Document:

Exhibit 4.1

 

OMNIBUS AMENDMENT

 

THIS OMNIBUS AMENDMENT, dated as of March 25, 2005 (this “Amendment”)
is entered into among CNH Equipment Trust 2004-A, a Delaware statutory
trust  (the “Issuer”), CNH Capital Receivables LLC (formerly known as CNH
Capital Receivables Inc.), a Delaware limited liability company (“CNHCR”), CNH Capital America LLC (formerly known as Case Credit
Corporation), a Delaware limited liability company (“CNH Capital America”), and JPMorgan Chase Bank, N.A., not in
its individual capacity but solely as Indenture Trustee (the “Indenture
Trustee”).

 

BACKGROUND

 

A.            The Issuer, CNHCR
and CNH Capital America are parties to a Sale and Servicing Agreement dated as
of September 1, 2004 (the “Sale and Servicing Agreement”), which the
Indenture Trustee has acknowledged and accepted.

 

B.            The Issuer and the
Indenture Trustee are parties to an Indenture dated as of September 1, 2004
(the “Indenture”). The Bank of New York (the “Trustee”) is the
trustee for the Issuer.

 

C.            The Sale and
Servicing Agreement and the Indenture were entered into in connection with the
issuance by the Issuer of asset-backed notes (the “Notes”), which were
offered to the public pursuant to a base prospectus and prospectus supplement,
each dated September 14, 2004 (collectively, the “Prospectus”).

 

D.            Certain terms of the
Sale and Servicing Agreement do not conform with the
description of the Sale and Servicing Agreement in the Prospectus.

 

E.             CNHCR and CNH
Capital America have concluded that it would be beneficial to the holders of
the Notes to amend the Sale and Servicing Agreement to conform to the
description in the Prospectus and otherwise as provided herein and are, by this
Amendment, instructing (i) the Trustee, on behalf of the Issuer, and (ii) the
Indenture Trustee to enter into this Amendment to (x) amend the Indenture to
permit the Issuer to amend the Sale and Servicing Agreement as provided below
and (y) amend the Sale and Servicing Agreement to conform to the description in
the Prospectus and otherwise as provided herein.

 

AGREEMENT

 

1.  Amendment to Indenture.
Issuer and Indenture Trustee hereby amend Section 3.7(g) of the
Indenture by adding the following sentence at the end of such Section:

 

“Notwithstanding the foregoing, the Issuer
shall amend the Sale and Servicing Agreement as provided in the Omnibus
Amendment dated as of March 14, 2005 among the Issuer, the Servicer and the
Seller.”.

 

 

2.  Amendments to Sale and Servicing Agreement. 
The Issuer, CNHCR and CNH Capital America hereby amend the Sale and
Servicing Agreement to read as set forth in the Composite Copy of the Sale and
Servicing Agreement attached to this Amendment.

 

3.  No Adverse Effect on
Certificateholder. CNHCR, as the sole Certificateholder (as defined in the
Indenture) confirms that this Amendment does not adversely affect its interests
in any material respect.

 

4.  Conditions
and Effectiveness.  The amendments described in
Sections 1 and 2 above shall become effective on the date that
(a) this Amendment shall have been executed and delivered by each party hereto
and each party, (b) each of Bank of America, N.A. and Merrill Lynch Capital
Services, Inc. shall have consented to this Amendment by executing where
provided below and (c) Mayer, Brown, Rowe & Maw LLP shall have delivered to
the Trustee and the Indenture Trustee an opinion to the effect that this
Amendment does not adversely affect in any material respect the interests of
any Noteholder (as defined in the Indenture) or Certificateholder. Once such
conditions have been satisfied, the amendments described in Sections 1
and 2 shall be given retroactive effect from September 1, 2004.

 

5.  Miscellaneous.  This Amendment constitutes an amendment to
the Sale and Servicing Agreement and the Indenture. After the execution and
delivery of this Amendment, all references to the Sale and Servicing Agreement
or the Indenture in any document shall be deemed to refer to the Sale and
Servicing Agreement or the Indenture as amended by this Amendment, unless the
context otherwise requires.  Except as
amended above, the Sale and Servicing Agreement and the Indenture are hereby
ratified in all respects.  This Amendment
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.  THIS AMENDMENT SHALL BE CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, 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.

 

2

 

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

 

	
   

  	
  CNH EQUIPMENT TRUST 2004-A

  
	
   

  	
   

  
	
   

  	
  By: THE BANK OF
  NEW YORK,

  not its individual capacity but solely

  as Trustee of the Trust

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ CATHERINE MURRAY

  	
   

  
	
   

  	
   

  	
  Name: Catherine Murray 

  
	
   

  	
   

  	
  Title: Assistant Treasurer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  CNH CAPITAL RECEIVABLES LLC

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ BRIAN O’KEANE

  	
   

  
	
   

  	
   

  	
  Name: Brian O’Keane 

  
	
   

  	
   

  	
  Title: Assistant Treasurer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  CNH CAPITAL AMERICA LLC

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ BRIAN O’KEANE

  	
   

  
	
   

  	
   

  	
  Name: Brian O’Keane 

  
	
   

  	
   

  	
  Title: Assistant Treasurer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  JPMorgan
  Chase Bank, N.A.

  not in its individual capacity

  but solely as Indenture Trustee

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  KEITH R. RICHARDSON

  	
   

  
	
   

  	
   

  	
  Name: Keith R.
  Richardson

  
	
   

  	
   

  	
  Title: Vice President

  
							

 

3

 

By its signature below, each of the following
institutions severally and on its on behalf consents to the terms of the
foregoing Amendment for purposes of its respective interest rate swap agreement
with CNH Equipment Trust 2004-A.

 

	
   

  	
  BANK OF AMERICA, N.A.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ MINDI SCHUMAN

  	
   

  
	
   

  	
   

  	
   Name: Mindi Schuman 

  
	
   

  	
   

  	
   Title: Senior Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  MERRILL LYNCH CAPITAL
  SERVICES, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /S/ RHONDA LUCARELLI

  	
   

  
	
   

  	
   

  	
   Name:
  Rhonda Lucarelli 

  
	
   

  	
   

  	
   Title: Authorized Signatory

  

 

4Exhibit 4.3

 

 

 

CNH EQUIPMENT TRUST
2003-B

 

 

SALE AND SERVICING
AGREEMENT

 

 

among

 

 

CNH EQUIPMENT TRUST 2003-B,

as Issuer,

 

 

and

 

 

CNH CAPITAL RECEIVABLES INC.,

as
Seller,

 

 

and

 

 

CASE CREDIT CORPORATION,

as
Servicer.

 

 

Dated
as of November 1, 2003

 

 

 

 

TABLE
OF CONTENTS

 

	
  ARTICLE I

  	
  DEFINITIONS

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  SECTION 1.1.

  	
   

  	
  Definitions

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  SECTION 1.2.

  	
   

  	
  Other Definitional Provisions

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE II

  	
  CONVEYANCE
  OF RECEIVABLES AND GRANT OF SECURITY INTEREST IN THE BACKUP SERVICER ACCOUNT

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  SECTION 2.1.

  	
   

  	
  Conveyance of Initial Receivables

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  SECTION 2.2.

  	
   

  	
  Conveyance of Subsequent Receivables

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE III

  	
  THE
  RECEIVABLES

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  SECTION 3.1.

  	
   

  	
  Representations and Warranties of Seller

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  SECTION 3.2.

  	
   

  	
  Repurchase upon Breach

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  SECTION 3.3.

  	
   

  	
  Custody of Receivable Files

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  SECTION 3.4.

  	
   

  	
  Duties of Servicer as Custodian

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  SECTION 3.5.

  	
   

  	
  Instructions; Authority To Act

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  SECTION 3.6.

  	
   

  	
  Custodian’s Indemnification

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  SECTION 3.7.

  	
   

  	
  Effective Period and Termination

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  SECTION 3.8.

  	
   

  	
  Backup Servicer as Custodian

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE IV

  	
  ADMINISTRATION
  AND SERVICING OF RECEIVABLES

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  SECTION 4.1.

  	
   

  	
  Duties of Servicer

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  SECTION 4.2.

  	
   

  	
  Collection and Allocation of Receivable
  Payments

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  SECTION 4.3.

  	
   

  	
  Realization upon Receivables

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  SECTION 4.4.

  	
   

  	
  Maintenance of Security Interests in
  Financed Equipment

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  SECTION 4.5.

  	
   

  	
  Covenants of Servicer

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  SECTION 4.6.

  	
   

  	
  Purchase of Receivables upon Breach

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  SECTION 4.7.

  	
   

  	
  Servicing Fee

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  SECTION 4.8.

  	
   

  	
  Servicer’s Certificate

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  SECTION 4.9.

  	
   

  	
  Annual Statement as to Compliance; Notice
  of Default

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  SECTION 4.10.

  	
   

  	
  Annual Independent Certified Public
  Accountants’ Report

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  SECTION 4.11.

  	
   

  	
  Access to Certain Documentation and
  Information Regarding Receivables

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  SECTION 4.12.

  	
   

  	
  Servicer Expenses

  	
   

  
						

 

i

 

	
   

  	
  SECTION 4.13.

  	
   

  	
  Appointment of Subservicer

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE V

  	
  DISTRIBUTIONS:
  SPREAD ACCOUNT; STATEMENTS TO CERTIFICATEHOLDERS AND NOTEHOLDERS

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  SECTION 5.1.

  	
   

  	
  Establishment of Trust Accounts and the
  Backup Servicer Account

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  SECTION 5.2.

  	
   

  	
  Interest Rate Swap Agreements

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  SECTION 5.3.

  	
   

  	
  Collections

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  SECTION 5.4.

  	
   

  	
  Application of Collections

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  SECTION 5.5.

  	
   

  	
  Additional Deposits

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  SECTION 5.6.

  	
   

  	
  Distributions

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  SECTION 5.7.

  	
   

  	
  Spread Account

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  SECTION 5.8.

  	
   

  	
  Pre-Funding Account

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  SECTION 5.9.

  	
   

  	
  Negative Carry Account

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  SECTION 5.10.

  	
   

  	
  Principal Supplement Account

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  SECTION 5.11.

  	
   

  	
  Statements to Certificateholders and
  Noteholders

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  SECTION 5.12.

  	
   

  	
  Net Deposits

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  SECTION 5.13.

  	
   

  	
  Backup Servicer Account

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE VI

  	
  THE SELLER

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  SECTION 6.1.

  	
   

  	
  Representations of Seller

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  SECTION 6.2.

  	
   

  	
  Corporate Existence

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  SECTION 6.3.

  	
   

  	
  Liability of Seller; Indemnities

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  SECTION 6.4.

  	
   

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

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  SECTION 6.5.

  	
   

  	
  Limitation on Liability of Seller and
  Others

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  SECTION 6.6.

  	
   

  	
  Seller May Own Certificates or Notes

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE VII

  	
  THE SERVICER

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  SECTION 7.1.

  	
   

  	
  Representations of Servicer

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  SECTION 7.2.

  	
   

  	
  Indemnities of Servicer

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  SECTION 7.3.

  	
   

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

  	
   

  
						

 

ii

 

	
   

  	
  SECTION 7.4.

  	
   

  	
  Limitation on Liability of Servicer and
  Others

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  SECTION 7.5.

  	
   

  	
  Case Credit Not to Resign as Servicer

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  SECTION 7.6.

  	
   

  	
  Servicer to Act as Administrator

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE VIII

  	
  DEFAULT

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  SECTION 8.1.

  	
   

  	
  Servicer Default

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  SECTION 8.2.

  	
   

  	
  Appointment of Successor Servicer

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  SECTION 8.3.

  	
   

  	
  Notification to Noteholders and
  Certificateholders

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  SECTION 8.4.

  	
   

  	
  Waiver of Past Defaults

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE IX

  	
  TERMINATION

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  SECTION 9.1.

  	
   

  	
  Optional Purchase of All Receivables

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE X

  	
  MISCELLANEOUS PROVISIONS

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  SECTION 10.1.

  	
   

  	
  Amendment

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  SECTION 10.2.

  	
   

  	
  Protection of Title to Trust

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  SECTION 10.3.

  	
   

  	
  Notices

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  SECTION 10.4.

  	
   

  	
  Assignment

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  SECTION 10.5.

  	
   

  	
  Limitations on Rights of Others

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  SECTION 10.6.

  	
   

  	
  Severability

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  SECTION 10.7.

  	
   

  	
  Separate Counterparts

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  SECTION 10.8.

  	
   

  	
  Headings

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  SECTION 10.9.

  	
   

  	
  Governing Law

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  SECTION 10.10.

  	
   

  	
  Assignment to Indenture Trustee

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  SECTION 10.11.

  	
   

  	
  Nonpetition Covenants

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  SECTION 10.12.

  	
   

  	
  Limitation of Liability of Trustee and
  Indenture Trustee

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  SECTION 10.13.

