Document:

Exhibit 4.4

 

CNH EQUIPMENT TRUST 2010-A

PURCHASE AGREEMENT

 

between

 

CNH CAPITAL AMERICA LLC

 

and

 

CNH CAPITAL RECEIVABLES LLC

 

Dated as of March 1, 2010

 

 

TABLE OF CONTENTS

 

	
  ARTICLE
  I CERTAIN DEFINITIONS

  	
  1

  
	
   

  	
   

  	
   

  
	
  Section 1.1.

  	
  Definitions

  	
  1

  
	
  Section 1.2.

  	
  Other
  Definitional Provisions

  	
  1

  
	
   

  	
   

  	
   

  
	
  ARTICLE
  II CONVEYANCE OF RECEIVABLES

  	
  2

  
	
   

  	
   

  	
   

  
	
  Section 2.1.

  	
  Conveyance
  of Purchased Contracts

  	
  2

  
	
  Section 2.2.

  	
  [Reserved]

  	
  3

  
	
  Section 2.3.

  	
  Intention
  of the Parties

  	
  3

  
	
  Section 2.4.

  	
  The
  Closing

  	
  4

  
	
  Section 2.5.

  	
  Payment of the Purchase Price

  	
  4

  
	
  Section 2.6.

  	
  Cross-Collateralization

  	
  4

  
	
   

  	
   

  	
   

  
	
  ARTICLE
  III REPRESENTATIONS AND WARRANTIES

  	
  4

  
	
   

  	
   

  	
   

  
	
  Section 3.1.

  	
  Representations
  and Warranties of CNHCR

  	
  4

  
	
  Section 3.2.

  	
  Representations
  and Warranties of CNHCA

  	
  5

  
	
   

  	
   

  	
   

  
	
  ARTICLE
  IV CONDITIONS

  	
  10

  
	
   

  	
   

  	
   

  
	
  Section 4.1.

  	
  Conditions to Obligation of
  CNHCR

  	
  10

  
	
  Section 4.2.

  	
  Conditions
  to Obligation of CNHCA

  	
  11

  
	
   

  	
   

  	
   

  
	
  ARTICLE
  V COVENANTS OF CNHCA

  	
  11

  
	
   

  	
   

  	
   

  
	
  Section 5.1.

  	
  Protection of Right, Title and
  Interest

  	
  11

  
	
  Section 5.2.

  	
  Other
  Liens or Interests

  	
  12

  
	
  Section 5.3.

  	
  Jurisdiction
  of Organization

  	
  12

  
	
  Section 5.4.

  	
  Costs
  and Expenses

  	
  12

  
	
  Section 5.5.

  	
  Indemnification

  	
  12

  
	
  Section 5.6.

  	
  [Reserved]

  	
  13

  
	
  Section 5.7.

  	
  Cross-Collateralization

  	
  13

  
	
   

  	
   

  	
   

  
	
  ARTICLE
  VI MISCELLANEOUS PROVISIONS

  	
  13

  
	
   

  	
   

  	
   

  
	
  Section 6.1.

  	
  Obligations
  of CNHCA

  	
  13

  
	
  Section 6.2.

  	
  Repurchase
  Events

  	
  13

  
	
  Section 6.3.

  	
  CNHCR
  Assignment of Repurchased Receivables

  	
  14

  
	
  Section 6.4.

  	
  Trust

  	
  14

  
	
  Section 6.5.

  	
  Amendment

  	
  14

  
	
  Section 6.6.

  	
  Accountants’
  Letters

  	
  15

  
	
  Section 6.7.

  	
  Waivers

  	
  15

  
	
  Section 6.8.

  	
  Notices

  	
  15

  
	
  Section 6.9.

  	
  Costs
  and Expenses

  	
  15

  
	
  Section 6.10.

  	
  Representations
  of CNHCA and CNHCR

  	
  16

  
	
  Section 6.11.

  	
  Confidential
  Information

  	
  16

  
	
  Section 6.12.

  	
  Headings
  and Cross-References

  	
  16

  
	
  Section 6.13.

  	
  Governing
  Law

  	
  16

  
	
  Section 6.14.

  	
  Counterparts

  	
  16

  

 

i

 

	
  Section 6.15.

  	
  Severability

  	
  16

  
	
  Section 6.16.

  	
  Information
  Requests

  	
  16

  

 

EXHIBITS

 

EXHIBIT A                                                          Form of CNHCA Assignment

 

SCHEDULES

 

SCHEDULE P                                               Perfection Representation and Warranties

 

ii

 

PURCHASE AGREEMENT (as
amended or supplemented from time to time, this “Agreement”) dated as of March 1,
2010, between CNH CAPITAL AMERICA LLC, a Delaware limited liability company (“CNHCA”),
and CNH CAPITAL RECEIVABLES LLC, a Delaware limited liability company (“CNHCR”).

