Document:

Exhibit 10.1

 

AMENDMENT
No. 2 TO

LAWSON
SOFTWARE, INC.

2001
STOCK INCENTIVE PLAN

 

(Amendment No. 1 was adopted July 10, 2008,
to allow for the grant of restricted stock units (RSUs);

Amendment No. 2 adopted on January 16, 2009
allows for expired or forfeited RSUs to be added back to the 2001 Plan)

 

Pursuant to Section 13(a) of
the Lawson Software, Inc. 2001 Stock Incentive Plan, the Board of
Directors of Lawson Software, Inc. has approved the following amendment to
the 2001 Stock Incentive Plan (the “2001 Plan”), effective January 16,
2009, under which the final sentence of Section 2(a) of the 2001 Plan
is deleted in its entirety and replaced with a new sentence at the end of Section 2(a),
which allows for expired or forfeited restricted stock units to be added back
to the 2001 Plan.

 

Amendment
No. 2

 

The final sentence of Section 2(a) of
the 2001 Plan is deleted in its entirety and replaced with the following new
sentence at the end of Section 2(a) of the 2001 Plan:

 

                                                If an option, restricted stock grant or
restricted stock unit grant under this Plan expires or for any reason is
terminated or forfeited with respect to any Shares, such Shares shall again be
available for options, restricted stock or restricted stock unit awards
thereafter granted during the term of this Plan.Exhibit 4.1

 

EXECUTION COPY

 

CNH EQUIPMENT TRUST 2009-A

 

INDENTURE

 

between

 

CNH EQUIPMENT TRUST 2009-A

 

and

 

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

 

as Indenture Trustee.

 

Dated as of March 1, 2009

 

 

TABLE OF CONTENTS

 

	
   

  	
  Page

  
	
  ARTICLE
  I Definitions and Incorporation by Reference

  	
  2

  
	
   

  	
   

  
	
  SECTION 1.1.

  	
  Definitions

  	
  2

  
	
  SECTION 1.2.

  	
  Incorporation
  by Reference of Trust Indenture Act

  	
  2

  
	
  SECTION 1.3.

  	
  Other
  Definitional Provisions

  	
  3

  
	
   

  	
   

  	
   

  
	
  ARTICLE
  II The Notes

  	
  3

  
	
   

  	
   

  	
   

  
	
  SECTION 2.1.

  	
  Form

  	
  3

  
	
  SECTION 2.2.

  	
  Execution,
  Authentication and Delivery

  	
  4

  
	
  SECTION 2.3.

  	
  Temporary
  Notes

  	
  4

  
	
  SECTION 2.4.

  	
  Registration;
  Registration of Transfer and Exchange

  	
  5

  
	
  SECTION 2.5.

  	
  Mutilated, Destroyed,
  Lost or Stolen Notes

  	
  7

  
	
  SECTION 2.6.

  	
  Persons
  Deemed Owner

  	
  7

  
	
  SECTION 2.7.

  	
  Payment of
  Principal and Interest; Defaulted Interest

  	
  8

  
	
  SECTION 2.8.

  	
  Cancellation

  	
  9

  
	
  SECTION 2.9.

  	
  Release of
  Collateral

  	
  9

  
	
  SECTION 2.10.

  	
  Book-Entry
  Notes

  	
  9

  
	
  SECTION 2.11.

  	
  Notices to
  Clearing Agency

  	
  10

  
	
  SECTION 2.12.

  	
  Definitive
  Notes

  	
  10

  
	
  SECTION 2.13.

  	
  Tax
  Treatment

  	
  11

  
	
   

  	
   

  	
   

  
	
  ARTICLE
  III Covenants

  	
  11

  
	
   

  	
   

  	
   

  
	
  SECTION 3.1.

  	
  Payment of
  Principal and Interest

  	
  11

  
	
  SECTION 3.2.

  	
  Maintenance
  of Office or Agency

  	
  11

  
	
  SECTION 3.3.

  	
  Money for
  Payments To Be Held in Trust

  	
  11

  
	
  SECTION 3.4.

  	
  Existence

  	
  13

  
	
  SECTION 3.5.

  	
  Protection
  of the Trust Estate

  	
  13

  
	
  SECTION 3.6.

  	
  Opinions as
  to the Trust Estate

  	
  14

  
	
  SECTION 3.7.

  	
  Performance
  of Obligations; Servicing of Receivables

  	
  14

  
	
  SECTION 3.8.

  	
  Negative
  Covenants

  	
  15

  
	
  SECTION 3.9.

  	
  Annual
  Statement as to Compliance

  	
  16

  
	
  SECTION 3.10.

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

  	
  16

  
	
  SECTION 3.11.

  	
  Successor or
  Transferee

  	
  18

  
	
  SECTION 3.12.

  	
  No Other
  Business

  	
  18

  
	
  SECTION 3.13.

  	
  No Borrowing

  	
  18

  
	
  SECTION 3.14.

  	
  Servicer’s
  Obligations

  	
  18

  
	
  SECTION 3.15.

  	
  Guarantees,
  Loans, Advances and Other Liabilities

  	
  18

  
	
  SECTION 3.16.

  	
  Capital
  Expenditures

  	
  19

  
	
  SECTION 3.17.

  	
  Removal of
  Administrator

  	
  19

  
	
  SECTION 3.18.

  	
  Restricted
  Payments

  	
  19

  
					

 

i

 

	
  SECTION 3.19.

  	
  Notice of
  Events of Default

  	
  19

  
	
  SECTION 3.20.

  	
  Further
  Instruments and Acts

  	
  19

  
	
  SECTION 3.21.

  	
  Perfection
  Representation

  	
  19

  
	
   

  	
   

  
	
  ARTICLE
  IV Satisfaction and Discharge

  	
  19

  
	
   

  	
   

  
	
  SECTION 4.1.

  	
  Satisfaction
  and Discharge of Indenture

  	
  19

  
	
  SECTION 4.2.

  	
  Application
  of Trust Money

  	
  20

  
	
  SECTION 4.3.

  	
  Repayment of
  Monies Held by Paying Agent

  	
  21

  
	
   

  	
   

  	
   

  
	
  ARTICLE
  V Remedies

  	
  21

  
	
   

  	
   

  	
   

  
	
  SECTION 5.1.

  	
  Events of
  Default

  	
  21

  
	
  SECTION 5.2.

  	
  Acceleration
  of Maturity; Rescission and Annulment

  	
  22

  
	
  SECTION 5.3.

  	
  Collection
  of Indebtedness and Suits for Enforcement by Indenture Trustee

  	
  23

  
	
  SECTION 5.4.

  	
  Remedies;
  Priorities

  	
  25

  
	
  SECTION 5.5.

  	
  Optional
  Preservation of the Receivables

  	
  26

  
	
  SECTION 5.6.

  	
  Limitation
  of Suits

  	
  27

  
	
  SECTION 5.7.

  	
  Unconditional
  Rights of Noteholders To Receive Principal and Interest

  	
  27

  
	
  SECTION 5.8.

  	
  Restoration
  of Rights and Remedies

  	
  27

  
	
  SECTION 5.9.

  	
  Rights and
  Remedies Cumulative

  	
  28

  
	
  SECTION 5.10.

  	
  Delay or
  Omission Not a Waiver

  	
  28

  
	
  SECTION 5.11.

  	
  Control by
  Noteholders

  	
  28

  
	
  SECTION 5.12.

  	
  Waiver of
  Past Defaults

  	
  28

  
	
  SECTION 5.13.

  	
  Undertaking
  for Costs

  	
  29

  
	
  SECTION 5.14.

  	
  Waiver of
  Stay or Extension Laws

  	
  29

  
	
  SECTION 5.15.

  	
  Action on
  Notes

  	
  29

  
	
  SECTION 5.16.

  	
  Performance
  and Enforcement of Certain Obligations

  	
  30

  
	
   

  	
   

  	
   

  
	
  ARTICLE
  VI The Indenture Trustee

  	
  30

  
	
   

  	
   

  	
   

  
	
  SECTION 6.1.

  	
  Duties of
  the Indenture Trustee

  	
  30

  
	
  SECTION 6.2.

  	
  Rights of
  Indenture Trustee

  	
  32

  
	
  SECTION 6.3.

  	
  Individual
  Rights of the Indenture Trustee

  	
  33

  
	
  SECTION 6.4.

  	
  Indenture
  Trustee’s Disclaimer

  	
  33

  
	
  SECTION 6.5.

  	
  Notice of
  Defaults

  	
  33

  
	
  SECTION 6.6.

  	
  Reports by
  Indenture Trustee to the Holders

  	
  33

  
	
  SECTION 6.7.

  	
  Compensation
  and Indemnity

  	
  33

  
	
  SECTION 6.8.

  	
  Replacement
  of the Indenture Trustee

  	
  34

  
	
  SECTION 6.9.

  	
  Successor
  Indenture Trustee by Merger

  	
  35

  
	
  SECTION 6.10.

  	
  Appointment
  of Co-Trustee or Separate Trustee

  	
  35

  
	
  SECTION 6.11.

  	
  Eligibility;
  Disqualification

  	
  36

  
	
  SECTION 6.12.

  	
  Preferential
  Collection of Claims Against the Issuing Entity

  	
  37

  
	
  SECTION 6.13.

  	
  Information
  to Be Provided by the Indenture Trustee

  	
  38

  
	
  SECTION 6.14.

  	
  Representations
  and Warranties

  	
  38

  
				

 

ii

 

	
  ARTICLE
  VII Noteholders’ Lists and Reports

  	
  38

  
	
   

  	
   

  	
   

  
	
  SECTION 7.1.

  	
  Issuing
  Entity To Furnish Indenture Trustee Names and Addresses of Noteholders

  	
  38

  
	
  SECTION 7.2.

  	
  Preservation
  of Information; Communications to Noteholders

  	
  39

  
	
  SECTION 7.3.

  	
  Reports by
  Issuing Entity

  	
  39

  
	
  SECTION 7.4.

  	
  Required
  Filings

  	
  39

  
	
   

  	
   

  	
   

  
	
  ARTICLE
  VIII Accounts, Disbursements and Releases

  	
  40

  
	
   

  	
   

  	
   

  
	
  SECTION 8.1.

  	
  Collection
  of Money

  	
  40

  
	
  SECTION 8.2.

  	
  Trust
  Accounts

  	
  40

  
	
  SECTION 8.3.

  	
  General
  Provisions Regarding Accounts

  	
  42

  
	
  SECTION 8.4.

  	
  Release of
  Trust Estate

  	
  43

  
	
  SECTION 8.5.

  	
  Opinion of
  Counsel

  	
  43

  
	
   

  	
   

  	
   

  
	
  ARTICLE
  IX Supplemental Indentures

  	
  44

  
	
   

  	
   

  	
   

  
	
  SECTION 9.1.

  	
  Supplemental
  Indentures Without Consent of Noteholders

  	
  44

  
	
  SECTION 9.2.

  	
  Supplemental
  Indentures With Consent of Noteholders

  	
  45

  
	
  SECTION 9.3.

  	
  Execution of
  Supplemental Indentures

  	
  46

  
	
  SECTION 9.4.

  	
  Effect of
  Supplemental Indenture

  	
  47

  
	
  SECTION 9.5.

  	
  Conformity
  with Trust Indenture Act

  	
  47

  
	
  SECTION 9.6.

  	
  Reference in
  Notes to Supplemental Indentures

  	
  47

  
	
  SECTION 9.7.

  	
  Amendment
  without Consent

  	
  47

  
	
   

  	
   

  
	
  ARTICLE
  X Redemption of Notes

  	
  47

  
	
   

  	
   

  
	
  SECTION 10.1.

  	
  Redemption

  	
  47

  
	
  SECTION 10.2.

  	
  Form of
  Redemption Notice

  	
  48

  
	
  SECTION 10.3.

  	
  Notes
  Payable on Redemption Date

  	
  48

  
	
   

  	
   

  	
   

  
	
  ARTICLE
  XI Miscellaneous

  	
  48

  
	
   

  	
   

  	
   

  
	
  SECTION 11.1.

  	
  Compliance
  Certificates and Opinions, etc

  	
  48

  
	
  SECTION 11.2.

  	
  Form of
  Documents Delivered to Indenture Trustee

  	
  50

  
	
  SECTION 11.3.

  	
  Acts of
  Noteholders

  	
  51

  
	
  SECTION 11.4.

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

  	
  51

  
	
  SECTION 11.5.

  	
  Notices to
  Noteholders; Waiver

  	
  52

  
	
  SECTION 11.6.

  	
  Alternate
  Payment and Notice Provisions

  	
  53

  
	
  SECTION 11.7.

  	
  Conflict
  with Trust Indenture Act

  	
  53

  
	
  SECTION 11.8.

  	
  Effect of
  Headings and Table of Contents

  	
  53

  
	
  SECTION 11.9.

  	
  Successors
  and Assigns

  	
  53

  
	
  SECTION 11.10.

  	
  Severability

  	
  53

  
	
  SECTION 11.11.

  	
  Benefits of Indenture

  	
  53

  
	
  SECTION 11.12.

  	
  Legal Holidays

  	
  53

  
	
  SECTION 11.13.

  	
  Governing Law

  	
  54

  
	
  SECTION 11.14.

  	
  Counterparts

  	
  54

  

 

iii

 

	
  SECTION 11.15.

  	
  Recording of Indenture

  	
  54

  
	
  SECTION 11.16.

  	
  Trust Obligation

  	
  54

  
	
  SECTION 11.17.

  	
  No Petition

  	
  54

  
	
  SECTION 11.18.

  	
  Inspection

  	
  54

  
	
  SECTION 11.19.

  	
  Subordination

  	
  55

  
	
  SECTION 11.20.

  	
  Information Requests

  	
  56

  
	
   

  	
   

  	
   

  
	
  FORM OF
  RULE 144A LETTER

  	
  1

  
	
   

  	
   

  	
   

  
	
  QUALIFIED
  INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

  	
  3

  
	
   

  	
   

  	
   

  
	
  QUALIFIED
  INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

  	
  6

  

 

iv

 

EXHIBITS

 

	
  EXHIBIT A-1

  	
   

  	
  Form of
  A-1 Notes

  
	
   

  	
   

  	
   

  
	
  EXHIBIT A-2

  	
   

  	
  Form of
  A-2 Notes

  
	
   

  	
   

  	
   

  
	
  EXHIBIT A-3

  	
   

  	
  Form of
  A-3 Notes

  
	
   

  	
   

  	
   

  
	
  EXHIBIT A-4

  	
   

  	
  Form of
  A-4 Notes

  
	
   

  	
   

  	
   

  
	
  EXHIBIT A-5

  	
   

  	
  Form of
  Class B Notes

  
	
   

  	
   

  	
   

  
	
  EXHIBIT B

  	
   

  	
  Form of
  Section 3.9 Officer’s Certificate

  
	
   

  	
   

  	
   

  
	
  EXHIBIT C

  	
   

  	
  Form of
  Rule 144A Letter

  

 

SCHEDULES

 

	
  SCHEDULE P

  	
   

  	
  Perfection
  Representations & Warranties

  

 

v

 

INDENTURE dated as
of March 1, 2009 between CNH EQUIPMENT TRUST 2009-A, a Delaware statutory
trust (the “Issuing Entity”), and
THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., a national banking association
(“BNYMTC”), as trustee and not in
its individual capacity (the “Indenture
Trustee”).

 

Each party agrees as follows for the benefit of the other party and for
the equal and ratable benefit of the Holders of the Issuing Entity’s 1.73603% Class A-1
Asset Backed Notes (each an “A-1 Note”),
4.06% Class A-2 Asset Backed Notes (each an “A-2 Note”), 5.28% Class A-3 Asset Backed Notes (each an
“A-3 Note”), 7.21% Class A-4
Asset Backed Notes (each an “A-4 Note”)
and the 0.00% Class B Asset Backed Notes (each a “Class B Note”; and together with the
A-1 Notes, the A-2 Notes, the A-3 Notes, and the A-4 Notes, the “Notes”).

 

GRANTING CLAUSE

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(h)           [Reserved];
and

 

(i)    all present and future claims, demands,
causes and choses in action in respect of any or all of the foregoing and all
payments on or under and all proceeds of every kind

 

 

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

 

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

 

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

 

ARTICLE I

Definitions and Incorporation by Reference

 

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

 

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

 

“Commission” means the Securities and Exchange Commission.

 

“indenture securities” means the Notes.

 

“indenture security holder” means a Noteholder.

 

“indenture to be qualified” means this Indenture.

 

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

 

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

 

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

 

2

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

ARTICLE II

The Notes

 

SECTION 2.1.              Form.  The A-1 Notes, A-2 Notes, A-3 Notes, A-4
Notes and Class B Notes, together with the Indenture Trustee’s certificate
of authentication, shall be in substantially the forms set forth in Exhibits A-1, A-2, A-3, A-4, and A-5
respectively, with such appropriate insertions, omissions, substitutions and
other variations as are required or permitted by this Indenture, and may have
such letters, numbers or other marks of identification and such legends or
endorsements placed thereon, as may, consistently herewith, be determined by
the officers executing such Notes, as evidenced by their execution of the
Notes.  Any portion of the text of any
Note may be set forth on the reverse thereof, with an appropriate reference
thereto on the face of the Note.

 

3

 

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

 

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

 

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

 

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

 

The Indenture Trustee shall upon Issuing Entity Order authenticate and
deliver A-1 Notes, A-2 Notes, A-3 Notes, A-4 Notes and Class B Notes for
original issue in an aggregate principal amount of $172,300,000, $122,000,000,
$134,000,000, $86,441,000 and $13,199,000, respectively.  The Outstanding Amount of A-1 Notes, A-2
Notes, A-3 Notes, A-4 Notes and Class B Notes at any time may not exceed
such respective amounts except as provided in Section 2.5.

 

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

 

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

 

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

 

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

 

4

 

the temporary
Notes shall in all respects be entitled to the same benefits under this
Indenture as if they were Definitive Notes.

 

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

 

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

 

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

 

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

 

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

 

5

 

holding of the
Note or any interest therein will not result in a non-exempt prohibited
transaction under Section 406 of ERISA, Section 4975 of the Code or
any substantially similar applicable law.

 

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

 

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

 

Every Class A Note, and every Class B Note (but, with respect
to Class B Notes only, only with respect to transfers following (i) the
transfer of the Class B Notes to an entity unaffiliated with the
Originator and (ii) the exchange of the Class B Notes for Class B
Notes registered in the name of a Clearing Agency (or its nominee)), presented
or surrendered for registration of transfer or exchange shall be duly endorsed
by, or be accompanied by a written instrument of transfer in form satisfactory
to the Indenture Trustee duly executed by, the Holder thereof or such Holder’s
attorney duly authorized in writing, with such signature guaranteed by an “eligible
guarantor institution” meeting the requirements of the Note Registrar, which
requirements include membership or participation in the Securities Transfer
Agent’s Medallion Program (“STAMP”)
or such other “signature guarantee program” as may be determined by the Note
Registrar in addition to, or in substitution for, STAMP, all in accordance with
the Exchange Act.

