Document:

exhibit10_151.htm

    WAIVER
      NO. 3

    TO
      RECEIVABLES SALE
      AGREEMENT

     

    THIS
      WAIVER NO. 3
(this
"Waiver"},
      dated as of October 23, 2007, is among Navistar Financial
      Corporation, a Delaware corporation ("Navistar”),
      as Transferor, and Truck Retail Accounts Corporation,
      a
      Delaware corporation, as Transferee and pertains to that certain RECEIVABLES
      SALE AGREEMENT dated as of April 8, 2004 by and among the parties

    hereto
      (as heretofore amended or modified from time to time, the "Agreement”.  Unless
      defined elsewhere herein, capitalized terms used in this Waiver have the
      meanings assigned to such terms in the Agreement.

     

    PRELIMINARY
      STATEMENTS

     

    The
      Transferor has requested that the Transferee agree to waive certain provisions
      of the Agreement; and

     

    The
      Transferee is willing to agree to the requested waivers on the terms hereinafter
      set forth.

     

    NOW,
      THEREFORE,
in consideration of the premises and the mutual covenants
      herein contained, and for other good and valuable consideration, the receipt
      and
      sufficiency of which are hereby acknowledged, the parties hereto agree as
      follows:

     

    Section
      I.                      Waiver.

     

    (a)  The
      requirement in Section 4.1(a)(i) of
      the Agreement for delivery of annual financial statements of Parent and
      Transferor for fiscal years 2005 and 2006, the requirement in Section 4.1(a)(ii)
      of the Agreement for delivery of quarterly financial statements of Parent and
      Transferor for the first, second and third quarters of fiscal years 2006 and
      2007, and the requirements in Sections 4.1(a)(iii) for the delivery of certain
      compliance certificates related to the aforementioned financial statements,
      are
      each hereby waived until the earlier of (i) December 31, 2007 and (ii) the
      date
      on which Parent and Transferor shall have timely filed reports on Form 10-K
      or
      10-Q after the date hereof with the Securities and Exchange Commission pursuant
      to Sections 13 and 15 of the Securities Exchange Act of 1934, as amended (the
      "Exchange
      Act").

     

    (b)  Any
      condition or required representation or warranty that has not been satisfied
      or
      made or deemed made, as a result of the breach of any representation or warranty
      in Section 2.1(f) of the Agreement as a result of or arising out of any
      restatement, in connection with the audit conducted for the fiscal year ended
      October 31, 2005 or October 31, 2006, of any financial statements of Transferor
      or any of its affiliates for any period ending on or before October 31, 2007,
      or
      any reports, financial statements, certificates or other information containing
      similar information with respect to such periods, is hereby
      waived.

    
      
        
        

      

      
        E-393

        
          

        

      

      
        
        

      

    

     

    Section
      2.                      Agreement by
      Transferor. Notwithstanding anything to the contrary in the Agreement, to
      induce the parties to enter into this Waiver, until the expiration of the waiver
      provided in Section 1(a), Transferor agrees to deliver to the
      Transferee:

     

    (a)  As
      soon
      as available after the end of each of the fiscal years of Transferor ended
      October 31, 2005 and October 31, 2006, a copy of the annual report for such
      year
      for the Parent and its Subsidiaries, including therein (i) a consolidated
      balance sheet of the Parent and its Subsidiaries as of the end of such fiscal
      year and (ii) a consolidated statement of income and a consolidated statement
      of
      cash flows of the Parent and its Subsidiaries for such fiscal year, in each
      case
      prepared in accordance with Rule 3-10 of Regulation S-X, consistent with the
      Parent's past practice (unless otherwise required to conform with the results
      of
      the audit or changes in GAAP), on the basis of management's good faith
      calculations and fairly presenting in all material respects the consolidated
      financial condition of the Parent and its Subsidiaries as at such date and
      the
      consolidated results of operations of the Parent and its Subsidiaries for the
      period ended on such date; provided that, in
      the
      event of any change in generally accepted accounting principles used in the
      preparation of such financial statements, the Parent shall also provide a
      reconciliation.

