Document:

Exhibit 4.2

 

 

 

 

CNH EQUIPMENT TRUST 2010-A

 

TRUST AGREEMENT

 

between

 

CNH CAPITAL RECEIVABLES LLC

 

and

 

WILMINGTON TRUST COMPANY,

 

as Trustee

 

Dated as of March 1, 2010

 

 

 

 

TABLE OF
CONTENTS

 

	
  ARTICLE I Definitions

  	
  1

  
	
   

  	
   

  
	
  SECTION 1.1

  	
  Definitions

  	
  1

  
	
   

  	
   

  	
   

  
	
  ARTICLE II Organization

  	
  2

  
	
   

  	
   

  
	
  SECTION 2.1

  	
  Name

  	
  2

  
	
  SECTION 2.2

  	
  Office

  	
  2

  
	
  SECTION 2.3

  	
  Purposes and Powers

  	
  2

  
	
  SECTION 2.4

  	
  Appointment of Trustee

  	
  2

  
	
  SECTION 2.5

  	
  Initial Capital Contribution of Trust Estate

  	
  2

  
	
  SECTION 2.6

  	
  Declaration of Trust

  	
  3

  
	
  SECTION 2.7

  	
  Liability of the Certificateholders

  	
  3

  
	
  SECTION 2.8

  	
  Title to Trust Property

  	
  3

  
	
  SECTION 2.9

  	
  Situs of Trust

  	
  3

  
	
  SECTION 2.10

  	
  Representations and Warranties of the Depositor

  	
  4

  
	
  SECTION 2.11

  	
  Federal Income Tax Allocations; Tax Treatment

  	
  4

  
	
   

  	
   

  	
   

  
	
  ARTICLE III Trust Certificates
  and Transfer of Interests

  	
  5

  
	
   

  	
   

  
	
  SECTION 3.1

  	
  Initial Ownership

  	
  5

  
	
  SECTION 3.2

  	
  The Trust Certificates

  	
  5

  
	
  SECTION 3.3

  	
  Authentication of Trust Certificates

  	
  5

  
	
  SECTION 3.4

  	
  Registration of Transfer and Exchange of Trust Certificates

  	
  5

  
	
  SECTION 3.5

  	
  Mutilated, Destroyed, Lost or Stolen Trust Certificates

  	
  7

  
	
  SECTION 3.6

  	
  Persons Deemed Certificateholders

  	
  8

  
	
  SECTION 3.7

  	
  Access to List of Certificateholders’ Names and Addresses

  	
  8

  
	
  SECTION 3.8

  	
  Maintenance of Office or Agency

  	
  8

  
	
  SECTION 3.9

  	
  Appointment of Paying Agent

  	
  8

  
	
   

  	
   

  	
   

  
	
  ARTICLE IV Actions by Trustee

  	
  9

  
	
   

  	
   

  	
   

  
	
  SECTION 4.1

  	
  Prior Notice to Certificateholders With Respect to Certain
  Matters

  	
  9

  
	
  SECTION 4.2

  	
  Action By Certificateholders With Respect to Certain
  Matters

  	
  9

  
	
  SECTION 4.3

  	
  Action By Certificateholders With Respect to Bankruptcy

  	
  10

  
	
  SECTION 4.4

  	
  Restrictions on Certificateholders’ Power

  	
  10

  
	
  SECTION 4.5

  	
  Majority Control

  	
  10

  
	
   

  	
   

  	
   

  
	
  ARTICLE V Application of Trust
  Funds; Certain Duties

  	
  10

  
	
   

  	
   

  
	
  SECTION 5.1

  	
  Establishment of Trust Account

  	
  10

  
	
  SECTION 5.2

  	
  Applications of Trust Funds

  	
  11

  
	
  SECTION 5.3

  	
  Method of Payment

  	
  12

  
	
  SECTION 5.4

  	
  No Segregation of Monies; No Interest

  	
  12

  
	
  SECTION 5.5

  	
  Accounting and Reports to the Noteholders,
  Certificateholders, the Internal Revenue Service and Others

  	
  12

  

 

 

	
  SECTION 5.6

  	
  Signature on Returns; Tax Matters Partner

  	
  12

  
	
   

  	
   

  	
   

  
	
  ARTICLE VI Authority and Duties
  of Trustee

  	
  13

  
	
   

  	
   

  
	
  SECTION 6.1

  	
  General Authority

  	
  13

  
	
  SECTION 6.2

  	
  General Duties

  	
  13

  
	
  SECTION 6.3

  	
  Action upon Instruction

  	
  13

  
	
  SECTION 6.4

  	
  No Duties Except as Specified in This Agreement or in Instructions

  	
  14

  
	
  SECTION 6.5

  	
  No Action Except Under Specified Documents or Instructions

  	
  15

  
	
  SECTION 6.6

  	
  Restrictions

  	
  15

  
	
   

  	
   

  
	
  ARTICLE VII Concerning the
  Trustee

  	
  15

  
	
   

  	
   

  
	
  SECTION 7.1

  	
  Acceptance of Trusts and Duties

  	
  15

  
	
  SECTION 7.2

  	
  Furnishing of Documents

  	
  16

  
	
  SECTION 7.3

  	
  Representations and Warranties

  	
  16

  
	
  SECTION 7.4

  	
  Information to be Provided by the Trustee

  	
  17

  
	
  SECTION 7.5

  	
  Reliance; Advice of Counsel

  	
  17

  
	
  SECTION 7.6

  	
  Not Acting in Individual Capacity

  	
  18

  
	
  SECTION 7.7

  	
  Trustee Not Liable For Trust Certificates or Receivables

  	
  18

  
	
  SECTION 7.8

  	
  Trustee May Not Own Notes

  	
  18

  
	
   

  	
   

  
	
  ARTICLE VIII Compensation of
  Trustee

  	
  19

  
	
   

  	
   

  
	
  SECTION 8.1

  	
  Trustee’s Fees and Expenses

  	
  19

  
	
  SECTION 8.2

  	
  Indemnification

  	
  19

  
	
  SECTION 8.3

  	
  Payments to the Trustee

  	
  19

  
	
   

  	
   

  
	
  ARTICLE IX Termination of Trust
  Agreement

  	
  20

  
	
   

  	
   

  
	
  SECTION 9.1

  	
  Termination of Trust Agreement

  	
  20

  
	
   

  	
   

  
	
  ARTICLE X Successor Trustees and
  Additional Trustees

  	
  21

  
	
   

  	
   

  	
   

  
	
  SECTION 10.1

  	
  Eligibility Requirements for Trustee

  	
  21

  
	
  SECTION 10.2

  	
  Resignation or Removal of Trustee

  	
  21

  
	
  SECTION 10.3

  	
  Successor Trustee

  	
  22

  
	
  SECTION 10.4

  	
  Merger or Consolidation of Trustee

  	
  22

  
	
  SECTION 10.5

  	
  Appointment of Co-Trustee or Separate Trustee

  	
  23

  
	
   

  	
   

  	
   

  
	
  ARTICLE XI Miscellaneous

  	
  24

  
	
   

  	
   

  
	
  SECTION 11.1

  	
  Supplements and Amendments

  	
  24

  
	
  SECTION 11.2

  	
  No Legal Title To Trust Estate in Certificateholders

  	
  25

  
	
  SECTION 11.3

  	
  Limitations on Rights of Others

  	
  25

  
	
  SECTION 11.4

  	
  Notices

  	
  25

  
	
  SECTION 11.5

  	
  Severability

  	
  26

  
	
  SECTION 11.6

  	
  Separate Counterparts

  	
  26

  

 

ii

 

	
  SECTION 11.7

  	
  Successors and Assigns

  	
  26

  
	
  SECTION 11.8

  	
  Covenants of The Depositor

  	
  26

  
	
  SECTION 11.9

  	
  No Petition

  	
  26

  
	
  SECTION 11.10

  	
  No Recourse

  	
  27

  
	
  SECTION 11.11

  	
  Headings

  	
  27

  
	
  SECTION 11.12

  	
  Governing Law

  	
  27

  
	
  SECTION 11.13

  	
  Administrator

  	
  27

  
	
  SECTION 11.14

  	
  Information to be Provided by the Trustee

  	
  27

  
	
  SECTION 11.15

  	
  Complete Information

  	
  28

  
	
  SECTION 11.16

  	
  Indemnification

  	
  29

  
	
  SECTION 11.17

  	
  Paying Agent Protection

  	
  31

  

 

iii

 

EXHIBITS

 

	
  EXHIBIT
  A

  	
  Form of
  Trust Certificate

  
	
  EXHIBIT
  B

  	
  Form of
  Certificate of Trust

  

 

iv

 

TRUST
AGREEMENT (as amended or supplemented from time to time, this
“Agreement”) dated as of March 1,
2010 between CNH CAPITAL RECEIVABLES LLC, a Delaware limited liability company,
as Depositor, and Wilmington Trust Company (“WTC”),
a Delaware banking corporation, as Trustee.

 

ARTICLE I

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 2010-A and
The Bank of New York Mellon Trust Company, N.A.

 

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 or
thereto, accounting terms not defined in this Agreement or in any such
certificate or other document, and accounting terms partly defined in this
Agreement or in any such certificate or other document to the extent not
defined, shall have the respective meanings given to them under generally
accepted accounting principles in effect on the date hereof.  To the extent that the definitions of
accounting terms in this Agreement or in any such certificate or other document
are inconsistent with the meanings of such terms under generally accepted
accounting principles, the definitions contained in this Agreement or in any
such certificate or other document shall control.

 

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

 

(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

Organization

 

SECTION 2.1               Name.  The Trust created hereby
shall be known as “CNH Equipment Trust 2010-A”, in which name the Trustee may
conduct the business of the Trust, make and execute contracts and other
instruments on behalf of the Trust and sue and be sued.

 

SECTION 2.2               Office.  The office of the Trust
shall be in care of the Trustee at the Corporate Trust Office or at such other
address as the Trustee may designate by written notice to the
Certificateholders and the Depositor.

 

SECTION 2.3               Purposes
and Powers. 
The purpose of the Trust is, and the Trust shall have the power and
authority to, engage in the following activities:

 

(a)           to issue the Notes pursuant
to the Indenture and the Trust Certificates pursuant to this Agreement and to
sell the Notes and/or the Trust Certificates in one or more transactions;

 

(b)           with the proceeds of the
sale of the Notes and/or the Trust Certificates, to purchase the Receivables
pursuant to the Sale and Servicing Agreement;

 

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

 

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

 

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

 

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

 

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

 

SECTION 2.4               Appointment
of Trustee.  The Depositor hereby
appoints Wilmington Trust Company as Trustee of the Trust effective as of the
date hereof, to have all the rights, powers and duties set forth herein.

 

SECTION 2.5               Initial
Capital Contribution of Trust Estate.  The Depositor hereby
contributes to the Trustee, as of the date hereof, the sum of $1.00. The
Trustee hereby acknowledges receipt in trust from the Depositor, as of the date
hereof, of the foregoing contribution, which shall constitute the initial Trust
Estate and shall be deposited in the 

 

2

 

Certificate Distribution Account. The Depositor shall pay
organizational expenses of the Trust as they may arise or shall, upon the
request of the Trustee, promptly reimburse the Trustee for any such expenses
paid by the Trustee.  The Depositor may
also take steps necessary, including the execution and filing of any necessary
filings, to ensure that the Trust is in compliance with any applicable State
securities law.

 

SECTION 2.6               Declaration
of Trust. 
The Trustee hereby declares that it will hold the Trust Estate in trust
upon and subject to the conditions set forth herein for the use and benefit of
the Certificateholders, subject to the obligations of the Trust under the Basic
Documents. It is the intention of the parties hereto that the Trust constitute
a statutory trust under the Trust Statute and that this Agreement constitute
the governing instrument of such statutory trust.  It is the intention of the parties hereto
that, solely for income and franchise tax purposes, until the Trust
Certificates are held by a Person other than the Depositor, the Trust be
disregarded as an entity separate from the Depositor and the Notes be treated
as debt of the Depositor.  At such time
that the Trust Certificates are held by more than one Person, it is the
intention of the parties hereto that, solely for income and franchise tax
purposes, the Trust be treated as a partnership, with the assets of the
partnership being the Receivables and other assets held by the Trust, the
partners of the partnership being the Certificateholders (including the
Depositor (or its successor in interest) in its capacity as recipient of
distributions from the Spread Account), and the Notes being debt of the
partnership.  The parties agree that,
unless otherwise required by appropriate tax authorities, until the Trust
Certificates are held by more than one Person the Trust will not file or cause
to be filed annual or other necessary returns, reports and other forms
consistent with the characterization of the Trust as an entity separate from
the Depositor (or other sole owner of the Trust Certificates). Effective as of
the date hereof, the Trustee shall have all rights, powers and duties set forth
herein and in the Trust Statute with respect to accomplishing the purposes of
the Trust.  The Trustee shall file a
Certificate of Trust on behalf of the Trust with the Secretary of State pursuant
to Section 3810 of the Trust Statute.

 

SECTION 2.7               Liability
of the Certificateholders.  No Certificateholder shall
have any personal liability for any liability or obligation of the Trust. The
Certificateholders shall be entitled to the same limitation of personal
liability extended to stockholders of corporations under the Delaware General
Corporation Law.

 

SECTION 2.8               Title
to Trust Property.  Subject to the Lien granted
in the Indenture, legal title to all the Trust Estate shall be vested at all
times in the Trust as a separate legal entity except where applicable law in
any jurisdiction requires title to any part of the Trust Estate to be vested in
a trustee or trustees, in which case title shall be deemed to be vested in the
Trustee, a co-trustee and/or a separate trustee, as the case may be.

 

SECTION 2.9               Situs
of Trust.  The Trust
will be located and administered in the States of Delaware and Pennsylvania
and/or in any other states to which the Depositor consents in writing.  All bank accounts maintained by the Trustee
on behalf of the Trust shall be located in the State of Delaware or New York
and/or in any other states to which the Depositor consents in writing.  The Trust shall not have any employees.  Payments will be received by the Trust only
in Delaware or New York and/or in any other states to which the Depositor
consents in writing and payments will be made by the Trust only from Delaware
or New York and/or in any other states to which the Depositor consents in
writing.

 

3

 

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

 

(a)           The Depositor is duly
organized and validly existing as a limited liability company in good standing
under the laws of the State of Delaware, with power and authority to own its
properties and to conduct its business as such properties are currently owned
and such business is presently conducted.

 

(b)           The Depositor is duly qualified
to do business as a foreign limited liability company in good standing, and has
obtained all necessary licenses and approvals, in all jurisdictions in which
the ownership or lease of property or the conduct of its business shall require
such qualifications.

 

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

 

(d)           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 the Depositor, or any indenture, agreement or other
instrument to which the Depositor 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
pursuant to the Basic Documents); or violate any law or, to the best of the
Depositor’s knowledge, any order, rule or regulation applicable to the
Depositor of any court or of any federal or State regulatory body,
administrative agency or other governmental instrumentality having jurisdiction
over the Depositor or its properties.

 

(e)           The Depositor has duly
executed and delivered this Agreement, and this Agreement constitutes a legal,
valid and binding obligation of the Depositor, enforceable in accordance with
its terms, except as enforceability may be subject to or limited by bankruptcy,
insolvency, reorganization or other similar laws affecting the enforcement of
creditors’ rights generally and by general principles of equity (regardless of
whether such enforcement is considered in a proceeding in equity or at law).

 

SECTION 2.11             Federal
Income Tax Allocations; Tax Treatment.  If the Trust Certificates and interests in
the Spread Account are held by more than one Person, this Agreement shall be
amended to include such provisions as are required or appropriate under
Subchapter K of the Code in order for the Trust to be treated as a partnership
whose partners are the beneficial owners of the Trust Certificates and the
Depositor (or other holders of interests in the Spread Account).

 

4

 

ARTICLE III

Trust Certificates and Transfer of Interests

 

SECTION 3.1               Initial
Ownership.  Upon the
formation of the Trust by the contribution by the Depositor pursuant to Section 2.5, and until the issuance
of the Trust Certificates, the Depositor shall be the sole beneficiary of the
Trust; and upon the issuance of the Trust Certificates, the Depositor will no
longer be a beneficiary of the Trust, except to the extent that the Depositor
is a Certificateholder.

 

SECTION 3.2               The
Trust Certificates.  The
Trust Certificates shall be substantially in the form of Exhibit A hereto
and shall be executed on behalf of the Trust by manual or facsimile signature
of an authorized officer of the Trustee. 
Trust Certificates bearing the manual or facsimile signatures of individuals
who were, at the time when such signatures shall have been affixed, authorized
to sign on behalf of the Trust, shall be, when authenticated pursuant to Section 3.3, validly issued, fully
paid, non-assessable and entitled to the benefits of this Agreement,
notwithstanding that such individuals or any of them shall have ceased to be so
authorized prior to the authentication and delivery of such Trust Certificates
or did not hold such offices at the date of authentication and delivery of such
Trust Certificates.

 

SECTION 3.3               Authentication
of Trust Certificates. 
Concurrently with the sale of the Receivables to the Trust pursuant to
the Sale and Servicing Agreement, the Trustee shall cause the Trust Certificate
evidencing the 100% beneficial interest in the Trust to be executed on behalf
of the Trust, authenticated and delivered to or upon the written order of the
Depositor, signed by its chairman of the board, its president, any vice
president, any secretary, any assistant secretary, any treasurer, or any
assistant treasurer, without further action by the Depositor.  No Trust Certificate shall entitle its holder
to any benefit under this Agreement, or shall be valid for any purpose, unless
there shall appear on such Trust Certificate a certificate of authentication
substantially in the form set forth in Exhibit A, executed by the Trustee
by the manual signature of one of its authorized signatories; such certificate
of authentication shall constitute conclusive evidence, and the only evidence,
that such Trust Certificate shall have been duly authenticated and delivered
hereunder. All Trust Certificates shall be dated the date of their
authentication.  No further Trust
Certificates shall be issued except pursuant to Section 3.4 or 3.5 hereunder.

 

SECTION 3.4               Registration
of Transfer and Exchange of Trust Certificates.  The Trust shall keep or cause to be kept, at
the office or agency maintained pursuant to Section 3.8,
a register (the “Certificate Register”)
in which, subject to such reasonable regulations as it may prescribe, the Trust
shall provide for the registration of Trust Certificates and of transfers and
exchanges of Trust Certificates.  The
Paying Agent shall be the “Certificate
Registrar” for the purpose of registering Trust Certificates and the
transfers of Trust Certificates as herein provided.  Upon any resignation of any Certificate
Registrar, the Depositor shall promptly appoint a successor or, if it elects
not to make such an appointment, assume the duties of the Certificate
Registrar.  The initial Trust Certificate
shall be registered in the name of “CNH
Capital Receivables LLC” as the initial registered owner thereof.

 

Upon surrender for
registration of transfer of any Trust Certificate at the office or agency
maintained pursuant to Section 3.8,
the Trustee shall execute, authenticate and deliver, in the name of the
designated transferee or transferees, one or more new Trust Certificates
evidencing 

 

5

 

such
transferee’s beneficial interest in the Trust, which Trust Certificates will be
issued in amounts equal, in the aggregate, to the percentage of beneficial
interest in the Trust transferred by such transferor.

 

At the option of a
Certificateholder, upon surrender of the Trust Certificates to be exchanged at
the office or agency maintained pursuant to Section 3.8,
a Trust Certificate may be exchanged for a new Trust Certificate evidencing the
same percentage of beneficial interest in the Trust as the Trust Certificate so
exchanged.  Whenever any Trust
Certificates are so surrendered for exchange, the Trustee shall execute,
authenticate and deliver the Trust Certificates that the Certificateholder
making the exchange is entitled to receive.

 

All Trust Certificates
issued upon any registration of transfer or exchange of Trust Certificates
shall be entitled to the same benefits under this Agreement as the Trust
Certificates surrendered upon such registration of transfer or exchange.

 

Every Trust Certificate
presented or surrendered for registration of transfer or exchange shall be duly
endorsed by, or be accompanied by a written instrument of transfer in form
satisfactory to the Trustee and the Certificate Registrar duly executed by, the
Certificateholder thereof or his attorney duly authorized in writing. No
transfer of a Trust Certificate shall be registered unless the transferee shall
have provided (i) if the transferee is not the Seller or an Affiliate of
the Seller and the transferor is not the Seller or an Affiliate of the Seller,
an opinion of counsel that no registration is required under the Securities Act
of 1933, as amended, or applicable State laws, and (ii) if the transferee
is the Seller or an Affiliate of the Seller, an Officer’s Certificate as to
compliance with Section 6.6
of the Sale and Servicing Agreement. 
Each Trust Certificate surrendered for registration of transfer or
exchange shall be canceled and subsequently disposed of by the Trustee in
accordance with its customary practice.

 

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

 

The Trust Certificates and
any beneficial interest in such Trust Certificates may not be acquired by: (a) an
employee benefit plan (as defined in Section 3(3) of ERISA) that is
subject to the provisions of Title I of ERISA, (b) a plan described in Section 4975(e)(1) of
the Code or (c) any entity whose underlying assets include plan assets of
any of the foregoing (each a “Benefit Plan”).
By accepting and holding a Trust Certificate or an interest therein, the
Certificateholder thereof shall be deemed to have represented and warranted
that it is not a Benefit Plan. The Trustee shall have no obligation to
determine whether or not a Certificateholder of a Trust Certificate is or is
not a Benefit Plan.

 

Notwithstanding any other
provision of this Agreement, no transfer of a Trust Certificate or beneficial
interest therein shall be allowed, and any such purported transfer shall be
void ab initio, if such transfer
would cause the Trust to have more than 100 partners within the meaning of
Treasury Regulation section 1.7704-1(h)(1). 
For purposes of determining the number of partners in the Trust under
Treasury Regulation section 1.7704-1(h)(1), a person owning an interest in a
partnership, grantor trust, or S corporation (a “flow-through entity”) that owns, 

 

6

 

directly
or through other flow-through entities, an interest in the Trust, will be
treated as a partner in the Trust if more than 50 percent of the value of such
person’s interest in the flow-through entity is attributable to the
flow-through entity’s interest (direct or indirect) in the Trust.

 

No transfer (or purported
transfer) of a Trust Certificate (or any beneficial interest therein), whether
to another Certificateholder or to a person who is not a Certificateholder,
shall be effective, and any such transfer (or purported transfer) shall be void
ab initio, and no person shall
otherwise become a Certificateholder, and none of the Trust, the Trustee, the Certificate
Registrar or any of the Certificateholders will recognize such transfer (or
purported transfer), unless the transferee has first represented and warranted
in writing to the Trust that:

 

(A)          it is acquiring
the Trust Certificate for its own account and is the sole beneficial owner of
such Trust Certificate;

 

(B)          the transfer is
not being effected on or through (x) an “established securities market”
within the meaning of Section 7704(a)(1) of the Code, including
without limitation, an over-the-counter market or an interdealer quotation
system that regularly disseminates firm buy or sell quotations or (y) a “secondary
market (or the substantial equivalent thereof)” within the meaning of Section 7704(a)(2) of
the Code and any proposed, temporary or final Treasury Regulations thereunder;
and

 

(C)          such transfer
will not cause the Trust to be classified as a publicly traded partnership for
U.S. federal income tax purposes, and such purchaser or transferee will not
take any action, including any subsequent disposition of such Trust Certificate
(or any beneficial interest therein), that would cause the Trust to be treated
as a publicly traded partnership for U.S. federal income tax purposes.

 

SECTION 3.5               Mutilated,
Destroyed, Lost or Stolen Trust Certificates.  If:  (a) any
mutilated Trust Certificate shall be surrendered to the Certificate Registrar,
or if the Certificate Registrar shall receive evidence to its satisfaction of
the destruction, loss or theft of any Trust Certificate (provided, that the
Trustee shall not be required to verify the evidence provided to it), and (b) there
shall be delivered to the Certificate Registrar and the Trustee such security
or indemnity as may be required by them to hold each of them harmless, then, in
the absence of notice that such Trust Certificate shall have been acquired by a
bona fide purchaser, the Trustee on behalf of the Trust shall execute,
authenticate and deliver, in exchange for or in lieu of any such mutilated,
destroyed, lost or stolen Trust Certificate, a replacement Trust Certificate
evidencing the same percentage of beneficial interest in the Trust as the Trust
Certificate so mutilated, destroyed, lost or stolen.

 

In connection with the
issuance of any replacement Trust Certificate under this Section, the Trustee
and the Certificate Registrar may require the payment by the Certificateholder
of a sum sufficient to cover any tax or other governmental charge that may be
imposed in connection therewith.

 

Any replacement Trust
Certificate issued pursuant to this Section in replacement of any
mutilated, destroyed, lost or stolen Trust Certificate shall constitute
conclusive evidence of ownership in the Trust, as if originally issued, whether
or not the mutilated, lost, stolen or 

 

7

 

destroyed
Trust Certificate shall be found at any time, and shall be entitled to all the
benefits of this Agreement.

 

SECTION 3.6               Persons
Deemed Certificateholders.  Prior to due presentation of a Trust
Certificate for registration of transfer of any Trust Certificate, the Trustee
or the Certificate Registrar may treat the Person in whose name any Trust
Certificate shall be registered in the Certificate Register (as of the day of
determination) as the owner of such Trust Certificate for the purpose of
receiving distributions pursuant to Section 5.2
and for all other purposes whatsoever, and neither the Trustee nor
the Certificate Registrar shall be bound by any notice to the contrary.

 

SECTION 3.7               Access
to List of Certificateholders’ Names and Addresses.  The Trustee shall furnish or cause to be
furnished to the Servicer and the Depositor, within 15 days after receipt by
the Trustee of a request therefor from the Servicer or the Depositor in
writing, a list, in such form as the Servicer or the Depositor may reasonably
require, of the names and addresses of the Certificateholders as of the most
recent Record Date. If three or more Certificateholders evidencing in the
aggregate not less than 25% of the beneficial interest in the Trust apply in writing
to the Trustee, and such application states that the applicants desire to
communicate with other Certificateholders with respect to their rights under
this Agreement or under the Trust Certificates and such application shall be
accompanied by a copy of the communication that such applicants propose to
transmit, then the Trustee shall, within five Business Days after the receipt
of such application, afford such applicants access during normal business hours
to the current list of Certificateholders. Each Certificateholder, by receiving
and holding a Trust Certificate, shall be deemed to have agreed not to hold any
of the Depositor, the Certificate Registrar or the Trustee accountable by
reason of the disclosure of its name and address, regardless of the source from
which such information was derived.

 

SECTION 3.8               Maintenance
of Office or Agency.  The
Trustee shall maintain an office or offices or agency or agencies where Trust
Certificates may be surrendered for registration of transfer or exchange and
where notices and demands to or upon the Trustee in respect of the Trust
Certificates and the Basic Documents may be served.  The Trustee initially designates its
Corporate Trust Office as its principal corporate trust office for such
purposes.  The Trustee shall give prompt
written notice to the Depositor and to the Certificateholders of any change in
the location of the Certificate Register or any such office or agency.

 

SECTION 3.9               Appointment
of Paying Agent.  The Paying
Agent shall make distributions to Certificateholders from the Certificate
Distribution Account pursuant to Section 5.2
and shall report the amounts of such distributions to the Trustee. Any Paying
Agent shall have the revocable power to withdraw funds from the Certificate
Distribution Account for the purpose of making the distributions referred to
above. The Trustee may revoke such power and remove the Paying Agent if the
Trustee determines in its sole discretion that the Paying Agent shall have
failed to perform its obligations under this Agreement in any material
respect.  The Paying Agent shall
initially be the Indenture Trustee, and any co-paying agent chosen by and
acceptable to the Trustee.  The Paying
Agent shall be permitted to resign as Paying Agent upon 30 days’ written notice
to the Trustee. In the event that the Indenture Trustee shall not be the Paying
Agent, the Trustee shall appoint a successor to act as Paying Agent (which
shall be a bank or trust company).  The
Trustee shall cause such successor Paying Agent or any additional Paying Agent
appointed by the Trustee to execute and deliver to the Trustee an instrument in

 

8

 

which such successor Paying Agent or additional Paying Agent (other
than the Indenture Trustee or the Trustee as Paying Agent) shall agree with the
Trustee that as Paying Agent, such successor Paying Agent or additional Paying
Agent will hold all sums, if any, held by it for payment to the
Certificateholders in trust for the benefit of the Certificateholders entitled
thereto until such sums shall be paid to such Certificateholders.  The Paying Agent shall return all unclaimed
funds to the Trustee and upon removal of a Paying Agent such Paying Agent shall
also return all funds in its possession to the Trustee.  The provisions of Sections 7.1, 7.3, 7.4 and 8.1
shall apply to the Indenture Trustee or Trustee to the extent the Indenture
Trustee or Trustee is a Paying Agent, for so long as the Indenture Trustee or
Trustee, as applicable, shall act as Paying Agent and, to the extent
applicable, to any other paying agent appointed hereunder. Any reference in
this Agreement to the Paying Agent shall include any co-paying agent unless the
context requires otherwise.

 

ARTICLE IV

Actions by Trustee

 

SECTION 4.1               Prior
Notice to Certificateholders With Respect to Certain Matters.  With respect to the following matters, the
Trustee shall not take action unless, at least 30 days before the taking of
such action (or such shorter period as shall be agreed to in writing by all
Certificateholders), the Trustee shall have notified the Certificateholders in
writing of the proposed action and the Certificateholders shall not have
notified the Trustee in writing prior to the 30th day (or such agreed upon
shorter period) after such notice is given that such Certificateholders have
withheld consent or shall not have provided alternative direction:

 

(a)           the initiation of any claim
or lawsuit by the Trust (except claims or lawsuits brought in connection with
the collection of the Receivables) and the compromise of any action, claim or
lawsuit brought by or against the Trust (except with respect to the
aforementioned claims or lawsuits for collection of Receivables);

 

(b)           the amendment of the
Indenture in circumstances where the consent of any Noteholder is not required
and such amendment materially adversely affects the interest of the
Certificateholders;

 

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

 

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

 

SECTION 4.2               Action
By Certificateholders With Respect to Certain Matters.  The Trustee shall not have the power, except
upon the direction of the Certificateholders, to: (a) remove the
Administrator under the Administration Agreement, (b) appoint a successor 

 

9

 

Administrator, (c) remove the Servicer under the Sale and
Servicing Agreement; or (d) except as expressly provided in the Basic
Documents, sell the Receivables after the termination of the Indenture. The
Trustee shall take the actions referred to in the preceding sentence only upon
written instructions signed by the Certificateholders.

 

SECTION 4.3               Action
By Certificateholders With Respect to Bankruptcy.  The Trustee shall not have the power to
commence a voluntary proceeding in bankruptcy relating to the Trust (i) until
one year and one day after the Outstanding Amount of all the Notes has been
reduced to zero and (ii) without the unanimous prior approval of all Certificateholders
and (iii) without the delivery to the Trustee by each such
Certificateholder of a certificate certifying that such Certificateholder
reasonably believes that the Trust is insolvent.

 

SECTION 4.4               Restrictions
on Certificateholders’ Power.  The Certificateholders shall not direct the
Trustee to take or refrain from taking any action if such action or inaction
would be contrary to any obligation of the Trust or the Trustee under this
Agreement or any of the Basic Documents or would be contrary to Section 2.3, nor shall the Trustee be
obligated to follow any such direction, if given.

 

SECTION 4.5               Majority
Control.  Except as
expressly provided herein, any action that may be taken by the
Certificateholders under this Agreement may be taken by the Certificateholders
holding in the aggregate more than 50% of the beneficial interest in the Trust
at the time of such action. Except as expressly provided herein, any written
notice of the Certificateholders delivered pursuant to this Agreement shall be effective
if signed by Certificateholders holding in the aggregate more than 50% of the
beneficial interest in the Trust at the time of such action.

 

ARTICLE V

Application of Trust Funds; Certain Duties

 

SECTION 5.1               Establishment
of Trust Account.  The Trustee
or the Paying Agent on the Trust’s behalf, for the benefit of the
Certificateholders, shall establish and maintain in the name of the Trust an
Eligible Deposit Account (the “Certificate
Distribution Account”), bearing a designation clearly indicating that
the funds deposited therein are held for the benefit of the Certificateholders.

 

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

 

10

 

SECTION 5.2       Applications of Trust
Funds.

 

(a)           On each Payment Date, the
Indenture Trustee (if any Notes are Outstanding) or the Trustee (if the Notes
have been paid in full) will distribute to Certificateholders, on a pro rata
basis, amounts deposited in the Certificate Distribution Account pursuant to Section 5.6 of the Sale and Servicing
Agreement.

 

(b)           On each Payment Date, the
Indenture Trustee or the Trustee shall send to each Certificateholder the
statement provided to the Indenture Trustee or the Trustee, as applicable, by
the Servicer pursuant to Section 5.11
of the Sale and Servicing Agreement.

