Document:

Exhibit 4.1

 

 

CNH WHOLESALE
MASTER NOTE TRUST

as Issuer

and

JPMORGAN CHASE
BANK, N.A.

as Indenture
Trustee

 

SERIES 2005-1
INDENTURE SUPPLEMENT

dated as of June
29, 2005

to

INDENTURE

dated as of
September 1, 2003

 

 

 

TABLE OF CONTENTS

 

	
  ARTICLE I

  	
   

  	
  DEFINITIONS AND OTHER PROVISIONS OF GENERAL
  APPLICATION

  	
   

  
	
   

  	
   

  
	
  Section 1.01

  	
   

  	
  Definitions

  	
   

  
	
  Section 1.02

  	
   

  	
  Governing Law

  	
   

  
	
  Section 1.03

  	
   

  	
  Counterparts

  	
   

  
	
  Section 1.04

  	
   

  	
  Ratification of Indenture

  	
   

  
	
  Section 1.05

  	
   

  	
  Consents and Planned Amendments and Other
  Actions

  	
   

  
	
   

  	
   

  
	
  ARTICLE II

  	
   

  	
  THE SERIES 2005-1 NOTES

  	
   

  
	
   

  	
   

  
	
  Section 2.01

  	
   

  	
  Creation and Designation

  	
   

  
	
  Section 2.02

  	
   

  	
  Form of Delivery; Depository;
  Denominations

  	
   

  
	
  Section 2.03

  	
   

  	
  Delivery and Payment

  	
   

  
	
   

  	
   

  
	
  ARTICLE III

  	
   

  	
  ALLOCATIONS, DEPOSITS AND PAYMENTS

  	
   

  
	
   

  	
   

  
	
  Section 3.01

  	
   

  	
  Allocations of Series 2005-1 Available
  Interest Amount

  	
   

  
	
  Section 3.02

  	
   

  	
  Amounts to be Treated as Series 2005-1
  Available Interest Amount; Other Deposits to the Interest Funding Account

  	
   

  
	
  Section 3.03

  	
   

  	
  Allocations of Reductions from Investor
  Charge-Offs to the Series 2005-1 Available Subordinated Amount and the
  Collateral Amount

  	
   

  
	
  Section 3.04

  	
   

  	
  Allocations of Reimbursements of the
  Collateral Amount Deficit and the Series 2005-1 Available Subordinated Amount

  	
   

  
	
  Section 3.05

  	
   

  	
  Deposits of Principal Collections to the
  Collection Account During the Revolving Period; Application of Series 2005-1
  Available Principal Amounts

  	
   

  
	
  Section 3.06

  	
   

  	
  Computation of Reductions to the
  Collateral Amount and the Series 2005-1 Available Subordinated Amount from
  Reallocations of Series 2005-1 Available Principal Amounts

  	
   

  
	
  Section 3.07

  	
   

  	
  Targeted Deposits of Series 2005-1
  Available Principal Amounts to the Principal Funding Account

  	
   

  
	
  Section 3.08

  	
   

  	
  Amounts to be Treated as Series 2005-1
  Available Principal Amounts; Other Deposits to Principal Funding Account

  	
   

  
	
  Section 3.09

  	
   

  	
  Withdrawals from Interest Funding Account

  	
   

  
	
  Section 3.10

  	
   

  	
  Withdrawals from Principal Funding Account

  	
   

  
	
  Section 3.11

  	
   

  	
  Limit on Repayment of the Series 2005-1
  Notes

  	
   

  
								

 

i

 

	
  Section 3.12

  	
   

  	
  Calculation of Collateral Amount of Series
  2005-1 Notes and Series 2005-1 Available Subordinated Amount

  	
   

  
	
  Section 3.13

  	
   

  	
  Payments to
  Noteholders

  	
   

  
	
  Section
  3.14

  	
   

  	
  Sale
  of Receivables for Accelerated Notes

  	
   

  
	
  Section
  3.15

  	
   

  	
  Calculation
  Agent; Determination of LIBOR

  	
   

  
	
  Section
  3.16

  	
   

  	
  Excess
  Available Interest Amount Sharing

  	
   

  
	
  Section
  3.17

  	
   

  	
  Excess
  Available Principal Amount Sharing

  	
   

  
	
  Section 3.18

  	
   

  	
  Computation
  of Interest

  	
   

  
	
  Section
  3.19

  	
   

  	
  Variable
  Accumulation Period

  	
   

  
	
  Section
  3.20

  	
   

  	
  Payment
  Instructions and Monthly Noteholders’ Report

  	
   

  
	
  Section 3.21

  	
   

  	
  Limited Recourse

  	
   

  
	
  Section 3.22

  	
   

  	
  Prefunding

  	
   

  
	
   

  	
   

  
	
  ARTICLE
  IV

  	
   

  	
  EARLY
  AMORTIZATION OF NOTES

  	
   

  
	
   

  	
   

  
	
  Section
  4.01

  	
   

  	
  Early
  Amortization Events

  	
   

  
	
   

  	
   

  
	
  ARTICLE V

  	
   

  	
  ACCOUNTS AND
  INVESTMENTS

  	
   

  
	
   

  	
   

  
	
  Section 5.01

  	
   

  	
  Accounts

  	
   

  
								

 

ii

 

This SERIES
2005-1 INDENTURE SUPPLEMENT (this “Indenture Supplement”), by and between CNH
WHOLESALE MASTER NOTE TRUST, a statutory trust created under the laws of the
State of Delaware (the “Issuer”), and JPMorgan Chase Bank, N.A., a national
banking association (the “Indenture Trustee”), is made and entered into as of
June 29, 2005.

 

Pursuant to
this Indenture Supplement, the Issuer shall create a new Series and shall
specify the principal terms thereof.

 

ARTICLE I

DEFINITIONS AND OTHER PROVISIONS

OF GENERAL APPLICATION

 

Section 1.01                                Definitions.  For all purposes of this Indenture
Supplement, except as otherwise expressly provided or unless the context
otherwise requires:

 

(1)                                  the
terms defined in this Article I have the meanings assigned to them in
this Article I, and include the plural as well as the singular;

 

(2)                                  all
other terms used herein which are defined in the Indenture, either directly or
by reference therein, have the meanings assigned to them in the Indenture and,
if not defined in the Indenture, have the meanings assigned to them in the
Transfer and Servicing Agreement, as applicable;

 

(3)                                  all
accounting terms not otherwise defined herein have the meanings assigned to
them in accordance with generally accepted accounting principles and, except as
otherwise herein expressly provided, the term “generally accepted accounting
principles” with respect to any computation required or permitted hereunder
means such accounting principles as are generally accepted in the United States
of America at the date of such computation;

 

(4)                                  all
references in this Indenture Supplement to designated “Articles,” “Sections”
and other subdivisions are to the designated Articles, Sections and other
subdivisions of this Indenture Supplement. 
The words “herein,” “hereof” and “hereunder” and other words of similar
import refer to this Indenture Supplement as a whole and not to any particular
Article, Section or other subdivision;

 

(5)                                  in
the event that any term or provision contained herein shall conflict with or be
inconsistent with any term or provision contained in the Indenture, the terms
and provisions of this Indenture Supplement shall be controlling;

 

 

(6)           except as
expressly provided herein, each capitalized term defined herein shall relate
only to the Series 2005-1 Notes and no other Series; and

 

(7)           “including”
and words of similar import will be deemed to be followed by “without
limitation.”

 

“Accumulation
Period” means the period from and including the Accumulation Period
Commencement Date and terminating on the earlier of (i) the Payment Date on
which the Adjusted Outstanding Dollar Principal Amount is reduced to zero and
(ii) the close of business on the day immediately preceding the day on which an
Early Amortization Period commences.

 

“Accumulation
Period Commencement Date” means December 1, 2007, or, if the Servicer makes an
election pursuant to Section 3.19, the
earlier or later date selected by the Servicer pursuant to Section 3.19.

 

“Accumulation
Period Length” means the number of full Collection Periods between the
Accumulation Period Commencement Date and the Scheduled Final Payment Date.

 

“Adjusted
Outstanding Dollar Principal Amount” means the Outstanding Dollar Principal
Amount, less any amounts on deposit (other than Investment Earnings) in
the Principal Funding Account.

 

“Aggregate
Series Available Interest Amount Shortfall” means the sum of the Series
available interest amount shortfalls (as such concept is defined in each of the
related Indenture Supplements) for all Series, including the Series 2005-1
Available Interest Amount Shortfall.

 

“Aggregate
Series Available Principal Shortfall” means the sum of the Series available
principal amount shortfalls (as such concept is defined in the related
Indenture Supplements) for all Series, including the Series 2005-1 Available
Principal Amount Shortfall.

 

“Authorized
Officer” is defined in the Indenture.

 

“Backup
Servicer” means Systems & Services Technologies, Inc., a Delaware
corporation.

 

“Backup
Servicer Account” is defined in the Backup Servicing Agreement.

 

“Backup
Servicer Fees” is defined in the Backup Servicing Agreement.

 

“Backup
Servicing Agreement” means the backup servicing agreement, dated as of March
26, 2004, among the Servicer, the Transferor, the Issuer and the Backup
Servicer.

 

“Calculation
Agent” is defined in Section 3.15.

 

“Class A
Monthly Interest” is defined in Section 3.01(c).

 

2

 

“Class A Note
Initial Principal Balance” means $698,489,000.

 

“Class A Note
Principal Balance” means, on any Determination Date, an amount equal to (a) the
Class A Note Initial Principal Balance, minus (b) the aggregate amount
of principal payments made to the Class A Noteholders on or prior to such date.

 

“Class A
Noteholder” means the Person in whose name a Class A Note is registered in the
Note Register.

 

“Class A Notes”
means any one of the Notes executed by the Issuer and authenticated by or on
behalf of the Indenture Trustee, substantially in the form of Exhibit A.

 

“Class A Rate”
means, with respect to an Interest Period, a rate per annum equal to LIBOR, as
determined by the Calculation Agent on the related LIBOR Determination Date
with respect to such Interest Period, plus 0.11%.

 

“Class B
Monthly Interest” is defined in Section 3.01(d).

 

“Class B Note
Initial Principal Balance” means $51,511,000.

 

“Class B Note
Principal Balance” means, on any Determination Date, an amount equal to (a) the
Class B Note Initial Principal Balance, minus (b) the aggregate amount
of principal payments made to the Class B Noteholders on or prior to such date.

 

“Class B Noteholder”
means the Person in whose name a Class B Note is registered in the Note
Register.

 

“Class B Notes”
means any one of the Notes executed by the Issuer and authenticated by or on
behalf of the Indenture Trustee, substantially in the form of Exhibit B.

 

“Class B Rate”
means, with respect to an Interest Period, a rate per annum equal to LIBOR, as
determined by the Calculation Agent on the related LIBOR Determination Date
with respect to such Interest Period, plus 0.40%.

 

“Collateral
Amount” means, with respect to the Series 2005-1 Notes the amount calculated
pursuant to Section 3.12(a).  The initial Collateral Amount is
$750,000,000.

 

“Controlled
Accumulation Amount” means (i) the Outstanding Dollar Principal Amount as of
the Accumulation Period Commencement Date, divided by (ii) the
Accumulation Period Length.

 

“Controlled
Deposit Amount” means, with respect to any Payment Date, the excess of (i) the
Controlled Accumulation Amount plus portions of Controlled Accumulation
Amounts, if any, that were to be deposited on a prior Payment Date but were not
so deposited over (ii)
any funds in the Excess Funding Account that are allocable to the Series 2005-1
Notes and have not been deposited into the Principal Funding Account as of such
Payment Date.

 

3

 

“Dealer
Overconcentration Amount” means the sum of the Dealer Overconcentrations.

 

“Dealer
Overconcentrations” on any Payment Date means, with respect to any Main Dealer,
the excess, if any, of:

 

(a)                                  the
aggregate of all amounts of Principal Receivables due from the Main Dealer on
the last day of the Collection Period immediately preceding such Payment Date;
over

 

(b)                                 (i)
4.50% of the Pool Balance on the last day of the immediately preceding
Collection Period, with respect to the Main Dealer that has an Account with the
highest outstanding principal balance, (ii) 2.25% of the Pool Balance on the
last day of the immediately preceding Collection Period, with respect to either
of the two Main Dealers with Accounts with the second and third highest
outstanding principal balances, or (iii) 2.00% of the Pool Balance on the last
day of the immediately preceding Collection Period, with respect to any other
single Main Dealer.

 

“Early
Amortization Period” means the period from and including the date on which a
Series 2005-1 Early Amortization Event occurs and terminating on the earliest
of (i) the Payment Date on which the Outstanding Dollar Principal Amount has
been reduced to zero, (ii) the Legal Final Maturity Date and (iii) if such
Early Amortization Period has commenced before the scheduled termination of the
Revolving Period, the day on which the Revolving Period recommences pursuant to
Section 4.01.

 

“Fitch” means
Fitch, Inc.

 

“Indenture”
means the Indenture, dated as of September 1, 2003, between the Issuer and
JPMorgan Chase Bank, N.A., formerly known as JPMorgan Chase Bank, as Indenture
Trustee, as amended, restated and supplemented from time to time.

 

“Interest
Funding Account” means the Qualified Account designated as such and established
pursuant to Section 5.01(a).

 

“Interest
Payment Date” means the 15th day of each calendar month, or if such 15th day is
not a Business Day, the next succeeding Business Day.  The initial Interest Payment Date is August
15, 2005.

 

“Interest
Period” means, with respect to any Interest Payment Date, the period from and
including the previous Interest Payment Date (or in the case of the initial
Interest Payment Date, from and including the Closing Date) to but excluding
such current Interest Payment Date.

