Document:

Exhibit
4.4

 

EXECUTION
COPY

 

CNH EQUIPMENT TRUST 2008-B

PURCHASE AGREEMENT

between

CNH CAPITAL AMERICA LLC

and

CNH CAPITAL RECEIVABLES LLC

Dated as of May 1, 2008

 

 

TABLE OF CONTENTS

 

	
  ARTICLE I CERTAIN DEFINITIONS

  	
  2

  
	
   

  	
   

  	
   

  
	
  Section 1.1.

  	
  Definitions

  	
  2

  
	
  Section 1.2.

  	
  Other Definitional Provisions

  	
  2

  
	
   

  	
   

  	
   

  
	
  ARTICLE II CONVEYANCE OF RECEIVABLES

  	
  2

  
	
   

  	
   

  	
   

  
	
  Section 2.1.

  	
  Conveyance of Purchased Contracts

  	
  2

  
	
  Section 2.2.

  	
  Conveyance of Subsequent CNHCA
  Receivables

  	
  3

  
	
  Section 2.3.

  	
  Intention of the Parties

  	
  4

  
	
  Section 2.4.

  	
  The Closing

  	
  4

  
	
  Section 2.5.

  	
  Payment of the Purchase Price

  	
  5

  
	
  Section 2.6.

  	
  Cross-Collateralization

  	
  5

  
	
   

  	
   

  	
   

  
	
  ARTICLE III REPRESENTATIONS AND WARRANTIES

  	
  5

  
	
   

  	
   

  	
   

  
	
  Section 3.1.

  	
  Representations and Warranties of
  CNHCR

  	
  5

  
	
  Section 3.2.

  	
  Representations and Warranties of
  CNHCA

  	
  6

  
	
   

  	
   

  	
   

  
	
  ARTICLE IV CONDITIONS

  	
  11

  
	
   

  	
   

  	
   

  
	
  Section 4.1.

  	
  Conditions to Obligation of CNHCR.

  	
  11

  
	
  Section 4.2.

  	
  Conditions to Obligation of CNHCA

  	
  14

  
	
   

  	
   

  	
   

  
	
  ARTICLE V COVENANTS OF CNHCA

  	
  14

  
	
   

  	
   

  	
   

  
	
  Section 5.1.

  	
  Protection of Right, Title and
  Interest

  	
  14

  
	
  Section 5.2.

  	
  Other Liens or Interests

  	
  15

  
	
  Section 5.3.

  	
  Jurisdiction of Organization

  	
  15

  
	
  Section 5.4.

  	
  Costs and Expenses

  	
  15

  
	
  Section 5.5.

  	
  Indemnification

  	
  15

  
	
  Section 5.6.

  	
  Transfer of Subsequent CNHCA
  Receivables

  	
  16

  
	
  Section 5.7.

  	
  Cross-Collateralization

  	
  16

  
	
   

  	
   

  	
   

  
	
  ARTICLE VI MISCELLANEOUS PROVISIONS

  	
  16

  
	
   

  	
   

  	
   

  
	
  Section 6.1.

  	
  Obligations of CNHCA

  	
  16

  
	
  Section 6.2.

  	
  Repurchase Events

  	
  16

  
	
  Section 6.3.

  	
  CNHCR Assignment of Repurchased
  Receivables

  	
  16

  
	
  Section 6.4.

  	
  Trust

  	
  16

  
	
  Section 6.5.

  	
  Amendment

  	
  17

  
	
  Section 6.6.

  	
  Accountants’ Letters

  	
  18

  
	
  Section 6.7.

  	
  Waivers

  	
  18

  
	
  Section 6.8.

  	
  Notices

  	
  18

  
	
  Section 6.9.

  	
  Costs and Expenses

  	
  18

  
	
  Section 6.10.

  	
  Representations of CNHCA and CNHCR

  	
  19

  
	
  Section 6.11.

  	
  Confidential Information

  	
  19

  
	
  Section 6.12.

  	
  Headings and Cross-References

  	
  19

  
	
  Section 6.13.

  	
  Governing Law

  	
  19

  
	
  Section 6.14.

  	
  Counterparts

  	
  19

  

 

i

 

	
  Section 6.15.

  	
  Severability

  	
  19

  
	
  Section 6.16.

  	
  Information Requests

  	
  19

  

 

	
  EXHIBITS

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  EXHIBIT A

  	
   

  	
  Form of CNHCA
  Assignment

  
	
  EXHIBIT B

  	
   

  	
  Form of CNHCA
  Subsequent Transfer Assignment

  
	
   

  	
   

  	
   

  
	
  SCHEDULES

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  SCHEDULE P

  	
   

  	
  Perfection Representation
  and Warranties

  

 

ii

 

PURCHASE AGREEMENT (as
amended or supplemented from time to time, this “Agreement”) dated as of May 1,
2008, between CNH CAPITAL AMERICA LLC, a Delaware limited liability company (“CNHCA”),
and CNH CAPITAL RECEIVABLES LLC, a Delaware limited liability company (“CNHCR”).

 

RECITALS

 

WHEREAS, in the regular course of its business,
CNHCA purchases, directly and indirectly, from CIT Bank, equipment dealers and
brokers, and directly originates, Contracts; and

 

WHEREAS, CNHCA and CNHCR wish to set forth the terms
pursuant to which:  (1) Contracts
having an aggregate Contract Value of approximately $0 and identified on Schedule A
to the CNHCA Assignment (the “Purchased Contracts”) as of the Initial Cutoff
Date are to be sold by CNHCA to CNHCR on the date hereof and (2) certain
Subsequent CNHCA Receivables are to be sold by CNHCA to CNHCR from time to time
on each Subsequent Transfer Date; and

 

WHEREAS, CNHCR, as of the Initial Cutoff Date, owned
Contracts previously purchased from CNHCA pursuant to an Amended and Restated
Receivables Purchase Agreement dated as of December 15, 2000 (as amended
from time to time, the “Liquidity Receivables Purchase Agreement”) between
CNHCA and CNHCR, having an aggregate Contract Value of approximately
$626,904,959.29 and identified on Schedule A to the Assignment (the “Owned
Contracts”, and together with the Purchased Contracts, the “Initial Receivables”);
and

 

WHEREAS, the Initial Receivables and the Subsequent
CNHCA Receivables will be transferred by CNHCR, pursuant to the Sale and
Servicing Agreement, to CNH Equipment Trust 2008-B (the “Trust”), which Trust
will issue Certificates representing non-assessable, fully paid, undivided
beneficial interests in, and Notes collateralized by, the Receivables and the
other property of the Trust;

 

WHEREAS, in exchange for the Class B Notes
acquired by CNHCA on the Closing Date, CNHCA shall reduce the outstanding
balance of the subordinated note, dated as of December 15, 2000, payable
by CNHCR to CNHCA and executed in accordance with the Liquidated Receivables
Purchase Agreement, by $15,673,959; and

 

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

 

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

 

 

ARTICLE I

 

CERTAIN DEFINITIONS

 

Section 1.1.                                                           Definitions. 
Capitalized terms used herein and not otherwise defined herein are defined
in Appendix A to the Indenture dated as of the date hereof between CNH
Equipment Trust 2008-B and The Bank of New York Trust Company, N.A., as
Indenture Trustee.

