Document:

Exhibit
4.8

 

	
   

  	
  BNP
  PARIBAS

  
	
   

  	
  BFI – LSI – CMO – BACK OFFICE SWAPS

  
	
   

  	
  ACI : CSB04A1

  
	
   

  	
  75450 PARIS CEDEX 09

  
	
   

  	
  FRANCE

  
	
   

  	
  Fax :+ 33 1 42 98 67 04

  
	
   

  	
   

  
	
  DATE:

  	
  April 18,
  2008

  
	
   

  	
   

  
	
  TO:

  	
  CNH
  EQUIPMENT TRUST 2008-A (Party B)

  
	
   

  	
  C/O
  The Bank of New York (Delaware)

  
	
   

  	
  White
  Clay Center, Route 273

  
	
   

  	
  DE
  19711

  
	
   

  	
  NEWARK,
  DELAWARE

  
	
   

  	
  UNITED
  STATES

  
	
   

  	
  ATTENTION:
  Corporate Trust Administrator

  
	
   

  	
  TELEPHONE:(302)
  636-6194

  
	
   

  	
  FACSIMILE:
  (302) 636-4140

  
	
   

  	
   

  
	
  FROM:

  	
  BNP
  PARIBAS SA (Party A)

  
	
   

  	
   

  
	
  SUBJECT:

  	
  Fixed Income Derivatives Confirmation

  
	
   

  	
   

  
	
  REFERENCE
  NUMBER:

  	
  MAD
  71489

  
			

 

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

 

1                                          The definitions and provisions contained
in the 2000 ISDA Definitions (the “ISDA Definitions”),
as published by the International Swaps and Derivatives Association, Inc.
are incorporated into this Confirmation. 
In the event of any inconsistency between the definitions in the ISDA
Definitions and this Confirmation, this Confirmation will govern.  References herein to a “Transaction” shall be
deemed to be references to a “Swap Transaction” for purposes of the ISDA
Definitions.

 

Capitalized terms
not defined herein shall have the meaning assigned to them in the Trust
Agreement, dated as of March 1, 2008, between CNH Capital Receivables LLC
and Wilmington Trust Company, as Trustee, the Sale and Servicing Agreement,
dated as of April 1, 2008, among CNH Equipment Trust 2008-A (the “Trust”),
CNH Capital Receivables LLC, as Seller, and New Holland Credit Company, LLC, as
Servicer, and the Indenture, dated as of April 1, 2008, between CNH
Equipment Trust 2008-A and The Bank of New York Trust Company, N.A., as
Indenture Trustee (together with the Trust Agreement and Sale and Servicing
Agreement, the “Base Agreements”).  In
the event of any inconsistency between the definitions in the ISDA Definitions
and the Base Agreements, the Base Agreements will govern.

 

This Confirmation
supplements, forms a part of, and is subject to, the 1992 ISDA Master Agreement
dated as of April 18, 2008 (including the Schedule thereto) as amended and
supplemented from time to time (the “Agreement”)
between you and us.  All provisions
contained in the Agreement govern this Confirmation except as expressly
modified herein.

 

 

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

 

	
  Type of Transaction:

  	
   

  	
  Interest Rate Swap

  
	
   

  	
   

  	
   

  
	
  Notional Amount:

  	
   

  	
  USD 133,000,000.00
  initially. With respect to each subsequent Calculation Period, the Notional
  Amount shall be equal to the outstanding principal balance of the
  Class A-2 Notes as of the first day of such Calculation Period.

  
	
   

  	
   

  	
   

  
	
  Trade Date:

  	
   

  	
  April 10, 2008

  
	
   

  	
   

  	
   

  
	
  Effective Date:

  	
   

  	
  April 18,
  2008

  
	
   

  	
   

  	
   

  
	
  Termination Date:

  	
   

  	
  The
  earlier of (i) April 15, 2011, subject to adjustment in accordance
  with the Business Day Convention; provided, however, that for the purpose of
  determining the final Fixed Rate Payer Period End Date, Termination Date
  shall be subject to No Adjustment, and (ii) the date on which the
  outstanding principal balance of the Class A-2 Notes is reduced to zero.

  
	
   

  	
   

  	
   

  
	
  Fixed Amounts:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Fixed
  Rate Payer:

  	
   

  	
  CNH EQUIPMENT TRUST 2008-A

  
	
   

  	
   

  	
   

  
	
  Fixed
  Rate Payer

  	
   

  	
   

  
	
  Period
  End Dates:

  	
   

  	
  The
  15th calendar day of each month during the Term of this
  Transaction, commencing May 15, 2008, and ending on the Termination
  Date, with No Adjustment.

  
	
   

  	
   

  	
   

  
	
  Fixed
  Rate Payer

  	
   

  	
   

  
	
  Payment
  Dates:

  	
   

  	
  The
  15th calendar day of each month during the Term of this
  Transaction, commencing May 15, 2008, and ending on the Termination
  Date, subject to adjustment in accordance with the Business Day Convention.

  
	
   

  	
   

  	
   

  
	
  Fixed Rate:

  	
   

  	
  2.444 %

  
	
   

  	
   

  	
   

  
	
  Fixed Amount:

  	
   

  	
  To be determined in
  accordance with the following formula:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Fixed Rate*Notional
  Amount*Fixed Rate Day Count Fraction

  
	
   

  	
   

  	
   

  
	
  Fixed Rate Day

  	
   

  	
   

  
	
  Count Fraction:

  	
   

  	
  30/360

  
	
   

  	
   

  	
   

  
	
  Floating
  Amounts:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Floating Rate
  Payer:

  	
   

  	
  BNP PARIBAS SA

  
	
   

  	
   

  	
   

  
	
  Floating Rate
  Payer

  	
   

  	
   

  
	
  Period End
  Dates:

  	
   

  	
  The
  15th calendar day of each month during the Term of this
  Transaction, commencing May 15, 2008, and ending on the Termination
  Date, subject to adjustment in accordance with the Business Day Convention.

  
	
   

  	
   

  	
   

  
	
  Floating Rate
  Payer

  	
   

  	
   

  
	
  Payment Dates:

  	
   

  	
  The
  15th calendar day of each month during the Term of this
  Transaction, commencing May 15, 2008, and ending on the Termination
  Date, subject to adjustment in accordance with the Business Day Convention.

  

 

2

 

	
  Floating Rate
  Option:

  	
   

  	
  USD-LIBOR-BBA

  
	
   

  	
   

  	
   

  
	
  Floating Amount:

  	
   

  	
  To be determined in
  accordance with the following formula:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Floating Rate
  Option*Notional Amount*Floating Rate Day Count Fraction

  
	
   

  	
   

  	
   

  
	
  Designated Maturity:

  	
   

  	
  One
  month

  
	
   

  	
   

  	
   

  
	
  Floating Rate
  Day

  	
   

  	
   

  
	
  Count Fraction:

  	
   

  	
  Actual/360

  
	
   

  	
   

  	
   

  
	
  Reset Dates:

  	
   

  	
  The first day of each Calculation
  Period

  
	
   

  	
   

  	
   

  
	
  Compounding:

  	
   

  	
  Inapplicable

  
	
   

  	
   

  	
   

  
	
  Business Days:

  	
   

  	
  New York

  
	
   

  	
   

  	
   

  
	
  Business Day
  Convention:

  	
   

  	
  Following

  
	
   

  	
   

  	
   

  
	
  Calculation Agent:

  	
   

  	
  BNP
  PARIBAS SA

  
	
   

  	
   

  	
   

  
	
  Account Details and
  Settlement Information:

  
	
   

  	
   

  	
   

  
	
  Payments to
  Party A:

  	
   

  	
  BNP PARIBAS NEW YORK, NY (Fed ABA 026007689)

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Swift Code: BNPAUS3N

  
	
   

  	
   

  	
  A/C 00200-194093-001-36

  
	
   

  	
   

  	
  Favor: BNP PARIBAS

  
	
   

  	
   

  	
  Swift Code: BNPAFRPP

  
	
   

  	
   

  	
  Attn Swaps & Derivatives Back Office

  
	
   

  	
   

  	
   

  
	
  3.