 

“Investment
Earnings” means, for any Payment Date, all interest and earnings on Eligible
Investments included in the Reserve Fund or the Principal Funding Account, as
applicable (net of losses and investment expenses) during the period commencing
on and

 

4

 

including the Payment Date
immediately preceding such Payment Date and ending on but excluding such
Payment Date.

 

“Investor
Charge-Off” means, with respect to any Payment Date, the aggregate amount, if
any, by which the sum of (i) the Investor Default Amount and the Investor
Uncovered Dilution Amount, if any, for the preceding Collection Period exceeds
the Series 2005-1 Available Interest Amount for such Payment Date available
after giving effect to clauses (a), (b), (c) and (d)
of Section 3.01.

 

“Investor
Default Amount” means, an amount equal to the product of (a) the Defaulted
Amount times (b) the
Series 2005-1 Floating Allocating Percentage.

 

“Investor
Uncovered Dilution Amount” means an amount equal to the product of (x) the
Series 2005-1 Floating Allocating Percentage for the related Collection Period,
times (y) the aggregate Investor
Dilution Amount occurring during that Collection Period as to which any deposit
is required to be made to the Excess Funding Account pursuant to Section
3.09 of the Transfer and Servicing Agreement but
has not been made; provided, that,  if the Transferor Amount is greater than zero
at the time the deposit referred to in clause (y)
is required to be made, the Investor Uncovered Dilution Amount for such amount
to be deposited shall be deemed to be zero.

 

“Legal Final
Maturity Date” means the Payment Date in June 15, 2011.

 

“LIBOR” means,
with respect to any Interest Period, the London interbank offered rate
determined in accordance with Section 3.15.

 

“LIBOR
Business Day” means a day that is both a Business Day and a day on which
banking institutions in the City of London, England are not required or
authorized by law to be closed.

 

“LIBOR
Determination Date” means, with respect to any Interest Period, the second
LIBOR Business Day preceding such Interest Period.

 

“Monthly
Backup Servicing Fee” means the product of (a) a fraction, the numerator of
which is the Series 2005-1 Security Amount and the denominator of which is the
aggregate of the Security Amounts for all Series, including the 2005-1 Security
Amount and (b) the Backup Servicer Fees.

 

“Monthly
Payment Rate” means, for a Collection Period, the percentage obtained by
dividing Principal Collections for such Collection Period by the Pool
Balance on the first day of the related Collection Period.

 

“Monthly Servicing
Fee” means 1/12  times the result of (a) 1% times (b) the Collateral Amount provided that with respect
to any Successor Servicer under the Transfer and Servicing Agreement, the
Monthly Servicing Fee for each Collection Period shall be equal to the greater
of (a) 1/12th of 1.00% of the Collateral Amount as of the first day
of such Collection Period, and (b) $7,500.

 

5

 

“Moody’s”
means Moody’s Investors Service, Inc.

 

“Outstanding
Dollar Principal Amount” means, on any Determination Date, an amount equal to
the sum of the Class A Note Principal Balance and the Class B Note Principal
Balance.

 

“Paying Agent”
means, initially, the Indenture Trustee.

 

“Payment Date”
means, with respect to the Notes, any Principal Payment Date or any Interest
Payment Date.

 

“Principal
Funding Account” means the Qualified Account designated as such and established
pursuant to Section 5.01(a).

 

“Principal
Payment Date” means, the Scheduled Final Payment Date or, upon the acceleration
of the Series 2005-1 Notes following an Event of Default or the occurrence of a
Series 2005-1 Early Amortization Event, each Interest Payment Date occurring
after such acceleration or Series 2005-1 Early Amortization Event.

 

“Rating Agency”
means, with respect to the Series 2005-1 Notes, each of Moody’s, S&P and
Fitch.

 

“Receivables
Sales Proceeds” means, with respect to the Series 2005-1 Notes, the proceeds of
the sale of Receivables with respect to such Series pursuant to Section 3.14. 
Receivables Sales Proceeds do not constitute Available Principal
Amounts.

 

“Record Date”
means, with respect to any Payment Date, (i) if the Series 2005-1 Notes are
Global Notes, the day immediately preceding such Payment Date and (ii) if the
Series 2005-1 Notes are definitive Notes, the last day of the calendar month
ending before such Payment Date.

 

“Reference
Banks” means four major banks engaged in transactions in the London interbank
market, selected by the Calculation Agent for the purpose of determining LIBOR.

 

“Rental
Overconcentration Amount” on any Payment Date means the excess, if any, of:

 

(a)           the
aggregate of all amounts of Principal Receivables relating to Equipment in a
rent-to-own program or purchased by a Dealer for its rental business on the
last day of the Collection Period immediately preceding such Payment Date; over

 

(b)           15%
of the aggregate Pool Balance on the last day of the immediately preceding
Collection Period.

 

“Required Pool
Percentage” means 107%.

 

6

 

“Reserve Fund”
means the Qualified Account designated as such and established pursuant to Section 5.01(a).

 

“Reserve Fund
Available Amount” means, for any Payment Date, the amount on deposit in the
Reserve Fund (other than Investment Earnings) on such date, but before giving
effect to any deposit made or to be made to the Reserve Fund on such date).

 

“Reserve Fund
Required Amount” means for any Payment Date, an amount equal to the lesser of
(a) 2.00% of the initial Outstanding Dollar Principal Amount and (b) the
Outstanding Dollar Principal Amount on such Payment Date.

 

“Revolving
Period” means the period beginning at the close of business on the Series
2005-1 Closing Date, and terminating at the earlier of (i) the close of
business on the day immediately preceding the Accumulation Period Commencement
Date and (ii) the close of business on the day immediately preceding the day on
which an Early Amortization Period commences. The Revolving Period, however,
may recommence upon the termination of an Early Amortization Period pursuant to
Section 4.01.

 

“Scheduled
Final Payment Date” means the Payment Date in June 15, 2008.

 

“Series 2005-1”
means the Series the terms of which are specified in this Indenture Supplement.

 

“Series 2005-1
Accounts” is defined in Section 5.01(a).

 

“Series 2005-1
Available Amount” means, with respect to each Payment Date, the sum of the
Series 2005-1 Available Interest Amount and the Series 2005-1 Available
Principal Amount, for such Payment Date.

 

“Series 2005-1
Available Interest Amount” means, with respect to any Payment Date, the sum of
(a) the Available Interest Amount allocated to Series 2005-1 pursuant to Section
5.01 of the Indenture and (b) any amounts to be treated as part of the
Series 2005-1 Available Interest Amount pursuant to Section
3.02(a).

 

“Series 2005-1
Available Interest Amount Shortfall” means, with respect to any Payment Date,
the excess, if any, of (i) the aggregate amount required to be applied pursuant
to Sections 3.01(a) through (i) for such Payment Date over (ii) the Series 2005-1
Available Interest Amount (excluding amounts to be treated as part of the
Series 2005-1 Available Interest Amount pursuant to Section
3.16(a) for such Payment Date).

 

“Series 2005-1
Available Principal Amount” means, with respect to each Payment Date, the sum
of (a) the Available Principal Amount allocated to Series 2005-1 pursuant to Section
5.02 of the Indenture, (b) Series 2005-1 Excess Funding Amount allocated to
Series 2005-1 on that Payment Date, (c) any amounts to be treated as part of
the Series 2005-1 Available Principal Amount pursuant to Section 3.01(e) and (d) any amounts allocated
pursuant to Section 3.01(g).

 

7

 

“Series 2005-1
Available Principal Amount Shortfall” means, with respect to any Payment Date,
the excess, if any, of (i) the aggregate amount required to be applied pursuant
to Section 3.07 over (ii) the Series 2005-1 Available Principal Amount
(excluding amounts to be treated as part of the Series 2005-1 Available
Principal Amount pursuant to Section 3.17(a)
for such Payment Date); provided, that
the Issuer, when authorized by an Officer’s Certificate, may amend or otherwise
modify this definition of Series 2005-1 Available Principal Amount Shortfall
with evidence that the Rating Agency Condition has been satisfied with respect
thereto.

 

“Series 2005-1
Available Subordinated Amount” means the amount calculated pursuant to Section 3.12(b). The Series 2005-1 Available
Subordinated Amount as of the Series 2005-1 Closing Date is $74,175,000.

 

“Series 2005-1
Closing Date” means June 29, 2005.

 

“Series 2005-1
Collateral Amount Deficit” means the amount by which (x) the Adjusted
Outstanding Dollar Principal Amount, exceeds (y) the Collateral Amount.

 

“Series 2005-1
Early Amortization Event” means the occurrence of any of the events specified
in Section 12.01 of the Indenture and Section 4.01.

 

“Series 2005-1 Excess Funding Amount”
means, as of any date, the product of: 
(a) the amount on deposit in the Excess Funding Account on that date; times (b) a fraction (i) whose
numerator is the Series 2005-1 Security Amount; and (ii) whose denominator is
the aggregate of the Series Security Amounts of all Series, including Series
2005-1, if applicable, that are being allocated a portion of the funds in the
Excess Funding Account on that date.

 

“Series 2005-1
Floating Allocation Percentage” means, for any Payment Date, the percentage
equivalent, which shall never exceed 100%, of a fraction, the numerator of
which is the Series 2005-1 Security Amount as of the last day of the
immediately preceding Collection Period and the denominator of which is the
greater of (a) the Adjusted Pool Balance as of the close of business on the
last day of the preceding Collection Period, and (b) the sum of the Series
Security Amounts for all Series, including Series 2005-1 on that day.

 

“Series 2005-1
Incremental Subordinated Amount” on any Determination Date, will equal the
product obtained by multiplying:

 

(i)                                     a
fraction, the numerator of which is the Series 2005-1 Security Amount,
calculated without including the Series 2005-1 Incremental Subordinated Amount,
and the denominator of which is the greater of (1) the Pool Balance on the last
day of the preceding Collection Period and (2) the sum of the amounts in the
numerator used to calculate the incremental subordinated amount for all Series,
and

 

(ii)                                  the
excess, if any, of

 

(a)                                  the
sum of (x) the Dealer Overconcentration Amount, the Used Equipment
Overconcentration Amount, the Rental Overconcentration Amount and (y) the
aggregate amount of Ineligible

 

8

 

Receivables
and, without duplication, any other Receivables transferred to the Issuer that
are not Eligible Receivables, on the Determination Date, over

 

(b)                                 the
aggregate amount of Ineligible Receivables and, without duplication, any other
Receivables transferred to the Issuer that are not Eligible Receivables, and
Receivables in Accounts containing Dealer Overconcentrations, Used Equipment
Overconcentration Amounts or Rental Overconcentration Amounts in each case that
during the preceding Collection Period became Defaulted Receivables and that
may be reassigned from the Issuer;

 

whereas for purposes of this definition, the definition of “Eligible
Receivable” in the Transfer and Servicing Agreement is modified by replacing
clauses (q) through (s) of that definition of “Eligible Receivable” with the
following replacement clauses:

 

(q)                                 the
outstanding principal balance of which, when added to the Pool Balance, does
not result in a Rental Overconcentration Amount;

 

(r)                                    the
outstanding principal balance of which, when added to the Pool Balance, does
not result in a Dealer Overconcentration; and

 

(s)                                  the
outstanding principal balance of which, when added to the Pool Balance, does
not result in a Used Equipment Overconcentration Amount.

 

“Series 2005-1
Monthly Interest” is defined in Section 3.01(c).

 

“Series 2005-1
Monthly Principal” is defined in Section 3.07.

 

“Series 2005-1
Noteholder” means a Person in whose name a Series 2005-1 Note is registered in
the Note Register or the bearer of any Series 2005-1 Note in Bearer Note form
(including a Global Note in bearer form), as the case may be.

 

“Series 2005-1
Notes” means either or both of the Class A Notes and the Class B Notes, as the
context requires.

 

“Series 2005-1
Principal Allocation Percentage” for any Payment Date means the percentage
equivalent, which may never exceed 100%, of a fraction the numerator of which
is the Series 2005-1 Security Amount as of the last day of the immediately
preceding Collection Period or, if the Accumulation Period or an Early
Amortization Period has commenced, as of the last day of the Collection Period
that preceded the commencement of the earlier to occur of the Accumulation Period
or an Early Amortization Period, as applicable; and the denominator of which is
the greater of (a) the Adjusted Pool Balance as of the close of business
on the last day of the immediately preceding Collection Period and (b) the sum
of the Series Security Amounts for all Series as of the last day of the
immediately preceding Collection Period, except that for any Series that is
amortizing, repaying or accumulating principal, the Series Security Amount of
that

 

9

 

Series will be the Series
Security Amount as of the last day of the Collection Period that preceded the
commencement of the amortization, repayment or accumulation, as applicable.

 

“Series 2005-1
Required Subordinated Amount” is equal to (i) the greater of (a) zero and (b)
the product of (1) the Series 2005-1 Subordinated Percentage times (2) the Collateral Amount, plus (ii) the Series 2005-1
Incremental Subordinated Amount.  Section
3.11(b) of the Indenture does not apply to this definition.

 

“Series 2005-1
Security Amount” means, at the time of determination, the amount equal to the
sum of (i) the Collateral Amount at such time and (ii) the Series 2005-1
Available Subordinated Amount at such time.

 

“Series 2005-1
Subordinated Percentage” means 9.89%.

 

“Series 2005-1
Termination Date” means the earliest to occur of (a) the Principal Payment Date
on which the Outstanding Dollar Principal Amount is reduced to zero, (b) the
Legal Final Maturity Date and (c) the date on which the Indenture is discharged
and satisfied pursuant to Article VI thereof.

 

“Shared Excess
Available Interest Amount” means, with respect to any Payment Date with respect
to any Series, either (i) the Series 2005-1 Available Interest Amount for such
Payment Date available after application in accordance with Sections 3.01(a) through (j) or (ii) the amounts allocated to the
Notes of other Series that the applicable Indenture Supplements for such Series
specify are to be treated as “Shared Excess Available Interest Amount.”