 

Section 1.2.                                                           Other
Definitional Provisions.  (a) All terms defined in this Agreement shall have the defined meanings
when used in any certificate or other document made or delivered pursuant
hereto unless otherwise defined therein.

 

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

 

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

 

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

 

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

 

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

 

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

 

ARTICLE II

 

CONVEYANCE OF RECEIVABLES

 

Section 2.1.                                                           Conveyance
of Purchased Contracts.  In consideration of CNHCR’s payment of $0
(the “Initial Purchase Price”) in the manner set out in Section 2.5(a),
and the other

 

2

 

consideration
(including the terms and covenants) contained herein, CNHCA does hereby sell,
transfer, assign, set over and otherwise convey to CNHCR, without recourse
(subject to the obligations herein), all of its right, title, interest in, to
and under (collectively, the “Initial CNHCA Assets”):

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

Section 2.2.                                                           Conveyance
of Subsequent CNHCA Receivables.  Subject to the conditions set
forth in Section 4.1(b), in consideration of CNHCR’s delivery on the
related Subsequent Transfer Date to or upon the order of CNHCA of the related
Subsequent Purchase Price pursuant to Section 2.5, CNHCA does hereby sell,
transfer, assign, set over and otherwise convey to CNHCR, without recourse
(subject to the obligations herein), all of its right, title, interest in, to
and under (collectively, the “Subsequent CNHCA Assets”; and together with the Initial
CNHCA Assets, the “Assets”):

 

(i)                                     the Subsequent CNHCA Receivables listed on
Schedule A to the related CNHCA Subsequent Transfer Assignment, including
all documents constituting chattel paper included therewith, and all
obligations of the Obligors thereunder, including all monies paid thereunder on
or after the related Subsequent Cutoff Date;

 

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

 

3

 

(iii)                               any proceeds with respect to such Subsequent
CNHCA Receivables from claims on insurance policies covering Financed Equipment
or Obligors (to the extent not used to purchase Substitute Equipment);

 

(iv)                              any proceeds from recourse to Dealers with
respect to such Subsequent CNHCA Receivables;

 

(v)                                 any Financed Equipment that shall have
secured any such Subsequent CNHCA Receivable and that shall have been acquired
by or on behalf of CNHCR; and

 

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

 

Section 2.3.                                                           Intention
of the Parties.  The parties to this Agreement intend that the
transactions contemplated hereby shall be, and shall be treated as, a purchase
by CNHCR and a sale by CNHCA of the Purchased Contracts and the Subsequent
CNHCA Receivables and not as a lending transaction, such that in the event of a
filing of a petition for relief by or against CNHCA under the Bankruptcy Code, (i) such
Purchased Contracts and Subsequent CNHCA Receivables would not be property of
CNHCA’s bankruptcy estate under Section 541 of the Bankruptcy Code, (ii) the
bankruptcy court would not compel the turnover of such Purchased Contracts and
Subsequent CNHCA Receivables or collections thereon by CNHCR to CNHCA under Section 542
of the Bankruptcy Code, and (iii) the bankruptcy court would determine
that payments on such Purchased Contracts and Subsequent CNHCA Receivables not
in the possession of CNHCA would not be subject to the automatic stay
provisions of Section 362(a) of the Bankruptcy Code imposed upon the
commencement of CNHCA’s bankruptcy case. 
The foregoing sale, assignment, transfer and conveyance does not
constitute, and is not intended to result in a creation or assumption by CNHCR
of, any obligation or liability with respect to any Purchased Contract or any
Subsequent CNHCA Receivables, nor shall CNHCR be obligated to perform or
otherwise be responsible for any obligation of CNHCA or any other Person in
connection with the Purchased Contracts or the Subsequent CNHCA Receivables or
under any agreement or instrument relating thereto, including any contract or
any other obligation to any Obligor.  If
(but only to the extent that) the transfer of the Assets hereunder is
characterized by a court or other governmental authority as a loan rather than
a sale, CNHCA shall be deemed hereunder to have granted to CNHCR a security
interest in all of CNHCA’s right, title and interest in and to the Assets.  Such security interest shall secure all of
CNHCA’s obligations (monetary or otherwise) under this Agreement and the other
Basic Documents to which it is a party, whether now or hereafter existing or
arising, due or to become due, direct or indirect, absolute or contingent.  CNHCR shall have, with respect to the
property described in Section 2.1 and Section 2.2, and in addition to
all the other rights and remedies available to CNHCR under this Agreement and
applicable law, all the rights and remedies of a secured party under any
applicable UCC, and this Agreement shall constitute a security agreement under
applicable law.

 

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

 

4

 

Section 2.5.                                                           Payment of
the Purchase Price.

 

(a)                                  Purchased Contracts.  The
Initial Purchase Price is payable in cash on the Closing Date.

 

(b)                                 Subsequent CNHCA
Receivables.  As consideration for the conveyance of
Subsequent CNHCA Receivables pursuant to Section 2.2, CNHCR shall
pay or cause to be paid to CNHCA on each Subsequent Transfer Date an amount (a “Subsequent
Purchase Price”) equal to the aggregate Contract Value of the Subsequent CNHCA
Receivables as of the related Subsequent Cutoff Date, plus any premium or minus
any discount agreed upon by CNHCA and CNHCR. 
Any Subsequent Purchase Price shall be payable as follows:  (i) cash in the amount released to CNHCR
in respect of the Subsequent CNHCA Receivables from the Pre-Funding Account
pursuant to Section 5.8(a) of the Sale and Servicing Agreement shall
be paid to CNHCA on the related Subsequent Transfer Date; and (ii) the
balance shall be paid in cash as and when amounts are released to, or otherwise
realized by, CNHCR from the Spread Account, the Negative Carry Account, and the
Principal Supplement Account in accordance with the Sale and Servicing
Agreement, or otherwise are available for such purpose.

 

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

 

ARTICLE III

 

REPRESENTATIONS AND WARRANTIES

 

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

 

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

 

(b)                                 Due Qualification.  CNHCR
is duly qualified to do business as a foreign limited liability company in good
standing, and has obtained all necessary licenses and approvals, in all
jurisdictions in which the ownership or lease of property or the conduct of its
business shall require such qualifications, except where the failure to be so
qualified and have such licenses and approvals would not have a material
adverse effect on (i) the Trust Estate,

 

5

 

(ii) CNHCR’s
performance of its obligations under the Basic Documents to which it is a
party, (iii) the business or condition (financial or otherwise) of CNHCR
or (iv) the validity or enforceability of any Receivable.

