Document:

EXHIBIT
4.5

 

CNH EQUIPMENT TRUST 2006-B

PURCHASE AGREEMENT

between

CNH CAPITAL AMERICA LLC

and

CNH CAPITAL RECEIVABLES LLC

 

Dated as of September 1,
2006

 

 

 

Table of Contents

	
  

  	
   

  	
   

  	
  Page

  
	
  ARTICLE
  I

  	
  Certain
  Definitions

  	
   

  	
  2

  
	
  SECTION 1.1.

  	
  Definitions

  	
   

  	
  2

  
	
  SECTION 1.2.

  	
  Other
  Definitional Provisions

  	
   

  	
  2

  
	
  ARTICLE
  II

  	
  Conveyance
  of Receivables

  	
   

  	
  3

  
	
  SECTION 2.1.

  	
  Conveyance
  of Purchased Contracts

  	
   

  	
  3

  
	
  SECTION 2.2.

  	
  Conveyance
  of Subsequent CNHCA Receivables

  	
   

  	
  3

  
	
  SECTION 2.3.

  	
  Intention
  of the Parties

  	
   

  	
  4

  
	
  SECTION 2.4.

  	
  The
  Closing

  	
   

  	
  5

  
	
  SECTION 2.5.

  	
  Payment
  of the Purchase Price

  	
   

  	
  5

  
	
  SECTION 2.6.

  	
  Cross-Collateralization

  	
   

  	
  6

  
	
  ARTICLE
  III

  	
  Representations
  and Warranties

  	
   

  	
  6

  
	
  SECTION 3.1.

  	
  Representations
  and Warranties of CNHCR

  	
   

  	
  6

  
	
  SECTION 3.2.

  	
  Representations
  and Warranties of CNHCA

  	
   

  	
  7

  
	
  ARTICLE
  IV

  	
  Conditions

  	
   

  	
  13

  
	
  SECTION 4.1.

  	
  Conditions
  to Obligation of CNHCR

  	
   

  	
  13

  
	
  SECTION 4.2.

  	
  Conditions
  to Obligation of CNHCA

  	
   

  	
  16

  
	
  ARTICLE
  V

  	
  Covenants
  of CNHCA

  	
   

  	
  16

  
	
  SECTION 5.1.

  	
  Protection
  of Right, Title and Interest

  	
   

  	
  16

  
	
  SECTION 5.2.

  	
  Other
  Liens or Interests

  	
   

  	
  17

  
	
  SECTION 5.3.

  	
  Jurisdiction
  of Organization

  	
   

  	
  17

  
	
  SECTION 5.4.

  	
  Costs
  and Expenses

  	
   

  	
  17

  
	
  SECTION 5.5.

  	
  Indemnification

  	
   

  	
  17

  
	
  SECTION 5.6.

  	
  Transfer
  of Subsequent CNHCA Receivables

  	
   

  	
  18

  
	
  SECTION 5.7.

  	
  Cross-Collateralization

  	
   

  	
  18

  
	
  ARTICLE
  VI

  	
  Miscellaneous
  Provisions

  	
   

  	
  18

  
	
  SECTION 6.1.

  	
  Obligations
  of CNHCA

  	
   

  	
  18

  
	
  SECTION 6.2.

  	
  Repurchase
  Events

  	
   

  	
  18

  
	
  SECTION 6.3.

  	
  CNHCR
  Assignment of Repurchased Receivables

  	
   

  	
  18

  
	
  SECTION 6.4.

  	
  Trust

  	
   

  	
  19

  
	
  SECTION 6.5.

  	
  Amendment

  	
   

  	
  19

  
	
  SECTION 6.6.

  	
  Accountants’
  Letters

  	
   

  	
  20

  
	
  SECTION 6.7.

  	
  Waivers

  	
   

  	
  20

  
	
  SECTION 6.8.

  	
  Notices

  	
   

  	
  20

  
					

 i
 

 

 

	
  

  	
   

  	
   

  	
  Page

  
	
  SECTION 6.9.

  	
  Costs
  and Expenses

  	
   

  	
  21

  
	
  SECTION 6.10.

  	
  Representations
  of CNHCA and CNHCR

  	
   

  	
  21

  
	
  SECTION 6.11.

  	
  Confidential
  Information

  	
   

  	
  21

  
	
  SECTION 6.12.

  	
  Headings
  and Cross-References

  	
   

  	
  21

  
	
  SECTION 6.13.

  	
  Governing
  Law

  	
   

  	
  21

  
	
  SECTION 6.14.

  	
  Counterparts

  	
   

  	
  21

  
	
  SECTION 6.15.

  	
  Severability

  	
   

  	
  21

  
	
  SECTION 6.16.

  	
  Information
  Requests

  	
   

  	
  21

  
	
  EXHIBITS

  
	
  EXHIBIT A

  	
  Form of CNHCA Assignment

  	
   

  	
   

  
	
  EXHIBIT B

  	
  Form of CNHCA Subsequent Transfer Assignment

  	
   

  	
   

  
	
  SCHEDULES

  
	
  SCHEDULE P

  	
  Perfection Representation and Warranties

  	
   

  	
   

  
					

 

 ii

PURCHASE AGREEMENT (as
amended or supplemented from time to time, this “Agreement”) dated as of
September 1, 2006 between CNH CAPITAL AMERICA LLC, a Delaware limited liability
company (“CNHCA”), and CNH CAPITAL RECEIVABLES LLC, a Delaware
limited liability company (“CNHCR”).

RECITALS

WHEREAS,
in the regular course of its business, CNHCA purchases, directly and
indirectly, from equipment dealers and brokers, and directly originates,
Contracts; and

WHEREAS, CNHCA and CNHCR wish to set forth the terms
pursuant to which: (1) Contracts having an aggregate Contract Value of
approximately $197,190,386.91 and identified on Schedule A to
the CNHCA Assignment (the “Purchased
Contracts”)
as of the Initial Cutoff Date are to be sold by CNHCA to CNHCR on the date
hereof and (2) certain Subsequent CNHCA Receivables are to be sold by CNHCA to
CNHCR from time to time on each Subsequent Transfer Date; and

WHEREAS,
CNHCR, as of the Initial Cutoff Date, owned Contracts previously purchased from
CNHCA pursuant to an Amended and Restated Receivables Purchase Agreement dated
as of December 15, 2000 (as amended from time to time, the “Liquidity Receivables
Purchase Agreement”)
between CNHCA and CNHCR, having an aggregate Contract Value of approximately $756,177,581.08 and identified on Schedule A to the Assignment (the “Owned Contracts”, and together with
the Purchased Contracts, the “Initial
Receivables”);
and

WHEREAS,
the Initial Receivables and the Subsequent CNHCA Receivables will be
transferred by CNHCR, pursuant to the Sale and Servicing Agreement, to CNH
Equipment Trust 2006-B (the “Trust”), which Trust will
issue Certificates representing non-assessable, fully paid, undivided
beneficial interests in, and Notes collateralized by, the Receivables and the
other property of the Trust; and

WHEREAS,
CNHCA and CNHCR wish to set forth herein certain representations, warranties,
covenants and indemnities of CNHCA with respect to the Receivables for the
benefit of CNHCR, the Trust, the Noteholders, any Counterparty and the
Certificateholders.

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

 

ARTICLE
I

Certain Definitions

SECTION 1.1.  Definitions. 
Capitalized terms used herein and not otherwise defined herein are
defined in Appendix A to the Indenture dated as
of the date hereof between CNH Equipment Trust 2006-B and JPMorgan Chase Bank,
N.A., as Indenture Trustee.

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

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

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

(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.

 2
 

 

ARTICLE
II

Conveyance of Receivables

SECTION 2.1.  Conveyance
of Purchased Contracts.  In consideration of CNHCR’s
payment of $197,190,386.91 (the “Initial Purchase Price”) in the manner set
out in Section 2.5(a), CNHCA does hereby sell,
transfer, assign, set over and otherwise convey to CNHCR, without recourse
(subject to the obligations herein), all of its right, title, interest in, to
and under (collectively, the “Initial
CNHCA Assets”):

(i)                              the Purchased
Contracts and the Owned Contracts, including all documents constituting chattel
paper included therewith, and all obligations of the Obligors thereunder,
including all monies paid thereunder on or after the Initial Cutoff Date;

(ii)                             the security
interests in the Financed Equipment granted by Obligors pursuant to the
Purchased Contracts and the Owned Contracts and any other interest of CNHCA in
such Financed Equipment;

(iii)                            any proceeds with
respect to the Purchased Contracts and the Owned Contracts from claims on
insurance policies covering Financed Equipment or Obligors;

(iv)                            any proceeds from
recourse to Dealers with respect to the Purchased Contracts and the Owned
Contracts other than any interest in the Dealers’ reserve accounts maintained
with CNHCA;

(v)                             any Financed
Equipment that shall have secured the Purchased Contracts and the Owned
Contracts and that shall have been acquired by or on behalf of CNHCR; and

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

Insofar as the
grant above relates to Owned Contracts and related property, it is made for
administrative convenience and is not intended to derogate from the prior
conveyance of the Owned Contracts and related property pursuant to the
Liquidity Receivables Purchase Agreement.

SECTION 2.2.  Conveyance of Subsequent CNHCA Receivables.  Subject to the conditions set forth in Section 4.1(b), in consideration
of CNHCR’s delivery on the related Subsequent Transfer Date to or upon the
order of CNHCA of the related Subsequent Purchase Price pursuant to Section 2.5, CNHCA does hereby sell, transfer, assign, set
over and otherwise convey to CNHCR, without recourse (subject to the
obligations herein), all of its right, title, interest in, to and under
(collectively, the “Subsequent
CNHCA Assets”;
and together with the Initial CNHCA Assets, the “Assets”):

 3
 

 

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

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

(iii)                            any proceeds with
respect to such Subsequent CNHCA Receivables from claims on insurance policies
covering Financed Equipment or Obligors;

(iv)                            any proceeds with
respect to such Subsequent CNHCA Receivables from recourse to Dealers other
than any interest in the Dealers’ reserve accounts maintained with CNHCA;

(v)                             any Financed
Equipment that shall have secured any such Subsequent CNHCA Receivable and that
shall have been acquired by or on behalf of CNHCR; and

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

SECTION 2.3.  Intention of the
Parties.  The parties to
this Agreement intend that the transactions contemplated hereby shall be, and shall be treated as, a purchase by CNHCR
and a sale by CNHCA of the Purchased Contracts and the Subsequent CNHCA
Receivables and not as a lending transaction, such that in the event of a
filing of a petition for relief by or against CNHCA under the Bankruptcy Code,
(i) such Purchased Contracts and Subsequent CNHCA Receivables would not be
property of CNHCA’s bankruptcy estate under Section 541 of the Bankruptcy Code,
(ii) the bankruptcy court would not compel the turnover of such Purchased
Contracts and Subsequent CNHCA Receivables or collections thereon by CNHCR to
CNHCA under Section 542 of the Bankruptcy Code, and (iii) the bankruptcy court
would determine that payments on such Purchased Contracts and Subsequent CNHCA
Receivables not in the possession of CNHCA would not be subject to the
automatic stay provisions of Section 362(a) of the Bankruptcy Code imposed upon
the commencement of CNHCA’s bankruptcy case. 
The foregoing sale, assignment, transfer and conveyance does not
constitute, and is not intended to result in a creation or assumption by CNHCR
of, any obligation or liability with respect to any Purchased Contract or any
Subsequent CNHCA Receivables, nor shall CNHCR be obligated to perform or
otherwise be responsible for any obligation of CNHCA or any other Person in
connection with the Purchased Contracts or the Subsequent CNHCA Receivables or
under any

 4
 

 

agreement or instrument
relating thereto, including any contract or any other obligation to any
Obligor.