 

“Shared Excess
Available Principal Amount” means, with respect to any Payment Date and any
Series, either (i) the Series 2005-1 Available Principal Amount for such
Payment Date applied as Shared Excess Available Principal Amounts in accordance
with Section 3.05 or (ii) the amounts
allocated to the notes of other Series that the Indenture Supplements for such
Series specify are to be treated as “Shared Excess Available Principal Amounts.”

 

“S&P”
means Standard & Poor’s Ratings Service, a division of The McGraw-Hill
Companies, Inc.

 

“Telerate Page
3750” means the display page so designated as reported by Bloomberg Financial
Markets Commodities News (or such other page as may replace that page on that
service, or any other service that may be nominated as the information vendor,
for the purpose of displaying London interbank offered rates of major banks for
Dollar deposits).

 

“Transfer and
Servicing Agreement” means the Transfer and Servicing Agreement, dated as of
September 1, 2003, among the Transferor, the Servicer and the Issuer, as
amended, restated and supplemented from time to time.

 

“Used
Equipment Overconcentration Amount” on any Payment Date means the excess, if
any, of:

 

10

 

(a)                                  the
aggregate amounts of all Principal Receivables relating to used Equipment on
the last day of the Collection Period immediately preceding such Payment Date; over

 

(b)                                 30%
of the aggregate Pool Balance on the last day of the immediately preceding
Collection Period.

 

Section 1.02                                Governing
Law.  THIS INDENTURE SUPPLEMENT WILL
BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW
YORK, WITHOUT REFERENCE TO ITS CONFLICT OF LAWS PROVISIONS (OTHER THAN SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW) AND
THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE
DETERMINED IN ACCORDANCE WITH SUCH LAWS.

 

Section 1.03                                Counterparts.  This Indenture Supplement may be executed in
any number of counterparts, each of which so executed will be deemed to be an
original, but all such counterparts will together constitute but one and the
same instrument.

 

Section 1.04                                Ratification
of Indenture.  As supplemented by
this Indenture Supplement, the Indenture is in all respects ratified and
confirmed and the Indenture as so supplemented by this Indenture Supplement
shall be read, taken and construed as one and the same instrument.

 

Section 1.05                                Consents
and Planned Amendments and Other Actions. 
For the purposes of Section 10.02 of the Indenture for clause (a)
of this section and for the purposes of Section 10.07 of the Indenture for clauses
(b) and (c) of this section each Noteholder is deemed by having
purchased a Note to have consented to:

 

(a)  the amendments to the Transfer and Servicing
Agreement, the Indenture and all Indenture Supplements dated as of a date prior
to the date of this Indenture Supplement listed in Schedule I;

 

(b)  the assignment of the Servicer’s rights,
duties and obligations under the Transfer and Servicing Agreement to New
Holland Credit Company, LLC, if the Servicer should decide to make such an
assignment; and

 

(c)  an amendment to delete the second to the last
sentence in Section 2.05(a) of the Transfer and Servicing Agreement.

 

ARTICLE II

THE SERIES 2005-1 NOTES

 

Section 2.01                                Creation
and Designation.

 

(a)                                  There
is hereby created and designated a Series to be issued pursuant to the
Indenture and this Indenture Supplement to be known as “CNH Wholesale Master
Note Trust

 

11

 

Asset Backed Notes Series 2005-1”
or the “Series 2005-1 Notes.”  The Series
2005-1 Notes will be issued in two classes, known as the Series 2005-1 Class A
Floating Rate Asset-Backed Notes and the Series 2005-1 Class B Floating Rate
Asset-Backed Notes.

 

(b)                                 The
Series 2005-1 Notes shall not be subordinated to any other Series.

 

Section 2.02                                Form
of Delivery; Depository; Denominations.

 

(a)                                  The
Series 2005-1 Notes, upon original issuance, shall be delivered in the form of
Global Notes and Registered Notes as provided in Sections 2.02 and 3.01(g) of
the Indenture, respectively.

 

(b)                                 The
Depository for the Series 2005-1 Notes shall be The Depository Trust Company,
and the Series 2005-1 Notes shall initially be registered in the name of Cede
& Co., its nominee.

 

(c)                                  The
Series 2005-1 Notes will be issued in minimum denominations of $1,000 and
integral multiples of that amount.

 

Section 2.03                                Delivery
and Payment.  The Issuer shall
execute and deliver the Series 2005-1 Notes to the Indenture Trustee for
authentication, and the Indenture Trustee shall deliver the Series 2005-1 Notes
when authenticated, each in accordance with Section 3.03 of the Indenture.

 

ARTICLE III

ALLOCATIONS, DEPOSITS AND PAYMENTS

 

Section 3.01                                Allocations
of Series 2005-1 Available Interest Amount. 
On each Payment Date, the Indenture Trustee will apply the Series 2005-1
Available Interest Amount as follows:

 

(a)                                  first,
to pay the Monthly Backup Servicing Fee, plus the amount of any Monthly Backup
Servicing Fee previously due but not distributed to the Backup Servicer on a
prior date, shall be distributed to the Backup Servicer;

 

(b)                                 second,
to pay the Monthly Servicing Fee, plus the amount of any Monthly Servicing Fee
previously due but not distributed to the Servicer on a prior date, shall be
distributed to the Servicer;

 

(c)                                  third,
for deposit into the Interest Funding Account an amount equal to (i) the
product of (A) a fraction, the numerator of which is the actual number of days
in the related Interest Period and the denominator of which is 360, times (B)
the Class A Rate applicable to the related Interest Period, times (C) the Class
A Note Principal Balance determined as of the Record Date preceding the related
Payment Date (the “Class A Monthly Interest”), plus (ii) an amount equal to the
excess, if any, of the aggregate amount accrued pursuant to this Section 3.01(c) as of prior Interest Periods
over the aggregate amount of interest paid to the Class A Noteholders

 

12

 

pursuant to this Section 3.01(c) in respect of such prior
Interest Periods, together with interest at the Class A Rate on such delinquent
amount, to the extent permitted by applicable law;

 

(d)                                 fourth,
to deposit into the Interest Funding Account an amount equal to (i) the product
of (A) a fraction, the numerator of which is the actual number of days in the
related Interest Period and the denominator of which is 360, times (B) the
Class B Rate applicable to the related Interest Period, times (C) the Class B
Note Principal Balance determined as of the Record Date preceding the related
Payment Date (the “Class B Monthly Interest” and collectively with the Class A
Monthly Interest, the “Series 2005-1 Monthly Interest”), plus (ii) an amount
equal to the excess, if any, of the aggregate amount accrued pursuant to this Section 3.01(d) as of prior Interest
Periods over the aggregate amount of interest paid to the Series 2005-1
Noteholders pursuant to this Section 3.01(d)
in respect of such prior Interest Periods, together with interest at the Class
B Rate on such delinquent amount, to the extent permitted by applicable law;

 

(e)                                  fifth,
to be treated as part of the Series 2005-1 Available Principal Amount for
application in accordance with Section 3.05
in an amount equal to (i) the Investor Default Amount, if any, (ii) the
Investor Uncovered Dilution Amount, if any, and (iii) the Series 2005-1
Collateral Amount Deficit, if any, in each case for the preceding Collection
Period;

 

(f)                                    sixth,
(i) an amount up to the excess, if any, of the Reserve Fund Required Amount over the Reserve Fund Available
Amount shall be deposited into the Reserve Fund or, (ii) for each Payment Date
from the month preceding the Accumulation Period through the last Payment Date
occurring in the Accumulation Period, an amount up to the excess, if any, of
125% of the Reserve Fund Required Amount over
the Reserve Fund Available Amount shall be deposited into the Reserve Fund;

 

(g)                                 seventh,
an amount equal to the excess of the Series 2005-1 Required Subordinated Amount
over the Series 2005-1
Available Subordinated Amount will be distributed to the Transferor to increase
the Series 2005-1 Available Subordinated Amount by the amount so distributed;

 

(h)                                 eighth,
during an Early Amortization, any Series 2005-1 Available Interest Amounts that
remain after giving effect to the preceding clauses in this section, shall be
deposited into the Principal Funding Account for payment to the Series 2005-1
Noteholders in an amount up to the Collateral Amount of the Series 2005-1
Notes;

 

(i)                                     ninth,
to pay the Backup Servicer, any accrued and unpaid Monthly Backup Servicing
Fees, Backup Servicer Fees and Expenses and indemnity payments, in each case to
the extent unreimbursed under clause (a) of this section, Section 4.02(e) of the Indenture, Section 3.05(f),
and to the extent not reimbursed pursuant to any other Indenture Supplements
and (ii) to the Successor Servicer, any accrued and unpaid reimbursable
expenses and indemnity payments that are payable to it, to the extent not
reimbursed pursuant to any other Indenture Supplements;

 

(j)                                     tenth,
any Series 2005-1 Available Interest Amounts that remain after giving effect to
each of the preceding clauses in this section and reimbursement of waived

 

13

 

Monthly Servicing Fees, if any,
to be treated as Shared Excess Available Interest Amount for application in
accordance with Section 3.16;

 

Section 3.02           Amounts to be Treated as Series 2005-1 Available
Interest Amount; Other Deposits to the Interest Funding Account.  (a) 
Amounts to be Treated as Series 2005-1 Available Interest Amount.  For the avoidance of doubt, the Non-Principal
Receivables included in the Available Interest Amount for purposes of
allocations to Series 2005-1 pursuant to Section 5.01 of the Indenture shall
include any payments made by CNH America LLC, a Delaware limited liability
company, or any other manufacturer of Equipment to compensate for interest-free
or reduced interest periods granted to Dealers. 
In addition to the Available Interest Amount (including any Reallocated
Yield Amounts) allocated to Series 2005-1 pursuant to Section 5.01 of the
Indenture, the following amounts shall be treated as part of the Series 2005-1
Available Interest Amount for application in accordance with this Article
III.

 

(i)            Investment
Earnings. Any Investment Earnings with respect to the Principal Funding
Account and the Reserve Fund for any Payment Date will be treated as part of
the Series 2005-1 Available Interest Amount for such Payment Date.

 

(ii)           Shared
Excess Available Interest Amount. Any Shared Excess Available Interest
Amount allocable to Series 2005-1 will be treated as part of the Series 2005-1
Available Interest Amount pursuant to Section 3.16(a).

 

Section 3.03           Allocations of
Reductions from Investor Charge-Offs to the Series 2005-1 Available
Subordinated Amount and the Collateral Amount.  On each Payment Date when there is an
Investor Charge-Off with respect to the related Collection Period, such
Investor Charge-Off will be allocated on that date to the Series 2005-1 Available
Subordinated Amount and the Collateral Amount as set forth in this Section 3.03.

 

(a)                                  First,
the amount of such Investor Charge-Off will be allocated to the Series 2005-1
Available Subordinated Amount in an amount equal to lesser of (i) such Investor
Charge-Off and (ii) the Series 2005-1 Available Subordinated Amount (computed
prior to giving effect to such Investor Charge-Off and any reallocation of
Series 2005-1 Available Principal Amount on such date).  In such case, the Series 2005-1 Available
Subordinated Amount will be reduced by an amount equal to the portion of such
Investor Charge-Off Amount that is allocated to the Series 2005-1 Available
Subordinated Amount pursuant to this clause (a); provided, that
no such allocation will reduce the Series 2005-1 Available Subordinated Amount
below zero.

 

(b)                                 Second,
the amount of such Investor Charge-Off remaining after giving effect to clause
(a) above will be allocated to the Series 2005-1 Notes in an amount equal to
the lesser of (i) the excess, if any, of the Investor Charge-Off for such
Collection Period over the amount of the reduction of the Series 2005-1
Available Subordinated Amount pursuant to clause (a) above and (ii) the
Collateral Amount (computed prior to giving effect to such reduction and any
reallocations of Series 2005-1 Available Principal Amounts on such date).  In such case, the Collateral Amount will be
reduced by an amount equal to the portion of such Investor Charge-Off that is
allocated to the Series 2005-1 Notes pursuant to this clause (b); provided, that no such allocation will reduce the Collateral
Amount below zero.

 

14

 

Section 3.04                                Allocations
of Reimbursements of the Collateral Amount Deficit and the Series 2005-1
Available Subordinated Amount.  If,
as of any Payment Date, there is any Series 2005-1 Available Interest Amount
available pursuant to Section 3.01(e)
or (h) to reimburse any Series 2005-1
Collateral Amount Deficit or to increase the Series 2005-1 Available
Subordinated Amount as of such Payment Date, such funds will be allocated as
follows:

 

(a)                                  first,
to the Collateral Amount, but in no event will the Collateral Amount be
increased above the Adjusted Outstanding Dollar Principal Amount; and

 

(b)                                 second,
to the Series 2005-1 Available Subordinated Amount, but in no event will the
Series 2005-1 Available Subordinated Amount be increased above the Series
2005-1 Available Subordinated Amount calculated as if there had been no
reduction of the Series 2005-1 Available Subordinated Amount pursuant to Section 3.03 or 3.06.

 

Section 3.05                                Deposits
of Principal Collections to the Collection Account During the Revolving Period;
Application of Series 2005-1 Available Principal Amounts.  If on any day during the Revolving Period no
other Series is then amortizing, repaying or accumulating principal and the
Adjusted Pool Balance is not less than the Required Pool Balance on such day
and the Transferor Amount is not less than the Trust Available Subordinated
Amount on such day, the Servicer will distribute directly to the Transferor on
each date of deposit the Series 2005-1 Noteholder’s share of Principal
Collections.

