Document:

Exhibit 4.2

 

 

CNH EQUIPMENT TRUST 2008-B

 

TRUST AGREEMENT

 

between

 

CNH CAPITAL RECEIVABLES LLC

 

and

 

WILMINGTON TRUST COMPANY,

 

as Trustee

 

Dated as of May 1, 2008

 

 

 

 

TABLE OF CONTENTS

 

	
  ARTICLE I Definitions

  	
  1

  
	
   

  	
   

  	
   

  
	
  SECTION 1.1

  	
  Definitions

  	
  1

  
	
   

  	
   

  	
   

  
	
  ARTICLE II Organization

  	
  2

  
	
   

  	
   

  	
   

  
	
  SECTION 2.1

  	
  Name

  	
  2

  
	
  SECTION 2.2

  	
  Office

  	
  2

  
	
  SECTION 2.3

  	
  Purposes and Powers

  	
  2

  
	
  SECTION 2.4

  	
  Appointment of Trustee

  	
  3

  
	
  SECTION 2.5

  	
  Initial Capital
  Contribution of Trust Estate

  	
  3

  
	
  SECTION 2.6

  	
  Declaration of Trust

  	
  3

  
	
  SECTION 2.7

  	
  Liability of the
  Certificateholders

  	
  3

  
	
  SECTION 2.8

  	
  Title to Trust Property

  	
  3

  
	
  SECTION 2.9

  	
  Situs of Trust

  	
  4

  
	
  SECTION 2.10

  	
  Representations and
  Warranties of the Depositor

  	
  4

  
	
  SECTION 2.11

  	
  Federal Income Tax
  Allocations; Tax Treatment

  	
  5

  
	
   

  	
   

  	
   

  
	
  ARTICLE III Trust Certificates
  and Transfer of Interests

  	
  5

  
	
   

  	
   

  	
   

  
	
  SECTION 3.1

  	
  Initial Ownership

  	
  5

  
	
  SECTION 3.2

  	
  The Trust Certificates

  	
  5

  
	
  SECTION 3.3

  	
  Authentication of Trust
  Certificates

  	
  5

  
	
  SECTION 3.4

  	
  Registration of Transfer
  and Exchange of Trust Certificates

  	
  5

  
	
  SECTION 3.5

  	
  Mutilated, Destroyed, Lost
  or Stolen Trust Certificates

  	
  7

  
	
  SECTION 3.6

  	
  Persons Deemed
  Certificateholders

  	
  8

  
	
  SECTION 3.7

  	
  Access to List of
  Certificateholders’ Names and Addresses

  	
  8

  
	
  SECTION 3.8

  	
  Maintenance of Office or
  Agency

  	
  8

  
	
  SECTION 3.9

  	
  Appointment of Paying Agent

  	
  8

  
	
   

  	
   

  	
   

  
	
  ARTICLE IV Actions by
  Trustee

  	
  9

  
	
   

  	
   

  	
   

  
	
  SECTION 4.1

  	
  Prior Notice to
  Certificateholders With Respect to Certain Matters

  	
  9

  
	
  SECTION 4.2

  	
  Action By
  Certificateholders With Respect to Certain Matters

  	
  10

  
	
  SECTION 4.3

  	
  Action By
  Certificateholders With Respect to Bankruptcy

  	
  10

  
	
  SECTION 4.4

  	
  Restrictions on
  Certificateholders’ Power

  	
  10

  
	
  SECTION 4.5

  	
  Majority Control

  	
  10

  
	
   

  	
   

  	
   

  
	
  ARTICLE V Application of
  Trust Funds; Certain Duties

  	
  10

  
	
   

  	
   

  	
   

  
	
  SECTION 5.1

  	
  Establishment of Trust
  Account

  	
  10

  
	
  SECTION 5.2

  	
  Applications of Trust
  Funds

  	
  11

  
	
  SECTION 5.3

  	
  Method of Payment

  	
  12

  
	
  SECTION 5.4

  	
  No Segregation of Monies;
  No Interest

  	
  12

  
	
  SECTION 5.5

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

  	
  12

  

 

i

 

	
  SECTION 5.6

  	
  Signature on Returns; Tax
  Matters Partner

  	
  13

  
	
   

  	
   

  
	
  ARTICLE VI Authority and
  Duties of Trustee

  	
  13

  
	
   

  	
   

  	
   

  
	
  SECTION 6.1

  	
  General Authority

  	
  13

  
	
  SECTION 6.2

  	
  General Duties

  	
  13

  
	
  SECTION 6.3

  	
  Action upon Instruction

  	
  13

  
	
  SECTION 6.4

  	
  No Duties Except as
  Specified in This Agreement or in Instructions

  	
  14

  
	
  SECTION 6.5

  	
  No Action Except Under
  Specified Documents or Instructions

  	
  15

  
	
  SECTION 6.6

  	
  Restrictions

  	
  15

  
	
   

  	
   

  	
   

  
	
  ARTICLE VII Concerning the
  Trustee

  	
  15

  
	
   

  	
   

  	
   

  
	
  SECTION 7.1

  	
  Acceptance of Trusts and
  Duties

  	
  15

  
	
  SECTION 7.2

  	
  Furnishing of Documents

  	
  16

  
	
  SECTION 7.3

  	
  Representations and
  Warranties

  	
  17

  
	
  SECTION 7.4

  	
  Information to be Provided
  by the Trustee

  	
  17

  
	
  SECTION 7.5

  	
  Reliance; Advice of
  Counsel

  	
  18

  
	
  SECTION 7.6

  	
  Not Acting in Individual
  Capacity

  	
  18

  
	
  SECTION 7.7

  	
  Trustee Not Liable For
  Trust Certificates or Receivables

  	
  18

  
	
  SECTION 7.8

  	
  Trustee May Not Own
  Notes

  	
  19

  
	
   

  	
   

  	
   

  
	
  ARTICLE VIII Compensation
  of Trustee

  	
  19

  
	
   

  	
   

  	
   

  
	
  SECTION 8.1

  	
  Trustee’s Fees and
  Expenses

  	
  19

  
	
  SECTION 8.2

  	
  Indemnification

  	
  19

  
	
  SECTION 8.3

  	
  Payments to the Trustee

  	
  20

  
	
   

  	
   

  	
   

  
	
  ARTICLE IX Termination of
  Trust Agreement

  	
  20

  
	
   

  	
   

  	
   

  
	
  SECTION 9.1

  	
  Termination of Trust
  Agreement

  	
  20

  
	
   

  	
   

  	
   

  
	
  ARTICLE X Successor
  Trustees and Additional Trustees

  	
  21

  
	
   

  	
   

  	
   

  
	
  SECTION 10.1

  	
  Eligibility Requirements
  for Trustee

  	
  21

  
	
  SECTION 10.2

  	
  Resignation or Removal of
  Trustee

  	
  21

  
	
  SECTION 10.3

  	
  Successor Trustee

  	
  22

  
	
  SECTION 10.4

  	
  Merger or Consolidation of
  Trustee

  	
  23

  
	
  SECTION 10.5

  	
  Appointment of Co-Trustee
  or Separate Trustee

  	
  23

  
	
   

  	
   

  	
   

  
	
  ARTICLE XI Miscellaneous

  	
  24

  
	
   

  	
   

  	
   

  
	
  SECTION 11.1

  	
  Supplements and Amendments

  	
  24

  
	
  SECTION 11.2

  	
  No Legal Title To Trust
  Estate in Certificateholders

  	
  26

  
	
  SECTION 11.3

  	
  Limitations on Rights of
  Others

  	
  26

  
	
  SECTION 11.4

  	
  Notices

  	
  26

  
	
  SECTION 11.5

  	
  Severability

  	
  26

  
	
  SECTION 11.6

  	
  Separate Counterparts

  	
  26

  

 

ii

 

	
  SECTION 11.7

  	
  Successors and Assigns

  	
  26

  
	
  SECTION 11.8

  	
  Covenants of The Depositor

  	
  27

  
	
  SECTION 11.9

  	
  No Petition

  	
  27

  
	
  SECTION 11.10

  	
  No Recourse

  	
  27

  
	
  SECTION 11.11

  	
  Headings

  	
  27

  
	
  SECTION 11.12

  	
  Governing Law

  	
  27

  
	
  SECTION 11.13

  	
  Administrator

  	
  27

  
	
  SECTION 11.14

  	
  Information to be Provided
  by the Trustee

  	
  28

  
	
  SECTION 11.15

  	
  Complete Information

  	
  29

  
	
  SECTION 11.16

  	
  Indemnification

  	
  29

  
	
  SECTION 11.17

  	
  Paying Agent Protection

  	
  31

  

 

iii

 

EXHIBITS

 

	
  EXHIBIT A

  	
   

  	
  Form of Trust
  Certificate

  
	
  EXHIBIT B

  	
   

  	
  Form of Certificate
  of Trust

  

 

iv

 

TRUST
AGREEMENT (as amended or supplemented from time to time, this
“Agreement”) dated as of May 1,
2008 between CNH CAPITAL RECEIVABLES LLC, a Delaware limited liability company,
as Depositor, and Wilmington Trust Company (“WTC”),
a Delaware banking corporation, as Trustee.

 

ARTICLE I

Definitions

 

SECTION 1.1                                                  Definitions.  Capitalized terms used
herein and not otherwise defined herein are defined in Appendix A to the
Indenture dated as of the date hereof between CNH Equipment Trust 2008-B and
The Bank of New York Trust Company, N.A.

 

SECTION 1.2                                               Other Definitional Provisions.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

 

ARTICLE II

Organization

 

SECTION 2.1                                                  Name.  The Trust created hereby
shall be known as “CNH Equipment Trust 2008-B”, in which name the Trustee may
conduct the business of the Trust, make and execute contracts and other
instruments on behalf of the Trust and sue and be sued.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

2

 

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

 

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

 

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

 

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

 

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

 

3

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

4

 

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

 

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

 

ARTICLE III

Trust Certificates and Transfer of Interests

 

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

 

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

 

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

 

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

 

5

 

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

 

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

 

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

 

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

 

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

 

No service charge shall be
made to a Certificateholder for any registration of transfer or exchange of
Trust Certificates, but the Trustee or the Certificate Registrar may require
payment of a sum sufficient to cover any tax or other governmental charge that
may be imposed in connection with any registration of transfer or exchange of
Trust Certificates.

 

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

 

6

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

7

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

8

 

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

 

ARTICLE IV

Actions by Trustee

 

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

 

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

 

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

 

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

 

9

 

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

 

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

 

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

 

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

 

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

 

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

 

ARTICLE V

Application of Trust Funds; Certain Duties

 

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

 

10

 

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

 

SECTION 5.2                                                  Applications of Trust Funds.

 

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

 

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

 

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

 

11

 

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

 

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

 

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

 

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

 

12

 

Section 1278 of the
Code to include in income currently any market discount that accrues with
respect to the Receivables and shall elect under Section 171 of the Code
to amortize any bond premium with respect to the Receivables.  The Trustee shall not make the election
provided under Section 754 of the Code.

 

SECTION 5.6                                                  Signature on Returns; Tax Matters Partner.

 

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

 

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

 

ARTICLE VI

Authority and Duties of Trustee

 

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

 

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

 

SECTION 6.3                                                  Action upon Instruction.

 

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

 

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

 

13

 

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

 

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

 

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

 

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

 

14

 

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

 

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

 

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

 

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

 

ARTICLE VII

Concerning the Trustee

 

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

 

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

 

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

 

15

 

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

 

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

 

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

 

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

 

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

 

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

 

16

 

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

 

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

 

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

 

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

 

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

 

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

 

SECTION 7.4                                                  Information to be Provided by the Trustee.  The Trustee shall notify the Depositor
promptly after the Trustee becomes aware of (a) the initiation of any
legal proceedings against the Trustee, or of which any property of the Trustee
is subject, that are material to the Noteholders, (b) any developments in
any such proceedings that are material to the Noteholders and (c) any such
proceedings that are contemplated by any governmental authority.

 

17

 

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

 

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

 

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

 

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

 

18

 

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

 

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

 

ARTICLE VIII

Compensation of Trustee

 

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

 

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

 

19

 

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

 

ARTICLE IX

Termination of Trust Agreement

 

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

 

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

 

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

 

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

 

20

 

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

 

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

 

ARTICLE X

Successor Trustees and Additional Trustees

 

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

 

SECTION 10.2                                            Resignation or Removal of Trustee.

 

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

 

21

 

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

 

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

 

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

 

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

 

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

 

22

 

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

 

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

 

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

 

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

 

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

 

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

 

23

 

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

 

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

 

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

 

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

 

ARTICLE XI

Miscellaneous

 

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

 

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

 

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

 

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

 

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

 

24

 

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

 

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

 

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

 

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

 

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

 

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

 

With respect to any amendment
pursuant to this Section 11.1,
if any amendment or supplement would either: (a) materially and adversely
affect any of the Counterparties’ rights or obligations under an Interest Rate
Swap Agreement or any other Basic Document; or (b) materially and adversely
modify the obligations of, or materially and adversely impact the ability of,
the Trust to fully perform any of the Trust’s obligations under an Interest
Rate Swap Agreement, the Trust and the Indenture Trustee shall be required to
first obtain the written consent of the applicable Counterparties to the
affected Interest Rate Swap Agreements before entering into any such amendment
or supplement (which consent shall not be unreasonably withheld).

 

25

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

26

 

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

 

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

 

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

 

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

 

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

 

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

 

27

 

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

 

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

 

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

 

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

 

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

 

(1)                                  the sponsor;

(2)                                  any depositor;

(3)                                  the issuing entity;

(4)                                  any servicer;

(5)                                  any other trustee;

(6)                                  any originator;

(7)                                  any significant obligor;

(8)                                  any enhancement or support provider; and

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

 

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

 

28

 

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

 

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

 

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

 

SECTION 11.16              Indemnification.

