustee, the Indenture Trustee or any Affiliate thereof and no recourse may be
had against such parties or their assets, except as may be expressly set forth
or contemplated in this Agreement, the Trust Certificates or the Basic
Documents.

 

SECTION 11.11             Headings.  The headings of the various Articles and
Sections herein are for convenience of reference only and shall not define or
limit any of the terms or provisions hereof.

 

SECTION 11.12             Governing Law.  This Agreement shall be construed in
accordance with the laws of the State of Delaware, without reference to its
conflict of law provisions, and the obligations, rights and remedies of the
parties hereunder shall be determined in accordance with such laws.

 

SECTION 11.13             Administrator.  The Administrator is authorized to execute on
behalf of the Trust all such documents, reports, filings, instruments,
certificates and opinions as it shall be the duty of the Trust to prepare, file
or deliver pursuant to this Agreement and the Basic Documents.  Upon written request, the Trustee shall
execute and deliver to the Administrator a power of attorney appointing the
Administrator its agent and attorney-in-fact to execute all such documents,
reports, filings, instruments, certificates and opinions.

 

27

 

SECTION 11.14             Information to be
Provided by the Trustee.  For so
long as the Depositor is required to report under Regulation AB and the
Exchange Act, the Trustee shall, as promptly as practicable, but in any case no
later than each Payment Date, notify the Depositor, in writing, of: (i) the
commencement of or, if applicable, the termination of, any and all legal
proceedings pending against the Trustee or any and all proceedings of which any
property of the Trustee is the subject, that is material to the noteholders;
and (ii) the commencement of or, if applicable, the termination of, any
and all such proceedings known to be contemplated by governmental authorities
against the Trustee or any and all proceedings of which any property of the
Trustee is the subject, that is material to the noteholders.  The Trustee shall also notify the Depositor,
in writing, as promptly as practicable, but in any case no later than each
Payment Date, following notice to or discovery by a Responsible Officer of the
Trustee of any material changes to proceedings described in the preceding
sentence.  In addition, the Trustee will
furnish to the Depositor, in writing, the necessary disclosure regarding the
Trustee describing such proceedings required to be disclosed under Regulation
AB, including Item 1117 of Regulation AB, for inclusion in reports filed by or
on behalf of the Depositor pursuant to the Exchange Act.

 

For so long as the Notes are
outstanding and the Depositor is required to report under Regulation AB and the
Exchange Act, the Trustee shall (i) on or before the fifth Business Day of
each January, April, July and October provide to the Depositor, in
writing, such information regarding or relating to the Trustee as is required
for the purpose of compliance by the Depositor with Regulation AB, including
Items 1109(a), 1109(b), 1119(a) and 1119(b) of Regulation AB; and (ii) as
promptly as practicable following notice to or discovery by a Responsible Officer
of the Trustee of any changes to such information (but in any case no later
than the next March 15 following such change), provide to the Depositor,
in writing, such updated information. 
Such information shall include, at a minimum:

 

(A)          the Trustee’s name and
form of organization;

 

(B)           a description of the
extent to which the Trustee has had prior experience serving as a trustee for
asset-backed securities transactions involving equipment receivables; and

 

(C)           a description of any
affiliation between the Trustee and any of the following parties (the “Affiliation
Parties”), as such parties are identified by legal name to the Trustee by the
Depositor on the Closing Date:

 

(1)           the sponsor;

(2)           any depositor;

(3)           the issuing entity;

(4)           any servicer;

(5)           any other trustee;

(6)           any originator;

(7)           any significant
obligor;

(8)           any enhancement or
support provider; and

(9)           any other material
party related to the transaction.

 

In addition, the Trustee shall
provide a description of whether there is, and if so the general character of,
any business relationship, agreement, arrangement, transaction or 

 

28

 

understanding
between the Trustee and any above-listed party that is entered into outside the
ordinary course of business or is on terms other than would be obtained in an
arm’s length transaction with an unrelated third party, apart from this
transaction, that currently exists or that existed during the past two years
and that is material to an investor’s understanding of the Notes.

 

For so long as the Notes are
outstanding and the Depositor is required to report under the Exchange Act, to
the extent that there is a change in any of the Affiliation Parties, the
Depositor will notify the Trustee in writing of a change or addition to any
such Affiliation Parties, to the extent that an Authorized Officer of the
Depositor has actual knowledge of such change or addition.

 

SECTION 11.15             Complete
Information.  The Disclosure
Information (as defined in Section 11.16) provided by WTC for inclusion in
the Prospectus and the Preliminary Prospectus is true and accurate in all
material respects.  As of the Preliminary
Prospectus Date and the Prospectus Date (a) there are no legal proceedings
pending or known to be contemplated by governmental authorities against WTC or
against any property of WTC, that would be material to the Noteholders, (b) WTC
is not affiliated with any of the Affiliation Parties, and (c) there is no
business relationship, agreement, arrangement, transaction or understanding
between the Trustee and any of the Affiliation Parties that is entered into
outside the ordinary course of business or is on terms other than would be
obtained in an arm’s length transaction with an unrelated third party, apart
from this transaction, that currently exists or that existed during the past
two years and that is material to an investor’s understanding of the Notes.

 

SECTION
11.16             Indemnification.

 

(a)           WTC
agrees to pay, and to protect, indemnify and save harmless Depositor and CNHCA
from and against, any and all claims, losses, liabilities (including
penalties), actions, suits, judgments, demands, damages, costs or expenses
(including reasonable fees and expenses of attorneys or, as necessary
consultants and auditors and reasonable costs of investigations) (collectively,
“Losses”) of any nature to the extent such Losses result from:

 

(i)            any
untrue statement of a material fact contained in (x) the information
provided by the Trustee pursuant to Section 11.14
(“Periodic Information”) or (y) the language set forth in Section 11.16(b) that was furnished by WTC for use under the
heading “The Trustee” in the prospectus supplement contained in the Prospectus
and the Preliminary Prospectus (the “Disclosure Information”, and
together with the Periodic Information and the 11.15 Information, the “Trustee
Information”) or (z) Section 11.15 (the
“11.15 Information”), or

 

(ii)           the
omission to state in the Trustee Information a material fact required to be
stated in the Trustee Information, or necessary in order to make the statements
therein, in the light of the circumstances under which they were made, not
misleading,

 

29

 

(b)           The
Disclosure Information for purposes of Section 11.16(a)(ii) is
as follows:

 

“Wilmington
Trust Company is the trustee under the trust agreement.  Wilmington Trust Company is a Delaware
banking corporation with trust powers incorporated in 1903. Wilmington Trust
Company’s principal place of business is located at 1100 North Market Street,
Wilmington, Delaware, 19890. Wilmington Trust Company has served as trustee in
numerous asset-backed securities transactions involving equipment retail
installment loans, consumer installment loans and retail installment sale
contracts.  Wilmington Trust Company has
served as trustee for trusts involving securitizations of retail installment
sale contracts, retail installment loans and consumer installment loans by the
depositor since 2007.

 

Wilmington Trust Company is
subject to various legal proceedings that arise from time to time in the
ordinary course of business. Wilmington Trust Company does not believe that the
ultimate resolution of any of these proceedings will have a materially adverse
effect on its services as trustee or on the noteholders.

 

Wilmington
Trust Company has provided the above information for purposes of complying with
Regulation AB. Other than the above two paragraphs, Wilmington Trust
Company has not participated in the preparation of, and is not responsible for,
any other information contained in this prospectus.”

 

(c)           With respect to the
indemnification provided in Section 11.16(a), in no event will WTC be
liable for special, indirect or consequential damages relating to such
indemnification.  In case any proceeding
(including any governmental investigation) shall be instituted involving any
person in respect of which indemnity may be sought pursuant thereto, such
person (the “indemnified party”) shall promptly notify WTC in writing.  In
any such proceeding, any indemnified party shall have the right to retain its
own counsel, but the reasonable fees and expenses of such counsel shall be at
the expense of such indemnified party. 
WTC may, at its option, at any time upon written notice to the
indemnified party, assume the defense of any proceeding relating to such
indemnity and may designate counsel reasonably satisfactory to the indemnified
party in connection therewith provided that the counsel so designated would
have no actual or potential conflict of interest in connection with such
representation.  Unless it shall assume the defense of any proceeding WTC
shall not be liable for any settlement of any proceeding effected without its
written consent.  If WTC assumes the defense of any proceeding, it shall
be entitled to settle such proceeding with the consent of the indemnified party
or, if such settlement provides for release of the indemnified party in
connection with all matters relating to the proceeding which have been asserted
against the indemnified party in such proceeding by the other parties to such
settlement, without the consent of the indemnified party.

 

(d)           Depositor agrees to
pay, and to protect, indemnify and save harmless WTC, and its respective
officers, directors, shareholders, employees, agents and each person, if any,
who controls WTC, within the meaning of either Section 15 of the
Securities Act or Section 20 of the Exchange Act, from and against, any
and all claims, losses, liabilities (including penalties), actions, suits,
judgments, demands, damages, costs 

 

30

 

or expenses (including reasonable fees and expenses of attorneys or, as
necessary, consultants and auditors and reasonable costs of investigations)
(collectively, “WTC Losses”) of any nature to the extent such WTC Losses result
from any untrue statement of a material fact contained under the heading “Depositor”
in the base prospectus contained in the Preliminary Prospectus and the
Prospectus, any omission to state under the heading “Depositor” in the base
prospectus contained in the Preliminary Prospectus and the Prospectus a
material fact required to be stated therein or necessary to make the statements
therein, in light of the circumstance under which they were made, not
misleading, or any untrue information with respect to Affiliation Parties
provided by the Depositor pursuant to the last paragraph of Section 11.14
(unless WTC has actual knowledge that such Affiliation Party information is
incorrect).

 

(e)           With respect to the
indemnification provided in Section 11.16(d), in no event will Depositor
be liable for special, indirect or consequential damages relating to such
indemnification.  In case any proceeding
(including any governmental investigation) shall be instituted involving any
person in respect of which indemnity may be sought pursuant thereto, such
person (the “indemnified party”) shall promptly notify Depositor in
writing.  In any such proceeding, any indemnified party shall have the
right to retain its own counsel, but the reasonable fees and expenses of such
counsel shall be at the expense of such indemnified party.  Depositor may, at its option, at any time
upon written notice to the indemnified party, assume the defense of any
proceeding relating to such indemnity and may designate counsel reasonably
satisfactory to the indemnified party in connection therewith provided that the
counsel so designated would have no actual or potential conflict of interest in
connection with such representation.  Unless it shall assume the defense
of any proceeding Depositor shall not be liable for any settlement of any
proceeding effected without its written consent.  If Depositor assumes the
defense of any proceeding, it shall be entitled to settle such proceeding with
the consent of the indemnified party or, if such settlement provides for
release of the indemnified party in connection with all matters relating to the
proceeding which have been asserted against the indemnified party in such
proceeding by the other parties to such settlement, without the consent of the
indemnified party.

 

SECTION 11.17             Paying Agent
Protection.  The Paying Agent
shall be entitled to all the same rights, protections, immunities and
indemnities as the Indenture Trustee under the Indenture as if specifically set
forth herein.

 

*   *   *  
*   *

 

31

 

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

 

	
   

  	
  Wilmington
  Trust Company,

  
	
   

  	
  in its individual capacity and

  
	
   

  	
  as Trustee

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ J.
  Christopher Murphy

  
	
   

  	
   

  	
  Name: J.
  Christopher Murphy

  
	
   

  	
   

  	
  Title:
  Financial Services Officer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  CNH Capital
  Receivables LLC

  
	
   

  	
  as Depositor

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Thomas
  N. Beckmann

  
	
   

  	
   

  	
  Name: Thomas
  N. Beckmann

  
	
   

  	
   

  	
  Title:   Assistant Treasurer

  

 

 

	
  ACKNOWLEDGED
  AND ACCEPTED:

  
	
   

  
	
  The Bank of
  New York Mellon Trust Company, N.A.,

  
	
  As Indenture
  Trustee and as Paying Agent,

  
	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ John
  Krenkel

  	
   

  
	
   

  	
  Name: John
  Krenkel

  	
   

  
	
   

  	
  Title:   Assistant Treasurer

  	
   

  

 

 

EXHIBIT A

 

FORM OF TRUST CERTIFICATE

 

REGISTERED

 

	
  NUMBER R- [      ]

  	
   

  	
  100% Beneficial Interest

  

 

THIS CERTIFICATE MAY NOT
BE ACQUIRED BY OR FOR THE ACCOUNT OF A  BENEFIT PLAN (AS DEFINED BELOW).

 

CNH EQUIPMENT TRUST 2009-A

 

TRUST CERTIFICATE

 

evidencing a fractional
undivided beneficial interest in the Trust (as defined below), the property of
which includes a pool of retail installment sale contracts and retail
installment loans secured by new and used agricultural, construction and/or
other equipment and sold to the Trust by CNH Capital Receivables LLC.

 

(This Trust Certificate does
not represent an interest in or obligation of CNH Capital Receivables LLC, CNH
Capital America LLC, New Holland Credit Company, LLC, CNH Global N.V. or CNH
America LLC, or any of their respective affiliates, except to the extent
described below.)

 

THIS CERTIFIES THAT CNH CAPITAL
RECEIVABLES LLC is the registered owner of a nonassessable, fully-paid,
fractional undivided interest in CNH Equipment Trust 2009-A (the “Trust”) formed by CNH Capital Receivables
LLC, a Delaware limited liability company (the “Depositor”).

 

The Trust was created pursuant
to a Trust Agreement dated as of March 1, 2009 (the “Trust
Agreement”) between
the Depositor and Wilmington Trust Company, as trustee (the “Trustee”). 
To the extent not otherwise defined herein, the capitalized terms used
herein have the meanings assigned to them in the Trust Agreement or the Sale
and Servicing Agreement (the “Sale and
Servicing Agreement”) dated as of March 1, 2009 among the
Trust, the Depositor and New Holland Credit Company, LLC, as servicer (the “Servicer”), as applicable.  This Trust Certificate is one of the duly
authorized Trust Certificates (herein called the “Trust Certificates”) issued under and subject to the terms,
provisions and conditions of the Trust Agreement, to which Trust Agreement the
holder of this Trust Certificate by virtue of the acceptance hereof assents and
by which holder is bound.  The provisions
and conditions of the Trust Agreement are hereby incorporated by reference as
though set forth in their entirety herein.

 

Issued under the Indenture
dated as of March 1, 2009 between the Trust and The Bank Of New York
Mellon Trust Company, N.A., as Indenture Trustee, are notes designated as “[    ]% Class A-1 Asset Backed Notes,” “[     ]% Class A-2[a] Asset Backed Notes,”
[“Floating Rate Class A-2b Asset Backed Notes,”] “[     ]% Class A-3[a] Asset Backed Notes,”
[“Floating Rate Class A-3b Asset Backed Notes,”] “[    ]% Class A-4[a] Asset Backed Notes,” [“Floating
Rate Class A-4b Asset Backed Notes,”] and “[    ]% Class B Asset Backed Notes”.  The holder of this Trust Certificate
acknowledges and agrees that its rights to receive distributions in respect of
this 

 

A-1

 

Trust
Certificate are subordinated to the rights of the Noteholders as described in
the Sale and Servicing Agreement and the Indenture.

 

It is the intent of the
Depositor, Servicer and the holder of this Trust Certificate that, for purposes
of federal income, State and local income and franchise and any other income
taxes measured in whole or in part by income, until the Trust Certificates are
held by a Person other than the Depositor, the Trust be disregarded as an
entity separate from the Depositor.  At
such time that the Trust Certificates are held by more than one person, it is
the intent of the Depositor, Servicer and the Certificateholders that, for
purposes of federal income, State and local income and franchise and any other
income taxes measured in whole or in part by income, the Trust be treated as a
partnership, the assets of which are the assets held by the Trust, and the
Certificateholders (including the Depositor (and its transferees and assigns)
in its capacity as recipient of distributions from the Spread Account) will be
treated as partners in that partnership. 
The Depositor and the holder of this Trust Certificate, by acceptance of
this Trust Certificate, agree to treat, and to take no action inconsistent with
the treatment of, the Trust Certificates as such for tax purposes.

 

The Certificateholder, by its
acceptance of this Trust Certificate, covenants and agrees that such
Certificateholder will not at any time institute against the Depositor or the
Trust, or join in any institution against the Depositor or the Trust, 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 this Trust
Certificate, the Notes, the Trust Agreement or any of the Basic Documents.

 

The Certificateholder, by its
acceptance of this Trust Certificate, represents and warrants in writing that: (a) it
is acquiring this Trust Certificate for its own account and is the sole
beneficial owner of such Trust Certificate; (b) the transfer is not being
effected on or through (x) an “established securities market” within the
meaning of Section 7704(a)(1) of the Code, including without
limitation, an over-the-counter market or an interdealer quotation system that
regularly disseminates firm buy or sell quotations or (y) a “secondary
market (or the substantial equivalent thereof)” within the meaning of Section 7704(a)(2) of
the Code and any proposed, temporary or final Treasury regulations thereunder;
and (c) such transfer will not cause the Trust to be classified as a
publicly traded partnership for U.S. federal income tax purposes, and such
purchaser or transferee will not take any action, including any subsequent
disposition of such Trust Certificate (or any beneficial interest therein),
that would cause the Trust to be treated as a publicly traded partnership for
U.S. federal income tax purposes.

 

This Trust Certificate may not
be acquired by or for the account of: (i) an employee benefit plan (as
defined in Section 3(3) of the Employee Retirement Income Security
Act of 1974, as amended (“ERISA”)), that is subject to the provisions of Title
I of ERISA, (ii) a plan described in Section 4975(e)(1) of the
Internal Revenue Code of 1986, as amended, or (iii) any entity whose
underlying assets include plan assets of any of the foregoing (a “Benefit Plan”). By accepting and holding
this Certificate, the Certificateholder shall be deemed to have represented and
warranted that it is not a Benefit Plan.

 

This Trust Certificate does not
represent an obligation of, or an interest in, the Depositor, the Servicer, CNH
Capital America LLC, New Holland Credit Company, LLC, CNH America 

 

A-2

 

LLC, CNH
Global N.V., the Trustee or any affiliates of any of them and no recourse may
be had against such parties or their assets, except as may be expressly set
forth or contemplated herein or in the Trust Agreement or the Basic Documents.

 

Unless the certificate of
authentication hereon shall have been executed by an authorized officer of the
Trustee, by manual signature, this Trust Certificate shall not entitle the
holder hereof to any benefit under the Trust Agreement, the Sale and Servicing
Agreement or any of the Basic Documents or be valid for any purpose.

 

This Trust Certificate shall be
construed in accordance with the laws of the state of Delaware, without
reference to its conflict of law provisions, and the obligations, rights and
remedies of the parties hereunder shall be determined in accordance with such
laws.

 

A-3

 

IN WITNESS WHEREOF, the Trustee
on behalf of the Trust and not in its individual capacity has caused this Trust
Certificate to be duly executed.

 

	
   

  	
  CNH
  Equipment Trust 2009-A,

  
	
   

  	
   

  
	
   

  	
  By: Wilmington Trust Company,

  not in its individual capacity, but

  solely as Trustee

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

A-4

 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

This is one of the Trust
Certificates referred to in the within-mentioned Trust Agreement.

