Document:

EXHIBIT
4.1

 

PURCHASE AGREEMENT, dated as of May 15, 2005, between
JOHN DEERE CAPITAL CORPORATION, a Delaware corporation (the “Seller”), and JOHN
DEERE RECEIVABLES, INC., a Nevada corporation (the “Purchaser”).

 

WHEREAS, Deere & Company and other affiliates of
the Seller have purchased in the ordinary course of business certain
agricultural and construction equipment retail installment sale and loan
contracts secured by new and used agricultural, construction and forestry
equipment and, in turn, have sold such contracts to the Seller on a daily basis
pursuant to intercompany agreements; and

 

WHEREAS, the Seller and the Purchaser wish to set
forth the terms pursuant to which the Receivables (as hereinafter defined) are
to be sold by the Seller to the Purchaser, which Receivables will be
transferred by the Purchaser, pursuant to the Sale and Servicing Agreement (as
hereinafter defined), to John Deere Owner Trust 2005 (the “Trust”), which Trust
will issue the Certificate representing fractional undivided interests in, and
Class A – 1 3.396% Asset Backed Notes, Class A – 2 3.79% Asset Backed Notes,
Class A – 3 3.98% Asset Backed Notes and Class A – 4 4.16% Asset Backed Notes
collateralized by, such Receivables and the other property of the Trust.

 

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

 

Capitalized terms not defined in this Agreement shall
have the meaning set forth in the Sale and Servicing Agreement.  As used in this Agreement, the following
terms shall, unless the context otherwise requires, have the following meanings
(such meanings to be equally applicable to the singular and plural forms of the
terms defined):

 

“Affiliate” means, with respect to any specified
Person, any other Person controlling or controlled by or under common control
with such specified Person.  For the
purposes of this definition, “control”, when used with respect to any specified
Person, means the power to direct the management and policies of such Person,
directly or indirectly, whether through the ownership of voting securities, by
contract or otherwise; and the terms “controlled by” and “controlling” have
meanings correlative to the foregoing.

 

“Agreement” shall mean this Purchase Agreement, as the
same may be amended, modified or supplemented from time to time.

 

“Assignment” shall mean the document of assignment
attached to this Agreement as Exhibit A.

 

 

“Basic Documents” has the meaning given such term in
the Indenture.

 

“Certificate” shall have the meaning assigned to the
term “Certificate” in the Trust Agreement.

 

“Closing Date” shall mean May 26, 2005.

 

“Collections” shall mean all amounts collected by the
Servicer (from whatever source other than any amounts collected in respect of
dealer reserves) on or with respect to the Receivables other than Purchased
Receivables and Liquidated Receivables.

 

“Indenture” shall mean the Indenture, dated as of May
15, 2005, between the Trust and The Bank of New York, as trustee, as the same
may be amended, modified or supplemented from time to time.

 

“Person” means any individual, corporation, limited
liability company, estate, partnership, joint venture, association, joint stock
company, trust (including any beneficiary thereof), unincorporated organization
or government or any agency or political subdivision thereof.

 

“Prospectus” shall mean the Prospectus dated July 16,
2003 and the Prospectus Supplement, dated May 19, 2005 relating to the Notes.

 

“Purchaser” shall mean John Deere Receivables, Inc., a
Nevada corporation, and its successors and assigns.

 

“Receivable” shall mean any Contract listed on Schedule A
(which Schedule may be in the form of microfiche).

 

“Repurchase Event” shall have the meaning specified in
Section 6.02.

 

“Sale and Servicing Agreement” shall mean the Sale and
Servicing Agreement, dated as of May 15, 2005, among the Trust, the Purchaser
and the Seller, as the same may be amended, modified or supplemented from time
to time.

 

“Sales Branches” means the equipment sales branches
and sales regions in the United States operated by Deere & Company, a
Delaware corporation, and its wholly-owned subsidiaries.

 

“Schedule of Receivables” shall mean the list of
Receivables annexed hereto as Schedule A.

 

“Seller” shall mean John Deere Capital Corporation, a
Delaware corporation, and its successors and assigns.

 

“UCC” means, unless the context otherwise requires,
the Uniform Commercial Code, as in effect in the relevant jurisdiction, as
amended from time to time.

 

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ARTICLE II

 

CONVEYANCE OF
RECEIVABLES

 

SECTION 2.01                    Conveyance of Receivables.  In consideration of the Purchaser’s delivery
to or upon the order of the Seller of $739,392,453.63 the Seller does hereby
sell, transfer, assign, set over and otherwise convey to the Purchaser, whether
now owned or hereafter acquired, without recourse (subject to the obligations
herein):

 

(a)                                  all right, title and interest of
the Seller in and to the Receivables, and all monies due thereon on and after
the Cut-off Date;

 

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

 

(c)                                  the interest of the Seller in
any proceeds with respect to the Receivables from claims on any physical
damage, credit life or disability insurance policies covering Financed
Equipment or Obligors; and

 

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

 

SECTION 2.02                    The Closing.  The sale and purchase of the Receivables
shall take place at a closing (the “Closing”) at the offices of Shearman &
Sterling LLP, 599 Lexington Avenue, New York, New York 10022 on the Closing
Date, simultaneously with the closings under (a) the Sale and Servicing
Agreement, (b) the Trust Agreement and (c) the Indenture.

 

ARTICLE III

 

REPRESENTATIONS
AND WARRANTIES

 

SECTION 3.01                    Representations and Warranties
of the Purchaser.  The Purchaser hereby represents and warrants
to the Seller as of the date hereof and as of the Closing Date:

 

(a)                                  Organization and Good
Standing.  The Purchaser is duly
organized, validly existing in good standing under the laws of the State of
Nevada, and has the power and authority to own its properties and to conduct
the business in which it is currently engaged, and had at all relevant times,
and has, the power, authority and legal right to acquire, own and sell the
Receivables.

 

(b)                                 Due Qualification.  The Purchaser is duly qualified to do
business as a foreign corporation 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
qualification.

 

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

 

(d)                                 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 incorporation or by-laws of the Purchaser, or any indenture,
agreement or other instrument to which the Purchaser is a party or by which it
is bound; nor 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); nor
violate any law or, to the best of the Purchaser’s knowledge, any order, rule
or regulation applicable to the Purchaser of any court or of any Federal or
State regulatory body, administrative agency or other governmental
instrumentality having jurisdiction over the Purchaser or its properties.

 

(e)                                  No Proceedings.  There are no proceedings or investigations
pending or, to the Purchaser’s best knowledge, threatened, before any court,
regulatory body, administrative agency or other governmental instrumentality
having jurisdiction over the Purchaser or its properties which (i) assert the
invalidity of this Agreement, (ii) seek to prevent the consummation of any of
the transactions contemplated by this Agreement or (iii) seek any determination
or ruling that might materially and adversely affect the performance by the
Purchaser of its obligations under, or the validity or enforceability of, this
Agreement.

 

SECTION 3.02                    Representations and Warranties
of the Seller.

 

(a)                                  The Seller hereby represents and
warrants to the Purchaser as of the date hereof and as of the Closing Date:

 

(i)                                     Organization
and Good Standing.  The Seller is duly
organized, validly existing in good standing under the laws of the State of
Delaware, and has the power and authority to own its properties and to conduct
the business in which it is currently engaged, and had at all relevant times,
and has, the power, authority and legal right to acquire and own the
Receivables.

 

(ii)                                  Power
and Authority.  The Seller has the power
and authority to execute and deliver this Agreement and to carry out its terms;
the Seller has full power and authority to sell and assign the property sold
and assigned to the Purchaser hereby and has duly authorized such sale and
assignment to the Purchaser by all necessary corporate action; and the execution,
delivery and performance of this Agreement have been duly authorized by the
Seller by all necessary corporate action.

 

(iii)                               No
Violation.  The consummation of the
transactions contemplated by this Agreement and the fulfillment of the terms
hereof neither conflict with, result in any breach of any of the terms and
provisions of, nor constitute (with or without notice or lapse of time) a
default under, the certificate of incorporation or by-laws of the Seller, or
any indenture, agreement or other instrument to which the Seller is a party or
by which it is bound; nor result in

 

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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); nor
violate any law or, to the best of the Seller’s knowledge, any order, rule or
regulation applicable to the Seller of any court or of any Federal or State
regulatory body, administrative agency or other governmental instrumentality
having jurisdiction over the Seller or its properties.

 

(iv)                              No
Proceedings.  To the Seller’s best
knowledge, there are no proceedings or investigations pending, or threatened,
before any court, regulatory body, administrative agency or other governmental
instrumentality having jurisdiction over the Seller or its properties which (A)
assert the invalidity of this Agreement, (B) seek to prevent the consummation
of any of the transactions contemplated by this Agreement or (C) seek any
determination or ruling that might materially and adversely affect the
performance by the Seller of its obligations under, or the validity or
enforceability of, this Agreement.

 

(b)                                 The Seller makes the following
representations and warranties as to the Receivables on which the Purchaser
relied in accepting the Receivables.  The
parties hereto acknowledge that the representations and warranties below
require the Seller to monitor conditions that it may not have the ability to
monitor.  Accordingly, wherever the
Seller makes, or is deemed to make, a representation that it cannot monitor,
such representation shall be made as if prefaced with the phrase “to the best
of the Seller’s knowledge”; provided, however, that the determination as to
whether a Repurchase Event has occurred pursuant to Section 6.02 shall be
made without reliance on the phrase described above.  Except as provided below, such
representations and warranties speak as of the execution and delivery of this
Agreement but shall survive the sale, transfer and assignment of the
Receivables to the Purchaser and the subsequent assignments and transfers of
the Receivables pursuant to the Sale and Servicing Agreement and pursuant to
the Indenture:

 

(i)                                     Characteristics
of Receivables.  Each Receivable (A) was
originated in the United States of America by the Sales Branches in the
ordinary course of business or was originated by a Dealer in the ordinary
course of business, in each case in connection with the retail sale by a Dealer
of Financed Equipment in the ordinary course of such Dealer’s business, was
fully and properly executed by the parties thereto, was purchased by the Seller
from such Sales Branch or such Dealer under an existing agreement with the
Sales Branches or the Dealers, as the case may be, and was validly assigned by
such Sales Branch or Dealer, as the case may be, to the Seller in accordance
with its terms, (B) is secured by a validly perfected enforceable first
priority purchase money security interest (as defined in the applicable UCC) in
favor of the Seller in the Financed Equipment, which security interest is
assignable by the Seller to the Purchaser, by the Purchaser to the Issuer and
by the Issuer 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, yields interest at a fixed
rate and is prepayable without premium or penalty at any time.  The fixed payments provided for are
sufficient to fully amortize the Amount Financed by maturity and pay finance
charges at the Annual Percentage Rate over the original term of the Receivable.

 

(ii)                                  Schedule of
Receivables.  The information set forth
in Schedule A to this Agreement is true and correct in all material
respects as of the opening of business on the Cut-off

 

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Date and no selection
procedures believed to be adverse to the Noteholders or the Certificateholder
were utilized in selecting the Receivables. 
The computer tape regarding the Receivables made available to the
Purchaser and its assigns is true and correct in all respects.

 

(iii)                               Compliance
with Law.  Each Receivable and the sale
of the Financed Equipment complied at the time it was originated or made and at
the execution of this Agreement complies in all material respects with all
requirements of applicable Federal, State and local laws and regulations
thereunder, including usury laws, 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 S and other equal credit
opportunity and disclosure laws.

 

(iv)                              Binding
Obligations.  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,
subject to bankruptcy, insolvency and other laws relating to the enforcement of
creditors’ rights generally and to general principles of equity (regardless of
whether enforceability is considered in a proceeding in equity or at law).  Such enforceability has not been and is not
adversely affected by whether or not the Seller was or is qualified to do
business in the State in which the Obligor was or is located.

 

(v)                                 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 purchase
money security interest (as defined in the applicable UCC) in the Financed
Equipment in favor of the Seller as secured party or, in accordance with its
customary standards, policies and servicing procedures, the Seller has taken
all steps as are necessary to result in a validly perfected first priority
purchase money security interest (as defined in the applicable UCC) in the
Financed Equipment in favor of the Seller as secured party.

 

(vi)                              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.  No Receivable is rescindable on the basis of
whether or not the Seller is qualified to do business in the State in which the
Obligor is located.

 

(vii)                           No
Waiver.  No provision of a Receivable has
been waived.

 

(viii)                        No
Amendments.  No Receivable has been
amended such that the amount of the Obligor’s Scheduled Payments has been
increased except for increases resulting from the inclusion of any premium for
forced-placed physical damage insurance covering the Financed Equipment and for
increases resulting from the addition of finance charges for the deferral of
Scheduled Payments.

 

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

 

(x)                                   No
Liens.  No liens or claims have been
filed for work, labor or materials relating to any Financed Equipment that are
liens prior to, or equal or coordinate with, the security interest in the
Financed Equipment granted by the Receivable.