 

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

 

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

 

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

 

29

 

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

 

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

 

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

 

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

 

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

 

(d)                                 Depositor
agrees to pay, and to protect, indemnify and save harmless WTC, and its
respective officers, directors, shareholders, employees, agents and each
person, if any, who controls WTC, within the meaning of either Section 15
of the Securities Act or Section 20 of the Exchange Act, from and against,
any and all claims, losses, liabilities (including penalties), actions, suits,
judgments, demands, damages, costs or expenses (including reasonable fees and
expenses of attorneys or, as necessary, consultants and auditors and reasonable
costs of investigations) (collectively, “WTC Losses”) of any nature to the
extent such WTC Losses result from any untrue statement of a material fact
contained under the heading “Depositor” in the base prospectus

 

30

 

contained
in the Preliminary Prospectus and the Prospectus, any omission to state under
the heading “Depositor” in the base prospectus contained in the Preliminary
Prospectus and the Prospectus a material fact required to be stated therein or
necessary to make the statements therein, in light of the circumstance under
which they were made, not misleading, or any untrue information with respect to
Affiliation Parties provided by the Depositor pursuant to the last paragraph of
Section 11.14 (unless WTC has actual knowledge that such Affiliation Party
information is incorrect).

 

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

 

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

 

*   *   *  
*   *

 

31

 

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

 

	
   

  	
  Wilmington
  Trust Company,

      in its individual capacity and

      as Trustee

  
	
   

  
	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Erik E. Overcash

  
	
   

  	
   

  	
  Name:
  Erik E. Overcash

  
	
   

  	
   

  	
  Title:
  Assistant Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  CNH
  Capital Receivables LLC

       as Depositor

  
	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Thomas N. Beckmann

  
	
   

  	
   

  	
  Name:
  Thomas N. Beckmann

  
	
   

  	
   

  	
  Title:
  Assistant Treasurer

  

 

 

	
  ACKNOWLEDGED
  AND ACCEPTED:

  
	
   

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

  As Indenture Trustee and as Paying Agent,

  
	
   

  
	
  By:

  	
  /s/
  Keith Richardson

  	
   

  
	
   

  	
  Name:
  

  	
  Keith
  Richardson

  
	
   

  	
  Title:

  	
  Vice
  President

  
				

 

 

EXHIBIT A

 

FORM OF TRUST CERTIFICATE

 

REGISTERED

 

	
  NUMBER
  R- [       ]

  	
  100% Beneficial Interest

  

 

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

 

CNH EQUIPMENT TRUST 2008-B

 

TRUST CERTIFICATE

 

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

 

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

 

THIS CERTIFIES THAT CNH CAPITAL RECEIVABLES LLC is the registered owner
of a nonassessable, fully-paid, fractional undivided interest in CNH Equipment
Trust 2008-B (the “Trust”) formed by CNH Capital Receivables LLC, a Delaware limited liability
company (the “Depositor”).

 

The Trust was created pursuant to a Trust Agreement dated as of May 1,
2008 (the “Trust Agreement”) between the Depositor and Wilmington Trust Company, as trustee (the “Trustee”). To the extent not otherwise defined herein, the capitalized terms
used herein have the meanings assigned to them in the Trust Agreement or the
Sale and Servicing Agreement (the “Sale and
Servicing Agreement”) dated as of May 1,
2008 among the Trust, the Depositor and New Holland Credit Company, LLC, as
servicer (the “Servicer”), as applicable. This Trust Certificate is one of the duly authorized
Trust Certificates (herein called the “Trust
Certificates”) issued under and subject
to the terms, provisions and conditions of the Trust Agreement, to which Trust
Agreement the holder of this Trust Certificate by virtue of the acceptance
hereof assents and by which holder is bound. The provisions and conditions of
the Trust Agreement are hereby incorporated by reference as though set forth in
their entirety herein.

 

Issued
under the Indenture dated as of May 1, 2008 between the Trust and The Bank
Of New York Trust Company, N.A., as Indenture Trustee, are notes designated as “[    ]%
Class A-1 Asset Backed Notes,” “[     ]% Class A-2a
Asset Backed Notes,” “Floating Rate Class A-2b Asset Backed Notes,” “[     ]%
Class A-3a Asset Backed Notes,” “Floating Rate Class A-3b Asset
Backed Notes,” “[    ]% Class A-4a Asset Backed Notes,”
“Floating Rate Class A-4b Asset Backed Notes,” and “[    ]%
Class B Asset Backed Notes”. The holder of this Trust Certificate acknowledges and agrees that its rights to receive
distributions in respect of this Trust Certificate

 

A-1

 

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

 

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

 

The
Certificateholder, by its acceptance of this Trust Certificate, covenants and
agrees that such Certificateholder will not at any time institute against the
Depositor or the Trust, or join in any institution against the Depositor or the
Trust, any bankruptcy, reorganization, arrangement, insolvency or liquidation
proceedings, or other proceedings under any United States federal or State
bankruptcy or similar law in connection with any obligations relating to this
Trust Certificate, the Notes, the Trust Agreement or any of the Basic
Documents.

 

The Certificateholder, by its acceptance of this Trust Certificate,
represents and warrants in writing that: (a) it is acquiring this Trust
Certificate for its own account and is the sole beneficial owner of such Trust
Certificate; (b) the transfer is not being effected on or through (x) an
“established securities market” within the meaning of Section 7704(a)(1) of
the Code, including without limitation, an over-the-counter market or an
interdealer quotation system that regularly disseminates firm buy or sell
quotations or (y) a “secondary market (or the substantial equivalent
thereof)” within the meaning of Section 7704(a)(2) of the Code and
any proposed, temporary or final Treasury regulations thereunder; and (c) such
transfer will not cause the Trust to be classified as a publicly traded
partnership for U.S. federal income tax purposes, and such purchaser or
transferee will not take any action, including any subsequent disposition of
such Trust Certificate (or any beneficial interest therein), that would cause
the Trust to be treated as a publicly traded partnership for U.S. federal
income tax purposes. This Trust Certificate may not be acquired by or for the
account of: (i) an employee benefit plan (as defined in Section 3(3) of
the Employee Retirement Income Security Act of 1974, as amended (“ERISA”)),
that is subject to the provisions of Title I of ERISA, (ii) a plan
described in Section 4975(e)(1) of the Internal Revenue Code of 1986,
as amended, or (iii) any entity whose underlying assets include plan
assets of any of the foregoing (a “Benefit
Plan”). By accepting and holding
this Certificate, the Certificateholder shall be deemed to have represented and
warranted that it is not a Benefit Plan.

 

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

 

A-2

 

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

 

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

 

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

 

A-3

 

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

 

	
   

  	
  CNH
  Equipment Trust 2008-B,

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  Wilmington
  Trust Company,

      not in its individual capacity, but

      solely as Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

A-4

 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

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

 

	
   

  	
  Wilmington
  Trust Company,

      as Trustee

  
	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Authorized
  Officer

  
	
   

  	
   

  	
   

  
	
  Date:   May   ,
  2008

  	
   

  	
   

  

 

A-5

 

ASSIGNMENT

 

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

 

PLEASE
INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE

 

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

 

	
  Dated:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Signature
  Guaranteed:

  	
   

  

 

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

 

A-6

 

EXHIBIT B

to the Trust Agreement

 

CERTIFICATE OF TRUST

 

OF

 

CNH EQUIPMENT TRUST 2008-B

 

THIS CERTIFICATE OF TRUST of CNH EQUIPMENT TRUST 2008-B (the “Trust”), is being duly executed and filed by Wilmington Trust Company, a
Delaware banking corporation, as trustee, to form a statutory trust under the
Delaware Statutory Trust Act (12 Del. C. §3801, et seq. (the “Act”).

 

Name. The name of the statutory trust being formed hereby is CNH Equipment
Trust 2008-B.

 

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

 

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

 

B-1

 

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

 

	
   

  	
  Wilmington Trust Company,

  not in its individual capacity, but solely as

  Trustee under a Trust Agreement dated as

  of May 1, 2008

  
	
   

  
	
   

  
	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  

 

B-2Exhibit 4.3

 

EXECUTION COPY

 

CNH
EQUIPMENT TRUST 2008-B

 

SALE AND SERVICING AGREEMENT

 

among

 

CNH EQUIPMENT TRUST 2008-B,

 

as Issuing Entity,

 

and

 

CNH CAPITAL RECEIVABLES LLC,

 

as Seller,

 

and

 

NEW HOLLAND CREDIT COMPANY, LLC,

 

as Servicer

 

Dated as of May 1, 2008

 

 

TABLE OF CONTENTS

 

	
  ARTICLE I Definitions

  	
  1

  
	
  Section 1.1.

  	
  Definitions

  	
  1

  
	
  Section 1.2.

  	
  Other Definitional
  Provisions

  	
  1

  
	
   

  	
   

  	
   

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

  	
  2

  
	
  Section 2.1.

  	
  Conveyance of Initial
  Receivables

  	
  2

  
	
  Section 2.2.

  	
  Conveyance of Subsequent
  Receivables

  	
  3

  
	
   

  	
   

  	
   

  
	
  ARTICLE III The
  Receivables

  	
  6

  
	
  Section 3.1.

  	
  Representations and
  Warranties of Seller

  	
  6

  
	
  Section 3.2.

  	
  Repurchase upon Breach

  	
  6

  
	
  Section 3.3.

  	
  Custody of Receivable
  Files

  	
  7

  
	
  Section 3.4.

  	
  Duties of Servicer as
  Custodian

  	
  8

  
	
  Section 3.5.

  	
  Instructions; Authority To
  Act

  	
  8

  
	
  Section 3.6.

  	
  Custodian’s
  Indemnification

  	
  9

  
	
  Section 3.7.

  	
  Effective Period and
  Termination

  	
  9

  
	
  Section 3.8.

  	
  Backup Servicer as
  Custodian

  	
  9

  
	
   

  	
   

  	
   

  
	
  ARTICLE IV Administration
  and Servicing of Receivables

  	
  9

  
	
  Section 4.1.

  	
  Duties of Servicer

  	
  9

  
	
  Section 4.2.

  	
  Collection and Allocation
  of Receivable Payments

  	
  10

  
	
  Section 4.3.

  	
  Realization upon
  Receivables

  	
  11

  
	
  Section 4.4.

  	
  Maintenance of Security
  Interests in Financed Equipment

  	
  12

  
	
  Section 4.5.

  	
  Covenants of Servicer

  	
  12

  
	
  Section 4.6.

  	
  Purchase of Receivables
  upon Breach or Due to Modification

  	
  12

  
	
  Section 4.7.

  	
  Servicing Fee

  	
  13

  
	
  Section 4.8.

  	
  Servicer’s Certificate

  	
  13

  
	
  Section 4.9.

  	
  Annual Statement as to
  Compliance; Notice of Default

  	
  13

  
	
  Section 4.10.

  	
  Annual Independent
  Certified Public Accountants’ Report

  	
  13

  
	
  Section 4.11.

  	
  Access to Certain
  Documentation and Information Regarding Receivables

  	
  14

  
	
  Section 4.12.

  	
  Servicer Expenses

  	
  14

  
	
  Section 4.13.

  	
  Appointment of Subservicer

  	
  15

  
	
  Section 4.14.

  	
  Substitution of Financed
  Equipment

  	
  15

  
	
   

  	
   

  	
   

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

  	
  16

  
	
  Section 5.1.

  	
  Establishment of Trust
  Accounts and the Backup Servicer Account

  	
  16

  
	
  Section 5.2.

  	
  Interest Rate Swap
  Agreements

  	
  19

  
	
  Section 5.3.

  	
  Collections

  	
  19

  
	
  Section 5.4.

  	
  Application of Collections

  	
  20

  
	
  Section 5.5.

  	
  Additional Deposits

  	
  20

  

 

i

 

	
  Section 5.6.

  	
  Distributions

  	
  20

  
	
  Section 5.7.

  	
  Spread Account

  	
  22

  
	
  Section 5.8.

  	
  Pre-Funding Account

  	
  22

  
	
  Section 5.9.

  	
  Negative Carry Account

  	
  23

  
	
  Section 5.10.

  	
  Principal Supplement
  Account

  	
  23

  
	
  Section 5.11.

  	
  Statements to
  Certificateholders and Noteholders

  	
  23

  
	
  Section 5.12.

  	
  Net Deposits

  	
  26

  
	
  Section 5.13.

  	
  Backup Servicer Account

  	
  26

  
	
   

  	
   

  	
   

  
	
  ARTICLE VI The Seller

  	
  27

  
	
  Section 6.1.

  	
  Representations of Seller

  	
  27

  
	
  Section 6.2.

  	
  Company Existence

  	
  28

  
	
  Section 6.3.

  	
  Liability of Seller;
  Indemnities

  	
  29

  
	
  Section 6.4.

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

  	
  29

  
	
  Section 6.5.

  	
  Limitation on Liability of
  Seller and Others

  	
  30

  
	
  Section 6.6.

  	
  Seller May Own
  Certificates or Notes

  	
  30

  
	
   

  	
   

  	
   

  
	
  ARTICLE VII The Servicer

  	
  30

  
	
  Section 7.1.

  	
  Representations of
  Servicer

  	
  30

  
	
  Section 7.2.

  	
  Indemnities of Servicer

  	
  32

  
	
  Section 7.3.

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

  	
  33

  
	
  Section 7.4.

  	
  Limitation on Liability of
  Servicer and Others

  	
  34

  
	
  Section 7.5.