 

	
   

  	
  Wilmington
  Trust Company,

  
	
   

  	
  as Trustee

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Authorized
  Officer

  
	
   

  	
   

  
	
   

  	
   

  
	
  Date:  March [   ],
  2009

  	
   

  

 

A-5

 

ASSIGNMENT

 

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

 

PLEASE INSERT SOCIAL SECURITY
OR OTHER IDENTIFYING NUMBER OF ASSIGNEE

 

 

(Please print
or type name and address, including postal zip code, of assignee) the within
Trust Certificate, and all rights thereunder, hereby irrevocably constituting
and appointing Attorney to transfer said Trust Certificate on the books of the
Certificate Registrar, with full power of substitution in the premises.

 

	
  Dated:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Signature
  Guaranteed:

  	
   

  

 

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

 

A-6

 

EXHIBIT B

to the Trust Agreement

 

CERTIFICATE OF TRUST

 

OF

 

CNH EQUIPMENT TRUST 2009-A

 

THIS CERTIFICATE OF TRUST of
CNH EQUIPMENT TRUST 2009-A (the “Trust”),
is being duly executed and filed by Wilmington Trust Company, a Delaware
banking corporation, as trustee, to form a statutory trust under the Delaware
Statutory Trust Act (12 Del. C. §3801, et seq. (the “Act”).

 

Name. The
name of the statutory trust being formed hereby is CNH Equipment Trust 2009-A.

 

Delaware Trustee.
The name and business address of the trustee of the Trust in the State of
Delaware are Wilmington Trust Company, Rodney Square North, 1100 North Market
Street, Wilmington, Delaware 19890-0001. Attention: Corporate Trust
Administration.

 

Effective Date.
This Certificate of Trust shall be effective as of its filing.

 

B-1

 

IN WITNESS WHEREOF, the
undersigned, being the trustee of the Trust, has executed this Certificate of
Trust in accordance with Section 3811(a)(1) of the Act.

 

	
   

  	
  Wilmington Trust Company,

  not in its individual capacity, but solely as

  Trustee under a Trust Agreement dated as

  of March 1, 2009

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

B-2Exhibit 4.3

 

EXECUTION COPY

 

CNH EQUIPMENT TRUST 2009-A

 

SALE AND SERVICING AGREEMENT

 

among

 

CNH EQUIPMENT TRUST 2009-A,

 

as Issuing Entity,

 

and

 

CNH CAPITAL RECEIVABLES LLC,

 

as Seller,

 

and

 

NEW HOLLAND CREDIT COMPANY, LLC,

 

as Servicer

 

Dated as of March 1, 2009

 

 

TABLE
OF CONTENTS

 

	
  ARTICLE I Definitions

  	
  1

  
	
  Section 1.1.

  	
  Definitions

  	
  1

  
	
  Section 1.2.

  	
  Other Definitional Provisions

  	
  1

  
	
   

  	
   

  	
   

  
	
  ARTICLE II Conveyance of
  Receivables and Grant of Security Interest in the Backup Servicer Account

  	
  2

  
	
  Section 2.1.

  	
  Conveyance of Initial
  Receivables

  	
  2

  
	
  Section 2.2.

  	
  Conveyance of Subsequent
  Receivables

  	
  3

  
	
   

  	
   

  	
   

  
	
  ARTICLE III The Receivables

  	
  6

  
	
  Section 3.1.

  	
  Representations and
  Warranties of Seller

  	
  6

  
	
  Section 3.2.

  	
  Repurchase upon Breach

  	
  6

  
	
  Section 3.3.

  	
  Custody of Receivable Files

  	
  7

  
	
  Section 3.4.

  	
  Duties of Servicer as
  Custodian

  	
  8

  
	
  Section 3.5.

  	
  Instructions; Authority To
  Act

  	
  8

  
	
  Section 3.6.

  	
  Custodian’s Indemnification

  	
  9

  
	
  Section 3.7.

  	
  Effective Period and
  Termination

  	
  9

  
	
  Section 3.8.

  	
  Backup Servicer as Custodian

  	
  9

  
	
   

  	
   

  	
   

  
	
  ARTICLE IV Administration and
  Servicing of Receivables

  	
  9

  
	
  Section 4.1.

  	
  Duties of Servicer

  	
  9

  
	
  Section 4.2.

  	
  Collection and Allocation of
  Receivable Payments

  	
  10

  
	
  Section 4.3.

  	
  Realization upon Receivables

  	
  11

  
	
  Section 4.4.

  	
  Maintenance of Security
  Interests in Financed Equipment

  	
  12

  
	
  Section 4.5.

  	
  Covenants of Servicer

  	
  12

  
	
  Section 4.6.

  	
  Purchase of Receivables upon
  Breach or Due to Modification

  	
  12

  
	
  Section 4.7.

  	
  Servicing Fee

  	
  13

  
	
  Section 4.8.

  	
  Servicer’s Certificate

  	
  13

  
	
  Section 4.9.

  	
  Annual Statement as to
  Compliance; Notice of Default

  	
  13

  
	
  Section 4.10.

  	
  Annual Independent Certified
  Public Accountants’ Report

  	
  13

  
	
  Section 4.11.

  	
  Access to Certain
  Documentation and Information Regarding Receivables

  	
  14

  
	
  Section 4.12.

  	
  Servicer Expenses

  	
  14

  
	
  Section 4.13.

  	
  Appointment of Subservicer

  	
  15

  
	
  Section 4.14.

  	
  Substitution of Financed
  Equipment

  	
  15

  
	
   

  	
   

  	
   

  
	
  ARTICLE V Distributions:
  Spread Account; Statements to Certificateholders and Noteholders

  	
  16

  
	
  Section 5.1.

  	
  Establishment of Trust
  Accounts and the Backup Servicer Account

  	
  16

  
	
  Section 5.2.

  	
  [Reserved]

  	
  19

  
	
  Section 5.3.

  	
  Collections

  	
  19

  
	
  Section 5.4.

  	
  Application of Collections

  	
  19

  
	
  Section 5.5.

  	
  Additional Deposits

  	
  19

  

 

i

 

	
  Section 5.6.

  	
  Distributions

  	
  20

  
	
  Section 5.7.

  	
  Spread Account

  	
  21

  
	
  Section 5.8.

  	
  Pre-Funding Account

  	
  22

  
	
  Section 5.9.

  	
  Negative Carry Account

  	
  22

  
	
  Section 5.10.

  	
  Principal Supplement Account

  	
  23

  
	
  Section 5.11.

  	
  Statements to
  Certificateholders and Noteholders

  	
  23

  
	
  Section 5.12.

  	
  Net Deposits

  	
  25

  
	
  Section 5.13.

  	
  Backup Servicer Account

  	
  25

  
	
   

  	
   

  	
   

  
	
  ARTICLE VI The Seller

  	
  26

  
	
  Section 6.1.

  	
  Representations of Seller

  	
  26

  
	
  Section 6.2.

  	
  Company Existence

  	
  27

  
	
  Section 6.3.

  	
  Liability of Seller;
  Indemnities

  	
  28

  
	
  Section 6.4.

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

  	
  28

  
	
  Section 6.5.

  	
  Limitation on Liability of
  Seller and Others

  	
  29

  
	
  Section 6.6.

  	
  Seller May Own
  Certificates or Notes

  	
  29

  
	
   

  	
   

  	
   

  
	
  ARTICLE VII The Servicer

  	
  30

  
	
  Section 7.1.

  	
  Representations of Servicer

  	
  30

  
	
  Section 7.2.

  	
  Indemnities of Servicer

  	
  31

  
	
  Section 7.3.

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

  	
  33

  
	
  Section 7.4.

  	
  Limitation on Liability of
  Servicer and Others

  	
  33

  
	
  Section 7.5.

  	
  NH Credit Not to Resign as
  Servicer

  	
  34

  
	
  Section 7.6.

  	
  Servicer to Act as
  Administrator

  	
  34

  
	
   

  	
   

  	
   

  
	
  ARTICLE VIII Default

  	
   

  	
  34

  
	
  Section 8.1.

  	
  Servicer Default

  	
  34

  
	
  Section 8.2.

  	
  Appointment of Successor
  Servicer

  	
  35

  
	
  Section 8.3.

  	
  Notification to Noteholders
  and Certificateholders

  	
  36

  
	
  Section 8.4.

  	
  Waiver of Past Defaults

  	
  37

  
	
   

  	
   

  	
   

  
	
  ARTICLE IX Termination

  	
  37

  
	
  Section 9.1.

  	
  Optional Purchase of All
  Receivables

  	
  37

  
	
   

  	
   

  	
   

  
	
  ARTICLE X Miscellaneous
  Provisions

  	
  38

  
	
  Section 10.1.

  	
  Amendment

  	
  38

  
	
  Section 10.2.

  	
  Protection of Title to Trust

  	
  40

  
	
  Section 10.3.

  	
  Notices

  	
  42

  
	
  Section 10.4.

  	
  Assignment

  	
  43

  
	
  Section 10.5.

  	
  Limitations on Rights of
  Others

  	
  43

  
	
  Section 10.6.

  	
  Severability

  	
  43

  
	
  Section 10.7.

  	
  Separate Counterparts

  	
  43

  
	
  Section 10.8.

  	
  Headings

  	
  43

  
	
  Section 10.9.

  	
  Governing Law

  	
  43

  
	
  Section 10.10.

  	
  Assignment to Indenture
  Trustee

  	
  43

  

 

ii

 

	
  Section 10.11.

  	
  Nonpetition Covenants

  	
  44

  
	
  Section 10.12.

  	
  Limitation of Liability of
  Trustee and Indenture Trustee

  	
  44

  
	
  Section 10.13.

  	
  Conditions Precedent to Other
  Financing Transactions

  	
  45

  
	
  Section 10.14.

  	
  Information Requests

  	
  45

  
	
  Section 10.15.

  	
  Information to Be Provided by
  the Indenture Trustee.

  	
  45

  
	
  Section 10.16.

  	
  Form 8-K Filings

  	
  46

  
	
  Section 10.17.

  	
  Indemnification

  	
  46

  

 

EXHIBITS

 

	
  EXHIBIT A

  	
   

  	
  [RESERVED]

  
	
  EXHIBIT B

  	
   

  	
  [RESERVED]

  
	
  EXHIBIT C

  	
   

  	
  Form of Servicer’s Certificate

  
	
  EXHIBIT D

  	
   

  	
  Form of Assignment

  
	
  EXHIBIT E

  	
   

  	
  Form of Subsequent Transfer Assignment

  
	
  EXHIBIT F

  	
   

  	
  Form of Accountants’ Letter In Connection With
  the Subsequent Transfer Assignment Pursuant to Section 2.2(b)(xiv) of
  the Sale and Servicing Agreement

  
	
  EXHIBIT G

  	
   

  	
  [RESERVED]

  
	
  EXHIBIT H

  	
   

  	
  Minimum Servicing Criteria to be Addressed in
  Assessment of Compliance Statement

  
	
  EXHIBIT I

  	
   

  	
  Form of Indenture Trustee’s Annual
  Certification

  
	
  EXHIBIT J

  	
   

  	
  Certification of the Bank of New York Mellon Trust
  Company, N.A.

  
	
   

  	
   

  	
   

  
	
  SCHEDULES

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  SCHEDULE P

  	
   

  	
  Perfection Representation and Warranties

  

 

iii

 

SALE AND
SERVICING AGREEMENT (as amended or otherwise modified,
this “Agreement”) dated as of March 1,
2009 among CNH EQUIPMENT TRUST 2009-A, a Delaware statutory trust (the “Issuing Entity” or the “Trust”), CNH CAPITAL RECEIVABLES LLC, a
Delaware limited liability company (the “Seller”),
and NEW HOLLAND CREDIT COMPANY, LLC, a Delaware limited liability company (the “Servicer”).

 

RECITALS

 

WHEREAS, the
Issuing Entity desires to purchase a portfolio of Contracts purchased or
originated by CNH Capital America LLC (“CNHCA”),
in the ordinary course of business or acquired through the exercise of clean-up
calls and sold to the Seller pursuant to the Liquidity Receivables Purchase
Agreement and/or the Purchase Agreement;

 

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

 

WHEREAS, New
Holland Credit Company, LLC (“NH Credit”)
is willing to service such Contracts.

 

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

 

ARTICLE I

Definitions

 

Section 1.1.                                   Definitions.  Capitalized terms used herein and not
otherwise defined herein are defined in Appendix A to the Indenture, dated as
of the date hereof, between the Issuing Entity and The Bank of New York Mellon
Trust Company, N.A.

 

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

 

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

 

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

 

1

 

(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

Conveyance of Receivables and Grant of Security

Interest in the Backup Servicer Account

 

 

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

 

(i)                                     the
Initial 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;

 

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

 

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

 

(iv)                              the
Liquidity Receivables Purchase Agreement (only with respect to Owned Contracts
included in the Initial Receivables) and the Purchase Agreement, including the
right of the Seller to cause CNHCA to repurchase Initial Receivables from the
Seller under the circumstances described therein;

 

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

 

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

 

2

 

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

 

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

 

The above assignment shall be
evidenced by a duly executed written assignment in substantially the form of Exhibit D
(the “Assignment”).

 

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

 

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

 

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

 

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

 

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

 

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

 

3

 

(v)                                 any
proceeds with respect to such Subsequent Receivables from recourse to Dealers;

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(vi)                              the
Receivables in the Trust, including the Subsequent Receivables to be conveyed
to the Trust on such Subsequent Transfer Date, shall meet the following
criteria: (A) each of the Receivables is a Retail Installment Contract, (B) the
weighted average original term of the Receivables in the Trust will not be
greater than 60 months, and (C) not more than 35% of the aggregate
Contract Value of the Receivables in the Trust will represent Contracts for the
financing of construction equipment, (D) each Receivable has a remaining
term to maturity of not more than 72 months and (E) each Receivable has a
Statistical Contract Value as of the applicable Cutoff Date that (when combined
with the Statistical Contract Value of any other Receivables with the same or
an affiliated Obligor) does not exceed 1% of the aggregate Statistical Contract
Value of all the Receivables;

 

4

 

(vii)                           the Funding Period shall not
have terminated;

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(xvi)                         the Rating Agency
Condition shall have been satisfied in connection therewith.

 

(c)                                  The Seller covenants to transfer to
the Issuing Entity pursuant to clause (a) Subsequent
Receivables with an aggregate Contract Value approximately equal to $0 subject
only to availability thereof.

 

5

 

ARTICLE III

The Receivables

 

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

 

(a)               Title.  It is the intention of the Seller that the
transfer and assignment herein contemplated constitute a sale of the
Receivables from the Seller to the Issuing Entity and that the beneficial
interest in and title to the Receivables not be part of the debtor’s estate in
the event of the filing of a bankruptcy petition by or against the Seller under
any bankruptcy or similar law.  No
Receivable has been sold, transferred, assigned or pledged by the Seller to any
Person other than the Issuer. 
Immediately prior to the transfer and assignment herein contemplated,
the Seller had good title to each Receivable, free and clear of all Liens and,
immediately upon the transfer thereof, the Issuer shall have good title to each
Receivable, free and clear of all Liens; and the transfer and assignment of the
Receivables to the Issuer has been, or within the timeframe required by Section 3.1(b) hereof will be, perfected under the
UCC.

 

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

 

(b)              All Filings Made.
All filings (including UCC filings) necessary in any jurisdiction to give the
Issuer a first priority perfected ownership interest in the Receivables, and to
give the Indenture Trustee a first priority perfected security interest
therein, have been made, or will be made within 10 days after the Closing Date.

 

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

 

Section 3.2.                                   Repurchase
upon Breach.  (a)  The
Seller, the Servicer or the Trustee, as the case may be, shall inform the other
parties to this Agreement and the Indenture Trustee promptly, in writing, upon
the discovery of any breach of the Seller’s representations and warranties made
pursuant to Section 3.1 or Section 6.1, a breach of CNHCA’s
representations and warranties made pursuant to Section 3.2(b) of the Liquidity Receivables
Purchase 

 

6

 

Agreement, or CNHCA’s
representations and warranties made pursuant to Section 3.2(b) of the Purchase Agreement.  Unless a breach pursuant to the sections and
documents referenced in the preceding sentence shall have been cured by the
last day of the second (or, if the Seller elects, the first) Collection Period
after such breach is discovered by the Servicer or the Trustee or in which the
Trustee receives written notice from the Seller or the Servicer of such breach,
the Seller shall be obligated, and, if necessary, the Seller or the Trustee
shall enforce the obligation of CNHCA under the Liquidity Receivables Purchase
Agreement or the Purchase Agreement, as applicable, to repurchase any
Receivable materially and adversely affected by any such breach as of such last
day. As consideration for the repurchase of the Receivable, the Seller shall
remit the Purchase Amount in the manner specified in Section 5.5; provided,
however, that the obligation of the Seller to repurchase any
Receivable arising solely as a result of a breach of CNHCA’s representations
and warranties pursuant to Section 3.2(b) of
the Liquidity Receivables Purchase Agreement and Section 3.2(b) of the Purchase Agreement is
subject to the receipt by the Seller of the Purchase Amount from CNHCA.  Subject to the provisions of Section 6.3, the sole remedy of the
Issuing Entity, the Trustee, the Indenture Trustee, the Noteholders or the
Certificateholders with respect to a breach of the representations and
warranties pursuant to Section 3.1 and
the agreement contained in this Section shall
be to require the Seller to repurchase Receivables pursuant to this Section, subject to the conditions
contained herein, and to enforce CNHCA’s obligation to the Seller to repurchase
such Receivables pursuant to the Liquidity Receivables Purchase Agreement or
the Purchase Agreement, as applicable.

 

(b)                            With
respect to all Receivables purchased or repurchased by, or otherwise
transferred to (including Liquidated Receivables transferred under Section 4.3, 4.6 and 9.1) CNHCA, the Servicer, the Seller or their Affiliate
pursuant to this Agreement, the Liquidity Receivables Purchase Agreement or the
Purchase Agreement: (i) the Issuing Entity, the Seller and the Indenture
Trustee shall sell, transfer, assign, set over and otherwise convey to CNHCA,
the Servicer, the Seller or their Affiliate, as applicable, without recourse,
representation or warranty, all of the Issuing Entity’s, the Seller’s and the
Indenture Trustee’s right, title and interest in, to and under such
Receivables, related Financed Equipment, and all other Initial Assets or
Subsequent Assets related thereto, including all security and documents
relating thereto, and (ii) the Issuing Entity, the Seller, and the
Indenture Trustee shall be deemed to have released any security interest and
any other claim under this Agreement and the Basic Documents in such
Receivables, related Financed Equipment, and all other Initial Assets or
Subsequent Assets related thereto, including all security and documents
relating thereto, without any further act or deed, and such Receivables,
related Financed Equipment, and all security and documents relating thereto
will be free of the Grant contained in the Indenture.