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Payments to
  Party B:

  	
   

  	
  The Bank of New
  York-New York, NY

  
	
   

  	
   

  	
  ABA#021000018

  
	
   

  	
   

  	
  G/L/A:#211705

  
	
   

  	
   

  	
  Account: TAS#629169

  
	
   

  	
   

  	
  Account: CNHET 2008-A

  
	
   

  	
   

  	
  Attn: Keith Richardson
  312-827-8572

  

 

3

 

4.               Calculation of Market Quotation or Loss
in connection with the early termination of all or a portion of this
Transaction:

 

The relevant party
calculating the Market Quotation or Loss, as appropriate, in connection with
the early termination of all or a portion of this Transaction shall take into
account the anticipated amortization of the Note Balance of the Class A-2
Notes for all Calculation Periods that would otherwise have ended on Payment
Dates that would otherwise have fallen after such early termination.

 

[Remainder of this
page intentionally left blank.]

 

4

 

The time of dealing will be confirmed by Party A upon written
request.  BNP PARIBAS SA is regulated by
the Financial Services Authority.  BNP
PARIBAS SA is acting for its own account in respect of this Transaction.

 

Please confirm that the foregoing correctly sets forth all the terms and
conditions of our agreement with respect to the Transaction by responding
within three (3) Business Days by promptly signing in the space provided
below and both (i) faxing the signed copy to BNP PARIBAS PARIS, Fax +(33)
1 42 98 67 04, Tel +(1) 212-471 8078, and (ii) mailing the signed
copy to BNP PARIBAS PARIS, BFI – LSI _ CMO _ BACK OFFICE SWAPS, ACI: CSB04A1,
75450 PARIS CEDEX 09.  Your failure to
respond within such period shall not affect the validity or enforceability of
the Transaction against you.  This
facsimile shall be the only documentation in respect of the Transaction and
accordingly no hard copy versions of this Confirmation for this Transaction
shall be provided unless Party B requests such a copy.

 

	
  For and on behalf of

  BNP PARIBAS

  	
   

  	
  CNH Equipment Trust 2008-A

  By: Wilmington Trust Company, not in its

  individual capacity but solely as trustee

  
	
   

  	
   

  	
   

  
	
  By: 

  	
  /s/ Kerri Nuccio

  	
   

  	
  By: 

  	
  /s/ J. Christopher
  Murphy 

  
	
   

  	
   

  	
   

  
	
  Name: Kerri Nuccio

  	
   

  	
  Name: J. Christopher Murphy  

  
	
  Title: Authorized Signatory, BNP Paribas Securities

  	
   

  	
  Title: Financial Services Officer  

  
	
  Corp. on behalf of BNP Paribas

  	
   

  	
  Date:

  
	
  Date:

  	
   

  	
   

  
					

 

	
  For and on behalf of

  BNP PARIBAS

  	
   

  
	
   

  	
   

  
	
  By: 

  	
  /s/ Hugo Sueiro

  	
   

  
	
   

  	
   

  
	
  Name: Hugo Sueiro

  	
   

  
	
  Title: Authorized Signatory

  	
   

  
	
  Date:

  	
   

  
			

 

5

 

Annex A

 

Paragraph
13 of the Credit Support AnnexExhibit
4.9

 

	
   

  	
  BNP
  PARIBAS

  
	
   

  	
  BFI – LSI – CMO – BACK OFFICE SWAPS

  
	
   

  	
  ACI : CSB04A1

  
	
   

  	
  75450 PARIS CEDEX 09

  
	
   

  	
  FRANCE

  
	
   

  	
  Fax :+ 33 1 42 98 67 04

  

 

	
  DATE:

  	
  April 18,
  2008

  
	
   

  	
   

  
	
  TO:

  	
  CNH
  EQUIPMENT TRUST 2008-A (Party B)

  
	
   

  	
  C/O
  The Bank of New York (Delaware)

  
	
   

  	
  White
  Clay Center, Route 273

  
	
   

  	
  DE
  19711

  
	
   

  	
  NEWARK,
  DELAWARE

  
	
   

  	
  UNITED
  STATES

  
	
   

  	
  ATTENTION:
  Corporate Trust Administrator

  
	
   

  	
  TELEPHONE:(302)
  636-6194

  
	
   

  	
  FACSIMILE:
  (302) 636-4140

  
	
   

  	
   

  
	
  FROM:

  	
  BNP
  PARIBAS SA (Party A)

  
	
   

  	
   

  
	
  SUBJECT:

  	
  Fixed Income Derivatives Confirmation

  
	
   

  	
   

  
	
  REFERENCE
  NUMBER:

  	
  MAD
  71490

  

 

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

 

1                                          The definitions and provisions contained
in the 2000 ISDA Definitions (the “ISDA Definitions”),
as published by the International Swaps and Derivatives Association, Inc.
are incorporated into this Confirmation. 
In the event of any inconsistency between the definitions in the ISDA
Definitions and this Confirmation, this Confirmation will govern.  References herein to a “Transaction” shall be
deemed to be references to a “Swap Transaction” for purposes of the ISDA
Definitions.

 

Capitalized terms
not defined herein shall have the meaning assigned to them in the Trust
Agreement, dated as of March 1, 2008, between CNH Capital Receivables LLC
and Wilmington Trust Company, as Trustee, the Sale and Servicing Agreement,
dated as of April 1, 2008, among CNH Equipment Trust 2008-A (the “Trust”),
CNH Capital Receivables LLC, as Seller, and New Holland Credit Company, LLC, as
Servicer, and the Indenture, dated as of April 1, 2008, between CNH
Equipment Trust 2008-A and The Bank of New York Trust Company, N.A., as
Indenture Trustee (together with the Trust Agreement and Sale and Servicing
Agreement, the “Base Agreements”).  In
the event of any inconsistency between the definitions in the ISDA Definitions and
the Base Agreements, the Base Agreements will govern.

 

This Confirmation
supplements, forms a part of, and is subject to, the 1992 ISDA Master Agreement
dated as of April 18, 2008 (including the Schedule thereto) as amended and
supplemented from time to time (the “Agreement”)
between you and us.  All provisions
contained in the Agreement govern this Confirmation except as expressly
modified herein.

 

 

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

 

	
  Type of Transaction:

  	
   

  	
  Interest Rate Swap

  
	
   

  	
   

  	
   

  
	
  Notional Amount:

  	
   

  	
  USD 25,508,000.00
  initially. With respect to each subsequent Calculation Period, the Notional
  Amount shall be equal to the outstanding principal balance of the
  Class A-4b Notes as of the first day of such Calculation Period.

  
	
   

  	
   

  	
   

  
	
  Trade Date:

  	
   

  	
  April 10, 2008

  
	
   

  	
   

  	
   

  
	
  Effective Date:

  	
   

  	
  April 18,
  2008

  
	
   

  	
   

  	
   

  
	
  Termination Date:

  	
   

  	
  The
  earlier of (i) August 15, 2014, subject to adjustment in accordance
  with the Business Day Convention; provided, however, that for the purpose of
  determining the final Fixed Rate Payer Period End Date, Termination Date
  shall be subject to No Adjustment, and (ii) the date on which the
  outstanding principal balance of the Class A-4b Notes is reduced to
  zero.

  
	
   

  	
   

  	
   

  
	
  Fixed Amounts:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Fixed Rate Payer:

  	
   

  	
  CNH EQUIPMENT TRUST 2008-A

  
	
   

  	
   

  	
   

  
	
  Fixed Rate Payer

  	
   

  	
   

  
	
  Period End Dates:

  	
   

  	
  The
  15th calendar day of each month during the Term of this
  Transaction, commencing May 15, 2008, and ending on the Termination
  Date, with No Adjustment.

  
	
   

  	
   

  	
   

  
	
  Fixed Rate Payer

  	
   

  	
   

  
	
  Payment Dates:

  	
   

  	
  The
  15th calendar day of each month during the Term of this
  Transaction, commencing May 15, 2008, and ending on the Termination
  Date, subject to adjustment in accordance with the Business Day Convention.

  
	
   

  	
   

  	
   

  
	
  Fixed Rate:

  	
   

  	
  3.032 %

  
	
   

  	
   

  	
   

  
	
  Fixed Amount:

  	
   

  	
  To be determined in
  accordance with the following formula:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Fixed Rate*Notional
  Amount*Fixed Rate Day Count Fraction

  
	
   

  	
   

  	
   

  
	
  Fixed Rate Day

  	
   

  	
   

  
	
  Count Fraction:

  	
   

  	
  30/360

  
	
   

  	
   

  	
   

  
	
  Floating Amounts:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Floating Rate Payer:

  	
   

  	
  BNP PARIBAS SA

  
	
   

  	
   

  	
   

  
	
  Floating Rate Payer

  	
   

  	
   

  
	
  Period End Dates:

  	
   

  	
  The
  15th calendar day of each month during the Term of this
  Transaction, commencing May 15, 2008, and ending on the Termination
  Date, subject to adjustment in accordance with the Business Day Convention.