 

On each
Payment Date, the Indenture Trustee will apply the Series 2005-1 Available
Principal Amount as follows:

 

(a)                                  first,
if, after giving effect to deposits to be made with respect to such Payment
Date pursuant to Sections 3.01(a), 3.01(b) and 3.01(c),
the Backup Servicer has not received all amounts due under Section 3.01(a),
the Servicer has not received all amounts due under Section
3.01(b) or the Class A Notes have not received the full amount
targeted to be deposited pursuant to Section
3.01(c) with respect to that Payment Date, then the Series 2005-1
Available Principal Amount will be paid to the Backup Servicer or to the
Servicer, as applicable, and allocated to the Interest Funding Account and
applied in the order of priority set forth in Section
3.01 in an amount equal to the lesser of the following amounts:

 

(i)                                     the
amount of the deficiency of amounts due and payable to the Backup Servicer and
the Servicer under Sections 3.01(a) and
3.01(b), respectively, and the amount
of the deficiency in such targeted amount to be deposited into the Interest
Funding Account pursuant to Section 3.01(c);
and

 

(ii)                                  the
Series 2005-1 Security Amount, less the Class A Note Principal Balance
(determined after giving effect to the application of the Investor Charge-Off
pursuant to Section 3.03);

 

(b)                                 second,
if, after giving effect to deposits to be made with respect to such Payment
Date pursuant to Section 3.01(d),
the Class B Notes have not received the full amount targeted to be deposited
pursuant to Section 3.01(d) with
respect to that Payment Date, then the

 

15

 

Series 2005-1 Available Principal
Amount will be allocated to the Interest Funding Account in an amount equal to
the lesser of the following amounts:

 

(i)                                     the
amount of the deficiency in such targeted amount to be deposited into the
Interest Funding Account; and

 

(ii)                                  the
Series 2005-1 Available Subordinated Amount (determined after giving effect to
the application of the Investor Charge-Off pursuant to Section 3.03);

 

(c)                                  third,
if Series 2005-1 is in its Accumulation Period, the Indenture Trustee will
deposit the Controlled Deposit Amount, to the extent of any remaining Series
2005-1 Available Principal Amounts, into the Principal Funding Account;

 

(d)                                 fourth,
if Series 2005-1 is in an Early Amortization Period, the Indenture Trustee will
deposit any remaining Series 2005-1 Available Principal Amounts into the
Principal Funding Account for payment to the Series 2005-1 Noteholders in an
amount up to the Collateral Amount of the Series 2005-1 Notes, to the extent of
the Series 2005-1 Security Amount (determined after giving effect to any other
allocations or deposits on that date);

 

(e)                                  fifth,
the Indenture Trustee will make a deposit into the Reserve Fund to the extent
that the Reserve Fund Available Amount is less than the Reserve Fund Required
Amount after giving effect to any deposits made from the Series 2005-1
Available Interest Amount to the Reserve Fund for that Payment Date, but only
to the extent that the Series 2005-1 Available Subordinated Amount exceeds zero
prior to such deposit;

 

(f)                                    sixth,
to pay to the Backup Servicer, any accrued and unpaid Backup Servicer Fees,
Backup Servicer Fees and Expenses and indemnity payments, in each case to the
extent unreimbursed after application of Section 4.02(e) of the Indenture, Section 3.01(i), and to
the extent not reimbursed pursuant to any other Indenture Supplements and (ii)
to the Successor Servicer, any accrued and unpaid reimbursable expenses and
indemnity payments that are payable to it, to the extent not reimbursed
pursuant to any other Indenture Supplements; and

 

(g)                                 seventh,
any remaining Series 2005-1 Available Principal Amounts after giving effect to
the preceding clauses in this section will be treated as Shared Excess
Available Principal Amounts.

 

Section 3.06                                Computation
of Reductions to the Collateral Amount and the Series 2005-1 Available
Subordinated Amount from Reallocations of Series 2005-1 Available Principal
Amounts.

 

(a)                                  Each
reallocation of a portion of the Series 2005-1 Available Principal Amounts that
is deposited to the Interest Funding Account or the Reserve Account pursuant to
Section 3.05(a), 3.05(b) and 3.05
(e) and the amount of Investor

Charge-Offs not covered by Series 2005-1 Available Interest Amounts will reduce
the Series 2005-1 Available Subordinated Amount; provided, that
such reduction shall not reduce the Series 2005-1 Available Subordinated Amount
below zero (after giving effect to any reductions pursuant to Section 3.03 for Investor Charge-Offs).

 

16

 

(b)                                 Each
reallocation of a portion of the Series 2005-1 Available Principal Amounts that
is deposited to the Interest Funding Account or the Reserve Account pursuant to
Section 3.05(a), 3.05(b) and 3.05
(e) and the amount of Investor

Charge-Offs not covered by Series 2005-1 Available Interest Amounts in excess
of the amounts applied pursuant to clause (a)
in this section that reduce the Series 2005-1 Available Subordinated Amount to
zero will reduce the Collateral Amount; provided, that
the amount of such reduction shall not reduce the Collateral Amount below zero
(after giving effect to any reductions pursuant to Section
3.03 for Investor Charge-Offs).

 

Section 3.07                                Targeted
Deposits of Series 2005-1 Available Principal Amounts to the Principal Funding
Account.  The Series 2005-1 Available
Principal Amount that is targeted to be deposited into the Principal Funding
Account with respect to any Payment Date will be (i) the amount determined
pursuant to clause (a) or (b) of this section for such Payment Date, as
applicable, or if more than one such clause is applicable, the highest amount
determined pursuant to any one of such clauses, and (ii) any targeted deposit
pursuant to clause (i) for any prior Payment Date to the extent not
previously deposited, but in no case more than the Collateral Amount (computed immediately
before giving effect to such deposit but after giving effect to any reductions
thereof due to any Investor Charge-Offs and any reallocations of the Series
2005-1 Available Principal Amounts on such date, such amount that is targeted
to be deposited into the Principal Funding Account with respect to any Payment
date, “Series 2005-1 Monthly Principal”).

 

(a)                                  Budgeted
Deposits.  Subject to Section 3.07(b), with respect to each
Principal Payment Date, beginning with the Accumulation Period Commencement
Date, the targeted deposit to be made into the Principal Funding Account will
be the Controlled Deposit Amount for the related Payment Date.

 

(b)                                 Event
of Default, Early Amortization Event, Other Optional or Mandatory Redemption.  If the Series

2005-1 Notes have been accelerated during a Collection Period after the
occurrence of an Event of Default, or if a Series 2005-1 Early Amortization
Event occurs during a Collection Period, or with respect to the Collection
Period immediately preceding any other date fixed for any other optional or
mandatory redemption of the Series 2005-1 Notes, the targeted deposit for the
Series 2005-1 Notes with respect to the Payment Date following such Collection
Period and each following Payment Date is equal to the Collateral Amount (after
taking into effect any reallocations and Investor Charge-Offs), for payment, first,
to the Class A Noteholders on the related Payment Date until the Class A Note
Principal Balance has been paid in full and, second, to the Class B
Noteholders on the related Payment Date until the Class B Note Principal
Balance has been paid in full.

 

Section 3.08                                Amounts
to be Treated as Series 2005-1 Available Principal Amounts; Other Deposits to
Principal Funding Account.  The
following deposits and payments will be made on the following dates:

 

(a)                                  Amounts
to be Treated as Series 2005-1 Available Principal Amounts. In addition to
the Available Principal Amounts allocated to the Series 2005-1 Notes pursuant
to Section 5.02 of the Indenture, any
portion of the Series 2005-1 Available Interest Amount that is

 

17

 

allocated pursuant to Section 3.01(e) or Section 3.01(h)
shall be treated as part of the Series 2005-1 Available Principal Amounts for
application in accordance with Section 3.05.

 

(b)                                 Withdrawals
from Excess Funding Account.  During
the Accumulation Period or the Early Amortization Period, the withdrawal of the
Series 2005-1 Excess
Funding Amount from the Excess Funding Account pursuant to Section
4.02(d) of the Indenture will be deposited into the Principal
Funding Account on the date of receipt by the Indenture Trustee.

 

Section 3.09                                Withdrawals
from Interest Funding Account. 
Withdrawals made pursuant to this Section
3.09 with respect to the Series 2005-1 Notes will be made from the
Interest Funding Account only after all allocations and reallocations have been
made pursuant to Sections 3.01 and 3.05. Such withdrawals will be limited to the
amount then on deposit in the Interest Funding Account.

 

(a)                                  Withdrawals
for Series 2005-1 Notes.  On each
Interest Payment Date, any amount on deposit in the Interest Funding Account
for the Series 2005-1 Notes shall be paid to the Paying Agent for payment,
first, to the Class A Noteholders on the related Interest Payment Date in the
amount set forth in Section 3.01(c) and, second, to the Class B
Noteholders on the related Interest Payment Date in the amount set forth in Section
3.01(d).

 

(b)                                 Payment
to the Transferor.  After payment in
full of the Collateral Amount of the Series 2005-1 Notes, any amount remaining
on deposit in the Interest Funding Account will be paid to the Transferor.

 

Section 3.10                                Withdrawals
from Principal Funding Account. 
Withdrawals made pursuant to this Section
3.10 with respect to the Series 2005-1 Notes will be made from the
Principal Funding Account only after all allocations and reallocations have
been made pursuant to Sections 3.01 and
Section 3.05.  In no event will the amount of the withdrawal
be more than the amount then on deposit in the Principal Funding Account.

 

(a)                                  Withdrawals
for the Series 2005-1 Notes.  On each
Principal Payment Date, any amount on deposit in the Principal Funding Account
shall be paid to the Paying Agent for payment, first, to the Class A
Noteholders on the related Payment Date until the Class A Note Principal
Balance has been paid in full and, second, to the Class B Noteholders on the
related Payment Date until the Class B Note Principal Balance has been paid in
full.

 

(b)                                 Payment
to the Transferor.  Upon payment in
full of the Collateral Amount of the Series 2005-1 Notes, any remaining amount
on deposit in the Principal Funding Account will be paid to the Transferor.

 

Section 3.11                                Limit
on Repayment of the Series 2005-1 Notes. 
No amounts on deposit in the Principal Funding Account will be applied
to pay principal of the Series 2005-1 Notes in excess of the Collateral Amount.

 

Section 3.12                                Calculation
of Collateral Amount of Series 2005-1 Notes and Series 2005-1 Available
Subordinated Amount.

 

18

 

(a)           On
or prior to each Payment Date the Issuer shall calculate the Collateral Amount,
which shall be the following amount:

 

(i)            as of the
Closing Date, the initial Outstanding Dollar Principal Amount; and

 

(ii)           thereafter,
an amount equal to, without duplication:

 

(A)          the
Collateral Amount immediately after the prior Determination Date, plus

 

(B)           the share
of all reimbursements of the Collateral Amount Deficit pursuant to Section 3.01(e) that is allocated to the
Collateral Amount pursuant to Section 3.04(a)
since the prior Determination Date, minus

 

(C)           the share
of all reallocations of the Series 2005-1 Available Principal Amount
pursuant to Section 3.05(a) and 3.05(b) that is allocated to the Collateral
Amount pursuant to Section 3.06(b)
since the prior Determination Date, minus

 

(D)          the amount
of the reduction of the Collateral Amount of the Series 2005-1 Notes
resulting from an allocation of an Investor Charge-Off pursuant to Section 3.03(b) since the prior
Determination Date, minus

 

(E)           the amount
(other than Investment Earnings) deposited in the Principal Funding Account
(after giving effect to any deposits, allocations, reallocations or withdrawals
to be made on that day) since the prior Determination Date, minus

 

(F)           the amount
of Series 2005-1 Available Principal Amount deposited into the Reserve
Fund pursuant to Section 3.05(e) that is allocated to the
Collateral Amount pursuant to Section 3.06(b)
since the prior Determination Date, minus

 

(G)           the amount
of all payments of principal on the Series 2005-1 Notes without
duplicating the reductions due to any related deposits to the Principal Funding
Account;

 

provided, that (1) the
Collateral Amount may never be less than zero, (2) the Collateral Amount
may never be greater than the Adjusted Outstanding Dollar Principal Amount and (3) if
the Series 2005-1 Noteholders have caused a sale of Receivables pursuant
to Section 3.14, then the
Collateral Amount of Series 2005-1 Notes the Series 2005-1 will be
zero.

 

(b)           On
or prior to each Payment Date the Issuer shall calculate the Series 2005-1
Available Subordinated Amount, which shall be an amount equal to, without
duplication, the lower of:

 

19

 

(i)            as of the
first Determination Date, the initial Available Subordinated Amount; and

 

(ii)           thereafter,
as of each subsequent Determination Date, an amount equal to, without
duplication, the lower of:

 

(x)            the Series 2005-1
Required Subordinated Amount on such Determination Date; and

 

(y)           an amount
equal to:

 

(A)          the Series 2005-1
Available Subordinated Amount for the prior Payment Date, plus

 

(B)           the amount
of all increases to the Series 2005-1 Available Subordinated Amount
pursuant to Section 3.01(g) that
is allocated to the Series 2005-1 Available Subordinated Amount pursuant
to Section 3.04(b) since the prior
Determination Date, minus

 

(C)           the share
of all reallocations of the Series 2005-1 Available Principal Amount
pursuant to Section 3.05(a), (b), and (e)
that is allocated to the Series 2005-1 Available Subordinated Amount
pursuant to Section 3.06(a) since
the prior Determination Date, minus

 

(D)          the amount
of the reduction of the Series 2005-1 Available Subordinated Amount
resulting from an allocation of Investor Charge-Offs pursuant to Section 3.03(a) since the prior
Determination Date, minus

 

(E)           the Series 2005-1
Incremental Subordinated Amount for the prior Payment Date, plus

 

(F)           the Series 2005-1
Incremental Subordinated Amount for the current Payment Date, plus

 

(G)           the amount
of Series 2005-1 Available Principal Amount deposited into the Reserve
Fund pursuant to Section 3.05(e) that is allocated to the Series 2005-1
Available Subordinated Amount pursuant to Section 3.06(a)
since the prior Determination Date, plus

 

(H)          any
increases made by the Transferor pursuant to the following paragraph;

 

provided, that the Series 2005-1
Available Subordinated Amount shall never be less than zero and, after the
Outstanding Dollar Principal Amount has been reduced to zero, the Series 2005-1
Available Subordinated Amount shall be zero; provided, further,
that the Transferor shall have the right, but not the obligation, to increase
the Series 2005-1 Available Subordinated Amount so long as the aggregate
amount of such increases does not exceed 3.50% of the initial Outstanding
Dollar Principal Amount.