 

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

 

(d)                                 Binding Obligation.  This
Agreement constitutes a legal, valid and binding obligation of CNHCR
enforceable against CNHCR in accordance with its terms.

 

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

 

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

 

Section 3.2.                                                           Representations
and Warranties of CNHCA.  (a) CNHCA hereby represents and warrants
to CNHCR as of the date hereof and as of the Closing Date:

 

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

 

(ii)                                  Due Qualification.  CNHCA
is duly qualified to do business as a foreign limited liability company in good
standing, and has obtained all necessary licenses and

 

6

 

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

 

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

 

(iv)                              Binding Obligation.  This
Agreement constitutes, and each CNHCA Subsequent Transfer Assignment when
executed and delivered by CNHCA will constitute, a legal, valid and binding
obligation of CNHCA enforceable against CNHCA in accordance with their terms.

 

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

 

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

 

(b)                                 CNHCA makes the following representations and
warranties as to the Receivables on which CNHCR relies in accepting the Initial
Receivables and the Subsequent

 

7

 

CNHCA Receivables and in
transferring the Receivables to the Trust. 
Such representations and warranties speak as of the Closing Date, in the
case of the Initial Receivables, and as of the applicable Subsequent Transfer
Date, in the case of the Subsequent CNHCA Receivables, but shall survive the
sale, transfer and assignment of the Receivables to CNHCR and the subsequent
assignment and transfer of such Receivables to the Trust pursuant to the Sale
and Servicing Agreement and the Grant to the Indenture Trustee pursuant to the
Indenture:

 

(i)                                     Characteristics of
Receivables.  Each Receivable is a Retail Installment
Contract and:  (A) (1) (i) was
originated in the United States of America by a Dealer in connection with the
retail sale of Financed Equipment in the ordinary course of such Dealer’s
business, and (ii) was purchased by CNHCA from a Dealer and validly
assigned by such Dealer to CNHCA in accordance with its terms, except that some
of the Receivables were purchased by NH Credit from Dealers (after being
originated as provided above), securitized in a previous CNH Equipment Trust
and purchased by CNHCA through the exercise of a clean-up call relating to that
previous securitization, (2) was originated in the United States of
America by CNHCA in connection with the financing or refinancing, as
applicable, of Financed Equipment in the ordinary course of CNHCA’s business or
(3) (i) was originated in the United States of America in connection
with the financing of Financed Equipment in the ordinary course of a Dealer’s
business, through a program in which CIT Bank funds installment loans to
consumers to enable the consumers to purchase products distributed by such
Dealer, and (ii) was purchased by CNHCA from CIT Bank and validly assigned
by CIT Bank to CNH in accordance with its terms, and in the case of the
foregoing clauses (1), (2) and (3), was fully and properly executed by the
parties thereto, (B) has created a valid, subsisting and enforceable first
priority security interest in the Financed Equipment in favor of CNHCA except
to the extent that such security interest has been assigned by CNHCA to CNHCR,
by CNHCR to the Issuing Entity and by the Issuing Entity to the Indenture
Trustee, (C) contains customary and enforceable provisions such that the
rights and remedies of the holder thereof are adequate for realization against
the collateral of the benefits of the security, and (D) provides for fixed
payments on a periodic basis that fully amortize the Amount Financed by
maturity and yield interest at the Annual Percentage Rate.

 

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

 

(iii)                               Compliance with Law.  Each
Receivable and the sale of the related Financed Equipment complied in all
material respects at the time it was originated or made and at the execution of
this Agreement, and each CNHCA Subsequent Transfer Assignment complies in all
material respects, with all requirements of applicable federal, state and local
laws and regulations thereunder, including usury law, the Federal
Truth-in-Lending Act, the Equal Credit Opportunity Act, the Fair Credit
Reporting Act, the Fair Debt Collection Practices Act, the

 

8

 

Federal Trade Commission
Act, the Magnuson-Moss Warranty Act, the Federal Reserve Board’s Regulations B
and Z, the Wisconsin Consumer Act and state adaptations of the National
Consumer Act and of the Uniform Consumer Credit Code, and other consumer credit
laws and equal credit opportunity and disclosure laws, in each case, to the
extent applicable.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(xi)                                No Default.  No
Receivable is a non-performing Receivable or has a payment that is more than 90
days overdue as of the Initial Cutoff Date or Subsequent Cutoff Date, as
applicable, and, except for a payment default continuing for a period of not
more than 90 days, no default, breach, violation or event permitting
acceleration under the terms of any Receivable has occurred and is continuing;
and no continuing condition (other than a payment default continuing for a
period of not more than 90 days) that with notice or the lapse of time would
constitute such a default, breach, violation or event permitting acceleration
under the terms of any Receivable has arisen; and CNHCA has not waived any of
the foregoing.

 

9

 

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

 

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

 

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

 

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

 

(xvi)                         Maturity of Receivables.  Each
Receivable has a remaining term to maturity of not more than 72 months, in the
case of the Initial Receivables, and 72 months, in the case of the
Subsequent CNHCA Receivables; the weighted average remaining term of the
Initial Receivables is approximately 48.64 months as of the Initial Cutoff
Date; the weighted average original term of the Receivables, including as of each
Subsequent Transfer Date all Subsequent CNHCA Receivables previously
transferred to CNHCR, will not be greater than 55 months.

 

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

 

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

 

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

 

(xx)                              Financing. 
Initial Receivables having an aggregate Statistical Contract Value of
approximately 59.68% of the Initial Aggregate Statistical Contract Value were
secured by equipment that was new at the time the related Initial Receivable
was originated; the

 

10

 

remainder of the Initial
Receivables represent financing of used equipment; Initial Receivables having
an aggregate Statistical Contract Value of approximately 78.75% of the Initial
Aggregate Statistical Contract Value of the Initial Receivables, are attributable to financing of agricultural
equipment; the remainder of the Initial Receivables are attributable to
financing of construction and consumer equipment.  Additionally, not more than 35% of the
aggregate Contract Value of the Receivables, including, as of each Subsequent
Transfer Date, all Subsequent CNHCA Receivables previously transferred to
CNHCR, will represent Contracts for the financing of construction equipment.

 

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

 

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

 

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

 

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

 

(xxv)                       Payment
Frequency.  As of the Initial
Cutoff Date and as shown on the books of CNHCA: 
(A) Initial Receivables having an aggregate Statistical Contract
Value equal to 57.92% of the Initial Aggregate Statistical Contract Value had
annual scheduled payments, (B) Initial Receivables having an aggregate
Statistical Contract Value equal to 3.07% of the Initial Aggregate Statistical
Contract Value had semi-annual scheduled payments, (C) Initial Receivables
having an aggregate Statistical Contract Value equal to 0.50% of the Initial
Aggregate Statistical Contract Value had quarterly scheduled payments, (D) Initial
Receivables having an aggregate Statistical Contract Value equal to 33.02% of
the Initial Aggregate Statistical Contract Value had monthly scheduled
payments, and (E) Initial Receivables having an aggregate Statistical
Contract Value equal to 5.49% of the Initial Aggregate Statistical Contract
Value had irregularly scheduled payments.