 

6

 

(xi)                                No
Default.  No Receivable has a payment
that is more than 89 days overdue as of the Cut-off Date and, except as
permitted in this paragraph, no default, breach, violation or event permitting
acceleration under the terms of any Receivable has occurred and is continuing;
and (except for payment defaults continuing for a period of not more than 89
days) no continuing condition that with notice or the lapse of time would
constitute a default, breach, violation or event permitting acceleration under
the terms of any Receivable has arisen; and the Seller has not waived and shall
not waive any of the foregoing.

 

(xii)                             Insurance.  The Seller, in accordance with its customary
procedures, has determined that the Obligor has obtained physical damage
insurance covering the Financed Equipment and under the terms of the Receivable
the Obligor is required to maintain such insurance.

 

(xiii)                          Title.  It is the intention of the Seller that the
transfer and assignment herein contemplated constitute an absolute and
irrevocable sale of the Receivables from the Seller to the Purchaser and that
the beneficial interest in and title to the Receivables not be part of the
debtor’s estate in the event of the filing of a bankruptcy petition by or
against the Seller under any bankruptcy law. 
Immediately prior to the transfer and assignment herein contemplated,
the Seller has good and marketable title to each Receivable free and clear of
all Liens, encumbrances, security interests and rights of others and,
immediately upon the transfer thereof, the Purchaser shall have good and
marketable title to each Receivable, free and clear of all Liens, encumbrances,
security interests and rights of others; and the transfer has been perfected
under the UCC.

 

(xiv)                         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 Sale and Servicing Agreement or the Indenture is unlawful, void
or voidable.

 

(xv)                            All Filings
Made.  All filings (including UCC
filings) necessary in any jurisdiction to give the Purchaser a first perfected
ownership interest in the Receivables have been made.

 

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

 

(xvii)                      Maturity of
Receivables.  Each Receivable has a
scheduled maturity date not later than April 30, 2011; the weighted
average remaining term of the Receivables is 49.89 months as of the Cut-off
Date.

 

(xviii)                   Location of
Receivable Files.  The Receivable Files
are kept at 1 East First Street, Suite 600, Reno, Nevada 89501.

 

(xix)                           Outstanding
Principal Balance.  As of the Cut-off
Date, each Receivable has an outstanding principal balance of at least $500.

 

(xx)                              No
Bankruptcies.  No Obligor on any Receivable
as of the Cut-off Date was noted in the related Receivable File as having filed
for bankruptcy.

 

7

 

(xxi)                           No
Repossessions.  No Financed Equipment
securing any Receivable is in repossession status.

 

(xxii)                        Tangible
Chattel Paper.  Each Receivable
constitutes “tangible chattel paper” within the meaning of the UCC of the State
of Nevada and the State of Delaware.

 

(xxiii)                     U.S.  Obligors. 
None of the Receivables is due from any Person which does not have a
mailing address in the United States of America.

 

(xxiv)                    Agreement.  The representations and warranties of the
Seller in this Agreement are true.

 

(xxv)                       Payment
Frequency.  As of the Cut-off Date and as
shown on the books of the Seller and rounded to the nearest tenth, Receivables
having an aggregate balance equal to approximately 48.94% of the aggregate
balance of all Receivables had annual scheduled payments; as of the Cut-off
Date and as shown on the books of the Seller, Receivables having an aggregate
balance equal to approximately 2.16% of the aggregate balance of all
Receivables had semi-annual scheduled payments; as of the Cut-off Date and as
shown on the books of the Seller, Receivables having an aggregate balance equal
to approximately 0.60% of the aggregate balance of all Receivables had
quarterly scheduled payments; as of the Cut-off Date and as shown on the books
of the Seller, Receivables having an aggregate balance equal to approximately
46.89% of the aggregate balance of all Receivables had monthly scheduled
payments; and as of the Cut-off Date and as shown on the books of the Seller,
Receivables having an aggregate balance equal to 1.41% of the aggregate balance
of all Receivables had scheduled payments which occur at various intervals other
than intervals described above.

 

(xxvi)                    Interest Accruing.  Each Receivable is, as of the Cut-off
Date, accruing interest.

 

(xxvii)                 Certificate of
Title.  As of the Closing Date, the only
states which may require a certificate of title in order to perfect a security
interest in the Financed Equipment are Massachusetts and New Jersey, which
respectively constitute approximately 0.82% and 1.09% of the initial aggregate
balance of all Receivables.

 

(xxviii)              Concentrations.  As of the Closing Date, no single obligor
represents more than 1.00% of the initial aggregate balance of all Receivables.

 

(xxix)                      Normal
Course of Business.  The Receivables were
acquired by the Seller in accordance with its normal underwriting procedures.

 

ARTICLE IV

 

CONDITIONS

 

SECTION 4.01                    Conditions to the Obligation of
the Purchaser.  The obligation of the Purchaser to purchase
the Receivables is subject to the satisfaction of the following conditions:

 

8

 

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

 

(b)                                 Computer Files Marked.  The Seller shall, at its own expense, on or
prior to the Closing Date indicate in its computer files that the Receivables
have been sold to the Purchaser pursuant to this Agreement and shall deliver to
the Purchaser the Schedule of Receivables certified by the Chairman, the
President, a Vice President or the Treasurer of the Seller to be true, correct
and complete.

 

(c)                                  Documents to Be Delivered by the
Seller at the Closing.

 

(i)                                     The
Assignment.  At the Closing, the Seller
will execute and deliver the Assignment. 
The Assignment shall be substantially in the form of Exhibit A hereto.

 

(ii)                                  Evidence
of UCC Filing.  On or prior to the
Closing Date, the Seller shall record and file, at its own expense, a UCC-1
financing statement in each jurisdiction in which required by applicable law,
executed by the Seller, as seller or debtor, and naming the Purchaser, as
purchaser or secured party, describing the Receivables and the other property
included in the Owner Trust Estate as collateral, 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 Receivables to
the Purchaser.  The Seller shall deliver
a file-stamped copy, or other evidence satisfactory to the Purchaser of such
filing, to the Purchaser on or prior to the Closing Date.

 

(iii)                               Other Documents.  At the Closing, the Seller shall deliver such
other documents as the Purchaser may reasonably request.

 

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

 

SECTION 4.02                    Conditions to Obligation of the
Seller.  The obligation of the Seller to sell the
Receivables to the Purchaser is subject to the satisfaction of the following
conditions:

 

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

 

(b)                                 Receivables Purchase Price.  On the Closing Date, the Purchaser shall have
delivered to the Seller the purchase price specified in Section 2.01.

 

9

 

ARTICLE V

 

COVENANTS OF THE
SELLER

 

The Seller agrees with the Purchaser 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 5.01                    Protection of Right, Title and
Interest.

 

(a)                                  Filings.  The Seller shall cause all financing
statements and continuation statements and any other necessary documents
covering the right, title and interest of the Purchaser in and to the
Receivables and the other property included in the Owner 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 the Purchaser hereunder
to the Receivables and the other property included in the Owner Trust
Estate.  The Seller shall deliver to the
Purchaser 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.  The
Purchaser shall cooperate fully with the Seller in connection with the obligations
set forth above and will execute any and all documents reasonably required to
fulfill the purpose of this paragraph.

 

(b)                                 Name Change.  Within 15 days after the Seller makes any
change in its name, identity, jurisdiction of organization or corporate
structure which would make any financing statement or continuation statement
filed in accordance with paragraph (a) above seriously misleading within the
applicable provisions of the UCC or any title statute, the Seller shall give
the Purchaser notice of any such change, and no later than 5 days after the
effective date thereof, shall file such financing statements or amendments as
may be necessary to continue the perfection of the Purchaser’s interest in the
property included in the Owner Trust Estate.

 

SECTION 5.02                    Other Liens or Interests.  Except for the conveyances hereunder and
pursuant to the Sale and Servicing Agreement, the Indenture and the other Basic
Documents, the Seller 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 the Seller shall defend the right, title
and interest of the Purchaser in, to and under the Receivables against all
claims of third parties claiming through or under the Seller, any Sales Branch
or any Dealer; provided, however, that the Seller’s obligations under this Section shall
terminate upon the termination of the Trust pursuant to the Trust Agreement.

 

SECTION 5.03                    Jurisdiction of Incorporation,
Chief Executive Office, etc.  During the term of the Receivables, the
Seller will maintain its (a) jurisdiction of incorporation in one of the States
and (b) and chief executive office in one of the States, except in each case
Louisiana or Vermont.

 

SECTION 5.04                    Indemnification.  The Seller shall indemnify the Purchaser for
any liability as a result of the failure of a Receivable to be originated in
compliance with all

 

10

 

requirements of law and for any breach of any of its representations
and warranties contained herein, other than the representations and warranties
made pursuant to Section 3.02(b) for which the sole remedy shall be
provided by Section 6.02; provided, however, that the remedy provided by Section 6.02
shall not apply to the representations and warranties contained in Section 3.02(b)
(xxiv) and (xxv); and provided further that the Seller shall indemnify the
Purchaser for any liability arising from a breach of Section 3.02(b)(iii).  These indemnity obligations shall be in
addition to any obligation that the Seller may otherwise have.

 

ARTICLE VI

 

MISCELLANEOUS
PROVISIONS

 

SECTION 6.01                    Obligations of Seller.  The obligations of the Seller under this
Agreement shall not be affected by reason of any invalidity, illegality or
irregularity of any Receivable.

 

SECTION 6.02                    Repurchase Events.  The Seller hereby covenants and agrees with
the Purchaser for the benefit of the Purchaser, the Indenture Trustee, the
Noteholders, the Owner Trustee and the Certificateholder that as of the last
day of the second month following the discovery by or notice to the Seller of
the occurrence of a breach of any of the Seller’s representations and
warranties contained in Section 3.02(b) (other than the representations
and warranties contained in subsections 3.02(b)(xxiv) and (xxv)) in respect of
a Receivable shall constitute an event obligating the Seller to repurchase such
Receivable (“Repurchase Events”), at the Purchase Amount from the Purchaser or
from the Trust.  The repurchase
obligation of the Seller shall constitute the sole remedy to the Purchaser, the
Indenture Trustee, the Noteholders, the Owner Trustee or the Certificateholder
against the Seller with respect to any Repurchase Event.

 

SECTION 6.03                    Purchaser Assignment of
Repurchased Receivables.  With respect to all Receivables repurchased
by the Seller pursuant to this Agreement, the Purchaser shall assign, without
recourse, representation or warranty, to the Seller all the Purchaser’s right,
title and interest in and to such Receivables, and all security and documents
relating thereto.

 

SECTION 6.04                    Trust.  The Seller acknowledges and agrees that (a)
the Purchaser 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 and
warranties contained in this Agreement and the rights of the Purchaser under
this Agreement, including under Section 6.02, are intended to benefit the
Trust, the Certificateholder and the Noteholders.  The Seller hereby consents to all such sales
and assignments.

 

SECTION 6.05                    Amendment.  This Agreement may be amended from time to
time by a written amendment duly executed and delivered by the Seller and the
Purchaser, without the consent of the Noteholders or the Certificateholder, 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 Certificateholder; provided, however,

 

11

 

that such amendment will not materially and adversely affect the
interest of any Noteholder or the Certificateholder; provided further that 10
days’ prior written notice of any such amendment be given to each Rating Agency
and, if a Rating Agency notifies the Owner Trustee that such amendment will
result in a downgrading or withdrawal of the then current rating of any class
of the Notes, such amendment shall become effective with the consent of the
Holders of Notes evidencing not less than a majority of the Outstanding Amount
of the Notes; provided further that any solicitation of such consent shall
disclose the downgrading or withdrawal that would result from such
amendment.  This Agreement may also be
amended by the Seller and the Purchaser, with prior written notice to the
Rating Agencies, with the consent of the Holders of Notes evidencing at least a
majority in the Outstanding Amount of the Notes and the holder of the
Certificate 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 Noteholders or the Certificateholder; provided,
however, that no such amendment may (i) increase or reduce in any manner the
amount of, or accelerate or delay the timing of, collections of payments on
Receivables or distributions that are required to be made for the benefit of
Noteholders or the Certificateholder or (ii) reduce the aforesaid percentage of
the Notes which are required to consent to any such amendment or eliminate the
consent of the Certificateholder, without the consent of the holders of all the
outstanding Notes and the holder of the Certificate.

 

SECTION 6.06                    Accountants’ Letters.  (a) 
Deloitte & Touche LLP will review the characteristics of the
Receivables described in the Schedule of Receivables set forth as a Schedule hereto
and will compare those characteristics to the information with respect to the
Receivables contained in the Prospectus; (b) the Seller will cooperate with the
Purchaser and Deloitte & Touche LLP in making available all information and
taking all steps reasonably necessary to permit such accountants to complete
the review set forth in clause (a) above and to deliver the letters required of
them under the Underwriting Agreement; and (c) Deloitte & Touche LLP will
deliver to the Purchaser a letter, dated the date of the Prospectus, in the
form previously agreed to by the Seller and the Purchaser, 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 letter.