 

(c)           In the event that any withholding
tax is imposed on the Trust’s payment (or allocations of income) to a
Certificateholder, such tax shall reduce the amount otherwise distributable to
the Certificateholder in accordance with this Section.  The Indenture Trustee and the Trustee, as
applicable, are hereby authorized and directed to retain from amounts otherwise
distributable to the Certificateholders sufficient funds for the payment of any
tax that is legally owed by the Trust (but such authorization shall not prevent
the Indenture Trustee or the Trustee, as applicable, from contesting any such
tax in appropriate proceedings, and withholding payment of such tax, if
permitted by law, pending the outcome of such proceedings).  The amount of any withholding tax imposed
with respect to a Certificateholder shall be treated as cash distributed to
such Certificateholder at the time it is withheld by the Trust. If there is a
possibility that withholding tax is payable with respect to a distribution
(such as a distribution to a non-U.S. Certificateholder), the Indenture Trustee
or the Trustee, as applicable, may, in its sole discretion, withhold such
amounts in accordance with this paragraph (c). 
Notwithstanding any other provision of this Agreement, the Trust shall
withhold and pay over to the Internal Revenue Service, pursuant to Sections
1441, 1442 and 1446 of the Code (or any successor provisions or any other
provision as may be enacted into law), at such times as required by such
provisions, such amounts as the Trust is required to withhold under such
provision on account of any foreign Certificateholder’s distributive share of
income of the Trust, as if the entire amount of such foreign Certificateholder’s
distributive share of such income is subject to withholding tax pursuant to
such provisions.  To the extent that a
foreign Certificateholder claims to be entitled to a reduced rate of, or
exemption from, U.S. withholding tax pursuant to an applicable income tax
treaty, or otherwise, such foreign Certificateholder shall furnish the Depositor
and the Trustee with such information and forms as it may require and are
necessary to comply with the regulations governing the obligations of
withholding tax agents, which the Depositor may forward to the Indenture
Trustee.  Each foreign Certificateholder
represents and warrants that any such information and form furnished by it
shall be true and accurate and agrees to indemnify the Trust and each of the
other Certificateholders from any and all damages, costs and expenses resulting
from the filing of inaccurate or incomplete information or forms relating to
such withholding taxes.  In the event
that a Certificateholder wishes to apply for a refund of any such withholding
tax, the Indenture Trustee or the Trustee, as applicable, shall reasonably
cooperate with such Certificateholder in making such claim so long as such 

 

11

 

Certificateholder agrees to reimburse the Indenture Trustee or the
Trustee, as applicable, for any out-of-pocket expenses incurred.

 

SECTION 5.3               Method
of Payment.  Subject to Section 9.1(c),
distributions required to be made to Certificateholders on any Payment Date
shall be made to each Certificateholder of record on the preceding Record Date
either by wire transfer, in immediately available funds, to the account of such
Certificateholder at a bank or other entity having appropriate facilities
therefor, if such Certificateholder shall have provided to the Certificate
Registrar appropriate written instructions at least five Business Days prior to
such Payment Date and such Certificateholder’s Trust Certificates aggregate not
less than $1,000,000, or, if not, by check mailed to such Certificateholder at
the address of such Certificateholder appearing in the Certificate Register.

 

SECTION 5.4               No
Segregation of Monies; No Interest.  Subject to Sections 5.1 and 5.2, monies
received by the Trustee or the Paying Agent hereunder need not be segregated in
any manner except to the extent required by law or the Sale and Servicing
Agreement and may be deposited under such general conditions as may be
prescribed by law, and the Trustee or the Paying Agent, as applicable, shall
not be liable for any interest thereon.

 

SECTION 5.5               Accounting
and Reports to the Noteholders, Certificateholders, the Internal Revenue
Service and Others.  The
Depositor or, if any Trust Certificates are held by any Person other than the
Depositor or its Affiliate, the Trustee, shall: (a) maintain (or cause to
be maintained) the books of the Trust on a calendar year basis on the accrual
method of accounting, (b) deliver to each Certificateholder, as may be
required by the Code and applicable Treasury Regulations, such information as
may be required (including Schedule K-1, if applicable) to enable each
Certificateholder to prepare its federal, State and local income tax returns, (c) file
such tax returns relating to the Trust (including, if applicable, a partnership
information return on Internal Revenue Service Form 1065 or its
successor), and make such elections as may from time to time be required or
appropriate under any applicable State or federal statute or rule or
regulation thereunder so as to maintain the Trust’s characterization as a
disregarded entity or partnership for federal income tax purposes, as
applicable, (d) cause such tax returns to be signed in the manner required
by law and (e) collect or cause to be collected any withholding tax as
described in and in accordance with Section 5.2(c) with respect to
income or distributions to Certificateholders. 
The Trustee shall elect under Section 1278 of the Code to include
in income currently any market discount that accrues with respect to the
Receivables and shall elect under Section 171 of the Code to amortize any
bond premium with respect to the Receivables. 
The Trustee shall not make the election provided under Section 754
of the Code.

 

SECTION 5.6       Signature on Returns; Tax Matters
Partner.

 

(a)           The Depositor, or if any
Trust Certificates are held by any Person other than the Depositor, the Trustee
shall sign on behalf of the Trust the tax returns of the Trust, unless
applicable law requires a Certificateholder to sign such documents, in which
case such documents shall be signed by such Certificateholder.

 

12

 

(b)           In the event the Trust is
characterized as a partnership, in accordance with Section 2.6, the
Depositor shall be designated the “tax matters partner” of the Trust pursuant
to Section 6231(a)(7)(A) of the Code and applicable Treasury
Regulations.

 

ARTICLE VI

Authority and Duties of Trustee

 

SECTION 6.1               General
Authority.  The Trustee
is authorized and directed to execute and deliver the Basic Documents to which
the Trust is to be a party and each certificate or other document attached as
an exhibit to or contemplated by the Basic Documents to which the Trust is to
be a party, in each case in such form as the Depositor shall approve as
evidenced conclusively by the Trustee’s execution thereof, and, on behalf of
the Trust, to direct the Indenture Trustee to authenticate and deliver the
Notes in the aggregate principal amount specified in a letter of instruction
from the Depositor to the Trustee.  In
addition to the foregoing, the Trustee is authorized, but shall not be
obligated, to take all actions required of the Trust pursuant to the Basic
Documents.  The Trustee is further
authorized from time to time to take such action as the Administrator
recommends with respect to the Basic Documents.

 

SECTION 6.2               General
Duties.  It shall be
the duty of the Trustee to discharge (or cause to be discharged) all of its
responsibilities pursuant to this Agreement and the Basic Documents to which
the Trust is a party and to administer the Trust in the interest of the
Certificateholders, subject to the Basic Documents and in accordance with this
Agreement. Notwithstanding the foregoing, the Trustee shall be deemed to have
discharged its duties and responsibilities hereunder and under the Basic
Documents to the extent the Administrator has agreed in the Administration
Agreement to perform any act or to discharge any duty of the Trustee hereunder
or under any Basic Document, and the Trustee shall not be held liable for the
default or failure of the Administrator to carry out its obligations under the
Administration Agreement.

 

SECTION 6.3       Action upon Instruction.

 

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

 

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

 

(c)           Whenever the Trustee is
unable to decide between alternative courses of action permitted or required by
this Agreement or any Basic Document, the Trustee shall promptly give notice
(in such form as shall be appropriate under the circumstances) to the
Certificateholders requesting instruction as to the course of action to be
adopted, and to the extent the Trustee acts in good faith in accordance with
any 

 

13

 

written instruction of the Certificateholders received, the Trustee
shall not be liable on account of such action to any Person.  If the Trustee shall not have received
appropriate instruction within 10 days of such notice (or within such shorter
period of time as reasonably may be specified in such notice or may be
necessary under the circumstances) it may, but shall be under no duty to, take
or refrain from taking such action, not inconsistent with this Agreement or the
Basic Documents, as it shall deem to be in the best interests of the
Certificateholders, and shall have no liability to any Person for such action
or inaction.

 

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

 

SECTION 6.4               No
Duties Except as Specified in This Agreement or in Instructions.  The Trustee shall not have any duty or
obligation to manage, make any payment with respect to, register, record, sell,
dispose of or otherwise deal with the Trust Estate, or to otherwise take or
refrain from taking any action under, or in connection with, any document
contemplated hereby to which the Trustee is a party, except as expressly
provided by this Agreement or in any document or written instruction received
by the Trustee pursuant to Section 6.3;
and no implied duties or obligations shall be read into this Agreement or any
Basic Document against the Trustee.  The
Trustee shall have no responsibility for filing any financing or continuation
statement in any public office at any time or to otherwise perfect or maintain
the perfection of any security interest or Lien granted to it hereunder or to
prepare or file any Securities and Exchange Commission filing for the Trust or
to record this Agreement or any Basic Document. 
The Trustee nevertheless agrees that it will, at its own cost and
expense, promptly take all action as may be necessary to discharge any Liens on
any part of the Trust Estate arising by, through or under the Trustee (including
in its individual capacity) which are unrelated to the administration or
ownership of the Trust Estate.

 

Further, notwithstanding
anything to the contrary herein or in any other document, the Trustee shall not
be required to execute, deliver or certify on behalf of the Trust, the
Servicer, the Depositor or any other Person any filings, certificates,
affidavits or other instruments required under Section 302 of the
Sarbanes-Oxley Act of 2002. 
Notwithstanding any Person’s right to instruct the Trustee, neither the
Trustee nor any agent, employee, director or officer of the

 

14

 

Trustee
shall have any obligation to execute any certificates or other documents
required pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 or the rules and
regulations promulgated thereunder, and the refusal to comply with any such
instructions shall not constitute a default or breach under this Agreement or
any other document in connection herewith.

 

SECTION 6.5               No
Action Except Under Specified Documents or Instructions.  The Trustee shall not manage, control, use,
sell, dispose of or otherwise deal with any part of the Trust Estate except: (i) in
accordance with the powers granted to and the authority conferred upon the
Trustee pursuant to this Agreement, (ii) in accordance with the Basic
Documents and (iii) in accordance with any document or instruction
delivered to the Trustee pursuant to Section 6.3.

 

SECTION 6.6               Restrictions.  The Trustee shall not take any action (a) that
is inconsistent with the purposes of the Trust set forth in Section 2.3 or (b) that, to the
actual knowledge of the Trustee, would result in the Trust’s becoming taxable
as a corporation for federal income tax purposes.  The Certificateholders shall not direct the
Trustee to take action that would violate this Section.

 

ARTICLE VII

Concerning the Trustee

 

SECTION 7.1               Acceptance
of Trusts and Duties.  The
Trustee accepts the trusts hereby created and agrees to perform its duties
hereunder with respect to such trusts but only upon the terms of this
Agreement. The Trustee also agrees to disburse all monies actually received by
it constituting part of the Trust Estate upon the terms of the Basic Documents
and this Agreement. The Trustee shall not be answerable or accountable
hereunder or under any Basic Document under any circumstances, except: (i) for
its own willful misconduct or negligence or (ii) in the case of the
inaccuracy of any representation or warranty contained in Section 7.3 expressly made by the
Trustee. In particular, but not by way of limitation (and subject to the
exceptions set forth in the preceding sentence):

 

(a)           the Trustee shall not be
liable for any error of judgment made in good faith by a responsible officer of
the Trustee unless it is proved that the Trustee was negligent in ascertaining
the pertinent facts;

 

(b)           the Trustee shall not be
liable with respect to any action taken or omitted to be taken by it in
accordance with the instructions of the Administrator, the Servicer or any
Certificateholder;

 

(c)           no provision of this
Agreement or any Basic Document shall require the Trustee to expend or risk
funds or otherwise incur any financial liability in the performance of any of
its rights or powers hereunder or under any Basic Document, if the Trustee
shall have reasonable grounds for believing that repayment of such funds or
adequate indemnity against such risk or liability is not reasonably assured or
provided to it;

 

15

 

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

 

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

 

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

 

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

 

SECTION 7.2               Furnishing
of Documents.  The Trustee
shall furnish to the Certificateholders promptly upon receipt of a written
request therefor, and at the expense of the Certificateholders, duplicates or
copies of all reports, notices, requests, demands, certificates, financial
statements and any other instruments furnished to the Trustee under the Basic
Documents.

 

SECTION 7.3               Representations
and Warranties.  The Trustee
hereby represents and warrants to the Depositor, for the benefit of the
Certificateholders, that as of the date hereof (other than with respect to Section 7.3(e),
which is as of the dates specified therein):

 

(a)           it is a banking corporation
duly organized and validly existing in good standing under the laws of the
State of Delaware, with the requisite corporate power and authority to execute,
deliver and perform its obligations under this Agreement,

 

16

 

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

 

(c)           the execution and delivery
of this Agreement, the consummation of the transactions contemplated by this
Agreement and the fulfillment of the terms hereof do not conflict with, result
in any breach of any of the terms and provisions of, or constitute (with or
without notice or lapse of time) a default under, the certificate of
incorporation or by-laws of the Trustee, or to the best of its knowledge
without independent investigation any indenture, agreement or other instrument
to which the Trustee is a party or by which it is bound; or violate any federal
or State law governing the banking or trust powers of the Trustee; or, to the
best of the Trustee’s knowledge, violate any order, rule or regulation
applicable to the Trustee of any court or of any federal or State regulatory
body, administrative agency or other governmental instrumentality having
jurisdiction over the Trustee or its properties,

 

(d)           this Agreement, assuming due
authorization, execution and delivery by the Depositor, constitutes a valid,
legal and binding obligation of the Trustee, enforceable against it in
accordance with the terms hereof subject to applicable bankruptcy, insolvency,
reorganization, moratorium and other laws affecting the enforcement of
creditors’ rights generally and to general principles of equity, regardless of
whether such enforcement is considered in a proceeding in equity or at law, and

 

(e)           as of the date of the
Underwriting Agreement, the Preliminary Prospectus Date, the Prospectus Date
and the Closing Date, to its knowledge without independent investigation, there
are no legal proceedings pending against the Trustee, or of which any property
of the Trustee is subject, that are material to the Noteholders, and to the
knowledge of the Trustee no such legal proceedings are contemplated by any
governmental authority.

 

SECTION 7.4               Information
to be Provided by the Trustee.  The Trustee shall notify the Depositor
promptly after the Trustee becomes aware of (a) the initiation of any
legal proceedings against the Trustee, or of which any property of the Trustee
is subject, that are material to the Noteholders, (b) any developments in
any such proceedings that are material to the Noteholders and (c) any such
proceedings that are contemplated by any governmental authority.

 

SECTION 7.5               Reliance;
Advice of Counsel.  (a) Except to the extent otherwise
provided in Section 7.1, the
Trustee shall incur no liability to anyone in acting upon any signature,
instrument, notice, resolution, request, consent, order, certificate, report,
opinion, bond or other document or paper (whether in its original or facsimile
form) believed by it to be genuine and believed by it to be signed by the proper
party or parties. The Trustee may accept a certified copy of a resolution of
the board of directors or other governing body of any party as conclusive
evidence that such resolution has been duly adopted by such body and that the
same is in full force and effect. As to any fact or matter the method of the
determination of which is not specifically prescribed herein, the Trustee may
for all purposes hereof rely on a certificate, 

 

17

 

signed by the president, any vice president, any treasurer, any
assistant treasurer, any secretary, any assistant secretary or other authorized
officers of the relevant party as to such fact or matter, and such certificate
shall constitute full protection to the Trustee for any action taken or omitted
to be taken by it in good faith in reliance thereon.

 

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

 

SECTION 7.6               Not
Acting in Individual Capacity.  Except as provided in this Article VII, in accepting the trusts
hereby created Wilmington Trust Company acts solely as Trustee hereunder and
not in its individual capacity and all Persons having any claim against the
Trustee by reason of the transactions contemplated by this Agreement or any
Basic Document shall look only to the Trust Estate for payment or satisfaction
thereof.

 

SECTION 7.7               Trustee
Not Liable For Trust Certificates or Receivables.  The recitals contained herein and in the
Trust Certificates (other than the signature and counter-signature of the
Trustee on the Trust Certificates) shall be taken as the statements of the
Depositor, and the Trustee assumes no responsibility for the correctness
thereof.  The Trustee makes no
representations as to the validity or sufficiency of this Agreement, of any
Basic Document, of the Trust Certificates (other than the signature and
countersignature, if any, of the Trustee on the Trust Certificates) or of the
Notes, or of any Receivable or related documents.  The Trustee shall at no time have any
responsibility or liability for or with respect to the legality, validity and
enforceability of any Receivable, or the perfection and priority of any
security interest created by any Receivable in any of the Financed Equipment or
the maintenance of any such perfection and priority, or for or with respect to
the sufficiency of the Trust Estate or its ability to generate the payments to
be distributed to Certificateholders under this Agreement or the Noteholders
under the Indenture, including: (a) the existence, condition and ownership
of any Financed Equipment, (b) the existence and enforceability of any
insurance thereon, (c) the existence and contents of any Receivable on any
computer or other record thereof, (d) the validity of the assignment of
any Receivable to the Trust or of any intervening assignment, (e) the
completeness of any Receivable, (f) the performance or enforcement of any
Receivable, and (g) the compliance by the Depositor or the Servicer with
any warranty or representation made under any Basic Document or in any related
document or the accuracy of any such warranty or representation or any action
of the Administrator, the Indenture Trustee or the Servicer or any subservicer
taken in the name of the Trustee.

 

SECTION 7.8               Trustee
May Not Own Notes.  The Trustee shall not, in its individual
capacity, but may in a fiduciary capacity, become the owner or pledgee of Notes
or otherwise 

 

18

 

extend credit to the Issuing Entity. 
The Trustee may otherwise deal with the Depositor, the Administrator,
the Indenture Trustee and the Servicer with the same rights as it would have if
it were not the Trustee.

 

ARTICLE VIII

Compensation of Trustee

 

SECTION 8.1               Trustee’s
Fees and Expenses.  The
Trustee shall receive as compensation for its services hereunder such fees as
have been separately agreed upon before the date hereof between the Depositor
and the Trustee, and the Trustee shall be entitled to be reimbursed by the
Depositor for its other reasonable expenses hereunder, including the reasonable
compensation, expenses and disbursements of such agents, representatives,
experts and counsel as the Trustee may employ in connection with the exercise
and performance of its rights and its duties hereunder.

 

SECTION 8.2               Indemnification.  The Depositor shall be liable as primary
obligor for, and shall indemnify the Trustee and its successors, assigns,
agents and servants (collectively, the “Indemnified
Parties”) from and against, any and all liabilities, obligations,
losses, damages, taxes, claims, actions and suits, and any and all reasonable
costs, expenses and disbursements (including reasonable legal fees and
expenses) of any kind and nature whatsoever (collectively, “Expenses”), which may at any time be
imposed on, incurred by or asserted against the Trustee or any other
Indemnified Party in any way relating to or arising out of this Agreement, the
Basic Documents, the Trust Estate, the administration of the Trust Estate or
the action or inaction of the Trustee hereunder, except only that the Depositor
shall not be liable for or required to indemnify an Indemnified Party from and
against Expenses arising or resulting from: (a) such Indemnified Party’s
willful misconduct or negligence, (b) with respect to the Trustee, the
inaccuracy of any representation or warranty contained in Section 7.3 expressly made by the
Trustee or (c) any tax imposed on an Indemnified Party based on, measured
by or with respect to the net or gross income, capital or net worth, gross or
net receipts, franchise, excess profits or conduct of business by such
Indemnified Party (including, but not limited to, taxes imposed on, measured
by, or with respect to any fees or compensation received by the Trustee hereunder).  The indemnities contained in this Section shall
survive the resignation or termination of the Trustee or the termination of
this Agreement. In any event of any claim, action or proceeding for which
indemnity will be sought pursuant to this Section, the Trustee’s choice of
legal counsel shall be subject to the approval of the Depositor, which approval
shall not be unreasonably withheld.

 

SECTION 8.3               Payments
to the Trustee.  Any amounts
paid to the Trustee pursuant to this Article VIII
shall be deemed not to be a part of the Trust Estate immediately after such
payment.  The Trustee shall also be
entitled to interest on all fees and expenses that are due and unpaid for more
than sixty (60) days after they have been billed to the party responsible for
the payment of such amounts at a rate equal to the rate publicly announced by
Wilmington Trust Company as its prime rate from time to time.

 

19

 

ARTICLE IX

Termination of Trust Agreement

 

SECTION 9.1               Termination
of Trust Agreement.  (a) The
Trust shall dissolve upon the final distribution by the Trustee of all monies
or other property or proceeds of the Trust Estate in accordance with the
Indenture, the Sale and Servicing Agreement and Article V.  The
bankruptcy, liquidation, dissolution, death or incapacity of any
Certificateholder shall not: (x) operate to dissolve or terminate this
Agreement or the Trust, (y) entitle such Certificateholder’s legal
representatives or heirs to claim an accounting or to take any action or
proceeding in any court for a partition or winding up of all or any part of the
Trust or Trust Estate or (z) otherwise affect the rights, obligations and
liabilities of the parties hereto.

 

(b)           Except as provided in Section 9.1(a),
neither the Depositor nor any Certificateholder shall be entitled to dissolve,
revoke or terminate the Trust; provided  however, for the sake of
clarity, no action is necessary by the Depositor, the Certificateholder or any
other Person as a prerequisite for a dissolution under Section 9.1(a) to
occur.

 

(c)           Notice of any anticipated
dissolution of the Trust, specifying the Payment Date upon which the
Certificateholders shall surrender their Trust Certificates to the Paying Agent
for payment of the final distribution and cancellation, shall be given promptly
by the Trustee by letter to Certificateholders mailed within five Business Days
of receipt of notice of such anticipated dissolution from the Servicer given
pursuant to Section 9.1(c) of
the Sale and Servicing Agreement, and such notice from the Trustee shall state:
(i) the Payment Date upon which final payment of the Trust Certificates
shall be made upon presentation and surrender of the Trust Certificates at the
office of the Paying Agent therein designated, (ii) the amount of any such
final payment and (iii) that the Record Date otherwise applicable to such
Payment Date is not applicable, payments being made only upon presentation and
surrender of the Trust Certificates at the office of the Paying Agent therein
specified.  The Trustee shall give such
notice to the Certificate Registrar (if other than the Trustee) and the Paying
Agent at the time such notice is given to Certificateholders. Upon presentation
and surrender of the Trust Certificates, the Paying Agent shall cause to be
distributed to Certificateholders amounts distributable on such Payment Date
pursuant to Section 5.2.

 

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

 

20

 

(d)           Upon the dissolution of the
Trust and the payment of all liabilities of the Trust in accordance with
applicable law, the Trustee shall cause the Certificate of Trust to be canceled
by filing a certificate of cancellation with the Secretary of State in
accordance with the provisions of Section 3810 (or successor section) of
the Trust Statute, at which time the Trust and this Agreement (other than Article VIII) shall terminate.

 

ARTICLE X

Successor Trustees and Additional Trustees

 

SECTION 10.1             Eligibility
Requirements for Trustee.  The Trustee shall at all times:  (a) be a corporation satisfying the
provisions of Section 26(a)(1) of the Investment Company Act of 1940,
as amended, (b) be authorized to exercise corporate trust powers, (c) have
a combined capital and surplus of at least $50,000,000 and be subject to
supervision or examination by federal or State authorities, and (d) have
(or have a parent that has) a rating of at least “Baa3” by Moody’s.  If such corporation shall publish reports of
condition at least annually, pursuant to law or the requirements of the
aforesaid supervising or examining authority, then for the purpose of this
Section, the combined capital and surplus of such corporation shall be deemed
to be its combined capital and surplus as set forth in its most recent report
of condition so published. At all times, at least one Trustee of the Trust
shall satisfy the requirements of Section 3807(a) of the Trust
Statute. In case at any time the Trustee shall cease to be eligible in
accordance with this Section, the Trustee shall resign immediately in the
manner and with the effect specified in Section 10.2.

 

SECTION 10.2     Resignation
or Removal of Trustee.

 

(a)           The Trustee may at any time
resign and be discharged from the trusts hereby created by giving written
notice thereof to the Administrator. 
Upon receiving such notice of resignation, the Administrator shall
promptly appoint a successor Trustee by written instrument, in duplicate, one
copy of which instrument shall be delivered to the resigning Trustee and one
copy to the successor Trustee.  Other
than such instrument, and as provided in Section 10.2(b) and 10.3
below, no other documentation or action shall be required, and notwithstanding
anything to the contrary herein or in the Basic Documents, no consent shall be
required of any Person with respect to such appointment or entering into any
such agreement, and the amendment provisions hereof will not apply to such instrument.  If no successor Trustee shall have been so
appointed and have accepted appointment within 30 days after the giving of such
notice of resignation, the resigning Trustee may petition at the expense of the
Administrator any court of competent jurisdiction for the appointment of a
successor Trustee.

 

If at any time the Trustee
shall cease to be eligible in accordance with Section 10.1
and shall fail to resign after written request therefor by the Administrator,
or if at any time the Trustee shall be legally unable to act, or shall be
adjudged bankrupt or insolvent, or a receiver of the Trustee or of its property
shall be appointed, or any public officer shall take charge or control of the
Trustee or of its property or affairs for the purpose of rehabilitation,
conservation or liquidation, then the Administrator may remove the
Trustee.  If the Administrator shall
remove the Trustee under the authority of the preceding sentence, the
Administrator shall promptly 

 

21

 

appoint
a successor Trustee by written instrument, in duplicate, one copy of which
instrument shall be delivered to the outgoing Trustee so removed and one copy
to the successor Trustee, and pay all fees owed to the outgoing Trustee.  Other than such instrument, and as provided
in Section 10.2(b) and 10.3 below, no other documentation or action
shall be required, and notwithstanding anything herein or in the Basic
Documents to the contrary, no consent shall be required of any Person with
respect to such appointment or entering into any such agreement, and the
amendment provisions hereof will not apply to such instrument.

 

(b)           Any resignation or removal
of the Trustee and appointment of a successor Trustee pursuant to this Section shall
not become effective until acceptance of appointment by the successor Trustee
pursuant to Section 10.3 and
payment of all fees and expenses owed to the outgoing Trustee.  The Administrator shall provide notice of
such resignation or removal of the Trustee to each of the Rating Agencies.

 

SECTION 10.3             Successor
Trustee.  Any
successor Trustee appointed pursuant to Section 10.2
shall execute, acknowledge and deliver to the Administrator and to its
predecessor Trustee an instrument accepting such appointment under this Agreement,
and thereupon the resignation or removal of the predecessor Trustee shall
become effective and such successor Trustee, without any further act, deed or
conveyance, shall become fully vested with all the rights, powers, duties, and
obligations of its predecessor under this Agreement, with like effect as if
originally named as the Trustee.  Such
instrument shall identify the situs of the Trust, locations where payments will
be made and/or received, and where bank accounts will be maintained for purposes
of Section 2.9 hereof, if such locations are to change following such
appointment.  As of the effective date of
such instrument, Section 2.9 hereof shall be read to include such
locations identified in such instrument. The predecessor Trustee shall upon
payment of its fees and expenses deliver to the successor Trustee all documents
and statements and monies held by it under this Agreement; and the
Administrator and the predecessor Trustee shall execute and deliver such
instruments and do such other things as may reasonably be required for fully
and certainly vesting and confirming in the successor Trustee all such rights,
powers, duties and obligations.

 

No successor Trustee shall
accept appointment as provided in this Section unless at the time of such
acceptance such successor Trustee shall be eligible pursuant to Section 10.1.

 

Upon acceptance of
appointment by a successor Trustee pursuant to this Section, the Administrator
shall mail notice of such appointment to all Certificateholders, the Indenture
Trustee, the Noteholders and the Rating Agencies.  If the Administrator shall fail to mail such
notice within 10 days after acceptance of appointment by the successor Trustee,
the successor Trustee shall cause such notice to be mailed at the expense of the
Administrator. Any successor Trustee shall file an amendment to the Certificate
of Trust as required by the Statutory Trust Act.

 

SECTION 10.4             Merger
or Consolidation of Trustee.  Any corporation or other entity into which
the Trustee may be merged or converted or with which it may be consolidated, or
any corporation resulting from any merger, conversion or consolidation to which
the Trustee shall be a party, or any corporation succeeding to all or
substantially all of the corporate trust business of the Trustee, shall be the
successor of the Trustee hereunder; provided, such corporation shall be
eligible pursuant to Section 10.1,
without the execution or filing of any instrument or any further 

 

22

 

act on the part of any of the parties hereto, anything herein to the
contrary notwithstanding; and provided further, that the Trustee shall mail
notice of such merger or consolidation to the Rating Agencies.

 

SECTION 10.5             Appointment
of Co-Trustee or Separate Trustee.  Notwithstanding any other provisions of this
Agreement, at any time, for the purpose of meeting any legal requirements of
any jurisdiction in which any part of the Trust or any Financed Equipment may
at the time be located, the Administrator and the Trustee acting jointly shall
have the power and may execute and deliver all instruments to appoint one or
more Person(s) approved by the Trustee to act as co-trustee(s), jointly
with the Trustee, or separate trustee(s), of all or any part of the Trust Estate,
and to vest in such Person(s), in such capacity and for the benefit of the
Certificateholders, such title to the Trust Estate, or any part thereof, and,
subject to the other provisions of this Section, such powers, duties,
obligations, rights and trusts as the Administrator and the Trustee may
consider necessary or desirable.  If the
Administrator shall not have joined in such appointment within 15 days after
the receipt by it of a request so to do, the Trustee alone shall have the power
to make such appointment.  No co-trustee
or separate trustee under this Agreement shall be required to meet the terms of
eligibility as a successor trustee pursuant to Section 10.1
and no notice of the appointment of any co-trustee or separate trustee shall be
required pursuant to Section 10.3.

 

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

 

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

 

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

 

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

 

Any notice, request or other
writing given to the Trustee shall be deemed to have been given to each of the
then separate trustees and co-trustees, as effectively as if given to each of
them. Every instrument appointing any separate trustee or co-trustee shall
refer to this Agreement and the conditions of this Article. Each separate
trustee and co-trustee, upon its acceptance of the trusts conferred, shall be
vested with the estates or property specified in its instrument of appointment,
either jointly with the Trustee or separately, as may be provided 

 

23

 

therein,
subject to all the provisions of this Agreement, specifically including every
provision of this Agreement relating to the conduct of, affecting the liability
of, or affording protection to, the Trustee. Each such instrument shall be
filed with the Trustee and a copy thereof given to the Administrator.

 

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

 

The Trustee shall have no
obligation to determine whether a co-trustee or separate trustee is legally
required in any jurisdiction in which any part of the Trust Estate may be
located.

 

ARTICLE XI

Miscellaneous

 

SECTION 11.1             Supplements
and Amendments.  Any term or
provision of this Agreement may be amended by the Depositor and the Trustee
without the consent of the Indenture Trustee, any Noteholder, the Issuing
Entity or any other Person subject to the satisfaction of one of the following
conditions:

 

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

 

(ii)           the Depositor delivers an
Officer’s Certificate of the Depositor 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.

 

This Agreement may also be
amended from time to time by the Depositor and the Trustee, with prior written
notice to the Rating Agencies, with the written consent of (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 Trust at the time of such action, 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: (a) reduce the interest or principal of any
Note or Certificate or delay the Final Scheduled Maturity Date of any Note or (b) reduce
the aforesaid percentage of the Outstanding Amount and the beneficial interest
in the Trust required to consent to any such amendment, without the consent of
the holders of all the outstanding Notes and Trust Certificates.

 

24

 

Notwithstanding the above,
the permitted activities of the Trust set forth in Section 2.3 may not be significantly amended without
the consent of Noteholders, other than the Seller and its Affiliates as
Noteholders, evidencing not less than a majority of the Outstanding Amount of
the Notes held by parties exclusive of the Seller and its Affiliates.

 

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

 

It shall not be necessary
for the consent of Certificateholders, the Noteholders or the Indenture Trustee
pursuant to this Section to approve the particular form of any proposed
amendment or consent, but it shall be sufficient if such consent shall approve
the substance thereof. The manner of obtaining such consents (and any other
consents of Certificateholders provided for in this Agreement or in any other
Basic Document) and of evidencing the authorization of the execution thereof by
Certificateholders shall be subject to such reasonable requirements as the
Trustee may prescribe.

 

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

 

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

 

SECTION 11.2               No Legal Title
To Trust Estate in Certificateholders.  The Certificateholders shall not have legal
title to any part of the Trust Estate. The Certificateholders shall be entitled
to receive distributions with respect to their undivided ownership interest
therein only in accordance with Articles V
and IX. No transfer, by operation
of law or otherwise, of any right, title or interest of the Certificateholders
in, to and under their ownership interest in the Trust Estate shall operate to
terminate this Agreement or the trusts hereunder or entitle any transferee to
an accounting or to the transfer to it of legal title to any part of the Trust
Estate.

 

SECTION 11.3               Limitations on
Rights of Others.  The
provisions of this Agreement are solely for the benefit of the Trustee, the
Depositor, the Certificateholders, the Administrator and, to the extent
expressly provided herein, the Indenture Trustee and the Noteholders, and
nothing in this Agreement, whether express or implied, shall be construed to
give to any other Person any legal or equitable right, remedy or claim in the
Trust Estate or under or in respect of this Agreement or any covenants,
conditions or provisions contained herein.