  	
  NH Credit Not to Resign as
  Servicer

  	
  34

  
	
  Section 7.6.

  	
  Servicer to Act as
  Administrator

  	
  35

  
	
   

  	
   

  	
   

  
	
  ARTICLE VIII Default

  	
  35

  
	
  Section 8.1.

  	
  Servicer Default

  	
  35

  
	
  Section 8.2.

  	
  Appointment of Successor
  Servicer

  	
  36

  
	
  Section 8.3.

  	
  Notification to
  Noteholders and Certificateholders

  	
  37

  
	
  Section 8.4.

  	
  Waiver of Past Defaults

  	
  37

  
	
   

  	
   

  	
   

  
	
  ARTICLE IX Termination

  	
  37

  
	
  Section 9.1.

  	
  Optional Purchase of All
  Receivables

  	
  37

  
	
   

  	
   

  	
   

  
	
  ARTICLE X Miscellaneous
  Provisions

  	
  39

  
	
  Section 10.1.

  	
  Amendment

  	
  39

  
	
  Section 10.2.

  	
  Protection of Title to
  Trust

  	
  41

  
	
  Section 10.3.

  	
  Notices

  	
  43

  
	
  Section 10.4.

  	
  Assignment

  	
  44

  
	
  Section 10.5.

  	
  Limitations on Rights of
  Others

  	
  44

  
	
  Section 10.6.

  	
  Severability

  	
  44

  
	
  Section 10.7.

  	
  Separate Counterparts

  	
  44

  
	
  Section 10.8.

  	
  Headings

  	
  44

  
	
  Section 10.9.

  	
  Governing Law

  	
  44

  
	
  Section 10.10.

  	
  Assignment to Indenture
  Trustee

  	
  44

  

 

ii

 

	
  Section 10.11.

  	
  Nonpetition Covenants

  	
  44

  
	
  Section 10.12.

  	
  Limitation of Liability of
  Trustee and Indenture Trustee

  	
  45

  
	
  Section 10.13.

  	
  Conditions Precedent to
  Other Financing Transactions

  	
  45

  
	
  Section 10.14.

  	
  Information Requests

  	
  45

  
	
  Section 10.15.

  	
  Information to Be Provided
  by the Indenture Trustee

  	
  46

  
	
  Section 10.16.

  	
  Form 8-K Filings

  	
  46

  
	
  Section 10.17.

  	
  Indemnification

  	
  47

  

 

iii

 

SALE AND
SERVICING AGREEMENT
(as amended or otherwise modified, this “Agreement”)
dated as of May 1, 2008 among CNH EQUIPMENT TRUST 2008-B, a Delaware
statutory trust (the “Issuing Entity”
or the “Trust”), CNH CAPITAL
RECEIVABLES LLC, a Delaware limited liability company (the “Seller”), and NEW HOLLAND CREDIT COMPANY,
LLC, a Delaware limited liability company (the “Servicer”).

 

RECITALS

 

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

 

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

 

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

 

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

 

ARTICLE I

Definitions

 

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

 

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

 

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

 

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

 

1

 

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

 

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

 

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

 

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

 

ARTICLE II

Conveyance of Receivables and Grant of Security

Interest in the Backup Servicer Account

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

2

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

3

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(vi)          the Receivables in the Trust, including the Subsequent Receivables to
be conveyed to the Trust on such Subsequent Transfer Date, shall meet the
following criteria: (A) each of the Receivables is a Retail Installment
Contract, (B) the weighted average original term of the Receivables in the
Trust will not be greater than 55 months, and (C) not more than 35% of the
aggregate Contract Value of the Receivables in the Trust will represent
Contracts for the financing of construction equipment, (D) each Receivable
has a remaining term to maturity of not more than 72 months and (E) each
Receivable has a Statistical Contract Value as of the applicable Cutoff Date
that (when combined with the Statistical Contract Value of any other
Receivables with the same or an affiliated Obligor) does not exceed 1% of the
aggregate Statistical Contract Value of all the Receivables;

 

4

 

(vii)         the Funding Period shall not have terminated;

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

5

 

ARTICLE III

The Receivables

 

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

 

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

 

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

 

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

 

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

 

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

 

6

 

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

 

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

 

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

 

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

 

7

 

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

 

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

 

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

 

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

 

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

 

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

 

8

 

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

 

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

 

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

 

ARTICLE IV

Administration and Servicing of Receivables

 

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

 

9

 

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

 

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

 

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

 

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

 

Subject to the proviso of
the third sentence of this Section 4.2,
the Servicer and its Affiliates may engage in any marketing practice or
promotion or any sale of any products, goods 

 

10

 

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

 

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

 

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

 

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

 

11

 

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

 

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

 

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

 

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

 

12

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

13

 

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

 

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

 

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

 

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

 

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

 

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

 

14

 

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

 

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

 

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

 

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

 

15

 

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

 

ARTICLE V

Distributions: Spread Account;

Statements to Certificateholders and Noteholders

 

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

 

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

 

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

 

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

 

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

 

(vi)          The Servicer, for the benefit of the Noteholders, the Counterparties
and the Certificateholders, shall establish and maintain in the name of the
Indenture Trustee an Eligible Deposit Account (the “Principal Supplement Account”), bearing a 

 

16

 

designation clearly
indicating that the funds deposited therein are held for the benefit of the
Noteholders, the Counterparties and the Certificateholders; provided, however  that the Servicer shall not be required to
establish such account so long as no amount greater than $0.00 shall be
required to be deposited into such account pursuant to this Agreement or any
other Basic Document.

 

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

 

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

 

17

 

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

 

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

 

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

 

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

 

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

 

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

 

18

 

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

 

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

 

Section 5.2.                     Interest Rate Swap
Agreements.  (a)  The Issuing Entity shall on or
prior to the Closing Date enter into the Interest Rate Swap Agreements with the
applicable Counterparties for the benefit of the Noteholders and
Certificateholders, such that the aggregate notional amount under the Interest
Rate Swap Agreements shall, at any time, be equal to the Outstanding Amount of
the Class A-2b Notes, Class A-3b Notes and Class A-4b Notes at
such time.  Net Swap Receipts shall be
deposited by the Indenture Trustee into the Collection Account on the day
received and shall constitute part of the Total Distribution Amount.  Subject to Section 5.6,
on any Payment Date when there shall be a Net Swap Payment, the Indenture
Trustee shall pay such Net Swap Payment from the Total Distribution Amount; and
on any day when there shall be a Swap Termination Payment, the Indenture
Trustee shall pay such Swap Termination Payment from the Total Distribution
Amount.

 

(b)           Each Interest Rate Swap Agreement shall be in substantially the same
form as the Interest Rate Swap Agreement attached hereto as Exhibit G.

 

(c)           The Servicer (so long as the Servicer is NH Credit), when required
under any Interest Rate Swap Agreement, shall cause the Issuing Entity to enter
into a replacement Interest Rate Swap Agreement.

 

Section 5.3.                     Collections.  The
Servicer shall, and shall cause any subservicer to, remit to the Collection
Account all payments by or on behalf of the Obligors with respect to the
Receivables, and all Liquidation Proceeds, both as collected during the
Collection Period, and in either case within two Business Days of the date that
the Servicer has identified and posted such amounts (which the Servicer shall
use its reasonable best efforts to do promptly) to the Servicer’s computer
system (the “Posted Date”). Notwithstanding the foregoing, for so long as: (i) NH
Credit remains the Servicer, (ii) no Servicer Default shall have occurred
and be continuing and (iii) prior to ceasing remittances as described in
the preceding sentence, the Rating Agency Condition shall have been satisfied
(and any conditions or limitations imposed by the Rating Agencies in connection
therewith are complied with), the Servicer shall remit such collections with
respect to the related Collection Period to the Collection Account on the
Transfer Date immediately following the end of such Collection Period.  For purposes of this Article V,  the phrase “payments by or on behalf of the
Obligors” shall mean payments made with respect to the Receivables by Persons
other than the Servicer or the Seller. 
On any Payment Date with respect to which the Backup Servicer shall have
been acting as Successor Servicer during the related Collection Period, the
Backup Servicer, in its capacity as Successor Servicer, may direct the
Indenture Trustee to withdraw from the Collection Account and pay to the Backup
Servicer, in its capacity as Successor Servicer, the sum of any accrued amounts
expended by such Successor 

 

19

 

Servicer in connection with
the liquidation of any Liquidated Receivables, but solely to the extent such
amounts were not netted out of Liquidation Proceeds with respect of such
Liquidated Receivables or previously recovered by such Successor Servicer
pursuant to this Section 5.3;
provided that, the amount that such Successor Servicer may withdraw from the
Collection Account pursuant to this Section 5.3
on any Payment Date shall not exceed the aggregate amount of Liquidation
Proceeds collected during the related Collection Period and deposited into the
Collection Account prior to such Payment Date. 
Any such withdrawals permissible under this Section 5.3 shall be made prior to any distributions
under Section 5.6.

 

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

 

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

 

Section 5.5.                     Additional Deposits.  The
Servicer and the Seller shall deposit or cause to be deposited in the
Collection Account the aggregate Purchase Amount with respect to Purchased Receivables
on the Transfer Date related to the Collection Period on the last day of which
the purchase occurs, and the Servicer shall deposit therein all amounts to be
paid under Section 9.1 on
the Transfer Date falling in the Collection Period referred to in Section 9.1.  The Servicer shall deposit the aggregate
Purchase Amount with respect to Purchased Receivables when such obligations are
due, unless the Servicer shall not be required to make deposits within two
Business Days of receipt of funds pursuant to Section 5.3,
in which case such deposits shall be made on the Transfer Date following the
related Collection Period.  This Section 5.5 shall not apply to the Backup Servicer
as Successor Servicer.

 

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

 

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

 

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

 

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

 

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

 

(iv)          to the Note Distribution Account, the Net Swap Payments (including
interest on any overdue Net Swap Payments), if any;

 

20

 

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

 

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

 

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

 

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

 

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

 

(x)            to the Note Distribution Account, any Swap
Termination Payments payable by the Issuing Entity, to the extent not deposited
pursuant to clause (v) above;

 

(xi)           first, to the Backup Servicer, to cover any accrued and unpaid
reimbursable expenses (including the Backup Servicer Expenses) that remain
unpaid after the application, when applicable, of amounts in the Backup
Servicer Account, and second, to the Servicer, to cover any accrued and unpaid
reimbursable expenses; and

 

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

 

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

 

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

 

21

 

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

 

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

 

(c)           Following: (i) the payment in full of the aggregate Outstanding
Amount of the Notes and of all other amounts owing or to be distributed
hereunder or under the Indenture to the Noteholders, the Counterparties, the
Trustee and the Indenture Trustee and (ii) the termination of the Trust,
any amount remaining on deposit in the Spread Account shall be distributed to
the Seller or any transferee or assignee pursuant to  clause (e) .  The Seller (and such transferees and
assignees) shall in no event be required to refund any amounts properly
distributed pursuant to this Section 5.7(c).

 

(d)           In the event that the sum of (x) the First Principal Payment
Amount and the Noteholders’ Distributable Amount for a Payment Date, (y) the
Net Swap Payments (including interest on any overdue Net Swap Payments) for a
Payment Date, if any, and (z) the Priority Swap Termination Payments
payable by the Issuing Entity, if any, exceeds the amount deposited into the
Note Distribution Account pursuant to Sections
5.6(b)(iv), (v), (vi), (vii) and (viii) on such Payment
Date, the Servicer shall instruct the Indenture Trustee on such Payment Date to
withdraw from the Spread Account on such Payment Date an amount equal to such
excess, to the extent of funds available therein, and deposit such amount into
the Note Distribution Account.

 

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

 

Section 5.8.                     Pre-Funding Account.  (a) 
Subject to the proviso set forth in Section 5.1(a)(iv),
on the Closing Date, the Trustee will deposit, on behalf of the Seller, in the
Pre-Funding Account $0 from the net proceeds of the sale of the Notes.  On each Subsequent Transfer Date, the
Servicer shall instruct the Indenture Trustee to withdraw from the Pre-Funding
Account an amount equal to: (i) the aggregate Contract Value of the
Subsequent Receivables transferred to the Issuing Entity on such Subsequent
Transfer Date  less  the amounts described 

 

22

 

in  clause (ii)  and  clause (iii)  below, and distribute such
amount to or upon the order of the Seller upon satisfaction of the conditions
set forth in Section 2.2(b) with
respect to such transfer, (ii) the Spread Account Initial Deposit for such
Subsequent Transfer Date and, on behalf of the Seller, deposit such amount in
the Spread Account and (iii) the Principal Supplement Account Deposit for
such Subsequent Transfer Date, and, on behalf of the Seller, deposit such
amount in the Principal Supplement Account.

 

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

 

Section 5.9.                     Negative Carry Account. 
Subject to the proviso set forth in Section 5.1(a)(v),
on the Closing Date, the Seller shall deposit the Negative Carry Account Initial
Deposit into the Negative Carry Account. 
On each Payment Date, the Servicer will instruct the Indenture Trustee
to withdraw from the Negative Carry Account and deposit into the Collection
Account an amount equal to the Negative Carry Amount for such Collection
Period. If the amount on deposit in the Negative Carry Account on any Payment
Date (after giving effect to the withdrawal therefrom of the Negative Carry
Amount for such Payment Date) is greater than the Required Negative Carry
Account Balance, the excess will be released to the Seller.