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

SECTION 2.4.  The Closing. 
The sale and purchase of the Purchased Contracts shall take place at a
closing at the offices of Mayer, Brown, Rowe
& Maw LLP, 71 South Wacker Drive, Chicago, Illinois 60606 on the Closing
Date, simultaneously with the closings under: (a) the Sale and Servicing
Agreement, (b) the Trust Agreement, (c) the Administration Agreement and
(d) the Indenture.

SECTION 2.5.  Payment of the Purchase Price.

(a)           Purchased
Contracts.  The Initial
Purchase Price is payable as follows: 
(i) partially in cash on the Closing Date, and (ii) the remainder shall
be deemed to have been added to the outstanding balance of the subordinated
note, dated as of December 15, 2000, payable by CNHCR to CNHCA and executed in
connection with the Liquidity Receivables Purchase Agreement.

(b)           Subsequent
CNHCA Receivables.  As
consideration for the conveyance of Subsequent CNHCA Receivables pursuant to Section 2.2, CNHCR shall pay or cause to be paid to CNHCA on
each Subsequent Transfer Date an amount (a “Subsequent Purchase Price”) equal to the
aggregate Contract Value of the Subsequent CNHCA Receivables as of the related
Subsequent Cutoff Date, plus any premium or minus any discount agreed upon by
CNHCA and CNHCR.  Any Subsequent Purchase
Price shall be payable as follows: (i) cash in the amount released to CNHCR in
respect of the Subsequent CNHCA Receivables from the Pre-Funding Account
pursuant to Section 5.8(a) of the Sale and Servicing Agreement shall be
paid to CNHCA on the related Subsequent Transfer Date; and (ii) the
balance shall be paid in cash as and when amounts are released to, or otherwise
realized by, CNHCR from the Spread Account, the Negative Carry Account, and the
Principal Supplement Account in accordance with the Sale and Servicing
Agreement, or otherwise are available for such purpose.

 5
 

 

SECTION 2.6.  Cross-Collateralization.  To the extent CNHCA retains any interest in
any item of Financed Equipment securing the
repayment of any Receivable, as a result of the related Obligor agreeing to
cross-collateralize all obligations owed by such Obligor to CNHCA or otherwise,
CNHCA acknowledges and agrees that its interest in the Financed Equipment shall
be expressly subordinate and junior in priority to the repayment of all amounts
outstanding under such Receivable prior to becoming available to pay any amount
outstanding under any other obligation owed by such Obligor to CNHCA.  CNHCA hereby represents, warrants and
covenants that NH Credit has not retained, and will not retain, any interest in
any item of Financed Equipment securing the repayment of any Receivable,
whether as a result of the related Obligor agreeing to cross-collateralize
obligations or otherwise.

ARTICLE
III

Representations and Warranties

SECTION 3.1.  Representations and Warranties of CNHCR.  CNHCR hereby represents and warrants to CNHCA
as of the date hereof and as of the Closing
Date:

(a)           Organization
and Good Standing.  CNHCR has
been duly organized and is validly existing as a limited liability company in
good standing under the laws of the State of Delaware, with the power and authority
to own its properties and to conduct its business as such properties are
currently owned and such business is presently conducted, and had at all
relevant times, and has, the power and authority to acquire, own and sell the
Receivables.

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

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

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

 6
 

 

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

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

SECTION 3.2.  Representations and Warranties of CNHCA.  (a) 
CNHCA hereby represents and warrants to CNHCR as of the date hereof and as of the Closing Date:

(i)                              Organization and Good Standing.  CNHCA has been duly organized and is validly
existing as a limited liability company in good standing under the laws of the
State of Delaware, with the power and authority to own its properties and to
conduct its business as such properties are currently owned and such business
is presently conducted, and had at all relevant times, and has, the power and
authority to acquire, own and sell the Receivables.

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

 7
 

 

(iii)                            Power and Authority.  CNHCA has the power and authority to execute
and deliver this Agreement and to carry out its terms; CNHCA has full power and
authority to sell and assign the property to be sold and assigned to CNHCR
hereby and has duly authorized such sale and assignment to CNHCR by all
necessary limited liability company action; and the execution, delivery and
performance of this Agreement have been, and the execution, delivery and
performance of each CNHCA Subsequent Transfer Assignment have been or will be
on or before the related Subsequent Transfer Date, duly authorized by CNHCA by
all necessary limited liability company action.

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

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

(vi)                            No Proceedings.  There are no proceedings or investigations
pending or, to CNHCA’s best knowledge, threatened, before any court, regulatory
body, administrative agency or other governmental instrumentality having
jurisdiction over CNHCA or its properties: 
(A) asserting the invalidity of this Agreement, (B) seeking to prevent
the consummation of any of the transactions contemplated by this Agreement, or
(C) seeking any determination or ruling that could reasonably be expected to
materially and adversely affect the performance by CNHCA of its obligations
under, or the validity or enforceability of, this Agreement.  As of the date of the Underwriting Agreement,
Prospectus Date and the Closing Date, there are no legal proceedings pending
against CNHCA, or of which any property of CNHCA is subject, that are material
to the Noteholders, and no such legal proceedings are known to CNHCA to be
contemplated by any governmental authority.

(b)           CNHCA makes the following
representations and warranties as to the Receivables on which CNHCR relies in
accepting the Initial Receivables and the Subsequent CNHCA Receivables and in
transferring the Receivables to the Trust.

 8
 

 

Such representations and
warranties speak as of the Closing Date, in the case of the Initial Receivables,
and as of the applicable Subsequent Transfer Date, in the case of the
Subsequent Receivables, but shall survive the sale, transfer and assignment of
the Receivables to CNHCR and the subsequent assignment and transfer of such
Receivables to the Trust pursuant to the Sale and Servicing Agreement and
pursuant to the Indenture:

(i)                              Characteristics of Receivables.  Each Receivable is a Retail Installment
Contract and: (A) (1) (i) was originated in the United States of America by a
Dealer in connection with the retail sale of Financed Equipment in the ordinary
course of such Dealer’s business, and (ii) was purchased by CNHCA from a Dealer
and validly assigned by such Dealer to CNHCA in accordance with its terms,
except that some of the Receivables were purchased by NH Credit from Dealers
(after being originated as provided above), securitized in the Prior
Securitization and purchased by CNHCA through the exercise of a clean-up call
relating to the Prior Securitization, (2) was originated in the United States
of America by CNHCA in connection with the financing or refinancing, as
applicable, of Financed Equipment in the ordinary course of CNHCA’s business or
(3)  (i) was originated in the United
States of America in connection with the financing of Financed Equipment in the
ordinary course of a Dealer’s business, through a program in which CIT Bank
funds installment loans to consumers to enable the consumers to purchase
products distributed by such Dealer, and (ii) was purchased by CNHCA from CIT
Bank and validly assigned by CIT Bank to CNH in accordance with its terms, and
in the case of the foregoing clauses (1), (2) and (3), was fully
and properly executed by the parties thereto, (B) has created a valid,
subsisting and enforceable first priority security interest in the Financed
Equipment in favor of CNHCA except to the extent that such security interest
has been assigned by CNHCA to CNHCR, by CNHCR to the Issuing Entity and by the
Issuing Entity to the Indenture Trustee, (C) contains customary and enforceable
provisions such that the rights and remedies of the holder thereof are adequate
for realization against the collateral of the benefits of the security, and (D)
provides for fixed payments on a periodic basis that fully amortize the Amount
Financed by maturity and yield interest at the Annual Percentage Rate.

(ii)                             Schedule of Receivables; No Adverse Selection of
Receivables; Accuracy of Computer Tape.  The information set forth on Schedule A to the CNHCA Assignment
delivered on the Closing Date is true and correct in all material respects as
of the opening of business on the Initial Cutoff Date and the information set
forth on Schedule A to the related CNHCA
Subsequent Transfer Assignment will be true and correct on each Subsequent
Transfer Date related to such CNHCA Subsequent Transfer Assignment.  No selection procedures believed by CNHCA to
be adverse to the interests of the Trust, the Noteholders or the
Certificateholders were or will be utilized in selecting the Receivables.  The computer tape regarding the Receivables
made available to CNHCR and its assigns is true and correct in all respects.

 9
 

 

(iii)                            Compliance with Law.  Each Receivable and the sale of the related
Financed Equipment complied in all material respects at the time it was
originated or made and at the execution of this Agreement, and each CNHCA
Subsequent Transfer Assignment complies in all material respects, with all
requirements of applicable federal, state and local laws and regulations
thereunder, including usury law, the Federal Truth-in-Lending Act, the Equal
Credit Opportunity Act, the Fair Credit Reporting Act, the Fair Debt Collection
Practices Act, the Federal Trade Commission Act, the Magnuson-Moss Warranty
Act, the Federal Reserve Board’s Regulations B and Z, the Wisconsin Consumer
Act and state adaptations of the National Consumer Act and of the Uniform
Consumer Credit Code, and other consumer credit laws and equal credit
opportunity and disclosure laws.

(iv)                            Binding Obligation.  Each Receivable represents the genuine,
legal, valid and binding payment obligation in writing of the Obligor,
enforceable by the holder thereof in accordance with its terms.

(v)                             No Government Obligor.  None of the Receivables is due from the
United States of America or any state or from any agency, department or
instrumentality of the United States of America or any state.

(vi)                            Security Interest in Financed Equipment.  Immediately prior to the sale, assignment and
transfer thereof, each Receivable shall be secured by a validly perfected first
priority security interest in the Financed Equipment in favor of CNHCA as
secured party or all necessary and appropriate actions have been commenced that
would result in the valid perfection of a first priority security interest in
the Financed Equipment in favor of CNHCA as secured party.

(vii)                           Receivables in Force.  No Receivable has been satisfied,
subordinated or rescinded, nor has any Financed Equipment been released from
the Lien granted by the related Receivable in whole or in part.

(viii)                          No Amendment or Waiver.  No provision of a Receivable has been waived,
altered or modified in any respect, except pursuant to a document, instrument
or writing included in the Receivable Files and no such amendment, waiver,
alteration or modification causes such Receivable not to conform to the other
warranties contained in this Section.

(ix)                            No Defenses.  No right of rescission, setoff, counterclaim
or defense has been asserted or threatened or exists with respect to any
Receivable.

(x)                             No Liens. 
To the best of CNHCA’s knowledge, no Liens or claims, including claims
for work, labor or materials, relating to any of the Financed Equipment have
been filed that are Liens prior to, or equal or coordinate with, the security
interest in the Financed Equipment granted by any Receivable, except those
pursuant to the Basic Documents.

