Document:

Exhibit 10.3

 

SEVERANCE AGREEMENT

 

This SEVERANCE AGREEMENT (“Agreement”) is
made as of the 16th day of April, 2008, between John Roche (“Executive”) and
Gramercy Capital Corp., a publicly traded company (“Gramercy”), to be effective
as of April 16, 2008 (the “Effective Date”).  This Agreement is being entered into in
connection with the Employment and Noncompetition Agreement, dated as of the
date hereof, by and between GKK Manager LLC (the “Manager”) and Executive (as
amended or superseded from time to time, the “Employment Agreement”).

 

1.             Term.  The term of this Agreement shall commence on
the Effective Date shall continue for a period of three (3) years from the
Effective Date and, unless earlier terminated as provided in Section 6
below, shall terminate on the third (3rd) anniversary
of the Effective Date (the “Original Term”). 
The Original Term shall automatically be extended for successive
periods, the first of which shall be one (1) year and each subsequent
period shall be six (6) months (each a “Renewal Term”), unless either
party gives the other party at least three (3) months written notice of
non-renewal prior to the expiration of the then current term; provided that a
notice of non-renewal given by Executive or Gramercy under the Employment Agreement
shall be deemed to constitute a notice of non-renewal under this
Agreement.  The period of Executive’s
employment hereunder consisting of the Original Term and all Renewal Terms, if
any, is herein referred to as the “Term.”

 

2.             Employment.  As of the Effective Date, Gramercy has appointed
Executive to serve as its Chief Financial Officer and the Manager has entered
into the Employment Agreement with Executive whereby, among other things, the
Manager has agreed to employ Executive to serve as the Chief Financial Officer
of Gramercy.  In consideration of
Executive’s service as an officer of Gramercy, Gramercy shall compensate
Executive as provided in this Agreement.

 

3.             Equity Awards. 
As determined by the Board of Directors of Gramercy (the “Board”) or the
Compensation Committee of the Board (the “Compensation Committee”), in its sole
discretion, Executive shall be eligible to participate in Gramercy’s then
current equity incentive plan (the “Plan”) during the Term.  Executive will be granted 60,000 shares of
restricted common stock of Gramercy (“Common Stock”) and options to purchase
50,000 shares of Common Stock, on the Effective Date, in accordance with and
subject to definitive documentation which is consistent with the terms
summarized on Exhibit A hereto and which is otherwise consistent
with Gramercy’s general practices for documentation.

 

4.             Indemnification and Liability Insurance.  Gramercy agrees to indemnify Executive to the full
extent permitted by applicable law, as the same exists and may hereafter be
amended, from and against any and all losses, damages, claims, liabilities and
expenses asserted against, or incurred or suffered by, Executive (including the
costs and expenses of legal counsel retained by Gramercy to defend Executive
and judgments, fines and amounts paid in settlement actually and reasonably
incurred by or imposed on such indemnified party) with respect to any action,
suit or proceeding, whether civil, criminal administrative or investigative (a “Proceeding”)
in which Executive is made a party or threatened to be made a party or is
otherwise involved, either with regard to his entering into this Agreement with
Gramercy or in his capacity as an officer or director, or former officer or
director, of Gramercy or any affiliate thereof for which he may serve in such
capacity.  Gramercy also agrees to secure
promptly and maintain officers and directors liability insurance providing
coverage for Executive, with such terms and limits as are deemed appropriate by
Gramercy, to the extent that coverage can be obtained on reasonable efforts at
a comparable rate; provided that Executive shall be covered in such a manner as
to provide Executive the same rights and benefits as are accorded to the most
favorably insured of Gramercy’s 

 

 

 

officers.  The provisions of this Section 4 shall
remain in effect after this Agreement is terminated irrespective of the reasons
for termination.

 

5.             Employer’s Policies.  Executive agrees to observe and comply with
the reasonable rules and regulations of Gramercy regarding the performance
of his duties and to carry out and perform orders, directions and policies
communicated to him from time to time by Gramercy, so long as same are
otherwise consistent with this Agreement.

 

6.             Compensation
Upon Termination.

 

(a)           Termination By the Manager Without
Cause or By Executive With Good Reason. 
If (i) Executive’s employment with the Manager is terminated by the
Manager without Cause (pursuant to, and as defined in, the Employment
Agreement) or (ii) Executive shall terminate his employment with Manager
with Good Reason (pursuant to, and as defined in, the Employment Agreement),
then Executive shall resign all positions with Gramercy and its subsidiaries
and affiliates.  In addition, subject to
Executive’s execution of a release agreement in form and substance satisfactory
to Gramercy, whereby, in general, Executive releases Gramercy from all claims
Executive may have against Gramercy (other than claims to provide the severance
payments and benefits provided for in this Agreement and certain other
specified agreements) (the “Release Agreement”), and the effectiveness thereof on or within 30 days
after the date on which Executive’s employment with the Manager terminates (the
“Termination Date,” and the date of such effectiveness being referred to herein
as the “Release Effectiveness Date”), Executive shall be credited with twelve
(12) months after termination under any provisions governing restricted stock,
options or other equity-based awards granted to Executive by Gramercy relating
to the vesting or initial exercisability thereof. For avoidance of doubt, the
provisions of this Section 6(a) shall not apply to grants made under
any outperformance plans adopted by Gramercy, which shall be governed by their
terms as in effect from time to time. 
Furthermore, upon such termination, any then vested unexercised stock
options granted to Executive by Gramercy on or after the date hereof shall
remain exercisable until the second January 1 to follow the Termination
Date or, if earlier, the expiration of the initial applicable term stated at
the time of the grant.

 

Other
than as may be provided under Section 4 or as expressly provided in this Section 6(a),
Gramercy shall have no further obligations hereunder following such
termination.

 

(b)           Termination By the Manager For
Cause or By Executive Without Good Reason. 
If (i) Executive’s employment with the Manager is terminated by the
Manager for Cause (pursuant to, and as defined in, the Employment Agreement),
or (ii) Executive voluntarily terminates his employment with the Manager
without Good Reason (pursuant to, and as defined in, the Employment Agreement),
then Executive shall resign all positions with Gramercy and its subsidiaries
and affiliates and Executive shall not be entitled to acceleration of vesting
or extension of exercise period of any equity awards, except as otherwise
provided in the documentation applicable to such equity awards.  Other than as may be provided under Section 4
or as expressly provided in this Section 6(b), Gramercy shall have no
further obligations hereunder following such termination.

 

(c)           Termination by Reason of Death.  If Executive’s employment with the Manager
terminates due to his death, Executive shall be credited with twelve (12)
months after termination under any provisions governing restricted stock,
options or other equity-based awards granted to Executive by Gramercy relating
to the vesting or initial exercisability thereof.  For avoidance of doubt, the provisions of
this Section 6(c) shall not apply to grants made under any 

 

 

 

outperformance plans adopted by Gramercy, which shall
be governed by their terms as in effect from time to time.  Furthermore, upon such death, any then vested
unexercised stock options granted to Executive by Gramercy hereof shall remain
vested and exercisable until the earlier of (A) the date on which the term
of such stock options otherwise would have expired, or (B) the second January 1
after the date of Executive’s termination due to his death.

 

Other than as may be provided under Section 4 or as expressly
provided in this Section 6(c), Gramercy shall have no further obligations
hereunder following such termination.

 

(d)           Termination by Reason of Disability. 
In the event that Executive’s employment with the Manager terminates due
to his disability (pursuant to, and as defined in, the Employment
Agreement), Executive
shall be entitled to the payments and benefits, described in this Section 6(d),
subject to Executive’s execution of the Release Agreement and the effectiveness
thereof on or within 30 days after the date on which Executive’s
employment with the Manager terminates.  Executive
shall be credited with twelve (12) months after termination under any
provisions governing restricted stock, options or other equity-based awards
granted to Executive by Gramercy relating to the vesting or initial
exercisability thereof.  Any then vested
unexercised stock options granted to Executive by Gramercy on or after the date
hereof shall remain vested and exercisable until the earlier of (A) the
date on which the term of such stock options otherwise would have expired, or (B) the
second January 1 after the date of Executive’s termination.  For avoidance of doubt, the provisions of
this Section 6(d) shall not apply to grants made under any
outperformance plans adopted by Gramercy, which shall be governed by their
terms as in effect from time to time.

 

Other
than as may be provided under Section 4 or as expressly provided in this Section 6(d),
Gramercy shall have no further obligations hereunder following such
termination.

 

7.             Arbitration.  Any controversy or claim arising out of or
relating to this Agreement or the breach of this Agreement that is not resolved
by Executive and Gramercy (or its affiliates, where applicable) shall be
submitted to arbitration in New York, New York in accordance with New York law
and the procedures of the American Arbitration Association.  The determination of the arbitrator(s) shall
be conclusive and binding on Gramercy (or its affiliates, where applicable) and
Executive and judgment may be entered on the arbitrator(s)’ award in any court
having jurisdiction.

 

8.             Notices.  All notices or other communications required
or permitted to be given hereunder shall be in writing and shall be delivered
by hand and or sent by prepaid telex, cable or other electronic devices or
sent, postage prepaid, by registered or certified mail or telecopy or overnight
courier service and shall be deemed given when so delivered by hand, telexed,
cabled or telecopied, or if mailed, three days after mailing (one business day
in the case of express mail or overnight courier service), as follows:

 

(a)           if to Executive:

 

John
Roche, at the address shown on the execution page hereof.

 

(b)           if to Gramercy:

 

Gramercy Capital Corp.

420 Lexington Avenue

New York, New York 10170

Attn: Corporate Secretary

 

 

 

with copies to:

 

Gramercy  Manager LLC

420 Lexington Avenue

New York, New York 10170

With separate notices to:
Attn: Marc Holliday and Andrew S. Levine

 

and:

 

Clifford
Chance US LLP

200
Park Avenue

New
York, New York  10166

Attention:  Larry Medvinsky

 

or
such other address as either party may from time to time specify by written
notice to the other party hereto.

 

9.             Amendments.  No amendment, modification or waiver in
respect of this Agreement shall be effective unless it shall be in writing and
signed by the party against whom such amendment, modification or waiver is
sought.

 

10.           Severability.  If any provision of this Agreement (or any
portion thereof) or the application of any such provision (or any portion
thereof) to any person or circumstances shall be held invalid, illegal or
unenforceable in any respect by a court of competent jurisdiction, such
invalidity, illegality or unenforceability shall not affect any other provision
hereof (or the remaining portion hereof) or the application of such provision
to any other persons or circumstances.

 

11.           Withholding.  Gramercy shall be entitled to withhold from
any payments or deemed payments any amount of tax withholding it determines to
be required by law.

 

12.           Successors and Assigns.  This Agreement shall be binding upon and
inure to the benefit of both parties and their respective successors and
assigns, including any corporation with which or into which Gramercy may be
merged or which may succeed to its assets or business, provided, however, that
the obligations of Executive are personal and shall not be assigned by
him.  This Agreement shall inure to the
benefit of and be enforceable by Executive’s personal and legal
representatives, executors, administrators, assigns, heirs, distributees,
devisees and legatees.

 

13.           Counterparts.  This Agreement may be executed in one or more
counterparts, all of which shall be considered one and the same agreement, and
shall become effective when one or more such counterparts have been signed by
each of the parties and delivered to the other party.

 

14.           Governing Law.  This Agreement shall be governed by and
construed in accordance with the laws of the State of New York applicable to
agreements made and to be performed entirely within  such State, without regard to the conflicts
of law principles of such State.

 

15.           Choice of Venue.  Subject to the provisions of Section 7,
Executive agrees to submit to the jurisdiction of the United States District
Court for the Southern  District of New
York or the Supreme Court of the State of New 
York, New York County, for the purpose of any action to enforce any of
the terms of this Agreement.

 

 

 

16.           Section 409A.

 

(a)           Anything in this Agreement to the
contrary notwithstanding, if at the time of 
Executive’s separation from service within the meaning of Section 409A
of the Code, the Manager determines that Executive is a “specified employee”
within the meaning of Section 409A(a)(2)(B)(i) of the Code of either
the Manager or Gramercy, then to the extent any payment or benefit that
Executive becomes entitled to under this Agreement would be considered deferred
compensation subject to the 20 percent additional tax imposed pursuant to Section 409A(a) of
the Code as a result of the application of Section 409A(a)(2)(B)(i) of
the Code, such payment shall not be payable and such benefit shall not be
provided until the date that is the earlier of (A) six months and one day
after Executive’s separation from service, or (B) Executive’s death.  If any such delayed cash payment is otherwise
payable on an installment basis, the first payment shall include a catch-up
payment covering amounts that would otherwise have been paid during the
six-month period but for the application of this provision, and the balance of
the installments shall be payable in accordance with their original
schedule.  Any such delayed cash payment
shall earn interest at a simple annual rate equal to 5% per annum, from such
date of separation from service until the payment.

 

(b)           The parties intend that this
Agreement will be administered in accordance with Section 409A of the
Code.  To the extent that any provision
of this Agreement is ambiguous as to its compliance with Section 409A of
the Code, the provision shall be read in such a manner so that all payments
hereunder comply with Section 409A of the Code.  The parties agree that this Agreement may be
amended, as reasonably requested by either party, and as may be necessary to
fully comply with Section 409A of the Code and all related rules and
regulations in order to preserve the payments and benefits provided hereunder
without additional cost to either party.

 

(c)           The determination of whether and when
a separation from service has occurred shall be made in accordance with the
presumptions set forth in Treasury Regulation Section 1.409A-1(h).

 

(d)           Gramercy makes no representation or
warranty and shall have no liability to Executive or any other person if any
provisions of this Agreement are determined to constitute deferred compensation
subject to Section 409A of the Code but do not satisfy an exemption from,
or the conditions of, such Section.

 

17.           Entire Agreement.  This Agreement, together with the Employment
Agreement, contains the entire agreement and understanding between the parties
hereto with  respect to the subject
matter hereof and supersedes all prior 
agreements and understandings relating to such subject matter.  The parties hereto shall not be liable or
bound to any other  party in any manner
by any representations, warranties or covenants relating to such subject matter
except as specifically set forth herein.

 

18.           Paragraph Headings.  Section headings used in this Agreement
are included for convenience of reference only and will not affect the meaning
of any provision of this Agreement.

 

 

IN WITNESS WHEREOF, this
Agreement is entered into as of the date and year first written above, and is
being executed effective April 16, 2008.

 

	
   

  	
  GRAMERCY CAPITAL CORP.

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Marc Holliday

  
	
   

  	
   

  	
  Name:
  Marc Holliday

  
	
   

  	
   

  	
  Title:
  Chief Executive Officer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  EXECUTIVE:

  
	
   

  	
   

  
	
   

  	
  /s/ John Roche

  
	
   

  	
  Name:
  John Roche

  

 

 

EXHIBIT A

 

RESTRICTED STOCK AND STOCK OPTIONS

 

Restricted Stock

 

1.               Plan:  Gramercy 
Capital Corp. 2004 Equity Incentive Plan (the “Plan”)

 

2.               Grant Date:  April 16, 2008

 

3.               Total Number of Shares:  60,000

 

4.               Time-Based Vesting:  45,000 shares shall vest, if and as
employment continues, at the times and in the amounts set forth below:

 

	
  April 16, 2009

  	
  11,250 shares

  
	
  April 16, 2010

  	
  11,250 shares

  
	
  April 16, 2011

  	
  22,500 shares

  

 

5.               Performance-Based
Vesting:  In addition, 15,000 shares
shall vest (subject to clauses (i) and (ii) below), if and as
employment continues, at the times (each, a “Vesting Date”) and in the amounts
set forth below:

 

	
  April 16, 2009

  	
  5,000 shares

  
	
  April 16, 2010

  	
  5,000 shares

  
	
  April 16, 2011

  	
  5,000 shares

  

 

With respect to the 15,000
shares subject to this Paragraph 5, such amounts are subject to the achievement
of certain annual criteria set forth below:

 

(i)                                     Such shares
shall vest in an applicable year if Gramercy achieves either (A) a 7%
increase in funds from operations on a per-share basis or (B) a 12% total
return to shareholders (including all dividends and stock appreciation) on each
share of Gramercy’s Common Stock, during the last fiscal year completed before
the applicable Vesting Date.

 

(ii)                                  If the
performance criteria set forth in paragraph (i) above are not achieved in
the fiscal year immediately preceding the applicable Vesting Date, the shares
that did not vest in such year may still vest on a subsequent Vesting Date upon
the satisfaction of the performance criteria on a cumulative basis beginning
with 2008 and ending with the last fiscal year completed before the applicable
Vesting Date.  If the cumulative
performance measures are satisfied, then any shares that failed to vest during
such prior year shall vest as of the applicable Vesting Date.  Any shares that have not vested as of the
last Vesting Date shall be forfeited.

 

Notwithstanding the
foregoing, if the performance criteria set forth in paragraph (i) above
for a particular year are not met, but Gramercy’s total return to shareholders
is in the top one-third of its 

 

 

 

peer group companies (as to
be determined for such year by the committee administering the Plan, as applicable,
in its sole discretion) during the last fiscal year completed immediately prior
to the applicable Vesting Date, then the shares that otherwise would have
vested on such Vesting Date shall vest.

 

6.               Dividends will be paid on
all 60,000 shares whether vested or unvested.

 

Stock
Options

 

1.               Plan:  The Plan

 

2.               Grant Date:  April 16, 2008

 

3.               Total Number of Stock
Options:  50,000

 

4.               Time-Based Vesting:  50,000 options shall vest, if and as
employment continues, at the times and in the amounts set forth below:

 

	
  April 16, 2009

  	
  16,666 options

  
	
  April 16, 2010

  	
  16,667 options

  
	
  April 16, 2011

  	
  16,667 optionsExhibit 4.1

 

EXECUTION VERSION

 

 

 

CNH EQUIPMENT
TRUST 2008-A

 

INDENTURE

 

between

 

CNH EQUIPMENT
TRUST 2008-A

 

and

 

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

 

as Indenture
Trustee.

 

Dated as of April 1, 2008

 

 

 

TABLE OF CONTENTS

 

	
   

  	
   

  	
   

  	
  Page

  
	
   

  	
   

  	
   

  
	
  ARTICLE I

  	
  Definitions and Incorporation by Reference

  	
  2

  
	
   

  	
   

  	
   

  
	
  Section 1.1.

  	
  Definitions

  	
  2

  
	
  Section 1.2.

  	
  Incorporation by Reference of Trust Indenture Act

  	
  2

  
	
  Section 1.3.

  	
  Other Definitional Provisions

  	
  3

  
	
   

  	
   

  	
   

  
	
  ARTICLE II

  	
  The Notes

  	
  3

  
	
   

  	
   

  	
   

  
	
  Section 2.1.

  	
  Form

  	
  3

  
	
  Section 2.2.

  	
  Execution, Authentication and Delivery

  	
  4

  
	
  Section 2.3.

  	
  Temporary Notes

  	
  4

  
	
  Section 2.4.

  	
  Registration; Registration of Transfer and Exchange

  	
  5

  
	
  Section 2.5.

  	
  Mutilated, Destroyed, Lost or Stolen Notes

  	
  7

  
	
  Section 2.6.

  	
  Persons Deemed Owner

  	
  8

  
	
  Section 2.7.

  	
  Payment of Principal and Interest; Defaulted Interest

  	
  8

  
	
  Section 2.8.

  	
  Cancellation

  	
  9

  
	
  Section 2.9.

  	
  Release of Collateral

  	
  9

  
	
  Section 2.10.

  	
  Book-Entry Notes

  	
  9

  
	
  Section 2.11.

  	
  Notices to Clearing Agency

  	
  10

  
	
  Section 2.12.

  	
  Definitive Notes

  	
  10

  
	
  Section 2.13.

  	
  Tax Treatment

  	
  11

  
	
   

  	
   

  	
   

  
	
  ARTICLE III

  	
  Covenants

  	
  11

  
	
   

  	
   

  	
   

  
	
  Section 3.1.

  	
  Payment of Principal and Interest

  	
  11

  
	
  Section 3.2.

  	
  Maintenance of Office or Agency

  	
  11

  
	
  Section 3.3.

  	
  Money for Payments To Be Held in Trust

  	
  12

  
	
  Section 3.4.

  	
  Existence

  	
  13

  
	
  Section 3.5.

  	
  Protection of the Trust Estate

  	
  13

  
	
  Section 3.6.

  	
  Opinions as to the Trust Estate

  	
  14

  
	
  Section 3.7.

  	
  Performance of Obligations; Servicing of Receivables

  	
  14

  
	
  Section 3.8.

  	
  Negative Covenants

  	
  16

  
	
  Section 3.9.

  	
  Annual Statement as to Compliance

  	
  16

  
	
  Section 3.10.

  	
  Issuing Entity May Consolidate, etc., Only on Certain Terms

  	
  16

  
	
  Section 3.11.

  	
  Successor or Transferee

  	
  18

  
	
  Section 3.12.

  	
  No Other Business

  	
  18

  
	
  Section 3.13.

  	
  No Borrowing

  	
  18

  
	
  Section 3.14.

  	
  Servicer’s Obligations

  	
  18

  
	
  Section 3.15.

  	
  Guarantees, Loans, Advances and Other Liabilities

  	
  19

  
	
  Section 3.16.

  	
  Capital Expenditures

  	
  19

  
	
  Section 3.17.

  	
  Removal of Administrator

  	
  19

  
	
  Section 3.18.

  	
  Restricted Payments

  	
  19

  

 

i

 

	
  Section 3.19.

  	
  Notice of Events of Default

  	
  19

  
	
  Section 3.20.

  	
  Further Instruments and Acts

  	
  19

  
	
  Section 3.21.

  	
  Perfection Representation

  	
  19

  
	
   

  	
   

  	
   

  
	
  ARTICLE IV

  	
  Satisfaction and Discharge

  	
  20

  
	
   

  	
   

  	
   

  
	
  Section 4.1.

  	
  Satisfaction and Discharge of Indenture

  	
  20

  
	
  Section 4.2.

  	
  Application of Trust Money

  	
  21

  
	
  Section 4.3.

  	
  Repayment of Monies Held by Paying Agent

  	
  21

  
	
   

  	
   

  	
   

  
	
  ARTICLE V

  	
  Remedies

  	
  21

  
	
   

  	
   

  	
   

  
	
  Section 5.1.

  	
  Events of Default

  	
  21

  
	
  Section 5.2.

  	
  Acceleration of Maturity; Rescission and Annulment

  	
  22

  
	
  Section 5.3.

  	
  Collection of Indebtedness and Suits for Enforcement by Indenture
  Trustee

  	
  23

  
	
  Section 5.4.

  	
  Remedies; Priorities

  	
  25

  
	
  Section 5.5.

  	
  Optional Preservation of the Receivables

  	
  27

  
	
  Section 5.6.

  	
  Limitation of Suits

  	
  27

  
	
  Section 5.7.

  	
  Unconditional Rights of Noteholders To Receive Principal and Interest

  	
  28

  
	
  Section 5.8.

  	
  Restoration of Rights and Remedies

  	
  28

  
	
  Section 5.9.

  	
  Rights and Remedies Cumulative

  	
  28

  
	
  Section 5.10.

  	
  Delay or Omission Not a Waiver

  	
  28

  
	
  Section 5.11.

  	
  Control by Noteholders

  	
  28

  
	
  Section 5.12.

  	
  Waiver of Past Defaults

  	
  29

  
	
  Section 5.13.

  	
  Undertaking for Costs

  	
  29

  
	
  Section 5.14.

  	
  Waiver of Stay or Extension Laws

  	
  30

  
	
  Section 5.15.

  	
  Action on Notes

  	
  30

  
	
  Section 5.16.

  	
  Performance and Enforcement of Certain Obligations

  	
  30

  
	
   

  	
   

  	
   

  
	
  ARTICLE VI

  	
  The Indenture Trustee

  	
  31

  
	
   

  	
   

  	
   

  
	
  Section 6.1.

  	
  Duties of the Indenture Trustee

  	
  31

  
	
  Section 6.2.

  	
  Rights of Indenture Trustee

  	
  32

  
	
  Section 6.3.

  	
  Individual Rights of the Indenture Trustee

  	
  33

  
	
  Section 6.4.

  	
  Indenture Trustee’s Disclaimer

  	
  33

  
	
  Section 6.5.

  	
  Notice of Defaults

  	
  33

  
	
  Section 6.6.

  	
  Reports by Indenture Trustee to the Holders

  	
  33

  
	
  Section 6.7.

  	
  Compensation and Indemnity

  	
  34

  
	
  Section 6.8.

  	
  Replacement of the Indenture Trustee

  	
  34

  
	
  Section 6.9.

  	
  Successor Indenture Trustee by Merger

  	
  35

  
	
  Section 6.10.

  	
  Appointment of Co-Trustee or Separate Trustee

  	
  36

  
	
  Section 6.11.

  	
  Eligibility; Disqualification

  	
  37

  
	
  Section 6.12.

  	
  Preferential Collection of Claims Against the Issuing Entity

  	
  38

  
	
  Section 6.13.

  	
  Information to Be Provided by the Indenture Trustee

  	
  38

  
	
  Section 6.14.

  	
  Representations and Warranties

  	
  38

  
	
   

  	
   

  	
   

  

 

ii

 

	
  ARTICLE VII

  	
  Noteholders’ Lists and Reports

  	
  39

  
	
  Section 7.1.

  	
  Issuing Entity To Furnish Indenture Trustee Names and Addresses of
  Noteholders

  	
  39

  
	
  Section 7.2.

  	
  Preservation of Information; Communications to Noteholders

  	
  39

  
	
  Section 7.3.

  	
  Reports by Issuing Entity

  	
  39

  
	
  Section 7.4.

  	
  Required Filings

  	
  40

  
	
   

  	
   

  	
   

  
	
  ARTICLE VIII

  	
  Accounts, Disbursements and Releases

  	
  40

  
	
   

  	
   

  	
   

  
	
  Section 8.1.

  	
  Collection of Money

  	
  40

  
	
  Section 8.2.

  	
  Trust Accounts

  	
  40

  
	
  Section 8.3.

  	
  General Provisions Regarding Accounts

  	
  43

  
	
  Section 8.4.

  	
  Release of Trust Estate

  	
  44

  
	
  Section 8.5.

  	
  Opinion of Counsel

  	
  44

  
	
   

  	
   

  	
   

  
	
  ARTICLE IX

  	
  Supplemental Indentures

  	
  45

  
	
   

  	
   

  	
   

  
	
  Section 9.1.

  	
  Supplemental Indentures Without Consent of Noteholders

  	
  45

  
	
  Section 9.2.

  	
  Supplemental Indentures With Consent of Noteholders

  	
  46

  
	
  Section 9.3.

  	
  Execution of Supplemental Indentures

  	
  48

  
	
  Section 9.4.

  	
  Effect of Supplemental Indenture

  	
  48

  
	
  Section 9.5.

  	
  Conformity with Trust Indenture Act

  	
  48

  
	
  Section 9.6.

  	
  Reference in Notes to Supplemental Indentures

  	
  48

  
	
  Section 9.7.

  	
  Amendment without Consent

  	
  49

  
	
   

  	
   

  	
   

  
	
  ARTICLE X

  	
  Redemption of Notes

  	
  49

  
	
   

  	
   

  	
   

  
	
  Section 10.1.

  	
  Redemption

  	
  49

  
	
  Section 10.2.

  	
  Form of Redemption Notice

  	
  49

  
	
  Section 10.3.

  	
  Notes Payable on Redemption Date

  	
  50

  
	
   

  	
   

  	
   

  
	
  ARTICLE XI

  	
  Miscellaneous

  	
  50

  
	
   

  	
   

  	
   

  
	
  Section 11.1.

  	
  Compliance Certificates and Opinions, etc.

  	
  50

  
	
  Section 11.2.