 

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

 

Section 5.11.                   Statements to
Certificateholders and Noteholders.  (a)  On each Determination
Date the Servicer shall provide to the Indenture Trustee (with a copy to the
Rating 

 

23

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

24

 

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

 

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

 

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

 

(xvi)        the amount of Net Swap Payments or Net Swap Receipts for the related
Payment Date;

 

(xvii)       the amount of Swap Termination Payments paid by the Issuing Entity on
the related Payment Date;

 

(xviii)      the A-2b Note Rate, A-3b Note Rate and A-4b Note Rate for the next
Interest Period;

 

(xix)         if the related Payment Date falls in November 2009, May 2010,
November 2010 or May 2011;

 

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

 

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

 

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

 

(xx)          the Specified Spread Account Balance.

 

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

 

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

 

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

 

25

 

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

 

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

 

Section 5.13.                   Backup Servicer Account.  (a) 
On the Closing Date, the Seller, or the Servicer on its behalf, shall deposit
the Backup Servicer Account Initial Deposit into the Backup Servicer Account.
On each Payment Date to the extent that any Backup Servicer Expenses are then
due and payable, the Servicer will instruct the Indenture Trustee in writing to
withdraw an amount equal to such Backup Servicer Expenses then due and payable,
and distribute such amount to the Person entitled thereto. If the amount on
deposit in the Backup Servicer Account on any Payment Date (after giving effect
to the withdrawal therefrom for the payment of Backup Servicer Expenses for
such Payment Date) is greater than the Backup Servicer Account Required Amount,
the excess will be released to the Seller; provided
however, such excess will only be released to the Seller (i) to
the extent that all reimbursable expenses of the Backup Servicer as set forth
in the following sentence that are due have been paid and (ii) so long as
no Servicer Default shall have occurred and be continuing.  In addition, the amount on deposit in the
Backup Servicer Account will also be made available to pay reasonable costs and
expenses (including attorney’s fees) incurred by the Backup Servicer.  The Seller (and any of its transferees and
assignees) shall in no event be required to refund any amounts properly
distributed to it pursuant to this Section 5.13.

 

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

 

(c)           Following: (i) the payment in full of the aggregate Outstanding
Amount of the Notes and all amounts owing or to be distributed to the Backup
Servicer hereunder and 

 

26

 

(ii) the termination of
the Trust, any amount remaining on deposit in the Backup Servicer Account shall
be distributed to the Seller or any transferee or assignee.

 

ARTICLE VI

The Seller

 

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

 

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

 

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

 

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

 

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

 

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

 

27

 

regulation applicable to the
Seller of any court or of any federal or State regulatory body, administrative
agency or other governmental instrumentality having jurisdiction over the
Seller or its properties.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

28

 

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

 

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

 

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

 

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

 

Section 6.4.                     Merger or Consolidation of,
or Assumption of the Obligations of, Seller.  Any
Person: (a) into which the Seller may be merged or consolidated, (b) that
may result from any merger or consolidation to which the Seller shall be a
party or (c) that may succeed to the properties and assets of the Seller
substantially as a whole, which Person (in any of the foregoing cases) executes
an agreement of assumption to perform every obligation of the Seller under this
Agreement (or is deemed by law to have assumed such obligations), shall be the
successor to the Seller hereunder without the execution or filing of any
document or any further act by any of the parties to this Agreement; provided, however, that: (i) immediately
after giving effect to such transaction, no representation or warranty made
pursuant to Section 3.1
shall have been breached and no Servicer Default, and no event that, after
notice or lapse of time, or both, would become a Servicer Default shall have
occurred and be continuing, (ii) the Seller shall have delivered to the
Trustee and the Indenture Trustee an Officer’s Certificate and an Opinion of
Counsel each stating that such consolidation, merger or succession and such
agreement of assumption comply with this Section and
that all conditions precedent, if any, provided for in this Agreement relating
to such transaction have been complied with, (iii) the Rating Agency
Condition shall have been satisfied with respect to such transaction and (iv) the
Seller shall have delivered to the Trustee and the Indenture Trustee an Opinion
of Counsel either: (A) stating that, in the opinion of such counsel, all
financing statements, continuation statements and amendments thereto have been
executed and filed that are necessary fully to preserve and protect the
interest of the Trustee and Indenture Trustee, respectively, in the Receivables
and reciting the details of such filings, or (B) stating that, in the
opinion of such counsel, no such action shall be necessary 

 

29

 

to preserve and protect such
interests.  Notwithstanding anything
herein to the contrary, the execution of the foregoing agreement of assumption
and compliance with clauses (i), (ii), (iii) and (iv) shall be conditions to the
consummation of the transactions referred to in clauses (a), (b) or
(c).

 

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

 

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

 

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

 

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

 

ARTICLE VII

The Servicer

 

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

 

30

 

Transfer Date, in the case
of the Subsequent Receivables, and shall survive the sale of the Receivables to
the Issuing Entity and the pledge thereof to the Indenture Trustee pursuant to
the Indenture.

 

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

 

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

 

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

 

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

 

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

 

(f)            No Proceedings. As of the date of the Underwriting
Agreement, the Preliminary Prospectus Date, the Prospectus Date and the Closing
Date, there are no proceedings or investigations pending or, to the Servicer’s  knowledge, threatened against the Servicer,
before any court, regulatory body, administrative agency or other tribunal or
governmental instrumentality having jurisdiction over the Servicer or its
properties (i) asserting the invalidity of this Agreement, (ii) seeking
to prevent the consummation of any of the transactions 

 

31

 

contemplated by this
Agreement, or (iii) seeking any determination or ruling that might
materially and adversely affect the performance by the Servicer of its
obligations under, or the validity or enforceability of, this Agreement or
otherwise be material to the Noteholders, except as otherwise may be disclosed
on the Preliminary Prospectus or the Prospectus; and

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

32

 

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

 

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

 

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

 

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

 

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

 

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

 

Section 7.3.                     Merger or Consolidation of,
or Assumption of the Obligations of, Servicer.  Any
Person: (a) into which the Servicer may be merged or consolidated, (b) that
may result from any merger or consolidation to which the Servicer shall be a
party, or (c) that may succeed to the properties and assets of the Servicer
substantially as a whole, which Person (in any of the foregoing circumstances)
executes an agreement of assumption to perform every obligation of the Servicer
hereunder (or is deemed by law to have assumed such obligations), shall be the
successor to the Servicer under this Agreement without further act on the part
of any of the parties to this Agreement; provided, however, that: (i) immediately
after giving effect to such transaction, no Servicer Default, and no event
that, after notice or lapse of time, or both, would become a Servicer Default
shall have occurred and be continuing, (ii) the Servicer shall have
delivered to the Trustee and Indenture Trustee an Officer’s Certificate and an
Opinion of Counsel each stating that such consolidation, merger or succession
and such agreement of assumption comply with this Section and that all
conditions precedent, if any, provided for in 

 

33

 

this Agreement relating to
such transaction have been complied with, (iii) the Rating Agencies and
the Counterparties shall have received at least ten days’ prior written notice
of such transaction and (iv) the Servicer shall have delivered to the
Trustee and the Indenture Trustee an Opinion of Counsel either: (A) stating
that, in the opinion of such counsel, all financing statements, continuation
statements and amendments thereto have been executed and filed that are
necessary fully to preserve and protect the interest of the Trustee and the
Indenture Trustee, respectively, in the Receivables and reciting the details of
such filings, or (B) stating that, in the opinion of such counsel, no such
action shall be necessary to preserve and protect such interests.
Notwithstanding anything herein to the contrary, the execution of the foregoing
agreement of assumption and compliance with clauses (i), (ii), (iii) and (iv) shall
be conditions to the consummation of the transactions referred to in clauses
(a), (b) or (c); provided, however, that this Section 7.3 shall not apply to mergers
or consolidations of the Backup Servicer in its capacity as Successor Servicer
within J.P. Morgan Chase Bank N.A.

 

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

 

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

 

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

 

34

 

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

 

ARTICLE VIII

Default

 

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

 

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

 

(b)           any failure by the Servicer or the Seller, as the case may be, duly to
observe or to perform in any material respect any other covenants or agreements
(other than as set forth in  clause
(a))  of the Servicer or the Seller (as the
case may be) set forth in this Agreement or any other Basic Document, which
failure shall: (i) materially and adversely affect the rights of
Certificateholders or Noteholders and (ii) continue unremedied for a
period of 60 days after the date on which written notice of such failure,
requiring the same to be remedied, shall have been given: (A) to the
Servicer or the Seller (as the case may be) by the Trustee or the Indenture
Trustee or (B) to the Servicer or the Seller (as the case may be) and to
the Trustee and the Indenture Trustee, by the Noteholders or
Certificateholders, as applicable, evidencing not less than 25% of the
Outstanding Amount of the Notes or 25% of the beneficial interest in the
Issuing Entity;

 

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

 

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

 

then, and in each and every
case, so long as the Servicer Default shall not have been remedied, either the
Indenture Trustee, or the Holders of Notes evidencing not less than 25% of the
Outstanding Amount of the Notes, by notice then given in writing to the
Servicer and to any Backup Servicer that is engaged at that time (and to the
Indenture Trustee and the Trustee if given by the Noteholders), may terminate
all the rights and obligations (other than the obligations set forth in Section 7.2) of the Servicer under
this Agreement; provided, however,
that the Backup Servicer, acting as Successor Servicer, may not be terminated
for a Servicer 

 

35

 

Default set forth in Section 8.1(b) with respect to
the Seller or under Section 8.1(d).  On or after the receipt by the Servicer and
any Backup Servicer of such written notice, all authority and power of the
Servicer under this Agreement, whether with respect to the Notes, the
Certificates, the Receivables or otherwise, shall, without further action, pass
to and be vested in (a) the Backup Servicer, or if no Backup Servicer is
then engaged (b) the Indenture Trustee or such Successor Servicer as may
be appointed under Section 8.2;
and, without limitation, the Indenture Trustee and the Trustee are hereby
authorized and empowered to execute and deliver, on behalf of the predecessor
Servicer, as attorney-in-fact or otherwise, any and all documents and other
instruments, and to do or accomplish all other acts or things necessary or
appropriate to effect the termination of the Servicer, whether to complete the
transfer and endorsement of the Receivables and related documents, or
otherwise.  The predecessor Servicer
shall cooperate with the Successor Servicer, the Indenture Trustee and the
Trustee in effecting the termination of the responsibilities and rights of the
predecessor Servicer under this Agreement, including the transfer to the Successor
Servicer for administration by it of: (i) all cash amounts that shall at
the time be held by the predecessor Servicer for deposit, or shall thereafter
be received by it with respect to a Receivable and (ii) all Receivable
Files. All reasonable costs and expenses (including attorneys’ fees) incurred
in connection with such transfer, including the costs of transferring the
Receivable Files to the Successor Servicer and amending this Agreement to
reflect its succession as Servicer, shall be paid by the predecessor Servicer
upon presentation of reasonable documentation of such costs and expenses.  Upon receipt of written notice of the
occurrence of a Servicer Default, the Trustee shall give written notice thereof
to the Rating Agencies and the Counterparties.

 

Section 8.2.                     Appointment of Successor
Servicer.  (a)  Upon the Servicer’s receipt of
notice of termination, pursuant to Section 8.1,
or the Servicer’s resignation in accordance with this Agreement, the
predecessor Servicer shall continue to perform its functions as Servicer under
this Agreement, in the case of termination, only until the date specified in
such termination notice or, if no such date is specified in a notice of
termination, until receipt of such notice and, in the case of resignation, until
the earlier of: (x) the date 60 days from the delivery to the Trustee, the
Counterparties and the Indenture Trustee of written notice of such resignation
(or written confirmation of such notice) in accordance with this Agreement and (y) the
date upon which the predecessor Servicer shall become unable to act as
Servicer, as specified in the notice of resignation and accompanying Opinion of
Counsel. In the event of the Servicer’s termination hereunder, if no Backup
Servicer is then engaged, the Issuing Entity shall appoint a Successor Servicer
acceptable to the Indenture Trustee, and the Successor Servicer shall accept
its appointment by a written assumption in form acceptable to the Indenture
Trustee.  In the event that a Successor
Servicer has not been appointed at the time when the predecessor Servicer has
ceased to act as Servicer in accordance with this Section, the Indenture
Trustee without further action shall automatically be appointed the Successor
Servicer and shall be entitled to the Servicing Fee.  Notwithstanding the above, the Indenture
Trustee shall, if it shall be unable so to act, appoint or petition a court of
competent jurisdiction to appoint any established institution, having a net
worth of not less than $50,000,000 and whose regular business shall include the
servicing of equipment receivables, as the successor to the Servicer under this
Agreement.

 

(b)           Upon appointment, the Successor Servicer (including the Indenture
Trustee acting as Successor Servicer) shall be the successor in all respects to
the predecessor Servicer (except with respect to responsibilities and
obligations of the predecessor Servicer set 

 

36

 

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

 

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

 

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

 

Section 8.3.                     Notification to Noteholders
and Certificateholders.  Upon any termination of, or appointment of a
successor to, the Servicer pursuant to this 
Article VIII , the Trustee shall give prompt written notice thereof
to the Certificateholders and the Indenture Trustee shall give prompt written
notice thereof to the Noteholders, the Counterparties, the Backup Servicer and
the Rating Agencies.

 

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

 

ARTICLE IX

Termination

 

Section 9.1.                     Optional Purchase of All
Receivables.  (a)  As of the first day of any
Collection Period immediately preceding a Payment Date as of which the Pool
Balance is 10% 

 

37

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

Any investments on deposit
in the Spread Account that will not mature on or before such Payment Date shall
be sold by the Indenture Trustee at such time as will result in the Indenture 

 

38

 

Trustee receiving the
proceeds from such sale not later than the Transfer Date preceding such Payment
Date.

