Document:

EXHIBIT 4.9

Trust Swap

Class A-4 Notes

CONFIRMATION FOR U.S. DOLLAR
INTEREST RATE SWAP

TRANSACTION UNDER 1992 MASTER AGREEMENT

	
  TO:

  	
  CNH Equipment Trust 2006-B (“Party B”)

  
	
   

  	
  ABS Unit

  
	
   

  	
  The Bank of New
  York, as Trustee

  
	
   

  	
  101 Barclay St.,
  8W

  
	
   

  	
  New York, New
  York 10286

  
	
   

  	
  Tel:

  	
  212-815-2489

  
	
   

  	
  Fax:

  	
  212-815-3883

  
	
   

  	
   

  	
   

  
	
  FROM:

  	
  Bank of America, N.A. (“Party A”)

  
	
   

  	
  100 N. Tryon
  Street, NC 1-007-13-01

  
	
   

  	
  Charlotte, North
  Carolina 28255

  
	
   

  	
  Attn: Capital
  Markets Documentation

  
	
   

  	
   

  
	
  DATE:

  	
  September 19, 2006

  

 

Our Reference Numbers: 13984242/13984288

The
purpose of this letter agreement is to confirm the terms and conditions of the
Swap Transaction entered into between us on the Trade Date specified below (the
“Swap Transaction” or the “Transaction”). 
This letter agreement constitutes a “Confirmation” as referred to in the
Master Agreement specified below.

	
  1.

  	
  The definitions and
  provisions contained in the 2000 ISDA Definitions (as published by the
  International Swaps and Derivatives Association, Inc., the “Definitions”) are
  incorporated into this Confirmation. In the event of any inconsistency
  between the Definitions and this Confirmation, this Confirmation will govern.
  Each party represents and warrants to the other that (a) it is duly
  authorized to enter into this Swap Transaction and to perform its obligations
  hereunder, (b) the Swap Transaction and the performance of its obligations
  hereunder do not violate any material obligation of such party, and (c) the
  person executing this Confirmation is duly authorized to execute and deliver
  it.

  
	
   

  	
   

  
	
   

  	
  This Confirmation supplements, forms part of, and is
  subject to, the ISDA Master Agreement between us dated as of September 19,
  2006 (the “Agreement”). This Confirmation shall supplement, form part of, and
  be subject to that Agreement, and all provisions contained or incorporated by
  reference in the Agreement shall govern this Confirmation except as expressly
  modified below.

  
	
   

  	
   

  
	
  2.

  	
  The terms of the particular Transaction to which
  this Confirmation relates are as follows:

  

 

 

	
  Trade Date:

  	
  September 7, 2006

  
	
   

  	
   

  
	
  Effective Date:

  	
  September 19, 2006

  
	
   

  	
   

  
	
  Termination
  Date:

  	
  The earliest of (i) March 15, 2012 or (ii) when the
  Notional Amount hereunder has been reduced to zero, subject to early
  termination in accordance with the terms of the Agreement.

  
	
   

  	
   

  
	
  Calculation
  Periods:

  	
  For each Payment Date, the period from and including
  the immediately preceding Payment Date to, but excluding, such Payment Date
  (without regard to any Business Day adjustment in respect of Payment Dates,
  in the case of Fixed Rate Calculation Periods), during the Term of this Swap
  Transaction, except that (a) the initial Calculation Period will commence on,
  and include, the Effective Date, and (b) the final Calculation Period will
  end on, but exclude, the Termination Date (without regard to any Business Day
  adjustment in the case of the final Fixed Rate Calculation Period).

  
	
   

  	
   

  
	
   

  	
  Floating Rate Calculation Periods correspond to
  “Interest Periods” under the Indenture dated as of September 1, 2006, between
  Party B, issuer, and JPMorgan Chase Bank, as indenture trustee (the
  “Indenture”).

  
	
   

  	
   

  
	
  Notional Amount:

  	
  For the Initial Calculation Period, the Outstanding
  Amount of the Class A-4 Notes as of the close of business on the first day of
  each Floating Rate Calculation Period “Outstanding Amount” and “Class A-4
  Notes” each has the meaning specified in Appendix A to the Indenture.

  
	
   

  	
   

  
	
  Payment Dates:

  	
  The 15th day of each month, subject to the Following
  Business Day Convention, corresponding to “Payment Dates” under the
  Indenture.

  
	
   

  	
   

  
	
  Fixed
  Amounts:

  	
   

  
	
   

  	
   

  
	
  Fixed Rate
  Payer:

  	
  Party B

  

 2
 

 

 

	
  Fixed Rate Payer

  	
   

  
	
  Payment Dates:

  	
  The 15th day of
  each month, commencing October 15, 2006, subject to adjustment in
  accordance with the Following Business Day Convention. No adjustment of
  Period End Dates.