 

20

 

Section 3.13           Payments
to Noteholders.

 

(a)           All
payments of principal, interest or other amounts to the Series 2005-1
Noteholders will be made pro rata based on the Outstanding Dollar Principal
Amount of their Series 2005-1 Notes.

 

(b)           Any
installment of interest or principal, if any, payable on any Series 2005-1
Noteholders which is punctually paid or duly provided for by the Servicer, the
Issuer or the Indenture Trustee on the applicable Interest Payment Date or
Principal Payment Date shall be paid by the Paying Agent to the Person in whose
name such Series 2005-1 Note (or one or more Predecessor Notes) is
registered on the Record Date, by wire transfer of immediately available funds
to such Person’s account as has been designated by written instructions
received by the Paying Agent from such Person not later than the close of
business on the third Business Day preceding the date of payment or, if no such
account has been so designated, by check mailed first-class, postage prepaid to
such Person’s address as it appears on the Note Register on such Record Date,
except that (i) with respect to Series 2005-1 Notes registered on the
Record Date in the name of the nominee of Cede & Co., payment shall be
made by wire transfer in immediately available funds to the account designated
by such nominee and (ii) with regard to any payments of interest or
principal made pursuant to Section 3.09(b)
or 3.10(b), respectively, payment shall
be made by wire transfer in immediately available funds to the account
designated by the Transferor.

 

(c)           The
right of the Series 2005-1 Noteholders to receive payments from the Issuer
or Transferor will terminate on the first Business Day following the Series 2005-1
Termination Date.

 

Section 3.14           Sale
of Receivables for Accelerated Notes.

 

(a)           If
the Series 2005-1 Notes have been accelerated pursuant to Section 7.02
of the Indenture following an Event of Default, each Series 2005-1
Noteholder may notify the Indenture Trustee in writing that it desires to cause
the Issuer to sell Principal Receivables and the related Non-Principal
Receivables, or interests in Principal Receivables and the related
Non-Principal Receivables, in the amount described below.  The sale can only occur if at least one of
the following conditions is met:

 

(i)            the Series 2005-1
Noteholders evidencing at least 90% of the Outstanding Dollar Principal Amount
have notified the Indenture Trustee in writing that they desire to cause the
Issuer to sell Principal Receivables and the related Non-Principal Receivables
in respect of their Series 2005-1 Notes;

 

(ii)           the
Majority Holders of the Series 2005-1 Notes have notified the Indenture
Trustee in writing that they desire to cause the Issuer to sell Principal
Receivables and the related Non-Principal Receivables in respect of their Series 2005-1
Notes and the net proceeds of the sale of Receivables pursuant to such sale (as
described below) plus amounts on deposit in the Principal Funding Account would
be sufficient to pay all amounts due on the Series 2005-1 Notes; or

 

21

 

(iii)          (1) the
Servicer determines that the funds to be allocated to the Series 2005-1
Notes, including (x) the Series 2005-1 Available Interest Amount and Series 2005-1
Available Principal Amounts and (y) amounts on deposit in the Principal Funding
Account, may not be sufficient on an ongoing basis to make payments on the Series 2005-1
Notes as those payments would have become due if the obligations had not been
declared due and payable and (2) Series 2005-1 Noteholders evidencing
at least 66 2/3% of the Outstanding Dollar Principal Amount have notified the
Indenture Trustee in writing that they desire to cause the Issuer to sell
Principal Receivables and the related Non-Principal Receivables in respect of
their Series 2005-1 Notes.

 

If any of the conditions as provided in the preceding
paragraph are met, the Issuer will sell Principal Receivables and the related
Non-Principal Receivables (or interests therein)  on behalf of all Series 2005-1
Noteholders, whether or not they have actually requested that the Issuer sell
Principal Receivables and the related Non-Principal Receivables (or interests
therein) in an amount not exceeding the Series 2005-1 Security Amount and
the proceeds of that sale, but only up to the Collateral Amount will be
available to pay the Outstanding Dollar Principal Amount plus any past due
interest on the Series 2005-1 Notes; provided, that
the selection procedure used to determine which Principal Receivables are to be
sold shall not be materially adverse to any other Series.  The proceeds of such sale shall be applied in
accordance with Section 7.06 of the Indenture, and proceeds distributable
to the Series

2005-1 Noteholders shall be distributed in the priorities set forth in Section 3.09(a)
and 3.10(a), on the related Payment Date.  The Series 2005-1 Noteholders shall
maintain their rights in their Series 2005-1 Notes until such Noteholders
present their Series 2005-1 Notes to the Issuer in accordance with Section 7.06
of the Indenture.

 

(b)           If
the Collateral Amount is greater than zero on the Legal Final Maturity Date
(after giving effect to deposits and distributions otherwise to be made on the
Legal Final Maturity Date), the Issuer will sell Principal Receivables and the
related Non-Principal Receivables on the Legal Final Maturity Date in an amount
not exceeding the Series 2005-1 Security Amount and the proceeds of that
sale, but only up to the Collateral Amount will be available to pay the
Outstanding Dollar Principal Amount plus any past due interest on the Series 2005-1
Notes.

 

(c)           Sales
proceeds received with respect to the Series 2005-1 Notes pursuant to clause (b) above, but only in an amount up to
the Collateral Amount, will be allocated in the following priority:

 

(i)            first,
to be deposited in the Principal Funding Account, an amount up to the
Collateral Amount of the Series 2005-1 Notes immediately before giving
effect to such deposit, for payment, first, to the Class A Noteholders on
the related Payment Date until the Class A Note Principal Balance has been
paid in full and, second, to the Class B Noteholders on the related
Payment Date until the Class B Note Principal Balance has been paid in
full; and

 

(ii)           second,
to be deposited in the Interest Funding Account, the balance of such sales
proceeds.

 

22

 

(d)           Any
amount remaining on deposit in the Interest Funding Account after a sale of
Receivables pursuant to this Section 3.14
and the final payment of the Series 2005-1 Notes pursuant to Section 5.03
of the Indenture, will be treated as part of the Series 2005-1 Available
Interest Amount.

 

Section 3.15           Calculation
Agent; Determination of LIBOR.

 

(a)           The
Issuer hereby agrees that for so long as any Series 2005-1 Notes are
Outstanding, there shall at all times be an agent appointed to calculate LIBOR
for each Interest Period (the “Calculation Agent”).  The Issuer hereby initially appoints the
Indenture Trustee as the Calculation Agent for purposes of determining LIBOR
for each Interest Period. The Calculation Agent may be removed by the Issuer at
any time.  If the Calculation Agent is
unable or unwilling to act as such or is removed by the Issuer, or if the
Calculation Agent fails to promptly determine LIBOR for an Interest Period, the
Issuer shall promptly appoint a replacement Calculation Agent that does not
control or is not controlled by or under common control with the Issuer or its
Affiliates.  The Calculation Agent may
not resign its duties, and the Issuer may not remove the Calculation Agent,
without a successor having been duly appointed and having accepted such
appointment.

 

(b)           On
each LIBOR Determination Date, the Calculation Agent shall determine LIBOR to equal
the offered rate for Unites States dollar deposits for one month (or, solely
for purposes of determining LIBOR for the first Interest Period as described in
the following paragraph, a two-month period) that appears on Telerate Page 3750
as of 11:00 A.M., London time, on the second LIBOR Business Day prior to
the Interest Period. If that rate appears on Telerate Page 3750, LIBOR
will be that rate.  If on any LIBOR
Determination Date the offered rate does not appear on Telerate page 3750,
the Calculation Agent will request each of the Reference Banks, to provide the
Calculation Agent with its offered quotation for United States dollar deposits
for one month (or, solely for purposes of determining LIBOR for the first
Interest Period as described in the following paragraph, a two-month period) to
prime banks in the London interbank market as of 11:00 A.M., London time,
on the date.  If at least two Reference
Banks provide the Calculation Agent with the offered quotations, LIBOR on that
date will be the arithmetic mean, rounded upwards, if necessary, to the nearest
1/100,000 of 1% (.0000001), with five one-millionths of a percentage point
rounded upward, of all the quotations. 
If on that date fewer than two Reference Banks provide the Calculation
Agent with the offered quotations, LIBOR on that date will be the arithmetic
mean, rounded upwards, if necessary, to the nearest 1/100,000 of 1% (.0000001),
with five one-millionths of a percentage point rounded upward, of the offered
per annum rates that one or more leading banks in The City of New York selected
by the Calculation Agent are quoting as of 11:00 A.M., New York City time,
on that date to leading European banks for United States dollar deposits for
one month.  If, however, those banks are
not quoting as described above, LIBOR for that date will be LIBOR applicable to
the Interest Period immediately preceding that Interest Period.

 

With respect to the Series 2005-1
Notes, LIBOR for the first Interest Period will be determined by straight-line
interpolation, based on the actual number of days in the period from the Series 2005-1
Closing Date through and including August 14, 2005, between two rates
determined in accordance with the preceding paragraph, one of which will be
determined for a maturity of one month and one of which will be determined for
a maturity of two months.

 

23

 

(c)           The
Class A Rate and Class B Rate applicable to the then current and the
immediately preceding Interest Periods may be obtained by telephoning the
Indenture Trustee at its Corporate Trust Office at (212) 623-5600 or such other
telephone number as shall be designated by the Indenture Trustee for such
purpose by prior written notice by the Indenture Trustee to each Series 2005-1
Noteholder from time to time.

 

(d)           On
each LIBOR Determination Date, the Calculation Agent shall send to the
Indenture Trustee, by facsimile transmission, notification of LIBOR for the
following Interest Period.

 

Section 3.16           Excess
Available Interest Amount Sharing.

 

(a)           The
Shared Excess Available Interest Amount allocable to Series 2005-1 on any
Payment Date shall be treated as part of the Series 2005-1 Available
Interest Amount for such Payment Date.

 

(b)           The
Shared Excess Available Interest Amount allocable to Series 2005-1 with
respect to any Payment Date means an amount equal to the Series 2005-1
Available Interest Amount Shortfall, if any, for such Payment Date; provided, that if the aggregate amount of Shared Excess
Available Interest Amount for all Series for such Payment Date is less
than the Aggregate Series Available Interest Amount Shortfall for such
Payment Date, then the Shared Excess Available Interest Amount allocable to Series 2005-1
on such Payment Date shall equal the product of (i) Shared Excess
Available Interest Amount for all Series and (ii) a fraction, the
numerator of which is the Series Available Interest Amount Shortfall with
respect to Series 2005-1 for such Payment Date and the denominator of
which is the aggregate amount of Aggregate Series Available Interest
Amount Shortfall for all Series for such Payment Date.

 

(c)           Any
Shared Excess Available Interest Amount that are not required to be applied to
make a payment or deposit in respect of a Series shall be paid to the
Transferor.

 

Section 3.17           Excess
Available Principal Amount Sharing.

 

(a)           The
Shared Excess Available Principal Amount allocable to Series 2005-1 on any
Payment Date shall be treated as Series 2005-1 Available Principal Amounts
for such Payment Date.

 

(b)           The
Shared Excess Available Principal Amount allocable to Series 2005-1 with
respect to any Payment Date means an amount equal to the Series Available
Principal Amount Shortfall (but not to cover charge-offs, uncovered dilution
amounts or amounts initially required to be covered by interest collections),
if any, with respect to Series 2005-1 for such Payment Date; provided, that if the aggregate amount of Shared Excess
Available Principal Amounts for all Series for such Payment Date is less
than the Aggregate Series Available Principal Amounts Shortfall (but not
to cover charge-offs, uncovered dilution amounts or amounts initially required
to be covered by interest collections) for such Payment Date, then Shared
Excess Available Principal Amounts allocable to Series 2005-1 on such
Payment Date shall equal the product of (i) Shared Excess Available
Principal Amounts for all Series and (ii) a fraction, the
numerator of which is the Series Available Principal Amounts Shortfall
(but not to cover

charge-offs, uncovered dilution amounts or amounts initially required to be
covered by

 

24

 

interest collections)
with respect to Series 2005-1 for such Payment Date and the denominator of
which is the aggregate amount of Aggregate Series Available Principal
Amounts Shortfall for all Series (but not to cover charge-offs, uncovered
dilution amounts or amounts initially required to be covered by interest
collections) for such Payment Date.

 

(c)           Any
Shared Excess Available Principal Amounts not required to be applied to make a
payment or deposit in respect of a Series shall be deposited into the
Excess Funding Account to the extent that the Adjusted Pool Balance is less
than the Required Pool Balance or the Transferor Amount is less than the Trust
Available Subordinated Amount and any amount remaining thereafter paid to the
Transferor.

 

Section 3.18           Computation
of Interest.

 

(a)           Interest
on the Series 2005-1 Notes shall be computed on the basis of a 360-day
year and the actual number of days elapsed in the related Interest Period.

 

(b)           Unless
otherwise specified in this Indenture Supplement, interest for any period will
be calculated from and including the first day of such period to but excluding
the last day of such period.

 

Section 3.19           Variable
Accumulation Period.

