Document:

Exhibit 4.2

 

EXECUTION COPY

 

 

CNH
EQUIPMENT TRUST 2008-A

 

TRUST
AGREEMENT

 

between

 

CNH CAPITAL
RECEIVABLES LLC

 

and

 

WILMINGTON
TRUST COMPANY,

 

as Trustee

 

Dated as of
March 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 March 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-A 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-A”, in which name the Trustee may
conduct the business of the Trust, make and execute contracts and other
instruments on behalf of the Trust and sue and be sued.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

2

 

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

 

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

 

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

 

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

 

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

 

3

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

4

 

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

 

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

 

ARTICLE III

Trust Certificates and Transfer of Interests

 

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

 

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

 

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

 

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

 

5

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

6

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

7

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

8

 

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

 

ARTICLE IV

Actions by Trustee

 

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

 

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

 

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

 

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

 

9

 

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

 

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

 

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

 

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

 

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

 

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

 

ARTICLE V

Application of Trust Funds; Certain Duties

 

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

 

10

 

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

 

SECTION 5.2                          Applications of Trust Funds.

 

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

 

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

 

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

 

11

 

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

 

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

 

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

 

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

 

12

 

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

 

SECTION 5.6                                                  Signature on Returns; Tax Matters
Partner.

 

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

 

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

 

ARTICLE VI

Authority and Duties of Trustee

 

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

 

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

 

SECTION 6.3                                                  Action upon Instruction.

 

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

 

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

 

13

 

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

 

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

 

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

 

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

 

14

 

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

 

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

 

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

 

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

 

ARTICLE VII

Concerning the Trustee

 

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

 

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

 

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

 

15

 

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

 

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

 

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

 

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

 

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

 

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

 

16

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

17

 

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

 

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

 

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

 

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

 

18

 

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

 

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

 

ARTICLE VIII

Compensation of Trustee

 

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

 

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

 

19

 

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

 

ARTICLE IX

Termination of Trust Agreement

 

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

 

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

 

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

 

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

 

20

 

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

 

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

 

ARTICLE X

Successor Trustees and Additional Trustees

 

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

 

SECTION 10.2               Resignation or Removal of
Trustee.

 

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

 

21

 

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

 

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

 

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

 

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

 

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

 

22

 

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

 

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

 

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

 

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

 

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

 

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

 

23

 

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

 

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

 

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

 

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

 

ARTICLE XI

Miscellaneous

 

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

 

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

 

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

 

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

 

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

 

24

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

25

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

26

 

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

 

SECTION 11.9               No Petition.  The Trustee on behalf of the Trust, by
entering into this Agreement, each Certificateholder, by accepting a Trust
Certificate, 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: Financial Services Officer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  CNH Capital Receivables LLC

  
	
   

  	
      as Depositor

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Thomas N. Beckmann

  
	
   

  	
   

  	
  Name: Thomas N. Beckmann

  
	
   

  	
   

  	
  Title: Assistant Treasurer

  

 

S-1

 

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

  	
   

  

 

2

 

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-A

 

TRUST CERTIFICATE

 

evidencing a
fractional undivided beneficial interest in the Trust (as defined below), the
property of which includes a pool of retail installment sale contracts and
retail installment loans (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-A (the “Trust”) formed by CNH Capital Receivables
LLC, a Delaware limited liability company (the “Depositor”).

 

The Trust was
created pursuant to a Trust Agreement dated as of March 1, 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 March 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 March 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-A,

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
    Wilmington Trust Company,

  
	
   

  	
   

  	
        not in its individual capacity,
  but

  
	
   

  	
   

  	
        solely as Trustee

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
    Name:

  
	
   

  	
   

  	
    Title:

  

 

A-4

 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

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

 

	
   

  	
  Wilmington Trust Company,

  
	
   

  	
       as Trustee

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Authorized Officer

  

 

 

Date:    March       ,
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-A

 

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

 

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

 

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

 

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

 

B-1

 