  
	
   

  	
   

  
	
  Fixed Rate:

  	
  5.143 per cent

  
	
   

  	
   

  
	
  Fixed Rate

  	
   

  
	
  Day Count
  Fraction:

  	
  30/360

  
	
   

  	
   

  
	
  Fixed Rate Payer
  Payment

  	
   

  
	
  Amounts:

  	
  For each Payment Date, in respect of a Calculation
  Period, the product of (a) the Fixed Rate, (b) the Fixed Rate Day Count
  Fraction and (c) the Notional Amount for such Calculation Period.

  
	
   

  	
   

  
	
  Floating
  Amounts:

  	
   

  
	
   

  	
   

  
	
  Floating Rate
  Payer:

  	
  Party A

  
	
   

  	
   

  
	
  Floating Rate
  Payer

  	
   

  
	
  Payment Dates:

  	
  The 15th day of
  each month, commencing October 15, 2006, subject to adjustment in
  accordance with the Following Business Day Convention.

  
	
   

  	
   

  
	
  Floating Rate
  Option:

  	
  USD-LIBOR-BBA (set two London Banking Days prior to
  the first day of each Calculation Period).

  
	
   

  	
   

  
	
  Designated
  Maturity:

  	
  One month

  
	
   

  	
   

  
	
  Initial Floating
  Rate:

  	
  To be determined two (2) London Business Days prior
  to the Effective Date

  
	
   

  	
   

  
	
  Spread:

  	
  None

  
	
   

  	
   

  
	
  Floating Rate

  	
   

  
	
  Day Count
  Fraction:

  	
  Actual/360

  
	
   

  	
   

  
	
  Floating Rate
  Payer

  	
   

  
	
  Payment:

  	
  For each Payment Date, in respect of a Calculation
  Period, the product of (a) the Floating Rate, (b) the Floating Rate Day Count
  Fraction and (c) the Notional Amount for such Calculation Period.

  

 3
 

 

 

	
  Reset Dates:

  	
  Other than in connection with the Initial Floating
  Rate, on each Payment Date beginning with the October Payment Date, the
  Floating Rate (as determined two London Banking Days prior to each such
  Payment Date) will reset for the Floating Rate Calculation Period commencing
  on each such Payment Date.

  
	
   

  	
   

  	
   

  
	
  Compounding:

  	
  Inapplicable

  
	
   

  	
   

  	
   

  
	
  Business Days:

  	
  New York

  
	
   

  	
   

  
	
  Business Day
  Convention:

  	
  Following (in respect of Payment Dates and Floating
  Rate Calculation Period End Dates only).

  
	
   

  	
   

  
	
  Calculation Agent:

  	
  Party A

  
	
   

  	
   

  
	
  3. 

  	
  Account Details:

  
	
   

  	
   

  
	
   

  	
   

  
	
  Payments to Party A:

  	
  Name:

  	
  Bank of America, N.A.

  
	
   

  	
  ABA#:

  	
  026009593

  
	
   

  	
  Acct:

  	
  6550219386

  
	
   

  	
  Attn:

  	
  Rate Derivatives Settlements

  
	
   

  	
   

  	
   

  
	
  Payments to Party B:

  	
  Name:

  	
  JPMorgan Chase Bank

  
	
   

  	
   

  	
  New York, NYE

  
	
   

  	
  ABA#:

  	
  02100002

  
	
   

  	
  Account #:

  	
  507199782

  
	
   

  	
  Ref:

  	
  CNH Equip 2006-B Collection Account

  
	
   

  	
  Attn:

  	
  Keith Richardson

  
	
   

  	
  Telephone:

  	
  312-267-5030

  
					

 

Please confirm that the foregoing correctly sets forth
the terms and conditions of our agreement by responding within three (3)
Business Days by returning via telecopier an executed copy of this Confirmation
to the attention of Global Derivative Operations (fax no. (312) 234 3603).

 4
 

 

 

	
  

  	
  Accepted and confirmed as of the date first

  written:

  
	
   

  	
   

  
	
  Bank of America, N.A.

  	
  CNH Equipment Trust 2006-B

  
	
   

  	
   

  
	
   

  	
  By:  The Bank of
  New York, not in its individual

  capacity but solely as Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
  By: 

  	
  /s/Roger Heintzelman

  	
   

  	
   

  	
  By:

  	
  /s/Catherine Murray

  	
   

  	 

	
  Name:

  	
  Roger Heintzelman

  	
   

  	
  Name:

  	
  Catherine Murray

  	 

	
  Title:

  	
  Senior Vice President

  	
   

  	
  Title:

  	
  Assistant Vice President

  	 

										

 

 5EXHIBIT
4.10

SCHEDULE

to the

ISDA
MASTER AGREEMENT

(1992 Multicurrency-Cross
Border)

dated as of September 19,
2006

between

BANK OF AMERICA, N.A.,
a national banking association 

organized under the laws of the United States 

(“Party A”)

and

CNH
EQUIPMENT TRUST 2006-B, a statutory trust

organized under
the laws of Delaware

(“Party B”)

Part 1. Definitions

Capitalized terms used
herein and not otherwise defined shall have the meaning specified in that
certain Indenture, dated as of September 1, 2006 (the “Indenture”), between CNH
Equipment Trust 2006-B, as Issuer, and, JPMorgan Chase Bank N.A., as indenture
trustee (“Indenture Trustee”).

