Document:

Exhibit 4.4

 

CNH EQUIPMENT TRUST 2022-B

PURCHASE AGREEMENT

 

between

 

CNH INDUSTRIAL CAPITAL AMERICA LLC

 

and

 

CNH CAPITAL RECEIVABLES LLC

 

 

 

Dated as of August 1, 2022

 

     

     

    

 

TABLE OF CONTENTS

 

	Article I Certain Definitions	 	1
	 	 	 	 
	Section 1.1.	Definitions	 	1
	Section 1.2.	Other Definitional Provisions	 	1
	 	 	 	 
	Article II Conveyance of Receivables	 	2
	 	 	 	 
	Section 2.1.	Conveyance of Receivables	 	2
	Section 2.2.	[Reserved]	 	3
	Section 2.3.	Intention of the Parties	 	3
	Section 2.4.	The Closing	 	3
	Section 2.5.	Payment of the Purchase Price	 	3
	Section 2.6.	Cross-Collateralization	 	3
	 	 	 	 
	Article III Representations and Warranties	 	4
	 	 	 	 
	Section 3.1.	Representations and Warranties of CNHCR	 	4
	Section 3.2.	Representations and Warranties of CNHICA	 	5
	 	 	 	 
	Article IV Conditions	 	10
	 	 	 	 
	Section 4.1.	Conditions to Obligation of CNHCR.	 	10
	Section 4.2.	Conditions to Obligation of CNHICA	 	11
	 	 	 	 
	Article V Covenants of CNHICA	 	11
	 	 	 	 
	Section 5.1.	Protection of Right, Title and Interest	 	11
	Section 5.2.	Other Liens or Interests	 	12
	Section 5.3.	Jurisdiction of Organization	 	12
	Section 5.4.	Costs and Expenses	 	12
	Section 5.5.	Indemnification	 	12
	Section 5.6.	[Reserved]	 	12
	Section 5.7.	Cross-Collateralization	 	12
	Section 5.8.	CNHICA’s Records; Access to Records	 	13
	 	 	 	 
	Article VI Miscellaneous Provisions	 	13
	 	 	 	 
	Section 6.1.	Obligations of CNHICA	 	13
	Section 6.2.	Repurchase Events	 	13
	Section 6.3.	CNHCR Assignment of Repurchased Receivables	 	13
	Section 6.4.	Dispute Resolution	 	13
	Section 6.5.	Trust	 	13
	Section 6.6.	Amendment	 	14
	Section 6.7.	[Reserved.]	 	15
	Section 6.8.	Waivers	 	15
	Section 6.9.	Notices	 	15
	Section 6.10.	Costs and Expenses	 	15
	Section 6.11.	Representations of CNHICA and CNHCR	 	15
	Section 6.12.	Confidential Information	 	15
	Section 6.13.	Headings and Cross-References	 	15
	Section 6.14.	Governing Law	 	15

 

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	Section 6.15.	Counterparts	 	16
	Section 6.16.	Electronic Signatures	 	16
	Section 6.17.	Severability	 	16
	Section 6.18.	Information Requests	 	16

 

 

	EXHIBITS	 
	 	 
	EXHIBIT A	Form of CNHICA Assignment
	 	 
	 	 
	SCHEDULES	 
	 	 
	SCHEDULE P	Perfection Representation and Warranties

 

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PURCHASE AGREEMENT (as amended
or supplemented from time to time, this “Agreement”) dated as of August 1, 2022, between CNH INDUSTRIAL CAPITAL AMERICA
LLC, a Delaware limited liability company (“CNHICA”), and CNH CAPITAL RECEIVABLES LLC, a Delaware limited liability company
(“CNHCR”).

 

RECITALS

 

WHEREAS, CNHICA and
CNHCR wish to set forth the terms pursuant to which Contracts having an aggregate Contract Value of approximately $835,690,644.63 and
identified on Schedule A to the CNHICA Assignment (the “Receivables”) as of the Cutoff Date are to be sold by CNHICA
to CNHCR on the date hereof; and

 

WHEREAS, the Receivables
will be transferred by CNHCR, pursuant to the Sale and Servicing Agreement, to CNH Equipment Trust 2022-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; and

 

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

 

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

 

Article I

 

Certain
Definitions

 

Section 1.1.                   Definitions.
Capitalized terms used herein and not otherwise defined herein are defined in Appendix A to the Indenture dated as of the date hereof
between CNH Equipment Trust 2022-B and Citibank, 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.