  	
  Form of Documents Delivered to Indenture Trustee

  	
  52

  
	
  Section 11.3.

  	
  Acts of Noteholders

  	
  52

  
	
  Section 11.4.

  	
  Notices, etc., to the Indenture Trustee, Issuing Entity,
  Counterparties and Rating Agencies

  	
  53

  
	
  Section 11.5.

  	
  Notices to Noteholders; Waiver

  	
  54

  
	
  Section 11.6.

  	
  Alternate Payment and Notice Provisions

  	
  54

  
	
  Section 11.7.

  	
  Conflict with Trust Indenture Act

  	
  54

  
	
  Section 11.8.

  	
  Effect of Headings and Table of Contents

  	
  55

  
	
  Section 11.9.

  	
  Successors and Assigns

  	
  55

  
	
  Section 11.10.

  	
  Severability

  	
  55

  
	
  Section 11.11.

  	
  Benefits of Indenture

  	
  55

  
	
  Section 11.12.

  	
  Legal Holidays

  	
  55

  
	
  Section 11.13.

  	
  Governing Law

  	
  55

  

 

iii

 

	
  Section 11.14.

  	
  Counterparts

  	
  55

  
	
  Section 11.15.

  	
  Recording of Indenture

  	
  55

  
	
  Section 11.16.

  	
  Trust Obligation

  	
  55

  
	
  Section 11.17.

  	
  No Petition

  	
  56

  
	
  Section 11.18.

  	
  Inspection

  	
  56

  
	
  Section 11.19.

  	
  Subordination

  	
  57

  
	
  Section 11.20.

  	
  Information Requests

  	
  57

  

 

iv

 

EXHIBITS

 

	
  EXHIBIT A-1

  	
  Form of
  A-1 Notes

  	
   

  
	
   

  	
   

  	
   

  
	
  EXHIBIT A-2

  	
  Form of
  A-2 Notes

  	
   

  
	
   

  	
   

  	
   

  
	
  EXHIBIT A-3

  	
  Form of
  A-3 Notes

  	
   

  
	
   

  	
   

  	
   

  
	
  EXHIBIT A-4a

  	
  Form of
  A-4a Notes

  	
   

  
	
   

  	
   

  	
   

  
	
  EXHIBIT A-4b

  	
  Form of
  A-4b Notes

  	
   

  
	
   

  	
   

  	
   

  
	
  EXHIBIT A-5

  	
  Form of
  Class B Notes

  	
   

  
	
   

  	
   

  	
   

  
	
  EXHIBIT B

  	
  Form of
  Section 3.9 Officer’s Certificate

  	
   

  
	
   

  	
   

  	
   

  
	
  EXHIBIT C

  	
  Form of
  Rule 144A Letter

  	
   

  

 

SCHEDULES

 

	
  SCHEDULE P

  	
  Perfection
  Representations & Warranties

  	
   

  

 

v

 

INDENTURE
dated as of April 1, 2008 between CNH EQUIPMENT TRUST 2008-A, a Delaware
statutory trust (the “Issuing Entity”),
and THE BANK OF NEW YORK TRUST COMPANY, N.A., a national banking association (“BNYTC”), as trustee and not in its individual capacity (the
“Indenture Trustee”).

 

Each party
agrees as follows for the benefit of the other party and for the equal and
ratable benefit of the Holders of the Issuing Entity’s 2.75275% Class A-1
Asset Backed Notes (each an “A-1 Note”),
Floating Rate Class A-2 Asset Backed Notes (each an “A-2 Note”),
4.12% Class A-3 Asset Backed Notes (each an “A-3 Note”),
4.93% Class A-4a Asset Backed Notes (each an “A-4a Note”),
Floating Rate Class A-4b Asset Backed Notes (each an “A-4b Note”)
and the 0.00% Class B Asset Backed Notes (each a “Class B
Note”; and together with the A-1 Notes, the A-2 Notes, the A-3
Notes, the A-4a Notes and the A-4b Notes, the “Notes”).

 

GRANTING
CLAUSE

 

The Issuing
Entity hereby Grants to BNYTC at the Closing Date, as Indenture Trustee for the
benefit of the Holders of the Notes and the Counterparties, all of the Issuing
Entity’s right, title and interest in, to and under the following, whether now
existing or hereafter arising or acquired (collectively, the “Collateral”):

 

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

 

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

 

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

 

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

 

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

 

(f)            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 all investments and proceeds
thereof (including all income thereon);

 

(g)           the Sale and Servicing
Agreement (including all rights of the Seller under the Liquidity Receivables
Purchase Agreement and the Purchase Agreement assigned to the Issuing Entity
pursuant to the Sale and Servicing Agreement);

 

 

(h)           all rights of the
Issuing Entity under the Interest Rate Swap Agreements; and

 

(i)            all present and future
claims, demands, causes and choses in action in respect of any or all of the
foregoing and all payments on or under and all proceeds of every kind and
nature whatsoever in respect of any or all of the foregoing, including all
proceeds of the conversion, voluntary or involuntary, into cash or other liquid
property, all cash proceeds, accounts, accounts receivable, notes, drafts,
acceptances, chattel paper, checks, deposit accounts, insurance proceeds (to
the extent not used to purchase Substitute Equipment), condemnation awards, rights
to payment of any and every kind and other forms of obligations and
receivables, instruments and other property that at any time constitute all or
part of or are included in the proceeds of any and all of the foregoing.

 

The foregoing
Grant is made in trust to secure (x) first, the payment of principal of
and interest on, and any other amounts owing in respect of (including the
amounts owed in connection with the Interest Rate Swap Agreements), the Class A
Notes, equally and ratably without prejudice, priority or distinction, and (y) second,
the payment of principal of and interest on, and any other amounts owing in
respect of, the Class B Notes, equally and ratably without prejudice,
priority or distinction, and to secure compliance with this Indenture.

 

BNYTC, as
Indenture Trustee on behalf of the Noteholders and the Counterparties, (1) acknowledges
such Grant, and (2) accepts the trusts under this Indenture in accordance
with this Indenture and agrees to perform its duties required in this Indenture
and the other Basic Documents to which it is a party in accordance with their
terms.

 

ARTICLE I

Definitions and Incorporation by Reference

 

SECTION 1.1.   Definitions. 
Capitalized terms used but not otherwise defined herein are defined in
Appendix A hereto.

 

SECTION 1.2.   Incorporation by Reference
of Trust Indenture Act.  Whenever this Indenture refers to a provision
of the TIA, the provision is incorporated by reference in and made a part of
this Indenture. The following terms, where used in the TIA, shall have the
following meanings for the purposes hereof:

 

“Commission”
means the Securities and Exchange Commission.

 

“indenture
securities” means the Notes.

 

“indenture
security holder” means a Noteholder.

 

“indenture to
be qualified” means this Indenture.

 

“indenture
trustee” or “institutional trustee” means the Indenture Trustee.

 

2

 

“obligor” on
the indenture securities means the Issuing Entity and any other obligor on the
indenture securities.

 

All other TIA
terms used in this Indenture that are defined by the TIA, defined by TIA
reference to another statute or defined by Commission rule have the
meaning assigned to them by such definitions.

 

SECTION 1.3.   Other Definitional
Provisions.  (a)  All terms defined in this Agreement
shall have the defined meanings when used in any certificate or other document
made or delivered pursuant hereto unless otherwise defined therein.

 

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

 

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

 

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

 

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

 

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

 

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

 

ARTICLE II

The Notes

 

SECTION 2.1.   Form.  The A-1 Notes,
A-2 Notes, A-3 Notes, A-4a Notes, A-4b Notes and Class B Notes, together
with the Indenture Trustee’s certificate of authentication, shall be in
substantially the forms set forth in Exhibits A-1, A-2, A-3,
A-4a, A-4b and A-5 respectively, with such appropriate insertions,
omissions, substitutions and other variations as are required or permitted by
this Indenture, and may have such letters, numbers or other marks of 

 

3

 

identification and such legends or
endorsements placed thereon, as may, consistently herewith, be determined by
the officers executing such Notes, as evidenced by their execution of the
Notes.  Any portion of the text of any
Note may be set forth on the reverse thereof, with an appropriate reference
thereto on the face of the Note.

 

The Definitive
Notes shall be typewritten, printed, lithographed or engraved or produced by
any combination of these methods (with or without steel engraved borders), all
as determined by the officers executing such Notes, as evidenced by their
execution of such Notes.

 

Each Note
shall be dated the date of its authentication. 
The terms of the Notes set forth in Exhibits A-1, A-2, A-3,
A-4a, A-4b and A-5 are part
of the terms of this Indenture.

 

SECTION 2.2.   Execution, Authentication
and Delivery.  The Notes shall be executed on behalf of the
Issuing Entity by any of its Authorized Officers.  The signature of any such Authorized Officer
on the Notes may be manual or facsimile.

 

Notes bearing
the manual or facsimile signature of individuals who were at the time of
signature Authorized Officers of the Issuing Entity shall bind the Issuing
Entity, notwithstanding that such individuals or any of them have ceased to
hold such offices prior to the authentication and delivery of such Notes or did
not hold such offices at the date of such Notes.

 

The Indenture
Trustee shall upon Issuing Entity Order authenticate and deliver A-1 Notes, A-2
Notes, A-3 Notes, A-4a Notes, A-4b Notes and Class B Notes for original issue
in an aggregate principal amount of $133,000,000, $133,000,000, $125,000,000,
$69,000,000, $25,508,000, and $12,449,000, respectively.  The Outstanding Amount of A-1 Notes, A-2
Notes, A-3 Notes, A-4a Notes, A-4b Notes and Class B Notes at any time may
not exceed such respective amounts except as provided in Section 2.5.

 

Each Note
shall be dated the date of its authentication. 
The Notes shall be issuable as registered Notes in the minimum
denomination of $1,000 and in greater whole-dollar denominations in excess
thereof.

 

No Note shall
be entitled to any benefit under this Indenture or be valid or obligatory for
any purpose, unless there appears on such Note a certificate of authentication
substantially in the form provided for herein executed by the Indenture Trustee
by the manual signature of one of its authorized signatories, and such
certificate of authentication shall be conclusive evidence, and the only
evidence, that such Note has been duly authenticated and delivered hereunder.

 

SECTION 2.3.   Temporary Notes. 
Pending the preparation of Definitive Notes, the Issuing Entity may
execute, and upon receipt of an Issuing Entity Order, the Indenture Trustee
shall authenticate and deliver, temporary Notes that are printed, lithographed,
typewritten, mimeographed or otherwise produced, of the tenor of the Definitive
Notes in lieu of which they are issued and with such variations not
inconsistent with this Indenture as the Authorized Officers executing such
Notes may determine, as evidenced by their execution of such Notes.

 

If temporary
Notes are issued, the Issuing Entity will cause Definitive Notes to be prepared
without unreasonable delay.  After the
preparation of Definitive Notes, the temporary 

 

4

 

Notes shall be exchangeable for Definitive Notes upon surrender of the
temporary Notes at the office or agency of the Issuing Entity to be maintained
as provided in Section 3.2, without charge to the Holder.  Upon surrender for cancellation of any one or
more temporary Notes, the Issuing Entity shall execute and the Indenture
Trustee shall authenticate and deliver in exchange therefor a like principal
amount of Definitive Notes of authorized denominations.  Until so exchanged, the temporary Notes shall
in all respects be entitled to the same benefits under this Indenture as if
they were Definitive Notes.

 

SECTION 2.4.   Registration; Registration
of Transfer and Exchange.  The Issuing Entity shall cause to be kept a
register (the “Note Register”) in which, subject
to such reasonable regulations as it may prescribe, the Issuing Entity shall
provide for the registration of Notes and the registration of transfers of
Notes.  The Indenture Trustee shall be
the “Note Registrar” for the purpose of
registering Notes and transfers of Notes as herein provided.  Upon any resignation of any Note Registrar,
the Issuing Entity shall promptly appoint a successor or, if it elects not to
make such an appointment, assume the duties of the Note Registrar.

 

If a Person
other than the Indenture Trustee is appointed by the Issuing Entity as the Note
Registrar, the Issuing Entity will give the Indenture Trustee prompt written
notice of the appointment of such Note Registrar and of the location, and any
change in the location, of the Note Register, and the Indenture Trustee shall
have the right to inspect the Note Register at all reasonable times, to obtain
copies thereof and to rely upon a certificate executed on behalf of the Note
Registrar by an Executive Officer thereof as to the names and addresses of the
Holders of the Notes and the principal amounts and number of such Notes.

 

Upon surrender
for registration of transfer of any Note at the office or agency of the Issuing
Entity to be maintained as provided in Section 3.2, if the requirements of
Section 8-401(a) of the UCC are met (provided, this requirement will
only apply to transfers of Class B Notes following (i) the transfer
of the Class B Notes to an entity unaffiliated with the Originator and (ii) the
exchange of the Class B Notes for Class B Notes registered in the
name of a Clearing Agency (or its nominee)), the Issuing Entity shall execute,
the Indenture Trustee shall authenticate and the Noteholder shall obtain from
the Indenture Trustee, in the name of the designated transferee or transferees,
one or more new Notes in any authorized denominations of a like aggregate
principal amount.

 

At the option
of the Holder, Notes may be exchanged for other new Notes of the same Class in
any authorized denominations of a like aggregate principal amount, upon
surrender of the Notes to be exchanged at such office or agency.  Whenever any Notes are so surrendered for
exchange, if the requirements of Section 8-401(a) of the UCC are met
(provided, this requirement will only apply to exchanges of Class B Notes
following (i) the transfer of the Class B Notes to an entity
unaffiliated with the Originator and (ii) the exchange of the Class B
Notes for Class B Notes registered in the name of a Clearing Agency (or
its nominee)), the Issuing Entity shall execute, the Indenture Trustee shall
authenticate and the Noteholder shall obtain from the Indenture Trustee, the
Notes that the Noteholder making the exchange is entitled to receive.

 

By its
acquisition of a Note or any interest therein, each purchaser or transferee
shall be deemed to represent and warrant that either (a) it is not an
“employee benefit plan” within the 

 

5

 

meaning of Section 3(3) of the Employee Retirement Income
Security Act of 1974, as amended (“ERISA”), that
is subject to Title I of ERISA, a “plan” as defined in Section 4975 of the
Internal Revenue Code of 1986, as amended (the “Code”),
an entity deemed to hold “plan assets” of any of the foregoing or a
“governmental plan” as defined in Section 3(32) of ERISA that is subject
to any law substantially similar to ERISA or Section 4975 of the Code or (b) the
acquisition and holding of the Note or any interest therein will not result in
a non-exempt prohibited transaction under Section 406 of ERISA, Section 4975
of the Code or any substantially similar applicable law.

 

All Notes
issued upon any registration of transfer or exchange of Notes shall be the
valid obligations of the Issuing Entity, evidencing the same debt and entitled
to the same benefits under this Indenture as the Notes surrendered upon such
registration of transfer or exchange.

 

No transfer of
a Class B Note shall be made unless such transfer is made pursuant to an
effective registration statement under the Securities Act of 1933 (the
“Securities Act”) and any applicable state securities laws or is exempt from
the registration requirements under said Securities Act and such state
securities laws. In the event that a transfer is to be made in reliance upon an
exemption from the Securities Act and such laws, in order to assure compliance
with the Securities Act and such laws, there shall be delivered to the Issuing
Entity and to the Indenture Trustee a letter in substantially the form of Exhibit C
(the “Rule 144A Letter”). 
Notwithstanding the preceding sentence or anything else herein, any
transfer of the Class B Notes to the Depositor, the Originator or any of
their Affiliates on the Closing Date, and any transfer from any of such
entities to its Affiliate, and any transfer from any such entity to an initial
purchaser(s) pursuant to an exemption from the registration requirements,
will not require the delivery of a Rule 144A Letter and may be made
regardless of whether such entity is a “qualified institutional buyer” as
defined in the Securities Act.  The
Issuing Entity shall provide to any Holder of a Class B Note and any
prospective transferee designated by any such Holder, information regarding the
Class B Notes and the Receivables and such other information as shall be
necessary to satisfy the condition to eligibility set forth in Rule 144A(d)(4) for
transfer of any such Class B Note without registration thereof under the
Securities Act pursuant to the registration exemption provided by Rule 144A.
The Indenture Trustee and the Servicer shall cooperate with the Issuing Entity
in providing the Rule 144A information referenced in the preceding
sentence, including providing to the Issuing Entity such information regarding
the Class B Notes, the Receivables and other matters regarding the Trust
Estate as the Issuing Entity shall reasonably request to meet its obligation
under the preceding sentence. Each Holder of a Class B Note desiring to
effect such transfer shall, and does hereby agree to, indemnify the Indenture
Trustee, the Issuing Entity, the Seller and the Servicer against any liability
that may result if the transfer is not so exempt or is not made in accordance
with such federal and state laws.

 

Every Class A
Note, and every Class B Note (but, with respect to Class B Notes
only, only with respect to transfers following (i) the transfer of the Class B
Notes to an entity unaffiliated with the Originator and (ii) the exchange
of the Class B Notes for Class B Notes registered in the name of a
Clearing Agency (or its nominee)), presented or surrendered for registration of
transfer or exchange shall be duly endorsed by, or be accompanied by a written
instrument of transfer in form satisfactory to the Indenture Trustee duly
executed by, the Holder thereof or such Holder’s attorney duly authorized in
writing, with such signature guaranteed by 

 

6

 

an “eligible guarantor institution” meeting the requirements of the
Note Registrar, which requirements include membership or participation in the
Securities Transfer Agent’s Medallion Program (“STAMP”)
or such other “signature guarantee program” as may be determined by the Note
Registrar in addition to, or in substitution for, STAMP, all in accordance with
the Exchange Act.

 

No service
charge shall be made to a Holder for any registration of transfer or exchange
of Notes, but the Issuing Entity may require payment of a sum sufficient to
cover any tax or other governmental charge that may be imposed in connection
with any registration of transfer or exchange of Notes, other than exchanges
pursuant to Sections 2.3 or 9.6 not involving any transfer.

 

SECTION 2.5.   Mutilated, Destroyed, Lost
or Stolen Notes.  If: (i) any mutilated Note is
surrendered to the Indenture Trustee, or the Indenture Trustee receives
evidence to its satisfaction of the destruction, loss or theft of any Note, and
(ii) there is delivered to the Indenture Trustee such security or
indemnity as may be required by the Indenture Trustee and the Issuing Entity to
hold the Indenture Trustee and the Issuing Entity, respectively, harmless,
then, in the absence of notice to the Issuing Entity, the Note Registrar or the
Indenture Trustee that such Note has been acquired by a bona fide purchaser,
and provided that the requirements of Section 8-405 of the UCC are met,
the Issuing Entity shall execute, and upon its request the Indenture Trustee
shall authenticate and deliver, in exchange for or in lieu of any such
mutilated, destroyed, lost or stolen Note, a replacement Note of the same
Class; provided, however,
that if any such destroyed, lost or stolen Note, but not a mutilated Note,
shall have become, or within seven days shall be, due and payable, or shall
have been called for redemption, instead of issuing a replacement Note, the
Issuing Entity may pay such destroyed, lost or stolen Note when so due or
payable or upon the Redemption Date without surrender thereof.  If, after the delivery of such replacement
Note (or payment of a destroyed, lost or stolen Note pursuant to the proviso to
the preceding sentence), a bona fide purchaser of the original Note in lieu of
which such replacement Note was issued presents for payment such original Note,
the Issuing Entity and the Indenture Trustee shall be entitled to recover such
replacement Note (or such payment) from the Person to whom it was delivered or
any Person taking such replacement Note from such Person to whom such
replacement Note was delivered (or payment made) or any assignee of such
Person, except a bona fide purchaser, and shall be entitled to recover upon the
security or indemnity provided therefor to the extent of any loss, damage, cost
or expense incurred by the Issuing Entity or the Indenture Trustee in
connection therewith.

 

Upon the
issuance of any replacement Note under this Section, the Issuing Entity may
require the payment by the Holder of such Note of a sum sufficient to cover any
tax or other governmental charge that may be imposed in relation thereto and
any other reasonable expenses (including the fees and expenses of the Indenture
Trustee) connected therewith.

 

Every
replacement Note issued pursuant to this Section in replacement of any
mutilated, destroyed, lost or stolen Note shall constitute an original
additional contractual obligation of the Issuing Entity, whether or not the mutilated,
destroyed, lost or stolen Note shall be at any time enforceable by anyone, and
shall be entitled to all the benefits of this Indenture equally and
proportionately with any and all other Notes duly issued hereunder.

 

7

 

The provisions
of this Section are exclusive and shall preclude (to the extent lawful)
all other rights and remedies with respect to the replacement or payment of
mutilated, destroyed, lost or stolen Notes.

 

SECTION 2.6.                 Persons
Deemed Owner.  Prior to due presentment for registration of
transfer of any Note, the Issuing Entity, the Indenture Trustee and any agent
of the Issuing Entity or the Indenture Trustee may treat the Person in whose
name any Note is registered (as of the day of determination) as the owner of
such Note for the purpose of receiving payments of principal and interest, if
any, on such Note and for all other purposes whatsoever, whether or not such
Note be overdue, and neither the Issuing Entity, the Indenture Trustee nor any
agent of the Issuing Entity or the Indenture Trustee shall be affected by
notice to the contrary.

 

SECTION 2.7.                 Payment
of Principal and Interest; Defaulted Interest.  (a)  The A-1 Notes, A-2 Notes, A-3
Notes, A-4a Notes, A-4b Notes and Class B Notes shall accrue interest at
the A-1 Note Rate, the A-2 Note Rate, the A-3 Note Rate, the A-4a Note Rate,
the A-4b Note Rate and the Class B Note Rate, respectively, and such
interest shall be payable on each Payment Date, subject to Section 3.1.  Any installment of interest or principal, if
any, payable on any Note that is punctually paid or duly provided for by the
Issuing Entity on the applicable Payment Date shall be paid to the Person in
whose name such Note (or one or more Predecessor Notes) is registered on the
Record Date by check mailed first-class, postage prepaid, to such Person’s
address as it appears on the Note Register on such Record Date.  However, unless Definitive Notes have been
issued, with respect to Notes registered on the Record Date in the name of the
nominee of the Clearing Agency (initially, such nominee to be Cede &
Co.), payment will be made by wire transfer in immediately available funds to
the account designated by such nominee. In addition, so long as Definitive
Notes have been issued with respect to the Class B Notes and the
Originator or its Affiliate is the entity in whose name such Class B Notes
are registered on the Record Date, payment will be made by wire transfer in
immediately available funds to the account designated by the Originator or such
Affiliate.  Notwithstanding the above,
the final installment of principal payable with respect to such Note (and
except for the Redemption Price for any Note called for redemption pursuant to Section 10.1(a))
shall be payable as provided in clause (b)(ii).  The funds represented by any such checks
returned undelivered shall be held in accordance with Section 3.3.

 

(b)           (i) 
The principal of each Note shall be payable in installments on each Payment
Date as provided in this Indenture, and except as provided below each such
installment shall be due and payable only to the extent that there are funds
available to make the payment in accordance with the Basic Documents.  Notwithstanding the foregoing:  (A) the entire Outstanding Amount of
each Class of Notes shall be due and payable on the related Class Final
Scheduled Maturity Date, and (B) the entire Outstanding Amount of all
Classes of Notes shall be due and payable, ratably to all Noteholders, on any
date on which an Event of Default shall have occurred and be continuing if the
Indenture Trustee or the Holders of Notes representing not less than a majority
of the Outstanding Amount of the Notes have declared the Notes to be
immediately due and payable in the manner provided in Section 5.2.  All principal payments on the Class A-1
Notes shall be made pro rata to the Noteholders of the Class A-1
Notes.  All principal payments on the Class A-2
Notes shall be made pro rata to the Noteholders of the Class A-2 Notes.
All principal payments on the Class A-3 Notes shall be made pro rata to
the 

 

8

 

Noteholders of
the Class A-3 Notes.  All principal
payments on the Class A-4 Notes shall be made pro rata to the Noteholders
of the Class A-4 Notes.  All
principal payments on the Class B Notes shall be made pro rata to the
Noteholders of the Class B Notes.

 

(ii)                   The Indenture
Trustee shall notify the Person in whose name a Note is registered at the close
of business on the Record Date preceding the Payment Date on which the Issuing
Entity expects that the final installment of principal of and interest on such
Note will be paid. Such notice shall be mailed no later than five Business Days
prior to such final Payment Date and shall specify that such final installment
will be payable only upon presentation and surrender of such Note and shall
specify the place where such Note may be presented and surrendered for payment
of such installment. Notices in connection with redemptions of Notes shall be
mailed to Noteholders as provided in Section 10.2.

 

(c)                   If
the Issuing Entity defaults in a payment of interest on the Notes, the Issuing
Entity shall pay, in any lawful manner, defaulted interest (plus interest on
such defaulted interest to the extent lawful) at the applicable interest rate
from the Payment Date for which such payment is in default.  The Issuing Entity may pay such defaulted
interest to the Persons who are Noteholders on a subsequent special record
date, which date shall be at least five Business Days prior to the special
payment date.  The Issuing Entity shall
fix or cause to be fixed any such special record date and special payment date,
and, at least 15 days before any such special record date, shall mail to each
Noteholder a notice that states the special record date, the special payment
date and the amount of defaulted interest to be paid.

 

SECTION 2.8.               Cancellation. 
All Notes surrendered for payment, registration of transfer, exchange or
redemption shall, if surrendered to any Person other than the Indenture Trustee,
be delivered to the Indenture Trustee and shall be promptly canceled by the
Indenture Trustee.  The Issuing Entity
may at any time deliver to the Indenture Trustee for cancellation any Notes
previously authenticated and delivered hereunder that the Issuing Entity may
have acquired in any manner whatsoever, and all Notes so delivered shall be
promptly canceled by the Indenture Trustee. 
No Notes shall be authenticated in lieu of or in exchange for any Notes
canceled as provided in this Section except as expressly permitted by this
Indenture.  All canceled Notes may be
held or disposed of by the Indenture Trustee in accordance with its standard
retention or disposal policy as in effect at the time unless the Issuing Entity
shall direct by an Issuing Entity Order that they be returned to it; provided,
that such Issuing Entity Order is timely and the Notes have not been previously
disposed of by the Indenture Trustee.

 

SECTION 2.9.               Release
of Collateral.  Subject to Sections 8.4 and 11.1 and the
Basic Documents, the Indenture Trustee shall release property from the Lien of
this Indenture only upon receipt of an Issuing Entity Request accompanied by an
Officer’s Certificate, an Opinion of Counsel and Independent Certificates in
accordance with TIA §§314(c) and 314(d)(l), or an Opinion of Counsel in
lieu of such Independent Certificates to the effect that the TIA does not
require any such Independent Certificates.