 

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

 

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

 

ARTICLE X

Miscellaneous Provisions

 

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

 

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

 

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

 

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

 

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

 

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

 

39

 

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

 

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

 

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

 

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

 

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

 

With respect to any
amendment pursuant to this Section 10.1,
if any amendment or supplement would either: (a) materially and adversely
affect any of the Counterparties’ rights or obligations under an Interest Rate
Swap Agreement or any other Basic Document; or (b) materially and
adversely modify the obligations of, or materially and adversely impact the
ability of, the Trust to fully perform any of the Trust’s obligations under an
Interest Rate Swap Agreement, the Trust and the Indenture Trustee shall be
required to first obtain the written consent of the applicable Counterparties
to the affected Interest Rate Swap Agreements before entering into any such
amendment or supplement (which consent shall not be unreasonably withheld).

 

40

 

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

 

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

 

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

 

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

 

41

 

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

 

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

 

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

 

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

 

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

 

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

 

(1)           promptly after the execution and delivery of
this Agreement, an Opinion of Counsel either: (A) stating that, in the
opinion of such counsel, all financing statements and continuation statements
have been executed and filed that are necessary fully to preserve and protect
the interest of the Trustee and the Indenture Trustee in the Receivables, and
reciting the details of such filings or referring to prior Opinions of Counsel
in which such details are given, or 

 

42

 

(B) stating
that, in the opinion of such counsel, no such action shall be necessary to
preserve and protect such interest; and

 

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

 

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

 

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

 

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

 

Section 10.3.                   Notices.  All
demands, notices, directions, instructions and communications upon or to the
Seller, the Servicer, the Issuing Entity, the Trustee, the Indenture Trustee,
the Counterparties or the Rating Agencies under this Agreement shall be in
writing, personally delivered or mailed by certified mail, return receipt
requested, or by facsimile, and shall be deemed to have been duly given upon
receipt:  (a) in the case of the
Seller, to CNH Capital Receivables LLC, 6900 Veterans Boulevard, Burr Ridge,
Illinois 60527, Attention: Assistant Treasurer, (telephone: (630) 887-2095)
(facsimile: (630) 887-5448), (b) in the case of the Servicer, to New
Holland Credit Company, LLC, 33 South Railroad Avenue, New Holland,
Pennsylvania 17557, Attention: Finance Manager (telephone (717) 355-3091)
(facsimile: (630) 887-5448); with a copy to: 
New Holland Credit Company, LLC, 6900 Veterans Boulevard, Burr Ridge,
Illinois 60527, Attention: Assistant Treasurer, (facsimile: (630) 887-5448), (c) in
the case of the Issuing Entity or the Trustee, at the Trustee’s Corporate Trust
Office, (d) in the case of the Indenture Trustee, at its Corporate Trust
Office, (e) in the case of any Counterparty, to the address set forth in Section 11.4(c) of the Indenture
or at any other address or facsimile number
previously furnished in writing to other parties by the applicable
Counterparty, (f) in the case of Moody’s, to Moody’s Investors
Service, Inc., ABS Monitoring Department, 7 World Trade Center, 250
Greenwich Street, New York, New York 10007, (g) in the case of Standard &
Poor’s, to Standard & Poor’s Ratings Services, a division of
McGraw-Hill Companies, Inc., 55 Water Street, New York, New York 10041,
Attention: Asset Backed Surveillance Department, and (h) in the case of
Fitch, to Fitch, Inc., 70 West Madison Street, Suite 11, Chicago,
Illinois 60602, Attention: ABS Monitoring – Equipment Loans.

 

43

 

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

 

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

 

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

 

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

 

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

 

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

 

Section 10.10.                 Assignment to Indenture
Trustee.  The Seller hereby acknowledges and consents
to any mortgage, pledge, assignment and grant of a security interest by the
Issuing Entity to the Indenture Trustee pursuant to the Indenture for the
benefit of the Noteholders and the Counterparties of all right, title and
interest of the Issuing Entity in, to and under the Receivables and/or the
assignment of any or all of the Issuing Entity’s rights and obligations
hereunder to the Indenture Trustee, and agrees that enforcement of a right or
remedy hereunder by the Indenture Trustee shall have the same force and effect
as if the right or remedy had been enforced or executed by the Issuing Entity.

 

Section 10.11.                 Nonpetition Covenants.  (a) 
Notwithstanding any prior termination of this Agreement, the Servicer and the
Seller shall not, prior to the date that is one year and one day after the
termination of this Agreement, with respect to the Issuing Entity, acquiesce,
petition or otherwise invoke or cause the Issuing Entity to invoke the process
of any court or governmental authority for the purpose of commencing or
sustaining a case against the Issuing Entity under any federal or State
bankruptcy, insolvency or similar law or appointing a receiver, liquidator,
assignee, trustee, custodian, sequestrator or other similar official of the
Issuing Entity 

 

44

 

or any substantial part of
its property, or ordering the winding up or liquidation of the affairs of the
Issuing Entity. The foregoing shall not limit the right of the Servicer and the
Seller to file any claim in or otherwise take any action with respect to any
such insolvency proceeding that was instituted against the Issuing Entity by
any Person other than the Servicer or the Seller.

 

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

 

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

 

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

 

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

 

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

 

45

 

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

 

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

 

(b)           As soon as available but no later than March 15 of each calendar
year for so long as the Issuing Entity is required to report under the Exchange
Act, commencing in 2009, the Indenture Trustee shall:

 

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

 

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

 

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

 

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

 

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

 

Section 10.16.                 Form 8-K Filings.  So
long as the Seller is filing Exchange Act Reports with respect to the Issuer,
the Indenture Trustee shall promptly notify the Seller, but in 

 

46

 

no event later than one (1) Business
Day after its occurrence, of any Reportable Event of which a Responsible
Officer of the Indenture Trustee has actual knowledge (other than a Reportable Event
described in clause (a) or (b) of the definition thereof as to which
the Seller or the Servicer has actual knowledge).

 

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

 

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

 

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

 

(b)           In the case of any failure of performance described in clause (a)(2) of
this Section, The Bank of New York Trust Company, N.A. shall promptly reimburse
the Seller for all costs reasonably incurred in order to obtain the
information, report, certification, accountants’ letter or other material not
delivered as required by The Bank of New York Trust Company, N.A.

 

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

 

(c)           The Seller agrees to indemnify and hold harmless, The Bank of New York
Trust Company, N.A. and its officers, directors, shareholders, employees,
agents and each Person, if any, who controls The Bank of New York Trust
Company, N.A. within the meaning of 

 

47

 

either Section 15 of
the Securities Act or Section 20 of the Securities Exchange Act from and
against, any and all claims, losses, liabilities, actions, suits, judgments
demands, damages, costs or expenses (including reasonable fees and expenses of
attorneys) of any nature resulting from or directly related to (i) any
untrue statement of a material fact contained under the heading “Depositor” in
the base prospectus contained in the Preliminary Prospectus or the Prospectus,
or (ii) any omission or alleged omission to state therein a material fact
required to be stated under the heading “Depositor” in the base prospectus
contained in the Preliminary Prospectus, the Prospectus or necessary to make
the statements under the heading “Depositor” in the base prospectus contained
in the Preliminary Prospectus or the Prospectus, in the light of the
circumstances in which they were made, not misleading, to the extent that such
untrue statement or alleged untrue statement or omission or alleged omission
relates to information set forth under the heading “Depositor” in the base
prospectus contained in the Preliminary Prospectus or the Prospectus.

 

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

 

(signature page follows)

 

48

 

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

 

	
   

  	
  CNH EQUIPMENT TRUST 2008-B

  
	
   

  	
   

  	
   

  
	
   

  	
  By: 

  	
  Wilmington Trust Company,

  
	
   

  	
   

  	
  not in its individual
  capacity, but

  
	
   

  	
   

  	
  solely as Trustee of the
  Trust

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Jennifer A. Luce

  
	
   

  	
   

  	
  Name: Jennifer A. Luce

  
	
   

  	
   

  	
  Title: Sr. Financial
  Services Officer

  
	
   

  	
   

  	
   

  
	
   

  	
  CNH CAPITAL RECEIVABLES
  LLC

  
	
   

  	
  as Seller

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Thomas N. Beckmann

  
	
   

  	
   

  	
  Name:  Thomas N.
  Beckmann

  
	
   

  	
   

  	
  Title:  Assistant
  Treasurer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  NEW HOLLAND CREDIT
  COMPANY, LLC

  
	
   

  	
  as Servicer

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Thomas N. Beckmann

  
	
   

  	
   

  	
  Name:  Thomas N.
  Beckmann

  
	
   

  	
   

  	
  Title:  Assistant
  Treasurer

  
	
   

  	
   

  	
   

  
	
  Acknowledged and Accepted:

  	
   

  	
   

  
	
   

  	
   

  	
   

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

  	
   

  	
   

  
	
   not in its individual capacity

  	
   

  	
   

  
	
   but solely as Indenture Trustee

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By: 

  	
  /s/ Keith Richardson

  	
   

  	
   

  
	
   

  	
  Name:  Keith Richardson

  	
   

  	
   

  
	
   

  	
  Title:  Vice President

  	
   

  	
   

  

 

 

EXHIBIT A

to Sale and Servicing Agreement

 

[RESERVED]

 

A-1

 

EXHIBIT B

to Sale and Servicing Agreement

 

[RESERVED]

 

B-1

 

EXHIBIT
C

to Sale and Servicing Agreement

 

FORM OF
SERVICER’S CERTIFICATE

 

Wilmington Trust Company

Rodney Square North,

1100 North Market Street,

Wilmington, Delaware 19890,

Attention: Corporate Trust Administration

 

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

2 North LaSalle Street

Suite 1020

Chicago, Illinois 60602

Telephone:       (312) 827-8500

Facsimile:         (312) 827-8562

Attention:        Structured Finance-ABS

 

CNH Capital Receivables LLC

6900 Veterans Boulevard

Burr Ridge, Illinois  60527

Attention:  Assistant Treasurer

 

Fitch, Inc.

70 West Madison Street

Suite 11

Chicago, Illinois  60602

Attention:  ABS Monitoring – Equipment Loans

 

Moody’s Investors Service, Inc.

ABS Monitoring Department

7 World Trade Center

250 Greenwich Street

New York, New York  10007

 

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

55 Water Street

New York, New York  10041

Attention:  Asset Backed Surveillance Department

 

Systems & Services Technologies, Inc.

4315 Pickett Road

St. Joseph, Missouri  64503

Attention:  John J. Chappell and Joseph D. Booz

 

Bank of America, N.A.

One Bryant Park

Mail Code NY1-100-05-01

New York, New York 10036

Attention: Client Integration Documentation Group

 

C-1

 

CNH Equipment Trust 2008-B

 

$143,974,000 Class A-1
2.91675% Asset Backed Notes due June 2009

 

$67,000,000 Class A-2a
4.04% Asset Backed Notes due April 2011

 

$104,000,000 Class A-2b
Floating Rate Asset Backed Notes due April 2011

 

$110,000,000 Class A-3a
4.78% Asset Backed Notes due July 2012

 

$60,000,000 Class A-3b
Floating Rate Asset Backed Notes due July 2012

 

$96,257,000  Class A-4a 5.60% Asset Backed Notes
due November 2014

 

$30,000,000 Class A-4b
Floating Rate Asset Backed Notes due November 2014

 

$15,673,959 Class B 0.00% Asset Backed Notes due November 2014

 

Asset Backed Certificate

 

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

 

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

 

C-2

 

	
   

  	
   

  	
  Cutoff Date

  	
   

  	
   

  	
   

  	
  [      ]

  	
   

  
	
   

  	
   

  	
  Date Added

  	
   

  	
   

  	
   

  	
  [          ]

  	
   

  	
  [          ]

  	
   

  	
  [          ]

  	
   

  	
  [          ]

  	
   

  
	
   

  	
   

  	
  Pool

  	
   

  	
  Period

  	
   

  	
  Pool 1

  	
   

  	
  Pool 2

  	
   

  	
  Pool 3

  	
   

  	
  Pool 4

  	
   

  
	
  Scheduled Cashflows

  	
   

  	
  0

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
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  3

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
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  5

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  6

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  7

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  8

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
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  10

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  11

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  12

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  13

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  14

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  15

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  16

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  17

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  18

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  19

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  20

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  21

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  22

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  23

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  24

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  25

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  26

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
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  29

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  30

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
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  60

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  61

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  62

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
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  76

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  77

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  78

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Total Amount of
  Scheduled Cashflow

  	
   

  	
   

  	
   

  	
  Total

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Discount Rate

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Beginning
  Contract Value

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Scheduled
  Contract Value Decline

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Unscheduled
  Contract Value Decline

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Additional Contract
  Value Added

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Ending Contract
  Value

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

C-3

 

CNH Equipment Trust 2008-B

 

$143,974,000 Class A-1
2.91675% Asset Backed Notes due June 2009

 

$67,000,000 Class A-2a
4.04% Asset Backed Notes due April 2011

 

$104,000,000 Class A-2b
Floating Rate Asset Backed Notes due April 2011

 

$110,000,000 Class A-3a
4.78% Asset Backed Notes due July 2012

 

$60,000,000 Class A-3b
Floating Rate Asset Backed Notes due July 2012

 

$96,257,000  Class A-4a 5.60% Asset Backed Notes
due November 2014

 

$30,000,000 Class A-4b
Floating Rate Asset Backed Notes due November 2014

 

$15,673,959 Class B 0.00% Asset Backed Notes due November 2014

 

Asset Backed Certificate

 

Dated Date (30/360)

Dated Date (act/360)

Scheduled Payment Date

Actual Payment Date

Days in accrual period (30/360)

Days in accrual period (act/360)