 

6

 

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

 

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

 

Upon the
issuance of any replacement Note under this Section, the Issuing Entity may
require the payment by the Holder of such Note of a sum sufficient to cover any
tax or other governmental charge that may be imposed in relation thereto and
any other reasonable expenses (including the fees and expenses of the Indenture
Trustee) connected therewith.

 

Every
replacement Note issued pursuant to this Section in replacement of any
mutilated, destroyed, lost or stolen Note shall constitute an original
additional contractual obligation of the Issuing Entity, whether or not the
mutilated, destroyed, lost or stolen Note shall be at any time enforceable by
anyone, and shall be entitled to all the benefits of this Indenture equally and
proportionately with any and all other Notes duly issued hereunder.

 

The provisions
of this Section are exclusive and shall preclude (to the extent lawful)
all other rights and remedies with respect to the replacement or payment of
mutilated, destroyed, lost or stolen Notes.

 

SECTION 2.6.                       Persons
Deemed Owner.  Prior to due presentment
for registration of transfer of any Note, the Issuing Entity, the Indenture
Trustee and any agent of the 

 

7

 

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

 

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

 

(b)         (i) The principal of each Note shall be
payable in installments on each Payment Date as provided in this Indenture, and
except as provided below each such installment shall be due and payable only to
the extent that there are funds available to make the payment in accordance
with the Basic Documents. 
Notwithstanding the foregoing:  (A) the
entire Outstanding Amount of each Class of Notes shall be due and payable
on the related Class Final Scheduled Maturity Date, and (B) the
entire Outstanding Amount of all Classes of Notes shall be due and payable,
ratably to all Noteholders, on any date on which an Event of Default shall have
occurred and be continuing if the Indenture Trustee or the Holders of Notes
representing not less than a majority of the Outstanding Amount of the Notes
have declared the Notes to be immediately due and payable in the manner
provided in Section 5.2.  All
principal payments on the Class A-1 Notes shall be made pro rata to the
Noteholders of the Class A-1 Notes. 
All principal payments on the Class A-2 Notes shall be made pro
rata to the Noteholders of the Class A-2 Notes. All principal payments on
the Class A-3 Notes shall be made pro rata to the Noteholders of the Class A-3
Notes.  All principal payments on the Class A-4
Notes shall be made pro rata to the Noteholders of the Class A-4
Notes.  All principal payments on the Class B
Notes shall be made pro rata to the Noteholders of the Class B Notes.

 

(ii)                                  The
Indenture Trustee shall notify the Person in whose name a Note is registered at
the close of business on the Record Date preceding the Payment Date on 

 

8

 

which the
Issuing Entity expects that the final installment of principal of and interest
on such Note will be paid. Such notice shall be mailed no later than five
Business Days prior to such final Payment Date and shall specify that such
final installment will be payable only upon presentation and surrender of such
Note and shall specify the place where such Note may be presented and
surrendered for payment of such installment. Notices in connection with
redemptions of Notes shall be mailed to Noteholders as provided in Section 10.2.

 

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

 

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

 

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

 

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

 

9

 

Definitive Notes registered in the name of CNH Capital America
LLC.  Unless and until definitive, fully
registered Notes (the “Definitive Notes”)
representing Class A Notes have been issued to Note Owners, and with
respect to Class B Notes, for the period beginning when such Class B
Notes are no longer held as Definitive Notes until such Class B Notes are
again held as Definitive Notes:

 

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

 

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

 

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

 

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

 

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

 

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

 

SECTION 2.12.                 Definitive
Notes.  Notes initially or
subsequently cleared through a clearing agency may be issued in definitive,
fully registered certificated form to Noteholders if requested by the DTC
participants to whom the Notes are credited and in accordance with DTC’s rules and
procedures.  Upon any surrender to the
Indenture Trustee of the typewritten Notes representing the Book-Entry Notes by
the Clearing Agency, accompanied by registration instructions, the Issuing
Entity shall execute, and the Indenture Trustee shall authenticate, the
Definitive Notes in accordance with the instructions of the Clearing
Agency.  None of the Issuing Entity, the
Note Registrar or the Indenture Trustee shall be liable for any delay in
delivery of such instructions and may conclusively rely on, and shall be fully
protected 

 

10

 

in relying on, such instructions. 
Upon the issuance of Definitive Notes, the Indenture Trustee shall
recognize the Holders of the Definitive Notes as Noteholders.  In addition, Notes issued as Definitive Notes
from time to time may be subsequently issued as Book-Entry Notes and cleared
through a Clearing Agency at the request of applicable Holders of the
Definitive Notes.  The Class B Notes
are initially issued only as registered Definitive Notes without coupons in
denominations specified herein.

 

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

 

ARTICLE III

Covenants

 

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

 

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

 

SECTION 3.3.                       Money
for Payments To Be Held in Trust. 
As provided in Sections 8.2(a) and (b), all payments of amounts due
and payable with respect to any Notes that are to be made from amounts
withdrawn from the Collection Account and the Note Distribution Account
pursuant to Section 8.2(c) or Section 8.2(e), as applicable,
shall be made on behalf of 

 

11

 

the Issuing Entity by the Indenture Trustee or by another Paying Agent,
and no amounts so withdrawn from the Collection Account and the Note
Distribution Account for payments of Notes shall be paid over to the Issuing
Entity except as provided in this Section.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(v)                                 comply
with all requirements of the Code and any applicable State law with respect to
the withholding from any payments made by it on any Notes of any applicable
withholding taxes imposed thereon and with respect to any applicable reporting
requirements in connection therewith.

 

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

 

12

 

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

 

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

 

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

 

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

 

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

 

(iii)                               enforce
any of the Collateral; or

 

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

 

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

 

13

 

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

 

(b)         On or before April 30 in each calendar
year commencing in the calendar year 2010 the Issuing Entity shall furnish to
the Indenture Trustee an Opinion of Counsel either stating that, in the opinion
of such counsel, such action has been taken with respect to the recording,
filing, re-recording and refiling of this Indenture, any indentures
supplemental hereto and any other requisite documents, and with respect to the
execution and filing of any financing statements and continuation statements,
as is necessary to maintain the Lien and security interest of this Indenture
and reciting the details of such action, or stating that in the opinion of such
counsel no such action is necessary to maintain such Lien and security
interest.  Such Opinion of Counsel shall
also describe the recording, filing, re-recording and refiling of this
Indenture, any indentures supplemental hereto and any other requisite
documents, and the execution and filing of any financing statements, amendments
to financing statements and continuation statements, that will, in the opinion
of such counsel, be required to maintain the Lien and security interest of this
Indenture until April 30 in the following calendar year.

 

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

 

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

 

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

 

14

 

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

 

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

 

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

 

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

 

15

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

16

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

17

 

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

 

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

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

 

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

 

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

 

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

 

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

 

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

 

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

 

18

 

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

 

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

 

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

 

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

 

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

 

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

 

ARTICLE IV

Satisfaction and Discharge

 

SECTION 4.1.                       Satisfaction
and Discharge of Indenture.  This
Indenture shall cease to be of further effect with respect to the Notes except
as to:  (i) rights of registration
of transfer and exchange, (ii) substitution of mutilated, destroyed, lost
or stolen Notes, (iii) rights of Noteholders to receive payments of
principal thereof and interest thereon, (iv) [Reserved]; (v) Sections 3.3, 3.4, 3.5, 3.8, 3.10, 3.12 and 3.13, (vi) the rights, obligations and immunities of
the Indenture Trustee hereunder (including the rights of the Indenture Trustee
under Section 6.7 and the obligations of
the Indenture Trustee under Section 4.2)
and (vii) the rights of Noteholders as beneficiaries hereof with respect
to the property so deposited with the Indenture Trustee payable to all or any
of them, and the Indenture Trustee, on demand of and at the expense of the
Issuing 

 

19

 

Entity, shall execute proper instruments acknowledging satisfaction and
discharge of this Indenture with respect to the Notes, when:

 

(A)                              either:

 

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

 

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

 

(i)                                     have
become due and payable,

 

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

 

(iii)                               are
to be called for redemption within one year under arrangements satisfactory to
the Indenture Trustee for the giving of notice of redemption by the Indenture
Trustee in the name, and at the expense, of the Issuing Entity, and the Issuing
Entity, in the case of clause (2)(i), (ii) or (iii), has
irrevocably deposited or caused to be irrevocably deposited with the Indenture
Trustee cash or direct obligations of or obligations guaranteed by the United
States of America (which will mature prior to the date such amounts are
payable), in trust for such purpose, in an amount sufficient to pay and
discharge the entire indebtedness on such Notes not theretofore delivered to
the Indenture Trustee for cancellation when due to the respective Class Final
Scheduled Maturity Date or Redemption Date (if Notes shall have been called for
redemption pursuant to Section 10.1(a)),
as the case may be;

 

(B)                                the
Issuing Entity has paid or caused to be paid all other sums payable hereunder
by the Issuing Entity; and

 

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

 

SECTION 4.2.                       Application
of Trust Money.  All monies
deposited with the Indenture Trustee pursuant to Section 4.1
shall be held in trust and applied by it, in accordance with the provisions of
the Notes and this Indenture, to the payment, either directly or through any 

 

20

 

Paying Agent, as the Indenture Trustee may determine, to the Holders of
the particular Notes for the payment or redemption of which such monies have
been deposited with the Indenture Trustee, of all sums due and to become due
thereon for principal and interest; but such monies need not be segregated from
other funds except to the extent required herein or in the Sale and Servicing
Agreement or as required by law.

 

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

 

ARTICLE V

Remedies

 

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

 

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

 

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

 

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

 

(iv)                              the
filing of a decree or order for relief by a court having jurisdiction in the
premises in respect of the Issuing Entity or any substantial part of the Trust
Estate in an involuntary case under any applicable federal or State bankruptcy,
insolvency or other similar law now or hereafter in effect, or appointing a
receiver, liquidator, assignee, 

 

21

 

custodian,
trustee, sequestrator or similar official of the Issuing Entity or for any
substantial part of the Trust Estate, or ordering the winding-up or liquidation
of the Issuing Entity’s affairs, and such decree or order shall remain unstayed
and in effect for a period of 60 consecutive days; or

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

22

 

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

 

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

 

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

 

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

 

(c)          In case an Event of Default occurs and is
continuing, the Indenture Trustee may, as more particularly provided in Section 5.4, in its discretion, proceed to protect and
enforce its rights and the rights of the Noteholders, by such appropriate
Proceedings as the Indenture Trustee shall deem most effective to protect and
enforce any such rights, whether for the specific enforcement of any covenant
or agreement in this Indenture or in aid of the exercise of any power granted
herein, or to enforce any other proper remedy or legal or equitable right
vested in the Indenture Trustee by this Indenture or by law.

 

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

 

23

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

24

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

provided,
however, that the Indenture Trustee may
not sell or otherwise liquidate the Trust Estate following an Event of Default,
other than an Event of Default described in Section 5.1(i) or
(ii), unless:  (A) all the Noteholders consent thereto,
(B) the proceeds of such sale or liquidation distributable to the
Noteholders are sufficient to discharge in full all amounts then due and unpaid
upon such Notes for principal and interest or (C) the Indenture Trustee
determines that the Trust Estate will not continue to provide sufficient funds
for the payment of principal of and interest on the Notes as they would have
become due if the Notes had not been declared due and payable, and the
Indenture Trustee obtains the consent of Holders of 66 2/3% of the Outstanding
Amount of the Notes. In determining such sufficiency or insufficiency with
respect to clauses (B) and (C), the Indenture Trustee may, but need not, obtain and
rely upon an opinion of an Independent investment banking or accounting firm of
national reputation as to the feasibility of such proposed action and as to the
sufficiency of the Trust Estate for such purpose.  The Indenture Trustee shall incur no
liability as a result of the sale of the Trust Estate or any part thereof at
any sale pursuant to this Section 5.4
conducted in a commercially reasonable manner. 
Each of the Issuing Entity and Holders hereby waives any claims against
the Indenture Trustee arising by reason of the fact that the price at which the
Trust Estate may have been sold at such sale was less than the price that might
have been obtained, even if the Indenture Trustee accepts 

 

25

 

the first
offer received and does not offer the Trust Estate to more than one offeree, so
long as such sale is conducted in a commercially reasonable manner.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

26

 

as to the feasibility of such proposed action and as to the sufficiency
of the Trust Estate for such purpose.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

SECTION 5.8.                       Restoration
of Rights and Remedies.  If the
Indenture Trustee or any Noteholder has instituted any Proceeding to enforce
any right or remedy under this Indenture and such Proceeding has been
discontinued or abandoned for any reason or has been determined adversely to
the Indenture Trustee or to such Noteholder, then and in every such case the
Issuing 

 

27

 

Entity, the Indenture Trustee and the Noteholders shall, subject to any
determination in such Proceeding, be restored severally and respectively to
their former positions hereunder, and thereafter all rights and remedies of the
Indenture Trustee and the Noteholders shall continue as though no such
Proceeding had been instituted.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

SECTION 5.12.                 Waiver
of Past Defaults.  Prior to the
time a judgment or decree for payment of money due has been obtained as
described in Section 5.3, the Holders of
Notes of 

 

28

 

not less than a majority of the Outstanding
Amount of the Notes may waive any past Default or Event of Default and its
consequences except a Default:  (a) in
payment of principal of or interest on any of the Notes or (b) in respect
of a covenant or provision hereof that cannot be modified or amended without
the consent of the Holder of each Note. 
In the case of any such waiver, the Issuing Entity, the Indenture
Trustee and the Holders of the Notes shall be restored to their former
positions and rights hereunder, respectively; but no such waiver shall extend
to any subsequent or other Default or Event of Default or impair any right
consequent thereto.

 

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

 

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

 

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

 

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

 

29

 

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

 

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

 

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

 

ARTICLE VI

The Indenture Trustee

 

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

 

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

 

30

 

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

 

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

 

(c)   The
Indenture Trustee may not be relieved from liability for its own negligent
action, its own negligent failure to act or its own willful misconduct, except
that:

 

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

 

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

 

(iii)          the Indenture
Trustee shall not be liable with respect to any action it takes or omits to
take in good faith in accordance with a direction received by it pursuant to
the Indenture;

 

(iv)          the Indenture
Trustee shall not be charged with knowledge of an Event of Default or Servicer
Default unless a Responsible Officer obtains actual knowledge of such event or
the Indenture Trustee receives written notice of such event from the Seller,
Servicer or Note Owners owning Notes aggregating not less than 10% of the
Outstanding Amount of the Notes; and

 

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

 

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

 

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

 

31

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(g)   In
the event that the Indenture Trustee is also acting as Paying Agent or Note
Registrar hereunder, the rights and protections afforded to the Indenture
Trustee pursuant to this 

 

32

 

Article VI
shall also be afforded to the Indenture Trustee in its capacity as such Paying
Agent or Note Registrar.

 

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

 

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

 

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

 

SECTION 6.6.        Reports by Indenture Trustee to the Holders.   The
Indenture Trustee shall deliver to each Noteholder such information as may be
required to enable such Holder to prepare its federal, State and other income
tax returns.  Within 60 days after each December 31,
starting with December 31, 2009, the Indenture Trustee shall mail to each
Noteholder a brief report as of such December 31 that complies with TIA §
313(a) (if required by said section).

 

SECTION 6.7.        Compensation and Indemnity.   The
Issuing Entity shall, or shall cause the Servicer to, pay to the Indenture
Trustee from time to time reasonable compensation for its services as agreed to
between the Issuing Entity and the Indenture Trustee in writing.  The Indenture Trustee’s compensation shall
not be limited by any law on compensation of a trustee of an express
trust.  The Issuing Entity shall, or
shall cause the Servicer to, reimburse the Indenture Trustee for all reasonable
out-of-pocket expenses incurred or made by it, including costs of collection,
in addition to the compensation for its services. Such expenses shall include
the reasonable compensation and expenses, disbursements and advances of the Indenture
Trustee’s agents, counsel, accountants and experts.  The Issuing Entity shall or shall cause the
Servicer to indemnify the Indenture Trustee and its officers, directors,
employees and agents against any and all loss, liability or expense (including attorneys’
fees and expenses) incurred by them in connection with the administration of
this trust and the performance of its duties hereunder.  The Indenture Trustee shall notify the
Issuing Entity and the Servicer promptly of any claim for which it may seek
indemnity.  Failure by the Indenture
Trustee to so notify the 

 

33

 

Issuing Entity and the Servicer shall not
relieve the Issuing Entity or the Servicer of its respective obligations
hereunder.  The Issuing Entity shall, or
shall cause the Servicer to, defend the claim and the Indenture Trustee may
have separate counsel and the Issuing Entity shall, or shall cause the Servicer
to, pay the reasonable fees and expenses of such counsel.  Notwithstanding anything to the contrary
contained herein, neither the Issuing Entity nor the Servicer need reimburse
any expense or indemnify against any loss, liability or expense incurred by the
Indenture Trustee through the Indenture Trustee’s own willful misconduct, negligence
or bad faith.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

If a successor
Indenture Trustee does not take office within 60 days after the retiring
Indenture Trustee resigns or is removed, the retiring Indenture Trustee, the
Issuing Entity or the 

 

34

 

Holders of not less than a majority of the Outstanding Amount of the
Notes may petition any court of competent jurisdiction for the appointment of a
successor Indenture Trustee.

 

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

 

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

 

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

 

In case at the
time such successor(s) by merger, conversion or consolidation to the
Indenture Trustee shall succeed to the trusts created by this Indenture any of
the Notes shall have been authenticated but not delivered, any such successor
to the Indenture Trustee may adopt the certificate of authentication of any predecessor
Indenture Trustee, and deliver such Notes so authenticated; and in case at that
time any of the Notes shall not have been authenticated, any successor to the
Indenture Trustee may authenticate such Notes either in the name of any
predecessor Indenture Trustee hereunder or in the name of the successor to the
Indenture Trustee; and in all such cases such certificates of authentication
shall have the full force and effect to the same extent given to the
certificate of authentication of the Indenture Trustee anywhere in the Notes or
in this Indenture.

 

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

 

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

 

35

 

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

 

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

 

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

 

(c)   Any
notice, request or other writing given to the Indenture Trustee shall be deemed
to have been given to each of the then separate trustees and co-trustees, as
effectively as if given to each of them. 
Every instrument appointing any separate trustee or co-trustee shall
refer to this Agreement and the conditions of this Article VI.  Each separate trustee and co-trustee, upon
its acceptance of the trusts conferred, shall be vested with the estates or
property specified in its instrument of appointment, either jointly with the
Indenture Trustee or separately, as may be provided therein, subject to all the
provisions of this Indenture, specifically including every provision of this
Indenture relating to the conduct of, affecting the liability of, or affording
protection to, the Indenture Trustee. 
Every such instrument shall be filed with the Indenture Trustee.

 

(d)   Any
separate trustee or co-trustee may at any time constitute the Indenture Trustee
as its agent or attorney-in-fact with full power and authority, to the extent
not prohibited by law, to do any lawful act under or in respect of this
Agreement on its behalf and in its name. 
If any separate trustee or co-trustee shall die, become incapable of
acting, resign or be removed, all of its estates, properties, rights, remedies
and trusts shall vest in and be exercised by the Indenture Trustee, to the
extent permitted by law, without the appointment of a new or successor trustee.