  	
   

  	
  Conditions Precedent to Other Financing
  Transactions

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  SECTION 10.14.

  	
   

  	
  Miscellaneous

  	
   

  
						

 

iii

 

	
  EXHIBITS

  
	
   

  	
   

  	
   

  
	
  EXHIBIT A

  	
  Form of Noteholder’s Statement Pursuant to
  Section 5.11(a)

  	
   

  
	
  EXHIBIT B

  	
  Form of Certificateholder’s Statement
  Pursuant to Section 5.11(a)

  	
   

  
	
  EXHIBIT C

  	
  Form of Servicer’s Certificate

  	
   

  
	
  EXHIBIT D

  	
  Form of Assignment

  	
   

  
	
  EXHIBIT E

  	
  Form of Subsequent Transfer Assignment

  	
   

  
	
  EXHIBIT F

  	
  Form of Accountants’ Letter in Connection
  with Subsequent Transfer Assignment

  	
   

  
	
   

  	
   

  	
   

  
	
  EXHIBIT G

  	
  Form of Initial Interest Rate Swap Agreement

  	
   

  
	
   

  	
   

  	
   

  
	
  SCHEDULES

  
	
   

  	
   

  	
   

  
	
  SCHEDULE P

  	
  Perfection Representations & Warranties

  	
   

  

 

iv

 

SALE AND SERVICING AGREEMENT
(as amended or otherwise modified, this “Agreement”) dated as of November 1, 2003 among
CNH EQUIPMENT TRUST 2003-B, a Delaware statutory trust (the “Issuer”), CNH CAPITAL RECEIVABLES INC., a Delaware corporation (the “Seller”), and CASE CREDIT CORPORATION, a Delaware corporation (the “Servicer”).

 

RECITALS

 

WHEREAS,
the Issuer desires to purchase a portfolio of Contracts  purchased or
originated by Case Credit Corporation (“Case
Credit”) or New
Holland Credit Company, LLC (“NH Credit”), in the ordinary course of business
and sold to the Seller on a monthly basis pursuant to the Liquidity  Receivables Purchase Agreements and/or the
Purchase Agreements;

 

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

 

WHEREAS,
Case 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 CNH Equipment Trust 2003-B and JPMorgan Chase Bank.

 

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

 

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

 

 

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

 

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

 

ARTICLE II

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

 

SECTION 2.1. 
Conveyance of
Initial Receivables. 
(A) In consideration of the Issuer’s delivery to or upon the order of
the Seller on the Closing Date of the net proceeds from the sale of the Notes
and the Certificates 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 Issuer, without recourse
(subject to the obligations herein), all of its right, title and interest in,
to and under the following (collectively, the “Initial
Assets”):

 

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

 

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

 

(c)  any proceeds with
respect to the Initial Receivables from claims on insurance policies covering
Financed Equipment or Obligors;

 

(d)  the Liquidity
Receivables Purchase Agreements (only with respect to Case Owned Contracts or
NH Owned Contracts included in the Initial Receivables) and the Purchase
Agreements, including the right of the Seller to cause Case Credit or NH
Credit, as the case may be, to repurchase Initial Receivables from the Seller
under the circumstances described therein;

 

(e)  any proceeds from
recourse to Dealers with respect to the Initial Receivables other than any
interest in the Dealers’ reserve accounts maintained with Case Credit or with
NH Credit;

 

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

 

2

 

(g)  all funds on deposit from time to time in the
Trust Accounts, including the Spread Account Initial Deposit, any Principal
Supplement Account Deposit, the Negative Carry Account Initial Deposit and the
Pre-Funded Amount, and in all investments and proceeds thereof (including all
income thereon); and

 

(h)  any True Lease
Equipment that is subject to any Initial Receivable; and

 

(i)  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”). The Purchase Price for the Initial Receivables shall equal
$664,398,453.34.

 

(B) The Seller hereby Grants to JPMorgan, as Indenture
Trustee on behalf of the Noteholders, 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 Initial 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 in accordance with Section 5.13. 
JPMorgan, as Indenture Trustee on behalf of the Noteholders, (1)
acknowledges such Grant and (2) agrees to perform its duties with respect
thereto expressly set forth in this Agreement.

 

SECTION 2.2. 
Conveyance of
Subsequent Receivables. 
(a) Subject to the conditions set forth in clause (b) below and the proviso
set forth in clause
(c) below, in consideration of the Trustee’s delivery on the related
Subsequent Transfer Date to or upon the order of the Seller of the amount
described in Section
5.8(a) to be delivered to the Seller, the Seller does hereby sell,
transfer, assign, set over and otherwise convey to the Issuer, without recourse
(subject to the obligations herein), all of its right, title and interest in,
to and under (collectively, the “Subsequent Assets”;
and together with the Initial Assets, the “CNHCR
Assets”):

 

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

 

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

 

(iii)  any proceeds with
respect to such Subsequent Receivables from claims on insurance policies
covering Financed Equipment or Obligors;

 

3

 

(iv)  the Liquidity
Receivables Purchase Agreements (only with respect to Subsequent Receivables
purchased by the Seller pursuant to those Agreements) and the Purchase
Agreements, including the right of the Seller to cause Case Credit or NH
Credit, as the case may be, to repurchase Subsequent Receivables from the
Seller under the circumstances described therein;

 

(v)  any proceeds with
respect to such Subsequent Receivables from recourse to Dealers other than any
interest in the Dealers’ reserve accounts maintained with Case Credit or with
NH Credit;

 

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

 

(vii)  any True Lease
Equipment that is subject to any Subsequent Receivable; and

 

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

 

(b) Subject to the
proviso set forth in clause (c) below, the Seller shall transfer to the Issuer
the Subsequent Receivables and the other property and rights related thereto
described in clause
(a) only upon the satisfaction of each of the following conditions
precedent on or prior to the related Subsequent Transfer Date:

 

(i)  the Seller shall have delivered to the
Trustee and the Indenture Trustee a duly executed written assignment in
substantially the form of Exhibit E (the “Subsequent Transfer Assignment”), which shall include a Schedule A to the Subsequent Transfer
Assignment listing the Subsequent Receivables;

 

(ii)  the Seller shall, to
the extent required by Section
5.3, have deposited in the Collection Account all collections in
respect of the Subsequent Receivables;

 

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

 

(iv)  the applicable
Spread Account Initial Deposit for such Subsequent Transfer Date shall have
been made;

 

4

 

(v)  the applicable
Principal Supplement Account Deposit, if any, for such Subsequent Transfer Date
shall have been made;

 

(vi)  the Receivables in the Trust, including the
Subsequent Receivables to be conveyed to the Trust on such Subsequent Transfer
Date, shall meet the following criteria: (A) each of the Receivables is a
Retail Installment Contract, (B) the weighted average original term of the
Receivables in the Trust will not be greater than 55 months, and (C) not
more than 35% of the aggregate Contract Value of the Receivables in the Trust
will represent Contracts for the financing of construction equipment, (D) each Receivable has a remaining term
to maturity of not more than 72 months, (E) each Receivable has a Statistical
Contract Value as of the applicable Cutoff Date that (when combined with the
Statistical Contract Value of any other Receivables with the same or an
affiliated Obligor) does not exceed 1% of the aggregate Statistical Contract
Value of all the Receivables and (F) none of the Receivables in the Trust will
represent Contracts originated through Case Credit’s Soris financing program;

 

(vii)  the Funding Period
shall not have terminated;

 

(viii)  each of the representations and warranties
made by the Seller pursuant to Section 3.1 of this Agreement and by Case Credit and NH
Credit pursuant to Section 3.2(b) of the related Purchase Agreement, in each
case with respect to the Subsequent Receivables, shall be true and correct as
of such Subsequent Transfer Date, and the Seller shall have performed all
obligations to be performed by it hereunder on or prior to such Subsequent
Transfer Date;

 

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

 

(x)  the Seller shall have taken any action
required to maintain the first priority perfected ownership interest of the
Issuer in the Trust Estate and the first priority perfected security interest
of the Indenture Trustee in the Collateral;

 

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

 

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

 

(xiii)  the Seller shall
have provided the Indenture Trustee, the Trustee and the Rating Agencies a
statement listing the aggregate Contract Value of such Subsequent

 

5

 

Receivables and any other
information reasonably requested by any of the foregoing with respect to such
Subsequent Receivables;

 

(xiv)  [intentionally omitted]

 

(xv)  the Seller shall have delivered to the
Trustee and the Indenture Trustee a letter of a firm of independent certified
public accountants confirming the satisfaction of the conditions set forth in clause (vi) with
respect to the Subsequent Receivables, and covering substantially the same
matters with respect to the Subsequent Receivables as are set forth in Exhibit F hereto;

 

(xvi)  the Seller shall have delivered to the
Indenture Trustee and the Trustee an Officers’ Certificate confirming the
satisfaction of each condition specified in this clause (b) (substantially in the
form attached hereto as Annex A to the Subsequent Transfer Assignment); and

 

(xvii)  Moody’s shall have received written
notification from the Seller of the addition of all such Subsequent
Receivables.

 

(c) The Seller
covenants to transfer to the Issuer pursuant to clause (a) Subsequent Receivables
with an aggregate Contract Value approximately equal to $485,601,546.66 subject
only to availability thereof.

 

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 Issuer is deemed to have relied in acquiring the
Receivables. Such representations and warranties speak as of the execution and
delivery of this Agreement and as of the Closing Date, in the case of the
Initial Receivables, and as of the applicable Subsequent Transfer Date, in the
case of the Subsequent Receivables, but shall survive the sale, transfer and
assignment of the Receivables to the Issuer 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 Issuer 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

 

6

 

transfer
and assignment of the Receivables to the Issuer has been perfected under the
UCC on the Closing Date.

 

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

 

(c) Perfection
Representation. 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,
Case Credit’s representations and warranties made pursuant to Section 3.2(b) of
the Case Liquidity Receivables Purchase Agreement or NH Credit’s
representations and warranties made pursuant to Section 3.2(b) of the NH
Liquidity Receivables Purchase Agreement, Case Credit’s representations and
warranties made pursuant to Section 3.2(b) of the Case Purchase Agreement or NH
Credit’s representations and warranties made pursuant to Section 3.2(b) of the
NH Purchase Agreement.  Unless any such
breach 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
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 Case Credit under the
Case Liquidity Receivables Purchase Agreement, of NH Credit under the NH
Liquidity Receivables Purchase Agreement, of Case Credit under the Case
Purchase Agreement or of NH Credit under the NH 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 Case Credit’s representations and warranties pursuant to
Section 3.2(b)

 

7

 

of the Case Liquidity
Receivables Purchase Agreement, of NH Credit’s representations and warranties
pursuant to Section 3.2(b) of the NH Liquidity Receivables Purchase Agreement,
of Case Credit’s representations and warranties pursuant to Section 3.2(b) of
the Case Purchase Agreement or NH Credit’s representations and warranties
pursuant to Section 3.2(b) of the NH Purchase Agreement is subject to the
receipt by the Seller of the Purchase Amount from Case Credit or NH Credit, as
applicable.  Subject to the provisions of
Section 6.3,
the sole remedy of the Issuer, 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 Case Credit’s or NH Credit’s obligation to the Seller to repurchase
such Receivables pursuant to the Case Liquidity Receivables Purchase Agreement,
NH Liquidity Receivables Purchase Agreement, the Case Purchase Agreement or the
NH Purchase Agreement, as applicable.

 

(b) With respect
to all Receivables repurchased by the Seller pursuant to this Agreement, the
Issuer shall sell, transfer, assign, set over and otherwise convey to the
Seller, without recourse, representation or warranty, all of the Issuer’s
right, title and interest in, to and under such Receivables, and all security
and documents relating thereto.

 

SECTION 3.3. 
Custody of
Receivable Files. 
To assure uniform quality in servicing the Receivables and to reduce
administrative costs, the Issuer hereby revocably appoints the Servicer, and
the Servicer hereby accepts such appointment, to act for the benefit of the
Issuer 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 Issuer (or, in the case of the Subsequent
Receivables, will as of the applicable Subsequent Transfer Date be
constructively delivered to the Indenture Trustee, as pledgee of the Issuer)
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, in accordance with its customary procedures,
evidencing the security interest of Case Credit or, in the case of a NH
Receivable, NH Credit in the Financed Equipment; and

 

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

 

8

 

SECTION 3.4. 
Duties of Servicer as
Custodian.