 

SECTION 6.07                    Waivers.  No failure or delay on the part of the
Purchaser in exercising any power, right or remedy under this Agreement or the
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 6.08                    Notices.  All demands, notices and communications under
this Agreement shall be in writing, personally delivered or mailed by certified
mail, return receipt requested, and shall be deemed to have been duly given
upon receipt (a) in the case of the Seller, to John Deere Capital Corporation,
Suite 600, 1 East First Street, Reno, Nevada 89501, Attention:  Manager, (775) 786-5527, with a copy to Deere
& Company, One John Deere Place, Moline, Illinois 61265, Attention:  Treasury Department, Assistant Treasurer,
(309) 765-5697; (b) in the case of the Purchaser, to John Deere Receivables,
Inc., 1 East First Street, Suite 600, Reno, Nevada 89501, Attention:  Manager, Asset Securitization, (775) 786-5914,
with a copy to Deere & Company, One John Deere Place, Moline, Illinois
61265, Attention:  Treasury Department,
Assistant Treasurer, (309) 765-5697; (c) in the case of Moody’s, to Moody’s Investors
Service, Inc., ABS Monitoring Department, 99 Church Street, New York, New York

 

12

 

10007; and (d) in the case of Standard & Poor’s, to Standard &
Poor’s, a division of The McGraw-Hill Companies Inc., 55 Water Street (40th
Floor), New York, New York 10041, Attention: 
Asset Backed Surveillance Department; or as to each of the foregoing, at
such other address as shall be designated by written notice to the other parties.

 

SECTION 6.09                    Costs and Expenses.  The Seller will pay all expenses incident to
the performance of its obligations under this Agreement and the Seller agrees
to pay all reasonable out-of-pocket costs and expenses of the Purchaser,
excluding fees and expenses of counsel, in connection with the perfection as
against third parties of the Purchaser’s right, title and interest in and to
the Receivables and the enforcement of any obligation of the Seller hereunder.

 

SECTION 6.10                    Representations of the Seller
and the Purchaser.  The respective agreements, representations,
warranties and other statements by the Seller and the Purchaser set forth in or
made pursuant to this Agreement shall remain in full force and effect and will
survive the closing under Section 2.03.

 

SECTION 6.11                    Confidential Information.  The Purchaser 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 the Purchaser’s rights hereunder, under the
Receivables, under the Sale and Servicing Agreement or under 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.

 

SECTION 6.13                    GOVERNING LAW.  THIS AGREEMENT AND THE ASSIGNMENT SHALL BE
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

 

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 one and the
same instrument.

 

13

 

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.

 

 

	
   

  	
  JOHN DEERE RECEIVABLES,
  INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Keith R. Knight

  	
   

  
	
   

  	
   

  	
  Name: Keith R. Knight

  
	
   

  	
   

  	
  Title: Assistant
  Secretary

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  JOHN DEERE CAPITAL
  CORPORATION

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Steven E. Warren

  	
   

  
	
   

  	
   

  	
  Name: Steven E. Warren

  
	
   

  	
   

  	
  Title: Assistant
  Treasurer

  
					

 

 

Exhibit A

 

ASSIGNMENT

 

For value received, in accordance with the Purchase
Agreement, dated as of May 15, 2005 (the “Purchase Agreement”), between the
undersigned and John Deere Receivables, Inc. 
(the “Purchaser”), the undersigned does hereby sell, assign, transfer
and otherwise convey unto the Purchaser, without recourse, all right, title and
interest of the undersigned in and to (i) the Receivables and all monies
received thereon on and after the Cut-off Date; (ii) the security interest of
the Seller in the Financed Equipment granted by the Obligors pursuant to the
Receivables; (iii) the interest of the Seller in any proceeds from claims on
any physical damage, credit life or disability insurance policies relating to
the Financed Equipment or Obligors; and (iv) the proceeds of any and all of the
foregoing.  The foregoing sale does not
constitute and is not intended to result in any assumption by the Purchaser 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 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 by the Purchase
Agreement.

 

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

 

IN WITNESS WHEREOF, the undersigned has caused this
Assignment to be duly executed as of May 26, 2005.

 

	
   

  	
  JOHN DEERE CAPITAL
  CORPORATION

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name: Steven E. Warren

  
	
   

  	
   

  	
  Title: Assistant
  Treasurer

  

 

 

SCHEDULE A

 

Schedule of
Receivables

 

(Delivered to the
Trust at Closing)EXHIBIT 4.2

 

 

 

JOHN DEERE OWNER
TRUST 2005

 

TRUST AGREEMENT

 

between

 

JOHN DEERE
RECEIVABLES, INC.

 

and

 

U.S. BANK TRUST
NATIONAL ASSOCIATION

Owner Trustee

 

 

Dated as of May
15, 2005

 

 

 

Table of Contents

 

	
  ARTICLE I

  DEFINITIONS

  
	
   

  	
   

  
	
  SECTION
  1.01 Capitalized Terms

  	
   

  
	
  SECTION
  1.02 Other Definitional Provisions

  	
   

  
	
   

  	
   

  
	
  ARTICLE II

  ORGANIZATION

  
	
   

  	
   

  
	
  SECTION
  2.01 Name

  	
   

  
	
  SECTION
  2.02 Office

  	
   

  
	
  SECTION
  2.03 Purposes and Powers

  	
   

  
	
  SECTION
  2.04 Appointment of Owner Trustee

  	
   

  
	
  SECTION
  2.05 Initial Capital Contribution of Trust Estate

  	
   

  
	
  SECTION
  2.06 Declaration of Trust

  	
   

  
	
  SECTION
  2.07 Liability of the Owner

  	
   

  
	
  SECTION
  2.08 Title to Trust Property

  	
   

  
	
  SECTION
  2.09 Situs of Trust

  	
   

  
	
  SECTION
  2.10 Representations and Warranties of the Depositor

  	
   

  
	
   

  	
   

  
	
  ARTICLE III

  CERTIFICATE AND TRANSFER OF INTERESTS

  
	
   

  	
   

  
	
  SECTION
  3.01 Initial Ownership

  	
   

  
	
  SECTION
  3.02 The Certificate

  	
   

  
	
  SECTION
  3.03 Authentication of the Certificate

  	
   

  
	
  SECTION
  3.04 Exchange of the Certificate

  	
   

  
	
  SECTION
  3.05 Mutilated, Destroyed, Lost or Stolen Certificate

  	
   

  
	
  SECTION
  3.06 Persons Deemed Owners

  	
   

  
	
  SECTION
  3.07 Access to Certificateholder’s Name and Address

  	
   

  
	
  SECTION
  3.08 Maintenance of Office or Agency

  	
   

  
	
  SECTION
  3.09 Appointment of Paying Agent

  	
   

  
	
  SECTION
  3.10 Depositor as Certificateholder

  	
   

  
	
   

  	
   

  
	
  ARTICLE IV

  ACTIONS BY OWNER TRUSTEE

  
	
   

  	
   

  
	
  SECTION
  4.01 Prior Notice to Owner with Respect to Certain Matters

  	
   

  
	
  SECTION
  4.02 Action by the Owner with Respect to Certain Matters

  	
   

  
	
  SECTION
  4.03 Action by the Owner with Respect to Bankruptcy

  	
   

  
	
  SECTION
  4.04 Restrictions on the Owner’s Power

  	
   

  

 

i

 

	
  ARTICLE V

  APPLICATION OF TRUST FUNDS; CERTAIN DUTIES

  
	
   

  	
   

  
	
  SECTION
  5.01 Establishment of Trust Account

  	
   

  
	
  SECTION
  5.02 Application of Trust Funds

  	
   

  
	
  SECTION
  5.03 Method of Payment

  	
   

  
	
  SECTION
  5.04 No Segregation of Monies; No Interest

  	
   

  
	
  SECTION
  5.05 Accounting and Reports to the Owner, the Internal Revenue Service and
  Others

  	
   

  
	
   

  	
   

  
	
  ARTICLE VI

  AUTHORITY AND DUTIES OF OWNER TRUSTEE

  
	
   

  	
   

  
	
  SECTION
  6.01 General Authority

  	
   

  
	
  SECTION
  6.02 General Duties

  	
   

  
	
  SECTION
  6.03 Action upon Instruction

  	
   

  
	
  SECTION
  6.04 No Duties Except as Specified in This Agreement or in Instructions

  	
   

  
	
  SECTION
  6.05 No Action Except Under Specified Documents or Instructions

  	
   

  
	
  SECTION
  6.06 Restrictions

  	
   

  
	
   

  	
   

  
	
  ARTICLE VII

  CONCERNING THE OWNER TRUSTEE

  
	
   

  	
   

  
	
  SECTION
  7.01 Acceptance of Trusts and Duties

  	
   

  
	
  SECTION
  7.02 Furnishing of Documents

  	
   

  
	
  SECTION
  7.03 Representations and Warranties

  	
   

  
	
  SECTION
  7.04 Reliance; Advice of Counsel

  	
   

  
	
  SECTION
  7.05 Not Acting in Individual Capacity

  	
   

  
	
  SECTION
  7.06 Owner Trustee Not Liable for Certificate or Receivables

  	
   

  
	
  SECTION
  7.07 Owner Trustee May Own Notes

  	
   

  
	
   

  	
   

  
	
  ARTICLE VIII

  COMPENSATION OF OWNER TRUSTEE

  
	
   

  	
   

  
	
  SECTION
  8.01 Owner Trustee’s Fees and Expenses

  	
   

  
	
  SECTION
  8.02 Indemnification

  	
   

  
	
  SECTION
  8.03 Payments to the Owner Trustee

  	
   

  
	
   

  	
   

  
	
  ARTICLE IX

  TERMINATION OF TRUST AGREEMENT

  
	
   

  	
   

  
	
  SECTION
  9.01 Termination of Trust Agreement

  	
   

  
	
  SECTION
  9.02 Dissolution upon Bankruptcy of the Depositor

  	
   

  
	
   

  	
   

  
	
  ARTICLE X

  SUCCESSOR OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES

  
	
   

  	
   

  
	
  SECTION
  10.01 Eligibility Requirements for Owner Trustee

  	
   

  

 

ii

 

	
  SECTION
  10.02 Resignation or Removal of Owner Trustee

  	
   

  
	
  SECTION
  10.03 Successor Owner Trustee

  	
   

  
	
  SECTION
  10.04 Merger or Consolidation of Owner Trustee

  	
   

  
	
  SECTION
  10.05 Appointment of Co-Trustee or Separate Trustee

  	
   

  
	
   

  	
   

  
	
  ARTICLE XI

  MISCELLANEOUS

  
	
   

  	
   

  
	
  SECTION
  11.01 Supplements and Amendments

  	
   

  
	
  SECTION
  11.02 No Legal Title to Owner Trust Estate in the Owner

  	
   

  
	
  SECTION
  11.03 Limitations on Rights of Others

  	
   

  
	
  SECTION
  11.04 Notices

  	
   

  
	
  SECTION
  11.05 Severability

  	
   

  
	
  SECTION
  11.06 Separate Counterparts

  	
   

  
	
  SECTION
  11.07 Successors and Assigns

  	
   

  
	
  SECTION
  11.08 Covenant of the Depositor

  	
   

  
	
  SECTION
  11.09 No Petition

  	
   

  
	
  SECTION
  11.10 No Recourse

  	
   

  
	
  SECTION
  11.11 Headings

  	
   

  
	
  SECTION
  11.12 GOVERNING LAW

  	
   

  
	
  SECTION
  11.13 Depositor Payment Obligation

  	
   

  
	
  SECTION
  11.14 Administrator

  	
   

  
	
  SECTION
  11.15 Non-transferability of the Certificates(s)

  	
   

  
	
   

  	
   

  
	
  EXHIBIT
  A

  	
  Form
  of Certificate

  	
   

  
	
  EXHIBIT
  B

  	
  Certificate
  of Trust of John Deere Owner Trust 2005

  	
   

  

 

iii

 

TRUST
AGREEMENT, dated as of May 15, 2005, between John Deere Receivables, Inc., a
Nevada corporation, as Depositor, and U.S. Bank Trust National Association, a
national banking association, as Owner Trustee.

 

ARTICLE
I

Definitions

 

SECTION 1.01 
Capitalized Terms. 
For all purposes of this Agreement, the following terms shall have the
meanings set forth below:

 

“Administration
Agreement” means the Administration Agreement dated as of May 15, 2005, among
the Administrator, the Trust and the Indenture Trustee, as the same may be
amended, modified or supplemented from time to time.

 

“Administrator”
means John Deere Capital Corporation, a Delaware corporation, or any successor
Administrator under the Administration Agreement.

 

“Agreement”
shall mean this Trust Agreement, as the same may be amended and supplemented
from time to time.

 

“Basic
Documents” shall mean the Purchase Agreement, the Sale and Servicing Agreement,
the Indenture, the Administration Agreement, the Depository Agreement and the
other documents and certificates delivered in connection therewith.

 

“Certificate”
shall mean a certificate evidencing the beneficial interest of the Owner in the
Trust, substantially in the form attached hereto as Exhibit A.

 

“Certificate
Distribution Account” shall have the meaning assigned to such term in Section
5.01.