 

RECITALS

 

WHEREAS, CNHCA and
CNHCR wish to set forth the terms pursuant to which:  Contracts having an aggregate Contract Value
of approximately $193,339,318.83 and identified on Schedule A to the CNHCA
Assignment (the “Purchased Contracts”) as of the Cutoff Date are to be sold by
CNHCA to CNHCR on the date hereof; and

 

WHEREAS, CNHCR, as of
the Cutoff Date, owned Contracts previously purchased from CNHCA pursuant to an
Amended and Restated Receivables Purchase Agreement dated as of December 15,
2000 (as amended from time to time, the “Liquidity Receivables Purchase
Agreement”) between CNHCA and CNHCR, having an aggregate Contract Value of
approximately $880,844,716.09  and identified on Schedule A to the Assignment (the “Owned
Contracts”, and together with the Purchased Contracts, the “Receivables”); and

 

WHEREAS, the
Receivables will be transferred by CNHCR, pursuant to the Sale and Servicing
Agreement, to CNH Equipment Trust 2010-A (the “Trust”), which Trust will issue
Certificates representing non-assessable, fully paid, undivided beneficial
interests in, and Notes collateralized by, the Receivables and the other
property of the Trust; and

 

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

 

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

 

ARTICLE I

 

CERTAIN DEFINITIONS

 

Section 1.1.                                                                Definitions. 
Capitalized terms used herein and not otherwise defined herein are
defined in Appendix A to the Indenture dated as of the date hereof between
CNH Equipment Trust 2010-A and The Bank of New York Mellon Trust Company, N.A.,
as Indenture Trustee.

 

Section 1.2.                                                                Other Definitional
Provisions.

 

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

 

 

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

 

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

 

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

 

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

 

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

 

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

 

ARTICLE II

 

CONVEYANCE OF RECEIVABLES

 

Section 2.1.                                                                Conveyance
of Purchased Contracts.  In
consideration of CNHCR’s payment of $193,339,318.83 (the “Purchase Price”) in
the manner set out in Section 2.5(a), and the other consideration
(including the terms and covenants) contained herein, CNHCA does hereby sell,
transfer, assign, set over and otherwise convey to CNHCR, without recourse (subject
to the obligations herein), all of its right, title, interest in, to and under
(collectively, the “CNHCA Assets”):

 

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

 

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

 

2

 

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

 

(iv)                              any proceeds from recourse to Dealers
with respect to the Purchased Contracts and the Owned Contracts;

 

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

 

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

 

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

 

Section 2.2.                                                                [Reserved].

 

Section 2.3.                                                                Intention
of the Parties.  The parties to this Agreement intend that the
transactions contemplated hereby shall be, and shall be treated as, a purchase
by CNHCR and a sale by CNHCA of the Receivables and not as a lending
transaction, such that in the event of a filing of a petition for relief by or
against CNHCA under the Bankruptcy Code, (i) such Receivables would not be
property of CNHCA’s bankruptcy estate under Section 541 of the Bankruptcy
Code, (ii) the bankruptcy court would not compel the turnover of such
Receivables or collections thereon by CNHCR to CNHCA under Section 542 of
the Bankruptcy Code, and (iii) the bankruptcy court would determine that
payments on such Receivables not in the possession of CNHCA would not be
subject to the automatic stay provisions of Section 362(a) of the
Bankruptcy Code imposed upon the commencement of CNHCA’s bankruptcy case.  The foregoing sale, assignment, transfer and
conveyance does not constitute, and is not intended to result in a creation or
assumption by CNHCR of, any obligation or liability with respect to any Receivables,
nor shall CNHCR be obligated to perform or otherwise be responsible for any
obligation of CNHCA or any other Person in connection with the Receivables or
under any agreement or instrument relating thereto, including any contract or
any other obligation to any Obligor.  If
(but only to the extent that) the transfer of the Assets hereunder is
characterized by a court or other governmental authority as a loan rather than
a sale, CNHCA shall be deemed hereunder to have granted to CNHCR a security
interest in all of CNHCA’s right, title and interest in and to the Assets.  Such security interest shall secure all of
CNHCA’s obligations (monetary or otherwise) under this Agreement and the other
Basic Documents to which it is a party, whether now or hereafter existing or
arising, due or to become due, direct or indirect, absolute or contingent.  CNHCR shall have, with respect to the
property described in Section 2.1, and in addition to all the other rights
and remedies available to CNHCR under this Agreement and applicable law, all
the rights and remedies of a secured party under any applicable UCC, and this
Agreement shall constitute a security agreement under applicable law.

 

3

 

Section 2.4.                                                                The
Closing.  The sale and purchase of the Purchased
Contracts shall take place at a closing at the offices of Greenberg Traurig,
LLP, 77 West Wacker Drive, Chicago, Illinois 60601 on the Closing Date,
simultaneously with the closings under:  (a) the
Sale and Servicing Agreement, (b) the Trust Agreement, (c) the
Administration Agreement and (d) the Indenture.

 

Section 2.5.                                                                Payment of the Purchase
Price.

 

(a)                                  Purchased Contracts. 
The Purchase Price is payable in cash in an amount of $193,339,318.83 on
the Closing Date.

 

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

 

ARTICLE III

 

REPRESENTATIONS AND WARRANTIES

 

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

 

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

 

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

 

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

 

4

 

(d)                                 Binding Obligation. 
This Agreement constitutes a legal, valid and binding obligation of
CNHCR enforceable against CNHCR in accordance with its 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 CNHCR, or any indenture, agreement or other
instrument to which CNHCR is a party or by which it is bound; or result in the
creation or imposition of any Lien upon any of its properties pursuant to the
terms of any such indenture, agreement or other instrument (other than the Sale
and Servicing Agreement and the Indenture); or violate any law or, to the best
of CNHCR’s knowledge, any order, rule or regulation applicable to CNHCR of
any court or of any federal or state regulatory body, administrative agency or
other governmental instrumentality having jurisdiction over CNHCR or its
properties.