 

SECTION 2.10.             Book-Entry
Notes.  The Class A Notes, upon original
issuance, and at any time after the Closing Date at the Depositor’s request,
the Class B Notes, will be issued in the form of typewritten Notes
representing the Book-Entry Notes, to be delivered to 

 

9

 

The Depository
Trust Company (“DTC”) (the initial Clearing
Agency), or its custodian, by, or on behalf of, the Issuing Entity. Such Class A
Notes shall initially (and such Class B Notes shall, upon the Depositor’s
request) be registered on the Note Register in the name of Cede & Co.,
the nominee of the initial Clearing Agency, and no Note Owner of such Note will
receive a Definitive Note representing such Note Owner’s interest in such Note,
except as provided in Section 2.12, and except with respect to the Class B
Notes, which will initially be issued as Definitive Notes registered in the
name of CNH Capital America LLC.  Unless
and until definitive, fully registered Notes (the “Definitive
Notes”) representing Class A Notes have been issued to Note
Owners, and with respect to Class B Notes, for the period beginning when
such Class B Notes are no longer held as Definitive Notes until such Class B
Notes are again held as Definitive Notes:

 

(i)            this
Section shall be in full force and effect;

 

(ii)           the
Note Registrar and the Indenture Trustee may deal with the Clearing Agency for
all purposes (including the payment of principal of and interest on the
applicable Notes) as the authorized representative of the Note Owners;

 

(iii)          to
the extent that this Section conflicts with any other provisions of this Indenture,
this Section shall control;

 

(iv)          the
rights of Note Owners shall be exercised only through the Clearing Agency and
shall be limited to those established by law and agreements between such Note
Owners and the Clearing Agency and/or the Clearing Agency Participants pursuant
to the Note Depository Agreement.  Unless
and until Definitive Notes are issued (and, with respect to the Class B
Notes, for any period during which no Definitive Notes are issued), the
Clearing Agency will make book-entry transfers among the Clearing Agency
Participants and receive and transmit payments of principal of and interest on
the applicable Notes to such Clearing Agency Participants; and

 

(v)           whenever
this Indenture requires or permits actions to be taken based upon instructions
or directions of Holders of Notes evidencing a specified percentage of the
Outstanding Amount of the Notes (or a Class of Notes), the Clearing Agency
shall be deemed to represent such percentage only to the extent that it has
received instructions to such effect from Note Owners and/or Clearing Agency
Participants owning or representing, respectively, such required percentage of
the beneficial interest in the Notes (or Class of Notes) and has delivered
such instructions to the Indenture Trustee.

 

SECTION 2.11.               Notices
to Clearing Agency.  Whenever a notice or other communication to
the Noteholders is required under this Indenture, unless and until Definitive
Notes for the Class A Notes have been issued (and, with respect to the Class B
Notes, for any period during which no Definitive Notes are issued) to Note
Owners, the Indenture Trustee shall give all such notices and communications to
the Clearing Agency.

 

SECTION 2.12.               Definitive
Notes.  Notes initially or subsequently cleared
through a clearing agency may be issued in definitive, fully registered
certificated form to Noteholders if requested by the DTC participants to whom
the Notes are credited and in 

 

10

 

accordance
with DTC’s rules and procedures. 
Upon any surrender to the Indenture Trustee of the typewritten Notes
representing the Book-Entry Notes by the Clearing Agency, accompanied by
registration instructions, the Issuing Entity shall execute, and the Indenture
Trustee shall authenticate, the Definitive Notes in accordance with the
instructions of the Clearing Agency. 
None of the Issuing Entity, the Note Registrar or the Indenture Trustee
shall be liable for any delay in delivery of such instructions and may
conclusively rely on, and shall be fully protected in relying on, such
instructions.  Upon the issuance of
Definitive Notes, the Indenture Trustee shall recognize the Holders of the
Definitive Notes as Noteholders.  In
addition, Notes issued as Definitive Notes from time to time may be subsequently
issued as Book-Entry Notes and cleared through a Clearing Agency at the request
of applicable Holders of the Definitive Notes. 
The Class B Notes are initially issued only as registered
Definitive Notes without coupons in denominations specified herein.

 

SECTION 2.13.                  Tax
Treatment.  It is the intent of the Seller, the Servicer,
the Noteholders and the Note Owners that, for purposes of federal and State
income tax and any other tax measured in whole or in part by income, until the
Certificates are held by other than the Seller, the Trust be disregarded as an
entity separate from the Seller and the Notes be treated as debt of the
Seller.  At such time that the
Certificates are held by more than one Person, it is the intent of the Seller,
the Servicer, the Noteholders and the Note Owners that, for such tax purposes,
the Trust be treated as a partnership and the Notes be treated as debt of the
Trust.  Each Noteholder or Note Owner, by
acceptance of a Note, or, in the case of a Note Owner, a beneficial interest in
a Note, agrees to treat, and to take no action inconsistent with the treatment
of, the Notes for such tax purposes as provided in this Section 2.13.

 

ARTICLE III

Covenants

 

SECTION 3.1.                        Payment
of Principal and Interest.  The Issuing Entity will duly and punctually
pay the principal and interest, if any, on the Notes in accordance with the
terms of the Notes and this Indenture. 
Without limiting the foregoing, subject to Sections 8.2(c) and (e),
the Issuing Entity will cause to be distributed to Holders of the Notes all
amounts on deposit in the Note Distribution Account on a Payment Date deposited
therein for the benefit of the Notes pursuant to the Sale and Servicing
Agreement.  Amounts properly withheld
under the Code or any applicable State law by any Person from a payment to any
Noteholder of interest and/or principal shall be considered as having been paid
by the Issuing Entity to such Noteholder for all purposes of this Indenture.

 

SECTION 3.2.                        Maintenance
of Office or Agency.  The Issuing Entity will maintain in the
Borough of Manhattan, The City of New York, an office or agency where Notes may
be surrendered for registration of transfer or exchange, and where notices and
demands to or upon the Issuing Entity in respect of the Notes and this
Indenture may be served.  The Issuing
Entity hereby initially appoints the Indenture Trustee to serve as its agent
for the foregoing purposes.  The Issuing
Entity will give prompt written notice to the Indenture Trustee and the
Counterparties of the location, and of any change in the location, of any such
office or agency.  If at any time the
Issuing Entity shall fail to maintain any such office or agency or shall fail
to furnish the Indenture Trustee and the Counterparties with the address
thereof, such surrenders, notices and demands may be made or served at the
Corporate Trust Office, and the Issuing Entity 

 

11

 

hereby
appoints the Indenture Trustee as its agent to receive all such surrenders,
notices and demands.

 

SECTION 3.3.                   Money
for Payments To Be Held in Trust.  As provided in Sections 8.2(a) and (b),
all payments of amounts due and payable with respect to any Notes that are to
be made from amounts withdrawn from the Collection Account and the Note Distribution
Account pursuant to Section 8.2(c) or Section 8.2(e), as
applicable, shall be made on behalf of the Issuing Entity by the Indenture
Trustee or by another Paying Agent, and no amounts so withdrawn from the
Collection Account and the Note Distribution Account for payments of Notes
shall be paid over to the Issuing Entity except as provided in this Section.

 

One Business
Day prior to each Payment Date and Redemption Date, the Issuing Entity shall
deposit or cause to be deposited in the Note Distribution Account an aggregate
sum sufficient to pay the amounts then becoming due under the Notes, such sum
to be held in trust for the benefit of the Persons entitled thereto and (unless
the Paying Agent is the Indenture Trustee) shall promptly notify the Indenture
Trustee of its action or failure so to act.

 

Any Paying
Agent shall be appointed by Issuing Entity Order with written notice thereof to
the Indenture Trustee.  Any Paying Agent
appointed by the Issuing Entity shall be a Person who would be eligible to be
Indenture Trustee hereunder as provided in Section 6.11.

 

The Issuing
Entity will cause each Paying Agent other than the Indenture Trustee to execute
and deliver to the Indenture Trustee an instrument in which such Paying Agent
shall agree with the Indenture Trustee (and if the Indenture Trustee acts as
Paying Agent, it hereby so agrees), subject to the provisions of this Section,
that such Paying Agent will:

 

(i)            hold
in trust all sums held by it for the payment of amounts due with respect to the
Notes in trust for the benefit of the Persons entitled thereto until such sums
shall be paid to such Persons or otherwise disposed of as herein provided and
pay such sums to such Persons as herein provided;

 

(ii)           give
the Indenture Trustee and the Counterparties notice of any default by the
Issuing Entity (or any other obligor upon the Notes) of which it has actual
knowledge in the making of any payment required to be made with respect to the
Notes;

 

(iii)          at
any time during the continuance of any such default, upon the written request
of the Indenture Trustee, forthwith pay to the Indenture Trustee all sums so
held in trust by such Paying Agent;

 

(iv)          immediately
resign as a Paying Agent and forthwith pay to the Indenture Trustee all sums
held by it in trust for the payment of Notes if at any time it ceases to meet
the standards required to be met by a Paying Agent; and

 

(v)           comply
with all requirements of the Code and any applicable State law with respect to
the withholding from any payments made by it on any Notes of any applicable
withholding taxes imposed thereon and with respect to any applicable reporting
requirements in connection therewith.

 

12

 

The Issuing
Entity may at any time, for the purpose of obtaining the satisfaction and
discharge of this Indenture or for any other purpose, by Issuing Entity Order,
direct any Paying Agent to pay to the Indenture Trustee all sums held in trust
by such Paying Agent, such sums to be held by the Indenture Trustee upon the
same trusts as those upon which the sums were held by such Paying Agent; and
upon such payment by any Paying Agent to the Indenture Trustee, such Paying
Agent shall be released from all further liability with respect to such money.

 

Subject to
applicable laws with respect to escheat of funds, any money held by the
Indenture Trustee or any Paying Agent in trust for the payment of any amount
due with respect to any Note and remaining unclaimed for two years after such
amount has become due and payable shall be discharged from such trust and be
paid to the Issuing Entity on Issuing Entity Order; and the Holder of such Note
shall thereafter, as an unsecured general creditor, look only to the Issuing
Entity for payment thereof (but only to the extent of the amounts so paid to
the Issuing Entity), and all liability of the Indenture Trustee or such Paying
Agent with respect to such trust money shall thereupon cease; provided, however, that
the Indenture Trustee or such Paying Agent, before being required to make any
such repayment, shall at the expense and direction of the Issuing Entity cause
to be published once, in a newspaper published in the English language,
customarily published on each Business Day and of general circulation in the
City of New York, notice that such money remains unclaimed and that, after a
date specified therein, which shall not be less than 30 days from the date of
such publication, any unclaimed balance of such money then remaining will be
repaid to the Issuing Entity.  The
Indenture Trustee shall also adopt and employ, at the expense of the Issuing
Entity, any other reasonable means of notification of such repayment (including
mailing notice of such repayment to Holders whose Notes have been called but
have not been surrendered for redemption or whose right to or interest in
monies due and payable but not claimed is determinable from the records of the
Indenture Trustee or of any Paying Agent, at the last address of record for
each such Holder).

 

SECTION 3.4.                  Existence. 
The Issuing Entity will keep in full effect its existence, rights and
franchises as a statutory trust under the laws of the jurisdiction of its
organization 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 Indenture, the Notes, the
Collateral and each other instrument or agreement included in the Trust Estate.

 

SECTION 3.5.      Protection of the Trust
Estate.  The Issuing Entity will from time to time
execute and deliver all such supplements and amendments hereto and all such
financing statements, continuation statements, instruments of further assurance
and other instruments, and will take such other action necessary or advisable
to:

 

(i)            maintain
or preserve the Lien and security interest (and the priority thereof) of this
Indenture or carry out more effectively the purposes hereof;

 

(ii)           perfect,
publish notice of or protect the validity of any Grant made or to be made by
this Indenture;

 

(iii)          enforce
any of the Collateral; or

 

13

 

(iv)          preserve
and defend title to the Trust Estate and the rights of the Indenture Trustee
and the Noteholders in such Trust Estate against the claims of all Persons.

 

The Issuing
Entity hereby designates the Indenture Trustee as its agent and
attorney-in-fact to execute any financing statement, continuation statement,
instrument of further assurance or other instrument required to be executed to
accomplish the foregoing.

 

SECTION 3.6.                Opinions
as to the Trust Estate.  (a)  On the Closing Date, the Issuing
Entity shall furnish to the Indenture Trustee an Opinion of Counsel either
stating that, in the opinion of such counsel, such action has been taken or
will be taken with respect to the recording and filing of this Indenture, any
indentures supplemental hereto and any other requisite documents, and with
respect to the execution and filing of any financing statements and
continuation statements, as are necessary to perfect and make effective the
Lien and security interest created by this Indenture and reciting the details
of such action, or stating that, in the opinion of such counsel, no such action
is necessary to make such Lien and security interest effective.

 

(b)           On
or before April 30 in each calendar year commencing in the calendar year
2008 the Issuing Entity shall furnish to the Indenture Trustee an Opinion of
Counsel either stating that, in the opinion of such counsel, such action has
been taken with respect to the recording, filing, re-recording and refiling of
this Indenture, any indentures supplemental hereto and any other requisite
documents, and with respect to the execution and filing of any financing
statements and continuation statements, as is necessary to maintain the Lien
and security interest of this Indenture and reciting the details of such
action, or stating that in the opinion of such counsel no such action is
necessary to maintain such Lien and security interest.  Such Opinion of Counsel shall also describe
the recording, filing, re-recording and refiling of this Indenture, any
indentures supplemental hereto and any other requisite documents, and the
execution and filing of any financing statements, amendments to financing
statements and continuation statements, that will, in the opinion of such
counsel, be required to maintain the Lien and security interest of this
Indenture until April 30 in the following calendar year.

 

SECTION 3.7.                Performance
of Obligations; Servicing of Receivables.  (a)  The Issuing Entity will not take
any action and will use its best efforts not to permit any action to be taken
by others that would release any Person from any material covenants or
obligations under any instrument or agreement included in the Trust Estate or
that would result in the amendment, hypothecation, subordination, termination
or discharge of, or impair the validity or effectiveness of, any such
instrument or agreement, except as expressly provided in this Indenture, the
Sale and Servicing Agreement or such other instrument or agreement.

 

(b)           The
Issuing Entity may contract with other Persons to assist it in performing its
duties under this Indenture, and any performance of such duties by a Person
identified to the Indenture Trustee in an Officer’s Certificate of the Issuing
Entity shall be deemed to be action taken by the Issuing Entity.  Initially, the Issuing Entity has contracted
with the Servicer and the Administrator to assist the Issuing Entity in
performing its duties under this Indenture.

 

14

 

(c)           The
Issuing Entity will punctually perform and observe all of its obligations and
agreements contained in this Indenture, the other Basic Documents and in the
instruments and agreements included in the Trust Estate, including filing or
causing to be filed all UCC financing statements and continuation statements
required to be filed by this Indenture and the Sale and Servicing Agreement in
accordance with and within the time periods provided for herein and therein.  Except as otherwise expressly provided
therein, the Issuing Entity shall not waive, amend, modify, supplement or
terminate any Basic Document or any provision thereof without the consent of
the Indenture Trustee or the Holders of at least a majority of the Outstanding
Amount of the Notes.

 

(d)           If
the Issuing Entity shall have knowledge of the occurrence of a Servicer
Default, the Issuing Entity shall promptly notify the Indenture Trustee, the
Counterparties and the Rating Agencies thereof, and shall specify in such
notice the action, if any, the Issuing Entity is taking with respect to such
default.  If a Servicer Default shall
arise from the failure of the Servicer to perform any of its duties or
obligations under the Sale and Servicing Agreement with respect to the
Receivables, the Issuing Entity shall take all reasonable steps available to it
to remedy such failure.

 

(e)           As
promptly as possible after the giving of notice of termination to the Servicer
of the Servicer’s rights and powers pursuant to Section 8.1 of the Sale
and Servicing Agreement, the Backup Servicer shall become the successor
servicer (the “Successor Servicer”) (or if there
is no Backup Servicer on such date, then the Issuing Entity shall appoint a
Successor Servicer acceptable to the Indenture Trustee), and such Successor
Servicer shall accept its appointment by a written assumption in a form
acceptable to the Indenture Trustee.  In
the event that a Successor Servicer has not been appointed and accepted its
appointment at the time when the previous Servicer ceases to act as Servicer,
the Indenture Trustee without further action shall automatically be appointed
as the Successor Servicer. 
Notwithstanding the above, the Indenture Trustee shall, if it is unable
to so act, (i) notify the Issuing Entity of its resignation as Successor
Servicer and (ii) 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 the Sale and Servicing
Agreement.  In accordance with Section 8.2
of the Sale and Servicing Agreement, the Issuing Entity shall enter into an
agreement with such Successor Servicer for the servicing of the Receivables
(such agreement to be in form and substance satisfactory to the Indenture
Trustee).  If the Indenture Trustee shall
succeed to the previous Servicer’s duties as servicer of the Receivables as provided herein, it shall do so in its individual capacity
and not in its capacity as Indenture Trustee and, accordingly, the provisions
of Article VI shall be inapplicable to the Indenture Trustee in its duties
as the Successor Servicer and the servicing of the Receivables.  In case the Indenture Trustee shall become
the Successor Servicer under the Sale and Servicing Agreement, the Indenture
Trustee shall be entitled to act through or appoint as Servicer any one of its
Affiliates; provided, that it shall be fully liable for the actions and
omissions of such Affiliate in its capacity as Successor Servicer.  Notwithstanding anything else herein to the
contrary, in no event shall the Indenture Trustee be liable for any servicing
fee or for any differential in the amount of the Servicing Fee paid hereunder
and the amount necessary to induce any successor Servicer to act as Successor
Servicer under this Indenture and the transactions set forth or provided for
herein, or be liable for or be required to make any servicer advances.

 

15

 

(f)            Upon
any termination of the Servicer’s rights and powers pursuant to the Sale and
Servicing Agreement, the Issuing Entity shall promptly notify the Indenture
Trustee and the Counterparties.  As soon
as a Successor Servicer is appointed, the Issuing Entity shall notify the
Indenture Trustee and the Counterparties of such appointment, specifying in
such notice the name and address of such Successor Servicer.

 

SECTION 3.8.                      Negative
Covenants.  So long as any Notes are Outstanding, the
Issuing Entity shall not:

 

(i)            except
as expressly permitted by this Indenture, the Purchase Agreement or the Sale
and Servicing Agreement, sell, transfer, exchange or otherwise dispose of any
of the properties or assets of the Issuing Entity, including those included in
the Trust Estate, unless directed to do so by the Indenture Trustee;

 

(ii)           claim
any credit on, or make any deduction from the principal or interest payable in
respect of, the Notes (other than amounts properly withheld from such payments
under the Code or applicable State law) or assert any claim against any present
or former Noteholder by reason of the payment of the taxes levied or assessed
upon any part of the Trust Estate; or

 

(iii)          (A) permit
the validity or effectiveness of this Indenture to be impaired, or permit the
Lien of this Indenture to be amended, hypothecated, subordinated, terminated or
discharged, or permit any Person to be released from any covenants or
obligations with respect to the Notes under this Indenture except as may be
expressly permitted hereby, (B) permit any Lien (other than the Lien of
this Indenture) to be created on or extend to or otherwise arise upon or burden
the Trust Estate or any part thereof or any interest therein or the proceeds thereof
or (C) permit the Lien of this Indenture not to constitute a valid first
priority (other than with respect to any tax lien, mechanics’ lien or other
lien not considered a Lien) security interest in the Trust Estate.

 

SECTION 3.9.                      Annual
Statement as to Compliance.  The Issuing Entity will deliver to the
Indenture Trustee, within 120 days after the end of each fiscal year of the
Issuing Entity, an Officer’s Certificate, substantially in the form of Exhibit B,
stating that:

 

(i)            a
review of the activities of the Issuing Entity during such year and of
performance under this Indenture has been made under such Authorized Officer’s
supervision; and

 

(ii)           to
the best of such Authorized Officer’s knowledge, based on such review, the
Issuing Entity has complied with all conditions and covenants under this
Indenture throughout such year or, if there has been a default in the
compliance of any such condition or covenant, specifying each such default
known to such Authorized Officer and the nature and status thereof.

 

SECTION 3.10.                Issuing
Entity May Consolidate, etc., Only on Certain Terms.  (a)  The Issuing Entity shall not
consolidate or merge with or into any other Person, unless:

 

16

 

(i)            the
Person (if other than the Issuing Entity) formed by or surviving such
consolidation or merger shall be a Person organized and existing under the laws
of the United States of America or any State and shall expressly assume, by an
indenture supplemental hereto, executed and delivered to the Indenture Trustee,
in form satisfactory to the Indenture Trustee, the due and punctual payment of
the principal of and interest on all Notes and the performance or observance of
every agreement and covenant of this Indenture on the part of the Issuing
Entity to be performed or observed, all as provided herein;

 

(ii)           immediately
after giving effect to such transaction, no Default or Event of Default shall
have occurred and be continuing;

 

(iii)          the
Rating Agency Condition shall have been satisfied with respect to such
transaction;

 

(iv)          the
Issuing Entity shall have received an Opinion of Counsel (and shall have
delivered copies thereof to the Indenture Trustee) to the effect that such
transaction will not have any material adverse tax consequence to the Issuing
Entity, any Noteholder or any Certificateholder;

 

(v)           any
action that is necessary to maintain the Lien and security interest created by
this Indenture shall have been taken; and

 

(vi)          the
Issuing Entity shall have delivered to the Indenture Trustee an Officer’s
Certificate and an Opinion of Counsel each stating that such consolidation or
merger and such supplemental indenture comply with this Article III and
that all conditions precedent herein provided for relating to such transaction
have been complied with (including any filing required by the Exchange Act).

 

(b)           Except
as permitted by the Basic Documents, the Issuing Entity shall not convey or
transfer any of its properties or assets, substantially as an entirety,
including those included in the Trust Estate, to any Person, unless:

 

(i)            the
Person that acquires by conveyance or transfer the properties and assets of the
Issuing Entity the conveyance or transfer of which is hereby restricted
shall:  (A) be a United States
citizen or a Person organized and existing under the laws of the United States
of America or any State, (B) expressly assumes, by an indenture
supplemental hereto, executed and delivered to the Indenture Trustee, in form
satisfactory to the Indenture Trustee, the due and punctual payment of the
principal of and interest on all Notes and the performance or observance of
every agreement and covenant of this Indenture and the other Basic Documents on
the part of the Issuing Entity to be performed or observed, all as provided herein,
(C) expressly agrees by means of such supplemental indenture that all
right, title and interest so conveyed or transferred shall be subject and
subordinate to the rights of Holders of the Notes and the Counterparties, (D) unless
otherwise provided in such supplemental indenture, expressly agrees to
indemnify, defend and hold harmless the Issuing Entity against and from any
loss, liability or expense arising under or related to this Indenture and the
Notes and (E) expressly agrees 

 

17

 

by means of
such supplemental indenture that such Person (or if a group of Persons, then
one specified Person) shall make all filings with the Commission (and any other
appropriate Person) required by the Exchange Act in connection with the Notes;

 

(ii)           immediately
after giving effect to such transaction, no Default or Event of Default shall
have occurred and be continuing;

 

(iii)          the
Rating Agency Condition shall have been satisfied with respect to such
transaction;

 

(iv)          the
Issuing Entity shall have received an Opinion of Counsel (and shall have
delivered copies thereof to the Indenture Trustee) to the effect that such
transaction will not have any material adverse tax consequence to the Issuing
Entity, any Noteholder or any Certificateholder;

 

(v)           any
action that is necessary to maintain the Lien and security interest created by
this Indenture shall have been taken; and

 

(vi)          the
Issuing Entity shall have delivered to the Indenture Trustee an Officer’s
Certificate and an Opinion of Counsel each stating that such conveyance or
transfer and such supplemental indenture comply with this Article III and
that all conditions precedent herein provided for relating to such transaction
have been complied with (including any filing required by the Exchange Act).

 

SECTION 3.11.                 Successor
or Transferee.  (a)  Upon any consolidation or merger of
the Issuing Entity in accordance with Section 3.10(a), the Person formed
by or surviving such consolidation or merger (if other than the Issuing Entity)
shall succeed to, and be substituted for, and may exercise every right and
power of, the Issuing Entity under this Indenture with the same effect as if
such Person had been named as the Issuing Entity herein.

 

(b)           Upon
a conveyance or transfer of all the assets and properties of the Issuing Entity
pursuant to Section 3.10(b), the Issuing Entity will be released from
every covenant and agreement of this Indenture to be observed or performed on
the part of the Issuing Entity with respect to the Notes immediately upon the
delivery of written notice to the Indenture Trustee and the Counterparties
stating that the Issuing Entity is to be so released.

 

SECTION 3.12.                 No
Other Business.  The Issuing Entity shall not engage in any
business other than as permitted in Section 2.3 of the Trust Agreement

 

SECTION 3.13.                 No
Borrowing.  The Issuing Entity shall not issue, incur,
assume, guarantee or otherwise become liable, directly or indirectly, for any
indebtedness except for the Notes.

 

SECTION 3.14.                 Servicer’s
Obligations.  The Issuing Entity shall cause the Servicer
to comply with Sections 4.8, 4.9, 4.10, 4.11 and
5.11 of the Sale and Servicing
Agreement.

 

18

 

SECTION 3.15.   Guarantees, Loans,
Advances and Other Liabilities.  Except as contemplated by the Sale and
Servicing Agreement or this Indenture, the Issuing Entity shall not make any
loan or advance or credit to, or guarantee (directly or indirectly or by an
instrument having the effect of assuring another’s payment or performance on
any obligation or capability of so doing or otherwise), endorse or otherwise
become contingently liable, directly or indirectly, in connection with the
obligations, stocks or dividends of, or own, purchase, repurchase or acquire
(or agree contingently to do so) any stock, obligations, assets or securities
of, or any other interest in, or make any capital contribution to, any other
Person.

 

SECTION 3.16.    Capital
Expenditures.  The Issuing Entity shall not make any
expenditure (by long-term or operating lease or otherwise) for capital assets
(either realty or personalty).

 

SECTION 3.17.    Removal
of Administrator.  So long as any Notes are Outstanding, the
Issuing Entity shall not remove the Administrator without cause unless the
Rating Agency Condition shall have been satisfied in connection with such
removal.

 

SECTION 3.18.    Restricted
Payments.  The Issuing Entity shall not, directly or
indirectly:  (i) pay any dividend or
make any distribution (by reduction of capital or otherwise), whether in cash,
property, securities or a combination thereof, to the Trustee or any owner of a
beneficial interest in the Issuing Entity or otherwise with respect to any
ownership or equity interest or security in or of the Issuing Entity or to the
Servicer or the Administrator, (ii) redeem, purchase, retire or otherwise
acquire for value any such ownership or equity interest or security or (iii) set
aside or otherwise segregate any amounts for any such purpose; provided,
however, that the Issuing Entity may make, or cause to be made, distributions
to the Servicer, the Trustee, the Certificateholders and the Administrator as
contemplated by, and to the extent funds are available for such purpose under,
the Sale and Servicing Agreement.  The
Issuing Entity will not, directly or indirectly, make payments to or
distributions from the Collection Account except in accordance with this
Indenture and the other Basic Documents.

 

SECTION 3.19.    Notice of
Events of Default.  The Issuing Entity shall give the Indenture
Trustee, the Counterparties and the Rating Agencies prompt written notice of
each Event of Default hereunder, each default on the part of the Servicer or
the Seller of its obligations under the Sale and Servicing Agreement and each
default on the part of CNHCA of its obligations under the Purchase Agreement.

 

SECTION 3.20.    Further
Instruments and Acts.  Upon request of the Indenture Trustee, the
Issuing Entity will execute and deliver such further instruments and do such
further acts as may be reasonably necessary or proper to carry out more
effectively the purpose of this Indenture.

 

SECTION 3.21.    Perfection
Representation.  The Issuing Entity further makes all the
representations, warranties and covenants set forth in Schedule P.