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

 

	
   

  	
  Wilmington Trust Company,

  
	
   

  	
     not in its individual capacity, but solely as

  
	
   

  	
     Trustee under a Trust Agreement dated as

  
	
   

  	
     of March 1, 2008

  
	
   

  	
   

  	
   

  
	
   

  	
  By: 

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
				

 

B-2Exhibit 4.3

 

EXECUTION
VERSION

 

CNH EQUIPMENT TRUST 2008-A

 

SALE AND SERVICING AGREEMENT

 

among

 

CNH EQUIPMENT TRUST 2008-A,

 

as Issuing Entity,

 

and

 

CNH CAPITAL RECEIVABLES LLC,

 

as Seller,

 

and

 

NEW HOLLAND CREDIT COMPANY, LLC,

 

as Servicer

 

Dated as of April 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

  	
  28

  
	
   

  	
  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

  	
  34

  
	
   

  	
   

  	
   

  	
   

  
	
  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

  	
  43

  
	
   

  	
  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

  	
  45

  
	
   

  	
  Section 10.16.

  	
  Form 8-K Filings

  	
  46

  
	
   

  	
  Section 10.17.

  	
  Indemnification

  	
  46

  

 

iii

 

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

 

RECITALS

 

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

 

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

 

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

 

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

 

ARTICLE I

Definitions

 

Section 1.1.                     Definitions.  Capitalized terms used herein and not
otherwise defined herein are defined in Appendix A to the Indenture, dated as
of the date hereof, between the Issuing Entity and The Bank of New York 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 Backup Servicing Agreement and all indemnification payments payable to the
Backup Servicer pursuant to the 

 

14

 

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

 

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

 

Section 4.13.                   Appointment
of Subservicer.  The
Servicer may at any time appoint a subservicer to perform all or any portion of
its obligations as Servicer hereunder; provided,
however, that the Rating Agency Condition shall have been satisfied
in connection therewith (other than with respect to the appointment of CNHCA,
as subservicer, with respect to the Receivables); and provided further, that
the Servicer shall remain obligated and be liable to the Issuing Entity, the
Trustee, the Indenture Trustee, the 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-2 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-2 Note Rate and A-4b Note Rate for the next Interest Period;

 

(xix)                           if
the related Payment Date falls in October 2009, April 2010, October 2010
or April 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.

 

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 

 

25

 

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 (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.

 

26

 

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 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.

 

27

 

(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.

 

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.

 

28

 

(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 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).

 

29

 

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 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.

 

30

 

(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 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

 

31

 

(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

 

(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.

 

32

 

(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 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, 

 

33

 

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.

 

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.

 

34

 

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 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 

 

35

 

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 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 

 

36

 

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% 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 

 

37

 

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 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.

 

38

 

(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.

 

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 

 

39

 

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).

 

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 

 

40

 

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.

 

(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.

 

41

 

(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 (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 

 

42

 

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.

 

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.

 

43

 

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 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.

 

44

 

(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.

 

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 

 

45

 

(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 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 

 

46

 

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 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 

 

47

 

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-A

  	 

	
   

  	
   

  	
   

  	 

	
   

  	
   

  	
  By:  Wilmington
  Trust Company,

  	 

	
   

  	
   

  	
  not in its individual
  capacity, but

  	 

	
   

  	
   

  	
  solely as Trustee of
  the Trust

  	 

	
   

  	
   

  	
   

  	 

	
   

  	
   

  	
  By:

  	
  /s/ Dorri E. Wolhar

  	 

	
   

  	
   

  	
   

  	
   Name: Dorri E. Wolhar

  
	
   

  	
   

  	
   

  	
   Title: Financial Services Officer

  	 

	
   

  	
   

  	
   

  	 

	
   

  	
   

  	
  CNH CAPITAL RECEIVABLES LLC 

  as Seller

  	 

	
   

  	
   

  	
   

  	 

	
   

  	
   

  	
  By:

  	
  /s/ Thomas N. Beckmann

  	 

	
   

  	
   

  	
   

  	
   Name:

  	
  Thomas N. Beckmann

  	 

	
   

  	
   

  	
   

  	
   Title:

  	
  Assistant Treasurer

  	 

	
   

  	
   

  	
   

  	 

	
   

  	
   

  	
   

  	 

	
   

  	
   

  	
  NEW HOLLAND CREDIT COMPANY, LLC 

  as Servicer

  	 

	
   

  	
   

  	
   

  	 

	
   

  	
   

  	
  By:

  	
  /s/ Thomas N. Beckmann

  	 

	
   

  	
   

  	
   

  	
  Name:

  	
  Thomas N. Beckmann

  	 

	
   

  	
   

  	
   

  	
  Title:

  	
  Assistant Treasurer

  	 

	
  Acknowledged and Accepted:

  	
   

  	
   

  	 

	
   

  	
   

  	
   

  	 

	
  The Bank of New York 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

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  BNP Paribas S.A.

  	
   

  	
   

  
	
  3 rue Taitbout

  	
   

  	
   

  
	
  ACI : CLA03A1

  	
   

  	
   

  

75009 Paris

France

 

C-1

 

CNH Equipment Trust 2008-A

$133,000,000  Class A-1 2.75275% Asset Backed Notes due May 11,
2009

$133,000,000  Class A-2 Floating Rate Asset Backed Notes due April 15,
2011

$125,000,000  Class A-3 4.12% Asset Backed Notes due May 15,
2012

$69,000,000  Class A-4a 4.93% Asset Backed Notes due August 15,
2014

$25,508,000  Class A-4b Floating Rate Asset Backed Notes due August 15,
2014

$12,449,000  Class B 0.00% Asset Backed Notes due August 15,
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

 

	
  Cutoff Date

  	
   

  	
   

  	
   

  	
  [            ]

  
	
  Date Added

  	
   

  	
   

  	
   

  	
  [       ]

  	
   

  	
  [        ]

  	
   

  	
  [        ]

  	
   

  	
  [        ]

  
	
  Pool

  	
   

  	
  Period

  	
   

  	
  Pool 1

  	
   

  	
  Pool 2

  	
   

  	
  Pool 3

  	
   

  	
  Pool 4

  
	
  Scheduled Cashflows

  	
   

  	
  0

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  1

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
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  3

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
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  5

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  6

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  7

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  8

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  9

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  10

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  11

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
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  13

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  14

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
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  16

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
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C-2

 

	
   

  	
   

  	
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  71

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  72

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  73

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  74

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  75

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  76

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  77

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  78

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Total Amount of Scheduled Cashflow

  	
   

  	
  Total

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Discount Rate

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Beginning Contract Value

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Scheduled Contract Value
  Decline

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Unscheduled Contract Value
  Decline

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Additional Contract Value
  Added

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Ending Contract Value

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

C-3

 

CNH Equipment Trust 2008-A

$133,000,000  Class A-1 2.75275% Asset Backed Notes due May 11,
2009

$133,000,000  Class A-2 Floating Rate Asset Backed Notes due April 15,
2011

$125,000,000  Class A-3 4.12% Asset Backed Notes due May 15,
2012

$69,000,000  Class A-4a 4.93% Asset Backed Notes due August 15,
2014

$25,508,000  Class A-4b Floating Rate Asset Backed Notes due August 15,
2014

$12,449,000  Class B 0.00% Asset Backed Notes due August 15,
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-2 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

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  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)

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

C-4

 

	
  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

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

CNH Equipment Trust 2008-A

$133,000,000  Class A-1 2.75275% Asset Backed Notes due May 11,
2009

$133,000,000  Class A-2 Floating Rate Asset Backed Notes due April 15,
2011

$125,000,000  Class A-3 4.12% Asset Backed Notes due May 15,
2012

$69,000,000  Class A-4a 4.93% Asset Backed Notes due August 15,
2014

$25,508,000  Class A-4b Floating Rate Asset Backed Notes due August 15,
2014

$12,449,000  Class B 0.00% Asset Backed Notes due August 15,
2014

Asset Backed Certificate

Actual Payment Date

 