 

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(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 Receivables. In consideration of CNHCR’s payment of $815,191,420.03 (the “Purchase Price”) in the manner set out in
Section 2.5(a), and the other consideration (including the terms and covenants) contained herein, CNHICA 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 “CNHICA Assets”):

 

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

 

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

 

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

 

(iv)            any
proceeds from recourse to Dealers with respect to the Receivables;

 

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

 

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

 

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Section 2.2.                   [Reserved].

 

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

 

Section 2.4.                  The
Closing. The sale and purchase of the Receivables shall take place at a closing at the offices of Greenberg Traurig, LLP, 77
West Wacker Drive, Suite 3100, Chicago, Illinois 60601 on the Closing Date, simultaneously with the closings under: (a) the
Sale and Servicing Agreement, (b) the Trust Agreement, (c) the Administration Agreement and (d) the Indenture.

 

Section 2.5.                  Payment
of the Purchase Price.

 

(a)            Receivables.
The Purchase Price is payable on the Closing Date in cash in an amount of $815,191,420.03; and

 

(b)           [Reserved].

 

Section 2.6.                  Cross-Collateralization.
To the extent CNHICA 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 CNHICA or otherwise, CNHICA 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

 

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obligation owed by
such Obligor to CNHICA. CNHICA 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 CNHICA 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 of property or the conduct of its business shall require
such qualifications, except where the failure to be so qualified and have such licenses and approvals would not have a material adverse
effect on (i) the Trust Estate, (ii) CNHCR’s performance of its obligations under the Basic Documents to which it is
a party, (iii) the business or condition (financial or otherwise) of CNHCR or (iv) the validity or enforceability of any Receivable.

 

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

 

(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.

 

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(f)            No
Proceedings. As of the date of the Underwriting Agreement, the Preliminary Prospectus Date, the 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 CNHICA(a)     .

 

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

 

(i)              Organization
and Good Standing. CNHICA 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. CNHICA 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 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) CNHICA’s performance of its obligations under the Basic Documents to which it is
a party, (c) the business or condition (financial or otherwise) of CNHICA or (d) the validity or enforceability of any Receivable.

 

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

 

(iv)            Binding
Obligation. This Agreement constitutes a legal, valid and binding obligation of CNHICA enforceable against CNHICA in accordance with
its 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 CNHICA, or any indenture, agreement or other instrument
to which CNHICA is a party or by which it is bound; or result in the creation or imposition of any Lien upon any of its properties

 

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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
CNHICA’s knowledge, any order, rule or regulation applicable to CNHICA of any court or of any federal or State regulatory
body, administrative agency or other governmental instrumentality having jurisdiction over CNHICA or its properties.

 

(vi)            No
Proceedings. There are no proceedings or investigations pending or, to CNHICA’s best knowledge, threatened, before any court,
regulatory body, administrative agency or other governmental instrumentality having jurisdiction over CNHICA 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 CNHICA of its obligations under, or the validity or enforceability of, this Agreement. As of the date of the Underwriting Agreement,
Preliminary Prospectus Date, the Prospectus Date and the Closing Date, there are no legal proceedings pending against CNHICA, or of which
any property of CNHICA is subject, that are material to the Noteholders, and no such legal proceedings are known to CNHICA to be contemplated
by any governmental authority.

 

(b)          CNHICA
makes the following representations and warranties as to the Receivables on which CNHCR relies in accepting the Receivables and in transferring
the Receivables to the Trust. Such representations and warranties speak as of the Closing Date, but shall survive the sale, transfer
and assignment of the Receivables to CNHCR and the subsequent assignment and transfer of such Receivables to the Trust pursuant to the
Sale and Servicing Agreement and the Grant thereof 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 CNHICA from a Dealer and validly assigned by such Dealer to CNHICA 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 CNHICA through the exercise of a clean-up call relating to that previous securitization or (2) was
originated in the United States of America by CNHICA in connection with the financing or refinancing, as applicable, of Financed Equipment
in the ordinary course of CNHICA’s business, and in the case of the foregoing clauses (1) and (2), was fully and properly
executed by the parties thereto, (B) has created a valid, subsisting and enforceable first priority security interest in the Financed
Equipment in favor of CNHICA except to the extent that such security interest has been assigned by CNHICA 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
CNHICA Assignment delivered on the Closing Date is true and correct in all material respects as of the

 

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opening of business on the Cutoff
Date. No selection procedures believed by CNHICA 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 regarding the characteristics of the Receivables.