 

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

 

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

 

7

 

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

 

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

 

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

 

Section 3.4.                                                           Duties
of Servicer as Custodian.  (a) 
Safekeeping. The Servicer (or its Affiliates, but only in accordance with the
second following sentence) shall hold the Receivable Files for the benefit of
the Issuing Entity and the Indenture Trustee and maintain such accurate and
complete accounts, records and computer systems pertaining to each Receivable
File as shall enable the Issuing Entity to comply with this Agreement. In
performing its duties as custodian, the Servicer shall act with reasonable
care, using that degree of skill and attention that the Servicer exercises with
respect to the receivable files relating to all comparable equipment
receivables that the Servicer services for its Affiliates or others.  The Servicer, in its capacity as custodian,
may at any time delegate its duties as custodian to any Affiliate of the Servicer;
provided, that no such delegation shall relieve the Servicer of its
responsibility with respect to such duties and the Servicer shall remain
obligated and liable to the Issuing Entity, the Depositor and the Indenture
Trustee for its duties hereunder as if the Servicer alone were performing such
duties. The Servicer shall conduct, or cause to be conducted, periodic audits
of the Receivable Files and the related accounts, records and computer systems,
in such a manner as shall enable the Issuing Entity or the Indenture Trustee to
verify the accuracy of the Servicer’s record keeping.  The Servicer shall promptly report to the
Issuing Entity and the Indenture Trustee any material failure on its part, or
its Affiliate’s part, to hold the Receivable Files and maintain its accounts,
records and computer systems as herein provided and promptly take appropriate
action to remedy any such failure. Nothing herein shall be deemed to require an
initial review or any periodic review by the Issuing Entity, the Trustee or the
Indenture Trustee of the Receivable Files.

 

(b)                                 Maintenance
of and Access to Records. The Servicer shall maintain each Receivable File
at one or more of its offices and/or one or more of its Affiliate’s offices;
provided that at no time shall a Receivable File be moved to an office or
location outside the geographic boundaries of the United States.  With at least five (5) Business Days
prior notice, the Servicer shall make available for inspection by the Seller,
the Issuing Entity and the Indenture Trustee or their respective duly
authorized representatives, attorneys or auditors a list of locations of the
Receivable Files and the related accounts, records and computer systems
maintained by the Servicer at such times during normal business hours as the
Seller, the Issuing Entity or the Indenture Trustee shall instruct.

 

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

 

8

 

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

 

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

 

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

 

ARTICLE IV

Administration and Servicing of Receivables

 

Section 4.1.                                   Duties
of Servicer.  The Servicer, for
the benefit of the Issuing Entity, and (to the extent provided herein) the
Indenture Trustee shall manage, service, administer and make collections on the
Receivables with reasonable care, using that degree of skill and attention that
the Servicer or Indenture Trustee, as applicable, exercises with respect to all
comparable equipment receivables that it services for its Affiliates or others.
The Servicer’s duties shall include collection and posting of all payments,
responding to inquiries of Obligors on such Receivables, investigating
delinquencies, sending payment coupons or statements to Obligors, 

 

9

 

reporting tax
information to Obligors, accounting for collections and furnishing monthly and
annual statements to the Trustee and the Indenture Trustee with respect to
distributions. Subject to Section 4.2,
the Servicer shall follow its then current customary standards, policies and
procedures (“Servicing Procedures”) in performing its duties as Servicer.

 

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

 

Section 4.2.                                   Collection
and Allocation of Receivable Payments. 
The Servicer shall make reasonable efforts to collect all payments
called for under the Receivables as and when the same shall become due and
shall follow its Servicing Procedures. 
The Servicer shall allocate collections between principal and interest
in accordance with its Servicing Procedures.

 

Without limiting the generality of the preceding or Section 4.1, the Servicer may grant extensions,
rebates, refunds, deferrals, amendments, modifications or adjustments on a
Receivable (regardless of whether or not the Receivable is a 180-Day
Receivable, subject only to the following proviso) in accordance with its
Servicing Procedures; provided, however, that if a Receivable is not a 180-Day Receivable
and the Servicer (i) extends the date for final payment by the Obligor of
any Receivable beyond the Final Scheduled Maturity Date or (ii) reduces
the APR of a Receivable or reduces the aggregate amount of the Scheduled
Payments due on any Receivable other than as required by applicable law
(including the order of a court of competent jurisdiction), the Servicer may
make such modifications to a Receivable but it shall promptly purchase the Receivable from the Issuing Entity in
accordance with Section 4.6 (a “Modification
Purchase Event”); provided, further, that the Servicer shall not make a
modification described in the preceding clause (i) or
(ii) that would trigger a
Modification Purchase Event for
the sole purpose of purchasing a Receivable from the Issuing Entity. The
Servicer may, in accordance with its Servicing Procedures, waive any late
payment charge or any other fees (other than extension fees or any other fees
that represent interest charges on deferred Scheduled Payments) that may be
collected in the ordinary course of servicing a Receivable.

 

Subject to the proviso of the third sentence of this Section 4.2, the Servicer and its Affiliates may engage
in any marketing practice or promotion or any sale of any products, goods or
services to Obligors with respect to the Receivables so long as such practices,
promotions or 

 

10

 

sales are offered to
obligors of comparable equipment receivables serviced by the Servicer for
itself or others, whether or not such practices, promotions or sales might
result in a decrease in the aggregate amount of payments on the Receivables,
prepayments or faster or slower timing of the payment of the Receivables.  The Servicer and its Affiliates may also sell
insurance or debt cancellation products, including products which result in the
cancellation of some or all of the amount of a Receivable upon the death or
disability of an Obligor or any casualty with respect to the Financed
Equipment.

 

Notwithstanding anything in this Agreement to the
contrary, the Servicer and its Affiliates may refinance any Receivable and
deposit an amount equal to the Purchase Amount for such Receivable into the
Collection Account.  The receivable
created by such refinancing shall not be property of the Issuing Entity, and
related Financed Equipment and any part of the Receivables Files and other
Initial Assets or Subsequent Assets related to such Receivable shall be
released to the Servicer or its Affiliate and shall no longer be subject to the
terms hereof or the Indenture; provided further, that any security interests in
favor of the Issuing Entity or the Indenture Trustee hereunder or under the
Indenture in the related Financed Equipment and any other Initial Assets or
Subsequent Assets related to such Receivable shall be deemed released upon such
deposit.  The parties hereto intend that
the Servicer and its Affiliates will not refinance a Receivable pursuant to
this Section 4.2 in order to provide
direct or indirect assurance to the Depositor, the Indenture Trustee, the
Trustee, the Noteholders, or the Certificateholder, as applicable, against loss
by reason of the bankruptcy or insolvency (or other credit condition) of, or
default by, the Obligor on, or the uncollectability of, any Receivable.

 

Section 4.3.                                   Realization
upon Receivables.  For the
benefit of the Issuing Entity and the Indenture Trustee, the Servicer shall use
reasonable efforts, consistent with its Servicing Procedures, to repossess or
otherwise convert the ownership of the Financed Equipment securing any
Receivable as to which the Servicer shall have determined eventual payment in
full is unlikely.  The Servicer shall
follow such Servicing Procedures as it shall deem necessary or advisable in its
servicing of equipment receivables, which may include reasonable efforts to
realize upon any recourse to Dealers and selling the Financed Equipment at
public or private sale (it being understood that, if the Backup Servicer is
acting as Successor Servicer, it shall have no duty to enforce remedies against
Dealers).  The foregoing shall be subject
to the provision that, in any case in which the Financed Equipment shall have
suffered damage, the Servicer shall not expend funds in connection with the
repair or the repossession of such Financed Equipment unless it shall determine
in accordance with its Servicing Procedures that such repair and/or
repossession will increase the Liquidation Proceeds by an amount greater than
the amount of such expenses.

 

Liquidated
Receivables will be transferred to the Servicer or CNHCA (as the Servicer
determines at such time) on the Business Day following the day on which such
Receivable becomes a Liquidated Receivable (the “Liquidated Receivable Transfer
Date”) so long as the related Liquidation Proceeds are deposited before the
Liquidated Receivables are transferred to the Servicer or CNHCA, as applicable,
and as of the Liquidated Receivable Transfer Date such Liquidated Receivables
will no longer constitute Receivables for any purposes hereunder.  Without limiting the generality of the
foregoing, as of the applicable Liquidated Receivable Transfer Date (i) the
Issuing Entity, the Seller and the Indenture Trustee shall transfer, assign,
set over and otherwise convey to CNHCA or Servicer, as applicable, without
recourse, 

 

11

 

representation or warranty, all of the Issuing Entity’s, the Seller’s
and the Indenture Trustee’s right, title and interest in, to and under such
Liquidated Receivables and any related Financed Equipment and Collateral, and
all security and documents relating thereto, other than Liquidation Proceeds
(the “Liquidated Collateral”), and (ii) the Issuing Entity, the Seller,
and the Indenture Trustee shall be deemed to have released any security
interest and any other claim in such Liquidated Collateral under this Agreement
and the Basic Documents, without any further act or deed, and such Liquidated
Collateral shall be free of the Grant contained in the Indenture.

 

Section 4.4.                                   Maintenance
of Security Interests in Financed Equipment.  The Servicer shall, in accordance with its
Servicing Procedures, take such steps as are necessary to maintain perfection
of the security interest created by each Receivable in the related Financed
Equipment (which may consist of Substitute Equipment); provided however, the
Servicer may allow Financed Equipment to be released from any security interest
in connection with Section 4.14.  The Servicer is hereby authorized to take
such steps as are necessary to perfect or re-perfect such security interest for
the benefit of the Issuing Entity and the Indenture Trustee in the event of the
relocation of any Financed Equipment, any change to the UCC, a substitution of
Substitute Equipment or for any other reason. 
Any out-of-pocket expenses incurred by the Successor Servicer in
connection with any such re-perfection shall be reimbursable in accordance with
Section 5.6(b)(x).

 

Section 4.5.                                   Covenants
of Servicer.  The Servicer shall
not release the Financed Equipment securing any Receivable from the security
interest granted by such Receivable in whole or in part except in the event of
payment in full by the Obligor thereunder or repossession, or as permitted
under Section 4.14 or if such Receivable
is a Reacquired Receivable, nor shall the Servicer impair the rights of the
Issuing Entity, the Indenture Trustee, the Certificateholders or the
Noteholders in such Receivables. The Servicer shall, in accordance with its
Servicing Procedures, require that each Obligor shall have obtained physical
damage insurance covering the Financed Equipment as of the execution of the
Receivable.

 

Section 4.6.                                   Purchase
of Receivables upon Breach or Due to Modification.  The Servicer or the Trustee shall inform the
other party, the Indenture Trustee, the Seller, NH Credit and CNHCA promptly,
in writing, upon the occurrence or discovery of any breach pursuant to Sections  4.2,
4.4 or 4.5.  Unless a breach, pursuant to Sections 4.2, 4.4 or 4.5 shall have been cured by the last
day of the Collection Period in which such breach occurs or is discovered, as
applicable, the Servicer shall purchase or shall cause CNHCA to purchase any
Receivable materially and adversely affected by such breach as of such last
day.  In connection with a Modification
Purchase Event, or if the Servicer takes any action not in accordance with its
Servicing Procedures during any Collection Period pursuant to Section 4.2 that materially impairs the rights of the
Issuing Entity, the Indenture Trustee, the Certificateholders or the
Noteholders in any Receivable, the Servicer shall purchase the related
Receivable as of the last day of such Collection Period.  As consideration for the purchase of any such
Receivable pursuant to either of the two preceding sentences, the Servicer
shall remit or shall cause CNHCA to remit, as applicable, the Purchase Amount
in the manner specified in Section 5.5.  Subject to Section 7.2,
the sole remedy of the Issuing Entity, the Trustee, the Indenture Trustee, the
Certificateholders or the Noteholders with respect to a breach pursuant to Sections 4.2, 4.4 or 4.5 shall be to
require the Servicer to purchase or to cause CNHCA to purchase, as applicable,
Receivables pursuant to this Section.  The Trustee shall have no duty to conduct any
affirmative 

 

12

 

investigation as
to the occurrence of any condition requiring the purchase of any Receivable
pursuant to this Section.  In no event
shall the Backup Servicer as Successor Servicer be obligated to purchase any
Receivables pursuant to this Section 4.6.

 

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

 

Section 4.8.                                   Servicer’s
Certificate.  On each
Determination Date (beginning with the Determination Date immediately preceding
the initial Payment Date) the Servicer shall deliver to the Trustee, the
Indenture Trustee, the Seller and the Backup Servicer, with a copy to the
Rating Agencies, a Servicer’s Certificate (containing substantially the same
information as set forth in the form on Exhibit C)
containing all information necessary to make the distributions pursuant to Sections 5.6 and 5.7 and the deposits to the Collection
Account pursuant to Section 5.3
for the Collection Period preceding the date of such Servicer’s Certificate.

 

Section 4.9.                                   Annual
Statement as to Compliance; Notice of Default.  (a)  The Servicer shall deliver to the Issuing
Entity and the Indenture Trustee, on or before March 30 of each year, an
Officer’s Certificate of the Servicer providing such information as is required
under Item 1123 of Regulation AB with respect to the prior calendar year.

 

(b)                       The
Servicer shall deliver to the Issuing Entity, on or before March 30 of
each year, a report regarding the Servicer’s assessment of compliance with the
applicable servicing criteria specified in Item 1122 of Regulation AB during
the immediately preceding calendar year, including any material instance of
noncompliance identified by the Servicer as required under Rules 13a-18
and 15d-18 of the Exchange Act and Item 1122 of Regulation AB.

 

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

 

Section 4.10.                             Annual
Independent Certified Public Accountants’ Report.  The Servicer shall cause a firm of
independent certified public accountants, which may also render other services
to the Servicer, the Seller or any other Affiliate of CNH Global, to deliver to
the Issuing Entity, the Indenture Trustee and the Rating Agencies on or before March 30
of each year a report, providing its assessment of compliance with the minimum
servicing criteria during the preceding calendar year, including disclosure of
any material instance of non-compliance, as required by Rule 13a-18 and
15d-18 of the Exchange Act and Item 1122(b) of Regulation AB.  Such attestation will be in accordance with Rules 1-02(a)(3) and
2-02(g) of Regulation S-X under the Securities Act and the Exchange Act.

 

13

 

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

 

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

 

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

 

Notwithstanding the preceding
in this Section 4.10 or 4.9(b),
if the Backup Servicer is acting as the Successor Servicer, as to any fiscal
year of the Issuing Entity when the Issuing Entity’s reporting obligations
under Section 15(d) of
the Exchange Act are suspended as provided in Rule 15d-22 under the
Exchange Act, the Backup Servicer shall only be required to provide a copy of
its annual SAS 70 report and its audited financial statements.

 

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

 

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

 

14

 

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

 

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

 

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

 

Section 4.14.                   Substitution of Financed
Equipment.  Notwithstanding
anything herein or in the Basic Documents to the contrary, in accordance with
the Servicing Procedures, the Financed Equipment relating to a Receivable may
be replaced with substitute equipment, of equal or greater value (in the
Servicer’s reasonable determination) than the original related Financed
Equipment (“Substitute Equipment”); provided, however, the only conditions to such a substitution (in
addition to its being in accordance with the Servicing Procedures) shall be the
perfection of the first priority security interest in the related Substitute
Equipment in favor of CNHCA, and a first priority perfected security interest
of the Indenture Trustee in all of CNHCA’s right, title and interest in its
security interest in the Substitute Equipment. 
Following such substitution, the Substitute Equipment shall be
considered the Financed Equipment related to such Receivable for all purposes
hereunder and under the Basic Documents, and (i) the Issuing Entity, the
Seller and the Indenture Trustee shall sell, transfer, assign, set over and
otherwise convey to CNHCA (or its Affiliate designated by it), without
recourse, representation or warranty, all of the Issuing Entity’s, the Seller’s
and the Indenture Trustee’s right, title and interest in, to and under such
original Financed Equipment, and all security and documents relating thereto,
and (ii) the Issuing Entity, the Seller, and the Indenture Trustee shall
be deemed to have released any security interest and any other claim in such
original Financed Equipment (and all security and documents relating thereto)
hereunder and under the other Basic 

 

15

 

Documents, without any
further act or deed, and such original Financed Equipment (and all security and
documents relating thereto) will be free of the Grant contained in the
Indenture.

 

ARTICLE
V

Distributions: Spread Account;

Statements to Certificateholders and Noteholders

 

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

 

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

 

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

 

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

 

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

 

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

 

16

 

required to be deposited into such account pursuant to this Agreement
or any other Basic Document.

 

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

 

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

 

(c)           (i)  The Indenture
Trustee shall possess or control all right, title and interest in all funds on
deposit from time to time in the Trust Accounts and in all proceeds thereof
(including all income thereon) and all such funds, investments, proceeds and
income 

 

17

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

18

 

carry out its respective duties hereunder or permitting the Indenture
Trustee to carry out its duties under the Indenture.

 

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

 

Section 5.2.                     [Reserved]

 

Section 5.3.                     Collections.  The Servicer shall, and shall cause any
subservicer to, remit to the Collection Account all payments by or on behalf of
the Obligors with respect to the Receivables, and all Liquidation Proceeds,
both as collected during the Collection Period, and in either case within two
Business Days of the date that the Servicer has identified and posted such
amounts (which the Servicer shall use its reasonable best efforts to do
promptly) to the Servicer’s computer system (the “Posted Date”).
Notwithstanding the foregoing, for so long as: (i) NH Credit remains the
Servicer, (ii) no Servicer Default shall have occurred and be continuing
and (iii) prior to ceasing remittances as described in the preceding
sentence, the Rating Agency Condition shall have been satisfied (and any
conditions or limitations imposed by the Rating Agencies in connection
therewith are complied with), the Servicer shall remit such collections with
respect to the related Collection Period to the Collection Account on the
Transfer Date immediately following the end of such Collection Period.  For purposes of this Article V, the
phrase “payments by or on behalf of the Obligors” shall mean payments made with
respect to the Receivables by Persons other than the Servicer or the
Seller.  On any Payment Date with respect
to which the Backup Servicer shall have been acting as Successor Servicer
during the related Collection Period, the Backup Servicer, in its capacity as
Successor Servicer, may direct the Indenture Trustee to withdraw from the
Collection Account and pay to the Backup Servicer, in its capacity as Successor
Servicer, the sum of any accrued amounts expended by such Successor Servicer in
connection with the liquidation of any Liquidated Receivables, but solely to
the extent such amounts were not netted out of Liquidation Proceeds with
respect of such Liquidated Receivables or previously recovered by such
Successor Servicer pursuant to this Section 5.3;
provided that, the amount that such Successor Servicer may withdraw from the
Collection Account pursuant to this Section 5.3
on any Payment Date shall not exceed the aggregate amount of Liquidation
Proceeds collected during the related Collection Period and deposited into the
Collection Account prior to such Payment Date. 
Any such withdrawals permissible under this Section 5.3 shall be made prior to any distributions
under Section 5.6.

 

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

 

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

 

Section 5.5.                     Additional
Deposits.  The Servicer
and the Seller shall deposit or cause to be deposited in the Collection Account
the aggregate Purchase Amount with respect to Purchased Receivables on the
Transfer Date related to the Collection Period on the last day of which the
purchase occurs, and the Servicer shall deposit therein all amounts to be paid
under Section 9.1 on the
Transfer Date falling in the Collection Period referred to in Section 9.1.  The Servicer shall deposit the aggregate
Purchase Amount with respect to Purchased Receivables 

 

19

 

when such obligations are
due, unless the Servicer shall not be required to make deposits within two
Business Days of receipt of funds pursuant to Section 5.3,
in which case such deposits shall be made on the Transfer Date following the
related Collection Period.  This Section 5.5 shall not apply to the Backup Servicer
as Successor Servicer.