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(xi)                            No Default. 
No Receivable is a non-performing Receivable or has a payment that is
more than 90 days overdue as of
the Initial Cutoff Date or Subsequent Cutoff Date, as applicable, and, except
for a payment default continuing for a period of not more than 90 days,
no default, breach, violation or event permitting acceleration under the terms
of any Receivable has occurred and is continuing; and no continuing condition
that with notice or the lapse of time would constitute such a default, breach,
violation or event permitting acceleration under the terms of any Receivable
has arisen; and CNHCA has not waived and shall not waive any of the foregoing.

(xii)                           Title. 
It is the intention of CNHCA that the transfers and assignments
contemplated herein and in the Liquidity Receivables Purchase Agreement
constitute a sale of the Receivables from CNHCA to CNHCR and that the
beneficial interest in and title to the Receivables not be part of the debtor’s
estate in the event of the filing of a bankruptcy petition by or against CNHCA
under any bankruptcy or similar law. 
Immediately prior to the transfers and assignments contemplated herein
and in the Liquidity Receivables Purchase Agreement, CNHCA had good title to each
Receivable, free and clear of all Liens and, immediately upon the transfer
thereof, CNHCR shall have good title to each Receivable, free and clear of all
Liens; and the transfer and assignment of the Receivables to CNHCR has been
perfected under the UCC.

(xiii)                          Lawful Assignment.  No Receivable has been originated in, or is
subject to the laws of, any jurisdiction under which the sale, transfer and
assignment of such Receivable or any Receivable under this Agreement, the
Liquidity Receivables Purchase Agreement, the Sale and Servicing Agreement or
the Indenture is unlawful, void or voidable.

(xiv)                          All Filings Made.  All filings (including UCC filings) necessary
in any jurisdiction to give CNHCR a first priority perfected ownership interest
in the Receivables will be made on or prior to the Closing Date.

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

(xvi)                          Maturity of Receivables.  Each Receivable has a remaining term to
maturity of not more than 72
months, in the case of the Initial Receivables, and 72 months, in the case of the Subsequent Receivables; the
weighted average remaining term of the Initial Receivables is approximately
47.05 months as of the Initial Cutoff Date; the weighted average original term
of the Receivables, including as of each Subsequent Transfer Date all
Subsequent Receivables previously transferred to CNHCR, will not be greater
than 55 months.

(xvii)                         Scheduled Payments.  No Receivable has a final scheduled payment
date later than six months preceding the Final Scheduled Maturity Date;

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each Receivable provides
for payments that fully amortize the Amount Financed over the original term of
the Receivable, and is a Simple Interest Receivable.

(xviii)                        Insurance. 
The Obligor on each Receivable is required to maintain physical damage
insurance covering the Financed Equipment in accordance with CNHCA’s normal
requirements.

(xix)                           Concentrations.  (A)  No
Receivable has a Statistical Contract Value (when combined with the Statistical
Contract Value of any other Receivable with the same or an Affiliated Obligor)
that exceeds 1% of the aggregate
Statistical Contract Value of all the Receivables.

(xx)                            Financing. 
Initial Receivables having an aggregate Statistical Contract Value of
approximately 68.96% of the Initial Aggregate Statistical Contract Value were
secured by equipment that was new at the time the related Initial Receivable
was originated; the remainder of the Initial Receivables represent financing of
used equipment; Initial Receivables having an aggregate Statistical Contract
Value of approximately 67.06% of the Initial Aggregate Statistical Contract
Value of the Initial Receivables, are attributable to financing of agricultural
equipment; the remainder of the Initial Receivables are attributable to financing
of construction equipment.  Additionally,
not more than 35% of the aggregate Contract Value of the Receivables,
including, as of each Subsequent Transfer Date, all Subsequent Receivables
previously transferred to CNHCR, will represent Contracts for the financing of
construction equipment.

(xxi)                           No Bankruptcies.  No Obligor on any Receivable as of the
related Cutoff Date was noted in the related Receivable File as being the
subject of a bankruptcy proceeding.

(xxii)                          No Repossessions.  None of the Financed Equipment securing any
Receivable is in repossession status.

(xxiii)                         Chattel Paper.  Each Receivable constitutes “chattel paper”
as defined in the UCC of each State the law of which governs the perfection of
the interest granted in it and/or the priority of such perfected interest.

(xxiv)                        U.S. Obligors.  None of the Receivables is denominated and
payable in any currency other than United States Dollars or is due from any
Person that does not have a mailing address in the United States of America.

(xxv)                         Payment Frequency.  As of the Initial Cutoff Date and as shown on
the books of CNHCA:  (A) Initial
Receivables having an aggregate Statistical Contract Value equal to 37.48% of
the Initial Aggregate Statistical Contract Value had annual scheduled payments,
(B) Initial Receivables having an aggregate Statistical Contract Value equal to
3.28% of the Initial Aggregate Statistical Contract Value had semi-annual
scheduled payments, (C) Initial Receivables

 12
 

 

having an aggregate
Statistical Contract Value equal to 0.84% of the Initial Aggregate Statistical
Contract Value had quarterly scheduled payments, (D) Initial Receivables having
an aggregate Statistical Contract Value equal to 53.17% of the Initial
Aggregate Statistical Contract Value had monthly scheduled payments, and (E)
Initial Receivables having an aggregate Statistical Contract Value equal to
5.24% of the Initial Aggregate Statistical Contract Value had irregularly
scheduled payments.

(xxvi)                        Interest Accruing.  Each Receivable, other than those Receivables
consisting of Contracts that contain interest waivers for a specified period of
time, is, as of the Closing Date or a Subsequent Transfer Date, as applicable,
accruing interest; no Receivable contains an interest waiver extending more
than 12 months after the Initial Cutoff Date.

(xxvii)                       Perfection
Representations. CNHCA further makes all the representations, warranties
and covenants set forth in Schedule P.

ARTICLE
IV

Conditions

SECTION 4.1.  Conditions to Obligation of CNHCR.

(a)           Purchased
Contracts.  The obligation of
CNHCR to purchase the Purchased Contracts is subject to the satisfaction of the
following conditions:

(i)                              Representations and Warranties True.  The representations and warranties of CNHCA
hereunder shall be true and correct on the Closing Date and CNHCA shall have
performed all obligations to be performed by it hereunder on or prior to the
Closing Date.

(ii)                             Computer Files Marked.  CNHCA shall, at its own expense, on or prior
to the Closing Date, indicate in its computer files that Receivables created in
connection with the Purchased Contracts have been sold to CNHCR pursuant to
this Agreement and deliver to CNHCR the Schedule of Receivables certified by
the Chairman, the President, a Vice President or the Assistant Treasurer of
CNHCA to be true, correct and complete.

(iii)                            Documents To Be
Delivered by CNHCA on the Closing Date.

(A)                            The CNHCA Assignment.  On the Closing Date (but only if the Contract
Value of the Purchased Contracts is greater than zero), CNHCA will execute and
deliver the CNHCA Assignment, which shall be substantially in the form of Exhibit A.

(B)                            Evidence of UCC Filing.  On or prior to the Closing Date (but only if
the Contract Value of the Purchased Contracts is greater than zero), CNHCA

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shall authorize and file,
at its own expense, a UCC financing statement in each jurisdiction in which
such action is required by applicable law to fully perfect CNHCR’s right, title
and interest in the Purchased Contracts and the other property sold hereunder,
executed by CNHCA, as seller or debtor, and naming CNHCR, as purchaser or
secured party, describing the Purchased Contracts and the other property sold
hereunder, meeting the requirements of the laws of each such jurisdiction and
in such manner as is necessary to perfect the sale, transfer, assignment and
conveyance of such Purchased Contracts and such other property to CNHCR.  It is understood and agreed, however, that no
filings will be made to perfect any security interest of CNHCR in CNHCA’s
interests in Financed Equipment.  CNHCA shall
deliver (or cause to be delivered) a file-stamped copy, or other evidence
satisfactory to CNHCR of such filing, to CNHCR promptly upon CNHCA’s receipt
thereof.

(C)                                         Other Documents.  CNHCA will deliver such other documents as
CNHCR may reasonably request.

(iv)                            Other Transactions.  The transactions contemplated by the Sale and
Servicing Agreement to be consummated on the Closing Date shall be consummated
on such date.

(b)           Subsequent
CNHCA Receivables.  The
obligation of CNHCR to purchase any Subsequent 
CNHCA Receivables is subject to the satisfaction of the following
conditions on or prior to the related Subsequent Transfer Date:

(i)                              CNHCA shall have
delivered to CNHCR a duly executed written assignment in substantially the form
of Exhibit B
(the “CNHCA Subsequent
Transfer Assignment”),
which shall include supplements to the Schedule of Receivables listing the
Subsequent CNHCA Receivables;

(ii)                             CNHCA shall, to the
extent required by Section 5.2 of the Sale and Servicing Agreement, have
delivered to CNHCR for deposit in the Collection Account all collections in
respect of the Subsequent CNHCA Receivables;

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

 14
 

 

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

(v)                             the Funding Period
shall not have terminated;

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

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

(viii)                          CNHCA shall take any
action required to give CNHCR a first priority perfected ownership interest in
the Subsequent CNHCA Receivables on or prior to the applicable Subsequent
Transfer Date;

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

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

(xi)                            CNHCA shall have
provided CNHCR a statement listing the aggregate Contract Value of such
Subsequent CNHCA  Receivables and any
other information reasonably requested by CNHCR with respect to such Subsequent
CNHCA Receivables;

(xii)                           all the conditions to
the transfer of the Subsequent CNHCA Receivables to the Issuing Entity
specified in the Sale and Servicing Agreement shall have been satisfied; and

(xiii)                          CNHCA shall have
delivered to CNHCR an Officer’s Certificate confirming the satisfaction of each
condition precedent specified in this clause (b) (substantially
in the form attached hereto as Annex A to the CNHCA Subsequent Transfer
Assignment).

 15

 

SECTION 4.2.  Conditions to Obligation of CNHCA.  The obligation of CNHCA to sell the Purchased
Contracts and the Subsequent CNHCA Receivables
to CNHCR is subject to the satisfaction of the following conditions:

(a)           Representations
and Warranties True.  The
representations and warranties of CNHCR hereunder shall be true and correct on
the Closing Date or the applicable Subsequent Transfer Date with the same
effect as if then made, and CNHCR shall have performed all obligations to be
performed by it hereunder on or prior to the Closing Date or such Subsequent
Transfer Date.

(b)           Receivables
Purchase Price.  On the
Closing Date or the applicable Subsequent Transfer Date, CNHCR shall have
delivered to CNHCA the portion of the Initial Purchase Price or the Subsequent
Purchase Price, as the case may be, payable on the Closing Date or such
Subsequent Transfer Date pursuant to Section 2.5.