 

SECTION 11.4               Notices.  (a) Unless otherwise expressly specified
or permitted by the terms hereof, all notices shall be in writing, personally
delivered, by facsimile or mailed by certified mail, postage prepaid and return
receipt requested, and shall be deemed to have been duly given upon receipt: (i) if
to the Trustee, Indenture Trustee or the Paying Agent, addressed to 

 

25

 

the applicable Corporate Trust Office and (ii) if to the
Depositor, addressed to CNH Capital Receivables LLC, 6900 Veterans Boulevard,
Burr Ridge, Illinois 60527, Attention: Assistant Treasurer, (telephone: (630)
887-2095) (facsimile: (630) 887-5448); or, as to each party, at such other
address or facsimile number as shall be designated by such party in a written
notice to the other party.

 

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

 

SECTION 11.5               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 11.6               Separate
Counterparts.  This
Agreement may be executed by the parties hereto in separate counterparts, each
of which when so executed and delivered shall be an original, but all such
counterparts shall together constitute but one and the same instrument.

 

SECTION 11.7               Successors and
Assigns.  All covenants
and agreements contained herein shall be binding upon, and inure to the benefit
of, the Depositor and its successors, the Trustee and its successors and each
Certificateholder and its successors and permitted assigns, all as herein
provided. Any request, notice, direction, consent, waiver or other instrument
or action by a Certificateholder shall bind the successors and assigns of such
Certificateholder.

 

SECTION 11.8               Covenants of The
Depositor.  If any
litigation with claims in excess of $1,000,000 to which the Depositor is a party
that shall be reasonably likely to result in a material judgment against the
Depositor that the Depositor will not be able to satisfy shall be commenced by
a Certificateholder during the period beginning nine months following the
commencement of such litigation and continuing until such litigation is
dismissed or otherwise terminated (and, if such litigation has resulted in a
final judgment against the Depositor, such judgment has been satisfied), the
Depositor shall not pay any dividend to CNHCA, or make any distribution on or
in respect of its capital stock to CNHCA, or repay the principal amount of any
indebtedness of the Depositor held by CNHCA, unless (i) after giving
effect to such payment, distribution or repayment, the Depositor’s liquid
assets shall not be less than the amount of actual damages claimed in such
litigation or (ii) the Rating Agency Condition shall have been satisfied
with respect to any such payment, distribution or repayment.  The Depositor will not at any time institute
against the Trust any bankruptcy proceedings under any United States federal or
State bankruptcy or similar law in connection with any obligations relating to
the Trust Certificates, the Notes, the Trust Agreement or any of the Basic
Documents.

 

SECTION 11.9               No Petition.  The Trustee on behalf of the Trust, by
entering into this Agreement, each Certificateholder, by accepting a Trust
Certificate, the Trustee, and the Indenture Trustee and each Noteholder, by
accepting the benefits of this Agreement, hereby 

 

26

 

covenant and agree that they will not at any time institute against the
Depositor or the Trust, or join in any institution against the Depositor or the
Trust of, any bankruptcy, reorganization, arrangement, insolvency or
liquidation proceedings, or other proceedings under any federal or State
bankruptcy or similar law in connection with any obligations relating to the
Trust Certificates, the Notes, this Agreement or any of the Basic Documents.

 

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

 

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

 

SECTION 11.12             Governing Law.  This Agreement shall be construed in
accordance with the laws of the State of Delaware, without reference to its
conflict of law provisions, and the obligations, rights and remedies of the
parties hereunder shall be determined in accordance with such laws.

 

SECTION 11.13             Administrator.  The Administrator is authorized to execute on
behalf of the Trust all such documents, reports, filings, instruments,
certificates and opinions as it shall be the duty of the Trust to prepare, file
or deliver pursuant to this Agreement and the Basic Documents.  Upon written request, the Trustee shall
execute and deliver to the Administrator a power of attorney appointing the
Administrator its agent and attorney-in-fact to execute all such documents,
reports, filings, instruments, certificates and opinions.

 

SECTION 11.14             Information to be
Provided by the Trustee. 
For so long as the Depositor is required to report under Regulation AB
and the Exchange Act, the Trustee shall, as promptly as practicable, but in any
case no later than each Payment Date, notify the Depositor, in writing, of: (i) the
commencement of or, if applicable, the termination of, any and all legal
proceedings pending against the Trustee or any and all proceedings of which any
property of the Trustee is the subject, that is material to the noteholders;
and (ii) the commencement of or, if applicable, the termination of, any
and all such proceedings known to be contemplated by governmental authorities
against the Trustee or any and all proceedings of which any property of the
Trustee is the subject, that is material to the noteholders.  The Trustee shall also notify the Depositor,
in writing, as promptly as practicable, but in any case no later than each
Payment Date, following notice to or discovery by a Responsible Officer of the
Trustee of any material changes to proceedings described in the preceding
sentence.  In addition, the Trustee will
furnish to the Depositor, in writing, the necessary disclosure regarding the
Trustee describing such proceedings required to be disclosed under Regulation
AB, including Item 1117 of Regulation AB, for inclusion in reports filed by or
on behalf of the Depositor pursuant to the Exchange Act.

 

For so long as the Notes are
outstanding and the Depositor is required to report under Regulation AB and the
Exchange Act, the Trustee shall (i) on or before the fifth Business Day of

 

27

 

each
January, April, July and October provide to the Depositor, in
writing, such information regarding or relating to the Trustee as is required
for the purpose of compliance by the Depositor with Regulation AB, including
Items 1109(a), 1109(b), 1119(a) and 1119(b) of Regulation AB; and (ii) as
promptly as practicable following notice to or discovery by a Responsible
Officer of the Trustee of any changes to such information (but in any case no
later than the next March 15 following such change), provide to the
Depositor, in writing, such updated information.  Such information shall include, at a minimum:

 

(A)          the Trustee’s name and form of organization;

 

(B)           a description of the extent to which the Trustee has had
prior experience serving as a trustee for asset-backed securities transactions
involving equipment receivables; and

 

(C)           a description of any affiliation between the Trustee and
any of the following parties (the “Affiliation Parties”), as such parties are
identified by legal name to the Trustee by the Depositor on the Closing Date:

 

(1)           the sponsor;

(2)           any depositor;

(3)           the issuing entity;

(4)           any servicer;

(5)           any other trustee;

(6)           any originator;

(7)           any significant obligor;

(8)           any enhancement or support provider;
and

(9)           any other material party related to
the transaction.

 

In addition, the Trustee
shall provide a description of whether there is, and if so the general character
of, any business relationship, agreement, arrangement, transaction or
understanding between the Trustee and any above-listed party that is entered
into outside the ordinary course of business or is on terms other than would be
obtained in an arm’s length transaction with an unrelated third party, apart
from this transaction, that currently exists or that existed during the past
two years and that is material to an investor’s understanding of the Notes.

 

For so long as the Notes are
outstanding and the Depositor is required to report under the Exchange Act, to
the extent that there is a change in any of the Affiliation Parties, the
Depositor will notify the Trustee in writing of a change or addition to any
such Affiliation Parties, to the extent that an Authorized Officer of the
Depositor has actual knowledge of such change or addition.

 

SECTION 11.15             Complete
Information.  The Disclosure
Information (as defined in Section 11.16) provided by WTC for inclusion in
the Prospectus and the Preliminary Prospectus is true and accurate in all
material respects.  As of the Preliminary
Prospectus Date and the Prospectus Date (a) there are no legal proceedings
pending or known to be contemplated by governmental authorities against WTC or
against any property of WTC, that would be material to the Noteholders, (b) WTC
is not affiliated with any of the Affiliation Parties, and (c) there is no
business relationship, agreement, arrangement, transaction or understanding
between the 

 

28

 

Trustee and any of the Affiliation Parties that is entered into outside
the ordinary course of business or is on terms other than would be obtained in
an arm’s length transaction with an unrelated third party, apart from this
transaction, that currently exists or that existed during the past two years
and that is material to an investor’s understanding of the Notes.

 

SECTION 11.16             Indemnification.

 

(a)           WTC agrees to pay,
and to protect, indemnify and save harmless Depositor and CNHCA from and against,
any and all claims, losses, liabilities (including penalties), actions, suits,
judgments, demands, damages, costs or expenses (including reasonable fees and
expenses of attorneys or, as necessary consultants and auditors and reasonable
costs of investigations) (collectively, “Losses”) of any nature to the
extent such Losses result from:

 

(i)            any untrue
statement of a material fact contained in (x) the information provided by
the Trustee pursuant to Section 11.14
(“Periodic Information”) or (y) the language set forth in Section 11.16(b) that was furnished by WTC for use under the
heading “The Trustee” in the prospectus supplement contained in the Prospectus
and the Preliminary Prospectus (the “Disclosure Information”, and
together with the Periodic Information and the 11.15 Information, the “Trustee
Information”) or (z) Section 11.15 (the
“11.15 Information”), or

 

(ii)           the omission to
state in the Trustee Information a material fact required to be stated in the
Trustee Information, or necessary in order to make the statements therein, in
the light of the circumstances under which they were made, not misleading,

 

(b)           The Disclosure
Information for purposes of Section 11.16(a)(ii) is
as follows:

 

“Wilmington Trust Company is the trustee
under the trust agreement.  Wilmington
Trust Company is a Delaware banking corporation with trust powers incorporated
in 1903. Wilmington Trust Company’s principal place of business is located at
1100 North Market Street, Wilmington, Delaware, 19890. Wilmington Trust Company
has served as trustee in numerous asset-backed securities transactions
involving equipment retail installment loans and retail installment sale
contracts.  Wilmington Trust Company has
served as trustee for trusts involving securitizations of retail installment
sale contracts and retail installment loans by the depositor since 2007.

 

Wilmington Trust Company
is subject to various legal proceedings that arise from time to time in the
ordinary course of business. Wilmington Trust Company does not believe that the
ultimate resolution of any of these proceedings will have a materially adverse
effect on its services as trustee or on the noteholders.

 

Wilmington
Trust Company has provided the above information for purposes of complying with
Regulation AB. Other than the above two paragraphs, Wilmington Trust 

 

29

 

Company
has not participated in the preparation of, and is not responsible for, any
other information contained in this prospectus supplement or the accompanying
prospectus.”

 

(c)           With respect to the indemnification provided in Section 11.16(a),
in no event will WTC be liable for special, indirect or consequential damages
relating to such indemnification.  In
case any proceeding (including any governmental investigation) shall be
instituted involving any person in respect of which indemnity may be sought
pursuant thereto, such person (the “indemnified party”) shall promptly notify
WTC in writing.  In any such proceeding, any indemnified party shall have
the right to retain its own counsel, but the reasonable fees and expenses of
such counsel shall be at the expense of such indemnified party.  WTC may, at its option, at any time upon
written notice to the indemnified party, assume the defense of any proceeding relating
to such indemnity and may designate counsel reasonably satisfactory to the
indemnified party in connection therewith provided that the counsel so
designated would have no actual or potential conflict of interest in connection
with such representation.  Unless it shall assume the defense of any
proceeding WTC shall not be liable for any settlement of any proceeding
effected without its written consent.  If WTC assumes the defense of any
proceeding, it shall be entitled to settle such proceeding with the consent of
the indemnified party or, if such settlement provides for release of the
indemnified party in connection with all matters relating to the proceeding
which have been asserted against the indemnified party in such proceeding by
the other parties to such settlement, without the consent of the indemnified
party.

 

(d)           Depositor agrees to pay, and to
protect, indemnify and save harmless WTC, and its respective officers,
directors, shareholders, employees, agents and each person, if any, who controls
WTC, within the meaning of either Section 15 of the Securities Act or Section 20
of the Exchange Act, from and against, any and all claims, losses, liabilities
(including penalties), actions, suits, judgments, demands, damages, costs or
expenses (including reasonable fees and expenses of attorneys or, as necessary,
consultants and auditors and reasonable costs of investigations) (collectively,
“WTC Losses”) of any nature to the extent such WTC Losses result from any
untrue statement of a material fact contained under the heading “Depositor” in
the base prospectus contained in the Preliminary Prospectus and the Prospectus,
any omission to state under the heading “Depositor” in the base prospectus
contained in the Preliminary Prospectus and the Prospectus a material fact
required to be stated therein or necessary to make the statements therein, in
light of the circumstance under which they were made, not misleading, or any
untrue information with respect to Affiliation Parties provided by the
Depositor pursuant to the last paragraph of Section 11.14 (unless WTC has
actual knowledge that such Affiliation Party information is incorrect).

 

(e)           With respect to the indemnification provided in Section 11.16(d),
in no event will Depositor be liable for special, indirect or consequential
damages relating to such indemnification. 
In case any proceeding (including any governmental investigation) shall
be instituted involving any person in respect of which indemnity may be sought pursuant
thereto, such person (the “indemnified party”) shall promptly notify Depositor
in writing.  In any such proceeding, any indemnified party shall have the
right to retain its own counsel, but the reasonable fees and expenses of such
counsel shall be at the expense 

 

30

 

of
such indemnified party.  Depositor may,
at its option, at any time upon written notice to the indemnified party, assume
the defense of any proceeding relating to such indemnity and may designate
counsel reasonably satisfactory to the indemnified party in connection
therewith provided that the counsel so designated would have no actual or
potential conflict of interest in connection with such representation. 
Unless it shall assume the defense of any proceeding Depositor shall not be
liable for any settlement of any proceeding effected without its written
consent.  If Depositor assumes the defense of any proceeding, it shall be
entitled to settle such proceeding with the consent of the indemnified party
or, if such settlement provides for release of the indemnified party in
connection with all matters relating to the proceeding which have been asserted
against the indemnified party in such proceeding by the other parties to such
settlement, without the consent of the indemnified party.

 

SECTION 11.17             Paying Agent
Protection.  The Paying
Agent shall be entitled to all the same rights, protections, immunities and
indemnities as the Indenture Trustee under the Indenture as if specifically set
forth herein.

 

*   *   *  
*   *

 

31

 

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

 

	
   

  	
  Wilmington
  Trust Company,

  
	
   

  	
  in its individual capacity and

  
	
   

  	
  as Trustee

  
	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:
  

  	
  /s/
  Bethany J. Taylor

  
	
   

  	
   

  	
  Name:
  

  	
  Bethany
  J. Taylor

  
	
   

  	
   

  	
  Title:
  

  	
  Financial
  Services Offices

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  CNH
  Capital Receivables LLC

  
	
   

  	
   

  	
  as
  Depositor

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Thomas N. Beckmann

  
	
   

  	
   

  	
  Name:
  

  	
  Thomas
  N. Beckmann

  
	
   

  	
   

  	
  Title:

  	
  Assistant
  Treasurer

  

 

 

ACKNOWLEDGED
AND ACCEPTED:

 

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

As
Indenture Trustee and as Paying Agent,

 

	
  By:
  

  	
  /s/ Robert Castle

  	
   

  
	
   

  	
  Name:

  	
  Robert
  Castle

  	
   

  
	
   

  	
  Title:

  	
  Vice
  President

  	
   

  

 

 

 

EXHIBIT A

 

 

 

FORM OF TRUST CERTIFICATE

REGISTERED

 

	
  NUMBER
  R- [     ]

  	
   

  	
  100% Beneficial Interest

  

 

THIS CERTIFICATE MAY NOT BE ACQUIRED BY OR FOR THE
ACCOUNT OF A  BENEFIT PLAN (AS DEFINED
BELOW).

 

CNH
EQUIPMENT TRUST 2010-A

 

TRUST
CERTIFICATE

 

evidencing a fractional
undivided beneficial interest in the Trust (as defined below), the property of
which includes a pool of retail installment sale contracts and retail
installment loans secured by new and used agricultural, construction and/or
other equipment and sold to the Trust by CNH Capital Receivables LLC.

 

(This Trust Certificate does
not represent an interest in or obligation of CNH Capital Receivables LLC, CNH
Capital America LLC, New Holland Credit Company, LLC, CNH Global N.V. or CNH
America LLC, or any of their respective affiliates, except to the extent
described below.)

 

THIS CERTIFIES THAT CNH
CAPITAL RECEIVABLES LLC is the registered owner of a nonassessable, fully-paid,
fractional undivided interest in CNH Equipment Trust 2010-A (the “Trust”) formed by CNH Capital Receivables
LLC, a Delaware limited liability company (the “Depositor”).

 

The Trust was created
pursuant to a Trust Agreement dated as of March 1, 2010 (the “Trust Agreement”)
between the Depositor and Wilmington Trust Company, as trustee (the “Trustee”). 
To the extent not otherwise defined herein, the capitalized terms used
herein have the meanings assigned to them in the Trust Agreement or the Sale
and Servicing Agreement (the “Sale and
Servicing Agreement”) dated as of
[                     ],
2010 among the Trust, the Depositor and New Holland Credit Company, LLC, as
servicer (the “Servicer”), as
applicable.  This Trust Certificate is
one of the duly authorized Trust Certificates (herein called the “Trust Certificates”) issued under and subject
to the terms, provisions and conditions of the Trust Agreement, to which Trust
Agreement the holder of this Trust Certificate by virtue of the acceptance
hereof assents and by which holder is bound. 
The provisions and conditions of the Trust Agreement are hereby
incorporated by reference as though set forth in their entirety herein.

 

Issued under the Indenture
dated as of [                     ],
2010 between the Trust and The Bank Of New York Mellon Trust Company, N.A., as
Indenture Trustee, are notes designated as “[     ]% Class A-1
Asset Backed Notes,” “[     ]% Class A-2 Asset
Backed Notes,”  “[     ]% Class A-3 Asset Backed Notes,” “[     ]%
Class A-4 Asset Backed Notes,” and “[     ]% Class B
Asset Backed Notes”.  The holder of this
Trust Certificate acknowledges and agrees that its rights to receive
distributions in respect of this Trust Certificate are subordinated to the
rights of the Noteholders as described in the Sale and Servicing Agreement and
the Indenture.

 

A-1

 

It is the intent of the
Depositor, Servicer and the holder of this Trust Certificate that, for purposes
of federal income, State and local income and franchise and any other income
taxes measured in whole or in part by income, until the Trust Certificates are
held by a Person other than the Depositor, the Trust be disregarded as an
entity separate from the Depositor.  At
such time that the Trust Certificates are held by more than one person, it is
the intent of the Depositor, Servicer and the Certificateholders that, for
purposes of federal income, State and local income and franchise and any other
income taxes measured in whole or in part by income, the Trust be treated as a
partnership, the assets of which are the assets held by the Trust, and the
Certificateholders (including the Depositor (and its transferees and assigns)
in its capacity as recipient of distributions from the Spread Account) will be
treated as partners in that partnership. 
The Depositor and the holder of this Trust Certificate, by acceptance of
this Trust Certificate, agree to treat, and to take no action inconsistent with
the treatment of, the Trust Certificates as such for tax purposes.

 

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

 

The Certificateholder, by
its acceptance of this Trust Certificate, represents and warrants in writing
that: (a) it is acquiring this Trust Certificate for its own account and
is the sole beneficial owner of such Trust Certificate; (b) the transfer
is not being effected on or through (x) an “established securities market”
within the meaning of Section 7704(a)(1) of the Code, including
without limitation, an over-the-counter market or an interdealer quotation
system that regularly disseminates firm buy or sell quotations or (y) a “secondary
market (or the substantial equivalent thereof)” within the meaning of Section 7704(a)(2) of
the Code and any proposed, temporary or final Treasury regulations thereunder;
and (c) such transfer will not cause the Trust to be classified as a
publicly traded partnership for U.S. federal income tax purposes, and such
purchaser or transferee will not take any action, including any subsequent
disposition of such Trust Certificate (or any beneficial interest therein),
that would cause the Trust to be treated as a publicly traded partnership for
U.S. federal income tax purposes.

 

This Trust Certificate may
not be acquired by or for the account of: (i) an employee benefit plan (as
defined in Section 3(3) of the Employee Retirement Income Security
Act of 1974, as amended (“ERISA”)), that is subject to the provisions of Title
I of ERISA, (ii) a plan described in Section 4975(e)(1) of the
Internal Revenue Code of 1986, as amended, or (iii) any entity whose
underlying assets include plan assets of any of the foregoing (a “Benefit Plan”). By accepting and holding
this Certificate, the Certificateholder shall be deemed to have represented and
warranted that it is not a Benefit Plan.

 

This Trust Certificate does
not represent an obligation of, or an interest in, the Depositor, the Servicer,
CNH Capital America LLC, New Holland Credit Company, LLC, CNH America LLC, CNH
Global N.V., the Trustee or any affiliates of any of them and no recourse may
be had against such parties or their assets, except as may be expressly set forth
or contemplated herein or in the Trust Agreement or the Basic Documents.

 

A-2

 

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

 

This Trust Certificate shall
be construed in accordance with the laws of the state of Delaware, without
reference to its conflict of law provisions, and the obligations, rights and
remedies of the parties hereunder shall be determined in accordance with such
laws.

 

A-3

 

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

 

	
   

  	
  CNH
  Equipment Trust 2010-A,

  
	
   

  	
   

  
	
   

  	
  By:
  

  	
  Wilmington
  Trust Company,

  
	
   

  	
   

  	
  not in its individual capacity, but

  
	
   

  	
   

  	
  solely as Trustee

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

A-4

 

TRUSTEE’S
CERTIFICATE OF AUTHENTICATION

 

This
is one of the Trust Certificates referred to in the within-mentioned Trust
Agreement.

 

	
   

  	
  Wilmington
  Trust Company,

  
	
   

  	
   

  	
  as
  Trustee

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Authorized
  Officer

  

 

 

Date:    [            
] [   ], 2010

 

A-5

 

ASSIGNMENT

 

FOR
VALUE RECEIVED the undersigned hereby sells, assigns and transfers unto

 

PLEASE INSERT SOCIAL
SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE

 

 

(Please
print or type name and address, including postal zip code, of assignee) the
within Trust Certificate, and all rights thereunder, hereby irrevocably
constituting and appointing Attorney to transfer said Trust Certificate on the
books of the Certificate Registrar, with full power of substitution in the
premises.

 

	
  Dated:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Signature
  Guaranteed:

  	
   

  

 

*NOTICE: The signature to
this assignment must correspond with the name as it appears upon the face of
the within Trust Certificate in every particular, without alteration,
enlargement or any change whatever. Such signature must be guaranteed by a
member firm of the New York Stock Exchange or a commercial bank or trust
company.

 

A-6

 

EXHIBIT B

to the Trust Agreement

 

CERTIFICATE
OF TRUST

 

OF

 

CNH
EQUIPMENT TRUST 2010-A

 

THIS CERTIFICATE OF TRUST of
CNH EQUIPMENT TRUST 2010-A (the “Trust”),
is being duly executed and filed by Wilmington Trust Company, a Delaware
banking corporation, as trustee, to form a statutory trust under the Delaware
Statutory Trust Act (12 Del. C.  §3801,
et seq. (the “Act”).

 

Name.  The name of the statutory trust being formed
hereby is CNH Equipment Trust 2010-A.

 

Delaware Trustee.  The name and business address of the trustee
of the Trust in the State of Delaware are Wilmington Trust Company, Rodney
Square North, 1100 North Market Street, Wilmington, Delaware 19890-0001.  Attention: Corporate Trust Administration.

 

Effective Date.  This Certificate of Trust shall be effective
as of its filing.

 

B-1

 

IN WITNESS WHEREOF, the
undersigned, being the trustee of the Trust, has executed this Certificate of
Trust in accordance with Section 3811(a)(1) of the Act.

 

	
   

  	
  By:
  

  	
  Wilmington
  Trust Company,

  
	
   

  	
   

  	
  Trustee under a Trust Agreement dated as

  
	
   

  	
   

  	
  not in its individual capacity, but solely as

  
	
   

  	
   

  	
  of [               ],
  2010

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

B-2Exhibit 4.3

 

CNH EQUIPMENT TRUST 2010-A

 

SALE AND SERVICING AGREEMENT

 

among

 

CNH EQUIPMENT TRUST 2010-A,

 

as Issuing Entity,

 

and

 

CNH CAPITAL RECEIVABLES LLC,

 

as Seller,

 

and

 

NEW HOLLAND CREDIT COMPANY,
LLC,

 

as Servicer

 

Dated as of March 1,
2010

 

 

TABLE OF CONTENTS

 

	
  ARTICLE
  I Definitions

  	
  1

  
	
  Section 1.1.

  	
   

  	
  Definitions

  	
  1

  
	
  Section 1.2.

  	
   

  	
  Other Definitional
  Provisions

  	
  1

  
	
   

  	
   

  
	
  ARTICLE
  II Conveyance of Receivables and Grant of Security Interest in the Backup
  Servicer Account

  	
  2

  
	
  Section 2.1.

  	
   

  	
  Conveyance of Receivables

  	
  2

  
	
  Section 2.2.

  	
   

  	
  [Reserved]

  	
  3

  
	
   

  	
   

  
	
  ARTICLE
  III The Receivables

  	
  3

  
	
  Section 3.1.

  	
   

  	
  Representations and
  Warranties of Seller

  	
  3

  
	
  Section 3.2.

  	
   

  	
  Repurchase upon Breach

  	
  4

  
	
  Section 3.3.

  	
   

  	
  Custody of Receivable
  Files

  	
  5

  
	
  Section 3.4.

  	
   

  	
  Duties of Servicer as
  Custodian

  	
  5

  
	
  Section 3.5.

  	
   

  	
  Instructions; Authority
  To Act

  	
  6

  
	
  Section 3.6.

  	
   

  	
  Custodian’s
  Indemnification

  	
  6

  
	
  Section 3.7.

  	
   

  	
  Effective Period and
  Termination

  	
  6

  
	
  Section 3.8.

  	
   

  	
  Backup Servicer as
  Custodian

  	
  7

  
	
   

  	
   

  
	
  ARTICLE
  IV Administration and Servicing of Receivables

  	
  7

  
	
  Section 4.1.

  	
   

  	
  Duties of Servicer

  	
  7

  
	
  Section 4.2.

  	
   

  	
  Collection and
  Allocation of Receivable Payments

  	
  7

  
	
  Section 4.3.

  	
   

  	
  Realization upon
  Receivables

  	
  8

  
	
  Section 4.4.

  	
   

  	
  Maintenance of Security
  Interests in Financed Equipment

  	
  9

  
	
  Section 4.5.

  	
   

  	
  Covenants of Servicer

  	
  9

  
	
  Section 4.6.

  	
   

  	
  Purchase of Receivables
  upon Breach or Due to Modification

  	
  10

  
	
  Section 4.7.

  	
   

  	
  Servicing Fee

  	
  10

  
	
  Section 4.8.

  	
   

  	
  Servicer’s Certificate

  	
  10

  
	
  Section 4.9.

  	
   

  	
  Annual Statement as to
  Compliance; Notice of Default

  	
  10

  
	
  Section 4.10.

  	
   

  	
  Annual Independent
  Certified Public Accountants’ Report

  	
  11

  
	
  Section 4.11.

  	
   

  	
  Access to Certain
  Documentation and Information Regarding Receivables

  	
  11

  
	
  Section 4.12.

  	
   

  	
  Servicer Expenses

  	
  12

  
	
  Section 4.13.

  	
   

  	
  Appointment of
  Subservicer

  	
  12

  
	
  Section 4.14.

  	
   

  	
  Substitution of Financed
  Equipment

  	
  13

  
	
   

  	
   

  
	
  ARTICLE
  V Distributions: Spread Account; Statements to Certificateholders and
  Noteholders

  	
  13

  
	
  Section 5.1.

  	
   

  	
  Establishment of Trust
  Accounts and the Backup Servicer Account

  	
  13

  
	
  Section 5.2.

  	
   

  	
  [Reserved]

  	
  16

  
	
  Section 5.3.

  	
   

  	
  Collections

  	
  16

  
	
  Section 5.4.

  	
   

  	
  Application of
  Collections

  	
  16

  
	
  Section 5.5.

  	
   

  	
  Additional Deposits

  	
  16

  

 

i

 

	
  Section 5.6.

  	
   

  	
  Distributions

  	
  17

  
	
  Section 5.7.

  	
   

  	
  Spread Account

  	
  19

  
	
  Section 5.8.

  	
   

  	
  [Reserved].

  	
  20

  
	
  Section 5.9.

  	
   

  	
  [Reserved].

  	
  20

  
	
  Section 5.10.

  	
   

  	
  [Reserved].

  	
  20

  
	
  Section 5.11.

  	
   

  	
  Statements to
  Certificateholders and Noteholders

  	
  20

  
	
  Section 5.12.

  	
   

  	
  Net Deposits

  	
  22

  
	
  Section 5.13.

  	
   

  	
  Backup Servicer Account

  	
  22

  
	
   

  	
   

  
	
  ARTICLE
  VI The Seller

  	
  23

  
	
  Section 6.1.

  	
   

  	
  Representations of
  Seller

  	
  23

  
	
  Section 6.2.

  	
   

  	
  Company Existence

  	
  24

  
	
  Section 6.3.

  	
   

  	
  Liability of Seller;
  Indemnities

  	
  25

  
	
  Section 6.4.

  	
   

  	
  Merger or Consolidation
  of, or Assumption of the Obligations of, Seller

  	
  25

  
	
  Section 6.5.

  	
   

  	
  Limitation on Liability
  of Seller and Others

  	
  26

  
	
  Section 6.6.

  	
   

  	
  Seller May Own
  Certificates or Notes

  	
  26

  
	
   

  	
   

  
	
  ARTICLE
  VII The Servicer

  	
  26

  
	
  Section 7.1.

  	
   

  	
  Representations of
  Servicer

  	
  26

  
	
  Section 7.2.

  	
   

  	
  Indemnities of Servicer

  	
  28

  
	
  Section 7.3.

  	
   

  	
  Merger or Consolidation
  of, or Assumption of the Obligations of, Servicer

  	
  29

  
	
  Section 7.4.

  	
   

  	
  Limitation on Liability
  of Servicer and Others

  	
  30

  
	
  Section 7.5.

  	
   

  	
  NH Credit Not to Resign
  as Servicer

  	
  30

  
	
  Section 7.6.

  	
   

  	
  Servicer to Act as
  Administrator

  	
  30

  
	
   

  	
   

  
	
  ARTICLE
  VIII Default

  	
  31

  
	
  Section 8.1.

  	
   

  	
  Servicer Default

  	
  31

  
	
  Section 8.2.

  	
   

  	
  Appointment of Successor
  Servicer

  	
  32

  
	
  Section 8.3.

  	
   

  	
  Notification to
  Noteholders and Certificateholders

  	
  33

  
	
  Section 8.4.

  	
   

  	
  Waiver of Past Defaults

  	
  33

  
	
   

  	
   

  
	
  ARTICLE
  IX Termination

  	
  33

  
	
  Section 9.1.

  	
   

  	
  Optional Purchase of
  All Receivables

  	
  33

  
	
   

  	
   

  
	
  ARTICLE
  X Miscellaneous Provisions

  	
  35

  
	
  Section 10.1.

  	
   

  	
  Amendment

  	
  35

  
	
  Section 10.2.

  	
   

  	
  Protection of Title to
  Trust

  	
  37

  
	
  Section 10.3.

  	
   

  	
  Notices

  	
  39

  
	
  Section 10.4.

  	
   

  	
  Assignment

  	
  39

  
	
  Section 10.5.

  	
   

  	
  Limitations on Rights
  of Others

  	
  39

  
	
  Section 10.6.

  	
   

  	
  Severability

  	
  39

  
	
  Section 10.7.

  	
   

  	
  Separate Counterparts

  	
  40

  
	
  Section 10.8.

  	
   

  	
  Headings

  	
  40

  
	
  Section 10.9.

  	
   

  	
  Governing Law

  	
  40

  
	
  Section 10.10.

  	
   

  	
  Assignment to Indenture
  Trustee

  	
  40

  
					

 

ii

 

	
  Section 10.11.

  	
   

  	
  Nonpetition Covenants

  	
  40

  
	
  Section 10.12.

  	
   

  	
  Limitation of Liability
  of Trustee and Indenture Trustee

  	
  40

  
	
  Section 10.13.

  	
   

  	
  Conditions Precedent to
  Other Financing Transactions

  	
  41

  
	
  Section 10.14.

  	
   

  	
  Information Requests

  	
  41

  
	
  Section 10.15.

  	
   

  	
  Information to Be
  Provided by the Indenture Trustee.

  	
  41

  
	
  Section 10.16.

  	
   

  	
  Form 8-K Filings

  	
  42

  
	
  Section 10.17.