  
	
   

  	
   

  	
   

  
	
  Floating Rate Payer

  	
   

  	
   

  
	
  Payment Dates:

  	
   

  	
  The
  15th calendar day of each month during the Term of this
  Transaction, commencing May 15, 2008, and ending on the Termination
  Date, subject to adjustment in accordance with the Business Day Convention.

  

 

2

 

	
  Floating Rate Option:

  	
   

  	
  USD-LIBOR-BBA

  
	
   

  	
   

  	
   

  
	
  Floating Amount:

  	
   

  	
  To be determined in
  accordance with the following formula:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Floating Rate
  Option*Notional Amount*Floating Rate Day Count Fraction

  
	
   

  	
   

  	
   

  
	
  Designated Maturity:

  	
   

  	
  One
  month

  
	
   

  	
   

  	
   

  
	
  Floating Rate Day

  	
   

  	
   

  
	
  Count Fraction:

  	
   

  	
  Actual/360

  
	
   

  	
   

  	
   

  
	
  Reset Dates:

  	
   

  	
  The first day of each
  Calculation Period

  
	
   

  	
   

  	
   

  
	
  Compounding:

  	
   

  	
  Inapplicable

  
	
   

  	
   

  	
   

  
	
  Business Days:

  	
   

  	
  New York

  
	
   

  	
   

  	
   

  
	
  Business Day
  Convention:

  	
   

  	
  Following

  
	
   

  	
   

  	
   

  
	
  Calculation Agent:

  	
   

  	
  BNP PARIBAS SA

  
	
   

  	
   

  	
   

  
	
  Account Details and
  Settlement Information:

  
	
   

  	
   

  	
   

  
	
  Payments to Party A:

  	
   

  	
  BNP PARIBAS NEW YORK, NY (Fed ABA 026007689)

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Swift Code: BNPAUS3N

  
	
   

  	
   

  	
  A/C 00200-194093-001-36

  
	
   

  	
   

  	
  Favor: BNP PARIBAS

  
	
   

  	
   

  	
  Swift Code: BNPAFRPP

  
	
   

  	
   

  	
  Attn Swaps & Derivatives Back Office

  
	
   

  	
   

  	
   

  
	
  Payments to Party B:

  	
   

  	
   The Bank of New York-New York, NY

  
	
   

  	
   

  	
  ABA#021000018

  
	
   

  	
   

  	
  G/L/A:#211705

  
	
   

  	
   

  	
  Account: TAS#629169

  
	
   

  	
   

  	
  Account: CNHET 2008-A

  
	
   

  	
   

  	
  Attn: Keith Richardson
  312-827-8572

  

 

3

 

3.               Calculation of Market Quotation or Loss
in connection with the early termination of all or a portion of this
Transaction:

 

The
relevant party calculating the Market Quotation or Loss, as appropriate, in
connection with the early termination of all or a portion of this Transaction
shall take into account the anticipated amortization of the Note Balance of the
Class A-4b Notes for all Calculation Periods that would otherwise have
ended on Payment Dates that would otherwise have fallen after such early
termination.

 

[Remainder of this page intentionally left blank.]

 

4

 

The time of dealing will be confirmed by Party A upon written
request.  BNP PARIBAS SA is regulated by
the Financial Services Authority.  BNP
PARIBAS SA is acting for its own account in respect of this Transaction.

 

Please confirm that the foregoing correctly sets forth all the terms and
conditions of our agreement with respect to the Transaction by responding
within three (3) Business Days by promptly signing in the space provided
below and both (i) faxing the signed copy to BNP PARIBAS PARIS, Fax +(33)
1 42 98 67 04, Tel +(1) 212-471 8078, and (ii) mailing the signed
copy to BNP PARIBAS PARIS, BFI — LSI _ CMO _ BACK OFFICE SWAPS, ACI: CSB04A1,
75450 PARIS CEDEX 09.  Your failure to
respond within such period shall not affect the validity or enforceability of
the Transaction against you.  This
facsimile shall be the only documentation in respect of the Transaction and
accordingly no hard copy versions of this Confirmation for this Transaction
shall be provided unless Party B requests such a copy.

 

	
  For and on behalf of

  BNP PARIBAS

  	
   

  	
  CNH Equipment Trust 2008-A

  By: Wilmington Trust Company, not in its

  individual capacity but solely as trustee

  
	
   

  	
   

  	
   

  
	
  By: 

  	
  /s/ Kerri Nuccio

  	
   

  	
  By: 

  	
  /s/ J. Christopher
  Murphy 

  
	
   

  	
   

  	
   

  
	
  Name: Kerri Nuccio

  	
   

  	
  Name: J. Christopher Murphy  

  
	
  Title: Authorized Signatory, BNP Paribas Securities

  	
   

  	
  Title: Financial Services Officer  

  
	
  Corp. on behalf of BNP Paribas

  	
   

  	
  Date:

  
	
  Date:

  	
   

  	
   

  
					

 

 

	
  For and on behalf of

  BNP PARIBAS

  	
   

  
	
   

  	
   

  
	
  By: 

  	
  /s/ Hugo Sueiro

  	
   

  
	
   

  	
   

  
	
  Name: Hugo Sueiro

  	
   

  
	
  Title: Authorized Signatory

  	
   

  
	
  Date:

  	
   

  
			

 

5

 

Annex A

 

Paragraph
13 of the Credit Support Annex

 

 

Execution
Copy

 

ANNEX A

 

ISDA®

CREDIT SUPPORT ANNEX

to the Schedule to the

ISDA Master Agreement

dated as of  April 18,
2008 between

BNP Paribas S.A. (hereinafter referred to as “Party A” or “Pledgor”)

and

Wilmington Trust Company, not in its individual capacity
but solely in its capacity as trustee (“Trustee”) of the CNH Equipment Trust
2008-A (the “Trust”) (hereinafter referred to as “Party
B” or “Secured Party”).

 

This
Annex supplements, forms part of, and is subject to, the above-referenced
Agreement, is part of its Schedule and is a Credit Support Document under this
Agreement with respect to each party.

 

Paragraph
13.  Elections and Variables.

 

(a)                                  Security Interest for “Obligations”. 
The term “Obligations” as used in this
Annex includes the following additional obligations:

 

With respect to Party A: not applicable.

 

With respect to Party B: not applicable.

 

(b)                                 Credit Support Obligations.

 

(i)                                     Delivery Amount, Return Amount and Credit
Support Amount.

 

(A)                              “Delivery Amount” has the meaning
specified in Paragraph 3(a), except that:

 

(I)                                    the
words “upon a demand made by the Secured Party on or promptly following a
Valuation Date” shall be deleted and replaced with the words “not later than
the close of business on each Valuation Date”, and

 

(II)                                the
sentence beginning “Unless otherwise specified in Paragraph 13” and ending “(ii) the
Value as of that Valuation Date of all Posted Credit Support held by the
Secured Party.” shall be deleted in its entirety and replaced with the
following:

 

“The “Delivery
Amount” applicable to the Pledgor for any Valuation Date will
equal the greatest of

 

(1)                                  the
amount by which (a) the S&P Credit Support Amount for such Valuation
Date exceeds (b) the S&P Value, as of such Valuation Date, of all
Posted Credit Support held by the Secured Party,

 

(2)                                  the
amount by which (a) the Moody’s Credit Support Amount for such Valuation
Date exceeds (b) the Moody’s Value, as of such Valuation Date, of all
Posted Credit Support held by the Secured Party, and

 

 

(3)                                  the
amount by which (a) the Fitch Credit Support Amount for such Valuation
Date exceeds (b) the Fitch Value, as of such Valuation Date, of all Posted
Credit Support held by the Secured Party.”