 

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

 

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

 

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

 

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

 

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

 

(iv)          [Reserved];

 

(v)           to
the Note Distribution Account, the Class Interest Amount for each Class of
Class A Notes payable by the Issuing Entity, if any;

 

(vi)          to
the Note Distribution Account, an amount equal to the excess, if any, of (x) the
Outstanding Amount of the Class A Notes over (y) the Asset Balance
for that Payment Date (the amount deposited in the Note Distribution Account
pursuant to this clause (vi)  being the “First
Principal Payment Amount”);

 

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

 

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

 

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

 

(x)            [Reserved];

 

(xi)           first,
to the Backup Servicer, to cover any accrued and unpaid reimbursable expenses
(including the Backup Servicer Expenses) that remain unpaid after 

 

20

 

the application, when applicable, of amounts in the Backup Servicer
Account, and second, to the Servicer, to cover any accrued and unpaid
reimbursable expenses; and

 

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

 

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

 

It is understood and agreed
that, with respect to the amounts to be distributed pursuant to this Section 5.6(c), the Servicer shall,
to the extent necessary (i) deposit into the Collection Account any
amounts received as payments by or on behalf of any Obligor (and not previously
deposited into the Collection Account) on or prior to the A-1 Note Final
Scheduled Maturity Date, (ii) make each calculation that would otherwise
be made on a Determination Date (with appropriate adjustments) in accordance
with Section 4.8 on the
Business Day immediately proceeding the A-1 Note Final Scheduled Maturity Date,
(iii) on the Payment Date immediately succeeding the A-1 Note Final
Scheduled Maturity Date, make any adjustments to the Note Monthly Principal
Distributable Amount, the Class Interest Amount and any other amount to be
paid on such Payment Date, and (iv) make any other calculation, adjustment
or correction that may be required as a result of any payment made on the A-1
Note Final Scheduled Maturity Date.

 

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

 

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

 

(c)           Following: (i) the
payment in full of the aggregate Outstanding Amount of the Notes and of all
other amounts owing or to be distributed hereunder or under the Indenture to
the Noteholders, the Trustee and the Indenture Trustee and (ii) the
termination of the Trust, any 

 

21

 

amount remaining on deposit in the Spread Account
shall be distributed to the Seller or any transferee or assignee pursuant to
clause (e).  The Seller (and such
transferees and assignees) shall in no event be required to refund any amounts
properly distributed pursuant to this Section 5.7(c).

 

(d)           In the event that the
First Principal Payment Amount and the Noteholders’ Distributable Amount for a
Payment Date exceeds the amount deposited into the Note Distribution Account
pursuant to Sections 5.6(b)(iv), (v), (vi), (vii) and
(viii) on such Payment Date, the Servicer shall instruct the
Indenture Trustee on such Payment Date to withdraw from the Spread Account on
such Payment Date an amount equal to such excess, to the extent of funds
available therein, and deposit such amount into the Note Distribution Account.

 

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

 

Section 5.8.                     Pre-Funding
Account.  (a)  Subject
to the proviso set forth in Section 5.1(a)(iv),
on the Closing Date, the Trustee will deposit, on behalf of the Seller, in the
Pre-Funding Account $0 from the net proceeds of the sale of the Notes.  On each Subsequent Transfer Date, the
Servicer shall instruct the Indenture Trustee to withdraw from the Pre-Funding
Account an amount equal to: (i) the aggregate Contract Value of the
Subsequent Receivables transferred to the Issuing Entity on such Subsequent
Transfer Date less the amounts described in clause (ii)  and clause (iii) 
below, and distribute such amount to or upon the order of the Seller upon
satisfaction of the conditions set forth in Section 2.2(b) with
respect to such transfer, (ii) the Spread Account Initial Deposit for such
Subsequent Transfer Date and, on behalf of the Seller, deposit such amount in
the Spread Account and (iii) the Principal Supplement Account Deposit for
such Subsequent Transfer Date, and, on behalf of the Seller, deposit such
amount in the Principal Supplement Account.

 

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

 

Section 5.9.                     Negative
Carry Account.  Subject to
the proviso set forth in Section 5.1(a)(v),
on the Closing Date, the Seller shall deposit the Negative Carry Account
Initial Deposit into the Negative Carry Account.  On each Payment Date, the Servicer will
instruct the Indenture Trustee to withdraw from the Negative Carry Account and
deposit into the Collection Account an amount equal to the Negative Carry
Amount for such Collection Period. If the 

 

22

 

amount on deposit in the
Negative Carry Account on any Payment Date (after giving effect to the
withdrawal therefrom of the Negative Carry Amount for such Payment Date) is
greater than the Required Negative Carry Account Balance, the excess will be
released to the Seller.

 

Section 5.10.                   Principal Supplement
Account.  On each
Subsequent Transfer Date the Servicer shall calculate the amount, if any, of
the Principal Supplement Account Deposit applicable to such Subsequent Transfer
Date, and, if such amount is positive, the Seller shall deposit such amount
into the Principal Supplement Account (subject to the proviso set forth in Section 5.1(a)(vi)).  In the event that the First Principal Payment
Amount and the Noteholders’ Distributable Amount for a Payment Date, exceeds
the amount deposited into the Note Distribution Account pursuant to Sections 5.6(b)(iv), (v), (vi), (vii) and
(viii) on such Payment Date
and Section 5.7(d) on
such Payment Date, the Servicer shall instruct the Indenture Trustee on such
Payment Date to withdraw from the Principal Supplement Account on such Payment
Date an amount equal to such excess, to the extent of funds available therein,
and deposit such amount into the Note Distribution Account.  Funds on deposit in the Principal Supplement
Account may be withdrawn and paid to the Seller on any day if each Rating
Agency has confirmed that such action will not result in a withdrawal or
downgrade of its rating of any Class of Notes.

 

Section 5.11.                   Statements to
Certificateholders and Noteholders.  (a)  On each Determination Date the
Servicer shall provide to the Indenture Trustee (with a copy to the Rating
Agencies), for the Indenture Trustee to make available to each Noteholder of
record, and, if NH Credit or an Affiliate is not the Servicer or the Depositor
is not the sole Certificateholder, to the Indenture Trustee (if the Indenture
Trustee is responsible on the related Payment Date to make the payment required
under Section 5.2(a) of the Trust
Agreement) or the Trustee (if the Trustee is responsible on the related Payment
Date to make the payment required under Section 5.2(a) of
the Trust Agreement), for the Indenture Trustee or Trustee, as applicable, to
forward to each Certificateholder of record, a statement substantially in the
form of Exhibit C, setting
forth at least the following information as to each Class of the Notes and
the Certificates to the extent applicable:

 

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

 

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

 

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

 

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

 

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

 

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

 

23

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(xvi)        [Reserved];

 

(xvii)       [Reserved];

 

(xviii)      [Reserved];

 

(xix)         if
the related Payment Date falls in September 2010, March 2011, September 2011
or March 2012;

 

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

 

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

 

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

 

(xx)          the
Specified Spread Account Balance.

 

24

 

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

 

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

 

Persons who
are unable to use the above website are entitled to have a paper copy mailed to
them via first class mail by calling the Indenture Trustee at
(312) 827-8500.  The Indenture
Trustee shall have the right to change the way the statement to Noteholders is
distributed in order to make such distribution more convenient and/or more
accessible to the above parties and to the Noteholders.  The Indenture Trustee shall provide timely
and adequate notification to all above parties and to the Noteholders regarding
any such change.

 

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

 

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

 

Section 5.13.                   Backup Servicer Account.  (a)  On the Closing Date, the Seller, or
the Servicer on its behalf, shall deposit the Backup Servicer Account Initial
Deposit into the Backup Servicer Account. On each Payment Date to the extent
that any Backup Servicer Expenses are then due and payable, the Servicer will
instruct the Indenture Trustee in writing to withdraw an amount equal to such
Backup Servicer Expenses then due and payable, and distribute such amount to
the Person entitled thereto. If the amount on deposit in the Backup Servicer
Account on any Payment Date (after giving effect to the withdrawal therefrom
for the payment of Backup Servicer Expenses for such Payment Date) is greater
than the Backup Servicer Account Required Amount, the excess will be released
to the Seller; provided however,
such excess will only be 

 

25

 

released to the
Seller (i) to the extent that all reimbursable expenses of the Backup
Servicer as set forth in the following sentence that are due have been paid and
(ii) so long as no Servicer Default shall have occurred and be
continuing.  In addition, the amount on deposit
in the Backup Servicer Account will also be made available to pay reasonable
costs and expenses (including attorney’s fees) incurred by the Backup
Servicer.  The Seller (and any of its
transferees and assignees) shall in no event be required to refund any amounts
properly distributed to it pursuant to this Section 5.13.

 

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

 

(c)           Following: (i) the
payment in full of the aggregate Outstanding Amount of the Notes and all
amounts owing or to be distributed to the Backup Servicer hereunder and (ii) the
termination of the Trust, any amount remaining on deposit in the Backup
Servicer Account shall be distributed to the Seller or any transferee or
assignee.

 

ARTICLE VI

The Seller

 

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

 

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

 

(b)           Due Qualification.  The Seller is duly qualified to do business
as a foreign limited liability company in good standing, and has obtained all
necessary licenses and approvals, in all jurisdictions in which the ownership
or lease of property or the conduct of its business shall require such
qualifications, except where the failure to be so qualified and have such
licenses and approvals would not have a material adverse effect on (a) the
Trust Estate, (b) Seller’s performance of its obligations under the Basic
Documents to which it is a party, (c) the business or condition (financial
or otherwise) of the Seller or (d) the validity or enforceability of any
Receivable.

 

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

 

26

 

have been or will be on or before the related Subsequent Transfer Date,
duly authorized by the Seller by all necessary limited liability company
action.

 

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

 

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

 

(f)            No Proceedings.
As of the date of the Underwriting Agreement, Preliminary Prospectus Date, the
Prospectus Date and the Closing Date, there are no proceedings or
investigations pending or, to the Seller’s knowledge, threatened against the
Seller, before any court, regulatory body, administrative agency or other
tribunal or governmental instrumentality having jurisdiction over the Seller or
its properties (i) asserting the invalidity of this Agreement, (ii) seeking
to prevent the consummation of any of the transactions contemplated by this
Agreement, or (iii) seeking any determination or ruling that might
materially and adversely affect the performance by the Seller of its
obligations under, or the validity or enforceability of, this Agreement or
otherwise be material to the Noteholders, except as otherwise may be disclosed
in the Preliminary Prospectus or the Prospectus.

 

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

 

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

 

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

 

27

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

Section 6.4.                     Merger or Consolidation of, or Assumption of the
Obligations of, Seller. 
Any Person: (a) into which the Seller may be merged or consolidated,
(b) that may result from any merger or consolidation to which the Seller
shall be a party or (c) that may succeed to the properties and assets of
the Seller substantially as a whole, which Person (in any of the 

 

28

 

foregoing cases)
executes an agreement of assumption to perform every obligation of the Seller
under this Agreement (or is deemed by law to have assumed such obligations),
shall be the successor to the Seller hereunder without the execution or filing
of any document or any further act by any of the parties to this Agreement; provided, however, that: (i) immediately
after giving effect to such transaction, no representation or warranty made
pursuant to Section 3.1
shall have been breached and no Servicer Default, and no event that, after
notice or lapse of time, or both, would become a Servicer Default shall have
occurred and be continuing, (ii) the Seller shall have delivered to the
Trustee and the Indenture Trustee an Officer’s Certificate and an Opinion of
Counsel each stating that such consolidation, merger or succession and such
agreement of assumption comply with this Section and
that all conditions precedent, if any, provided for in this Agreement relating
to such transaction have been complied with, (iii) the Rating Agency
Condition shall have been satisfied with respect to such transaction and (iv) the
Seller shall have delivered to the Trustee and the Indenture Trustee an Opinion
of Counsel either: (A) stating that, in the opinion of such counsel, all
financing statements, continuation statements and amendments thereto have been
executed and filed that are necessary fully to preserve and protect the
interest of the Trustee and Indenture Trustee, respectively, in the Receivables
and reciting the details of such filings, or (B) stating that, in the
opinion of such counsel, no such action shall be necessary to preserve and
protect such interests.  Notwithstanding
anything herein to the contrary, the execution of the foregoing agreement of
assumption and compliance with clauses (i),
(ii), (iii) and (iv) shall
be conditions to the consummation of the transactions referred to in clauses (a), (b) or
(c).

 

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

 

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

 

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

 

29

 

(b)   The
parties hereto acknowledge and consent to the fact that the Class B Notes
will be acquired by the Depositor hereunder, and in turn transferred by the
Depositor to the Originator on the Closing Date.  In addition, the Originator and any Affiliate
thereof may, whenever desired, sell, pledge or otherwise transfer the Class B
Notes (including to an Affiliate or to an unaffiliated third-party) with the
same rights as it would have if it were not the Originator or an Affiliate
thereof, as applicable, and without notice to or the consent of any Noteholder,
Certificateholder or any other Person, and without satisfaction of any Rating
Agency Condition.

 

ARTICLE VII

The Servicer

 

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

 

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

 

(b)           Due Qualification.  The Servicer is duly qualified to do business
as a foreign limited liability company in good standing, and has obtained all
necessary licenses and approvals, in all jurisdictions in which the ownership
or lease of property or the conduct of its business (including the servicing of
the Receivables as required by this Agreement) shall require such
qualifications, except where the failure to be so qualified and have such
licenses and approvals would not have a material adverse effect on (a) the
Trust Estate, (b) Servicer’s performance of its obligations under the
Basic Documents to which it is a party, (c) the business or condition
(financial or otherwise) of the Servicer or (d) the validity or enforceability
of any Receivable.

 

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

 

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

 

30

 

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

 

(f)            No Proceedings.
As of the date of the Underwriting Agreement, the Preliminary Prospectus Date,
the Prospectus Date and the Closing Date, there are no proceedings or
investigations pending or, to the Servicer’s knowledge, threatened against the
Servicer, before any court, regulatory body, administrative agency or other
tribunal or governmental instrumentality having jurisdiction over the Servicer
or its properties (i) asserting the invalidity of this Agreement, (ii) seeking
to prevent the consummation of any of the transactions contemplated by this
Agreement, or (iii) seeking any determination or ruling that might
materially and adversely affect the performance by the Servicer of its
obligations under, or the validity or enforceability of, this Agreement or
otherwise be material to the Noteholders, except as otherwise may be disclosed
on the Preliminary Prospectus or the Prospectus; and

 

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

 

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

 

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

 

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

 

(ii)           any taxes that may at
any time be asserted against any such Person with respect to the transactions
contemplated herein, including any sales, gross receipts, general corporation,
tangible personal property, privilege or license taxes (but, in the case of the
Issuing Entity, not including any taxes asserted with respect to, and as of the
date of, the sale of the Receivables to the Issuing Entity or the issuance and
original sale of the Notes and the issuance of the Certificates, or asserted
with respect to ownership of the 

 

31

 

Receivables, or federal or other income taxes arising
out of distributions on the Certificates or the Notes) and costs and expenses
in defending against the same;

 

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

 

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

 

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

 

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

 

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

 

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

 

(d)           The Servicer shall pay
the Indenture Trustee and the Trustee from time to time reasonable compensation
for all services rendered by the Indenture Trustee under the Indenture or by
the Trustee under the Trust Agreement (which compensation shall not be limited
by any provision of law in regard to the compensation of a trustee of an
express trust).

 

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

 

Notwithstanding
anything herein to the contrary, Sections
7.2(a)(ii), (a)(iv), (b), (c), (d) and (e) shall not apply to the Backup
Servicer in its capacity as Successor Servicer. 
For purposes of this Section,
in the event of the termination of the rights and obligations of the Servicer
pursuant to Section 8.1, or
a resignation by the Servicer pursuant to this Agreement, the Servicer shall be
deemed to be the Servicer pending appointment of a Successor Servicer pursuant
to Section 8.2.

 

32

 

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

 

Section 7.3.                     Merger or Consolidation of, or Assumption of the
Obligations of, Servicer. 
Any Person: (a) into which the Servicer may be merged or
consolidated, (b) that may result from any merger or consolidation to
which the Servicer shall be a party, (c) that may succeed to the
properties and assets of the Servicer substantially as a whole, or (d) that
is a corporation of which 50% or more of the voting stock is owned, directly or
indirectly, by CNH Global N.V. and which assumes the obligations of the
servicer hereunder, which Person (in any of the foregoing circumstances)
executes an agreement of assumption to perform every obligation of the Servicer
hereunder (or is deemed by law to have assumed such obligations), shall be the
successor to the Servicer under this Agreement without further act on the part
of any of the parties to this Agreement; provided,
however, that: (i) immediately after giving effect to such
transaction, no Servicer Default, and no event that, after notice or lapse of
time, or both, would become a Servicer Default shall have occurred and be
continuing, (ii) the Servicer shall have delivered to the Trustee and
Indenture Trustee an Officer’s Certificate and an Opinion of Counsel each
stating that such consolidation, merger or succession, if applicable, and such
agreement of assumption comply with this Section and
that all conditions precedent, if any, provided for in this Agreement relating
to such transaction have been complied with, (iii) the Rating Agencies
shall have received at least ten days’ prior written notice of such transaction
and (iv) the Servicer shall have delivered to the Trustee and the Indenture
Trustee an Opinion of Counsel either: (A) stating that, in the opinion of
such counsel, all financing statements, continuation statements and amendments
thereto have been executed and filed that are necessary fully to preserve and
protect the interest of the Trustee and the Indenture Trustee, respectively, in
the Receivables and reciting the details of such filings, or (B) stating
that, in the opinion of such counsel, no such action shall be necessary to
preserve and protect such interests. Notwithstanding anything herein to the
contrary, the execution of the foregoing agreement of assumption and compliance
with clauses (i), (ii), (iii) and
(iv) shall be conditions
to the consummation of the transactions referred to in clauses (a), (b) or (c); provided, however, that
this Section 7.3 shall not apply to
mergers or consolidations of the Backup Servicer in its capacity as Successor
Servicer within J.P. Morgan Chase Bank N.A.

 

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

 

33

 

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

 

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

 

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

 

ARTICLE VIII

Default

 

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

 

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

 

(b)           any failure by the
Servicer or the Seller, as the case may be, duly to observe or to perform in
any material respect any other covenants or agreements (other than as set forth
in clause (a))  of the Servicer or the
Seller (as the case may be) set forth in this Agreement or any other Basic
Document, which failure shall: (i) materially and adversely affect the
rights of Certificateholders or Noteholders and (ii) continue unremedied
for a period of 60 days after the date on which written notice of such failure,
requiring the same to be remedied, 

 

34

 

shall have been given: (A) to the Servicer or the Seller (as the
case may be) by the Trustee or the Indenture Trustee or (B) to the
Servicer or the Seller (as the case may be) and to the Trustee and the
Indenture Trustee, by the Noteholders or Certificateholders, as applicable,
evidencing not less than 25% of the Outstanding Amount of the Notes or 25% of
the beneficial interest in the Issuing Entity;

 

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

 

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

 

then, and in each and every case, so long as the Servicer Default shall
not have been remedied, either the Indenture Trustee, or the Holders of Notes
evidencing not less than 25% of the Outstanding Amount of the Notes, by notice
then given in writing to the Servicer and to any Backup Servicer that is
engaged at that time (and to the Indenture Trustee and the Trustee if given by
the Noteholders), may terminate all the rights and obligations (other than the
obligations set forth in Section 7.2)
of the Servicer under this Agreement; provided,
however, that the Backup Servicer, acting as Successor Servicer, may
not be terminated for a Servicer Default set forth in Section 8.1(b) with respect to
the Seller or under Section 8.1(d).  On or after the receipt by the Servicer and
any Backup Servicer of such written notice, all authority and power of the
Servicer under this Agreement, whether with respect to the Notes, the
Certificates, the Receivables or otherwise, shall, without further action, pass
to and be vested in (a) the Backup Servicer, or if no Backup Servicer is
then engaged (b) the Indenture Trustee or such Successor Servicer as may
be appointed under Section 8.2;
and, without limitation, the Indenture Trustee and the Trustee are hereby
authorized and empowered to execute and deliver, on behalf of the predecessor
Servicer, as attorney-in-fact or otherwise, any and all documents and other
instruments, and to do or accomplish all other acts or things necessary or
appropriate to effect the termination of the Servicer, whether to complete the
transfer and endorsement of the Receivables and related documents, or
otherwise.  The predecessor Servicer
shall cooperate with the Successor Servicer, the Indenture Trustee and the
Trustee in effecting the termination of the responsibilities and rights of the
predecessor Servicer under this Agreement, including the transfer to the
Successor Servicer for administration by it of: (i) all cash amounts that
shall at the time be held by the predecessor Servicer for deposit, or shall
thereafter be received by it with respect to a Receivable and (ii) all
Receivable Files. All reasonable costs and expenses (including attorneys’ fees)
incurred in connection with such transfer, including the costs of transferring
the Receivable Files to the Successor Servicer and amending this Agreement to
reflect its succession as Servicer, shall be paid by the predecessor Servicer
upon presentation of reasonable documentation of such costs and expenses.  Upon receipt of written notice of the
occurrence of a Servicer Default, the Trustee shall give written notice thereof
to the Rating Agencies.