 

“Certificate
of Trust” shall mean the Certificate of Trust in the form of Exhibit B to be
filed for the Trust pursuant to Section 3810(a) of the Trust Statute.

 

“Certificate
Register” and “Certificate Registrar” shall mean the register mentioned and the
registrar appointed pursuant to Section 3.04.

 

“Certificateholder”
shall mean the Depositor.

 

“Code”
shall mean the Internal Revenue Code of 1986, as amended.

 

“Corporate Trust Office” shall mean, with respect to
the Owner Trustee, the corporate trust office of the Owner Trustee located at
209 South LaSalle Street, Suite 300, Chicago, IL 60604, Attention: Corporate
Trust Administration; or at such other address as the Owner Trustee may
designate by notice to the Owners and the Depositor, or the principal corporate
trust office of any successor Owner Trustee (the address of which the successor
owner trustee will notify the Owners and the Depositor).

 

4

 

“Depositor”
shall mean John Deere Receivables, Inc., in its capacity as Depositor
hereunder.

 

“Depository
Agreement” means the agreement among the Trust and The Depository Trust
Company, dated on or about the Closing Date, substantially in the form of
Exhibit C to the Indenture.

 

 “Expenses” shall have the meaning assigned to
such term in Section 8.02.

 

“Indenture”
shall mean the Indenture, dated as of May 15, 2005, between the Trust and the
Indenture Trustee, as the same may be amended and supplemented from time to
time.

 

“Indenture
Trustee” shall mean The Bank of New York, not in its individual capacity but
solely as Indenture Trustee under the Indenture.

 

“JDCC”
shall mean John Deere Capital Corporation, a Delaware corporation.

 

“Owner”
shall mean the Certificateholder.

 

“Owner
Trust Estate” shall mean all right, title and interest of the Trust in and to
the property and rights assigned to the Trust pursuant to Article II of the
Sale and Servicing Agreement, all funds on deposit from time to time in the
Trust Accounts and the Certificate Distribution Account and all other property
of the Trust from time to time, including any rights of the Owner Trustee and the
Trust pursuant to the Sale and Servicing Agreement and the Administration
Agreement.

 

“Owner
Trustee” shall mean U.S. Bank Trust National Association, a national banking
association, not in its individual capacity but solely as owner trustee under
this Agreement, and any successor Owner Trustee hereunder.

 

“Paying
Agent” shall mean any paying agent or co-paying agent appointed pursuant to
Section 3.09 and shall initially be U.S. Bank Trust National Association.

 

“Purchase
Agreement” shall mean the Purchase Agreement, dated as of May 15, 2005, between
JDCC and the Depositor, as the same may be amended, modified or supplemented
from time to time.

 

“Record
Date” shall mean, with respect to any Payment Date, the close of business on
the last day of the calendar month immediately preceding the calendar month in
which the Payment Date occurs.

 

“Representatives”
means Merrill Lynch, Pierce, Fenner & Smith Incorporated and Credit Suisse
First Boston LLC in their capacity as the representatives under the Underwriting
Agreement.

 

5

 

“Sale
and Servicing Agreement” shall mean the Sale and Servicing Agreement among the
Trust, the Depositor, as seller, and JDCC, as servicer, dated as of May 15,
2005, as the same may be amended, modified or supplemented from time to time.

 

“Secretary
of State” shall mean the Secretary of State of the State of Delaware.

 

“Treasury
Regulations” shall mean regulations, including proposed or temporary
regulations, promulgated under the Code. 
References herein to specific provisions of proposed or temporary
regulations shall include analogous provisions of final Treasury Regulations or
other successor Treasury Regulations.

 

“Trust”
shall mean the trust established by this Agreement.

 

“Trust
Statute” shall mean Chapter 38 of Title 12 of the Delaware Code, 12 Del. Code
Section 3801 et seq., as the same may be amended from time to time.

 

“Underwriting
Agreement” means the Underwriting Agreement dated May 19, 2005 among JDCC, the
Depositor and the Representatives set forth on the signature pages thereto.

 

SECTION 1.02 
Other Definitional Provisions.

 

(a)                                  Capitalized terms used herein
and not otherwise defined have the meanings assigned to them in the Sale and
Servicing Agreement or, if not defined therein, in the Indenture.

 

(b)                                 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.

 

(c)                                  As used in this Agreement and in
any certificate or other document made or delivered pursuant hereto or thereto,
accounting terms not defined in this Agreement or in any such certificate or
other document, and accounting terms partly defined in this Agreement or in any
such certificate or other document to the extent not defined, shall have the
respective meanings given to them under generally accepted accounting
principles in the United States.  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 in the United States, the
definitions contained in this Agreement or in any such certificate or other
document shall control.

 

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

 

6

 

(e)                                  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.

 

ARTICLE II

Organization

 

SECTION 2.01 
Name.  The Trust
created hereby shall be known as “John Deere Owner Trust 2005” in which name
the Owner Trustee may conduct the business of the Trust, make and execute
contracts and other instruments on behalf of the Trust and sue and be sued.

 

SECTION 2.02 
Office.  The office
of the Trust shall be in care of the Owner Trustee at the Corporate Trust
Office or at such other address as the Owner Trustee may designate by written
notice to the Owners and the Depositor.

 

SECTION 2.03 
Purposes and Powers. 
The purpose of the Trust is to engage in the following activities:

 

(i)                                     to
issue the Notes pursuant to the Indenture and to sell the Notes upon the
written order of the Depositor, and pursuant to this Agreement to issue a
Certificate with a $11,275,240 aggregate principal amount to the Depositor upon
the written order of the Depositor;

 

(ii)                                  with
the proceeds of the sale of the Notes and the issuance of the Certificate, to
pay the Depositor the amounts owed pursuant to Section 2.01 of the Sale and
Servicing Agreement, by directing the Representatives to wire transfer such
proceeds in accordance with instructions received from the Depositor;

 

(iii)                               with
the proceeds from capital contributions from the Depositor, to fund the Reserve
Account and to pay organizational and transactional expenses of the Trust;

 

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

 

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

 

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

 

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

 

7

 

The Trust shall not
engage in any activity other than in connection with the foregoing or other
than as required or authorized by the terms of this Agreement or the Basic
Documents.

 

SECTION 2.04 
Appointment of Owner Trustee.  The Depositor hereby appoints the Owner
Trustee as trustee of the Trust effective as of the date hereof, to have all
the rights, powers and duties set forth herein.

 

SECTION 2.05 
Initial Capital Contribution of Trust Estate.  The Depositor hereby sells, assigns,
transfers, conveys and sets over to the Owner Trustee, as of the date hereof,
the sum of $1.00.  The Owner Trustee
hereby acknowledges receipt in trust from the Depositor, as of the date hereof,
of the foregoing contribution, which shall constitute the initial Owner Trust
Estate and shall be deposited in the Certificate Distribution Account.  The Depositor shall pay organizational
expenses of the Trust as they may arise or shall, upon the request of the Owner
Trustee, promptly reimburse the Owner Trustee for any such expenses paid by the
Owner Trustee.

 

SECTION 2.06 
Declaration of Trust. 
The Owner Trustee hereby declares that it will hold the Owner Trust
Estate in trust upon and subject to the conditions set forth herein for the use
and benefit of the Owner, subject to the obligations of the Trust under the
Basic Documents.  It is the intention of
the parties hereto that the Trust constitute a statutory trust under the Trust
Statute and that this Agreement constitute the governing instrument of such
statutory trust.  It is the intention of
the parties that the Trust will be disregarded as an entity separate from the
Owner for U.S. federal income tax purposes as provided by Treasury Regulation
Section 301.7701-3(b)(1)(ii).  In the
event, however, that during its term the Trust has more than one beneficial
owner or member, then the parties agree, for U.S. federal income tax purposes,
to treat the Trust as a partnership and to take no action inconsistent with the
treatment of the Trust as a partnership. 
In such event, the parties agree that, unless otherwise required by
appropriate tax authorities, the Trust will elect to be treated as a
partnership and will file or cause to be filed annual or other necessary
returns, reports and other forms consistent with the characterization of the
Trust as a partnership for such tax purposes. 
Effective as of the date hereof, the Owner Trustee shall have all
rights, powers and duties set forth herein and in the Trust Statute with
respect to accomplishing the purposes of the Trust.  In no event shall the Trust elect to be
treated as an association taxable as a corporation.  The Depositor shall make an election on
Internal Revenue Service Form 8832, Entity Classification Election, for the
Trust to be disregarded as a separate entity from the Owner.

 

SECTION 2.07 
Liability of the Owner.

 

(a)                                  The Depositor shall be liable
directly to and will indemnify the injured party for all losses, claims,
damages, liabilities and expenses of the Trust (including Expenses, to the
extent not paid out of the Owner Trust Estate) to the extent that the Depositor
would be liable if the Trust were a partnership under the Delaware Revised
Uniform Limited Partnership Act in which the Depositor were a general partner;
provided, however, that the Depositor shall not be liable for any losses
incurred by a Certificateholder in the capacity of an investor in the
Certificate or a Noteholder in the capacity of an investor in the Notes.  In addition, any third party creditors of the
Trust (other than in connection with the obligations described in the preceding
proviso for which the Depositor shall not be liable) shall be deemed third
party

 

8

 

beneficiaries of this paragraph. 
The obligations of the Depositor under this paragraph shall be evidenced
by the Certificate described in Section 3.10.

 

(b)                                 The Owner, other than to the
extent set forth in paragraph (a), shall not have any personal liability for
any liability or obligation of the Trust.

 

SECTION 2.08 
Title to Trust Property. 
Legal title to all the Owner Trust Estate shall be vested at all times
in the Trust as a separate legal entity except where applicable law in any
jurisdiction requires title to any part of the Owner Trust Estate to be vested
in a trustee or trustees, in which case title shall be deemed to be vested in
the Owner Trustee, a co-trustee and/or a separate trustee, as the case may be.

 

SECTION 2.09 
Situs of Trust.  
The Trust will be located in the State of Delaware.  All bank accounts maintained by the Owner
Trustee on behalf of the Trust shall be located in the State of Delaware, the State
of Illinois or the State of New York. 
The Trust shall not have any employees in any State other than Delaware;
provided, however, that nothing herein shall restrict or prohibit the Owner
Trustee from having employees within or without the State of Delaware.

 

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

 

(i)                                     the
Depositor is duly organized and validly existing as a corporation in good
standing under the laws of the State of Nevada, with power and authority to own
its properties and to conduct its business as such properties are currently
owned and such business is presently conducted;

 

(ii)                                  the
Depositor is duly qualified to do business as a foreign corporation in good
standing, and has obtained all necessary licenses and approvals in all
jurisdictions in which the failure to so qualify or to obtain such license or
approval would render any Receivable unenforceable that would otherwise be
enforceable by the Depositor, the Sub-Servicer or the Owner Trustee;

 

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

 

(iv)                              the
consummation of the transactions contemplated by this Agreement and the
fulfillment of the terms hereof do not conflict with, result in any breach of
any of the terms and provisions of, or constitute (with or without notice or
lapse of time) a default under, the certificate of incorporation or by-laws of
the Depositor, or any indenture, agreement or other instrument to which the
Depositor is a party or by which it is bound; nor result in the creation or
imposition of any Lien upon any of its properties pursuant to the terms of any
such indenture, agreement or other instrument (other than pursuant to the

 

9

 

Basic
Documents); nor violate any law or, to the best of the Depositor’s knowledge,
any order, rule or regulation applicable to the Depositor of any court or of
any Federal or State regulatory body, administrative agency or other
governmental instrumentality having jurisdiction over the Depositor or its
properties.

 

ARTICLE III

Certificate and Transfer of Interests

 

SECTION 3.01 
Initial Ownership. 
Upon the formation of the Trust by the contribution by the Depositor
pursuant to Section 2.05 and until the termination of the Trust, the Depositor
shall be the sole beneficiary of the Trust.

 

SECTION 3.02 
The Certificate. 
The Certificate shall be issued in denominations of $100,000 and
integral multiples of $1,000 in excess thereof; provided, however, that one
Certificate may be issued in a denomination that includes any remaining portion
of the initial Certificate Balance of the Certificate.  The Certificate shall be executed on behalf
of the Trust by manual or facsimile signature of a Trust Officer of the Owner
Trustee.  The Certificate bearing the
manual or facsimile signatures of individuals who were, at the time when such
signatures shall have been affixed, authorized to sign on behalf of the Trust,
shall, when authenticated pursuant to Section 3.03, be validly issued and
entitled to the benefits of this Agreement, notwithstanding that such
individuals or any of them shall have ceased to be so authorized prior to the
authentication and delivery of the Certificate or did not hold such offices at
the date of authentication and delivery of the Certificate.