 

(B)                                “Return Amount” has the meaning
specified in Paragraph 3(b), except that:

 

(I)                                    the
sentence beginning “Unless otherwise specified in Paragraph 13” and ending “(ii) the
Credit Support Amount.” shall be deleted in its entirety and replaced with the
following:

 

“The “Return
Amount” applicable to the Secured Party for any Valuation Date
will equal the least of

 

(1)                                  the
amount by which (a) the S&P Value, as of such Valuation Date, of all
Posted Credit Support held by the Secured Party exceeds (b) the S&P
Credit Support Amount for such Valuation Date,

 

(2)                                  the
amount by which (a) the Moody’s Value, as of such Valuation Date, of all
Posted Credit Support held by the Secured Party exceeds (b) the Moody’s
Credit Support Amount for such Valuation Date, and

 

(3)                                  the
amount by which (a) the Fitch Value, as of such Valuation Date, of all
Posted Credit Support held by the Secured Party exceeds (b) the Fitch
Credit Support Amount for such Valuation Date.”

 

(C)                                “Credit Support Amount” shall not
apply.  For purposes of calculating any
Delivery Amount or Return Amount for any Valuation Date, reference shall be
made to the S&P Credit Support Amount, the Moody’s Credit Support Amount,
or the Fitch Credit Support Amount, in each case  for such Valuation Date, as provided in
Paragraphs 13(b)(i)(A) and 13(b)(i)(B), above.

 

(ii)                                  Eligible Collateral.

 

On any date, the
following items will qualify as “Eligible Collateral”
(for the avoidance of doubt, all Eligible Collateral to be denominated in USD):

 

12

 

	
  Collateral

  	
   

  	
  S&P 

  Approved 

  Ratings 

  Valuation 

  Percentage

  	
   

  	
  S&P 

  Required 

  Ratings 

  Valuation 

  Percentage

  	
   

  	
  Moody’s 

  First 

  Trigger 

  Valuation 

  Percentage

  	
   

  	
  Moody’s 

  Second 

  Trigger 

  Valuation 

  Percentage

  	
   

  	
  Fitch & 

  DBRS 

  Valuation 

  Percentage

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  (A)  Cash

  	
   

  	
  100

  	
  %

  	
  80

  	
  %

  	
  100

  	
  %

  	
  100

  	
  %

  	
  100

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  (B)

  	
  Fixed-rate negotiable
  debt obligations issued by the U.S. Treasury Department having a remaining
  maturity on such date of not more than one year

  	
   

  	
  98.9

  	
  %

  	
  79.1

  	
  %

  	
  100

  	
  %

  	
  100

  	
  %

  	
  97.5

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  (C)

  	
  Fixed-rate negotiable
  debt obligations issued by the U.S. Treasury Department having a remaining
  maturity on such date of more than one year but not more than ten years

  	
   

  	
  92.6

  	
  %

  	
  74.1

  	
  %

  	
  100

  	
  %

  	
  94

  	
  %

  	
  86.3

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  (D)

  	
  Fixed-rate negotiable
  debt obligations issued by the U.S. Treasury Department having a remaining
  maturity on such date of more than ten years

  	
   

  	
  N/A

  	
   

  	
  N/A

  	
   

  	
  100

  	
  %

  	
  87

  	
  %

  	
  79

  	
  %

  

 

Notwithstanding the Valuation Percentages set forth in
the preceding table, upon the first Transfer of Eligible Collateral under this
Annex, the Pledgor may, at the Pledgor’s expense, agree the Valuation
Percentages in relation to (B) through (D) above with the relevant
rating agency (to the extent such rating agency is providing a rating for the
Notes), and upon such agreement (as evidenced in writing), such Valuation
Percentages shall supersede those set forth in the preceding table.

 

(iii)                               Other Eligible Support.

 

The following items will
qualify as “Other Eligible Support” for
the party specified:

 

Such Other Eligible
Support as the Pledgor may designate; provided, at the expense of the Pledgor,
the prior written consent of the relevant rating agency (to the extent such
rating agency is providing 

 

13

 

a rating for the Notes)
shall have been obtained.  For the
avoidance of doubt, there are no items that qualify as Other Eligible Support
as of the date of this Annex.

 

(iv)                              Threshold.

 

(A)                              “Independent Amount” means zero with
respect to Party A and Party B.

 

(B)                                “Moody’s Threshold” means, with
respect to Party A and any Valuation Date, if a Moody’s First Trigger Downgrade
Event has occurred and is continuing and such Moody’s First Trigger Downgrade
Event has been continuing for at least 30 Local Business Days or since this
Annex was executed, zero; otherwise, infinity.

 

“S&P
Threshold” means, with respect to Party A and any
Valuation Date, if  an S&P Approved
Threshold Downgrade Event has occurred and is continuing and such S&P
Approved Threshold Downgrade Event has been continuing for at least 10 Local
Business Days or since this Annex was executed, zero; otherwise, infinity.

 

“Fitch
Threshold” means, with respect to Party A and any
Valuation Date, if a Fitch Approved Threshold Downgrade Event has occurred and
is continuing and such Fitch Approved Threshold Downgrade Event has been continuing
for at least 30 calendar days or since this Annex was executed, zero;
otherwise, infinity

 

“Threshold”
means, with respect to Party B and any Valuation Date, infinity.

 

(C)                                “Minimum Transfer Amount” means USD
100,000; provided, however, that if the aggregate principal balance of Notes
rated by S&P ceases to be more than USD 50,000,000, “Minimum
Transfer Amount” means USD 50,000; provided further, with
respect to the Secured Party at any time when the Secured Party is a Defaulting
Party, “Minimum Transfer Amount”
means zero.

 

(D)                               Rounding:  The
Delivery Amount will be rounded up and the Return Amount will be rounded down
to the nearest integral multiple of USD 1000.

 

(c)                                  Valuation and Timing.

 

(i)                                     “Valuation Agent” means Party A.  The Valuation Agent’s calculations shall be
made in accordance with standard market practices using commonly accepted third
party sources such as Bloomberg or Reuters.

 

(ii)                                  “Valuation Date” means each Local Business Day.

 

(iii)                               “Valuation Time” means the close of business in the city
of the Valuation Agent on the Local Business Day immediately preceding the
Valuation Date or date of calculation, as applicable; provided
that the calculations of Value and Exposure will be made as of approximately
the same time on the same date.

 

(iv)                              “Notification Time” means 11:00 a.m., New York time, on
a Local Business Day.

 

(d)                                 Conditions Precedent and
Secured Party’s Rights and Remedies.  The following
Termination Events will be a “Specified Condition”
for the party specified (that party being the Affected Party if the Termination
Event occurs with respect to that party): 
None.

 

14

 

(e)                                  Substitution.

 

(i)                                     “Substitution Date”
has the meaning specified in Paragraph 4(d)(ii).

 

(ii)                                  Consent. 
If specified here as applicable, then the Pledgor must obtain the
Secured Party’s consent for any substitution pursuant to Paragraph 4(d):  Inapplicable.

 

(f)                                    Dispute Resolution.

 

(i)                                     “Resolution Time”
means 1:00 p.m. New York time on the Local Business Day following the date
on which the notice of the dispute is given under Paragraph 5.

 

(ii)                                  Value. 
Notwithstanding anything to the contrary in Paragraph 12, for the
purpose of Paragraphs 5(i)(C) and 5(ii), the S&P Value, Moody’s Value,
and Fitch Value, on any date, of Eligible Collateral will be calculated as
follows:

 

For Eligible Collateral
comprised of Cash, the amount of such Cash.

 

For Eligible Collateral
comprising securities, the sum of (A) the product of (1)(x) the bid
price at the Valuation Time for such securities on the principal national
securities exchange on which such securities are listed, or (y) if such
securities are not listed on a national securities exchange, the bid price for
such securities quoted at the Valuation Time by any principal market maker for
such securities selected by the Valuation Agent, or (z) if no such bid
price is listed or quoted for such date, the bid price listed or quoted (as the
case may be) at the Valuation Time for the day next preceding such date on
which such prices were available and (2) the applicable Valuation
Percentage for such Eligible Collateral, and (B) the accrued interest on
such securities (except to the extent Transferred to the Pledgor pursuant to
Paragraph 6(d)(ii) or included in the applicable price referred to in the
immediately preceding clause (A)) as of such date.

 

(iii)                               Alternative. 
The provisions of Paragraph 5 will apply; provided, that the obligation
of the appropriate party to deliver the undisputed amount to the other party
will not arise prior to the time that would otherwise have applied to the
Transfer pursuant to, or deemed made, under Paragraph 3 if no dispute had
arisen.

 

(g)                                 Holding and Using Posted
Collateral.