 

(iii)            Compliance
with Law. Each Receivable and the sale of the related Financed Equipment complied in all material respects at the time it was originated
or made and at the execution of this Agreement with all requirements of applicable federal, State and local laws and regulations thereunder,
including usury law, the Federal Truth-in-Lending Act, the Equal Credit Opportunity Act, the Fair Credit Reporting Act, the Fair Debt
Collection Practices Act, the Federal Trade Commission Act, the Magnuson-Moss Warranty Act, the Consumer Financial Protection Bureau’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 CNHICA 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 CNHICA 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).

 

(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 CNHICA’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.

 

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

 

(xii)           Title.
It is the intention of CNHICA that the transfers and assignments contemplated herein constitute a sale of the Receivables from CNHICA
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 CNHICA under any bankruptcy or similar law. Immediately prior to the transfers and assignments
contemplated herein, CNHICA 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 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/Authoritative Copy. There is only one original executed copy of each Receivable in the case of Receivables that are evidenced
by tangible chattel paper, and only a single “authoritative copy” (as such term is used in Section 9-105 of the UCC)
of each Receivable in the case of Receivables that are evidenced by electronic chattel paper.

 

(xvi)          Maturity
of Receivables. Each Receivable has a remaining term to maturity of not more than 84 months; the weighted average remaining term
of the Receivables is approximately 55.74 months as of the Cutoff Date; the weighted average original term of the Receivables, is approximately
61.82 months.

 

(xvii)         Scheduled
Payments. No Receivable has a final scheduled payment date later than six months preceding the Final Scheduled Maturity Date.

 

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

 

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

 

(xx)           Financing.
Receivables having an aggregate Statistical Contract Value of approximately 58.54% of the Aggregate Statistical Contract Value were
secured by equipment that was new at the time the related Receivable was originated; the remainder of the Receivables represent financing
of used equipment; Receivables having an aggregate Statistical Contract Value of approximately 86.98% of the Aggregate Statistical Contract
Value of the Receivables, are attributable to financing of agricultural equipment; the remainder of the Receivables are attributable
to financing of construction equipment.

 

(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 Cutoff Date and as shown on the books of CNHICA: (A) Receivables having an aggregate Statistical Contract
Value of approximately 60.57% of the Aggregate Statistical Contract Value had annual scheduled payments, (B) Receivables having
an aggregate Statistical Contract Value of approximately 3.16% of the Aggregate Statistical Contract Value had semi-annual scheduled
payments, (C) Receivables having an aggregate Statistical Contract Value of approximately 0.79% of the Aggregate Statistical Contract
Value had quarterly scheduled payments, (D) Receivables having an aggregate Statistical Contract Value of approximately 31.53% of
the Aggregate Statistical Contract Value had monthly scheduled payments, and (E) the remainder of the Receivables had irregularly
scheduled payments.

 

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

 

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

 

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Article IV

 

Conditions

 

Section 4.1.                  Conditions
to Obligation of CNHCR.

 

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

 

(i)            Representations
and Warranties True. The representations and warranties of CNHICA hereunder shall be true and correct on the Closing Date and CNHICA
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. CNHICA shall, at its own expense, on or prior to the Closing Date, indicate in its computer files that Receivables
created in connection with the Receivables 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 CNHICA to be true, correct and complete.

 

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

 

(A)            The
CNHICA Assignment. On the Closing Date (but only if the Contract Value of the Receivables is greater than zero), CNHICA will execute
and deliver the CNHICA 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 Receivables is
greater than zero), CNHICA 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 Receivables and the other property
sold hereunder, executed (if execution is required) by CNHICA, as seller or debtor, and naming CNHCR, as purchaser or secured party,
describing the Receivables 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 Receivables 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 CNHICA’s
interests in Financed Equipment. CNHICA shall deliver (or cause to be delivered) a file-stamped copy, or other evidence satisfactory
to CNHCR of such filing, to CNHCR promptly upon CNHICA’s receipt thereof.

 

(C)            Other
Documents. CNHICA 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.

 

    10 

     

    

 

(b)            [Reserved].

 

Section 4.2.                  Conditions
to Obligation of CNHICA. The obligation of CNHICA to sell the 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 with the
same effect as if then made, and CNHCR shall have performed all obligations to be performed by it hereunder on or prior to the Closing
Date to the extent such obligations are required to be performed by it hereunder on or prior to the Closing Date.