 

Section 8.2.                     Appointment of Successor Servicer.  (a)  Upon the Servicer’s receipt of
notice of termination, pursuant to Section 8.1,
or the Servicer’s resignation in accordance with this Agreement, the
predecessor Servicer shall continue to perform its functions as Servicer 

 

35

 

under this
Agreement, in the case of termination, only until the date specified in such
termination notice or, if no such date is specified in a notice of termination,
until receipt of such notice and, in the case of resignation, until the earlier
of: (x) the date 60 days from the delivery to the Trustee and the
Indenture Trustee of written notice of such resignation (or written
confirmation of such notice) in accordance with this Agreement and (y) the
date upon which the predecessor Servicer shall become unable to act as
Servicer, as specified in the notice of resignation and accompanying Opinion of
Counsel. In the event of the Servicer’s termination hereunder, if no Backup
Servicer is then engaged, the Issuing Entity shall appoint a Successor Servicer
acceptable to the Indenture Trustee, and the Successor Servicer shall accept
its appointment by a written assumption in form acceptable to the Indenture
Trustee.  In the event that a Successor
Servicer has not been appointed at the time when the predecessor Servicer has
ceased to act as Servicer in accordance with this Section, the Indenture Trustee without further action shall
automatically be appointed the Successor Servicer and shall be entitled to the
Servicing Fee.  Notwithstanding the
above, the Indenture Trustee shall, if it shall be unable so to act, appoint or
petition a court of competent jurisdiction to appoint any established
institution, having a net worth of not less than $50,000,000 and whose regular
business shall include the servicing of equipment receivables, as the successor
to the Servicer under this Agreement.

 

(b)           Upon appointment, the
Successor Servicer (including the Indenture Trustee acting as Successor
Servicer) shall be the successor in all respects to the predecessor Servicer
(except with respect to responsibilities and obligations of the predecessor
Servicer set forth in Section 7.2)
and shall be subject to all the responsibilities, duties and liabilities
arising thereafter relating thereto placed on the predecessor Servicer and
shall be entitled to the Servicing Fee and all the rights granted to the
predecessor Servicer by this Agreement. 
None of the Backup Servicer, the Indenture Trustee or any other
Successor Servicer shall be deemed to be liable for or in breach of any
obligations hereunder due to any act or omission of a predecessor Servicer,
including but not limited to failure of such predecessor Servicer to timely
deliver to the Indenture Trustee any required information pertaining to the
Receivables, any funds required to be deposited with the Indenture Trustee, or
any breach of duty of such predecessor Servicer to cooperate with a transfer of
servicing as required hereunder.  Any
Successor Servicer shall from time to time provide to NH Credit such
information as NH Credit shall reasonably request with respect to the
Receivables and collections thereon.

 

(c)           Subject to the
Indenture Trustee’s right to appoint a Successor Servicer pursuant to the last
sentence of clause (a) after the Indenture Trustee has become Servicer,
the Servicer may not resign unless it is prohibited from serving as such by law
as evidenced by an Opinion of Counsel to such effect delivered to the Indenture
Trustee, the Backup Servicer and the Trustee.

 

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

 

Section 8.3.                     Notification to Noteholders and Certificateholders.  Upon any termination of, or appointment of a
successor to, the Servicer pursuant to this Article VIII, the 

 

36

 

Trustee shall give
prompt written notice thereof to the Certificateholders and the Indenture
Trustee shall give prompt written notice thereof to the Noteholders, the Backup
Servicer and the Rating Agencies.

 

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

 

ARTICLE IX

Termination

 

Section 9.1.                     Optional Purchase of All Receivables.  (a)  As of the first day of any
Collection Period immediately preceding a Payment Date as of which the Pool
Balance is 10% or less of the Initial Pool Balance, CNHCA shall have the option
(but no obligation) to purchase all of the Trust Estate, other than the Trust
Accounts.  To exercise such option, CNHCA
shall deposit, pursuant to Section 5.5,
in the Collection Account an amount equal to the aggregate Purchase Amount for
the Receivables plus the value of any other property held by the Trust, such
value to be as reasonably determined by CNHCA, and CNHCA shall succeed to all
interests in, to and under the Trust Estate, other than the Trust Accounts;
provided that CNHCA shall not exercise such option unless the amount so
deposited, together with funds on deposit in the Trust Accounts, would be
sufficient to pay the Redemption Price pursuant to Section 10.1(a) of the Indenture.

 

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

 

(i)            first, to pay the
Backup Servicer its accrued and unpaid Backup Servicer Fees;

 

(ii)           second, to pay the
Servicer its accrued and unpaid Servicing Fee;

 

37

 

 

(iii)                               third,
to the Indenture Trustee for amounts due under Section 6.7
of the Indenture;

 

(iv)                              fourth,
to the Administrator, its accrued and unpaid Administration Fees;

 

(v)                                 fifth,
to the Note Distribution Account for distribution pursuant to Section 8.2(e) of the Indenture
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;

 

(vi)                              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; and

 

(vii)                           seventh, to the Issuing
Entity for distribution to the Certificateholders.

 

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

 

(c)                                  As
described in Article IX of the Trust Agreement, once CNHCA has made its
determination to make the purchase described under Section 9.1(a) (the
“Clean-Up Call”), the Servicer shall send notice of the anticipated dissolution
of the Trust to the Trustee and the Backup Servicer as soon as practicable
after the Servicer has received notice of the Clean-Up Call.

 

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

 

ARTICLE
X

Miscellaneous
Provisions

 

Section 10.1.                                                          Amendment.  Any term or provisions of this Agreement may
be amended by the Issuing Entity, the Seller and the Servicer without the
consent of the Indenture Trustee, any Certificateholder, any Noteholder, the
Trustee or any other Person (other than the written consent of the Backup
Servicer, such consent not to be unreasonably withheld) subject to the
satisfaction of one of the following conditions:

 

(i)                                     the
Seller or the Servicer delivers an Opinion of Counsel to the Indenture Trustee
to the effect that such amendment will not materially and adversely affect the
interests of the Noteholders or the Certificateholders; or

 

38

 

(ii)                                  the
Seller and the Servicer deliver an Officer’s Certificate of the Seller and
Servicer, respectively, to the Indenture Trustee to the effect that such
amendment will not materially and adversely affect the interests of the Noteholders
or the Certificateholders.

 

An amendment
shall be deemed not to adversely affect in any material respect the interests
of any Noteholders of a Class of Notes if the Rating Agency Condition has
been satisfied with respect to such amendment for such Class of Notes.

 

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

 

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

 

This Agreement may also be
amended from time to time by the Seller, the Servicer and the Issuing Entity,
with the written consent of (a) the Indenture Trustee, (b) Noteholders
holding Notes evidencing not less than a majority of the Note Balance, and (c) the
Holders of Certificates evidencing not less than 50% of the beneficial interest
in the Trust, for the purpose of adding any provisions to or changing in any
manner or eliminating any of the provisions of this Agreement or of modifying
in any manner the rights of the Noteholders or the Certificateholders; provided, however, that no such amendment
shall: (a) reduce the interest rate or principal of any Note or
Certificate, or delay the Class Final Scheduled Maturity Date of any Note
or (b) reduce the aforesaid percentage of the Notes and the Certificates
that are required to consent to any such amendment, without the consent of the
holders of all the outstanding Notes and Certificates affected thereby.

 

Promptly after the execution of
any such amendment or consent (or, in the case of the Rating Agencies, prior
thereto), the Trustee shall furnish written notification of the substance of
such amendment or consent to each Certificateholder, the Indenture Trustee, and
each of the Rating Agencies.

 

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

 

Prior to the execution of any
amendment to this Agreement, the Trustee and the Indenture Trustee shall be
entitled to receive and rely upon an Opinion of Counsel stating that the
execution of such amendment is authorized or permitted by this Agreement and
the other Basic Documents and that all conditions precedent to such execution
and delivery by the Trustee and the Indenture Trustee have been satisfied. The
Trustee and the Indenture Trustee may, but shall 

 

39

 

not be
obligated to, enter into any such amendment that affects the Trustee’s or the
Indenture Trustee’s, as applicable, own rights, duties or immunities under this
Agreement or otherwise.

 

Notwithstanding anything herein
to the contrary (other than as provided in the following paragraph), any term or
provision of this Agreement may be amended by the Seller, and the Servicer
without the consent of any of the Noteholders, Certificateholders, the Issuing
Entity, the Indenture Trustee 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.

 

Notwithstanding anything to the
contrary herein or in the Basic Documents, the Seller, the Servicer and the
Originator may enter into, deliver and perform any agreements, documents and
certificates in connection with a sale of the Class B Notes on or after
the Closing Date without notice to, or the consent of, any Noteholders,
Certificateholders or any other Person, and without satisfaction of a Rating
Agency Condition or any other conditions. 
The Issuing Entity, Indenture Trustee, Backup Servicer, and the Trustee
may enter into, deliver and perform any agreements, documents and certificates
in connection with such sale of the Class B Notes without notice to, or
the consent of, any Noteholders, Certificateholders or any other Person, and
without satisfaction of a Rating Agency Condition (unless satisfaction of the
Rating Agency Condition is required due to reliance on clause (ii) below)
or any other conditions, so long as the Seller (i) delivers an Officer’s
Certificate of the Seller to the Indenture Trustee to the effect that such
agreements, documents and/or certificates will not materially and adversely
affect the interests of the Noteholders or the Certificateholders (it being
agreed hereunder that the officer delivering such Officer’s Certificate may
assume therein that an entity making as of such sale date representations in
such agreements, documents or certificates that were also made in the Basic
Documents as of the Closing Date do not materially and adversely affect the
interests of the Noteholders and/or Certificateholders) or (ii) satisfies
the Rating Agency Condition.

 

Section 10.2.                                                          Protection
of Title to Trust.  (a)  The
Seller shall execute and file such financing statements, and cause to be
executed and filed such continuation statements, all in such manner and in such
places as may be required by applicable law fully to preserve, maintain and
protect the right, title and interest of the Issuing Entity and the interests
of the Indenture Trustee in the Receivables, the other property sold hereunder
and in the proceeds thereof.  The Seller
shall deliver (or cause to be delivered) to the Trustee and the Indenture
Trustee file-stamped copies of, or filing receipts for, any document filed as
provided above as soon as available following such filing.  The Issuing Entity and the Indenture Trustee
shall cooperate fully with the Seller in connection with the obligations set
forth above and will execute any and all documents reasonably required to fulfill
the intent of this paragraph.

 

(b)                                 Neither
the Seller nor the Servicer shall change its name, identity or organizational
structure in any manner that would or could reasonably be expected to make any
financing statement or continuation statement filed in accordance with
paragraph (a) seriously misleading within the applicable provisions of the
UCC and shall give the Trustee and the Indenture Trustee notice thereof no
later than 10 days after the effective date thereof and shall 

 

40

 

promptly file
appropriate amendments to all previously filed financing statements or
continuation statements.

 

(c)                                  Each
of the Seller and the Servicer shall have an obligation to give the Trustee and
the Indenture Trustee notice within 15 days after (and, in any case, no later
than 10 days after the effective date thereof) of any relocation of its
principal executive office or its “location” as defined in Section 9-307
of the UCC and if, as a result of such relocation, the applicable provisions of
the UCC would require the filing of any amendment of any previously filed
financing or continuation statement or of any new financing statement and shall
promptly file any such amendment. The Servicer shall at all times maintain each
office from which it shall service Receivables, and its “location” (as defined
in Section 9-307 of the UCC), within the United States of America.

 

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

 

(e)                                  The
Servicer shall maintain its computer systems so that, from and after the time
of sale under this Agreement of the Receivables, the Servicer’s master computer
records (including any backup archives) that refer to a Receivable shall
indicate clearly the interest of the Issuing Entity and the Indenture Trustee
in such Receivable and that such Receivable is owned by the Issuing Entity and
has been pledged to The Bank of New York Mellon Trust Company, N.A., as
Indenture Trustee. Indication of the Issuing Entity’s and the Indenture Trustee’s
interest in a Receivable may be deleted from or modified on the Servicer’s
computer systems when, and only when, the related Receivable shall have been
paid in full or repurchased or purchased by the Servicer, or otherwise
transferred to the Servicer or CNHCA pursuant to Section 4.3
hereof.

 

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

 

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

 

41

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

Section 10.3.                                                          Notices.  All demands, notices, directions,
instructions and communications upon or to the Seller, the Servicer, the
Issuing Entity, the Trustee, the Indenture Trustee or the Rating Agencies under
this Agreement shall be in writing, personally delivered or mailed by certified
mail, return receipt requested, or by facsimile, and shall be deemed to have
been duly given upon receipt:  (a) in
the case of the Seller, to CNH Capital Receivables LLC, 6900 Veterans
Boulevard, Burr Ridge, Illinois 60527, Attention: Assistant Treasurer,
(telephone: (630) 887-2095) (facsimile: (630) 887-5448), (b) in the case
of the Servicer, to New Holland 

 

42

 

Credit Company, LLC, 33
South Railroad Avenue, New Holland, Pennsylvania 17557, Attention: Finance
Manager (telephone (717) 355-3091) (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), (c) in the case of the Issuing
Entity or the Trustee, at the Trustee’s Corporate Trust Office, (d) in the
case of the Indenture Trustee, at its Corporate Trust Office, (e) in the
case of Moody’s, to Moody’s Investors Service, Inc., ABS Monitoring
Department, 7 World Trade Center, 250 Greenwich Street, New York, New York
10007, (f) in the case of Standard & Poor’s, to Standard &
Poor’s Ratings Services, a division of McGraw-Hill Companies, Inc., 55
Water Street, New York, New York 10041, Attention: Asset Backed Surveillance
Department, and (g) in the case of Fitch, to Fitch, Inc., 70 West
Madison Street, Suite 11, Chicago, Illinois 60602, Attention: ABS
Monitoring — Equipment Loans.

 

Section 10.4.                                                          Assignment.  Notwithstanding anything to the contrary
contained herein, except as provided in Sections
5.7, 6.4 and 7.3 and
as provided in the provisions of this Agreement concerning the resignation of
the Servicer, this Agreement may not be assigned by the Seller or the Servicer,
except that the Seller may assign any or all of its rights to payment under
this Agreement.

 

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

 

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

 

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

 

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

 

Section 10.9.                                                          Governing
Law.  This Agreement shall be
construed in accordance with the laws of the State of New York, and the
obligations, rights and remedies of the parties hereunder shall be determined
in accordance with such laws.

 

Section 10.10.                                                    Assignment
to Indenture Trustee.  The Seller
hereby acknowledges and consents to any mortgage, pledge, assignment and grant
of a security interest by the Issuing Entity to the Indenture Trustee pursuant
to the Indenture for the benefit of the Noteholders of all 

 

43

 

right, title and interest
of the Issuing Entity in, to and under the Receivables and/or the assignment of
any or all of the Issuing Entity’s rights and obligations hereunder to the
Indenture Trustee, and agrees that enforcement of a right or remedy hereunder
by the Indenture Trustee shall have the same force and effect as if the right
or remedy had been enforced or executed by the Issuing Entity.

 

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

 

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

 

Section 10.12.                                                    Limitation
of Liability of Trustee and Indenture Trustee.  (a)  Notwithstanding anything
contained herein to the contrary, this Agreement has been countersigned by
Wilmington Trust Company, not in its individual capacity but solely in its
capacity as Trustee of the Issuing Entity, and in no event shall Wilmington
Trust Company, in its individual capacity or any beneficial owner of the
Issuing Entity have any liability for the representations, warranties,
covenants, agreements or other obligations of the Issuing Entity hereunder or
in any of the certificates, notices or agreements delivered pursuant hereto, as
to all of which recourse shall be had solely to the assets of the Issuing
Entity.

 

(b)                                 Notwithstanding
anything contained herein to the contrary, this Agreement has been accepted by
The Bank of New York Mellon Trust Company, N.A., not in its individual capacity
but solely as Indenture Trustee, and in no event shall The Bank of New York
Mellon Trust Company, N.A. have any liability for the representations, warranties,
covenants, agreements or other obligations of the Issuing Entity hereunder or
in any of the certificates, notices or agreements delivered pursuant hereto, as
to all of which recourse shall be had solely to the assets of the Issuing
Entity.

 

44

 

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

 

Section 10.14.                                                    Information
Requests.  The parties hereto
shall provide any information reasonably requested by the Servicer, the Issuing
Entity or the Seller or any of their Affiliates, at the expense of such party,
in order to comply with or obtain more favorable treatment under any current or
future law, rule, regulation, accounting rule or principle.

 

Section 10.15.                                                    Information
to Be Provided by the Indenture Trustee.

 

(a)                                  For
so long as the Issuing Entity is required to report under the Exchange Act, the
Indenture Trustee shall (i) on or before the fifth Business Day of each
month, provide to the Seller, in writing, such information regarding the
Indenture Trustee as is requested by the Seller for the purpose of compliance
with Item 1117 of Regulation AB; provided,
however, that the Indenture
Trustee shall not be required to provide such information in the event that
there has been no change to the information previously provided by the
Indenture Trustee to Seller, and (ii) as promptly as practicable following
notice to or discovery by a Responsible Officer of the Indenture Trustee of any
changes to such information, provide to the Seller, in writing, such updated
information.