 

The Servicer may elect, by written notice to the
Indenture Trustee, to delay, from time to time, the commencement of the
Accumulation Period, and extend the length of the Revolving Period, subject to
the conditions set forth in this Section 3.19;
provided, that the Accumulation Period
shall commence no later than the first day of the Collection Period ending
immediately prior to the Scheduled Final Payment Date. Any such election by the
Servicer shall be made not later than the first day of the last scheduled
Collection Period of the Revolving Period (including any prior shortening
and/or extension of the Revolving Period pursuant to this Section 3.19).  The Issuer or the Servicer may make such
election only if the following conditions are satisfied:

 

(i)            the
Servicer shall have delivered to the Indenture Trustee a certificate to the
effect that the Servicer reasonably believes that the delay in the commencement
of the Accumulation Period would not result in the Outstanding Dollar Principal
Amount not being paid in full on the Scheduled Final Payment Date;

 

(ii)           the Rating
Agencies shall have advised the Issuer that such election to delay the
commencement of the Accumulation Period would not cause the rating of any class
of any Series then outstanding to be lowered or withdrawn; and

 

(iii)          the
amount to be deposited in the Principal Funding Account in respect of
Controlled Accumulation Amount shall have been adjusted.

 

Notwithstanding anything herein or in the Indenture to
the contrary, the Administrator may, on behalf of the Issuer, (i) perform
all such calculations as are necessary to determine whether the

 

25

 

Accumulation Period may be delayed pursuant to this Section 3.19 and (ii) elect to
delay the Accumulation Period pursuant to this Section 3.19.

 

In addition, the Servicer may, by written notice to
the Indenture Trustee, elect to accelerate the start of the Accumulation Period
and thereby shorten the Revolving Period, if the Servicer believes that doing
so would be appropriate due to the payment rate on the Receivables and/or other
factors.

 

Section 3.20           Payment
Instructions and Monthly Noteholders’ Report.  Notwithstanding anything in the Indenture or
herein to the contrary, the Issuer may amend the form of Payment Instruction
for the Series 2005-1 Notes and the Series 2005-1 Schedule to
Monthly Noteholders’ Statement from time to time without the consent of the
Indenture Trustee or any Noteholder with evidence that the Rating Agency Condition
has been satisfied with respect thereto.

 

Section 3.21           Limited
Recourse.  The obligations of
the Issuer under this Indenture Supplement, the Transaction Documents or any
other agreement, instrument, document or certificate executed and delivered or issued
by the Issuer in connection herewith or therewith are solely the obligations of
the Issuer as a trust and the obligations of the Issuer to pay any amounts
hereunder or thereunder (including under any of the Transaction Documents)
shall be limited solely to the application of amounts available pursuant to
this Indenture Supplement.  The
obligations of the Transferor under this Indenture Supplement, the Transaction
Documents or any other agreement, instrument, document or certificate executed
and delivered or issued by the Transferor in connection herewith or therewith
are solely the obligations of the Transferor and the obligations of the
Transferor to pay any amounts hereunder or thereunder (including under any of
the Transaction Documents)  shall be limited
solely to the application of amounts available pursuant to this Indenture
Supplement.  No recourse shall be had for
the payment of any fee or any other obligation or claim arising out of or based
upon this Indenture Supplement, the Transaction Documents or any other
agreement, instrument, document or certificate executed and delivered or issued
by the Issuer or the Transferor in connection herewith or therewith (including
any of the Transaction Documents) against any holder of a Trust Certificate, employee,
officer, director, incorporator, agent or trustee of the Issuer or the
Transferor or any Affiliate of the Issuer or the Transferor.

 

Section 3.22           Prefunding.  Up to $100,000,000 of the proceeds from the
issuance of Series 2005-1 may be deposited into the Excess Funding Account
as a form of prefunding. If any proceeds are deposited into the Excess Funding
Account, then at all times during the prefunding period, a portion of the
balance on deposit in the Excess Funding Account will be deemed to constitute a
prefunding balance. That portion will initially equal the amount of proceeds
deposited. Each time that the balance on deposit in the Excess Funding Account
falls below the prefunding balance, the prefunding balance will be deemed to
decrease by an amount equal to the decline in the balance in the Excess Funding
Account until the prefunding balance reaches zero.  Subsequent increases in the Excess Funding
Account balance will not increase the prefunding balance. If the prefunding
balance is not reduced to zero by September 1, 2005, then the remaining
prefunding balance (to the extent not allocated to make principal payments on
any other outstanding Series in accordance with the ordinary terms of the
Excess Funding Account) will be applied to make principal payments on the
Outstanding Series 2005-1 Notes, pro rata, on

 

26

 

September 15, 2005.  Any such proceeds applied to make principal
payments on Series 2005-1 will be applied pro rata to the then Outstanding
Class A Notes and Class B Notes.

 

ARTICLE IV

 

EARLY AMORTIZATION OF NOTES

 

Section 4.01           Early
Amortization Events.  In
addition to the events identified as Early Amortization Events in Section 12.01
of the Indenture, each of the following events will also be an Early
Amortization Event with respect to the Series 2005-1 Notes:

 

(1)           failure on
the part of the Transferor, the Servicer or the Originator, as applicable, (i) to
make any payment or deposit (including any Transfer Deposit Amount or
Adjustment Payment and any other required payments to the Excess Funding
Account) required by the terms of the Transfer and Servicing Agreement or the
Receivables Purchase Agreement on or before the date occurring two Business
Days after the date such payment or deposit is required to be made therein, or (ii) with
respect to any Series, to deliver a Payment Date Statement within five Business
Days of the day such item is due to be delivered under the Transfer and
Servicing Agreement, or (iii) to comply with its agreement not to create
any Lien on a Receivable, or (iv) to observe or perform in any material
respect any of its other covenants or agreements set forth in the Transfer and
Servicing Agreement or the Receivables Purchase Agreement, which failure in the
case of this clause (iv) continues unremedied for a period of
60 days after the date on which written notice of such failure, requiring the
same to be remedied, shall have been given to the Transferor by the Indenture
Trustee or any Enhancement Provider;

 

(2)           any
representation or warranty made by the Originator in the Receivables Purchase
Agreement or by the Transferor in the Transfer and Servicing Agreement or any
information contained in a computer file or microfiche or written list required
to be delivered by the Transferor pursuant to Section 2.01, 2.05, 2.07 or
2.08 of the Transfer and Servicing Agreement, (i) shall prove to have been
incorrect in any material respect when made or when delivered, and shall
continue to be incorrect in any material respect for a period of 60 days after
the date on which written notice of such failure, requiring the same to be
remedied, shall have been given to the Transferor by the Indenture Trustee and (ii) as
a result of such incorrectness the interests of the Noteholders are materially
and adversely affected throughout the 60 day period; provided, that
an Early Amortization Event shall not be deemed to have occurred under this paragraph
if the Transferor has repurchased the related Receivable or all such
Receivables, if applicable, during such

 

27

 

period in accordance with the provisions of the
Transfer and Servicing Agreement;

 

(3)                                  the
occurrence of an Insolvency Event relating to CNH Global N.V., CNH America LLC,
the Transferor or the Originator;

 

(4)                                  a
failure by the Transferor to convey Receivables in Additional Accounts to the
Issuer within five Business Days after the day on which it is required to
convey such Receivables pursuant to the Transfer and Servicing Agreement;

 

(5)                                  on
any Payment Date, the Series 2005-1 Available Subordinated Amount for such
Payment Date is reduced to an amount less than the Series 2005-1 Required
Subordinated Amount (as calculated without giving effect to any reductions or
reinstatements, except for reductions due to deposits to the Principal Funding
Account) on that Payment Date after giving effect to the distributions to be
made on such Payment Date; provided, that,
for the purpose of determining whether an Early Amortization Event has occurred
pursuant to this clause (5), any reduction of the Series 2005-1
Available Subordinated Amount resulting from reallocations of the Series 2005-1
Available Principal Amounts to pay interest on the Series 2005-1 Notes in
the event LIBOR is equal to or greater than the prime rate upon which interest
on the Receivables is calculated on the applicable LIBOR Determination Date
will be considered an Early Amortization Event only if LIBOR remains equal to
or greater than such prime rate for the next 30 consecutive days following such
LIBOR Determination Date;

 

(6)                                  any
Servicer Default occurs;

 

(7)                                  on
any Determination Date, the average of the Monthly Payment Rates for the three
preceding Collection Periods is less than 14.00%;

 

(8)                                  the
Outstanding Dollar Principal Amount is not repaid by the Scheduled Final
Payment Date;

 

(9)                                  the
Transferor or the Issuer becomes an “investment company” within the meaning of
the Investment Company Act;

 

(10)                            the
occurrence of an Event of Default; and

 

(11)                            the
balance in the Excess Funding Account is greater than 30.00% of the Adjusted
Pool Balance for any three consecutive Collection Periods.

 

28

 

Notwithstanding the foregoing in this Section 4.01, in the case of any event
described in clause (1), (2) or (6) above, a Series 2005-1
Early Amortization Event will be deemed to have occurred only if, after the
applicable grace period described in such clause, if any, either the Indenture
Trustee or Series 2005-1 Noteholders holding Series 2005-1 Notes
evidencing more than 50% of the Outstanding Dollar Principal Amount by written
notice to the Transferor, the Servicer, the Owner Trustee and the Indenture
Trustee, if given by Series 2005-1 Noteholders, declare that a Series 2005-1
Early Amortization Event has occurred as of the date of that notice.  In the case of any Early Amortization Event
described in Section 12.01(a) or (b) of the Indenture or any
event described in clause (3), (4), (5), (7), (8),
(9), (10) or (11) above, a Series 2005-1 Early Amortization
Event shall be deemed to have occurred without any notice or other action on
the part of the Indenture Trustee or the Series 2005-1 Noteholders
immediately upon the occurrence of such event.

 

Notwithstanding the foregoing in this Section 4.01, if (x) an Early
Amortization Period results from the failure by the Transferor to convey
Receivables in Additional Accounts to the Issuer, as described in clause (4) above
during the Revolving Period, (y) no other Early Amortization Event that has not
been cured or waived in accordance with the Indenture has occurred, and (z)
with evidence that the Rating Agency Condition has been satisfied with respect
thereto, then the Early Amortization Period resulting from such failure will
terminate and the Revolving Period will recommence as of the end of the first
Collection Period during which the Transferor would no longer be required to
convey Receivables in Additional Accounts to the Issuer; provided, that
the Revolving Period will not recommence if the scheduled termination date of
the Revolving Period has occurred.

 

Notwithstanding the foregoing in this Section 4.01, if an Early Amortization
Event (other than the Early Amortization Event specified in clause (3) above
and any of the Early Amortization Events specified in Section 12.01(a) of
the Indenture) has occurred and the scheduled termination of the Revolving
Period has not occurred, the Indenture Trustee shall request from S&P a
confirmation that the Rating Agency Condition has been satisfied with respect to
such recommencement.  If the Indenture
Trustee receives such confirmation and the Series 2005-1 Noteholders
evidencing more than 50% of the Outstanding Dollar Principal Amount consent to
the recommencement of the Revolving Period, the related Early Amortization
Period shall terminate and the Revolving Period shall recommence; provided
that no other Early Amortization Event that has not been cured or waived has
occurred.

 

ARTICLE V

 

ACCOUNTS AND INVESTMENTS

 

Section 5.01           Accounts.

 

(a)           Accounts;
Deposits to and Distributions from Accounts.  On or before the Issuance Date, the Indenture
Trustee will cause to be established and maintained the Qualified Accounts
denominated as follows: the “Interest Funding Account”, the “Principal Funding
Account” and the “Reserve Fund” (collectively, the “Series 2005-1 Accounts”)
in the name of the Indenture Trustee, bearing a designation clearly indicating
that the funds deposited therein are held for the benefit of the Series 2005-1
Noteholders.  The Series 2005-1
Accounts constitute

 

29

 

Supplemental Accounts and
shall be under the sole dominion and control of the Indenture Trustee for the
benefit of the Series 2005-1 Noteholders. 
If, at any time, the institution holding any Series 2005-1 Account
ceases to be a Qualified Institution, the Issuer will within ten (10) Business
Days (or such longer period, not to exceed thirty (30) calendar days, as to
which each Rating Agency may consent) establish a new applicable Series 2005-1
Account, that is a Qualified Account and shall transfer any cash and/or
investments to such new Series 2005-1 Account.  From the date such new Series 2005-1
Account is established, it will be a Series 2005-1 Account, bearing the
name of the Series 2005-1 Account it has replaced.

 

(b)           Timing
of Payments; Reserve Fund.  All
payments to be made from time to time by the Indenture Trustee to Series 2005-1
Noteholders out of funds in the Series 2005-1 Accounts pursuant to this
Indenture Supplement will be made by the Indenture Trustee to the Paying Agent
not later than 12:00 noon, New York City time, on the applicable Interest
Payment Date or Principal Payment Date but only to the extent of funds in the
applicable Account or as otherwise provided in Article III.  Any amounts that are on deposit in the
Reserve Fund after the earlier of the payment in full of the Outstanding Dollar
Principal Amount and the Legal Final Maturity Date shall be distributed to the
Transferor.   On the Series 2005-1
Closing Date, the Issuer will make a deposit into the Reserve Fund in an amount
equal to $15,000,000.

 

(c)           Application
of Amounts in Reserve Fund.  (A) If
Series 2005-1 Available Interest Amounts are not sufficient to make the
entire distributions required by Sections 3.01(a),
3.01(b), 3.01(c) or
3.01(d) above, the Indenture Trustee will withdraw funds from the
Reserve Fund and apply those funds to complete such distributions to the
Servicer or to the Class A Noteholders and Class B Noteholders
pursuant to Section 3.09(a). 
(B) In addition, if Series 2005-1 is in an Early Amortization
Period and if the Series 2005-1 Available Interest Amounts are not
sufficient to make the entire distributions required by Section 3.01(e) above, the Indenture
Trustee will withdraw funds from the Reserve Fund and apply those funds to
complete the distributions under that clause.