 

(i)                                     Eligibility to Hold Posted
Collateral; Custodians.

 

Party B is not and will
not be entitled to hold Posted Collateral. 
Party B’s Custodian will be entitled to hold Posted Collateral pursuant
to Paragraph 6(b); provided that the following conditions applicable to it are
satisfied:

 

(1)                                  The
Custodian for Party B shall be the same banking institution that acts as
Trustee for the Notes.

 

(2)                                  The
Custodian for Party B shall have a short-term unsecured and unsubordinated debt
rating from S&P of at least “A-1” or, if no short-term rating is available,
a long-term unsecured debt rating from S&P of “A+.”  The Trustee is required to replace the
Custodian within 60 calendar days of the Custodian’s rating falling below “A-1,”
in the case of a short-term rating, or “A+,” in the case of a long-term rating.

 

Initially, the Custodian for
Party B is:  to be advised in writing by
Party B to Party A.

 

15

 

(ii)                                  Use of Posted Collateral. 
The provisions of Paragraph 6(c) will not apply to Party B;
therefore, Party B will not have any of the rights specified in Paragraph 6(c)(i) or
6(c)(ii); provided, however, that the Trustee shall invest Cash Posted Credit
Support in such investments as designated by Party A, with losses (net of
gains) incurred in respect of such investments to be for the account of Party
A; provided further, that such investments designated by Party A shall be
limited to money market funds rated “AAAm” or “AAAm-G” by S&P and from
which such invested Cash Posted Credit Support may be withdrawn upon no more
than 2 Local Business Day’s notice of a request for withdrawal.

 

(h)                                 Distributions and Interest
Amount.

 

(i)                                     Interest Rate. 
The “Interest Rate” will be the
actual interest rate earned on Posted Collateral in the form of Cash pursuant
to Paragraph 13(g)(ii).

 

(ii)                                  Transfer of Interest
Amount. The
Transfer of the Interest Amount will be made on the second Local Business Day
following the end of each calendar month and on any other Local Business Day on
which Posted Collateral in the form of Cash is Transferred to the Pledgor
pursuant to Paragraph 3(b); provided, however, that the obligation of Party B
to Transfer any Interest Amount to Party A shall be limited to the extent that
Party B has earned and received such funds and such funds are available to
Party B.

 

(iii)                               Alternative to Interest
Amount. The
provisions of Paragraph 6(d)(ii) will apply.

 

(i)                                     Additional
Representation(s).  There are no additional
representations by either party.

 

(j)                                     Other Eligible Support and
Other Posted Support.

 

(i)                                     “Value” with
respect to Other Eligible Support and Other Posted Support shall have such
meaning as the parties shall agree in writing from time to time pursuant to
Paragraph 13(b)(iii).

 

(ii)                                  “Transfer”
with respect to Other Eligible Support and Other Posted Support shall have such
meaning as the parties shall agree in writing from time to time pursuant to
Paragraph 13(b)(iii).

 

(k)                                  Demands and Notices.All demands, specifications and notices
under this Annex will be made pursuant to the Notices Section of this
Agreement, except that any demand, specification or notice shall be given to or
made at the following addresses, or at such other address as the relevant party
may from time to time designate by giving notice (in accordance with the terms
of this paragraph) to the other party:

 

If to Party A:

 

	
  Address:

  	
   

  	
  BNP Paribas, 787 Seventh Avenue, New York New
  York 10019 

  USA

  
	
   

  	
   

  	
   

  
	
  Attention:

  	
   

  	
  Legal and Transaction Management Group – ISDA

  
	
   

  	
   

  	
   

  
	
  Telephone No:

  	
   

  	
  +(212) 841-3000

  
	
   

  	
   

  	
   

  
	
  Facsimile No:

  	
   

  	
  +(212) 841-3561

  

 

With a copy to:

 

	
  Address:

  	
   

  	
  BNP Paribas,3
  rue Taitbout, ACI : CLA03A1,75009 Paris, France

  
	
   

  	
   

  	
   

  
	
  Attention:

  	
   

  	
  Legal and Transaction Management Group – ISDA

  

 

16

 

	
  Telephone No:

  	
   

  	
  +(33) (0) 1 4014 0199

  
	
   

  	
   

  	
   

  
	
  Facsimile No:

  	
   

  	
  +(33) (0) 1 4014 0114/ 5577 3261

  

 

If to Party B’s Custodian, at the address specified
pursuant to the Notices Section of this Agreement.

 

(l)                                     Address for Transfers. 
Each Transfer hereunder shall be made to the address specified in
writing from time to time by the party to which such Transfer will be made.

 

(m)                               Other Provisions.

 

(i)                                     Collateral Account. 
The Secured Party shall cause any Custodian appointed hereunder to open
and maintain a segregated trust account and to hold, record and identify all
the Posted Collateral in such segregated trust account and, subject to
Paragraph 8(a), such Posted Collateral shall at all times be and remain the
property of the Pledgor and shall at no time constitute the property of, or be
commingled with the property of, the Secured Party or the Custodian.

 

(ii)                                  Agreement as to Single
Secured Party and Single Pledgor. Party A and Party B hereby agree that,
notwithstanding anything to the contrary in this Annex, (a) the term “Secured
Party” as used in this Annex means only Party B, (b) the term “Pledgor” as
used in this Annex means only Party A, (c) only Party A makes the pledge
and grant in Paragraph 2, the acknowledgement in the final sentence of
Paragraph 8(a) and the representations in Paragraph 9.

 

(iii)                               Calculation of Value. 
Paragraph 4(c) is hereby amended by deleting the word “Value” and
inserting in lieu thereof “S&P Value, Moody’s Value, Fitch Value”.  Paragraph 4(d)(ii) is hereby amended by (A) deleting
the words “a Value” and inserting in lieu thereof “an S&P Value, a Moody’s
Value, and a Fitch Value” and (B) deleting the words “the Value” and
inserting in lieu thereof “S&P Value, Moody’s Value, and Fitch Value”.  Paragraph 5 (flush language) is hereby
amended by deleting the word “Value” and inserting in lieu thereof “S&P
Value, Moody’s Value, or Fitch Value”. 
Paragraph 5(i) (flush language) is hereby amended by deleting the
word “Value” and inserting in lieu thereof “S&P Value, Moody’s Value, and
Fitch Value”.  Paragraph 5(i)(C) is
hereby amended by deleting the word “the Value, if” and inserting in lieu
thereof “any one or more of the S&P Value, Moody’s Value, or Fitch Value,
as may be”.  Paragraph 5(ii) is
hereby amended by (1) deleting the first instance of the words “the Value”
and inserting in lieu thereof “any one or more of the S&P Value, Moody’s
Value, or Fitch Value” and (2) deleting the second instance of the words “the
Value” and inserting in lieu thereof “such disputed S&P Value, Moody’s
Value, or Fitch Value”.  Each of
Paragraph 8(b)(iv)(B) and Paragraph 11(a) is hereby amended by
deleting the word “Value” and inserting in lieu thereof “least of the S&P
Value, Moody’s Value or Fitch Value”.

 

(iv)                              Form of Annex. 
Party A
and Party B hereby agree that the text of Paragraphs 1 through 12, inclusive,
of this Annex is intended to be the printed form of ISDA Credit Support Annex
(Bilateral Form - ISDA Agreements Subject to New York Law Only version) as
published and copyrighted in 1994 by the International Swaps and Derivatives
Association, Inc.

 

(v)                                 Events of Default. 
Paragraph 7 will not apply to cause any Event of Default to exist with
respect to Party B except that Paragraph 7(i) will apply to Party B solely
in respect of Party B’s obligations under Paragraph 3(b) of the Credit
Support Annex.  Notwithstanding anything
to the contrary in Paragraph 7, any failure by Party A to comply with or
perform any obligation to be complied with or performed by Party A under the
Credit Support Annex shall only be an Event of 

 

17

 

Default if (A) a
Moody’s Second Trigger Downgrade Event has occurred and been continuing for 30
or more Local Business Days, (B) an S&P Required Ratings Downgrade
Event has occurred and been continuing for 10 or more Local Business Days, (C) a
Fitch Required Ratings Downgrade Event has occurred and been continuing for 30
or more days, or (D) a DBRS Required Ratings Downgrade Event has occurred
and been continuing for 30 or more days.