C-5

 

	
   

  	
   

  	
  General

  	
   

  	
  Party Receiving

  	
   

  
	
   

  	
   

  	
  Purpose of

  	
   

  	
  Fee or Expense

  	
   

  
	
   

  	
   

  	
  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-2 notes Beginning
  Principal balance

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-3 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-2 notes Current Interest
  Due

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-3 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-2 notes Past Due Interest

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-3 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-2 notes Interest Due on
  Past Due Interest

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-3 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-2 notes Total Interest
  Due

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-3 notes Total Interest
  Due

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-4a notes Total Interest
  Due

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

C-6

 

	
  A-4b notes Total Interest
  Due

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Class B notes Total
  Interest Due

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-2 Net Swap Payment Due

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-4b Net Swap Payment Due

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-2 Net Swap Payment Past
  Due

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-4b Net Swap Payment Past
  Due

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-2 Interest on Swap
  Payment Past Due

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-4b Interest on Swap
  Payment Past Due

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-2 Total Net Swap Payment
  Due

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-4b Total Net Swap Payment
  Due

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-2 Net Swap Receipt

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-4b Net Swap Receipt

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-1 notes Principal Due

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-2 notes Principal Due

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-3 notes Principal Due

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-4a notes Principal Due

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-4b notes Principal Due

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Class B notes
  Principal Due

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Total notes Interest Due

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Total notes Principal Due
  

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Net Swap/Termination
  Payment Due  

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Total notes Distributable
  Amount  

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  CNH Equipment Trust 2008-A

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  $133,000,000
  Class A-1 2.75275% Asset Backed Notes due May 11, 2009

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  $133,000,000
  Class A-2 Floating Rate Asset Backed Notes due April 15, 2011

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  $125,000,000
  Class A-3 4.12% Asset Backed Notes due May 15, 2012

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  $69,000,000 Class A-4a
  4.93% Asset Backed Notes due August 15, 2014

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

C-7

 

	
  $25,508,000 Class A-4b
  Floating Rate Asset Backed Notes due August 15, 2014

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  $12,449,000 Class B
  0.00% Asset Backed Notes due August 15, 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

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

	
   

  	
   

  	
  Available

  	
   

  
	
   

  	
   

  	
  Cash

  	
   

  
	
  Cash Allocation (Cashflow Waterfall)

  	
   

  	
   

  	
   

  
	
  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-2 notes
  Interest Paid 

  	
   

  	
   

  	
   

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

  	
   

  	
   

  	
   

  
	
  Class A-3 notes
  Interest Paid 

  	
   

  	
   

  	
   

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

  	
   

  	
   

  	
   

  
	
  Class A-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-2 notes
  Interest Shortfall

  	
   

  	
   

  	
   

  

 

C-8

 

	
  Class A-3 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-2 notes
  Principal Paid 

  	
   

  	
   

  	
   

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

  	
   

  	
   

  	
   

  
	
  Class A-3 notes
  Principal Paid 

  	
   

  	
   

  	
   

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

  	
   

  	
   

  	
   

  
	
  Class A-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-2 notes Ending Principal
  balance

  	
   

  	
   

  	
   

  
	
  A-3 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

  	
   

  	
   

  	
   

  

 

CNH Equipment Trust 2008-A

 

$133,000,000  Class A-1 2.75275% Asset Backed Notes due May 11,
2009

$133,000,000  Class A-2 Floating Rate Asset Backed Notes due April 15,
2011

$125,000,000  Class A-3 4.12% Asset Backed Notes due May 15,
2012

$69,000,000  Class A-4a 4.93% Asset Backed Notes due August 15,
2014

$25,508,000  Class A-4b Floating Rate Asset Backed Notes due August 15,
2014

$12,449,000  Class B 0.00% Asset Backed Notes due August 15,
2014

 