 

19

 

ARTICLE
IV

Satisfaction and Discharge

 

SECTION 4.1.    Satisfaction and Discharge
of Indenture.  This Indenture shall cease to be of further
effect with respect to the Notes except as to: 
(i) rights of registration of transfer and exchange, (ii) substitution
of mutilated, destroyed, lost or stolen Notes, (iii) rights of Noteholders
to receive payments of principal thereof and interest thereon, (iv) rights
of the Counterparties to receive Net Swap Payments (including interest on any
overdue Net Swap Payment) and any Swap Termination Payment owing to such
Counterparties, (v) Sections 3.3, 3.4, 3.5,
3.8, 3.10, 3.12 and 3.13, (vi) the
rights, obligations and immunities of the Indenture Trustee hereunder
(including the rights of the Indenture Trustee under Section 6.7
and the obligations of the Indenture Trustee under Section 4.2)
and (vii) the rights of Noteholders and the Counterparties as
beneficiaries hereof with respect to the property so deposited with the
Indenture Trustee payable to all or any of them, and the Indenture Trustee, on
demand of and at the expense of the Issuing Entity, shall execute proper
instruments acknowledging satisfaction and discharge of this Indenture with
respect to the Notes, when:

 

(A)          either:

 

(1)           all Notes theretofore
authenticated and delivered (other than: 
(i) Notes that have been destroyed, lost or stolen and that have
been replaced or paid as provided in Section 2.5
and (ii) Notes for whose payment money has theretofore been deposited in
trust or segregated and held in trust by the Issuing Entity and thereafter
repaid to the Issuing Entity or discharged from such trust, as provided in Section 3.3) have been delivered to the Indenture
Trustee for cancellation; or

 

(2)           all Notes not theretofore
delivered to the Indenture Trustee for cancellation:

 

(i)            have become due and payable,

 

(ii)           will become due and payable
on the respective Class Final Scheduled Maturity Date within one year, or

 

(iii)          are to be called for
redemption within one year under arrangements satisfactory to the Indenture
Trustee for the giving of notice of redemption by the Indenture Trustee in the
name, and at the expense, of the Issuing Entity, and the Issuing Entity, in the
case of clause (2)(i), (ii) or
(iii), has irrevocably deposited or
caused to be irrevocably deposited with the Indenture Trustee cash or direct
obligations of or obligations guaranteed by the United States of America (which
will mature prior to the date such amounts are payable), in trust for such
purpose, in an amount sufficient to pay and discharge the entire indebtedness
on such Notes not theretofore delivered to the Indenture Trustee for
cancellation when due to the respective Class Final Scheduled Maturity
Date or Redemption Date 

 

20

 

(if Notes shall have been
called for redemption pursuant to Section 10.1(a)),
as the case may be;

 

(B)           the Issuing Entity has paid
or caused to be paid all other sums payable hereunder (including amounts due
and payable under the Interest Rate Swap Agreements) by the Issuing Entity; and

 

(C)           the Issuing Entity has
delivered to the Indenture Trustee an Officer’s Certificate, an Opinion of
Counsel and (if required by the TIA) an Independent Certificate from a firm of
certified public accountants, each meeting the applicable requirements of Section 11.1(a) and, subject to Section 11.2, each stating that all conditions
precedent herein provided for relating to the satisfaction and discharge of
this Indenture have been complied with.

 

SECTION 4.2.    Application of Trust Money.  All monies deposited with the Indenture
Trustee pursuant to Section 4.1
shall be held in trust and applied by it, in accordance with the provisions of
the Notes and this Indenture, to the payment, either directly or through any
Paying Agent, as the Indenture Trustee may determine, to the Holders of the
particular Notes for the payment or redemption of which such monies have been
deposited with the Indenture Trustee, of all sums due and to become due thereon
for principal and interest; but such monies need not be segregated from other
funds except to the extent required herein or in the Sale and Servicing
Agreement or as required by law.

 

SECTION 4.3.    Repayment of Monies Held
by Paying Agent.  In connection with the satisfaction and
discharge of this Indenture with respect to the Notes, all monies then held by
any Paying Agent other than the Indenture Trustee under this Indenture with
respect to such Notes shall, upon demand of the Issuing Entity, be paid to the
Indenture Trustee to be held and applied according to Section 3.3,
and thereupon such Paying Agent shall be released from all further liability
with respect to such monies.

 

ARTICLE
V

Remedies

 

SECTION 5.1.    Events of Default. 
“Event of Default”, wherever used herein, means any one of the following
events (whatever the reason for such Event of Default and whether it shall be
voluntary or involuntary or be effected by operation of law or pursuant to any
judgment, decree or order of any court or any order, rule or regulation of
any administrative or governmental body):

 

(i)            default in the payment of
any interest on any Note when the same becomes due and payable, and such
default shall continue for a period of five days;

 

(ii)           default in the payment of
the principal of any Note when the same becomes due and payable;

 

(iii)          default in the observance or
performance of any covenant or agreement of the Issuing Entity made in this
Indenture (other than a covenant or agreement a default in the observance or
performance of which is elsewhere in this Section specifically dealt 

 

21

 

with), or any representation
or warranty of the Issuing Entity made in this Indenture or in any certificate
or other writing delivered pursuant hereto or in connection herewith proving to
have been incorrect in any material respect as of the time when the same shall
have been made, and such default shall continue or not be cured, or the
circumstance or condition in respect of which such misrepresentation or
warranty was incorrect shall not have been eliminated or otherwise cured, for a
period of 30 days after there shall have been given, by registered or certified
mail, to the Issuing Entity by the Indenture Trustee or to the Issuing Entity
and the Indenture Trustee by the Holders of at least 25% of the Outstanding
Amount of the Notes, a written notice specifying such default or incorrect
representation or warranty and requiring it to be remedied and stating that
such notice is a notice of Default hereunder;

 

(iv)          the filing of a decree or
order for relief by a court having jurisdiction in the premises in respect of
the Issuing Entity or any substantial part of the Trust Estate in an
involuntary case under any applicable federal or State bankruptcy, insolvency
or other similar law now or hereafter in effect, or appointing a receiver,
liquidator, assignee, custodian, trustee, sequestrator or similar official of
the Issuing Entity or for any substantial part of the Trust Estate, or ordering
the winding-up or liquidation of the Issuing Entity’s affairs, and such decree
or order shall remain unstayed and in effect for a period of 60 consecutive
days; or

 

(v)           the commencement by the
Issuing Entity of a voluntary case under any applicable federal or State
bankruptcy, insolvency or other similar law now or hereafter in effect, or the
consent by the Issuing Entity to the entry of an order for relief in an
involuntary case under any such law, or the consent by the Issuing Entity to
the appointment or taking possession by a receiver, liquidator, assignee,
custodian, trustee, sequestrator or similar official of the Issuing Entity or
for any substantial part of the Trust Estate, or the making by the Issuing
Entity of any general assignment for the benefit of creditors, or the failure
by the Issuing Entity generally to pay its debts as such debts become due, or
the taking of action by the Issuing Entity in furtherance of any of the
foregoing.

 

The Issuing Entity shall
deliver to the Indenture Trustee and the Counterparties, within five days after
the Issuing Entity or the Administrator obtains actual knowledge thereof,
written notice in the form of an Officer’s Certificate of any event that, with
the giving of notice or the lapse of time or both, would become an Event of
Default under clause  (iii),
its status and what action the Issuing Entity is taking or proposes to take
with respect thereto.

 

SECTION 5.2.    Acceleration of Maturity;
Rescission and Annulment.  If an Event of Default should occur and be
continuing, then and in every such case the Indenture Trustee or the Holders of
Notes representing not less than a majority of the Outstanding Amount may
declare all the Notes to be immediately due and payable, by a notice in writing
to the Issuing Entity (and to the Indenture Trustee if given by Noteholders),
and upon any such declaration the Outstanding Amount, together with accrued and
unpaid interest thereon through the date of acceleration, shall become
immediately due and payable.

 

22

 

At any time after such
declaration of acceleration of maturity has been made and before a judgment or
decree for payment of the money due has been obtained by the Indenture Trustee
as hereinafter in this Article V provided, the Holders of Notes
representing not less than a majority of the Outstanding Amount, by written
notice to the Issuing Entity, the Counterparties and the Indenture Trustee, may
rescind and annul such declaration and its consequences if:

 

(i)            the Issuing Entity has paid
or deposited with the Indenture Trustee a sum sufficient to pay:

 

(A)          all amounts owed to the
Counterparties under the Interest Rate Swap Agreements, payments of principal
of and interest on all Notes and all other amounts, in each case, that would
then be due hereunder if the Event of Default giving rise to such acceleration
had not occurred; and

 

(B)           all sums paid or advanced by
the Indenture Trustee hereunder and the reasonable compensation, expenses,
disbursements and advances of the Indenture Trustee and its agents and counsel;
and

 

(ii)           all Events of Default, other
than the nonpayment of the principal of the Notes that has become due solely by
such acceleration, have been cured or waived as provided in Section 5.12.

 

No such rescission shall
affect any subsequent default or impair any right consequent to such default.

 

SECTION 5.3.    Collection of Indebtedness
and Suits for Enforcement by Indenture Trustee.  (a)  The Issuing Entity covenants that
if an Event of Default described in Section 5.1(i) or
(ii) occurs, the Issuing Entity
will, upon demand of the Indenture Trustee, pay to it, for the benefit of the
Holders of Notes, the whole amount then due and payable on such Notes for
principal and interest, with interest upon the overdue principal at the
applicable interest rate, and, to the extent payment at such rate of interest
shall be legally enforceable, upon overdue installments of interest, at the
applicable interest rate, and in addition thereto such further amount as shall
be sufficient to cover the costs and expenses of collection, including the
reasonable compensation, expenses, disbursements and advances of the Indenture
Trustee and its agents and counsel.

 

(b)           In case the Issuing Entity
shall fail forthwith to pay such amounts upon such demand, the Indenture
Trustee, in its own name and as trustee of an express trust, may institute a
Proceeding for the collection of the sums so due and unpaid, and may prosecute
such Proceeding to judgment or final decree, and may enforce the same against
the Issuing Entity or other obligor upon such Notes and collect in the manner
provided by law out of the property of the Issuing Entity or other obligor upon
such Notes, wherever situated, the monies adjudged or decreed to be payable.

 

(c)           In case an Event of Default
occurs and is continuing, the Indenture Trustee may, as more particularly
provided in Section 5.4, in its discretion,
proceed to protect and enforce its rights and the rights of the Noteholders and
the Counterparties, by such appropriate Proceedings as the Indenture Trustee
shall deem most effective to protect and enforce any such 

 

23

 

rights, whether for the
specific enforcement of any covenant or agreement in this Indenture or in aid
of the exercise of any power granted herein, or to enforce any other proper
remedy or legal or equitable right vested in the Indenture Trustee by this
Indenture or by law.

 

(d)           In case there shall be
pending, relative to the Issuing Entity or any other obligor upon the Notes or
any Person having or claiming an ownership interest in the Trust Estate,
Proceedings under Title 11 of the United States Code or any other applicable
federal or State bankruptcy, insolvency or other similar law, or in case a
receiver, assignee, trustee in bankruptcy or reorganization, liquidator,
sequestrator or similar official shall have been appointed for or taken
possession of the Issuing Entity or its property or such other obligor or
Person, or in case of any other comparable judicial Proceedings relative to the
Issuing Entity or other obligor upon the Notes, or to the creditors or property
of the Issuing Entity or such other obligor, the Indenture Trustee,
irrespective of whether the principal of any Notes shall then be due and
payable as therein expressed or by declaration or otherwise and irrespective of
whether the Indenture Trustee shall have made any demand pursuant to this
Section, shall be entitled and empowered, by intervention in such Proceedings
or otherwise:

 

(i)            to file and prove a claim or
claims for the whole amount of principal and interest owing and unpaid in
respect of the Notes and to file such other papers or documents as may be
necessary or advisable in order to have the claims of the Indenture Trustee
(including any claim for reasonable compensation to the Indenture Trustee and
each predecessor Indenture Trustee, and their respective agents, attorneys and
counsel, and for reimbursement of all expenses and liabilities incurred, and
all advances made, by the Indenture Trustee and each predecessor Indenture
Trustee, except as a result of negligence or bad faith) and of the Noteholders
allowed in such Proceedings;

 

(ii)           unless prohibited by
applicable law or regulations, to vote on behalf of the Holders of the Notes in
any election of a trustee, a standby trustee or any Person performing similar
functions in any such Proceedings;

 

(iii)          to collect and receive any
monies or other property payable or deliverable on any such claims and to
distribute all amounts received with respect to the claims of the Noteholders
and of the Indenture Trustee on their behalf; and

 

(iv)          to file such proofs of claim
and other papers or documents as may be necessary or advisable in order to have
the claims of the Indenture Trustee or the Holders of Notes allowed in any
judicial Proceedings relative to the Issuing Entity, its creditors and its
property;

 

and any trustee, receiver,
liquidator, assignee, custodian, sequestrator or other similar official in any
such Proceeding is hereby authorized by each of such Noteholders to make
payments to the Indenture Trustee, and, in the event that the Indenture Trustee
shall consent to the making of payments directly to such Noteholders, to pay to
the Indenture Trustee such amounts as shall be sufficient to cover reasonable
compensation to the Indenture Trustee, each predecessor Indenture Trustee and
their respective agents, attorneys and counsel, and all other reasonable
expenses and liabilities incurred, and all advances made, by the Indenture
Trustee and each predecessor Indenture Trustee except as a result of negligence
or bad faith.

 

24

 

(e)           Nothing herein contained
shall be deemed to authorize the Indenture Trustee to authorize or consent to
or vote for or accept or adopt on behalf of any Noteholder any plan of
reorganization, arrangement, adjustment or composition affecting the Notes or
the rights of any Holder thereof or to authorize the Indenture Trustee to vote
in respect of the claim of any Noteholder in any such proceeding except, as
aforesaid, to vote for the election of a trustee in bankruptcy or similar
Person.

 

(f)            All rights of action and of
asserting claims under this Indenture, or under any of the Notes, may be
enforced by the Indenture Trustee without the possession of any of the Notes or
the production thereof in any trial or other Proceedings relative thereto, and
any such action or Proceedings instituted by the Indenture Trustee shall be
brought in its own name and as trustee of an express trust, and any recovery of
judgment, subject to the payment of the expenses, disbursements and
compensation of the Indenture Trustee, each predecessor Indenture Trustee and
their respective agents and attorneys, shall be for the ratable benefit of the
Holders of the Notes.

 

(g)           In any Proceedings brought
by the Indenture Trustee (and also any Proceedings involving the interpretation
of any provision of this Indenture to which the Indenture Trustee shall be a
party), the Indenture Trustee shall be held to represent all the Holders of the
Notes, and it shall not be necessary to make any Noteholder a party to any such
Proceedings.

 

SECTION 5.4.    Remedies; Priorities.  (a)  If the Notes have been declared to
be due and payable under Section 5.2
following an Event of Default, the Indenture Trustee may do one or more of the
following (subject to Section 5.5):

 

(i)            institute Proceedings in its
own name and as trustee of an express trust for the collection of all amounts
then payable on the Notes and to the Counterparties or under this Indenture
with respect thereto, whether by declaration or otherwise, enforce any judgment
obtained, and collect from the Issuing Entity and any other obligor upon such
Notes monies adjudged due;

 

(ii)           institute Proceedings from
time to time for the complete or partial foreclosure of this Indenture with
respect to the Trust Estate;

 

(iii)          exercise any remedies of a
secured party under the UCC and take any other appropriate action to protect
and enforce the rights and remedies of the Indenture Trustee, the
Counterparties and the Holders of the Notes;

 

(iv)          sell the Trust Estate, or
any portion thereof or rights or interest therein, at one or more public or
private sales called and conducted in any manner permitted by law; and

 

(v)           make demand upon the
Servicer, by written notice, that the Servicer deliver to the Indenture Trustee
all Receivable Files;

 

provided, however, that the Indenture Trustee may not sell or
otherwise liquidate the Trust Estate following an Event of Default, other than
an Event of Default described in Section 5.1(i) or
(ii), 

 

25

 

unless:  (A) all the Noteholders consent thereto,
(B) the proceeds of such sale or liquidation distributable to the
Noteholders and the Counterparties are sufficient to discharge in full all
amounts then due and unpaid upon such Notes for principal and interest and
under the Interest Rate Swap Agreements for any Net Swap Payments (including
interest on any overdue Net Swap Payments) and any Swap Termination Payments or
(C) the Indenture Trustee determines that the Trust Estate will not
continue to provide sufficient funds for the payment of principal of and
interest on the Notes as they would have become due if the Notes had not been
declared due and payable, and the Indenture Trustee obtains the consent of
Holders of 66 2/3% of the Outstanding Amount of the Notes. In determining such
sufficiency or insufficiency with respect to clauses (B) and
(C), the Indenture Trustee may, but need
not, obtain and rely upon an opinion of an Independent investment banking or
accounting firm of national reputation as to the feasibility of such proposed
action and as to the sufficiency of the Trust Estate for such purpose.  The Indenture Trustee shall incur no
liability as a result of the sale of the Trust Estate or any part thereof at
any sale pursuant to this Section 5.4
conducted in a commercially reasonable manner. 
Each of the Issuing Entity and Holders hereby waives any claims against
the Indenture Trustee arising by reason of the fact that the price at which the
Trust Estate may have been sold at such sale was less than the price that might
have been obtained, even if the Indenture Trustee accepts the first offer
received and does not offer the Trust Estate to more than one offeree, so long
as such sale is conducted in a commercially reasonable manner.

 

(b)           If the Indenture Trustee
collects any money or property pursuant to this Article V, it shall pay out
such money or property in the following order:

 

FIRST:  to pay the Backup Servicer its accrued and
unpaid Backup Servicer Fees;

 

SECOND:  to pay the Servicer its accrued and unpaid
Servicing Fee;

 

THIRD:  to the Indenture Trustee for amounts due
under Section 6.7 and to the Trustee for
amounts due under Section 8.1 of the Trust
Agreement;

 

FOURTH:  to the Administrator its accrued and unpaid
Administration Fees;

 

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

 

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

 

SEVENTH:  to the Trustee for amounts due to the Trustee
under Article VIII of the Trust Agreement
to the extent not paid under clause THIRD above;
and

 

26

 

EIGHTH:  to the Issuing Entity for distribution to the
Certificateholders.

 

The Indenture Trustee may
fix a special record date and special payment date for any payment to
Noteholders pursuant to this Section.  At
least 15 days before such special record date, the Issuing Entity shall mail to
each Noteholder, the Counterparties and the Indenture Trustee a notice that
states the special record date, the special payment date and the amount to be
paid.

 

SECTION 5.5.    Optional Preservation of
the Receivables.  If the Notes have been declared to be due and
payable under Section 5.2 following an Event
of Default, and such declaration and its consequences have not been rescinded
and annulled, the Indenture Trustee may, but need not, elect to maintain
possession of the Trust Estate.  It is
the desire of the parties hereto and the Noteholders that there be at all times
sufficient funds for the payment of principal of and interest on the Notes, and
the Indenture Trustee shall take such desire into account when determining
whether or not to maintain possession of the Trust Estate.  In determining whether to maintain possession
of the Trust Estate, the Indenture Trustee may, but need not, obtain and rely
upon an opinion of an Independent investment banking or accounting firm of
national reputation as to the feasibility of such proposed action and as to the
sufficiency of the Trust Estate for such purpose.

 

SECTION 5.6.    Limitation of Suits.  No Holder of any Note shall have any right to
institute any Proceeding, judicial or otherwise, with respect to this
Indenture, or for the appointment of a receiver or trustee, or for any other
remedy hereunder, unless:

 

(i)            such Holder has previously
given written notice to the Indenture Trustee of a continuing Event of Default;

 

(ii)           the Holder(s) of not
less than 25% of the Outstanding Amount of the Notes have made written request
to the Indenture Trustee to institute such Proceeding in respect of such Event
of Default in its own name as Indenture Trustee hereunder;

 

(iii)          such Holder(s) have
offered to the Indenture Trustee indemnity satisfactory to it against the costs,
expenses and liabilities to be incurred in complying with such request;

 

(iv)          the Indenture Trustee for 60
days after its receipt of such notice, request and offer of indemnity has
failed to institute such Proceeding; and

 

(v)           no direction inconsistent
with such written request has been given to the Indenture Trustee during such
60-day period by the Holders of a majority of the Outstanding Amount of the
Notes;

 

it being understood and
intended that no one or more Holder(s) of Notes shall have any right in
any manner whatever by virtue of, or by availing of, any provision of this
Indenture to affect, disturb or prejudice the rights of any other Holder(s) of
Notes or to obtain or to seek to obtain priority or preference over any other
Holder(s) or to enforce any right under this Indenture, except in the
manner herein provided.

 

27

 

In the event the Indenture
Trustee shall receive conflicting or inconsistent requests and indemnity from
two or more groups of Noteholders, each representing less than a majority of
the Outstanding Amount of the Notes, the Indenture Trustee in its sole
discretion may determine what action, if any, shall be taken, notwithstanding
any other provisions of this Indenture.

 

SECTION 5.7.    Unconditional Rights of
Noteholders To Receive Principal and Interest.  Notwithstanding any other provisions in this
Indenture, the Holder of any Note shall have the right, which is absolute and
unconditional, to receive payment of the principal of and interest, if any, on
such Note on or after the respective due dates thereof expressed in such Note
or in this Indenture (or, in the case of redemption, on or after the Redemption
Date) and to institute suit for the enforcement of any such payment, and such
right shall not be impaired without the consent of such Holder.

 

SECTION 5.8.    Restoration of Rights and
Remedies.  If the Indenture Trustee or any Noteholder
has instituted any Proceeding to enforce any right or remedy under this
Indenture and such Proceeding has been discontinued or abandoned for any reason
or has been determined adversely to the Indenture Trustee or to such
Noteholder, then and in every such case the Issuing Entity, the Indenture
Trustee and the Noteholders shall, subject to any determination in such
Proceeding, be restored severally and respectively to their former positions
hereunder, and thereafter all rights and remedies of the Indenture Trustee and
the Noteholders shall continue as though no such Proceeding had been
instituted.

 

SECTION 5.9.    Rights and Remedies
Cumulative.  No right or remedy herein conferred upon or
reserved to the Indenture Trustee or to the Noteholders is intended to be
exclusive of any other right or remedy, and every right and remedy shall, to
the extent permitted by law, be cumulative and in addition to every other right
and remedy given hereunder or now or hereafter existing at law or in equity or
otherwise.  The assertion or employment
of any right or remedy hereunder, or otherwise, shall not prevent the concurrent
assertion or employment of any other appropriate right or remedy.

 

SECTION 5.10.    Delay or
Omission Not a Waiver.  No delay or omission of the Indenture Trustee
or any Holder of Notes to exercise any right or remedy accruing upon any
Default or Event of Default shall impair any such right or remedy or constitute
a waiver of any such Default or Event of Default or an acquiescence
therein.  Every right and remedy given by
this Article or by law to the Indenture Trustee or to the Noteholders may
be exercised from time to time, and as often as may be deemed expedient, by the
Indenture Trustee or by the Noteholders, as the case may be.

 

SECTION 5.11.    Control
by Noteholders.  The Holders of not less than a majority of
the Outstanding Amount of the Notes shall have the right to direct the time,
method and place of conducting any Proceeding for any remedy available to the
Indenture Trustee with respect to the Notes or exercising any trust or power
conferred on the Indenture Trustee; provided, that:

 

(i)            such direction shall not be
in conflict with any rule of law or with this Indenture;

 

28

 

(ii)           subject to the express terms
of Section 5.4,
any direction to the Indenture Trustee to sell or liquidate the Trust Estate
shall be by all the Noteholders;

 

(iii)          if the conditions set forth
in Section 5.5 have
been satisfied and the Indenture Trustee elects to retain the Trust Estate
pursuant to such Section, then any direction to the Indenture Trustee by
Holders of Notes representing less than 100% of the Outstanding Amount of the
Notes to sell or liquidate the Trust Estate shall be of no force and effect;
and

 

(iv)          the Indenture Trustee may
take any other action deemed proper by the Indenture Trustee that is not inconsistent
with such direction;

 

provided further, however, that, subject
to Section 6.1,
the Indenture Trustee need not take any action that it determines might involve
it in liability or might materially adversely affect the rights of any
Noteholder(s) not consenting to such action.

 

SECTION 5.12.    Waiver of
Past Defaults.  Prior to the time a judgment or decree for
payment of money due has been obtained as described in Section 5.3,
the Holders of Notes of not less than a majority of the Outstanding Amount of
the Notes may waive any past Default or Event of Default and its consequences
except a Default:  (a) in payment of
principal of or interest on any of the Notes or (b) in respect of a
covenant or provision hereof that cannot be modified or amended without the
consent of the Holder of each Note.  In
the case of any such waiver, the Issuing Entity, the Indenture Trustee and the
Holders of the Notes shall be restored to their former positions and rights
hereunder, respectively; but no such waiver shall extend to any subsequent or
other Default or Event of Default or impair any right consequent thereto.

 

Upon any such waiver, such
Default shall cease to exist and be deemed to have been cured and not to have
occurred, and any Event of Default arising therefrom shall be deemed to have
been cured and not to have occurred, for every purpose of this Indenture; but
no such waiver shall extend to any subsequent or other Default or impair any
right consequent thereto.

 

SECTION 5.13.    Undertaking
for Costs.  All parties to this Indenture agree, and each
Holder of any Note by such Holder’s acceptance thereof shall be deemed to have
agreed, that any court may in its discretion require, in any suit for the
enforcement of any right or remedy under this Indenture, or in any suit against
the Indenture Trustee for any action taken, suffered or omitted by it as
Indenture Trustee, the filing by any party litigant in such suit of an
undertaking to pay the costs of such suit, and that such court may in its
discretion assess reasonable costs, including reasonable attorney’s fees,
against any party litigant in such suit, having due regard to the merits and
good faith of the claims or defenses made by such party litigant; but the
provisions of this Section shall not apply to:  (a) any suit instituted by the Indenture
Trustee, (b) any suit instituted by any Noteholder(s) holding in the
aggregate more than 10% of the Outstanding Amount of the Notes or (c) any
suit instituted by any Noteholder for the enforcement of the payment of principal
of or interest on any Note on or after the respective due dates expressed in
such Note and in this Indenture (or, in the case of redemption, on or after the
Redemption Date).

 

29

 

SECTION 5.14.    Waiver of Stay or
Extension Laws.  The Issuing Entity covenants (to the extent
that it may lawfully do so) that it will not at any time insist upon, or plead
or in any manner whatsoever, claim or take the benefit or advantage of, any
stay or extension law wherever enacted, now or at any time hereafter in force,
that may affect the covenants or the performance of this Indenture; and the
Issuing Entity (to the extent that it may lawfully do so) hereby expressly
waives all benefit or advantage of any such law, and covenants that it will not
hinder, delay or impede the execution of any power herein granted to the
Indenture Trustee, but will suffer and permit the execution of every such power
as though no such law had been enacted.

 

SECTION 5.15.    Action on
Notes.  The Indenture Trustee’s right to seek and
recover judgment on the Notes or under this Indenture shall not be affected by
the seeking, obtaining or application of any other relief under or with respect
to this Indenture.  Neither the Lien of
this Indenture nor any rights or remedies of the Indenture Trustee or the
Noteholders shall be impaired by the recovery of any judgment by the Indenture
Trustee against the Issuing Entity or by the levy of any execution under such
judgment upon any portion of the Trust Estate or upon any of the assets of the
Issuing Entity. Any money or property collected by the Indenture Trustee shall
be applied in accordance with Section 5.4(b).

 

SECTION 5.16.    Performance
and Enforcement of Certain Obligations.  (a)  Promptly following a request from
the Indenture Trustee to do so and at the Administrator’s expense, the Issuing
Entity shall take all such lawful action as the Indenture Trustee may request
to compel or secure the performance and observance by the Seller and the
Servicer, as applicable, of each of their obligations to the Issuing Entity
under or in connection with the Sale and Servicing Agreement or to the Seller
under or in connection with the Purchase Agreement in accordance with the terms
thereof, and to exercise any and all rights, remedies, powers and privileges
lawfully available to the Issuing Entity under or in connection with the Sale
and Servicing Agreement (or the Seller under or in connection with the Purchase
Agreement) to the extent and in the manner directed by the Indenture Trustee,
including the transmission of notices of default on the part of the Seller or
the Servicer thereunder and the institution of legal or administrative actions
or proceedings to compel or secure performance by the Seller or the Servicer of
each of their obligations under the Sale and Servicing Agreement or the
Purchase Agreement.