 

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

 

ARTICLE IV

 

CONDITIONS

 

Section 4.1.                                                           Conditions
to Obligation of CNHCR.

 

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

 

11

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(b)                                 Subsequent CNHCA
Receivables.  The obligation of CNHCR to purchase any
Subsequent CNHCA Receivables is subject to the satisfaction of the following
conditions on or prior to the related Subsequent Transfer Date:

 

(i)                                     CNHCA shall have delivered to CNHCR a duly
executed written assignment in substantially the form of Exhibit B (the “CNHCA
Subsequent Transfer Assignment”), which shall include supplements to the
Schedule of Receivables listing the Subsequent CNHCA Receivables;

 

12

 

(ii)                                  CNHCA shall, to the extent required by Section 5.3
of the Sale and Servicing Agreement, have delivered to CNHCR for deposit in the
Collection Account all collections in respect of the Subsequent CNHCA
Receivables;

 

(iii)                               as of such Subsequent Transfer Date:  (A) CNHCA was not insolvent and will not
become insolvent as a result of the transfer of Subsequent CNHCA Receivables on
such Subsequent Transfer Date, (B) CNHCA did not intend to incur or
believe that it would incur debts that would be beyond CNHCA’s ability to pay
as such debts matured, (C) such transfer was not made with actual intent
to hinder, delay or defraud any Person and (D) the assets of CNHCA did not
constitute unreasonably small capital to carry out its business as conducted;

 

(iv)                              the applicable Spread Account Initial Deposit
and Principal Supplement Account Deposit, if any, for such Subsequent Transfer
Date shall have been or shall be made;

 

(v)                                 the Funding Period shall not have terminated;

 

(vi)                              each of the representations and warranties
made by CNHCA pursuant to Section 3.2(b) with respect to the
Subsequent CNHCA Receivables shall be true and correct as of such Subsequent
Transfer Date, and CNHCA shall have performed all obligations to be performed
by it hereunder on or prior to such Subsequent Transfer Date to the extent such
obligations are required to be performed by it hereunder on or prior to the
Subsequent Transfer Date;

 

(vii)                           CNHCA shall, at its own expense, on or prior
to such Subsequent Transfer Date, indicate in its computer files that the
Subsequent CNHCA Receivables identified in the related CNHCA Subsequent
Transfer Assignment have been sold to CNHCR pursuant to this Agreement and the
CNHCA Subsequent Transfer Assignment;

 

(viii)                        CNHCA shall take any action required to give
CNHCR a first priority perfected ownership interest in the Subsequent CNHCA
Receivables on or prior to, or within ten days following, the applicable
Subsequent Transfer Date;

 

(ix)                                no selection procedures believed by CNHCA to
be adverse to the interests of CNHCR, the Trust, the Noteholders or the
Certificateholders shall have been utilized in selecting the Subsequent CNHCA
Receivables;

 

(x)                                   the addition of the Subsequent CNHCA
Receivables will not result in a material adverse tax consequence to CNHCR, the
Trust, the Noteholders or the Certificateholders;

 

(xi)                                CNHCA shall have provided CNHCR a statement
listing the aggregate Contract Value of such Subsequent CNHCA Receivables and
any other information reasonably requested by CNHCR with respect to such
Subsequent CNHCA Receivables;

 

13

 

(xii)                             all the conditions to the transfer of the
Subsequent CNHCA Receivables to the Issuing Entity specified in the Sale and
Servicing Agreement shall have been satisfied; and

 

(xiii)                          CNHCA shall have delivered to CNHCR an
Officer’s Certificate confirming the satisfaction of each condition precedent
specified in this clause (b) (substantially in the form attached hereto as
Annex A to the CNHCA Subsequent Transfer Assignment).

 

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

 

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

 

(b)                                 Receivables Purchase Price.  On
the Closing Date or the applicable Subsequent Transfer Date, CNHCR shall have
delivered to CNHCA the portion of the Initial Purchase Price or the Subsequent
Purchase Price, as the case may be, payable on the Closing Date or such
Subsequent Transfer Date pursuant to Section 2.5.

 

ARTICLE V

 

COVENANTS OF CNHCA

 

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

 

Section 5.1.                                                           Protection
of Right, Title and Interest.

 

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

 

(b)                                 Name Change. 
Within 15 days after CNHCA makes any change in its name, identity or
organizational structure that would or could reasonably be expected to make

 

14

 

any financing statement or
continuation statement filed in accordance with paragraph (a) seriously
misleading within the applicable provisions of the UCC or any title statute, as
applicable, CNHCA shall give CNHCR notice of any such change, and no later than
10 days after the effective date thereof, shall file such financing statements
or amendments as may be necessary to continue the perfection of CNHCR’s
interest in the property included in the Trust Estate.

 

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

 

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

 

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

 

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

 

Section 5.5.                                                           Indemnification.  CNHCA
shall indemnify, defend and hold harmless CNHCR for any liability as a result
of the failure of a Receivable to be originated in compliance with all
requirements of law and for any breach of any of its representations and
warranties contained herein.  These
indemnity obligations shall be in addition to any obligation that CNHCA may
otherwise have.  CNHCA shall indemnify,
defend and hold harmless CNHCR, the Issuing Entity, the Trustee and the
Indenture Trustee (and their respective officers, directors, employees and
agents) from and against any taxes that may at any time be asserted against
such Person with respect to the sale of the Purchased Contracts to CNHCR
hereunder, the sale of the Owned Contracts to CNHCR under the Liquidity
Receivables Purchase Agreement or the sale of the Receivables to the Issuing
Entity by CNHCR or the issuance and original sale of the Certificates and the
Notes, including any sales, gross receipts, general corporation, tangible
personal property, privilege or license taxes (but, in the case of CNHCR and
the Issuing Entity, not including any taxes asserted with respect to ownership
of the Receivables or federal or other income taxes arising out of the
transactions contemplated by this Agreement) and costs and expenses in defending
against the same.

 

15

 

Section 5.6.                                                                Transfer of
Subsequent CNHCA Receivables. 
CNHCA covenants to transfer to CNHCR, pursuant to Section 2.2,
Subsequent CNHCA Receivables with an aggregate Contract Value approximately
equal to $0, subject only to the availability of such Subsequent CNHCA
Receivables.

 

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

 

ARTICLE VI

 

MISCELLANEOUS
PROVISIONS

 

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

 

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

 

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

 

Section 6.4.                                                                Trust.  CNHCA acknowledges and agrees that:  (a) CNHCR
will, pursuant to the Sale and Servicing Agreement, sell the Receivables to the
Trust and assign its rights under this Agreement to the Trust, (b) the
Trust will, pursuant to the Indenture, assign such Receivables and such rights
to the Indenture Trustee and (c) the representations, warranties and 

 

16

 

covenants contained in this Agreement and the rights of CNHCR under
this Agreement, including under Section 6.2, are intended to benefit the
Trust, the Certificateholders, the Counterparties and the Noteholders.  CNHCA hereby consents to all such sales and
assignments and agrees that enforcement of a right or remedy hereunder by the
Indenture Trustee shall have the same force and effect as if the right or
remedy had been enforced or executed by CNHCR.