1 month LIBOR Rate

A-2b Note Rate for the next Interest Period

A-3b Note Rate for the next Interest Period

A-4b Note Rate for the next Interest Period

Note Distribution Account deposit

Certificate Distribution Account deposit

First Principal Payment Amount

Note Monthly Principal Distributable Amount

Spread Account Initial Deposit

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

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

 

Collateral Summary

Wtd. Average Discount Rate

Beginning Contract Value

Scheduled Contract Value Decline

Unscheduled Contract Value Decline

Additional Contract Value Purchased

Ending Contract Value

 

Beginning Pre-funding Account Balance

 

C-4

 

Pre-funding Account Balance at [payment date]

Pre-funding Account Balance at [payment date]

Pre-funding Account Balance at [payment date]

Pre-funding Account Balance at [final payment date]

Ending Pre-funding Account Balance

 

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

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

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

 

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

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

 

Collections and Reinvestment Income

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

 

Warranty Repurchases

Contracts deferred beyond Final Scheduled Maturity
Date

Government obligors

Total Warranty Repurchases

 

Total Collections For The Period

 

Reinvestment Income (excluding Pre-funding Account)

Reinvestment Income on Pre-funding Account)

 

Net Swap Receipts

Net Swap Termination Payments due Trust from the Swap
Counterparty

 

Total Collections + Reinvestment Income For The
Period + Swap Receipt

 

Other—Back-Up Servicing Account Investment Earnings

 

Swap Termination Payments due to Swap Counterparty

Prior Swap Termination Payments Shortfall

Priority Swap Termination Payments

Total Swap Termination Payments due to Swap
Counterparty

 

C-5

 

CNH Equipment Trust 2008-B

 

$143,974,000 Class A-1
2.91675% Asset Backed Notes due June 2009

 

$67,000,000 Class A-2a
4.04% Asset Backed Notes due April 2011

 

$104,000,000 Class A-2b
Floating Rate Asset Backed Notes due April 2011

 

$110,000,000 Class A-3a
4.78% Asset Backed Notes due July 2012

 

$60,000,000 Class A-3b
Floating Rate Asset Backed Notes due July 2012

 

$96,257,000  Class A-4a 5.60% Asset Backed Notes
due November 2014

 

$30,000,000 Class A-4b
Floating Rate Asset Backed Notes due November 2014

 

$15,673,959 Class B 0.00% Asset Backed Notes due November 2014

 

Asset Backed Certificate

 

	
   

  	
   

  	
  General

  	
   

  	
  Party Receiving

  	
   

  
	
   

  	
   

  	
  Purpose of

  	
   

  	
  Fee or Expense

  	
   

  
	
  Actual Payment Date

  	
   

  	
  Fee or Expense

  	
   

  	
  Amount

  	
   

  
	
  Calculation of Distributable Amounts

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Backup Servicer
  Engaged?

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Current Backup
  Servicing Fee Due

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Past Due Backup
  Servicing Fee

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Total Backup
  Servicing Fee Due

  	
   

  	
  Provide for backup
  servicer

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  CNH or [backup
  servicer]?

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Current
  Servicing Fee Due

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Past Due
  Servicing Fee

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Total Servicing
  Fee Due

  	
   

  	
  Provide for servicer as
  required

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Current
  Administration Fee Due

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Past Due
  Administration Fee

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Total
  Administration Fee Due

  	
   

  	
  Provide for trust
  administrator

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Reimburseable
  Expenses of the Backup Servicer Due

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Past Due
  Reimburseable Expenses of the Backup Servicer

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Total
  Reimburseable Expenses of the Backup Servicer Due

  	
   

  	
  To cover expenses of
  backup servicer

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Reimburseable
  Expenses of the Servicer Due

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Past Due
  Reimburseable Expenses of the Servicer

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Total
  Reimburseable Expenses of the Servicer Due

  	
   

  	
  To cover expenses of
  servicer

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Total Principal
  Balance of Notes

  (Beginning of Period)

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-1 notes
  Beginning Principal balance

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-2a notes
  Beginning Principal balance

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-2b notes
  Beginning Principal balance

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-3a notes
  Beginning Principal balance

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-3b notes
  Beginning Principal balance

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-4a notes
  Beginning Principal balance

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-4b notes
  Beginning Principal balance

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Class B
  notes Beginning Principal balance

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

	
   

  	
   

  	
   

  	
   

  	
  Coupon/

  	
   

  	
  Swap Adj.

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Type

  	
   

  	
  Spread

  	
   

  	
  Coupon

  	
   

  	
  Daycount

  	
   

  
	
  A-1 notes
  Current Interest Due

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-2a notes Current
  Interest Due

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-2b notes
  Current Interest Due

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-3a notes
  Current Interest Due

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-3b notes
  Current Interest Due

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-4a notes
  Current Interest Due

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-4b notes
  Current Interest Due

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Class B
  notes Current Interest Due

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-1 notes Past Due Interest

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-2a notes Past Due
  Interest

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-2b notes Past Due
  Interest

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-3a notes Past Due
  Interest

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

C-6

 

	
  A-3b notes Past Due
  Interest

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-4a notes Past Due
  Interest

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-4b notes Past Due
  Interest

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Class B notes Past Due
  Interest

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-1 notes Interest Due on
  Past Due Interest

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-2a notes Interest Due on
  Past Due Interest

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-2b notes Interest Due on
  Past Due Interest

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-3a notes Interest Due on
  Past Due Interest

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-3b notes Interest Due on
  Past Due Interest

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-4a notes Interest Due on
  Past Due Interest

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-4b notes Interest Due on
  Past Due Interest

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Class B notes Interest
  Due on Past Due Interest

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-1 notes Total Interest
  Due

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-2a notes Total Interest
  Due

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-2b notes Total Interest
  Due

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-3a notes Total Interest
  Due

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-3b notes Total Interest
  Due

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-4a notes Total Interest
  Due

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-4b notes Total Interest
  Due

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Class B notes Total
  Interest Due

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-2b Net Swap Payment Due

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-3b Net Swap Payment Due

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-4b Net Swap Payment Due

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-2b Net Swap Payment Past
  Due

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-3b Net Swap Payment Past
  Due

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-4b Net Swap Payment Past
  Due

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-2b Interest on Swap
  Payment Past Due

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-3b Interest on Swap
  Payment Past Due

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-4b Interest on Swap
  Payment Past Due

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-2b Total Net Swap Payment
  Due

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-3b Total Net Swap Payment
  Due

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-4b Total Net Swap Payment
  Due

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-2b Net Swap Receipt

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-3b Net Swap Receipt

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-4b Net Swap Receipt

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-1 notes Principal Due

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-2a notes Principal Due

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-2b notes Principal Due

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-3a notes Principal Due

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-3b notes Principal Due

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-4a notes Principal Due

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-4b notes Principal Due

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Class B notes
  Principal Due

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Total notes Interest Due

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

C-7

 

	
  Total notes Principal Due

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Net Swap/Termination
  Payment Due

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Total notes Distributable
  Amount

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

C-8

 

CNH Equipment Trust 2008-B

 

$143,974,000 Class A-1
2.91675% Asset Backed Notes due June 2009

 

$67,000,000 Class A-2a
4.04% Asset Backed Notes due April 2011

 

$104,000,000 Class A-2b
Floating Rate Asset Backed Notes due April 2011

 

$110,000,000 Class A-3a
4.78% Asset Backed Notes due July 2012

 

$60,000,000 Class A-3b
Floating Rate Asset Backed Notes due July 2012

 

$96,257,000  Class A-4a 5.60% Asset Backed Notes
due November 2014

 

$30,000,000 Class A-4b
Floating Rate Asset Backed Notes due November 2014

 

$15,673,959 Class B 0.00% Asset Backed Notes due November 2014

 

Asset Backed Certificate

 

Actual Payment Date

 

Cash Available for Distribution

Total Collections + Reinvestment Income For The
Period

 

Beginning Negative Carry Account

Deposits from Negative Carry Account to Distribution
Account

 

Beginning Spread Account Balance

Additional Deposit to Spread Account from Pre-funding

Deposits from Spread Account to Distribution Account

 

Beginning Principal Supplement Account

Deposits from Principal Supplement Account to
Distribution Account

 

Beginning Pre-Funding Account Balance

Deposits from Pre-funding Account to Distribution
Account

 

Total Cash Available

 

C-9

 

	
   

  	
   

  	
  Available

  	
   

  
	
  Cash Allocation (Cashflow Waterfall)

  	
   

  	
  Cash

  	
   

  
	
  Backup Servicing
  Fee Paid

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

  	
   

  	
   

  	
   

  
	
  Backup Servicing
  Fee Shortfall

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Servicing Fee
  Paid

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

  	
   

  	
   

  	
   

  
	
  Servicing Fee
  Shortfall

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Administration
  Fee Paid

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

  	
   

  	
   

  	
   

  
	
  Administration
  Fee Shortfall

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Net Swap Payment
  Paid

  	
   

  	
   

  	
   

  
	
  Net Swap Payment
  Shortfall

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Remaining Cash
  Available to Pay Note Interest & Swap Termination Payment

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Cash Available
  to Pay Note Interest

  	
   

  	
   

  	
   

  
	
  Cash Available
  to Pay Termination Payment

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Class A-1
  notes Interest Paid

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

  	
   

  	
   

  	
   

  
	
  Class A-2a
  notes Interest Paid

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

  	
   

  	
   

  	
   

  
	
  Class A-2b
  notes Interest Paid

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

  	
   

  	
   

  	
   

  
	
  Class A-3a
  notes Interest Paid

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

  	
   

  	
   

  	
   

  
	
  Class A-3b
  notes Interest Paid

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

  	
   

  	
   

  	
   

  
	
  Class A-4a
  notes Interest Paid

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

  	
   

  	
   

  	
   

  
	
  Class A-4b
  notes Interest Paid

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

  	
   

  	
   

  	
   

  
	
  Class B
  notes Interest Paid

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

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Class A-1 notes
  Interest Shortfall

  	
   

  	
   

  	
   

  
	
  Class A-2a
  notes Interest Shortfall

  	
   

  	
   

  	
   

  
	
  Class A-2b
  notes Interest Shortfall

  	
   

  	
   

  	
   

  
	
  Class A-3a
  notes Interest Shortfall

  	
   

  	
   

  	
   

  
	
  Class A-3b
  notes Interest Shortfall

  	
   

  	
   

  	
   

  
	
  Class A-4a
  notes Interest Shortfall

  	
   

  	
   

  	
   

  
	
  Class A-4b
  notes Interest Shortfall

  	
   

  	
   

  	
   

  
	
  Class B
  notes Interest Shortfall

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Swap Termination
  Payments Paid

  	
   

  	
   

  	
   

  
	
  Swap Termination
  Payments Shortfall

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Class A-1
  notes Principal Paid

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

  	
   

  	
   

  	
   

  
	
  Class A-2a
  notes Principal Paid

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

  	
   

  	
   

  	
   

  
	
  Class A-2b
  notes Principal Paid

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

  	
   

  	
   

  	
   

  
	
  Class A-3a
  notes Principal Paid

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

  	
   

  	
   

  	
   

  
	
  Class A-3b
  notes Principal Paid

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

  	
   

  	
   

  	
   

  
	
  Class A-4a
  notes Principal Paid

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

  	
   

  	
   

  	
   

  
	
  Class A-4b
  notes Principal Paid

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

  	
   

  	
   

  	
   

  
	
  Class B
  notes Principal Paid

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

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Deposits to
  Spread Account

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Total Principal
  Balance of Notes

  (End of Period)

  	
   

  	
   

  	
   

  
	
  A-1 notes Ending
  Principal balance

  	
   

  	
   

  	
   

  
	
  A-2a notes
  Ending Principal balance

  	
   

  	
   

  	
   

  
	
  A-2b notes
  Ending Principal balance

  	
   

  	
   

  	
   

  
	
  A-3a notes
  Ending Principal balance

  	
   

  	
   

  	
   

  
	
  A-3b notes
  Ending Principal balance

  	
   

  	
   

  	
   

  
	
  A-4a notes
  Ending Principal balance

  	
   

  	
   

  	
   

  
	
  A-4b notes
  Ending Principal balance

  	
   

  	
   

  	
   

  
	
  Class B
  notes Ending Principal balance

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Release to
  Seller as Excess

  	
   

  	
   

  	
   

  

 

C-10

 

CNH Equipment Trust 2008-B

 

$143,974,000 Class A-1
2.91675% Asset Backed Notes due June 2009

 

$67,000,000 Class A-2a
4.04% Asset Backed Notes due April 2011

 

$104,000,000 Class A-2b
Floating Rate Asset Backed Notes due April 2011

 

$110,000,000 Class A-3a
4.78% Asset Backed Notes due July 2012

 

$60,000,000 Class A-3b
Floating Rate Asset Backed Notes due July 2012

 

$96,257,000  Class A-4a 5.60% Asset Backed Notes
due November 2014

 

$30,000,000 Class A-4b
Floating Rate Asset Backed Notes due November 2014

 

$15,673,959 Class B 0.00% Asset Backed Notes due November 2014

 

Asset Backed Certificate

 

Actual Payment Date

 

	
  Summary and Factors

  	
   

  	
  Amount

  	
   

  	
  Factor

  	
   

  	
  Per/$ 1000

  	
   

  
	
  Total Principal
  Balance of Notes (Beginning of Period)

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-1 notes
  Beginning Principal balance

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-2a notes
  Beginning Principal balance

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-2b notes
  Beginning Principal balance

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-3a notes
  Beginning Principal balance

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-3b notes
  Beginning Principal balance

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-4a notes
  Beginning Principal balance

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-4b notes
  Beginning Principal balance