ARTICLE
V

Covenants of CNHCA

CNHCA agrees with CNHCR
as follows; provided,
however, that to the extent that any provision of this Article
conflicts with any provision of the Sale and Servicing Agreement, the Sale and
Servicing Agreement shall govern:

SECTION 5.1.  Protection of Right, Title and Interest.  (a)  Filings. 
CNHCA shall cause all financing statements and continuation statements and any other necessary
documents covering the right, title and interest of CNHCR in and to the
Receivables and the other property included in the Trust Estate to be promptly
filed, and at all times to be kept recorded, registered and filed, all in such
manner and in such places as may be required by law fully to preserve and
protect the right, title and interest of CNHCR hereunder to the Receivables,
and other property sold hereunder.  CNHCA
shall deliver (or cause to be delivered) to CNHCR file-stamped copies of, or
filing receipts for, any document recorded, registered or filed as provided
above as soon as available following such recordation, registration or
filing.  CNHCR shall cooperate fully with
CNHCA in connection with the obligations set forth above and will execute any
and all documents reasonably required to fulfill the intent of this paragraph.

(b)           Name
Change.  Within 15 days after
CNHCA makes any change in its name, identity or organizational structure that
would or could reasonably be expected to make any financing statement or
continuation statement filed in accordance with paragraph
(a) seriously misleading within the applicable provisions of the UCC
or any title statute, CNHCA shall give CNHCR notice of any such change, and no
later than five days after the effective date thereof, shall file such
financing statements or amendments as may be necessary to continue the
perfection of CNHCR’s interest in the property included in the Trust Estate.

 16
 

 

(c)           Location Change.  Within 15 days after CNHCA makes any change
to its “location” as defined in Section 9-307 of the UCC, CNHCA shall give
CNHCR notice of any such change, and no later than five days after the
effective date thereof, shall file such financing statements or amendments as
may be necessary to continue the perfection of CNHCR’s interest in the property
included in the Trust Estate

SECTION 5.2.  Other Liens or Interests.  Except for the conveyances hereunder and
pursuant to the Liquidity Receivables Purchase
Agreement, the Sale and Servicing Agreement, the Indenture and the other Basic
Documents, CNHCA: (a) will not sell, pledge, assign or transfer to any Person,
or grant, create, incur, assume or suffer to exist any Lien on, any interest
in, to and under the Receivables, and (b) shall defend the right, title and
interest of CNHCR in, to and under the Receivables against all claims of third
parties claiming through or under CNHCA; provided, however, that CNHCA’s
obligations under this Section shall terminate upon the termination of the Trust
pursuant to the Trust Agreement.

SECTION 5.3.  Jurisdiction
of Organization.  During
the term of the Receivables, CNHCA will maintain its “location” (as defined in Section 9-307 of the UCC) in one of the
States.

SECTION 5.4.  Costs and Expenses. 
CNHCA agrees to pay all reasonable costs and disbursements in connection
with the perfection, as against all third
parties, of CNHCR’s right, title and interest in, to and under the Receivables.

SECTION 5.5.  Indemnification. 
CNHCA shall indemnify, defend and hold harmless CNHCR for any liability
as a result of the failure of a Receivable to
be originated in compliance with all requirements of law and for any breach of
any of its representations and warranties contained herein.  These indemnity obligations shall be in
addition to any obligation that CNHCA may otherwise have.  CNHCA shall indemnify, defend and hold
harmless CNHCR, the Issuing Entity, the Trustee and the Indenture Trustee (and
their respective officers, directors, employees and agents) from and against
any taxes that may at any time be asserted against such Person with respect to
the sale of the Purchased Contracts to CNHCR hereunder, the sale of the Owned
Contracts to CNHCR under the Liquidity Receivables Purchase Agreement or the
sale of the Receivables to the Issuing Entity by CNHCR or the issuance and
original sale of the Certificates and the Notes, including any sales, gross
receipts, general corporation, tangible personal property, privilege or license
taxes (but, in the case of CNHCR and the Issuing Entity, not including any
taxes asserted with respect to ownership of the Receivables on federal or other
income taxes arising out of the transactions contemplated by this Agreement)
and costs and expenses in defending against the same.

 17
 

 

SECTION 5.6.  Transfer of Subsequent CNHCA Receivables.  CNHCA covenants to transfer to CNHCR,
pursuant to Section 2.2,
Subsequent CNHCA Receivables with an aggregate Contract Value approximately
equal to $346,632,032.01, subject only to the availability of such Subsequent
CNHCA Receivables.

SECTION 5.7.  Cross-Collateralization.  To the extent that CNHCA transfers, sells,
assigns or otherwise pledges any contract to a
third party and retains any interest in any item of Financed Equipment securing
the repayment of any Receivable, as a result of the related Obligor agreeing to
cross-collateralize all obligations owed by such Obligor to CNHCA and its
assigns or otherwise, CNHCA acknowledges and agrees that it shall obtain from
such third party an agreement that such third party’s interest in the Financed
Equipment shall be expressly subordinate and junior in priority to the
repayment of all amounts outstanding under such Receivable prior to becoming
available to pay any amount outstanding under any other obligation owed by such
Obligor to such third party.

ARTICLE
VI

Miscellaneous Provisions

SECTION 6.1.  Obligations of CNHCA. 
The obligations of CNHCA under this Agreement shall not be affected by
reason of any invalidity, illegality or
irregularity of any Receivable.

SECTION 6.2.  Repurchase Events.  CNHCA hereby covenants and agrees with CNHCR
for the benefit of CNHCR, the Indenture
Trustee, the Noteholders, the Trust, the Trustee and the Certificateholders
that the occurrence of a breach of any of CNHCA’s representations and
warranties contained in Section 3.2(b), shall constitute events obligating
CNHCA to repurchase any Receivable and, with respect to a breach of any of
CNHCA’s representations and warranties contained in Sections 3.2(b)(xvi),
(xvii), (xix), (xx), (xxv) and (xxvi), any Receivable materially and adversely
affected by any such breach (“Repurchase Events”) at the Purchase Amount from
CNHCR or from the Trust.  Except as set
forth in Section 5.5, the repurchase obligation of CNHCA shall constitute the
sole remedy of CNHCR, the Indenture Trustee, the Noteholders, the Trust, the
Trustee or the Certificateholders against CNHCA with respect to any Repurchase
Event.  Section 4.6 and Section 9.1(a) of
the Sale and Servicing Agreement are hereby incorporated by reference as if
they were set forth herein.

SECTION 6.3.  CNHCR Assignment of Repurchased Receivables.  With respect to all Receivables repurchased
by CNHCA pursuant to this Agreement, CNHCR
shall sell, transfer, assign, set over and otherwise convey to CNHCA, without
recourse, representation or warranty, all of CNHCR’s right, title and interest
in, to and under such Receivables, and all security and documents relating
thereto.

 18
 

 

SECTION 6.4.  Trust.  CNHCA
acknowledges and agrees that: (a) CNHCR will, pursuant to the Sale and
Servicing Agreement, sell the Receivables to
the Trust and assign its rights under this Agreement to the Trust, (b) the
Trust will, pursuant to the Indenture, assign such Receivables and such rights
to the Indenture Trustee and (c) the representations, warranties and covenants
contained in this Agreement and the rights of CNHCR under this Agreement,
including under Section 6.2, are intended to
benefit the Trust, the Certificateholders, the Counterparty and the
Noteholders.  CNHCA hereby consents to
all such sales and assignments and agrees that enforcement of a right or remedy
hereunder by the Indenture Trustee shall have the same force and effect as if
the right or remedy had been enforced or executed by CNHCR.

SECTION 6.5.  Amendment.  This
Agreement may be amended from time to time, with prior written notice to the
Rating Agencies and the Counterparty, by a
written amendment duly executed and delivered by CNHCA and CNHCR, without the
consent of the Noteholders or the Certificateholders, to cure any ambiguity, to
correct or supplement any provisions in this Agreement or for the purpose of
adding any provisions to or changing in any manner or eliminating any of the
provisions of this Agreement or of modifying in any manner the rights of the Noteholders
or the Certificateholders; provided, however, that such amendment will not as evidenced
by an Officer’s Certificate, adversely affect in any material respect the
interest of any Noteholder or Certificateholder.  An amendment 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 amendment for
such Class of Notes.  Notwithstanding
anything herein to the contrary, any term or provision of this Agreement may be
amended by CNHCA and CNHCR without the consent of the Certificateholders, 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.

This Agreement may also
be amended from time to time by CNHCA and CNHCR, with prior written notice to
the Rating Agencies and the Counterparty, with the written consent of (x)
Noteholders holding Notes evidencing at least a majority of the Note Balance
and (y) the Certificateholders evidencing not less than 50% of the beneficial
interest in the Trust, for the purpose of adding any provisions to or changing
in any manner or eliminating any of the provisions of this Agreement or of
modifying in any manner the rights of the Noteholders or the
Certificateholders; provided, however, that no such amendment may: (i) reduce
the interest rate or principal of any Note or Certificate, or delay the Class
Final Scheduled Maturity Date of any Note or (ii) reduce the aforesaid percentage
of the Notes and Certificates that are required to consent to any such
amendment,

 19
 

 

without the consent of
the holders of all the outstanding Notes and Certificates affected thereby.

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

SECTION 6.6.  Accountants’ Letters. 
(a) A firm of Independent certified public accountants will review the
characteristics of the Receivables described in
the Schedule of Receivables and will compare those characteristics to the
information with respect to the Receivables contained in the Prospectus, (b)
CNHCA will cooperate with CNHCR and such accounting firm in making available
all information and taking all steps reasonably necessary to permit such
accounting firm to complete the review set forth in clause (a)
and to deliver the letters required of them under the Underwriting Agreement,
(c) such accounting firm will deliver to CNHCR a letter, dated the date of the
Prospectus, in the form previously agreed to by CNHCA and CNHCR, with respect
to the financial and statistical information contained in the Prospectus and
with respect to such other information as may be agreed in the form of the
letter.

SECTION 6.7.  Waivers.  No
failure or delay on the part of CNHCR in exercising any power, right or remedy
under this Agreement, the CNHCA Assignment or
any CNHCA Subsequent Transfer Assignment shall operate as a waiver thereof, nor
shall any single or partial exercise of any such power, right or remedy
preclude any other or further exercise thereof or the exercise of any other
power, right or remedy.

SECTION 6.8.  Notices.  All
demands, notices and communications under this Agreement shall be in writing,
personally delivered or mailed by certified
mail, return receipt requested, and shall be deemed to have been duly given
upon receipt: (a) in the case of CNHCA, to CNH Capital America LLC, 100 South
Saunders Road, Lake Forest, Illinois 60045, Attention: Treasurer (telephone
(847) 735-9200); (b) in the case of CNHCR, 100 South Saunders Road, Lake
Forest, Illinois 60045, Attention: Treasurer (telephone (847) 735-9200);
(c) in the case of the Rating Agencies, at their respective addresses set forth
in Section 10.3 of the Sale and Servicing Agreement; (d) in the case of the
Counterparty, to Bank of America, N.A., Sears Tower, 233 South Wacker Drive, Suite 2800, Chicago, Illinois
60606, Attention:  Swap Operations
(telephone (312) 234-2732) with a copy
to Bank of America, N.A., 100 N. Tryon
St., NC1-007-13-01, Charlotte, North Carolina 
28255, Attention:  Global Markets
Trading Agreements; or, as to each of the foregoing, at such
other address as shall be designated by written notice to the other parties.