 

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

 

SECTION 6.11.      Eligibility; Disqualification.   The
Indenture Trustee shall at all times satisfy the requirements of TIA § 310(a) and,
upon Issuing Entity Order, Section 26(a)(1) of the Investment Company
Act of 1940, as amended.  The Indenture
Trustee shall have a combined capital and surplus of at least $50,000,000 as
set forth in its most recent published annual report of condition and it shall
have a long term senior, unsecured debt rating of “Baa3” or better by Moody’s
(or, if not rated by Moody’s, a comparable rating by another statistical rating
agency).  The Indenture Trustee shall
comply with TIA § 310(b), including the optional 

 

36

 

provision permitted by the second sentence of
TIA § 310(b)(9); provided, however,
that there shall be excluded from the operation of TIA § 310(b)(1) any
indenture(s) under which other securities of the Issuing Entity are
outstanding if the requirements for such exclusion set forth in TIA § 310(b)(1) are
met.

 

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

 

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

 

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

 

37

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

ARTICLE VII

Noteholders’ Lists and Reports

 

SECTION 7.1.        Issuing Entity To Furnish Indenture Trustee Names
and Addresses of Noteholders.   The Issuing
Entity will furnish or cause to be furnished to the Indenture Trustee:  (a) not more than five days after the earlier
of:  (i) each Record Date and (ii) 

 

38

 

three months after the last Record Date, a
list, in such form as the Indenture Trustee may reasonably require, of the
names and addresses of the Holders of Notes as of such Record Date, and (b) at
such other times as the Indenture Trustee may request in writing, within 30
days after receipt by the Issuing Entity of any such request, a list of similar
form and content as of a date not more than 10 days prior to the time such list
is furnished; provided, however, that so long as the Indenture Trustee is the
Note Registrar, no such list shall be required to be furnished.

 

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

 

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

 

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

 

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

 

(i)            file with the
Indenture Trustee, within 15 days after the Issuing Entity is required to file
the same with the Commission, copies of the annual reports and of the
information, documents and other reports (or copies of such portions of any of
the foregoing as the Commission may from time to time by rules and
regulations prescribe) that the Issuing Entity may be required to file with the
Commission pursuant to Section 13 or 15(d) of
the Exchange Act;

 

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

 

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

 

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

 

SECTION 7.4.        Required Filings.   In
no event shall the Indenture Trustee or any agent of the Indenture Trustee be
obligated or responsible for preparing, executing, filing or delivering in
respect of the Trust Estate or on behalf of another person, either (A) any
report or 

 

39

 

filing required or permitted by the SEC to be
prepared, executed, filed or delivered by or in respect of the Trust Estate or
another person, or (B) any certification in respect of any such report or
filing; in either case, other than as required expressly herein or in the other
Basic Documents.

 

ARTICLE VIII

Accounts, Disbursements and Releases

 

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

 

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

 

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

 

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

 

(i)            [Reserved];

 

(ii)           to the Class A
Noteholders, the Class Interest Amount for each Class of Class A
Notes; provided, that if there are not sufficient funds in the Note
Distribution Account to pay the entire amount of accrued and unpaid interest
then due on such Notes, the amount in the Note Distribution Account shall be
applied to the payment of such interest on such Notes pro rata on the basis of
the total such interest due on such Notes;

 

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

 

40

 

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

 

(B)           to
the A-2 Noteholders, until the Outstanding principal balance of the A-2 Notes
is reduced to zero;

 

(C)           to
the A-3 Noteholders, until the Outstanding principal balance of the A-3 Notes
is reduced to zero;

 

(D)          to
the A-4 Noteholders, until the Outstanding principal balance of the A-4 Notes
is reduced to zero;

 

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

 

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

 

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

 

(B)           to
the A-2 Noteholders, until the Outstanding principal balance of the A-2 Notes
is reduced to zero;

 

(C)           to
the A-3 Noteholders, until the Outstanding principal balance of the A-3 Notes
is reduced to zero;

 

(D)          to
the A-4 Noteholders, until the Outstanding principal balance of the A-4 Notes
is reduced to zero;

 

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

 

(vii)         [Reserved];

 

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

 

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

 

(e)   On
each Payment Date and Redemption Date, after an Event of Default and
acceleration of the Notes (and, if any Notes remain outstanding after the Final
Scheduled Maturity Date), the Indenture Trustee shall distribute all amounts on
deposit in the Note 

 

41

 

Distribution Account to the Noteholders in
the following amounts and in the following order of priority:

 

(i)            [Reserved];

 

(ii)           to the Class A
Noteholders, the Class Interest Amount for each Class of Class A
Notes; provided, that if there are not sufficient funds in the Note
Distribution Account to pay the entire amount of accrued and unpaid interest
then due on such Notes, the amount in the Note Distribution Account shall be
applied to the payment of such interest on such Notes pro rata on the basis of
the total such interest due on such Notes;

 

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

 

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

 

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

 

(vi)          [Reserved];

 

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

 

(f)    [Reserved.]

 

(g)   [Reserved.]

 

SECTION 8.3.        General Provisions
Regarding Accounts.   (a)  So long as no
Default or Event of Default shall have occurred and be continuing, all or a
portion of the funds in the Trust Accounts shall be invested in Eligible
Investments and reinvested by the Indenture Trustee upon Issuing Entity Order,
subject to the provisions of Section 5.1(b) of
the Sale and Servicing Agreement.  All
income or other gain from investments of monies deposited in the Trust Accounts
shall be deposited by the Indenture Trustee in the Collection Account, and any
loss or expenses resulting from such investments shall be charged to such
account.  The Issuing Entity will not
direct the Indenture Trustee to make any investment of any funds or to sell any
investment held in any of the Trust Accounts unless the security interest
granted and perfected in such account will continue to be perfected in such
investment or the proceeds of such sale, in either case without any further
action by any Person, and, in connection with any direction to the Indenture
Trustee to make any such investment or sale, if requested by the Indenture
Trustee, the Issuing Entity shall deliver to the Indenture Trustee an Opinion
of Counsel to such effect.

 

(b)   Subject
to Section 6.1(c), the Indenture
Trustee shall not in any way be held liable for the selection of Eligible
Investments or by reason of any insufficiency in any of the Trust Accounts
resulting from any loss on any Eligible Investment included therein, except for

 

42

 

losses attributable to the Indenture Trustee’s
failure to make payments on such Eligible Investments issued by the Indenture
Trustee, in its commercial capacity as principal obligor and not as trustee, in
accordance with their terms; provided, however, that the limitation to the
Indenture Trustee’s liability does not extend to any actions constituting
willful misconduct, negligence or bad faith.

 

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

 

(d)   [Reserved.]

 

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

 

(b)   The
Indenture Trustee shall, at such time as there are no Notes Outstanding and all
sums due to the Indenture Trustee pursuant to Section 6.7
have been paid, release any remaining portion of the Trust Estate that secured
the Notes from the Lien of this Indenture and release to the Issuing Entity or
any other Person entitled thereto any funds then on deposit in the Trust
Accounts.  The Indenture Trustee shall
release property from the Lien of this Indenture pursuant to this paragraph
only upon receipt of an Issuing Entity Request accompanied by an Officer’s
Certificate, an Opinion of Counsel, and (if required by the TIA) Independent
Certificates in accordance with TIA §§ 314(c) and 314(d)(1) meeting
the applicable requirements of Section 11.1
or an Opinion of Counsel in lieu of such Independent Certificates to the effect
that the TIA does not require any such Independent Certificates.

 

SECTION 8.5.        Opinion of Counsel.   The
Indenture Trustee shall receive at least seven days’ notice when requested by
the Issuing Entity to take any action pursuant to Section 8.4(a),
accompanied by copies of any instruments involved, and the Indenture Trustee
shall also require, as a condition to such action, an Opinion of Counsel
stating the legal effect of any such action, outlining the steps required to
complete the same, and concluding that all conditions precedent to the taking
of such action have been complied with and such action will not materially and
adversely impair the security for the Notes or the rights of the Noteholders in
contravention of this Indenture; provided, however, that such Opinion of Counsel shall not be 

 

43

 

required to express an opinion as to the fair
value of the Trust Estate.  Counsel
rendering any such opinion may rely, without independent investigation, on the
accuracy and validity of any certificate or other instrument delivered to the
Indenture Trustee in connection with any such action.

 

ARTICLE IX

Supplemental Indentures

 

SECTION 9.1.        Supplemental Indentures Without Consent of
Noteholders.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(viii)        to modify, eliminate
or add to the provisions of this Indenture to such extent as shall be necessary
to effect the qualification of this Indenture under the TIA or 

 

44

 

under any
similar federal statute hereafter enacted and to add to this Indenture such
other provisions as may be expressly required by the TIA.

 

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

 

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

 

(c)   [Reserved.]

 

SECTION 9.2.        Supplemental Indentures With Consent of Noteholders.   The
Issuing Entity and the Indenture Trustee, when authorized by an Issuing Entity
Order, may, with prior written notice to the Rating Agencies and with the
consent of the Holders of Notes evidencing not less than a majority of the
Outstanding Amount of the Notes, by Act of such Holders delivered to the
Issuing Entity and the Indenture Trustee, enter into an indenture or indentures
supplemental hereto for the purpose of adding any provisions to or changing in
any manner or eliminating any of the provisions of this Indenture or of
modifying in any manner the rights of the Holders of Notes under this
Indenture; provided, however,
that no such supplemental indenture shall, without the consent of the Holder of
each Outstanding Note affected thereby:

 

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

 

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

 

45

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

46

 

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

 

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

 

SECTION 9.6.        Reference in Notes to Supplemental Indentures.   Notes
authenticated and delivered after the execution of any supplemental indenture
pursuant to this Article may, and if required by the Indenture Trustee
shall, bear a notation in form approved by the Indenture Trustee as to any
matter provided for in such supplemental indenture.  If the Issuing Entity or the Indenture
Trustee shall so determine, new Notes so modified as to conform, in the opinion
of the Indenture Trustee and the Issuing Entity, to any such supplemental
indenture may be prepared and executed by the Issuing Entity and authenticated
and delivered by the Indenture Trustee in exchange for Outstanding Notes.

 

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

 

ARTICLE X

Redemption of Notes

 

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

 

(b)   Reserved.

 

47

 

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

 

All notices of
redemption shall state:

 

(i)            the Redemption
Date;

 

(ii)           the Redemption
Price;

 

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

 

(iv)          the CUSIP numbers of
the affected Notes.

 

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

 

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

 

ARTICLE XI

Miscellaneous

 

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

 

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

 

48

 

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

 

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

 

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

 

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

 

(b)   (i)    Prior to the deposit of any Collateral or
other property or securities with the Indenture Trustee that is to be made the
basis for the release of any property or securities subject to the Lien of this
Indenture, the Issuing Entity shall, in addition to any obligation imposed in Section 11.1(a) or elsewhere in this Indenture,
furnish to the Indenture Trustee an Officer’s Certificate certifying or stating
the opinion of each person signing such certificate as to the fair value
(within 90 days after such deposit) to the Issuing Entity of the Collateral or
other property or securities to be so deposited.

 

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

 

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

 

49

 

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

 

(v)           Notwithstanding Section 2.9 or any other provision of this Section, the
Issuing Entity may, without compliance with the requirements of the other
provisions of this Section:  (A) collect,
liquidate, sell or otherwise dispose of Receivables and Financed Equipment as
and to the extent permitted or required by the Basic Documents and (B) make
cash payments out of the Trust Accounts as and to the extent permitted or
required by the Basic Documents so long as the Issuing Entity shall deliver to
the Indenture Trustee every six months, commencing March 1, 2010, an
Officer’s Certificate of the Issuing Entity stating that all such dispositions
of Collateral that occurred since the execution of the previous such Officer’s
Certificate (or for the first such Officer’s Certificate, since the Closing
Date) were in the ordinary course of the Issuing Entity’s business and that the
proceeds thereof were applied in accordance with the Basic Documents.

 

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

 

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

 

50

 

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

 

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

 

SECTION 11.3.      Acts of Noteholders.   (a)   Any request, demand, authorization,
direction, notice, consent, waiver or other action provided by this Indenture
to be given or taken by Noteholders may be embodied in and evidenced by one or
more instrument(s) of substantially similar tenor signed by such
Noteholders in person or by agents duly appointed in writing; and except as
herein otherwise expressly provided, such action shall become effective when
such instrument(s) are delivered to the Indenture Trustee, and, where it
is hereby expressly required, to the Issuing Entity.  Such instrument(s) (and the action
embodied therein and evidenced thereby) are herein sometimes referred to as the
“Act” of the Noteholders signing such instrument(s).  Proof of execution of any such instrument or
of a writing appointing any such agent shall be sufficient for any purpose of
this Indenture and (subject to Section 6.1)
conclusive in favor of the Indenture Trustee and the Issuing Entity, if made in
the manner provided in this Section.

 

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

 

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

 

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

 

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

 

51

 

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

 

(b)   the Issuing Entity by the
Indenture Trustee or by any Noteholder, shall be sufficient for every purpose
hereunder if in writing and mailed, first-class, postage prepaid, to the
Issuing Entity addressed to:  CNH
Equipment Trust 2009-A, in care of Wilmington Trust Company, Rodney Square
North, 1100 North Market Street, Wilmington, Delaware 19890, Attention:
Corporate Trust Administration, (facsimile: (302) 636-4140), and to New Holland
Credit Company, LLC, as Administrator, 33 South Railroad Avenue, New Holland
Pennsylvania, 17557, Attention: Finance Manager, (facsimile: (630) 887-5448);
with a copy to: New Holland Credit Company, LLC, 6900 Veterans Boulevard, Burr
Ridge, Illinois 60527, Attention: Assistant Treasurer, (facsimile: (630)
887-5448), or at any other address or facsimile number previously furnished in
writing to the Indenture Trustee by the Issuing Entity or the
Administrator.  The Issuing Entity shall
promptly transmit any notice received by it from the Noteholders to the Indenture
Trustee.

 

(c)   [Reserved.]

 

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

 

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

 

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

 

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

 

52

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

53

 

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

 

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

 

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

 

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

 

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

 

SECTION 11.18.    Inspection.  The Issuing Entity agrees that, on reasonable
prior notice, it will permit any representative of the Indenture Trustee,
during the Issuing Entity’s normal business hours, to examine all the books of
account, records, reports and other papers of 

 

54

 

the Issuing Entity, to make copies and extracts therefrom, to cause
such books to be audited by Independent certified public accountants, and to
discuss the Issuing Entity’s affairs, finances and accounts with the Issuing
Entity’s officers, employees and Independent certified public accountants, all
at such reasonable times and as often as may be reasonably requested.  The Indenture Trustee shall and shall cause
its representatives to hold in confidence all such information; provided, however,
that the foregoing shall not be construed to prohibit:  (i) disclosure of any and all
information that is or becomes publicly known, or information obtained by the
Indenture Trustee from sources other than the Issuing Entity or Servicer, (ii) disclosure
of any and all information:  (A) if
required to do so by any applicable statute, law, rule or regulation, (B) to
any government agency or regulatory or self-regulatory body having or claiming
authority to regulate or oversee any aspects of the Indenture Trustee’s
business or that of its Affiliates, (C) pursuant to any subpoena, civil
investigative demand or similar demand or request of any court, regulatory
authority, arbitrator or arbitration to which the Indenture Trustee or an
Affiliate or any officer, director, employee or shareholder thereof is subject,
(D) in any preliminary or final offering circular, registration statement
or contract or other document pertaining to the transactions contemplated by
the Indenture and approved in advance by the Issuing Entity or (E) to any
Affiliate, independent or internal auditor, agent, employee or attorney of the
Indenture Trustee having a need to know the same; provided, that the Indenture Trustee advises such recipient
of the confidential nature of the information being disclosed and such
recipient agrees to keep such information confidential, and provided further, that the Indenture
Trustee promptly notifies the Issuing Entity of any disclosure of such
information that it is required to make pursuant to the preceding clause (A), (B) or (C) so that the Issuing Entity may
seek appropriate protective orders or restrictions on the disclosure of the
information involved; (iii) any other disclosure authorized by the Issuing
Entity or the Servicer or (iv) disclosure to the other parties to the
transactions contemplated by the Basic Documents.

 

SECTION 11.19.    Subordination.  Issuing Entity and each Noteholder by
accepting a Note acknowledge and agree that such Note represents indebtedness
of Issuing Entity and does not represent an interest in any assets (other than
the Trust Estate) of CNHCR (including by virtue of any deficiency claim in
respect of obligations not paid or otherwise satisfied from the Trust Estate
and proceeds thereof).  In furtherance of
and not in derogation of the foregoing, to the extent CNHCR enters into other
securitization transactions, the Issuing Entity as well as each Noteholder by
accepting a Note acknowledge and agree that it shall have no right, title or
interest in or to any assets (or interests therein) (other than Trust Estate)
conveyed or purported to be conveyed by CNHCR to another securitization trust
or other Person or Persons in connection therewith (whether by way of a sale,
capital contribution or by virtue of the granting of a lien) (“Other Assets”).  To the extent that, notwithstanding the
agreements and provisions contained in the preceding sentences of this
subsection, the Issuing Entity or any Noteholder either (i) asserts an
interest or claim to, or benefit from, Other Assets, whether asserted against
or through CNHCR or any other Person owned by CNHCR, or (ii) is deemed to
have any such interest, claim or benefit in or from Other Assets, whether by
operation of law, legal process, pursuant to applicable provisions of
insolvency laws or otherwise (including by virtue of Section 1111(b) of the Bankruptcy Code or any
successor provision having similar effect under the Bankruptcy Code), and
whether deemed asserted against or through CNHCR or any other Person owned by
CNHCR, then the Issuing Entity and each Noteholder by accepting a Note further
acknowledge and agree that any such interest, claim or benefit in or from Other
Assets is and shall be expressly subordinated to the indefeasible payment in
full of all obligations 

 

55

 

and liabilities of CNHCR which, under the terms of the relevant
documents relating to the securitization of such Other Assets, are entitled to
be paid from, entitled to the benefits of, or otherwise secured by such Other
Assets (whether or not any such entitlement or security interest is legally
perfected or otherwise entitled to a priority of distribution or application
under applicable law, including insolvency laws, and whether asserted against
CNHCR or any other Person owned by CNHCR), including, the payment of
post-petition interest on such other obligations and liabilities.  This subordination agreement shall be deemed
a subordination agreement within the meaning of Section 510(a) of the Bankruptcy Code.  Each Noteholder further acknowledges and
agrees that no adequate remedy at law exists for a breach of this Section 11.19 and the terms of this Section 11.19 may be enforced by an
action for specific performance.

 

SECTION 11.20.    Information Requests.  The parties hereto shall provide any
information reasonably requested by the Issuing Entity, Seller or any of their
Affiliates, at the expense of the Issuing Entity, Seller or any of their
Affiliates, as applicable, in order to comply with or obtain more favorable
treatment under any current or future law, rule, regulation, accounting rule or
principle.