Asset Backed Certificate

 

Actual Payment Date

 

C-9

 

	
   

  	
   

  	
   

  	
   

  	
  Amount

  	
   

  	
  Factor

  	
   

  	
  Per/$1000

  	
   

  
	
  Summary and Factors

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Total Principal Balance of
  Notes (Beginning of Period)

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-1 notes Beginning
  Principal balance

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-2 notes Beginning
  Principal balance

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-3 notes Beginning
  Principal balance

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-4a notes Beginning
  Principal balance

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-4b notes Beginning
  Principal balance

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Class B notes
  Beginning Principal balance

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Total Principal Balance of
  Notes (End of Period)

  	
   

  	
  WAL

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-1 notes Ending Principal
  balance

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-2 notes Ending Principal
  balance

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-3 notes Ending Principal
  balance

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-4a notes Ending Principal
  balance

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-4b notes Ending Principal
  balance

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Class B notes Ending
  Principal balance

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Class A-1 notes
  Interest Paid

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Class A-2 notes
  Interest Paid

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Class A-3 notes
  Interest Paid

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Class A-4a notes
  Interest Paid

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Class A-4b notes
  Interest Paid

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Class B notes Interest
  Paid

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Class A-1 notes
  Interest Shortfall

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Class A-2 notes
  Interest Shortfall

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Class A-3 notes
  Interest Shortfall

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Class A-4a notes
  Interest Shortfall

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Class A-4b notes
  Interest Shortfall

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Class B notes Interest
  Shortfall

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Class A-1 notes
  Principal Paid

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Class A-2 notes
  Principal Paid

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Class A-3 notes
  Principal Paid

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Class A-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

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

C-10

 

	
  Spread Account Released to
  Seller

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Ending Spread Account
  Balance

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Principal
  Supplement Account

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Required Principal
  Supplement Account Balance

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Beginning Principal
  Supplement Account Balance

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Additional Deposit to
  Principal Supplement Account from Pre-funding

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Principal Supplement
  Account Withdrawals to Distribution Account

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Principal Supplement
  Account Released to Seller

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Ending Principal Supplement
  Account Balance

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Pre-funding
  Account

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Beginning Pre-funding
  Account Balance

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  New Contract Value
  Purchased

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Deposits to Spread Account

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Deposits to Principal
  Supplement Account

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Release to Seller for Purchased
  Amount

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Excess Release to
  Noteholders for Unpurchased Amount

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Ending Pre-funding Account
  Balance

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  Original

  	
   

  
	
  Purchases

  	
   

  	
  Units

  	
   

  	
  Cut-Off
  Date

  	
   

  	
  Closing
  Date

  	
   

  	
  Pool
  Balance

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Initial Purchase

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Subsequent Purchase #1

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Subsequent Purchase #2

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Total

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Backup
  Servicer Account

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Backup Servicer Account
  Initial Deposit

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Backup Servicer Account
  Beginning Balance

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Backup Servicer Account
  Expenses

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Backup Servicer Account
  Investment Earnings

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Backup Servicer Account
  Investment Earnings - Released to Seller

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Ending
  Backup Servicer Account Balance

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

Total
Release to Seller

 

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

 

	
  Spread
  Account Triggers

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Average
  Delinquency Ratio Test*

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Payment Date

  	
   

  	
   

  	
   

  	
   

  
	
  [    ]-[    ]

  	
   

  	
   

  	
   

  	
   

  
	
  [    ]-[    ]

  	
   

  	
   

  	
   

  	
   

  
	
  [    ]-[    ]

  	
   

  	
   

  	
   

  	
   

  
	
  Second Prior Month
  Delinquency Ratio

  	
   

  	
   

  	
   

  	
   

  
	
  Prior Month Delinquency
  Ratio

  	
   

  	
   

  	
   

  	
   

  
	