 20
 

 

SECTION 6.9.  Costs and Expenses. 
CNHCA will pay all expenses incident to the performance of its
obligations under this Agreement and CNHCA
agrees to pay all reasonable out-of-pocket costs and expenses of CNHCR,
excluding fees and expenses of counsel, in connection with the perfection as
against third parties of CNHCR’s right, title and interest in, to and under the
Receivables and the enforcement of any obligation of CNHCA hereunder.

SECTION 6.10.  Representations of CNHCA and CNHCR.  The respective agreements, representations,
warranties and other statements by CNHCA and
CNHCR set forth in or made pursuant to this Agreement shall remain in full
force and effect and will survive the closing under Section 2.4.

SECTION 6.11.  Confidential Information.  CNHCR agrees that it will neither use nor
disclose to any Person the names and addresses
of the Obligors, except in connection with the enforcement of CNHCR’s rights
hereunder, under the Receivables, under the Sale and Servicing Agreement or the
Indenture or any other Basic Document or as required by any of the foregoing or
by law.

SECTION 6.12.  Headings and Cross-References.  The various headings in this Agreement are
included for convenience only and shall not
affect the meaning or interpretation of any provision of this Agreement.  References in this Agreement to Section names
or numbers are to such Sections of this Agreement unless otherwise expressly
indicated.

SECTION 6.13.  Governing Law. 
This Agreement, the CNHCA Assignment, and each CNHCA Subsequent Transfer
Assignment shall be construed in accordance
with the laws of the State of New York, and the obligations, rights and
remedies of the parties hereunder or thereunder shall be determined in
accordance with such laws.

SECTION 6.14.  Counterparts. 
This Agreement may be executed in two or more counterparts and by
different parties on separate counterparts,
each of which shall be an original, but all of which together shall constitute
but one and the same instrument.

SECTION 6.15.  Severability. 
Any provision of this Agreement that is prohibited or unenforceable in
any jurisdiction shall, as to such
jurisdiction, be ineffective to the extent of such prohibition or
unenforceability without invalidating the remaining provisions hereof, and any
such prohibition or unenforceability in any jurisdiction shall not invalidate
or render unenforceable such provision in any other jurisdiction.

SECTION 6.16.    Information Requests.  The parties hereto shall provide any
information reasonably requested by the other party
or any of their Affiliates, at the expense of such party, in order to comply
with or obtain more favorable

 21
 

 

treatment under any
current or future law, rule, regulation, accounting rule or principle.

(signature pages
follow)

 22

 

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

	
   

  	
  CNH CAPITAL RECEIVABLES LLC

  	
   

  
	
   

  
	
   

  
	
   

  	
  By:

  	
  /s/Brian J. O’Keane

  	
   

  
	
   

  	
  Name:

  	
  Brian J. O’Keane

  
	
   

  	
  Title:

  	
  Treasurer

  
	
   

  
	
   

  
	
   

  	
  CNH CAPITAL AMERICA LLC

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/Brian J. O’Keane

  	
   

  
	
   

  	
  Name:

  	
  Brian J. O’Keane

  
	
   

  	
  Title:

  	
  Treasurer

  
								

 

 S-1

 

EXHIBIT
A

to Purchase Agreement

FORM OF

CNHCA ASSIGNMENT

For value
received, in accordance with and subject to the Purchase Agreement dated as of
September 1, 2006 (the “Purchase
Agreement”),
between the undersigned and CNH Capital Receivables LLC (“CNHCR”), the undersigned
does hereby sell, assign, transfer, set over and otherwise convey unto CNHCR,
without recourse, all of its right, title, interest in, to and under: (a) the
Purchased Contracts, which are listed on Schedule A hereto, including all
documents constituting chattel paper included therewith, and all obligations of
the Obligors thereunder, including all monies paid thereunder on or after the
Initial Cutoff Date, (b) the security interests in the Financed Equipment
granted by Obligors pursuant to the Purchased Contracts and any other interest
of the undersigned in such Financed Equipment, (c) any proceeds with respect to
the Purchased Contracts from claims on insurance policies covering Financed
Equipment or Obligors, (d) any proceeds from recourse to Dealers with respect
to the Purchased Contracts other than any interest in the Dealers’ reserve
accounts maintained with the undersigned, (e) any Financed Equipment that shall
have secured the Purchased Contracts and that shall have been acquired by or on
behalf of CNHCR, and (f) the proceeds of any and all of the foregoing.  The foregoing sale does not constitute and is
not intended to result in any assumption by CNHCR of any obligation of the
undersigned to the Obligors, insurers or any other person in connection with
the Purchased Contracts, Receivables Files, any insurance policies or any
agreement or instrument relating to any of them.

This CNHCA
Assignment is made pursuant to and upon the representations, warranties and
agreements on the part of the undersigned contained in the Purchase Agreement
and is to be governed in all respects by the Purchase Agreement.

Capitalized terms used herein and not otherwise defined shall have the
meanings assigned to them in the Purchase Agreement.

 A-1
 

 

IN WITNESS WHEREOF,
the undersigned has caused this CNHCA Assignment to be duly executed as of
September 1, 2006.

	
   

  	
  CNH CAPITAL AMERICA LLC

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  
					

 

 A-2
 

 

SCHEDULE A

to CNHCA Assignment

SCHEDULE OF PURCHASED CONTRACTS

[ON
FILE WITH THE INDENTURE TRUSTEE AND INCORPORATED BY

REFERENCE HEREIN.]

 A-3

 

EXHIBIT
B

to Purchase Agreement

FORM OF

CNHCA SUBSEQUENT TRANSFER ASSIGNMENT

For value received, in
accordance with and subject to the Purchase Agreement dated as of September 1,
2006 (the “Purchase
Agreement”),
between CNH Capital America LLC, a Delaware limited liability company (“CNHCA”), and CNH Capital
Receivables LLC, a Delaware limited liability company (“CNHCR”), CNHCA does hereby
sell, transfer, assign, set over and otherwise convey to CNHCR, without
recourse, all of its right, title, interest in, to and under: (a) the
Subsequent CNHCA Receivables, with an aggregate Contract Value equal to $[  ], listed on Schedule A
hereto, including all documents constituting chattel paper included therewith,
and all obligations of the Obligors thereunder, including all monies paid
thereunder on or after the Subsequent Cutoff Date, (b) the security interests
in the Financed Equipment granted by Obligors pursuant to such Subsequent CNHCA
Receivables and any other interest of CNHCA in such Financed Equipment, (c) any
proceeds with respect to such Subsequent CNHCA Receivables from claims on
insurance policies covering Financed Equipment or Obligors, (d) any proceeds
from recourse to Dealers with respect to such Subsequent CNHCA Receivables
other than any interest in the Dealers’ reserve accounts maintained with CNHCA,
(e) any Financed Equipment that shall have secured any such Subsequent CNHCA
Receivables and that shall have been acquired by or on behalf of CNHCR, and (f)
the proceeds of any and all of the foregoing. 
The foregoing sale does not constitute and is not intended to result in
any assumption by CNHCR of any obligation of CNHCA to the Obligors, insurers or
any other person in connection with such Subsequent CNHCA Receivables,
Receivable Files, any insurance policies or any agreement or instrument
relating to any of them.

This CNHCA Subsequent
Transfer Assignment is made pursuant to and upon the representations,
warranties and agreements on the part of CNHCA contained in the Purchase
Agreement (including the Officer’s Certificate of CNHCA accompanying this
Agreement) and is to be governed in all respects by the Purchase Agreement.

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

 B-1
 

 

IN WITNESS WHEREOF, the
undersigned has caused this CNHCA Subsequent Transfer Assignment to be duly
executed as of the    day of           ,
2006.

	
   

  	
  CNH CAPITAL AMERICA LLC

  
	
   

  
	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  

 

 B-2
 

 

SCHEDULE A

to CNHCA Subsequent Transfer
Assignment

SCHEDULE OF SUBSEQUENT CNHCA
RECEIVABLES

[ON FILE WITH THE
INDENTURE TRUSTEE AND INCORPORATED BY

REFERENCE HEREIN.]

 B-3
 

 

ANNEX A

to CNHCA Subsequent
Transfer Assignment

OFFICER’S CERTIFICATE

I, the undersigned
officer of CNH Capital America LLC (the “Company”), do hereby
certify, pursuant to Section 4.1(b)(xiii)
of the Purchase Agreement dated as of September 1, 2006, among the Company, and
CNH Capital Receivables LLC (the “Purchase
Agreement”), that
(i) all of the conditions precedent to the transfer to CNHCR of the Subsequent
CNHCA Receivables listed on Schedule A to the CNHCA Subsequent Transfer
Assignment delivered herewith, and the other property and rights related to
such Subsequent CNHCA Receivables as described in Section
2.2 of the Purchase Agreement, have been satisfied on or prior to
the related Subsequent Transfer Date and (ii) each statement of fact set forth
in any officer’s certificate executed by an officer of the Company in
connection with an Opinion of Counsel delivered on the Closing Date with
respect to a transfer of, or a security interest in, the Receivables shall be
true and correct as of the date hereof with respect to the Subsequent CNHCA
Receivables listed on the aforementioned Schedule A.

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

IN WITNESS
WHEREOF, the undersigned has caused this certificate to be duly executed this    
day of                  ,
2006.

	
  

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
  Title:

  	
   

  	
   

  
						

 

 B-4

 

Schedule
P

1.             General.  The Purchase Agreement creates, or with
respect to 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 UCC) in the Receivables in favor of CNHCR, which,
(a) is enforceable upon execution of the Purchase Agreement against creditors
of and purchasers from CNHCA, as such enforceability may be limited by
applicable debtor relief laws, now or hereafter in effect, and by general
principles of equity (whether considered in a 
suit at law or in equity), and (b) upon filing of the financing
statements described in clause 4 below will be prior to all other Liens (other
than Liens permitted pursuant to clause 3 below).

2.             General.  The Receivables constitute “tangible chattel
paper” within the meaning of UCC Section 9-102. 
CNHCA has taken all steps necessary to perfect its security interest
against the Obligor in the Financed Equipment securing the Receivables.

3.             Creation.  Immediately prior to the conveyance of the
Receivables pursuant to the Purchase Agreement, CNHCA 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.  CNHCA 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 CNHCR under
the Purchase Agreement in the Receivables. 
With respect to the Receivables that constitute tangible chattel paper,
CNHCA has in its possession the original copies of such tangible chattel paper
that constitute or evidence the Receivables, and CNHCA has caused, or will have
caused within ten days of the effective date of the Purchase Agreement, the
filing of financing statements against CNHCA and such originator in favor of
CNHCR in connection herewith describing such Receivables and containing 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/Buyer.”

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

 P-1
 

 

the Purchase Agreement and the Liquidity Receivables Purchase Agreement
(ii) that has been terminated, or (iii) that has been granted pursuant to the
terms of the Basic Documents.  None of
the tangible chattel paper that constitutes or evidences the Receivables has any
marks or notations indicating that they have pledged, assigned or otherwise
conveyed to any Person other than Indenture Trustee.