 

(b)           If an Event of Default has occurred
and is continuing, the Indenture Trustee may, and at the direction (which
direction shall be in writing) of the Holders of not less than 66 2/3% of the
Outstanding Amount of the Notes shall, exercise all rights, remedies, powers,
privileges and claims of the Issuing Entity against the Seller or the Servicer
under or in connection with the Sale and Servicing Agreement, including the
right or power to take any action to compel or secure performance or observance
by the Seller or the Servicer of each of their obligations to the Issuing
Entity thereunder and to give any consent, request, notice, direction,
approval, extension or waiver under the Sale and Servicing Agreement, and any
right of the Issuing Entity to take such action shall be suspended.

 

(c)           If an Event of Default has occurred
and is continuing, the Indenture Trustee may, and at the direction (which
direction shall be in writing) of the Holders of not less than 66 2/3% of the
Outstanding Amount of the Notes shall, exercise all rights, remedies, 

 

30

 

powers, privileges and
claims of the Seller against CNHCA under or in connection with the Purchase
Agreement, including the right or power to take any action to compel or secure
performance or observance by CNHCA, of each of its obligations to the Seller
thereunder and to give any consent, request, notice, direction, approval,
extension or waiver under the Purchase Agreement, and any right of the Seller
to take such action shall be suspended.

 

ARTICLE
VI

The Indenture Trustee

 

SECTION 6.1.    Duties of the Indenture
Trustee.  (a)  If an Event of Default has occurred
and is continuing, the Indenture Trustee shall exercise the rights and powers
vested in it by this Indenture and use the same degree of care and skill in
their exercise as a prudent person would exercise or use under the circumstances
in the conduct of such person’s own affairs.

 

(b)           Except during the continuance of an
Event of Default actually known to a Responsible Officer:

 

(i)            the Indenture Trustee undertakes to
perform such duties and only such duties as are specifically set forth in this
Indenture and no implied covenants or obligations shall be read into this
Indenture against the Indenture Trustee; and

 

(ii)           in the absence of bad faith on its
part, the Indenture Trustee may conclusively rely, as to the truth of the
statements and the correctness of the opinions expressed therein, upon
certificates or opinions furnished to the Indenture Trustee and conforming to
the requirements of this Indenture; provided, however, in the case of any such certificates or opinions
that by any provision hereof are specifically required to be furnished to the
Indenture Trustee, the Indenture Trustee shall examine the certificates and
opinions to determine whether or not they conform to the requirements of this
Indenture.

 

(c)           The Indenture Trustee may not be
relieved from liability for its own negligent action, its own negligent failure
to act or its own willful misconduct, except that:

 

(i)            this clause (c) does
not limit the effect of clause (b) of
this Section;

 

(ii)           the Indenture Trustee shall not be
liable for any error of judgment made in good faith by a Responsible Officer
unless it is conclusively determined by a court of competent jurisdiction that
the Indenture Trustee was negligent in ascertaining the pertinent facts;

 

(iii)          the Indenture Trustee shall not be
liable with respect to any action it takes or omits to take in good faith in
accordance with a direction received by it pursuant to the Indenture;

 

(iv)          the Indenture Trustee shall not be
charged with knowledge of an Event of Default or Servicer Default unless a
Responsible Officer obtains actual knowledge of such event or the Indenture
Trustee receives written notice of such event from the Seller, 

 

31

 

Servicer or Note Owners
owning Notes aggregating not less than 10% of the Outstanding Amount of the
Notes; and

 

(v)           the Indenture Trustee shall have no
duty to monitor the performance of the Issuing Entity, the Trustee, the Seller
or the Servicer, nor shall it have any liability in connection with malfeasance
or nonfeasance by the Issuing Entity, the Trustee, the Seller or the
Servicer.  The Indenture Trustee shall
have no liability in connection with compliance of the Issuing Entity, the
Trustee, the Seller or the Servicer with statutory or regulatory requirements
related to the Receivables.  The
Indenture Trustee shall not make or be deemed to have made any representations
or warranties with respect to the Receivables or the validity or sufficiency of
any assignment of the Receivables to the Trust Estate or the Indenture Trustee.

 

(d)           Every provision of this Indenture
that in any way relates to the Indenture Trustee is subject to clauses (a), (b), (c) and (g).

 

(e)           The Indenture Trustee shall not be
liable for interest on any money received by it except as the Indenture Trustee
may agree in writing with the Issuing Entity.

 

(f)            Money held in trust by the Indenture
Trustee need not be segregated from other funds except to the extent required
by law, this Indenture or the Sale and Servicing Agreement.

 

(g)           No provision of this Indenture shall
require the Indenture Trustee to expend or risk its own funds or otherwise
incur financial liability in the performance of any of its duties hereunder or
in the exercise of any of its rights or powers if it shall have reasonable
grounds to believe that repayment of such funds or adequate indemnity
satisfactory to it against any loss, liability or expense is not reasonably
assured to it.

 

(h)           Every provision of this Indenture
relating to the conduct or affecting the liability of or affording protection
to the Indenture Trustee shall be subject to this Section and the TIA.

 

SECTION 6.2.    Rights of Indenture
Trustee.  (a)  The Indenture Trustee may
conclusively rely and shall be fully protected in acting on any document
reasonably believed by it to be genuine and to have been signed or presented by
the proper Person.  The Indenture Trustee
need not investigate any fact or matter stated in any such document.

 

(b)           Before the Indenture Trustee acts or
refrains from acting, it may require an Officer’s Certificate or an Opinion of
Counsel.  The Indenture Trustee shall not
be liable for any action it takes or omits to take in good faith in reliance on
the Officer’s Certificate or Opinion of Counsel.

 

(c)           The Indenture Trustee may execute any
of the trusts or powers hereunder or perform any duties hereunder either
directly or by or through agents, attorneys, a custodian or a nominee, and the
Indenture Trustee shall not be responsible for any misconduct or negligence on
the part of, or for the supervision of, any such agent, attorney, custodian or
nominee appointed with due care by it.

 

32

 

(d)           The Indenture Trustee shall not be
liable for any action it takes or omits to take in good faith that it believes
to be authorized or within its rights or powers; provided, however, that the
Indenture Trustee’s conduct does not constitute willful misconduct, negligence
or bad faith.

 

(e)           The Indenture Trustee may consult
with counsel, and the advice or opinion of counsel with respect to legal
matters relating to this Indenture and the Notes shall be full and complete
authorization and protection from liability in respect to any action taken,
omitted or suffered by it hereunder in good faith and in accordance with the
advice or opinion of such counsel.

 

(f)            The Indenture Trustee shall not be
required to make any initial or periodic examination of any files or records
related to the Receivables for the purpose of establishing the presence or absence
of defects, the compliance by the Issuing Entity with its representations and
warranties or for any other purpose.

 

(g)           In the event that the Indenture
Trustee is also acting as Paying Agent or Note Registrar hereunder, the rights
and protections afforded to the Indenture Trustee pursuant to this Article VI shall also be afforded to the Indenture
Trustee in its capacity as such Paying Agent or Note Registrar.

 

SECTION 6.3.    Individual Rights of the
Indenture Trustee.  The Indenture Trustee shall not, in its
individual capacity, but may in a fiduciary capacity, become the owner of Notes
or otherwise extend credit to the Issuing Entity.  The Indenture Trustee may otherwise deal with
the Issuing Entity or its Affiliates with the same rights it would have if it
were not the Indenture Trustee.  Any
Paying Agent, Note Registrar, co-registrar or co-paying agent may do the same
with like rights. However, the Indenture Trustee must comply with Sections 6.11 and 6.12.

 

SECTION 6.4.    Indenture Trustee’s Disclaimer.  The Indenture Trustee shall not be
responsible for, and makes no representation as to the validity or adequacy of,
this Indenture or the Notes; shall not be accountable for the Issuing Entity’s
use of the proceeds from the Notes; and shall not be responsible for any
statement of the Issuing Entity in this Indenture or in any document issued in
connection with the sale of the Notes or in the Notes other than the Indenture
Trustee’s certificate of authentication.

 

SECTION 6.5.    Notice of Defaults.  If a Default occurs and is continuing and is
known to a Responsible Officer, the Indenture Trustee shall mail to the
Counterparties and each Noteholder notice of the Default within 90 days after
it occurs.  Except in the case of a
Default in payment of principal of or interest on any Note (including payments
pursuant to the mandatory redemption provisions of such Note), the Indenture
Trustee may withhold the notice if and so long as a committee of its
Responsible Officers in good faith determines that withholding the notice is in
the interests of Noteholders and the Counterparties.

 

SECTION 6.6.    Reports by Indenture
Trustee to the Holders.  The Indenture Trustee shall deliver to each
Noteholder such information as may be required to enable such Holder to prepare
its federal, State and other income tax returns.  Within 60 days after each 

 

33

 

December 31, starting with December 31, 2008, the Indenture
Trustee shall mail to each Noteholder a brief report as of such December 31
that complies with TIA § 313(a) (if required by said section).

 

SECTION 6.7.    Compensation and Indemnity.  The Issuing Entity shall, or shall cause the
Servicer to, pay to the Indenture Trustee from time to time reasonable
compensation for its services as agreed to between the Issuing Entity and the
Indenture Trustee in writing.  The
Indenture Trustee’s compensation shall not be limited by any law on
compensation of a trustee of an express trust. 
The Issuing Entity shall, or shall cause the Servicer to, reimburse the
Indenture Trustee for all reasonable out-of-pocket expenses incurred or made by
it, including costs of collection, in addition to the compensation for its
services. Such expenses shall include the reasonable compensation and expenses,
disbursements and advances of the Indenture Trustee’s agents, counsel,
accountants and experts.  The Issuing
Entity shall or shall cause the Servicer to indemnify the Indenture Trustee and
its officers, directors, employees and agents against any and all loss,
liability or expense (including attorneys’ fees and expenses) incurred by them
in connection with the administration of this trust and the performance of its
duties hereunder.  The Indenture Trustee shall
notify the Issuing Entity and the Servicer promptly of any claim for which it
may seek indemnity.  Failure by the
Indenture Trustee to so notify the Issuing Entity and the Servicer shall not
relieve the Issuing Entity or the Servicer of its respective obligations
hereunder.  The Issuing Entity shall, or
shall cause the Servicer to, defend the claim and the Indenture Trustee may
have separate counsel and the Issuing Entity shall, or shall cause the Servicer
to, pay the reasonable fees and expenses of such counsel.  Notwithstanding anything to the contrary
contained herein, neither the Issuing Entity nor the Servicer need reimburse
any expense or indemnify against any loss, liability or expense incurred by the
Indenture Trustee through the Indenture Trustee’s own willful misconduct,
negligence or bad faith.

 

The Issuing Entity’s payment
obligations to the Indenture Trustee pursuant to this Section shall
survive the discharge of this Indenture or the earlier resignation or removal
of the Indenture Trustee.  When the
Indenture Trustee incurs expenses after the occurrence of a Default specified
in Section 5.1(iv) or (v), the expenses are intended to constitute expenses of
administration under Title 11 of the United States Code or any other applicable
federal or State bankruptcy, insolvency or similar law.

 

SECTION 6.8.    Replacement of the
Indenture Trustee.  No resignation or removal of the Indenture
Trustee and no appointment of a successor Indenture Trustee shall become
effective until the acceptance of appointment by the successor Indenture Trustee
pursuant to this Section 6.8.  The Indenture Trustee may resign at any time
by so notifying the Issuing Entity in writing. 
The Holders of not less than a majority of the Outstanding Amount of the
Notes may remove the Indenture Trustee by so notifying the Indenture Trustee in
writing and may appoint a successor Indenture Trustee.  The Issuing Entity shall remove the Indenture
Trustee if:

 

(i)            the Indenture Trustee fails to
comply with Section 6.11;

 

(ii)           the Indenture Trustee is adjudged a
bankrupt or insolvent;

 

34

 

(iii)          a receiver or other public officer
takes charge of the Indenture Trustee or its property; or

 

(iv)          the Indenture Trustee otherwise
becomes incapable of acting.

 

If the Indenture Trustee resigns
or is removed or if a vacancy exists in the office of Indenture Trustee for any
reason (the Indenture Trustee in such event being referred to herein as the
retiring Indenture Trustee), the Issuing Entity shall promptly appoint a
successor Indenture Trustee.

 

A successor Indenture
Trustee shall deliver a written acceptance of its appointment to the retiring
Indenture Trustee and to the Issuing Entity. 
Thereupon the resignation or removal of the retiring Indenture Trustee
shall become effective, and the successor Indenture Trustee shall have all the
rights, powers and duties of the Indenture Trustee under this Indenture.  The successor Indenture Trustee shall mail a
notice of its succession to the Counterparties and the Noteholders. The
retiring Indenture Trustee shall promptly transfer all property held by it as
Indenture Trustee to the successor Indenture Trustee.

 

If a successor Indenture
Trustee does not take office within 60 days after the retiring Indenture
Trustee resigns or is removed, the retiring Indenture Trustee, the Issuing
Entity or the Holders of not less than a majority of the Outstanding Amount of
the Notes may petition any court of competent jurisdiction for the appointment
of a successor Indenture Trustee.

 

If the Indenture Trustee fails
to comply with Section 6.11, any Noteholder
may petition any court of competent jurisdiction for the removal of the
Indenture Trustee and the appointment of a successor Indenture Trustee.

 

Notwithstanding the
replacement of the Indenture Trustee pursuant to this Section, the Issuing
Entity’s and the Administrator’s obligations under Section 6.7
shall continue for the benefit of the retiring Indenture Trustee.  The retiring Indenture Trustee shall have no
liability for any act or omission by any successor Indenture Trustee other than
itself, serving again as Indenture Trustee.

 

SECTION 6.9.    Successor Indenture
Trustee by Merger.  If the Indenture Trustee consolidates with,
merges or converts into, or transfers all or substantially all its corporate
trust business or assets to, another corporation or banking association, the
resulting, surviving or transferee corporation without any further act shall be
the successor Indenture Trustee.  The
Indenture Trustee shall provide the Rating Agencies, the Counterparties and the
Issuing Entity prompt written notice of any such transaction following the
consummation thereof; provided, that such corporation or banking association
shall be otherwise qualified and eligible under Section 6.11.

 

In case at the time such successor(s) by
merger, conversion or consolidation to the Indenture Trustee shall succeed to
the trusts created by this Indenture any of the Notes shall have been
authenticated but not delivered, any such successor to the Indenture Trustee
may adopt the certificate of authentication of any predecessor Indenture
Trustee, and deliver such Notes so authenticated; and in case at that time any
of the Notes shall not have been authenticated, any successor to the Indenture
Trustee may authenticate such Notes either in the name of any 

 

35

 

predecessor
Indenture Trustee hereunder or in the name of the successor to the Indenture
Trustee; and in all such cases such certificates of authentication shall have
the full force and effect to the same extent given to the certificate of
authentication of the Indenture Trustee anywhere in the Notes or in this
Indenture.

 

SECTION 6.10.    Appointment
of Co-Trustee or Separate Trustee.  (a)  Notwithstanding any other
provisions of this Indenture, at any time, for the purpose of meeting any legal
requirement of any jurisdiction in which any part of the Trust Estate may at
the time be located, the Indenture Trustee shall have the power and may execute
and deliver all instruments to appoint one or more Person(s) to act as
co-trustee(s), or separate trustee(s), of all or any part of the Trust Estate,
and to vest in such Person(s), in such capacity and for the benefit of the
Noteholders, such title to the Trust Estate, or any part thereof, and, subject
to the other provisions of this Section, such powers, duties, obligations,
rights and trusts as the Indenture Trustee may consider necessary or
desirable.  No co-trustee or separate
trustee hereunder shall be required to meet the terms of eligibility as a
successor trustee under Section 6.11
and no notice to Noteholders of the appointment of any co-trustee or separate
trustee shall be required under Section 6.8.

 

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

 

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

 

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

 

(iii)          the Indenture Trustee may at any time
accept the resignation of or remove, in its sole discretion, any separate
trustee or co-trustee.

 

(c)           Any notice, request or other writing
given to the Indenture Trustee shall be deemed to have been given to each of
the then separate trustees and co-trustees, as effectively as if given to each
of them.  Every instrument appointing any
separate trustee or co-trustee shall refer to this Agreement and the conditions
of this Article VI.  Each separate trustee and co-trustee, upon
its acceptance of the trusts conferred, shall be vested with the estates or
property specified in its instrument of appointment, either jointly with the
Indenture Trustee or separately, as may be provided therein, subject to all the
provisions of this Indenture, specifically including every provision of this
Indenture relating to the conduct of, affecting the liability of, or affording 

 

36

 

protection to, the Indenture
Trustee.  Every such instrument shall be
filed with the Indenture Trustee.

 

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

 

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

 

SECTION 6.11.    Eligibility;
Disqualification.  The Indenture Trustee shall at all times
satisfy the requirements of TIA § 310(a) and, upon Issuing Entity Order, Section 26(a)(1) of
the Investment Company Act of 1940, as amended. 
The Indenture Trustee shall have a combined capital and surplus of at
least $50,000,000 as set forth in its most recent published annual report of
condition and it shall have a long term senior, unsecured debt rating of “Baa3”
or better by Moody’s (or, if not rated by Moody’s, a comparable rating by
another statistical rating agency).  The
Indenture Trustee shall comply with TIA § 310(b), including the optional
provision permitted by the second sentence of TIA § 310(b)(9); provided, however, that
there shall be excluded from the operation of TIA § 310(b)(1) any
indenture(s) under which other securities of the Issuing Entity are
outstanding if the requirements for such exclusion set forth in TIA § 310(b)(1) are
met.

 

If a default occurs under
this Indenture, and the Indenture Trustee is deemed to have a conflicting
interest as a result of acting as trustee for both (1) the Class A
Notes and (2) the Class B Notes, a successor Indenture Trustee shall
be appointed for one or more of such Classes, so that there will be separate
Indenture Trustees for the Class A Notes and the Class B Notes,
respectively.  No such event shall alter
the voting rights of the Class A Noteholders or the Class B
Noteholders under this Indenture or any other Basic Document.  However, so long as any amounts remain unpaid
with respect to the Class A Notes, only the Indenture Trustee for the Class A
Noteholders will have the right to exercise remedies under this Indenture (but
subject to the express provisions of Section 5.4
and to the right of the Class B Noteholders to receive their respective
shares of any proceeds of enforcement, subject to the subordination of the Class B
Notes to the Class A Notes as described herein).  Upon repayment of the Class A Notes in
full, but so long as any amounts remain unpaid with respect to the Class B
Notes, only the Indenture Trustee for the Class B Noteholders will have
the right to exercise remedies under this Indenture (but subject to the express
provisions of Section 5.4).

 

In the case of the
appointment hereunder of a successor Indenture Trustee with respect to any Class of
Notes, the Issuing Entity, the retiring Indenture Trustee and the successor
Indenture Trustee with respect to such Class of Notes shall execute and
deliver an indenture supplemental hereto wherein the each successor Indenture
Trustee shall accept such appointment and which (i) shall contain such
provisions as shall be necessary or desirable to transfer and confirm to, and
to 

 

37

 

vest
in, the successor Indenture Trustee all the rights, powers, trusts and duties
of the retiring Indenture Trustee with respect to the Notes of the Class to
which the appointment of such successor Indenture Trustee relates, (ii) if
the retiring Indenture Trustee is not retiring with respect to all Classes of
Notes, shall contain such provisions as shall be deemed necessary or desirable
to confirm that all the rights, powers, trusts and duties of the retiring
Indenture Trustee with respect to the Notes of each Class as to which the
retiring Indenture Trustee is not retiring shall continue to be vested in the
retiring Indenture Trustee, and (iii) shall add to or change any of the provisions
of this Indenture as shall be necessary to provide for or facilitate the
administration of the trusts hereunder by more than one Indenture Trustee, it
being understood that nothing herein or in such supplemental indenture shall
constitute such Indenture Trustees co-trustees of the same trust and that each
such Indenture Trustee shall be trustee of a trust or trusts hereunder separate
and apart from any trust or trusts hereunder administered by any other such
Indenture Trustee; and upon the execution and delivery of such supplemental
indenture the resignation or removal of the retiring Indenture Trustee shall
become effective to the extent provided therein.

 

SECTION 6.12.    Preferential
Collection of Claims Against the Issuing Entity.  The Indenture Trustee shall comply with TIA §
311(a), excluding any creditor relationship listed in TIA § 311(b).  An Indenture Trustee who has resigned or been
removed shall be subject to TIA § 311(a) to the extent indicated.

 

SECTION 6.13.    Information
to Be Provided by the Indenture Trustee.  At any time when the Issuing Entity’s
reporting obligations under Section 15(d) of
the Exchange Act are not suspended, the Indenture Trustee shall notify the
Servicer promptly after the Indenture Trustee becomes aware of (a) the
initiation of any legal proceedings against the Indenture Trustee, or of which
any property of the Indenture Trustee is subject, that are material to the
Noteholders, (b) any developments in any such proceedings that are
material to the Noteholders and (c) any such material proceedings that are
contemplated by any governmental authority against the Indenture Trustee.

 

SECTION 6.14.    Representations
and Warranties.  The Indenture Trustee hereby represents that:

 

(a)           the Indenture Trustee is duly organized
and validly existing as a national banking corporation in good standing under
the laws of the United States with power and authority to own its properties
and to conduct its business as such properties are currently owned and such
business is presently conducted;

 

(b)           the Indenture Trustee has the power
and authority to execute and deliver this Indenture and to carry out its terms;
and the execution, delivery and performance of this Indenture have been duly
authorized by the Indenture Trustee by all necessary corporate action;

 

(c)           the consummation of the transactions
contemplated by this Indenture 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
articles of association or bylaws of the Indenture Trustee or any material
agreement or other instrument to which the Indenture Trustee is a party or by
which it is bound;

 

38

 

(d)           to best of the Indenture Trustee’s
knowledge, there are no proceedings or investigations pending or threatened
before any court, regulatory body, administrative agency or other governmental
instrumentality having jurisdiction over the Indenture Trustee or its
properties:  (i) asserting the
invalidity of this Indenture, (ii) seeking to prevent the consummation of
any of the transactions contemplated by this Indenture or (iii) seeking
any determination or ruling that might materially and adversely affect the
performance by the Indenture Trustee of its obligations under, or the validity
or enforceability of, this Indenture; and

 

(e)           as of the date of the Underwriting
Agreement, the Preliminary Prospectus Date, the Prospectus Date and the Closing
Date, there are no legal proceedings pending against the Indenture Trustee, or
of which any property of the Indenture Trustee is subject, that are material to
the Noteholders, and no such legal proceedings are known to the Indenture
Trustee to be contemplated by any governmental authority against the Indenture
Trustee that are material to the Noteholders.

 

ARTICLE
VII

Noteholders’ Lists and Reports

 

SECTION 7.1.    Issuing Entity To Furnish
Indenture Trustee Names and Addresses of Noteholders.  The Issuing Entity will furnish or cause to
be furnished to the Indenture Trustee:  (a) not
more than five days after the earlier of: 
(i) each Record Date and (ii) three months after the last
Record Date, a list, in such form as the Indenture Trustee may reasonably require,
of the names and addresses of the Holders of Notes as of such Record Date, and (b) at
such other times as the Indenture Trustee may request in writing, within 30
days after receipt by the Issuing Entity of any such request, a list of similar
form and content as of a date not more than 10 days prior to the time such list
is furnished; provided, however, that so long as the Indenture Trustee is the
Note Registrar, no such list shall be required to be furnished.

 

SECTION 7.2.    Preservation of Information;
Communications to Noteholders.  (a)  The Indenture Trustee shall
preserve, in as current a form as is reasonably practicable, the names and
addresses of the Holders of Notes contained in the most recent list furnished
to the Indenture Trustee as provided in Section 7.1
and the names and addresses of Holders of Notes received by the Indenture
Trustee in its capacity as Note Registrar. The Indenture Trustee may destroy
any list furnished to it as provided in Section 7.1
upon receipt of a new list so furnished.

 

(b)           Three or more Noteholders, or one or
more Holder(s) of Notes evidencing at least 25% of the Outstanding Amount
of the Notes, may communicate pursuant to TIA § 312(b) with other
Noteholders with respect to their rights under this Indenture or under the
Notes.

 

(c)           The Issuing Entity, the Indenture
Trustee and the Note Registrar shall have the protection of TIA § 312(c).

 

SECTION 7.3.    Reports by Issuing Entity.  (a)  The Issuing Entity shall:

 

(i)            file with the Indenture Trustee,
within 15 days after the Issuing Entity is required to file the same with the
Commission, copies of the annual reports and of the information, documents and
other reports (or copies of such portions of any of the 

 

39

 

foregoing as the Commission
may from time to time by rules and regulations prescribe) that the Issuing
Entity may be required to file with the Commission pursuant to Section 13 or 15(d) of the Exchange Act;

 

(ii)           file with the Commission, in
accordance with the rules and regulations prescribed from time to time by
the Commission, such additional information, documents and reports with respect
to compliance by the Issuing Entity with the conditions and covenants of this
Indenture (with a copy of any such filings being delivered promptly to the
Indenture Trustee); and

 

(iii)          supply to the Indenture Trustee (and
the Indenture Trustee shall transmit by mail to all Noteholders described in
TIA § 313(c)) such summaries of any information, documents and reports required
to be filed by the Issuing Entity pursuant to clauses (i) and
(ii) as may be required by the rules and
regulations prescribed from time to time by the Commission.

 

(b)           Unless the Issuing Entity otherwise
determines, the fiscal year of the Issuing Entity shall end on December 31
of each year.

 

SECTION 7.4.    Required Filings. 
In no event shall the Indenture Trustee or any agent of the Indenture
Trustee be obligated or responsible for preparing, executing, filing or
delivering in respect of the Trust Estate or on behalf of another person,
either (A) any report or filing required or permitted by the SEC to be
prepared, executed, filed or delivered by or in respect of the Trust Estate or
another person, or (B) any certification in respect of any such report or
filing; in either case, other than as required expressly herein or in the other
Basic Documents.

 

ARTICLE
VIII

Accounts, Disbursements and Releases

 

SECTION 8.1.    Collection of Money.  Except as otherwise expressly provided
herein, the Indenture Trustee may demand payment or delivery of, and shall
receive and collect, directly and without intervention or assistance of any
fiscal agent or other intermediary, all money and other property payable to or
receivable by the Indenture Trustee pursuant to this Indenture.  The Indenture Trustee shall apply all such
money received by it as provided in this Indenture. Except as otherwise
expressly provided in this Indenture, if any default occurs in the making of
any payment or performance under any agreement or instrument that is part of
the Collateral and the Trust Estate, the Indenture Trustee may take such action
as may be appropriate to enforce such payment or performance, including the
institution and prosecution of appropriate Proceedings.  Any such action shall be without prejudice to
any right to claim a Default or Event of Default under this Indenture and any
right to proceed thereafter as provided in Article V.

 

SECTION 8.2.    Trust Accounts. 
(a)  On or prior to the Closing Date, the Issuing Entity shall cause
the Servicer to establish and maintain, in the name of the Indenture Trustee,
for the benefit of the Noteholders, the Certificateholders and the
Counterparties, the Trust Accounts as provided in Section 5.1
of the Sale and Servicing Agreement.

 

(b)           On or before each Payment Date, the
Total Distribution Amount with respect to the preceding Collection Period will
be deposited in the Collection Account as 

 

40

 

provided in Section 5.2 of the Sale and Servicing Agreement.  On or before each Payment Date, the First
Principal Payment Amount and Noteholders’ Distributable Amount with respect to
the preceding Collection Period will be transferred to the Note Distribution Account
as provided in Sections 5.5 and 5.6 of the Sale and Servicing Agreement.