  	
   

  	
  Indemnification

  	
  42

  
	
   

  	
   

  	
   

  	
   

  
	
  EXHIBITS

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  EXHIBIT A

  	
   

  	
  [RESERVED]

  	
   

  
	
  EXHIBIT B

  	
   

  	
  [RESERVED]

  	
   

  
	
  EXHIBIT C

  	
   

  	
  Form of Servicer’s
  Certificate

  	
   

  
	
  EXHIBIT D

  	
   

  	
  Form of Assignment

  	
   

  
	
  EXHIBIT E

  	
   

  	
  [RESERVED]

  	
   

  
	
  EXHIBIT F

  	
   

  	
  [RESERVED]

  	
   

  
	
  EXHIBIT G

  	
   

  	
  [RESERVED]

  	
   

  
	
  EXHIBIT H

  	
   

  	
  Minimum Servicing
  Criteria to be Addressed in Assessment of Compliance Statement

  	
   

  
	
  EXHIBIT I

  	
   

  	
  Form of Indenture
  Trustee’s Annual Certification

  	
   

  
	
  EXHIBIT J

  	
   

  	
  Certification of the
  Bank of New York Mellon Trust Company, N.A.

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SCHEDULES

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SCHEDULE
  P

  	
   

  	
  Perfection
  Representation and Warranties

  	
   

  

 

iii

 

SALE AND
SERVICING AGREEMENT (as amended or otherwise modified, this “Agreement”) dated as of March 1, 2010
among CNH EQUIPMENT TRUST 2010-A, a Delaware statutory trust (the “Issuing Entity” or the “Trust”), CNH CAPITAL RECEIVABLES LLC, a
Delaware limited liability company (the “Seller”),
and NEW HOLLAND CREDIT COMPANY, LLC, a Delaware limited liability company (the “Servicer”).

 

RECITALS

 

WHEREAS, the Issuing Entity desires to purchase a portfolio
of Contracts purchased or originated by CNH Capital America LLC (“CNHCA”), in the ordinary course of
business or acquired through the exercise of clean-up calls and sold to the
Seller pursuant to the Liquidity Receivables Purchase Agreement and/or the
Purchase Agreement;

 

WHEREAS, the Seller is willing to sell such Contracts to
the Issuing Entity; and

 

WHEREAS, New Holland Credit Company, LLC (“NH Credit”) is willing to service such
Contracts.

 

NOW, THEREFORE, in consideration of the
premises and the mutual covenants herein contained, the parties hereto agree as
follows:

 

ARTICLE I

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 the Issuing Entity and The Bank of New York Mellon
Trust Company, N.A.

 

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

 

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

 

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

 

1

 

(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
and Grant of Security

Interest in the Backup
Servicer Account

 

Section 2.1.                     Conveyance
of Receivables.  (a) 
In consideration of the Issuing Entity’s delivery to or upon the order of the
Seller on the Closing Date of the Notes and the other amounts to be distributed
from time to time to the Seller in accordance with this Agreement, the Seller
does hereby sell, transfer, assign, set over and otherwise convey to the
Issuing Entity, without recourse (subject to the obligations herein), all of
its right, title and interest in, to and under the following (collectively, the
“CNHCR 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 the Seller 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)          the Liquidity Receivables Purchase
Agreement (only with respect to Owned Contracts included in the Receivables)
and the Purchase Agreement, including the right of the Seller to cause CNHCA to
repurchase Receivables from the Seller under the circumstances described
therein;

 

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

 

(vi)          any Financed Equipment that shall have
secured a Receivable and that shall have been acquired by or on behalf of the
Trust;

 

2

 

(vii)         all funds on deposit from time to time
in the Trust Accounts, including the Spread Account Deposit, and in all
investments and proceeds thereof (including all income thereon); and

 

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

 

The above assignment shall
be evidenced by a duly executed written assignment in substantially the form of
Exhibit D (the “Assignment”).

 

(b)           The Seller hereby Grants to The Bank
of New York Mellon Trust Company, N.A., as Indenture Trustee on behalf of the
Noteholders and the Backup Servicer, all of the Seller’s right, title and
interest in and to all funds on deposit from time to time in the Backup
Servicer Account, including the Backup Servicer Account Deposit, and in all
investments and proceeds thereof (including all income thereon). The foregoing
Grant is made to secure the Seller’s obligation to make funds available in the
Backup Servicer Account available to the Indenture Trustee to pay Backup
Servicer Expenses.  The Bank of New York
Mellon Trust Company, N.A., as Indenture Trustee on behalf of the Noteholders
and the Backup Servicer, (1) acknowledges such Grant and (2) agrees
to perform its duties with respect thereto expressly set forth in this
Agreement.

 

Section 2.2.                     [Reserved].

 

ARTICLE III

The Receivables

 

Section 3.1.                     Representations
and Warranties of Seller. 
The Seller makes the following representations and warranties as to the
Receivables on which the Issuing Entity is deemed to have relied in acquiring
the Receivables.  Such representations
and warranties speak as of the Closing Date, but shall survive the sale,
transfer and assignment of the Receivables to the Issuing Entity and the pledge
thereof to the Indenture Trustee pursuant to the Indenture.

 

(a)           Title.  It is the intention of the Seller that the
transfer and assignment herein contemplated constitute a sale of the
Receivables from the Seller to the Issuing Entity and that the beneficial
interest in and title to the Receivables not be part of the debtor’s estate in
the event of the filing of a bankruptcy petition by or against the Seller under
any bankruptcy or similar law.  No
Receivable has been sold, transferred, assigned or pledged by the Seller to any
Person other than the Issuer. 
Immediately prior to the transfer and assignment herein contemplated,
the Seller had good title to each Receivable, free and clear of all Liens and,
immediately upon the transfer thereof, the Issuer shall have good title to each
Receivable, free and clear of all Liens; and the transfer and assignment of the
Receivables to the Issuer has been, or within the timeframe required by Section 3.1(b) hereof will be, perfected under the
UCC.

 

If (but only to the extent)
that the transfer of the CNHCR Assets hereunder is characterized by a court or
other governmental authority as a loan rather than a sale, the Seller shall be
deemed hereunder to have granted to the Issuing Entity a security interest in all
of Seller’s right, title and interest in and to the CNHCR Assets.  Such security interest shall secure all of
Seller’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

 

3

 

due,
direct or indirect, absolute or contingent. 
The Seller shall have, with respect to the property described in Section 2.1, and in addition to all the other rights and remedies available
to Seller 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.

 

(b)           All Filings Made. All filings
(including UCC filings) necessary in any jurisdiction to give the Issuer a
first priority perfected ownership interest in the Receivables, and to give the
Indenture Trustee a first priority perfected security interest therein, have
been made, or will be made within 10 days after the Closing Date.

 

(c)           Perfection Representations.
The Seller further makes all the representations, warranties and covenants set
forth in Schedule P.

 

Section 3.2.                     Repurchase
upon Breach.  (a) 
The Seller, the Servicer or the Trustee, as the case may be, shall inform the
other parties to this Agreement and the Indenture Trustee promptly, in writing,
upon the discovery of any breach of the Seller’s representations and warranties
made pursuant to Section 3.1
or Section 6.1, a breach of
CNHCA’s representations and warranties made pursuant to Section 3.2(b) of the Liquidity
Receivables Purchase Agreement, or CNHCA’s representations and warranties made
pursuant to Section 3.2(b) of
the Purchase Agreement.  Unless a breach
pursuant to the sections and documents referenced in the preceding sentence
shall have been cured by the last day of the second (or, if the Seller elects,
the first) Collection Period after such breach is discovered by the Servicer or
the Trustee or in which the Trustee receives written notice from the Seller or
the Servicer of such breach, the Seller shall be obligated, and, if necessary,
the Seller or the Trustee shall enforce the obligation of CNHCA under the
Liquidity Receivables Purchase Agreement or the Purchase Agreement, as
applicable, to repurchase any Receivable materially and adversely affected by
any such breach as of such last day. As consideration for the repurchase of the
Receivable, the Seller shall remit the Purchase Amount in the manner specified
in Section 5.5; provided, however, that the obligation of
the Seller to repurchase any Receivable arising solely as a result of a breach
of CNHCA’s representations and warranties pursuant to Section 3.2(b) of the Liquidity
Receivables Purchase Agreement and Section 3.2(b) of
the Purchase Agreement is subject to the receipt by the Seller of the Purchase
Amount from CNHCA.  Subject to the
provisions of Section 6.3,
the sole remedy of the Issuing Entity, the Trustee, the Indenture Trustee, the
Noteholders or the Certificateholders with respect to a breach of the
representations and warranties pursuant to Section 3.1
and the agreement contained in this Section shall
be to require the Seller to repurchase Receivables pursuant to this Section, subject to the conditions
contained herein, and to enforce CNHCA’s obligation to the Seller to repurchase
such Receivables pursuant to the Liquidity Receivables Purchase Agreement or
the Purchase Agreement, as applicable.

 

(b)           With respect to all Receivables
purchased or repurchased by, or otherwise transferred to (including Liquidated
Receivables transferred under Section 4.3,
4.6 and 9.1)
CNHCA, the Servicer, the Seller or their Affiliate pursuant to this Agreement,
the Liquidity Receivables Purchase Agreement or the Purchase Agreement: (i) the
Issuing Entity, the Seller and the Indenture Trustee shall sell, transfer,
assign, set over and otherwise convey to CNHCA, the Servicer, the Seller or
their Affiliate, as applicable, without recourse, representation or warranty,
all of the Issuing Entity’s, the Seller’s and the Indenture Trustee’s right,
title and

 

4

 

interest in, to and under
such Receivables, related Financed Equipment, and all other CNHCR  Assets related thereto, including all security and
documents relating thereto, and (ii) the Issuing Entity, the Seller, and
the Indenture Trustee shall be deemed to have released any security interest
and any other claim under this Agreement and the Basic Documents in such
Receivables, related Financed Equipment, and all other CNHCR  Assets related thereto, including all security and
documents relating thereto, without any further act or deed, and such
Receivables, related Financed Equipment, and all security and documents
relating thereto will be free of the Grant contained in the Indenture.

 

Section 3.3.                     Custody of
Receivable Files.  To
assure uniform quality in servicing the Receivables and to reduce
administrative costs, the Issuing Entity hereby revocably appoints the
Servicer, and the Servicer hereby accepts such appointment, to act for the
benefit of the Issuing Entity and the Indenture Trustee as custodian of the
following documents or instruments, which are hereby constructively delivered
to the Indenture Trustee, as pledgee of the Issuing Entity with respect to each
Receivable:

 

(a)           the original fully executed copy of
the Receivable;

 

(b)           a record or facsimile of the original
credit application fully executed by the Obligor;

 

(c)           the original certificate of title or
file stamped copy of the UCC financing statement or such other documents that
the Servicer shall keep on file (if any), in accordance with its customary
procedures, evidencing the security interest of CNHCA in the Financed
Equipment; and

 

(d)           any and all other documents that the
Servicer, the Seller or CNHCA shall keep on file, in accordance with its
customary procedures, relating to a Receivable, an Obligor or any of the
Financed Equipment.

 

Section 3.4.                     Duties of
Servicer as Custodian.  (a) 
Safekeeping. The Servicer (or its Affiliates, but only in accordance with the
second following sentence) shall hold the Receivable Files for the benefit of
the Issuing Entity and the Indenture Trustee and maintain such accurate and
complete accounts, records and computer systems pertaining to each Receivable
File as shall enable the Issuing Entity to comply with this Agreement. In
performing its duties as custodian, the Servicer shall act with reasonable
care, using that degree of skill and attention that the Servicer exercises with
respect to the receivable files relating to all comparable equipment
receivables that the Servicer services for its Affiliates or others.  The Servicer, in its capacity as custodian,
may at any time delegate its duties as custodian to any Affiliate of the Servicer;
provided, that no such delegation shall relieve the Servicer of its
responsibility with respect to such duties and the Servicer shall remain
obligated and liable to the Issuing Entity, the Depositor and the Indenture
Trustee for its duties hereunder as if the Servicer alone were performing such
duties. The Servicer shall conduct, or cause to be conducted, periodic audits
of the Receivable Files and the related accounts, records and computer systems,
in such a manner as shall enable the Issuing Entity or the Indenture Trustee to
verify the accuracy of the Servicer’s record keeping.  The Servicer shall promptly report to the
Issuing Entity and the Indenture Trustee any material failure on its part, or
its Affiliate’s part, to hold the Receivable Files and maintain its 

 

5

 

accounts, records
and computer systems as herein provided and promptly take appropriate action to
remedy any such failure. Nothing herein shall be deemed to require an initial
review or any periodic review by the Issuing Entity, the Trustee or the
Indenture Trustee of the Receivable Files.

 

(b)           Maintenance of and Access to
Records. The Servicer shall maintain each Receivable File at one or more of
its offices and/or one or more of its Affiliate’s offices; provided that at no
time shall a Receivable File be moved to an office or location outside the
geographic boundaries of the United States. 
With at least five (5) Business Days prior notice, the Servicer
shall make available for inspection by the Seller, the Issuing Entity and the
Indenture Trustee or their respective duly authorized representatives,
attorneys or auditors a list of locations of the Receivable Files and the
related accounts, records and computer systems maintained by the Servicer at
such times during normal business hours as the Seller, the Issuing Entity or
the Indenture Trustee shall instruct.

 

Section 3.5.                     Instructions;
Authority To Act.  The
Servicer shall be deemed to have received proper instructions with respect to
the Receivable Files upon its receipt of written instructions signed by a Trust
Officer of the Indenture Trustee.

 

Section 3.6.                     Custodian’s
Indemnification.  The
Servicer as custodian shall indemnify the Trust, the Trustee and the Indenture
Trustee (and each of their officers, directors, employees and agents) for any
and all liabilities, obligations, losses, compensatory damages, payments, costs
or expenses of any kind whatsoever that may be imposed on, incurred by or
asserted against the Trust, the Trustee or the Indenture Trustee (or any of
their officers, directors and agents) as the result of any improper act or
omission in any way relating to the maintenance and custody by the Servicer as
custodian of the Receivable Files; provided,
however, that the Servicer shall not be liable: (a) to the
Trustee for any portion of any such amount resulting from the willful
misfeasance, bad faith or negligence of the Trustee, and (b) to the
Indenture Trustee for any portion of any such amount resulting from the willful
misfeasance, bad faith or negligence of the Indenture Trustee; and, provided
further, that the Servicer shall only be liable pursuant to this Section 3.6 for its acts or omissions
committed during the period it is serving as custodian hereunder.  Indemnification under this Section shall survive the resignation
or removal of the Servicer as custodian, the resignation or removal of the
Indenture Trustee or the termination of this Agreement.

 

Section 3.7.                     Effective
Period and Termination. 
The Servicer’s appointment as custodian shall become effective as of the
Cutoff Date and shall continue in full force and effect until terminated
pursuant to this Section.  If any Servicer shall resign as Servicer in
accordance with this Agreement or if all of the rights and obligations of any
Servicer shall have been terminated under Section 8.1,
the appointment of such Servicer as custodian shall be terminated by:  (a) the Indenture Trustee, (b) the
Noteholders of Notes evidencing not less than 25% of the Note Balance, (c) with
the consent of Noteholders of Notes evidencing not less than 25% of the Note
Balance, the Trustee or (d) Certificateholders evidencing not less than
25% of the beneficial interest in the Issuing Entity, in the same manner as the
Indenture Trustee or such Holders may terminate the rights and obligations of
the Servicer under Section 8.1.  The Indenture Trustee or, with the consent of
the Indenture Trustee, the Trustee may terminate the Servicer’s appointment as
custodian, with cause, at any time upon written notification to the

 

6

 

Servicer, and
without cause upon 30 days’ prior written notification to the Servicer. As soon
as practicable after any termination of such appointment, the Servicer shall
deliver the Receivable Files to the Indenture Trustee or the Indenture Trustee’s
agent at such place(s) as the Indenture Trustee may reasonably designate.

 

Section 3.8.                     Backup
Servicer as Custodian. 
The Backup Servicer shall only act as custodian pursuant to Section 3.4 hereunder if it is
simultaneously acting as Successor Servicer pursuant to this Agreement.

 

ARTICLE IV

Administration and
Servicing of Receivables

 

Section 4.1.                     Duties of
Servicer.  The Servicer,
for the benefit of the Issuing Entity, and (to the extent provided herein) the
Indenture Trustee shall manage, service, administer and make collections on the
Receivables with reasonable care, using that degree of skill and attention that
the Servicer or Indenture Trustee, as applicable, exercises with respect to all
comparable equipment receivables that it services for its Affiliates or others.
The Servicer’s duties shall include collection and posting of all payments,
responding to inquiries of Obligors on such Receivables, investigating
delinquencies, sending payment coupons or statements to Obligors, reporting tax
information to Obligors, accounting for collections and furnishing monthly and
annual statements to the Trustee and the Indenture Trustee with respect to
distributions. Subject to Section 4.2,
the Servicer shall follow its then current customary standards, policies and
procedures (“Servicing Procedures”) in performing its duties as Servicer.

 

Without limiting the
generality of the foregoing, the Servicer is authorized and empowered to
execute and deliver, on behalf of itself, the Issuing Entity, the Trustee, the
Indenture Trustee, the Certificateholders, the Noteholders or any of them, any
and all instruments of satisfaction or cancellation, or partial or full release
or discharge, and all other comparable instruments, with respect to such
Receivables or the Financed Equipment securing such Receivables. If the
Servicer shall commence a legal proceeding to enforce a Receivable, the Issuing
Entity shall thereupon be deemed to have automatically assigned, solely for the
purpose of collection, such Receivable to the Servicer. If in any enforcement
suit or legal proceeding it shall be held that the Servicer may not enforce a
Receivable on the ground that it shall not be a real party in interest or a holder
entitled to enforce such Receivable, the Trustee shall, at the Servicer’s
direction (and, so long as the Servicer is NH Credit, at the Servicer’s
expense), take steps to enforce such Receivable, including bringing suit in its
name or the name of the Trust, the Indenture Trustee, the Certificateholders or
the Noteholders. The Trustee or the Indenture Trustee shall, upon the written
request of the Servicer, furnish the Servicer with any powers of attorney and
other documents reasonably necessary or appropriate to enable the Servicer to
carry out its servicing and administrative duties hereunder.

 

Section 4.2.                     Collection
and Allocation of Receivable Payments.  The Servicer shall make reasonable efforts to
collect all payments called for under the Receivables as and when the same
shall become due and shall follow its Servicing Procedures.  The Servicer shall allocate collections
between principal and interest in accordance with its Servicing Procedures.

 

7

 

Without limiting the generality of the preceding or Section 4.1, the Servicer may grant extensions,
rebates, refunds, deferrals, amendments, modifications or adjustments on a
Receivable (regardless of whether or not the Receivable is a 180-Day
Receivable, subject only to the following proviso) in accordance with its
Servicing Procedures; provided, however, that if a Receivable is not a 180-Day Receivable
and the Servicer (i) extends the date for final payment by the Obligor of
any Receivable beyond the Final Scheduled Maturity Date or (ii) reduces
the APR of a Receivable or reduces the aggregate amount of the Scheduled
Payments due on any Receivable other than as required by applicable law
(including the order of a court of competent jurisdiction), the Servicer may
make such modifications to a Receivable but it shall promptly purchase the Receivable from
the Issuing Entity in accordance with Section 4.6
(a “Modification Purchase Event”); provided, further, that the Servicer shall
not make a modification described in the preceding clause (i) or
(ii) that would trigger a
Modification Purchase Event  for the sole purpose of purchasing a Receivable from the Issuing
Entity. The Servicer
may, in accordance with its Servicing Procedures, waive any late payment charge
or any other fees (other than extension fees or any other fees that represent
interest charges on deferred Scheduled Payments) that may be collected in the
ordinary course of servicing a Receivable.

 

Subject to the proviso of the third sentence of this Section 4.2, the Servicer and its Affiliates may engage
in any marketing practice or promotion or any sale of any products, goods or
services to Obligors with respect to the Receivables so long as such practices,
promotions or sales are offered to obligors of comparable equipment receivables
serviced by the Servicer for itself or others, whether or not such practices,
promotions or sales might result in a decrease in the aggregate amount of
payments on the Receivables, prepayments or faster or slower timing of the
payment of the Receivables.  The Servicer
and its Affiliates may also sell insurance or debt cancellation products,
including products which result in the cancellation of some or all of the
amount of a Receivable upon the death or disability of an Obligor or any
casualty with respect to the Financed Equipment.

 

Notwithstanding anything in this Agreement to the
contrary, the Servicer and its Affiliates may refinance any Receivable and
deposit an amount equal to the Purchase Amount for such Receivable into the
Collection Account.  The receivable
created by such refinancing shall not be property of the Issuing Entity, and
related Financed Equipment and any part of the Receivables Files and other
CNHCR  Assets related to such Receivable shall
be released to the Servicer or its Affiliate and shall no longer be subject to
the terms hereof or the Indenture; provided further, that any security
interests in favor of the Issuing Entity or the Indenture Trustee hereunder or
under the Indenture in the related Financed Equipment and any other CNHCR  Assets related to such Receivable shall be deemed released
upon such deposit.  The parties hereto
intend that the Servicer and its Affiliates will not refinance a Receivable
pursuant to this Section 4.2 in order to
provide direct or indirect assurance to the Depositor, the Indenture Trustee,
the Trustee, the Noteholders, or the Certificateholder, as applicable, against
loss by reason of the bankruptcy or insolvency (or other credit condition) of,
or default by, the Obligor on, or the uncollectability of, any Receivable.

 

Section 4.3.                     Realization
upon Receivables.  For the
benefit of the Issuing Entity and the Indenture Trustee, the Servicer shall use
reasonable efforts, consistent with its Servicing Procedures, to repossess or
otherwise convert the ownership of the Financed Equipment securing any
Receivable as to which the Servicer shall have determined eventual payment in
full is

 

8

 

unlikely.  The Servicer shall follow such Servicing
Procedures as it shall deem necessary or advisable in its servicing of
equipment receivables, which may include reasonable efforts to realize upon any
recourse to Dealers and selling the Financed Equipment at public or private
sale (it being understood that, if the Backup Servicer is acting as Successor
Servicer, it shall have no duty to enforce remedies against Dealers).  The foregoing shall be subject to the
provision that, in any case in which the Financed Equipment shall have suffered
damage, the Servicer shall not expend funds in connection with the repair or
the repossession of such Financed Equipment unless it shall determine in
accordance with its Servicing Procedures that such repair and/or repossession
will increase the Liquidation Proceeds by an amount greater than the amount of
such expenses.

 

Liquidated Receivables will
be transferred to the Servicer or CNHCA (as the Servicer determines at such
time) on the Business Day following the day on which such Receivable becomes a
Liquidated Receivable (the “Liquidated Receivable Transfer Date”) so long as
the related Liquidation Proceeds are deposited before the Liquidated
Receivables are transferred to the Servicer or CNHCA, as applicable, and as of
the Liquidated Receivable Transfer Date such Liquidated Receivables will no
longer constitute Receivables for any purposes hereunder.  Without limiting the generality of the
foregoing, as of the applicable Liquidated Receivable Transfer Date (i) the
Issuing Entity, the Seller and the Indenture Trustee shall transfer, assign,
set over and otherwise convey to CNHCA or Servicer, as applicable, without
recourse, representation or warranty, all of the Issuing Entity’s, the Seller’s
and the Indenture Trustee’s right, title and interest in, to and under such
Liquidated Receivables and any related Financed Equipment and Collateral, and
all security and documents relating thereto, other than Liquidation Proceeds
(the “Liquidated Collateral”), and (ii) the Issuing Entity, the Seller,
and the Indenture Trustee shall be deemed to have released any security
interest and any other claim in such Liquidated Collateral under this Agreement
and the Basic Documents, without any further act or deed, and such Liquidated
Collateral shall be free of the Grant contained in the Indenture.

 

Section 4.4.                     Maintenance
of Security Interests in Financed Equipment.  The Servicer shall, in accordance with its
Servicing Procedures, take such steps as are necessary to maintain perfection
of the security interest created by each Receivable in the related Financed
Equipment (which may consist of Substitute Equipment); provided however, the
Servicer may allow Financed Equipment to be released from any security interest
in connection with Section 4.14.  The Servicer is hereby authorized to take
such steps as are necessary to perfect or re-perfect such security interest for
the benefit of the Issuing Entity and the Indenture Trustee in the event of the
relocation of any Financed Equipment, any change to the UCC, a substitution of
Substitute Equipment  or for any other
reason.  Any out-of-pocket expenses
incurred by the Successor Servicer in connection with any such re-perfection
shall be reimbursable in accordance with Section 5.6(b)(x).

 

Section 4.5.                     Covenants
of Servicer.  The Servicer
shall not release the Financed Equipment securing any Receivable from the
security interest granted by such Receivable in whole or in part except in the
event of payment in full by the Obligor thereunder or repossession, or as
permitted under Section 4.14 or if such
Receivable is a Reacquired Receivable, nor shall the Servicer impair the rights
of the Issuing Entity, the Indenture Trustee, the Certificateholders or the
Noteholders in such Receivables. The Servicer shall, in accordance with its
Servicing 

 

9

 

Procedures,
require that each Obligor shall have obtained physical damage insurance
covering the Financed Equipment as of the execution of the Receivable.

 

Section 4.6.                     Purchase
of Receivables upon Breach or Due to Modification.  The Servicer or the Trustee shall inform the
other party, the Indenture Trustee, the Seller, NH Credit and CNHCA promptly,
in writing, upon the occurrence or discovery of any breach pursuant to Sections  4.2,
4.4 or 4.5.  Unless a breach, pursuant to Sections 4.2, 4.4 or 4.5 shall have been cured by the last
day of the Collection Period in which such breach occurs or is discovered, as
applicable, the Servicer shall purchase or shall cause CNHCA to purchase any
Receivable materially and adversely affected by such breach as of such last
day.  In connection with a Modification
Purchase Event, or if the Servicer takes any action not in accordance with its
Servicing Procedures during any Collection Period pursuant to Section 4.2 that materially impairs the rights of the
Issuing Entity, the Indenture Trustee, the Certificateholders or the
Noteholders in any Receivable, the Servicer shall purchase the related
Receivable as of the last day of such Collection Period.  As consideration for the purchase of any such
Receivable pursuant to either of the two preceding sentences, the Servicer
shall remit or shall cause CNHCA to remit, as applicable, the Purchase Amount
in the manner specified in Section 5.5.  Subject to Section 7.2,
the sole remedy of the Issuing Entity, the Trustee, the Indenture Trustee, the
Certificateholders or the Noteholders with respect to a breach pursuant to Sections 4.2, 4.4 or 4.5 shall be to
require the Servicer to purchase or to cause CNHCA to purchase, as applicable,
Receivables pursuant to this Section.  The Trustee shall have no duty to conduct any
affirmative investigation as to the occurrence of any condition requiring the
purchase of any Receivable pursuant to this Section.  In no event shall the Backup Servicer as
Successor Servicer be obligated to purchase any Receivables pursuant to this Section 4.6.

 

Section 4.7.                     Servicing
Fee.  The Servicing Fee
for each Collection Period shall be equal to 1/12th of 1.00% of the Pool
Balance as of the first day of such Collection Period; provided that with
respect to any Successor Servicer hereunder, the Servicing Fee for each
Collection Period shall be equal to the greater of (a) 1/12th of 1.00% of
the Pool Balance as of the first day of such Collection Period, (b) $8.50
per Contract in the Trust Estate as of the first day of such Collection Period
and (c) $5,000.

 

Section 4.8.                     Servicer’s
Certificate.  On each
Determination Date (beginning with the Determination Date immediately preceding
the initial Payment Date) the Servicer shall deliver to the Trustee, the
Indenture Trustee, the Seller and the Backup Servicer, with a copy to the
Rating Agencies, a Servicer’s Certificate (containing substantially the same
information as set forth in the form on Exhibit C)
containing all information necessary to make the distributions pursuant to Sections 5.6 and 5.7 and the deposits to the Collection
Account pursuant to Section 5.3
for the Collection Period preceding the date of such Servicer’s Certificate.

 

Section 4.9.                     Annual
Statement as to Compliance; Notice of Default.  (a)  The Servicer shall deliver to the
Issuing Entity and the Indenture Trustee, on or before March 30 of each
year, an Officer’s Certificate of the Servicer providing such information as is
required under Item 1123 of Regulation AB with respect to the prior calendar
year.

 

(b)           The Servicer shall deliver to the
Issuing Entity, on or before March 30 of each year, a report regarding the
Servicer’s assessment of compliance with the applicable 

 

10

 

servicing criteria
specified in Item 1122 of Regulation AB during the immediately preceding
calendar year, including any material instance of noncompliance identified by
the Servicer as required under Rules 13a-18 and 15d-18 of the Exchange Act
and Item 1122 of Regulation AB.

 

(c)           The Servicer shall deliver to the
Trustee, the Indenture Trustee and the Rating Agencies, promptly after having
obtained knowledge thereof, but in no event later than five Business Days
thereafter, written notice in an Officer’s Certificate of any event that, with
the giving of notice or lapse of time, or both, would become a Servicer Default
under  Section 8.1(a) or
(b).

 

Section 4.10.                   Annual
Independent Certified Public Accountants’ Report.  The Servicer shall cause a firm of
independent certified public accountants, which may also render other services
to the Servicer, the Seller or any other Affiliate of CNH Global, to deliver to
the Issuing Entity, the Indenture Trustee and the Rating Agencies on or before March 30
of each year a report, providing its assessment of compliance with the minimum
servicing criteria during the preceding calendar year, including disclosure of
any material instance of non-compliance, as required by Rule 13a-18 and
15d-18 of the Exchange Act and Item 1122(b) of Regulation AB.  Such attestation will be in accordance with Rules 1-02(a)(3) and
2-02(g) of Regulation S-X under the Securities Act and the Exchange Act.

 

The report required by this Section may
be replaced, at the Servicer’s option, by any similar report or certification
using standards which are now or in the future in use by servicers of
comparable assets or which otherwise comply with any rule, regulation, “no
action” letter or similar guidance promulgated by the Securities and Exchange Commission.

 

In the event that such firm
requires the Indenture Trustee to agree to the procedures performed by such
firm, the Servicer shall direct the Indenture Trustee in writing to so agree;
it being understood and agreed that the Indenture Trustee will deliver such
letter of agreement in conclusive reliance upon the direction of the Servicer
and the Indenture Trustee makes no independent inquiry or investigation as to,
and shall have no obligation or liability in respect of, the sufficiency,
validity or correctness of such procedures.

 

Such report will also
indicate that the firm is independent of the Servicer within the meaning of the
Code of Professional Ethics of the American Institute of Certified Public
Accountants.

 

Notwithstanding the
preceding in this Section 4.10 or
4.9(b), if the Backup Servicer is acting as the Successor Servicer,
as to any fiscal year of the Issuing Entity when the Issuing Entity’s reporting
obligations under Section 15(d) of
the Exchange Act are suspended as provided in Rule 15d-22 under the
Exchange Act, the Backup Servicer shall only be required to provide a copy of
its annual SAS 70 report and its audited financial statements.

 

Section 4.11.                   Access to
Certain Documentation and Information Regarding Receivables.  The Servicer shall provide to the Trustee,
the Backup Servicer and the Indenture Trustee access to the Receivable Files in
such cases where the Trustee or the Indenture Trustee shall be required by
applicable statutes or regulations to review such documentation. Access shall
be afforded without charge, but only upon reasonable request and during the
normal 

 

11

 

business hours at
the office of the Servicer.  Provided, however, at any time upon
written request of the Indenture Trustee, the Servicer will provide (within 10
days of receipt of such request) an electronic data file containing all
relevant loan level information on each Receivable necessary for a Successor
Servicer to assume servicing responsibilities, including current mailing
address and telephone number, current balance, payment schedule and past due
status of each Obligor (such request not to be made more frequently than one
per month).  Nothing in this Section shall affect the obligation
of the Servicer to observe any applicable law prohibiting disclosure of
information regarding the Obligors, and the failure of the Servicer to provide
access to information as a result of such obligation shall not constitute a
breach of this Section.

 

Section 4.12.                   Servicer Expenses.  The Servicer shall be required to pay all
expenses incurred by it in connection with its activities hereunder, including
fees and disbursements of independent accountants, taxes imposed on the
Servicer and expenses incurred in connection with distributions and reports to
Certificateholders and the Noteholders. All reasonable costs and expenses and
indemnities (including attorneys’ fees and expenses) incurred in connection
with the engagement of a Backup Servicer (including obtaining a Backup Servicer
to replace SST as Backup Servicer), or transitioning the Backup Servicer to the
role of Successor Servicer, including any engagement fees, travel expenses or
due diligence costs and other reasonable expense reimbursements incurred by the
Backup Servicer pursuant to the Backup Servicing Agreement and all
indemnification payments payable to the Backup Servicer pursuant to the Backup
Servicing Agreement (collectively, such fees, expenses and costs and
indemnities, the “Backup Servicer Expenses”)
shall be paid from funds available in the Backup Servicer Account upon
presentation of reasonable documentation to the Servicer.  Distributions of Backup Servicer Expenses
shall be made in accordance with Section 5.13.
To the extent that any Backup Servicer Expenses exceed the amount on deposit in
the Backup Servicer Account (any such shortfall, a “Backup Servicer Account Shortfall Amount”), the Servicer (so
long as the Servicer is NH Credit) agrees, within thirty days of demand
thereof, to deliver to the Indenture Trustee for deposit in the Backup Servicer
Account,  such Backup Servicer Account
Shortfall Amount.