 

(a) Safekeeping.
The Servicer shall hold the Receivable Files for the benefit of the Issuer and
the Indenture Trustee and maintain such accurate and complete accounts, records
and computer systems pertaining to each Receivable File as shall enable the
Issuer 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
itself or others. 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 Issuer or the Indenture
Trustee to verify the accuracy of the Servicer’s record keeping. The Servicer
shall promptly report to the Issuer and the Indenture Trustee any failure on
its part to hold the Receivable Files and maintain its 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 Issuer, 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 of its offices or, in the case of a NH Receivable, at one of NH Credit’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. The
Servicer shall make available for inspection by the Seller, the Issuer 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 Issuer 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

 

9

 

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
Initial 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 Certificate Balance, 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 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 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 Issuer, 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 exercises with respect to all comparable equipment
receivables that it services for itself 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 in
performing its duties as Servicer. 
Notwithstanding anything herein to the contrary, it is understood and
agreed that, subject to Section
4.2, in servicing the NH Receivables Case Credit as the Servicer
shall follow NH Credit’s customary standards, policies and procedures in performing
its duties as Servicer with respect to the NH Receivables.

 

10

 

Without limiting the generality of the foregoing, the
Servicer is authorized and empowered to execute and deliver, on behalf of itself,
the Issuer, 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 Issuer 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 Case Credit, 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 such collection procedures as it (or, with
respect to a NH Receivable, NH Credit) follows with respect to all comparable
equipment receivables that it services for itself or others.  The Servicer shall allocate collections
between principal and interest in accordance with the customary servicing
procedures it follows with respect to all comparable equipment receivables that
it (or, with respect to a NH Receivable, NH Credit)  services for itself or others.  The Servicer may grant extensions or adjustments
on a Receivable; provided,
however, that if the Servicer extends the date for final payment by
the Obligor of any Receivable beyond the Final Scheduled Maturity Date, it
shall promptly purchase the Receivable from the Issuer in accordance with Section 4.6.  The Servicer may, in its discretion, 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.  The Servicer shall not agree to any decrease
of the interest rate on any Receivable or reduce the aggregate amount of the
Scheduled Payments due on any Receivable except as required by law.

 

SECTION 4.3. 
Realization upon
Receivables.  For
the benefit of the Issuer and the Indenture Trustee, the Servicer shall use
reasonable efforts, consistent with its customary 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 unlikely. The Servicer shall follow such customary and usual
practices and 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

 

11

 

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 its discretion that such repair and/or
repossession will increase the Liquidation Proceeds by an amount greater than
the amount of such expenses.

 

SECTION 4.4. 
Maintenance of
Security Interests in Financed Equipment.  The Servicer shall, in accordance with its
customary servicing procedures, take such steps as are necessary to maintain
perfection of the security interest created by each Receivable in the related
Financed Equipment. The Servicer is hereby authorized to take such steps as are
necessary to re-perfect such security interest for the benefit of the Issuer
and the Indenture Trustee in the event of the relocation of any Financed
Equipment, any change to the UCC or for any other reason.  Any out-of-pocket expenses incurred by the
Backup Servicer as successor Servicer in connection with any such re-perfection
shall be reimbursable in accordance with the priorities set forth in Section 5.6.

 

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, nor
shall the Servicer impair the rights of the Issuer, the Indenture Trustee, the
Certificateholders or the Noteholders in such Receivables. The Servicer shall,
in accordance with its customary servicing 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. 
The Servicer or the Trustee shall inform the other party, the Indenture
Trustee, the Seller and Case Credit promptly, in writing, upon the discovery of
any breach pursuant to Sections
4.2, 4.4 or 4.5.  Unless the breach shall have been cured by
the last day of the Collection Period in which such breach is discovered, the
Servicer shall purchase any Receivable materially and adversely affected by
such breach as of such last day.  If the
Servicer takes any action during any Collection Period pursuant to Section 4.2 that
impairs the rights of the Issuer, the Indenture Trustee, the Certificateholders
or the Noteholders in any Receivable or as otherwise provided in Section 4.2, the
Servicer shall purchase such 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 the Purchase
Amount in the manner specified in Section 5.5.  Subject
to Section 7.2,
the sole remedy of the Issuer, 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 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.

 

12

 

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 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 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.  Receivables to be repurchased by the Seller
or purchased by the Servicer shall be identified by the Servicer by account
number with respect to such Receivable (as specified in the schedule of
Receivables delivered on the Closing Date or attached to the applicable
Subsequent Transfer Assignment).

 

SECTION 4.9. 
Annual Statement
as to Compliance; Notice of Default.  (a) The Servicer shall deliver to the Trustee
and the Indenture Trustee, on or before April 30th of each year, an Officers’
Certificate, dated as of December 31 of the preceding year, stating that: (i) a
review of the activities of the Servicer during the preceding 12-month period
(or, in the case of the first such certificate, from the Initial Cutoff Date to
December 31, 2003) and of its performance under this Agreement has been made
under such officers’ supervision and (ii) to the best of such officers’
knowledge, based on such review, the Servicer has fulfilled all its obligations
under this Agreement throughout such year or, if there has been a default in
the fulfillment of any such obligation, specifying each such default known to
such officers and the nature and status thereof.  The Indenture Trustee shall send a copy of
such Certificate and the report referred to in Section 4.10 to the Rating
Agencies. A copy of such Certificate and report may be obtained by any
Certificateholder or Noteholder by a request in writing to the Trustee
addressed to the Corporate Trust Office. Upon the written request of the
Trustee, the Indenture Trustee will promptly furnish the Trustee a list of
Noteholders as of the date specified by the Trustee.

 

(b) The Servicer
shall deliver to the Trustee, the Indenture Trustee, each Counterparty 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 Servicer, the Trustee and the
Indenture Trustee on or before April 30 of each year a report,

 

13

 

addressed to the Board of
Directors of the Servicer, the Trustee and the Indenture Trustee, summarizing
the results of certain procedures with respect to certain documents and records
relating to the servicing of the Receivables during the preceding calendar year
(or, in the case of the first such report, during the period from the Initial
Cutoff Date to December 31, 2003). The procedures to be performed and reported
upon by the independent public accountants shall be those agreed to by the
Servicer.

 

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

 

SECTION 4.11.  Access to Certain Documentation and Information
Regarding Receivables. 
(a) 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 business hours
at the respective offices of the Servicer (or, in the case of the NH
Receivables, NH Credit).  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 replacement 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.

 

(b) The Servicer
shall cooperate with the Issuer in providing the Issuer with such information
regarding the Notes, the Trust Estate and other matters regarding the Issuer as
the Issuer shall reasonably request to meet its obligations under Section 2.4
of the Indenture.

 

14

 

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, expenses and
indemnities (including attorneys’ fees and expenses) incurred in connection
with the transitioning of the Backup Servicer from a role as backup servicer to
that of Successor Servicer and the engagement and on-going expenses and
indemnities of a replacement Backup 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 (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 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(x).

 

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 NH Credit, as
subservicer, with respect to the NH Receivables); and provided further, that the Servicer shall remain
obligated and be liable to the Issuer, 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 Issuer, the Trustee, the
Indenture Trustee, the Certificateholders or the Noteholders shall have any
responsibility therefor. 
`Notwithstanding the foregoing, the Backup Servicer as successor
Servicer shall have the right to terminate any prior or existing subservicing
arrangement with or without cause.

 

15

 

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, each Counterparty 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, each Counterparty and the
Certificateholders.

 

(ii)  The Servicer, for the benefit of the
Noteholders and each Counterparty, 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 and each Counterparty, 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.

 

(iv)  The Servicer, for the benefit of the
Noteholders, each Counterparty and the Certificateholders, shall establish and
maintain in the name of the Indenture Trustee an Eligible Deposit Account (the “Pre-Funding Account”), bearing a designation clearly indicating that the funds
deposited therein are held for the benefit of the Noteholders and the
Certificateholders; provided, however that the Servicer shall not be required
to establish such account so long as no amount greater than $0.00 shall be
required to be deposited into such account pursuant to this Agreement or any
other Basic Document.

 

(v)  The Servicer, for the benefit of the
Noteholders, each Counterparty and the Certificateholders, shall establish and
maintain in the name of the Indenture Trustee an Eligible Deposit Account (the “Negative Carry Account”), bearing a designation clearly
indicating that the funds deposited therein are held for the benefit of the
Noteholders and the Certificateholders; provided, however that the Servicer
shall not be required to establish such account so long as no amount greater
than $0.00 shall be required to be deposited into such account pursuant to this
Agreement or any other Basic Document.

 

(vi)  The Servicer, for the benefit of the
Noteholders, each Counterparty and the Certificateholders, shall establish and
maintain in the name of the Indenture Trustee an Eligible Deposit Account (the “Principal Supplement Account”), bearing a designation clearly
indicating that the funds deposited therein are held for the benefit of the
Noteholders and the Certificateholders; provided, however that the Servicer shall
not be

 

16

 

required
to establish such account so long as no amount greater than $0.00 shall be
required to be deposited into such account pursuant to this Agreement or any
other Basic Document.

 

(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, the Spread
Account, the Pre-Funding Account, the Negative Carry Account and the Principal
Supplement 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, the Counterparties and the Certificateholders
or the Noteholders and the Counterparties, 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

 

17

 

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 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, the Counterparties and the Certificateholders or
the Noteholders and the Counterparties, 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

 

18

 

(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 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 initially will be established
at the Indenture Trustee.

 

SECTION 5.2. 
Interest Rate Swap
Agreements. 
(a)  The Issuer shall on or prior
to the Closing Date enter into the Interest Rate Swap Agreements with the
Counterparties for the benefit of the Noteholders and Certificateholders, such
that the aggregate notional amount under the Interest Rate Swap Agreements
shall, at any time, be equal to the Outstanding Amount of the Class A-3a and
Class A-4a Notes at such time.  Net Swap
Receipts shall be deposited by the Indenture Trustee into the Collection
Account on the day received and shall constitute part of the Total Distribution
Amount.  On any Payment Date when there
shall be a Net Swap Payment, the Indenture Trustee shall pay such Net Swap
Payment from the Total Distribution Amount.

 

(b) Each Interest
Rate Swap Agreement shall be in substantially the same form as the Interest
Rate Swap Agreement attached hereto as Exhibit
G.

 

(c) The Servicer (so long as the Servicer is Case Credit Corporation), when
required under any Interest Rate Swap Agreement, shall cause the Issuer to
enter into a replacement Interest Rate Swap Agreement.

 

SECTION 5.3. 
Collections.  (a) The Servicer shall, and shall cause any
subservicer to, remit within two Business Days of receipt thereof 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. Notwithstanding the foregoing, for so long as: (i) Case
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.

 

19

 

(b) On any Payment
Date, the Backup Servicer as Successor Servicer may direct the Indenture
Trustee to withdraw from the Collection Account and pay to the Backup Servicer
as successor Servicer amounts necessary to reimburse it for any out-of-pocket
expenses incurred in connection with a liquidation of Receivables solely to the
extent such expenses were not netted out of Liquidation Proceeds with respect
of such Liquidated Receivables and solely to the extent that any expenses do
not exceed the aggregate proceeds recovered in respect of Liquidated
Receivables during the related Collection Period); such payments to be made
prior to any distributions under Section 5.6.

 

SECTION 5.4. 
Application of
Collections.  (a)
With respect to each Receivable, all collections for the Collection Period
shall be applied to the related Scheduled Payment.

 

(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
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 Servicer 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, its accrued and unpaid Backup Servicer Fee;

 

(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;

 

20

 

(iv)  to the Note
Distribution Account, the Net Swap Payments (including interest on any overdue
Net Swap Payments), if any;

 

(v)  to the Note Distribution Account, the Class
Interest Amount for each Class of Class A Notes and the Class A Swap
Termination Payments payable by the Issuer, if any;

 

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

 

(vii)  to the Note
Distribution Account, the Class Principal Distributable Amount for each Class
of Class A Notes;

 

(viii)  to the Note
Distribution Account, the Class B Noteholders’ 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)  (a) to the Backup Servicer, any accrued and
unpaid Backup Servicer Expenses, to the extent unreimbursed after application
of Section 4.12, and (b) to the
Successor Servicer, any accrued and unpaid reimbursable expenses and indemnity
payments that are payable to it;

 

(xi)  to the Certificate
Distribution Account, the Certificateholders’ Interest Distributable Amount;

 

(xii)  to the Certificate
Distribution Account, the Certificateholders’ Monthly Principal Distributable
Amount; and

 

(xiii)  to the Seller, the
remaining Total Distribution Amount;

 

(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

 

21

 

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 Class
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.

 

SECTION 5.7.  Spread
Account.  (a) On the
Closing Date and on each Subsequent Transfer Date, the Seller shall deposit the
applicable Spread Account Initial 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
sum of the Pool Balance and the Pre-Funded Amount as of the first day of the
Collection Period in which such Payment Date occurs is less than the sum of the
Note Balance and the Certificate 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) 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 sum of (x) the Noteholders’ Distributable Amount for a Payment Date,
(y) the Net Swap Payments (including interest on any overdue Net Swap Payments)
for a Payment Date, if any, and (z) the Swap Termination Payments payable by
the Issuer, if any, exceeds the amount deposited into the Note Distribution
Account pursuant to Sections
5.6(b)(iii), (iv), (v) (vi) and (vii) 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.