     

    (b)  As
      soon
      as available after the end of the fiscal quarters ended January 31, 2006, April
      30, 2006, July 31, 2006, January 31, 2007, April 30, 2007 and July 31, 2007
      (i)
      a consolidated balance sheet of the Parent and its Subsidiaries as of the end
      of
      such quarter, (ii) a consolidated statement of income and a consolidated
      statement of cash flows of the Parent and its Subsidiaries for the period
      commencing at the end of the previous fiscal quarter and ending with the end
      of
      such fiscal quarter, and (iii) a consolidated statement of income and a
      consolidated statement of cash flows of the Parent and its Subsidiaries for
      the
      period commencing at the end of the previous fiscal year and ending with the
      end
      of such quarter, all prepared in accordance with Rule 3-10 of Regulation S-X,
      consistent with the Parent's past practice (unless otherwise required to conform
      with the results of the audit or changes in GAAP), on the basis of management's
      good faith calculations and fairly presenting in all material respects, subject
      to year end audit adjustments and the absence of footnotes, the consolidated
      financial condition of the Parent and its Subsidiaries as at such dates and
      the
      consolidated results of operations of the Parent and its Subsidiaries for the
      periods ended on such dates, setting forth in each case in comparative form
      the
      corresponding figures for the corresponding date or period of the preceding
      fiscal year, all in reasonable detail and duly certified (subject to normal
      year-end audit adjustments and the absence of footnotes) by a Financial Officer
      of the Parent consistent with the Parent's past practices; provided that, in
      the
      event a reconciliation from past practices to generally accepted accounting
      principles in the preparation of such financial statements is available, the
      Parent shall also provide such reconciliation.

     

    (c)  As
      soon
      as available, and in any event within 60 days after the end of each fiscal
      quarter (other than the last fiscal quarter of a fiscal year) or 90 days after
      the end of the last fiscal quarter of a fiscal year of Navistar, ended on or
      after October 31, 2007, management financial reports of Navistar setting forth
      (i) a preliminary consolidated balance sheet and consolidated statements of
      income in a management format , (ii) serviced portfolio information (iii)
      funding availability under its contractual arrangements with Truck Retail
      Installment Paper Corp. and under the Transferor Credit Agreement and (iv)
      calculations demonstrating compliance with Section 8.01 of the Transferor Credit
      Agreement, in each case prepared in a

     

    
      
        
        

      

      
        E-394

        
          

        

      

      
        
        

      

    

     

    manner
      materially consistent with the Transferor's past practices (unless otherwise
      required to conform with the results of the audit or changes in GAAP) and,
      to
      the extent relevant, on the basis of management's good faith efforts, in such
      form and detail reasonably satisfactory to the Agent; provided, however,
      that such reporting shall not be required so long as the Transferor has filed
      all reports with the Securities and Exchange Commission required pursuant to
      Section 13 of the Exchange Act. The parties hereto acknowledge that such
      management financial reports are not final and are subject to change in
      connection with either the preparation, for the corresponding fiscal quarter,
      of
      a report on Form I0-Q or 10-K, as a result of or arising out of any restatement,
      in connection with the audit conducted for the fiscal year ended October 31,
      2005 or October 31, 2006, as the case may be.

     

    (d)            As
      soon as available, and in any event within 30 days after the end of each month,
      commencing with the month of October 2007, monthly management financial reports
      of the Parent in respect of the sales and income by segment and cash balances,
      Indebtedness, capital expenditures and depreciation and amortization of the
      Parent and its consolidated Subsidiaries prepared in a manner consistent with
      the Parent's past practices (unless otherwise required to conform with the
      results of the audit or changes in GAAP) and on the basis of management's good
      faith calculations, in such form and detail reasonably satisfactory to the
      Agent; provided,however,
      that such
      reporting shall not be required so long as the Parent has filed all reports
      with
      the Securities and Exchange Commission required pursuant to Section 13 of the
      Exchange Act.

     

    Section
      3.                       Representations
      and
      Warranties. In order to induce the parties to enter into this Waiver, the
      Transferor represents and warrants to the Transferee that (a) after giving
      affect to this Waiver, each of Transferor's representations and warranties
      contained in Article II of the Agreement is true and correct as of the date
      hereof, (b) the execution and delivery by the Transferor of this Waiver, and
      the
      performance of its obligations hereunder, are within its corporate or limited
      partnership, as applicable, powers and authority and have been duly authorized
      by all necessary corporate or limited partnership, as applicable, action on
      its
      part, and (c) this Waiver has been duly executed and delivered by the Transferor
      and constitutes the legal, valid and binding obligation of such Seller Party
      enforceable against the Transferor in accordance with its terms, except as
      such
      enforcement may be limited by applicable bankruptcy, insolvency, reorganization
      or other similar laws relating to or limiting creditors' rights generally and
      by
      general principles of equity (regardless of whether enforcement is sought in
      a
      proceeding in equity or at law).