 

(b)                                 As
soon as available but no later than March 15 of each calendar year for so
long as the Issuing Entity is required to report under the Exchange Act, commencing
in 2010, the Indenture Trustee shall:

 

(i)                                     deliver
to the Seller a report regarding the Indenture Trustee’s assessment of
compliance with the Servicing Criteria during the immediately preceding
calendar year, as required under paragraph (b) of Rule 13a-18, Rule 15d-18
of the Exchange Act and Item 1122 of Regulation AB.  Such report shall be signed by an authorized
officer of the Indenture Trustee, and shall address each of the Servicing
Criteria specified in Exhibit H
or such criteria as mutually agreed upon by the Seller and the Indenture
Trustee;

 

(ii)                                  deliver
to the Seller a report of a registered public accounting firm that attests to,
and reports on, the assessment of compliance made by the Indenture Trustee and
delivered pursuant to the preceding paragraph. Such attestation shall be in
accordance with Rules 1-02(a)(3) and 2-02(g) of Regulation S-X
under the Securities Act and the Exchange Act;

 

(iii)                               deliver to the Seller
and any other Person that will be responsible for signing the certification required
by Rules 13a-14(d) and 15d-14(d) under the Exchange Act
(pursuant to Section 302 of the Sarbanes-Oxley Act of 2002) (a “Sarbanes Certification”) on behalf of the
Issuer or the Seller a certification substantially in the form attached hereto
as Exhibit I or such form as
mutually agreed upon by the Seller and the Indenture Trustee; and

 

45

 

(iv)                              notify
the Seller in writing of any affiliations or relationships (as described in
Item 1119 of Regulation AB) between the Indenture Trustee and any item 1119
Party, provided, that no such notification need
be made if the affiliations or relationships are unchanged from those provided
in the notification in the prior calendar year.

 

The Indenture Trustee acknowledges
that the parties identified in clause (iii) above
may rely on the certification provided by the Indenture Trustee pursuant to
such clause in signing a Sarbanes Certification and filing such with the
Commission.

 

Section 10.16.                                                    Form 8-K
Filings.  So long as the Seller
is filing Exchange Act Reports with respect to the Issuer, the Indenture
Trustee shall promptly notify the Seller, but in no event later than one (1) Business
Day after its occurrence, of any Reportable Event of which a Responsible
Officer of the Indenture Trustee has actual knowledge (other than a Reportable
Event described in clause (a) or (b) of the definition thereof as to
which the Seller or the Servicer has actual knowledge).

 

Section 10.17.                                                    Indemnification.  (a) The Bank of New York Mellon Trust
Company, N.A. shall indemnify the Seller, each Affiliate of the Seller and each
Person who controls any of such parties (within the meaning of Section 15
of the Securities Act and Section 20 of the Exchange Act) and the
respective present and former directors, officers, employees and agents of each
of the foregoing, and shall hold each of them harmless from and against any
losses, damages, penalties, fines, forfeitures, legal fees and expenses and
related costs, judgments, and any other costs, fees and expenses that any of
them may sustain arising out of or based upon:

 

(1)                                  (A) any
untrue statement of a material fact contained in the Servicing Criteria
assessment and any other information required to be provided by The Bank of New
York Mellon Trust Company, N.A. to the Seller or its affiliates under Section 10.15 (excluding clause (b)(ii) of Section 10.15), 10.16 (such
information, together with the BNYTC Information as defined in the Certificate
of The Bank of New York Mellon Trust Company, N.A. attached hereto as Exhibit J, the “Provided Information”), or (B) the
omission or alleged omission to state in the Provided Information a material
fact required to be stated in the Provided Information, or necessary in order
to make the statements therein, in the light of the circumstances under which
they were made, not misleading; provided, by
way of clarification, that clause (B) of this paragraph shall be construed
solely by reference to the related information and not to any other information
communicated in connection with a sale or purchase of securities, without
regard to whether the Provided Information or any portion thereof is presented
together with or separately from such other information; or

 

(2)                                  any
failure by The Bank of New York Mellon Trust Company, N.A. to deliver any
Servicing Criteria assessment, information, report, certification, accountants’
letter or other material when and as required under Sections 10.15 and 10.16;

 

(b)                                 In
the case of any failure of performance described in clause (a)(2) of this
Section, The Bank of New York Mellon Trust Company, N.A. shall promptly
reimburse the 

 

46

 

Seller for all
costs reasonably incurred in order to obtain the information, report,
certification, accountants’ letter or other material not delivered as required
by The Bank of New York Mellon Trust Company, N.A.

 

Notwithstanding anything to the
contrary contained herein, in no event shall The Bank of New York Mellon Trust
Company, N.A. be liable for special, indirect or consequential damages of any
kind whatsoever, including but not limited to lost profits, even if The Bank of
New York Mellon Trust Company, N.A. has been advised of the likelihood of such
loss or damage and regardless of the form of action.

 

(c)                                  The
Seller agrees to indemnify and hold harmless, The Bank of New York Mellon Trust
Company, N.A. and its officers, directors, shareholders, employees, agents and
each Person, if any, who controls The Bank of New York Mellon Trust Company,
N.A. within the meaning of either Section 15 of the Securities Act or Section 20
of the Securities Exchange Act from and against, any and all claims, losses,
liabilities, actions, suits, judgments demands, damages, costs or expenses
(including reasonable fees and expenses of attorneys) of any nature resulting
from or directly related to (i) any untrue statement of a material fact
contained under the heading “Depositor” in the base prospectus contained in the
Preliminary Prospectus or the Prospectus, or (ii) any omission or alleged
omission to state therein a material fact required to be stated under the
heading “Depositor” in the base prospectus contained in the Preliminary
Prospectus, the Prospectus or necessary to make the statements under the
heading “Depositor” in the base prospectus contained in the Preliminary
Prospectus or the Prospectus, in the light of the circumstances in which they
were made, not misleading, to the extent that such untrue statement or alleged
untrue statement or omission or alleged omission relates to information set
forth under the heading “Depositor” in the base prospectus contained in the
Preliminary Prospectus or the Prospectus.

 

Notwithstanding anything to the
contrary contained herein, in no event shall the Seller be liable for special,
indirect or consequential damages of any kind whatsoever, including but not
limited to lost profits, even if the Seller has been advised of the likelihood
of such loss or damage and regardless of the form of action.

 

(signature page follows)

 

47

 

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

 

	
   

  	
  CNH EQUIPMENT TRUST 2009-A

  
	
   

  	
   

  
	
   

  	
  By:

  	
  Wilmington Trust Company,

  
	
   

  	
   

  	
  not in its individual capacity, but

  
	
   

  	
   

  	
  solely as Trustee of the Trust

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Dorri
  Costello

  
	
   

  	
   

  	
  Name: Dorri
  Costello

  
	
   

  	
   

  	
  Title:  Financial
  Services Officer

  
	
   

  	
   

  	
   

  
	
   

  	
  CNH CAPITAL RECEIVABLES LLC

  
	
   

  	
  as Seller

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Thomas N. Beckmann

  
	
   

  	
   

  	
  Name: Thomas N. Beckmann

  
	
   

  	
   

  	
  Title:  Assistant Treasurer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  NEW HOLLAND CREDIT COMPANY, LLC

  
	
   

  	
  as Servicer

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Thomas N. Beckmann

  
	
   

  	
   

  	
  Name: Thomas N. Beckmann

  
	
   

  	
   

  	
  Title:  Assistant Treasurer

  
	
  Acknowledged and Accepted:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  The Bank of New York Mellon Trust Company, N.A.,

  	
   

  	
   

  
	
    not in
  its individual capacity

  	
   

  	
   

  
	
    but
  solely as Indenture Trustee

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
  /s/ David H. Hill

  	
   

  
	
   

  	
  Name: David H. Hill

  	
   

  
	
   

  	
  Title:  Assistant Vice President

  	
   

  

 

 

EXHIBIT
A

to Sale and Servicing
Agreement

 

[RESERVED]

 

A-1

 

EXHIBIT
B

to Sale and Servicing
Agreement

 

[RESERVED]

 

B-1

 

EXHIBIT
C

to Sale and Servicing
Agreement

 

FORM OF SERVICER’S
CERTIFICATE

 

Wilmington Trust Company

Rodney Square North,

1100 North Market Street,

Wilmington, Delaware 19890,

Attention: Corporate Trust Administration

 

	
  The Bank of New York Mellon Trust Company, N.A.

  	 

	
  2 North LaSalle Street

  	 

	
  Suite 1020

  	 

	
  Chicago, Illinois 60602

  	 

	
  Telephone:

  	
   

  	
  (312) 827-8500

  
	
  Facsimile:

  	
   

  	
  (312) 827-8562

  
	
  Attention:

  	
   

  	
  Structured Finance-ABS

  
				

 

CNH Capital Receivables LLC

6900 Veterans Boulevard

Burr Ridge, Illinois  60527

Attention:  Assistant Treasurer

 

Fitch, Inc.

70 West Madison Street

Suite 11

Chicago, Illinois  60602

Attention:  ABS Monitoring — Equipment Loans

 

Moody’s Investors Service, Inc.

ABS Monitoring Department

7 World Trade Center

250 Greenwich Street

New York, New York  10007

 

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

55 Water Street

New York, New York  10041

Attention:  Asset Backed Surveillance Department

 

Systems & Services Technologies, Inc.

4315 Pickett Road

St. Joseph, Missouri  64503

Attention:  Jonathan Pike

 

C-1

 

CNH
Equipment Trust 2009-A

 

$172,300,000 Class A-1 1.73603% Asset Backed Notes due April 15,
2010

 

$122,000,000 Class A-2 4.06% Asset Backed Notes due October 17,
2011

 

$134,000,000 Class A-3 5.28% Asset Backed Notes due November 15,
2012

 

$86,441,000 Class A-4 7.21% Asset Backed Notes due December 16,
2013

 

$13,199,000 Class B 0.00% Asset Backed
Notes due August 17, 2015

 

Asset Backed Certificate

 

Please contact [        ] at [        ]-[        ]-[        ]
with any questions regarding this report or email abs@cnh.com

 

For additional information consult http://investors.cnh.com

 

	
  Cutoff Date

  	
   

  	
   

  	
   

  	
  [      ]

  	
   

  
	
  Date Added

  	
   

  	
   

  	
   

  	
  [      ]

  	
   

  	
  [      ]

  	
   

  	
  [      ]

  	
   

  	
  [      ]

  	
   

  
	
  Pool

  	
   

  	
  Period

  	
   

  	
  Pool 1

  	
   

  	
  Pool 2

  	
   

  	
  Pool 3

  	
   

  	
  Pool 4

  	
   

  
	
  Scheduled
  Cashflows

  	
   

  	
  0

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  1

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  2

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  3

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  4

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  5

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  6

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  7

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  8

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  9

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  10

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  11

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  12

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  13

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  14

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  15

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  16

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  17

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  18

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  19

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  20

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  21

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  22

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  23

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  24

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  25

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  26

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  27

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  28

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  29

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  30

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  31

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  32

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

C-2

 

	
   

  	
   

  	
  33

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  34

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  35

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  36

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  37

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  38

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  39

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  40

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  41

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  42

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  43

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  44

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  45

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  46

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  47

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  48

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  49

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  50

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  51

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  52

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  53

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  54

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  55

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  56

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  57

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  58

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  59

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  60

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  61

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  62

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  63

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  64

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  65

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  66

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  67

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  68

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  69

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  70

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  71

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  72

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  73

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  74

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  75

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  76

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  77

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  78

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Total Amount of
  Scheduled Cashflow

  	
   

  	
  Total

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Discount Rate

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Beginning
  Contract Value

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Scheduled
  Contract Value Decline

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Unscheduled
  Contract Value Decline

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Additional
  Contract Value Added

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Ending Contract
  Value

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

C-3

 

CNH
Equipment Trust 2009-A

 

$172,300,000 Class A-1 1.73603% Asset Backed Notes due April 15,
2010

 

$122,000,000 Class A-2 4.06% Asset Backed Notes due October 17,
2011

 

$134,000,000 Class A-3 5.28% Asset Backed Notes due November 15,
2012

 

$86,441,000 Class A-4 7.21% Asset Backed Notes due December 16,
2013

 

$13,199,000 Class B 0.00% Asset Backed
Notes due August 17, 2015

 

Asset Backed Certificate

 

Dated Date (30/360)

Dated Date (act/360)

Scheduled Payment Date

Actual Payment Date

Days in accrual period (30/360)

Days in accrual period (act/360)

Note Distribution Account deposit

Certificate Distribution Account deposit

First Principal Payment Amount

Note Monthly Principal Distributable Amount

Spread Account Initial Deposit

Amount required to be deposited into the Collection Account during the
calendar month

Amounts to be paid to Backup Servicer as successor servicer to reimburse
liquidation expenses

 

Collateral Summary

Wtd. Average Discount Rate

Beginning Contract Value

Scheduled Contract Value Decline

Unscheduled Contract Value Decline

Additional Contract Value Purchased

Ending Contract Value

 

Beginning Pre-funding Account Balance

Pre-funding Account Balance at [payment date]

Pre-funding Account Balance at [payment date]

Pre-funding Account Balance at [payment date]

Pre-funding Account Balance at [final payment date]

Ending Pre-funding Account Balance

 

Total Beginning Balance (Pool Balance + Pre-funding Account Balance)

Pool Balance as of end of last day of preceding Collection Period

Total Ending Balance (Pool Balance + Pre-funding Account Balance)

 

Purchase Amount of Receivables purchased due to Modification Purchase
Events in the related Collection Period

Purchase Amount of all other purchases and repurchases in the related
Collection Period

 

C-4

 

Collections and Reinvestment Income

Receipts During the period (net of servicer’s liquidation expenses)

 

Warranty Repurchases

Contracts deferred beyond Final Scheduled Maturity Date

Government obligors

Total Warranty Repurchases

 

Total Collections For The Period

 

Reinvestment Income (excluding Pre-funding Account)

Reinvestment Income on Pre-funding Account)

 

Total Collections + Reinvestment Income For The Period

 

Other—Back-Up Servicing Account Investment Earnings

 

CNH
Equipment Trust 2009-A

 

$172,300,000 Class A-1 1.73603% Asset Backed Notes due April 15,
2010

 

$122,000,000 Class A-2 4.06% Asset Backed Notes due October 17,
2011

 

$134,000,000 Class A-3 5.28% Asset Backed Notes due November 15,
2012

 

$86,441,000 Class A-4 7.21% Asset Backed Notes due December 16,
2013

 

$13,199,000 Class B 0.00% Asset Backed
Notes due August 17, 2015

 

Asset Backed Certificate

 

	
   

  	
   

  	
  General

  	
   

  	
  Party Receiving

  	
   

  
	
   

  	
   

  	
  Purpose of

  	
   

  	
  Fee or Expense

  	
   

  
	
  Actual Payment Date

  	
   

  	
  Fee or Expense

  	
   

  	
  Amount

  	
   

  
	
  Calculation
  of Distributable Amounts

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Backup Servicer
  Engaged?

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Current Backup
  Servicing Fee Due

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Past Due Backup
  Servicing Fee

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Total Backup
  Servicing Fee Due

  	
   

  	
  Provide for backup
  servicer

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  CNH or [backup
  servicer]?

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Current
  Servicing Fee Due

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Past Due
  Servicing Fee

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Total Servicing
  Fee Due

  	
   

  	
  Provide for servicer as
  required

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Current
  Administration Fee Due

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Past Due
  Administration Fee

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Total
  Administration Fee Due

  	
   

  	
  Provide for trust
  administrator

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Reimburseable
  Expenses of the Backup Servicer Due

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Past Due
  Reimburseable Expenses of the Backup Servicer

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Total
  Reimburseable Expenses of the Backup Servicer Due

  	
   

  	
  To cover expenses of
  backup servicer

  	
   

  	
   

  	
   

  

 

C-5

 

	
  Reimburseable
  Expenses of the Servicer Due

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Past Due
  Reimburseable Expenses of the Servicer

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Total
  Reimburseable Expenses of the Servicer Due

  	
   

  	
  To cover expenses of
  servicer

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Total Principal
  Balance of Notes (Beginning of Period)

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-1 notes
  Beginning Principal balance

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-2 notes
  Beginning Principal balance

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-3 notes
  Beginning Principal balance

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-4 notes
  Beginning Principal balance

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Class B
  notes Beginning Principal balance

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

	
   

  	
   

  	
   

  	
   

  	
  Coupon/

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Type

  	
   

  	
  Spread

  	
   

  	
  Coupon

  	
   

  	
  Daycount

  	
   

  
	
  A-1 notes
  Current Interest Due

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-2 notes
  Current Interest Due

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-3 notes
  Current Interest Due

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-4 notes
  Current Interest Due

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Class B
  notes Current Interest Due

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-1 notes Past
  Due Interest

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-2 notes Past
  Due Interest

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-3 notes Past
  Due Interest

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-4 notes Past
  Due Interest

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Class B
  notes Past Due Interest

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-1 notes
  Interest Due on Past Due Interest

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-2 notes
  Interest Due on Past Due Interest

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-3 notes
  Interest Due on Past Due Interest

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-4 notes
  Interest Due on Past Due Interest

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Class B
  notes Interest Due on Past Due Interest

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-1 notes Total
  Interest Due

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-2 notes Total
  Interest Due

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-3 notes Total
  Interest Due

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-4 notes Total
  Interest Due

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Class B
  notes Total Interest Due

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-1 notes Principal
  Due

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-2 notes
  Principal Due

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-3 notes
  Principal Due

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-4 notes
  Principal Due

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Class B
  notes Principal Due

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Total notes
  Interest Due

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Total notes
  Principal Due

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Termination
  Payment Due

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Total notes
  Distributable Amount

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

C-6

 

CNH Equipment Trust 2009-A

 

$172,300,000 Class A-1
1.73603% Asset Backed Notes due April 15, 2010

 

$122,000,000 Class A-2
4.06% Asset Backed Notes due October 17, 2011

 

$134,000,000 Class A-3
5.28% Asset Backed Notes due November 15, 2012

 

$86,441,000 Class A-4
7.21% Asset Backed Notes due December 16, 2013

 

$13,199,000 Class B 0.00% Asset Backed Notes due August 17, 2015

 

Asset Backed Certificate

 

	
  Actual Payment Date

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Cash
  Available for Distribution

  	
   

  	
   

  
	
  Total Collections +
  Reinvestment Income For The Period

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Beginning Negative Carry
  Account

  	
   

  	
   

  
	
  Deposits from Negative
  Carry Account to Distribution Account

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Beginning Spread Account
  Balance

  	
   

  	
   

  
	
  Additional Deposit to
  Spread Account from Pre-funding

  	
   

  	
   

  
	
  Deposits from Spread
  Account to Distribution Account

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Beginning Principal
  Supplement Account

  	
   

  	
   

  
	
  Deposits from Principal
  Supplement Account to Distribution Account

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Beginning Pre-Funding
  Account Balance

  	
   

  	
   

  
	
  Deposits from Pre-funding
  Account to Distribution Account

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Total Cash Available

  	
   

  	
   

  

 

	
  Cash
  Allocation (Cashflow Waterfall)

  	
   

  	
  Available

  Cash

  
	
   

  	
   

  	
   

  
	
  Backup Servicing Fee Paid 

  	
   

  	
   

  
	
  (Expressed as a dollar amount per $1,000 of original principal balance
  of a Note)

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Backup Servicing Fee
  Shortfall

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Servicing Fee Paid 

  	
   

  	
   

  
	
  (Expressed as a dollar amount per $1,000 of original principal balance
  of a Note)

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Servicing Fee Shortfall

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Administration Fee Paid 

  	
   

  	
   

  
	
  (Expressed as a dollar amount per $1,000 of original principal balance
  of a Note)

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Administration Fee
  Shortfall

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Remaining Cash Available to
  Pay Note Interest

  	
   

  	
   

  

 

C-7

 

	
  Cash Available to Pay Note
  Interest

  	
   

  	
   

  
	
  Cash Available to Pay
  Termination Payment

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Class A-1 notes
  Interest Paid 

  	
   

  	
   

  
	
  (Expressed as a dollar amount per $1,000 of original principal balance
  of a Note)

  	
   

  	
   

  
	
  Class A-2 notes
  Interest Paid 

  	
   