 

22

 

(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.  Pre-Funding
Account.  (a) Subject to
the proviso set forth in Section 5.1(a)(iv), on the Closing Date, the Trustee will
deposit, on behalf of the Seller, in the Pre-Funding Account $485,601,546.66
from the net proceeds of the sale of the Notes and the Certificates. On each
Subsequent Transfer Date, the Servicer shall instruct the Indenture Trustee to
withdraw from the Pre-Funding Account an amount equal to: (i) the aggregate
Contract Value of the Subsequent Receivables transferred to the Issuer on such
Subsequent Transfer Date less the
amounts described in clause
(ii) and clause
(iii) below, and distribute such amount to or upon the order of the
Seller upon satisfaction of the conditions set forth in Section 2.2(b) with respect to
such transfer, (ii) the Spread Account Initial Deposit for such Subsequent
Transfer Date and, on behalf of the Seller, deposit such amount in the Spread
Account and (iii) the Principal Supplement Account Deposit for such Subsequent
Transfer Date, and, on behalf of the Seller, deposit such amount in the Principal
Supplement Account.

 

(b) If: (i) the
Pre-Funded Amount has not been reduced to zero on the Payment Date on which the
Funding Period ends (or, if the Funding Period does not end on a Payment Date,
on the first Payment Date following the end of the Funding Period) or (ii) the
Pre-Funded Amount has been reduced to $200,000 or less on any Determination
Date, in either case after giving effect to any reductions in the Pre-Funded
Amount on such date pursuant to paragraph (a), the Servicer shall instruct the Indenture
Trustee to withdraw from the Pre-Funding Account, in the case of clause (i), on
such Payment Date or, in the case of clause (ii), on the Payment Date immediately succeeding such
Determination Date, the amount remaining at the time in the Pre-Funding Account
(such remaining amount being the “Remaining
Pre-Funded Amount”)
and deposit such amounts in the Collection Account, for inclusion in the Total
Distribution Amount for that Payment Date.

 

SECTION 5.9.  Negative
Carry Account.  Subject to
the proviso set forth in Section 5.1(a)(v), on the Closing Date, the Seller shall
deposit the Negative Carry Account Initial Deposit into the Negative Carry
Account. On each Payment Date, the Servicer will instruct the Indenture Trustee
to withdraw from the Negative Carry Account and deposit into the Collection
Account an amount equal to the Negative Carry Amount for such Collection
Period. If the amount on deposit in the Negative Carry Account on any Payment
Date (after giving effect to the withdrawal therefrom of the Negative Carry
Amount for such Payment Date) is greater than the Required Negative Carry
Account Balance, the excess will be released to the Seller.

 

SECTION 5.10.  Principal
Supplement Account.  On
each Subsequent Transfer Date the Servicer shall calculate the amount, if any,
of the Principal Supplement Account Deposit applicable to such Subsequent
Transfer Date, and, if such amount is positive, the Seller shall

 

23

 

deposit such amount into
the Principal Supplement Account (subject to the proviso set forth in Section 5.1(a)(vi)).  In the event that the sum of (x) the
Noteholders’ Distributable Amount for a Payment Date, (y) the Net Swap Payments
(including interest on any overdue Net Swap Payments) for a Payment Date, if
any, and (z) the Swap Termination Payments payable by the Issuer, if any,
exceeds the amount deposited into the Note Distribution Account pursuant to Sections 5.6(b)(iii), (iv),
(v), (vi) and (vii) on
such Payment Date and Section
5.7(d) on such Payment Date, the Servicer shall instruct the
Indenture Trustee on such Payment Date to withdraw from the Principal
Supplement 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.  In the event that
the Class Principal Distributable Amount for any Class of Notes for the
applicable Class Final Scheduled Maturity Date for such Class of Notes exceeds
the remainder of the Total Distribution Amount and the amounts available in the
Spread Account pursuant to Section 5.7(d) for that Payment Date after subtracting the
Class Principal Distributable Amount  for
each Class of Notes having priority over such Class of Notes, the Servicer
shall instruct the Indenture Trustee on such Payment Date to withdraw from the
Principal Supplement 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.  Funds on
deposit in the Principal Supplement Account may be withdrawn and paid to the
Seller on any day if each Rating Agency has confirmed that such action will not
result in a withdrawal or downgrade of its rating of any Class of Notes.

 

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
to the Trustee, for the Trustee to forward to each Certificateholder of record,
a statement substantially in the form of Exhibits A and B, respectively,
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 of the distribution allocable to
principal of the Certificates;

 

(iv)  the amount of the distribution allocable to
interest on the Certificates;

 

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

 

(vi)  the aggregate Outstanding Amount and the Note
Pool Factor for each Class of Notes, and the Certificate Balance and the
Certificate Pool Factor as of such Payment

 

24

 

Date, after giving effect
to payments allocated to principal reported under clauses (i) and (iii) above;

 

(vii)  (i) the amount of the Backup Servicer Fees
paid to the Backup Servicer with respect to the preceding Collection Period and
(ii) the amount of Backup Servicer Expenses paid to the Backup Servicer with
respect to the preceding Collection Period;

 

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

 

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

 

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

 

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

 

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

 

(xiii)  for Payment Dates during the Funding Period,
the remaining Pre-Funded Amount;

 

(xiv)  for the final Payment Date with respect to
the Funding Period, the amount of any Remaining Pre-Funded Amount that has not
been used to fund the purchase of Subsequent Receivables;

 

(xv)  the balance, of the Principal Supplement
Account on such Payment Date, after giving effect to changes therein on such
Payment Date;

 

(xvi)  the balance, of the Negative Carry Account on
such Payment Date, after giving effect to changes therein on such Payment Date;

 

(xvii)  the amount of Net Swap Payments or Net Swap
Receipts for such Payment Date, and

 

(xviii)  the amount of Swap Termination Payments paid
by the Issuer on such Payment Date.

 

25

 

Each amount set forth pursuant to clauses (i), (ii), (iii), (iv), (viii) and
(ix) shall
be expressed as a dollar amount per $1,000 of original principal balance of a
Certificate or Note, as applicable.

 

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 www.jpmorgan.com/sfr.

 

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 1-877-722-1095. 
The Indenture Trustee shall have the right to change the way the
statement to Noteholders required under this Section
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 systems, software or hardware utilized in posting or retrieving any such
information is 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 receipt thereof, 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 Initial
Deposit into the Backup Servicer Account. On each Payment Date to the extent
that any Backup Servicer Expenses are

 

26

 

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 so long as no Servicer Default shall have
occurred and be continuing.  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, Case Credit Corporation 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 of 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 Issuer 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 Issuer 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 corporation in good standing under the laws of the State of
Delaware, with the corporate 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 corporate
power, authority and legal right to acquire, own and sell the Receivables.

 

(b)  Due Qualification.  The Seller is duly qualified to do business
as a foreign corporation 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)  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 Issuer

 

27

 

and has duly authorized
such sale and assignment to the Issuer by all necessary corporate action; and
the execution, delivery and performance of this Agreement have been, and the
execution, delivery and performance of each Subsequent Transfer Assignment have
been or will be on or before the related Subsequent Transfer Date, duly
authorized by the Seller by all necessary corporate action.

 

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

 

(e)  No Violation.  The consummation of the transactions
contemplated by this Agreement and the fulfillment of the terms hereof do not
conflict with, result in any breach of any of the terms and provisions of, or
constitute (with or without notice or lapse of time) a default under, the
certificate of incorporation 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. There are no
proceedings or investigations pending or, to the Seller’s best knowledge,
threatened, before any court, regulatory body, administrative agency or other
governmental instrumentality having jurisdiction over the Seller or its
properties: (i) asserting the invalidity of this Agreement, the Indenture or
any of the other Basic Documents, the Notes or the Certificates, (ii) seeking
to prevent the issuance of the Notes or the Certificates or the consummation of
any of the transactions contemplated by this Agreement, the Indenture or any of
the other Basic Documents, (iii) seeking any determination or ruling that could
reasonably be expected to materially and adversely affect the performance by
the Seller of its obligations under, or the validity or enforceability of, this
Agreement, the Indenture, any of the other Basic Documents, the Notes or the
Certificates or (iv) that might adversely affect the federal or state income tax
attributes of the Notes or the Certificates.

 

SECTION 6.2.  Corporate
Existence.  (a) During the
term of this Agreement, the Seller will keep in full force and effect its
existence, rights and franchises as a corporation under the laws of the
jurisdiction of its incorporation 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.

 

28

 

(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 corporate 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 corporate actions required by law to be
authorized by the Board of Directors, shall keep minutes of such meetings and
of meetings of its stockholder(s) and observe all other customary corporate
formalities (and any successor Seller not a corporation 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 Issuer, 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 Issuer or the issuance and original sale of the Certificates
and the Notes, including any sales, gross receipts, general corporation,
tangible personal property, privilege or license taxes (but, in the case of the
Issuer, 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 Issuer, 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

 

29

 

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 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 affect its
obligations under this Agreement, and that in its opinion may involve it in any
expense or liability.

 

30

 

SECTION 6.6.  Seller
May Own Certificates or Notes. 
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 Case Credit or NH Credit, the certificate of incorporation or the
certificate of formation and limited liability company agreement (as
applicable) of which contains restrictions substantially similar to the
restrictions contained in the certificate of incorporation of the Seller and
(B) has provided an Opinion of Counsel regarding substantive consolidation of
such Affiliate with Case Credit or NH Credit in the event of a bankruptcy
filing by Case Credit 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 Issuer 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, in the case of the Initial Receivables, and as of the
applicable Subsequent Transfer Date, in the case of the Subsequent Receivables,
and shall survive the sale of the Receivables to the Issuer and the pledge
thereof to the Indenture Trustee pursuant to the Indenture.

 

(a)  Organization and Good Standing.  The Servicer is duly organized and validly
existing as a corporation in good standing under the laws of the state of its
incorporation, with the corporate 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 corporation 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.

 

31

 

(c)  Power and Authority.  The Servicer has the corporate 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 corporate 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
articles of incorporation 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. There are no
proceedings or investigations pending, or, to the Servicer’s best knowledge,
threatened, before any court, regulatory body, administrative agency or other
governmental instrumentality having jurisdiction over the Servicer or its
properties: (i) asserting the invalidity of this Agreement, the Indenture, any
of the other Basic Documents, the Notes or the Certificates, (ii) seeking to
prevent the issuance of the Notes or the Certificates or the consummation of
any of the transactions contemplated by this Agreement, the Indenture or any of
the other Basic Documents, (iii) seeking any determination or ruling that could
reasonably be expected to materially and adversely affect the performance by
the Servicer of its obligations under, or the validity or enforceability of,
this Agreement, the Indenture, any of the other Basic Documents, the Notes or
the Certificates or (iv) relating to the Servicer and that might adversely
affect the federal or state income tax attributes of the Notes or the
Certificates.

 

(g)  No Insolvent Obligors. As of the
Initial Cutoff Date or, in the case of the Subsequent Receivables, as of the
related Subsequent Cutoff Date, no Obligor is shown in the Servicer’s records
(including, without limitation, the Receivables 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.

 

32

 

(a)  The Servicer shall defend, indemnify and hold
harmless the Issuer, 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 Issuer, not
including any taxes asserted with respect to, and as of the date of, the sale
of the Receivables to the Issuer or the issuance and original sale of the
Certificates, the Notes, 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 Issuer’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, and, in the case of the Indenture
Trustee, in the Indenture, 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.

 

33

 

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

 

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, or (c) that may succeed to the
properties and assets of the Servicer substantially as a whole, 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

 

34

 

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 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 and each Counterparty 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) 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); provided, however,
that this Section 7.3 shall not
apply to mergers or consolidations of the Backup Servicer in its capacity as
successor Servicer within JPMorgan Chase Bank.

 

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 Issuer, 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 affect 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 other
Basic Documents and the rights and duties of the parties to this Agreement, the
other Basic Documents and the interests of the Certificateholders under the
Trust Agreement and the Noteholders under the Indenture.

 

SECTION 7.5.  Case
Credit Not to Resign as Servicer.  Subject to Section 7.3, Case Credit shall
not resign from the obligations and duties imposed on it as Servicer under this

 

35

 

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, each Counterparty, 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, each Counterparty 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 Case 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.  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

 

36

 

Certificateholders, as
applicable, evidencing not less than 25% of the Outstanding Amount of the Notes
or 25% of the Certificate Balance;

 

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

 

(d)  any failure by the Servicer to deliver to the
Indenture Trustee for deposit in the Backup Servicer Account, the Backup
Servicer Account Shortfall Amount, 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;

 

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 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)
or (c) with respect to the Seller
or under Section 8.1(d).  On or after the receipt by the 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
Backup Servicer, or if no Backup Servicer has been 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 purposes of such notice of termination, 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 and each Counterparty.