Termination Provisions

In this Agreement:-

(a)                                  “Specified Entity” means in relation to Party A for the
purpose of:

Section 5(a)(v),                                                           Not
Applicable

Section 5(a)(vi),                                                        Not
Applicable

Section 5(a)(vii),                                                     Not
Applicable

Section 5(b)(iv),                                                       Not
Applicable

in relation to Party B
for the purpose of:

Section 5(a)(v),                                                           Not
Applicable

Section 5(a)(vi),                                                        Not
Applicable

Section 5(a)(vii),                                                     Not
Applicable

Section 5(b)(iv),                                                       Not
Applicable

 

(b)                                 “Specified Transaction” will have the meaning specified in
Section 14 of this Agreement.

(c)                                  The
Events of Default specified under
Sections 5(a)(ii), 5(a)(iii), 5(a)(iv), 5(a)(v) and 5(a)(vi) of the Agreement will
not apply to Party A or to Party B.  The
provisions of Section 5(a)(vii) paragraph 2 will not be applicable as an Event
of Default to the extent such event relates to nonpayment of indebtedness other
than that of the Class A-4 Notes.

(d)                                 The
“Credit Event Upon Merger” provisions
of Section 5(b)(iv) will not apply to Party A or to Party B.

(e)                                  The
“Automatic Early Termination” provision
of Section 6(a) will not apply to Party A or to Party B.

(f)                                    Payments on Early Termination.
For the purpose of Section 6(e) of this Agreement:-

(i)                                     Market
Quotation will apply.

(ii)                                  The
Second Method will apply.

(g)                                 “Termination Currency” means
United States Dollars.

(h)                                 Additional Termination Events will apply. Each
of the following shall constitute an Additional Termination Event:

(i)                                     Acceleration of the Notes or Liquidation of the Trust Estate.
It shall be an Additional Termination Event with Party B the sole Affected
Party and with Party A and Party B having the right to elect to terminate any
Transaction (1) following an “Event of Default” under Section 5.1(i) or (ii) of
the Indenture, and relating to a failure to pay any Class A Note, which event
has resulted in an acceleration of any of the Class A Notes; provided such acceleration has not been rescinded and
annulled pursuant to the Indenture, or (2) upon a liquidation of the Trust
Estate (or any partial liquidation thereof) pursuant to Section 5.4 of the
Indenture.  In such event, either Party A
or Party B may, by not more than 20 days notice to the other party and provided
such Additional Termination Event is continuing, designate a day not earlier
than the day such notice is effective as an Early Termination Date in respect
of all Affected Transactions.  If an
event or circumstance which would constitute an Event of Default by Party A
under this Agreement gives rise to an “Event of Default” under the Indenture,
it will be treated as an Event of Default by Party A and not an Additional
Termination Event.  If an “Event of
Default” under the Indenture occurs while an Event of Default occurs with
respect to Party B as the Defaulting Party hereunder, then such event will be
treated as an Event of Default by Party B hereunder, with Party B as the
Defaulting Party, and not as an Additional Termination Event.

(ii)                                  Amendments Made Without Consent of Party A.  It shall be an Additional Termination Event
if any amendment and/or supplement to the Indenture (or 

 2
 

 

any other Basic
Document) is made without the prior written consent of Party A (such consent
not to be unreasonably withheld), if such
amendment and/or supplement would: (a) adversely affect any of Party A’s rights
or obligations under this Agreement; or (b) adversely modify the obligations
of, or adversely impact the ability of, Party B to fully perform any of Party B’s
obligations under this Agreement.  In
connection with such Additional Termination Event, Party B shall be the sole
Affected Party.

(iii)                               Swap Disclosure Event.  Party
A agrees and acknowledges that certain filings are required under Regulation AB
under the Securities Act of 1933, as amended, and the Securities Exchange Act
of 1934, as amended (the “Exchange Act”) (“Regulation AB”), to disclose certain
financial information regarding Party A or its group of affiliated entities, if
applicable, depending on the aggregate “significance percentage” of this
Agreement and Counterparty, as calculated from time to time in accordance with
Item 1115 of Regulation AB.   It shall be a swap disclosure event (“Swap
Disclosure Event”) if, on any Business Day after the date hereof, Party A is
requested to provide the applicable financial information described in Item
1115 of Regulation AB (such request to be based on a reasonable determination
by Depositor, in good faith, that such information is required under Regulation
AB) (the “Swap Financial Disclosure”).  If,
upon the occurrence of a Swap Disclosure Event, Party A has not complied with
the provisions set forth in the Disclosure Agreement (as defined below), then
an Additional Termination Event shall have occurred with respect to Party A and
Party A shall be the sole Affected Party with respect to such Additional
Termination Event.  Party B agrees to
cause a Form 15, suspending Party B’s requirement to file reports with the SEC
pursuant to the Exchange Act, to be filed upon Party B’s eligibility to so file
as set forth in the Indenture and agrees to notify Party A upon such
filing.  Following the filing of such
Form 15 and any required Exchange Act reports subsequent thereto, Party A shall
have no further obligation to provide the foregoing information.  “Disclosure Agreement” shall mean that
certain Indemnification and Disclosure Agreement, dated as of September 7,
2006, between CNH Capital Receivables LLC, as depositor, and Bank of America,
N.A., as swap provider.