 

 P-2EXHIBIT
4.6

 

CNH
EQUIPMENT TRUST 2006-B

 

ADMINISTRATION
AGREEMENT

among

CNH EQUIPMENT TRUST 2006-B,

as Issuing Entity,

and

NEW HOLLAND CREDIT COMPANY, LLC,

as Administrator,

and

JPMORGAN CHASE BANK, N.A.,

as Indenture Trustee,

and

THE BANK OF NEW YORK,

as Trustee

Dated as of September 1, 2006

 

 

 

Table of Contents

 

	
  

  	
   

  	
   

  	
   

  	
  Page

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  1.

  	
   

  	
  Duties of the
  Administrator

  	
   

  	
  2

  
	
   

  	
   

  	
  (a)

  	
  Duties with
  Respect to the Indenture and the Depository Agreement

  	
  2

  
	
   

  	
   

  	
  (b)

  	
  Duties with
  Respect to the Trust

  	
  4

  
	
   

  	
   

  	
  (c)

  	
  Non-Ministerial Matters

  	
  6

  
	
  2.

  	
   

  	
  Records

  	
   

  	
  6

  
	
  3.

  	
   

  	
  Compensation

  	
   

  	
  6

  
	
  4.

  	
   

  	
  Additional
  Information to Be Furnished to the Issuing Entity

  	
   

  	
  6

  
	
  5.

  	
   

  	
  Independence
  of the Administrator

  	
   

  	
  6

  
	
  6.

  	
   

  	
  No
  Joint Venture

  	
   

  	
  7

  
	
  7.

  	
   

  	
  Other Activities
  of the Administrator

  	
   

  	
  7

  
	
  8.

  	
   

  	
  Term of
  Agreement; Resignation and Removal of the Administrator

  	
   

  	
  7

  
	
  9.

  	
   

  	
  Action upon
  Termination, Resignation or Removal

  	
   

  	
  9

  
	
  10.

  	
   

  	
  Notices

  	
   

  	
  9

  
	
  11.

  	
   

  	
  Amendments

  	
   

  	
  10

  
	
  12.

  	
   

  	
  Successors and Assigns

  	
   

  	
  11

  
	
  13.

  	
   

  	
  Governing
  Law

  	
   

  	
  11

  
	
  14.

  	
   

  	
  Headings

  	
   

  	
  11

  
	
  15.

  	
   

  	
  Counterparts

  	
   

  	
  12

  
	
  16.

  	
   

  	
  Severability

  	
   

  	
  12

  
	
  17.

  	
   

  	
  Not
  Applicable to New Holland Credit Company, LLC in Other Capacities

  	
   

  	
  12

  
	
  18.

  	
   

  	
  Limitation
  of Liability of the Trustee and the Indenture Trustee

  	
   

  	
  12

  
	
  19.

  	
   

  	
  Third-Party Beneficiary

  	
   

  	
  12

  
	
  20.

  	
   

  	
  Indemnification

  	
   

  	
  12

  
	
  21.

  	
   

  	
  Information Requests

  	
   

  	
  12

  
						

 

 i

 
  

ADMINISTRATION
AGREEMENT dated as of September 1, 2006, among CNH EQUIPMENT TRUST 2006-B, a Delaware
statutory trust (the “Issuing
Entity”), NEW HOLLAND CREDIT
COMPANY, LLC, a Delaware limited liability company, as administrator
(the “Administrator”),
JPMORGAN CHASE BANK, N.A., a national banking association, not in its
individual capacity but solely as Indenture Trustee (the “Indenture Trustee”), and THE BANK
OF NEW YORK, not in its individual capacity but solely as Trustee under the
Trust Agreement (the “Trustee”).

RECITALS

WHEREAS,
the Issuing Entity is issuing: (a) 5.39275% Class A-1 Asset Backed Notes,
5.330% Class A-2 Asset Backed Notes, 5.200% Class A-3 Asset Backed Notes,
Floating Rate Class A-4 Asset Backed Notes, (collectively, the “Class A Notes”)
and 5.360% Class B Asset Backed Notes (the “Class B Notes” and, together with
the Class A Notes, the “Notes”)
pursuant to the Indenture, dated as of the date hereof (as amended and
supplemented from time to time in accordance with the provisions thereof, the “Indenture”),
between the Issuing Entity and the Indenture Trustee (capitalized terms used
herein and not otherwise defined herein are defined in Appendix A to the
Indenture, and the provisions of Section 1.3 of the Indenture shall be
incorporated herein).

WHEREAS,
the Issuing Entity has entered into certain agreements in connection with the
issuance of the Notes and of certain beneficial ownership interests of the
Issuing Entity, including: (i) a Sale and Servicing Agreement, dated as of the
date hereof (as amended and supplemented from time to time, the “Sale and Servicing
Agreement”), among the Issuing Entity, New Holland Credit Company,
LLC, as servicer (the “Servicer”),
and CNH Capital Receivables LLC, a Delaware limited liability company, as
seller (the “Seller”),
(ii) a Depository Agreement, dated September 18, 2006 (the “Depository Agreement”),
among the Issuing Entity and The Depository Trust Company, (iii) the Indenture
and (iv) a Trust Agreement, dated as of the date hereof (the “Trust Agreement”),
between the Seller and the Trustee (the Sale and Servicing Agreement, the
Depository Agreement, the Indenture and the Trust Agreement being hereinafter
referred to collectively as the “Related Agreements”);

WHEREAS,
pursuant to the Related Agreements, the Issuing Entity and the Trustee are
required to perform certain duties in connection with: (a) the Notes and the
collateral therefor pledged pursuant to the Indenture (the “Collateral”) and
(b) the beneficial ownership interests in the Issuing Entity (the registered
holders of such interests being referred to herein as the “Owners”);

WHEREAS,
the Issuing Entity and the Trustee desire to have the Administrator perform
certain of the duties of the Issuing Entity and the Trustee referred to in the
preceding clause, and to provide such additional services consistent with this
Agreement and the Related Agreements as the Issuing Entity and the Trustee may
from time to time request;

WHEREAS,
the Administrator has the capacity to provide the services required hereby and
is willing to perform such services for the Issuing Entity and the Trustee on
the terms set forth herein;

 1
 

 
  

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

1.  Duties of the Administrator.

(a)  Duties with Respect to the Indenture and
the Depository Agreement. The Administrator shall perform all of its duties as Administrator
and the duties of the Issuing Entity and the Trustee under the Indenture and
the Depository Agreement. In addition, the Administrator shall consult with the
Trustee regarding the duties of the Issuing Entity and the Trustee under such
documents. The Administrator shall monitor the performance of the Issuing
Entity and shall advise the Trustee when action is necessary to comply with the
Issuing Entity’s or the Trustee’s duties under such documents. The
Administrator shall prepare for execution by the Issuing Entity or shall cause
the preparation by other appropriate persons of all such documents, reports,
filings, instruments, certificates and opinions as it shall be the duty of the
Issuing Entity or the Trustee to prepare, file or deliver pursuant to such
documents. In furtherance of the foregoing, the Administrator shall take all
appropriate action that is the duty of the Issuing Entity or the Trustee to
take pursuant to such documents, including, without limitation, such of the
foregoing as are required with respect to the following matters (references in
this Section are to sections of the Indenture):

(i)  the duty to cause the Note Register to be
kept and to give the Indenture Trustee notice of any appointment of a new Note
Registrar and the location, or change in location, of the Note Register
(Section 2.4);

(ii)  the fixing or causing to be fixed of any
specified record date and the notification of the Indenture Trustee and
Noteholders with respect to special payment dates, if any (Section 2.7(c));

(iii)  the preparation of or obtaining of the
documents and instruments required for authentication of the Notes and delivery
of the same to the Indenture Trustee (Section 2.2);

(iv)  the preparation, obtaining or filing of the
instruments, opinions, certificates and other documents required for the
release of the Collateral (Section 2.9);

(v)  [reserved];

(vi)  the duty to cause newly appointed Paying
Agents, if any, to deliver to the Indenture Trustee the instrument specified in
the Indenture regarding funds held in trust (Section 3.3);

(vii)  the direction to the Paying Agents to deposit
monies with the Indenture Trustee (Section 3.3);

(viii)  the obtaining and preservation of the Issuing
Entity’s qualification to do business in each jurisdiction in which such
qualification is or shall be necessary to protect 

 2
 

 
  

the validity and
enforceability of the Indenture, the Notes, the Collateral and each other
instrument and agreement included in the Trust Estate (Section 3.4);

(ix)  the preparation of all supplements, amendments,
financing statements, continuation statements, instruments of further assurance
and other instruments, in accordance with Section 3.5 of the Indenture,
necessary to protect the Trust Estate (Section 3.5);

(x)  the delivery of the Opinion of Counsel on the
Closing Date and the annual delivery of Opinions of Counsel, in accordance with
Section 3.6 of the Indenture, as to the Trust Estate, and the annual delivery
of the Officer’s Certificate and certain other statements, in accordance with
Section 3.9 of the Indenture, as to compliance with the Indenture (Sections 3.6
and 3.9);

(xi)  the identification to the Indenture Trustee
in an Officer’s Certificate of a Person with whom the Issuing Entity has
contracted to perform its duties under the Indenture (Section 3.7(b));

(xii)  the notification of the Indenture Trustee,
the Counterparty and the Rating Agencies of a Servicer Default pursuant to the
Sale and Servicing Agreement and, if such Servicer Default arises from the
failure of the Servicer to perform any of its duties under the Sale and
Servicing Agreement, the taking of all reasonable steps available to remedy
such failure (Section 3.7(d));

(xiii)  the preparation and obtaining of documents
and instruments required for the release of the Issuing Entity from its
obligations under the Indenture (Section 3.10(b));

(xiv)  the delivery of notice to the Indenture
Trustee, the Counterparty and the Rating Agencies of (a) each Event of Default
under the Indenture, (b) each default by the Servicer or Seller under the Sale
and Servicing Agreement and (c) each default by CNHCA under the Purchase
Agreement (Section 3.19);

(xv)  the monitoring of the Issuing Entity’s
obligations as to the satisfaction and discharge of the Indenture and the
preparation of an Officer’s Certificate and the obtaining of the Opinion of
Counsel and the Independent Certificate relating thereto (Section 4.1);

(xvi)  the compliance with any written directive of
the Indenture Trustee with respect to the sale of the Trust Estate in a
commercially reasonable manner if an Event of Default shall have occurred and
be continuing (Section 5.4);

(xvii)  the furnishing to the Indenture Trustee of
the names and addresses of Noteholders during any period when the Indenture
Trustee is not the Note Registrar (Section 7.1);

(xviii)  the preparation, execution and filing with
the Commission and the Indenture Trustee of documents required to be filed on a
periodic basis with, and 

 3
 

 
  

summaries thereof as may
be required by rules and regulations prescribed by, the Commission and the
transmission of such summaries, as necessary, to the Noteholders (Section 7.3);

(xix)  the opening of one or more accounts in the
Trust’s name, the preparation of Issuing Entity Orders, Officer’s Certificates
and Opinions of Counsel and all other actions necessary with respect to
investment and reinvestment of funds in the Trust Accounts (Sections 8.2 and
8.3);

(xx)  the preparation of an Issuing Entity Request
and Officer’s Certificate and the obtaining of an Opinion of Counsel and
Independent Certificates, if necessary, for the release of the Trust Estate as
defined in the Indenture (Sections 8.4 and 8.5);

(xxi)  the preparation of Issuing Entity Orders and
the obtaining of Opinions of Counsel with respect to the execution of
supplemental indentures and the mailing to the Noteholders of notices with
respect to such supplemental indentures (Sections 9.1, 9.2 and 9.3);

(xxii)  the execution and delivery of new Notes
conforming to any supplemental indenture (Section 9.6);

(xxiii)  the notification of Noteholders of redemption
of the Notes or the duty to cause the Indenture Trustee to provide such
notification (Section 10.2);

(xxiv)  the preparation of all Officer’s
Certificates, Opinions of Counsel and Independent Certificates with respect to
any requests by the Issuing Entity to the Indenture Trustee to take any action
under the Indenture (Section 11.1(a));

(xxv)  the preparation and delivery of Officer’s
Certificates and the obtaining of Independent Certificates, if necessary, for
the release of property from the Lien of the Indenture (Section 11.1(b));

(xxvi)  the preparation and delivery to Noteholders
and the Indenture Trustee of any agreements with respect to alternate payment
and notice provisions (Section 11.6); and

(xxvii)  the recording of the Indenture, if applicable
(Section 11.15).