 

[Signatures
Follow]

 

30

 

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

 

	
   

  	
  CNH WHOLESALE MASTER NOTE TRUST,

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  The Bank of New York, not in its individual

  
	
   

  	
   

  	
  capacity, but solely as Owner Trustee

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Catherine Murray

  	
   

  
	
   

  	
   

  	
  Name: Catherine Murray

  
	
   

  	
   

  	
  Title: Assistant Treasurer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  JPMORGAN CHASE BANK, N.A., as Indenture

  Trustee and not in its individual capacity

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Keith Richardson

  	
   

  
	
   

  	
   

  	
  Name: Keith Richardson

  
	
   

  	
   

  	
  Title: Attorney-in-Fact

  

 

S-1

 

SCHEDULE I

 

AMENDMENTS TO
TRANSFER AND SERVICING AGREEMENT, 

INDENTURE AND INDENTURE SUPPLEMENTS

 

Amend the Transfer and Servicing Agreement as follows:

 

1.             Amend
the definition of “Account” by inserting “(for so long as CNHCA is the
Servicer)” after “Servicer” in the second sentence thereof.

 

2.             Amend
the definition of “Defaulted Amount” by inserting “(for so long as CNHCA is the
Servicer)” after “Servicer” in clause (b) thereof.

 

3.             Amend
the definition of “Eligible Servicer” by inserting “, the Backup Servicer”
after “Trustee” in the first line thereof.

 

4.             Amend
the definition of “Reallocated Yield Percentage” by inserting “CNHCA as” after “by”
in the first sentence thereof.

 

5.             Amend
the definition of “Transferor Deposit Amount” by inserting “(for so long as
CNHCA is the Servicer)” after “Servicer” in the second line thereof.

 

6.             Amend
Section 2.07(b) by replacing the first parenthetical with “(or, at
the Transferor’s direction and expense, the Servicer on its behalf with respect
to clauses (i)-(iii), (viii) and (ix) thereof).

 

7.             Amend
Section 3.01(a) to read as follows:

 

The Servicer shall service and administer the Receivables, shall
collect payments due under the Receivables and shall charge-off as
uncollectible Receivables, all in accordance with its customary and usual
servicing procedures for servicing wholesale receivables comparable to the
Receivables which the Servicer services for its own account and in accordance
with the Floorplan Financing Guidelines. 
The Servicer shall have full power and authority, acting alone or
through any party properly designated by it hereunder, to do any and all things
in connection with such servicing and administration which it may deem
necessary or desirable.  Without limiting
the generality of the foregoing and subject to Section 6.01, the Servicer
is hereby authorized and empowered, unless such power and authority is revoked
by the Indenture Trustee on account of the occurrence of a Servicer Default
pursuant to Section 6.01, (i) to instruct the Indenture Trustee to
make withdrawals and payments from the Collection Account and any Series Account
as set forth in the Payment Date Statement, (ii) to instruct the Indenture
Trustee to take any action required or permitted under any Enhancement as set
forth in the Payment Date Statement, (iii) to execute and deliver, on
behalf of the Issuer for the benefit of the Noteholders and any Enhancement
Provider, any and all instruments of satisfaction or cancellation, or of
partial or full release or discharge, and all other comparable instruments,
with respect to the Receivables and, after the delinquency of any Receivable
and to the extent permitted under and

 

Sch I-1

 

in compliance with applicable Requirements of Law, to commence
enforcement proceedings with respect to such Receivables, (iv) to make any
filings, reports, notices, applications, registrations with, and seek any
consents or authorizations from, the Commission and any state securities
authority at the expense of and on behalf of the Issuer at the direction of the
CNHCA as Administrator as may be necessary or advisable to comply with any
federal or state securities laws or reporting requirement, and (v) to
delegate certain of its servicing, collection, enforcement and administrative
duties hereunder with respect to the Accounts and the Receivables to any Person
who agrees to conduct such duties in accordance with the Floorplan Financing
Guidelines and this Agreement; provided, that
the Servicer shall notify the Indenture Trustee, the Rating Agencies, any Agent
and any Enhancement Providers in writing of any such delegation of its duties
which is not in the ordinary course of its business, that no delegation will
relieve the Servicer of its liability and responsibility with respect to such
duties and that the Rating Agency Condition shall have been satisfied with
respect to any such delegation.  The
Owner Trustee shall furnish the Servicer with any powers of attorney and other
documents necessary or appropriate to enable the Servicer to carry out its
servicing and administrative duties hereunder. 
Notwithstanding the foregoing, the Backup Servicer as Successor Servicer
shall have the right to terminate any prior or existing subservicing arrangement
with or without cause.  In no event shall
the Backup Servicer bear any expense in connection with such termination of any
pre-existing subservicing arrangements. 
Notwithstanding any provision herein to the contrary, any and all
expenses incurred by the Successor Servicer associated with the commencement of
enforcement proceedings under clause (iii) and any action under clause (iv) shall
be fully reimbursable.

 

8.             Amend
Section 3.01(b)(ii) so that it shall not apply to the Backup Servicer
as Successor Servicer.

 

9.             Amend
Section 3.01(d) to read as follows:

 

(d)           The Servicer shall
comply with and perform its servicing obligations with respect to the Accounts
and Receivables in accordance with the Floorplan Financing Agreements relating
to the Accounts and the Floorplan Financing Guidelines, except insofar as any
failure to so comply or perform would not materially and adversely affect the
rights of the Issuer, the Originators or any of the Beneficiaries.  Subject to compliance with all Requirements
of Law, CNHCA as Servicer (or the Originator) may change the terms and
provisions of the Floorplan Financing Agreements or the Floorplan Financing
Guidelines in any respect (including the calculation of the amount or the
timing of charge-offs and the rate of the finance charge assessed thereon), but
only if (i) as a result of such change, in the reasonable judgment of the
CNHCA as Servicer or the Originator, as applicable, no Early Amortization Event
will occur at any time and none of the Enhancement Providers, if any, or the
Noteholders shall be adversely affected and (ii) such change is made
applicable to the comparable segment of wholesale accounts owned or serviced by
the CNHCA as Servicer or the Originator, as applicable, which have
characteristics the same as, or substantially similar to, the Accounts which
are the subject of such change.

 

10.           Amend
the second grammatical paragraph of Section 3.02 to read as follows:

 

The Servicer’s expenses include the reasonable fees and disbursements
of independent accountants and all other expenses incurred by the Servicer in
connection with its activities hereunder, and including taxes imposed on the
Servicer and expenses incurred in connection

 

Sch I-2

 

with distributions and reports to the Noteholders.  The Servicer shall be required to pay such
expenses for its own account (other than expenses of enforcement proceedings in
Section 3.01(c) when the Backup Servicer is acting as Successor
Servicer, and other than expenses for filing financing statements or otherwise maintaining
security interests as required under the Transaction Documents), and shall not
be entitled to any payment therefor other than the Servicing Fee.

 

11.           Amend
Section 3.03(a)(x) by substituting clause (A) in its entirety as
follows:

 

“(A) sell, pledge, assign or transfer to any other Person, or
grant, create, incur, suffer to exist or assume any Lien on, any Receivable
sold and assigned to Issuer, whether now existing or hereafter created, or any
interest therein, and Servicer shall defend the rights, title and interest of
the Issuer, whether now existing or hereafter created, against all claims of
third parties claiming through or under the Transferor or the Servicer or”.

 

12.           Add
the following sentence at the end of Section 3.03(c):

 

In no event shall the Backup Servicer as Successor Servicer be
obligated to purchase any Receivables pursuant to this Section 3.03(c).

 

13.           Replace
Section 3.04 in its entirety with the following:

 

“On or before each Payment Date, with respect to each outstanding Series,
the Servicer shall deliver to the Indenture Trustee a Payment Date Statement
for each Payment Date substantially in the form set forth in the related
Indenture Supplement.  On or before each
Payment Date, with respect to each outstanding Series, the Indenture
Trustee  shall deliver any such report so
received to any Enhancement Providers and the Rating Agencies.”

 

14.           Add
the following new paragraph at the end of Section 3.06:

 

Notwithstanding this Section 3.06,
if the Backup Servicer is then acting as the Successor Servicer, it shall only
be required to provide a copy of its annual SAS 70 report and its audited
financial statements.

 

15.           Add the following new proviso at the end of Section 5.02:

 

provided, that this Section 5.02 shall not apply to mergers or
consolidations of the Backup Servicer in its capacity as Successor Servicer
within JPMorgan Chase Bank, N.A.

 

16.           Replace
Section 5.04 in its entirety with the following:

 

The Servicer shall indemnify and hold harmless the Issuer, the
Indenture Trustee, and the Owner Trustee, from and against any loss, liability,
expense, damage or injury suffered or sustained by reason of fraud, negligence,
material breach of any duty under the Agreement or willful misconduct arising
out of the activities of the Servicer, including any judgment, award,
settlement, reasonable attorneys’ fees and other costs or expenses incurred in
connection with the defense of any actual or threatened action, proceeding or
claim; provided, that the Servicer shall not
indemnify the Issuer, the Indenture Trustee or the Owner Trustee if such acts,
omissions or

 

Sch I-3

 

alleged acts or omissions constitute fraud, negligence, breach of
fiduciary duty or willful misconduct by the Issuer, the Indenture Trustee or
the Owner Trustee.  Notwithstanding the
foregoing, the Servicer shall not indemnify the Issuer, the Indenture Trustee,
the Owner Trustee or any Noteholder for any liabilities, cost or expense of the
Issuer with respect to any federal, state or local income or franchise taxes
(or any interest or penalties with respect thereto) required to be paid by the
Issuer or the Noteholders in connection herewith to any taxing authority.

 

Any indemnification by the Backup Servicer as Successor Servicer under
this Article V shall survive the termination of this Agreement and the
resignation and removal of the Indenture Trustee or the Owner Trustee, as the
case may be.

 

(c)           The indemnification obligations of any Servicer that
resigns or whose rights and obligations are terminated pursuant to Section 6.01
shall survive such resignation or termination to the extent, and only to the
extent, any costs, expenses, losses, damages, claims and liabilities were
incurred solely as a result of any actions taken (or not taken) by, or events
solely in the control of, such predecessor Servicer.

 

17.           Amend
Section 5.05 to read as follows:

 

The Servicer Not To Resign.  The Servicer shall not resign from the
obligations and duties hereby imposed on it except upon determination that (a) the
performance of its duties hereunder is no longer permissible under applicable
law and (b) there is no reasonable action which the Servicer could take to
make the performance of its duties hereunder permissible under applicable
law.  No such resignation shall become
effective until the Backup Servicer, Indenture Trustee or a Successor Servicer
shall have assumed the responsibilities and obligations of the Servicer in
accordance with Section 6.02 hereof. The Backup Servicer shall become the
Successor Servicer upon such resignation. 
If there is no backup servicer engaged at the time to become the
Successor Servicer and the Indenture Trustee is unable within 120 days of the
date of such determination to appoint a Successor Servicer, the Indenture
Trustee shall serve as Successor Servicer hereunder.

 

18.           Add the following new sentence at the end of Section 5.06:

 

The Indenture Trustee and its agents shall give
reasonable notice of any such inspection or audit and such inspection shall be
conducted in a manner that does not cause undue disruption or interference with
the Servicer’s business.

 

19.           Amend
Section 5.07 by inserting “, and any Successor Servicer with CNHCA’s
consent (which is not to be unreasonably withheld or delayed) may,” after “may”
in the first sentence of such section.

 

20.           Add
the following as a new Section 5.09:

 

SECTION 5.09. 
Backup Servicer as Custodian.  The Backup Servicer shall act as custodian of
documentation and other records relating to the Receivables only if it is simultaneously
acting as Successor Servicer pursuant to this Agreement.

 

Sch I-4

 

21.           Add
the following new proviso at the end of Section 6.01(f):

 

; provided,
that the Backup Servicer, acting as Successor Servicer, may not be terminated
for a Servicer Default set forth in Section 6.01(f).

 

22.           Amend
paragraph  (b) of Section 6.02
to read as follows:

 

(b)           Upon its
appointment, the Successor Servicer (including the Backup Servicer or the
Indenture Trustee acting as Successor Servicer) shall be the successor in all
respects to the Servicer with respect to servicing functions under this
Agreement and shall be subject to all the responsibilities, duties and
liabilities relating thereto placed on the Servicer (unless otherwise provided
herein or in the Backup Servicing Agreement) by the terms and provisions hereof
(except that the Successor Servicer shall not be liable for any liabilities
incurred by the predecessor Servicer), and all references in this Agreement to
the Servicer shall be deemed to refer to the Successor Servicer.  Any Successor Servicer, by its acceptance of
its appointment, will automatically agree to be bound by the terms and
provisions of any Enhancement Agreement which it had received and reviewed in
connection with its determination to continue as Backup Servicer under Section 3.6(b) of
the Backup Servicing Agreement.

 

23.           Amend
Section 7.01 to add the following language at the end thereof  “or, if the Backup Servicer is the Successor
Servicer hereunder, on the day one week after the day on which the rights of
all Series of Notes to receive payments from the Trust have terminated”.

 

24.           Add
the following new paragraph (e) at the end of Section 8.02:

 

(e)           If the
Backup Servicer is acting as the Successor Servicer, it  shall be reimbursed pursuant to Section 3.01(h) and
3.05(f) of the Series 2003-1 Indenture Supplement and Series 2003-2
Indenture Supplement or Section 3.01(i) or 3.05(e) of the Series 2003-3
Indenture Supplement for any costs incurred by it in performing its duties
pursuant to this Section.

 

25.           Add
the following new Section 8.18:

 

SECTION 8.18. 
Miscellaneous.  The rights, protections, immunities and
indemnities of the Backup Servicer set forth in the Backup Servicing Agreement
shall apply to this Agreement as if set forth in full herein.