     

    Section
      4. Condition
      Precedent. This Waiver shall become effective as of the date first above
      written upon receipt by the Agent of counterparts hereof duly executed by each
      of the parties hereto.

     

    Section
      5.                       Miscellaneous.

     

    (a)
      THIS
      WAIVER SHALL BE GOVERNED AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS
      (AND
      NOT THE LAW OF CONFLICTS) OF THE STATE OF ILLINOIS.

     

    (c)
      Except as expressly modified hereby, the Agreement remains unaltered and in
      full
      force and effect and is hereby ratified and confirmed. This Waiver shall be
      binding

    upon and inure to the benefit of the parties hereto and
      their
      respective successors and permitted assigns (including any trustee in
      bankruptcy).

     

    
      
        
        

      

      
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    upon
      and
      inure to the benefit of the parties hereto and their respective successors
      and
      permitted assigns (including any trustee in bankruptcy).

     

    (c)           This
      Waiver may be executed in any number of counterparts and by different parties
      hereto in separate counterparts, each of which when so executed shall be deemed
      to be an original and all of which when taken together shall constitute one
      and
      the same agreement.

    

      
        
          
          

        

        
          E-396

          
            

          

        

        
          
          

        

      

    

     

    IN
      WITNESS WHEREOF,
the parties hereto have caused this Waiver to be executed and
      delivered by their duly authorized officers as of the date hereof.

     

     

    NAVISTAR
      FINANCIAL CORPORATION,

    

    By:      /s/
      JOHN
      V. MULVANEY,
      SR.

    Name:      John
      V. Mulvaney, Sr.

    Title:        V.P.
      CFO & Treasurer

    

    

    TRUCK
      RETAIL ACCOUNTS CORPORATION

    

    By:      /s/
      JOHN
      V. MULVANEY,
      SR.

    Name:      
      John V. Mulvaney, Sr.

    Title:        
      V.P. CFO & Treasurer

    

    
      
        
        

      

      
        E-397exhibit10_152.htm

     

    EXECUTION
      COPY

     

    
      	
              Navistar
                Financial Corporation

              Navistar
                Financial Retail Receivables Corporation 

              425
                N Martingale Road

              Suite
                1800

              Schaumburg,
                Illinois 60173

               

                        Re:
                Waiver

               

              Ladies/Gentlemen:

            	
              October
                23, 2007

            

    

     

    Please
      refer to the Receivables Purchase Agreement, dated as of July 30, 2004 (as
      in
      effect on the date hereof, the "Receivables Purchase
      Agreement") among Navistar Financial Retail Receivables Corporation, as
      Seller, Navistar Financial Corporation, as Servicer, Thunder Bay Funding, LLC,
      as Company, and Royal Bank of Canada, as Agent. Capitalized terms used but
      not
      defined herein have the respective meanings ascribed to them in the Receivables
      Purchase Agreement.

     

    The
      Receivables Purchase Agreement requires, among other things, the
      following:

     

    (i)  Section
      5.1(a) requires that the Servicer deliver to the Agent (x) within 120 days
      after
      the close of each fiscal year, a copy of the annual report for the Servicer
      for
      such fiscal year on Form 10-K (the "10-K Delivery
      Requirement") and (y) within 45 days after the close of the first three
      quarterly periods of a fiscal year, a copy of the quarterly report for the
      Servicer for such fiscal year on form 10-Q (the "10-Q Delivery
      Requirement"); and

     

    (ii)  Section
      6.10 requires that on or before February 1 of each year, beginning February
      1,
      2005, the Servicer shall cause a firm of independent accountants to deliver
      to
      the Agent an independent Accountant's Report for the preceding fiscal year
      (the
"Independent
      Accountant's
      Report Delivery Requirement").

     

    For
      (x)
      the fiscal year ended on October 31, 2005 (the "2005 Fiscal Year"),
      the Servicer has failed to satisfy the 10-K Delivery Requirement and has failed
      to satisfy the Independent Accountant's Report Delivery Requirement and (y)
      the
      fiscal year ended on October 31, 2006 (the "2006 Fiscal Year"),
      the Servicer has failed to satisfy the 10-K Delivery Requirement and expects
      to
      fail to satisfy the Independent Accountant's Report Delivery
      Requirement.