 

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

 

Article V

 

Covenants
of CNHICA

 

CNHICA 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.
CNHICA 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 Reacquired Receivables), and other property sold
hereunder. CNHICA 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 CNHICA 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 CNHICA makes any change in its name, identity or organizational structure that would or could reasonably
be expected to make any financing statement or continuation statement filed in accordance with paragraph (a) seriously misleading
within the applicable provisions of the UCC or any title statute, as applicable, CNHICA 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 CNHICA makes any change to its “location” as defined in Section 9-307 of the UCC, CNHICA
shall give CNHCR notice of any such change, and no later than 10 days after the effective date thereof, shall file such financing

 

    11 

     

    

 

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 Sale and Servicing Agreement, the Indenture and
the other Basic Documents, CNHICA: (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 CNHICA; provided, however,
that CNHICA’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, CNHICA will maintain its “location” (as defined in Section 9-307
of the UCC) in one of the States.

 

Section 5.4.                  Costs
and Expenses. CNHICA 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.
CNHICA 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 CNHICA may otherwise have. CNHICA 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 Receivables to CNHCR hereunder or the
sale of the Receivables to the Issuing Entity by CNHCR or the issuance and original sale of the Certificates and the Notes, including
any sales, gross receipts, general corporation, tangible personal property, privilege or license taxes (but, in the case of CNHCR and
the Issuing Entity, not including any taxes asserted with respect to ownership of the Receivables or federal or other income taxes arising
out of the transactions contemplated by this Agreement) and costs and expenses in defending against the same.

 

Section 5.6.                  [Reserved].

 

Section 5.7.                  Cross-Collateralization.
To the extent that CNHICA transfers, sells, assigns or otherwise pledges any contract to a third party and conveys any interest in any
item of Financed Equipment securing the repayment of any Receivable, as a result of the related Obligor agreeing to cross-collateralize
all obligations owed by such Obligor to CNHICA and its assigns or otherwise, CNHICA 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.

 

    12 

     

    

 

Section 5.8.                  CNHICA’s
Records; Access to Records. CNHICA will maintain records and documents relating to the origination, underwriting and purchasing
of the Receivables according to its customary business practice.  CNHICA will give CNHCR access to the records and documents to
conduct a review of the representations and warranties made by CNHICA about the Receivables or in connection with any request or demand
to repurchase a Receivable or any dispute resolution proceeding or a request or demand for any Review by the Asset Representations Reviewer. 
Any access or review will be conducted at CNHICA’s offices during its normal business hours at a time reasonably convenient to
CNHICA and in a manner that will minimize disruption to its business operations.  Any access or review will be subject to CNHICA’s
confidentiality and privacy policies.

 

Article VI

 

Miscellaneous
Provisions

 

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

 

Section 6.2.                  Repurchase
Events. CNHICA 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 CNHICA’s representations and warranties contained
in Section 3.2(b) shall constitute events obligating CNHICA 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 CNHICA shall constitute the sole remedy of CNHCR, the Indenture Trustee, the Noteholders, the Trust, the
Trustee or the Certificateholders against CNHICA 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 CNHICA 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 CNHICA pursuant to this Agreement, CNHCR
shall sell, transfer, assign, set over and otherwise convey to CNHICA, without recourse, representation or warranty, all of CNHCR’s
right, title and interest in, to and under such Receivables, and all CNHICA Assets related thereto, including all security and documents
relating thereto.

 

Section 6.4.                  Dispute
Resolution. CNHICA agrees to be bound by the dispute resolution terms in Section 3.3 of the Sale and Servicing Agreement
as if they were part of this Agreement.

 

Section 6.5.                  Trust.
CNHICA 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

 

    13 

     

    

 

Receivables
and such rights to the Indenture Trustee and (c) the representations, warranties and covenants contained in this Agreement and the
rights of CNHCR under this Agreement, including under Section 6.2, are intended to benefit the Trust, the Certificateholders and
the Noteholders. CNHICA 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 6.6.                  Amendment.
Any term or provision of this Agreement may be amended by CNHICA 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)            CNHICA
and CNHCR deliver 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)            CNHICA
and CNHCR deliver an Officer’s Certificate of CNHICA 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, CNHICA 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 CNHICA 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 CNHICA and CNHCR, with prior written notice to the Rating Agencies, with the written consent of (x) Noteholders
holding Notes evidencing at least a majority of the Note Balance and (y) the Certificateholders evidencing not less than 50% of
the beneficial interest in the Trust, for the purpose of adding any 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.

 

    14 

     

    

 

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

 

Section 6.7.                  [Reserved.]