 

SECTION 3.03 
Authentication of the Certificate.  Concurrently with the initial sale of the
Receivables to the Trust pursuant to the Sale and Servicing Agreement, the
Owner Trustee shall cause the Certificate in an aggregate principal amount
equal to the initial Certificate Balance to be executed on behalf of the Trust,
authenticated and delivered to the Depositor. 
The Certificate shall not entitle its holder to any benefit under this
Agreement, or be valid for any purpose, unless there shall appear on such
Certificate a certificate of authentication substantially in the form set forth
in Exhibit A, executed by the Owner Trustee or the Owner Trustee’s
authentication agent, by manual signature; such authentication shall constitute
conclusive evidence that such Certificate shall have been duly authenticated
and delivered hereunder.  The Certificate
shall be dated the date of its authentication.

 

SECTION 3.04 
Exchange of the Certificate.  The Certificate Registrar shall keep or cause
to be kept, at the office or agency maintained pursuant to Section 3.08, a
Certificate Register in which, subject to such reasonable regulations as it may
prescribe, the Owner Trustee shall provide for the registration of the
Certificate and of exchanges of the Certificate as herein provided.  U.S. Bank Trust National Association shall be
the initial Certificate Registrar.

 

At the
option of the Certificateholder, the Certificate may be exchanged for other
Certificates of authorized denominations of a like aggregate amount upon
surrender of the Certificate to be exchanged at the office or agency maintained
pursuant to Section 3.08.

 

10

 

Every
Certificate presented or surrendered for exchange shall be accompanied by a
written instrument of exchange in form satisfactory to the Owner Trustee and
the Certificate Registrar duly executed by the Certificateholder or its
attorney duly authorized in writing. 
Each Certificate surrendered for registration of exchange shall be
cancelled and subsequently disposed of by the Owner Trustee in accordance with
its customary practice.

 

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

 

SECTION 3.05 
Mutilated, Destroyed, Lost or Stolen Certificate.  If (a) any mutilated Certificate shall be
surrendered to the Certificate Registrar, or if the Certificate Registrar shall
receive evidence to its satisfaction of the destruction, loss or theft of any
Certificate and (b) there shall be delivered to the Certificate Registrar and
the Owner Trustee such security or indemnity as may be required by them to save
each of them harmless, then in the absence of notice that such Certificate
shall have been acquired by a protected purchaser, the Owner Trustee on behalf
of the Trust shall execute and the Owner Trustee, or the Owner Trustee’s
authenticating agent, shall authenticate and deliver, in exchange for or in
lieu of any such mutilated, destroyed, lost or stolen Certificate, a new
Certificate of like tenor and denomination. 
In connection with the issuance of any new Certificate under this
Section, the Owner Trustee or the Certificate Registrar may require the payment
of a sum sufficient to cover any tax or other governmental charge that may be
imposed in connection therewith.  Any
duplicate Certificate issued pursuant to this Section shall constitute
conclusive evidence of an ownership interest in the Trust, as if originally
issued, whether or not the lost, stolen or destroyed Certificate shall be found
at any time.

 

SECTION 3.06 
Persons Deemed Owners. 
The Owner Trustee or the Certificate Registrar or any Paying Agent may
treat the Person in whose name any Certificate shall be registered in the
Certificate Register as the owner of such Certificate for the purpose of
receiving distributions pursuant to Section 5.02 and for all other purposes
whatsoever, and none of the Owner Trustee, the Certificate Registrar or any
Paying Agent shall be bound by any notice to the contrary.

 

SECTION 3.07 
Access to Certificateholder’s Name and Address.  The Owner Trustee shall furnish or cause to
be furnished to the Servicer and the Depositor, within 15 days after receipt by
the Owner Trustee of a request therefor from the Servicer or the Depositor in
writing the name and address of the Certificateholder as of the most recent
Record Date.

 

SECTION 3.08 
Maintenance of Office or Agency.  The Owner Trustee shall maintain an office or
offices or agency or agencies where the Certificate may be surrendered for
registration of exchange and where notices and demands to or upon the Owner
Trustee in respect of the Certificate and the Basic Documents may be
served.  The Owner Trustee initially
designates the Corporate Trust Office as its office for such purposes.  The Owner Trustee shall give prompt written
notice to the Depositor and to the Certificateholder of any change in the
location of the Certificate Register or any such office or agency.

 

11

 

SECTION 3.09 
Appointment of Paying Agent.  The Paying Agent shall make distributions to
the Certificateholder from the Certificate Distribution Account pursuant to
Section 5.02 and shall report the amounts of such distributions to the Owner
Trustee.  Any Paying Agent shall have the
revocable power to withdraw funds from the Certificate Distribution Account for
the purpose of making the distributions referred to above.  The Owner Trustee may revoke such power and
remove the Paying Agent if the Owner Trustee determines in its sole discretion
that the Paying Agent shall have failed to perform its obligations under this
Agreement in any material respect.  The
Paying Agent shall initially be U.S. Bank Trust National Association, and any
co-paying agent chosen by the Paying Agent and acceptable to the Owner
Trustee.  The Paying Agent shall be
permitted to resign as Paying Agent upon 30 days’ written notice to the Owner
Trustee and the Depositor.  In the event
that U.S. Bank Trust National Association shall no longer be the Paying Agent,
the Owner Trustee shall appoint a successor to act as Paying Agent (which shall
be a bank or trust company).  The Owner
Trustee shall cause such successor Paying Agent or any additional Paying Agent
appointed by the Owner Trustee to execute and deliver to the Owner Trustee an
instrument in which such successor Paying Agent or additional Paying Agent
shall agree with the Owner Trustee that as Paying Agent, such successor Paying
Agent or additional Paying Agent will hold all sums, if any, held by it for
payment to the Certificateholder in trust for the benefit of the
Certificateholder until such sums shall be paid to the Certificateholder.  The Paying Agent shall return all unclaimed
funds to the Owner Trustee and upon removal of a Paying Agent such Paying Agent
shall also return all funds in its possession to the Owner Trustee.  The provisions of Sections 7.01, 7.03, 7.04
and 8.01 shall apply to the Owner Trustee also in its role as Paying Agent, for
so long as the Owner Trustee shall act as Paying Agent, and to the extent
applicable, to any other paying agent appointed hereunder.  Any reference in this Agreement to the Paying
Agent shall include any co-paying agent unless the context requires otherwise.

 

SECTION 3.10 
Depositor as Certificateholder.  On the Closing Date, the Depositor shall
acquire the Certificate representing 100% of the initial Certificate Balance
and, thereafter, shall retain beneficial and record ownership of the
Certificate representing 100% of the Certificate Balance.  Any attempted transfer of any Certificate
that would reduce such interest of the Depositor below 100% of the Certificate
Balance shall be void.  The Owner Trustee
shall cause any Certificate issued to the Depositor to contain a legend stating
“THIS CERTIFICATE IS NOT TRANSFERABLE”.

 

ARTICLE IV

Actions by Owner Trustee

 

SECTION 4.01 
Prior Notice to Owner with Respect to Certain Matters.  With respect to the following matters, the
Owner Trustee shall not take action unless at least 30 days before the taking
of such action, the Owner Trustee shall have notified the Certificateholder in
writing of the proposed action and the Owner shall not have notified the Owner
Trustee in writing prior to the 30th day after such notice is given that the
Owner has withheld consent or provided alternative direction:

 

12

 

(i)                                     the
initiation of any claim or lawsuit by the Trust (other than an action to
collect on a Receivable) and the compromise of any action, claim or lawsuit
brought by or against the Trust (other than an action to collect on a
Receivable);

 

(ii)                                  the
election by the Trust to file an amendment to the Certificate of Trust;

 

(iii)                               the
amendment of the Indenture by a supplemental indenture in circumstances where
the consent of any Noteholder is required;

 

(iv)                              the
amendment of the Indenture by a supplemental indenture in circumstances where
the consent of any Noteholder is not required and such amendment materially
adversely affects the interest of the Owner;

 

(v)                                 the
amendment, change or modification of the Administration Agreement, except to
cure any ambiguity or to amend or supplement any provision in a manner that
would not materially adversely affect the interests of the Owner; or

 

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

 

SECTION 4.02 
Action by the Owner with Respect to Certain Matters.  The Owner Trustee shall not have the power,
except upon the written direction of the Owner and the Holders of not less than
a majority of the Outstanding Amount of the Notes, to (a) remove the
Administrator under the Administration Agreement pursuant to Section 8 thereof,
(b) appoint a successor Administrator pursuant to Section 8 of the
Administration Agreement, (c) remove the Servicer under the Sale and Servicing
Agreement pursuant to Section 8.01 thereof or (d) except as expressly provided
in the Basic Documents, sell the Receivables after the termination of the
Indenture.  The Owner Trustee shall take
the actions referred to in the preceding sentence only upon written
instructions signed by the Owner.

 

SECTION 4.03 
Action by the Owner with Respect to Bankruptcy.  The Owner Trustee shall not have the power to
commence a voluntary proceeding in bankruptcy relating to the Trust without the
prior written approval of the Owner and the Holders of not less than a majority
of the Outstanding Amount of the Notes and the delivery to the Owner Trustee by
the Owner of a certificate certifying that the Owner reasonably believes that
the Trust is insolvent.

 

SECTION 4.04 
Restrictions on the Owner’s Power.  The Owner shall not direct the Owner Trustee
to take or refrain from taking any action if such action or inaction would be
contrary to any obligation of the Trust or the Owner Trustee under this
Agreement or any of the Basic Documents or would be contrary to Section 2.03
nor shall the Owner Trustee be obligated to follow any such direction, if
given.

 

13

 

ARTICLE V

Application of Trust Funds; Certain Duties

 

SECTION 5.01 
Establishment of Trust Account.  The Owner Trustee, for the benefit of the
Certificateholder, shall establish and maintain in the name of the Trust an
Eligible Deposit Account (the “Certificate Distribution Account”), bearing a
designation clearly indicating that the funds deposited therein are held for
the benefit of the Certificateholder.

 

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

 

SECTION 5.02 
Application of Trust Funds.

 

(a)                                  On each Payment Date, the Owner
Trustee will distribute to the Certificateholder, amounts deposited in the
Certificate Distribution Account pursuant to Sections 5.04 and 5.05 of the Sale
and Servicing Agreement on such Payment Date.

 

(b)                                 On each Payment Date, the Owner
Trustee shall send to the Certificateholder the statement provided to the Owner
Trustee by the Servicer pursuant to Section 5.06(a) of the Sale and Servicing
Agreement on such Payment Date.

 

SECTION 5.03 
Method of Payment. 
Subject to Section 9.01(c), distributions required to be made to the
Certificateholder on any Payment Date shall be made to the Certificateholder of
record on the preceding Record Date either by wire transfer, in immediately
available funds, to the account of the Certificateholder at a bank or other
entity having appropriate facilities therefor, if the Certificateholder shall
have provided to the Certificate Registrar appropriate written instructions at
least five Business Days prior to such Payment Date or, if not, by check mailed
to the Certificateholder at the address of the Certificateholder appearing in
the Certificate Register.

 

SECTION 5.04 
No Segregation of Monies; No Interest.  Subject to Sections 5.01 and 5.02, monies
received by the Owner Trustee hereunder need not be segregated in any manner
except to the extent required by law or the Sale and Servicing Agreement and
may be deposited under such general conditions as may be prescribed by law, and
the Owner Trustee shall not be liable for any interest thereon.

 

14

 

SECTION 5.05 
Accounting and Reports to the Owner, the Internal Revenue Service and
Others.  The Owner Trustee
shall (a) maintain (or cause to be maintained) the books of the Trust on a
fiscal year basis ending October 31 (or such other period as may be required by
applicable law), with the first year being a short year ending October 31,
2005, and on the accrual method of accounting, (b) deliver to the Owner, as may
be required by the Code and applicable Treasury Regulations, such information
as may be required to enable the Owner to prepare its federal and state income
tax returns, (c) file such tax returns relating to the Trust as directed by the
Owner and make such elections as directed by the Owner as may from time to time
be required or appropriate under any applicable State or federal statute or
rule or regulation thereunder so as to maintain the Trust’s characterization as
disregarded as a separate entity from the Owner for U.S. federal income tax
purposes, and (d) in the event that during its term the Trust has more than one
beneficial owner or member as determined for such purposes, deliver to each
beneficial owner or member and file such returns as directed by the Owner to
treat the Trust as a partnership.

 

ARTICLE VI

Authority and Duties of Owner Trustee

 

SECTION 6.01 
General Authority. 
The Owner Trustee is authorized and directed to execute and deliver the
Basic Documents to which the Trust is to be a party and each certificate or
other document attached as an exhibit to or contemplated by the Basic Documents
to which the Trust is to be a party, or any amendment thereto or other
agreement, in each case, in such form as the Depositor shall approve as
evidenced conclusively by the delivery of such certificates and documents to
the Owner Trustee for the Owner Trustee’s execution thereof.  In addition to the foregoing, the Owner
Trustee is authorized, but shall not be obligated, to take all actions required
of the Trust pursuant to the Basic Documents. 
The Owner Trustee is further authorized from time to time to take such
action as the Administrator directs in writing with respect to the Basic
Documents and shall, upon the written direction of the Administrator, execute
and deliver any amendments to this Agreement or any Basic Documents presented
by the Administrator for execution and delivery by the Owner Trustee.