     

    Additionally,
      the Servicer has notified the Agent that it (i) has failed to timely file its
      annual reports on Form 10-K for the 2005 Fiscal Year and the 2006 Fiscal Year
      with the Securities and Exchange Commission in accordance with the Securities
      and Exchange Act of 1934, (ii) has failed to timely file quarterly reports
      on
      Form 10-Q for all of its fiscal quarters in 2006 with the Securities Exchange
      Commission in accordance with the Securities Exchange Act of
      1934,
      and (iii) has failed to timely file one or more of
      its quarterly
      reports on Form 10-Q for fiscal quarters in 2007 with the Securities and
      Exchange Commission in accordance with the Securities and Exchange Act of 1934
      (the occurrence of any such failure, a "Periodic
      ReportingFailure").

    
      
        
        

      

      
        E-398

        
          

        

      

      
        
        

      

    

     

    The
      Servicer has requested that the Agent waive any potential Servicer Defaults
      arising from the matters described above. The Agent hereby agrees to waive
      the
      occurrence of any Servicer Defaults to the extent described below.

     

    1.   The
      Agent hereby waives any Servicer Default arising solely from the failure to
      satisfy the 10-K Delivery Requirements for the 2005 Fiscal Year and the 2006
      Fiscal Year; provided that this waiver shall only remain effective until
      December 31, 2007 unless the Servicer shall have satisfied the 10-K Delivery
      Requirements for the 2005 Fiscal Year and the 2006 Fiscal Year prior to such
      date.

     

    2.   The
      Agent hereby waives any Servicer Default arising solely from the failure to
      satisfy the 10-Q Delivery Requirements for any fiscal quarter in the 2006 fiscal
      year of the Servicer and any fiscal quarter in the 2007 fiscal year of the
      Servicer; provided that this waiver shall only remain effective until December
      31, 2007 unless the Servicer shall have satisfied the 10-Q Delivery Requirements
      for each fiscal quarter in the 2006 and the 2007 fiscal year of the Servicer
      prior to such date.

     

    3.   The
      Agent hereby waives any Servicer Default arising under Section 5.1(c) of the
      Receivables Purchase Agreement from any Periodic Reporting Failure; provided
      that this waiver shall only remain effective until December 31, 2007 unless
      the
      Servicer shall have caused the annual reports and quarterly reports giving
      rise
      to any Periodic Reporting Failure to be filed with the Securities and Exchange
      Commission prior to such date.

     

    4.   The
      Agent hereby waives any Servicer Default arising solely from the failure of
      the
      Servicer to satisfy the Independent Accountant's Report Delivery Requirement;
      provided that this waiver shall only remain effective until December 31, 2007
      unless the Servicer shall have satisfied the Independent Accountant's Report
      Delivery Requirement prior to such date.

     

    The
      Agent
      hereby expressly reserves, and nothing herein shall be construed as a waiver
      of,
      (i) any Servicer Default specified in paragraphs 1, 2, 3 and 4 above, to the
      extent that the effectiveness of the waiver of such Servicer Default shall
      lapse
      as described therein and (ii) any rights with respect to any breach constituting
      a Servicer Default or Potential Servicer Default existing or arising for any
      other reason.

     

    This
      waiver may be executed in any number of counterparts and by the different
      parties on separate counterparts, and each such counterpart shall be deemed
      to
      be an original but all such counterparts shall together constitute one and
      the
      same waiver. This waiver shall be a contract made under and governed by the
      internal laws of the State of New York applicable to contracts made and to
      be
      performed entirely within such State.

    
      
        
        

      

      
        E-399

        
          

        

      

      
        
        

      

    

     

    IN
      WITNESS WHEREOF, the undersigned has caused this waiver to be duly executed
      and
      delivered by their respective duly authorized officers on the day and year
      first
      above written.

     

    ROYAL
      BANK OF CANADA, as Agent

     

    By:           
      /s/ KAREN
      STONE

    Name:             Karen
      E. Stone

    Title:              Authorized
      Signatory

     

     

    ACKNOWLEDGED
      AND AGREED:

     

    NAVISTAR
      FINANCIAL CORPORATION

    

    By:        
      /s/ JOHN
      V. MULVANEY,
      SR.

    Name:         
      John V. Mulvaney, Sr.

    Title:          
      V.P. CFO & Treasurer

     

    NAVISTAR
      FINANCIAL RETAIL RECEIVABLES CORPORATION

    

    By:      /s/
      JOHN
      V. MULVANEY,
      SR.

    Name:      John
      V. Mulvaney, Sr.

    Title:       V.P.
      CFO & Treasurer

     

    
      
        
        

      

      
        E-400

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