 

Section 6.8.                  Waivers.
No failure or delay on the part of CNHCR in exercising any power, right or remedy under this Agreement or the CNHICA 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 6.9.                  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 CNHICA, to CNH
Industrial Capital America LLC, 6900 Veterans Boulevard, Burr Ridge, Illinois 60527, Attention: Assistant Treasurer, (telephone:
(630) 887-2095) (facsimile: (630) 887-5448); (b) in the case of CNHCR, 6900 Veterans Boulevard, Burr Ridge, Illinois 60527,
Attention: Assistant Treasurer, (telephone: (630) 887-2095) (facsimile: (630) 887-5448); (c) in the case of the Rating Agencies,
at their respective addresses set forth in Section 10.3 of the Sale and Servicing Agreement, or, as to each of the foregoing, at
such other address or facsimile number as shall be designated by written notice to the other parties.

 

Section 6.10.               Costs
and Expenses. CNHICA will pay all expenses incident to the performance of its obligations under this Agreement and CNHICA agrees
to pay all reasonable out-of-pocket costs and expenses of CNHCR, excluding fees and expenses of counsel, in connection with the perfection
as against third parties of CNHCR’s right, title and interest in, to and under the Receivables and the enforcement of any obligation
of CNHICA hereunder.

 

Section 6.11.                Representations
of CNHICA and CNHCR. The respective agreements, representations, warranties and other statements by CNHICA 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 6.12.               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 6.13.               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 6.14.               Governing
Law. This Agreement and the CNHICA 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.

 

    15 

     

    

 

Section 6.15.               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 6.16.                Electronic
Signatures. Any signature (including any electronic symbol or process attached to, or associated with, a contract or other record
and adopted by a Person with the intent to sign, authenticate or accept such contract or record) hereto or to any other certificate,
agreement or document related to this transaction, and any contract formation or record-keeping through electronic means shall have the
same legal validity and enforceability as a manually executed signature or use of a paper-based recordkeeping system to the fullest extent
permitted by applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic
Signatures and Records Act, or any similar State law based on the Uniform Electronic Transactions Act, and the parties hereby waive any
objection to the contrary.

 

Section 6.17.                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 6.18.                Information
Requests. The parties hereto shall provide any information reasonably requested by the other party or any of their Affiliates,
at the expense of such party, in order to comply with or obtain more favorable treatment under any current or future law, rule, regulation,
accounting rule or principle.

 

 

 

(signature pages follow)

 

    16 

     

    

 

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

 

	 	CNH CAPITAL RECEIVABLES LLC
	 	 
	 	 
	 	By:	 
	 	 	Name:	Daniel Willems Van Dijk
	 	 	Title:	Assistant Treasurer
	 	 
	 	CNH INDUSTRIAL CAPITAL AMERICA LLC
	 	 
	 	 
	 	By:	 
	 	 	Name:	Daniel Willems Van Dijk
	 	 	Title:	Assistant Treasurer

 

 

 

 

[Signature
Page to Purchase Agreement]

 

      

     

    

 

EXHIBIT A

to Purchase Agreement

 

FORM OF

CNHICA ASSIGNMENT

 

For value received, in accordance
with and subject to the Purchase Agreement dated as of August 1, 2022 (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 Receivables (collectively, the “Receivables”),
which are listed on Schedule A hereto, including all documents constituting chattel paper included therewith, and all obligations
of the Obligors thereunder, including all monies paid thereunder on or after the Cutoff Date, (b) the security interests in the
Financed Equipment granted by Obligors pursuant to the Receivables and any other interest of the undersigned in such Financed Equipment,
(c) any proceeds with respect to the Receivables from claims on insurance policies covering Financed Equipment or Obligors (to the
extent not used to purchase Substitute Equipment), (d) any proceeds from recourse to Dealers with respect to the Receivables, (e) any
Financed Equipment that shall have secured the Receivables and that shall have been acquired by or on behalf of CNHCR, and (f) the
proceeds of any and all of the foregoing. The foregoing sale does not constitute and is not intended to result in any assumption by CNHCR
of any obligation of the undersigned to the Obligors, insurers or any other person in connection with the Receivables, Receivables Files,
any insurance policies or any agreement or instrument relating to any of them.

 

This CNHICA 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.

 

      

     

    

 

IN WITNESS WHEREOF, the undersigned
has caused this CNHICA Assignment to be duly executed as of __________, 2022.