 

(c)           On each Payment Date and Redemption
Date prior to an Event of Default and acceleration of the Notes, the Indenture
Trustee shall deposit or distribute all amounts on deposit in the Note
Distribution Account to the Noteholders and the Counterparties in the following
amounts and in the following order of priority:

 

(i)            to the Counterparties for any due
and unpaid Net Swap Payments due to them under the Interest Rate Swap
Agreements (including interest on any overdue Net Swap Payments), if any,
ratably, without preference or priority of any kind, according to the amount
due under each Interest Rate Swap Agreement as Net Swap Payments (including
interest on any overdue Net Swap Payments);

 

(ii)           with the same priority and ratably in
proportion to the Outstanding Amount of the Class A Notes and the amounts
due under clause (y) of this Section 8.2(c)(ii), to (x) the Class A
Noteholders, the Class Interest Amount for each Class of Class A
Notes; provided, that if there are not sufficient funds in the Note
Distribution Account to pay the entire amount of accrued and unpaid interest
then due on such Notes, the amount in the Note Distribution Account shall be
applied to the payment of such interest on such Notes pro rata on the basis of
the total such interest due on such Notes, and (y) the Counterparties, any
Priority Swap Termination Payments due to them under the Class A Swap
Agreements, ratably, without preference or priority of any kind, according to
the amounts due to each as Priority Swap Termination Payments under the Class A
Swap Agreements; provided, that if any money or property remains after making
the payments required by the immediately preceding clause (x) or
(y), such money or property shall be
used to pay any remaining amounts due and payable under this Section 8.2(c)(ii) before any such money or
property shall be distributed pursuant to Sections 8.2(c)(iii) through
(viii);

 

(iii)          to the Class A Noteholders, an
amount equal to the First Principal Payment Amount in the following order of
priority:

 

(A)          to the A-1
Noteholders, until the Outstanding principal balance of the A-1 Notes is
reduced to zero;

 

(B)           to the A-2
Noteholders, until the Outstanding principal balance of the A-2 Notes is
reduced to zero;

 

(C)           to the A-3
Noteholders, until the Outstanding principal balance of the A-3 Notes is
reduced to zero;

 

(D)          to the A-4a
Noteholders and the A-4b Noteholders, pro rata based upon the Outstanding
principal balance of the A-4a Notes and the A-4b Notes, until the Outstanding
principal balance of the A-4a Notes and the A-4b Notes are reduced to zero;

 

41

 

(iv)          to the Class B
Noteholders, the Class Interest Amount for the Class B Notes;

 

(v)           to the Class A
Noteholders, for payment of principal, in the following order of priority:

 

(A)          to the A-1 Noteholders, until the
Outstanding principal balance of the A-1 Notes is reduced to zero;

 

(B)           to the A-2 Noteholders, until the
Outstanding principal balance of the A-2 Notes is reduced to zero;

 

(C)           to the A-3 Noteholders, until the
Outstanding principal balance of the A-3 Notes is reduced to zero;

 

(D)          to the A-4a Noteholders and the A-4b
Noteholders, pro rata based on the Outstanding principal balance of the A-4a
Notes and the A-4b Notes, until the Outstanding principal balance of the A-4a
Notes and the A-4b Notes are reduced to zero;

 

(vi)          to the Class B
Noteholders, for payment of principal, until the Outstanding principal balance
of the Class B Notes is reduced to zero;

 

(vii)         to the
Counterparties, any Swap Termination Payments due to them under the Class A
Swap Agreements to the extent not paid pursuant to clause (ii) above,
ratably, without preference or priority of any kind, according to the amounts
due to each as Class A Swap Termination Payments under the Class A
Swap Agreements; and

 

(viii)        thereafter, any
excess shall be deposited in the Certificate Distribution Account.

 

(d)           On the A-1 Note
Final Scheduled Maturity Date, the Indenture Trustee shall distribute to the Class A-1
Noteholders, from the amount available in the Note Distribution Account, 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.

 

(e)           On each Payment Date
and Redemption Date, after an Event of Default and acceleration of the Notes
(and, if any Notes remain outstanding after the Final Scheduled Maturity Date),
the Indenture Trustee shall distribute all amounts on deposit in the Note
Distribution Account to the Noteholders and the Counterparties in the following
amounts and in the following order of priority:

 

(i)            to the
Counterparties for any due and unpaid Net Swap Payments due to them under the
Interest Rate Swap Agreements (including interest on any overdue Net Swap
Payments), if any, ratably, without preference or priority of any kind,
according to the amount due under each Interest Rate Swap Agreement as Net Swap
Payments (including interest on any overdue Net Swap Payments);

 

42

 

(ii)           with the same
priority and ratably in proportion to the Outstanding Amount of the Class A
Notes and the amounts due under clause (y) of
this Section 8.2(e)(ii), to (x) Class A
Noteholders, the Class Interest Amount for each Class of Class A
Notes;  provided , that if there are not
sufficient funds in the Note Distribution Account to pay the entire amount of
accrued and unpaid interest then due on such Notes, the amount in the Note
Distribution Account shall be applied to the payment of such interest on such Notes
pro rata on the basis of the total such interest due on such Notes and (y) the
Counterparties, any Priority Swap Termination Payments due to them under the Class A
Swap Agreements, ratably, without preference or priority of any kind, according
to the amounts due to each as Priority Swap Termination Payments under the Class A
Swap Agreements; provided, that if any money or property remains after making
the payments required by the immediately preceding clause (x), such money or property shall be used to pay any
remaining Priority Swap Termination Payments due and payable under the Class A
Swap Agreements before any such money or property shall be distributed pursuant
to Sections 8.2(e)(iii) through (vii);

 

(iii)          to the Class A
Noteholders, for payment of principal, ratably, according to the amounts due
and payable on each Class of Class A Notes for principal, without
preference or priority of any kind, until the Outstanding principal balance of
each Class of Class A Notes has been reduced to zero;

 

(iv)          to the Class B
Noteholders, the Class Interest Amount for the Class B Notes;

 

(v)           to the Class B
Noteholders, for payment of principal, until the Outstanding principal balance
of the Class B Notes is reduced to zero;

 

(vi)          to the
Counterparties, any Swap Termination Payments due to them under the Class A
Swap Agreements to the extent not paid pursuant to clause (ii) above,
ratably, without preference or priority of any kind, according to the amounts
due to each as Class A Swap Termination Payments under the Class A
Swap Agreements; and

 

(vii)         thereafter, any
excess shall be deposited in the Certificate Distribution Account.

 

SECTION 8.3.    General Provisions Regarding Accounts.  (a)  So long as no Default or Event of
Default shall have occurred and be continuing, all or a portion of the funds in
the Trust Accounts shall be invested in Eligible Investments and reinvested by
the Indenture Trustee upon Issuing Entity Order, subject to the provisions of Section 5.1(b) of the Sale and Servicing
Agreement.  All income or other gain from
investments of monies deposited in the Trust Accounts shall be deposited by the
Indenture Trustee in the Collection Account, and any loss or expenses resulting
from such investments shall be charged to such account.  The Issuing Entity will not direct the
Indenture Trustee to make any investment of any funds or to sell any investment
held in any of the Trust Accounts unless the security interest granted and
perfected in such account will continue to be perfected in such investment or
the proceeds of such sale, in either case without any further action by any
Person, and, in connection with any direction to the

 

43

 

Indenture Trustee to make any such investment
or sale, if requested by the Indenture Trustee, the Issuing Entity shall
deliver to the Indenture Trustee an Opinion of Counsel to such effect.

 

(b)           Subject to Section 6.1(c), the Indenture Trustee shall not in any
way be held liable for the selection of Eligible Investments or by reason of
any insufficiency in any of the Trust Accounts resulting from any loss on any
Eligible Investment included therein, except for losses attributable to the
Indenture Trustee’s failure to make payments on such Eligible Investments
issued by the Indenture Trustee, in its commercial capacity as principal
obligor and not as trustee, in accordance with their terms; provided, however,
that the limitation to the Indenture Trustee’s liability does not extend to any
actions constituting willful misconduct, negligence or bad faith.

 

(c)           If (i) the
Issuing Entity shall have failed to give investment directions for any funds on
deposit in the Trust Accounts to the Indenture Trustee by 11:00 a.m. (New
York City time) (or such other time as may be agreed by the Issuing Entity and
the Indenture Trustee) on any Business Day; or (ii) a Default or Event of
Default shall have occurred and be continuing with respect to the Notes but the
Notes shall not have been declared due and payable pursuant to Section 5.2, or, if such Notes shall have been declared
due and payable following an Event of Default, but amounts collected or
receivable from the Trust Estate are being applied in accordance with Section 5.4(b) as if there had not been such a
declaration; then the Indenture Trustee shall, to the fullest extent
practicable, invest and reinvest funds in the Trust Accounts in the Eligible
Investments identified in clause (d) of
the definition of Eligible Investments.

 

SECTION 8.4.    Release of Trust Estate.  (a)  Subject to the payment of its fees
and expenses pursuant to Section 6.7,
the Indenture Trustee may, and when required by this Indenture shall, execute
instruments to release property from the Lien of this Indenture, or convey the
Indenture Trustee’s interest in the same, in a manner and under circumstances
that are not inconsistent with this Indenture. 
No party relying upon an instrument executed by the Indenture Trustee as
provided in this Article shall be bound to ascertain the Indenture Trustee’s
authority, inquire into the satisfaction of any conditions precedent or see to
the application of any monies.

 

(b)           The Indenture
Trustee shall, at such time as there are no Notes Outstanding and all sums due
to the Indenture Trustee pursuant to Section 6.7
and the Counterparties under the Interest Rate Swap Agreements have been paid,
release any remaining portion of the Trust Estate that secured the Notes from
the Lien of this Indenture and release to the Issuing Entity or any other
Person entitled thereto any funds then on deposit in the Trust Accounts.  The Indenture Trustee shall release property
from the Lien of this Indenture pursuant to this paragraph only upon receipt of
an Issuing Entity Request accompanied by an Officer’s Certificate, an Opinion
of Counsel, and (if required by the TIA) Independent Certificates in accordance
with TIA §§ 314(c) and 314(d)(1) meeting the applicable requirements
of Section 11.1 or an Opinion of
Counsel in lieu of such Independent Certificates to the effect that the TIA
does not require any such Independent Certificates.

 

SECTION 8.5.    Opinion of Counsel.  The Indenture Trustee shall receive at least
seven days’ notice when requested by the Issuing Entity to take any action
pursuant to Section 8.4(a), accompanied by
copies of any instruments involved, and the Indenture Trustee shall also

 

44

 

require, as a
condition to such action, an Opinion of Counsel stating the legal effect of any
such action, outlining the steps required to complete the same, and concluding
that all conditions precedent to the taking of such action have been complied
with and such action will not materially and adversely impair the security for
the Notes or the rights of the Noteholders in contravention of this Indenture; provided, however, that
such Opinion of Counsel shall not be required to express an opinion as to the
fair value of the Trust Estate.  Counsel
rendering any such opinion may rely, without independent investigation, on the
accuracy and validity of any certificate or other instrument delivered to the
Indenture Trustee in connection with any such action.  Notwithstanding anything herein to the
contrary, any such Opinion of Counsel shall include each Counterparty as an
addressee thereof.

 

ARTICLE IX

Supplemental Indentures

 

SECTION 9.1.    Supplemental Indentures Without
Consent of Noteholders.

 

(a)           Without the consent
of the Holders of Notes but with prior written notice to the Rating Agencies,
the Issuing Entity, the Counterparties and the Indenture Trustee, when
authorized by an Issuing Entity Order, at any time and from time to time, may
enter into one or more indentures supplemental hereto (which shall conform to
the TIA as in force at the date of the execution thereof), in form satisfactory
to the Indenture Trustee, for any of the following purposes:

 

(i)            to correct or
amplify the description of any property at any time subject to the Lien of this
Indenture, or better to assure, convey and confirm unto the Indenture Trustee
any property subject or required to be subjected to the Lien of this Indenture,
or to subject to the Lien of this Indenture additional property;

 

(ii)           to evidence the
succession, in compliance with the applicable provisions hereof, of another
Person to the Issuing Entity, and the assumption by any such successor of the
covenants of the Issuing Entity herein and in the Notes;

 

(iii)          to add to the
covenants of the Issuing Entity, for the benefit of the Holders of Notes, or to
surrender any right or power herein conferred upon the Issuing Entity;

 

(iv)          to convey, transfer,
assign, mortgage or pledge any property to or with the Indenture Trustee;

 

(v)           to replace the
Spread Account with another form of credit enhancement; provided,
the Rating Agency Condition is satisfied;

 

(vi)          to cure any ambiguity,
to correct or supplement any provision herein or in any supplemental indenture
that may be inconsistent with any other provision herein or in any supplemental
indenture or to make any other provisions with respect to matters or questions
arising under this Indenture or in any supplemental indenture; provided, that
such action shall not materially adversely affect the interests of the Holders
of Notes;

 

45

 

(vii)         to evidence and
provide for the acceptance of the appointment hereunder by a successor or
additional trustee with respect to the Notes or any class thereof and to add to
or change any of the provisions of this Indenture as shall be necessary to
facilitate the administration of the trusts hereunder by more than one trustee,
pursuant to the requirements of Article VI; or

 

(viii)        to modify, eliminate
or add to the provisions of this Indenture to such extent as shall be necessary
to effect the qualification of this Indenture under the TIA or under any similar
federal statute hereafter enacted and to add to this Indenture such other
provisions as may be expressly required by the TIA.

 

The Trustee is
hereby authorized to join in the execution of any such supplemental indenture
and to make any further appropriate agreements and stipulations that may be
therein contained.

 

(b)           The Issuing Entity
and the Indenture Trustee, when authorized by an Issuing Entity Order, may,
without the consent of any of the Holders of Notes but with prior written
notice to the Rating Agencies and the Counterparties, enter into an indenture
or indentures supplemental hereto to cure any ambiguity, to correct or
supplement any provisions in this Indenture or for the purpose of adding any
provisions to or changing in any manner or eliminating any of the provisions of
this Indenture or of modifying in any manner the rights of the Holders of Notes
under this Indenture; provided, however, that such action shall not, as evidenced by an
Officer’s Certificate of the Seller, adversely affect in any material respect
the interests of any Noteholder.  A
supplemental indenture shall be deemed not to adversely affect in any material
respect the interests of any Class of Notes if the Rating Agency Condition
has been satisfied with respect to such supplemental indenture for such Class of
Notes.

 

(c)           With respect to any
amendment pursuant to this Section 9.1,
if any amendment or supplement would either: (1) materially and adversely
affect any of the Counterparties’ rights or obligations under an Interest Rate
Swap Agreement or any other Basic Document; or (b) materially and
adversely modify the obligations of, or materially and adversely impact the
ability of, the Trust to fully perform any of the Trust’s obligations under an
Interest Rate Swap Agreement, the Trust and the Indenture Trustee shall be
required to first obtain the written consent of the applicable Counterparties
to the affected Interest Rate Swap Agreements before entering into any such
amendment or supplement (which consent shall not be unreasonably withheld).

 

SECTION 9.2.    Supplemental Indentures With Consent of Noteholders.  The Issuing Entity and the Indenture Trustee,
when authorized by an Issuing Entity Order, may, with prior written notice to
the Rating Agencies and the Counterparties and with the consent of the Holders
of Notes evidencing not less than a majority of the Outstanding Amount of the
Notes, by Act of such Holders delivered to the Issuing Entity and the Indenture
Trustee, enter into an indenture or indentures supplemental hereto for the
purpose of adding any provisions to or changing in any manner or eliminating
any of the provisions of this Indenture or of modifying in any manner the
rights of the Holders of Notes under this Indenture; provided,
however, that no such supplemental
indenture shall, without the consent of the Holder of each Outstanding Note
affected thereby:

 

46

 

(i)            delay the Class Final
Scheduled Maturity Date of any Note, or reduce the principal amount thereof,
the interest rate thereon or the Redemption Price with respect thereto or
change any place of payment where, or the coin or currency in which, any Note
or the interest thereon is payable, or impair the right to institute suit for
the enforcement of the provisions of this Indenture requiring the application
of funds available therefor, as provided in Article V, to the payment of
any such amount due on or after the respective due dates thereof (or, in the
case of redemption, on or after the Redemption Date);

 

(ii)           reduce the
percentage of the Outstanding Amount, the consent of the Holders of which is
required for any such supplemental indenture, or the consent of the Holders of
which is required for any waiver of compliance with certain provisions of this
Indenture or certain defaults hereunder and their consequences provided for in
this Indenture;

 

(iii)          modify or alter the
provisions of the proviso to the definition of “Outstanding”;

 

(iv)          reduce the
percentage of the Outstanding Amount required to direct the Indenture Trustee
to direct the Issuing Entity to sell or liquidate the Trust Estate pursuant to Section 5.4;

 

(v)           modify any provision
of this Section except to increase any percentage specified herein or to
provide that certain additional provisions of this Indenture or the Basic
Documents cannot be modified or waived without the consent of the Holder of
each Outstanding Note affected thereby;

 

(vi)          modify any of the
provisions of this Indenture in such manner as to affect the calculation of the
amount of any payment of interest or principal due on any Note on any Payment
Date (including the calculation of any of the individual components of such
calculation) or to affect the rights of the Holders of Notes to the benefit of
any provisions for the mandatory redemption of the Notes contained herein; or

 

(vii)         permit the creation
of any Lien ranking prior to or on a parity with the Lien of this Indenture
with respect to any part of the Trust Estate or, except as otherwise permitted
or contemplated herein, terminate the Lien of this Indenture on any property at
any time subject hereto or deprive any Holder of Notes of the security provided
by the Lien of this Indenture.

 

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

 

Promptly after
the execution by the Issuing Entity and the Indenture Trustee of any
supplemental indenture pursuant to this Section, the Indenture Trustee shall
mail to the Holders of the Notes to which such amendment or supplemental
indenture relates a notice setting forth in

 

47

 

general terms the substance of such supplemental indenture.  Any failure of the Indenture Trustee to mail
such notice, or any defect therein, shall not, however, in any way impair or
affect the validity of any such supplemental indenture.

 

With respect to
any amendment pursuant to this Section 9.2,
if any amendment or supplement would either: (1) materially and adversely
affect any of the Counterparties’ rights or obligations under an Interest Rate
Swap Agreement or any other Basic Document; or (b) materially and
adversely modify the obligations of, or materially and adversely impact the
ability of, the Trust to fully perform any of the Trust’s obligations under an
Interest Rate Swap Agreement, the Administrator shall be required to first
obtain the written consent of the applicable Counterparties to the affected
Interest Rate Swap Agreements before entering into any such amendment or
supplement (which consent shall not be unreasonably withheld).

 

SECTION 9.3.    Execution of Supplemental Indentures.  In executing, or permitting the additional
trusts created by, any supplemental indenture permitted by this Article IX or the modifications thereby of the trusts
created by this Indenture, the Indenture Trustee shall be entitled to receive,
and, subject to Sections 6.1 and 6.2, shall be fully protected in relying upon, an Opinion of
Counsel stating that the execution of such supplemental indenture is authorized
or permitted by this Indenture.  The
Indenture Trustee may, but shall not be obligated to, enter into any such
supplemental indenture that affects the Indenture Trustee’s own rights, duties,
liabilities or immunities under this Indenture or otherwise.

 

SECTION 9.4.    Effect of Supplemental Indenture.  Upon the execution of any supplemental
indenture pursuant to the provisions hereof, this Indenture shall be and be
deemed to be modified and amended in accordance therewith with respect to the
Notes affected thereby, and the respective rights, limitations of rights,
obligations, duties, liabilities and immunities under this Indenture of the
Indenture Trustee, the Issuing Entity and the Holders of the Notes shall
thereafter be determined, exercised and enforced hereunder subject in all
respects to such modifications and amendments, and all the terms and conditions
of any such supplemental indenture shall be and be deemed to be part of the
terms and conditions of this Indenture for any and all purposes.

 

SECTION 9.5.    Conformity with Trust Indenture Act.  Every amendment of this Indenture and every
supplemental indenture executed pursuant to this Article IX
shall conform to the requirements of the TIA as then in effect so long as this
Indenture shall then be qualified under the TIA.

 

SECTION 9.6.    Reference in Notes to
Supplemental Indentures. 
Notes authenticated and delivered after the execution of any
supplemental indenture pursuant to this Article may, and if required by
the Indenture Trustee shall, bear a notation in form approved by the Indenture
Trustee as to any matter provided for in such supplemental indenture.  If the Issuing Entity or the Indenture
Trustee shall so determine, new Notes so modified as to conform, in the opinion
of the Indenture Trustee and the Issuing Entity, to any such supplemental indenture
may be prepared and executed by the Issuing Entity and authenticated and
delivered by the Indenture Trustee in exchange for Outstanding Notes.

 

48

 

SECTION 9.7.    Amendment without Consent.  Notwithstanding anything herein to the
contrary (other than as provided in Section 9.1(c) and
Section 9.2), any term or provision
of this Agreement may be amended by the Issuing Entity and the Indenture
Trustee without the consent of the Noteholders or any other Person to add,
modify or eliminate any provisions as may be necessary or advisable in order to
comply with or obtain more favorable treatment under or with respect to any law
or regulation or any accounting rule or principle (whether now or in the
future in effect); it being a condition to any such amendment that the Rating
Agency Condition shall have been satisfied.

 

ARTICLE X

Redemption of Notes

 

SECTION 10.1.    Redemption.  (a)  The Notes are subject to redemption
in whole, but not in part, at the direction of CNHCA pursuant to Section 9.1(a) of the Sale and Servicing
Agreement, on any Payment Date on which CNHCA exercises its option to purchase
the Trust Estate pursuant to said Section 9.1(a),
for a purchase price equal to the Redemption Price.  The Servicer or the Issuing Entity shall
furnish the Rating Agencies and the Counterparties notice of such
redemption.  If such Notes are to be
redeemed pursuant to this Section 10.1,
CNHCA or the Issuing Entity shall furnish notice of such election to the
Indenture Trustee not later than 25 days prior to the Redemption Date and the
Issuing Entity shall deposit with the Indenture Trustee in the Note
Distribution Account the Redemption Price of the Notes to be redeemed.

 

(b)           Reserved.

 

SECTION 10.2.    Form of Redemption Notice.  Notice of redemption under Section 10.1 shall be given by the Indenture Trustee by
first-class mail, postage prepaid, mailed not less than five Business Days
prior to the applicable Redemption Date to each Holder of Notes, as of the
close of business on the Record Date preceding the applicable Redemption Date,
at such Holder’s address appearing in the Note Register.

 

All notices of
redemption shall state:

 

(i)            the Redemption
Date;

 

(ii)           the Redemption
Price;

 

(iii)          the place where
such Notes are to be surrendered for payment of the Redemption Price (which
shall be the office or agency of the Issuing Entity to be maintained as
provided in Section 3.2); and

 

(iv)          the CUSIP numbers of
the affected Notes.

 

Notice of
redemption of the Notes shall be given by the Indenture Trustee in the name and
at the expense of the Issuing Entity. 
Failure to give notice of redemption, or any defect  therein, to any Holder of any Note shall not
impair or affect the validity of the redemption of any other Note.

 

49

 

SECTION 10.3.    Notes Payable on Redemption Date.  The Notes to be redeemed shall, following
notice of redemption pursuant to this Article, become due and payable on the
Redemption Date at the Redemption Price and (unless the Issuing Entity shall
default in the payment of the Redemption Price) no interest shall accrue on the
Redemption Price for any period after the date to which accrued interest is
calculated for purposes of calculating the Redemption Price.

 

ARTICLE XI

Miscellaneous

 

SECTION 11.1.    Compliance Certificates and Opinions, etc.  (a)  Upon any application or request by
the Issuing Entity to the Indenture Trustee to take any action under this
Indenture, the Issuing Entity shall furnish to the Indenture Trustee:  (i) an Officer’s Certificate stating
that all conditions precedent, if any, provided for in this Indenture relating
to the proposed action have been complied with, (ii) an Opinion of Counsel
stating that in the opinion of such counsel all such conditions precedent, if
any, have been complied with and (iii) (if required by the TIA) an
Independent Certificate from a firm of certified public accountants meeting the
applicable requirements of this Section, except that, in the case of any such
application or request as to which the furnishing of such documents is
specifically required by this Indenture, no additional certificate or opinion
need be furnished.

 

Every
certificate or opinion with respect to compliance with a condition or covenant
provided for in this Indenture shall include:

 

(w)          a statement that each signatory of
such certificate or opinion has read or has caused to be read such covenant or
condition and the definitions herein relating thereto;

 

(x)            a brief statement as to the nature
and scope of the examination or investigation upon which the statements or
opinions contained in such certificate or opinion are based;

 

(y)           a statement that, in the opinion of
each such signatory, such signatory has made (or has caused to be made) such
examination or investigation as is necessary to enable such signatory to
express an informed opinion as to whether or not such covenant or condition has
been complied with; and

 

(z)            a statement as to whether, in the
opinion of each such signatory, such condition or covenant has been complied
with.

 

(b)           (i)  Prior to
the deposit of any Collateral or other property or securities with the
Indenture Trustee that is to be made the basis for the release of any property
or securities subject to the Lien of this Indenture, the Issuing Entity shall,
in addition to any obligation imposed in Section 11.1(a) or
elsewhere in this Indenture, furnish to the Indenture Trustee an Officer’s
Certificate certifying or stating the opinion of each person signing such
certificate as to the fair value (within 90 days after such deposit) to the
Issuing Entity of the Collateral or other property or securities to be so
deposited.

 

50

 

(ii)           Whenever the
Issuing Entity is required to furnish to the Indenture Trustee an Officer’s
Certificate described in clause (i), the
Issuing Entity shall also deliver to the Indenture Trustee an Independent
Certificate as to the same matters, if the fair value to the Issuing Entity of
the Collateral or other property or securities to be so deposited and of all
other such Collateral or other property or securities made the basis of any
such withdrawal or release since the commencement of the then-current fiscal
year of the Issuing Entity, as set forth in the certificates delivered pursuant
to clause (i) and this clause (ii), is 10% or more of the Outstanding Amount of the
Notes, but such a certificate need not be furnished with respect to any
Collateral or other property or securities so deposited if the fair value
thereof to the Issuing Entity as set forth in the related Officer’s Certificate
is (A) less than $25,000 or (B) less than one percent of the then
Outstanding Amount of the Notes.

 

(iii)          Other than with
respect to property as contemplated by clause (v),
whenever any Collateral or other property or securities are to be released from
the Lien of this Indenture, the Issuing Entity shall also furnish to the
Indenture Trustee an Officer’s Certificate certifying or stating the opinion of
each person signing such certificate as to the fair value (within 90 days after
such release) of the Collateral or other property or securities proposed to be
released and stating that in the opinion of such person the proposed release
will not impair the security under this Indenture in contravention of the
provisions hereof.

 

(iv)          Whenever the Issuing
Entity is required to furnish to the Indenture Trustee an Officer’s Certificate
certifying or stating the opinion of any signer thereof as to the matters
described in clause (iii), the Issuing Entity
shall also furnish to the Indenture Trustee an Independent Certificate as to
the same matters if the fair value to the Issuing Entity of the Collateral or
other property or securities and of all other property, other than property as
contemplated by clause (v), or securities released
from the Lien of this Indenture since the commencement of the then-current
fiscal year, as set forth in the certificates required by clause (iii) and
this clause (iv), equals 10% or more of the
Outstanding Amount of the Notes, but such certificate need not be furnished in
the case of any release of Collateral or other property or securities if the
fair value thereof to the Issuing Entity as set forth in the related Officer’s
Certificate is (A) less than $25,000 or (B) less than one percent of
the then Outstanding Amount of the Notes.