 

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

 

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

 

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

 

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

 

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

 

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

 

This Agreement may also be
amended from time to time by CNHCA and CNHCR, with prior written notice to the
Rating Agencies and the Counterparties, with the written consent of (x) Noteholders
holding Notes evidencing at least a majority of the Note Balance and (y) the
Certificateholders evidencing not less than 50% of the beneficial interest in
the Trust, for the purpose of adding any provisions to or changing in any
manner or eliminating any of the provisions of this Agreement or of modifying
in any manner the rights of the Noteholders or the Certificateholders; provided,
however, that no such amendment may: 
(i) reduce the interest rate or principal of any Note or
Certificate, or delay the Class Final Scheduled Maturity Date of any Note
or (ii) reduce the aforesaid percentage of the Notes and Certificates that
are required to consent to any such amendment, without the consent of the
holders of all the outstanding Notes and Certificates affected thereby.

 

17

 

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

 

With respect to any
amendment pursuant to this Section 6.5(a), if any amendment or supplement
would either: (a) materially and adversely affect any of the Counterparties’
rights or obligations under an Interest Rate Swap Agreement or any other Basic
Document; or (b) materially and adversely modify the obligations of, or
materially and adversely impact the ability of, the Trust to fully perform any
of the Trust’s obligations under an Interest Rate Swap Agreement, the Trust and
the Indenture Trustee shall be required to first obtain the written consent of
the applicable Counterparties to the affected Interest Rate Swap Agreements
before entering into any such amendment or supplement (which consent shall not
be unreasonably withheld).

 

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

 

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

 

Section 6.8.                                                                Notices.  All
demands, notices and communications under this Agreement shall be in writing,
personally delivered or mailed by certified mail, return receipt requested, or
by facsimile, and shall be deemed to have been duly given upon receipt:  (a) in the case of CNHCA, to CNH Capital
America LLC, 6900 Veterans Boulevard, Burr Ridge, Illinois 60527, Attention:
Assistant Treasurer, (telephone: (630) 887-2095) (facsimile: (630) 887-5448); (b) in
the case of CNHCR, 6900 Veterans Boulevard, Burr Ridge, Illinois 60527,
Attention: Assistant Treasurer, (telephone: (630) 887-2095) (facsimile: (630)
887-5448); (c) in the case of the Rating Agencies, at their respective
addresses set forth in Section 10.3 of the Sale and Servicing Agreement; (d) in
the case of any Counterparty, to the address set forth in Section 11.4(c) of
the Indenture, or, as to each of the foregoing, at such other address or
facsimile number as shall be designated by written notice to the other parties.

 

Section 6.9.                                                                Costs and
Expenses.  CNHCA will pay all expenses incident to the
performance of its obligations under this Agreement and CNHCA agrees to pay all
reasonable out-of-pocket costs and expenses of CNHCR, excluding fees and
expenses of counsel, in 

 

18

 

connection with the perfection as against third parties of CNHCR’s
right, title and interest in, to and under the Receivables and the enforcement
of any obligation of CNHCA hereunder.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(signature pages follow)

 

19

 

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

 

	
   

  	
  CNH
  CAPITAL RECEIVABLES LLC

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Thomas N. Beckmann

  
	
   

  	
   

  	
  Name: Thomas N. Beckmann

  
	
   

  	
   

  	
  Title: Assistant Treasurer

  
	
   

  	
   

  	
   

  
	
   

  	
  CNH
  CAPITAL AMERICA LLC

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Thomas N. Beckmann

  
	
   

  	
   

  	
  Name: Thomas N. Beckmann

  
	
   

  	
   

  	
  Title: Assistant Treasurer

  

 

Purchase
Agreement

 

 

EXHIBIT A

to Purchase Agreement

 

FORM OF

CNHCA ASSIGNMENT

 

For value received, in
accordance with and subject to the Purchase Agreement dated as of May 1,
2008 (the “Purchase Agreement”), between the undersigned and CNH Capital
Receivables LLC (“CNHCR”), the undersigned does hereby sell, assign, transfer,
set over and otherwise convey unto CNHCR, without recourse, all of its right,
title, interest in, to and under:  (a) the
Purchased Contracts, which are listed on Schedule A hereto,
including all documents constituting chattel paper included therewith, and all
obligations of the Obligors thereunder, including all monies paid thereunder on
or after the Initial Cutoff Date, (b) the security interests in the
Financed Equipment granted by Obligors pursuant to the Purchased Contracts and
any other interest of the undersigned in such Financed Equipment, (c) any
proceeds with respect to the Purchased Contracts from claims on insurance
policies covering Financed Equipment or Obligors (to the extent not used to
purchase Substitute Equipment), (d) any proceeds from recourse to Dealers
with respect to the Purchased Contracts, (e) any Financed Equipment that
shall have secured the Purchased Contracts and that shall have been acquired by
or on behalf of CNHCR, and (f) the proceeds of any and all of the
foregoing.  The foregoing sale does not
constitute and is not intended to result in any assumption by CNHCR of any
obligation of the undersigned to the Obligors, insurers or any other person in
connection with the Purchased Contracts, Receivables Files, any insurance
policies or any agreement or instrument relating to any of them.

 

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

 

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

 

A-1

 

IN WITNESS WHEREOF, the
undersigned has caused this CNHCA Assignment to be duly executed as of May 1,
2008.

 

	
   

  	
  CNH
  CAPITAL AMERICA LLC

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

A-2

 

SCHEDULE A

to CNHCA Assignment

 

SCHEDULE OF PURCHASED CONTRACTS

[ON FILE WITH THE INDENTURE TRUSTEE AND INCORPORATED BY

REFERENCE HEREIN.]