 

If amounts in the Backup
Servicer Account are insufficient to fully reimburse the Backup Servicer in
respect of Backup Servicer Expenses, the Backup Servicer shall be reimbursed
pursuant to Section 5.6(b)(xi).

 

Section 4.13.                   Appointment
of Subservicer.  The
Servicer may at any time appoint a subservicer to perform all or any portion of
its obligations as Servicer hereunder; provided,
however, that the Rating Agency Condition shall have been satisfied
in connection therewith (other than with respect to the appointment of CNHCA,
as subservicer, with respect to the Receivables); and provided further, that
the Servicer shall remain obligated and be liable to the Issuing Entity, the
Trustee, the Indenture Trustee, the Certificateholders and the Noteholders for
the servicing and administering of the Receivables in accordance with the
provisions hereof without diminution of such obligation and liability by virtue
of the appointment of such subservicer and to the same extent and under the
same terms and conditions as if the Servicer alone were servicing and
administering the Receivables. The fees and expenses of any subservicer shall
be as agreed between the Servicer and such subservicer from time to time and
none of the Issuing Entity, the Trustee, the Indenture Trustee, the
Certificateholders or the Noteholders shall have any responsibility
therefor.  Notwithstanding the foregoing,
the Backup

 

12

 

Servicer as
Successor Servicer shall have the right to terminate any prior or existing
subservicing arrangement with or without cause.

 

Section 4.14.                   Substitution
of Financed Equipment. 
Notwithstanding anything herein or in the Basic Documents to the
contrary, in accordance with the Servicing Procedures, the Financed Equipment
relating to a Receivable may be replaced with substitute equipment, of equal or
greater value (in the Servicer’s reasonable determination) than the original
related Financed Equipment (“Substitute Equipment”); provided,
however, the only conditions to such a
substitution (in addition to its being in accordance with the Servicing
Procedures) shall be the perfection of the first priority security interest in the
related Substitute Equipment in favor of CNHCA, and a first priority perfected
security interest of the Indenture Trustee in all of CNHCA’s right, title and
interest in its security interest in the Substitute Equipment.  Following such substitution, the Substitute
Equipment shall be considered the Financed Equipment related to such Receivable
for all purposes hereunder and under the Basic Documents, and (i) the
Issuing Entity, the Seller and the Indenture Trustee shall sell, transfer,
assign, set over and otherwise convey to CNHCA (or its Affiliate designated by
it), without recourse, representation or warranty, all of the Issuing Entity’s,
the Seller’s and the Indenture Trustee’s right, title and interest in, to and
under such original Financed Equipment, and all security and documents relating
thereto, and (ii) the Issuing Entity, the Seller, and the Indenture
Trustee shall be deemed to have released any security interest and any other
claim in such original Financed Equipment (and all security and documents
relating thereto) hereunder and under the other Basic Documents, without any
further act or deed, and such original Financed Equipment (and all security and
documents relating thereto) will be free of the Grant contained in the
Indenture.

 

ARTICLE V

Distributions: Spread
Account;

Statements to
Certificateholders and Noteholders

 

Section 5.1.                     Establishment
of Trust Accounts and the Backup Servicer Account.  (a) (i)  The Servicer, for the
benefit of the Noteholders and the Certificateholders, shall establish and
maintain in the name of the Indenture Trustee an Eligible Deposit Account (the “Collection Account”), bearing a
designation clearly indicating that the funds deposited therein are held for
the benefit of the Noteholders and the Certificateholders.

 

(ii)           The Servicer, for the benefit of the
Noteholders and the Certificateholders, shall establish and maintain in the
name of the Indenture Trustee an Eligible Deposit Account (the “Note Distribution Account”), bearing a
designation clearly indicating that the funds deposited therein are held for
the benefit of the Noteholders.

 

(iii)          The Servicer, for the benefit of the
Noteholders, shall establish and maintain in the name of the Indenture Trustee
an Eligible Deposit Account (the “Spread
Account”), bearing a designation clearly indicating that the funds
deposited therein are held for the benefit of the Noteholders and
Certificateholders.

 

(iv)          [Reserved].

 

13

 

(v)           [Reserved].

 

(vi)          [Reserved].

 

(vii)         The Servicer on behalf of the Seller,
for the benefit of the Indenture Trustee on behalf of the Noteholders and the
Backup Servicer, shall establish and maintain in the name of the Indenture
Trustee, an Eligible Deposit Account (the “Backup
Servicer Account”), bearing a designation clearly indicating that
the funds deposited therein are held for the benefit of the Indenture Trustee
on behalf of the Noteholders and the Backup Servicer, provided, however that the Servicer shall
not be required to maintain such account so long as no amount greater than
$0.00 shall be required to be held on deposit in such account pursuant to this
Agreement or any other Basic Document. 
The Backup Servicer Account shall not be a “Trust Account” (as
hereinafter defined) and shall not constitute part of the Trust Estate. Except
as provided in Section 5.13,
the only permitted withdrawal from or application of funds on deposit in, or
otherwise standing to the credit of, the Backup Servicer Account shall be for
application to Backup Servicer Expenses.

 

(b)           Funds on deposit in the Collection
Account, the Note Distribution Account, and the Spread Account (collectively,
the “Trust Accounts”) and the
Backup Servicer Account shall be invested or reinvested by the Indenture
Trustee in Eligible Investments selected by and as directed in writing by the
Servicer (which written direction may be in the form of standing instructions)
or if the Servicer fails to provide written direction, shall be invested or
reinvested by the Indenture Trustee in Eligible Investments specified in  paragraph (d)  of the definition of “Eligible
Investments” (without giving effect to the proviso therein) as set forth
in  Appendix A to the Indenture; provided, however, it is understood and
agreed that the Indenture Trustee shall not be liable for the selection of, or
any loss arising from such investment in, Eligible Investments. All such
Eligible Investments shall be held or controlled by the Indenture Trustee for
the benefit of the Noteholders and the Certificateholders or the Noteholders,
or the Noteholders and the Backup Servicer, as applicable (and for the purposes
of Articles 8 and 9 of the UCC, each Eligible Investment is intended to
constitute a Financial Asset, and each of the Trust Accounts and the Backup
Servicer Account is intended to constitute a Securities Account); provided,
that on each Transfer Date, all Investment Earnings on funds on deposit in the
Trust Accounts shall be deposited into the Collection Account and shall be
deemed to constitute a portion of the Total Distribution Amount Funds on
deposit in the Trust Accounts and the Backup Servicer Account shall be invested
in Eligible Investments (or other investments permitted by the Rating Agencies)
that will mature so that such funds will be available at the close of business
on the Transfer Date preceding the following Payment Date; provided, however, that funds on deposit
in Trust Accounts and the Backup Servicer Account may be invested in Eligible
Investments of the entity serving as Indenture Trustee payable on demand or
that mature so that such funds will be available on the Payment Date. Funds
deposited in a Trust Account or the Backup Servicer Account on the Transfer
Date that precedes a Payment Date upon the maturity or liquidation of any
Eligible Investments are not required to be invested overnight.

 

(c)           (i)  The Indenture Trustee shall
possess or control all right, title and interest in all funds on deposit from
time to time in the Trust Accounts and in all proceeds thereof (including all
income thereon) and all such funds, investments, proceeds and income 

 

14

 

shall be part of the
Trust Estate.  The Trust Accounts shall
be under the sole dominion and control of the Indenture Trustee for the benefit
of the Noteholders and the Certificateholders or the Noteholders, as the case
may be. The Indenture Trustee shall possess or control all right, title and
interest in all funds on deposit from time to time in the Backup Servicer
Account and in all proceeds thereof (including all income thereon). The Backup
Servicer Account shall be under the sole dominion and control of the Indenture
Trustee for the benefit of the Noteholders and the Backup Servicer. If, at any
time, any of the Trust Accounts or the Backup Servicer Account ceases to be an
Eligible Deposit Account, the Indenture Trustee (or the Servicer on its behalf)
shall within 10 Business Days (or such longer period, not to exceed 30 calendar
days, as to which each Rating Agency may consent) establish a new Trust Account
or new Backup Servicer Account, as the case may be, as an Eligible Deposit
Account and shall transfer any cash and/or any investments held in the
no-longer Eligible Deposit Account to such new Trust Account or new Backup
Servicer Account, as the case may be.

 

(ii)           With respect to the Trust Account
Property or Backup Servicer Account Property, the Indenture Trustee agrees, by
its acceptance hereof, that:

 

(A)          any Trust Account Property or Backup
Servicer Account Property that is held in deposit accounts shall be held solely
in Eligible Deposit Accounts, subject to the last sentence of Section 5.1(c)(i);  and each such Eligible Deposit Account shall
be subject to the exclusive custody and control of the Indenture Trustee, and
the Indenture Trustee shall have sole signature authority with respect thereto;

 

(B)           any Trust Account Property or Backup
Servicer Account Property that constitutes a Certificated Security shall be
delivered to the Indenture Trustee in accordance with paragraph (i) of the
definition of “Delivery” and shall be held, pending maturity or disposition,
solely by the Indenture Trustee or its agent;

 

(C)           any such Trust Account Property or
Backup Servicer Account Property that constitutes an Uncertificated Security
(including any investments in money market mutual funds, but excluding any
Federal Book Entry Security) shall be delivered to the Indenture Trustee in
accordance with paragraph (ii) of the definition of “Delivery” and shall
be maintained, pending maturity or disposition, through continued registration
of the Indenture Trustee’s (or its custodian or nominee’s) ownership of such
security; and

 

(D)          with respect to any Trust Account
Property or Backup Servicer Account Property that constitutes a Federal Book
Entry Security, the Indenture Trustee shall maintain and obtain Control over
such property.

 

(iii)          The Servicer shall have the power,
revocable by the Indenture Trustee or by the Trustee, with the consent of the
Indenture Trustee, to instruct the Indenture Trustee to make withdrawals and
payments from the Trust Accounts and the Backup Servicer Account for the
purpose of permitting the Servicer or the Trustee to 

 

15

 

carry out its respective duties hereunder or
permitting the Indenture Trustee to carry out its duties under the Indenture.

 

(d)           All Trust Accounts as well as the
Backup Servicer Account will initially be established at the Indenture Trustee.

 

Section 5.2.                     [Reserved]

 

Section 5.3.                     Collections.  The Servicer shall, and shall cause any
subservicer to, remit to the Collection Account all payments by or on behalf of
the Obligors with respect to the Receivables, and all Liquidation Proceeds,
both as collected during the Collection Period, and in either case within two
Business Days of the date that the Servicer has identified and posted such
amounts (which the Servicer shall use its reasonable best efforts to do
promptly) to the Servicer’s computer system (the “Posted Date”).
Notwithstanding the foregoing, for so long as: (i) NH Credit remains the
Servicer, (ii) no Servicer Default shall have occurred and be continuing
and (iii) prior to ceasing remittances as described in the preceding
sentence, the Rating Agency Condition shall have been satisfied (and any
conditions or limitations imposed by the Rating Agencies in connection
therewith are complied with), the Servicer shall remit such collections with
respect to the related Collection Period to the Collection Account on the
Transfer Date immediately following the end of such Collection Period.  For purposes of this Article V,  the phrase “payments by or on behalf of the
Obligors” shall mean payments made with respect to the Receivables by Persons
other than the Servicer or the Seller. 
On any Payment Date with respect to which the Backup Servicer shall have
been acting as Successor Servicer during the related Collection Period, the
Backup Servicer, in its capacity as Successor Servicer, may direct the
Indenture Trustee to withdraw from the Collection Account and pay to the Backup
Servicer, in its capacity as Successor Servicer, the sum of any accrued amounts
expended by such Successor Servicer in connection with the liquidation of any
Liquidated Receivables, but solely to the extent such amounts were not netted
out of Liquidation Proceeds with respect of such Liquidated Receivables or
previously recovered by such Successor Servicer pursuant to this Section 5.3; provided that, the
amount that such Successor Servicer may withdraw from the Collection Account
pursuant to this Section 5.3
on any Payment Date shall not exceed the aggregate amount of Liquidation
Proceeds collected during the related Collection Period and deposited into the
Collection Account prior to such Payment Date. 
Any such withdrawals permissible under this Section 5.3 shall be made prior to any distributions
under Section 5.6.

 

Section 5.4.                     Application
of Collections.  (a) 
With respect to each Receivable, all collections for the Collection Period
shall be applied in accordance with the Servicer’s Servicing Procedures.

 

(b)           All Liquidation Proceeds shall be
applied to the related Receivable.

 

Section 5.5.                     Additional
Deposits.  The Servicer
and the Seller shall deposit or cause to be deposited in the Collection Account
the aggregate Purchase Amount with respect to Purchased Receivables on the
Transfer Date related to the Collection Period on the last day of which the
purchase occurs, and the Servicer shall deposit therein all amounts to be paid
under Section 9.1 on the
Transfer Date falling in the Collection Period referred to in Section 9.1.  The Servicer shall deposit the aggregate
Purchase Amount with respect to Purchased Receivables

 

16

 

when such
obligations are due, unless the Servicer shall not be required to make deposits
within two Business Days of receipt of funds pursuant to Section 5.3, in which case such
deposits shall be made on the Transfer Date following the related Collection
Period.  This Section 5.5 shall not apply to the Backup Servicer
as Successor Servicer.

 

Section 5.6.                     Distributions.  (a)  On each Determination Date, the
Servicer shall calculate all amounts required to determine the amounts to be
deposited in the Note Distribution Account, the Certificate Distribution
Account and the Spread Account.

 

(b)           On each Payment Date, the Servicer
shall instruct the Indenture Trustee (based on the information contained in the
Servicer’s Certificate delivered on the related Determination Date pursuant to Section 4.8) to make from the
Collection Account the following deposits and distributions for receipt by the
party as provided below or deposit in the applicable Trust Account or
Certificate Distribution Account, as applicable, by 10:00 a.m. (New York
time), to the extent of the Total Distribution Amount, in the following order
of priority:

 

(i)            to the Backup Servicer, the Backup
Servicer Fees and all unpaid Backup Servicer Fees from prior Collection
Periods;

 

(ii)           to the Servicer, the Servicing Fee
and all unpaid Servicing Fees from prior Collection Periods;

 

(iii)          to the Administrator, the
Administration Fee and all unpaid Administration Fees from prior Collection
Periods;

 

(iv)          [Reserved];

 

(v)           to the Note Distribution Account, the
Class Interest Amount for each Class of Class A Notes payable by
the Issuing Entity, if any;

 

(vi)          to the Note Distribution Account, an
amount equal to the excess, if any, of (x) the Outstanding Amount of the Class A
Notes over (y) the Asset Balance for that Payment Date (the amount
deposited in the Note Distribution Account pursuant to this  clause (vi)  being the “First Principal Payment Amount”);

 

(vii)         to the Note Distribution Account, the Class Interest
Amount for the Class B Notes;

 

(viii)        to the Note Distribution Account, the
Note Monthly Principal Distributable Amount;

 

(ix)           to the Spread Account to the extent
necessary so that the balance on deposit therein will equal the Specified
Spread Account Balance;

 

(x)            to the Note Distribution Account,
the lesser of (a) the amounts remaining after giving effect to clauses (i) through
(ix) above, and (b) the Outstanding Amount of the Class A-1
Notes as of the end of the preceding Payment Date minus the amount of payments
of principal on the Class A-1 Notes to be made on such Payment

 

17

 

Date due to the application of the First Principal
Payment Amount and the Note Monthly Principal Distributable Amounts (the “Turbo Principal Payment Amount”);

 

(xi)                                first, to the Backup Servicer, to cover
any accrued and unpaid reimbursable expenses (including the Backup Servicer
Expenses) that remain unpaid after the application, when applicable, of amounts
in the Backup Servicer Account, and second, to the Servicer, to cover any
accrued and unpaid reimbursable expenses; and

 

(xii)                             to the Certificate Distribution Account,
the remaining Total Distribution Amount to be distributed to the
Certificateholders.

 

(c)                                  On the A-1 Note Final Scheduled Maturity
Date, the Servicer shall instruct the Indenture Trustee to deposit from the
Collection Account into the Note Distribution Account by 10:00 a.m. (New
York time), to the extent of available funds on such day, an amount equal to
the sum of (i) the aggregate accrued and unpaid interest on the Class A-1
Notes as of the A-1 Note Final Scheduled Maturity Date, and (ii) the
amount necessary to reduce the outstanding principal amount of the Class A-1
Notes to zero.

 

It is understood and agreed
that, with respect to the amounts to be distributed pursuant to this Section 5.6(c), the Servicer shall,
to the extent necessary (i) deposit into the Collection Account any
amounts received as payments by or on behalf of any Obligor (and not previously
deposited into the Collection Account) on or prior to the A-1 Note Final
Scheduled Maturity Date, (ii) make each calculation that would otherwise
be made on a Determination Date (with appropriate adjustments) in accordance
with Section 4.8 on the
Business Day immediately proceeding the A-1 Note Final Scheduled Maturity Date,
(iii) on the Payment Date immediately succeeding the A-1 Note Final
Scheduled Maturity Date, make any adjustments to the Note Monthly Principal
Distributable Amount, the Class Interest Amount and any other amount to be
paid on such Payment Date, and (iv) make any other calculation, adjustment
or correction that may be required as a result of any payment made on the A-1
Note Final Scheduled Maturity Date.

 

(d)                                 During the period from the date the
Servicer is no longer performing as Servicer (due to being terminated or due to
its ceasing to perform as Servicer) (the “Predecessor Servicer”)
until the effectiveness of the transition of the Successor Servicer as provided
herein (the “Transition Period”), in the event
that neither NH Credit, as the Predecessor Servicer, nor the Successor
Servicer, has delivered the Servicer’s Certificate containing instructions to
the Indenture Trustee (required to be delivered pursuant to Section 4.8
hereof) on or before 11:00 am New York time on any Payment Date so as to enable
the Indenture Trustee to make payments pursuant to and in accordance with the
priority set forth in Section 5.6 hereof and Section 8.2 of the
Indenture on the relevant Payment Dates during the Transition Period, the
Indenture Trustee shall, to the extent such funds are available, withdraw
amounts from the Collection Account and the Spread Account (based upon the
information set forth under “Interest & Principal Payments Pursuant to
Section 5.6(d) and 5.6(e)(ii) of the Sale and Servicing
Agreement” in the last Servicer’s Certificate that the Indenture Trustee
received from the Predecessor Servicer) and therefrom make payments of, (i) interest
for each Note due on such Payment Date that takes place during the Transition
Period and, (ii) to the extent that the Final Scheduled Maturity Date for
any Notes occurs during the Transition Period, the outstanding principal amount
on such

 

18

 

Notes due on its
applicable Final Scheduled Maturity Date, in each case in accordance with the
priority set forth above in Section 8.2 of the Indenture.  During the
Transition Period, until NH Credit or the Successor Servicer has delivered the
Servicer’s Certificate required under Section 4.8 hereof, any amounts
remaining in the Collection Account and the Spread Account, after the payments
referred to in clauses (i) and (ii) above are made, shall be held
therein until the next Payment Date and the Indenture Trustee shall have no
obligation to make any other payments in respect of such Payment Date.

 

(e)                                  (i) In the event the Servicer’s
Certificate shows that, as of any Determination Date, there are amounts on
deposit in the Collection Account which do not constitute part of the Total
Distribution Amount and to which the Depositor is entitled hereunder, the
Servicer shall direct the Indenture Trustee to forthwith pay such amount to or
upon its written order.

 

(ii) Notwithstanding
the foregoing, in the event that the Servicer has not delivered the Servicer’s
Certificate containing instructions to the Indenture Trustee (required to be
delivered pursuant to Section 4.8 hereof) on or before 11:00 am New York
time on any Payment Date so as to enable the Indenture Trustee to make payments
pursuant to and in accordance with the priority set forth in Section 5.6
hereof and Section 8.2 of the Indenture on such Payment Date, the
Indenture Trustee shall, to the extent such funds are available, withdraw
amounts from the Collection Account and the Spread Account (based upon the
information set forth under “Interest & Principal Payments Pursuant to
Section 5.6(d) and 5.6(e)(ii) of the Sale and Servicing
Agreement” in the last Servicer’s Certificate that the Indenture Trustee
received from the Servicer and therefrom make payments of interest and
principal on such Payment Date, in each case, in accordance with the priority
set forth in Section 8.2 of the Indenture.

 

Section 5.7.                                                                Spread Account.  (a) 
On the Closing Date, the Seller shall deposit the applicable Spread Account
Deposit into the Spread Account.

 

(b)                                 If the amount on deposit in the Spread
Account on any Payment Date (after giving effect to all deposits or withdrawals
therefrom on such Payment Date) is greater than the Specified Spread Account
Balance for such Payment Date, the Servicer shall instruct the Indenture
Trustee to distribute the amount of the excess to the Seller (and its
transferees and assignees in accordance with their respective interests);
provided, that if, after giving effect to all payments made on the Notes on
such Payment Date, the Pool Balance as of the first day of the Collection Period
in which such Payment Date occurs is less than the Note Balance, such excess
shall not be distributed to the Seller (or such transferees or assignees) and
shall be retained in the Spread Account for application in accordance with this
Agreement. Amounts properly distributed pursuant to this Section 5.7(b) shall be deemed
released from the Trust and the security interest therein granted to the
Indenture Trustee, and the Seller (and such transferees and assignees) shall in
no event thereafter be required to refund any such distributed amounts.

 

(c)                                  Following: (i) the payment in full
of the aggregate Outstanding Amount of the Notes and of all other amounts owing
or to be distributed hereunder or under the Indenture to the Noteholders, the
Trustee and the Indenture Trustee and (ii) the termination of the Trust,
any amount remaining on deposit in the Spread Account shall be distributed to
the Seller or any transferee or assignee pursuant to clause (e).  The Seller (and such transferees and assignees)

 

19

 

shall in no event be
required to refund any amounts properly distributed pursuant to this Section 5.7(c).

 

(d)                                 In the event that the First Principal
Payment Amount and the Noteholders’ Distributable Amount for a Payment Date
exceeds the amount deposited into the Note Distribution Account pursuant to Sections 5.6(b)(iv), (v), (vi), (vii) and (viii) on
such Payment Date, the Servicer shall instruct the Indenture Trustee on such
Payment Date to withdraw from the Spread Account on such Payment Date an amount
equal to such excess, to the extent of funds available therein, and deposit
such amount into the Note Distribution Account.

 

(e)                                  The Seller may at any time, without
consent of the Noteholders, sell, transfer, convey or assign in any manner its
rights to and interests in distributions from the Spread Account, including
interest and other investment earnings thereon; provided, that the Rating
Agency Condition is satisfied.

 

Section 5.8.                                                                [Reserved].

 

Section 5.9.                                                                [Reserved].

 

Section 5.10.                                                          [Reserved].

 

Section 5.11.                                                          Statements to Certificateholders
and Noteholders.  (a)  On each Determination Date the
Servicer shall provide to the Indenture Trustee (with a copy to the Rating
Agencies), for the Indenture Trustee to make available to each Noteholder of
record, and, if NH Credit or an Affiliate is not the Servicer or the Depositor
is not the sole Certificateholder, to the Indenture Trustee (if the Indenture
Trustee is responsible on the related Payment Date to make the payment required
under Section 5.2(a) of the Trust
Agreement) or the Trustee (if the Trustee is responsible on the related Payment
Date to make the payment required under Section 5.2(a) of
the Trust Agreement), for the Indenture Trustee or Trustee, as applicable, to
forward to each Certificateholder of record, a statement substantially in the
form of Exhibit C, setting
forth at least the following information as to each Class of the Notes and
the Certificates to the extent applicable:

 

(i)                                     the amount of such distribution allocable
to principal of each Class of Notes;

 

(ii)                                  the amount of the distribution allocable
to interest on each Class of Notes;

 

(iii)                               the amount to be distributed to the
Certificateholders;

 

(iv)                              the Pool Balance as of the close of
business on the last day of the preceding Collection Period;

 

(v)                                 the aggregate Outstanding Amount and the
Note Pool Factor for each Class of Notes as of such Payment Date, after
giving effect to payments allocated to principal reported under clause (i) above;

 

20

 

(vi)                              the amount of the Backup Servicer Fees
paid to the Backup Servicer with respect to the prior Collection Period;

 

(vii)                           the amount of the Servicing Fee paid to
the Servicer with respect to the preceding Collection Period;

 

(viii)                        the amount of the Administration Fee paid
to the Administrator in respect of the preceding Collection Period;

 

(ix)                                the amount of the aggregate Realized
Losses, if any, for such Collection Period;

 

(x)                                   the aggregate Purchase Amounts for
Receivables, if any, that were repurchased or purchased in such Collection
Period;

 

(xi)                                the balance of the Spread Account on the
related Payment Date, after giving effect to changes therein on such Payment
Date;

 

(xii)                             [Reserved];

 

(xiii)                          [Reserved];

 

(xiv)                         [Reserved];

 

(xv)                            [Reserved]

 

(xvi)                         [Reserved];

 

(xvii)                      [Reserved];

 

(xviii)                   [Reserved];

 

(xix)                           if the related Payment Date falls in September 2011,
March 2012, September 2012 or March 2013:

 

(x)                                  the Average Delinquency Ratio and whether
the Average Delinquency Ratio Test is met on such Payment Date;

 

(y)                                the Cumulative Net Loss Ratio and whether
the Cumulative Net Loss Ratio Test is met on such Payment Date; and

 

(z)                                  whether the Specified Spread Account
Reduction Trigger is met on such Payment Date; and

 

(xx)          the Specified Spread Account Balance.

 

Each amount set forth
pursuant to clauses (i), (ii), (vi), (vii) and
(viii) shall be expressed as
a dollar amount per $1,000 of original principal balance of a Note.

 

21

 

The Indenture Trustee will
make the statement to Noteholders available each month to Noteholders and other
parties to the Basic Documents via the Indenture Trustee’s internet website,
which is presently located at https://gctinvestorreporting.bnymellon.com.

 

Persons who are unable to
use the above website are entitled to have a paper copy mailed to them via
first class mail by calling the Indenture Trustee at (312) 827-8500.  The Indenture Trustee shall have the right to
change the way the statement to Noteholders is distributed in order to make
such distribution more convenient and/or more accessible to the above parties
and to the Noteholders.  The Indenture
Trustee shall provide timely and adequate notification to all above parties and
to the Noteholders regarding any such change.

 

In connection with any
electronic transmissions of information, including without limitation, the use
of electronic mail or internet or intranet web sites, the systems used in such
transmissions are not fully tested by the Indenture Trustee and may not be
completely reliable as to stability, robustness and accuracy.  Accordingly, the parties hereto acknowledge
and agree that information electronically transmitted as described herein may
not be relied upon as timely, accurate or complete and that the Indenture
Trustee shall have no liability hereunder in connection with such information
transmitted electronically.  The parties
hereto further acknowledge that any and all systems, software or hardware
utilized in posting or retrieving any such information are utilized on an “as
is” basis without representation or warranty as to the intended uses of such
systems, software or hardware.  The
Indenture Trustee makes no representation or warranty that the systems and the
related software used in connection with the electronic transmission of
information are free and clear of threats known as software and hardware
viruses, time bombs, logic bombs, Trojan horses, worms, or other malicious
computer instructions, intentional devices or techniques which may cause a
component or system to become erased, damaged, inoperable, or otherwise
incapable of being used in the manner to which it is intended, or which would
permit unauthorized access thereto.

 

Section 5.12.                                                          Net Deposits. 
As an administrative convenience, unless the Servicer is required to
remit collections within two Business Days of the Posted Date, the Servicer
will be permitted to make the deposit of collections net of distributions, if
any, to be made to the Servicer with respect to the Collection Period.  The Servicer, however, will account to the
Trustee, the Indenture Trustee, the Noteholders and the Certificateholders as
if all deposits, distributions and transfers were made individually.

 

Section 5.13.                                                          Backup Servicer Account.  (a) 
On the Closing Date, the Seller, or the Servicer on its behalf, shall deposit
the Backup Servicer Account Deposit into the Backup Servicer Account. On each
Payment Date to the extent that any Backup Servicer Expenses are then due and
payable, the Servicer will instruct the Indenture Trustee in writing to
withdraw an amount equal to such Backup Servicer Expenses then due and payable,
and distribute such amount to the Person entitled thereto. If the amount on
deposit in the Backup Servicer Account on any Payment Date (after giving effect
to the withdrawal therefrom for the payment of Backup Servicer Expenses for
such Payment Date) is greater than the Backup Servicer Account Required Amount,
the excess will be released to the Seller; provided
however, such excess will only be released to the Seller (i) to
the extent that all reimbursable expenses of the Backup Servicer as set forth
in the following sentence that are due have been paid and (ii) so long as
no Servicer Default shall have occurred and be continuing.  In addition, the amount on deposit in the
Backup

 

22

 

Servicer Account
will also be made available to pay reasonable costs and expenses (including
attorney’s fees) incurred by the Backup Servicer.  The Seller (and any of its transferees and
assignees) shall in no event be required to refund any amounts properly
distributed to it pursuant to this Section 5.13.

 

(b)                                 If the amount on deposit in the Backup
Servicer Account is insufficient to cover any Backup Servicer Expenses, NH
Credit, as Servicer, shall pay such fees and expenses to the Backup Servicer
out of its Servicing Fee.

 

(c)                                  Following: (i) the payment in full
of the aggregate Outstanding Amount of the Notes and all amounts owing or to be
distributed to the Backup Servicer hereunder and (ii) the termination of
the Trust, any amount remaining on deposit in the Backup Servicer Account shall
be distributed to the Seller or any transferee or assignee.

 

ARTICLE VI

The Seller

 

Section 6.1.                                                                Representations of Seller. 
The Seller makes the following representations on which the Issuing
Entity is deemed to have relied in acquiring the Receivables.  The representations speak as of the execution
and delivery of this Agreement and shall survive the sale of the Receivables to
the Issuing Entity and the pledge thereof to the Indenture Trustee pursuant to
the Indenture.

 

(a)                                  Organization and Good Standing. 
The Seller is duly organized and 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.

 

(b)                                 Due Qualification. 
The Seller is duly qualified to do business as a foreign limited
liability company in good standing, and has obtained all necessary licenses and
approvals, in all jurisdictions in which the ownership or lease of property or
the conduct of its business shall require such qualifications, except where the
failure to be so qualified and have such licenses and approvals would not have
a material adverse effect on (a) the Trust Estate, (b) Seller’s
performance of its obligations under the Basic Documents to which it is a
party, (c) the business or condition (financial or otherwise) of the
Seller or (d) the validity or enforceability of any Receivable.

 

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

 

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

 

23

 

(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 the Seller, or any indenture, agreement or
other instrument to which the Seller is a party or by which it shall be 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 Basic Documents); or violate any law or, to the best of the
Seller’s knowledge, any order, rule or regulation applicable to the Seller
of any court or of any federal or State regulatory body, administrative agency
or other governmental instrumentality having jurisdiction over the Seller or
its properties.

 

(f)                                    No Proceedings. As of the date of the Underwriting
Agreement, Preliminary Prospectus Date, the Prospectus Date and the Closing
Date, there are no proceedings or investigations pending or, to the Seller’s
knowledge, threatened against the Seller, before any court, regulatory body,
administrative agency or other tribunal or governmental instrumentality having
jurisdiction over the Seller 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 the Seller of its obligations under, or the validity or
enforceability of, this Agreement or otherwise be material to the Noteholders,
except as otherwise may be disclosed in the Preliminary Prospectus or the
Prospectus.

 

Section 6.2.                                                                Company Existence.  (a) 
During the term of this Agreement, the Seller will keep in full force and effect
its existence, rights and franchises as a limited liability company under the
laws of the jurisdiction of its formation and will obtain and preserve its
qualification to do business in each jurisdiction in which such qualification
is or shall be necessary to protect the validity and enforceability of this
Agreement, the Basic Documents and each other instrument or agreement necessary
or appropriate to the proper administration of this Agreement and the
transactions contemplated hereby.

 

(b)                                 During the term of this Agreement, the
Seller shall observe the applicable legal requirements for the recognition of
the Seller as a legal entity separate and apart from its Affiliates, including
as follows:

 

(i)                                     the Seller shall maintain company records
and books of account separate from those of its Affiliates;

 

(ii)                                  except as otherwise provided in this
Agreement and similar arrangements relating to other securitizations, the
Seller shall not commingle its assets and funds with those of its Affiliates;

 

(iii)                               the Seller shall hold such appropriate
meetings or obtain such appropriate consents of its Board of Directors as are
necessary to authorize all the Seller’s actions required by law to be
authorized by the Board of Directors, shall keep minutes of such meetings and
of meetings of its member(s) and observe all other customary limited
liability company formalities (and any successor Seller not a limited liability
company

 

24

 

shall observe similar procedures in accordance with
its governing documents and applicable law);

 

(iv)                              the Seller shall at all times hold itself
out to the public under the Seller’s own name as a legal entity separate and
distinct from its Affiliates; and

 

(v)                                 all transactions and dealings between the
Seller and its Affiliates will be conducted on an arm’s-length basis.