 

(v)           Notwithstanding Section 2.9 or any other provision of this Section, the
Issuing Entity may, without compliance with the requirements of the other
provisions of this Section:  (A) collect,
liquidate, sell or otherwise dispose of Receivables and Financed Equipment as
and to the extent permitted or required by the Basic Documents and (B) make
cash payments out of the Trust Accounts as and to the extent permitted or
required by the Basic Documents so long as the Issuing Entity shall deliver to
the Indenture Trustee every six months, commencing March 1, 2008, an
Officer’s Certificate of the Issuing Entity stating that all such dispositions
of Collateral that occurred since the execution of the previous such Officer’s
Certificate (or for the first such Officer’s Certificate, since the Closing
Date) were in the ordinary course of the Issuing Entity’s business and that the
proceeds thereof were applied in accordance with the Basic Documents.

 

51

 

SECTION 11.2.    Form of Documents Delivered to Indenture
Trustee.  In any case
where several matters are required to be certified by, or covered by an opinion
of, any specified Person, it is not necessary that all such matters be
certified by, or covered by the opinion of, only one such Person, or that they
be so certified or covered by only one document, but one such Person may
certify or give an opinion with respect to some matters and one or more other
such Persons as to other matters, and any such Person may certify or give an
opinion as to such matters in one or several documents.

 

Any
certificate or opinion of an Authorized Officer of the Issuing Entity may be
based, insofar as it relates to legal matters, upon a certificate or opinion of,
or representations by, counsel, unless such officer knows, or in the exercise
of reasonable care should know, that the certificate, opinion or
representations with respect to the matters upon which his certificate or
opinion is based is/are erroneous.  Any
such certificate of an Authorized Officer or Opinion of Counsel may be based,
insofar as it relates to factual matters, upon a certificate or opinion of, or
representations by, an officer or officers of the Servicer, the Seller, the
Issuing Entity or the Administrator, stating that the information with respect
to such factual matters is in the possession of the Servicer, the Seller, the
Issuing Entity or the Administrator, as applicable, unless such Authorized
Officer or counsel knows, or in the exercise of reasonable care should know,
that the certificate, opinion or representations with respect to such matters
is/are erroneous.

 

Where any
Person is required or permitted to make, give or execute two or more
applications, requests, consents, certificates, statements, opinions or other
instruments under this Indenture, they may, but need not, be consolidated and
form one instrument.

 

Whenever in
this Indenture, in connection with any application, certificate or report to
the Indenture Trustee, it is provided that the Issuing Entity shall deliver any
document as a condition of the granting of such application, or as evidence of
the Issuing Entity’s compliance with any term hereof, it is intended that the
truth and accuracy, at the time of the granting of such application or at the
effective date of such certificate or report (as the case may be), of the facts
and opinions stated in such document shall in such case be conditions precedent
to the right of the Issuing Entity to have such application granted or to the
sufficiency of such certificate or report. The foregoing shall not, however, be
construed to affect the Indenture Trustee’s right to rely upon the truth and
accuracy of any statement or opinion contained in any such document as provided
in Article VI.

 

SECTION 11.3.    Acts of Noteholders.  (a)  Any request, demand, authorization,
direction, notice, consent, waiver or other action provided by this Indenture
to be given or taken by Noteholders may be embodied in and evidenced by one or
more instrument(s) of substantially similar tenor signed by such
Noteholders in person or by agents duly appointed in writing; and except as
herein otherwise expressly provided, such action shall become effective when
such instrument(s) are delivered to the Indenture Trustee, and, where it
is hereby expressly required, to the Issuing Entity.  Such instrument(s) (and the action
embodied therein and evidenced thereby) are herein sometimes referred to as the
“Act” of the Noteholders signing such instrument(s).  Proof of execution of any such instrument or
of a writing appointing any such agent shall be sufficient for any purpose of
this Indenture and (subject to Section 6.1)
conclusive

 

52

 

in favor of
the Indenture Trustee and the Issuing Entity, if made in the manner provided in
this Section.

 

(b)           The fact and date of
the execution by any Person of any such instrument or writing may be proved in
any manner that the Indenture Trustee deems sufficient.

 

(c)           The ownership of
Notes shall be proved by the Note Register.

 

(d)           Any request, demand,
authorization, direction, notice, consent, waiver or Act by the Holder of any
Notes shall bind the Holder of every Note issued upon the registration thereof,
in exchange therefor or in lieu thereof, in respect of anything done, omitted
or suffered to be done by the Indenture Trustee or the Issuing Entity in
reliance thereon, whether or not notation of such action is made upon such
Note.

 

SECTION 11.4.    Notices, etc., to the Indenture Trustee, Issuing
Entity, Counterparties and Rating Agencies.  Any request, demand, authorization,
direction, notice, consent, waiver or Act of Noteholders, or other documents
provided or permitted by this Indenture, shall be in writing and, if such
request, demand, authorization, direction, notice, consent, waiver or Act of
Noteholders is to be made upon, given or furnished to or filed with:

 

(a)           the Indenture Trustee by any
Noteholder or by the Issuing Entity, shall be sufficient for every purpose
hereunder if made, given, furnished or filed in writing to or with the
Indenture Trustee at its Corporate Trust Office, or

 

(b)           the Issuing Entity by the Indenture
Trustee or by any Noteholder, shall be sufficient for every purpose hereunder
if in writing and mailed, first-class, postage prepaid, to the Issuing Entity
addressed to:  CNH Equipment Trust
2008-A, in care of Wilmington Trust Company, Rodney Square North, 1100 North
Market Street, Wilmington, Delaware 19890, Attention: Corporate Trust
Administration, (facsimile: (302) 636-4140), and to New Holland Credit Company,
LLC, as Administrator, 33 South Railroad Avenue, New Holland Pennsylvania,
17557, Attention: Finance Manager, (facsimile: (630) 887-5448); with a copy to:
New Holland Credit Company, LLC, 6900 Veterans Boulevard, Burr Ridge, Illinois
60527, Attention: Assistant Treasurer, (facsimile: (630) 887-5448), or at any
other address or facsimile number previously furnished in writing to the
Indenture Trustee by the Issuing Entity or the Administrator.  The Issuing Entity shall promptly transmit
any notice received by it from the Noteholders to the Indenture Trustee and the
Counterparties, or

 

(c)           the Counterparties by the Issuing
Entity or the Indenture Trustee, shall be sufficient for every purpose
hereunder if in writing and mailed, first-class postage prepaid, hand delivered
or sent by overnight courier service or by telecopy in legible form to the
Counterparties addressed to: BNP Paribas S.A., 3 rue Taitbout, ACI : CLA03A1,
75009 Paris, France, (facsimile: (+33) (0) 1 4014 0114), with a copy to BNP
Paribas S.A., Attn: Legal and Transaction Management Group - ISDA, 787 Seventh
Avenue, New York, New York 10019, (facsimile: (212) 841-3561), or at any other
address or facsimile number previously furnished in writing to the Issuing
Entity or the Indenture Trustee by the applicable Counterparty.

 

53

 

Notices required to be given
to the Rating Agencies by the Issuing Entity, the Counterparties, the Indenture
Trustee or the Trustee shall be in writing, personally delivered or mailed by
certified mail, return receipt requested, or by facsimile to their respective
addresses or facsimile numbers set forth above or, to the extent not set forth
there, as set forth in Section 10.3
of the Sale and Servicing Agreement.

 

SECTION 11.5.    Notices to Noteholders; Waiver.  Where this Indenture provides for notice to
Noteholders of any event, such notice shall be sufficiently given (unless
otherwise herein expressly provided) if in writing and mailed, first-class,
postage prepaid to each Noteholder affected by such event, at his address as it
appears on the Note Register, not later than the latest date, and not earlier
than the earliest date, prescribed for the giving of such notice.  In any case where notice to Noteholders is
given by mail, neither the failure to mail such notice nor any defect in any
notice so mailed to any particular Noteholder shall affect the sufficiency of
such notice with respect to other Noteholders, and any notice that is mailed in
the manner herein provided shall conclusively be presumed to have been duly
given.

 

Where this Indenture
provides for notice in any manner, such notice may be waived in writing by any
Person entitled to receive such notice, either before or after the event, and
such waiver shall be the equivalent of such notice.  Waivers of notice by Noteholders shall be
filed with the Indenture Trustee but such filing shall not be a condition
precedent to the validity of any action taken in reliance upon such a waiver.

 

In case, by reason of the
suspension of regular mail service, it shall be impractical to mail notice of
any event to Noteholders when such notice is required to be given pursuant to
this Indenture, then any manner of giving such notice as shall be satisfactory
to the Indenture Trustee shall be deemed to be a sufficient giving of such
notice.

 

Where this Indenture provides
for notice to the Rating Agencies, failure to give such notice shall not affect
any other rights or obligations created hereunder, and shall not under any
circumstance constitute a Default or Event of Default.

 

SECTION 11.6.    Alternate Payment and Notice Provisions.  Notwithstanding any provision of this
Indenture or any of the Notes to the contrary, the Issuing Entity may enter
into any agreement with any Holder of a Note providing for a method of payment,
or notice by the Indenture Trustee or any Paying Agent to such Holder, that is
different from the methods provided for in this Indenture or the Notes for such
payments or notices.  The Issuing Entity
will furnish to the Indenture Trustee a copy of each such agreement and the
Indenture Trustee will cause payments to be made and notices to be given in
accordance with such agreements.

 

SECTION 11.7.    Conflict with Trust Indenture Act.  If any provision hereof limits, qualifies or
conflicts with another provision hereof that is required to be included in this
Indenture by the TIA, such required provision shall control.

 

The provisions of TIA §§ 310
through 317 that impose duties on any Person (including the provisions
automatically deemed included herein unless expressly excluded by this
Indenture) are a part of and govern this Indenture, whether or not physically
contained herein.

 

54

 

SECTION 11.8.    Effect of Headings and Table of Contents.  The Article and Section headings
herein and the Table of Contents are for convenience only and shall not affect
the construction hereof.

 

SECTION 11.9.    Successors and Assigns.  All covenants and agreements in this
Indenture and the Notes by the Issuing Entity shall bind its successors and
assigns, whether so expressed or not. 
All agreements of the Indenture Trustee in this Indenture shall bind its
successors, co-trustees and agents of the Indenture Trustee.

 

SECTION 11.10.    Severability.  Any provision of this Indenture or the Notes
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 or of the
Notes, as applicable, and any such prohibition or unenforceability in any
jurisdiction shall not invalidate or render unenforceable such provision in any
other jurisdiction.

 

SECTION 11.11.    Benefits of Indenture.  Nothing in this Indenture or in the Notes,
express or implied, shall give to any Person, other than the parties hereto and
their successors hereunder, the Noteholders, the Counterparties, the Trustee,
any other party secured hereunder and any other Person with an ownership
interest in any part of the Trust Estate, any benefit or any legal or equitable
right, remedy or claim under this Indenture.

 

SECTION 11.12.    Legal Holidays.  In any case where the date on which any
payment is due shall not be a Business Day, then (notwithstanding any other
provision of the Notes or this Indenture) payment need not be made on such
date, but may be made on the next Business Day with the same force and effect
as if made on the date on which nominally due, and no interest shall accrue for
the period from and after any such nominal date.

 

SECTION 11.13.    Governing Law.  This Indenture shall be construed in
accordance with the laws of the State of New York, and the obligations, rights
and remedies of the parties hereunder shall be determined in accordance with
such laws.

 

SECTION 11.14.    Counterparts.  This Indenture may be executed in any number
of counterparts, each of which when so executed shall be deemed to be an
original, but all such counterparts shall together constitute but one and the
same instrument.

 

SECTION 11.15.    Recording of Indenture.  If this Indenture is subject to recording in
any public recording offices, such recording is to be effected by the Issuing
Entity and, at its expense, accompanied by an Opinion of Counsel (which may be
counsel to the Indenture Trustee or any other counsel reasonably acceptable to
the Indenture Trustee) to the effect that such recording is necessary either
for the protection of the Noteholders or any other Person secured hereunder or
for the enforcement of any right or remedy granted to the Indenture Trustee
under this Indenture.

 

SECTION 11.16.    Trust Obligation.  No recourse may be taken, directly or
indirectly, with respect to the obligations of the Issuing Entity, the Trustee
or the Indenture Trustee on the Notes or under this Indenture or any
certificate or other writing delivered in connection herewith or therewith,
against:  (i) the Indenture Trustee
or the Trustee in their individual capacities, (ii) any owner of a
beneficial interest in the Issuing Entity or (iii) any 

 

55

 

partner, owner, beneficiary,
officer, director, employee or agent of: 
(a) the Indenture Trustee or the Trustee in their individual
capacities, (b) any owner of a beneficial interest in the Issuing Entity,
the Trustee or the Indenture Trustee or (c) of any successor or assign of
the Indenture Trustee or the Trustee in their individual capacities, except as
any such Person may have expressly agreed (it being understood that the
Indenture Trustee and the Trustee have no such obligations in their individual
capacities) and except that any such partner, owner or beneficiary shall be
fully liable, to the extent provided by applicable law, for any unpaid
consideration for stock, unpaid capital contribution or failure to pay any
installment or call owing to such entity. For all purposes of this Indenture,
in the performance of any duties or obligations of the Issuing Entity
hereunder, the Trustee shall be subject to, and entitled to the benefits of,
Articles VI, VII and VIII of the Trust Agreement.

 

SECTION 11.17.    No Petition.  The
Indenture Trustee, by entering into this Indenture, and each Noteholder, by
accepting a Note, hereby covenant and agree that they will not at any time
institute against the Seller or the Issuing Entity, or solicit or join or
cooperate with or encourage any institution against the Seller or the Issuing
Entity of, any bankruptcy, reorganization, arrangement, insolvency or
liquidation proceedings, or other proceedings under any United States federal
or State bankruptcy or similar law in connection with any obligations relating
to the Notes, this Indenture or any of the Basic Documents.  The foregoing shall not limit the rights of
the Indenture Trustee to file any claim in or otherwise take any action with
respect to any insolvency proceeding that was instituted against the Issuing
Entity by any Person other than the Indenture Trustee.

 

SECTION 11.18.    Inspection.  The
Issuing Entity agrees that, on reasonable prior notice, it will permit any
representative of the Indenture Trustee, during the Issuing Entity’s normal
business hours, to examine all the books of account, records, reports and other
papers of the Issuing Entity, to make copies and extracts therefrom, to cause
such books to be audited by Independent certified public accountants, and to
discuss the Issuing Entity’s affairs, finances and accounts with the Issuing
Entity’s officers, employees and Independent certified public accountants, all
at such reasonable times and as often as may be reasonably requested.  The Indenture Trustee shall and shall cause
its representatives to hold in confidence all such information; provided, however,
that the foregoing shall not be construed to prohibit:  (i) disclosure of any and all
information that is or becomes publicly known, or information obtained by the
Indenture Trustee from sources other than the Issuing Entity or Servicer, (ii) disclosure
of any and all information:  (A) if
required to do so by any applicable statute, law, rule or regulation, (B) to
any government agency or regulatory or self-regulatory body having or claiming
authority to regulate or oversee any aspects of the Indenture Trustee’s
business or that of its Affiliates, (C) pursuant to any subpoena, civil
investigative demand or similar demand or request of any court, regulatory
authority, arbitrator or arbitration to which the Indenture Trustee or an
Affiliate or any officer, director, employee or shareholder thereof is subject,
(D) in any preliminary or final offering circular, registration statement
or contract or other document pertaining to the transactions contemplated by
the Indenture and approved in advance by the Issuing Entity or (E) to any
Affiliate, independent or internal auditor, agent, employee or attorney of the
Indenture Trustee having a need to know the same; provided, that the Indenture Trustee advises such recipient
of the confidential nature of the information being disclosed and such
recipient agrees to keep such information confidential, and provided further, that the Indenture
Trustee promptly notifies the Issuing Entity of any disclosure of such
information that 

 

56

 

it is required to make
pursuant to the preceding clause (A), (B) or
(C) so that the Issuing
Entity may seek appropriate protective orders or restrictions on the disclosure
of the information involved; (iii) any other disclosure authorized by the
Issuing Entity or the Servicer or (iv) disclosure to the other parties to
the transactions contemplated by the Basic Documents.

 

SECTION 11.19.    Subordination.  Issuing Entity and each Noteholder by
accepting a Note acknowledge and agree that such Note represents indebtedness
of Issuing Entity and does not represent an interest in any assets (other than
the Trust Estate) of CNHCR (including by virtue of any deficiency claim in
respect of obligations not paid or otherwise satisfied from the Trust Estate
and proceeds thereof).  In furtherance of
and not in derogation of the foregoing, to the extent CNHCR enters into other
securitization transactions, the Issuing Entity as well as each Noteholder by
accepting a Note acknowledge and agree that it shall have no right, title or
interest in or to any assets (or interests therein) (other than Trust Estate)
conveyed or purported to be conveyed by CNHCR to another securitization trust
or other Person or Persons in connection therewith (whether by way of a sale,
capital contribution or by virtue of the granting of a lien) (“Other Assets”).  To the extent that, notwithstanding the
agreements and provisions contained in the preceding sentences of this
subsection, the Issuing Entity or any Noteholder either (i) asserts an
interest or claim to, or benefit from, Other Assets, whether asserted against
or through CNHCR or any other Person owned by CNHCR, or (ii) is deemed to
have any such interest, claim or benefit in or from Other Assets, whether by
operation of law, legal process, pursuant to applicable provisions of
insolvency laws or otherwise (including by virtue of Section 1111(b) of the Bankruptcy Code or any
successor provision having similar effect under the Bankruptcy Code), and
whether deemed asserted against or through CNHCR or any other Person owned by
CNHCR, then the Issuing Entity and each Noteholder by accepting a Note further
acknowledge and agree that any such interest, claim or benefit in or from Other
Assets is and shall be expressly subordinated to the indefeasible payment in
full of all obligations and liabilities of CNHCR which, under the terms of the
relevant documents relating to the securitization of such Other Assets, are
entitled to be paid from, entitled to the benefits of, or otherwise secured by
such Other Assets (whether or not any such entitlement or security interest is
legally perfected or otherwise entitled to a priority of distribution or application
under applicable law, including insolvency laws, and whether asserted against
CNHCR or any other Person owned by CNHCR), including, the payment of
post-petition interest on such other obligations and liabilities.  This subordination agreement shall be deemed
a subordination agreement within the meaning of Section 510(a) of the Bankruptcy Code.  Each Noteholder further acknowledges and
agrees that no adequate remedy at law exists for a breach of this Section 11.19 and the terms of this Section 11.19 may be enforced by an
action for specific performance.

 

SECTION 11.20.    Information Requests.  The parties hereto shall provide any
information reasonably requested by the Issuing Entity, Seller or any of their
Affiliates, at the expense of the Issuing Entity, Seller or any of their
Affiliates, as applicable, in order to comply with or obtain more favorable
treatment under any current or future law, rule, regulation, accounting rule or
principle.

 

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blank]

 

57

 

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

 

	
   

  	
  CNH
  EQUIPMENT TRUST 2008-A

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  Wilmington
  Trust Company,

  
	
   

  	
   

  	
  not
  in its individual capacity but solely

  
	
   

  	
   

  	
  as
  Trustee

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Dorri E. Wolhar

  
	
   

  	
   

  	
  Name:
  Dorri E. Wolhar

  
	
   

  	
   

  	
  Title:
  Financial Services Officer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  THE
  BANK OF NEW YORK TRUST

  COMPANY, N.A.

  
	
   

  	
  not
  in its individual capacity but solely

  
	
   

  	
  as
  Indenture Trustee

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Keith Richardson

  
	
   

  	
   

  	
  Name: 

  	
  Keith Richardson

  
	
   

  	
   

  	
  Title:

  	
  Vice President

  
					

 

 

APPENDIX A

Definitions

 

“180-Day Receivable” with respect
to any Collection Period means any Receivable as to which a scheduled payment
is 180 days or more past due by the last day of such Collection Period and
which has not become a Liquidated Receivable or a Repossessed Receivable;
provided that a Receivable shall cease to be a 180-Day Receivable if the
Servicer subsequently receives payment in full of each scheduled payment that
was previously 180-days or more past due.

 

“A-1 Note” means any of the
Issuing Entity’s 2.75275% Class A-1 Asset Backed Notes.

 

“A-1 Note Final Scheduled Maturity Date”
means the May 11, 2009 Payment Date.

 

“A-1 Note Rate” means 2.75275% per
annum, computed on the basis of the actual number of days in that Interest
Period and a year of 360 days.

 

“A-1 Noteholders” means the
holders of record of the A-1 Notes.

 

“A-2 Note” means any of the
Issuing Entity’s Floating Rate Class A-2 Asset Backed Notes.

 

“A-2 Note Final Scheduled Maturity Date”
means the April 15, 2011 Payment Date.

 

“A-2 Note Rate” means, for each
Interest Period, a rate per annum equal to One-Month LIBOR for that Interest
Period plus 1.20% per annum, computed on the basis of the actual number of days
in that Interest Period and a year of 360 days.

 

“A-2 Noteholders” means the
holders of record of the A-2 Notes.

 

“A-3 Note” means any of the
Issuing Entity’s 4.12% Class A-3 Asset Backed Notes.

 

“A-3 Note Final Scheduled Maturity Date”
means the May 15, 2012 Payment Date.

 

“A-3 Note Rate” means 4.12% per
annum, computed on the basis of a 360-day year of twelve 30-day months.

 

“A-3 Noteholders” means the
holders of record of the A-3 Notes.

 

“A-4 Notes”
means, collectively, the A-4a Notes and the A-4b Notes.

 

“A-4 Noteholders” means the
holders of record of the A-4 Notes.

 

“A-4a Note” means any of the
Issuing Entity’s 4.93% Class A-4a Asset Backed Notes.

 

“A-4a Note Final Scheduled Maturity Date”
means the August 15, 2014 Payment Date.

 

“A-4a Note Rate” means 4.93% per
annum, computed on the basis of a 360-day year of twelve 30-day months.

 

Appendix
A (Page 1)

 

“A-4a Noteholders” means the holders
of record of the A-4a Notes.

 

“A-4b Note” means any of the
Issuing Entity’s Floating Rate Class A-4b Asset Backed Notes.

 

“A-4b Note Final Scheduled Maturity Date”
means the August 15, 2014 Payment Date.

 

“A-4b Note Rate” means, for each
Interest Period, a rate per annum equal to One-Month LIBOR for that Interest
Period plus 1.95% per annum, computed on the basis of the actual number of days
in that Interest Period and a year of 360 days.

 

“A-4b Noteholders” means the
holders of record of the A-4b Notes.

 

“Act” is defined in Section 11.3(a) of the
Indenture.

 

“Administration Agreement” means
the Administration Agreement dated as of April 1, 2008 among the
Administrator, the Issuing Entity, the Indenture Trustee and the Trustee.

 

“Administration Fee” means the fee
payable to the Administrator pursuant to Section 3
of the Administration Agreement.

 

“Administrator” means NH Credit,
or any successor Administrator under the Administration Agreement.

 

“Affiliate” means, with respect to
any specified Person, any other Person controlling or controlled by or under
common control with such specified Person. 
For the purposes of this definition, “control” when used with respect to
any specified Person means the power to direct the management and policies of
such Person, directly or indirectly, whether through the ownership of voting
securities, by contract or otherwise; and the terms “controlling” and
“controlled” have meanings correlative to the foregoing.  The term “Affiliated” has a correlative
meaning.

 

“Amount Financed” with respect to
a Receivable means the amount advanced under such Receivable toward the
purchase price of the Financed Equipment, or, in the case of any retail
installment loan or consumer installment loan, the amount advanced to the
related Obligor that is secured by Financed Equipment, and any related costs,
including any insurance financed thereby.

 

“Annual Percentage Rate” or “APR”
of a Receivable means the annual rate of finance charges in effect from time to
time under the related Contract.

 

“Asset Balance” means, for any
Payment Date, the sum of the Pool Balance and any amounts on deposit in the
Pre-Funding Account, in each case as of the beginning of the current Collection
Period.  For purposes of the calculation
of any amount on deposit in the Pre-Funding Account, any amount in the
Pre-Funding Account that is to be paid as principal on the Notes on the Payment
Date falling in that Collection Period in connection with the end of the
Pre-Funding Period shall be deemed to have been withdrawn from the Pre-Funding
Account as of the end of  the immediately
preceding Collection Period.

 

Appendix
A (Page 2)

 

“Assets” is defined in Section 2.2 of the Purchase
Agreement.

 

“Assignment” is defined in Section 2.1 of the Sale and Servicing
Agreement.

 

“Authorized Officer” means, with
respect to the Issuing Entity, any officer of the Trustee who is authorized to
act for the Trustee in matters relating to the Issuing Entity and who is
identified on the list of Authorized Officers delivered by the Trustee to the
Indenture Trustee on the Closing Date (as such list may be modified or
supplemented from time to time thereafter) and, so long as the Administration
Agreement is in effect, any Vice President, Assistant Treasurer, Assistant
Secretary, or more senior officer of the Administrator who is authorized to act
for the Administrator in matters relating to the Issuing Entity and to be acted
upon by the Administrator pursuant to the Administration Agreement and who is
identified on the list of Authorized Officers delivered by the Administrator to
the Indenture Trustee on the Closing Date (in each case as such list may be
modified or supplemented from time to time thereafter).

 

“Average Delinquency Ratio” on any
Payment Date means the average of the Delinquency Ratios for the preceding
three calendar months.

 

“Average Delinquency Ratio Test”
for the Payment Date occurring in, or following, a month specified below will
be met if the Average Delinquency Ratio for such Payment Date is less than the
percentage specified opposite such Payment Date:

 

	
  Payment Date

  	
   

  	
  Percentage

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  October 2009

  	
   

  	
  1.75

  	
  %

  
	
   

  	
   

  	
   

  	
   

  
	
  April 2010

  	
   

  	
  2.50

  	
  %

  
	
   

  	
   

  	
   

  	
   

  
	
  October 2010

  	
   

  	
  3.00

  	
  %

  
	
   

  	
   

  	
   

  	
   

  
	
  April 2011

  	
   

  	
  3.50

  	
  %

  

 

“Backup Servicer” means Systems &
Services Technologies, Inc., a Delaware corporation, and its successors
and assigns.

 

“Backup Servicer Account” means
the account designated as such, established and maintained pursuant to Section 5.1(a)(vii) of the Sale and
Servicing Agreement.

 

“Backup Servicer Account Initial Deposit”
means $150,000.

 

“Backup Servicer Account Property”
means the Backup Servicer Account, all amounts and investments held from time
to time in the Backup Servicer Account (whether in the form of deposit
accounts, physical property, book-entry securities, uncertificated securities
or otherwise), and all proceeds of the foregoing.

 

“Backup Servicer Account Required Amount”
means, initially, the Backup Servicer Account Initial Deposit; provided,
however , the Backup Servicer Account Required Amount may be reduced by the
Servicer if (a) Moody’s shall have been given at least 10 Business Days’ 

 

Appendix
A (Page 3)

 

 

prior
notice thereof and shall have not notified the Issuing Entity and the Indenture
Trustee that such reduction will result in a reduction or withdrawal by Moody’s
of its then current rating of any Outstanding Class of the Notes, (b) SST
is no longer acting as Backup Servicer or has otherwise consented to such
reduction (such consent shall not be unreasonably withheld) and (c) SST as
Backup Servicer has been paid any accrued and unpaid amounts due to it.

 

“Backup Servicer Account Shortfall Amount”
is defined in Section 4.12
of the Sale and Servicing Agreement.

 

“Backup Servicer Expenses” is
defined in Section 4.12 of
the Sale and Servicing Agreement.

 

“Backup Servicer Fees” means the
fees payable to the Backup Servicer pursuant to the Backup Servicing Agreement,
the Sale and Servicing Agreement and the Indenture.