  Current Month Delinquency
  Ratio

  	
   

  	
   

  	
   

  	
   

  

 

C-11

 

	
  3 Month
  Average Delinquency Ratio

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Test

  	
   

  	
  Variance

  	
   

  	
  Trigger

  	
   

  
	
  Current Distribution Date

  	
   

  	
   

  	
   

  	
   

  	
   

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

  	
   

  	
   

  	
   

  	
   

  	
   

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

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

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

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

	
  Cumulative
  Net Loss Ratio Test**

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Payment Date

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  [      ]-[    ]

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  [      ]-[    ]

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  [      ]-[    ]

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

	
  Cumulative
  Net Loss Ratio

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Test

  	
   

  	
  Variance

  	
   

  	
  Trigger

  	
   

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

  	
   

  	
   

  	
   

  	
   

  	
   

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

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

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

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

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

  
	
   

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

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Specified
  Spread Account Balances on such Payment Date

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  DEFINITIONS:

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Average
  Delinquency Ratio Test*

  	
   

  	
   

  	
   

  	
   

  	
   

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

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

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Cumulative
  Net Loss Ratio Test**

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  The Cumulative Net Loss
  Ratio on any payment date will be the ratio, expressed as a percentage, of
  (a) the aggregate Realized Losses on the receivables since their cutoff
  date through the last day of the related calendar month, to (b) the sum
  of (i) the Pool Balance as of the initial cutoff date and (ii) the
  sum of the Contract Values of all receivables purchased with amounts on
  deposit in the pre-funding account, each as of the related cutoff date for
  the related receivable.

  

 

	
  POOL
  STATISTICS

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Collateral
  Composition

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Number of Loans at Beginning of Period

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Number of Loans at End of Period

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Weighted Average Coupon on Receivables

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

C-12

 

	
  Weighted Average Original Term on Receivables

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Weighted Average Remaining Term on Receivables

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Pool Factor

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-1 Note Pool Factor

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-2 Note Pool Factor

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-3 Note Pool Factor

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-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)

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

C-13

 

	
   

  	
  (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.

  
	
   

  	
   

  
	
   

  	
  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-14

 

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

 

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

 

D-1

 

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

 

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

 

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

 

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

 

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

 

 

	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

E-3

 

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-A

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-A (the “Trust”) pursuant to the Sale and Servicing
Agreement dated as of April 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 [(a)] the prospectus dated April 9, 2008 and the prospectus
supplement dated April 10, 2008 (together, the “Prospectus”), which relates to the
offering by the Trust of 2.75275% Class A-1 Asset Backed Notes, Floating
Rate Class A-2 Asset Backed Notes, 4.12% Class A-3 Asset Backed
Notes, 4.93% Class A-4a Asset Backed Notes, Floating Rate Class A-4b
Asset Backed Notes (collectively, the “Class A
Notes”)
[and (b) the Private Placement Memorandum dated [   ], which relates to the offer and sale of
the Class B Notes].  Capitalized
terms used herein and not otherwise defined have the meaning described in the
Prospectus[, the Private Placement

 

F-1

 

 

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

 

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

 

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

 

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

 

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

 

2.                                       On
                         ,
          , we obtained a
computer data file (the “Subsequent File”) produced by and represented by the
Servicer to contain the list of the Subsequent Receivables.  The
Subsequent File was received directly by [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 the Private
Placement Memorandum] 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[, the
Preliminary Private Placement Memorandum and the Private Placement
Memorandum]).  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 documents.

  	
   

  	
  N/A

  

 

H-2

 

	
  Reg AB
  Reference

  	
   

  	
  Servicing Criteria

  	
   

  	
  Applicable Servicing Criteria

  
	
  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-A

 

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 April 1, 2008, by and between New
Holland Credit Company, LLC, the Seller and CNH Equipment Trust 2008-A
(collectively, the “Indenture Trustee Information”);

 

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

 

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

 

	
  THE BANK OF NEW YORK
  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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