 

(vi)                              Expenses.  Notwithstanding anything to the contrary in
Paragraph 10, the Pledgor will be responsible for, and will reimburse the
Secured Party for, all transfer and other taxes and other costs involved in any
Transfer of Eligible Collateral.

 

(vii)                           Withholding.  Paragraph 6(d)(ii) is hereby amended by
inserting immediately after “the Interest Amount” in the fourth line
thereof  the words “less any applicable
withholding taxes.”

 

 (viii)                     Additional
Definitions.  As used in this Annex:

 

 “Exposure” has the
meaning specified in Paragraph 12, except that (1) after the word “Agreement”
the words “(assuming, for this purpose only, that Part 1(f)(i)(A)-(E) of
the Schedule is deleted)” shall be inserted and (2) at the end of the
definition of Exposure, the words “with terms that are, in all material
respects, no less beneficial for Party B than those of this Agreement” shall be
added.

 

“Fitch Approved Ratings Downgrade
Event” means that no Relevant Entity has credit ratings
from Fitch at least equal to the Fitch Approved Ratings Threshold.

 

“Fitch
Credit Support Amount” means, for any Valuation Date: means, for any Valuation Date,

 

(A)                              if the Fitch Threshold for such Valuation
Date is zero, an amount equal to the sum of (1) the Secured Party’s
Exposure and (2) the sum, for each Transaction, of the product of (a) the
Fitch Volatility Cushion for such Transaction
and (b) the Notional Amount of such Transaction for the
Calculation Period which includes such Valuation Date, or

 

(B)                                if the Fitch Threshold for such Valuation
Date is infinity, zero.

 

“Fitch Valuation Percentage”
means, for any Valuation Date and each item of Eligible Collateral, if the
Fitch Threshold for such Valuation Date is zero, the corresponding percentage
for such Eligible Collateral in the column headed “Fitch Valuation Percentage”.

 

“Fitch Value”
means, on any date and with respect to any Eligible Collateral other than Cash,
the product of (x) the bid price obtained by the Valuation Agent for such
Eligible Collateral and (y) the Fitch Valuation Percentage for such
Eligible Collateral set forth in paragraph 13(b)(ii).  The Fitch Value of Cash will be the amount of
such Cash.

 

“Fitch Volatility Cushion”
means, for any Transaction, the related percentage set forth in the following
table:

 

	
  Rating of Most 

  Senior Class of 

  Notes Outstanding 

  on 

  Valuation Date

  	
   

  	
  Remaining Weighted Average Maturity of Transaction 

  (years)

  	
   

  
	
   

  	
  1

  	
   

  	
  2

  	
   

  	
  3

  	
   

  	
  4

  	
   

  	
  5

  	
   

  	
  6

  	
   

  	
  7

  	
   

  	
  8

  	
   

  	
  9

  	
   

  	
  10

  	
   

  
	
  At least “AA-”

  	
   

  	
  0.6

  	
  %

  	
  1.6

  	
  %

  	
  2.6

  	
  %

  	
  3.4

  	
  %

  	
  4.2

  	
  %

  	
  4.8

  	
  %

  	
  5.5

  	
  %

  	
  5.9

  	
  %

  	
  6.4

  	
  %

  	
  7.0

  	
  %

  
	
  “A+/A”

  	
   

  	
  0.3

  	
  %

  	
  0.8

  	
  %

  	
  1.3

  	
  %

  	
  1.7

  	
  %

  	
  2.1

  	
  %

  	
  2.4

  	
  %

  	
  2.8

  	
  %

  	
  3.0

  	
  %

  	
  3.3

  	
  %

  	
  3.6

  	
  %

  
	
  “A-/BBB+” or lower

  	
   

  	
  0.2

  	
  %

  	
  0.6

  	
  %

  	
  1.0

  	
  %

  	
  1.3

  	
  %

  	
  1.6

  	
  %

  	
  1.9

  	
  %

  	
  2.1

  	
  %

  	
  2.3

  	
  %

  	
  2.5

  	
  %

  	
  2.7

  	
  %

  

 

18

 

“Local Business Day”
means, for purposes of this Annex: any day on which (A) commercial banks
are open for business (including dealings in foreign exchange and foreign
currency deposits) in New York and the location of Party A, Party B and any
Custodian, and (B) in relation to a Transfer of Eligible Collateral, any
day on which the clearance system agreed between the parties for the delivery
of Eligible Collateral is open for acceptance and execution of settlement
instructions (or in the case of a Transfer of Cash or other Eligible Collateral
for which delivery is contemplated by other means a day on which commercial
banks are open for business (including dealings in foreign exchange and foreign
deposits) in New York and the location of Party A, Party B and any Custodian.

 

“Moody’s
Credit Support Amount” means, for any Valuation Date:

 

(A)                              if
the Moody’s Threshold for such Valuation Date is zero and it is not the case
that a Moody’s Second Trigger Downgrade Event 
has occurred and been continuing for at least 30 Local Business Days, an
amount equal to the greater of (x) zero and (y) the sum of the
Secured Party’s Exposure and the aggregate of Moody’s First Trigger Additional
Amounts for each Transaction and such Valuation Date;

 

(B)                                if
a Moody’s Second Trigger Downgrade Event 
has occurred and been continuing for at least 30 Local Business Days, an
amount equal to the greatest of (x) zero, (y) the aggregate amount of
the Next Payments for each Transaction and such Valuation Date, and (z) the
sum of the Secured Party’s Exposure and the aggregate of Moody’s Second Trigger
Additional Amounts for each Transaction and such Valuation Date; or

 

(C)                                if
the Moody’s Threshold for such Valuation Date is infinity, zero.

 

“Moody’s First Trigger Additional
Amount”  means,
for any Valuation Date and any Transaction, the product of (i) the
applicable Moody’s First Trigger Factor set forth in Table 1, (ii) the
Scale Factor, if any, for such Transaction, or, if no Scale Factor is
applicable for such Transaction, one, and (iii) the Notional Amount for
such Transaction for the Calculation Period for such Transaction (each as
defined in the related Confirmation) which includes such Valuation Date.

 

“Moody’s First Trigger Downgrade
Event” means that no Relevant Entity has credit ratings
from Moody’s at least equal to the Moody’s First Trigger Ratings Threshold.

 

“Moody’s Second Trigger
Additional Amount”
means, for any Valuation Date and any Transaction,

 

(A)                              if
such Transaction is not a Transaction-Specific Hedge, the product of (i) the
applicable Moody’s Second Trigger Factor set forth in Table 2, (ii) the
Scale Factor, if any, for such Transaction, or, if no Scale Factor is
applicable for such Transaction, one, and (iii) the Notional Amount for
such Transaction for the Calculation Period for such Transaction (each as
defined in the related Confirmation) which includes such Valuation Date; or

 

(B)                                if
such Transaction is a Transaction-Specific Hedge, the product of (i) the
applicable Moody’s Second Trigger Factor set forth in Table 3, (ii) the
Scale Factor, if any, for such 

 

19

 

Transaction, or, if no Scale Factor is applicable for
such Transaction, one, and (iii) the Notional Amount for such Transaction
for the Calculation Period for such Transaction (each as defined in the related
Confirmation) which includes such Valuation Date;

 

“Moody’s Valuation Percentage”
means, with respect to a Valuation Date and each item of Eligible Collateral, (i) if
the Moody’s Threshold for such Valuation Date is zero and it is not the case
that a Moody’s Second Trigger Downgrade Event 
has occurred and been continuing for at least 30 Local Business Days,
the corresponding percentage for such Eligible Collateral in the column headed “Moody’s
First Trigger Valuation Percentage” or (ii) if a Moody’s Second Trigger
Ratings Event has occurred and been continuing 
for at least 30 Local Business Days, the corresponding percentage for
such Eligible Collateral in the column headed “Moody’s Second Trigger Valuation
Percentage”.

 

“Moody’s Value”
means, on any date and with respect to any Eligible Collateral other than Cash,
the product of (x) the bid price obtained by the Valuation Agent and (y) the
applicable Moody’s Valuation Percentage set forth in Paragraph 13(b)(ii). The
Moody’s Value of Cash will be the amount of such Cash.

 

“Next Payment”
means, for each Transaction and each Valuation Date, the greater of (i) the
aggregate amount of any payments due to be made by Party A under Section 2(a) in
respect of such Transaction on the related Next Payment Date less the aggregate
amount of any payments due to be made by Party B under Section 2(a) on
such Next Payment Date (any such payments determined based on rates prevailing
on such Valuation Date) and (ii) zero.