  

	 	CNH INDUSTRIAL CAPITAL AMERICA LLC
	 	 	 
	 	 	 
	 	By:	
			Name:

Title:

 

      

     

    

 

SCHEDULE A

to CNHICA Assignment

 

SCHEDULE OF RECEIVABLES

[ATTACHED HERETO]

 

      

     

    

 

EXHIBIT B

to Purchase Agreement

 

[RESERVED]

 

      

     

    

 

Schedule P

 

1.            General.  The
Purchase Agreement creates a valid and continuing security interest (as defined in the UCC) in the Receivables in favor of CNHCR, which,
(a) is enforceable upon execution of the Purchase Agreement against creditors of and purchasers from CNHICA, 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” or “electronic chattel paper”, as the case may be, within the
meaning of UCC Section 9-102.  CNHICA 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, CNHICA 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.  CNHICA
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 electronic chattel paper, CNHICA, immediately
prior to the transfer of the CNHICA Assets under this Agreement, has “control” within the meaning of UCC Section 9-105
of such electronic chattel paper. 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 CNHICA has caused, or will have caused within ten days of the effective date of
the Purchase Agreement, the filing of financing statements against CNHICA 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 any other security interest which has been
released or terminated, CNHICA has not pledged, assigned, sold, granted a security interest in, or otherwise conveyed any of the Receivables. 
CNHICA has not authorized the filing of and is not aware of any financing statements against CNHICA 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, (ii) that has been

 

    P-1

     

    

 

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

 

    P-2Exhibit 4.5

 

CNH EQUIPMENT TRUST 2022-B

 

ADMINISTRATION AGREEMENT

 

among

 

CNH EQUIPMENT TRUST 2022-B,

 

as Issuing Entity,

 

and

 

NEW HOLLAND CREDIT COMPANY, LLC,

 

as Administrator,

 

and

 

CITIBANK,
N.A.,

 

as Indenture Trustee,

 

and

 

WILMINGTON TRUST COMPANY,

 

as Trustee

 

Dated as of August 1, 2022

 

    	 		 

     

    

 

TABLE OF CONTENTS

 

	1.	Duties of the Administrator	2
	 	(a)	Duties with Respect to the Indenture
    and the Depository Agreement	2
	 	(b)	Duties with Respect to the Trust	4
	 	(c)	Non-Ministerial Matters	6
	 	 	 
	2.	Records	6
	 	 	 
	3.	Compensation	6
	 	 	 
	4.	Additional Information to be Furnished
    to the Issuing Entity	6
	 	 	 
	5.	Independence of the Administrator	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
	 	(a)	if to the Issuing Entity or the Trustee, to:	9
	 	(b)	if to the Administrator, to:	9
	 	(c)	if to the Indenture Trustee, to:	10
	 	(d)	if to the Asset Representations Reviewer, to:	10
	 	 	 
	11.	Amendments	10
	 	 	 
	12.	Successors and Assigns	11
	 	 	 
	13.	Governing Law	12
	 	 	 
	14.	Headings	12
	 	 	 
	15.	Counterparts	12
	 	 	 
	16.	Electronic Signatures	12
	 	 	 
	17.	Severability	12
	 	 	 
	18.	Not Applicable to New Holland Credit Company,
    LLC in Other Capacities	12
	 	 	 
	19.	Limitation of Liability of the Trustee
    and the Indenture Trustee	12
	 	 	 
	20.	Indemnification	13

 

    	 	i	 

     

    

  

	21.	Information Requests	13
	 	 	 
	22.	Communications with Rating Agencies	13
	 	 	 
	23.	PATRIOT Act	14

 

    	 	ii	 

     

    

 

ADMINISTRATION AGREEMENT
dated as of August 1, 2022, among CNH EQUIPMENT TRUST 2022-B, a Delaware statutory trust (the “Issuing Entity”),
NEW HOLLAND CREDIT COMPANY, LLC, a Delaware limited liability company, as administrator (the “Administrator”), CITIBANK,
N.A., a national banking association, not in its individual capacity but solely as Indenture
Trustee (the “Indenture Trustee”), and Wilmington Trust Company, not in its
individual capacity but solely as Trustee under the Trust Agreement (the “Trustee”).