 

[the remainder of this page intentionally left blank]

 

56

 

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

 

 

	
   

  	
  CNH EQUIPMENT TRUST 2009-A

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  Wilmington Trust Company,

  
	
   

  	
   

  	
  not in its individual capacity but solely as Trustee 

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Dorri Costello

  
	
   

  	
   

  	
  Name: Dorri Costello

  
	
   

  	
   

  	
  Title: Financial Services Officer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  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

  

 

 

APPENDIX A

Definitions

 

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

 

“A-1 Note” means
any of the Issuing Entity’s 1.73603% Class A-1 Asset Backed Notes.

 

“A-1 Note Final Scheduled
Maturity Date” means the April 15, 2010 Payment Date.

 

“A-1 Note Rate”
means 1.73603% per annum, computed on the basis of the actual number of days in
that Interest Period and a year of 360 days.

 

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

 

“A-2 Note” means
any of the Issuing Entity’s 4.06% Class A-2 Asset Backed Notes.

 

“A-2 Note Final Scheduled
Maturity Date” means the October 17, 2011 Payment Date.

 

“A-2 Note Rate”
means 4.06% per annum, computed on the basis of a 360-day year of twelve 30-day
months.

 

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

 

“A-3 Note” means
any of the Issuing Entity’s 5.28% Class A-3 Asset Backed Notes.

 

“A-3 Note Final Scheduled
Maturity Date” means the November 15, 2012 Payment Date.

 

“A-3 Note Rate”
means 5.28% per annum, computed on the basis of a 360-day year of twelve 30-day
months.

 

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

 

“A-4 Note” means
any of the Issuing Entity’s 7.21% Class A-4 Asset Backed Notes.

 

“A-4 Note Final Scheduled
Maturity Date” means the December 16, 2013 Payment Date.

 

“A-4 Note Rate”
means 7.21% per annum, computed on the basis of a 360-day year of twelve 30-day
months.

 

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

 

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

 

Appendix A (Page 1)

 

“Administration Agreement”
means the Administration Agreement dated as of March 1, 2009 among the
Administrator, the Issuing Entity, the Indenture Trustee and the Trustee.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

Appendix A (Page 2)

 

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

 

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

 

	
  Payment Date

  	
   

  	
  Percentage

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  September 2010

  	
   

  	
  1.75

  	
  %

  
	
   

  	
   

  	
   

  	
   

  
	
  March 2011

  	
   

  	
  2.50

  	
  %

  
	
   

  	
   

  	
   

  	
   

  
	
  September 2011

  	
   

  	
  3.00

  	
  %

  
	
   

  	
   

  	
   

  	
   

  
	
  March 2012

  	
   

  	
  3.50

  	
  %

  

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

Appendix A (Page 3)

 

“Backup Servicing Agreement”
means the Backup Servicing Agreement, dated as of March 1, 2009, entered
into by the Issuing Entity, the Seller, the Servicer and the Backup Servicer.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

“Class” means any
class of Notes.

 

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

 

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

 

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

 

Appendix A (Page 4)

 

“Class B Note Final
Scheduled Maturity Date” means the August 17, 2015 Payment
Date.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

“Closing Date”
means March 31, 2009.

 

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

 

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

 

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

 

Appendix A (Page 5)

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

“Commission”
means the Securities and Exchange Commission.

 

“Contract” means
a Retail Installment Contract.

 

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

 

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

 

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

 

(ii)           the Indenture Trustee (1) is
registered on the records of a Securities Intermediary as the person having a
Securities Entitlement in respect of such Federal Book Entry Security against
such Securities Intermediary; or (2) has obtained the agreement, in
writing, of the Securities Intermediary for such Securities Entitlement that
such Securities Intermediary will comply with 

 

Appendix A (Page 6)

 

Entitlement Orders of the Indenture Trustee without further consent of
any other Person; and (b) the Securities Intermediary is a participant in
the book entry system maintained by the Federal Reserve Bank that is acting as
fiscal agent for the Issuing Entity of such Federal Book Entry Security; and (c) such
Federal Reserve Bank has indicated by book entry that such Federal Book Entry
Security has been credited to the Securities Intermediary’s securities account
in such book entry system.

 

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

 

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

 

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

 

	
  Payment Date

  	
   

  	
  Percentage

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  September 2010

  	
   

  	
  0.40

  	
  %

  
	
   

  	
   

  	
   

  	
   

  
	
  March 2011

  	
   

  	
  0.55

  	
  %

  
	
   

  	
   

  	
   

  	
   

  
	
  September 2011

  	
   

  	
  0.65

  	
  %

  
	
   

  	
   

  	
   

  	
   

  
	
  March 2012

  	
   

  	
  0.75

  	
  %

  

 

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

 

Appendix A (Page 7)

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

“Eligible Deposit Account”
means either:  (a) a segregated
account with an Eligible Institution or any other segregated account, the
deposit of funds in which satisfies the Rating Agency Condition or (b) a
segregated trust account with the corporate trust department of a depository
institution organized under the laws of the United States of America or any
State (or any domestic branch of a foreign bank), having corporate trust powers
and acting as trustee for 

 

Appendix A (Page 8)

 

funds deposited in such account, so long as any of the securities of
such depository institution have a credit rating from each Rating Agency in one
of its generic rating categories that signifies investment grade.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

Appendix A (Page 9)

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

Appendix A (Page 10)

 

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

 

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

 

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

 

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

 

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

 

“Funding Period”
means the period from and including the Closing Date and ending on the earliest
of:  (a) the Determination Date on
which the amount on deposit in the Pre-Funding Account (after giving effect to
any transfers therefrom in connection with the transfer of Subsequent
Receivables to the Issuing Entity on or before such Determination Date) is less
than $200,000, (b) the date on which an Event of Default or a Servicer
Default occurs, (c) the date on which an Insolvency Event occurs with
respect to the Seller or the Servicer and (d) the close of business on the
June 2009 Payment Date.

 

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

 

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

 

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

 

Appendix A (Page 11)

 

“Indenture” means
the Indenture dated as of March 1, 2009 between the Issuing Entity and the
Indenture Trustee, as the same may be amended and supplemented from time to
time.

 

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

 

“Independent”
means, when used with respect to any specified Person, that the Person:  (a) is in fact independent of the
Issuing Entity, any other obligor upon the Notes, the Seller and any Affiliate
of any of the foregoing Persons, (b) does not have any direct financial
interest or any material indirect financial interest in the Issuing Entity, any
such other obligor, the Seller or any Affiliate of any of the foregoing Persons
and (c) is not connected with the Issuing Entity, any such other obligor,
the Seller or any Affiliate of any of the foregoing Persons as an officer,
employee, promoter, underwriter, trustee, partner, director or Person
performing similar functions.

 

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

 

“Initial Aggregate
Statistical Contract Value” means $569,231,183.28, which amount is
equal to the aggregate Statistical Contract Value of all Initial Receivables as
of the Initial Cutoff Date.

 

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

 

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

 

“Initial Cutoff Date”
means February 28, 2009.

 

“Initial Cutoff Date APR”
means 4.60%, which is an annual rate that equals the weighted average APR of
the Initial Receivables as of the Initial Cutoff Date.

 

“Initial Pool Balance”
means:  (i) the Pool Balance as of
the Initial Cutoff Date, which is $527,940,188.16 plus (ii) the aggregate
Contract Value of all Subsequent Receivables sold to the Issuing Entity as of
their respective Subsequent Cutoff Dates.

 

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

 

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

 

Appendix A (Page 12)

 

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

 

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

 

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

 

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

 

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

 

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

 

“Issuing Entity”
means CNH Equipment Trust 2009-A until a successor replaces it and, thereafter,
means the successor and, for purposes of any provision contained in the
Indenture and required by the TIA, each other obligor on the Notes.

 

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

 

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

 

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

 

Appendix A (Page 13)

 

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

 

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

 

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

 

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

 

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

 

(a)                                  the
weighted average of the Interest Rate on each class of Notes minus 1.75%;
multiplied by

 

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

 

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

 

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

 

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

 

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

 

Appendix A (Page 14)

 

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

 

“Negative Carry Account
Initial Deposit” means $0.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

Appendix A (Page 15)

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

“Originator”
means CNHCA.

 

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

 

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

 

(ii)                                  Notes
or portions thereof the payment for which money in the necessary amount has
been theretofore deposited with the Indenture Trustee or any Paying Agent in
trust for the Holders of such Notes (provided,
however, that if such Notes are
to be redeemed, notice of such redemption has been duly given pursuant to the
Indenture); and

 

(iii)                               Notes
in exchange for or in lieu of other Notes that have been authenticated and
delivered pursuant to the Indenture unless proof satisfactory to the Indenture
Trustee is presented that any such Notes are held by a bona fide purchaser; provided, that in determining whether the
Holders of the requisite Outstanding Amount of the Notes have given any
request, demand, authorization, direction, notice, consent or waiver hereunder
or under any Basic Document, Notes owned by the Issuing Entity, any other
obligor upon the Notes, the Seller or any Affiliate of any of the foregoing
Persons shall be disregarded and deemed not to be Outstanding, except that, in
determining whether the Indenture Trustee shall be protected in relying upon
any such request, demand, 

 

Appendix A (Page 16)

 

authorization, direction, notice, consent or waiver, only Notes that a
Responsible Officer of the Indenture Trustee actually knows to be so owned
shall be so disregarded. Notes so owned that have been pledged in good faith
may be regarded as Outstanding if the pledgee establishes to the satisfaction
of the Indenture Trustee the pledgee’s right so to act with respect to such
Notes and that the pledgee is not the Issuing Entity, any other obligor upon
the Notes, the Seller or any Affiliate of any of the foregoing Persons.

 

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

 

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

 

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

 

“Payment Date”
means, with respect to each Collection Period, the fifteenth day of the
calendar month following the end of that Collection Period, or, if such day is
not a Business Day, the next Business Day, commencing on April 15, 2009.

 

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

 

“Pool Balance”
means, at any time, the sum of the aggregate Contract Values of the Receivables
as of the beginning of a Collection Period (after giving effect to all payments
received from Obligors and Purchase Amounts to be remitted by the Servicer or
the Seller, as the case may be, with respect to the preceding Collection Period
and all Realized Losses on Receivables liquidated during such preceding
Collection Period) less the aggregate Write Down Amount as of the last day of
the preceding Collection Period.

 

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

 

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

 

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

 

Appendix A (Page 17)

 

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

 

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

 

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

 

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

 

“Preliminary Prospectus”
means the prospectus dated March 25, 2009 and the prospectus supplement
dated March 25, 2009 (subject to completion), relating to the Class A
Notes.

 

“Preliminary Prospectus Date”
means the date of the preliminary prospectus supplement (subject to completion)
included in the Preliminary Prospectus.

 

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

 

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

 

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

 

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

 

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

 

“Prospectus”
means the prospectus dated March 25, 2009 and the prospectus supplement
dated March 26, 2009, relating to the Class A Notes.

 

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

 

Appendix A (Page 18)

 

“Purchase Agreement”
means the Purchase Agreement dated as of March 1, 2009 between the Seller
and CNHCA, as the same may be amended and supplemented from time to time, which
term shall also include, as the context requires, the Liquidity Receivables
Purchase Agreement.

 

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

 

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

 

“Purchased Receivable”
means a Receivable purchased as of the close of business on the last day of a
Collection Period by the Servicer or CNHCA pursuant to Section 4.6 of the Sale and Servicing
Agreement, by CNHCA pursuant to Section 6.2
of the Purchase Agreement, or by the Seller pursuant to Section 3.2 of the Sale and Servicing
Agreement, or as of the first day of a Collection Period by CNHCA pursuant to Section 9.1(a) of the Sale and
Servicing Agreement and Section 6.2
of the Purchase Agreement.

 

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

 

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

 

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

 

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

 

Appendix A (Page 19)

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

Appendix A (Page 20)

 

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

 

(d)                                 an
Event of Default;

 

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

 

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

 

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

 

“Required Negative Carry
Account Balance” means, as of any Payment Date, an amount equal to
the lesser of:  (a) the Negative
Carry Account Initial Deposit minus all previous withdrawals from the Negative
Carry Account and (b) the Maximum Negative Carry Amount as of such Payment
Date.

 

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

 

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

 

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

 

“Sale and Servicing Agreement” means the
Sale and Servicing Agreement, dated as of March 1, 2009 among the Issuing
Entity, the Seller and the Servicer.

 

“Sale Proceeds”
is defined in Section 9.1(b) of
the Sale and Servicing Agreement.

 

“Schedule of Receivables”
means, collectively, the listings of the Receivables attached to, or
incorporated by reference in, the CNHCA Assignment and the Assignment, and the
listing of Receivables attached to, or incorporated by reference in, each CNHCA
Subsequent Transfer 

 

Appendix A (Page 21)

 

Assignment and Subsequent Transfer Assignment (each of which schedules
may be in the form of a compact disk or any other computer-readable medium).

 

“Scheduled Payment”
on a Receivable means that portion of the payment required to be made by the
Obligor during any Collection Period sufficient to amortize the Principal
Balance under the simple interest method, in each case, over the term of the
Receivable and to provide interest at the APR.

 

“Secretary of State”
means the Secretary of State of the State of Delaware.

 

“Securities Account”
has the meaning assigned thereto in Section 8-501(a) of
the UCC.

 

“Securities Entitlement”
has the meaning assigned thereto in Section 8-102(a)(17)
of the UCC.

 

“Securities Intermediary”
is defined in Section 8-102(a)(14)
of the UCC.

 

“Seller” means
CNHCR.

 

“Servicer” means
NH Credit, as the servicer of the Receivables, and any successor to NH Credit
(in the same capacity) pursuant to Section 7.3
or 8.2 of the Sale and Servicing
Agreement.

 

“Servicer Default”
means an event specified in Section 8.1
of the Sale and Servicing Agreement.

 

“Servicer’s Certificate”
means an Officer’s Certificate of the Servicer, substantially in the form of Exhibit C
to the Sale and Servicing Agreement.

 

“Servicing Criteria”
shall mean the “servicing criteria” set forth in Item 1122(d) of
Regulation AB.

 

“Servicing Fee”
means, for any Collection Period, the fee payable to the Servicer for services
rendered during such Collection Period, determined pursuant to Section 4.7 of the Sale and Servicing Agreement.

 

“Servicing Procedures”
is defined in Section 4.1 of
the Sale and Servicing Agreement.

 

“Simple Interest Receivable”
means any Receivable under which the portion of a payment allocable to interest
and the portion allocable to principal is determined by allocating a fixed
level payment between principal and interest, such that such payment is
allocated first to the accrued and unpaid interest at the Annual Percentage
Rate for such Receivable on the unpaid principal balance and the remainder of
such payment is allocable to principal.

 

“Specified Discount Factor”
equals 9.25%.

 

“Specified Spread Account
Balance” means on the Closing Date, 2.35% of the sum of the Pool
Balance as of the Initial Cutoff Date and on any Payment Date thereafter the
lesser of, (a) 2.35% of the sum of (i) the Pool Balance as of the
Initial Cutoff Date plus (ii) the aggregate 

 

Appendix A (Page 22)

 

Contract Value of all Subsequent Receivables sold to the Trust as of
their respective Cutoff Dates and (b) the outstanding principal amount of
the Notes.  However, if (A) the Specified Spread Account Reduction Trigger is
met on the Payment Date in September 2010 or any Payment Date thereafter,
the percentage in clause (a) will
be reduced to 2.00% on such Payment Date and will remain at such percentage for
each Payment Date thereafter unless further reduced on the Payment Dates as
provided in the following clauses (B),
(C) or (D); (B) if the Specified Spread Account
Reduction Trigger is met on the Payment Date in March 2011 or any Payment
Date thereafter, the percentage in clause (a) of
the preceding sentence will be reduced to 1.75% on such Payment Date
(regardless of whether the Specified Spread Account Reduction Trigger was met
on the Payment Date in September 2010 or any Payment Date thereafter and
will remain at such percentage for each Payment Date thereafter unless further
reduced on the Payment Date as provided in the following clause (C) or (D); (C) the Specified Spread Account Reduction Trigger is
met on the Payment Date in September 2011 or any Payment Date thereafter,
the percentage in clause (a) of
the preceding sentence will be reduced to 1.50% on such Payment Date (regardless
of whether the Specified Spread Account Reduction Trigger was met on the
Payment Dates in September 2010 or any Payment Date thereafter or March 2011
or any Payment Date thereafter) and will remain at such percentage for each
Payment Date thereafter unless further reduced on the Payment Date as provided
in the following clause (D); and (D) the Specified Spread Account Reduction Trigger is
met on the Payment Date in March 2012 or any Payment Date thereafter, the
percentage in clause (a) of the preceding sentence
will be reduced to 1.15% on such Payment Date (regardless of whether the
Specified Spread Account Reduction Trigger was met on the Payment Dates in September 2010
or any Payment Date thereafter, March 2011 or any Payment Date thereafter
or September 2011 or any Payment Date thereafter) and will remain at such
percentage for each Payment Date thereafter. 
The Specified Spread Account Balance may be reduced or modified without
the consent of the Holders of the Notes if the Rating Agency Condition is satisfied
with respect to such reduction or modification.

 

“Specified Spread Account
Reduction Trigger” for the Payment Date in September 2010, March 2011,
September 2011, or March 2012 or any Payment Date after such Payment
Dates will be met if the Average Delinquency Ratio Test and the Cumulative Net
Loss Ratio Test for such Payment Date are met on such Payment Date or a Payment
Date thereafter.

 

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

 

“Spread Account Initial
Deposit” means, initially, $12,406,594.42 and, with respect to each
Subsequent Transfer Date, cash or Eligible Investments having a value
approximately equal to 2.35% of the aggregate Contract Value of the Subsequent
Receivables conveyed to the Issuing Entity on such Subsequent Transfer Date.

 

“SST” means
Systems & Services Technologies, Inc., or its successor.

 

“Standard & Poor’s”
means Standard & Poor’s Ratings Services, a division of The McGraw-Hill
Companies, Inc., or its successor.

 

“State” means any
one of the 50 states of the United States of America or the District of
Columbia.

 

Appendix A (Page 23)

 

“Statistical Contract Value”
of a Receivable means the current balance of the Receivable on the Servicer’s
records.

 

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

 

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

 

“Subsequent CNHCA Receivables”
means the Receivables transferred to CNHCR pursuant to Section 2.2 of the Purchase
Agreement, which shall be listed on Schedule A to the related CNHCA Subsequent
Transfer Assignment.

 

“Subsequent Cutoff Date”
means, with respect to any Subsequent Receivables, the close of business on the
last day of the calendar month preceding the related Subsequent Transfer Date.

 

“Subsequent Cutoff Date APR”
means, with respect to any Subsequent Cutoff Date, the Specified Discount
Factor.

 

“Subsequent Purchase Price”
is defined in Section 2.5(b) of the
Purchase Agreement.

 

“Subsequent Receivables”
means the Receivables transferred to the Issuing Entity pursuant to Section 2.2 of the Sale and Servicing
Agreement, which shall be listed on Schedule A to the related Subsequent
Transfer Assignment.

 

“Subsequent Transfer
Assignment” has the meaning assigned thereto in Section 2.2(b)(i) of the Sale
and Servicing Agreement.

 

“Subsequent Transfer Date”
means with respect to a Subsequent Receivable, any Business Day during the
Funding Period on which Subsequent Receivables are transferred to the Issuing
Entity and a Subsequent Transfer Assignment is executed and delivered to the
Trustee and the Indenture Trustee pursuant to Section 2.2
of the Sale and Servicing Agreement.