 

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

 

37

 

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 45 days from the delivery to the Trustee,
each Counterparty 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
and if no Backup Servicer has succeeded to the duties of the Servicer in
accordance with Section 8.1, the
Issuer 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 as 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 Backup Servicer or 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 (unless otherwise provided herein or
in the Backup Servicing Agreement) 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 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 Case Credit such
information as Case Credit shall reasonably request with respect to the
Receivables and collections thereon.

 

(c) Subject to the
last sentence of clause
(a), 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

 

38

 

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, each Counterparty, 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 a majority of the
Certificate Balance, in the case of any default that does not 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, the Servicer shall have the option (but no obligation) to purchase all
of the Trust Estate, other than the Trust Accounts.  To exercise such option, the Servicer shall
deposit, pursuant to Section
5.5, in the Collection Account an amount equal to the aggregate
Purchase Amount for the Receivables plus
the appraised value of any other property held by the Trust, such value to be
determined by an appraiser mutually agreed upon by the Servicer, the Trustee
and the Indenture Trustee, and shall succeed to all interests in, to and under
the Trust Estate, other than the Trust Accounts.

 

(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 on, 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 deposits (after the
application on such Payment Date

 

39

 

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 the Note Distribution Account, any portion of the Class A Noteholders’ Class
Interest Amount and the Outstanding Amount of the Class A Notes (after giving
effect to the reduction resulting from the deposits made in the Note
Distribution Account on such Payment Date and on prior Payment Dates) not
otherwise deposited into the Note Distribution Account on such Payment Date;

 

(ii)  second,
to the Note Distribution Account, any portion of the Class B Noteholders’
Class Interest Amount and the Outstanding Amount of the Class B Notes (after
giving effect to the reduction resulting from the deposits made in the Note
Distribution Account on such Payment Date and on prior Payment Dates) not
otherwise deposited into the Note Distribution Account on such Payment Date;

 

(iii)  third,
to the Certificate Distribution Account, any portion of the Certificateholders’
Interest Distributable Amount not otherwise deposited in the Certificate
Distribution Account on such Payment Date; and

 

(iv)  fourth,
to the Certificate Distribution Account, the Certificate Balance (after giving
effect to the reduction resulting from the deposits made in the Certificate
Distribution Account on such Payment Date).

 

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. Any Sale Proceeds remaining after the deposits described above shall be
paid to the Seller.

 

(c) As described
in Article IX of the Trust Agreement, notice of any termination of the Trust
shall be given by the Servicer to the Trustee, the Indenture Trustee and the
Backup Servicer as soon as practicable after the Servicer has received notice
thereof.  In addition, the Servicer shall
give notice of termination of the Trust to each Counterparty.

 

(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.

 

40

 

ARTICLE X

Miscellaneous Provisions

 

SECTION 10.1.  Amendment.  The Agreement may be amended from time to
time by a written amendment duly executed and delivered by the Seller, the
Servicer and the Issuer, with the written consent of the Indenture Trustee, but
without the consent of any of the Noteholders or the Certificateholders, to
cure any ambiguity, to correct or supplement any provisions in this Agreement,
to modify, delete or add any provision hereof relating to the rights and
obligations of the Backup Servicer, or for the purpose of adding any provisions
to or changing in any manner or eliminating any of the provisions in this
Agreement or of modifying in any manner the rights of the Noteholders or the
Certificateholders; provided, however,
that such action shall not, as evidenced by an Opinion of Counsel delivered to
the Trustee and the Indenture Trustee, adversely affect in any material respect
the interests of any Noteholder or Certificateholder.

 

The Specified Spread Account Balance may be reduced or
the definition thereof otherwise modified without the consent of any of the
Noteholders or the Certificateholders if the Rating Agency Condition is
satisfied.

 

This Agreement may also be amended from time to time
by the Seller, the Servicer and the Issuer, 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 the Certificates or
(y) add credit enhancement for the benefit of any Class of the Notes or the
Certificates.

 

This Agreement may also be amended from time to time
by the Seller, the Servicer and the Issuer, with the written consent of (a) the
Indenture Trustee, (b) Noteholders holding Notes evidencing not less than a
majority of the Note Balance, and (c) the Holders of Certificates evidencing
not less than a majority of the Certificate Balance, 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) increase or reduce in any
manner the amount of, or accelerate or delay the timing of, collections of
payments on Receivables or distributions that shall be required to be made for
the benefit of the Noteholders or the Certificateholders or (b) reduce the
aforesaid 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.

 

Promptly after the execution of any such amendment or
consent (or, in the case of the Rating Agencies, 10 days 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.

 

41

 

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: (i) 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 and (ii) the Opinion
of Counsel referred to in Section 10.2(i)(1). 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.

 

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 Issuer 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.  It is understood and agreed, however, that no
filings will be made to perfect any security interest of the Issuer or the
Indenture Trustee in the Seller’s interests in True Lease Equipment.  The Issuer 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 corporate structure
in any manner that would, could or might make any financing statement or
continuation statement filed in accordance with paragraph (a) seriously
misleading within the applicable provisions of the UCC, unless it shall have
given the Trustee and the Indenture Trustee at least five days’ prior written
notice thereof and shall have promptly filed 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 at least 60 days’ prior written notice of any relocation of
its principal executive office or its “location” as defined in Section 9-307 of
the UCC 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 principal executive office,
within the United States of America.

 

42

 

(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 Issuer and the Indenture Trustee in such Receivable
and that such Receivable is owned by the Issuer and has been pledged to
JPMorgan Chase Bank, as Indenture Trustee. Indication of the Issuer’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.

 

(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 Issuer and has been pledged
to the Indenture Trustee.

 

(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 and of each amendment hereto, 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

 

43

 

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 Initial 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.

 

(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(x) 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
Issuer, 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, and shall be deemed to have been duly given
upon receipt: (a) in the case of the Seller, to CNH Capital Receivables Inc.,
100 South Saunders Road, Lake Forest, Illinois 60045, Attention of: Treasurer
(telephone (847) 735-9200 and facsimile (847) 955-4943, (b) in the case of the Servicer, to Case
Credit Corporation, 233 Lake Avenue, Racine, Wisconsin 53403, Attention: Treasurer
(telephone (262) 636-6011 and facsimile (262) 636-6284), (c) in the case of the
Issuer 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, 99
Church 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 of Asset Backed
Surveillance Department, (g) in the case of Fitch, to Fitch, Inc., 55 East
Monroe Street, Suite 3500, Chicago, IL 60603, Attention:  ABS Monitoring – Equipment

 

44

 

Loans; or, as to each of
the foregoing, at such other address as shall be designated by written notice
to the other parties and (g) in the case of any Counterparty, the address set
forth in Section 11.4(c) of the Indenture or at any other address previously furnished
in writing to the Issuer, the Servicer or the Indenture Trustee by the
applicable Counterparty.

 

SECTION 10.4.  Assignment.  Notwithstanding anything to the contrary
contained herein, except as provided in Sections 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.

 

SECTION 10.5.  Limitations
on Rights of Others.  The
provisions of this Agreement are solely for the benefit of the Seller, the
Servicer, the Issuer, the Trustee, the Certificateholders, the Indenture
Trustee, each Counterparty 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.

 

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, 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 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 Issuer to the Indenture Trustee pursuant to
the Indenture for the benefit of the Noteholders and each Counterparty of all
right, title and interest of the Issuer in, to and under the Receivables and/or
the assignment of any or all of the Issuer’s rights and obligations hereunder
to the Indenture Trustee, and agrees that enforcement of a right or remedy
hereunder by the Indenture Trustee

 

45

 

shall have the same force
and effect as if the right or remedy had been enforced or executed by the
Issuer.

 

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 Issuer, acquiesce, petition
or otherwise invoke or cause the Issuer to invoke the process of any court or
governmental authority for the purpose of commencing or sustaining a case
against the Issuer 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 Issuer or any substantial part of
its property, or ordering the winding up or liquidation of the affairs of the
Issuer. 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 Issuer 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 The Bank of New York,
not in its individual capacity but solely in its capacity as Trustee of the
Issuer, and in no event shall The Bank of New York, in its individual capacity
or, except as expressly provided in the Trust Agreement, any beneficial owner
of the Issuer have any liability for the representations, warranties,
covenants, agreements or other obligations of the Issuer 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 Issuer.

 

(b)
Notwithstanding anything contained herein to the contrary, this Agreement has
been accepted by JPMorgan Chase Bank, not in its individual capacity but solely
as Indenture Trustee, and in no event shall JPMorgan Chase Bank have any
liability for the representations, warranties, covenants, agreements or other
obligations of the Issuer 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 Issuer.

 

46

 

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

 

(signature page follows)

 

47

 

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 2003-B

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  The Bank of New York,

  
	
   

  	
   

  	
  not
  its individual capacity but solely

  
	
   

  	
   

  	
  as
  Trustee of the Trust

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/
  JONATHAN FARBER

  	
   

  
	
   

  	
   

  	
  Name:
  Jonathan Farber

  
	
   

  	
   

  	
  Title:
  Assistant Treasurer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  CNH Capital Receivables Inc.,

  
	
   

  	
  as
  Seller

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/
  BRIAN O’KEANE

  	
   

  
	
   

  	
   

  	
  Name:
  Brian O’Keane

  
	
   

  	
   

  	
  Title:
  Assistant Treasurer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Case Credit Corporation,

  
	
   

  	
  as
  Servicer

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/
  BRIAN O’KEANE

  	
   

  
	
   

  	
   

  	
  Name:
  Brian O’Keane

  
	
   

  	
   

  	
  Title:
  Assistant Treasurer

  
	
   

  	
   

  	
   

  
	
  Acknowledged and Accepted:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  JPMorgan
  Chase Bank,

  
	
   

  	
  not
  in its individual capacity

  
	
   

  	
  but
  solely as Indenture Trustee

  
	
   

  
	
  By:

  	
  /s/
  JOSEPH M. CONSTANTINO

  	
   

  
	
   

  	
  Name:
  Joseph M. Constantino

  
	
   

  	
  Title:
  Trust Officer

  
											

 

Sale and Servicing Agreement

 

S-1

 

EXHIBIT A

to Sale and Servicing Agreement

 

FORM OF NOTEHOLDER’S

STATEMENT PURSUANT TO
SECTION 5.10(A)

 

	
   

  	
  Payment Date:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  (i)

  	
  Amount of principal
  being paid on Notes:

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  A-1 Notes:

  	
   

  	
   

  	
  ($_____ per $1,000 original principal amount)

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  A-2 Notes:

  	
   

  	
   

  	
  ($_____ per $1,000 original principal amount)

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  A-3a Notes:

  	
   

  	
   

  	
  ($_____ per $1,000 original principal amount)

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  A-3b Notes:

  	
   

  	
   

  	
  ($_____ per $1,000 original principal amount)

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  A-4a Notes:

  	
   

  	
   

  	
  ($_____ per $1,000 original principal amount)

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  A-4b Notes:

  	
   

  	
   

  	
  ($_____ per $1,000 original principal amount)

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Class B Notes:

  	
   

  	
   

  	
  ($_____ per $1,000
  original principal amount)

  
	
  (ii)

  	
  Amount
  of interest being paid on Notes:

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  A-1 Notes:

  	
   

  	
   

  	
  ($_____ per $1,000 original principal amount)

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  A-2 Notes:

  	
   

  	
   

  	
  ($_____ per $1,000 original principal amount)

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  A-3a Notes:

  	
   

  	
   

  	
  ($_____ per $1,000 original principal amount)

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  A-3b Notes:

  	
   

  	
   

  	
  ($_____ per $1,000 original principal amount)

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  A-4a Notes:

  	
   

  	
   

  	
  ($_____ per $1,000 original principal amount)

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  A-4b Notes:

  	
   

  	
   

  	
  ($_____ per $1,000 original principal amount)

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Class B Notes:

  	
   

  	
   

  	
  ($_____ per $1,000 original principal amount)

  
						

 

	
  (iii)

  	
  Pool Balance at end of
  the preceding Collection Period:

  	
   

  	
   

  

 

A-1

 

	
  (iv)

  	
  After giving
  effect to distributions on this Payment Date:

  
	
   

  	
   

  
	
   

  	
  (a)

  	
  (1)

  	
  Outstanding
  Amount of A-1 Notes:

  	
   

  	
   

  
	
   

  	
   

  	
  (2)

  	
  Outstanding
  Amount of A-2 Notes:

  	
   

  	
   

  
	
   

  	
   

  	
  (3)

  	
  Outstanding
  Amount of A-3a Notes:

  	
   

  	
   

  
	
   

  	
   

  	
  (4)

  	
  Outstanding
  Amount of A-3b Notes:

  	
   

  	
   

  
	
   

  	
   

  	
  (5)

  	
  Outstanding
  Amount of A-4a Notes:

  	
   

  	
   

  
	
   

  	
   

  	
  (6)

  	
  Outstanding
  Amount of A-4b Notes:

  	
   

  	
   

  
	
   

  	
   

  	
  (7)

  	
  Outstanding
  Amount of Class B Notes:

  	
   

  	
   

  
	
   

  	
   