 

“Next Payment Date”
means, for each Transaction, the date on which the next scheduled payment under
such Transaction is due to be paid.

 

 “S&P Approved Ratings Downgrade Event”
means that no Relevant Entity has credit ratings from S&P at least equal to
the S&P Approved Ratings Threshold.

 

“S&P
Credit Support Amount” means, for any Valuation Date:

 

(A)                              if
the S&P Threshold for such Valuation Date is zero and it is not the case
that an S&P Required Ratings Downgrade Event has occurred and been
continuing for at least 10 Local Business Days, an amount equal to the Secured
Party’s Exposure;

 

(B)                                if
an S&P Required Ratings Downgrade Event has occurred and been continuing
for at least 10 Local Business Days, an amount equal to 125% of the Secured
Party’s Exposure; or

 

(C)                                if
the S&P Threshold for such Valuation Date is infinity, zero.

 

“S&P Valuation Percentage”
means, with respect to a Valuation Date and each item of Eligible Collateral, (i) if
the S&P Threshold for such Valuation Date is zero and it is not the case
that a S&P Required Ratings Downgrade Event has occurred and been
continuing for at least 10 Local Business Days, the corresponding percentage
for such Eligible Collateral in the column headed “S&P Approved Ratings
Valuation Percentage” or (ii) if an S&P Required Ratings Downgrade
Event has occurred and been continuing for at least 10 Local Business Days, the
corresponding percentage for such Eligible Collateral in the column headed “S&P
Required Ratings Valuation Percentage”.

 

“S&P
Value” means,
on any date and with respect to any Eligible Collateral, the product of (x) the
bid price obtained by the Valuation Agent for such Eligible Collateral and (y) the
applicable S&P Valuation Percentage for such Eligible Collateral set forth
in paragraph 13(b)(ii).

 

20

 

“Transaction-Specific Hedge” means
any Transaction in respect of which (x) the notional amount is “balance
guaranteed” or (y) the notional amount for any Calculation Period (as
defined in the related Confirmation) otherwise is not a specific dollar amount
that is fixed at the inception of the Transaction.

 

“Valuation Percentage”
shall mean, for purposes of determining the S&P Value, Moody’s Value and
Fitch Value with respect to any Eligible Collateral or Posted Collateral, the
applicable S&P Valuation Percentage, Moody’s Valuation Percentage, or Fitch
Valuation Percentage for such Eligible Collateral or Posted Collateral,
respectively, in each case as set forth in Paragraph 13(b)(ii).

 

“Value”
shall mean, in respect of any date, the related S&P Value, the related
Moody’s Value, and the related Fitch Value.

 

[Remainder of this page intentionally
left blank]

 

21

 

Table 1

 

	
  Remaining

  Weighted Average Life

  of Hedge in Years

  	
   

  	
  Moody’s First Trigger

  Factor—Single Currency

  Interest Rate Hedges

  	
   

  	
  Moody’s First Trigger

  Factor—Currency Hedges

  	
   

  
	
  Equal to or less than 1

  	
   

  	
  0.15

  	
  %

  	
  1.10

  	
  %

  
	
  Greater than 1 but less than or equal to 2

  	
   

  	
  0.30

  	
  %

  	
  1.20

  	
  %

  
	
  Greater than 2 but less than or equal to 3

  	
   

  	
  0.40

  	
  %

  	
  1.30

  	
  %

  
	
  Greater than 3 but less than or equal to 4

  	
   

  	
  0.60

  	
  %

  	
  1.40

  	
  %

  
	
  Greater than 4 but less than or equal to 5

  	
   

  	
  0.70

  	
  %

  	
  1.50

  	
  %

  
	
  Greater than 5 but less than or equal to 6

  	
   

  	
  0.80

  	
  %

  	
  1.60

  	
  %

  
	
  Greater than 6 but less than or equal to 7

  	
   

  	
  1.00

  	
  %

  	
  1.60

  	
  %

  
	
  Greater than 7 but less than or equal to 8

  	
   

  	
  1.10

  	
  %

  	
  1.70

  	
  %

  
	
  Greater than 8 but less than or equal to 9

  	
   

  	
  1.20

  	
  %

  	
  1.80

  	
  %

  
	
  Greater than 9 but less than or equal to 10

  	
   

  	
  1.30

  	
  %

  	
  1.90

  	
  %

  
	
  Greater than 10 but less than or equal to 11

  	
   

  	
  1.40

  	
  %

  	
  1.90

  	
  %

  
	
  Greater than 11 but less than or equal to 12

  	
   

  	
  1.50

  	
  %

  	
  2.00

  	
  %

  
	
  Greater than 12 but less than or equal to 13

  	
   

  	
  1.60

  	
  %

  	
  2.10

  	
  %

  
	
  Greater than 13 but less than or equal to 14

  	
   

  	
  1.70

  	
  %

  	
  2.10

  	
  %

  
	
  Greater than 14 but less than or equal to 15

  	
   

  	
  1.80

  	
  %

  	
  2.20

  	
  %

  
	
  Greater than 15 but less than or equal to 16

  	
   

  	
  1.90

  	
  %

  	
  2.30

  	
  %

  
	
  Greater than 16 but less than or equal to 17

  	
   

  	
  2.00

  	
  %

  	
  2.30

  	
  %

  
	
  Greater than 17 but less than or equal to 18

  	
   

  	
  2.00

  	
  %

  	
  2.40

  	
  %

  
	
  Greater than 18 but less than or equal to 19

  	
   

  	
  2.00

  	
  %

  	
  2.40

  	
  %

  
	
  Greater than 19 but less than or equal to 20

  	
   

  	
  2.00

  	
  %

  	
  2.50

  	
  %

  
	
  Greater than 20 but less than or equal to 21

  	
   

  	
  2.00

  	
  %

  	
  2.50

  	
  %

  
	
  Greater than 21 but less than or equal to 22

  	
   

  	
  2.00

  	
  %

  	
  2.50

  	
  %

  
	
  Greater than 22 but less than or equal to 23

  	
   

  	
  2.00

  	
  %

  	
  2.50

  	
  %

  
	
  Greater than 23 but less than or equal to 24

  	
   

  	
  2.00

  	
  %

  	
  2.50

  	
  %

  

 

22

 

	
  Greater than 24 but less than or equal to 25

  	
   

  	
  2.00

  	
  %

  	
  2.50

  	
  %

  
	
  Greater than 25 but less than or equal to 26

  	
   

  	
  2.00

  	
  %

  	
  2.50

  	
  %

  
	
  Greater than 26 but less than or equal to 27

  	
   

  	
  2.00

  	
  %

  	
  2.50

  	
  %

  
	
  Greater than 27 but less than or equal to 28

  	
   

  	
  2.00

  	
  %

  	
  2.50

  	
  %

  
	
  Greater than 28 but less than or equal to 29

  	
   

  	
  2.00

  	
  %

  	
  2.50

  	
  %

  
	
  Greater than 29

  	
   

  	
  2.00

  	
  %

  	
  2.50

  	
  %

  

 

23

 

Table 2

 

	
  Remaining

  Weighted Average Life

  of Hedge in Years

  	
   

  	
  Moody’s Second Trigger

  Factor—Single Currency

  Interest Rate Swaps

  	
   

  	
  Moody’s Second Trigger

  Factor—Currency Swaps

  	
   

  
	
  Equal to or less than 1

  	
   

  	
  0.50

  	
  %

  	
  6.10

  	
  %

  
	
  Greater than 1 but less than or equal to 2

  	
   

  	
  1.00

  	
  %

  	
  6.30

  	
  %

  
	
  Greater than 2 but less than or equal to 3

  	
   

  	
  1.50

  	
  %

  	
  6.40

  	
  %

  
	
  Greater than 3 but less than or equal to 4

  	
   

  	
  1.90

  	
  %

  	
  6.60

  	
  %

  
	
  Greater than 4 but less than or equal to 5

  	
   

  	
  2.40

  	
  %

  	
  6.70

  	
  %

  
	
  Greater than 5 but less than or equal to 6

  	
   

  	
  2.80

  	
  %

  	
  6.80

  	
  %

  
	
  Greater than 6 but less than or equal to 7

  	
   

  	
  3.20

  	
  %

  	
  7.00

  	
  %

  
	
  Greater than 7 but less than or equal to 8

  	
   