(i)                                     Downgrade of Party A.  If a Ratings Event (as defined below)
shall occur and be continuing with respect to Party A, then Party A shall use
reasonable efforts to transfer, at its own expense, Party A’s rights and
obligations under the Agreement and all Confirmations to another party, subject
to satisfaction of the Rating Agency Condition (as defined below).  Unless such a transfer by Party A has
occurred within 20 Business Days after the occurrence of a Ratings Event, Party
B shall demand that Party A post Eligible Collateral (as designated in the
approved Credit Support Annex), to secure Party A’s exposure or potential
exposure to Party B, and such Eligible Collateral shall be provided in
accordance with a Credit Support Annex to be attached hereto and made a part
hereof within 10 Business Days of Party B’s demand therefor.  The Eligible Collateral to be posted and the
Credit Support Annex to be executed and delivered shall be subject to the
Rating Agency Condition.  The Value of the
Eligible Collateral to be posted at any time shall be equal to the greater of
(a) the sum of Secured Party’s Exposure for that Valuation Date (as defined in
the approved Credit Support Annex) 

 3
 

 

plus
the product of the Notional Volatility Buffer multiplied by the Notional Amount
and (b) zero.  Valuation and posting of
Eligible Collateral shall be made weekly.  
If Party A posts Eligible Collateral, Party A shall deliver to Standard
& Poor’s Rating Service or any successor thereto (“S&P”), within 30
days of the Ratings Event, an enforceability opinion, in form and substance
satisfactory to S&P, to the effect that the Eligible Collateral will be
available to Party B in a timely manner in the event of a bankruptcy or
insolvency of Party A.  Notwithstanding
the addition of the Credit Support Annex and the posting of Eligible
Collateral, Party A shall continue to use reasonable efforts to transfer its
rights and obligations to an acceptable third party; provided, however, that
Party A’s obligations to find a transferee and to post Eligible Collateral
under such Credit Support Annex shall remain in effect only for so long as a
Ratings Event is continuing with respect to Party A.

For
the purpose of this Part 1(i), a “Ratings Event” shall occur with respect to
Party A (i) if the long-term and short-term senior unsecured deposit ratings of
Party A cease to be at least A and A-1 by S&P or at least A and F-1 by
Fitch Ratings or any successor thereto (“Fitch”) or (ii)
with respect to Moody’s Investors Service, Inc. or any successor thereto (“Moody’s”),
(A) if Party A has both a long term and short term unsecured senior deposit
rating by Moody’s and either rating is withdrawn or downgraded below A1 or P-1,
respectively, or (B) if Party A has only a long term unsecured senior deposit
rating and such rating is withdrawn or downgraded by Moody’s below Aa3.  “Rating Agency Condition” has the meaning specified in the
Indenture defined in Part 1 of this Schedule. 
For the purpose of this Part 1(i), “Notional Volatility Buffer” shall
mean (i) 3.25% if the Affected Transaction has a maturity of up to 5 years,
(ii) 4.00% if the Affected Transaction has a maturity greater than 5 years up
to 10 years, and (iii) 4.75% if the Affected Transaction has a maturity of
greater than 10 years.

Notwithstanding
the foregoing covenants, the failure by Party A to post Eligible Collateral in
accordance herewith or to use reasonable efforts to transfer its rights and
obligations hereunder shall not constitute an Event of Default or Termination
Event under the Agreement.  In addition, if
Party A’s long-term
senior unsecured deposit rating by S&P ceases to be
at least ‘BBB-’ then Party A must, within ten (10) Business Days, transfer this
Agreement (while collateralizing any Exposure to Party B) and the Transaction,
at Party A’s own expense, to a counterparty that satisfies the Rating Agency
Condition, to whom all of Party A’s interests and obligations under this
Agreement shall be assigned at no cost to Party B, and following which Party A
shall be released from all further obligations under this Agreement.  Party A’s failure to comply with this
provision shall be an Additional Termination Event with Party A as the sole
Affected Party.