  	
  (8)

  	
  A-1 Note Pool
  Factor:

  	
   

  	
   

  
	
   

  	
   

  	
  (9)

  	
  A-2 Note Pool
  Factor:

  	
   

  	
   

  
	
   

  	
   

  	
  (10)

  	
  A-3a Note Pool
  Factor:

  	
   

  	
   

  
	
   

  	
   

  	
  (11)

  	
  A-3b Note Pool
  Factor:

  	
   

  	
   

  
	
   

  	
   

  	
  (12)

  	
  A-4a Note Pool
  Factor:

  	
   

  	
   

  
	
   

  	
   

  	
  (13)

  	
  A-4b Note Pool
  Factor:

  	
   

  	
   

  
	
   

  	
   

  	
  (14)

  	
  Class B Note
  Pool Factor:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  (b)

  	
  (1)

  	
  Certificate
  Balance:

  	
   

  	
   

  
	
   

  	
   

  	
  (2)

  	
  Certificate Pool
  Factor:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  (v)

  	
  Amount of Servicing
  Fee:

  	
   

  	
   

  	
  ($_____ per $1,000
  original principal amount)

  
	
   

  	
   

  
	
  (vi)

  	
  Amount of
  Administration Fee:

  	
   

  	
   

  	
  ($_____ per $1,000
  original principal amount)

  
	
   

  	
   

  
	
  (vii)

  	
  Aggregate Amount of
  Realized Losses for the Collection Period:

  	
   

  	
   

  
	
   

  	
   

  
	
  (viii)

  	
  Aggregate Purchase
  Amounts for the Collection Period:

  	
   

  	
   

  
	
   

  	
   

  
	
  (ix)

  	
  Balance of Spread
  Account:

  	
   

  	
   

  
	
   

  	
   

  
	
  (x)

  	
  Pre-funded Amount:

  	
   

  	
   

  
	
   

  	
   

  
	
  (xi)

  	
  Balance of Principal Supplement
  Account:

  	
   

  	
   

  
	
   

  	
   

  
	
  (xii)

  	
  Balance of Negative
  Carry Account:

  	
   

  	
   

  
	
   

  	
   

  
	
  (xiii)

  	
  Amount of Net Swap
  Payments or Net Swap Receipts:

  	
   

  	
   

  
	
   

  	
   

  
	
  (xiv)

  	
  Amount of Swap
  Termination Payments paid by the Issuer:

  	
   

  	
   

  
	
   

  	
   

  
	
  (xv)

  	
  Amount of Backup
  Servicer Fee for the Collection Period:

  	
   

  	
   

  
	
   

  	
   

  
	
  (xvi)

  	
  Amount of Backup
  Servicer Expenses for the Collection Period:

  	
   

  	
   

  
																																				

 

A-2

 

EXHIBIT B

to Sale and Servicing Agreement

 

FORM OF CERTIFICATEHOLDER’S

STATEMENT PURSUANT TO
SECTION 5.10(A)

 

	
   

  	
  Payment Date:

  	
   

  	
   

  
	
   

  	
   

  
	
  (i)

  	
  Amount of principal
  being paid or distributed:

  
	
   

  	
   

  
	
   

  	
  (a)

  	
  (1)

  	
  A-1 Notes:

  	
   

  	
   

  
	
   

  	
   

  	
  (2)

  	
  A-2 Notes:

  	
   

  	
   

  
	
   

  	
   

  	
  (3)

  	
  A-3a Notes:

  	
   

  	
   

  
	
   

  	
   

  	
  (4)

  	
  A-3b Notes:

  	
   

  	
   

  
	
   

  	
   

  	
  (5)

  	
  A-4a Notes:

  	
   

  	
   

  
	
   

  	
   

  	
  (6)

  	
  A-4b Notes:

  	
   

  	
   

  
	
   

  	
   

  	
  (7)

  	
  Class B Notes:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  (b)

  	
  Certificates:

  	
   

  	
   

  	
  ($_____ per
  $1,000 original principal amount)

  
	
   

  	
   

  	
   

  
	
   

  	
  (c)

  	
  Total:

  	
   

  	
   

  
																		

 

	
  (ii)

  	
  Amount of interest
  being paid or distributed:

  
	
   

  	
   

  
	
   

  	
  (a)

  	
  (1)

  	
  A-1 Notes:

  	
   

  	
   

  
	
   

  	
   

  	
  (2)

  	
  A-2 Notes:

  	
   

  	
   

  
	
   

  	
   

  	
  (3)

  	
  A-3a Notes:

  	
   

  	
   

  
	
   

  	
   

  	
  (4)

  	
  A-3b Notes:

  	
   

  	
   

  
	
   

  	
   

  	
  (5)

  	
  A-4a Notes:

  	
   

  	
   

  
	
   

  	
   

  	
  (6)

  	
  A-4b Notes:

  	
   

  	
   

  
	
   

  	
   

  	
  (7)

  	
  Class B Notes:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  (b)

  	
  Certificates:

  	
   

  	
   

  	
  ($_____ per
  $1,000 original principal amount)

  
	
   

  	
   

  	
   

  
	
   

  	
  (c)

  	
  Total:

  	
   

  	
   

  
	
   

  	
   

  
	
  (iii)

  	
  Pool Balance at end of
  the preceding Collection Period:

  	
   

  	
   

  
	
   

  	
   

  
	
  (iv)

  	
  After giving effect to
  distributions on this Payment Date:

  
	
   

  	
   

  
	
   

  	
  (a)

  	
  (1)

  	
  Outstanding
  Amount of A-1 Notes:

  	
   

  	
   

  
	
   

  	
   

  	
  (2)

  	
  Outstanding
  Amount of A-2 Notes:

  	
   

  	
   

  
	
   

  	
   

  	
  (3)

  	
  Outstanding
  Amount of A-3a Notes:

  	
   

  	
   

  
																								

 

B-1

 

	
   

  	
   

  	
  (4)

  	
  Outstanding
  Amount of A-3b Notes:

  	
   

  	
   

  
	
   

  	
   

  	
  (5)

  	
  Outstanding
  Amount of A-4a Notes:

  	
   

  	
   

  
	
   

  	
   

  	
  (6)

  	
  Outstanding
  Amount of A-4b Notes:

  	
   

  	
   

  
	
   

  	
   

  	
  (7)

  	
  Outstanding
  Amount of Class B Notes:

  	
   

  	
   

  
	
   

  	
   

  	
  (8)

  	
  A-1 Note Pool
  Factor:

  	
   

  	
   

  
	
   

  	
   

  	
  (9)

  	
  A-2 Note Pool
  Factor:

  	
   

  	
   

  
	
   

  	
   

  	
  (10)

  	
  A-3a Note Pool
  Factor:

  	
   

  	
   

  
	
   

  	
   

  	
  (11)

  	
  A-3b Note Pool
  Factor:

  	
   

  	
   

  
	
   

  	
   

  	
  (12)

  	
  A-4a Note Pool
  Factor:

  	
   

  	
   

  
	
   

  	
   

  	
  (13)

  	
  A-4b Note Pool
  Factor:

  	
   

  	
   

  
	
   

  	
   

  	
  (14)

  	
  Class B Note
  Pool Factor:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  (b)

  	
  (1)

  	
  Certificate
  Balance:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (2)

  	
  Certificate Pool
  Factor:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  (v)

  	
  Amount of Servicing
  Fee:

  	
   

  	
   

  	
  ($_____ per $1,000
  original principal amount)

  
	
   

  	
   

  
	
  (vi)

  	
  Amount of
  Administration Fee:

  	
   

  	
   

  	
  ($_____ per $1,000
  original principal amount)

  
	
   

  	
   

  
	
  (vii)

  	
  Aggregate amount of
  Realized Losses for the Collection Period:

  	
   

  	
   

  
	
   

  	
   

  
	
  (viii)

  	
  Aggregate Purchase
  Amounts for the Collection Period:

  	
   

  	
   

  
	
   

  	
   

  
	
  (ix)

  	
  Balance of Spread
  Account:

  	
   

  	
   

  
	
   

  	
   

  
	
  (x)

  	
  Pre-Funded Amount:

  	
   

  	
   

  
	
   

  	
   

  
	
  (xi)

  	
  Balance of Negative
  Carry Account:

  	
   

  	
   

  
	
   

  	
   

  
	
  (xii)

  	
  Amount of Net Swap
  Payments or Net Swap Receipts:

  	
   

  	
   

  
	
   

  	
   

  
	
  (xiii)

  	
  Amount of Swap
  Termination Payments paid by the Issuer:

  	
   

  	
   

  
																										

 

B-2

 

EXHIBIT C

to Sale and Servicing Agreement

 

FORM OF SERVICER’S CERTIFICATE

 

The Bank of New York

101 Barclay Street, 8W 

New York, New York  10286

Attention:  Corporate Trust
Administration - Asset Backed Finance Unit

 

JPMorgan Chase Bank

4 New York Plaza, 6th Floor

New York, New York  10004

Attention:  Institutional Trust Services
Group-CNH Equipment Trust 2003-B

 

CNH Capital Receivables Inc.

100 South Saunders Road

Lake Forest, Illinois 60045

Attention:  Secretary

 

Fitch, Inc.

55 East Monroe Street,

Suite 3500,

Chicago, Illinois 60603 

Attention:  ABS Monitoring – Equipment
Loans

 

Moody’s Investors Service, Inc.

ABS Monitoring Department

99 Church 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 Picket Road

St. Joseph, Missouri 64503

Attention:  John J. Chappell and Joseph
D. Booz

 

C-1

 

Class A-1 Asset-Backed Notes

Class A-2 Asset-Backed Notes

Class A-3a Asset-Backed Notes

Class A-3b Asset-Backed Notes

Class A-4a Asset-Backed Notes

Class A-4b Asset-Backed Notes

Class B Asset-Backed Notes

	
   

  	
  Certificates

  	
   

  
	
   

  
	
  Determination Date:

  	
      

  	
  -

  	
         

  	
  -

  	
      

  	
   

  
									

 

DISTRIBUTIONS

 

	
  (1)

  	
  Total Distribution Amount

  	
  $________

  
	
   

  	
   

  	
   

  
	
  (2)

  	
  Servicing Fee

  	
  $________

  
	
   

  	
   

  	
   

  
	
  (3)

  	
  Administration Fee

  	
  $________

  
	
   

  	
   

  	
   

  
	
  (4)

  	
  Net Swap Payments

  	
  $________

  
	
   

  	
   

  	
   

  
	
  (5)

  	
  Swap Termination Payments payable by the
  Issuer

  	
  $________

  
	
   

  	
   

  	
   

  
	
  (6)

  	
  Class A Noteholder’s Class Interest Amount:

  	
  $________

  
	
   

  	
   

  	
   

  
	
   

  	
  •      Interest
  on Class A Notes ($_______________)

  •      Class
  A Noteholder’s Class Interest Shortfall, if any ($__________)

  	
   

  
	
   

  	
   

  	
   

  
	
  (7)

  	
  Class B Noteholders’ Class Interest Amount

  	
  $________

  
	
   

  	
   

  	
   

  
	
   

  	
  •      Interest
  on Class B Notes ($___________)

  •      Class
  B Noteholders’ Class Interest Shortfall ($_____________)

  	
   

  
	
   

  	
   

  	
   

  
	
  (8)

  	
  Class Principal Distributable Amount

  	
  $________

  
	
   

  	
   

  	
   

  
	
   

  	
  •      Class
  A Noteholders’ Monthly Principal Distributable Amount

  •      Class
  Principal Distributable Amount for each Class of Class A Notes having
  priority of payment over such Class of Class A Notes

  •      Outstanding
  principal amount of that Class

  	
   

  
	
   

  	
   

  	
   

  
	
  (9)

  	
  Class A Noteholders’ Monthly Principal Distributable
  Amount

  	
  $________

  
	
   

  	
   

  	
   

  
	
   

  	
  •      Aggregate
  scheduled principal payments on the Receivables received during the
  Collection Period ($____________)

  	
   

  

 

C-2

 

	
   

  	
  •      Outstanding
  principal balance of the Class A Notes and Certificates ($________)

  •      Pool
  Balance ($_________)

  •      Amounts
  on deposit in the Pre-Funding Account ($__________)

  •      Outstanding
  amount of Class A Notes ($__________)

  	
   

  
	
   

  	
   

  	
   

  
	
  (10)

  	
  A-1 Noteholders’ Class Principal Distributable
  Amount

  	
  $________

  
	
   

  	
   

  	
   

  
	
   

  	
  •      Class
  A Noteholders’ Monthly Principal Distributable Amount ($________)

  •      A-1
  Noteholders’ outstanding principal amount ($__________)

  	
   

  
	
   

  	
   

  	
   

  
	
  (11)

  	
  A-2 Noteholders’ Class Principal Distributable
  Amount

  	
  $________

  
	
   

  	
   

  	
   

  
	
   