 

“Substitute Equipment”
is defined in Section 4.14 of the Sale and
Servicing Agreement.

 

“Successor Servicer”
is defined in Section 3.7(e) of
the Indenture.

 

“TIA” means the
Trust Indenture Act.

 

“Total Distribution Amount”
means, with respect to any Payment Date, the aggregate amount of collections on
or with respect to the Receivables (including collections received after the
end of the preceding calendar month on any Subsequent Receivables added to the
Trust after the end of that preceding calendar month and on or before that
Payment Date) with respect to the related Collection Period plus the Negative
Carry Amount for such Payment Date. 
Collections on or with respect to the Receivables include all payments
made by or on behalf of the Obligors (including any late fees, prepayment
charges, extension fees and other administrative fees or similar charges
allowed by applicable law with respect to the Receivables), any proceeds from
insurance policies covering the Financed Equipment (to the extent not used to
purchase Substitute Equipment) or related Obligor, Liquidation Proceeds, the
Purchase Amount of each 

 

Appendix A (Page 24)

 

Receivable that became a Purchased Receivable in respect of the related
Collection Period (to the extent deposited into the Collection Account),
Investment Earnings for such Payment Date, payments made by a Dealer pursuant
to the related Dealer Agreement with respect to such Receivable and the
Remaining Pre-Funded Amount, on the Payment Date specified in Section 5.8(b) of the Sale and
Servicing Agreement; provided, however, that the Total Distribution
Amount shall not include:  (i) all
payments or proceeds (including Liquidation Proceeds) of any Receivables the
Purchase Amount of which has been included in the Total Distribution Amount in
a prior Collection Period, (ii) any Recoveries or (iii) amounts
released to the Seller from the Pre-Funding Account.

 

“Transfer Date”
means the Business Day preceding the fifteenth day of each calendar month.

 

“Treasury Regulations”
means regulations, including proposed or temporary regulations, promulgated
under the Code. References to specific provisions of proposed or temporary
regulations shall include analogous provisions of final Treasury Regulations or
other successor Treasury Regulations.

 

“Trust” means the
Issuing Entity.

 

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

 

“Trust Accounts”
has the meaning assigned thereto in Section 5.1(b) of
the Sale and Servicing Agreement.

 

“Trust Agreement”
means the Trust Agreement dated as of March 1, 2009 between the Seller and
the Trustee, as the same may be amended and supplemented from time to time.

 

“Trust Certificate”
means a certificate evidencing the beneficial interest of a Certificateholder
in the Trust, substantially in the form of Exhibit A to the Trust
Agreement.

 

“Trust Estate”
means (a) with respect to the Indenture, all the money, instruments,
rights and other property that are subject or intended to be subject to the
Lien and security interest of the Indenture for the benefit of the Noteholders
(including all property and interests Granted to the Indenture Trustee),
including all proceeds thereof, and (b) with respect to the Trust
Agreement, all right, title and interest of the Trust in and to the property
and rights assigned to the Trust pursuant to Article II (other than Section 2.1(b)) of the Sale and
Servicing Agreement, all funds on deposit from time to time in the Trust
Accounts and the Certificate Distribution Account and all other property of the
Trust from time to time, including any rights of the Trustee and the Trust
pursuant to the Sale and Servicing Agreement and the Administration Agreement.

 

“Trust Indenture Act”
means the Trust Indenture Act of 1939, as in force on the date of the Indenture
unless otherwise specifically provided.

 

Appendix A (Page 25)

 

“Trust Officer”
means, in the case of the Indenture Trustee, any officer within the Corporate
Trust Office of the Indenture Trustee, including any Vice President, Assistant
Vice President, Secretary, Assistant Secretary or any other officer of the
Indenture Trustee customarily performing functions similar to those performed
by any of the above designated officers and also, with respect to a particular
matter, any other officer to whom such matter is referred because of such
officer’s knowledge of and familiarity with the particular subject and, with
respect to the Trustee, any officer in the Corporate Trustee Administration
Department of the Trustee with direct responsibility for the administration of
the Trust Agreement and the Basic Documents on behalf of the Trustee.

 

“Trust Statute”
means Chapter 38 of Title 12 of the Delaware Code, 12 Del. Code § 3801 et seq.,
as the same may be amended from time to time.

 

“Trustee” means
Wilmington Trust Company, a Delaware banking corporation, not in its individual
capacity but solely as trustee under the Trust Agreement, and any successor
Trustee thereunder.

 

“Uncertificated Security”
has the meaning assigned thereto in Section 8-102(a)(18)
of the UCC.

 

“UCC” means,
unless the context otherwise requires, the Uniform Commercial Code as in effect
in the relevant jurisdiction, as amended from time to time.

 

“Underwriting Agreement”
means the Underwriting Agreement dated March 26, 2009 among Barclays
Capital Inc. and Greenwich Capital Markets, Inc. as representatives of the
several underwriters named therein, CNHCA and CNHCR.

 

“Write Down Amount”
for any Collection Period for any 180-Day Receivable or Repossessed Receivable
will be the excess of (a) the Principal Balance plus accrued and unpaid
interest of such Receivable as of the last day of the Collection Period during
which the Receivable became a 180-Day Receivable or Repossessed Receivable, as
applicable, over (b) the estimated realizable value of the Receivable, as
determined by the Servicer in accordance with its then-current servicing
procedures for the related Collection Period, which amount may be adjusted to
zero by the Servicer in accordance with its normal servicing procedures if the
Receivable has ceased to be a 180-Day Receivable as provided in the definition
of “180-Day Receivable.”

 

Appendix A (Page 26)

 

EXHIBIT A-1

to Indenture

 

FORM OF
A-1 NOTES

 

	
  REGISTERED

  	
  $172,300,000(1)

  
	
  No. R-1

  	
  CUSIP NO.
  12616R AA9

  

 

Unless this
Note is presented by an authorized representative of The Depository Trust
Company, a New York corporation (“DTC”), to the Issuing Entity or its agent for registration
of transfer, exchange or payment, and any Note issued is registered in the name
of Cede & Co. or in such other name as is requested by an authorized
representative of DTC (and any payment is made to Cede & Co. or to
such other entity as is requested by an authorized representative of DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has
an interest herein.

 

THE PRINCIPAL
OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE
OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE
AMOUNT SHOWN ON THE FACE HEREOF.

 

CNH EQUIPMENT TRUST 2009-A

1.73603%  CLASS A-1
ASSET BACKED NOTES

 

CNH Equipment
Trust 2009-A, a statutory trust organized and existing under the laws of the
State of Delaware (including any successor, the “Issuing Entity”), for value
received, hereby promises to pay to CEDE & CO., or registered assigns,
the principal sum of ONE HUNDRED SEVENTY-TWO MILLION THREE HUNDRED THOUSAND
DOLLARS ($172,300,000), partially payable on each Payment Date in an amount
equal to the aggregate amount, if any, payable from the Note Distribution
Account in respect of principal on the A-1 Notes pursuant to Section 3.1
of the Indenture; provided, however, that the entire unpaid principal
amount of this Note shall be due and payable on the earlier of the April 15,
2010 Payment Date and the Redemption Date, if any, pursuant to Section 10.1(a) of
the Indenture.  The Issuing Entity will
pay interest on this Note at the rate per annum shown above, on each Payment
Date until the principal of this Note is paid or made available for payment, on
the principal amount of this Note outstanding on the preceding Payment Date
(after giving effect to all payments of principal made on the preceding Payment
Date), subject to certain limitations contained in Section 3.1 of the
Indenture.  Interest on this Note will
accrue for each Payment Date from the most recent Payment Date on which
interest has been paid to but excluding the then current Payment Date or, if no
interest has yet been paid, from the date hereof.  Interest will be computed on the basis of a
360-day year and the actual number of days in the applicable Interest
Period.  Such principal of and interest
on this Note shall be paid in the manner specified in the Indenture.

 

(1)           Denominations of
$1,000 and in greater whole-dollar denominations in excess thereof.

 

Exhibit A-1 (Page 1)

 

The principal
of and interest on this Note are payable in such coin or currency of the United
States of America as at the time of payment is legal tender for payment of
public and private debts.  All payments
made by the Issuing Entity with respect to this Note shall be applied first to
interest due and payable on this Note as provided above and then to the unpaid
principal of this Note.

 

Reference is
made to the further provisions of this Note set forth on the reverse hereof,
which shall have the same effect as though fully set forth on the face of this
Note.

 

Unless the
certificate of authentication hereon has been executed by the Indenture Trustee
by manual signature, this Note shall not be entitled to any benefit under the
Indenture referred to on the reverse hereof, or be valid or obligatory for any
purpose.

 

Exhibit A-1 (Page 2)

 

IN WITNESS
WHEREOF, the Issuing Entity has caused this instrument to be signed, manually
or in facsimile, by its Authorized Officer.

 

Dated:  March 31, 2009

 

	
   

  	
  CNH EQUIPMENT TRUST 2009-A

  
	
   

  	
   

  
	
   

  	
  By: 

  	
  Wilmington Trust Company,

  
	
   

  	
   

  	
  not in its individual capacity but solely as Trustee under the Trust
  Agreement

  
	
   

  	
   

  

 

 

	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  

 

Exhibit A-1 (Page 3)

 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

This is one of
the Notes designated above and referred to in the within-mentioned Indenture.

 

Dated:  March 31, 2009

 

	
   

  	
  THE BANK OF NEW YORK MELLON TRUST 

  
	
   

  	
  COMPANY, N.A.

  
	
   

  	
  not in its individual capacity but solely as Indenture Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Authorized Signatory

  

 

Exhibit A-1 (Page 4)

 

[REVERSE OF NOTE]

 

This Note is
one of a duly authorized issue of Notes of the Issuing Entity, designated as
its 1.73603% Class A-1 Asset Backed Notes (herein called the “A-1 Notes” or the “Notes”), all issued under an Indenture
dated as of March 1, 2009 (such Indenture, as supplemented or amended, is
herein called the “Indenture”)
between the Issuing Entity and The Bank of New York Mellon Trust Company, N.A.,
not in its individual capacity but solely as trustee (the “Indenture Trustee”, which term
includes any successor Indenture Trustee under the Indenture), to which
Indenture and all indentures supplemental thereto reference is hereby made for
a statement of the respective rights and obligations thereunder of the Issuing
Entity, the Indenture Trustee and the Holders of the Notes.  The Notes are subject to all terms of the
Indenture.  All terms used in this Note
that are not otherwise defined herein and that are defined in the Indenture
shall have the meanings assigned to them in or pursuant to the Indenture.

 

The Notes, the
A-2 Notes, the A-3 Notes and the A-4 Notes are and will be equally and ratably
secured by the collateral pledged as security therefor as provided in the
Indenture.

 

The Issuing
Entity shall pay interest on overdue installments of interest at the A-1 Note
Rate to the extent lawful.

 

Each
Noteholder or Note Owner, by acceptance of a Note, or, in the case of a Note
Owner, a beneficial interest in the Note, covenants and agrees that no recourse
may be taken, directly or indirectly, with respect to the obligations of the
Issuing Entity or the Indenture Trustee on the Notes or under the Indenture or
any certificate or other writing delivered in connection therewith,
against:  (i) the Indenture Trustee
or the Trustee in their individual capacities, (ii) any owner of a
beneficial interest in the Issuing Entity or (iii) any partner, owner,
beneficiary, agent, officer, director or employee of:  (a) the Indenture Trustee or the Trustee
in their individual capacities, (b) any holder of a beneficial interest in
the Issuing Entity, the Trustee or the Indenture Trustee or of (c) any
successor or assign of the Indenture Trustee or the Trustee in their individual
capacities, except as any such Person may have expressly agreed and except that
any such partner, owner or beneficiary shall be fully liable, to the extent
provided by applicable law, for any unpaid consideration for stock, unpaid
capital contribution or failure to pay any installment or call owing to such
partner, owner or beneficiary.

 

It is the
intent of the Seller, the Servicer, the Noteholders and the Note Owners that,
for purposes of federal and State income tax and any other tax measured in
whole or in part by income, the Notes qualify as indebtedness of the
Trust.  Each Noteholder or Note Owner, by
acceptance of a Note, or, in the case of a Note Owner, a beneficial interest in
a Note, agrees to treat, and to take no action inconsistent with the treatment
of, the Notes for such tax purposes as indebtedness of the Trust.

 

Each
Noteholder or Note Owner, by acceptance of a Note, or, in the case of a Note
Owner, a beneficial interest in a Note, covenants and agrees that by accepting
the benefits of the Indenture that such Noteholder will not at any time
institute against the Seller or the Issuing Entity, or join in any institution
against the Seller or the Issuing Entity of, any bankruptcy, reorganization or
arrangement, insolvency or liquidation proceedings under any United States

 

Exhibit A-1 (Page 5)

 

federal or State bankruptcy or similar law in connection with any
obligations relating to the Notes, the Indenture or the Basic Documents.

 

Each
Noteholder or Note Owner, by acceptance of a Note, or in the case of Note
Owner, a beneficial interest in the Note, represents that either (a) it is
not (i) an employee benefit plan (as defined in Section 3(3) of ERISA) that is subject to the
provisions of Title I of ERISA, (ii) a plan described in Section 4975(e)(1) of the Code, (iii) any
entity whose underlying assets include plan assets of any of the foregoing
(each a “Benefit Plan”), or (iv) a
governmental plan (as defined in Section 3(32)
of ERISA) that is subject to any law substantially similar to ERISA or Section 4975 of the Code or (b) the
purchase and holding of the Note, or a beneficial interest therein, will not
result in a non-exempt prohibited transaction under Section 406 of ERISA, Section 4975
of the Code or any substantially similar applicable law.

 

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

 

No reference
herein to the Indenture and no provision of this Note or of the Indenture shall
alter or impair the obligation of the Issuing Entity, which is absolute and
unconditional, to pay the principal of and interest on this Note at the times,
place and rate, and in the coin or currency, herein prescribed.

 

Anything
herein to the contrary notwithstanding, except as expressly provided in the
Basic Documents, neither The Bank of New York Mellon Trust Company, N.A., in
its individual capacity, any owner of a beneficial interest in the Issuing
Entity, nor any of their respective partners, beneficiaries, agents, officers,
directors, employees, successors or assigns shall be personally liable for, nor
shall recourse be had to any of them for, the payment of principal of or
interest on, or performance of, or omission to perform, any of the covenants,
obligations or indemnifications contained in this Note or the Indenture, it
being expressly understood that said covenants, obligations and
indemnifications have been made by the Indenture Trustee for the sole purposes
of binding the interests of the Indenture Trustee in the assets of the Issuing
Entity.  The Holder of this Note by the
acceptance hereof, and each Note Owner by the acceptance of a beneficial
interest herein, each agrees that, except as expressly provided in the Basic
Documents, in the case of an Event of Default under the Indenture, the Holder
and Note Owner shall have no claim against any of the foregoing for any
deficiency, loss or claim therefrom; provided,
however, that nothing contained herein shall be taken to prevent recourse to,
and enforcement against, the assets of the Issuing Entity for any and all
liabilities, obligations and undertakings contained in the Indenture or in this
Note.

 

Exhibit A-1 (Page 6)

 

ASSIGNMENT

 

Social
Security or taxpayer I.D. or other identifying number of assignee

 

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

 

	
   

  
	
  (name and address of assignee)

  

 

the within Note and all rights
thereunder, and hereby irrevocably constitutes and appoints                                                      ,
attorney, to transfer said Note on the books kept for registration thereof,
with full power of substitution in the premises.

 

	
  Dated:

  	
   

  	
   

  	
   

  	
  *

  
	
   

  	
   

  	
  Signature Guaranteed:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Signatures must be guaranteed by an “eligible
  guarantor institution” meeting the requirements of the Note
  Registrar, which requirements include membership or participation in STAMP or
  such other “signature guarantee program”
  as may be determined by the Note Registrar in addition to, or in substitution
  for, STAMP, all in accordance with the Securities Exchange Act of 1934, as
  amended.

  

 

	
  *

  	
  NOTE: The
  signature to this assignment must correspond with the name of the registered
  owner as it appears on the face of the within Note in every particular
  without alteration, enlargement or any change whatsoever.

  

 

Exhibit A-1 (Page 7)

 

EXHIBIT
A-2

to Indenture

 

FORM OF A-2 NOTES

 

	
  REGISTERED

  	
  $122,000,000(1)

  
	
  No. R-1

  	
  CUSIP NO.
  12616R AB7

  

 

Unless this
Note is presented by an authorized representative of The Depository Trust
Company, a New York corporation (“DTC”), to the
Issuing Entity or its agent for registration of transfer, exchange or payment,
and any Note issued is registered in the name of Cede & Co. or in such
other name as is requested by an authorized representative of DTC (and any
payment is made to Cede & Co. or to such other entity as is requested
by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE
HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the
registered owner hereof, Cede & Co., has an interest herein.

 

THE PRINCIPAL
OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE
OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE
AMOUNT SHOWN ON THE FACE HEREOF.

 

CNH EQUIPMENT TRUST 2009-A

4.06% CLASS A-2
ASSET BACKED NOTES

 

CNH Equipment
Trust 2009-A, a statutory trust organized and existing under the laws of the
State of Delaware (including any successor, the “Issuing
Entity”), for value received, hereby promises to pay to CEDE &
CO., or registered assigns, the principal sum of ONE HUNDRED TWENTY-TWO MILLION
DOLLARS ($122,000,000) partially payable on each Payment Date in an amount
equal to the aggregate amount, if any, payable from the Note Distribution
Account in respect of principal on the A-2 Notes pursuant to Section 3.1 of the Indenture; provided, however,
that the entire unpaid principal amount of this Note shall be due and payable
on the earlier of the October 17, 2011 Payment Date and the Redemption
Date, if any, pursuant to Section 10.1(a) of
the Indenture. Except as provided in Section 5.4
of the Indenture, no payments of principal of the Notes will be made until the
principal of the A-1 Notes has been paid in full. The Issuing Entity will pay
interest on this Note at the A-2 Note Rate, on each Payment Date until the
principal of this Note is paid or made available for payment, on the principal
amount of this Note outstanding on the preceding Payment Date (after giving
effect to all payments of principal made on the preceding Payment Date),
subject to certain limitations contained in Section 3.1
of the Indenture. Interest on this Note will accrue for each Payment Date from
the most recent Payment Date on which interest has been paid to but excluding
the then current Payment Date or, if no interest has yet been paid, from the
date hereof.  Interest will be computed
on the basis of a 360-day year consisting of twelve 30-day months.  Such principal of and interest on this Note
shall be paid in the manner specified in the Indenture.

 

(1)           Denominations of
$1,000 and in greater whole-dollar denominations in excess thereof.

 

Exhibit A-2 (Page 1)

 

The principal
of and interest on this Note are payable in such coin or currency of the United
States of America as at the time of payment is legal tender for payment of
public and private debts.  All payments
made by the Issuing Entity with respect to this Note shall be applied first to
interest due and payable on this Note as provided above and then to the unpaid
principal of this Note.