Part 2.  Tax
Representations

(a)                                  Payer Representations.  For
the purpose of Section 3(e) of this Agreement, Party A and Party B make the
following representation:-

It
is not required by any applicable law, as modified by the practice of any
relevant governmental revenue authority, of any Relevant Jurisdiction to make
any deduction or withholding for or on account of any Tax from any payment
(other than interest under

 4
 

 

Section 2(e), 6(d)(ii), or 6(e) of this
Agreement) to be made by it to the other party under this Agreement.  In making this representation, it may rely on
(i) the accuracy of any representations made by the other party pursuant to
Section 3(f) of this Agreement, (ii) the satisfaction of the agreement
contained in Section 4(a)(i) or 4(a)(iii) of this Agreement, and the accuracy
and effectiveness of any document provided by the other party pursuant to
Section 4(a)(i) or 4(a)(iii) of this Agreement, and (iii) the satisfaction of
the agreement of the other party contained in Section 4(d) of this Agreement, provided
that it shall not be a breach of this representation where reliance is placed
on clause (ii) and the other party does not deliver a form or document under
Section 4(a)(iii) by reason of material prejudice to its legal or commercial
position.

(b)                                 Payee Representations.  For the purpose of Section 3(f) of this
Agreement, Party A and Party B make the following representations:-

(i)                                     The
following representation applies to Party A:

Party A is a national
banking association organized under the laws of the United States.

(ii)                                  The
following representation applies to Party B:

Party
B is a statutory trust organized under the laws of Delaware.

Part 3.  Agreement to
Deliver Documents

For the purpose of
Section 4(a)(i) and (ii) of this Agreement, each Party agrees to deliver the
following documents as applicable:-

(a)                                  Tax
forms, documents or certificates to be delivered are:-

	
  Party Required to deliver

  Document

  	
   

  	
  Form/Document/Certificate

  	
   

  	
  Date by which to Delivered

  
	
  Party B

  	
   

  	
  An executed U.S.
  Internal Revenue Service Form W-9 (or any successor thereto)

  	
   

  	
  (i) Before the first
  Payment Date under this Agreement, (ii) promptly upon reasonable demand by
  Party A and (iii) promptly upon learning that any such form previously
  provided to Party A has become obsolete or incorrect.

  

 

 5
 

 

(b)                                 Other
documents to be delivered are:

	
  Party Required to

  deliver Document

  	
   

  	
  Form/Document/Certificate

  	
   

  	
  Date by which to be

  Delivered

  	
   

  	
  Covered by Section

  3(d) Representation

  
	
  Party B

  	
   

  	
  Credit Support Document
  specified in Part 4 of the Schedule, such Credit Support Document being duly
  executed.

  	
   

  	
  Concurrently with the
  execution of this Agreement.

  	
   

  	
  Yes

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Party A/Party B

  	
   

  	
  Incumbency certificate
  or other documents evidencing the authority of the party entering into this
  Agreement or any other document executed in connection with this Agreement.

  	
   

  	
  Concurrently with the
  execution of this Agreement or of any other documents executed in connection
  with this Agreement.

  	
   

  	
  Yes

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Party B

  	
   

  	
  Certified copy of each
  report delivered under the Indenture and/or any other Basic Document.

  	
   

  	
  Upon availability.

  	
   

  	
  Yes

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Party B

  	
   

  	
  Legal opinion(s) from
  counsel for Party B (or other acceptable counsel(s)) concerning
  enforceability and related matters, acceptable to Party A.

  	
   

  	
  Concurrently with the
  execution of this Agreement.

  	
   

  	
  No

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Party A

  	
   

  	
  Legal opinion(s) from
  counsel for Party A (or other acceptable counsel(s)) concerning
  enforceability and related matters, acceptable to Party B.

  	
   

  	
  Concurrently with the
  execution of this Agreement.

  	
   

  	
  No

  

 6
 

 

Part 4.  Miscellaneous

(a)                                  Addresses for Notices:
For the purpose of Section 12(a) of this Agreement:-

(i)                                    Addresses
for notices or communications to Party A: -

Bank of America,
N.A.

Sears Tower

233 South Wacker
Drive, Suite 2800

Chicago, Illinois
60606

Attention:  Swap Operations

Telephone
No.:  312-234-2732

Facsimile No.:   866-255-1444

with a copy to:

Bank of America,
N.A.

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

Charlotte, North
Carolina 28255

Attention:   Global Markets Trading Agreements

Facsimile No.:   704-386-4113

(ii)                                  Address
for notices or communications to Party B:-

c/o The Bank of
New York

101 Barclay
Street, Floor 8W

New York, New York
10286

Attention: 
Corporate Trust Administration - ABS Unit

With a copy to:

CNH Capital
America LLC

100 South Saunders
Road

Lake Forest,
Illinois 60045

Attention:  Financial Risk Management/Treasury

Telephone No.:
847-955-3945

Facsimile No.:  847-955-4938

(For all purposes)

(b)                                 Process Agent.  For
the purpose of Section 13(c):-

Party
A appoints as its Process Agent:     Not Applicable.

Party
B appoints as its Process Agent:     Not Applicable.