  	
   

  
	
  (Expressed as a dollar amount per $1,000 of original principal balance
  of a Note)

  	
   

  	
   

  
	
  Class A-3 notes
  Interest Paid 

  	
   

  	
   

  
	
  (Expressed as a dollar amount per $1,000 of original principal balance
  of a Note)

  	
   

  	
   

  
	
  Class A-4 notes
  Interest Paid 

  	
   

  	
   

  
	
  (Expressed as a dollar amount per $1,000 of original principal balance
  of a Note)

  	
   

  	
   

  
	
  Class B notes Interest
  Paid 

  	
   

  	
   

  
	
  (Expressed as a dollar amount per $1,000 of original principal balance
  of a Note)

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Class A-1 notes
  Interest Shortfall

  	
   

  	
   

  
	
  Class A-2 notes
  Interest Shortfall

  	
   

  	
   

  
	
  Class A-3 notes
  Interest Shortfall

  	
   

  	
   

  
	
  Class A-4 notes
  Interest Shortfall

  	
   

  	
   

  
	
  Class B notes Interest
  Shortfall

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Class A-1 notes
  Principal Paid 

  	
   

  	
   

  
	
  (Expressed as a dollar amount per $1,000 of original principal balance
  of a Note)

  	
   

  	
   

  
	
  Class A-2 notes
  Principal Paid 

  	
   

  	
   

  
	
  (Expressed as a dollar amount per $1,000 of original principal balance
  of a Note)

  	
   

  	
   

  
	
  Class A-3 notes
  Principal Paid 

  	
   

  	
   

  
	
  (Expressed as a dollar amount per $1,000 of original principal balance
  of a Note)

  	
   

  	
   

  
	
  Class A-4 notes
  Principal Paid 

  	
   

  	
   

  
	
  (Expressed as a dollar amount per $1,000 of original principal balance
  of a Note)

  	
   

  	
   

  
	
  Class B notes
  Principal Paid 

  	
   

  	
   

  
	
  (Expressed as a dollar amount per $1,000 of original principal balance
  of a Note)

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Deposits to Spread Account

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Total Principal Balance of
  Notes (End of Period)

  	
   

  	
   

  
	
  A-1 notes Ending Principal
  balance

  	
   

  	
   

  
	
  A-2 notes Ending Principal
  balance

  	
   

  	
   

  
	
  A-3 notes Ending Principal
  balance

  	
   

  	
   

  
	
  A-4 notes Ending Principal
  balance

  	
   

  	
   

  
	
  Class B notes Ending
  Principal balance

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Release to Seller as Excess

  	
   

  	
   

  

 

CNH Equipment Trust 2009-A

 

$172,300,000 Class A-1
1.73603% Asset Backed Notes due April 15, 2010

 

$122,000,000 Class A-2
4.06% Asset Backed Notes due October 17, 2011

 

$134,000,000 Class A-3
5.28% Asset Backed Notes due November 15, 2012

 

$86,441,000 Class A-4
7.21% Asset Backed Notes due December 16, 2013

 

$13,199,000 Class B 0.00% Asset Backed Notes due August 17, 2015

 

Asset Backed Certificate

 

C-8

 

	
  Actual Payment Date

  

 

	
  Summary and
  Factors

  	
   

  	
  Amount

  	
   

  	
  Factor

  	
   

  	
  Per/$1000

  	
   

  
	
  Total Principal Balance of
  Notes (Beginning of Period)

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-1 notes Beginning
  Principal balance

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-2 notes Beginning
  Principal balance

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-3 notes Beginning
  Principal balance

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-4 notes Beginning
  Principal balance

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Class B notes
  Beginning Principal balance

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  WAL

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Total Principal Balance of
  Notes (End of Period)

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-1 notes Ending Principal
  balance

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-2 notes Ending Principal
  balance

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-3 notes Ending Principal
  balance

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-4 notes Ending Principal
  balance

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Class B notes Ending
  Principal balance

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Class A-1 notes
  Interest Paid

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Class A-2 notes
  Interest Paid

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Class A-3 notes
  Interest Paid

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Class A-4 notes
  Interest Paid

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Class B notes Interest
  Paid

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Class A-1 notes
  Interest Shortfall

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Class A-2 notes
  Interest Shortfall

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Class A-3 notes
  Interest Shortfall

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Class A-4 notes
  Interest Shortfall

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Class B notes Interest
  Shortfall

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Class A-1 notes
  Principal Paid

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Class A-2 notes
  Principal Paid

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Class A-3 notes
  Principal Paid

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Class A-4 notes
  Principal Paid

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Class B notes
  Principal Paid

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Negative
  Carry Account

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Negative Carry

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Negative Carry Days
  Remaining

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Required Negative Carry
  Account

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Beginning Negative Carry
  Account

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Negative Carry Account
  Withdrawals to Distribution Account

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Negative Carry Released to
  Seller

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Ending Negative Carry
  Account Balance

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Spread
  Account

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Required Spread Account
  Deposit (Add Loans)

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Spread Account Test - 3 Month
  Average Delinquency Ratio

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Spread Account Test -
  Cumulative Net Loss Ratio

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

	
  Spread Account Test Met

  	
   

  	
  Original

  	
   

  	
  [      ], 200[  ]

  	
   

  	
  [        ], 200[  ]

  	
   

  	
  [        ], 200[  ]

  	
   

  
	
  Required Spread Account
  Target

  	
   

  	
  [      ]%

  	
   

  	
  [      ]%

  	
   

  	
  [      ]%

  	
   

  	
  [      ]%

  	
   

  

 

	
  Required
  Spread Account

  	
   

  	
   

  
	
  Beginning Spread Account
  Balance

  	
   

  	
   

  
	
  Additional Deposit to
  Spread Account from Pre-funding

  	
   

  	
   

  
	
  Spread Account Withdrawals
  to Distribution Account

  	
   

  	
   

  
	
  Spread Account Deposits
  from Excess Cash

  	
   

  	
   

  

 

C-9

 

	
  Spread Account Released to
  Seller

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Ending Spread Account
  Balance

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Principal
  Supplement Account

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Required Principal
  Supplement Account Balance

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Beginning Principal
  Supplement Account Balance

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Additional Deposit to
  Principal Supplement Account from Pre-funding

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Principal Supplement
  Account Withdrawals to Distribution Account

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Principal Supplement
  Account Released to Seller

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Ending Principal Supplement
  Account Balance

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Pre-funding
  Account

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Beginning Pre-funding
  Account Balance

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  New Contract Value
  Purchased

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Deposits to Spread Account

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Deposits to Principal
  Supplement Account

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Release to Seller for
  Purchased Amount

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Excess Release to
  Noteholders for Unpurchased Amount

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Ending Pre-funding Account
  Balance

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  Original

  	
   

  
	
  Purchases

  	
   

  	
  Units

  	
   

  	
  Cut-Off Date

  	
   

  	
  Closing Date

  	
   

  	
  Pool Balance

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Initial Purchase

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Subsequent Purchase #1

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Subsequent Purchase #2

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Total

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Backup
  Servicer Account

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Backup Servicer Account
  Initial Deposit

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Backup Servicer Account
  Beginning Balance

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Backup Servicer Account
  Expenses

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Backup Servicer Account
  Investment Earnings

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Backup Servicer Account
  Investment Earnings - Released to Seller

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Ending
  Backup Servicer Account Balance

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Total Release to Seller

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

“The Administrator hereby
directs the Indenture Trustee to pay on the Payment Date set forth above from
the Certificate Distribution Account to the Certificateholders, on a pro rata
basis, zero payment.”

 

	
  Spread
  Account Triggers

  	
   

  	
   

  	
   

  	
   

  
	
  Average Delinquency
  Ratio Test*

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Payment Date

  	
   

  	
   

  	
   

  	
   

  
	
  [    ]-[    ]

  	
   

  	
   

  	
   

  	
   

  
	
  [    ]-[    ]

  	
   

  	
   

  	
   

  	
   

  
	
  [    ]-[    ]

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Second Prior Month
  Delinquency Ratio

  	
   

  	
   

  	
   

  	
   

  
	
  Prior Month Delinquency
  Ratio

  	
   

  	
   

  	
   

  	
   

  
	
  Current Month Delinquency
  Ratio

  	
   

  	
   

  	
   

  	
   

  

 

C-10

 

	
  3 Month
  Average Delinquency Ratio

  	
   

  	
   

  	
   

  	
   

  

 

	
  Test

  	
   

  	
  Variance

  	
   

  	
  Trigger

  
	
  Current Distribution Date

  	
   

  	
   

  	
   

  	
   

  
	
  (1) Is current
  distribution month [      ], 200[  ]
  or [      ], 200[  ], or [      ],
  200[  ]?

  	
   

  	
   

  	
   

  	
   

  
	
  (2) Is the 3 Month
  Average Delinquency Ratio < Specified Percentage for specified month?

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  If both (1) and
  (2) are “YES” then see Cumulative Net Loss Ratio

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Cumulative
  Net Loss Ratio Test**

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Payment Date

  	
   

  	
   

  	
   

  	
   

  
	
  [      ]-[    ]

  	
   

  	
   

  	
   

  	
   

  
	
  [      ]-[    ]

  	
   

  	
   

  	
   

  	
   

  
	
  [      ]-[    ]

  	
   

  	
   

  	
   

  	
   

  

 

	
  Cumulative
  Net Loss Ratio

  	
   

  	
   

  	
   

  	
   

  

 

	
  Test

  	
   

  	
  Variance

  	
   

  	
  Trigger

  
	
  (1) Is current
  distribution month [        ], 200[  ]
  or [        ], 200[  ], or
  [        ], 200[  ]?

  	
   

  	
   

  	
   

  	
   

  
	
  (2) Is the Cumulative
  Net Loss Ratio < Specified Percentage for specified month?

  	
   

  	
   

  	
   

  	
   

  

 

	
  If both (1) and
  (2) are “YES” then see next test below

  
	
   

  
	
  If the 3 Month Average
  Delinquency and Cumulative Net Loss Ratio tests are met, then spread account
  reduces to [    ]% at [        ]
  200[  ] and/or [    ]% at [        ]
  200[  ] and/or [    ]% at [        ]
  200[  ]

  
	
   

  
	
  Were the 3 Month Average Delinquency and Cumulative Net Loss Ratio
  tests met on such Payment Date?

  
	
   

  
	
  Specified Spread Account Balances on such Payment Date

  

 

DEFINITIONS:

 

Average
Delinquency Ratio Test*

On any payment date will be
the average of the Delinquency Ratios for the preceding three calendar months.

 

The 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.

 

Cumulative
Net Loss Ratio Test**

The Cumulative Net Loss Ratio
on any payment date will be the ratio, expressed as a percentage, of
(a) the aggregate Realized Losses on the receivables since their cutoff
date through the last day of the related calendar month, 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.

 

	
  POOL STATISTICS

  
	
   

  
	
  Collateral
  Composition

  

 

	
  Number of Loans at Beginning of Period

  	
   

  	
   

  
	
  Number of Loans at End of Period

  	
   

  	
   

  

 

C-11

 

	
  Weighted Average Coupon on Receivables

  	
   

  	
   

  
	
  Weighted Average Original
  Term on Receivables

  	
   

  	
   

  
	
  Weighted Average Remaining
  Term on Receivables

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Pool Factor

  	
   

  	
   

  
	
  A-1 Note Pool Factor

  	
   

  	
   

  
	
  A-2 Note Pool Factor

  	
   

  	
   

  
	
  A-3 Note Pool Factor

  	
   

  	
   

  
	
  A-4 Note Pool Factor

  	
   

  	
   

  
	
  Class B Note Pool
  Factor

  	
   

  	
   

  
	
  Prepayment Amount - Monthly

  	
   

  	
   

  
	
  Prepayment Amount -
  Life-to-Date

  	
   

  	
   

  
					

 

	
  Collateral
  Performance

  

 

	
  Contractual
  Delinquency: (Excluding Liquidated and Purchased Contracts)

  	
   

  	
  Count

  	
   

  	
  %

  	
   

  	
  Amount

  	
   

  	
  %

  	
   

  
	
  < 31 Days delinquent

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  31-60 Days delinquent

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  61-90 Days delinquent

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  91-120 Days delinquent

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  121-150 Days delinquent

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  151-180 Days delinquent

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  181 + Days delinquent

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  TOTAL(Delinquency data is for total contract
  balance past due)

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Scheduled Amounts 30 - 59
  days past due

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Scheduled Amounts 60 days
  or more past due

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

	
  Losses on
  Liquidated Receivables

  	
   

  	
  Month $

  	
   

  	
  Month #

  	
   

  	
  LTD $

  	
   

  	
  LTD #

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Gross Losses (1)

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Recoveries (2)

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Net Losses (Gross Losses
  less Recoveries)

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Net Loss as % of the
  Average Portfolio Balance

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Net Loss as a % of the
  Initial Deal Size

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Average Net Loss on all
  assets that have experienced a net loss

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Realized
  Losses

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Net Losses on Liquidated
  Receivables

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Write Down Amount on 180
  Day Receivables

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Monthly Realized Losses
  (Total)

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Cumulative Net Losses on
  Liquidated Receivables

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Cumulative Write Down
  Amount on 180 Day Receivables

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Cumulative Realized Losses
  (Total)

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Repossession
  Inventory and 180-Day Receivables

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Repossessed Equipment not
  Sold or Reassigned (Beginning)

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Repossessed Equipment not
  Sold or Reassigned (End)

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Balance of 180 Day
  Receivables (Beg of month)

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Balance of 180 Day
  Receivables (End of month)

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

(1) The
realizable estimated loss at the time of repossession or full charge-off if
written off without a repossession.

 

C-12

 

(2) Recovery
of any estimated loss amount after the sale of repossessed equipment or from
the  defaulted obligor.

(3) Sum
of the monthly loss number of accounts will not equal the life-to-date number
of accounts due to loss activity on the same account in multiple months.
Duplicate accounts in multiple months have been removed.

 

STATEMENTS TO NOTEHOLDERS

 

	
  1

  	
  Has there been a material
  change in practices with respect to charge offs, collection and management of
  delinquent Receivables, and the effect of any grace period, re-aging,
  re-structuring, partial payments or other practices on delinquency and loss
  experience?

  
	
   

  	
   

  
	
  2

  	
  Have there been any
  material modifications, extensions or waivers to Receivables terms, fees,
  penalties or payments during the Collection Period?

  
	
   

  	
   

  
	
  3

  	
  Have there been any
  material breaches of representations, warranties or covenants contained in
  the Receivables?

  
	
   

  	
   

  
	
  4

  	
  Has there been an issuance
  of notes or other securities backed by the Receivables?

  
	
   

  	
   

  
	
  5

  	
  Has there been a material
  change in the underwriting, origination or acquisition of Receivables?

  

 

C-13

 

EXHIBIT
D

to Sale and Servicing Agreement

 

FORM OF
ASSIGNMENT

 

For value received, in
accordance with and subject to the Sale and Servicing Agreement dated as of March 1,
2009 (the “Sale and Servicing Agreement”)
among the undersigned, New Holland Credit Company, LLC (“NH Credit”) and CNH Equipment Trust 2009-A
(the “Issuing Entity”), the
undersigned does hereby sell, assign, transfer set over and otherwise convey
unto the Issuing Entity, without recourse, all of its right, title and interest
in, to and under:  (a) the Initial Receivables, which are listed on Schedule A hereto, 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, (b) the security interests in the Financed Equipment
granted by Obligors pursuant to the Initial Receivables and any other interest
of the undersigned in such Financed Equipment, (c) any proceeds with
respect to the Initial Receivables from claims on insurance policies covering
Financed Equipment or Obligors (to the extent not used to purchase Substitute
Equipment), (d) the Liquidity Receivables Purchase Agreement (only with
respect to Owned Contracts included in the Initial Receivables) and the Purchase
Agreement, including the right of the undersigned to cause CNH Capital America
LLC (“CNHCA”) to repurchase
Receivables from the undersigned under the circumstances described therein, (e) any
proceeds from recourse to Dealers with respect to the Initial Receivables, (f) any
Financed Equipment that shall have secured an Initial Receivable and that shall
have been acquired by or on behalf of the Trust, (g) all funds on deposit
from time to time in the Trust Accounts, including the Spread Account Initial
Deposit, any Principal Supplement Account Deposit, the Negative Carry Account
Initial Deposit and the Pre-Funded Amount, and in all investments and proceeds
thereof (including all income thereon), and (h) the proceeds of any and
all of the foregoing. The foregoing sale does not constitute and is not
intended to result in any assumption by the Issuing Entity of any obligation of
the undersigned to the Obligors, insurers or any other person in connection
with the Initial Receivables, Receivables Files, any insurance policies or any
agreement or instrument relating to any of them.

 

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

 

D-1

 

IN WITNESS WHEREOF, the
undersigned has caused this Assignment to be duly executed as of March 31,
2009.

 

	
   

  	
  CNH CAPITAL RECEIVABLES
  LLC

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

D-2

 

SCHEDULE A

to Assignment

 

SCHEDULE OF
INITIAL RECEIVABLES

[ON FILE WITH THE INDENTURE TRUSTEE AND INCORPORATED BY

REFERENCE HEREIN]

 

D-3

 

EXHIBIT
E

to Sale and Servicing Agreement

 

FORM OF
SUBSEQUENT TRANSFER ASSIGNMENT

 

For value received, in
accordance with and subject to the Sale and Servicing Agreement dated as of March 1,
2009 (the “Sale and Servicing Agreement”)
among CNH Equipment Trust 2009-A, a Delaware statutory trust (the “Issuing Entity”), CNH Capital Receivables
LLC, a Delaware limited liability company (the “Seller”), and New Holland Credit Company, LLC, a Delaware
limited liability company (“NH Credit”), the Seller does hereby sell, transfer,
assign, set over and otherwise convey to the Issuing Entity, without recourse,
all of its right, title and interest in, to and under: (a) the Subsequent
Receivables, with an aggregate Contract Value equal to
$[                    ],
listed on Schedule A hereto,
including all documents constituting chattel paper included therewith, and all
obligations of the Obligors thereunder including all monies paid thereunder on
or after the Subsequent Cutoff Date, (b) the security interests in the
Financed Equipment granted by Obligors pursuant to such Subsequent Receivables
and any other interest of the Seller in such Financed Equipment, (c) any
proceeds with respect to such Subsequent Receivables from claims on insurance
policies covering Financed Equipment or Obligors (to the extent not used to
purchase Substitute Equipment), (d) the Liquidity Receivables Purchase
Agreement (only with respect to Subsequent Receivables purchased by the Seller
pursuant to that Agreement) and the Purchase Agreement, including the right of
the Seller to cause CNHCA to repurchase Subsequent Receivables from the Seller
under the circumstances described therein, (e) any proceeds from recourse
to Dealers with respect to such Subsequent Receivables, (f) any Financed
Equipment that shall have secured any such Subsequent Receivables and that
shall have been acquired by or on behalf of the Trust, and (g) the
proceeds of any and all of the foregoing. The foregoing sale does not
constitute and is not intended to result in any assumption by the Issuing
Entity of any obligation of the Seller to the Obligors, insurers or any other
person in connection with such Subsequent Receivables, Receivable Files, any
insurance policies or any agreement or instrument relating to any of them.

 

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

 

IN WITNESS WHEREOF, the
undersigned has caused this Subsequent Transfer Assignment to be duly executed
as of
                                 ,
2009.