 

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

 

Section 3.2.                                                                Representations
and Warranties of CNHCA.

 

(a)                                  CNHCA hereby represents and warrants to
CNHCR as of the date hereof and as of the Closing Date:

 

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

 

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

 

5

 

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

 

(iv)                              Binding Obligation. 
This Agreement constitutes a legal, valid and binding obligation of
CNHCA enforceable against CNHCA in accordance with their terms.

 

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

 

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

 

(b)                                 CNHCA makes the following representations
and warranties as to the Receivables on which CNHCR relies in accepting the
Receivables and in transferring the Receivables to the Trust.  Such representations and warranties speak as
of the Closing Date, but shall survive the sale, transfer and assignment of the
Receivables to CNHCR and the subsequent assignment and transfer of such
Receivables to the Trust pursuant to the Sale and Servicing Agreement and the
Grant to the Indenture Trustee pursuant to the Indenture:

 

(i)                                     Characteristics of
Receivables.  Each Receivable is a Retail Installment
Contract and:  (A) (1) (i) was
originated in the United States of America by a Dealer in connection with the
retail sale of Financed Equipment in the ordinary course of such Dealer’s business,
and (ii) was purchased by CNHCA from a Dealer and validly assigned by such
Dealer to CNHCA in accordance with its terms, except that some of the
Receivables were purchased by NH Credit from Dealers (after being originated as
provided above), securitized in a previous 

 

6

 

CNH Equipment Trust and
purchased by CNHCA through the exercise of a clean-up call relating to that
previous securitization or (2) was originated in the United States of
America by CNHCA in connection with the financing or refinancing, as
applicable, of Financed Equipment in the ordinary course of CNHCA’s business,
and in the case of the foregoing clauses (1) and (2), was fully and
properly executed by the parties thereto, (B) has created a valid,
subsisting and enforceable first priority security interest in the Financed
Equipment in favor of CNHCA except to the extent that such security interest
has been assigned by CNHCA to CNHCR, by CNHCR to the Issuing Entity and by the
Issuing Entity to the Indenture Trustee, (C) contains customary and
enforceable provisions such that the rights and remedies of the holder thereof
are adequate for realization against the collateral of the benefits of the
security, and (D) provides for fixed payments on a periodic basis that
fully amortize the Amount Financed by maturity and yield interest at the Annual
Percentage Rate.

 

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

 

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

 

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

 

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

 

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

 

7

 

(vii)                           Receivables in Force. 
No Receivable has been satisfied, subordinated or rescinded, nor has any
Financed Equipment been released from the Lien granted by the related
Receivable in whole or in part (other than with respect to equipment released
from a Lien in accordance with the Servicing Procedures and replaced with
Substitute Equipment).

 

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

 

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

 

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

 

(xi)                                No Default; Delinquency
Limitations.  No Receivable is a non-performing Receivable
or has a payment that is more than 90 days overdue as of the Cutoff Date and,
except for a payment default continuing for a period of not more than 90 days,
no default, breach, violation or event permitting acceleration under the terms
of any Receivable has occurred and is continuing; and no continuing condition
(other than a payment default continuing for a period of not more than 90 days)
that with notice or the lapse of time would constitute such a default, breach,
violation or event permitting acceleration under the terms of any Receivable
has arisen; and CNHCA has not waived any of the foregoing.  Receivables that are considered “delinquent”
(as defined in Item 1101(d) of Regulation AB) constitute less than 20% of
the aggregate Statistical Contract Value of all of the Trust’s Receivables as
of the Cutoff Date.

 

(xii)                             Title. 
It is the intention of CNHCA that the transfers and assignments
contemplated herein and in the Liquidity Receivables Purchase Agreement
constitute a sale of the Receivables from CNHCA to CNHCR and that the
beneficial interest in and title to the Receivables not be part of the debtor’s
estate in the event of the filing of a bankruptcy petition by or against CNHCA
under any bankruptcy or similar law. 
Immediately prior to the transfers and assignments contemplated herein
and in the Liquidity Receivables Purchase Agreement, CNHCA had good title to
each Receivable, free and clear of all Liens and, immediately upon the transfer
thereof, CNHCR shall have good title to each Receivable, free and clear of all
Liens; and the transfer and assignment of the Receivables to CNHCR has been, or
within the timeframe required by Section 3.2(b)(xiv) of this Agreement
will be, perfected under the UCC.

 

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

 

8

 

(xiv)                         All Filings Made.  All filings (including UCC filings) necessary
in any jurisdiction to give CNHCR a first priority perfected ownership interest
in the Receivables will be made on or prior to, or within 10 days after, the
Closing Date.

 

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

 

(xvi)                         Maturity of
Receivables.  Each Receivable has a remaining term to
maturity of not more than 72 months; the weighted average remaining term of the
Receivables is approximately 51.41 months as of the Cutoff Date; the weighted
average original term of the Receivables, will not be greater than
60 months.

 

(xvii)                      Scheduled Payments. 
No Receivable has a final scheduled payment date later than six months
preceding the Final Scheduled Maturity Date; each Receivable provides for
payments that fully amortize the Amount Financed over the original term of the
Receivable, and is either non-interest bearing or is a Simple Interest
Receivable.