  	
  •      Class
  A Noteholders’ Monthly Principal Distributable Amount ($__________)

  •      A-1
  Noteholders’ Class Principal Distributable Amount ($__________)

  •      A-2
  Noteholders’ Outstanding Amount ($__________)

  	
   

  
	
   

  	
   

  	
   

  
	
  (12)

  	
  A-3a Noteholders’ Class Principal Distributable
  Amount

  	
  $________

  
	
   

  	
   

  	
   

  
	
   

  	
  •      Class
  A Noteholders’ Monthly Principal Distributable Amount ($__________)

  •      A-1
  Noteholders’ Class Principal Distributable Amount ($__________)

  •      A-2
  Noteholders’ Class Principal Distributable Amount ($__________)

  •      A-3a
  Noteholders’ Outstanding Amount ($__________)

  	
   

  
	
   

  	
   

  	
   

  
	
  (13)

  	
  A-3b Noteholders’ Class Principal Distributable
  Amount

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  •      Class
  A Noteholders’ Monthly Principal Distributable Amount ($__________)

  •      A-1
  Noteholders’ Class Principal Distributable Amount ($__________)

  •      A-2
  Noteholders’ Class Principal Distributable Amount ($__________)

  •      A-3a
  Noteholders’ Class Principal Distributable Amount ($__________)

  •      A-3b
  Noteholders’ Outstanding Amount ($__________)

  	
   

  
	
   

  	
   

  	
   

  
	
  (14)

  	
  A-4a Noteholders’ Class Principal Distributable
  Amount

  	
  $________

  
	
   

  	
   

  	
   

  
	
   

  	
  •      Class
  A Noteholders’ Monthly Principal Distributable Amount ($__________)

  •      A-1
  Noteholders’ Class Principal Distributable Amount ($__________)

  •      A-2
  Noteholders’ Class Principal Distributable Amount ($__________)

  •      A-3a
  Noteholders’ Class Principal Distributable Amount ($__________)

  •      A-3b
  Noteholders’ Class Principal Distributable Amount ($__________)

  •      A-4a
  Noteholders’ Outstanding Amount ($__________)

  	
   

  

 

C-3

 

	
  (15)

  	
  A-4bNoteholders’ Class Principal Distributable
  Amount

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  •      Class
  A Noteholders’ Monthly Principal Distributable Amount ($__________)

  •      A-1
  Noteholders’ Class Principal Distributable Amount ($__________)

  •      A-2
  Noteholders’ Class Principal Distributable Amount ($__________)

  •      A-3a
  Noteholders’ Class Principal Distributable Amount ($__________)

  •      A-3a
  Noteholders’ Class Principal Distributable Amount ($__________)

  •      A-4b
  Noteholders’ Outstanding Amount ($__________)

  	
   

  
	
   

  	
   

  	
   

  
	
  (16)

  	
  Class B Noteholders’ Class Principal Distributable
  Amount

  	
   

  
	
   

  	
   

  	
   

  
	
  (17)

  	
  NOTEHOLDERS’ DISTRIBUTABLE AMOUNT

  (6)+(7)+(9)+(10)+(11)+(12) +(13) +(14) +(15)
  +(16)

  	
  $________

  
	
   

  	
   

  	
   

  
	
  (18)

  	
  Deposit to Note Distribution Account

  	
  $________

  
	
   

  	
   

  	
   

  
	
   

  	
  •      Excess,
  if any, of Total Distribution Amount (1), less the Administration Fee (3),
  less the Servicing

  Fee (2)

  •      Withdrawal
  from Spread Account pursuant to Section 5.6(d) (see (27) below)

  •      Withdrawal
  from Spread Account pursuant to 5.6(e) (see(28) below)

  •      Withdrawal
  from Principal Supplement Accounts pursuant to Section 5.9

  •      But
  not greater than the Noteholders’ Distributable Amount (17)

  	
   

  
	
   

  	
   

  	
   

  
	
  (19)

  	
  Deposit to Spread Account pursuant to Section
  5.5(b)(vi)

  	
  $________

  
	
   

  	
   

  	
   

  
	
   

  	
  •      Excess,
  if any, of Total Distribution Amount (1), less the Administration Fee (3),
  less the Servicing

  Fee (2), less the Noteholders’ Distributable Amount (17)

  •      But
  not greater than Item (23) below

  	
   

  
	
   

  	
   

  	
   

  
	
  (20)

  	
  Deposit to Certificate Distribution Account

  	
  $________

  
	
   

  	
   

  	
   

  
	
   

  	
  •      Excess,
  if any, of Total Distribution Amount (1), less the Administration Fee(3),
  less the Servicing

  Fee (2), less the Noteholders’ Distributable Amount (17), less the Deposit to
  Spread Account (19)

  •      But
  not greater than the Certificateholders’ Distributable Amount (20)

  	
   

  

 

SPREAD ACCOUNT

 

	
  (21)

  	
  Spread
  Account Balance as of Determination Date

  (prior to any deposits or withdrawals)

  	
  $________

  
	
   

  	
   

  	
   

  
	
  (22)

  	
  Specified Spread Account Balance (after all
  distributions and adjustments)

  	
  $________

  

 

C-4

 

	
  (23)

  	
  Limit on Deposit to the Spread Account

  	
  $________

  
	
   

  	
   

  	
   

  
	
   

  	
  •      The
  excess, if any, of the Specified Spread Account Balance (22) less the Spread
  Account Balance as of the Determination Date (prior to any deposits or
  withdrawals) (21)

  	
   

  
	
   

  	
   

  	
   

  
	
  (24)

  	
  Withdrawal from Spread Account distributed to Seller
  (as permitted in Sections 5.6(b) and (c) of the Sale and Servicing Agreement)

  	
  $________

  
	
   

  	
   

  	
   

  
	
   

  	
  •      The
  excess, if any, of the Spread Account Balance as of the Determination Date
  (prior to any deposits or withdrawals) (21) less the Specified Spread Account
  Balance (22)

  •      But
  zero, if
  (a) the sum of the Pool Balance (28) and the Pre-Funded Amount as of the
  first day of the Collection Period; is less than (b) the sum of the Note
  Balance and the Certificate Balance

  	
   

  
	
   

  	
   

  	
   

  
	
  (25)

  	
  Withdrawal from Spread Account pursuant to Section
  5.6(d) to be deposited in the Note Distribution Account

  	
  $________

  
	
   

  	
   

  	
   

  
	
   

  	
  •      Excess,
  if any, of the sum of the Noteholders’ Distributable Amount (17), the Net
  Swap Payments (4) and the Swap Termination Payments payable by the Issuer(5),
  less the Total Distribution Amount (1), less the Administration Fee(3), less
  the Servicing Fee (2)

  •      But
  not Greater than the Spread Account Balance (21)

  	
   

  
	
   

  	
   

  	
   

  
	
  (26)

  	
  Withdrawal from Spread Account pursuant to Section
  5.6(e) to be deposited in the Note Distribution Account

  	
  $________

  
	
   

  	
   

  	
   

  
	
   

  	
  •      Excess,
  if any, of Class Principal Distributable Amount for any Class of Notes for
  the applicable final scheduled maturity date for such Class of Notes, less
  the Total Distribution Amount (1), less the Class Principal Distributable
  Amount for each Class of Notes having priority over such Class of Notes

  •      But
  not Greater than the Spread Account Balance (21)

  	
   

  
	
   

  	
   

  	
   

  
	
  (27)

  	
  Final Spread Account Balance (21) + (23) – (24) –
  (25) – (26)

  	
  $________

  

 

MISCELLANEOUS

 

	
  (28)

  	
  Pool Balance at the beginning of this Collection
  Period

  	
  $________

  

 

C-5

 

	
  (29)

  	
  After giving effect to all distributions on the
  Payment Date during this Collection Period:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  (a)   Outstanding
  Amount of A-1 Notes

  A-1 Note Pool Factor (__._______)

  	
  $________

  
	
   

  	
  (b)   Outstanding
  Amount of A-2 Notes

  A-2 Note Pool Factor (__.______)

  	
  $________

  
	
   

  	
  (c)   Outstanding
  Amount of A-3a Notes

  A-3a Note Pool Factor (__.______)

  	
  $________

  
	
   

  	
  (d)   Outstanding
  Amount of A-3b Notes

  A-3b Note Pool Factor (__.______)

  	
   

  
	
   

  	
  (e)   Outstanding
  Amount of A-4a Notes

  A-4a Note Pool Factor (__.______)

  	
  $________

  
	
   

  	
  (f)    Outstanding
  Amount of A-4b Notes

  A-4b Note Pool Factor (__.______)

  	
   

  
	
   

  	
  (g)   Outstanding
  Amount of Class B Notes

  Class B Note Pool Factor (___.______)

  	
  $________

  
	
   

  	
  (h)   Outstanding
  Amount of Certificates

  Certificate Pool Factor (___._______)

  	
  $________

  
	
   

  	
   

  	
   

  
	
  (30)

  	
  Aggregate Purchase Amounts for the preceding
  Collection Period

  	
  $________

  

 

C-6

 

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 November 1, 2003 (the “Sale and Servicing Agreement”) among the undersigned, Case Credit
Corporation (“Case Credit”) and CNH Equipment Trust 2003-B
(the “Issuer”), the undersigned does hereby sell,
assign, transfer set over and otherwise convey unto the Issuer, without
recourse, all of its right, title and interest in, to and under:  (a) the Initial Receivables, including all
documents constituting chattel paper included therewith, and all obligations of
the Obligors thereunder, including all moneys paid thereunder on or after the
Initial Cutoff Date, (b) the security interests in the Financed Equipment
granted by Obligors pursuant to the Initial Receivables and any other interest
of the undersigned in such Financed Equipment, (c) any proceeds with respect to
the Initial Receivables from claims on insurance policies covering Financed
Equipment or Obligors, (d) the Liquidity Receivables Purchase Agreements (only
with respect to Case Owned Contracts or NH Owned Contracts included in the
Initial Receivables) and the Purchase Agreements, including the right of the
undersigned to cause Case Credit or NH Credit, as the case may be, to
repurchase Receivables from the undersigned under the circumstances described
therein, (e) any proceeds from recourse to Dealers with respect to the Initial
Receivables other than any interest in the Dealers’ reserve accounts maintained
with Case Credit or with NH Credit, (f) any Financed Equipment that shall have
secured an Initial 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 Initial Deposit, any Principal Supplement
Account  Deposit, the Negative Carry
Account Initial Deposit and the Pre-Funded Amount, and in all investments and
proceeds thereof (including all income thereon), (h) any True Lease Equipment
that is subject to any Initial Receivable, and (i) 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 Issuer of any obligation of the undersigned to
the Obligors, insurers or any other person in connection with the Initial
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 November 1, 2003.

 

	
   

  	
  CNH Capital Receivables Inc.,

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
  Title:

  	
   

  	
   

  
							

 

D-2

 

EXHIBIT E

to Sale and Servicing Agreement

 

FORM OF SUBSEQUENT TRANSFER
ASSIGNMENT

 

For value received, in accordance with and subject to
the Sale and Servicing Agreement dated as of November 1, 2003 (the “Sale and Servicing Agreement”) among CNH Equipment Trust 2003-B,
a Delaware statutory trust (the “Issuer”), CNH Capital Receivables Inc., a Delaware
corporation (the “Seller”), and Case Credit Corporation, a
Delaware corporation (“Case Credit”), the Seller does hereby sell,
transfer, assign, set over and otherwise convey to the Issuer, without
recourse, all of its right, title and interest in, to and under: (a) the
Subsequent Receivables, with an aggregate Contract Value equal to $[   ], listed on Schedule A hereto, including
all documents constituting chattel paper included therewith, and all
obligations of the Obligors thereunder including all moneys paid thereunder on
or after the Subsequent Cutoff Date, (b) the security interests in the Financed
Equipment granted by Obligors pursuant to such Subsequent Receivables and any
other interest of the Seller in such Financed Equipment, (c) any proceeds with
respect to such Subsequent Receivables from claims on insurance policies
covering Financed Equipment or Obligors, (d) the Liquidity Receivables Purchase
Agreements (only with respect to Subsequent Receivables purchased by the Seller
pursuant to those Agreements) and the Purchase Agreements, including the right
of the Seller to cause Case Credit or NH Credit, as the case may be, to
repurchase Subsequent Receivables from the Seller under the circumstances
described therein, (e) any proceeds from recourse to Dealers with respect to
such Subsequent Receivables other than any interest in the Dealers’ reserve
accounts maintained with Case Credit or NH Credit, (f) any Financed Equipment
that shall have secured any such Subsequent Receivables and that shall have
been acquired by or on behalf of the Trust, (g) any True Lease Equipment that
is subject to any Subsequent Receivable, 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 Issuer of any obligation of the Seller to the
Obligors, insurers or any other person in connection with such Subsequent
Receivables, Receivable Files, any insurance policies or any agreement or
instrument relating to any of them.