 

A-3

 

EXHIBIT B

to Purchase Agreement

 

FORM OF

CNHCA SUBSEQUENT TRANSFER ASSIGNMENT

 

For value received, in
accordance with and subject to the Purchase Agreement dated as of May 1,
2008 (the “Purchase Agreement”), between CNH Capital America LLC, a Delaware limited
liability company (“CNHCA”), and CNH Capital Receivables LLC, a Delaware
limited liability company (“CNHCR”), CNHCA does hereby sell, transfer, assign,
set over and otherwise convey to CNHCR, without recourse, all of its right,
title, interest in, to and under:  (a) the
Subsequent CNHCA Receivables, with an aggregate Contract Value equal to $[  ], listed on Schedule A hereto,
including all documents constituting chattel paper included therewith, and all
obligations of the Obligors thereunder, including all monies paid thereunder on
or after the Subsequent Cutoff Date, (b) the security interests in the
Financed Equipment granted by Obligors pursuant to such Subsequent CNHCA
Receivables and any other interest of CNHCA in such Financed Equipment, (c) any
proceeds with respect to such Subsequent CNHCA Receivables from claims on
insurance policies covering Financed Equipment or Obligors (to the extent not
used to purchase Substitute Equipment), (d) any proceeds from recourse to
Dealers with respect to such Subsequent CNHCA Receivables, (e) any
Financed Equipment that shall have secured any such Subsequent CNHCA
Receivables and that shall have been acquired by or on behalf of CNHCR, and (f) the
proceeds of any and all of the foregoing. 
The foregoing sale does not constitute and is not intended to result in
any assumption by CNHCR of any obligation of CNHCA to the Obligors, insurers or
any other person in connection with such Subsequent CNHCA Receivables,
Receivable Files, any insurance policies or any agreement or instrument
relating to any of them.

 

This CNHCA Subsequent
Transfer Assignment is made pursuant to and upon the representations,
warranties and agreements on the part of CNHCA contained in the Purchase
Agreement (including the Officer’s Certificate of CNHCA accompanying this
Agreement) and is to be governed in all respects by the Purchase Agreement.

 

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

 

B-1

 

IN WITNESS WHEREOF, the
undersigned has caused this CNHCA Subsequent Transfer Assignment to be duly
executed as of the     day of                           ,
2008.

 

	
   

  	
  CNH
  CAPITAL AMERICA LLC

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

B-2

 

SCHEDULE A

to CNHCA Subsequent Transfer Assignment

 

SCHEDULE OF SUBSEQUENT CNHCA RECEIVABLES

[ON FILE WITH THE INDENTURE TRUSTEE AND INCORPORATED BY

REFERENCE HEREIN.]

 

B-3

 

ANNEX A

to CNHCA Subsequent Transfer Assignment

 

OFFICER’S CERTIFICATE

 

I, the undersigned officer
of CNH Capital America LLC (the “Company”), do hereby certify, pursuant to Section 4.1(b)(xiii)
of the Purchase Agreement dated as of May 1, 2008, among the Company, and
CNH Capital Receivables LLC (the “Purchase Agreement”), that (i) all of
the conditions precedent to the transfer to CNHCR of the Subsequent CNHCA
Receivables listed on Schedule A to the CNHCA Subsequent Transfer Assignment
delivered herewith, and the other property and rights related to such
Subsequent CNHCA Receivables as described in Section 2.2 of the Purchase
Agreement, have been satisfied on or prior to the related Subsequent Transfer
Date to the extent such conditions are required to be performed by the Company
under the Purchase Agreement on or prior to the Subsequent Transfer Date, and (ii) each
statement of fact set forth in any officer’s certificate executed by an officer
of the Company in connection with an Opinion of Counsel delivered on the
Closing Date with respect to a transfer of, or a security interest in, the
Receivables shall be true and correct as of the date hereof with respect to the
Subsequent CNHCA Receivables listed on the aforementioned Schedule A.

 

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

 

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

 

	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  

 

B-4

 

Schedule P

 

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

 

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

 

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

 

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

 

5.                                       Priority.  Other than the security
interests granted to CNHCR pursuant to the Purchase Agreement and the Liquidity
Receivables Purchase Agreement, and any other security interest which has been
released or terminated, CNHCA has not pledged, assigned, sold, granted a
security interest in, or otherwise conveyed any of the Receivables.  CNHCA
has not authorized the filing of and is not aware of any financing statements
against CNHCA that include a description of collateral covering the Receivables
other than any financing statement (i) relating to the security interests
granted to CNHCR under the Purchase Agreement and the Liquidity Receivables Purchase
Agreement (ii) that has been terminated or released the Receivables from
such security interest, or (iii) that has been granted pursuant to the
terms of the Basic Documents.  None of the tangible chattel paper that
constitutes or evidences the 

 

P-1

 

Receivables has any marks or notations indicating that
they have pledged, assigned or otherwise conveyed to any Person other than
Indenture Trustee.

 

P-2Exhibit 4.5

 

EXECUTION COPY

 

CNH EQUIPMENT TRUST 2008-B

 

ADMINISTRATION AGREEMENT

 

among

 

CNH EQUIPMENT TRUST 2008-B,

 

as Issuing Entity,

 

and

 

NEW HOLLAND CREDIT COMPANY, LLC,

 

as Administrator,

 

and

 

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

 

as Indenture Trustee,

 

and

 

WILMINGTON TRUST COMPANY,

 

as Trustee

 

Dated as of May 1, 2008

 

 

TABLE OF CONTENTS

 

	
  1.

  	
  Duties of the
  Administrator

  	
  2

  
	
   

  	
  (a)

  	
  Duties with Respect to the
  Indenture and the Depository Agreement

  	
  2

  
	
   

  	
  (b)

  	
  Duties with Respect to the
  Trust

  	
  5

  
	
   

  	
  (c)

  	
  Non-Ministerial Matters

  	
  6

  
	
   

  	
   

  	
   

  
	
  2.

  	
  Records

  	
  6

  
	
   

  	
   

  	
   

  
	
  3.

  	
  Compensation

  	
  7

  
	
   

  	
   

  	
   

  
	
  4.

  	
  Additional Information to
  be Furnished to the Issuing Entity

  	
  7

  
	
   

  	
   

  	
   

  
	
  5.

  	
  Independence of the
  Administrator

  	
  7

  
	
   

  	
   

  	
   

  
	
  6.

  	
  No Joint Venture

  	
  7

  
	
   

  	
   

  	
   

  
	
  7.

  	
  Other Activities of the
  Administrator

  	
  7

  
	
   

  	
   

  	
   

  
	
  8.

  	
  Term of Agreement;
  Resignation and Removal of the Administrator

  	
  7

  
	
   

  	
   

  	
   

  
	
  9.

  	
  Action upon Termination,
  Resignation or Removal

  	
  9

  
	
   

  	
   

  	
   

  
	
  10.

  	
  Notices

  	
  9

  
	
   

  	
   

  	
   

  
	
  11.

  	
  Amendments

  	
  11

  
	
   

  	
   

  	
   

  
	
  12.

  	
  Successors and Assigns

  	
  12

  
	
   

  	
   

  	
   

  
	
  13.

  	
  Governing Law

  	
  12

  
	
   

  	
   

  	
   

  
	
  14.

  	
  Headings

  	
  12

  
	
   

  	
   

  	
   

  
	
  15.

  	
  Counterparts

  	
  12

  
	
   

  	
   

  	
   

  
	
  16.

  	
  Severability

  	
  12

  
	
   

  	
   

  	
   

  
	
  17.

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

  	
  12

  
	
   

  	
   

  	
   

  
	
  18.

  	
  Limitation of Liability of
  the Trustee and the Indenture Trustee

  	
  13

  
	
   

  	
   

  	
   

  
	
  19.