 

SECTION 6.02 
General Duties.  It
shall be the duty of the Owner Trustee to discharge (or cause to be discharged)
all of its responsibilities pursuant to the terms of this Agreement and the
Basic Documents and to administer the Trust in the interest of the Owner,
subject to the Basic Documents and in accordance with the provisions of this
Agreement.   Notwithstanding the foregoing,
the Owner Trustee shall be deemed to have discharged its duties and
responsibilities hereunder and under the Basic Documents to the extent the
Administrator has agreed in the Administration Agreement to perform any act or
to discharge any duty of the Owner Trustee hereunder or under any Basic
Document, and the Owner Trustee shall not be liable for the default or failure
of the Administrator to carry out its obligations under the Administration
Agreement.

 

SECTION 6.03 
Action upon Instruction.

 

15

 

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

 

(b)                                 The Owner Trustee shall not be
required to take any action hereunder or under any Basic Document if the Owner
Trustee shall have reasonably determined, or shall have been advised by
counsel, that such action is likely to result in liability on the part of the
Owner Trustee or is contrary to the terms hereof or of any Basic Document or is
otherwise contrary to law.

 

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

 

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

 

SECTION 6.04 
No Duties Except as Specified in This Agreement or in Instructions.  The Owner Trustee shall not have any duty or
obligation to manage, make any payment with respect to, register, record, sell,
dispose of, or otherwise deal with the Owner Trust Estate, or to otherwise take
or refrain from taking any action under, or in connection with, any document
contemplated hereby to which the Owner Trustee is a party, except as expressly
provided by the terms of this Agreement or in any document or written
instruction received by the Owner Trustee pursuant to Section 6.03; and no
implied duties or obligations shall be read into this Agreement or any Basic
Document against the Owner Trustee.  The
Owner Trustee shall have no responsibility for filing any financing or
continuation statement in any public office

 

16

 

at any time or to otherwise perfect or maintain the perfection of any
security interest or lien granted to it hereunder or to prepare or file any
Securities and Exchange Commission filing for the Trust or to record this
Agreement or any Basic Document.  The
Owner Trustee nevertheless agrees that it will, at its own cost and expense,
promptly take all action as may be necessary to discharge any liens on any part
of the Owner Trust Estate that result from actions by, or claims against, the
Owner Trustee that are not related to the ownership or the administration of
the Owner Trust Estate.

 

SECTION 6.05 
No Action Except Under Specified Documents or Instructions.  The Owner Trustee shall not manage, control,
use, sell, dispose of or otherwise deal with any part of the Owner Trust Estate
except (a) in accordance with the powers granted to and the authority conferred
upon the Owner Trustee pursuant to this Agreement, (b) in accordance with the
Basic Documents and (c) in accordance with any document or instruction
delivered to the Owner Trustee pursuant to Section 6.03.

 

SECTION 6.06 
Restrictions.  The
Owner Trustee shall not take any action (a) that is inconsistent with the
purposes of the Trust set forth in Section 2.03 or (b) that, to the actual
knowledge of the Owner Trustee, would result in the Trust’s becoming taxable as
a corporation for federal income tax purposes. 
The Owner shall not direct the Owner Trustee to take action that would
violate the provisions of this Section. 
In no event shall the Trust elect to be treated as an association
taxable as a corporation.

 

ARTICLE VII

Concerning the Owner Trustee

 

SECTION 7.01 
Acceptance of Trusts and Duties.  The Owner Trustee accepts the trusts hereby
created and agrees to perform its duties hereunder with respect to such trusts
but only upon the terms of this Agreement. 
The Owner Trustee also agrees to disburse all moneys actually received
by it constituting part of the Owner Trust Estate upon the terms of the Basic Documents
and this Agreement.  The Owner Trustee
shall not be answerable or accountable hereunder or under any Basic Document
under any circumstances, except for (i) its own willful misconduct or
negligence or (ii) the inaccuracy of any representation or warranty contained
in Section 7.03 expressly made by the Owner Trustee.  In particular, but not by way of limitation
(and subject to the exceptions set forth in the preceding sentence):

 

(i)                                     the
Owner Trustee shall not be liable for any error of judgment made by a
responsible officer of the Owner Trustee;

 

(ii)                                  the
Owner Trustee shall not be liable with respect to any action taken or omitted
to be taken by it in accordance with the instructions of the Administrator, the
Depositor, the Indenture Trustee or the Owner;

 

(iii)                               no
provision of this Agreement or any Basic Document shall require the Owner
Trustee to expend or risk funds or otherwise incur any financial liability in
the performance of any of its rights or powers hereunder or under any Basic
Document, if the

 

17

 

Owner Trustee
shall have reasonable grounds for believing that repayment of such funds or
adequate indemnity against such risk or liability is not reasonably assured or
provided to it;

 

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

 

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

 

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

 

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

 

(viii)                        notwithstanding
any Person’s right to instruct the Owner Trustee, except as required by law or
regulation, neither the Owner Trustee nor any agent, employee, director or
officer of the Owner Trustee shall have any obligation to execute any
certificates or other documents required pursuant to the Sarbanes-Oxley Act of
2002 or the rules and regulations promulgated thereunder, and the refusal to
comply with any such instructions shall not constitute a default or breach
under any Basic Document.

 

SECTION 7.02 
Furnishing of Documents. 
The Owner Trustee shall furnish to the Owner promptly upon receipt of a
written reasonable request therefor, duplicates or copies of all reports,
notices, requests, demands, certificates, financial statements and any other
instruments furnished to the Owner Trustee and in its possession under the
Basic Documents.

 

18

 

SECTION 7.03 
Representations and Warranties.  The Owner Trustee hereby represents and
warrants to the Depositor, for the benefit of the Owner, that:

 

(i)                                     it
is a banking association duly organized and validly existing in good standing
under the laws of the United States of America and it has all requisite
corporate power and authority to execute, deliver and perform its obligations
under this Agreement;

 

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

 

(iii)                               neither
the execution nor the delivery by it of this Agreement, nor the consummation by
it of the transactions contemplated hereby, nor compliance by it with any of
the terms or provisions hereof, will contravene any federal or Delaware law,
governmental rule or regulation governing the banking or trust powers of the
Owner Trustee, or constitute any default under its charter documents or by-laws.

 

SECTION 7.04 
Reliance; Advice of Counsel.

 

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

 

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

 

SECTION 7.05 
Not Acting in Individual Capacity.  Except as provided in this Article VII, in
accepting the trusts hereby created U.S. Bank Trust National Association acts
solely as Owner Trustee hereunder and not in its individual capacity and all
Persons having any claim against the Owner Trustee by reason of the transactions
contemplated by this Agreement

 

19

 

or any Basic Document shall look only to the Owner Trust Estate for
payment or satisfaction thereof.

 

SECTION 7.06 
Owner Trustee Not Liable for Certificate or Receivables.  The recitals contained herein and in the
Certificate (other than the signature of the Owner Trustee on the Certificate
and its representations and warranties in Section 7.03) shall be taken as the
statements of the Depositor and the Owner Trustee assumes no responsibility for
the correctness thereof.  The Owner
Trustee makes no representations as to the validity or sufficiency of this
Agreement, of any Basic Document or of the Certificate (other than the
signature of the Owner Trustee on the Certificate) or the Notes, or of any
Receivable or related documents.  The
Owner Trustee shall at no time have any responsibility or liability for or with
respect to the legality, validity and enforceability of any Receivable, or the
perfection and priority of any security interest created by any Receivable in
any Financed Equipment or the maintenance of any such perfection and priority,
or for or with respect to the sufficiency of the Owner Trust Estate or its
ability to generate the payments to be distributed to the Certificateholder
under this Agreement or the Noteholders under the Indenture, including, without
limitation:  the existence, condition and
ownership of any Financed Equipment; the existence and enforceability of any
insurance thereon: the existence and contents of any Receivable on any computer
or other record thereof; the validity of the assignment of any Receivable to
the Trust or of any intervening assignment; the completeness of any Receivable;
the performance or enforcement of any Receivable; the compliance by the
Depositor or the Servicer with any warranty or representation made under any
Basic Document or in any related document or the accuracy of any such warranty
or representation or any action of the Administrator, the Indenture Trustee or
the Servicer or any subservicer taken in the name of the Owner Trustee.

 

SECTION 7.07 
Owner Trustee May Own Notes.  The Owner Trustee in its individual or any
other capacity may become the owner or pledgee of Notes and may deal with the
Depositor, the Administrator, the Indenture Trustee and the Servicer in banking
transactions with the same rights as it would have if it were not Owner
Trustee.

 

ARTICLE VIII

Compensation of Owner Trustee

 

SECTION 8.01 
Owner Trustee’s Fees and Expenses.  The Owner Trustee shall receive as
compensation for its services hereunder such fees as have been separately
agreed upon before the date hereof between the Depositor and the Owner Trustee,
and the Owner Trustee shall be entitled to be reimbursed by the Depositor for
its other reasonable expenses hereunder, including the reasonable compensation,
expenses and disbursements of such agents, representatives, experts and counsel
as the Owner Trustee may employ in connection with the exercise and performance
of its rights and its duties hereunder.

 

SECTION 8.02 
Indemnification. 
The Depositor shall be liable as primary obligor for, and shall
indemnify the Owner Trustee and its successors, assigns, agents and servants
(collectively, the “Indemnified Parties”) from and against, any and all
liabilities, obligations, losses, damages, taxes, claims, actions and suits,
and any and all reasonable costs,

 

20

 

expenses and disbursements (including reasonable legal fees and
expenses) of any kind and nature whatsoever (collectively, “Expenses”) which
may at any time be imposed on, incurred by, or asserted against the Owner
Trustee or any Indemnified Party in any way relating to or arising out of this
Agreement, the Basic Documents, the Owner Trust Estate, the administration of
the Owner Trust Estate or the action or inaction of the Owner Trustee
hereunder, except only that the Depositor shall not be liable for or required
to indemnify the Owner Trustee from and against Expenses arising or resulting
from any of the matters described in the third sentence of Section 7.01.  The indemnities contained in this Section
shall survive the resignation or removal of the Owner Trustee or the
termination of this Agreement.  In any
event of any claim, action or proceeding for which indemnity will be sought pursuant
to this Section, the Owner Trustee’s choice of legal counsel shall be subject
to the approval of the Depositor, which approval shall not be unreasonably
withheld.

 

SECTION 8.03 
Payments to the Owner Trustee.  Any amounts paid to the Owner Trustee
pursuant to this Article VIII shall be deemed not to be a part of the Owner
Trust Estate immediately after such payment.

 

ARTICLE IX

Termination of Trust Agreement

 

SECTION 9.01 
Termination of Trust Agreement.

 

(a)                                  The Trust shall dissolve and
terminate in accordance with Section 3808 (d) and (e) of the Trust Act (i) upon
the final distribution by the Owner Trustee of all moneys or other property or
proceeds of the Owner Trust Estate in accordance with the terms of the
Indenture, the Sale and Servicing Agreement and Article V or (ii) at the time
provided in Section 9.02.  Any money or
other property held as part of the Owner Trust Estate following such
distribution (and following a final distribution of proceeds from a sale under
Section 9.02) shall be distributed to the Depositor.

 

(b)                                 Except as provided in Section
9.01(a), neither the Depositor nor the Owner shall be entitled to revoke or
terminate the Trust.

 

(c)                                  Notice of any dissolution of the
Trust, specifying the Payment Date upon which the Certificateholder shall
surrender its Certificate to the Paying Agent for payment of the final
distribution and cancellation, shall be given by the Owner Trustee by letter to
the Certificateholder mailed within five Business Days of receipt of notice of
such termination from the Servicer given pursuant to Section 9.01(c) of the
Sale and Servicing Agreement, stating (i) the Payment Date upon or with respect
to which final payment of the Certificate shall be made upon presentation and
surrender of the Certificate at the office of the Paying Agent therein designated,
(ii) the amount of any such final payment and (iii) that the Record Date
otherwise applicable to such Payment Date is not applicable, payments being
made only upon presentation and surrender of the Certificate at the office of
the Paying Agent therein specified.  The
Owner Trustee shall give such notice to the Certificate Registrar (if other
than the Owner Trustee) and the Paying Agent at the time such notice is given
to the Certificateholder.  Upon
presentation and

 

21

 

surrender of the Certificate, the Paying
Agent shall cause to be distributed to the Certificateholder amounts
distributable on such Payment Date pursuant to Section 5.02.

 

In the
event that the Certificateholder shall not surrender its Certificate for
cancellation within six months after the date specified in the above mentioned
written notice, the Owner Trustee shall give a second written notice to the
Certificateholder to surrender its Certificate for cancellation and receive the
final distribution with respect thereto. 
If within one year after the second notice, the Certificate shall not
have been surrendered for cancellation, the Owner Trustee may take appropriate
steps, or may appoint an agent to take appropriate steps, to contact the
Certificateholder concerning surrender of its Certificate, and the cost thereof
shall be paid out of the funds and other assets that shall remain subject to
this Agreement.  Any funds remaining in
the Trust after exhaustion of such remedies shall be distributed by the Owner
Trustee to the Depositor.