 

Reference is
made to the further provisions of this Note set forth on the reverse hereof,
which shall have the same effect as though fully set forth on the face of this
Note.

 

Unless the
certificate of authentication hereon has been executed by the Indenture Trustee
by manual signature, this Note shall not be entitled to any benefit under the
Indenture referred to on the reverse hereof, or be valid or obligatory for any
purpose.

 

Exhibit A-2 (Page 2)

 

IN WITNESS
WHEREOF, the Issuing Entity has caused this instrument to be signed, manually
or in facsimile, by its Authorized Officer.

 

Dated:  March 31, 2009

 

	
   

  	
  CNH EQUIPMENT TRUST 2009-A

  
	
   

  	
   

  
	
   

  	
  By: 

  	
  Wilmington Trust Company,

  
	
   

  	
  not in its individual capacity but solely as Trustee under the Trust
  Agreement

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  
				

 

Exhibit A-2 (Page 3)

 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

This is one of
the Notes designated above and referred to in the within-mentioned Indenture.

 

Dated:  March 31, 2009

 

	
   

  	
  THE BANK OF NEW YORK MELLON TRUST 

  
	
   

  	
  COMPANY, N.A.,

  
	
   

  	
  not in its individual capacity but solely as Indenture Trustee

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Authorized Signatory

  

 

Exhibit A-2 (Page 4)

 

[REVERSE OF NOTE]

 

This Note is one of a duly
authorized issue of the Issuing Entity, designated as its 4.06% Class A-2
Asset Backed Notes (herein called the “A-2 Notes” or
the “Notes”), all issued under an Indenture dated as of March 1, 2009
(such Indenture, as supplemented or amended, is herein called the “Indenture”) between the Issuing Entity and The Bank of New
York Mellon Trust Company, N.A., not in its individual capacity but solely as
trustee (the “Indenture Trustee”, which term
includes any successor Indenture Trustee under the Indenture), to which
Indenture and all indentures supplemental thereto reference is hereby made for
a statement of the respective rights and obligations thereunder of the Issuing
Entity, the Indenture Trustee and the Holders of the Notes.  The Notes are subject to all terms of the
Indenture.  All terms used in this Note
that are not otherwise defined herein and that are defined in the Indenture
shall have the meanings assigned to them in or pursuant to the Indenture.

 

The Notes, the A-1 Notes, the
A-3 Notes and the A-4 Notes are and will be equally and ratably secured by the
collateral pledged as security therefor as provided in the Indenture.

 

The Issuing Entity shall pay
interest on overdue installments of interest at the A-2 Note Rate to the extent
lawful.

 

Each Noteholder or Note Owner,
by acceptance of a Note, or, in the case of a Note Owner, a beneficial interest
in the Note, covenants and agrees that no recourse may be taken, directly or
indirectly, with respect to the obligations of the Issuing Entity or the
Indenture Trustee on the Notes or under the Indenture or any certificate or
other writing delivered in connection therewith, against:  (i) the Indenture Trustee or the Trustee
in their individual capacities, (ii) any owner of a beneficial interest in
the Issuing Entity or (iii) any partner, owner, beneficiary, agent,
officer, director or employee of:  (a) the
Indenture Trustee or the Trustee in their individual capacities, (b) any
holder of a beneficial interest in the Issuing Entity, the Trustee or the
Indenture Trustee or of (c) any successor or assign of the Indenture
Trustee or the Trustee in their individual capacities, except as any such
Person may have expressly agreed and except that any such partner, owner or beneficiary
shall be fully liable, to the extent provided by applicable law, for any unpaid
consideration for stock, unpaid capital contribution or failure to pay any
installment or call owing to such partner, owner or beneficiary.

 

It is the intent of the Seller,
the Servicer, the Noteholders and the Note Owners that, for purposes of federal
and State income tax and any other tax measured in whole or in part by income,
the Notes qualify as indebtedness of the Trust. 
Each Noteholder or Note Owner, by acceptance of a Note, or, in the case
of a Note Owner, a beneficial interest in a Note, agrees to treat, and to take
no action inconsistent with the treatment of, the Notes for such tax purposes
as indebtedness of the Trust.

 

Each Noteholder or Note Owner,
by acceptance of a Note, or, in the case of a Note Owner, a beneficial interest
in a Note, covenants and agrees that by accepting the benefits of the Indenture
that such Noteholder will not at any time institute against the Seller or the
Issuing Entity, or join in any institution against the Seller or the Issuing
Entity of, any bankruptcy, 

 

Exhibit A-2 (Page 5)

 

reorganization
or arrangement, insolvency or liquidation proceedings under any United States
federal or State bankruptcy or similar law in connection with any obligations
relating to the Notes, the Indenture or the Basic Documents.

 

Each Noteholder or Note Owner,
by acceptance of a Note, or in the case of Note Owner, a beneficial interest in
the Note, represents that either (a) it is not (i) an employee
benefit plan (as defined in Section 3(3) of
ERISA) that is subject to the provisions of Title I of ERISA, (ii) a plan
described in Section 4975(e)(1) of
the Code, (iii) any entity whose underlying assets include plan assets of
any of the foregoing (each a “Benefit Plan”),
or (iv) a governmental plan (as defined in Section 3(32) of ERISA) that is subject to any law
substantially similar to ERISA or Section 4975
of the Code or (b) the purchase and holding of the Note, or a beneficial
interest therein, will not result in a non-exempt prohibited transaction under Section 406 of ERISA, Section 4975 of the Code or any
substantially similar applicable law.

 

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

 

No reference herein to the
Indenture and no provision of this Note or of the Indenture shall alter or
impair the obligation of the Issuing Entity, which is absolute and
unconditional, to pay the principal of and interest on this Note at the times,
place and rate, and in the coin or currency, herein prescribed.

 

Anything herein to the contrary
notwithstanding, except as expressly provided in the Basic Documents, neither
The Bank of New York Mellon Trust Company, N.A., in its individual capacity,
any owner of a beneficial interest in the Issuing Entity, nor any of their
respective partners, beneficiaries, agents, officers, directors, employees,
successors or assigns shall be personally liable for, nor shall recourse be had
to any of them for, the payment of principal of or interest on, or performance
of, or omission to perform, any of the covenants, obligations or
indemnifications contained in this Note or the Indenture, it being expressly
understood that said covenants, obligations and indemnifications have been made
by the Indenture Trustee for the sole purposes of binding the interests of the
Indenture Trustee in the assets of the Issuing Entity.  The Holder of this Note by the acceptance
hereof, and each Note Owner by the acceptance of a beneficial interest herein,
each agrees that, except as expressly provided in the Basic Documents, in the
case of an Event of Default under the Indenture, the Holder and Note Owner
shall have no claim against any of the foregoing for any deficiency, loss or
claim therefrom; provided, however, that nothing
contained herein shall be taken to prevent recourse to, and enforcement
against, the assets of the Issuing Entity for any and all liabilities,
obligations and undertakings contained in the Indenture or in this Note.

 

Exhibit A-2 (Page 6)

 

ASSIGNMENT

 

Social Security or taxpayer
I.D. or other identifying number of assignee

 

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

 

	
   

  

(name and
address of assignee)

 

the within Note and all rights
thereunder, and hereby irrevocably constitutes and appoints

 

                                                ,
attorney, to transfer said Note on the books kept for registration thereof,
with full power of substitution in the premises.

 

	
  Dated:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Signature
  Guaranteed:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
  Signatures
  must be guaranteed by an “eligible guarantor
  institution” meeting the requirements of the Note Registrar, which
  requirements include membership or participation in STAMP or such other “signature guarantee program” as may be determined by the
  Note Registrar in addition to, or in substitution for, STAMP, all in
  accordance with the Securities Exchange Act of 1934, as amended.

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
							

 

*              NOTE:  The signature to this assignment must
correspond with the name of the registered owner as it appears on the face of
the within Note in every particular without alteration, enlargement or any
change whatsoever.

 

Exhibit A-2 (Page 7)

 

EXHIBIT
A-3

to Indenture

 

FORM OF A-3 NOTES

 

	
  REGISTERED

  	
  $134,000,000(1)

  
	
  No. R-1

  	
  CUSIP NO. 12616R AC5

  

 

Unless this Note is presented
by an authorized representative of The Depository Trust Company, a New York
corporation (“DTC”), to the Issuing Entity or
its agent for registration of transfer, exchange or payment, and any Note
issued is registered in the name of Cede & Co. or in such other name
as is requested by an authorized representative of DTC (and any payment is made
to Cede & Co. or to such other entity as is requested by an authorized
representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner
hereof, Cede & Co., has an interest herein.

 

THE PRINCIPAL OF THIS NOTE IS
PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING
PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT
SHOWN ON THE FACE HEREOF.

 

CNH EQUIPMENT TRUST 2009-A

5.28% CLASS A-3 ASSET BACKED NOTES

 

CNH Equipment Trust 2009-A, a
statutory trust organized and existing under the laws of the State of Delaware
(including any successor, the “Issuing Entity”),
for value received, hereby promises to pay to CEDE & CO., or
registered assigns, the principal sum of ONE HUNDRED THIRTY-FOUR MILLION
DOLLARS ($134,000,000), partially payable on each Payment Date in an amount
equal to the aggregate amount, if any, payable from the Note Distribution
Account in respect of principal on the A-3 Notes pursuant to Section 3.1 of the Indenture; provided, however,
that the entire unpaid principal amount of this Note shall be due and payable
on the earlier of the November 15, 2012 Payment Date and the Redemption
Date, if any, pursuant to Section 10.1(a) of
the Indenture. Except as provided in Section 5.4
of the Indenture, no payments of principal of the Notes will be made until the
principal of the A-1 Notes and the A-2 Notes has been paid in full. The Issuing
Entity will pay interest on this Note at the A-3 Note Rate, on each Payment
Date until the principal of this Note is paid or made available for payment, on
the principal amount of this Note outstanding on the preceding Payment Date
(after giving effect to all payments of principal made on the preceding Payment
Date), subject to certain limitations contained in Section 3.1
of the Indenture. Interest on this Note will accrue for each Payment Date from
the most recent Payment Date on which interest has been paid to but excluding
the then current Payment Date or, if no interest has yet been paid, from the
date hereof.  Interest will be computed
on the basis of a 360-day year consisting of twelve 30-day months.  Such principal of and interest on this Note
shall be paid in the manner specified in the Indenture.

 

(1)           Denominations of $1,000 and in
greater whole-dollar denominations in excess thereof.

 

Exhibit A-3 (Page 1)

 

The principal of and interest
on this Note are payable in such coin or currency of the United States of
America as at the time of payment is legal tender for payment of public and
private debts.  All payments made by the
Issuing Entity with respect to this Note shall be applied first to interest due
and payable on this Note as provided above and then to the unpaid principal of
this Note.

 

Reference is made to the
further provisions of this Note set forth on the reverse hereof, which shall
have the same effect as though fully set forth on the face of this Note.

 

Unless the certificate of
authentication hereon has been executed by the Indenture Trustee by manual
signature, this Note shall not be entitled to any benefit under the Indenture
referred to on the reverse hereof, or be valid or obligatory for any purpose.

 

Exhibit A-3 (Page 2)

 

IN WITNESS WHEREOF, the Issuing
Entity has caused this instrument to be signed, manually or in facsimile, by
its Authorized Officer.

 

Dated:  March 31, 2009

 

	
   

  	
  CNH
  EQUIPMENT TRUST 2009-A

  
	
   

  	
   

  
	
   

  	
  By:

  	
  Wilmington
  Trust Company,

  
	
   

  	
  not in its
  individual capacity but solely as Trustee under the Trust Agreement

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  
					

 

Exhibit A-3 (Page 3)

 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

This is one of the Notes
designated above and referred to in the within-mentioned Indenture.

 

Dated:  March 31, 2009

 

	
   

  	
  THE BANK OF
  NEW YORK MELLON TRUST 

  COMPANY, N.A.,

  
	
   

  	
  not in its
  individual capacity but solely as Indenture Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Authorized
  Signatory

  

 

Exhibit A-3 (Page 4)

 

[REVERSE OF NOTE]

 

This Note is
one of a duly authorized issue of the Issuing Entity, designated as its 5.28% Class A-3
Asset Backed Notes (herein called the “A-3 Notes” or
the “Notes”), all issued under an Indenture
dated as of March 1, 2009 (such Indenture, as supplemented or amended, is
herein called the “Indenture”)
between the Issuing Entity and The Bank of New York Mellon Trust Company, N.A.,
not in its individual capacity but solely as trustee (the “Indenture
Trustee”, which term includes any successor Indenture Trustee under
the Indenture), to which Indenture and all indentures supplemental thereto
reference is hereby made for a statement of the respective rights and
obligations thereunder of the Issuing Entity, the Indenture Trustee and the
Holders of the Notes.  The Notes are
subject to all terms of the Indenture. 
All terms used in this Note that are not otherwise defined herein and
that are defined in the Indenture shall have the meanings assigned to them in
or pursuant to the Indenture.

 

The Notes, the
A-1 Notes, the A-2 Notes and the A-4 Notes are and will be equally and ratably
secured by the collateral pledged as security therefor as provided in the
Indenture.

 

The Issuing
Entity shall pay interest on overdue installments of interest at the A-3 Note
Rate to the extent lawful.

 

Each
Noteholder or Note Owner, by acceptance of a Note, or, in the case of a Note
Owner, a beneficial interest in the Note, covenants and agrees that no recourse
may be taken, directly or indirectly, with respect to the obligations of the
Issuing Entity or the Indenture Trustee on the Notes or under the Indenture or
any certificate or other writing delivered in connection therewith,
against:  (i) the Indenture Trustee
or the Trustee in their individual capacities, (ii) any owner of a
beneficial interest in the Issuing Entity or (iii) any partner, owner,
beneficiary, agent, officer, director or employee of:  (a) the Indenture Trustee or the Trustee
in their individual capacities, (b) any holder of a beneficial interest in
the Issuing Entity, the Trustee or the Indenture Trustee or of (c) any
successor or assign of the Indenture Trustee or the Trustee in their individual
capacities, except as any such Person may have expressly agreed and except that
any such partner, owner or beneficiary shall be fully liable, to the extent
provided by applicable law, for any unpaid consideration for stock, unpaid
capital contribution or failure to pay any installment or call owing to such
partner, owner or beneficiary.

 

It is the
intent of the Seller, the Servicer, the Noteholders and the Note Owners that,
for purposes of federal and State income tax and any other tax measured in
whole or in part by income, the Notes qualify as indebtedness of the
Trust.  Each Noteholder or Note Owner, by
acceptance of a Note, or, in the case of a Note Owner, a beneficial interest in
a Note, agrees to treat, and to take no action inconsistent with the treatment
of, the Notes for such tax purposes as indebtedness of the Trust.

 

Each
Noteholder or Note Owner, by acceptance of a Note, or, in the case of a Note
Owner, a beneficial interest in a Note, covenants and agrees that by accepting
the benefits of the Indenture that such Noteholder will not at any time
institute against the Seller or the Issuing Entity, or join in any institution
against the Seller or the Issuing Entity of, any bankruptcy, 

 

Exhibit A-3 (Page 5)

 

reorganization or arrangement, insolvency or liquidation proceedings
under any United States federal or State bankruptcy or similar law in
connection with any obligations relating to the Notes, the Indenture or the
Basic Documents.

 

Each
Noteholder or Note Owner, by acceptance of a Note, or in the case of Note
Owner, a beneficial interest in the Note, represents that either (a) it is
not (i) an employee benefit plan (as defined in Section 3(3) of ERISA) that is subject to the
provisions of Title I of ERISA, (ii) a plan described in Section 4975(e)(1) of the Code, (iii) any
entity whose underlying assets include plan assets of any of the foregoing
(each a “Benefit Plan”), or (iv) a
governmental plan (as defined in Section 3(32)
of ERISA) that is subject to any law substantially similar to ERISA or Section 4975 of the Code or (b) the
purchase and holding of the Note, or a beneficial interest therein, will not
result in a non-exempt prohibited transaction under Section 406 of ERISA, Section 4975
of the Code or any substantially similar applicable law.

 

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

 

No reference
herein to the Indenture and no provision of this Note or of the Indenture shall
alter or impair the obligation of the Issuing Entity, which is absolute and
unconditional, to pay the principal of and interest on this Note at the times,
place and rate, and in the coin or currency, herein prescribed.

 

Anything
herein to the contrary notwithstanding, except as expressly provided in the
Basic Documents, neither The Bank of New York Mellon Trust Company, N.A., in
its individual capacity, any owner of a beneficial interest in the Issuing
Entity, nor any of their respective partners, beneficiaries, agents, officers,
directors, employees, successors or assigns shall be personally liable for, nor
shall recourse be had to any of them for, the payment of principal of or
interest on, or performance of, or omission to perform, any of the covenants,
obligations or indemnifications contained in this Note or the Indenture, it
being expressly understood that said covenants, obligations and
indemnifications have been made by the Indenture Trustee for the sole purposes
of binding the interests of the Indenture Trustee in the assets of the Issuing
Entity.  The Holder of this Note by the
acceptance hereof, and each Note Owner by the acceptance of a beneficial
interest herein, each agrees that, except as expressly provided in the Basic
Documents, in the case of an Event of Default under the Indenture, the Holder
and Note Owner shall have no claim against any of the foregoing for any
deficiency, loss or claim therefrom; provided, however,
that nothing contained herein shall be taken to prevent recourse to, and
enforcement against, the assets of the Issuing Entity for any and all
liabilities, obligations and undertakings contained in the Indenture or in this
Note.

 

Exhibit A-3 (Page 6)

 

ASSIGNMENT

 

Social
Security or taxpayer I.D. or other identifying number of assignee

 

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

 

	
   

  
	
  (name and address of assignee)

  

 

the within
Note and all rights thereunder, and hereby irrevocably constitutes and appoints
                                    ,
attorney, to transfer said Note on the books kept for registration thereof,
with full power of substitution in the premises.

 

	
  Dated:

  	
   

  	
   

  	
  *

  
	
   

  	
   

  	
  Signature Guaranteed:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Signatures must be guaranteed by an “eligible
  guarantor institution” meeting the requirements of the Note
  Registrar, which requirements include membership or participation in STAMP or
  such other “signature guarantee program” as
  may be determined by the Note Registrar in addition to, or in substitution
  for, STAMP, all in accordance with the Securities Exchange Act of 1934, as
  amended.

  
	
   

  

 

*              NOTE:  The signature to this assignment must
correspond with the name of the registered owner as it appears on the face of
the within Note in every particular without alteration, enlargement or any
change whatsoever.

 

Exhibit A-3 (Page 7)

 

EXHIBIT
A-4

to Indenture

 

FORM OF A-4 NOTES

 

	
  REGISTERED

  	
   

  	
  $86,441,000(1)

  
	
  No. R-1

  	
   

  	
  CUSIP NO. 12616R
  AD3

  

 

 

 

 

Unless this
Note is presented by an authorized representative of The Depository Trust
Company, a New York corporation (“DTC”), to the
Issuing Entity or its agent for registration of transfer, exchange or payment,
and any Note issued is registered in the name of Cede & Co. or in such
other name as is requested by an authorized representative of DTC (and any
payment is made to Cede & Co. or to such other entity as is requested
by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE
HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the
registered owner hereof, Cede & Co., has an interest herein.