 

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

 

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

 

(xx)                              Financing. 
Receivables having an aggregate Statistical Contract Value of
approximately 49.90% of the Aggregate Statistical Contract Value were secured
by equipment that was new at the time the related Receivable was originated;
the remainder of the Receivables represent financing of used equipment;
Receivables having an aggregate Statistical Contract Value of approximately
95.32 of the Aggregate Statistical Contract Value of the Receivables, are
attributable to financing of agricultural equipment; the remainder of the
Receivables are attributable to financing of construction equipment.  Additionally, not more than 7.5% of the
aggregate Contract Value of the Receivables will represent Contracts for the
financing of construction equipment.

 

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

 

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

 

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

 

9

 

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

 

(xxv)                       Payment Frequency. 
As of the Cutoff Date and as shown on the books of CNHCA:  (A) Receivables having an aggregate
Statistical Contract Value equal to 75.28% of the Aggregate Statistical
Contract Value had annual scheduled payments, (B) Receivables having an
aggregate Statistical Contract Value equal to 2.70% of the Aggregate
Statistical Contract Value had semi-annual scheduled payments, (C) Receivables
having an aggregate Statistical Contract Value equal to 0.51% of the Aggregate
Statistical Contract Value had quarterly scheduled payments, (D) Receivables
having an aggregate Statistical Contract Value equal to 14.26% of the Aggregate
Statistical Contract Value had monthly scheduled payments, and (E) Receivables
having an aggregate Statistical Contract Value equal to 7.26% of the Aggregate
Statistical Contract Value had irregularly scheduled payments.

 

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

 

(xxvii)                 No Consumer Receivables.  
None of the Receivables is a consumer receivable.

 

ARTICLE IV

 

CONDITIONS

 

Section 4.1.                                                                Conditions to Obligation of CNHCR.

 

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

 

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

 

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

 

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

 

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

 

10

 

(B)                                Evidence of UCC Filing. 
On or prior to, or within 10 days following, the Closing Date (but only
if the Contract Value of the Purchased Contracts is greater than zero), CNHCA
shall authorize and file, at its own expense, a UCC financing statement in each
jurisdiction in which such action is required by applicable law to fully
perfect CNHCR’s right, title and interest in the Purchased Contracts and the
other property sold hereunder, executed (if execution is required) by CNHCA, as
seller or debtor, and naming CNHCR, as purchaser or secured party, describing
the Purchased Contracts and the other property sold hereunder, meeting the
requirements of the laws of each such jurisdiction and in such manner as is
necessary to perfect the sale, transfer, assignment and conveyance of such
Purchased Contracts and such other property to CNHCR.  It is understood and agreed, however, that no
filings will be made to perfect any security interest of CNHCR in CNHCA’s interests
in Financed Equipment.  CNHCA shall
deliver (or cause to be delivered) a file-stamped copy, or other evidence
satisfactory to CNHCR of such filing, to CNHCR promptly upon CNHCA’s receipt
thereof.

 

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

 

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

 

(b)                                 [Reserved].

 

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

 

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

 

(b)                                 Receivables Purchase
Price.  On the Closing Date, CNHCR shall have
delivered to CNHCA the portion of the Purchase Price payable on the Closing
Date pursuant to Section 2.5.

 

ARTICLE V

 

COVENANTS OF CNHCA

 

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

 

Section 5.1.                                                                Protection of Right, Title and
Interest.

 

(a)                                  Filings. 
CNHCA shall cause all financing statements and continuation statements
and any other necessary documents covering the right, title and interest of
CNHCR in 

 

11

 

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

 

(b)                                 Name Change. 
Within 15 days after CNHCA makes any change in its name, identity or
organizational structure that would or could reasonably be expected to make any
financing statement or continuation statement filed in accordance with
paragraph (a) seriously misleading within the applicable provisions
of the UCC or any title statute, as applicable, CNHCA shall give CNHCR notice
of any such change, and no later than 10 days after the effective date thereof,
shall file such financing statements or amendments as may be necessary to
continue the perfection of CNHCR’s interest in the property included in the
Trust Estate.

 

(c)                                  Location Change. 
Within 15 days after CNHCA makes any change to its “location” as defined
in Section 9-307 of the UCC, CNHCA shall give CNHCR notice of any such
change, and no later than 10 days after the effective date thereof, shall file
such financing statements or amendments as may be necessary to continue the
perfection of CNHCR’s interest in the property included in the Trust Estate.

 

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

 

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

 

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

 

Section 5.5.                                                                Indemnification. 
CNHCA shall indemnify, defend and hold harmless CNHCR for any liability
as a result of the failure of a Receivable to be originated in compliance with
all requirements of law and for any breach of any of its representations and
warranties contained herein.  These
indemnity obligations shall be in addition to any obligation that 

 

12

 

CNHCA may
otherwise have.  CNHCA shall indemnify,
defend and hold harmless CNHCR, the Issuing Entity, the Trustee and the
Indenture Trustee (and their respective officers, directors, employees and
agents) from and against any taxes that may at any time be asserted against
such Person with respect to the sale of the Purchased Contracts to CNHCR
hereunder, the sale of the Owned Contracts to CNHCR under the Liquidity
Receivables Purchase Agreement or the sale of the Receivables to the Issuing
Entity by CNHCR or the issuance and original sale of the Certificates and the
Notes, including any sales, gross receipts, general corporation, tangible
personal property, privilege or license taxes (but, in the case of CNHCR and
the Issuing Entity, not including any taxes asserted with respect to ownership
of the Receivables or federal or other income taxes arising out of the
transactions contemplated by this Agreement) and costs and expenses in
defending against the same.