 

(d)                                 Upon the winding up of the Trust
and satisfaction of all obligations in accordance with Section 3808 of the
Trust Statute, the Owner Trustee shall cause the Certificate of Trust to be
canceled by filing a certificate of cancellation with the Secretary of State in
accordance with the provisions of Section 3810 of the Trust Statute and the
Trust shall terminate and this Agreement (other than Article VIII) shall be of
no further force or effect.

 

SECTION 9.02 
Dissolution upon Bankruptcy of the Depositor.  In the event that an Insolvency Event shall
occur with respect to the Depositor, the Trust shall be dissolved in accordance
with Section 9.01 90 days after the date of such Insolvency Event, unless,
before the end of such 90-day period, the Owner Trustee shall have received
written instructions from each of the Noteholders, to the effect that each such
party disapproves of the liquidation of the Receivables and termination of the
Trust.  Promptly after the occurrence of
any Insolvency Event with respect to the Depositor, (i) the Depositor shall
give the Indenture Trustee and the Owner Trustee written notice of such
Insolvency Event, (ii) the Owner Trustee shall, upon the receipt of such
written notice from the Depositor, give prompt written notice to the
Certificateholder and the Indenture Trustee, of the occurrence of such event
and (iii) the Indenture Trustee shall, upon receipt of written notice of such
Insolvency Event from the Owner Trustee or the Depositor, give prompt written
notice to the Noteholders of the occurrence of such event; provided, however,
that any failure to give a notice required by this sentence shall not prevent
or delay, in any manner, a dissolution of the Trust pursuant to the first sentence
of this Section 9.02.  Upon a dissolution
pursuant to this Section, the Owner Trustee shall direct the Indenture Trustee
promptly to sell the assets of the Trust (other than the Trust Accounts and the
Certificate Distribution Account) in a commercially reasonable manner and on
commercially reasonable terms.  The
proceeds of such a sale of the assets of the Trust shall be treated as
collections under the Sale and Servicing Agreement.

 

ARTICLE X

Successor Owner Trustees and Additional Owner Trustees

 

SECTION 10.01 
Eligibility Requirements for Owner Trustee.  The Owner Trustee shall at all times be a
Person satisfying the provisions of Section 3807(a) of the Trust

 

22

 

Statute; authorized to exercise corporate trust powers; and having a
combined capital and surplus of at least $50,000,000 and subject to supervision
or examination by Federal or State authorities. 
If such Person shall publish reports of condition at least annually,
pursuant to law or to the requirements of the aforesaid supervising or
examining authority, then for the purpose of this Section, the combined capital
and surplus of such Person shall be deemed to be its combined capital and
surplus as set forth in its most recent report of condition so published.  In case at any time the Owner Trustee shall
cease to be eligible in accordance with the provisions of this Section, the
Owner Trustee shall resign immediately in the manner and with the effect specified
in Section 10.02.

 

SECTION 10.02 
Resignation or Removal of Owner Trustee.  The Owner Trustee may at any time resign and
be discharged from the trusts hereby created by giving written notice thereof
to the Administrator; provided, however, that such resignation and discharge
shall only be effective upon the appointment of a successor Owner Trustee.  Upon receiving such notice of resignation,
the Administrator shall promptly appoint a successor Owner Trustee by written
instrument, in duplicate, one copy of which instrument shall be delivered to
the resigning Owner Trustee and one copy to the successor Owner Trustee.  If no successor Owner Trustee shall have been
so appointed and have accepted appointment within 30 days after the giving of
such notice of resignation, the resigning Owner Trustee may petition any court
of competent jurisdiction for the appointment of a successor Owner Trustee.

 

If at
any time the Owner Trustee shall cease to be eligible in accordance with the
provisions of Section 10.01 and shall fail to resign after written request
therefor by the Administrator, or if at any time the Owner Trustee shall be
legally unable to act, or shall be adjudged bankrupt or insolvent, or a
receiver of the Owner Trustee or of its property shall be appointed, or any
public officer shall take charge or control of the Owner Trustee or of its
property or affairs for the purpose of rehabilitation, conservation or
liquidation, then the Administrator may remove the Owner Trustee.  If the Administrator shall remove the Owner
Trustee under the authority of the immediately preceding sentence, the
Administrator shall promptly appoint a successor Owner Trustee by written
instrument, in duplicate, one copy of which instrument shall be delivered to
the outgoing Owner Trustee so removed and one copy to the successor Owner
Trustee and payment of all fees owed to the outgoing Owner Trustee.

 

Any
resignation or removal of the Owner Trustee and appointment of a successor
Owner Trustee pursuant to any of the provisions of this Section shall not
become effective until acceptance of appointment by the successor Owner Trustee
pursuant to Section 10.03 and payment of all fees and expenses owed to the
outgoing Owner Trustee.  The
Administrator shall provide notice of such resignation or removal of the Owner
Trustee to each of the Rating Agencies.

 

SECTION 10.03 
Successor Owner Trustee. 
Any successor Owner Trustee appointed pursuant to Section 10.02 shall
execute, acknowledge and deliver to the Administrator and to its predecessor
Owner Trustee an instrument accepting such appointment under this Agreement,
and thereupon the resignation or removal of the predecessor Owner Trustee shall
become effective and such successor Owner Trustee, without any further act,
deed or conveyance, shall become fully vested with all the rights, powers,
duties, and obligations of its predecessor under this Agreement, with like
effect as if originally named as Owner Trustee. 
The

 

23

 

predecessor Owner Trustee shall upon payment of its fees and expenses
deliver to the successor Owner Trustee all documents and statements and monies
held by it under this Agreement; and the Administrator and the predecessor
Owner Trustee shall execute and deliver such instruments and do such other
things as may reasonably be required for fully and certainly vesting and
confirming in the successor Owner Trustee all such rights, powers, duties, and
obligations.

 

No
successor Owner Trustee shall accept appointment as provided in this Section
unless at the time of such acceptance such successor Owner Trustee shall be
eligible pursuant to Section 10.01.

 

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

 

SECTION 10.04 
Merger or Consolidation of Owner Trustee.  Any Person into which the Owner Trustee may
be merged or converted or with which it may be consolidated, or any Person
resulting from any merger, conversion or consolidation to which the Owner
Trustee shall be a party, or any corporation succeeding to all or substantially
all of the corporate trust business of the Owner Trustee, shall be the
successor of the Owner Trustee hereunder, provided that such Person shall be
eligible pursuant to Section 10.01, without the execution or filing of any
instrument or any further act on the part of any of the parties hereto;
anything herein to the contrary notwithstanding; provided further that the
Owner Trustee shall mail notice of such merger or consolidation to the Rating
Agencies.

 

SECTION 10.05 
Appointment of Co-Trustee or Separate Trustee.  Notwithstanding any other provisions of this
Agreement, at any time, for the purpose of meeting any legal requirements of
any jurisdiction in which any part of the Owner Trust Estate or any Financed
Equipment may at the time be located, the Administrator and the Owner Trustee
acting jointly shall have the power and shall execute and deliver all
instruments to appoint one or more Persons approved by the Owner Trustee to act
as co-trustee, jointly with the Owner Trustee, or separate trustee or separate
trustees, of all or any part of the Owner Trust Estate, and to vest in such
Person, in such capacity, such title to the Trust, or any part thereof, and,
subject to the other provisions of this Section, such powers, duties,
obligations, rights and trusts as the Administrator and the Owner Trustee may
consider necessary or desirable.  If the
Administrator shall not have joined in such appointment within 15 days after
the receipt by it of a request so to do, the Owner Trustee alone shall have the
power to make such appointment.  No co-trustee
or separate trustee under this Agreement shall be required to meet the terms of
eligibility as a successor trustee pursuant to Section 10.01 and no notice of
the appointment of any co-trustee or separate trustee shall be required
pursuant to Section 10.03.

 

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

 

24

 

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

 

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

 

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

 

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

 

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

 

ARTICLE XI

Miscellaneous

 

SECTION 11.01 
Supplements and Amendments.  This Agreement may be amended by the
Depositor and the Owner Trustee, without the consent of any of the Noteholders
or the Certificateholder, to cure any ambiguity, to correct or supplement any
provisions in this Agreement or for the purpose of adding any provisions to or
changing in any manner or eliminating any of the provisions in this Agreement
or of modifying in any manner the rights of the Noteholders or the
Certificateholder; provided, however, that such action shall not adversely
affect in any material respect the interests of any Noteholder or the
Certificateholder, provided

 

25

 

further that 10 days’ prior written notice of any such amendment be
given to each Rating Agency and, if a Rating Agency notifies the Owner Trustee
that such amendment will result in a downgrading or withdrawal of the then
current rating of any class of the Notes, such amendment shall become effective
with the consent of the Holders of Notes evidencing not less than a majority of
the Outstanding Amount of the Notes; provided further that any solicitation of
such consent shall disclose the downgrading or withdrawal that would result
from such amendment.

 

This Agreement may also be amended from time to time
by the Depositor and the Owner Trustee, with prior written notice to the Rating
Agencies, with the consent of the Holders of Notes evidencing not less than a
majority of the Outstanding Amount of the Notes and the consent of the
Certificateholder (which consents will not be unreasonably withheld) 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 Certificateholder; provided, however, that no
such amendment shall (a) increase or reduce in any manner the amount of, or
accelerate or delay the timing of, collections of payments on Receivables or
distributions that shall be required to be made for the benefit of the
Noteholders or the Certificateholder or (b) reduce the aforesaid percentage of
the Outstanding Amount of the Notes required to consent to any such amendment
or eliminate the consent of the Certificateholder to any such amendment,
without the consent of the holders of all the outstanding Notes and the Certificate.

 

Promptly
after the execution of any such amendment or consent, the Owner Trustee shall
furnish written notification of the substance of such amendment or consent to
the Certificateholder, the Indenture Trustee and each of the Rating Agencies.

 

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

 

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

 

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

 

SECTION 11.02 
No Legal Title to Owner Trust Estate in the Owner.  The Owner shall not have legal title to any
part of the Owner Trust Estate.  The
Owner shall be entitled to receive distributions with respect to its undivided
ownership interest therein only in accordance with Articles V and IX.  No transfer, by operation of law or otherwise,
of any right, title, and interest of the Owner to and in its ownership interest
in the Owner Trust Estate shall operate to terminate this Agreement or the
trusts hereunder or entitle any transferee to an accounting or to the transfer
to it of legal title to any part of the Owner Trust Estate.

 

26

 

SECTION 11.03 
Limitations on Rights of Others.  Except for Section 2.07, the provisions of
this Agreement are solely for the benefit of the Owner Trustee, the Depositor,
the Owner, the Administrator and, to the extent expressly provided herein, the
Indenture Trustee and the Noteholders and nothing in this Agreement, whether
express or implied, shall be construed to give to any other Person any legal or
equitable right, remedy or claim in the Owner Trust Estate or under or in
respect of this Agreement or any covenants, conditions or provisions contained
herein.

 

SECTION 11.04 
Notices.

 

(a)                                  Unless otherwise expressly
specified or permitted by the terms hereof, all notices shall be in writing and
shall be deemed given upon receipt by the intended recipient or three Business
Days after mailing if mailed by certified mail, postage prepaid (except that
notice to the Owner Trustee shall be deemed given only upon actual receipt by
the Owner Trustee), if to the Owner Trustee, addressed to the Corporate Trust
Office; if to the Depositor, addressed to John Deere Receivables, Inc., 1 East
First Street, Reno, Nevada 89501, Attention of Manager, with a copy to Deere &
Company, One John Deere Place, Moline, Illinois 61265, Attention:  Treasury Department, Assistant Treasurer; or,
as to each party, at such other address as shall be designated by such party in
a written notice to each other party.

 

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

 

SECTION 11.05 
Severability.  Any
provision of this Agreement or the Certificate 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 or thereof, and any such
prohibition or unenforceability in any jurisdiction shall not invalidate or
render unenforceable such provision in any other jurisdiction.

 

SECTION 11.06 
Separate Counterparts. 
This Agreement may be executed by the parties hereto in separate
counterparts, each of which when so executed and delivered shall be an
original, but all such counterparts shall together constitute but one and the
same instrument.

 

SECTION 11.07 
Successors and Assigns. 
All covenants and agreements contained herein shall be binding upon, and
inure to the benefit of, the Depositor, the Owner Trustee and its successors and
the Owner and its successors and permitted assigns, all as herein
provided.  Any request, notice,
direction, consent, waiver or other instrument or action by the Owner shall
bind the successors and assigns of the Owner.