(c)                                  Offices.  The provisions of Section 10(a) will
apply to this Agreement.

(d)                                 Multibranch Party. 
For the purpose of Section 10(c) of this Agreement:-

Party
A is a Multibranch Party and may act through its Charlotte, North Carolina,
Chicago, Illinois, San Francisco, California, New York, New York, Boston,
Massachusetts or London, England Office, or such other Office as may be agreed
to by the parties in connection with a Transaction.

 7
 

 

Party B is not a Multibranch Party.

(e)                                  Calculation Agent. The Calculation Agent is Party A.

(f)                                    Credit Support Document.
Details of any Credit Support Document:-

Credit Support Document means in relation to
Party A:                                           Credit
Support Annex, if required pursuant to Part 1(i) hereof.

Credit Support Document means in relation to
Party B:                                             The
Indenture.

(g)                                 Credit Support Provider.

Credit
Support Provider means in relation to Party A: Not Applicable.

Credit
Support Provider means in relation to Party B: Not Applicable.

(h)                                 Governing Law.
This Agreement will be governed by and construed in accordance with the laws of
the State of New York without reference to the conflict of laws provisions
thereof (excepting for the avoidance of doubt Sections 5-1401 and 5-1402 of the
New York General Obligations Law).

(i)                                     Netting of Payments. Subparagraph (ii) of Section 2(c) of
this Agreement will apply.

(j)                                     “Affiliate” will have the meaning specified in Section 14 of
this Agreement.

Part 5.  Other
Provisions

(1)                                  Representations.
Section 3(a)(iii) is hereby amended by inserting the words “or investment
policies, or guidelines, procedures, or restrictions” immediately following the
word “documents”.

(2)                                  Financial
Statements.  Section 3(d) is hereby
amended by adding in the third line thereof after the word “respect” and before
the period:

“or,
in the case of financial statements, a fair presentation of the financial
condition of the relevant party”.

 (3)                               Additional Representations.  For purposes of Section 3, the following
shall be added, immediately following paragraph (f) thereto:

(g)
                              It
is an “eligible contract participant” within the meaning of Section 1(a)(12) of
the Commodity Exchange Act, as amended.

(h)                                 It
has entered into this Agreement (including each Transaction evidenced hereby)
in conjunction with its line of business (including financial intermediation
services) or the financing of its business.

 8
 

 

(i)                                     It
is entering into this Agreement, any Credit Support Document to which it is a
party, each Transaction and any other documentation relating to this Agreement
or any Transaction as principal (and not as agent or in any other capacity,
fiduciary or otherwise).

In
addition, the parties each represent (which representations will be deemed to
be repeated on each date on which a Transaction is entered into) that:

(j)                                     Non-Reliance.  Each party represents to the other party
(which representation will be deemed to be repeated by each party on each date
on which a Transaction is entered into or amended, extended or otherwise
modified) that it is acting for its own account, and has made its own independent
decisions to enter into this Agreement and any Transaction hereunder and as to
whether this Agreement and any Transaction hereunder is appropriate or proper
for it based on its own judgment and upon advice from such advisors as it has
deemed necessary.  It is not relying on
any communication (written or oral) of the other party as investment advice or
as a recommendation to enter into this Agreement or any Transaction hereunder,
it being understood that information and explanations related to the terms and
conditions of this Agreement and any Transaction hereunder shall not be
considered investment advice or a recommendation to enter into this Agreement
or any Transaction hereunder.  No
communication (written or oral) received from the other party shall be deemed
to be an assurance or guarantee as to the expected results of any Transaction
hereunder.  It is capable of assessing
the merits of and understanding (on its own behalf or through independent
professional advice), and understands and accepts, the terms, conditions and
risks of any Transaction hereunder.  It
is also capable of assuming, and assumes, the risks of any Transaction
hereunder.

(4)                                  Method of Notice.  Section 12(a)(ii) of this Agreement is
deleted in its entirety.

(5)                                  Set-off.
Without affecting the provisions of this Agreement requiring the calculation of
certain net payment amounts, as a result of an Event of Default or Additional
Termination Event or otherwise, all payments under this Agreement will be made
without setoff or counterclaim.

(6)                                  Escrow.  If by reason of the time difference between
the cities in which payments are to be made, it is not possible for
simultaneous payments to be made on any date on which both parties are required
to make payments hereunder, either party may, at its option and in its sole
discretion, notify the other party that payments on that date are to be made in
escrow.  In this case, deposit of the
payment due earlier on that date shall be made by 2:00 p.m. (local time at the
place for the earlier payment) on that date with an escrow agent selected by
the notifying party, accompanied by irrevocable payment instruction (i) to
release the deposited payment to the intended recipient upon receipt by the
escrow agent of the required deposit of the corresponding payment from the
other party on the same date accompanied by irrevocable payment instructions to
the same effect or (ii) if the required deposit of the corresponding payment is
not made on that same date, to return the payment deposited to the party that
paid it in escrow.  The party that elects
to have payments made in escrow shall pay the costs of the escrow 

 9
 

 

arrangements and shall
cause those arrangements to provide that the intended recipient of the payment
due to be deposited first shall be entitled to interest on that deposited
payment for each day in the period of its deposit at the rate offered by the
escrow agent for that day for overnight deposits in the relevant currency in
the office where it holds that deposited payment (at 11:00 a.m. local time on
that day) if that payment is not released by 5:00 p.m. local time on the date
it is deposited for any reason, other than the intended recipient’s failure to
make the escrow deposit it is required to make hereunder in a timely fashion.