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Class B
  notes Beginning Principal balance

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

	
   

  	
   

  	
  WAL

  	
   

  
	
  Total Principal
  Balance of Notes (End of Period)

  	
   

  	
   

  	
   

  
	
  A-1 notes Ending
  Principal balance

  	
   

  	
   

  	
   

  
	
  A-2a notes
  Ending Principal balance

  	
   

  	
   

  	
   

  
	
  A-2b notes
  Ending Principal balance

  	
   

  	
   

  	
   

  
	
  A-3a notes
  Ending Principal balance

  	
   

  	
   

  	
   

  
	
  A-3b notes
  Ending Principal balance

  	
   

  	
   

  	
   

  
	
  A-4a notes
  Ending Principal balance

  	
   

  	
   

  	
   

  
	
  A-4b notes Ending
  Principal balance

  	
   

  	
   

  	
   

  
	
  Class B
  notes Ending Principal balance

  	
   

  	
   

  	
   

  

 

C-11

 

	
  Class A-1 notes
  Interest Paid

  
	
  Class A-2a notes
  Interest Paid

  
	
  Class A-2b notes
  Interest Paid

  
	
  Class A-3a notes
  Interest Paid

  
	
  Class A-3b notes
  Interest Paid

  
	
  Class A-4a notes
  Interest Paid

  
	
  Class A-4b notes
  Interest Paid

  
	
  Class B notes Interest
  Paid

  
	
   

  
	
  Class A-1 notes
  Interest Shortfall

  
	
  Class A-2a notes
  Interest Shortfall

  
	
  Class A-2b notes
  Interest Shortfall

  
	
  Class A-3a notes Interest
  Shortfall

  
	
  Class A-3b notes
  Interest Shortfall

  
	
  Class A-4a notes
  Interest Shortfall

  
	
  Class A-4b notes
  Interest Shortfall

  
	
  Class B notes Interest
  Shortfall

  
	
   

  
	
  Class A-1 notes
  Principal Paid

  
	
  Class A-2a notes
  Principal Paid

  
	
  Class A-2b notes
  Principal Paid

  
	
  Class A-3a notes
  Principal Paid

  
	
  Class A-3b notes
  Principal Paid

  
	
  Class A-4a notes
  Principal Paid

  
	
  Class A-4b notes
  Principal Paid

  
	
  Class B notes
  Principal Paid

  
	
   

  
	
  Negative
  Carry Account

  
	
  Negative Carry

  
	
  Negative Carry Days
  Remaining

  
	
  Required Negative Carry
  Account

  
	
  Beginning Negative Carry
  Account

  
	
  Negative Carry Account
  Withdrawals to Distribution Account

  
	
  Negative Carry Released to
  Seller

  
	
  Ending Negative Carry
  Account Balance

  
	
   

  
	
  Spread
  Account

  
	
  Required Spread Account
  Deposit (Add Loans)

  
	
  Spread Account Test - 3
  Month Average Delinquency Ratio

  
	
  Spread Account Test -
  Cumulative Net Loss Ratio

  
	
   

  
	
  Spread Account Test Met

  	
   

  	
  Original

  	
   

  	
  [      ], 200[_]

  	
   

  	
  [        ], 200[_]

  	
   

  	
  [        ], 200[_]

  
	
  Required Spread Account
  Target

  	
   

  	
  [      ]%

  	
   

  	
  [      ]%

  	
   

  	
  [      ]%

  	
   

  	
  [      ]%

  
	
   

  
	
  Required
  Spread Account

  
	
  Beginning Spread Account
  Balance

  
	
  Additional Deposit to
  Spread Account from Pre-funding

  
	
  Spread Account Withdrawals
  to Distribution Account

  
	
  Spread Account Deposits
  from Excess Cash

  
	
  Spread Account Released to
  Seller

  
	
  Ending Spread Account
  Balance

  
	
   

  

C-12

 

	
  Principal
  Supplement Account

  
	
  Required Principal
  Supplement Account Balance

  
	
  Beginning Principal
  Supplement Account Balance

  
	
  Additional Deposit to
  Principal Supplement Account from Pre-funding

  
	
  Principal Supplement
  Account Withdrawals to Distribution Account

  
	
  Principal Supplement
  Account Released to Seller

  
	
  Ending Principal Supplement
  Account Balance

  
	
   

  
	
  Pre-funding
  Account

  
	
  Beginning Pre-funding
  Account Balance

  
	
  New Contract Value
  Purchased

  
	
  Deposits to Spread Account

  
	
  Deposits to Principal
  Supplement Account

  
	
  Release to Seller for
  Purchased Amount

  
	
  Excess Release to
  Noteholders for Unpurchased Amount

  
	
  Ending Pre-funding Account
  Balance

  

 

	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  Original

  	
   

  
	
  Purchases

  	
   

  	
  Units

  	
   

  	
  Cut-Off Date

  	
   

  	
  Closing Date

  	
   

  	
  Pool Balance

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Initial Purchase

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Subsequent
  Purchase #1

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Subsequent
  Purchase #2

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Total

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

	
  Backup
  Servicer Account

  
	
  Backup Servicer Account
  Initial Deposit

  
	
  Backup Servicer Account
  Beginning Balance

  
	
  Backup Servicer Account
  Expenses

  
	
  Backup Servicer Account
  Investment Earnings

  
	
  Backup Servicer Account
  Investment Earnings - Released to Seller

  
	
  Ending
  Backup Servicer Account Balance

  
	
   

  
	
  Total Release to Seller

  

 

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

 

C-13

 

	
  Spread
  Account Triggers

  
	
  Average
  Delinquency Ratio Test*

  
	
   

  
	
  Payment Date

  
	
  [  ]-[  ]

  
	
  [  ]-[  ]

  
	
  [  ]-[  ]

  
	
  Second Prior Month
  Delinquency Ratio

  
	
  Prior Month Delinquency
  Ratio

  
	
  Current Month Delinquency
  Ratio

  

 

3 Month Average Delinquency Ratio

 

	
  Test

  	
   

  	
  Variance

  	
   

  	
  Trigger

  	
   

  
	
  Current
  Distribution Date

  	
   

  	
   

  	
   

  	
   

  	
   

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

  	
   

  	
   

  	
   

  	
   

  	
   

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

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

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

 

Cumulative Net Loss Ratio Test**

 

Payment Date

[      ]-[    ]

[      ]-[    ]

[      ]-[    ]

 

Cumulative Net Loss Ratio

 

	
  Test

  	
   

  	
  Variance

  	
   

  	
  Trigger

  	
   

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

  	
   

  	
   

  	
   

  	
   

  	
   

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

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

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

 

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

 

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

 

Specified
Spread Account Balances on such Payment Date

 

DEFINITIONS:

 

Average Delinquency Ratio Test*

 

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

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

 

Cumulative Net Loss Ratio Test**

 

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

(i) the Pool Balance as of the initial cutoff date and (ii) the sum
of the Contract Values of all receivables purchased with amounts on deposit in
the pre-funding account, each as of the related cutoff date for the related
receivable.

 

C-14

 

POOL STATISTICS

 

Collateral Composition

 

	
  Number of Loans at Beginning of Period

  
	
  Number of Loans at End of Period

  
	
   

  
	
  Weighted Average Coupon on Receivables

  
	
  Weighted Average Original Term on Receivables

  
	
  Weighted Average Remaining Term on Receivables

  
	
   

  
	
  Pool Factor

  
	
  A-1 Note Pool Factor

  
	
  A-2a Note Pool Factor

  
	
  A-2b Note Pool Factor

  
	
  A-3a Note Pool Factor

  
	
  A-3b Note Pool Factor

  
	
  A-4a Note Pool Factor

  
	
  A-4b Note Pool Factor

  
	
  Class B Note Pool Factor

  
	
  Prepayment Amount - Monthly

  
	
  Prepayment Amount - Life-to-Date

  

 

Collateral Performance

 

	
  Contractual Delinquency: (Excluding Liquidated and Purchased Contracts)

  	
   

  	
  Count

  	
   

  	
  %

  	
   

  	
  Amount

  	
   

  	
  %

  	
   

  
	
  < 31 Days delinquent

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  31-60 Days delinquent

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  61-90 Days delinquent

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  91-120 Days delinquent

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  121-150 Days delinquent

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  151-180 Days delinquent

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  181 + Days delinquent

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  TOTAL 

  	
  (Delinquency
  data is for total contract balance past due)

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Scheduled
  Amounts 30 - 59 days past due

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Scheduled
  Amounts 60 days or more past due

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

	
  Losses on Liquidated Receivables

  	
   

  	
  Month $

  	
   

  	
  Month #

  	
   

  	
  LTD $

  	
   

  	
  LTD #

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Gross Losses (1)

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Recoveries (2)

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Net Losses
  (Gross Losses less Recoveries)

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Net Loss as % of
  the Average Portfolio Balance

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Net Loss as a %
  of the Initial Deal Size

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

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

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Realized
  Losses

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Net Losses on
  Liquidated Receivables

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Write Down
  Amount on 180 Day Receivables

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Monthly Realized
  Losses (Total)

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Cumulative Net
  Losses on Liquidated Receivables

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Cumulative Write
  Down Amount on 180 Day Receivables

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Cumulative Realized
  Losses (Total)

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Repossession
  Inventory and 180-Day Receivables

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Repossessed
  Equipment not Sold or Reassigned (Beginning)

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Repossessed
  Equipment not Sold or Reassigned (End)

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Balance of 180
  Day Receivables (Beg of month)

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Balance of 180
  Day Receivables (End of month)

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

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

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

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

  

 

C-15

 

STATEMENTS
TO NOTEHOLDERS

 

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

 

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

 

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

 

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

 

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

 

C-16

 

EXHIBIT D

to Sale and Servicing Agreement

 

FORM OF
ASSIGNMENT

 

For value received, in
accordance with and subject to the Sale and Servicing Agreement dated as of May 1,
2008 (the “Sale and Servicing Agreement”)
among the undersigned, New Holland Credit Company, LLC (“NH Credit”) and CNH Equipment Trust 2008-B
(the “Issuing Entity”), the
undersigned does hereby sell, assign, transfer set over and otherwise convey
unto the Issuing Entity, without recourse, all of its right, title and interest
in, to and under:  (a) the Initial Receivables, which are listed on Schedule A hereto, including all
documents constituting chattel paper included therewith, and all obligations of
the Obligors thereunder, including all monies paid thereunder on or after the
Initial Cutoff Date, (b) the security interests in the Financed Equipment
granted by Obligors pursuant to the Initial Receivables and any other interest
of the undersigned in such Financed Equipment, (c) any proceeds with
respect to the Initial Receivables from claims on insurance policies covering
Financed Equipment or Obligors (to the extent not used to purchase Substitute
Equipment), (d) the Liquidity Receivables Purchase Agreement (only with
respect to Owned Contracts included in the Initial Receivables) and the Purchase
Agreement, including the right of the undersigned to cause CNH Capital America
LLC (“CNHCA”) to repurchase
Receivables from the undersigned under the circumstances described therein, (e) any
proceeds from recourse to Dealers with respect to the Initial Receivables, (f) any
Financed Equipment that shall have secured an Initial Receivable and that shall
have been acquired by or on behalf of the Trust, (g) all funds on deposit
from time to time in the Trust Accounts, including the Spread Account Initial
Deposit, any Principal Supplement Account  Deposit, the Negative Carry
Account Initial Deposit and the Pre-Funded Amount, and in all investments and
proceeds thereof (including all income thereon), and (h) the proceeds of
any and all of the foregoing. The foregoing sale does not constitute and is not
intended to result in any assumption by the Issuing Entity of any obligation of
the undersigned to the Obligors, insurers or any other person in connection
with the Initial Receivables, Receivables Files, any insurance policies or any
agreement or instrument relating to any of them.

 

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

 

D-1

 

IN WITNESS WHEREOF, the
undersigned has caused this Assignment to be duly executed as of May    , 2008.

 

	
   

  	
  CNH CAPITAL RECEIVABLES
  LLC

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

D-2

 

SCHEDULE
A

to Assignment

 

SCHEDULE
OF INITIAL RECEIVABLES

[ON FILE WITH THE INDENTURE TRUSTEE AND INCORPORATED BY

REFERENCE HEREIN]

 

D-3

 

EXHIBIT E

to Sale and Servicing Agreement

 

FORM OF
SUBSEQUENT TRANSFER ASSIGNMENT

 

For value received, in accordance
with and subject to the Sale and Servicing Agreement dated as of May 1,
2008 (the “Sale and Servicing Agreement”)
among CNH Equipment Trust 2008-B, Delaware statutory trust (the “Issuing Entity”), CNH Capital Receivables
LLC, a Delaware limited liability company (the “Seller”), and New Holland Credit Company, LLC, a Delaware
limited liability company (“NH Credit”), the Seller does hereby sell, transfer,
assign, set over and otherwise convey to the Issuing Entity, without recourse,
all of its right, title and interest in, to and under: (a) the Subsequent
Receivables, with an aggregate Contract Value equal to
$[                    ],
listed on Schedule A hereto,
including all documents constituting chattel paper included therewith, and all
obligations of the Obligors thereunder including all monies paid thereunder on
or after the Subsequent Cutoff Date, (b) the security interests in the
Financed Equipment granted by Obligors pursuant to such Subsequent Receivables
and any other interest of the Seller in such Financed Equipment, (c) any
proceeds with respect to such Subsequent Receivables from claims on insurance
policies covering Financed Equipment or Obligors (to the extent not used to
purchase Substitute Equipment), (d) the Liquidity Receivables Purchase
Agreement (only with respect to Subsequent Receivables purchased by the Seller
pursuant to that Agreement) and the Purchase Agreement, including the right of
the Seller to cause CNHCA to repurchase Subsequent Receivables from the Seller
under the circumstances described therein, (e) any proceeds from recourse
to Dealers with respect to such Subsequent Receivables, (f) any Financed
Equipment that shall have secured any such Subsequent Receivables and that
shall have been acquired by or on behalf of the Trust, and (g) the
proceeds of any and all of the foregoing. The foregoing sale does not
constitute and is not intended to result in any assumption by the Issuing
Entity of any obligation of the Seller to the Obligors, insurers or any other
person in connection with such Subsequent Receivables, Receivable Files, any
insurance policies or any agreement or instrument relating to any of them.