(b)  Duties with Respect to the Trust.
(i)  In addition to the duties of the
Administrator set forth above, the Administrator
shall perform such calculations, and shall prepare for execution by the Issuing
Entity or the Trustee or shall cause the preparation by other appropriate
persons of all such documents, reports, filings, instruments, certificates and
opinions, as it shall be the duty of the Issuing Entity or the Trustee to
perform, prepare, file or deliver pursuant to the Related Agreements, and at
the request of the Trustee shall take all appropriate action that it is the
duty of the Issuing Entity or the Trustee to take pursuant to the Related
Agreements. Subject to Section
5 of this Agreement, and in accordance with the directions of the
Trustee, the Administrator shall administer, perform or supervise the
performance of such other activities in connection with the Collateral
(including the Related Agreements) as are not covered by any of 

 4
 

 
  

the foregoing and as are expressly requested by the
Trustee and are reasonably within the capability of the Administrator.

(ii)  Notwithstanding anything in this Agreement or
the Related Agreements to the contrary, if any Certificates are held by any
Person other than the Depositor the Administrator shall be responsible for
promptly notifying the Trustee in the event that any withholding tax is imposed
on the Trust’s payments (or allocations of income) to an Owner as contemplated
in Section 5.2(c) of the Trust Agreement. Any such notice shall specify the
amount of any withholding tax required to be withheld by the Trustee pursuant
to such provision.

(iii)  Notwithstanding anything in this Agreement or
the Related Agreements to the contrary, the Administrator shall be responsible
for performance of the duties of the Trustee (if any) set forth in Sections
5.2(a), (b) and (c), the first sentence of Section 5.5 and Section 5.6(a) of
the Trust Agreement with respect to, among other things, accounting and reports
to Owners; provided,
however, that the Trustee shall retain responsibility for the
distribution of the Schedule K-1s necessary to enable each Owner to prepare its
federal and state income tax returns.

(iv)  If any Certificates are held by any Person
other than the Depositor, the Administrator shall satisfy its obligations with
respect to clauses
(ii) and (iii)
by retaining, at the expense of the Trust payable by the Servicer, a firm of
Independent certified public accountants (the “Accountants”) reasonably
acceptable to the Trustee, which Accountants shall perform the obligations of
the Administrator thereunder. In connection with clause (ii), the Accountants will
provide, on or prior to the date on which the Trustee receives its notice from
the Administrator under such clause, a letter in form and substance
satisfactory to the Trustee as to whether any tax withholding is then required
and, if required, the procedures to be followed with respect thereto to comply
with the requirements of the Code. The Accountants shall be required to update
the letter in each instance that any additional tax withholding is subsequently
required or any previously required tax withholding shall no longer be
required.

(v)  The Administrator shall perform the duties of
the Administrator specified in Section 10.2 of the Trust Agreement required to
be performed in connection with the resignation or removal of the Trustee, and
any other duties expressly required to be performed by the Administrator under
the Trust Agreement.

(vi)  In carrying out the foregoing duties or any
of its other obligations under this Agreement, the Administrator may enter into
transactions with or otherwise deal with any of its affiliates; provided, however,
that the terms of any such transactions or dealings shall be in accordance with
any directions received from the Issuing Entity and shall be, in the
Administrator’s opinion, no less favorable to the Issuing Entity than would be
available from unaffiliated parties.

(vii)  The Administrator hereby agrees to execute on
behalf of the Issuing Entity all such documents, reports, filings, instruments,
certificates and opinions as it shall be 

 5
 

 
  

the duty of the Issuing
Entity to prepare, file or deliver pursuant to the Basic Documents or otherwise
by law.

(c)  Non-Ministerial Matters. (i)  With respect to matters that in the
reasonable judgment of the Administrator are non-ministerial, the Administrator
shall not take any action unless within a reasonable time before the taking of
such action the Administrator shall have notified the Trustee of the proposed
action and the Trustee shall not have withheld consent or provided an
alternative direction. For the purpose of the preceding sentence, “non-ministerial
matters” shall include, without limitation:

(A)  the amendment of or any supplement to the
Indenture;

(B)  the initiation of any claim or lawsuit by the
Issuing Entity and the compromise of any action, claim or lawsuit brought by or
against the Issuing Entity (other than in connection with the collection of the
Receivables);

(C)  the amendment, change or modification of the
Related Agreements;

(D)  the appointment of successor Note Registrars,
successor Paying Agents and successor Trustees pursuant to the Indenture or the
appointment of successor Administrators or successor Servicers, or the consent
to the assignment by the Note Registrar, Paying Agent or Indenture Trustee of
its obligations under the Indenture; and

(E)  the removal of the Indenture Trustee.

(ii)  Notwithstanding anything to the contrary in
this Agreement, the Administrator shall not be obligated to, and shall not: (x)
make any payments to the Noteholders under the Related Agreements, (y) sell the
Trust Estate pursuant to Section 5.4 of the Indenture or (z) take any other
action that the Issuing Entity directs the Administrator not to take on its
behalf.

2.  Records.  The Administrator shall maintain appropriate
books of account and records relating to services performed
hereunder, which books of account and records shall be accessible for
inspection by the Issuing Entity, the Indenture Trustee and the Depositor at
any time during normal business hours.

3.  Compensation.  As compensation for the performance of the
Administrator’s obligations under this Agreement and
as reimbursement for its expenses related thereto, the Administrator shall be
entitled to $500 per quarter payable in arrears on each Payment Date, which
payment shall be solely an obligation of the Issuing Entity.

4.  Additional Information to
Be Furnished to the Issuing Entity.  The Administrator shall furnish to the
Issuing Entity from time
to time such additional information regarding the Collateral as the Issuing
Entity shall reasonably request.

5.  Independence of the
Administrator.  For all
purposes of this Agreement, the Administrator shall be an independent contractor and
shall not be subject to the supervision of 

 6
 

 
  

the Issuing Entity or the Trustee with respect to the
manner in which it accomplishes the performance of its obligations hereunder.
Unless expressly authorized by the Issuing Entity, the Administrator shall have
no authority to act for or represent the Issuing Entity or the Trustee in any
way (other than as permitted hereunder) and shall not otherwise be deemed an
agent of the Issuing Entity or the Trustee.

6.  No Joint Venture.  Nothing contained in this Agreement:  (i) shall constitute the Administrator and
either of the Issuing Entity or the Trustee
as members of any partnership, joint venture, association, syndicate,
unincorporated business or other separate entity, (ii) shall be construed to
impose any liability as such on any of them or (iii) shall be deemed to confer
on any of them any express, implied or apparent authority to incur any
obligation or liability on behalf of the others.

7.  Other Activities of the
Administrator.  Nothing herein
shall prevent the Administrator or its Affiliates from engaging in other
businesses or, in their sole discretion, from acting in a similar capacity as
an administrator for any other Person even though such Person may engage in
business activities similar to those of the Issuing Entity, the Trustee or the
Indenture Trustee.

8.  Term of Agreement;
Resignation and Removal of the Administrator.  (a) 
This Agreement shall continue in force until the dissolution of
the Issuing Entity, upon which event this Agreement shall automatically
terminate.

(b)  Subject to Section 8(e), the
Administrator may resign its duties hereunder by providing the Issuing Entity,
the Trustee, the Indenture Trustee, the Counterparty and the Servicer with at
least 60 days’ prior written notice.

(c)  Subject to Section 8(e), the Issuing Entity
may remove the Administrator without cause by providing the Administrator, the
Trustee, the Indenture Trustee, the Counterparty and the Servicer with at least
60 days’ prior written notice.

(d)  Subject to Section 8(e), at the sole option
of the Issuing Entity, the Administrator may be removed immediately upon
written notice of termination from the Issuing Entity to the Administrator, the
Trustee, the Indenture Trustee, the Countparty and the Servicer if any of the
following events shall occur:

(i)  the Administrator shall default in the
performance of any of its duties under this Agreement and, after notice of such
default, shall not cure such default within ten days (or, if such default
cannot be cured in such time, shall not give within ten days such assurance of
cure as shall be reasonably satisfactory to the Issuing Entity);

(ii)  a court having jurisdiction in the premises
shall enter a decree or order for relief, and such decree or order shall not
have been vacated within 60 days, in respect of the Administrator in any
involuntary case under any applicable bankruptcy, insolvency or other similar
law now or hereafter in effect or appoint a receiver, liquidator, assignee,
custodian, trustee, sequestrator or similar official for the Administrator or
any substantial part of its property or order the winding-up or liquidation of
its affairs; or

 7
 

 
  

(iii)  the Administrator shall commence a voluntary
case under any applicable bankruptcy, insolvency or other similar law now or
hereafter in effect, shall consent to the entry of an order for relief in an
involuntary case under any such law, or shall consent to the appointment of a
receiver, liquidator, assignee, trustee, custodian, sequestrator or similar
official for the Administrator or any substantial part of its property, shall
consent to the taking of possession by any such official of any substantial
part of its property, shall make any general assignment for the benefit of
creditors or shall fail generally to pay its debts as they become due.

The Administrator agrees that if any of the events
specified in clauses
(ii) or (iii)
of this subsection shall occur, it shall give written notice thereof
to the Issuing Entity, the Servicer, the Counterparty, the Trustee and the
Indenture Trustee within seven days after the happening of such event.

(e)  Upon the Administrator’s receipt of notice of
termination, pursuant to Sections 8(c) or (d), or
the Administrator’s resignation in accordance with this Agreement, the
predecessor Administrator shall continue to perform its functions as
Administrator under this Agreement, in the case of termination, only until the
date specified in such termination notice or, if no such date is specified in a
notice of termination, until receipt of such notice and, in the case of
resignation, until the later of: (x) the date 45 days from the delivery to the
Issuing Entity, the Counterparty, the Trustee, the Indenture Trustee and the
Servicer of written notice of such resignation (or written confirmation of such
notice) in accordance with this Agreement and (y) the date upon which the
predecessor Administrator shall become unable to act as Administrator, as
specified in the notice of resignation and accompanying Opinion of Counsel. In
the event of the Administrator’s termination hereunder, the Issuing Entity
shall appoint a successor Administrator acceptable to the Indenture Trustee,
and the successor Administrator shall accept its appointment by a written
assumption in form acceptable to the Indenture Trustee. In the event that a
successor Administrator has not been appointed at the time when the predecessor
Administrator has ceased to act as Administrator in accordance with this
Section, the Indenture Trustee without further action shall automatically be
appointed the successor Administrator and the Indenture Trustee shall be
entitled to the compensation specified in Section 3. Notwithstanding the
above, the Indenture Trustee shall, if it shall be unable so to act, appoint or
petition a court of competent jurisdiction to appoint any established
institution having a net worth of not less than $50,000,000 and whose regular
business shall include the performance of functions similar to those of the
Administrator, as the successor to the Administrator under this Agreement.