(7)                                  Telephone Recording.  Each party (i) consents to the recording of
the telephone conversations of trading and marketing personnel of the parties
and their Affiliates in connection with this Agreement or any potential
Transaction and (ii) agrees that such recordings may be submitted in evidence
in any Proceedings relating to this Agreement.

(8)                                  Waiver of Jury Trial.  Each Party hereby
irrevocably waives any and all right to trial by jury with respect to any legal
proceeding arising out of or relating to this Agreement or any Transaction
contemplated hereunder.

(9)                                  Definitions.  Capitalized terms used within this Agreement
or in the Confirmations to the Transaction but not defined herein or therein
shall have the meanings assigned to such terms in the Indenture.

(10)                            Additional Acknowledgments and Agreements of the
Parties.

(a)                                   No Amendment without Prior Confirmation by Rating
Agencies.  Section 9(b) of this Agreement is hereby
amended by adding the following at the end of such Section:  “, and unless the Rating Agencies confirm
that such amendment will not cause the reduction, suspension or withdrawal of
the then current rating on any of the Notes, unless such amendment clarifies
any term or provision, corrects any inconsistency, cures any ambiguity, or
corrects any typographical error in the Agreement (in which case copies of such
proposed amendment will be provided to the Rating Agencies prior to the
effectiveness of such amendment).”

(b)                                 Consent by Party A to Amendments to Certain
Documents.  Notwithstanding anything to the contrary in
any Basic Document, before any amendment or supplement is made to the
Indenture, the Sale and Servicing Agreement and/or any other Basic Document
which would adversely affect any of Party A’s rights or obligations under this
Agreement (or adversely modify the obligations of, or adversely impair the
ability of, Party B to fully perform any of Party B’s obligations under this
Agreement) Party B shall provide Party A with a copy of the proposed amendment
or supplement and shall obtain the written consent of Party A (which consent
shall not be unreasonably withheld) to such amendment or supplement prior to
its adoption, as well as satisfaction of the Rating Agency Condition.

(11)                            Limited Transactions.  Party A and Party B each agrees and acknowledges
that the only Transaction that is or will be governed by this Agreement is the
Transaction evidenced by the Confirmation dated the date hereof.

 10
 

 

(12)                            Notices to Noteholders.  Party B shall provide Party A with copies of
all notices given to the holders of the Notes, and upon request, shall provide
Party A with any other notices which could be requested by the holders of the
Notes.

(13)                            Further Representations of Party B:

(a)                                  The
Class A-4 Notes are rated “Aaa” by Moody’s, “AAA” by S&P and “AAA” by Fitch
as to the timely payment of interest and principal and without regard to third
party credit enhancement.

(b)                                 Party
B is a statutory trust validly existing under the laws of Delaware.

(c)                                  All
conditions precedent to the issuance of the Notes under the Indenture have been
satisfied.

(d)                                 Each
of the Basic Documents to which it is a party has been duly authorized,
executed and delivered by it.

(e)                                  Assuming
the due authorization, execution and delivery thereof by the other parties
thereto, each of the Indenture and the other Basic Documents to which Party B
is a party constitutes the legal, valid and binding obligations of Party B,
enforceable against Party B in accordance with the terms thereof, subject to
applicable bankruptcy, insolvency and similar laws or legal principles
affecting creditors’ rights generally, and subject, as to enforceability, to
general principles of equity regardless of whether enforcement is sought in a
proceeding in equity or at law.

(f)                                    The
Indenture and the other Basic Documents to which Party B is a party are in full
force and effect on the date hereof and there have been no amendments or
waivers or modifications of any of the terms thereof since the original
execution and delivery of the Indenture and the other Basic Documents to which
Party B is a party, except such as may have been delivered to Party B.

(g)                                 To
the best of its knowledge, no event of default (or event which would, with the
passage of time or the giving of notice (or both) constitute an event of
default) has occurred and is continuing under any of the Basic Documents to
which Party B is a party.