  	
  Indemnification

  	
  13

  
	
   

  	
   

  	
   

  
	
  20.

  	
  Information Requests

  	
  13

  
	
   

  	
   

  	
   

  
	
  21.

  	
  Limitation of Rights

  	
  13

  

 

i

 

ADMINISTRATION
AGREEMENT dated as of May 1, 2008, among CNH EQUIPMENT
TRUST 2008-B, a Delaware statutory trust (the “Issuing Entity”), NEW HOLLAND
CREDIT COMPANY, LLC, a Delaware limited liability company, as administrator
(the “Administrator”), THE BANK OF NEW YORK TRUST COMPANY, N.A., a national
banking association, not in its individual capacity but solely as Indenture
Trustee (the “Indenture Trustee”), and Wilmington Trust Company, not in its
individual capacity but solely as Trustee under the Trust Agreement (the “Trustee”).

 

RECITALS

 

WHEREAS, the Issuing Entity is issuing: (a) 2.91675% Class A-1
Asset Backed Notes, 4.04% Class A-2a Asset Backed Notes, Floating Rate Class A-2b
Asset Backed Notes, 4.78% Class A-3a Asset Backed Notes, Floating Rate Class A-3b
Asset Backed Notes, 5.60% Class A-4a Asset Backed Notes, Floating Rate Class A-4b
Asset Backed Notes (collectively, the “Class A Notes”) and 0.00% Class B
Asset Backed Notes (the “Class B Notes” and, together with the Class A
Notes, the “Notes”) pursuant to the Indenture, dated as of the date hereof (as
amended and supplemented from time to time in accordance with the provisions
thereof, the “Indenture”), between the Issuing Entity and the Indenture Trustee
(capitalized terms used herein and not otherwise defined herein are defined in
Appendix A to the Indenture, and the provisions of Section 1.3 of the
Indenture shall be incorporated herein).

 

WHEREAS, the Issuing Entity has entered into certain
agreements in connection with the issuance of the Notes and of certain
beneficial ownership interests of the Issuing Entity, including: (i) a
Sale and Servicing Agreement, dated as of the date hereof (as amended and
supplemented from time to time, the “Sale and Servicing Agreement”), among the
Issuing Entity, New Holland Credit Company, LLC, as servicer (the “Servicer”),
and CNH Capital Receivables LLC, a Delaware limited liability company, as
seller (the “Seller”), (ii) a Depository Agreement, dated May 22,
2008 (the “Depository Agreement”), among the Issuing Entity and The Depository
Trust Company, (iii) the Indenture, (iv) a Trust Agreement, dated as
of the date hereof (the “Trust Agreement”), between the Seller and the Trustee,
and (v) the Interest Rate Swap Agreements (the Sale and Servicing
Agreement, the Depository Agreement, the Indenture, the Interest Rate Swap
Agreements and the Trust Agreement being hereinafter referred to collectively
as the “Related Agreements”);

 

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

 

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

 

 

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

 

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

 

1.                                      Duties
of the Administrator.

 

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

 

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

 

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

 

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

 

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

 

(v)                                 [reserved];

 

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

 

2

 

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

 

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

 

(ix)                                the preparation
of all supplements, amendments, financing statements, continuation statements,
instruments of further assurance and other instruments, in accordance with Section 3.5
of the Indenture, necessary to protect the Trust Estate (Section 3.5);

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

3

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

4

 

(b)                                 Duties with
Respect to the Trust.

 

(i)                                     In addition to
the duties of the Administrator set forth above, the Administrator shall
perform such calculations, and shall prepare for execution by the Issuing
Entity or the Trustee or shall cause the preparation by other appropriate
persons of all such documents, reports, filings, instruments, certificates and
opinions, as it shall be the duty of the Issuing Entity or the Trustee to
perform, prepare, file or deliver pursuant to the Related Agreements, and at
the request of the Trustee shall take all appropriate action that it is the
duty of the Issuing Entity or the Trustee to take pursuant to the Related
Agreements (other than with respect to Sections 11.14, 11.15 and 11.16 of the
Trust Agreement).  Subject to Section 5
of this Agreement, the Administrator shall administer, perform or supervise the
performance of such other activities in connection with the Collateral
(including the Related Agreements) as are not covered by any of the foregoing
and as are expressly requested by the Trustee and are reasonably within the
capability of the Administrator.

 

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

 

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

 

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

 

5

 

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

 

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

 

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

 

(c)                                  Non-Ministerial
Matters.

 

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

 

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

 

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

 

(C)                                the removal of
the Indenture Trustee.

 

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

 

2.                                      Records.  The Administrator shall maintain appropriate
books of account and records relating to services performed hereunder, which
books of account and records shall be 

 

6

 

accessible for inspection
upon reasonable written request by the Issuing Entity, the Indenture Trustee
and the Depositor at any time during normal business hours.

 

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

 

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

 

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

 

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

 

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

 

8.                                      Term
of Agreement; Resignation and Removal of the Administrator.  (a)  This Agreement shall continue in
force until the dissolution of the Issuing Entity, upon which event this
Agreement shall automatically terminate.

 

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

 

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

 

(d)                                 Subject to Section 8(e),
at the sole option of the Issuing Entity, the Administrator may be removed
immediately upon written notice of termination from the Issuing 

 

7

 

Entity to the Administrator,
the Trustee, the Indenture Trustee, the Counterparties and the Servicer if any
of the following events shall occur:

 

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

 

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

 

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

 

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

 

(e)                                  Upon the
Administrator’s receipt of notice of termination, pursuant to Sections 8(c) or
(d), or the Administrator’s resignation in accordance with this Agreement, the
predecessor Administrator shall continue to perform its functions as
Administrator under this Agreement, in the case of termination, only until the
date specified in such termination notice or, if no such date is specified in a
notice of termination, until receipt of such notice and, in the case of
resignation, until the later of: (x) the date 45 days from the delivery to
the Issuing Entity, the Counterparties, the Trustee, the Indenture Trustee and
the Servicer of written notice of such resignation (or written confirmation of
such notice) in accordance with this Agreement and (y) the date upon which
the predecessor Administrator shall become unable to act as Administrator, as
specified in the notice of resignation and accompanying Opinion of Counsel. In
the event of the Administrator’s termination hereunder, the Issuing Entity
shall appoint a successor Administrator acceptable to the Indenture Trustee,
and the successor Administrator shall accept its appointment by a written
assumption in form acceptable to the Indenture Trustee. In the event that a
successor Administrator has not been appointed at the time when the predecessor
Administrator has ceased to act as Administrator in accordance with this
Section, and if the 

 

8

 

Backup Servicer is serving
as the Successor Servicer under the Transaction Documents, the Indenture
Trustee without further action shall automatically be appointed the successor
Administrator and the Indenture Trustee shall be entitled to the compensation
specified in Section 3. 
Notwithstanding the above, the Indenture Trustee shall, if it shall be
unable so to act, appoint or petition a court of competent jurisdiction to
appoint any established institution having a net worth of not less than
$50,000,000 and whose regular business shall include the performance of
functions similar to those of the Administrator, as the successor to the
Administrator under this Agreement.