  	
  3.60

  	
  %

  	
  7.10

  	
  %

  
	
  Greater than 8 but less than or equal to 9

  	
   

  	
  4.00

  	
  %

  	
  7.20

  	
  %

  
	
  Greater than 9 but less than or equal to 10

  	
   

  	
  4.40

  	
  %

  	
  7.30

  	
  %

  
	
  Greater than 10 but less than or equal to 11

  	
   

  	
  4.70

  	
  %

  	
  7.40

  	
  %

  
	
  Greater than 11 but less than or equal to 12

  	
   

  	
  5.00

  	
  %

  	
  7.50

  	
  %

  
	
  Greater than 12 but less than or equal to 13

  	
   

  	
  5.40

  	
  %

  	
  7.60

  	
  %

  
	
  Greater than 13 but less than or equal to 14

  	
   

  	
  5.70

  	
  %

  	
  7.70

  	
  %

  
	
  Greater than 14 but less than or equal to 15

  	
   

  	
  6.00

  	
  %

  	
  7.80

  	
  %

  
	
  Greater than 15 but less than or equal to 16

  	
   

  	
  6.30

  	
  %

  	
  7.90

  	
  %

  
	
  Greater than 16 but less than or equal to 17

  	
   

  	
  6.60

  	
  %

  	
  8.00

  	
  %

  
	
  Greater than 17 but less than or equal to 18

  	
   

  	
  6.90

  	
  %

  	
  8.10

  	
  %

  
	
  Greater than 18 but less than or equal to 19

  	
   

  	
  7.20

  	
  %

  	
  8.20

  	
  %

  
	
  Greater than 19 but less than or equal to 20

  	
   

  	
  7.50

  	
  %

  	
  8.20

  	
  %

  
	
  Greater than 20 but less than or equal to 21

  	
   

  	
  7.80

  	
  %

  	
  8.30

  	
  %

  
	
  Greater than 21 but less than or equal to 22

  	
   

  	
  8.00

  	
  %

  	
  8.40

  	
  %

  
	
  Greater than 22 but less than or equal to 23

  	
   

  	
  8.00

  	
  %

  	
  8.50

  	
  %

  
	
  Greater than 23 but less than or equal to 24

  	
   

  	
  8.00

  	
  %

  	
  8.60

  	
  %

  

 

24

 

	
  Greater than 24 but less than or equal to 25

  	
   

  	
  8.00

  	
  %

  	
  8.60

  	
  %

  
	
  Greater than 25 but less than or equal to 26

  	
   

  	
  8.00

  	
  %

  	
  8.70

  	
  %

  
	
  Greater than 26 but less than or equal to 27

  	
   

  	
  8.00

  	
  %

  	
  8.80

  	
  %

  
	
  Greater than 27 but less than or equal to 28

  	
   

  	
  8.00

  	
  %

  	
  8.80

  	
  %

  
	
  Greater than 28 but less than or equal to 29

  	
   

  	
  8.00

  	
  %

  	
  8.90

  	
  %

  
	
  Greater than 29

  	
   

  	
  8.00

  	
  %

  	
  9.00

  	
  %

  

 

25

 

Table 3

 

	
  Remaining

  Weighted Average Life

  of Hedge in Years

  	
   

  	
  Moody’s Second Trigger

  Factor—Single Currency

  Interest Rate Hedges

  	
   

  	
  Moody’s Second Trigger

  Factor—Currency Hedges

  	
   

  
	
  Equal to or less than 1

  	
   

  	
  0.65

  	
  %

  	
  6.30

  	
  %

  
	
  Greater than 1 but less than or equal to 2

  	
   

  	
  1.30

  	
  %

  	
  6.60

  	
  %

  
	
  Greater than 2 but less than or equal to 3

  	
   

  	
  1.90

  	
  %

  	
  6.90

  	
  %

  
	
  Greater than 3 but less than or equal to 4

  	
   

  	
  2.50

  	
  %

  	
  7.10

  	
  %

  
	
  Greater than 4 but less than or equal to 5

  	
   

  	
  3.10

  	
  %

  	
  7.40

  	
  %

  
	
  Greater than 5 but less than or equal to 6

  	
   

  	
  3.60

  	
  %

  	
  7.70

  	
  %

  
	
  Greater than 6 but less than or equal to 7

  	
   

  	
  4.20

  	
  %

  	
  7.90

  	
  %

  
	
  Greater than 7 but less than or equal to 8

  	
   

  	
  4.70

  	
  %

  	
  8.20

  	
  %

  
	
  Greater than 8 but less than or equal to 9

  	
   

  	
  5.20

  	
  %

  	
  8.40

  	
  %

  
	
  Greater than 9 but less than or equal to 10

  	
   

  	
  5.70

  	
  %

  	
  8.60

  	
  %

  
	
  Greater than 10 but less than or equal to 11

  	
   

  	
  6.10

  	
  %

  	
  8.80

  	
  %

  
	
  Greater than 11 but less than or equal to 12

  	
   

  	
  6.50

  	
  %

  	
  9.00

  	
  %

  
	
  Greater than 12 but less than or equal to 13

  	
   

  	
  7.00

  	
  %

  	
  9.20

  	
  %

  
	
  Greater than 13 but less than or equal to 14

  	
   

  	
  7.40

  	
  %

  	
  9.40

  	
  %

  
	
  Greater than 14 but less than or equal to 15

  	
   

  	
  7.80

  	
  %

  	
  9.60

  	
  %

  
	
  Greater than 15 but less than or equal to 16

  	
   

  	
  8.20

  	
  %

  	
  9.80

  	
  %

  
	
  Greater than 16 but less than or equal to 17

  	
   

  	
  8.60

  	
  %

  	
  10.00

  	
  %

  
	
  Greater than 17 but less than or equal to 18

  	
   

  	
  9.00

  	
  %

  	
  10.10

  	
  %

  
	
  Greater than 18 but less than or equal to 19

  	
   

  	
  9.40

  	
  %

  	
  10.30

  	
  %

  
	
  Greater than 19 but less than or equal to 20

  	
   

  	
  9.70

  	
  %

  	
  10.50

  	
  %

  
	
  Greater than 20 but less than or equal to 21

  	
   

  	
  10.00

  	
  %

  	
  10.70

  	
  %

  
	
  Greater than 21 but less than or equal to 22

  	
   

  	
  10.00

  	
  %

  	
  10.80

  	
  %

  
	
  Greater than 22 but less than or equal to 23

  	
   

  	
  10.00

  	
  %

  	
  11.00

  	
  %

  
	
  Greater than 23 but less than or equal to 24

  	
   

  	
  10.00

  	
  %

  	
  11.00

  	
  %

  

 

 

	
  Greater than 24 but less than or equal to 25

  	
   

  	
  10.00

  	
  %

  	
  11.00

  	
  %

  
	
  Greater than 25 but less than or equal to 26

  	
   

  	
  10.00

  	
  %

  	
  11.00

  	
  %

  
	
  Greater than 26 but less than or equal to 27

  	
   

  	
  10.00

  	
  %

  	
  11.00

  	
  %

  
	
  Greater than 27 but less than or equal to 28

  	
   

  	
  10.00

  	
  %

  	
  11.00

  	
  %

  
	
  Greater than 28 but less than or equal to 29

  	
   

  	
  10.00

  	
  %

  	
  11.00

  	
  %

  
	
  Greater than 29

  	
   

  	
  10.00

  	
  %

  	
  11.00

  	
  %

  

 

 

IN
WITNESS WHEREOF,
the parties have executed this Annex by their duly authorized officers with
effect from the date so specified on the first page hereof.

 

	
  For and on behalf of

  BNP PARIBAS S.A.

  	
   

  	
  CNH EQUIPMENT TRUST 2008-A

  By:
  Wilmington Trust Company, not in

  its individual capacity but solely as Trustee

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ Mindy
  Sperling

  	
   

  	
  By:

  	
  /s/ James P.
  Lawler

  
	
   

  	
   

  	
   

  
	
  Name: Mindy
  Sperling

  	
   

  	
  Name: James P.
  Lawler

  
	
   

  	
   

  	
   

  
	
  Title:
  Authorized Signatory

  	
   

  	
  Title: Vice
  President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ Jane
  Shahmanesh

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Name: Jane
  Shahmanesh

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Title:
  Authorized Signatory

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00140-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00140-of-00352.parquet"}]]