 

THE PRINCIPAL
OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE
OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE
AMOUNT SHOWN ON THE FACE HEREOF.

 

CNH EQUIPMENT TRUST 2009-A

7.21% CLASS A-4
ASSET BACKED NOTES

 

CNH Equipment
Trust 2009-A, a statutory trust organized and existing under the laws of the
State of Delaware (including any successor, the “Issuing
Entity”), for value received, hereby promises to pay to CEDE &
CO., or registered assigns, the principal sum of EIGHTY-SIX MILLION FOUR
HUNDRED FORTY-ONE THOUSAND DOLLARS ($86,441,000), partially payable on each
Payment Date in an amount equal to the aggregate amount, if any, payable from
the Note Distribution Account in respect of principal on the A-4 Notes pursuant
to Section 3.1 of the Indenture; provided, however,
that the entire unpaid principal amount of this Note shall be due and payable
on the earlier of the December 16, 2013 Payment Date and the Redemption
Date, if any, pursuant to Section 10.1(a) of
the Indenture. Except as provided in Section 5.4
of the Indenture, no payments of principal of the Notes will be made until the
principal of the A-1 Notes, the A-2 Notes and the A-3 Notes has been paid in
full. The Issuing Entity will pay interest on this Note at the A-4 Note Rate,
on each Payment Date until the principal of this Note is paid or made available
for payment, on the principal amount of this Note outstanding on the preceding
Payment Date (after giving effect to all payments of principal made on the
preceding Payment Date), subject to certain limitations contained in Section 3.1 of the Indenture. Interest on this Note
will accrue for each Payment Date from the most recent Payment Date on which
interest has been paid to but excluding the then current Payment Date or, if no
interest has yet been paid, from the date hereof.  Interest will be computed on the basis of a
360-day year

 

(1)           Denominations of $1,000 and in
greater whole-dollar denominations in excess thereof.

 

Exhibit A-4 (Page 1)

 

consisting of twelve 30-day months. 
Such principal of and interest on this Note shall be paid in the manner
specified in the Indenture.

 

The principal
of and interest on this Note are payable in such coin or currency of the United
States of America as at the time of payment is legal tender for payment of
public and private debts.  All payments
made by the Issuing Entity with respect to this Note shall be applied first to
interest due and payable on this Note as provided above and then to the unpaid
principal of this Note.

 

Reference is
made to the further provisions of this Note set forth on the reverse hereof,
which shall have the same effect as though fully set forth on the face of this
Note.

 

Unless the
certificate of authentication hereon has been executed by the Indenture Trustee
by manual signature, this Note shall not be entitled to any benefit under the
Indenture referred to on the reverse hereof, or be valid or obligatory for any
purpose.

 

Exhibit A-4 (Page 2)

 

IN WITNESS
WHEREOF, the Issuing Entity has caused this instrument to be signed, manually
or in facsimile, by its Authorized Officer.

 

	
  Dated:  March 31, 2009

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  CNH EQUIPMENT TRUST 2009-A

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  Wilmington Trust Company,

  
	
   

  	
  not in its individual capacity

  
	
   

  	
  but solely as Trustee

  
	
   

  	
  under the Trust Agreement

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  
					

 

Exhibit A-4 (Page 3)

 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

This is one of
the Notes designated above and referred to in the within-mentioned Indenture.

 

	
  Dated:  March 31, 2009

  	
   

  
	
   

  	
   

  
	
   

  	
  THE BANK OF NEW YORK MELLON TRUST

  COMPANY, N.A.,

  
	
   

  	
  not in its individual capacity but solely

  
	
   

  	
  as Indenture Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Authorized Signatory

  

 

Exhibit A-4 (Page 4)

 

[REVERSE OF NOTE]

 

This Note is
one of a duly authorized issue of the Issuing Entity, designated as its 7.21% Class A-4
Asset Backed Notes (herein called the “A-4 Notes” or
the “Notes”), all issued under an Indenture
dated as of March 1, 2009 (such Indenture, as supplemented or amended, is
herein called the “Indenture”)
between the Issuing Entity and The Bank of New York Mellon Trust Company, N.A.,
not in its individual capacity but solely as trustee (the “Indenture
Trustee”, which term includes any successor Indenture Trustee under
the Indenture), to which Indenture and all indentures supplemental thereto
reference is hereby made for a statement of the respective rights and
obligations thereunder of the Issuing Entity, the Indenture Trustee and the
Holders of the Notes.  The Notes are
subject to all terms of the Indenture. 
All terms used in this Note that are not otherwise defined herein and
that are defined in the Indenture shall have the meanings assigned to them in
or pursuant to the Indenture.

 

The Notes, the
A-1 Notes, the A-2 Notes and the A-3 Notes are and will be equally and ratably
secured by the collateral pledged as security therefor as provided in the
Indenture.

 

The Issuing
Entity shall pay interest on overdue installments of interest at the A-4 Note
Rate to the extent lawful.

 

Each
Noteholder or Note Owner, by acceptance of a Note, or, in the case of a Note
Owner, a beneficial interest in the Note, covenants and agrees that no recourse
may be taken, directly or indirectly, with respect to the obligations of the
Issuing Entity or the Indenture Trustee on the Notes or under the Indenture or
any certificate or other writing delivered in connection therewith,
against:  (i) the Indenture Trustee
or the Trustee in their individual capacities, (ii) any owner of a
beneficial interest in the Issuing Entity or (iii) any partner, owner,
beneficiary, agent, officer, director or employee of:  (a) the Indenture Trustee or the Trustee
in their individual capacities, (b) any holder of a beneficial interest in
the Issuing Entity, the Trustee or the Indenture Trustee or of (c) any
successor or assign of the Indenture Trustee or the Trustee in their individual
capacities, except as any such Person may have expressly agreed and except that
any such partner, owner or beneficiary shall be fully liable, to the extent
provided by applicable law, for any unpaid consideration for stock, unpaid
capital contribution or failure to pay any installment or call owing to such
partner, owner or beneficiary.

 

It is the
intent of the Seller, the Servicer, the Noteholders and the Note Owners that,
for purposes of federal and State income tax and any other tax measured in
whole or in part by income, the Notes qualify as indebtedness of the
Trust.  Each Noteholder or Note Owner, by
acceptance of a Note, or, in the case of a Note Owner, a beneficial interest in
a Note, agrees to treat, and to take no action inconsistent with the treatment
of, the Notes for such tax purposes as indebtedness of the Trust.

 

Each
Noteholder or Note Owner, by acceptance of a Note, or, in the case of a Note
Owner, a beneficial interest in a Note, covenants and agrees that by accepting
the benefits of the Indenture that such Noteholder will not at any time
institute against the Seller or the Issuing Entity, or join in any institution
against the Seller or the Issuing Entity of, any bankruptcy,

 

Exhibit A-4 (Page 5)

 

reorganization or arrangement, insolvency or liquidation proceedings
under any United States federal or State bankruptcy or similar law in
connection with any obligations relating to the Notes, the Indenture or the
Basic Documents.

 

Each
Noteholder or Note Owner, by acceptance of a Note, or in the case of Note
Owner, a beneficial interest in the Note, represents that either (a) it is
not (i) an employee benefit plan (as defined in Section 3(3) of ERISA) that is subject to the
provisions of Title I of ERISA, (ii) a plan described in Section 4975(e)(1) of the Code, (iii) any
entity whose underlying assets include plan assets of any of the foregoing
(each a “Benefit Plan”), or (iv) a
governmental plan (as defined in Section 3(32)
of ERISA) that is subject to any law substantially similar to ERISA or Section 4975 of the Code or (b) the
purchase and holding of the Note, or a beneficial interest therein, will not
result in a non-exempt prohibited transaction under Section 406 of ERISA, Section 4975
of the Code or any substantially similar applicable law.

 

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

 

No reference
herein to the Indenture and no provision of this Note or of the Indenture shall
alter or impair the obligation of the Issuing Entity, which is absolute and
unconditional, to pay the principal of and interest on this Note at the times,
place and rate, and in the coin or currency, herein prescribed.

 

Anything
herein to the contrary notwithstanding, except as expressly provided in the
Basic Documents, neither The Bank of New York Mellon Trust Company, N.A., in
its individual capacity, any owner of a beneficial interest in the Issuing
Entity, nor any of their respective partners, beneficiaries, agents, officers,
directors, employees, successors or assigns shall be personally liable for, nor
shall recourse be had to any of them for, the payment of principal of or
interest on, or performance of, or omission to perform, any of the covenants, obligations
or indemnifications contained in this Note or the Indenture, it being expressly
understood that said covenants, obligations and indemnifications have been made
by the Indenture Trustee for the sole purposes of binding the interests of the
Indenture Trustee in the assets of the Issuing Entity.  The Holder of this Note by the acceptance
hereof, and each Note Owner by the acceptance of a beneficial interest herein,
each agrees that, except as expressly provided in the Basic Documents, in the
case of an Event of Default under the Indenture, the Holder and Note Owner
shall have no claim against any of the foregoing for any deficiency, loss or
claim therefrom; provided, however, that nothing
contained herein shall be taken to prevent recourse to, and enforcement
against, the assets of the Issuing Entity for any and all liabilities,
obligations and undertakings contained in the Indenture or in this Note.

 

Exhibit A-4 (Page 6)

 

ASSIGNMENT

 

Social
Security or taxpayer I.D. or other identifying number of assignee

 

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

 

	
   

  
	
  (name and address of assignee)

  

 

the within
Note and all rights thereunder, and hereby irrevocably constitutes and appoints
                                                ,
attorney, to transfer said Note on the books kept for registration thereof,
with full power of substitution in the premises.

 

	
  Dated:

  	
   

  	
   

  	
  *

  
	
   

  	
   

  	
  Signature Guaranteed:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Signatures must be guaranteed by an “eligible
  guarantor institution” meeting the requirements of the Note
  Registrar, which requirements include membership or participation in STAMP or
  such other “signature guarantee program” as
  may be determined by the Note Registrar in addition to, or in substitution
  for, STAMP, all in accordance with the Securities Exchange Act of 1934, as
  amended.

  

 

*              NOTE:  The signature to this assignment must
correspond with the name of the registered owner as it appears on the face of
the within Note in every particular without alteration, enlargement or any
change whatsoever.

 

Exhibit A-4 (Page 7)

 

EXHIBIT
A-5

to Indenture

 

FORM OF CLASS B NOTES

 

	
  REGISTERED

  	
   

  	
  $13,199,000(1)

  
	
  No. R-1

  	
   

  	
  CUSIP NO. 12616R AE1

  

 

THIS NOTE HAS NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”). ANY RESALE
OR TRANSFER OF THIS NOTE WITHOUT REGISTRATION THEREOF UNDER THE ACT MAY ONLY
BE MADE IN A TRANSACTION EXEMPTED FROM THE REGISTRATION REQUIREMENTS OF THE ACT
AND IN ACCORDANCE WITH THE PROVISIONS OF THE INDENTURE REFERRED TO HEREIN.

 

THE PRINCIPAL OF THIS NOTE IS
PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING
PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT
SHOWN ON THE FACE HEREOF.

 

CNH EQUIPMENT TRUST 2009-A

0.00% CLASS B ASSET BACKED NOTES

 

CNH Equipment Trust 2009-A, a
statutory trust organized and existing under the laws of the State of Delaware
(including any successor, the “Issuing Entity”),
for value received, hereby promises to pay to CNH CAPITAL AMERICA LLC, or
registered assigns, the principal sum of THIRTEEN MILLION ONE HUNDRED
NINETY-NINE THOUSAND DOLLARS ($13,199,000), partially payable on each Payment
Date in an amount equal to the aggregate amount, if any, payable from the Note
Distribution Account in respect of principal on the Class B Notes pursuant
to Section 3.1 of the Indenture; provided, however, that the entire unpaid principal amount
of this Note shall be due and payable on the earlier of the August 17,
2015 Payment Date and the Redemption Date, if any, pursuant to Section 10.1(a) of the Indenture.  No payments of principal of the Notes will be
made on any Payment Date until the A-1 Notes, the A-2 Notes, the A-3 Notes and
the A-4 Notes have been paid in full. 
The Issuing Entity will pay interest on this Note at the rate per annum
shown above, on each Payment Date until the principal of this Note is paid or
made available for payment, on the principal amount of this Note outstanding on
the preceding Payment Date (after giving effect to all payments of principal
made on the preceding Payment Date), subject to certain limitations contained
in Section 3.1 of the Indenture.  Interest on this Note will accrue for each
Payment Date from the most recent Payment Date on which interest has been paid
to but excluding the then current Payment Date or, if no interest has yet been
paid, from the date hereof.  Interest
will be computed on the basis of a 360-day year consisting of twelve 30-day
months.  Such principal of and interest
on this Note shall be paid in the manner specified in the Indenture.

 

(1)           Denominations of $1,000 and in
greater whole-dollar denominations in excess thereof.

 

Exhibit A-5 (Page 1)

 

The principal of and interest
on this Note are payable in such coin or currency of the United States of
America as at the time of payment is legal tender for payment of public and
private debts.  All payments made by the
Issuing Entity with respect to this Note shall be applied first to interest due
and payable on this Note as provided above and then to the unpaid principal of
this Note.

 

Reference is made to the
further provisions of this Note set forth on the reverse hereof, which shall
have the same effect as though fully set forth on the face of this Note.

 

Unless the certificate of
authentication hereon has been executed by the Indenture Trustee by manual
signature, this Note shall not be entitled to any benefit under the Indenture
referred to on the reverse hereof, or be valid or obligatory for any purpose.

 

Exhibit A-5 (Page 2)

 

IN WITNESS WHEREOF, the Issuing
Entity has caused this instrument to be signed, manually or in facsimile, by
its Authorized Officer.

 

Dated:  March 31, 2009

 

	
   

  	
  CNH
  EQUIPMENT TRUST 2009-A

  
	
   

  	
  By:

  	
  Wilmington
  Trust Company,

  
	
   

  	
   

  	
  not in its
  individual capacity

  
	
   

  	
   

  	
  but solely
  as Trustee

  
	
   

  	
   

  	
  under the
  Trust Agreement

  

 

 

	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  

 

Exhibit A-5 (Page 3)

 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

This is one of the Notes
designated above and referred to in the within-mentioned Indenture.

 

Dated:  March 31, 2009

 

	
   

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

  
	
   

  	
  not in its
  individual capacity but solely

  
	
   

  	
  as Indenture
  Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Authorized
  Signatory

  

 

Exhibit A-5 (Page 4)

 

[REVERSE OF NOTE]

 

This Note is one of a duly
authorized issue of Notes of the Issuing Entity, designated as its 0.00% Class B
Asset Backed Notes (herein called the “Class B Notes”
or the “Notes”), all issued under an Indenture
dated as of March 1, 2009 (such Indenture, as supplemented or amended, is
herein called the “Indenture”)
between the Issuing Entity and The Bank of New York Mellon Trust Company, N.A.,
not in its individual capacity but solely as trustee (the “Indenture
Trustee”, which term includes any successor Indenture Trustee under
the Indenture), to which Indenture and all indentures supplemental thereto
reference is hereby made for a statement of the respective rights and
obligations thereunder of the Issuing Entity, the Indenture Trustee and the
Holders of the Notes.  The Notes are
subject to all terms of the Indenture. 
All terms used in this Note that are not otherwise defined herein and
that are defined in the Indenture shall have the meanings assigned to them in
or pursuant to the Indenture.

 

The Class B Notes are and
will be equally and ratably secured by the collateral pledged as security
therefor as provided in the Indenture, but the interest of the Class B
Noteholders in such collateral is subordinated and second to the rights of the Class A
Noteholders.

 

The Issuing Entity shall pay
interest on overdue installments of interest at the Class B Note Rate to
the extent lawful.

 

Each Noteholder or Note Owner,
by acceptance of a Note, or, in the case of a Note Owner, a beneficial interest
in the Note, covenants and agrees that no recourse may be taken, directly or
indirectly, with respect to the obligations of the Issuing Entity or the
Indenture Trustee on the Notes or under the Indenture or any certificate or
other writing delivered in connection therewith, against:  (i) the Indenture Trustee or the Trustee
in their individual capacities, (ii) any owner of a beneficial interest in
the Issuing Entity or (iii) any partner, owner, beneficiary, agent,
officer, director or employee of:  (a) the
Indenture Trustee or the Trustee in their individual capacities, (b) any
holder of a beneficial interest in the Issuing Entity, the Trustee or the
Indenture Trustee or of (c) any successor or assign of the Indenture
Trustee or the Trustee in their individual capacities, except as any such
Person may have expressly agreed and except that any such partner, owner or
beneficiary shall be fully liable, to the extent provided by applicable law,
for any unpaid consideration for stock, unpaid capital contribution or failure
to pay any installment or call owing to such partner, owner or beneficiary.

 

It is the intent of the Seller,
the Servicer, the Noteholders and the Note Owners that, for purposes of federal
and State income tax and any other tax measured in whole or in part by income,
the Notes qualify as indebtedness of the Trust. 
Each Noteholder or Note Owner, by acceptance of a Note, or, in the case
of a Note Owner, a beneficial interest in a Note, agrees to treat, and to take
no action inconsistent with the treatment of, the Notes for such tax purposes
as indebtedness of the Trust.

 

Each Noteholder or Note Owner,
by acceptance of a Note, or, in the case of a Note Owner, a beneficial interest
in a Note, covenants and agrees that by accepting the benefits of the Indenture
that such Noteholder will not at any time institute against the Seller or the
Issuing 

 

Exhibit A-5 (Page 5)

 

Entity, or
join in any institution against the Seller or the Issuing Entity of, any
bankruptcy, reorganization or arrangement, insolvency or liquidation
proceedings under any United States federal or State bankruptcy or similar law
in connection with any obligations relating to the Notes, the Indenture or the
Basic Documents.

 

No transfer of this Note shall
be made unless such transfer is made pursuant to an effective registration
statement under the Act and any applicable state securities laws or is exempt
from the registration requirements under said Act and such laws. In the event that
a transfer is to be made in reliance upon an exemption from the Securities Act
and such laws, in order to assure compliance with the Securities Act and such
laws, there shall be delivered to the Issuing Entity and to the Indenture
Trustee a letter in substantially the form of Exhibit C (the “Rule 144A
Letter”) to the Indenture. 
Notwithstanding the preceding sentence or anything else herein, any
transfer of the Class B Notes to the Depositor, the Originator or any of
their Affiliates on the Closing Date, and any transfer from any of such
entities to its Affiliate, and any transfer from any such entity to an initial
purchaser(s) pursuant to an exemption from the registration requirements,
will not require the delivery of a Rule 144A Letter and may be made regardless
of whether such entity is a “qualified institutional buyer” as defined in the
Securities Act.  Each Holder of a Class B
Note desiring to effect such transfer shall indemnify the Indenture Trustee,
the Issuing Entity, the Seller and the Servicer against any liability that may
result if the transfer is not so exempt or is not made in accordance with such
federal and state laws.