 

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

 

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

 

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

 

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

 

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

 

9

 

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

 

CNH Equipment Trust 2008-B

c/o Wilmington Trust Company

Rodney Square North

1100 North Market Street

Wilmington, Delaware  19890-0001

Attention: Corporate Trust
Administrator

Facsimile: (302) 636-4140

 

(b)                                 if to the
Administrator, to:

 

New Holland Credit Company,
LLC

33 South Railroad Avenue

New Holland,
Pennsylvania  17557

Attention: Finance Manager

Facsimile: (630) 887-5448

 

with a copy to:

 

New Holland Credit Company,
LLC

6900 Veterans Boulevard

Burr Ridge, Illinois  60527

Attention: Assistant
Treasurer

Facsimile: (630) 887-5448

 

(c)                                  if to the
Indenture Trustee, to:

 

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

2 North LaSalle Street

Suite 1020

Chicago, Illinois 60602

Attention: Structured
Finance-ABS

Facsimile: (312) 827-8562

 

(d)                                 if to the
Counterparties, to:

 

Bank of
America, N.A.

One
Bryant Park

Mail
Code NY1-100-05-01

New
York, New York 10036

Attention:
Client Integration Documentation Group

Facsimile:
(212) 548-8622

 

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

 

10

 

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

 

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

 

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

 

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

 

This Agreement may also be
amended from time to time by the Issuing Entity, the Administrator and the
Indenture Trustee with the written consent of (w) the Trustee, (x) Noteholders
holding Notes evidencing not less than a majority of the Note Balance and (y) the
Certificateholders holding in the aggregate more than 50% of the beneficial
interest in the Issuing Entity at the time of such amendment, for the purpose
of adding any provisions to or changing in any manner or eliminating any of the
provisions of this Agreement or of modifying in any manner the rights of the
Noteholders or the Certificateholders; provided, however, that no such
amendment shall: (i) reduce the interest rate or principal of any Note, or
delay the Class Final Maturity Date of any Note or (ii) reduce the
aforesaid percentage of the Holders of Notes and Certificates that are required
to consent to any such amendment, without the consent of the Holders of all the
outstanding Notes and Certificates. Notwithstanding the foregoing, the
Administrator may not amend this Agreement without the permission of the
Depositor, which permission shall not be unreasonably withheld.

 

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

 

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

 

Notwithstanding anything
herein to the contrary (other than as provided in the following paragraph), any
term or provision of this Agreement may be amended by the Administrator without
the consent of the Certificateholders, the Noteholders or any other Person to
add, modify or eliminate any provisions as may be necessary or advisable in
order to comply with or obtain more favorable treatment under or with respect
to any law or regulation or any accounting rule or 

 

11

 

principle (whether now or in
the future in effect); it being a condition to any such amendment that the
Rating Agency Condition shall have been satisfied.

 

With respect to any
amendment pursuant to this Section 11, if any amendment or supplement
would either: (a) materially and adversely affect any of the
Counterparties’ rights or obligations under an Interest Rate Swap Agreement or
any other Basic Document; or (b) materially and adversely modify the
obligations of, or materially and adversely impact the ability of, the Trust to
fully perform any of the Trust’s obligations under an Interest Rate Swap
Agreement, the Trust and the Indenture Trustee shall be required to first
obtain the written consent of the applicable Counterparties to the affected
Interest Rate Swap Agreements before entering into any such amendment or
supplement (which consent shall not be unreasonably withheld).

 

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

 

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

 

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

 

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

 

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

 

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

 

12

 

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

 

(a)                                  Notwithstanding
anything contained herein to the contrary, this instrument has been
countersigned by Wilmington Trust Company, not in its individual capacity but
solely in its capacity as Trustee of the Issuing Entity, and in no event shall
Wilmington Trust Company, in its individual capacity, or any beneficial owner
of the Issuing Entity have any liability for the representations, warranties,
covenants, agreements or other obligations of the Issuing Entity hereunder, as
to all of which recourse shall be had solely to the assets of the Issuing
Entity. For all purposes of this Agreement, in the performance of any duties or
obligations of the Issuing Entity thereunder, the Trustee shall be subject to,
and entitled to the benefits of, the terms and provisions of Articles VI, VII
and VIII of the Trust Agreement.

 

(b)                                 Notwithstanding
anything contained herein to the contrary, this Agreement has been
countersigned by The Bank of New York Trust Company, N.A., not in its
individual capacity but solely as Indenture Trustee, and in no event shall The
Bank of New York Trust Company, N.A. have any liability for the
representations, warranties, covenants, agreements or other obligations of the
Issuing Entity hereunder or in any of the certificates, notices or agreements
delivered pursuant hereto, as to all of which recourse shall be had solely to
the assets of the Issuing Entity.

 

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

 

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

 

21.                               Limitation
of Rights.  All of the
rights of each Counterparty in, to and under this Agreement, if any, shall
terminate upon the termination of the Interest Rate Swap Agreement (to which
such Counterparty is a party) in accordance with the terms thereof and the payment
in full of all amounts owing to such Counterparty under such Interest Rate Swap
Agreement.

 

*   *  
*   *   *

 

13

 

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

 

	
   

  	
  CNH EQUIPMENT TRUST 2008-B

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  Wilmington Trust Company,

  
	
   

  	
   

  	
  not in its individual
  capacity but solely as 

  Trustee on behalf of the Issuing Entity

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Jennifer A. Luce

  
	
   

  	
   

  	
  Name: Jennifer A. Luce

  
	
   

  	
   

  	
  Title: Sr. Financial
  Services Officer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  THE BANK OF NEW YORK TRUST
  

  COMPANY, N.A.

  
	
   

  	
   

  	
  not in its individual
  capacity but solely as

  
	
   

  	
   

  	
  Indenture Trustee

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Keith Richardson

  
	
   

  	
   

  	
  Name: 

  	
  Keith Richardson

  
	
   

  	
   

  	
  Title: 

  	
  Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  NEW HOLLAND CREDIT
  COMPANY, LLC.

  
	
   

  	
   

  	
  as Administrator

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Thomas N. Beckmann

  
	
   

  	
   

  	
  Name: 

  	
  Thomas N. Beckmann

  
	
   

  	
   

  	
  Title: 

  	
  Assistant Treasurer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  WILMINGTON TRUST COMPANY,

  
	
   

  	
   

  	
  not in its individual
  capacity but solely as

  
	
   

  	
   

  	
  Trustee under the Trust
  Agreement

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Jennifer A. Luce

  
	
   

  	
   

  	
  Name: Jennifer A. Luce

  
	
   

  	
   

  	
  Title: Sr. Financial
  Services Officer

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