 

Section 5.6.                                                                [Reserved].

 

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

 

ARTICLE VI

 

MISCELLANEOUS PROVISIONS

 

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

 

Section 6.2.                                                                Repurchase
Events.  CNHCA hereby covenants and agrees with CNHCR
for the benefit of CNHCR, the Indenture Trustee, the Noteholders, the Trust,
the Trustee and the Certificateholders that the occurrence of a breach of any
of CNHCA’s representations and warranties contained in Section 3.2(b) shall
constitute events obligating CNHCA to repurchase any Receivable materially and
adversely affected by any such breach (“Repurchase Events”) at the Purchase
Amount from CNHCR or from the Trust. 
Except as set forth in Section 5.5, the repurchase obligation of
CNHCA shall constitute the sole remedy of CNHCR, the Indenture Trustee, the
Noteholders, the Trust, the Trustee or the Certificateholders against CNHCA
with respect to any Repurchase Event or any other breach pursuant to Section 3.2(b) hereof.  Section 4.6 and Section 9.1(a) of
the Sale and Servicing Agreement are hereby incorporated by reference as if
they were set forth herein, and CNHCA agrees to purchase or repurchase any
Receivable which these sections require it, or permit the Servicer to cause it,
to purchase or repurchase.

 

13

 

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

 

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

 

Section 6.5.                                                             Amendment.   (a) Any term or provision
of this Agreement may be amended by CNHCA and CNHCR without the consent of the
Indenture Trustee, any Noteholder, the Issuing Entity, the Trustee or any other
Person subject to the satisfaction of one of the following conditions:

 

(i)                                     CNHCA and CNHCR 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)                                  CNHCA and CNHCR deliver an Officer’s
Certificate of CNHCA and CNHCR, 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.

 

Prior to the execution of
any such amendment or consent, CNHCA shall furnish written notification of the
substance of such amendment or consent to each of the Rating Agencies.

 

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

 

This Agreement may also be
amended from time to time by CNHCA and CNHCR, with prior written notice to the
Rating Agencies, with the written consent of (x) Noteholders holding Notes
evidencing at least a majority of the Note Balance and (y) the
Certificateholders evidencing not less than 50% of the beneficial interest in
the Trust, for the purpose of adding any 

 

14

 

provisions
to or changing in any manner or eliminating any of the provisions of this
Agreement or of modifying in any manner the rights of the Noteholders or the
Certificateholders; provided, however, that no such amendment
may:  (i) reduce the interest rate
or principal of any Note or Certificate, or delay the Class Final
Scheduled Maturity Date of any Note or (ii) reduce the aforesaid
percentage of the Notes and Certificates that are required to consent to any
such amendment, without the consent of the holders of all the outstanding Notes
and Certificates affected thereby.

 

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

 

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

 

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

 

Section 6.8.                                                             Notices. 
All demands, notices and communications under this Agreement shall be in
writing, personally delivered or mailed by certified mail, return receipt
requested, or by facsimile, and shall be deemed to have been duly given upon
receipt:  (a) in the case of CNHCA,
to CNH Capital America LLC, 6900 Veterans Boulevard, Burr Ridge, Illinois
60527, Attention: Assistant Treasurer, (telephone: (630) 887-2095) (facsimile:
(630) 887-5448); (b) in the case of CNHCR, 6900 Veterans Boulevard, Burr
Ridge, Illinois 60527, Attention: Assistant Treasurer, (telephone: (630)
887-2095) (facsimile: (630) 887-5448); (c) in the case of the Rating
Agencies, at their respective addresses set forth in Section 10.3 of the
Sale and Servicing Agreement, or, as to each of the foregoing, at such other
address or facsimile number as shall be designated by written notice to the
other parties.

 

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

 

15

 

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

 

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

 

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

 

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

 

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

 

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

 

Section 6.16.                                                      Information
Requests.  The parties hereto shall provide any
information reasonably requested by the other party or any of their Affiliates,
at the expense of such party, in order to comply with or obtain more favorable
treatment under any current or future law, rule, regulation, accounting rule or
principle.

 

(signature pages follow)

 

16

 

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

 

	
   

  	
  CNH CAPITAL RECEIVABLES
  LLC

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Thomas N. Beckmann

  
	
   

  	
   

  	
  Name:  Thomas N. Beckmann

  
	
   

  	
   

  	
  Title:  Assistant Treasurer

  
	
   

  	
   

  	
   

  
	
   

  	
  CNH CAPITAL AMERICA LLC

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Thomas N. Beckmann

  
	
   

  	
   

  	
  Name:  Thomas N. Beckmann

  
	
   

  	
   

  	
  Title:  Assistant Treasurer

  

 

 

EXHIBIT
A

to Purchase Agreement

 

FORM OF

CNHCA ASSIGNMENT

 

For value received, in
accordance with and subject to the Purchase Agreement dated as of March 1,
2010 (the “Purchase Agreement”), between the undersigned and CNH Capital
Receivables LLC (“CNHCR”), the undersigned does hereby sell, assign, transfer,
set over and otherwise convey unto CNHCR, without recourse, all of its right,
title, interest in, to and under:  (a) the
Purchased Contracts and the Owned Contracts (collectively, the “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
Cutoff Date, (b) the security interests in the Financed Equipment granted
by Obligors pursuant to the Receivables and any other interest of the
undersigned in such Financed Equipment, (c) any proceeds with respect to
the Receivables from claims on insurance policies covering Financed Equipment
or Obligors (to the extent not used to purchase Substitute Equipment), (d) any
proceeds from recourse to Dealers with respect to the Receivables, (e) any
Financed Equipment that shall have secured the Receivables and that shall have
been acquired by or on behalf of CNHCR, and (f) the proceeds of any and
all of the foregoing.  The foregoing sale
does not constitute and is not intended to result in any assumption by CNHCR of
any obligation of the undersigned to the Obligors, insurers or any other person
in connection with the Receivables, Receivables Files, any insurance policies
or any agreement or instrument relating to any of them.