 

Each Noteholder or Note Owner,
by acceptance of a Note, or in the case of Note Owner, a beneficial interest in
the Note, represents that either (a) it is not (i) an employee
benefit plan (as defined in Section 3(3) of
ERISA) that is subject to the provisions of Title I of ERISA, (ii) a plan
described in Section 4975(e)(1) of
the Code, (iii) any entity whose underlying assets include plan assets of
any of the foregoing (each a “Benefit Plan”),
or (iv) a governmental plan (as defined in Section 3(32) of ERISA) that is subject to any law
substantially similar to ERISA or Section 4975
of the Code or (b) the purchase and holding of the Note, or a beneficial
interest therein, will not result in a non-exempt prohibited transaction under Section 406 of ERISA, Section 4975 of the Code or any
substantially similar applicable law.

 

The Class B Notes are
initially issued only as registered Definitive Notes without coupons in
denominations specified in the Indenture.

 

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

 

No reference herein to the
Indenture and no provision of this Note or of the Indenture shall alter or
impair the obligation of the Issuing Entity, which is absolute and
unconditional, to pay the principal of and interest on this Note at the times,
place and rate, and in the coin or currency, herein prescribed.

 

Anything herein to the contrary
notwithstanding, except as expressly provided in the Basic Documents, neither
The Bank of New York Mellon Trust Company, N.A., in its individual capacity,
any owner of a beneficial interest in the Issuing Entity, nor any of their
respective partners, beneficiaries, agents, officers, directors, employees,
successors or assigns shall be 

 

Exhibit A-5 (Page 6)

 

personally
liable for, nor shall recourse be had to any of them for, the payment of
principal of or interest on, or performance of, or omission to perform, any of
the covenants, obligations or indemnifications contained in this Note or the
Indenture, it being expressly understood that said covenants, obligations and
indemnifications have been made by the Indenture Trustee for the sole purposes
of binding the interests of the Indenture Trustee in the assets of the Issuing
Entity.  The Holder of this Note by the
acceptance hereof, and each Note Owner by the acceptance of a beneficial
interest herein, each agrees that, except as expressly provided in the Basic
Documents, in the case of an Event of Default under the Indenture, the Holder
and Note Owner shall have no claim against any of the foregoing for any
deficiency, loss or claim therefrom; provided, however,
that nothing contained herein shall be taken to prevent recourse to, and
enforcement against, the assets of the Issuing Entity for any and all
liabilities, obligations and undertakings contained in the Indenture or in this
Note.

 

Exhibit A-5 (Page 7)

 

ASSIGNMENT

 

Social Security or taxpayer
I.D. or other identifying number of assignee

 

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

 

 

(name and
address of assignee)

 

the within Note and all rights
thereunder, and hereby irrevocably constitutes and appoints                                           ,
attorney, to transfer said Note on the books kept for registration thereof,
with full power of substitution in the premises.

 

	
  Dated:

  	
   

  	
   

  	
  *

  
	
   

  	
   

  	
  Signature
  Guaranteed:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  To the
  extent required in the Indenture, signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements
  of the Note Registrar, which requirements include membership or participation
  in STAMP or such other “signature guarantee
  program” as may be determined by the Note Registrar in addition
  to, or in substitution for, STAMP, all in accordance with the Securities
  Exchange Act of 1934, as amended.

  

 

*              NOTE:  The signature to this assignment must
correspond with the name of the registered owner as it appears on the face of
the within Note in every particular without alteration, enlargement or any
change whatsoever.

 

Exhibit A-5 (Page 8)

 

EXHIBIT B

to Indenture

 

FORM OF SECTION 3.9
OFFICER’S CERTIFICATE

 

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

2 North LaSalle Street, Suite 1020

Chicago, Illinois 60602

 

Pursuant to Section 3.9 of the Indenture, dated
as of March 1, 2009 (the “Indenture”)
between CNH Equipment Trust 2009-A (the “Issuing Entity”)
and The Bank of New York Mellon Trust Company, N.A., as Indenture Trustee, the
undersigned hereby certifies that:

 

(a)           a review of the activities of the Issuing Entity during
the previous fiscal year and of performance under the Indenture has been made
under the supervision of the undersigned; and

 

(b)           to the best knowledge of the undersigned, based on such
review, the Issuing Entity has complied with all conditions and covenants under
the Indenture throughout such year. [or, if there has been a default in the
compliance of any such condition or covenant, this certificate is to specify
each such default known to the undersigned and the nature and status thereof]

 

	
   

  	
  CNH
  EQUIPMENT TRUST 2009-A

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  

 

Exhibit B (Page 1)

 

EXHIBIT C

to Indenture

 

FORM OF RULE 144A LETTER

 

                        ,
2009

 

CNH Equipment Trust 2009-A

c/o Wilmington Trust Company

1100 North Market Street

Wilmington, Delaware 19890

 

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

700 South Flower Street

Suite 500

Los Angeles, California 90017

 

Re:     CNH EQUIPMENT TRUST 2009-A

 

Ladies and Gentlemen:

 

In connection with our
acquisition of the Class B Notes (the “Notes”), we certify that (a) we
understand that the Notes are not being registered under the Securities Act of
1933, as amended (the “Act”), or any state securities laws and are being
transferred to us in a transaction that is exempt from the registration
requirements of the Act and any such laws, (b) we have such knowledge and
experience in financial and business matters that we are capable of evaluating
the merits and risks of investments in the Notes, (c) we have had the
opportunity to ask questions of and receive answers from CNH Equipment Trust
2009-A (the “Issuing Entity”) concerning the purchase of the Notes and all
matters relating thereto or any additional information deemed necessary to our
decision to purchase the Notes, (d) either (i) it is not an “employee
benefit plan” within the meaning of Section 3(3) of the Employee
Retirement Income Security Act of 1974, as amended (“ERISA”),
that is subject to Title I of ERISA, a “plan” as defined in Section 4975
of the Internal Revenue Code of 1986, as amended (the “Code”),
an entity deemed to hold “plan assets” of any of the foregoing or a “governmental
plan” as defined in Section 3(32) of ERISA that is subject to any law
substantially similar to ERISA or Section 4975 of the Code or (ii) the
acquisition and holding of the Note or any interest therein will not result in
a non-exempt prohibited transaction under Section 406 of ERISA, Section 4975
of the Code or any substantially similar applicable law, (e) we have not,
nor has anyone acting on our behalf offered, transferred, pledged, sold or
otherwise disposed of the Notes, any interest in the Notes or any other similar
security to, or solicited any offer to buy or accept a transfer, pledge or
other disposition of the Notes, any interest in the Notes or any other similar
security from, or otherwise approached or negotiated with respect to the Notes,
any interest in the Notes or any other similar security with, any person in any
manner, or made any general solicitation by means of general 

 

Exhibit C (Page 1)

 

advertising or
in any other manner, or taken any other action, that would constitute a
distribution of the Notes under the Act or that would render the disposition of
the Notes a violation of Section 5 of the Act or require registration
pursuant thereto, nor will act, nor has authorized or will authorize any person
to act, in such manner with respect to the Notes, (f) we are a “qualified
institutional buyer” as that term is defined in Rule 144A under the Act (“Rule 144A”)
and have completed either of the forms of certification to that effect attached
hereto as Annex 1 or Annex 2, (g) we are aware that the sale to us is
being made in reliance on Rule 144A, and (h) we are acquiring the
Notes for our own account or for resale pursuant to Rule 144A and further,
understand that such Notes may be resold, pledged or transferred only (A) to
a person reasonably believed to be a qualified institutional buyer that
purchases for its own account or for the account of a qualified institutional
buyer to whom notice is given that the resale, pledge or transfer is being made
in reliance on Rule 144A, or (B) pursuant to another exemption from
registration under the Act.

 

	
   

  	
  Very truly yours,

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Print Name of Transferee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Authorized Officer

  

 

Exhibit C (Page 2)

 

ANNEX 1 TO
EXHIBIT C

 

QUALIFIED INSTITUTIONAL BUYER
STATUS UNDER SEC RULE 144A

 

[For
Transferees Other Than Registered Investment Companies]

 

The
undersigned (the “Buyer”) hereby certifies as follows to the parties listed in
the Rule 144A Transferee Certificate to which this certification relates
with respect to the Notes described therein:

 

1.             As indicated below, the undersigned
is the President, Chief Financial Officer, Senior Vice President or other
executive officer of the Buyer.

 

2.             In connection with purchases by the
Buyer, the Buyer is a “qualified institutional buyer” as that term is defined
in Rule 144A under the Securities Act of 1933, as amended (“Rule 144A”)
because (i) the Buyer owned and/or invested on a discretionary basis
$                      (1)
in securities (except for the excluded securities referred to below) as of the
end of the Buyer’s most recent fiscal year (such amount being calculated in
accordance with Rule 144A and (ii) the Buyer satisfies the criteria
in the category marked below.

 

o  Corporation, etc. The Buyer is a corporation
(other than a bank, savings and loan association or similar institution),
Massachusetts or similar business trust, partnership, or charitable
organization described in Section 501(c)(3) of the Internal Revenue
Code of 1986, as amended.

 

o  Bank. The Buyer (a) is a national bank or
banking institution organized under the laws of any State, territory or the
District of Columbia, the business of which is substantially confined to
banking and is supervised by the State or territorial banking commission or
similar official or is a foreign bank or equivalent institution, and (b) has
an audited net worth of at least $25,000,000 as demonstrated in its latest
annual financial statements, a copy of which is attached hereto.

 

o  Savings and Loan. The Buyer (a) is a
savings and loan association, building and loan association, cooperative bank,
homestead association or similar institution, which is supervised and examined
by a State or Federal authority having supervision over any such institutions
or is a foreign savings and loan association or equivalent institution and (b) has
an audited net worth of at least $25,000,000 as demonstrated in its latest
annual financial statements, a copy of which is attached hereto.

 

o  Broker-dealer. The Buyer is a dealer
registered pursuant to Section 15 of the Securities Exchange Act of 1934.

 

(1)                                Buyer
must own and/or invest on a discretionary basis at least $100,000,000 in
securities unless Buyer is a dealer, and, in that case, Buyer must own and/or
invest on a discretionary basis at least $10,000,000 in securities.

 

Exhibit C (Page 3)

 

o  Insurance Company. The Buyer is an insurance
company whose primary and predominant business activity is the writing of
insurance or the reinsuring of risks underwritten by insurance companies and
which is subject to supervision by the insurance commissioner or a similar
official or agency of a State, territory or the District of Columbia.

 

o  State or Local Plan. The Buyer is a plan
established and maintained by a State, its political subdivisions, or any
agency or instrumentality of the State or its political subdivisions, for the
benefit of its employees.

 

o  ERISA Plan. The Buyer is an employee benefit
plan within the meaning of Title I of the Employee Retirement Income Security
Act of 1974.

 

o  Investment Advisor. The Buyer is an investment
advisor registered under the Investment Advisors Act of 1940.

 

o  Small Business Investment Company. Buyer is a
small business investment company licensed by the U.S. Small Business
Administration under Section 301(c) or (d) of the Small Business
Investment Act of 1958.

 

o  Business Development Company. Buyer is a
business development company as defined in Section 202(a)(22) of the
Investment Advisors Act of 1940.

 

3.             The term “securities” as used
herein does not include (i) securities of issuers that are affiliated with
the Buyer, (ii) securities that are part of an unsold allotment to or
subscription by the Buyer, if the Buyer is a dealer, (iii) securities
issued or guaranteed by the U.S. or any instrumentality thereof, (iv) bank
deposit notes and certificates of deposit, (v) loan participations, (vi) repurchase
agreements, (vii) securities owned but subject to a repurchase agreement
and (viii) currency, interest rate and commodity swaps.

 

4.             For purposes of determining the
aggregate amount of securities owned and/or invested on a discretionary basis
by the Buyer, the Buyer used the cost of such securities to the Buyer and did
not include any of the securities referred to in the preceding paragraph,
except (i) where the Buyer reports its securities holdings in its
financial statements on the basis of their market value, and (ii) no
current information with respect to the cost of those securities has been
published. If clause (ii) in the preceding sentence applies, the
securities may be valued at market. Further, in determining such aggregate
amount, the Buyer may have included securities owned by subsidiaries of the
Buyer, but only if such subsidiaries are consolidated with the Buyer in its
financial statements prepared in accordance with generally accepted accounting
principles and if the investments of such subsidiaries are managed under the
Buyer’s direction. However, such securities were not included if the Buyer is a
majority-owned, consolidated subsidiary of another enterprise and the Buyer is
not itself a reporting company under the Securities Exchange Act of 1934, as
amended.

 

5.             The Buyer acknowledges that it is
familiar with Rule 144A and understands that the seller to it and other
parties related to the Notes are relying and will continue to rely on the
statements made herein because one or more sales to the Buyer may be in
reliance on Rule 144A.

 

6.             Until the date of purchase of the Rule 144A
Securities, the Buyer will notify each of the parties to which this
certification is made of any changes in the information and 

 

Exhibit C (Page 4)

 

conclusions herein. Until such notice is given, the Buyer’s purchase of
the Notes will constitute a reaffirmation of this certification as of the date
of such purchase. In addition, if the Buyer is a bank or savings and loan is
provided above, the Buyer agrees that it will furnish to such parties updated
annual financial statements promptly after they become available.

 

	
   

  	
   

  
	
   

  	
  Print Name
  of Buyer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Date:

  	
   

  
				

 

Exhibit C (Page 5)

 

ANNEX 2 TO
EXHIBIT C

 

QUALIFIED INSTITUTIONAL BUYER
STATUS UNDER SEC RULE 144A

 

[For
Transferees That are Registered Investment Companies]

 

The
undersigned (the “Buyer”) hereby certifies as follows to the parties listed in
the Rule 144A Transferee Certificate to which this certification relates
with respect to the Notes described therein:

 

1.                                       As indicated
below, the undersigned is the President, Chief Financial Officer or Senior Vice
President of the Buyer or, if the Buyer is a “qualified institutional buyer” as
that term is defined in Rule 144A under the Securities Act of 1933, as
amended (“Rule 144A”) because Buyer is part of a Family of Investment
Companies (as defined below), is such an officer of the adviser.

 

2.                                       In connection
with purchases by Buyer, the Buyer is a “qualified institutional buyer” as
defined in SEC Rule 144A because (i) the Buyer is an investment
company registered under the Investment Company Act of 1940, as amended and (ii) as
marked below, the Buyer alone, or the Buyer’s Family of Investment Companies,
owned at least $100,000,000 in securities (other than the excluded securities
referred to below) as of the end of the Buyer’s most recent fiscal year. For
purposes of determining the amount of securities owned by the Buyer or the
Buyer’s Family of Investment Companies, the cost of such securities was used,
except (i) where the Buyer or the Buyer’s Family of Investment Companies
reports its securities holdings in its financial statements on the basis of
their market value, and (ii) no current information with respect to the
cost of those securities has been published. If clause (ii) in the
preceding sentence applies, the securities may be valued at market.

 

o  The Buyer owned
$[                          ]
in securities (other than the excluded securities referred to below) as of the
end of the Buyer’s most recent fiscal year (such amount being calculated
in accordance with Rule 144A).

 

o  The Buyer is part of a Family of Investment
Companies which owned in the aggregate
$[                          ]
in securities
(other than the excluded securities referred to below) as of the end of the
Buyer’s most recent fiscal year (such amount being calculated in accordance
with Rule 144A).

 

3.                                       The term “Family
of Investment Companies” as used herein means two or more registered investment
companies (or series thereof) that have the same investment adviser or
investment advisers that are affiliated (by virtue of being majority owned
subsidiaries of the same parent or because one investment adviser is a majority
owned subsidiary of the other).

 

4.                                       The
term “securities” as used herein does not include (i) securities of
issuers that are affiliated with the Buyer or are part of the Buyer’s Family of
Investment Companies, (ii) securities issued or guaranteed by the U.S. or
any instrumentality thereof, (iii) bank deposit notes and certificates of
deposit, (iv) loan participations, (v) repurchase agreements, (vi) securities
owned but subject to a repurchase agreement and (vii) currency, interest
rate and commodity swaps.

 

Exhibit C (Page 6)

 

5.                                       The
Buyer is familiar with Rule 144A and understands that the parties listed
in the Rule 144A Transferee Certificate to which this certification
relates are relying and will continue to rely on the statements made herein
because one or more sales to the Buyer will be in reliance on Rule 144A.
In addition, the Buyer will only purchase for the Buyer’s own account.

 

6.                                       Until
the date of purchase of the Notes, the undersigned will notify the parties
listed in the Rule 144A Transferee Certificate to which this certification
relates of any changes in the information and conclusions herein. Until such
notice is given, the Buyer’s purchase of the Notes will constitute a
reaffirmation of this certification by the undersigned as of the date of such
purchase.

 

	
   

  	
   

  
	
   

  	
  Print Name
  of Buyer or Adviser

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
  IF AN
  ADVISER:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Print Name
  of Buyer

  
	
   

  	
   

  
	
   

  	
  Date:

  	
   

  
				

 

Exhibit C (Page 7)

 

Schedule P

 

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

 

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

 

3.             Creation.  Immediately prior to the grant to the
Indenture Trustee pursuant to the Indenture, the Issuing Entity owns and has
good and marketable title to, or has a valid security interest in, the
Receivables free and clear of any Lien, claim or encumbrance of any Person.

 

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

 

5.             Priority.  Other than the security interest granted to
the Indenture Trustee pursuant to the Indenture, the Issuing Entity has not
pledged, assigned, sold, granted a security interest in, or otherwise conveyed
any of the Collateral.  The Issuing
Entity has not authorized the filing of and is not aware of any financing
statements against the Issuing Entity that include a description of collateral
covering the Collateral other than any financing statement (i) relating to
the security interest granted to the Indenture Trustee under the Indenture, (ii) that
has been terminated or relating to a security interest which has been released,
or (iii) that has been granted pursuant to the terms of the Basic
Documents.  None of the tangible chattel
paper that constitutes or 

 

Exhibit P (Page 1)

 

evidences the Collateral has any marks or notations indicating that
they have pledged, assigned or otherwise conveyed to any Person other than the
Indenture Trustee.  The Issuing Entity is
not aware of any judgment, ERISA or tax lien filings against it.

 

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

 

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

 

8.             Servicer
to Maintain Perfection and Priority. 
The Servicer covenants that, in order to evidence the interests of
Issuing Entity and the Indenture Trustee under this Agreement, Servicer shall
take such action, or execute and deliver such instruments as may be necessary
or advisable (including, without limitation, such actions as are requested by
Issuing Entity) to maintain and perfect, as a first priority interest, the
Indenture Trustee’s security interest in the Receivables.  Servicer shall, from time to time and within
the time limits established by law, prepare and present to the Indenture
Trustee for the Indenture Trustee to authorize the Servicer to file, all
financing statements, amendments, continuations, initial financing statements
in lieu of a continuation statement, terminations, partial terminations,
releases or partial releases, or any other filings necessary or advisable to
continue, maintain and perfect the Indenture Trustee’s security interest in the
Receivables as a first-priority interest (each a “Filing”).  Issuing Entity shall promptly authorize in
writing Servicer to, and Servicer shall, effect such Filing under the Uniform
Commercial Code without the signature of the Indenture Trustee or Issuing
Entity where allowed by applicable law.

 

Exhibit P (Page 2)

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