 

Amend each of the Indenture Supplements as follows, to
the extent necessary:

 

26.           Add
the following new definition in its correct alphabetical position to Section 1.01:

 

“Monthly Backup Servicing
Fee” means the product of (a) a fraction, the numerator of which is this
Series’ Security Amount and the denominator of which is the aggregate of the
Security Amounts for all Series, including this Series’ Security Amount and (b) the
Backup Servicer Fees.

 

27.           Add
the following new proviso at the end of the definition of Monthly Servicing Fee
in each of the Indenture Supplements:

 

Sch I-5

 

provided that with
respect to any Successor Servicer under the Transfer and Servicing Agreement,
the Monthly Servicing Fee for each Collection Period shall be equal to the
greater of (a) 1/12th of 1.00% of the Collateral Amount as of the first
day of such Collection Period, and (b) $7,500.

 

28.           Add
the following as Section 3.01(h) of the Series 2003-1 Indenture
Supplement and Series 2003-2 Indenture Supplement, and then re-number
thereafter as Section 3.01(i) existing Section 3.01(h):

 

(h) (i) to the Backup Servicer, any accrued
and unpaid Monthly Backup Servicing Fees, Backup Servicer Fees and Expenses and
indemnity payments, in each case to the extent unreimbursed under clause (a) of
this section, Section 4.02(e) of the Indenture, Section 3.05(f),
and to the extent not reimbursued pursuant to any other Indenture Supplements
and (ii) to the Successor Servicer, any accrued and unpaid reimbursable
expenses and indemnity payments that are payable to it, to the extent not
reimbursued pursuant to any other Indenture Supplements;

 

29.           Add
the following as Section 3.05(f) of the Series 2003-1 Indenture
Supplement and Series 2003-2 Indenture Supplement, and then re-number
thereafter as Section 3.05(g) existing Section 3.05(f):

 

(f) (i) to the Backup Servicer, any accrued
and unpaid Monthly Backup Servicing Fees, Backup Servicer Fees and Expenses and
indemnity payments, in each case to the extent unreimbursed after application
of Section 4.02(e) of the Indenture, Section 3.01(h), and to the
extent not reimbursued pursuant to any other Indenture Supplements and (ii) to
the Successor Servicer, any accrued and unpaid reimbursable expenses and
indemnity payments that are payable to it, to the extent not reimbursued
pursuant to any other Indenture Supplements;

 

30.           Add
the following as Section 3.01(i) of the Series 2003-3 Indenture
Supplement, and then re-number thereafter as Section 3.01(j) existing Section 3.01(i):

 

(i) (i) to the Backup Servicer, any accrued
and unpaid Monthly Backup Servicing Fees, Backup Servicer Fees and Expenses and
indemnity payments, in each case to the extent unreimbursed after application
of Section 4.02(e) of the Indenture, Section 3.05(e), and to the
extent not reimbursued pursuant to any other Indenture Supplements and (ii) to
the Successor Servicer, any accrued and unpaid reimbursable expenses and
indemnity payments that are payable to it, to the extent not reimbursued
pursuant to any other Indenture Supplements;

 

31.           Add
the following as Section 3.05(e) of the Series 2003-3 Indenture
Supplement, and then re-number thereafter as Section 3.05(f) existing
Section 3.05(e):

 

(e) (i) to the Backup Servicer, any accrued
and unpaid Monthly Backup Servicer Fees, Backup Servicer Fees and Expenses and
indemnity payments, in each case to the extent unreimbursed after application
of Section 4.02(e) of the Indenture, Section 3.01(i), and to the
extent not reimbursued pursuant to any other Indenture Supplements and (ii) to
the Successor Servicer, any accrued and unpaid reimbursable expenses and
indemnity payments that are payable to it, to the extent not reimbursued
pursuant to any other Indenture Supplements;

 

Sch I-6

 

32.           Amend
the definition of “Default Ratio Receivable” as set forth in the Series 2003-3
Indenture Supplement by deleting “the Servicer” from clause (iii)(y) thereof
and inserting in its place “CNHCA as the Servicer”.

 

33.           Amend
Section 3.20(a)(iv) of the Series 2003-3 Indenture Supplement by
deleting the first sentence thereof and inserting the following sentence in its
place:

 

The obligation of a VFN
Noteholder to purchase any related VFN Increase Amount is subject to
satisfaction of the condition that, on any Adjustment Date on which an increase
in the VFN Principal Balance is occurring, the Adjustment Conditions are
satisfied with respect thereto and the Program Agent shall have received a
certificate of a Responsible Officer of each of the Transferor and, if CNHCA is
the Servicer, the Servicer, as to the fact that the Adjustment Conditions are
satisfied with respect thereto.

 

34.           Amend
Section 4.01(16) of the Series 2003-3 Indenture Supplement to read as
follows:

 

CNH Global N.V. shall
cease to own directly or indirectly all of the issued and outstanding shares of
stock of the Originators, the Transferor, and if CNHCA is the Servicer, the
Servicer;

 

Amend the Indenture as follows:

 

35.           Amend
Section 1.01 of the Indenture by adding the following defined term in its
correct alphabetical position thereto:

 

“CNHCA” means CNH Capital
America LLC (formerly known as Case Credit Corporation), a Delaware limited
liability company.

 

36.           Amend
the definition of “Administrator” by adding the following sentence after the
first sentence thereof:

 

In no event shall the Backup Servicer in its
capacity as Successor Servicer be required to act as Administrator.

 

37.           Amend
the definition of “Backup Servicer Account Required Amount” to read as follows:

 

“Backup Servicer Account Required Amount” means,
initially, the Backup Servicer Account Initial Deposit, provided, that
the Backup Servicer Account Required Amount may be reduced by the Servicer with
the consent of (i) Moody’s as evidenced by written affirmation that such
reduction will not result in a downgrade or withdrawal by Moody’s of its then
current rating of any Class or Series of Notes and (ii) the
Backup Servicer, whose consent shall not be unreasonably delayed or withheld.

 

38.           Amend
Section 4.02(c) to read as follows:

 

(c)           With
respect to any Collection Period, whether the Servicer is required to make
deposits of Collections pursuant to paragraph (a) or (b) above, if
CNHCA is the Servicer (i) the Servicer shall only be required to deposit
Collections into the Collection Account up to the aggregate amount of
Collections required to be deposited into any Series Account or, without

 

Sch I-7

 

duplication, distributed on the related Payment Date
to Noteholders, to any Agent or to any Enhancement Provider pursuant to the
terms of any Indenture Supplement or Enhancement Agreement and (ii) if at
any time prior to such Payment Date the amount of Collections deposited in the
Collection Account exceeds the amount required to be deposited pursuant to
clause (i) above, the Servicer shall be permitted to withdraw the excess
from the Collection Account.

 

39.           Amend
Section 4.02(d) to insert “or, if CNHCA is no longer the Servicer,
the Transferor,” after “Servicer” in the first sentence thereof.

 

40.           Amend
the final sentence of Section 4.02(e) to read as follows:

 

To the extent that any Backup Servicer Account
Shortfall Amount exists on any Payment Date, the Servicer (so long as the
Servicer is CNHCA) agrees, within thirty days of demand thereof, to pay any
such Backup Servicer Account Shortfall Amount to the Person entitled thereto.

 

41.           Add
the following as Section 4.02(f):

 

On any Payment Date, the Backup Servicer as Successor
Servicer may direct the Indenture Trustee to withdraw from the Collection
Account and pay to the Backup Servicer as Successor Servicer amounts necessary
to reimburse it for any out-of-pocket expenses incurred in connection with a
liquidation of receivables solely to the extent such expenses were not netted
out of liquidation proceeds with respect of such liquidated receivables and
solely to the extent that any expenses do not exceed the aggregate proceeds
recovered in respect of liquidated receivables during the related Collection
Period; such payments to be made prior to any distributions under the Indenture
Supplements.

 

42.           Amend
Section 5.05 by inserting “, if CNHCA is the Servicer,” after “or” in the
last sentence of such section.

 

Sch I-8Exhibit 10.1

 

This RESTRICTED STOCK AGREEMENT is entered into
as of _______________, 20___, between BED BATH & BEYOND INC. (the “Company”) and _________________ (“you”).

 

1.     Restricted Stock Grant.  Subject to the
restrictions, terms and conditions of the Plan and this Agreement, the Company
hereby awards you the number of shares of Common Stock specified in paragraph 7
below.  The shares are subject to certain
restrictions as set forth in the Plan and this Agreement.  Until vested, the shares are referred to
herein as “Restricted
Stock.”

 

2.     The Plan.  The Restricted Stock is
entirely subject to the terms of the Company’s 2004 Incentive Compensation Plan (the “Plan”).  A
description of key terms of the Plan is set forth in the Prospectus for the
Plan.  Capitalized terms used but not
defined in this Agreement have the meanings set forth in the Plan.

 

3.     Restrictions on Transfer.  You will not sell,
transfer, pledge, hypothecate, assign or otherwise dispose of (any such action,
a “Transfer”) the Restricted Stock, except as set forth in the
Plan or this Agreement.  Any attempted
Transfer in violation of the Plan or this Agreement will be void and of no
effect.

 

4.     Forfeiture.  Upon your
Termination, all unvested Restricted Stock shall immediately be forfeited without
compensation.

 

5.     Retention of Certificates.  Promptly after the
date first written above (the “Grant Date”), the Company will recognize your ownership of the
Restricted Stock through uncertificated book entry, another similar method, or
issuance of stock certificates representing the Restricted Stock.  Any stock certificates will be registered in
your name, bear any legend that the Committee deems appropriate to reflect any
restrictions on Transfer, and be held in custody by the Company or its designated
agent until the Restricted Stock vests. 
If requested by the Company, you will deliver to the Company a duly
signed stock power, endorsed in blank, relating to the Restricted Stock.  If you receive a dividend (whether in cash or
stock) on the Restricted Stock, the Restricted Stock shares are split, or you
receive other shares, securities, monies, warrants, rights, options or property
representing a dividend or distribution in respect of the Restricted Stock, you
will immediately deposit with the Company, or the Company will retain, any such
rights or property (including cash or any certificates representing shares duly
endorsed in blank or accompanied by stock powers duly endorsed in blank), which
shall be subject to the same restrictions as the Restricted Stock and be
encompassed within the term “Restricted Stock” as used herein.

 

6.     Rights with Regard to Restricted Stock.  On and after
the Grant Date, you will have the right to vote the Restricted Stock and to
exercise all other rights, powers and privileges of a holder of Common Stock
with respect to the Restricted Stock set forth in the Plan, except:  (i) you will not be entitled to delivery
of any unvested Restricted Stock, and the Company (or its designated agent)
will retain custody of any such shares; (ii) no part of the Restricted
Stock will bear interest or be segregated in separate accounts; and (iii) you
may not Transfer any unvested Restricted Stock.

 

7.     Grant Size; Vesting Schedule.  Restricted Stock
covered by this Award: _______________ shares (representing $___________,
valued at the Grant Date).

 

1

 

The Restricted Stock will become vested and cease to be Restricted
Stock (but will remain subject to the terms of the Plan) as follows unless you
experience a Termination before the applicable Vesting Date:

 

	
  Vesting
  Date

  	
   

  	
  Percent

  Vested

  	
   

  
	
  Later of (x) [3rd] anniversary of Grant
  Date and (y) if such anniversary falls within a scheduled blackout period to
  which you are subject (“SBP”),
  the date of expiration of the SBP (“DESBP”)

  	
   

  	
  [20%

  	
   

  
	
  Later of (x)
  [4th] anniversary of Grant Date and (y) DESBP

  	
   

  	
  20%

  	
   

  
	
  Later of (x)
  [5th] anniversary of Grant Date and (y) DESBP

  	
   

  	
  20%

  	
   

  
	
  Later of (x)
  [6th] anniversary of Grant Date and (y) DESBP

  	
   

  	
  20%

  	
   

  
	
  Later of (x)
  [7th] anniversary of Grant Date and (y) DESBP

  	
   

  	
  20%]

  	
   

  

 

Fractional shares shall not vest but shall instead be accumulated for
vesting as whole shares in accordance with Company policy, with full vesting
scheduled to occur no later than the final Vesting Date.  All unscheduled blackout periods (each, a “UBP”) and SBPs are determined by the
Company.  If a Vesting Date occurs during
a UBP to which you are subject, (i) you will vest in the applicable shares
on the applicable Vesting Date, with the number of shares to which you become
entitled on such vesting subject to reduction by the Company, at its option, to
cover the applicable minimum statutorily required withholding obligation, but (ii) you
will be unable to sell your shares (net of any shares withheld at the Company’s
option to pay minimum required taxes) until the later of (x) the expiration of
the UBP, or (y) in the event the expiration of the UBP falls within a SBP, the
immediately following DESBP.

 

All vesting will occur only on the appropriate Vesting Dates, with no
proportionate or partial vesting in the period prior to any such date.  Except as otherwise provided in the preceding
paragraph, when any Restricted Stock becomes vested, the Company (unless it
determines a delay is required under applicable law or rules) will promptly
issue and deliver to you a stock certificate registered in your name or will
promptly recognize ownership of your shares through uncertificated book entry
or another similar method, subject to applicable federal, state and local tax withholding
in a manner acceptable to the Committee. 
You will be permitted to transfer shares of Restricted Stock following
the expiration of the Restriction Period, but only to the extent permitted by
applicable law.

 

8.     Notice.  Any notice or
communication to the Company concerning the Restricted Stock must be in writing
and delivered in person, or by U.S. mail, to the following address (or another
address specified by the Company): Bed Bath & Beyond Inc., Finance Department – Stock
Administration, 650 Liberty Avenue, Union, New Jersey  07083.  In accordance with the Plan, you must
deliver an executed copy of this Agreement to the Company.

 

	
  BED BATH & BEYOND INC.

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By: 

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  An Authorized Officer

  	
   

  	
  Restricted Stock Recipient (You)

  

 

2

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00087-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00087-of-00352.parquet"}]]