 

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

 

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

 

A-1

 

IN WITNESS WHEREOF, the
undersigned has caused this CNHCA Assignment to be duly executed as of [       ],
2010.

 

	
   

  	
  CNH CAPITAL AMERICA LLC

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

A-2

 

SCHEDULE
A

to CNHCA Assignment

 

SCHEDULE
OF PURCHASED CONTRACTS AND OWNED CONTRACTS

ATTACHED HERETO.

 

A-3

 

EXHIBIT
B

to Purchase Agreement

 

[RESERVED]

 

2

 

Schedule
P

 

1.                                       General.  The Purchase
Agreement creates a valid and continuing security interest (as defined in the
UCC) in the Receivables in favor of CNHCR, which, (a) is enforceable upon
execution of the Purchase Agreement against creditors of and purchasers from
CNHCA, as such enforceability may be limited by applicable debtor relief laws,
now or hereafter in effect, and by general principles of equity (whether
considered in a  suit at law or in equity), and (b) upon filing of
the financing statements described in clause 4 below will be prior to all other
Liens (other than Liens permitted pursuant to clause 5 below).

 

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

 

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

 

4.                                       Perfection.  CNHCA has caused
or will have caused, within ten days of the Closing Date, the filing of all
appropriate financing statements in the proper filing office in the appropriate
jurisdictions under applicable law in order to perfect the security interest
granted to CNHCR under the Purchase Agreement in the Receivables.  With
respect to the Receivables that constitute tangible chattel paper, the
Servicer, as custodian, solely as agent of the Issuing Entity and the Indenture
Trustee, received possession of such original copies of such tangible chattel
paper that constitute or evidence the Receivables, and CNHCA has caused, or will
have caused within ten days of the effective date of the Purchase Agreement,
the filing of financing statements against CNHCA in favor of CNHCR in
connection herewith describing such Receivables and containing a statement
that: “A purchase of or security interest in any collateral described in this
financing statement will violate the rights of the Secured Party/Buyer.”

 

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

 

P-1Exhibit 4.5

 

CNH EQUIPMENT TRUST 2010-A

 

ADMINISTRATION AGREEMENT

 

among

 

CNH EQUIPMENT TRUST 2010-A,

 

as Issuing Entity,

 

and

 

NEW HOLLAND CREDIT COMPANY, LLC,

 

as Administrator,

 

and

 

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

 

as Indenture Trustee,

 

and

 

WILMINGTON TRUST COMPANY,

 

as Trustee

 

Dated as of March 1, 2010

 

 

TABLE OF CONTENTS

 

	
  1.

  	
  Duties
  of the Administrator

  	
  2

  
	
   

  	
  (a)

  	
  Duties with Respect to the Indenture and the Depository
  Agreement

  	
  2

  
	
   

  	
  (b)

  	
  Duties with Respect to the Trust

  	
  4

  
	
   

  	
  (c)

  	
  Non-Ministerial Matters

  	
  6

  
	
   

  	
   

  	
   

  
	
  2.

  	
  Records

  	
  6

  
	
   

  	
   

  	
   

  
	
  3.

  	
  Compensation

  	
  6

  
	
   

  	
   

  	
   

  
	
  4.

  	
  Additional
  Information to be Furnished to the Issuing Entity

  	
  6

  
	
   

  	
   

  	
   

  
	
  5.

  	
  Independence
  of the Administrator

  	
  6

  
	
   

  	
   

  	
   

  
	
  6.

  	
  No
  Joint Venture

  	
  7

  
	
   

  	
   

  	
   

  
	
  7.

  	
  Other
  Activities of the Administrator

  	
  7

  
	
   

  	
   

  	
   

  
	
  8.

  	
  Term
  of Agreement; Resignation and Removal of the Administrator

  	
  7

  
	
   

  	
   

  	
   

  
	
  9.

  	
  Action
  upon Termination, Resignation or Removal

  	
  9

  
	
   

  	
   

  	
   

  
	
  10.

  	
  Notices

  	
  9

  
	
   

  	
  (a)

  	
  if to the Issuing Entity or the Trustee

  	
  9

  
	
   

  	
  (b)

  	
  if to the Administrator

  	
  9

  
	
   

  	
  (c)

  	
  if to the Indenture Trustee

  	
  10

  
	
   

  	
   

  	
   

  
	
  11.

  	
  Amendments

  	
  10

  
	
   

  	
   

  	
   

  
	
  12.

  	
  Successors
  and Assigns

  	
  11

  
	
   

  	
   

  	
   

  
	
  13.

  	
  Governing
  Law

  	
  11

  
	
   

  	
   

  	
   

  
	
  14.