 

	
   

  	
  CNH CAPITAL RECEIVABLES
  LLC

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

E-1

 

SCHEDULE A

to Subsequent Transfer Assignment

 

SCHEDULE OF
SUBSEQUENT RECEIVABLES

[ON FILE WITH THE INDENTURE TRUSTEE AND INCORPORATED BY

REFERENCE HEREIN.]

 

E-2

 

ANNEX A

to Subsequent Transfer Assignment

 

OFFICER’S
CERTIFICATE

 

I, the undersigned
officer of CNH Capital Receivables LLC. (the “Company”),
do hereby certify, pursuant to Section 2.2(b)(xv)
of the Sale and Servicing Agreement dated as of March 1, 2009 among the
Company, CNH Equipment Trust 2009-A and New Holland Credit Company, LLC (the “Agreement”), that (i) all of the
conditions precedent to the transfer to the Issuing Entity of the Subsequent
Receivables listed on Schedule A to the Subsequent Transfer Assignment
delivered herewith, and the other property and rights related to such
Subsequent Receivables as described in Section 2.2(a) of
the Agreement, have been satisfied on or prior to the related Subsequent
Transfer Date and (ii) each statement of fact set forth in any Officer’s
Certificate executed by an officer of the Company in connection with an Opinion
of Counsel delivered on the Closing Date with respect to a transfer of, or a
security interest in, the Receivables shall be true and correct as of the date
hereof with respect to the Subsequent Receivables listed on the aforementioned
Schedule A.

 

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

 

IN WITNESS WHEREOF, the
undersigned has caused this certificate to be duly executed this
       day of
                     ,
2009.

 

	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

 

EXHIBIT
F

to Sale and Servicing Agreement

 

FORM OF
ACCOUNTANTS’ LETTER IN CONNECTION

WITH THE SUBSEQUENT TRANSFER ASSIGNMENT PURSUANT TO

SECTION 2.2(b)(xiv) OF THE SALE AND SERVICING AGREEMENT

 

[Letterhead
of [                                                             ]]

 

                          ,
200[ 
]           

CNH Capital Receivables LLC

6900 Veterans Boulevard

Burr Ridge, Illinois  60527

 

CNH Equipment Trust
2009-A

c/o Wilmington Trust Company

Rodney Square North,

1100 North Market Street,

Wilmington, Delaware
19890,

Attention: Corporate
Trust Administration

 

Wilmington Trust Company

Rodney Square North,

1100 North Market Street,

Wilmington, Delaware
19890,

Attention: Corporate
Trust Administration

 

The Bank of New York
Mellon Trust Company, N.A.

2 North LaSalle Street

Suite 1020

Chicago, Illinois 60602

	
  Telephone:

  	
  (312) 827-8500

  
	
  Facsimile:

  	
  (312) 827-8562

  
	
  Attention:

  	
  Structured Finance-ABS

  

 

Dear Ladies and
Gentlemen:

 

This letter is issued at the request of CNH Capital
Receivables LLC (the “Seller”)
with respect to the sale of certain retail receivables (the “Subsequent Receivables”) to the CNH
Equipment Trust 2009-A (the “Trust”)
pursuant to the Sale and Servicing Agreement dated as of March 1, 2009
(the “Sale and Servicing Agreement”)
among the Trust, the Seller and New Holland Credit Company, LLC (the “Servicer”).  The sale of the Subsequent Receivables is
described in the prospectus dated March 25, 2009 and the prospectus
supplement dated March 26, 2009 (together, the “Prospectus”), which relates to the offering by the Trust of
1.73603% Class A-1 Asset Backed Notes, 4.06% Class A-2 Asset Backed
Notes, 5.28% Class A-3 Asset Backed Notes and 7.21% Class A-4 Asset
Backed Notes (collectively, the “Class A  Notes”). 
Capitalized terms used herein and not otherwise defined have the meaning
described in the Prospectus or the Sale

 

F-1

 

and Servicing Agreement, as applicable. In connection
therewith, we performed or have previously performed certain agreed upon
procedures as specified in the items below:

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

F-2

 

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

 

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

 

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

 

Very truly yours,

 

[                                                                                            ]

 

F-3

 

SCHEDULE A

to Accountant’s Letter

 

	
  Selection
  Criteria

  	
   

  	
  Results

  
	
   

  	
   

  	
   

  
	
  1.

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

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  2.

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

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  3.

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

  	
   

  	
   

  

 

F-4

 

SCHEDULE B

to Accountant’s Letter

 

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

 

	
   

  	
   

  	
  Aggregate

  Contract Value

  of

  Construction

  Equipment

  	
   

  	
  Total Aggregate

  Contract Value

  	
   

  	
  Construction

  Equipment

  Percent of Total

  	
   

  
	
  Initial
  Receivables

  	
   

  	
  $

  	
   

  	
   

  	
  $

  	
   

  	
   

  	
   

  	
  %

  
	
  Subsequent
  Receivables

  	
   

  	
  $

  	
   

  	
   

  	
  $

  	
   

  	
   

  	
   

  	
  %

  
	
  Total
  Receivables

  	
   

  	
  $

  	
   

  	
   

  	
  $

  	
   

  	
   

  	
   

  	
  %

  

 

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

 

	
   

  	
   

  	
  Total Aggregate

  Contract Value

  	
   

  	
  Weighted

  Average Original

  Term

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Initial
  Receivables

  	
   

  	
  $

  	
   

  	
   

  	
  months

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Subsequent
  Receivables

  	
   

  	
  $

  	
   

  	
   

  	
  months

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Total
  Receivables

  	
   

  	
  $

  	
   

  	
   

  	
  months

  	
   

  

 

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

 

F-5

 

EXHIBIT
G

to
Sale and Servicing Agreement

 

[Reserved]

 

G-1

 

EXHIBIT
H

 

Minimum Servicing
Criteria to be Addressed in

Assessment of Compliance Statement

 

The assessment of
compliance to be delivered by the Indenture Trustee shall address, at a
minimum, the criteria identified as below as “Applicable Servicing Criteria”:

 

	
  Reg AB Reference

  	
   

  	
  Servicing
  Criteria

  	
   

  	
  Applicable
  Servicing Criteria

  
	
   

  	
   

  	
  General
  Servicing Considerations

  	
   

  	
   

  
	
  1122(d)(1)(i)

  	
   

  	
  Policies
  and procedures are instituted to monitor any performance or other triggers
  and events of default in accordance with the transaction agreements.

  	
   

  	
  N/A

  
	
  1122(d)(1)(ii)

  	
   

  	
  If any material servicing
  activities are outsourced to third parties, policies and procedures are
  instituted to monitor the third party’s performance and compliance with such
  servicing activities.

  	
   

  	
  N/A

  
	
  1122(d)(1)(iii)

  	
   

  	
  Any requirements in the
  transaction agreements to maintain a back-up servicer for the Pool Assets are
  maintained.

  	
   

  	
  N/A

  
	
  1122(d)(1)(iv)

  	
   

  	
  A fidelity bond and errors
  and omissions policy is in effect on the party participating in the servicing
  function throughout the reporting period in the amount of coverage required
  by and otherwise in accordance with the terms of the transaction agreements.

  	
   

  	
  N/A

  
	
   

  	
   

  	
  Cash
  Collection and Administration

  	
   

  	
   

  
	
  1122(d)(2)(i)

  	
   

  	
  Payments on pool assets are
  deposited into the appropriate custodial bank accounts and related bank
  clearing accounts no more than two business days following receipt, or such
  other number of days specified in the transaction agreements.

  	
   

  	
  X

  
	
  1122(d)(2)(ii)

  	
   

  	
  Disbursements made via wire
  transfer on behalf of an obligor or to an investor are made only by
  authorized personnel.

  	
   

  	
  X

  
	
  1122(d)(2)(iii)

  	
   

  	
  Advances of funds or
  guarantees regarding collections, cash flows or distributions, and any
  interest or other fees charged for such advances, are made, reviewed and
  approved as specified in the transaction agreements.

  	
   

  	
  N/A

  
	
  1122(d)(2)(iv)

  	
   

  	
  The related accounts for
  the transaction, such as cash reserve accounts or accounts established as a
  form of over collateralization, are separately maintained (e.g., with respect
  to commingling of cash) as set forth in the transaction agreements.

  	
   

  	
  X

  
	
  1122(d)(2)(v)

  	
   

  	
  Each custodial account is
  maintained at a federally insured depository institution as set forth in the
  transaction agreements. For purposes of this criterion, “federally insured
  depository institution” with respect to a foreign financial institution means
  a foreign financial institution that meets the requirements of
  Rule 13k-1(b)(1) of the Securities Exchange Act.

  	
   

  	
  X

  
	
  1122(d)(2)(vi)

  	
   

  	
  Unissued checks are
  safeguarded so as to prevent unauthorized access.

  	
   

  	
  N/A

  
	
  1122(d)(2)(vii)

  	
   

  	
  Reconciliations are prepared
  on a monthly basis for all asset-backed securities related bank accounts,
  including custodial accounts and related bank clearing accounts. These
  reconciliations are (A) 

  	
   

  	
  N/A

  

 

H-1

 

	
  Reg AB Reference

  	
   

  	
  Servicing
  Criteria

  	
   

  	
  Applicable
  Servicing Criteria

  
	
   

  	
   

  	
  mathematically accurate;
  (B) prepared within 30 calendar days after the bank statement cutoff
  date, or such other number of days specified in the transaction agreements;
  (C) reviewed and approved by someone other than the person who prepared
  the reconciliation; and (D) contain explanations for reconciling items.
  These reconciling items are resolved within 90 calendar days of their
  original identification, or such other number of days specified in the transaction
  agreements.

  	
   

  	
   

  
	
   

  	
   

  	
  Investor
  Remittances and Reporting

  	
   

  	
   

  
	
  1122(d)(3)(i)

  	
   

  	
  Reports to investors,
  including those to be filed with the Commission, are maintained in accordance
  with the transaction agreements and applicable Commission requirements. Specifically,
  such reports (A) are prepared in accordance with timeframes and other
  terms set forth in the transaction agreements; (B) provide information
  calculated in accordance with the terms specified in the transaction
  agreements; (C) are filed with the Commission as required by its
  rules and regulations; and (D) agree with investors’ or the
  trustee’s records as to the total unpaid principal balance and number of Pool
  Assets serviced by the Servicer.

  	
   

  	
  N/A

  
	
  1122(d)(3)(ii)

  	
   

  	
  Amounts due to investors
  are allocated and remitted in accordance with timeframes, distribution
  priority and other terms set forth in the transaction agreements.

  	
   

  	
  X
  (solely with respect to remittances)

  
	
  1122(d)(3)(iii)

  	
   

  	
  Disbursements made to an
  investor are posted within two business days to the Servicer’s investor
  records, or such other number of days specified in the transaction
  agreements.

  	
   

  	
  X

  
	
  1122(d)(3)(iv)

  	
   

  	
  Amounts remitted to
  investors per the investor reports agree with cancelled checks, or other form
  of payment, or custodial bank statements.

  	
   

  	
  X

  
	
   

  	
   

  	
  Pool
  Asset Administration

  	
   

  	
   

  
	
  1122(d)(4)(i)

  	
   

  	
  Collateral or security on
  pool assets is maintained as required by the transaction agreements or
  related pool asset documents.

  	
   

  	
  N/A

  
	
  1122(d)(4)(ii)

  	
   

  	
  Pool assets and related
  documents are safeguarded as required by the transaction agreements.

  	
   

  	
  N/A

  
	
  1122(d)(4)(iii)

  	
   

  	
  Any additions, removals or
  substitutions to the asset pool are made, reviewed and approved in accordance
  with any conditions or requirements in the transaction agreements.

  	
   

  	
  N/A

  
	
  1122(d)(4)(iv)

  	
   

  	
  Payments on pool assets,
  including any payoffs, made in accordance with the related pool asset
  documents are posted to the Servicer’s obligor records maintained no more
  than two business days after receipt, or such other number of days specified
  in the transaction agreements, and allocated to principal, interest or other
  items (e.g., escrow) in accordance with the related pool asset documents.

  	
   

  	
  N/A

  
	
  1122(d)(4)(v)

  	
   

  	
  The Servicer’s records
  regarding the pool assets agree with the Servicer’s records with respect to
  an obligor’s unpaid principal balance.

  	
   

  	
  N/A

  
	
  1122(d)(4)(vi)

  	
   

  	
  Changes with respect to the
  terms or status of an obligor’s pool assets (e.g., loan modifications or
  re-agings) are made, reviewed and approved by authorized personnel in
  accordance with the 

  	
   

  	
  N/A

  

 

H-2

 

	
  Reg AB Reference

  	
   

  	
  Servicing
  Criteria

  	
   

  	
  Applicable
  Servicing Criteria

  
	
   

  	
   

  	
  transaction agreements and
  related pool asset documents.

  	
   

  	
   

  
	
  1122(d)(4)(vii)

  	
   

  	
  Loss mitigation or recovery
  actions (e.g., forbearance plans, modifications and deeds in lieu of
  foreclosure, foreclosures and repossessions, as applicable) are initiated,
  conducted and concluded in accordance with the timeframes or other
  requirements established by the transaction agreements.

  	
   

  	
  N/A

  
	
  1122(d)(4)(viii)

  	
   

  	
  Records documenting
  collection efforts are maintained during the period a pool asset is
  delinquent in accordance with the transaction agreements. Such records are
  maintained on at least a monthly basis, or such other period specified in the
  transaction agreements, and describe the entity’s activities in monitoring
  delinquent pool assets including, for example, phone calls, letters and
  payment rescheduling plans in cases where delinquency is deemed temporary
  (e.g., illness or unemployment).

  	
   

  	
  N/A

  
	
  1122(d)(4)(ix)

  	
   

  	
  Adjustments to interest
  rates or rates of return for pool assets with variable rates are computed
  based on the related pool asset documents.

  	
   

  	
  N/A

  
	
  1122(d)(4)(x)

  	
   

  	
  Regarding any funds held in
  trust for an obligor (such as escrow accounts): (A) such funds are
  analyzed, in accordance with the obligor’s pool asset documents, on at least
  an annual basis, or such other period specified in the transaction
  agreements; (B) interest on such funds is paid, or credited, to obligors
  in accordance with applicable pool asset documents and state laws; and
  (C) such funds are returned to the obligor within 30 calendar days of
  full repayment of the related pool assets, or such other number of days
  specified in the transaction agreements.

  	
   

  	
  N/A

  
	
  1122(d)(4)(xi)

  	
   

  	
  Payments made on behalf of
  an obligor (such as tax or insurance payments) are made on or before the
  related penalty or expiration dates, as indicated on the appropriate bills or
  notices for such payments, provided that such support has been received by
  the servicer at least 30 calendar days prior to these dates, or such other
  number of days specified in the transaction agreements.

  	
   

  	
  N/A

  
	
  1122(d)(4)(xii)

  	
   

  	
  Any late payment penalties
  in connection with any payment to be made on behalf of an obligor are paid
  from the Servicer’s funds and not charged to the obligor, unless the late
  payment was due to the obligor’s error or omission.

  	
   

  	
  N/A

  
	
  1122(d)(4)(xiii)

  	
   

  	
  Disbursements made on
  behalf of an obligor are posted within two business days to the obligor’s records
  maintained by the servicer, or such other number of days specified in the
  transaction agreements.

  	
   

  	
  N/A

  
	
  1122(d)(4)(xiv)

  	
   

  	
  Delinquencies, charge-offs
  and uncollectible accounts are recognized and recorded in accordance with the
  transaction agreements.

  	
   

  	
  N/A

  
	
  1122(d)(4)(xv)

  	
   

  	
  Any external enhancement or
  other support, identified in Item 1114(a)(1) through (3) or Item
  1115 of Regulation AB, is maintained as set forth in the transaction
  agreements.

  	
   

  	
  N/A

  

 

H-3

 

EXHIBIT I

 

FORM OF INDENTURE
TRUSTEE’S ANNUAL CERTIFICATION

 

Re:                             CNH
Equipment Trust 2009-A

 

The Bank of New York Mellon Trust Company, N.A., not
in its individual capacity but solely as indenture trustee (the “Indenture
Trustee”), certifies to CNH Capital Receivables LLC (the “Seller”),
and its officers, with the knowledge and intent that they will rely upon this
certification, that:

 

(1)                                  It
has reviewed the report on assessment of the Indenture Trustee’s compliance
provided in accordance with Rules 13a-18 and 15d-18 under the Securities
Exchange Act of 1934, as amended (the “Exchange Act”) and Item 1122
of Regulation AB (the “Servicing Assessment”), and the registered public
accounting firm’s attestation report provided in accordance with Rules 13a-18
and 15d-18 under the Exchange Act and Section 1122(b) of Regulation
AB (the “Attestation Report”) that were delivered by the Indenture
Trustee to the Seller pursuant to the Sale and Servicing Agreement (the “Agreement”),
dated as of March 1, 2009, by and between New Holland Credit Company, LLC,
the Seller and CNH Equipment Trust 2009-A (collectively, the “Indenture
Trustee Information”);

(2)                                  To
the best of its knowledge, the Indenture Trustee Information, taken as a whole,
does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in the light of the
circumstances under which such statements were made, not misleading with
respect to the period of time covered by the Indenture Trustee Information; and

(3)                                  To
the best of its knowledge, all of the Indenture Trustee Information required to
be provided by the Indenture Trustee under the Agreement has been provided to
the Seller.

 

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

not in its individual capacity but solely as Indenture Trustee

 

Date:

 

 

	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  

 

I-1

 

EXHIBIT
J

 

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

[To be attached]

 

J-1

 

Schedule
P

 

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

 

2.                                       Characterization. 
The Receivables constitute “tangible chattel paper” within the meaning of UCC Section 9-102. 
The rights granted under the agreements described in clause 1 (ii)  and (iii) constitute
“general intangibles” within the meaning of UCC Section 9-102.  CNHCR
has taken all steps necessary to perfect its security interest in the property
securing the Receivables within 10 days of the Closing Date.

 

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

 

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

 

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

 

P-1

 

the security interests granted in connection with the documents
relating to the Liquidity Receivables Purchase Agreement and the Prior
Securitization, each of which have been released, (ii) that has been
terminated or has released the Receivables from such security interest, or (iii) that
has been granted pursuant to the terms of the Basic Documents.  None of
the tangible chattel paper that constitutes or evidences the Receivables has
any marks or notations indicating that they have pledged, assigned or otherwise
conveyed to any Person other than the Indenture Trustee.  CNHCR is not
aware of any judgment, ERISA or tax lien filings against it.

 

6.                                       Survival
of Perfection Representations.  Notwithstanding any other provision of
the Sale and Servicing Agreement or any other Basic Document, the Perfection
Representations contained in this Schedule P shall be continuing, and remain in
full force and effect (other than with respect to Reacquired Receivables).

 

7.                                       No
Waiver.  The parties to the Sale and Servicing Agreement: (i) shall
not, without obtaining a confirmation of the then-current rating of the Notes,
waive 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 CNHCR and Issuing Entity 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, Issuing Entity’s security interest in the
Receivables.  Servicer shall, from time to time and within the time limits
established by law, prepare and present to Issuing Entity for Issuing Entity to
authorize the Servicer to file all financing statements, amendments,
continuations, financing statements in lieu of a continuation statement,
terminations, partial terminations, releases or partial releases, or any other
filings necessary or advisable to continue, maintain and perfect the Issuing
Entity’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 CNHCR or Issuing
Entity where allowed by applicable law.

 

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