 

SECTION 11.08 
Covenant of the Depositor. 
In the event that any litigation with claims in excess of $1,000,000 to
which the Depositor is a party which shall be reasonably likely to result in a
material judgment against the Depositor that the Depositor will not be able to
satisfy shall be commenced by the Owner (when the Owner is not the Depositor),
during the

 

27

 

period beginning nine months following the commencement of such
litigation and continuing until such litigation is dismissed or otherwise
terminated (and, if such litigation has resulted in a final judgment against
the Depositor, such judgment has been satisfied) the Depositor shall not pay
any dividend to JDCC, or make any distribution on or in respect of its capital
stock to JDCC, or repay the principal amount of any indebtedness of the
Depositor held by JDCC, unless (i) after giving effect to such payment,
distribution or repayment, the Depositor’s liquid assets shall not be less than
the amount of actual damages claimed in such litigation or (ii) the Rating
Agency Condition shall have been satisfied with respect to any such payment,
distribution or repayment.  The Depositor
further agrees that prior to the termination of the Trust it shall not revoke,
modify or otherwise amend any agreements with JDCC in effect on the Closing
Date in any manner that would adversely affect the rights of the Depositor to
receive from JDCC contributions of capital or payments on demand pursuant to
such agreements.  The Depositor further
covenants and agrees that it will not enter into any transaction or take any
action (other than any transaction or action contemplated by this Agreement or
any of the Basic Documents) if, as a result of such transaction or action, any
rating of either the Notes or the Certificate by any of the Rating Agencies
would be downgraded or withdrawn.

 

SECTION 11.09 
No Petition.  The
Owner Trustee on behalf of the Trust, the Certificateholder, by accepting a
Certificate, and the Indenture Trustee and each Noteholder by accepting the
benefits of this Agreement, hereby covenant and agree that they will not at any
time institute against the Depositor, or join in any institution against the
Depositor of, any bankruptcy, reorganization, arrangement, insolvency or
liquidation proceedings, or other proceedings under any U.S. federal or State
bankruptcy or similar law in connection with any obligations relating to the
Certificate, the Notes, this Agreement or any of the Basic Documents.

 

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

 

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

 

SECTION 11.12 
GOVERNING LAW.  THIS
AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE
STATE OF DELAWARE.

 

SECTION 11.13 
Depositor Payment Obligation.  The Depositor shall be responsible for
payment of the Administrator’s fees under the Administration Agreement and
shall reimburse the Administrator for all expenses and liabilities of the
Administrator incurred thereunder.

 

SECTION 11.14 
Administrator.  The
Administrator is authorized to execute on behalf of the Trust all such
documents, reports, filings, instruments, certificates and opinions as it

 

28

 

shall be the duty of the Trust to prepare, file or deliver pursuant to
the Basic Documents.  Upon request, the
Owner Trustee shall execute and deliver to the Administrator a power of
attorney appointing the Administrator the agent and attorney-in-fact of the
Trust to execute all such documents, reports, filings, instruments,
certificates and opinions.

 

SECTION 11.15 
Non-transferability of the Certificates(s).  Notwithstanding anything herein to the
contrary, the Certificate(s) is (are) not transferable and shall remain
registered in the name of John Deere Receivables, Inc.

 

29

 

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

 

	
   

  	
  U.S. BANK TRUST
  NATIONAL ASSOCIATION,

  as Owner Trustee,

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Melissa A.
  Rosal

  	
   

  
	
   

  	
   

  	
  Name: Melissa A.
  Rosal

  
	
   

  	
   

  	
  Title: Vice
  President

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  JOHN DEERE
  RECEIVABLES, INC., as

  Depositor,

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Keith R.
  Knight

  	
   

  
	
   

  	
   

  	
  Name: Keith R.
  Knight

  
	
   

  	
   

  	
  Title: Assistant
  Secretary

  
					

 

 

EXHIBIT A

 

	
  NUMBER

  	
  $11,275,240

  
	
  R-1

  	
   

  

 

SEE REVERSE FOR CERTAIN
DEFINITIONS

 

 

JOHN DEERE OWNER
TRUST 2005

 

ASSET BACKED
CERTIFICATE

 

evidencing an undivided interest in the Trust, as
defined below, the property of which includes a pool of equipment retail
installment sale and loan contracts secured by new and used agricultural,
construction and forestry equipment and sold to the Trust (as defined below) by
John Deere Receivables, Inc.

 

(This Certificate does not represent an interest in or
obligation of John Deere Receivables, Inc., John Deere Capital Corporation,
Deere & Company or any of their respective affiliates, except to the extent
described below.)

 

THIS
CERTIFIES THAT John Deere Receivables, Inc. is the registered owner of eleven
million two hundred seventy five thousand two hundred and forty dollars
nonassessable, fully-paid, undivided beneficial interest in John Deere Owner
Trust 2005 (the “Trust”) formed by John Deere Receivables, Inc., a Nevada
corporation (the “Seller”).

 

THIS
CERTIFICATE IS NOT TRANSFERABLE.

 

CERTIFICATE OF
AUTHENTICATION

 

This
is the Certificate referred to in the within-mentioned Trust Agreement.

 

	
   

  	
  U.S. Bank Trust National
  Association,

  as Owner Trustee

  
	
   

  
	
   

  
	
   

  	
  By:

  	
   

  	
   

  
					

 

A-1

 

The
Trust was created pursuant to a Trust Agreement dated as of May 15, 2005 (the “Trust
Agreement”), between the Seller and U.S. Bank Trust National Association, as
owner trustee (the “Owner Trustee”), a summary of certain of the pertinent
provisions of which is set forth below. 
To the extent not otherwise defined herein, the capitalized terms used
herein have the meanings assigned to them in the Trust Agreement or the Sale
and Servicing Agreement dated as of May 15, 2005 (the “Sale and Servicing
Agreement”), among the Trust, the Seller and John Deere Capital Corporation, as
servicer (the “Servicer”), as applicable.

 

This
Certificate is the duly authorized Certificate designated as the “Asset Backed
Certificate” (herein called the “Certificate”). 
Also issued under the Indenture, dated as of May 15, 2005, between the
Trust and The Bank of New York, as Indenture Trustee, are the Class A-1 3.396%
Asset Backed Notes, the Class A-2 3.79% Asset Backed Notes, the Class A-3 3.98%
Asset Backed Notes and the Class A-4 4.16% Asset Backed Notes (collectively,
the “Notes”).  This Certificate is issued
under and is subject to the terms, provisions and conditions of the Trust
Agreement, to which Trust Agreement the holder of this Certificate by virtue of
the acceptance hereof assents and by which such holder is bound.  The property of the Trust includes a pool of
retail installment sale and loan contracts for agricultural, construction and
forestry equipment (the “Receivables”), all monies received on or after May 1,
2005 from payments on the Receivables, security interests in the equipment
financed thereby, certain bank accounts and the proceeds thereof, proceeds from
claims on certain insurance policies and certain other rights under the Trust
Agreement and the Sale and Servicing Agreement, all right, title, and interest
of the Seller in and to the Purchase Agreement, dated as of May 15, 2005,
between John Deere Capital Corporation and the Seller and all proceeds of the
foregoing.  The rights of the holders of
the Certificate are subordinated to the rights of the holders of the Notes, as
set forth in the Sale and Servicing Agreement.

 

Under
the Trust Agreement, there will be distributed on the 15th day of each month
or, if such day is not a Business Day, the next Business Day (the “Payment Date”),
commencing on June 15, 2005, to the person in whose name this Certificate is
registered at the close of business on the last day of the month (the “Record
Date”) immediately preceding the month in which such Payment Date occurs the
Certificateholder’s undivided interest in the amount to be distributed to the
Certificateholder on such Payment Date.

 

The
holder of this Certificate acknowledges and agrees that its rights to receive
distributions in respect of this Certificate are subordinated to the rights of
the Noteholders as described in the Sale and Servicing Agreement and the
Indenture.

 

It is
the intention of the parties that the Trust will be disregarded as an entity
separate from the Certificateholder for U.S. federal income tax purposes.

 

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

 

A-2

 

Distributions
on this Certificate will be made as provided in the Trust Agreement by the
Owner Trustee by wire transfer or check mailed to the Certificateholder of
record in the Certificate Register without the presentation or surrender of
this Certificate or the making of any notation hereon.  Except as otherwise provided in the Trust
Agreement and notwithstanding the above, the final distribution on this
Certificate will be made after due notice by the Owner Trustee of the pendency
of such distribution and only upon presentation and surrender of this
Certificate at the office or agency maintained for the purpose by the Owner
Trustee.

 

Reference
is hereby made to the further provisions of this Certificate set forth on the
reverse hereof, which further provisions shall for all purposes have the same
effect as if set forth at this place.

 

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

 

THIS
CERTIFICATE SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF
DELAWARE.

 

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

 

	
   

  	
  JOHN DEERE OWNER
  TRUST 2005

  
	
   

  	
   

  
	
   

  	
  By U.S. BANK
  TRUST NATIONAL

  ASSOCIATION, as Owner Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
  Dated:

  	
  By:

  	
   

  	
   

  

 

A-3

 

(Reverse of
Certificate)

 

The
Certificate does not represent an obligation of, or an interest in, the Seller,
the Servicer, Deere & Company, the Indenture Trustee, the Owner Trustee or
any affiliates of any of them and no recourse may be had against such parties
or their assets, except as may be expressly set forth or contemplated herein or
in the Trust Agreement or the Basic Documents. 
In addition, this Certificate is not guaranteed by any governmental
agency or instrumentality and is limited in right of payment to certain
collections with respect to the Receivables (and certain other amounts), all as
more specifically set forth herein and in the Sale and Servicing
Agreement.  The Certificate is limited in
right of payment to certain collections and recoveries respecting the
Receivables, all as more specifically set forth in the Sale and Servicing
Agreement.  A copy of each of the Sale
and Servicing Agreement and the Trust Agreement may be examined during normal
business hours at the principal office of the Seller, and at such other places,
if any, designated by the Seller, by the Certificateholder upon written
request.

 

The
Trust Agreement permits, with certain exceptions therein provided, the
amendment thereof and the modification of the rights and obligations of the
Seller and the rights of the Certificateholder under the Trust Agreement at any
time by the Seller and the Owner Trustee with the consent of the holders of the
Notes voting as a class evidencing not less than a majority of the outstanding
Notes and the consent of the Certificateholder (which consents shall not be
unreasonably withheld).  Any such consent
by the holder of this Certificate shall be conclusive and binding on the holder
of this Certificate and of any Certificate issued upon the transfer hereof or
in exchange hereof or in lieu hereof whether or not notation of such consent is
made upon this Certificate.  The Trust
Agreement also permits the amendment thereof, in certain limited circumstances,
without the consent of the holder of the Certificate.

 

As
provided in the Trust Agreement, this Certificate is non-transferable.  The initial Certificate Registrar appointed
under the Trust Agreement is U.S. Bank Trust National Association.

 

The
Certificate is issuable only as a registered Certificate without coupons in
minimum denominations of at least $100,000. 
As provided in the Trust Agreement and subject to certain limitations
therein set forth, the Certificate is exchangeable for new Certificates of
authorized denominations evidencing the same aggregate denomination, as
requested by the holder surrendering the same. 
No service charge will be made for any such exchange, but the Owner
Trustee or the Certificate Registrar may require payment of a sum sufficient to
cover any tax or governmental charge payable in connection therewith.

 

The
Owner Trustee, the Certificate Registrar and any agent of the Owner Trustee or
the Certificate Registrar may treat the person in whose name this Certificate
is registered as the owner hereof for all purposes, and none of the Owner
Trustee, the Certificate Registrar or any such agent shall be affected by any
notice to the contrary.

 

The
obligations and responsibilities created by the Trust Agreement and the Trust
created thereby shall terminate upon the payment to the Certificateholder of
all amounts required to be paid to it pursuant to the Trust Agreement and the
Sale and Servicing Agreement and the disposition of all property held as part
of the Trust.  The Servicer of the
Receivables may at its

 

A-4

 

option
purchase the corpus of the Trust at a price specified in the Sale and Servicing
Agreement, and such purchase of the Receivables and other property of the Trust
will effect early retirement of the Certificate; however, such right of
purchase is exercisable only as of the last day of any Collection Period as of
which the Pool Balance is less than or equal to 10% of the initial principal
balance of the Receivables.

 

A-5

 

EXHIBIT B

 

CERTIFICATE OF
TRUST OF

JOHN DEERE OWNER TRUST 2005

 

THIS
Certificate of Trust of JOHN DEERE OWNER TRUST 2005 (the “Trust”), dated as of
May     , 2005, is being duly executed and filed by
U.S. Bank Trust National Association, a Delaware banking corporation, as
trustee, to form a statutory trust under the Delaware Statutory trust Act (12
Del.  Code, Section 3801 et seq.).

 

1.                                       Name.  The name of the statutory trust formed hereby
is JOHN DEERE OWNER TRUST 2005.

 

2.                                       Delaware
Trustee.  The name and business address
of the trustee of the Trust in the State of Delaware is U.S. Bank Trust
National Association, 300 Delaware Avenue, 8th Floor, Wilmington,
Delaware 19809.

 

3.                                       This
Certificate of Trust will be effective May     , 2005.

 

IN
WITNESS WHEREOF, the undersigned, being the sole trustee of the Trust, has
executed this Certificate of Trust as of the date first above written.

 

	
   

  	
  U.S. BANK TRUST
  NATIONAL ASSOCIATION,

  not in its individual capacity but solely as trustee of

  the Trust.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

B-1

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