 

Section 6.3.                                                                Liability of Seller; Indemnities. 
The Seller shall be liable in accordance herewith only to the extent of
the obligations specifically undertaken by the Seller under this Agreement.

 

(a)                                  The Seller shall indemnify, defend and
hold harmless the Issuing Entity, the Trustee and the Indenture Trustee (and
their officers, directors, employees and agents) from and against any taxes
that may at any time be asserted against any of them with respect to the sale
of the Receivables to the Issuing Entity or the issuance and original sale of
the Notes, including any sales, gross receipts, general corporation, tangible
personal property, privilege or license taxes (but, in the case of 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.

 

(b)                                 The Seller shall indemnify, defend and
hold harmless the Issuing Entity, the Trustee and the Indenture Trustee (and
their officers, directors, employees and agents) from and against any loss,
liability or expense incurred by reason of the Seller’s willful misfeasance,
bad faith or negligence in the performance of its duties under this Agreement,
or by reason of reckless disregard of its obligations and duties under this
Agreement.

 

Indemnification under this Section shall survive the resignation
or removal of the Trustee or the Indenture Trustee or the termination of this
Agreement and the Indenture and shall include reasonable fees and expenses of
counsel and expenses of litigation.  If
the Seller shall have made any indemnity payments pursuant to this Section and the Person to or on
behalf of whom such payments are made thereafter shall collect any of such
amounts from others, such Person shall promptly repay such amounts to the
Seller, without interest.

 

Section 6.4.                                                                Merger or Consolidation of, or
Assumption of the Obligations of, Seller.  Any Person: (a) into
which the Seller may be merged or consolidated, (b) that may result from
any merger or consolidation to which the Seller shall be a party or (c) that
may succeed to the properties and assets of the Seller substantially as a
whole, which Person (in any of the foregoing cases) executes an agreement of
assumption to perform every obligation of the Seller under this Agreement (or
is deemed by law to have assumed such obligations), shall be the successor to
the Seller hereunder without the execution or filing of any document or any
further act by any of the parties to this Agreement; provided, however, that: (i) immediately after giving
effect to such transaction, no representation or warranty made pursuant to Section 3.1 shall have been breached
and no Servicer Default, and no event that, after notice or lapse of time, or
both, would become a Servicer Default shall have occurred and be continuing, (ii) the
Seller shall have delivered to the Trustee and the Indenture Trustee an Officer’s
Certificate and an Opinion of

 

25

 

Counsel each
stating that such consolidation, merger or succession and such agreement of
assumption comply with this Section and
that all conditions precedent, if any, provided for in this Agreement relating
to such transaction have been complied with, (iii) the Rating Agency
Condition shall have been satisfied with respect to such transaction and (iv) the
Seller shall have delivered to the Trustee and the Indenture Trustee an Opinion
of Counsel either: (A) stating that, in the opinion of such counsel, all
financing statements, continuation statements and amendments thereto have been
executed and filed that are necessary fully to preserve and protect the
interest of the Trustee and Indenture Trustee, respectively, in the Receivables
and reciting the details of such filings, or (B) stating that, in the
opinion of such counsel, no such action shall be necessary to preserve and
protect such interests.  Notwithstanding
anything herein to the contrary, the execution of the foregoing agreement of
assumption and compliance with clauses (i),
(ii), (iii) and (iv) shall
be conditions to the consummation of the transactions referred to in clauses (a), (b) or
(c).

 

Section 6.5.                                                                Limitation on Liability of Seller
and Others.  The Seller and any director, officer,
employee or agent of the Seller may rely in good faith on the advice of counsel
or on any document of any kind prima facie properly executed and submitted by
any Person respecting any matters arising hereunder.  The Seller shall not be under any obligation
to appear in, prosecute or defend any legal action that shall not be incidental
to its obligations under this Agreement, and that in its opinion may involve it
in any expense or liability.

 

Section 6.6.                                                                Seller May Own Certificates
or Notes.  (a) The Seller and any Affiliate thereof
may in its individual or any other capacity become the owner or pledgee of
Certificates or the Notes with the same rights as it would have if it were not
the Seller or an Affiliate thereof, except as expressly provided herein or in
any other Basic Document.

 

Notwithstanding the
foregoing, the Seller shall not sell the Certificates except to an entity (a) that
has provided an opinion of counsel to the effect that such sale will not cause
the Trust to be treated as a “publicly traded partnership” under the Code and (b) that
either (i) is not an Affiliate of the Seller or (ii) is an Affiliate
of the Seller that (A) is a subsidiary of CNHCA or NH Credit, the
certificate of formation and limited liability company agreement of which
contains restrictions substantially similar to the restrictions contained in
the certificate of formation and limited liability company agreement of the Seller
and (B) has provided an Opinion of Counsel regarding substantive
consolidation of such Affiliate with CNHCA or NH Credit in the event of a
bankruptcy filing by CNHCA or NH Credit, as applicable, which is substantially
similar to the Opinion of Counsel provided by Seller on the Closing Date, and
which may be subject to the same assumptions and qualifications as that
opinion.

 

ARTICLE VII

The Servicer

 

Section 7.1.                                                                Representations of Servicer. 
The Servicer makes the following representations on which the Issuing
Entity is deemed to have relied in acquiring the Receivables.  The representations speak as of the execution
and delivery of the Agreement and as of the Closing Date, and shall survive the
sale of the Receivables to the Issuing Entity and the pledge thereof to the
Indenture Trustee pursuant to the Indenture.

 

26

 

(a)                                  Organization and Good Standing. 
The Servicer is duly organized and validly existing as a limited
liability company in good standing under the laws of the state of its
organization, 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,
authority and legal right to service the Receivables and to hold the Receivable
Files as custodian.

 

(b)                                 Due Qualification. 
The Servicer is duly qualified to do business as a foreign limited
liability company in good standing, and has obtained all necessary licenses and
approvals, in all jurisdictions in which the ownership or lease of property or
the conduct of its business (including the servicing of the Receivables as
required by this Agreement) 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) Servicer’s
performance of its obligations under the Basic Documents to which it is a
party, (c) the business or condition (financial or otherwise) of the
Servicer or (d) the validity or enforceability of any Receivable.

 

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

 

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

 

(e)                                  No Violation. 
The consummation of the transactions contemplated by this Agreement and
the fulfillment of the terms hereof shall 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 the Servicer, or any indenture,
agreement or other instrument to which the Servicer is a party or by which it
shall be bound; or result in the creation or imposition of any Lien upon any of
its properties pursuant to the terms of any such indenture, agreement or other
instrument (other than this Agreement); or violate any law or, to the best of
the Servicer’s knowledge, any order, rule or regulation applicable to the
Servicer of any court or of any federal or State regulatory body,
administrative agency or other governmental instrumentality having jurisdiction
over the Servicer or its properties.

 

(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 the Servicer’s  knowledge, threatened against the Servicer,
before any court, regulatory body, administrative agency or other tribunal or
governmental instrumentality having jurisdiction over the Servicer 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 the Servicer of its
obligations under, or the validity or enforceability of, this Agreement or
otherwise be material to the Noteholders, except as otherwise may be disclosed
on the Preliminary Prospectus or the Prospectus; and

 

27

 

(g)           No Insolvent Obligors. As of
the Cutoff Date no Obligor is shown in the Servicer’s Records (including,
without limitation the Receivable Files) as the subject of a bankruptcy
proceeding.

 

Section 7.2.                 Indemnities of
Servicer.  The Servicer
shall be liable in accordance herewith only to the extent of the obligations
specifically undertaken by the Servicer under this Agreement.

 

(a)         The Servicer shall defend, indemnify
and hold harmless the Issuing Entity, the Trustee, the Indenture Trustee, the
Noteholders, the Certificateholders and the Seller (and any of their officers,
directors, employees and agents) from and against any and all costs, expenses,
losses, damages, claims and liabilities, arising out of or resulting from:

 

(i)            the use, ownership or operation by
the Servicer or any Affiliate thereof of any of the Financed Equipment;

 

(ii)           any taxes that may at any time be
asserted against any such Person with respect to the transactions contemplated
herein, including any sales, gross receipts, general corporation, tangible
personal property, privilege or license taxes (but, in the case of the Issuing
Entity, not including any taxes asserted with respect to, and as of the date
of, the sale of the Receivables to the Issuing Entity or the issuance and original
sale of the Notes and the issuance of the Certificates, or asserted with
respect to ownership of the Receivables, or federal or other income taxes
arising out of distributions on the Certificates or the Notes) and costs and
expenses in defending against the same;

 

(iii)          the negligence, willful misfeasance or
bad faith of the Servicer in the performance of its duties under this Agreement
or by reason of reckless disregard of its obligations and duties under this
Agreement; and

 

(iv)          the Seller’s or the Issuing Entity’s
violation of federal or State securities laws in connection with the offering
or sale of the Notes.

 

(b)         The Servicer shall indemnify, defend
and hold harmless the Trustee and the Indenture Trustee (and their respective
officers, directors, employees and agents) from and against all costs,
expenses, losses, claims, damages and liabilities arising out of or incurred in
connection with the acceptance or performance of the trusts and duties herein
and, in the case of the Trustee, in the Trust Agreement contained, and, in the
case of the Indenture Trustee, in the Indenture contained, except to the extent
that such cost, expense, loss, claim, damage or liability:

 

(i)            shall be due to the willful
misfeasance, bad faith or negligence (except for errors in judgment) of the
Trustee or the Indenture Trustee as applicable; or

 

(ii)           shall arise from the breach by the
Trustee of any of its representations or warranties set forth in Section 7.3 of the Trust Agreement.

 

c)           The Servicer shall pay any and all taxes
levied or assessed upon all or any part of the Trust Estate.

 

28

 

(d)         The Servicer shall pay the Indenture
Trustee and the Trustee from time to time reasonable compensation for all
services rendered by the Indenture Trustee under the Indenture or by the
Trustee under the Trust Agreement (which compensation shall not be limited by
any provision of law in regard to the compensation of a trustee of an express
trust).

 

(e)          The Servicer shall, except as otherwise
expressly provided in the Indenture or the Trust Agreement, reimburse either
the Indenture Trustee or the Trustee, respectively, upon its request for all
reasonable expenses, disbursements and advances incurred or made in accordance
with the Indenture or the Trust Agreement, respectively, (including the
reasonable compensation, expenses and disbursements of its agents and either
in-house counsel or outside counsel, but not both), except any such expense,
disbursement or advance as may be attributable to the Indenture Trustee’s or
the Trustee’s, respectively negligence, bad faith or willful misfeasance.

 

Notwithstanding anything
herein to the contrary, Sections  7.2(a)(ii), (a)(iv), (b), (c), (d) and (e) shall not apply to the Backup
Servicer in its capacity as Successor Servicer. 
For purposes of this Section,
in the event of the termination of the rights and obligations of the Servicer
pursuant to Section 8.1, or
a resignation by the Servicer pursuant to this Agreement, the Servicer shall be
deemed to be the Servicer pending appointment of a Successor Servicer pursuant
to Section 8.2.

 

Indemnification under this Section shall survive the
resignation or removal of the Trustee or the Indenture Trustee or the
termination of this Agreement, the Trust Agreement and the Indenture and shall
include reasonable fees and expenses of counsel and expenses of
litigation.  If the Servicer shall have
made any indemnity payments pursuant to this Section and the Person to or on behalf of whom such
payments are made thereafter collects any of such amounts from others, such
Person shall promptly repay such amounts to the Servicer, without interest.

 

Section 7.3.                 Merger or
Consolidation of, or Assumption of the Obligations of, Servicer.  Any Person: (a) into which the Servicer
may be merged or consolidated, (b) that may result from any merger or
consolidation to which the Servicer shall be a party, (c) that may succeed
to the properties and assets of the Servicer substantially as a whole, or (d) that
is a corporation or limited liability company of which 50% or more of the
voting stock or membership interests, respectively, are owned, directly or
indirectly, by CNH Global N.V. and which assumes the obligations of the
servicer hereunder, which Person (in any of the foregoing circumstances)
executes an agreement of assumption to perform every obligation of the Servicer
hereunder (or is deemed by law to have assumed such obligations), shall be the
successor to the Servicer under this Agreement without further act on the part
of any of the parties to this Agreement; provided,
however, that: (i) immediately after giving effect to such
transaction, no Servicer Default, and no event that, after notice or lapse of
time, or both, would become a Servicer Default shall have occurred and be
continuing, (ii) the Servicer shall have delivered to the Trustee and
Indenture Trustee an Officer’s Certificate and an Opinion of Counsel each
stating that such consolidation, merger or succession, if applicable, and such
agreement of assumption comply with this Section and
that all conditions precedent, if any, provided for in this Agreement relating
to such transaction have been complied with, (iii) the Rating Agencies
shall have received at least ten days’ prior written notice of such transaction
and (iv) the Servicer shall have delivered to the Trustee and the
Indenture Trustee an Opinion of Counsel either: (A) 

 

29

 

stating that, in
the opinion of such counsel, all financing statements, continuation statements
and amendments thereto have been executed and filed that are necessary fully to
preserve and protect the interest of the Trustee and the Indenture Trustee,
respectively, in the Receivables and reciting the details of such filings, or (B) stating
that, in the opinion of such counsel, no such action shall be necessary to
preserve and protect such interests. Notwithstanding anything herein to the
contrary, the execution of the foregoing agreement of assumption and compliance
with clauses (i), (ii), (iii) and
(iv) shall be conditions
to the consummation of the transactions referred to in clauses (a), (b) or (c).

 

Section 7.4.                 Limitation on
Liability of Servicer and Others.  Neither the Servicer nor any of the
directors, officers, employees or agents of the Servicer shall be under any
liability to the Issuing Entity, the Noteholders or the Certificateholders,
except as provided under this Agreement, for any action taken or for refraining
from the taking of any action pursuant to this Agreement or for errors in
judgment; provided, however, that
this provision shall not protect the Servicer or any such Person against any
liability that would otherwise be imposed by reason of willful misfeasance, bad
faith or negligence in the performance of its duties or by reason of reckless
disregard of obligations and duties under this Agreement.  The Servicer and any director, officer,
employee or agent of the Servicer may rely in good faith on the advice of
counsel or on any document of any kind prima facie properly executed and
submitted by any Person respecting any matters arising hereunder.

 

Except as provided in this
Agreement, the Servicer shall not be under any obligation to appear in,
prosecute or defend any legal action that shall not be incidental to its duties
to service the Receivables in accordance with this Agreement, and that in its
opinion may involve it in any expense or liability; provided, however, that the Servicer may undertake any
reasonable action that it may deem necessary or desirable in respect of this
Agreement, the Basic Documents and the rights and duties of the parties to this
Agreement, the Basic  Documents and the
interests of the Certificateholders under the Trust Agreement and the
Noteholders under the Indenture.

 

Section 7.5.                 NH Credit Not
to Resign as Servicer. 
Subject to Section 7.3,
NH Credit shall not resign from the obligations and duties imposed on it as
Servicer under this Agreement except upon determination that the performance of
its duties under this Agreement shall no longer be permissible under applicable
law and such impermissibility cannot be reasonably and promptly cured. Notice
of any such determination shall be communicated to the Trustee, the Backup
Servicer and the Indenture Trustee at the earliest practicable time (and, if such
communication is not in writing, shall be confirmed in writing at the earliest
practicable time) and any such determination shall be evidenced by an Opinion
of Counsel to such effect delivered to the Trustee and the Indenture Trustee
concurrently with or promptly after such notice.  No such resignation shall become effective
until the Indenture Trustee or a Successor Servicer shall have assumed the
responsibilities and obligations of NH Credit in accordance with Section 8.2.

 

Section 7.6.                 Servicer to Act
as Administrator.  In the
event of the resignation or removal of the Administrator and the failure of a
successor Administrator to have been appointed and to have accepted such
appointment as successor Administrator, the Servicer shall become the successor
Administrator and shall be bound by the terms of the Administration
Agreement.  

 

30

 

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

 

ARTICLE VIII

Default

 

Section 8.1.                 Servicer
Default.  If any one of
the following events (a “Servicer Default”)
shall occur and be continuing:

 

(a)         any failure by the Servicer to deliver
to the Indenture Trustee for deposit in any of the Trust Accounts or the
Certificate Distribution Account any required payment or to direct the
Indenture Trustee or the Trustee to make any required distributions therefrom,
which failure continues unremedied for three Business Days after written notice
of such failure is received by the Servicer from the Trustee or the Indenture
Trustee or after discovery of such failure by an officer of the Servicer;

 

(b)         any failure by the Servicer or the
Seller, as the case may be, duly to observe or to perform in any material
respect any other covenants or agreements (other than as set forth in  clause (a)) 
of the Servicer or the Seller (as the case may be) set forth in this
Agreement or any other Basic Document, which failure shall: (i) materially
and adversely affect the rights of Certificateholders or Noteholders and (ii) continue
unremedied for a period of 60 days after the date on which written notice of
such failure, requiring the same to be remedied, shall have been given: (A) to
the Servicer or the Seller (as the case may be) by the Trustee or the Indenture
Trustee or (B) to the Servicer or the Seller (as the case may be) and to
the Trustee and the Indenture Trustee, by the Noteholders or
Certificateholders, as applicable, evidencing not less than 25% of the
Outstanding Amount of the Notes or 25% of the beneficial interest in the
Issuing Entity;

 

(c)          an Insolvency Event occurs with
respect to the Servicer; or

 

(d)         the failure by NH Credit as Servicer to
engage a replacement Backup Servicer within one hundred eighty days after the
date that SST is terminated as Backup Servicer, unless SST is terminated as
Backup Servicer pursuant to Section 2.3
of the Backup Servicing Agreement, in which case a Backup Servicer will no
longer be required, notwithstanding anything in the Basic Documents to the
contrary;

 

then, and in each and every case, so long as the
Servicer Default shall not have been remedied, either the Indenture Trustee, or
the Holders of Notes evidencing not less than 25% of the Outstanding Amount of
the Notes, by notice then given in writing to the Servicer and to any Backup
Servicer that is engaged at that time (and to the Indenture Trustee and the
Trustee if given by the Noteholders), may terminate all the rights and
obligations (other than the obligations set forth in Section 7.2) of the Servicer under this Agreement; provided, however, that the Backup
Servicer, acting as Successor Servicer, may not be terminated for a Servicer
Default set forth in Section 8.1(b) with
respect to the Seller or under Section 8.1(d).  On or after the receipt by the Servicer and
any Backup Servicer of such written notice, all authority and power of the
Servicer under this Agreement, whether with respect to the Notes, the
Certificates, the Receivables or otherwise, shall, without further action, pass
to and be vested in (a) the 

 

31

 

Backup Servicer, or if no Backup Servicer is then
engaged (b) the Indenture Trustee or such Successor Servicer as may be
appointed under Section 8.2;
and, without limitation, the Indenture Trustee and the Trustee are hereby
authorized and empowered to execute and deliver, on behalf of the predecessor
Servicer, as attorney-in-fact or otherwise, any and all documents and other
instruments, and to do or accomplish all other acts or things necessary or
appropriate to effect the termination of the Servicer, whether to complete the
transfer and endorsement of the Receivables and related documents, or
otherwise.  The predecessor Servicer
shall cooperate with the Successor Servicer, the Indenture Trustee and the
Trustee in effecting the termination of the responsibilities and rights of the
predecessor Servicer under this Agreement, including the transfer to the
Successor Servicer for administration by it of: (i) all cash amounts that
shall at the time be held by the predecessor Servicer for deposit, or shall
thereafter be received by it with respect to a Receivable and (ii) all
Receivable Files. All reasonable costs and expenses (including attorneys’ fees)
incurred in connection with such transfer, including the costs of transferring
the Receivable Files to the Successor Servicer and amending this Agreement to
reflect its succession as Servicer, shall be paid by the predecessor Servicer
upon presentation of reasonable documentation of such costs and expenses.  Upon receipt of written notice of the
occurrence of a Servicer Default, the Trustee shall give written notice thereof
to the Rating Agencies.

 

Section 8.2.                 Appointment of
Successor Servicer.  (a) 
Upon the Servicer’s receipt of notice of termination, pursuant to Section 8.1, or the Servicer’s
resignation in accordance with this Agreement, the predecessor Servicer shall
continue to perform its functions as Servicer 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 earlier of: (x) the date
60 days from the delivery to the Trustee and the Indenture Trustee 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
Servicer shall become unable to act as Servicer, as specified in the notice of
resignation and accompanying Opinion of Counsel. In the event of the Servicer’s
termination hereunder, if no Backup Servicer is then engaged, the Issuing
Entity shall appoint a Successor Servicer acceptable to the Indenture Trustee,
and the Successor Servicer shall accept its appointment by a written assumption
in form acceptable to the Indenture Trustee. 
In the event that a Successor Servicer has not been appointed at the
time when the predecessor Servicer has ceased to act as Servicer in accordance
with this Section, the
Indenture Trustee without further action shall automatically be appointed the
Successor Servicer and shall be entitled to the Servicing Fee.  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
servicing of equipment receivables, as the successor to the Servicer under this
Agreement.

 

(b)         Upon appointment, the Successor
Servicer (including the Indenture Trustee acting as Successor Servicer) shall
be the successor in all respects to the predecessor Servicer (except with
respect to responsibilities and obligations of the predecessor Servicer set
forth in Section 7.2) and
shall be subject to all the responsibilities, duties and liabilities arising
thereafter relating thereto placed on the predecessor Servicer and shall be
entitled to the Servicing Fee and all the rights granted to the predecessor
Servicer by this Agreement.  None of the
Backup Servicer, the Indenture Trustee or any other Successor Servicer shall be
deemed to be 

 

32

 

liable for or in breach
of any obligations hereunder due to any act or omission of a predecessor
Servicer, including but not limited to failure of such predecessor Servicer to
timely deliver to the Indenture Trustee any required information pertaining to
the Receivables, any funds required to be deposited with the Indenture Trustee,
or any breach of duty of such predecessor Servicer to cooperate with a transfer
of servicing as required hereunder.  Any
Successor Servicer shall from time to time provide to NH Credit such
information as NH Credit shall reasonably request with respect to the
Receivables and collections thereon.

 

(c)          Subject to the Indenture Trustee’s
right to appoint a Successor Servicer pursuant to the last sentence of clause (a) after
the Indenture Trustee has become Servicer, the Servicer 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, the Backup Servicer
and the Trustee.

 

(d)         Notwithstanding anything else herein to
the contrary, in no event shall the Indenture Trustee be liable for any
transition expenses, servicing fee or for any differential in the amount of the
Servicing Fee paid hereunder and the amount necessary to induce any Successor
Servicer to act as Successor Servicer under this Agreement and the transactions
set forth or provided for herein or be liable for or be required to make any
servicer advances.

 

Section 8.3.                 Notification
to Noteholders and Certificateholders.  Upon any termination of, or appointment of a
successor to, the Servicer pursuant to this 
Article VIII , the Trustee shall give prompt written notice thereof
to the Certificateholders and the Indenture Trustee shall give prompt written
notice thereof to the Noteholders, the Backup Servicer and the Rating Agencies.

 

Section 8.4.                 Waiver of Past
Defaults.  The Noteholders
of Notes evidencing not less than a majority of the Note Balance (or the
Holders of Certificates evidencing not less than 50% of the beneficial interest
in the Issuing Entity, in the case of any default that does not materially and
adversely affect the Indenture Trustee or the Noteholders) may, on behalf of
all the Noteholders and Certificateholders, waive in writing any default by the
Servicer in the performance of its obligations hereunder and its consequences,
except a default in making any required deposits to or payments from any of the
Trust Accounts or the Backup Servicer Account in accordance with this
Agreement.  Upon any such waiver of a
past default, such default shall cease to exist, and any Servicer Default
arising therefrom shall be deemed to have been remedied for every purpose of
this Agreement.  No such waiver shall
extend to any subsequent or other default or impair any right consequent
thereto.

 

ARTICLE IX

Termination

 

Section 9.1.                 Optional
Purchase of All Receivables. 
(a)  As of the first day of any Collection Period immediately
preceding a Payment Date as of which the Pool Balance is 10% or less of the
Initial Pool Balance, CNHCA shall have the option (but no obligation) to
purchase all of the Trust Estate, other than the Trust Accounts.  To exercise such option, CNHCA shall deposit,
pursuant to Section 5.5, in
the Collection Account an amount equal to the aggregate Purchase Amount for the
Receivables plus the value of any other property held by the Trust, 

 

33

 

such value to be
as reasonably determined by CNHCA, and CNHCA shall succeed to all interests in,
to and under the Trust Estate, other than the Trust Accounts; provided that
CNHCA shall not exercise such option unless the amount so deposited, together
with funds on deposit in the Trust Accounts, would be sufficient to pay the
Redemption Price pursuant to Section 10.1(a) of
the Indenture.

 

(b)         Upon any sale of the assets of the
Trust, the Servicer shall instruct the Indenture Trustee to deposit the
proceeds from such sale after all payments and reserves therefrom have been
made (the “Sale Proceeds”) in the
Collection Account.  On the Payment Date,
or, if such proceeds are not so deposited on a Payment Date, on the first
Payment Date following the date on which the Sale Proceeds are deposited in the
Collection Account, the Servicer shall instruct the Indenture Trustee to make
the following payments and deposits (after the application on such Payment Date
of the Total Distribution Amount and funds on deposit in the Spread Account
pursuant to Sections 5.6 and 5.7)
from the Sale Proceeds and any funds remaining on deposit in the Spread Account
(including the proceeds of any sale of investments therein as described in the
following sentence):

 

(i)            first, to pay the Backup Servicer
its accrued and unpaid Backup Servicer Fees;

 

(ii)           second, to pay the Servicer its
accrued and unpaid Servicing Fee;

 

(iii)          third, to the Indenture Trustee for
amounts due under Section 6.7
of the Indenture;

 

(iv)          fourth, to the Administrator, its
accrued and unpaid Administration Fees;

 

(v)           fifth, to the Note Distribution
Account for distribution pursuant to Section 8.2(e) of
the Indenture to the extent of all amounts payable under such Section, other than any amounts that would
be deposited into the Certificate Distribution Account under such  Section;

 

(vi)          sixth, first, to the Backup Servicer,
to cover any accrued and unpaid reimbursable expenses (including the Backup
Servicer Expenses) to the extent unreimbursed after application of Section 4.12 of the Sale and
Servicing Agreement and second to the Servicer, to cover any accrued and unpaid
reimbursable expenses; and

 

(vii)         seventh, to the Issuing Entity for
distribution to the Certificateholders.

 

Any investments on deposit
in the Spread Account that will not mature on or before such Payment Date shall
be sold by the Indenture Trustee at such time as will result in the Indenture
Trustee receiving the proceeds from such sale not later than the Transfer Date
preceding such Payment Date.

 

(c)          As described in Article IX of the
Trust Agreement, once CNHCA has made its determination to make the purchase
described under Section 9.1(a) (the “Clean-Up

 

34

 

Call”), the Servicer
shall send notice of the anticipated dissolution of the Trust to the Trustee
and the Backup Servicer as soon as practicable after the Servicer has received
notice of the Clean-Up Call.

 

(d)         Following the satisfaction and
discharge of the Indenture and the payment in full of the principal of and
interest on the Notes, the Certificateholders will succeed to the rights of the
Noteholders hereunder and the Trustee will succeed to the rights of, and assume
the obligations of, the Indenture Trustee pursuant to this Agreement.

 

ARTICLE X

Miscellaneous
Provisions

 

Section 10.1.               Amendment.  Any term or provisions of this Agreement may
be amended by the Issuing Entity, the Seller and the Servicer without the
consent of the Indenture Trustee, any Certificateholder, any Noteholder, the
Trustee or any other Person (other than the written consent of the Backup
Servicer, such consent not to be unreasonably withheld) subject to the
satisfaction of one of the following conditions:

 

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

 

(ii)           the Seller and the Servicer deliver
an Officer’s Certificate of the Seller and Servicer, 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.

 

This Agreement may also be
amended from time to time by the Seller, the Servicer and the Issuing Entity,
with the written consent of the Indenture Trustee, but without the consent of
any of the Noteholders or the Certificateholders, to: (x) replace the
Spread Account with another form of credit enhancement as long as such
substitution will not result in a reduction or withdrawal of the rating of any Class of
the Notes or (y) add credit enhancement for the benefit of any Class of
the Notes.

 

This Agreement may also be
amended from time to time by the Seller, the Servicer and the Issuing Entity,
with the written consent of (a) the Indenture Trustee, (b) Noteholders
holding Notes evidencing not less than a majority of the Note Balance, (c) the
Holders of Certificates evidencing not less than 50% of the beneficial interest
in the Trust, and (d) the Backup Servicer, such consent not to be
unreasonably withheld, for the purpose of adding any provisions to or changing
in any manner or eliminating any of the provisions of this Agreement or of
modifying in any manner the rights of the Noteholders or the
Certificateholders; provided, however,
that no such amendment shall: (a) reduce the interest rate or principal of
any Note or Certificate, or delay the Class Final Scheduled Maturity Date
of any Note or (b) reduce the aforesaid 

 

35

 

percentage
of the Notes and the 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.

 

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

 

It shall not be necessary
for the consent of 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.

 

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

 

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 Seller, and the Servicer
without the consent of any of the Noteholders, Certificateholders, the Issuing
Entity, the Indenture Trustee or any other Person (other than the written
consent of the Backup Servicer, such consent not to be unreasonably withheld)
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.

 

Notwithstanding anything to
the contrary herein or in the Basic Documents, the Seller, the Servicer and the
Originator may enter into, deliver and perform any agreements, documents and
certificates in connection with a sale of the Class B Notes on or after
the Closing Date without notice to, or the consent of, any Noteholders,
Certificateholders or any other Person, and without satisfaction of a Rating
Agency Condition or any other conditions. 
The Issuing Entity, Indenture Trustee, Backup Servicer, and the Trustee
may enter into, deliver and perform any agreements, documents and certificates
in connection with such sale of the Class B Notes without notice to, or
the consent of, any Noteholders, Certificateholders or any other Person, and
without satisfaction of a Rating Agency Condition (unless satisfaction of the
Rating Agency Condition is required due to reliance on clause (ii) below)
or any other conditions, so long as the Seller (i) delivers an Officer’s
Certificate of the Seller to the Indenture Trustee to the effect that such
agreements, documents and/or certificates will not materially and adversely
affect the interests of the Noteholders or the Certificateholders (it being
agreed hereunder that the officer delivering such Officer’s Certificate may
assume therein that an entity making as of such sale date representations in
such agreements, documents or certificates that were also made in the Basic
Documents as of the Closing Date do not materially and adversely affect the
interests of the Noteholders and/or Certificateholders) or (ii) satisfies
the Rating Agency Condition.

 

36

 

Section 10.2.               Protection of
Title to Trust.  (a) 
The Seller shall execute and file such financing statements, and cause to be
executed and filed such continuation statements, all in such manner and in such
places as may be required by applicable law fully to preserve, maintain and
protect the right, title and interest of the Issuing Entity and the interests
of the Indenture Trustee in the Receivables, the other property sold hereunder
and in the proceeds thereof.  The Seller
shall deliver (or cause to be delivered) to the Trustee and the Indenture
Trustee file-stamped copies of, or filing receipts for, any document filed as
provided above as soon as available following such filing.  The Issuing Entity and the Indenture Trustee
shall cooperate fully with the Seller in connection with the obligations set
forth above and will execute any and all documents reasonably required to
fulfill the intent of this paragraph.

 

(b)         Neither the Seller nor the Servicer
shall change its name, identity or organizational structure in any manner 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 and shall give the
Trustee and the Indenture Trustee notice thereof no later than 10 days after
the effective date thereof and shall promptly file appropriate amendments to all
previously filed financing statements or continuation statements.

 

(c)          Each of the Seller and the Servicer
shall have an obligation to give the Trustee and the Indenture Trustee notice
within 15 days after (and, in any case, no later than 10 days after the
effective date thereof) of any relocation of its principal executive office or
its “location” as defined in Section 9-307 of the UCC and if, as a result
of such relocation, the applicable provisions of the UCC would require the
filing of any amendment of any previously filed financing or continuation
statement or of any new financing statement and shall promptly file any such
amendment. The Servicer shall at all times maintain each office from which it
shall service Receivables, and its “location” (as defined in Section 9-307
of the UCC), within the United States of America.

 

(d)         The Servicer shall maintain accounts
and records as to each Receivable accurately and in sufficient detail to
permit: (i) the reader thereof to know at any time the status of such
Receivable, including payments and recoveries made and payments owing (and the
nature of each) and (ii) reconciliation between payments or recoveries on
(or with respect to) each Receivable and the amounts from time to time
deposited in the Collection Account in respect of such Receivable.