  	
  Headings

  	
  11

  
	
   

  	
   

  	
   

  
	
  15.

  	
  Counterparts

  	
  11

  
	
   

  	
   

  	
   

  
	
  16.

  	
  Severability

  	
  12

  
	
   

  	
   

  	
   

  
	
  17.

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

  	
  12

  
	
   

  	
   

  	
   

  
	
  18.

  	
  Limitation
  of Liability of the Trustee and the Indenture Trustee

  	
  12

  
	
   

  	
   

  	
   

  
	
  19.

  	
  Indemnification

  	
  12

  
	
   

  	
   

  	
   

  
	
  20.

  	
  Information
  Requests

  	
  12

  

 

i

 

ADMINISTRATION
AGREEMENT dated as of March 1, 2010, among CNH EQUIPMENT
TRUST 2010-A, a Delaware statutory trust (the “Issuing Entity”), NEW HOLLAND
CREDIT COMPANY, LLC, a Delaware limited liability company, as administrator
(the “Administrator”), THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., a
national banking association, not in its individual capacity but solely as
Indenture Trustee (the “Indenture Trustee”), and Wilmington Trust Company, not
in its individual capacity but solely as Trustee under the Trust Agreement (the
“Trustee”).

 

RECITALS

 

WHEREAS, the Issuing Entity is issuing the Notes pursuant
to the Indenture, dated as of the date hereof (as amended and supplemented from
time to time in accordance with the provisions thereof, the “Indenture”),
between the Issuing Entity and the Indenture Trustee (capitalized terms used
herein and not otherwise defined herein are defined in Appendix A to the
Indenture, and the provisions of Section 1.3 of the Indenture shall be
incorporated herein).

 

WHEREAS, the Issuing Entity has entered into certain
agreements in connection with the issuance of the Notes and of certain
beneficial ownership interests of the Issuing Entity, including: (i) a
Sale and Servicing Agreement, dated as of the date hereof (as amended and
supplemented from time to time, the “Sale and Servicing Agreement”), among the
Issuing Entity, New Holland Credit Company, LLC, as servicer (the “Servicer”),
and CNH Capital Receivables LLC, a Delaware limited liability company, as
seller (the “Seller”), (ii) a Depository Agreement, dated March 25,
2010 (the “Depository Agreement”), among the Issuing Entity and The Depository
Trust Company, (iii) the Indenture, and (iv) a Trust Agreement, dated
as of the date hereof (the “Trust Agreement”), between the Seller and the
Trustee (the Sale and Servicing Agreement, the Depository Agreement, the
Indenture and the Trust Agreement being hereinafter referred to collectively as
the “Related Agreements”);

 

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

 

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

 

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

 

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

 

 

1.             Duties of the Administrator.

 

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

 

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

 

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

 

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

 

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

 

(v)           [reserved];

 

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

 

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

 

(viii)        the obtaining and preservation of the Issuing Entity’s
qualification to do business in each jurisdiction in which such qualification
is or shall be necessary to protect the validity and enforceability of the
Indenture, the Notes, the Collateral and each other instrument and agreement
included in the Trust Estate (Section 3.4);

 

(ix)           the preparation of all supplements, amendments,
financing statements, continuation statements, instruments of further assurance
and other

 

2

 

instruments, in accordance with Section 3.5 of
the Indenture, necessary to protect the Trust Estate (Section 3.5);

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(xviii)      the preparation, execution and filing with the Commission
and the Indenture Trustee of documents required to be filed on a periodic basis
with, and summaries thereof as may be required by rules and regulations
prescribed by, the Commission and the transmission of such summaries, as
necessary, to the Noteholders (Section 7.3);

 

3

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(b)           Duties with Respect to the Trust.

 

(i)            In addition to the duties of the Administrator set
forth above, the Administrator shall perform such calculations, and shall
prepare for execution by the Issuing Entity or the Trustee or shall cause the
preparation by other appropriate persons of all such documents, reports,
filings, instruments, certificates and opinions, as it shall be the duty of the
Issuing Entity or the Trustee to perform, prepare, file or deliver pursuant to
the Related Agreements, and at the request of the Trustee shall take all
appropriate action that it is the duty of the Issuing Entity or the Trustee to
take pursuant to the Related Agreements (other than with respect to Sections
11.14, 11.15 and 11.16 of the Trust Agreement). 
Subject to Section 5 of this Agreement, the Administrator shall
administer, perform or supervise the performance of such other activities in
connection with

 

4

 

the Collateral (including the Related Agreements) as
are not covered by any of the foregoing and as are expressly requested by the
Trustee and are reasonably within the capability of the Administrator.

 

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

 

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

 

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

 

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

 

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

 

5

 

(vii)         The Administrator hereby agrees to execute on behalf
of the Issuing Entity all such documents, reports, filings, instruments,
certificates and opinions as it shall be the duty of the Issuing Entity to
prepare, file or deliver pursuant to the Basic Documents or otherwise by law.

 

(c)           Non-Ministerial Matters.

 

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

 

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

 

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

 

(C)           the removal of the Indenture Trustee.

 

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

 

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

 

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

 

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

 

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

 

6

 

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

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

 

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

 

8.             Term of Agreement; Resignation and Removal of the
Administrator.

 

(a)           This Agreement shall continue in force until the
dissolution of the Issuing Entity, upon which event this Agreement shall
automatically terminate.