 

RECITALS

 

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

 

WHEREAS, the
Issuing Entity has entered into certain agreements in connection with the issuance of the Notes and of certain beneficial ownership interests
of the Issuing Entity, including: (i) a Sale and Servicing Agreement, dated as of the date hereof (as amended and supplemented from
time to time, the “Sale and Servicing Agreement”), among the Issuing Entity, New Holland Credit Company, LLC, as servicer
(the “Servicer”), and CNH Capital Receivables LLC, a Delaware limited liability company, as seller (the “Seller”),
(ii) a Depository Agreement, dated on or about August 19, 2022 (the “Depository Agreement”), among the Issuing
Entity and The Depository Trust Company, (iii) the Indenture, (iv) a Trust Agreement, dated as of August 5, 2022 (the
 “Trust Agreement”), between the Seller and the Trustee, and (v) an Asset Representations Review Agreement (the Sale
and Servicing Agreement, the Depository Agreement, the Indenture, the Trust Agreement and the Asset Representations Review 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; and

 

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

 

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

 

    	 		 

     

    

 

1.            Duties
of the Administrator.

 

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

 

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

 

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

 

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

 

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

 

(v)           [reserved];

 

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

 

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

 

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

 

    	 	2	 

     

    

 

(ix)            the
preparation of all supplements, amendments, financing statements, continuation statements, instruments of further assurance and other
instruments, and the taking of other actions, in each case in accordance with Section 3.5 of the Indenture (Section 3.5);

 

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

 

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

 

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

 

(xiii)          the
preparation and obtaining of documents and instruments required for the conveyance or transfer of properties or assets by the Issuing
Entity (Section 3.10(b));

 

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

 

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

 

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

 

    	 	3	 

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(b)            Duties
with Respect to the Trust.

 

(i)               In
addition to the duties of the Administrator set forth above, the Administrator shall perform the duties and obligations of the Issuing
Entity under the Asset Representations Review Agreement and 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

 

    	 	4	 

     

    

 

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.

 

(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

 

    	 	5	 

     

    

 

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

 

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

 

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

 

    	 	6	 

     

    

 

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
and the Servicer with at least 60 days’ prior written notice.

 

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

 

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

 

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

 

(ii)            a
court having jurisdiction in the premises shall enter a decree or order for relief, and such decree or order shall not have been vacated
within 60 days, in respect of the Administrator in any involuntary case under any applicable

 

    	 	7	 

     

    

 

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 Trustee and the Indenture Trustee within seven days after the happening of such event.

 

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

 

    	 	8	 

     

    

 

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

 

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

 

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

 

CNH Equipment Trust 2022-B

c/o Wilmington Trust Company

1100 North Market Street

Wilmington, Delaware 19890-0001

Attention: Corporate Trust Administrator

Facsimile: (302) 636-4140

Email: rsimpson@wilmingtontrust.com

 

(b)            if
to the Administrator, to:

 

New Holland Credit Company, LLC

100 Brubaker Avenue

New Holland, Pennsylvania 17557

Attention: Finance Manager

Facsimile: (630) 887-5448

 

    	 	9	 

     

    

 

with a copy to:

 

New Holland Credit Company, LLC

6900 Veterans Boulevard

Burr Ridge, Illinois 60527

Attention: Assistant Treasurer

Facsimile: (630) 887-5448

 

(c)            if
to the Indenture Trustee, to:

 

Citibank, N.A.

388 Greenwich St.

New York, NY 10013

Attention: Agency & Trust – CNH Equipment
Trust 2022-B

Telephone: 713-693-6677

Email: jacqueline.suarez@citi.com

 

(d)          if
to the Asset Representations Reviewer, to:

 

Clayton Fixed Income Services
LLC

2638 South Falkenburg Road

Riverview, FL 33578

Attention: SVP

 

with a copy to:

 

Clayton Fixed Income Services
LLC

c/o Covius Services,
LLC

720 S. Colorado Blvd.,
Suite 200

Glendale, CO 80246

Attention: Legal

Email: legal@covius.com

 

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

 

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

 

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

 

    	 	10	 

     

    

 

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

 

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

 

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

 

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

 

Any amendment which affects
the rights, duties, immunities or liabilities of the Trustee shall require the Trustee’s written consent.

 

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

 

    	 	11	 

     

    

 

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.            Electronic
Signatures. Any signature (including any electronic symbol or process attached to, or associated
with, a contract or other record and adopted by a Person with the intent to sign, authenticate or accept such contract or record) hereto
or to any other certificate, agreement or document related to this transaction, and any contract formation or record-keeping through
electronic means shall have the same legal validity and enforceability as a manually executed signature or use of a paper-based recordkeeping
system to the fullest extent permitted by applicable law, including the Federal Electronic Signatures in Global and National Commerce
Act, the New York State Electronic Signatures and Records Act, or any similar State law based on the Uniform Electronic Transactions
Act, and the parties hereby waive any objection to the contrary.