(f)  Upon appointment, the successor Administrator
(including the Indenture Trustee acting as successor Administrator) shall be
the successor in all respects to the predecessor Administrator and shall be
subject to all the responsibilities, duties and liabilities arising thereafter
relating thereto placed on the predecessor Administrator and shall be entitled
to the compensation specified in Section 3 and all the rights granted to the predecessor
Administrator by the terms and provisions of this Agreement.

(g)  Except when and if the Indenture Trustee is
appointed successor Administrator, the Administrator may not resign unless it
is prohibited from serving as such by law as evidenced by an Opinion of Counsel
to such effect delivered to the Indenture Trustee. No resignation or 

 8
 

 
  

removal of the Administrator pursuant to this Section
shall be effective until: (i) a successor Administrator shall have been
appointed by the Issuing Entity and (ii) such successor Administrator shall
have agreed in writing to be bound by the terms of this Agreement in the same
manner as the Administrator is bound hereunder.

(h)  The appointment of any successor
Administrator shall be effective only after satisfaction of the Rating Agency
Condition with respect to the proposed appointment.

9.  Action upon Termination,
Resignation or Removal. 
Promptly upon the effective date of termination of this Agreement pursuant to Section 8(a), or
the resignation or removal of the Administrator pursuant to Section 8(b) or (c),
respectively, the Administrator shall be entitled to be paid all fees and
reimbursable expenses accruing to it to the date of such termination,
resignation or removal. The Administrator shall forthwith upon such termination
pursuant to Section
8(a) deliver to the Issuing Entity all property and documents of or
relating to the Collateral then in the custody of the Administrator. In the
event of the resignation or removal of the Administrator pursuant to Section 8(b) or (c),
respectively, the Administrator shall cooperate with the Issuing Entity and the
Indenture Trustee and take all reasonable steps requested to assist the Issuing
Entity and the Indenture Trustee in making an orderly transfer of the duties of
the Administrator.

10.  Notices.  Any notice, report or other communication
given hereunder shall be in writing and addressed as follows:

(a)  if to the Issuing Entity or the Trustee, to:

CNH Equipment Trust 2006-B

c/o The Bank of New York

101 Barclay Street, Floor 8W

New York, New York  10286

Attention: Corporate Trust Administration - Asset Backed Finance Unit

(b)  if to the
Administrator, to:

New Holland Credit Company, LLC 

33 South Railroad Avenue

New Holland, Pennsylvania  17557

Attention: Finance Manager

with a copy to:

New Holland Credit Company, LLC

100 South Saunders Road

Lake Forest, Illinois  60045

Attention: Senior Counsel

 9
 

 
  

(c)  if to the Indenture Trustee, to:

JPMorgan Chase Bank, N.A.

227 West Monroe Street, 26th Floor 

Chicago, Illinois  60606

Attention: Institutional Trust Services Group – CNH Equipment Trust

2006-B

(d)  if to the
Counterparty, to:

Bank of America, N.A.

Sears Tower

233 South Wacker Drive, Suite 2800

Chicago, IL 60606

Attention:  Swap Operations

with a copy to:

Bank of America, N.A.

100 N. Tryon St.,
NC1-007-13-01

Charlotte, North
Carolina  28255

Attention: 
Global Markets Trading Agreements

or to such other address as any party shall have
provided to the other parties in writing. Any notice required to be in writing
hereunder shall be deemed given if such notice is mailed by certified mail,
postage prepaid, or hand-delivered to the address of such party as provided
above.

11.  Amendments.  This Agreement may be amended from time to
time by a written amendment duly executed with the
prior written notice to the Counterparty and delivered by the Issuing Entity,
the Administrator and the Indenture Trustee, with the written consent of the
Trustee, but without the consent of any of the Noteholders or the
Certificateholders, to cure any ambiguity, to correct or supplement provisions
of this Agreement or for the purpose of adding any provisions to or changing in
any manner or eliminating any of the provisions of this Agreement or of
modifying in any manner the rights of the Noteholders or the
Certificateholders; provided,
however, that such amendment shall not, as evidenced by an Officer’s
Certificate of the Administrator, adversely affect in any material respect the
interests of any Noteholder or Certificateholder.  An amendment 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 amendment for
such Class of Notes.

This Agreement may also be amended from time to time
by the Issuing Entity, the Administrator and the Indenture Trustee with the
written consent of (w) the Trustee, (x) Noteholders holding Notes evidencing
not less than a majority of the Note Balance and (y) the Certificateholders
holding in the aggregate more than 50% of the beneficial interest in the
Issuing Entity at the time of such amendment, for the purpose of adding any
provisions to or changing in any manner or eliminating any of the provisions of
this Agreement or of modifying 

 10
 

 
  

in any manner the rights
of the Noteholders or the Certificateholders; provided, however, that no such
amendment shall: (i) reduce the interest rate or principal of any Note, or
delay the Class Final Maturity Date of any Note or (ii) reduce the aforesaid
percentage of the Holders of Notes and Certificates that are required to
consent to any such amendment, without the consent of the Holders of all the
outstanding Notes and Certificates. Notwithstanding the foregoing, the
Administrator may not amend this Agreement without the permission of the
Depositor, which permission shall not be unreasonably withheld.

Promptly after the execution of any such amendment or
consent (or, in the case of the Rating Agencies and the Counterparty, 10 days
prior thereto), the Administrator shall furnish written notification of the
substance of such amendment or consent to each Certificateholder, the Trustee,
the Indenture Trustee, each of the Rating Agencies and the Counterparty.

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

Notwithstanding anything herein to the contrary, any
term or provision of this Agreement may be amended by the Administrator without
the consent of the Certificateholders, 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.

12.  Successors and Assigns.  This Agreement may not be assigned by the
Administrator unless such assignment is previously
consented to in writing by the Issuing Entity, the Indenture Trustee and the
Trustee and subject to the satisfaction of the Rating Agency Condition in
respect thereof. An assignment with such consent and satisfaction, if accepted
by the assignee, shall bind the assignee hereunder in the same manner as the
Administrator is bound hereunder. 
Notwithstanding the foregoing, this Agreement may be assigned by the
Administrator without the consent of the Issuing Entity or the Trustee to a
corporation or other organization that is a successor (by merger, consolidation
or purchase of assets) to the Administrator, provided that such successor
organization executes and delivers to the Issuing Entity, the Trustee and the
Indenture Trustee an agreement in which such corporation or other organization
agrees to be bound hereunder by the terms of said assignment in the same manner
as the Administrator is bound hereunder. 
Subject to the foregoing, this Agreement shall bind any successors or
assigns of the parties hereto.

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

14.  Headings.  The section headings hereof have been
inserted for convenience of reference only and shall not be construed to affect the meaning, construction or
effect of this Agreement.

 11
 

 
  

15.  Counterparts.  This Agreement may be executed in
counterparts, all of which when so executed shall together constitute but one and the same agreement.

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

17.  Not Applicable to New
Holland Credit Company, LLC in Other Capacities.  Nothing in this Agreement shall affect any obligation New
Holland Credit Company, LLC may have in any other capacity.

18.  Limitation of Liability of
the Trustee and the Indenture Trustee.  (a) 
Notwithstanding anything contained herein to the contrary, this
instrument has been countersigned by The Bank of New York, not in its
individual capacity but solely in its capacity as Trustee of the Issuing Entity,
and in no event shall The Bank of New York, in its individual capacity, or any
beneficial owner of the Issuing Entity have any liability for the
representations, warranties, covenants, agreements or other obligations of the
Issuing Entity hereunder, as to all of which recourse shall be had solely to
the assets of the Issuing Entity. For all purposes of this Agreement, in the
performance of any duties or obligations of the Issuing Entity thereunder, the
Trustee shall be subject to, and entitled to the benefits of, the terms and
provisions of Articles VI, VII and VIII of the Trust Agreement.

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

19.  Third-Party Beneficiary.  The Trustee is a third-party beneficiary to
this Agreement and is entitled to the rights and benefits hereunder and may enforce
the provisions hereof as if it were a party hereto.

20.  Indemnification.  The Administrator shall indemnify the Trustee
and the Indenture Trustee (and their officers, directors,
employees and agents) for, and hold them harmless against, any losses,
liability or expense, including attorneys’ fees reasonably incurred by them,
incurred without negligence or bad faith on their part, arising out of or in
connection with: (i) actions taken by either of them pursuant to instructions
given by the Administrator pursuant to this Agreement or (ii) the failure of
the Administrator to perform its obligations hereunder. The indemnities
contained in this Section shall survive the termination of this Agreement and
the resignation or removal of the Administrator, the Trustee or the Indenture
Trustee.

21.  Information Requests.  The parties hereto shall provide any
information reasonably requested by the Administrator
or any of its Affiliates, at the expense of the Administrator or any 

 12
 

 
  

of its 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.

*   *  
*   *   *

 13

 
  

IN WITNESS WHEREOF, the parties have caused this
Agreement to be duly executed and delivered as of the day and year first above
written.

	
   

  	
  CNH EQUIPMENT TRUST 2006-B

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  The Bank of New York,

  
	
   

  	
   

  	
   

  	
  not in its individual capacity but solely as 

  Trustee on behalf of the Issuing Entity

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  /s/Catherine Murray

  	
   

  
	
   

  	
   

  	
   

  	
  Name: Catherine
  Murray

  
	
   

  	
   

  	
   

  	
  Title: Assistant
  Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  JPMORGAN
  CHASE BANK, N.A.,

  
	
   

  	
   

  	
   

  	
  not in its individual capacity but solely as

  Indenture Trustee

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  /s/Keith Richardson

  	
   

  
	
   

  	
   

  	
   

  	
  Name: Keith
  Richardson

  
	
   

  	
   

  	
   

  	
  Title:   Attorney-In-fact

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  NEW
  HOLLAND CREDIT COMPANY, LLC,

  
	
   

  	
   

  	
   

  	
  as Administrator

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  s/Brian O’Keane

  	
   

  
	
   

  	
   

  	
   

  	
  Name: Brian
  O’Keane

  
	
   

  	
   

  	
   

  	
  Title:   Treasurer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  THE BANK OF NEW
  YORK,

  
	
   

  	
   

  	
   

  	
  not in its individual capacity but solely as

  Trustee under the Trust Agreement

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  /s/Catherine Murray

  	
   

  
	
   

  	
   

  	
   

  	
  Name: Catherine
  Murray

  
	
   

  	
   

  	
   

  	
  Title:  Assistant
  Vice President

  
									

 

 

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