 

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

 

IN WITNESS WHEREOF, the
undersigned has caused this Subsequent Transfer Assignment to be duly executed
as of
                                 ,
2008.

 

	
   

  	
  CNH CAPITAL RECEIVABLES
  LLC

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

E-1

 

SCHEDULE
A

to Subsequent Transfer Assignment

 

SCHEDULE
OF SUBSEQUENT RECEIVABLES

[ON FILE WITH THE INDENTURE TRUSTEE AND INCORPORATED BY

REFERENCE HEREIN.]

 

E-2

 

ANNEX
A

to Subsequent Transfer Assignment

 

OFFICER’S
CERTIFICATE

 

I, the undersigned officer
of CNH Capital Receivables LLC. (the “Company”),
do hereby certify, pursuant to Section 2.2(b)(xv)
of the Sale and Servicing Agreement dated as of May 1, 2008 among the
Company, CNH Equipment Trust 2008-B and New Holland Credit Company, LLC (the “Agreement”), that (i) all of the
conditions precedent to the transfer to the Issuing Entity of the Subsequent
Receivables listed on Schedule A to the Subsequent Transfer Assignment
delivered herewith, and the other property and rights related to such
Subsequent Receivables as described in  Section 2.2(a) of the
Agreement, have been satisfied on or prior to the related Subsequent Transfer
Date and (ii) each statement of fact set forth in any Officer’s
Certificate executed by an officer of the Company in connection with an Opinion
of Counsel delivered on the Closing Date with respect to a transfer of, or a
security interest in, the Receivables shall be true and correct as of the date
hereof with respect to the Subsequent Receivables listed on the aforementioned
Schedule A.

 

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

 

IN WITNESS WHEREOF, the
undersigned has caused this certificate to be duly executed this
       day of
                     ,
2008.

 

	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

 

EXHIBIT F

to Sale and Servicing Agreement

 

FORM OF
ACCOUNTANTS’ LETTER IN CONNECTION

WITH THE SUBSEQUENT TRANSFER ASSIGNMENT PURSUANT TO

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

 

[Letterhead of Ernst & Young]

 

                          ,
200[   ]           

CNH Capital Receivables LLC

6900 Veterans Boulevard

Burr Ridge, Illinois  60527

 

CNH Equipment Trust 2008-B

c/o The Bank of New York

101 Barclay Street, Floor 8W

New York, New York  10286

 

Wilmington Trust Company

Rodney Square North,

1100 North Market Street,

Wilmington, Delaware 19890,

Attention: Corporate Trust Administration

 

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

2 North LaSalle Street

Suite 1020

Chicago, Illinois 60602

	
  Telephone:

  	
  (312) 827-8500

  
	
  Facsimile:

  	
  (312) 827-8562

  
	
  Attention:

  	
  Structured Finance-ABS

  

 

Dear Ladies and Gentlemen:

 

This letter is issued at the
request of CNH Capital Receivables LLC (the “Seller”)
with respect to the sale of certain retail receivables (the “Subsequent Receivables”) to the CNH
Equipment Trust 2008-B (the “Trust”)
pursuant to the Sale and Servicing Agreement dated as of May 1, 2008 (the “Sale and Servicing Agreement”) among the
Trust, the Seller and New Holland Credit Company, LLC (the “Servicer”).  The sale of the Subsequent Receivables is
described in the prospectus dated May 13, 2008 and the prospectus
supplement dated May 14, 2008 (together, the “Prospectus”), which relates to the offering by the Trust of
2.91675% Class A-1 Asset Backed Notes, 4.04% Class A-2a Asset Backed
Notes, Floating Rate Class A-2b Asset Backed Notes, 4.78% Class A-3a
Asset Backed Notes, Floating Rate Class A-3b Asset Backed Notes, 5.60% Class A-4a
Asset Backed Notes, Floating Rate Class A-4b Asset Backed Notes
(collectively, the “Class A  Notes”). 
Capitalized terms used herein and not otherwise defined have the meaning
described in the Prospectus or the Sale and Servicing Agreement, as applicable.
In connection

 

F-1

 

therewith, we performed or
have previously performed certain agreed upon procedures as specified in the
items below:

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

F-2

 

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

 

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

 

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

 

	
   

  	
  Very truly yours,

  
	
   

  	
   

  
	
   

  	
  ERNST & YOUNG

  

 

F-3

 

SCHEDULE
A

to Accountant’s Letter

 

	
  Selection Criteria

  	
   

  	
  Results

  
	
   

  	
   

  	
   

  	
   

  
	
  1.

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

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  2.

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

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  3.

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

  	
   

  	
   

  

 

F-4

 

SCHEDULE
B

to Accountant’s Letter

 

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

 

	
   

  	
   

  	
  Aggregate

  Contract Value

  of

  Construction

  Equipment

  	
   

  	
  Total Aggregate

  Contract Value

  	
   

  	
  Construction

  Equipment

  Percent of Total

  	
   

  
	
  Initial
  Receivables

  	
   

  	
  $

  	
    

  	
   

  	
  $

  	
   

  	
   

  	
   

  	
  %

  
	
  Subsequent
  Receivables

  	
   

  	
  $

  	
   

  	
   

  	
  $

  	
   

  	
   

  	
   

  	
  %

  
	
  Total
  Receivables

  	
   

  	
  $

  	
     

  	
   

  	
  $

  	
   

  	
   

  	
   

  	
  %

  

 

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

 

	
   

  	
   

  	
  Total Aggregate

  Contract Value

  	
   

  	
  Weighted

  Average Original

  Term

  	
   

  
	
  Initial
  Receivables

  	
   

  	
  $

  	
   

  	
   

  	
  months

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Subsequent
  Receivables

  	
   

  	
  $

  	
   

  	
   

  	
  months

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Total
  Receivables

  	
   

  	
  $

  	
   

  	
   

  	
  months

  	
   

  

 

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

 

F-5

 

EXHIBIT G

to Sale and Servicing Agreement

 

FORM OF
INITIAL INTEREST RATE SWAP AGREEMENTS

[To be attached]

 

G-1

 

EXHIBIT H

 

Minimum
Servicing Criteria to be Addressed in

Assessment of Compliance Statement

 

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

 

	
  Reg AB Reference

  	
   

  	
  Servicing Criteria

  	
   

  	
  Applicable Servicing Criteria

  
	
   

  	
   

  	
  General
  Servicing Considerations

  	
   

  	
   

  
	
  1122(d)(1)(i)

  	
   

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

  	
   

  	
  N/A

  
	
  1122(d)(1)(ii)

  	
   

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

  	
   

  	
  N/A

  
	
  1122(d)(1)(iii)

  	
   

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

  	
   

  	
  N/A

  
	
  1122(d)(1)(iv)

  	
   

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

  	
   

  	
  N/A

  
	
   

  	
   

  	
  Cash
  Collection and Administration

  	
   

  	
   

  
	
  1122(d)(2)(i)

  	
   

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

  	
   

  	
  X

  
	
  1122(d)(2)(ii)

  	
   

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

  	
   

  	
  X

  
	
  1122(d)(2)(iii)

  	
   

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

  	
   

  	
  N/A

  
	
  1122(d)(2)(iv)

  	
   

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

  	
   

  	
  X

  
	
  1122(d)(2)(v)

  	
   

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

  	
   

  	
  X

  
	
  1122(d)(2)(vi)

  	
   

  	
  Unissued checks are
  safeguarded so as to prevent unauthorized 

  access.

  	
   

  	
  N/A

  
	
  1122(d)(2)(vii)

  	
   

  	
  Reconciliations are
  prepared on a monthly basis for all asset-backed securities related bank
  accounts, including custodial accounts and related bank clearing accounts.
  These reconciliations are (A) mathematically accurate; (B) prepared
  within 30 

  	
   

  	
  N/A

  

 

H-1

 

	
  Reg AB Reference

  	
   

  	
  Servicing Criteria

  	
   

  	
  Applicable Servicing Criteria

  
	
   

  	
   

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

  	
   

  	
   

  
	
   

  	
   

  	
  Investor
  Remittances and Reporting

  	
   

  	
   

  
	
  1122(d)(3)(i)

  	
   

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

  	
   

  	
  N/A

  
	
  1122(d)(3)(ii)

  	
   

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

  	
   

  	
  X
  (solely with respect to remittances)

  
	
  1122(d)(3)(iii)

  	
   

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

  	
   

  	
  X

  
	
  1122(d)(3)(iv)

  	
   

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

  	
   

  	
  X

  
	
   

  	
   

  	
  Pool Asset
  Administration

  	
   

  	
   

  
	
  1122(d)(4)(i)

  	
   

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

  	
   

  	
  N/A

  
	
  1122(d)(4)(ii)

  	
   

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

  	
   

  	
  N/A

  
	
  1122(d)(4)(iii)

  	
   

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

  	
   

  	
  N/A

  
	
  1122(d)(4)(iv)

  	
   

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

  	
   

  	
  N/A

  
	
  1122(d)(4)(v)

  	
   

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

  	
   

  	
  N/A

  
	
  1122(d)(4)(vi)

  	
   

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

  	
   

  	
  N/A

  

 

H-2

 

	
  Reg AB Reference

  	
   

  	
  Servicing Criteria

  	
   

  	
  Applicable Servicing Criteria

  
	
   

  	
   

  	
  documents.

  	
   

  	
   

  
	
  1122(d)(4)(vii)

  	
   

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

  	
   

  	
  N/A

  
	
  1122(d)(4)(viii)

  	
   

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

  	
   

  	
  N/A

  
	
  1122(d)(4)(ix)

  	
   

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

  	
   

  	
  N/A

  
	
  1122(d)(4)(x)

  	
   

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

  	
   

  	
  N/A

  
	
  1122(d)(4)(xi)

  	
   

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

  	
   

  	
  N/A

  
	
  1122(d)(4)(xii)

  	
   

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

  	
   

  	
  N/A

  
	
  1122(d)(4)(xiii)

  	
   

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

  	
   

  	
  N/A

  
	
  1122(d)(4)(xiv)

  	
   

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

  	
   

  	
  N/A

  
	
  1122(d)(4)(xv)

  	
   

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

  	
   

  	
  N/A

  

 

H-3

 

EXHIBIT I

 

FORM OF
INDENTURE TRUSTEE’S ANNUAL CERTIFICATION

 

Re:          CNH Equipment Trust 2008-B

 

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

 

(1)           It has reviewed the report on assessment of the Indenture
Trustee’s compliance provided in accordance with Rules 13a-18 and 15d-18
under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)
and Item 1122 of Regulation AB (the “Servicing Assessment”), and
the registered public accounting firm’s attestation report provided in
accordance with Rules 13a-18 and 15d-18 under the Exchange Act and Section 1122(b) of
Regulation AB (the “Attestation Report”) that were delivered by the
Indenture Trustee to the Seller pursuant to the Sale and Servicing Agreement
(the “Agreement”), dated as of May 1, 2008, by and between New Holland
Credit Company, LLC, the Seller and CNH Equipment Trust 2008-B (collectively,
the “Indenture Trustee Information”);

 

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

 

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

 

 

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

  
	
  not in its individual
  capacity but solely as Indenture Trustee

  
	
   

  
	
  Date:

  
	
   

  
	
   

  
	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  

 

I-1

 

EXHIBIT J

 

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

 

[To
be attached]

 

J-1

 

Schedule P

 

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

 

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

 

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

 

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

 

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

 

P-1

 

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

 

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

 

7.             No Waiver.  The parties to the Sale and
Servicing Agreement: (i) shall not, without obtaining a confirmation of
the then-current rating of the Notes, waive a material breach of any of the
representations and warranties in this Schedule P (the “Perfection
Representations”); (ii) shall provide the Ratings Agencies with prompt
written notice of any material breach of the Perfection Representations, and
shall not, without obtaining a confirmation of the then-current rating of the
Notes (as determined after any adjustment or withdrawal of the ratings
following notice of such breach) waive a material breach of any of the
Perfection Representations.

 

8.             Servicer to Maintain Perfection and Priority. 
The Servicer covenants that, in order to evidence the interests of CNHCR and
Issuing Entity under this Agreement, Servicer shall take such action, or
execute and deliver such instruments as may be necessary or advisable
(including, without limitation, such actions as are requested by Issuing
Entity) to maintain and perfect, as a first priority interest, Issuing Entity’s
security interest in the Receivables.  Servicer shall, from time to time
and within the time limits established by law, prepare and present to Issuing
Entity for Issuing Entity to authorize the Servicer to file all financing statements,
amendments, continuations, financing statements in lieu of a continuation
statement, terminations, partial terminations, releases or partial releases, or
any other filings necessary or advisable to continue, maintain and perfect the
Issuing Entity’s security interest in the Receivables as a first-priority
interest (each a “Filing”).  Issuing
Entity shall promptly authorize in writing Servicer to, and Servicer shall,
effect such Filing under the Uniform Commercial Code without the signature of
CNHCR or Issuing Entity where allowed by applicable law.

 

P-2

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