 

17.            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.

 

18.            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.

 

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

 

(a)            It
is expressly understood and agreed by the parties hereto that (a) this Agreement is executed and delivered by Wilmington Trust Company
(“WTC”), not individually or personally but solely as Trustee of the Trust, in the exercise of the powers and authority conferred
and vested in it, (b) each of the representations, undertakings and agreements herein

 

    	 	12	 

     

    

 

made on the part of the Trust is made and intended
not as personal representations, undertakings and agreements by WTC but is made and intended for the purpose of binding only the Trust,
(c) nothing herein contained shall be construed as creating any liability on WTC, individually or personally, to perform any covenant
either expressed or implied contained herein of the Trust, all such liability, if any, being expressly waived by the parties hereto and
by any Person claiming by, through or under the parties hereto, (d) WTC has not verified and has made no investigation as to the
accuracy or completeness of any representations and warranties made by the Trust in this Agreement and (e) under no circumstances
shall WTC be personally liable for the payment of any indebtedness or expenses of the Trust or be liable for the breach or failure of
any obligation, representation, warranty or covenant made or undertaken by the Trust under this Agreement or any other related documents.

 

(b)            Notwithstanding
anything contained herein to the contrary, this Agreement has been countersigned by Citibank, N.A. not in its individual capacity but
solely as Indenture Trustee, and in no event shall Citibank, 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.

 

20.            Indemnification.
The Administrator shall indemnify the Trustee, the Indenture Trustee, and the Asset Representations Reviewer (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 any 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, the Indenture Trustee, or the Asset Representations Reviewer.

 

21.            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.

 

22.            Communications
with Rating Agencies. The parties hereto (other than the Seller and its Affiliates but excluding
the Issuing Entity) agree that any notices or requests to, or any other written communications with, any of the Rating Agencies, or any
of their respective officers, directors or employees, to be given or provided to such Rating Agencies pursuant to, in connection with
or related, directly or indirectly, to the Basic Documents, the Collateral or the Notes, shall be in each case either (i) furnished
to the Seller who shall forward such communication to the Rating Agencies pursuant to Section 10.19 of the Sale and Servicing Agreement;
or (ii) furnished directly to the Rating Agencies with a prior copy to the Seller. In either case, the parties hereto (other than
the Seller and its Affiliates but excluding the Issuing Entity) further agree to provide such notices, requests and communications or
copies thereof, as applicable, to the Seller at least one Business Day prior to the date when such notices, requests and communications
are required to be delivered (or are in fact delivered, whichever is earlier) to the Rating Agencies pursuant to the Basic Documents.
So long as any Notes are Outstanding,

 

    	 	13	 

     

    

 

each party hereto (other than the Seller and
its Affiliates but excluding the Issuing Entity) agrees that neither it nor any party on its behalf shall engage in any oral communications
with respect to the transactions contemplated hereby, under the Basic Documents or in any way relating to the Notes with any Rating Agency
or any of their respective officers, directors or employees, without the participation of the Seller.

  

23.            PATRIOT
Act. In order to comply with the
laws, rules, regulations and executive orders in effect from time to time applicable to banking institutions, including, without limitation,
those relating to the funding of terrorist activities and money laundering, including Section 326 of the USA PATRIOT Act of the
United States (“Applicable Law”), the Indenture Trustee is required to obtain, verify, record and update certain information
relating to individuals and entities which maintain a business relationship with the Indenture Trustee. Accordingly, each of the parties
hereto agrees to provide to the Indenture Trustee, upon its request from time to time such identifying information and documentation
as may be available to such party in order to enable the Indenture Trustee to comply with Applicable Law.

 

* * * * *

 

    	 	14	 

     

    

 

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 2022-B
	 	 	 
		By:	Wilmington Trust Company,

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

 

		By:	
	 	 	Name:
	 	 	Title:
	 	 	 
	 	CITIBANK, N.A.

          not in its individual capacity but solely as

           Indenture Trustee
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	NEW HOLLAND CREDIT COMPANY, LLC

           as Administrator
	 	 	 
	 	By:	 
	 	 	Name: Daniel Willems Van Dijk
	 	 	Title: Assistant Treasurer
	 	 	 
	 	WILMINGTON TRUST COMPANY

           not in its individual capacity but solely
as

           Trustee under the Trust Agreement
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

Administration Agreement

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