 

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

 

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

 

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

 

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

 

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

 

7

 

the Administrator or any substantial part of its
property or order the winding-up or liquidation of its affairs; or

 

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

 

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

 

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

 

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

 

8

 

(g)           Except when and if the Indenture Trustee is appointed
successor Administrator, the Administrator may not resign unless it is
prohibited from serving as such by law as evidenced by an Opinion of Counsel to
such effect delivered to the Indenture Trustee. No resignation or removal of
the Administrator pursuant to this Section shall be effective until: (i) a
successor Administrator shall have been appointed by the Issuing Entity and (ii) such
successor Administrator shall have agreed in writing to be bound by the terms
of this Agreement in the same manner as the Administrator is bound hereunder.

 

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

 

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

 

10.          Notices.  Any notice,
report or other communication given hereunder shall be in writing and addressed
and personally delivered, mailed or sent by facsimile transmission as follows:

 

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

 

CNH
Equipment Trust 2010-A

c/o
Wilmington Trust Company

Rodney Square North

1100 North Market Street

Wilmington, Delaware  19890-0001

Attention: Corporate
Trust Administrator

Facsimile: (302) 636-4140

 

(b)           if to the Administrator, to:

 

New Holland Credit
Company, LLC

100 Brubaker Avenue

New Holland,
Pennsylvania  17557

Attention: Finance
Manager

Facsimile: (630) 887-5448

 

9

 

with a copy to:

 

New Holland Credit
Company, LLC

6900 Veterans Boulevard

Burr Ridge, Illinois  60527

Attention: Assistant
Treasurer

Facsimile: (630) 887-5448

 

(c)           if to the Indenture Trustee, to:

 

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

2 North LaSalle Street

Suite 1020

Chicago, Illinois 60602

Attention: Structured
Finance-ABS

Facsimile: (312) 827-8562

 

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

 

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

 

(i)            the Administrator 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 Administrator delivers an Officer’s Certificate of
the Administrator to the Indenture Trustee to the effect that such amendment
will not materially or 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 Issuing Entity, the Administrator and the
Indenture Trustee with the written consent of (w) the Trustee, (x) Noteholders
holding Notes evidencing not less than a majority of the Note Balance and (y) the
Certificateholders holding in the aggregate more than 50% of the beneficial
interest in the Issuing Entity at the time of such amendment, for the purpose
of adding any provisions to or changing in any manner or eliminating any of the
provisions of this Agreement or of modifying in any manner the rights of the
Noteholders or the Certificateholders; provided, however, that no such
amendment shall: (i) reduce the interest rate or principal of any Note, or
delay the Class

 

10

 

Final
Maturity Date of any Note or (ii) reduce the aforesaid percentage of the
Holders of Notes and Certificates that are required to consent to any such
amendment, without the consent of the Holders of all the outstanding Notes and
Certificates. Notwithstanding the foregoing, the Administrator may not amend
this Agreement without the permission of the Depositor, which permission shall
not be unreasonably withheld.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

11

 

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

 

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

 

18.          Limitation of Liability of the
Trustee and the Indenture Trustee.

 

(a)           Notwithstanding anything contained herein to the
contrary, this instrument has been countersigned by 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, as to all of which recourse shall be had solely
to the assets of the Issuing Entity. For all purposes of this Agreement, in the
performance of any duties or obligations of the Issuing Entity thereunder, the
Trustee shall be subject to, and entitled to the benefits of, the terms and
provisions of Articles VI, VII and VIII of the Trust Agreement.

 

(b)           Notwithstanding anything contained herein to the
contrary, this Agreement has been countersigned by The Bank of New York Mellon
Trust Company, N.A., not in its individual capacity but solely as Indenture
Trustee, and in no event shall The Bank of New York Mellon 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.

 

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

 

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

 

*   *   *  
*   *

 

12

 

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

 

	
   

  	
   

  	
  CNH EQUIPMENT TRUST
  2010-A

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
  Wilmington Trust
  Company,

  
	
   

  	
   

  	
   

  	
   

  	
  not in its individual
  capacity but solely as Trustee on behalf of the Issuing Entity

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Dorri Costello

  
	
   

  	
   

  	
   

  	
  Name:

  	
  Dorri Costello

  
	
   

  	
   

  	
   

  	
  Title:

  	
  Financial Services
  Officer

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

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

  
	
   

  	
   

  	
   

  	
   

  	
  not in its individual
  capacity but solely as Indenture Trustee

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Robert Castle

  
	
   

  	
   

  	
   

  	
  Name:

  	
  Robert Castle

  
	
   

  	
   

  	
   

  	
  Title:

  	
  Vice President

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  NEW HOLLAND CREDIT
  COMPANY, LLC

  
	
   

  	
   

  	
   

  	
   

  	
  as Administrator

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Thomas N. Beckmann

  
	
   

  	
   

  	
   

  	
  Name:

  	
  Thomas N. Beckmann

  
	
   

  	
   

  	
   

  	
  Title:

  	
  Assistant Treasurer

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  WILMINGTON TRUST
  COMPANY,

  
	
   

  	
   

  	
   

  	
   

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

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Dorri Costello

  
	
   

  	
   

  	
   

  	
  Name:

  	
  Dorri Costello

  
	
   

  	
   

  	
   

  	
  Title:

  	
  Financial Services
  Officer

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00171-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00171-of-00352.parquet"}]]