 

(e)          The Servicer shall maintain its
computer systems so that, from and after the time of sale under this Agreement
of the Receivables, the Servicer’s master computer records (including any
backup archives) that refer to a Receivable shall indicate clearly the interest
of the Issuing Entity and the Indenture Trustee in such Receivable and that
such Receivable is owned by the Issuing Entity and has been pledged to The Bank
of New York Mellon Trust Company, N.A., as Indenture Trustee. Indication of the
Issuing Entity’s and the Indenture Trustee’s interest in a Receivable may be
deleted from or modified on the Servicer’s computer systems when, and only
when, the related Receivable shall have been paid in full or repurchased or
purchased by the Servicer, or otherwise transferred to the Servicer or CNHCA
pursuant to Section 4.3 hereof.

 

37

 

(f)          If at any time the Seller or the
Servicer shall propose to sell, grant a security interest in, or otherwise
transfer any interest in equipment receivables to any prospective purchaser,
lender or other transferee, the Servicer shall give to such prospective
purchaser, lender or other transferee computer tapes, records or printouts
(including any restored from backup archives) that, if they shall refer in any
manner whatsoever to any Receivable, shall indicate clearly that such
Receivable has been sold and is owned by the Issuing Entity and has been
pledged to the Indenture Trustee.  From
and after the date of this Agreement, the Servicer 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 (other than
Reacquired Receivables).

 

(g)          The Servicer shall permit the
Indenture Trustee and its agents at any time during normal business hours to
inspect, audit and make copies of and abstracts from the Servicer’s records
regarding any Receivable.  The Indenture
Trustee and its agents shall give reasonable notice of any such inspection or
audit and such inspection shall be conducted in a manner that does not cause
undue disruption or interference with the Servicer’s business.

 

(h)         Upon request, the Servicer shall
furnish to the Trustee or to the Indenture Trustee, within five Business Days,
a list of all Receivables (by contract number and name of Obligor) then held as
part of the Trust, together with a reconciliation of such list to the Schedule
of Receivables and to each of the Servicer’s Certificates furnished before such
request indicating removal of Receivables from the Trust.

 

(i)           The Servicer shall deliver to the
Trustee and the Indenture Trustee:

 

(1)           promptly after the execution and
delivery of this Agreement, an Opinion of Counsel either: (A) stating
that, in the opinion of such counsel, all financing statements and continuation
statements have been executed and filed that are necessary fully to preserve
and protect the interest of the Trustee and the Indenture Trustee in the
Receivables, and reciting the details of such filings or referring to prior
Opinions of Counsel in which such details are given, or (B) stating that,
in the opinion of such counsel, no such action shall be necessary to preserve
and protect such interest; and

 

(2)           within 90 days after the beginning of
each calendar year beginning with the first calendar year beginning more than
three months after the Cutoff Date, an Opinion of Counsel, dated as of a date
during such 90-day period, either: (A) stating that, in the opinion of
such counsel, all financing statements and continuation statements have been
executed and filed that are necessary fully to preserve and protect the
interest of the Trustee and the Indenture Trustee in the Receivables, and
reciting the details of such filings or referring to prior Opinions of Counsel
in which such details are given, or (B) stating that, in the opinion of
such counsel, no such action shall be necessary to preserve and protect such
interest.

 

Each Opinion of Counsel
referred to in clause (1) or (2) shall specify any action necessary
(as of the date of such opinion) to be taken in the following year to preserve
and protect such interest.

 

38

 

(j)          The Seller shall, to the extent
required by applicable law, cause the Certificates and the Notes to be
registered with the Commission pursuant to Section 12(b) or Section 12(g) of
the Exchange Act within the time periods specified in such sections.

 

(k)         If the Backup Servicer is acting as the
Successor Servicer, it shall be reimbursed pursuant to Section 5.6(b)(xi) for any costs
incurred by it in performing its duties pursuant to this Section.

 

Section 10.3.               Notices.  All demands, notices, directions,
instructions and communications upon or to the Seller, the Servicer, the
Issuing Entity, the Trustee, the Indenture Trustee or the Rating Agencies 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 the Seller, to CNH Capital Receivables LLC, 6900 Veterans
Boulevard, Burr Ridge, Illinois 60527, Attention: Assistant Treasurer,
(telephone: (630) 887-2095) (facsimile: (630) 887-5448), (b) in the case
of the Servicer, to New Holland Credit Company, LLC, 100 Brubaker Avenue, New
Holland, Pennsylvania 17557, Attention: Finance Manager (telephone (717)
355-3091) (facsimile: (630) 887-5448); with a copy to:  New Holland Credit Company, LLC, 6900
Veterans Boulevard, Burr Ridge, Illinois 60527, Attention: Assistant Treasurer,
(facsimile: (630) 887-5448), (c) in the case of the Issuing Entity or the
Trustee, at the Trustee’s Corporate Trust Office, (d) in the case of the
Indenture Trustee, at its Corporate Trust Office, (e) in the case of Moody’s,
to Moody’s Investors Service, Inc., ABS Monitoring Department, 7 World
Trade Center, 250 Greenwich Street, New York, New York 10007, (f) in the
case of Standard & Poor’s, to Standard & Poor’s Ratings
Services, a division of McGraw-Hill Companies, Inc., 55 Water Street, New
York, New York 10041, Attention: Asset Backed Surveillance Department, and (g) in
the case of Fitch, to Fitch, Inc., 70 West Madison Street, Suite 11,
Chicago, Illinois 60602, Attention: ABS Monitoring — Equipment Loans.

 

Section 10.4.               Assignment.  Notwithstanding anything to the contrary
contained herein, except as provided in Sections
5.7, 6.4 and 7.3 and
as provided in the provisions of this Agreement concerning the resignation of
the Servicer, this Agreement may not be assigned by the Seller or the Servicer,
except that the Seller may assign any or all of its rights to payment under
this Agreement.

 

Section 10.5.               Limitations on
Rights of Others.  The
provisions of this Agreement are solely for the benefit of the Seller, the
Servicer, the Backup Servicer, the Issuing Entity, the Trustee, the
Certificateholders, the Indenture Trustee and the Noteholders, and nothing in
this Agreement, whether express or implied, shall be construed to give to any
other Person any legal or equitable right, remedy or claim in the Trust Estate
or under or in respect of this Agreement or any covenants, conditions or
provisions contained herein.

 

Section 10.6.               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.

 

39

 

Section 10.7.               Separate
Counterparts.  This
Agreement may be executed by the parties hereto in separate counterparts, each
of which when so executed and delivered shall be an original, but all such
counterparts shall together constitute but one and the same instrument.

 

Section 10.8.               Headings.  The headings of the various Articles and
Sections herein are for convenience of reference only and shall not define or
limit any of the terms or provisions hereof.

 

Section 10.9.               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.

 

Section 10.10.             Assignment to
Indenture Trustee.  The
Seller hereby acknowledges and consents to any mortgage, pledge, assignment and
grant of a security interest by the Issuing Entity to the Indenture Trustee
pursuant to the Indenture for the benefit of the Noteholders of all right,
title and interest of the Issuing Entity in, to and under the Receivables
and/or the assignment of any or all of the Issuing Entity’s rights and
obligations hereunder to the Indenture Trustee, 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 the
Issuing Entity.

 

Section 10.11.             Nonpetition
Covenants.  (a) 
Notwithstanding any prior termination of this Agreement, the Servicer and the
Seller shall not, prior to the date that is one year and one day after the
termination of this Agreement, with respect to the Issuing Entity, acquiesce,
petition or otherwise invoke or cause the Issuing Entity to invoke the process
of any court or governmental authority for the purpose of commencing or
sustaining a case against the Issuing Entity under any federal or State
bankruptcy, insolvency or similar law or appointing a receiver, liquidator,
assignee, trustee, custodian, sequestrator or other similar official of the
Issuing Entity or any substantial part of its property, or ordering the winding
up or liquidation of the affairs of the Issuing Entity. The foregoing shall not
limit the right of the Servicer and the Seller to file any claim in or
otherwise take any action with respect to any such insolvency proceeding that
was instituted against the Issuing Entity by any Person other than the Servicer
or the Seller.

 

(b)         Notwithstanding any prior termination
of this Agreement, the Servicer shall not, prior to the date that is one year
and one day after the termination of this Agreement, with respect to the
Seller, acquiesce, petition or otherwise invoke or cause the Seller to invoke
the process of any court or governmental authority for the purpose of
commencing or sustaining a case against the Seller under any federal or State
bankruptcy, insolvency or similar law or appointing a receiver, liquidator,
assignee, trustee, custodian, sequestrator or other similar official of the
Seller or any substantial part of its property, or ordering the winding up or
liquidation of the affairs of the Seller. The foregoing shall not limit the
right of the Servicer to file any claim in or otherwise take any action with
respect to any such insolvency proceeding that was instituted against the
Seller by any Person other than the Servicer.

 

Section 10.12.             Limitation of
Liability of Trustee and Indenture Trustee.  (a)  Notwithstanding anything
contained herein to the contrary, this Agreement has been countersigned by
Wilmington Trust Company, not in its individual capacity but solely in its 

 

40

 

capacity as
Trustee of the Issuing Entity, and in no event shall Wilmington Trust Company,
in its individual capacity or any beneficial owner of the Issuing Entity have
any liability for the representations, warranties, covenants, agreements or
other obligations of the Issuing Entity hereunder 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.

 

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

 

Section 10.13.             Conditions
Precedent to Other Financing Transactions.  The Seller shall not enter into any
receivables sale or other financing transaction unless either the appropriate
documents relating thereto contain provisions substantially to the effect set
out in Sections 11.17 and 11.19
of the Indenture or such transaction otherwise shall have satisfied the Rating
Agency Condition.

 

Section 10.14.             Information
Requests.  The parties hereto
shall provide any information reasonably requested by the Servicer, the Issuing
Entity or the Seller 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.

 

Section 10.15.             Information
to Be Provided by the Indenture Trustee.

 

(a)         For so long as the Issuing Entity is
required to report under the Exchange Act, the Indenture Trustee shall (i) on
or before the fifth Business Day of each month, provide to the Seller, in
writing, such information regarding the Indenture Trustee as is requested by
the Seller for the purpose of compliance with Item 1117 of Regulation AB; provided, however,
that the Indenture Trustee shall not be required to provide such information in
the event that there has been no change to the information previously provided
by the Indenture Trustee to Seller, and (ii) as promptly as practicable
following notice to or discovery by a Responsible Officer of the Indenture
Trustee of any changes to such information, provide to the Seller, in writing,
such updated information.

 

(b)         As soon as available but no later than March 15
of each calendar year for so long as the Issuing Entity is required to report
under the Exchange Act, commencing in 2011, the Indenture Trustee shall:

 

(i)            deliver to the Seller a report
regarding the Indenture Trustee’s assessment of compliance with the Servicing
Criteria during the immediately preceding calendar year, as required under
paragraph (b) of Rule 13a-18, Rule 15d-18 of the Exchange Act
and Item 1122 of Regulation AB. 
Such report shall be signed by an authorized officer of the Indenture
Trustee, and shall address each of the Servicing 

 

41

 

Criteria specified in Exhibit H
or such criteria as mutually agreed upon by the Seller and the Indenture
Trustee;

 

(ii)           deliver to the Seller a report of a
registered public accounting firm that attests to, and reports on, the
assessment of compliance made by the Indenture Trustee and delivered pursuant
to the preceding paragraph. Such attestation shall be in accordance with Rules 1-02(a)(3) and
2-02(g) of Regulation S-X under the Securities Act and the Exchange Act;

 

(iii)          deliver to the Seller and any other
Person that will be responsible for signing the certification required by Rules 13a-14(d) and
15d-14(d) under the Exchange Act (pursuant to Section 302 of the
Sarbanes-Oxley Act of 2002) (a “Sarbanes
Certification”) on behalf of the Issuer or the Seller a
certification substantially in the form attached hereto as Exhibit I or such form as mutually
agreed upon by the Seller and the Indenture Trustee; and

 

(iv)          notify the Seller in writing of any
affiliations or relationships (as described in Item 1119 of Regulation AB)
between the Indenture Trustee and any item 1119 Party, provided,
that no such notification need be made if the affiliations or relationships are
unchanged from those provided in the notification in the prior calendar year.

The Indenture Trustee
acknowledges that the parties identified in clause
(iii) above may rely on the certification provided by the
Indenture Trustee pursuant to such clause in signing a Sarbanes Certification
and filing such with the Commission.

 

Section 10.16.             Form 8-K
Filings.  So long as the
Seller is filing Exchange Act Reports with respect to the Issuer, the Indenture
Trustee shall promptly notify the Seller, but in no event later than one (1) Business
Day after its occurrence, of any Reportable Event of which a Responsible
Officer of the Indenture Trustee has actual knowledge (other than a Reportable
Event described in clause (a) or (b) of the definition thereof as to
which the Seller or the Servicer has actual knowledge).

 

Section 10.17.             Indemnification.  (a) The Bank of New York Mellon Trust
Company, N.A. shall indemnify the Seller, each Affiliate of the Seller and each
Person who controls any of such parties (within the meaning of Section 15
of the Securities Act and Section 20 of the Exchange Act) and the
respective present and former directors, officers, employees and agents of each
of the foregoing, and shall hold each of them harmless from and against any
losses, damages, penalties, fines, forfeitures, legal fees and expenses and
related costs, judgments, and any other costs, fees and expenses that any of
them may sustain arising out of or based upon:

 

(1)           (A) any untrue statement of a
material fact contained in the Servicing Criteria assessment and any other
information required to be provided by The Bank of New York Mellon Trust
Company, N.A. to the Seller or its affiliates under Section 10.15
(excluding clause (b)(ii) of Section 10.15),
10.16 (such information, together with
the BNYTC Information as defined in the Certificate of The Bank of New York
Mellon Trust Company, N.A. attached hereto as Exhibit J,
the “Provided 

 

42

 

Information”), or (B) the omission or alleged
omission to state in the Provided Information a material fact required to be
stated in the Provided Information, or necessary in order to make the
statements therein, in the light of the circumstances under which they were
made, not misleading; provided, by
way of clarification, that clause (B) of this paragraph shall be construed
solely by reference to the related information and not to any other information
communicated in connection with a sale or purchase of securities, without
regard to whether the Provided Information or any portion thereof is presented
together with or separately from such other information; or

 

(2)           any failure by The Bank of New York
Mellon Trust Company, N.A. to deliver any Servicing Criteria assessment,
information, report, certification, accountants’ letter or other material when
and as required under Sections 10.15 and 10.16;

 

(b)         In the case of any failure of
performance described in clause (a)(2) of this Section, The Bank of New
York Mellon Trust Company, N.A. shall promptly reimburse the Seller for all
costs reasonably incurred in order to obtain the information, report,
certification, accountants’ letter or other material not delivered as required
by The Bank of New York Mellon Trust Company, N.A.

 

Notwithstanding anything to
the contrary contained herein, in no event shall The Bank of New York Mellon
Trust Company, N.A. be liable for special, indirect or consequential damages of
any kind whatsoever, including but not limited to lost profits, even if The
Bank of New York Mellon Trust Company, N.A. has been advised of the likelihood
of such loss or damage and regardless of the form of action.

 

(c)          The Seller agrees to indemnify and
hold harmless, The Bank of New York Mellon Trust Company, N.A. and its
officers, directors, shareholders, employees, agents and each Person, if any,
who controls The Bank of New York Mellon Trust Company, N.A. within the meaning
of either Section 15 of the Securities Act or Section 20 of the
Securities Exchange Act from and against, any and all claims, losses,
liabilities, actions, suits, judgments demands, damages, costs or expenses
(including reasonable fees and expenses of attorneys) of any nature resulting
from or directly related to (i) any untrue statement of a material fact
contained under the heading “Depositor” in the base prospectus contained in the
Preliminary Prospectus or the Prospectus, or (ii) any omission or alleged
omission to state therein a material fact required to be stated under the
heading “Depositor” in the base prospectus contained in the Preliminary
Prospectus, the Prospectus or necessary to make the statements under the
heading “Depositor” in the base prospectus contained in the Preliminary
Prospectus or the Prospectus, in the light of the circumstances in which they
were made, not misleading, to the extent that such untrue statement or alleged
untrue statement or omission or alleged omission relates to information set
forth under the heading “Depositor” in the base prospectus contained in the
Preliminary Prospectus or the Prospectus.

 

Notwithstanding anything to
the contrary contained herein, in no event shall the Seller be liable for
special, indirect or consequential damages of any kind whatsoever, including
but not limited to lost profits, even if the Seller has been advised of the
likelihood of such loss or damage and regardless of the form of action.

 

43

 

(signature page follows)

 

44

 

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

 

	
   

  	
  CNH EQUIPMENT TRUST
  2010-A

  
	
   

  	
   

  
	
   

  	
  By:

  	
  Wilmington Trust
  Company,

  
	
   

  	
   

  	
  not in its individual
  capacity, but

  
	
   

  	
   

  	
  solely as Trustee of
  the Trust

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Dorri Costello

  
	
   

  	
   

  	
  Name:

  	
  Dorri Costello

  
	
   

  	
   

  	
  Title: 

  	
  Financial Services Officer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  CNH CAPITAL RECEIVABLES
  LLC

  
	
   

  	
  as Seller

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Thomas N. Beckmann

  
	
   

  	
   

  	
  Name:

  	
  Thomas N. Beckmann

  
	
   

  	
   

  	
  Title: 

  	
  Assistant Treasurer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  NEW HOLLAND CREDIT
  COMPANY, LLC

  
	
   

  	
  as Servicer

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Thomas N. Beckmann

  
	
   

  	
   

  	
  Name: 

  	
  Thomas N. Beckmann

  
	
   

  	
   

  	
  Title: 

  	
  Assistant Treasurer

  
	
  Acknowledged and
  Accepted:

  	
   

  
	
   

  	
   

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

  	
   

  
	
    not in its
  individual capacity

  	
   

  
	
    but solely
  as Indenture Trustee

  	
   

  
	
   

  	
   

  
	
  By:

  	
  /s/ Robert Castle

  	
   

  
	
   

  	
  Name:

  	
  Robert Castle

  	
   

  
	
   

  	
  Title:

  	
  Vice President

  	
   

  

 

 

EXHIBIT
A

to Sale and
Servicing Agreement

 

[RESERVED]

 

A-1

 

EXHIBIT
B

to Sale and
Servicing Agreement

 

[RESERVED]

 

B-1

 

EXHIBIT
C

to Sale and
Servicing Agreement

 

FORM OF SERVICER’S CERTIFICATE

 

Wilmington Trust Company

Rodney Square North,

1100 North Market Street,

Wilmington, Delaware
19890,

Attention: Corporate
Trust Administration

 

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

2 North LaSalle Street

Suite 1020

Chicago, Illinois 60602

	
  Telephone:

  	
  (312) 827-8500

  
	
  Facsimile:

  	
  (312) 827-8562

  
	
  Attention:

  	
  Structured Finance-ABS

  

 

CNH Capital Receivables
LLC

6900 Veterans Boulevard

Burr Ridge, Illinois  60527

Attention:  Assistant Treasurer

 

Fitch, Inc.

70 West Madison Street

Suite 11

Chicago, Illinois  60602

Attention:  ABS Monitoring — Equipment Loans

 

Moody’s Investors Service, Inc.

ABS Monitoring Department

7 World Trade Center

250 Greenwich Street

New York, New York  10007

 

Standard & Poor’s
Ratings Services, 

a division of McGraw-Hill Companies, Inc.

55 Water Street

New York, New York  10041

Attention:  Asset Backed Surveillance Department

 

Systems &
Services Technologies, Inc.

4315 Pickett Road

St. Joseph, Missouri  64503

Attention:  Jonathan Pike

 

C-1

 

CNH Equipment Trust 2010-A

 

$268,750,000 Class A-1
0.35377% Asset Backed Notes due April 15, 2011

 

$172,000,000 Class A-2
0.81% Asset Backed Notes due August 15, 2012

 

$396,000,000 Class A-3
1.54% Asset Backed Notes due July 15, 2014

 

$205,210,000 Class A-4
2.49% Asset Backed Notes due January 15, 2016

 

$32,224,000 Class B 4.04% Asset Backed Notes due September 15, 2016

 

Asset Backed Certificate

 

Please contact [                ]
at [      ]-[      ]-[        ]
with any questions regarding this report or email abs@cnh.com

 

For additional information
consult http://investors.cnh.com

 

	
   

  	
   

  	
  Cutoff Date

  	
   

  	
   

  	
   

  	
  [         ]

  	
   

  
	
   

  	
   

  	
  Date Added

  	
   

  	
   

  	
   

  	
  [         ]

  	
   

  	
  [         ]

  	
   

  	
  [         ]

  	
   

  	
  [         ]

  	
   

  
	
   

  	
   

  	
  Pool

  	
   

  	
  Period

  	
   

  	
  Pool 1

  	
   

  	
  Pool 2

  	
   

  	
  Pool 3

  	
   

  	
  Pool 4

  	
   

  
	
   

  	
   

  	
  Scheduled Cashflows

  	
   

  	
  0

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  1

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  2

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  3

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  4

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  5

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  6

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  7

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  8

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  9

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  10

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  11

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  12

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  13

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  14

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  15

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  16

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  17

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  18

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  19

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  20

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  21

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  22

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  23

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  24

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  25

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  26

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  27

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  28

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  29

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  30

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  31

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  32

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

C-2

 

	
   

  	
   

  	
   

  	
   

  	
  33

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  34

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  35

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  36

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  37

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  38

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  39

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  40

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  41

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  42

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  43

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  44

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  45

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  46

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  47

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  48

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  49

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  50

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  51

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  52

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  53

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  54

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  55

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  56

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  57

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  58

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  59

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  60

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  61

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  62

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  63

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  64

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  65

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  66

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  67

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  68

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  69

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  70

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  71

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  72

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  73

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  74

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  75

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  76

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  77

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  78

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Total Amount of Scheduled Cashflow

  	
   

  	
   

  	
   

  	
  Total

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Discount Rate

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Beginning Contract Value

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Scheduled Contract Value Decline

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Unscheduled Contract Value Decline

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Additional Contract Value Added

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Ending Contract Value

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

C-3

 

1

 

CNH Equipment Trust 2010-A

 

$268,750,000 Class A-1
0.35377% Asset Backed Notes due April 15, 2011

 

$172,000,000 Class A-2
0.81% Asset Backed Notes due August 15, 2012

 

$396,000,000 Class A-3
1.54% Asset Backed Notes due July 15, 2014

 

$205,210,000 Class A-4
2.49% Asset Backed Notes due January 15, 2016

 

$32,224,000 Class B 4.04% Asset Backed Notes due September 15, 2016

 

Asset Backed Certificate

 

Dated Date (30/360)

Dated Date (act/360)

Scheduled Payment Date

Actual Payment Date

Days in accrual period (30/360)

Days in accrual period (act/360)

Note Distribution Account deposit

Certificate Distribution Account deposit

First Principal Payment Amount

Note Monthly Principal Distributable Amount

Turbo Principal Payment Amount

Spread Account Deposit

Amount required to be deposited into the Collection
Account during the calendar month

Amounts to be paid to Backup Servicer as successor
servicer to reimburse liquidation expenses

 

Collateral Summary

Wtd. Average Discount Rate

Beginning Contract Value

Scheduled Contract Value Decline

Unscheduled Contract Value Decline

Additional Contract Value Purchased

Ending Contract Value

 

Total Beginning Balance (Pool Balance)

Pool Balance as of end of last day of preceding
Collection Period

Total Ending Balance (Pool Balance)

 

Purchase Amount of Receivables purchased due to
Modification Purchase Events in the related Collection Period

Purchase Amount of all other purchases and
repurchases in the related Collection Period

 

Collections and Reinvestment Income

Receipts During the period (net of servicer’s
liquidation expenses)

 

Warranty Repurchases

Contracts deferred beyond Final Scheduled Maturity
Date

Government obligors

 

C-4

 

Total Warranty Repurchases

 

Total Collections For The Period

 

Reinvestment Income

 

Total Collections + Reinvestment Income For The
Period

 

Other—Back-Up Servicing Account Investment Earnings

 

2

 

CNH Equipment Trust 2010-A

 

$268,750,000 Class A-1
0.35377% Asset Backed Notes due April 15, 2011

 

$172,000,000 Class A-2
0.81% Asset Backed Notes due August 15, 2012

 

$396,000,000 Class A-3
1.54% Asset Backed Notes due July 15, 2014

 

$205,210,000 Class A-4
2.49% Asset Backed Notes due January 15, 2016

 

$32,224,000 Class B 4.04% Asset Backed Notes due September 15, 2016

 

Asset Backed Certificate

 

Actual Payment Date  

 

	
   

  	
   

  	
  General

  	
   

  	
  Party Receiving

  	
   

  
	
   

  	
   

  	
  Purpose of

  	
   

  	
  Fee or Expense

  	
   

  
	
  Calculation
  of Distributable Amounts

  	
   

  	
  Fee or Expense

  	
   

  	
  Amount

  	
   

  
	
  Backup Servicer Engaged?

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Current Backup Servicing Fee Due

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Past Due Backup Servicing Fee

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Total Backup Servicing Fee Due

  	
   

  	
  Provide for backup servicer

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  CNH or [backup servicer]?

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Current Servicing Fee Due

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Past Due Servicing Fee

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Total Servicing Fee Due

  	
   

  	
  Provide for servicer as required

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Current Administration Fee Due

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Past Due Administration Fee

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Total Administration Fee Due

  	
   

  	
  Provide for trust administrator

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Reimburseable Expenses of the Backup Servicer Due

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Past Due Reimburseable Expenses of the Backup Servicer

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Total Reimburseable Expenses of the Backup Servicer Due

  	
   

  	
  To cover expenses of backup servicer

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Reimburseable Expenses of the Servicer Due

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Past Due Reimburseable Expenses of the Servicer

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Total Reimburseable Expenses of the Servicer Due

  	
   

  	
  To cover expenses of servicer

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Total Principal Balance of Notes (Beginning of Period)

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

C-5

 

	
  A-1 notes Beginning Principal balance

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-2 notes Beginning Principal balance

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-3 notes Beginning Principal balance

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-4 notes Beginning Principal balance

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Class B notes Beginning Principal balance

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

	
   

  	
   

  	
   

  	
   

  	
  Coupon/

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Type

  	
   

  	
  Spread

  	
   

  	
  Coupon

  	
   

  	
  Daycount

  	
   

  
	
  A-1 notes Current Interest Due

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-2 notes Current Interest Due

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-3 notes Current Interest Due

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-4 notes Current Interest Due

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Class B notes Current Interest Due

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-1 notes Past Due Interest

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-2 notes Past Due Interest

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-3 notes Past Due Interest

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-4 notes Past Due Interest

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Class B notes Past Due Interest

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-1 notes Interest Due on Past Due Interest

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-2 notes Interest Due on Past Due Interest

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-3 notes Interest Due on Past Due Interest

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-4 notes Interest Due on Past Due Interest

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Class B notes Interest Due on Past Due Interest

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-1 notes Total Interest Due

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-2 notes Total Interest Due

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-3 notes Total Interest Due

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-4 notes Total Interest Due

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Class B notes Total Interest Due

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-1 notes Principal Due

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-2 notes Principal Due

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-3 notes Principal Due

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-4 notes Principal Due

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Class B notes Principal Due

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Total notes Interest Due

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

3

 

	
  Total notes Principal Due

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Termination Payment Due

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Total notes Distributable
  Amount

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

4

 

C-6

 

CNH Equipment Trust 2010-A

 

$268,750,000 Class A-1
0.35377% Asset Backed Notes due April 15, 2011

 

$172,000,000 Class A-2
0.81% Asset Backed Notes due August 15, 2012

 

$396,000,000 Class A-3
1.54% Asset Backed Notes due July 15, 2014

 

$205,210,000 Class A-4
2.49% Asset Backed Notes due January 15, 2016

 

$32,224,000 Class B 4.04% Asset Backed Notes due September 15, 2016

 

Asset Backed Certificate

 

Actual Payment Date

 

Cash Available for Distribution

Total Collections + Reinvestment Income For The
Period

 

Beginning Spread Account Balance

Deposits from Spread Account to Distribution Account

 

Total Cash Available

 

	
   

  	
   

  	
  Available

  	
   

  
	
  Cash
  Allocation (Cashflow Waterfall)

  	
   

  	
  Cash

  	
   

  
	
  Backup Servicing Fee Paid

  (Expressed as a dollar amount per $1,000 of original principal balance of a
  Note)

  	
   

  	
   

  	
   

  
	
  Backup Servicing Fee Shortfall

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Servicing Fee Paid

  (Expressed as a dollar amount per $1,000 of original principal balance of a
  Note)

  	
   

  	
   

  	
   

  
	
  Servicing Fee Shortfall

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Administration Fee Paid

  (Expressed as a dollar amount per $1,000 of original principal balance of a
  Note)

  	
   

  	
   

  	
   

  
	
  Administration Fee Shortfall

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Remaining Cash Available to Pay Note Interest

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Cash Available to Pay Note Interest

  	
   

  	
   

  	
   

  
	
  Cash Available to Pay Termination Payment

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Class A-1 notes Interest Paid

  (Expressed as a dollar amount per $1,000 of original principal balance of a
  Note)

  	
   

  	
   

  	
   

  
	
  Class A-2 notes Interest Paid

  (Expressed as a dollar amount per $1,000 of original principal balance of a
  Note)

  	
   

  	
   

  	
   

  
	
  Class A-3 notes Interest Paid

  (Expressed as a dollar amount per $1,000 of original principal balance of a
  Note)

  	
   

  	
   

  	
   

  
	
  Class A-4 notes Interest Paid

  (Expressed as a dollar amount per $1,000 of original principal balance of a
  Note)

  	
   

  	
   

  	
   

  
	
  Class B notes Interest Paid

  (Expressed as a dollar amount per $1,000 of original principal balance of a
  Note)

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Class A-1 notes Interest Shortfall

  	
   

  	
   

  	
   

  
	
  Class A-2 notes Interest Shortfall

  	
   

  	
   

  	
   

  
	
  Class A-3 notes Interest Shortfall

  	
   

  	
   

  	
   

  
	
  Class A-4 notes Interest Shortfall

  	
   

  	
   

  	
   

  
	
  Class B notes Interest Shortfall

  	
   

  	
   

  	
   

  

 

C-7

 

	
  Class A-1 notes Principal Paid

  (Expressed as a dollar amount per $1,000 of original principal balance of a
  Note)

  	
   

  	
   

  	
   

  
	
  Class A-2 notes Principal Paid

  (Expressed as a dollar amount per $1,000 of original principal balance of a
  Note)

  	
   

  	
   

  	
   

  
	
  Class A-3 notes Principal Paid

  (Expressed as a dollar amount per $1,000 of original principal balance of a
  Note)

  	
   

  	
   

  	
   

  
	
  Class A-4 notes Principal Paid

  (Expressed as a dollar amount per $1,000 of original principal balance of a
  Note)

  	
   

  	
   

  	
   

  
	
  Class B notes Principal Paid

  (Expressed as a dollar amount per $1,000 of original principal balance of a
  Note)

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Deposits to Spread Account

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Total Principal Balance of Notes (End of Period)

  	
   

  	
   

  	
   

  
	
  A-1 notes Ending Principal balance

  	
   

  	
   

  	
   

  
	
  A-2 notes Ending Principal balance

  	
   

  	
   

  	
   

  
	
  A-3 notes Ending Principal balance

  	
   

  	
   

  	
   

  
	
  A-4 notes Ending Principal balance

  	
   

  	
   

  	
   

  
	
  Class B notes Ending Principal balance

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Release to Seller as Excess

  	
   

  	
   

  	
   

  

 

5

 

CNH Equipment Trust 2010-A

 

$268,750,000 Class A-1
0.35377% Asset Backed Notes due April 15, 2011

 

$172,000,000 Class A-2
0.81% Asset Backed Notes due August 15, 2012

 

$396,000,000 Class A-3
1.54% Asset Backed Notes due July 15, 2014

 

$205,210,000 Class A-4
2.49% Asset Backed Notes due January 15, 2016

 

$32,224,000 Class B 4.04% Asset Backed Notes due September 15, 2016

 

Asset Backed Certificate

 

Actual Payment Date

 

	
  Summary and
  Factors

  	
   

  	
  Amount

  	
   

  	
  Factor

  	
   

  	
  Per/$1000

  	
   

  
	
  Total Principal Balance of Notes (Beginning of Period)

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-1 notes Beginning Principal balance

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-2 notes Beginning Principal balance

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-3 notes Beginning Principal balance

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-4 notes Beginning Principal balance

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Class B notes Beginning Principal balance

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Total Principal Balance of Notes (End of Period)

  	
  WAL

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-1 notes Ending Principal balance

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-2 notes Ending Principal balance

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-3 notes Ending Principal balance

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-4 notes Ending Principal balance

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Class B notes Ending Principal balance

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
									

 

C-8

 

	
  Class A-1 notes Interest Paid

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Class A-2 notes Interest Paid

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Class A-3 notes Interest Paid

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Class A-4 notes Interest Paid

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Class B notes Interest Paid

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Class A-1 notes Interest Shortfall

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Class A-2 notes Interest Shortfall

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Class A-3 notes Interest Shortfall

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Class A-4 notes Interest Shortfall

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Class B notes Interest Shortfall

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Class A-1 notes Principal Paid

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Class A-2 notes Principal Paid

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Class A-3 notes Principal Paid

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Class A-4 notes Principal Paid

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Class B notes Principal Paid

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

Spread Account

Required Spread Account
Deposit (Add Loans)

Spread Account Test - 3 Month
Average Delinquency Ratio

Spread Account Test -
Cumulative Net Loss Ratio

Spread Account Test Met  

 

	
   

  	
   

  	
  Original

  	
   

  	
  [    ], 200[    ]

  	
   

  	
  [    ], 200[    ]

  	
   

  	
  [    ], 200[    ]

  	
   

  
	
  Required Spread Account Target

  	
   

  	
  [      ]

  	
  %

  	
  [      ]

  	
  %

  	
  [      ]

  	
  %

  	
  [      ]

  	
  %

  

 

Required Spread Account

Beginning Spread Account Balance

Spread Account Withdrawals to Distribution Account

Spread Account Deposits from Excess Cash

Spread Account Released to Seller

Ending Spread Account Balance

 

	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  Original

  	
   

  
	
  Purchases

  	
   

  	
  Units

  	
   

  	
  Cut-Off Date

  	
   

  	
  Closing Date

  	
   

  	
  Pool Balance

  	
   

  
	
  Purchase

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Total

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

Backup Servicer Account

Backup Servicer Account Deposit

Backup Servicer Account Beginning Balance

Backup Servicer Account Expenses

Backup Servicer Account Investment Earnings

Backup Servicer Account Investment Earnings -
Released to Seller

Ending Backup Servicer Account
Balance

 

Total Release to Seller

 

“The Administrator hereby directs the Indenture
Trustee to pay on the Payment Date set forth above from the Certificate
Distribution Account to the Certificateholders, on a pro rata basis, zero
payment.”