 

This Subsequent Transfer Assignment is made pursuant
to and upon the representations, warranties and agreements on the part of the
Seller contained in the Sale and Servicing Agreement (including the Officers’
Certificate of the Seller accompanying this Agreement) and is to be governed in
all respects by the Sale and Servicing Agreement. Capitalized terms used but
not otherwise defined herein shall have the meanings assigned to them in the
Sale and Servicing Agreement.

 

E-1

 

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

 

	
   

  	
  CNH Capital Receivables Inc.,

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
  Title:

  	
   

  	
   

  
							

 

E-2

 

SCHEDULE A

to Subsequent Transfer
Assignment

 

SCHEDULE OF SUBSEQUENT RECEIVABLES

 

 

[Attached]

 

 

ANNEX A

to Subsequent Transfer
Assignment

 

OFFICER’S CERTIFICATE

 

The undersigned officer of CNH Capital Receivables
Inc. (the “Company”), does hereby certify, pursuant to
Section 2.2(b)(xv) of the Sale and Servicing Agreement dated as of November 1,
2003 among the Company, CNH Equipment Trust 2003-B and Case Credit Corporation
(the “Agreement”), that (i) all of the conditions
precedent to the transfer to the Issuer of the Subsequent Receivables listed on
Schedule A to the Subsequent Transfer Assignment delivered herewith, and the
other property and rights related to such Subsequent Receivables as described
in Section 2.2(a) of the Agreement, have been satisfied on or prior to the
related Subsequent Transfer Date and (ii) each statement of fact set forth in
any officers’ certificate executed by an officer of the Company in connection
with an Opinion of Counsel delivered on the Closing Date with respect to a
transfer of, or a security interest in, the Receivables shall be true and
correct as of the date hereof with respect to the Subsequent Receivables listed
on the aforementioned Schedule A.

 

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

 

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

 

 

	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
  Title:

  	
   

  	
   

  
							

 

 

EXHIBIT F

to Sale and Servicing Agreement

 

FORM OF ACCOUNTANTS’
LETTER IN CONNECTION

WITH THE SUBSEQUENT TRANSFER ASSIGNMENT PURSUANT TO

SECTION 2.2(B)(XIV) OF THE SALE AND SERVICING AGREEMENT

 

[Letterhead of
Deloitte &Touche]

 

                    ,          

 

CNH Capital Receivables Inc.

100 South Saunders Road

Lake Forest, Illinois  60045

 

CNH Equipment Trust 2003-B

c/o The Bank of New York

101 Barclay Street, Floor 8W

New York, New York  10286

 

JPMorgan Chase Bank

4 New York Plaza, 6th Floor

New York, New York  10004

Attention:  Institutional Trust Services
Group-CNH Equipment Trust 2003-B

 

The Bank of New York

101 Barclay Street, Floor 8W

New York, New York  10286

 

Dear Ladies and Gentlemen:

 

This letter is issued at the request of CNH Capital
Receivables Inc. (the “Seller”) with respect to the sale of
certain retail receivables (the “Subsequent
Receivables”) to the
CNH Equipment Trust 2003-B (the “Trust”) pursuant to the Sale and Servicing
Agreement dated as of November 1, 2003 (the “Sale
and Servicing Agreement”)
among the Trust, the Seller and Case Credit Corporation (the “Servicer”). The sale of the Subsequent Receivables is described in the
prospectus dated November 13, 2003 and the prospectus supplement dated November
13, 2003 (together, the “Prospectus”), which relates to the offering by
the Trust of 1.230% Class A-1 Asset Backed Notes, 1.710% Class A-2 Asset Backed
Notes and Floating Rate Class A-3a Asset Backed Notes, 2.470% Class A-3b Asset
Backed Notes, Floating Rate Class A-4a Asset Backed Notes, 3.380% Class A-4b
Asset Backed Notes and 3.350% Class B Asset Backed Notes

 

 

(collectively, the “Notes”) and the 3.350% Asset Backed
Certificates (the “Certificates”). 
Capitalized terms used herein and not otherwise defined have the meaning
described in the Prospectus or the Sale and Servicing Agreement, as applicable.
In connection therewith, we performed or have previously performed certain
agreed upon procedures as specified in the items below:

 

1.             As
previously communicated in our letter to the Seller, the Trust,                    ,
the Indenture Trustee and the Trustee dated                    ,               relating
to the sale of certain retail receivables (the “Initial Receivables”) and the offering of the Notes and
the Certificates, we performed several procedures based on a computer data file
(the “Initial File”) received from the Servicer,
including the following:

 

a.             We read
certain fields on the Initial File to determine whether the data pertaining to
the Initial Receivables complied with the selection criteria as noted in our
previous letter.

 

b.             Proved
the arithmetic accuracy of the Aggregate Contract Value and the related
percentage of Initial Receivables coded as representing construction equipment
and the Total Aggregate Contract Value of the Initial Receivables as shown on
Schedule B.

 

c.             Proved
the arithmetic accuracy of the Weighted Average Original Term of the Initial
Receivables as shown in Schedule B.

 

2.             On                    ,          ,
we obtained a computer data file (the “Subsequent
File”) produced by
and represented by the Servicer to contain the list of the Subsequent
Receivables.  The Subsequent File was
received directly by Deloitte & Touche from the Servicer.  By use of data retrieval software, we have
performed the following with respect to the information contained in the
Subsequent File:

 

a.             We read
certain fields on the Subsequent File to determine whether the data relating to
the Subsequent Receivables complied with selection criteria 1, 2 and 4 as shown
on Schedule A.  For purposes of selection
criteria 3, as shown on Schedule A, we read certain fields from the Initial
File and Subsequent File to aggregate the total Contract Value for each account
number for the purpose of determining the Contract Value for each Obligor.  The total Contract Value for each account
number was then compared to the aggregate Contract Value to determine if the
selection criteria was achieved.

 

b.             Proved
the arithmetic accuracy of the Aggregate Contract Value and the related
percentage of the Subsequent Receivables coded as representing construction and

 

2

 

the Total Aggregate Contract Value of the Subsequent
Receivables as shown on Schedule B.

 

c.             Proved
the arithmetic accuracy of the Weighted Average Original Term of the Subsequent
Receivables as shown in Schedule B.

 

3.             We
proved the arithmetic accuracy of the columnar totals for Aggregate Contract
Value of construction equipment and the Total Aggregate Contract Value as shown
on Schedule B.

 

4.             We
proved the arithmetic accuracy of the percent of total column as shown in 1 on
Schedule B by dividing the amount in the Total Aggregate Contract Value of
construction equipment column by the amount in the Total Aggregate Contract
Value column. We also proved the arithmetic accuracy of the Weighted Average
Original Term as shown in 2 on Schedule B by summing the products of Total
Aggregate Contract Value times Weighted Average Original Term for the Initial
Receivables and the Subsequent Receivables and dividing the resulting sum by
the columnar total of the Total Aggregate Contract Value.

 

The foregoing procedures do not constitute an audit
conducted in accordance with generally accepted auditing standards, and,
therefore, we are unable to and do not express an opinion on any individual
balances or summaries of selected transactions specifically set forth in this
letter.  Also, these procedures would not
necessarily reveal matters of significance with respect to the findings
described herein. Accordingly, we make no representations regarding the
sufficiency of the foregoing procedures for your purposes of for questions of
legal interpretation.  Had we performed
additional procedures, other matters might have come to our attention that
would have been reported to you. 
Further, we have addressed ourselves solely to the foregoing data in the
Sale and Servicing Agreement and the Prospectus and make no representations
regarding the adequacy of disclosure regarding whether any material facts have
been omitted.

 

This letter is solely for the information of the
addressees and is not to be used, circulated, quoted or otherwise referred to
for any other purpose including, but not limited to, the purchase or sale of
Notes or Certificates, nor is it to be referred to in any document.  Furthermore, we undertake no responsibility
to update this letter for events and circumstances occurring after the date of
this letter.

 

	
   

  	
  Very truly yours,

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Deloitte
  & Touche

  

 

3

 

SCHEDULE A

to Accountant’s Letter

 

	
   

  	
   

  	
  Selection Criteria

  	
   

  	
  Results

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  1.

  	
   

  	
  No Subsequent
  Receivables was more than 90 days past due as of the applicable Subsequent
  Cutoff Date.

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  2.

  	
   

  	
  Each Subsequent
  Receivable has a Statistical Contract Value as of the Subsequent Cutoff Date
  that (when combined with the Statistical Contract Value of any other Receivables
  with the same or an affiliated Obligor) does not exceed 1% of the aggregate Contract
  Value of all Receivables.

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  3.

  	
   

  	
  Each Subsequent
  Receivable has a remaining term to maturity (i.e.,
  the period from but excluding the applicable Subsequent Cutoff Date to and
  including the Receivables’ maturity date) of not more than 72 months.

  	
   

  	
   

  

 

4

 

SCHEDULE B

to Accountant’s Letter

 

1.             Percentage
of principal balance of the Receivables that represents construction equipment:

 

	
   

  	
   

  	
  Aggregate

  Contract Value of

  Construction

  Equipment

  	
   

  	
  Total Aggregate

  Contract Value

  	
   

  	
  Construction

  Equipment

  Percent of Total

  	
   

  
	
  Initial
  Receivables

  	
   

  	
  $

  	
   

  	
  $

  	
   

  	
  %

  	
   

  
	
  Subsequent
  Receivables

  	
   

  	
  $

  	
   

  	
  $

  	
   

  	
  %

  	
   

  
	
  Total
  Receivables

  	
   

  	
  $

  	
   

  	
  $

  	
   

  	
  %

  	
   

  

 

2.             Weighted
Average Original Term of the Receivables in the Trust.

 

	
   

  	
   

  	
  Total
  Aggregate

  Contract Value

  	
   

  	
  Weighted

  Average Original

  Term

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Initial
  Receivables

  	
   

  	
  $        

  	
   

  	
          
  months

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Subsequent
  Receivables

  	
   

  	
  $        

  	
   

  	
          
  months

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Total
  Receivables

  	
   

  	
  $        

  	
   

  	
          
  months

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

As noted above, the
Weighted Average Original Term does not exceed 55.0 months as required by the
Sale and Servicing Agreement.

 

5

 

Schedule P

 

1.             General.  The Sale and Servicing Agreement creates, or
with respect to the Receivables that are Subsequent Receivables upon the
transfer of such Subsequent Receivables pursuant to the Subsequent Transfer
Assignment will create, a valid and continuing security interest (as defined in
the applicable UCC) in all of CNHCR’s right, title and interest in, to and
under (i) the Receivables, (ii) the Financed Equipment granted by Obligors
pursuant to the Receivables and (iii) the Liquidity Receivables Purchase
Agreements (only with respect to Case Owned Contracts or NH Owned Contracts
included in the Receivables) in favor of the Issuer, 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.

 

3.             Creation.  Immediately prior to the conveyance of the
Receivables pursuant to the Sale and Servicing Agreement, CNCHR own 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 Issuer
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 after the Issuer received a written acknowledgment from such
custodian that it is acting solely as agent of 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 Issuer pursuant to the Sale and Servicing Agreement and the security
interests granted under the Liquidity Receivables Purchase Agreements, which
have been released, 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 Issuer under the  Sale and
Servicing Agreement and the security interests granted under the Liquidity
Receivables Purchase Agreements, which have been released (ii) that has been
terminated, 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.

 

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 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 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 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 Issuer under this Agreement, Servicer shall take such action, or execute
and deliver such instruments (other than effecting a Filing (as defined below),
unless such Filing is effected in accordance with this paragraph) as may be
necessary or advisable (including, without limitation, such actions as are
requested by Issuer) to maintain and perfect, as a first priority interest,
Issuer’s security interest in the Receivables. 
Servicer shall, from time to time and within the time limits established
by law, prepare and present to Issuer for Issuer to authorize (based in
reliance on the Opinion of Counsel hereinafter provided for) 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 Issuer’s security interest in the
Receivables as a first-priority interest (each a “Filing”).  Servicer shall present each such Filing to
the Issuer together with (x) an Opinion of Counsel to the effect that such
Filing is (i) consistent with grant of the security interest to the Issuer
pursuant to the Granting Clause of this Agreement, (ii) satisfies all
requirements and conditions to such Filing in this Agreement and (iii)
satisfies the requirements for a Filing of such type under the Uniform
Commercial Code in the applicable jurisdiction (or if the Uniform Commercial
Code does not apply, the applicable statute governing the perfection of
security interests), and (y) a form of authorization for Issuer’s
signature.  Upon receipt of such Opinion
of Counsel and form of authorization, Issuer shall promptly authorize in
writing Servicer to, and Servicer shall, effect such Filing under the Uniform
Commercial Code without the signature of CNHCR or Issuer where allowed by
applicable law.  Notwithstanding anything
else in the Indenture to the contrary, the Servicer shall not have any authority
to effect a Filing without obtaining written authorization from the Issuer in
accordance with this paragraph (c).

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