(h)                                 The
purchase, holding and transfer of the Class A-4 Notes will, throughout the term
of this Agreement, be prohibited to any person who cannot make the following
deemed representation:  Either (a) it is
not an “employee benefit plan” within the meaning of Section 3(3) of the
Employee Retirement Income Security Act of 1974, as amended (“ERISA”), that is
subject to Title I of ERISA, a “plan” as defined in Section 4975 of the
Internal Revenue Code of 1986, as amended (the “Code”), an entity deemed to
hold “plan assets” of any of the foregoing or a “governmental plan” as defined
in Section 3(32) of ERISA that is subject to any law substantially similar to
ERISA or Section 4975 of the Code or (b) the acquisition and holding of the
Note or any interest therein will not result in a non-exempt prohibited
transaction under Section 406 of ERISA, Section 4975 of the Code or any
substantially similar applicable law.

 11
 

 

(14)                            Transfer.  (a) 
Party A consents to the pledge and assignment by Party B of Party B’s
rights hereunder to the Indenture Trustee pursuant to the Indenture.  (b) Party A may transfer or assign its rights
and obligations under this Agreement to any entity so long as the Rating Agency
Condition is satisfied.

(15)                            USA PATRIOT Act Notice. Party A hereby
notifies Party B that pursuant to the requirements of the USA Patriot Act
(Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “Act”),
it is required to obtain, verify and record information that identifies
Party B, which information includes the name and address of Party B
and other information that will allow Party A to identify Party B in
accordance with the Act.

(16)                            Non-Petition.  Party A hereby agrees that it will not, prior
to the date which is one year and one day after all Class A Notes issued by
Party B pursuant to the Indenture have been paid in full, acquiesce, petition
or otherwise invoke or cause Party B to invoke the process of any court or governmental
authority for the purpose of commencing or sustaining a case against Party B
under any federal or state bankruptcy, insolvency or similar law or for the
purpose of appointing a receiver, liquidator, assignee, trustee, custodian,
sequestrator or other similar official for Party B or any substantial part of
the property of Party B, or for the purpose of ordering the winding up or
liquidation of the affairs of Party B. 
Nothing herein shall prevent Party A from participating in any such
proceeding once commenced.

(17)                            Limited Recourse.  (a) The obligations of Party B under this
Agreement are limited recourse obligations of Party B, payable solely from the
Trust Estate (as such term is defined in the Indenture), subject to and in
accordance with the terms of the Indenture, and, following realization of the
Trust Estate, any claims of Party A against Party B shall be extinguished.  It is understood that the foregoing
provisions shall not (i) prevent recourse to the Trust Estate for the sums due
or to become due under any security, instrument or agreement which is part of
the Trust Estate (subject to the priority of payments set forth in the
Indenture) or (ii) constitute a waiver, release or discharge of any obligation
of Party B arising under this Agreement until the Trust Estate have been
realized and the proceeds applied in accordance with the Indenture, whereupon
any outstanding obligation of Party B under this Agreement shall be
extinguished.

(b)  It
is expressly understood and agreed by the parties hereto that (i) this
Agreement and each Transaction entered into pursuant to this Agreement is
entered into by The Bank of New York, not individually or personally but solely
as Trustee of the CNH Equipment Trust 2006-B (the “Trust”) in the exercise of
the powers and authority conferred and vested in it, (ii) the representations,
undertakings and agreements herein made on the part of the Trust are made and
intended not as personal representations, undertakings and agreements by the
Trustee, but are made and intended for the purpose of binding only the Trust,
(iii) nothing herein contained shall be construed as creating any liability on
the Trustee on the part of the Trust, individually or personally, to perform
any covenant either expressed or implied herein, all such liability, if any,
being expressly waived by the parties who are signatories to this Agreement and
by any Persons claiming by, through or under such parties, and (iv) under no
circumstances shall the Trustee be personally liable for the payment of any
indebtedness or expenses of the Trust or be liable for the breach or failure of
any obligation, representation, warranty 

 12
 

 

or covenant made or undertaken by the
Trust under this Agreement; provided, however,
that in each case the Trustee shall be liable in its individual capacity for
its own willful misconduct, fraud and/or negligence.

(18)                            Incorporation of Disclosure Agreement Terms.
Party B shall be a third party beneficiary of the Disclosure Agreement.

IN WITNESS WHEREOF the parties
have executed this document as of the date specified on the first page of this
document.

	
    

   	
   BANK OF AMERICA, N.A.

   	
    

   	
    

   	
     CNH EQUIPMENT TRUST 2006-B

   
	
    

   	
    

   	
    

   	
    

   	
    

   
	
    

   	
    

   	
    

   	
   By:  THE BANK OF NEW YORK, not in

   its individual capacity, but solely as

   Trustee

   
	
    

   	
    

   	
    

   
	
   /s/Roger
   Heintzelman

   	
    

   	
   /s/Catherine Murray

   
	
   Name:

   	
   Roger Heintzelman

   	
    

   	
   Name:

   	
   Catherine Murray

   
	
   Title:

   	
   Senior Vice President

   	
    

   	
   Title:

   	
   Assistant Vice President

   
	
   Date:

   	
   September 19,
   2006

   	
    

   	
   Date:

   	
   September 19, 2006

   
						

 

 13

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