 

6

 

C-9

 

Spread Account Triggers

Average Delinquency Ratio Test*

Payment Date

[    ]-[    ]

[    ]-[    ]

[    ]-[    ]

Second Prior Month Delinquency Ratio

Prior Month Delinquency Ratio

Current Month Delinquency Ratio

3 Month Average Delinquency Ratio

 

	
  Test

  	
   

  	
  Variance

  	
   

  	
  Trigger

  	
   

  
	
  Current Distribution Date

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  (1) Is current distribution month [        ],
  200[  ] or [        ], 200[  ],
  or [        ], 200[  ]?

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  (2) Is the 3 Month Average Delinquency Ratio < Specified
  Percentage for specified month?

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  If both (1) and (2) are “YES” then see Cumulative Net Loss
  Ratio

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

Cumulative Net Loss Ratio Test**

Payment Date

[      ]-[    ]

[      ]-[    ]

[      ]-[    ]

 

Cumulative Net Loss Ratio

 

	
  Test

  	
   

  	
  Variance

  	
   

  	
  Trigger

  	
   

  
	
  (1) Is current distribution month [        ],
  200[  ] or [        ], 200[  ],
  or [        ], 200[  ]?  

  	
   

  	
    

  	
   

  	
    

  	
   

  
	
  (2) Is the Cumulative Net Loss Ratio < Specified Percentage
  for specified month?  

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  If both (1) and (2) are “YES” then see next test below  

  	
   

  	
    

  	
   

  	
    

  	
   

  
	
    

  	
   

  	
    

  	
   

  	
    

  	
   

  
	
  If the 3 Month Average Delinquency and Cumulative Net Loss Ratio tests
  are met, then spread account reduces to [    ]% at [        ]
  200[  ] and/or [    ]% at [        ]
  200[  ] and/or [    ]% at [        ]
  200[  ]  

  	
   

  	
    

  	
   

  	
    

  	
   

  
	
   

  	
   

  	
    

  	
   

  	
    

  	
   

  
	
  Were the 3 Month Average Delinquency and Cumulative Net Loss Ratio
  tests met on such Payment Date?

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Specified Spread Account Balances on such Payment Date

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

DEFINITIONS:

 

Average Delinquency Ratio Test*

 

On any payment date will be
the average of the Delinquency Ratios for the preceding three calendar months.

 

The Delinquency Ratio for any calendar month means
the ratio, expressed as a percentage, of (a) the sum, for all of the
receivables, of all scheduled payments that are 60 days or more past due (other
than Purchased Receivables and liquidated receivables) as of the end of such
month, determined in accordance with the servicer’s then-current practices, to (b) the
Pool Balance as of the last day of such month.

 

Cumulative Net Loss Ratio Test**

 

The Cumulative Net Loss Ratio on any payment date
will be the ratio, expressed as a percentage, of (a) the aggregate
Realized Losses on the receivables since the Cutoff Date through the last day
of the related calendar month, to (b) the Pool Balance as of the Cutoff
Date.

 

7

 

C-10

 

	
  POOL
  STATISTICS

  
	
   

  
	
  Collateral
  Composition

  
	
   

  
	
  Number of Loans at Beginning of Period

  
	
  Number of Loans at End of Period

  
	
   

  
	
  Weighted Average Coupon on Receivables

  
	
  Weighted Average Original Term on Receivables

  
	
  Weighted Average Remaining Term on Receivables

  
	
   

  
	
  Pool Factor

  
	
  A-1 Note Pool Factor

  
	
  A-2 Note Pool Factor

  
	
  A-3 Note Pool Factor

  
	
  A-4 Note Pool Factor

  
	
  Class B Note Pool Factor

  
	
  Prepayment Amount - Monthly

  
	
  Prepayment Amount - Life-to-Date

  
	
   

  
	
  Collateral
  Performance

  

 

	
  Contractual
  Delinquency: (Excluding Liquidated and Purchased Contracts)

  	
   

  	
  Count

  	
   

  	
  %

  	
   

  	
  Amount

  	
   

  	
  %

  	
   

  
	
  < 31 Days delinquent

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  31-60 Days delinquent

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  61-90 Days delinquent

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  91-120 Days delinquent

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  121-150 Days delinquent

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  151-180 Days delinquent

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  181 + Days delinquent

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  TOTAL

  	
   (Delinquency data is for total
  contract balance past due)

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Scheduled Amounts 30 - 59 days past due

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Scheduled Amounts 60 days or more past due

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

	
  Losses on Liquidated Receivables

  	
   

  	
  Month $

  	
   

  	
  Month #

  	
   

  	
  LTD $

  	
   

  	
  LTD #

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
    

  	
   

  	
    

  	
   

  	
    

  	
   

  
	
  Gross Losses (1)

  	
   

  	
   

  	
   

  	
    

  	
   

  	
   

  	
   

  	
    

  	
   

  
	
  Recoveries (2)

  	
   

  	
   

  	
   

  	
     

  	
   

  	
   

  	
   

  	
    

  	
   

  
	
  Net Losses (Gross Losses
  less Recoveries)

  	
   

  	
   

  	
   

  	
     

  	
   

  	
   

  	
   

  	
     

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
    

  	
   

  	
    

  	
   

  	
    

  	
   

  
	
  Net Loss as % of the
  Average Portfolio Balance

  	
   

  	
   

  	
   

  	
    

  	
   

  	
   

  	
   

  	
    

  	
   

  
	
  Net Loss as a % of the
  Initial Deal Size

  	
   

  	
   

  	
   

  	
    

  	
   

  	
   

  	
   

  	
    

  	
   

  
	
  Average Net Loss on all
  assets that have experienced a net loss

  	
   

  	
   

  	
   

  	
    

  	
   

  	
   

  	
   

  	
    

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
    

  	
   

  	
    

  	
   

  	
    

  	
   

  
	
  Realized
  Losses

  	
   

  	
   

  	
   

  	
    

  	
   

  	
    

  	
   

  	
    

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
    

  	
   

  	
    

  	
   

  	
    

  	
   

  
	
  Net Losses on Liquidated
  Receivables

  	
   

  	
   

  	
   

  	
    

  	
   

  	
    

  	
   

  	
    

  	
   

  
	
  Write Down Amount on 180
  Day Receivables

  	
   

  	
   

  	
   

  	
    

  	
   

  	
    

  	
   

  	
    

  	
   

  
	
  Monthly Realized Losses
  (Total)

  	
   

  	
   

  	
   

  	
    

  	
   

  	
    

  	
   

  	
    

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
    

  	
   

  	
    

  	
   

  	
    

  	
   

  
	
  Cumulative Net Losses on
  Liquidated Receivables

  	
   

  	
   

  	
   

  	
    

  	
   

  	
    

  	
   

  	
    

  	
   

  
	
  Cumulative Write Down
  Amount on 180 Day Receivables

  	
   

  	
   

  	
   

  	
    

  	
   

  	
    

  	
   

  	
    

  	
   

  
	
  Cumulative Realized Losses
  (Total)

  	
   

  	
   

  	
   

  	
    

  	
   

  	
    

  	
   

  	
    

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
    

  	
   

  	
    

  	
   

  	
    

  	
   

  
	
  Repossession
  Inventory and 180-Day Receivables

  	
   

  	
   

  	
   

  	
    

  	
   

  	
    

  	
   

  	
    

  	
   

  

 

C-11

 

	
  Repossessed Equipment not
  Sold or Reassigned (Beginning)

  	
   

  	
    

  	
   

  	
    

  	
   

  	
    

  	
   

  	
    

  	
   

  
	
  Repossessed Equipment not
  Sold or Reassigned (End)

  	
   

  	
    

  	
   

  	
    

  	
   

  	
    

  	
   

  	
    

  	
   

  
	
   

  	
   

  	
    

  	
   

  	
    

  	
   

  	
    

  	
   

  	
    

  	
   

  
	
  Balance of 180 Day
  Receivables (Beg of month)

  	
   

  	
   

  	
   

  	
    

  	
   

  	
    

  	
   

  	
    

  	
   

  
	
  Balance of 180 Day
  Receivables (End of month)

  	
   

  	
   

  	
   

  	
    

  	
   

  	
    

  	
   

  	
    

  	
   

  

 

(1) The
realizable estimated loss at the time of repossession or full charge-off if
written off without a repossession.

(2) Recovery
of any estimated loss amount after the sale of repossessed equipment or from
the defaulted obligor.

(3) Sum
of the monthly loss number of accounts will not equal the life-to-date number
of accounts due to loss activity on the same account in multiple months.
Duplicate accounts in multiple months have been removed.

 

STATEMENTS TO NOTEHOLDERS

 

1       Has there been a
material change in practices with respect to charge offs, collection and
management of delinquent Receivables, and the effect of any grace period,
re-aging, re-structuring, partial payments or other practices on delinquency
and loss experience?

 

2       Have there been
any material modifications, extensions or waivers to Receivables terms, fees,
penalties or payments during the Collection Period?

 

3       Have there been
any material breaches of representations, warranties or covenants contained in
the Receivables?

 

4       Has there been
an issuance of notes or other securities backed by the Receivables?

 

5       Has there been a
material change in the underwriting, origination or acquisition of Receivables?

 

Interest and Principal Payments
Pursuant to Section 5.6(d) and (e)(ii) of the Sale and Servicing
Agreement

 

	
  Distribution Amount

  	
   

  	
  Class A-1 Notes

  	
   

  
	
  1. Interest Due on each of the following Payment
  Dates

  (assuming no principal reduction since the prior Payment Date)

  	
   

  	
   

  	
   

  
	
  April 15,
  2010

  	
   

  	
  [  ]

  	
   

  
	
  May 15,
  2010

  	
   

  	
  [  ]

  	
   

  
	
  June 15,
  2010

  	
   

  	
  [  ]

  	
   

  
	
  July 15,
  2010

  	
   

  	
  [  ]

  	
   

  
	
  August 15,
  2010

  	
   

  	
  [  ]

  	
   

  
	
  September 15,
  2010

  	
   

  	
  [  ]

  	
   

  
	
  October 15,
  2010

  	
   

  	
  [  ]

  	
   

  
	
  November 15,
  2010

  	
   

  	
  [  ]

  	
   

  
	
  December 15,
  2010

  	
   

  	
  [  ]

  	
   

  
	
  January 15,
  2011

  	
   

  	
  [  ]

  	
   

  
	
  February 15,
  2011

  	
   

  	
  [  ]

  	
   

  
	
  March 15,
  2011

  	
   

  	
  [  ]

  	
   

  
	
  April 15,
  2011

  	
   

  	
  [  ]

  	
   

  
	
  2. Total Outstanding Principal Payment Due at Final
  Scheduled Maturity Date

  	
   

  	
  [  ]

  	
   

  
	
  3. Final Scheduled Maturity Date

  	
   

  	
  April 15, 2011

  	
   

  

 

	
  Distribution Amount

  	
   

  	
  Class A-2 Notes

  	
   

  	
  Class A-3 Notes

  	
   

  	
  Class A-4 Notes

  	
   

  
	
  1. Interest Due on each following Payment Date

  (assuming no principal reduction since the prior Payment Date)

  	
   

  	
  [  ]

  	
   

  	
  [  ]

  	
   

  	
  [  ]

  	
   

  
	
  2. Total Outstanding Principal Payment Due at Final
  Scheduled Maturity Date

  	
   

  	
  [  ]

  	
   

  	
  [  ]

  	
   

  	
  [  ]

  	
   

  
	
  3. Final Scheduled Maturity Date

  	
   

  	
  August 15, 2012

  	
   

  	
  July 15, 2014

  	
   

  	
  January 15, 2016

  	
   

  

 

	
  Distribution Amount

  	
   

  	
  Class B Notes

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  1. Interest Due on each following Payment Date  (assuming no principal
  reduction since the prior Payment Date)

  	
   

  	
  0.00

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  2. Total Outstanding Principal Payment Due at Final Scheduled Maturity
  Date

  	
   

  	
  0.00

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  3. Final Scheduled Maturity Date

  	
   

  	
  September 15, 2016

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

8

 

C-12

 

EXHIBIT
D

to Sale and
Servicing Agreement

 

FORM OF ASSIGNMENT

 

For value received, in
accordance with and subject to the Sale and Servicing Agreement dated as of March 1,
2010 (the “Sale and Servicing Agreement”)
among the undersigned, New Holland Credit Company, LLC (“NH Credit”) and CNH Equipment Trust 2010-A
(the “Issuing Entity”), the
undersigned does hereby sell, assign, transfer set over and otherwise convey
unto the Issuing Entity, without recourse, all of its right, title and interest
in, to and under:  (a) 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) the Liquidity Receivables Purchase Agreement
(only with respect to Owned Contracts included in the Receivables) and the
Purchase Agreement, including the right of the undersigned to cause CNH Capital
America LLC (“CNHCA”) to repurchase Receivables from the undersigned under the
circumstances described therein, (e) any proceeds from recourse to Dealers
with respect to the Receivables, (f) any Financed Equipment that shall
have secured a Receivable and that shall have been acquired by or on behalf of
the Trust, (g) all funds on deposit from time to time in the Trust
Accounts, including the Spread Account Deposit, and in all investments and
proceeds thereof (including all income thereon), and (h) the proceeds of
any and all of the foregoing. The foregoing sale does not constitute and is not
intended to result in any assumption by the Issuing Entity of any obligation of
the undersigned to the Obligors, insurers or any other person in connection
with the Receivables, Receivables Files, any insurance policies or any
agreement or instrument relating to any of them.

 

This Assignment is made
pursuant to and upon the representations, warranties and agreements on the part
of the undersigned contained in the Sale and Servicing Agreement and is to be
governed in all respects by the Sale and Servicing Agreement. Capitalized terms
used herein and not otherwise defined shall have the meanings assigned to them
in the Sale and Servicing Agreement.

 

D-1

 

IN WITNESS WHEREOF, the
undersigned has caused this Assignment to be duly executed as of [           ],
2010.

 

	
   

  	
  CNH CAPITAL
  RECEIVABLES LLC

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

D-2

 

SCHEDULE A

to Assignment

 

SCHEDULE OF RECEIVABLES

 

ATTACHED HERETO.

 

D-3

 

EXHIBIT
E

to Sale and Servicing Agreement

 

[Reserved]

 

G-1

 

EXHIBIT F

to Sale and Servicing Agreement

 

[Reserved]

 

G-1

 

EXHIBIT G

to
Sale and Servicing Agreement

 

[Reserved]

 

D-2

 

EXHIBIT
H

 

Minimum Servicing Criteria to be Addressed in

Assessment of Compliance Statement

 

The assessment of
compliance to be delivered by the Indenture Trustee shall address, at a
minimum, the criteria identified as below as “Applicable Servicing Criteria”:

 

	
  Reg AB
  Reference

  	
   

  	
  Servicing Criteria

  	
   

  	
  Applicable Servicing Criteria

  
	
   

  	
   

  	
  General
  Servicing Considerations

  	
   

  	
   

  
	
  1122(d)(1)(i)

  	
   

  	
  Policies
  and procedures are instituted to monitor any performance or other triggers
  and events of default in accordance with the transaction agreements.

  	
   

  	
  N/A

  
	
  1122(d)(1)(ii)

  	
   

  	
  If any material servicing
  activities are outsourced to third parties, policies and procedures are
  instituted to monitor the third party’s performance and compliance with such
  servicing activities.

  	
   

  	
  N/A

  
	
  1122(d)(1)(iii)

  	
   

  	
  Any requirements in the
  transaction agreements to maintain a back-up servicer for the Pool Assets are
  maintained.

  	
   

  	
  N/A

  
	
  1122(d)(1)(iv)

  	
   

  	
  A fidelity bond and errors
  and omissions policy is in effect on the party participating in the servicing
  function throughout the reporting period in the amount of coverage required
  by and otherwise in accordance with the terms of the transaction agreements.

  	
   

  	
  N/A

  
	
   

  	
   

  	
  Cash
  Collection and Administration

  	
   

  	
   

  
	
  1122(d)(2)(i)

  	
   

  	
  Payments on pool assets are
  deposited into the appropriate custodial bank accounts and related bank
  clearing accounts no more than two business days following receipt, or such
  other number of days specified in the transaction agreements.

  	
   

  	
  X

  
	
  1122(d)(2)(ii)

  	
   

  	
  Disbursements made via wire
  transfer on behalf of an obligor or to an investor are made only by
  authorized personnel.

  	
   

  	
  X

  
	
  1122(d)(2)(iii)

  	
   

  	
  Advances of funds or
  guarantees regarding collections, cash flows or distributions, and any
  interest or other fees charged for such advances, are made, reviewed and
  approved as specified in the transaction agreements.

  	
   

  	
  N/A

  
	
  1122(d)(2)(iv)

  	
   

  	
  The related accounts for
  the transaction, such as cash reserve accounts or accounts established as a
  form of over collateralization, are separately maintained (e.g., with respect
  to commingling of cash) as set forth in the transaction agreements.

  	
   

  	
  X

  
	
  1122(d)(2)(v)

  	
   

  	
  Each custodial account is
  maintained at a federally insured depository institution as set forth in the
  transaction agreements. For purposes of this criterion, “federally insured
  depository institution” with respect to a foreign financial institution means
  a foreign financial institution that meets the requirements of
  Rule 13k-1(b)(1) of the Securities Exchange Act.

  	
   

  	
  X

  
	
  1122(d)(2)(vi)

  	
   

  	
  Unissued checks are
  safeguarded so as to prevent unauthorized access.

  	
   

  	
  N/A

  
	
  1122(d)(2)(vii)

  	
   

  	
  Reconciliations are
  prepared on a monthly basis for all asset-backed securities related bank
  accounts, including custodial accounts and related bank clearing accounts.
  These reconciliations are (A) 

  	
   

  	
  N/A

  

 

H-1

 

	
  Reg AB
  Reference

  	
   

  	
  Servicing Criteria

  	
   

  	
  Applicable Servicing Criteria

  
	
   

  	
   

  	
  mathematically accurate;
  (B) prepared within 30 calendar days after the bank statement cutoff
  date, or such other number of days specified in the transaction agreements;
  (C) reviewed and approved by someone other than the person who prepared
  the reconciliation; and (D) contain explanations for reconciling items.
  These reconciling items are resolved within 90 calendar days of their
  original identification, or such other number of days specified in the
  transaction agreements.

  	
   

  	
   

  
	
   

  	
   

  	
  Investor
  Remittances and Reporting

  	
   

  	
   

  
	
  1122(d)(3)(i)

  	
   

  	
  Reports to investors,
  including those to be filed with the Commission, are maintained in accordance
  with the transaction agreements and applicable Commission requirements.
  Specifically, such reports (A) are prepared in accordance with
  timeframes and other terms set forth in the transaction agreements;
  (B) provide information calculated in accordance with the terms specified
  in the transaction agreements; (C) are filed with the Commission as
  required by its rules and regulations; and (D) agree with
  investors’ or the trustee’s records as to the total unpaid principal balance
  and number of Pool Assets serviced by the Servicer.

  	
   

  	
  N/A

  
	
  1122(d)(3)(ii)

  	
   

  	
  Amounts due to investors
  are allocated and remitted in accordance with timeframes, distribution
  priority and other terms set forth in the transaction agreements.

  	
   

  	
  X
  (solely with respect to remittances)

  
	
  1122(d)(3)(iii)

  	
   

  	
  Disbursements made to an
  investor are posted within two business days to the Servicer’s investor
  records, or such other number of days specified in the transaction
  agreements.

  	
   

  	
  X

  
	
  1122(d)(3)(iv)

  	
   

  	
  Amounts remitted to
  investors per the investor reports agree with cancelled checks, or other form
  of payment, or custodial bank statements.

  	
   

  	
  X

  
	
   

  	
   

  	
  Pool
  Asset Administration

  	
   

  	
   

  
	
  1122(d)(4)(i)

  	
   

  	
  Collateral or security on
  pool assets is maintained as required by the transaction agreements or
  related pool asset documents.

  	
   

  	
  N/A

  
	
  1122(d)(4)(ii)

  	
   

  	
  Pool assets and related
  documents are safeguarded as required by the transaction agreements.

  	
   

  	
  N/A

  
	
  1122(d)(4)(iii)

  	
   

  	
  Any additions, removals or
  substitutions to the asset pool are made, reviewed and approved in accordance
  with any conditions or requirements in the transaction agreements.

  	
   

  	
  N/A

  
	
  1122(d)(4)(iv)

  	
   

  	
  Payments on pool assets,
  including any payoffs, made in accordance with the related pool asset
  documents are posted to the Servicer’s obligor records maintained no more
  than two business days after receipt, or such other number of days specified
  in the transaction agreements, and allocated to principal, interest or other
  items (e.g., escrow) in accordance with the related pool asset documents.

  	
   

  	
  N/A

  
	
  1122(d)(4)(v)

  	
   

  	
  The Servicer’s records
  regarding the pool assets agree with the Servicer’s records with respect to
  an obligor’s unpaid principal balance.

  	
   

  	
  N/A

  
	
  1122(d)(4)(vi)

  	
   

  	
  Changes with respect to the
  terms or status of an obligor’s pool assets (e.g., loan modifications or
  re-agings) are made, reviewed and approved by authorized personnel in
  accordance with the 

  	
   

  	
  N/A

  

 

H-2

 

	
  Reg AB
  Reference

  	
   

  	
  Servicing Criteria

  	
   

  	
  Applicable Servicing Criteria

  
	
   

  	
   

  	
  transaction agreements and
  related pool asset documents.

  	
   

  	
   

  
	
  1122(d)(4)(vii)

  	
   

  	
  Loss mitigation or recovery
  actions (e.g., forbearance plans, modifications and deeds in lieu of
  foreclosure, foreclosures and repossessions, as applicable) are initiated,
  conducted and concluded in accordance with the timeframes or other
  requirements established by the transaction agreements.

  	
   

  	
  N/A

  
	
  1122(d)(4)(viii)

  	
   

  	
  Records documenting
  collection efforts are maintained during the period a pool asset is
  delinquent in accordance with the transaction agreements. Such records are
  maintained on at least a monthly basis, or such other period specified in the
  transaction agreements, and describe the entity’s activities in monitoring
  delinquent pool assets including, for example, phone calls, letters and
  payment rescheduling plans in cases where delinquency is deemed temporary
  (e.g., illness or unemployment).

  	
   

  	
  N/A

  
	
  1122(d)(4)(ix)

  	
   

  	
  Adjustments to interest
  rates or rates of return for pool assets with variable rates are computed
  based on the related pool asset documents.

  	
   

  	
  N/A

  
	
  1122(d)(4)(x)

  	
   

  	
  Regarding any funds held in
  trust for an obligor (such as escrow accounts): (A) such funds are
  analyzed, in accordance with the obligor’s pool asset documents, on at least
  an annual basis, or such other period specified in the transaction agreements;
  (B) interest on such funds is paid, or credited, to obligors in
  accordance with applicable pool asset documents and state laws; and
  (C) such funds are returned to the obligor within 30 calendar days of
  full repayment of the related pool assets, or such other number of days
  specified in the transaction agreements.

  	
   

  	
  N/A

  
	
  1122(d)(4)(xi)

  	
   

  	
  Payments made on behalf of
  an obligor (such as tax or insurance payments) are made on or before the
  related penalty or expiration dates, as indicated on the appropriate bills or
  notices for such payments, provided that such support has been received by
  the servicer at least 30 calendar days prior to these dates, or such other
  number of days specified in the transaction agreements.

  	
   

  	
  N/A

  
	
  1122(d)(4)(xii)

  	
   

  	
  Any late payment penalties
  in connection with any payment to be made on behalf of an obligor are paid
  from the Servicer’s funds and not charged to the obligor, unless the late
  payment was due to the obligor’s error or omission.

  	
   

  	
  N/A

  
	
  1122(d)(4)(xiii)

  	
   

  	
  Disbursements made on
  behalf of an obligor are posted within two business days to the obligor’s
  records maintained by the servicer, or such other number of days specified in
  the transaction agreements.

  	
   

  	
  N/A

  
	
  1122(d)(4)(xiv)

  	
   

  	
  Delinquencies, charge-offs
  and uncollectible accounts are recognized and recorded in accordance with the
  transaction agreements.

  	
   

  	
  N/A

  
	
  1122(d)(4)(xv)

  	
   

  	
  Any external enhancement or
  other support, identified in Item 1114(a)(1) through (3) or Item
  1115 of Regulation AB, is maintained as set forth in the transaction agreements.

  	
   

  	
  N/A

  

 

H-3

 

EXHIBIT
I

 

FORM OF INDENTURE TRUSTEE’S ANNUAL CERTIFICATION

 

Re:                             CNH Equipment Trust
2010-A

 

The Bank of New York
Mellon Trust Company, N.A., not in its individual capacity but solely as indenture
trustee (the “Indenture Trustee”), certifies to CNH Capital Receivables
LLC (the “Seller”), and its officers, with the knowledge and intent that
they will rely upon this certification, that:

 

(1)                                  It has reviewed the report on assessment
of the Indenture Trustee’s compliance provided in accordance with Rules 13a-18
and 15d-18 under the Securities Exchange Act of 1934, as amended (the “Exchange
Act”) and Item 1122 of Regulation AB (the “Servicing Assessment”),
and the registered public accounting firm’s attestation report provided in
accordance with Rules 13a-18 and 15d-18 under the Exchange Act and Section 1122(b) of
Regulation AB (the “Attestation Report”) that were delivered by the
Indenture Trustee to the Seller pursuant to the Sale and Servicing Agreement
(the “Agreement”), dated as of March 1, 2010, by and between New
Holland Credit Company, LLC, the Seller and CNH Equipment Trust 2010-A
(collectively, the “Indenture Trustee Information”);

 

(2)                                  To the best of its knowledge, the
Indenture Trustee Information, taken as a whole, does not contain any untrue
statement of a material fact or omit to state a material fact necessary to make
the statements made, in the light of the circumstances under which such
statements were made, not misleading with respect to the period of time covered
by the Indenture Trustee Information; and

 

(3)                                  To the best of its knowledge, all of the
Indenture Trustee Information required to be provided by the Indenture Trustee
under the Agreement has been provided to the Seller.

 

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

not in its individual capacity but solely as Indenture Trustee

 

Date:

 

 

	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  

 

I-1

 

EXHIBIT
J

 

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

 

[To be attached]

 

J-1

 

Schedule P

 

PERFECTION REPRESENTATION AND WARRANTIES

 

1.                                       General.  The Sale and
Servicing Agreement creates a valid and continuing security interest (as defined
in the applicable UCC) in all of CNHCR’s right, title and interest in, to and
under (i) the Receivables, (ii) the security interests in the
Financed Equipment granted by Obligors pursuant to the Receivables (iii) the
Purchase Agreement and (iv) the Liquidity Receivables Purchase Agreement
(only with respect to Owned Contracts included in the Receivables) in favor of
the Issuing Entity, which, (a) is enforceable upon execution of the Sale
and Servicing Agreement against creditors of and purchasers from CNHCR, 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.                                       Characterization. 
The Receivables constitute “tangible chattel paper” within the meaning
of UCC Section 9-102.  The rights
granted under the agreements described in
clause 1 (ii)  and (iii) constitute
“general intangibles” within the meaning of UCC Section 9-102.  CNHCR
has taken all steps necessary to perfect its security interest in the property
securing the Receivables within 10 days of the Closing Date.

 

3.                                       Creation.  Immediately
prior to the conveyance of the Receivables pursuant to the Sale and Servicing
Agreement, CNCHR 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.  CNHCR 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 the Issuing Entity under the Sale and Servicing Agreement
in the Receivables.  With respect to the Receivables that constitute
tangible chattel paper, the Servicer or a Subservicer, as custodian, received
possession of such original tangible chattel paper and the Issuing Entity has
received a written acknowledgment (which is contained in the Sale and Servicing
Agreement) from such custodian that it is acting solely as agent of the Issuing
Entity and the Indenture Trustee.  All financing statements filed under
this clause 4 contain 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”.

 

5.                                       Priority.  Other than
the security interests granted to the Issuing Entity pursuant to the Sale and
Servicing Agreement and the security interests granted under documents relating
to the Liquidity Receivables Purchase Agreement, which have been released, and
any other security interest which has been released or terminated, CNHCR has
not pledged, assigned, sold, granted a security interest in, or otherwise
conveyed any of the Receivables.  CNHCR
has not authorized the filing of and is not aware of any financing statements
against CNHCR that include a description of collateral covering the Receivables
other than any financing statement (i) relating to the security interests
granted to the Issuing Entity under the Sale and Servicing Agreement and

 

P-1

 

the security interests
granted in connection with the documents relating to the Liquidity Receivables
Purchase Agreement and the Prior Securitization, each of which have been
released, (ii) that has been terminated or has released the Receivables
from such security interest, or (iii) that has been granted pursuant to
the terms of the Basic Documents.  None of the tangible chattel paper that
constitutes or evidences the Receivables has any marks or notations indicating
that they have pledged, assigned or otherwise conveyed to any Person other than
the Indenture Trustee.  CNHCR is not aware of any judgment, ERISA or tax
lien filings against it.

 

6.                                       Survival of Perfection Representations.  Notwithstanding any other
provision of the Sale and Servicing Agreement or any other Basic Document, the
Perfection Representations contained in this Schedule P shall be continuing,
and remain in full force and effect (other than with respect to Reacquired
Receivables).

 

7.                                       No Waiver.  The parties to the Sale and Servicing
Agreement: (i) shall not, without obtaining a confirmation of the
then-current rating of the Notes, waive a material breach of any of the
representations and warranties in this Schedule P (the “Perfection
Representations”); (ii) shall provide the Ratings Agencies with prompt
written notice of any material breach of the Perfection Representations, and
shall not, without obtaining a confirmation of the then-current rating of the
Notes (as determined after any adjustment or withdrawal of the ratings
following notice of such breach) waive a material breach of any of the
Perfection Representations.

 

8.                                       Servicer to Maintain Perfection and
Priority. 
The Servicer covenants that, in order to evidence the interests of CNHCR and
Issuing Entity under this Agreement, Servicer shall take such action, or
execute and deliver such instruments as may be necessary or advisable
(including, without limitation, such actions as are requested by Issuing
Entity) to maintain and perfect, as a first priority interest, Issuing Entity’s
security interest in the Receivables.  Servicer shall, from time to time
and within the time limits established by law, prepare and present to Issuing
Entity for Issuing Entity to authorize the Servicer to file all financing statements,
amendments, continuations, financing statements in lieu of a continuation
statement, terminations, partial terminations, releases or partial releases, or
any other filings necessary or advisable to continue, maintain and perfect the
Issuing Entity’s security interest in the Receivables as a first-priority
interest (each a “Filing”).  Issuing
Entity shall promptly authorize in writing Servicer to, and Servicer shall,
effect such Filing under the Uniform Commercial Code without the signature of
CNHCR or Issuing Entity where allowed by applicable law.

 

P-2

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