 

“Backup Servicing Agreement” means
the Backup Servicing Agreement entered into by the Issuing Entity, the Seller,
the Servicer and the Backup Servicer.

 

“Bankruptcy Code” means the United
States Bankruptcy Code, Title 11 of the United States Code, as amended.

 

“Basic Documents” means the
Certificate of Trust, the Trust Agreement, the Purchase Agreement, the Sale and
Servicing Agreement, the Indenture, the Administration Agreement, the Interest
Rate Swap Agreements, the Backup Servicing Agreement and other documents and
certificates delivered in connection therewith.

 

“Benefit Plan” is defined in Section 3.4 of the Trust Agreement.

 

“Book-Entry Notes” means a
beneficial interest in the Notes of a particular Class, ownership and transfers
of which shall be made through book entries by a Clearing Agency as described
in Section 2.10 of the
Indenture.

 

“Business Day” means any day other
than a Saturday, a Sunday or a day on which banking institutions or trust
companies in The City of New York, New York, Wilmington, Delaware, Chicago,
Illinois, New Holland, Pennsylvania, St. Joseph, Missouri and Racine, Wisconsin
are authorized or obligated by law, regulation or executive order to remain
closed.

 

“Certificate Distribution Account”
is defined in Section 5.1 of
the Trust Agreement.

 

“Certificate of Trust” means the
Certificate of Trust substantially in the form of Exhibit B to the Trust
Agreement filed for the Trust pursuant to Section 3810(a) of
the Trust Statute.

 

“Certificate Register” and “Certificate Registrar” means the register
mentioned and the registrar appointed pursuant to Section 3.4 of the Trust Agreement.

 

“Certificated Security” has the
meaning assigned thereto in Section 8-102(a)(4) of
the UCC.

 

Appendix
A (Page 4)

 

 

“Certificateholder” means a Person
in whose name a Trust Certificate is registered.

 

“Certificates” means the Trust
Certificates (as defined in the Trust Agreement).

 

“CIT Bank” means CIT Bank, an
industrial bank organized under the laws of the State of Utah.

 

“Class” means any class of Notes.

 

“Class A Noteholder” means
any holder of a Class A Note.

 

“Class A Notes” means the A-1
Notes, the A-2 Notes, the A-3 Notes, the A-4a Notes and the A-4b Notes.

 

“Class A Swap Agreements”
means, collectively, the Class A-2 Swap Agreement and the Class A-4b
Swap Agreement, and each is a “Class A Swap
Agreement”.

 

“Class A Swap Termination Payments”
or “Swap Termination Payments”
means, collectively, the Class A-2 Swap Termination Payment and the Class A-4b
Swap Termination Payment, and each is a “Class A Swap
Termination Payment” or a “Swap Termination Payment”.

 

“Class A-2 Counterparty”
means BNP Paribas S.A. and any other counterparty under the Class A-2 Swap Agreement or any successor
agreement to the Class A-2 Swap Agreement.

 

“Class A-2 Net Swap Payment”
means, for any Payment Date, the net amount payable by the Issuing Entity under
the Class A-2 Swap Agreement (excluding any Class A-2 Swap
Termination Payment).

 

“Class A-2 Net Swap Receipt”
means, for any Payment Date, the net amount payable by the Class A-2
Counterparty under the Class A-2 Swap Agreement (excluding any Class A-2
Swap Termination Payment).

 

“Class A-2 Reference Banks”
means four major banks in the London interbank market selected by the Class A-2
Counterparty.

 

“Class A-2 Representative Amount”
means, on any LIBOR Determination Date, an amount equal to the outstanding
principal amount of the A-2 Notes on the immediately preceding Payment Date or
the Closing Date, as applicable.

 

“Class A-2 Swap Agreement”
means an interest rate swap agreement between the Trust and the Class A-2
Counterparty substantially in the form of Exhibit G to the Sale and Servicing
Agreement or such other form as shall have satisfied the Rating Agency
Condition.

 

“Class A-2 Swap Termination Payment”
means any termination payment due under the terms of the Class A-2 Swap
Agreement.

 

“Class A-2 USD-LIBOR Reference Banks
Rate” means, for each Interest Period, the rate determined on the
basis of the rates at which deposits in U.S. Dollars are offered by the Class A-2

 

Appendix
A (Page 5)

 

 

Reference
Banks at approximately 11:00 a.m., London time, on the related LIBOR
Determination Date to prime banks in the London interbank market for a period
of one month commencing on the first day of the Interest Period for which such
rate is being determined and in a Class A-2 Representative Amount.  The Class A-2 Counterparty (in its
capacity as calculation agent under the Class A-2 Swap Agreement) will
request the principal London office of each of the Class A-2 Reference
Banks to provide a quotation of its rate. 
If at least two such quotations are provided, the rate for that Interest
Period will be the arithmetic mean of the quotations.  If fewer than two quotations are provided as
requested, the rate for that Interest Period will be the arithmetic mean of the
rates quoted by major banks in New York City, selected by the Class A-2
Counterparty, at approximately 11:00 a.m., New York time, on the related
LIBOR Determination Date for loans in U.S. Dollars to leading European banks
for a period for which such rate is being determined and in a Class A-2
Representative Amount.

 

“Class A-4b Counterparty”
means BNP Paribas S.A. and any other counterparty under the Class A-4b
Swap Agreement or any successor agreement to the Class A-4b Swap
Agreement.

 

“Class A-4b Net Swap Payment”
means, for any Payment Date, the net amount payable by the Issuing Entity under
the Class A-4b Swap Agreement (excluding any Class A-4b Swap
Termination Payment).

 

“Class A-4b Net Swap Receipt”
means, for any Payment Date, the net amount payable by the Class A-4b
Counterparty under the Class A-4b Swap Agreement (excluding any Class A-4b
Swap Termination Payment).

 

“Class A-4b Reference Banks”
means four major banks in the London interbank market selected by the Class A-4b
Counterparty.

 

“Class A-4b Representative Amount”
means, on any LIBOR Determination Date, an amount equal to the outstanding
principal amount of the A-4b Notes on the immediately preceding Payment Date or
the Closing Date, as applicable.

 

“Class A-4b Swap Agreement”
means an interest rate swap agreement between the Trust and the Class A-4b
Counterparty substantially in the form of Exhibit G to the Sale and
Servicing Agreement or such other form as shall have satisfied the Rating
Agency Condition.

 

“Class A-4b Swap Termination Payment”
means any termination payment due under the terms of the Class A-4b Swap
Agreement.

 

“Class A-4b USD-LIBOR Reference Banks
Rate” means, for each Interest Period, the rate determined on the
basis of the rates at which deposits in U.S. Dollars are offered by the Class A-4b
Reference Banks at approximately 11:00 a.m., London time, on the related
LIBOR Determination Date to prime banks in the London interbank market for a
period of one month commencing on the first day of the Interest Period for
which such rate is being determined and in a Class A-4b Representative
Amount.  The Class A-4b Counterparty
(in its capacity as calculation agent under the Class A-4b Swap Agreement)
will request the principal London office of each of the Class A-4b
Reference Banks to provide a quotation of its rate.  If at least two such quotations are provided,
the rate for that Interest Period will be the arithmetic mean of 

 

Appendix
A (Page 6)

 

 

the
quotations.  If fewer than two quotations
are provided as requested, the rate for that Interest Period will be the
arithmetic mean of the rates quoted by major banks in New York City, selected
by the Class A-4b Counterparty, at approximately 11:00 a.m., New York
time, on the related LIBOR Determination Date for loans in U.S. Dollars to
leading European banks for a period for which such rate is being determined and
in a Class A-4b Representative Amount.

 

“Class B Note” means any of
the Issuing Entity’s 0.00% Class B Asset Backed Notes.

 

“Class B Note Final Scheduled Maturity
Date” means the August 15, 2014 Payment Date.

 

“Class B Note Rate” means
0.00% per annum, computed on the basis of a 360-day year of consisting of
twelve 30-day months.

 

“Class B Noteholder” means
any holder of a Class B Note.

 

“Class Final Scheduled Maturity Date”
means, as to any Class of Notes, the final scheduled maturity date for
that Class, as designated by the defined term that begins with the designation
of that Class and ends with the phrase “Final Scheduled Maturity
Date.”  For instance, the Class Final
Scheduled Maturity Date for the A-1 Notes is the A-1 Note Final Scheduled
Maturity Date.

 

“Class Interest Amount”
means, with respect to any Payment Date (the “current Payment Date”) and any Class of
Notes, an amount equal to the sum of (a) the aggregate amount of interest
accrued on that Class of Notes at the applicable Interest Rate from and
including the preceding Payment Date (or, in the case of the initial Payment
Date, from and including the Closing Date) to but excluding the current Payment
Date plus (b) the Class Interest Shortfall for that Class of
Notes and the current Payment Date.

 

“Class Interest Shortfall”
means, with respect to any Payment Date (the “current Payment Date”) and any Class of
Notes, the excess of the Class Interest Amount for the preceding Payment
Date over the amount in respect of interest on that Class of Notes that
was actually deposited in the Note Distribution Account on such preceding
Payment Date, plus interest on such excess, to the extent permitted by law, at
a rate per annum equal to the Interest Rate on that Class of Notes, from
such preceding Payment Date to but excluding the current Payment Date.

 

“Clearing Agency” means an
organization registered as a “clearing agency” pursuant to Section 17A of the Exchange Act that
has been designated as the “Clearing Agency” for purposes of the Indenture.

 

“Clearing Agency Participant”
means a broker, dealer, bank, other financial institution or other Person for
whom from time to time a Clearing Agency effects book-entry transfers and
pledges of securities deposited with the Clearing Agency.

 

“Closing Date” means April 18,
2008.

 

Appendix
A (Page 7)

 

 

“CNH America” means CNH America
LLC, a Delaware limited liability company, and its successors and assigns.

 

“CNH Global” means CNH Global
N.V., a company organized in the Kingdom of The Netherlands, and its successors
and assigns.

 

“CNHCA” means CNH Capital America
LLC, a Delaware limited liability company, and its successors and assigns.

 

“CNHCA Assignment” means the
document of assignment attached to the Purchase Agreement as Exhibit A.

 

“CNHCA Subsequent Transfer Assignment”
is defined in Section 4.1(b)(i) of
the Purchase Agreement.

 

“CNHCR” means CNH Capital
Receivables LLC, a Delaware limited liability company, and its successors in
interest to the extent permitted hereunder.

 

“CNHCR Assets” is defined in Section 2.2 of the Sale and Servicing
Agreement.

 

“Code” means the Internal Revenue
Code of 1986, as amended from time to time, and Treasury Regulations
promulgated thereunder.

 

“Collateral” is defined in the
Granting Clause of the Indenture.

 

“Collection Account” means the
account designated as such, established and maintained pursuant to Section 5.1(a) of the Sale and
Servicing Agreement.

 

“Collection Period” means, with
respect to any Payment Date, the period from the end of the preceding
Collection Period (or, if for the first Payment Date, from the beginning of the
day after the Initial Cutoff Date) to and including the last day of the
calendar month preceding the calendar month in which the Payment Date occurs.

 

“Commission” means the Securities
and Exchange Commission.

 

“Contract” means a Retail Installment
Contract.

 

“Contract Value” means, with
respect to any day (including the Initial Cutoff Date or any Subsequent Cutoff
Date), the sum of (a) the present value of the future Scheduled Payments
discounted monthly at an annual rate equal to the Specified Discount Factor;
plus (b) the amount of any past due payments.

 

“Control” with respect to any
Federal Book Entry Security, the Indenture Trustee shall have obtained control
if:

 

(i)            the Indenture Trustee is a participant in the book entry
system maintained by the Federal Reserve Bank that is acting as fiscal agent
for the Issuing Entity of such Federal Book Entry Security, and such Federal
Reserve 

 

Appendix
A (Page 8)

 

 

Bank
has indicated by book entry that such Federal Book Entry Security has been
credited to the Indenture Trustee’s securities account in such book entry
system; or

 

(ii)           the Indenture Trustee (1) is registered on the
records of a Securities Intermediary as the person having a Securities
Entitlement in respect of such Federal Book Entry Security against such
Securities Intermediary; or (2) has obtained the agreement, in writing, of
the Securities Intermediary for such Securities Entitlement that such
Securities Intermediary will comply with Entitlement Orders of the Indenture
Trustee without further consent of any other Person; and (b) the
Securities Intermediary is a participant in the book entry system maintained by
the Federal Reserve Bank that is acting as fiscal agent for the Issuing Entity
of such Federal Book Entry Security; and (c) such Federal Reserve Bank has
indicated by book entry that such Federal Book Entry Security has been credited
to the Securities Intermediary’s securities account in such book entry system.

 

“Corporate Trust Office” means, (a) with
respect to the Indenture Trustee, the office of the Indenture Trustee in
Illinois at which at any particular time its corporate trust business shall be
administered, and all notices to the Indenture Trustee shall be directed to the
Indenture Trustee’s office located at 2 North LaSalle Street, Suite 1020,
Chicago, Illinois 60602, Attention Structured Finance-ABS, facsimile no. (312)
827-8562; or at such other address as the Indenture Trustee may designate from
time to time by notice to the Noteholders and the Seller, or the principal
corporate trust office of any successor Indenture Trustee (the address of which
the successor Indenture Trustee will notify the Noteholders and the Seller),
and (b) with respect to the Trustee, the principal corporate trust office
of the Trustee located at Rodney Square North, 1100 North Market Street,
Wilmington, Delaware 19890, Attention: Corporate Trust Administration; or at
such other address as the Trustee may designate from time to time by notice to
the Certificateholders and the Depositor, or the principal corporate trust
office of any successor Trustee (the address of which the successor Trustee
will notify the Certificateholders and the Depositor).

 

“Counterparties”
or “Counterparty”
means the Class A-2 Counterparty and/or the Class A-4b Counterparty.

 

“Cumulative Net Loss Ratio” on any
Payment Date means the ratio, expressed as a percentage, of (a) the
aggregate Measured Losses on the Receivables since their respective Cutoff
Dates through the last day of the related Collection Period, to (b) the
sum of (i) the Pool Balance as of the Initial Cutoff Date and (ii) the
sum of the Contract Values of all Receivables purchased with amounts on deposit
in the Pre-Funding Account, each as of the related Cutoff Date for the related
Receivable.

 

“Cumulative Net Loss Ratio Test”
for the Payment Date occurring in, or following, a month specified below will
be met if the Cumulative Net Loss Ratio for such Payment Date is less than the
percentage specified opposite such Payment Date:

 

Appendix
A (Page 9)

 

 

	
  Payment Date

  	
   

  	
  Percentage

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  October 2009

  	
   

  	
  0.40

  	
  %

  
	
   

  	
   

  	
   

  	
   

  
	
  April 2010

  	
   

  	
  0.55

  	
  %

  
	
   

  	
   

  	
   

  	
   

  
	
  October 2010

  	
   

  	
  0.65

  	
  %

  
	
   

  	
   

  	
   

  	
   

  
	
  April 2011

  	
   

  	
  0.75

  	
  %

  

 

“Cutoff Date” means, (a) with
respect to any Initial Receivable, the Initial Cutoff Date, and (b) with
respect to any Subsequent Receivable, the applicable Subsequent Cutoff Date.

 

“Dealer” means the dealer (which
may include retail outlets owned in whole or in part by CNH America LLC) or
other third-party that (i) originated and assigned the respective
Receivable to CNHCA or NH Credit, as applicable, under a Dealer Agreement or (ii) coordinated
the origination of a Receivable through a program with CIT Bank, pursuant to
which CIT Bank funds installment loans to consumers to enable the consumers to
purchase products distributed by such party.

 

“Dealer Agreement” means the
retail financing agreement, warranty agreement or other agreement between the
applicable Dealer and CNHCA or NH Credit, as applicable, which governs the
terms of sales of Receivables from that Dealer to CNHCA or NH Credit, as
applicable.

 

“Default” means any occurrence
that is, or with notice or the lapse of time or both would become, an Event of
Default.

 

“Definitive Notes” is defined in Section 2.10 of the Indenture.

 

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

 

“Delivery” means, when used with
respect to Trust Account Property:

 

(i)            with respect to a Certificated Security, transfer of such
Certificated Security to the Indenture Trustee or its nominee or custodian by
physical delivery to the Indenture Trustee or its nominee or custodian,
endorsed to, or registered in the name of, the Indenture Trustee or its nominee
or custodian or endorsed in blank; and

 

(ii)           with respect to any such Trust Account Property that
constitutes an Uncertificated Security (including any investments in money
market mutual funds, but excluding any Federal Book Entry Security), (A) registration
of the Indenture Trustee as the registered owner by the Issuing Entity, 

 

Appendix
A (Page 10)

 

 

or
(B) satisfaction of the requirements for obtaining “control” pursuant to Section 8-106(c)(2) of the UCC.

 

“Depositor” means the Seller in
its capacity as Depositor under the Trust Agreement.

 

“Derivative
Agreement” means the applicable Interest Rate Swap Agreement between
the related Counterparty and the Trust, including any schedule, confirmations,
credit support annex or other credit support document relating thereto, which
agreement provides for Net Swap Payments and Swap Termination Payments to be
paid, as provided therein, together with any schedules, confirmations, or other
agreements relating thereto.

 

“Determination Date” means, with
respect to any Transfer Date, the second Business Day prior to such Transfer
Date.

 

“Eligible Deposit Account” means
either:  (a) a segregated account
with an Eligible Institution or any other segregated account, the deposit of
funds in which satisfies the Rating Agency Condition or (b) a segregated
trust account with the corporate trust department of a depository institution
organized under the laws of the United States of America or any State (or any
domestic branch of a foreign bank), having corporate trust powers and acting as
trustee for funds deposited in such account, so long as any of the securities
of such depository institution have a credit rating from each Rating Agency in
one of its generic rating categories that signifies investment grade.

 

“Eligible Institution” means:  (a) the corporate trust department of
the Indenture Trustee or the Trustee or (b) a depository institution
organized under the laws of the United States of America or any State (or any
domestic branch of a foreign bank), which: 
(i) has either a long-term or short-term senior unsecured debt
rating or certificate of deposit rating acceptable to the Rating Agencies and (ii) whose
deposits are insured by the FDIC.

 

“Eligible Investments” mean
book-entry securities, negotiable instruments or securities represented by
instruments in bearer or registered form that evidence:

 

(a)           direct obligations of, and obligations fully guaranteed as
to timely payment by, the United States of America;

 

(b)           demand deposits, time deposits or certificates of deposit
of any depository institution or trust company incorporated under the laws of
the United States of America or any State (or any domestic branch of a foreign
bank) and subject to supervision and examination by federal or State banking or
depository institution authorities; provided, however, that at the time of the
investment or contractual commitment to invest therein, the commercial paper or
other short-term senior unsecured debt obligations (other than such obligations
the rating of which is based on the credit of a Person other than such depository
institution or trust company) thereof shall have a credit rating from each of
the Rating Agencies in the highest investment category granted thereby;

 

Appendix
A (Page 11)

 

 

(c)           commercial paper having, at the time of the investment or
contractual commitment to invest therein, a rating from each of the Rating
Agencies in the highest investment category granted thereby;

 

(d)           investments in money market funds having a rating from
each of the Rating Agencies in the highest investment category granted thereby
(including funds for which the Indenture Trustee or the Trustee or any of their
respective Affiliates is investment manager or advisor); provided, that during
the Funding Period no investments in money market funds shall be made with
funds in any Trust Account other than the Collection Account;

 

(e)           bankers’ acceptances issued by any depository institution
or trust company referred to in clause (b);

 

(f)            repurchase obligations with respect to any security that
is a direct obligation of, or fully guaranteed as to timely payment by, the
United States of America or any agency or instrumentality thereof the
obligations of which are backed by the full faith and credit of the United
States of America, in either case entered into with a depository institution or
trust company (acting as principal) described in clause (b); and

 

(g)           any other investment permitted by each of the Rating
Agencies in the highest investment category granted thereby as set forth in writing
delivered to the Indenture Trustee;

 

provided, that
investments described in clauses (b) through
(g) shall be made only so
long as making such investments will not require the Issuing Entity to register
as an investment company under the Investment Company Act of 1940, as amended.

 

“Entitlement Order” has the
meaning assigned thereto in Section 8-102(a)(8) of
the UCC.

 

“ERISA” means the Employee
Retirement Income Security Act of 1974, as amended from time to time, and the
regulations promulgated thereunder.

 

“Event of Default” is defined in Section 5.1 of the Indenture.

 

“Exchange Act” means the
Securities Exchange Act of 1934, as amended.

 

“Exchange Act Reports” means any
reports on Form 10-D, Form 8-K and Form 10-K filed or to be
filed by the Seller with respect to the Issuing Entity under the Exchange Act.

 

“Executive Officer” means, with
respect to any corporation or limited liability company, the Chief Executive
Officer, Chief Operating Officer, Chief Financial Officer, President, Executive
Vice President, any Vice President, the Secretary or the Treasurer of such
corporation or limited liability company; and with respect to any partnership,
any general partner thereof.

 

“Expected Excess Spread” means,
with respect to each Subsequent Cutoff Date, an amount determined by the
Servicer to represent excess cash flows from the Receivables that can 

 

Appendix
A (Page 12)

 

 

reasonably
be expected to be available to cover the amounts described in clause (a) of the definition of
Required Principal Supplement Account Balance; provided
that each Rating Agency has confirmed that use of such amount determined by the
Servicer in calculating the Required Principal Supplement Account Balance for
such Subsequent Transfer Date will not result in a withdrawal or downgrade of
its rating of any Class of Notes.

 

“Expenses” is defined in Section 8.2 of the Trust Agreement.

 

“Federal Book Entry Security”
means an obligation (i) issued by the U.S. Treasury, the Federal Home Loan
Mortgage Corporation or the Federal National Mortgage Association, or any other
direct obligation of, or obligation fully guaranteed as to timely payment of
principal and interest by, the United States of America, that is a book-entry
security held through the Federal Reserve System pursuant to federal book entry
regulations, and (ii) the perfection of a security interest in which is
governed pursuant to federal regulations by Article 8 of the UCC.

 

“FDIC” means the Federal Deposit
Insurance Corporation or any successor.

 

“Final Scheduled Maturity Date”
means the latest to occur of the Class Final Scheduled Maturity Dates.

 

“Financed Equipment” means
property, including any agricultural, construction, forestry or other
equipment, together with all accessions thereto, securing an Obligor’s
indebtedness under a Retail Installment Contract, including any Substitute
Equipment that has been substituted (in accordance with Section 4.14
of the Sale and Servicing Agreement) for a piece of equipment that originally
secured such indebtedness under a Retail Installment Contract (“Replaced
Equipment”).  Following the substitution
of the Substitute Equipment pursuant to Section 4.14
of the Sale and Servicing Agreement, the Replaced Equipment shall no longer be
considered Financed Equipment for any purposes in the Basic Documents.

 

“Financial Asset” has the meaning
assigned thereto in Section 8-102(a)(9) of
the UCC.

 

“First Principal Payment Amount”
has the meaning assigned thereto in Section 5.6(b)(vi) of
the Sale and Servicing Agreement.

 

“Fitch” means Fitch, Inc., or
its successor.

 

“Floating
Rate Notes” means the Class A-2 and Class A-4b Notes.

 

“Form 10-D Disclosure Item”
shall mean with respect to any Person, (a) any legal proceedings pending
against such Person or of which any property of such Person is then subject, or
(b) any governmental proceeding known to be contemplated by governmental
authorities against such Person or of which any property of such Person would
be subject, in each case that would be material to the Noteholders.

 

“Funding Period” means the period
from and including the Closing Date and ending on the earliest of:  (a) the Determination Date on which the
amount on deposit in the Pre-Funding Account (after giving effect to any
transfers therefrom in connection with the transfer of Subsequent Receivables
to the Issuing Entity on or before such Determination Date) is less than 

 

Appendix
A (Page 13)

 

 

$200,000,
(b) the date on which an Event of Default or a Servicer Default occurs, (c) the
date on which an Insolvency Event occurs with respect to the Seller or the
Servicer and (d) the close of business on the July 2008 Payment Date.

 

“Grant” means mortgage, pledge,
bargain, sell, warrant, alienate, remise, release, convey, assign, transfer,
create and grant a Lien upon and a security interest in and right of set-off
against, deposit, set over and confirm pursuant to the Indenture, and other
forms of the verb “to Grant” shall have correlative meanings.  A Grant of the Collateral or of any other
agreement or instrument shall include all rights, powers and options (but none
of the obligations) of the Granting party thereunder, including the immediate
and continuing right to claim for, collect, receive and give receipt for
principal and interest payments in respect of the Collateral and all other
monies payable thereunder, to give and receive notices and other
communications, to make waivers or other agreements, to exercise all rights and
options, to bring Proceedings in the name of the Granting party or otherwise
and generally to do and receive anything that the Granting party is or may be
entitled to do or receive thereunder or with respect thereto.

 

“Holder” means (a) with
respect to a Note, the Person in whose name a Note is registered on the Note
Register and (b) with respect to a Certificate, a Certificateholder, as
the context may require.

 

“Indemnified Parties” is defined
in Section 8.2 of the Trust
Agreement.

 

“Indenture” means the Indenture
dated as of April 1, 2008 between the Issuing Entity and the Indenture
Trustee, as the same may be amended and supplemented from time to time.

 

“Indenture Trustee” means The Bank
of New York Trust Company, N.A., a national banking association, not in its
individual capacity but solely as Indenture Trustee under the Indenture, or any
successor Indenture Trustee under the Indenture.

 

“Independent” means, when used
with respect to any specified Person, that the Person:  (a) is in fact independent of the
Issuing Entity, any other obligor upon the Notes, the Seller and any Affiliate
of any of the foregoing Persons, (b) does not have any direct financial
interest or any material indirect financial interest in the Issuing Entity, any
such other obligor, the Seller or any Affiliate of any of the foregoing Persons
and (c) is not connected with the Issuing Entity, any such other obligor,
the Seller or any Affiliate of any of the foregoing Persons as an officer,
employee, promoter, underwriter, trustee, partner, director or Person
performing similar functions.

 

“Independent Certificate” means a
certificate or opinion to be delivered to the Indenture Trustee under the
circumstances described in, and otherwise complying with, the applicable
requirements of Section 11.1
of the Indenture, made by an Independent appraiser or other expert appointed by
an Issuing Entity Order in the exercise of reasonable care and approved by the
Indenture Trustee, and such opinion or certificate shall State that the signer
has read the definition of “Independent” in the Indenture and that the signer
is Independent within the meaning thereof.

 

Appendix
A (Page 14)

 

 

“Initial Aggregate Statistical Contract Value”
means $516,980,674.25, which amount is equal to the aggregate Statistical
Contract Value of all Initial Receivables as of the Initial Cutoff Date.

 

“Initial Assets” is defined in Section 2.1 of the Sale and Servicing
Agreement.

 

“Initial CNHCA Assets” is defined
in Section 2.1 of the
Purchase Agreement.

 

“Initial Cutoff Date” means March 31,
2008.

 

“Initial Cutoff Date APR” means
5.22%, which is an annual rate that equals the weighted average APR of the
Initial Receivables as of the Initial Cutoff Date.

 

“Initial Pool Balance” means:  (i) the Pool Balance as of the Initial
Cutoff Date, which is $497,957,534.93 plus (ii) the aggregate Contract
Value of all Subsequent Receivables sold to the Issuing Entity as of their
respective Subsequent Cutoff Dates.

 

“Initial Purchase Price” is
defined in Section 2.1 of
the Purchase Agreement.

 

“Initial Receivable” means any
Contract included in the Schedule of Receivables delivered by CNHCA to CNHCR on
the Closing Date or the Schedule of Receivables delivered by the Servicer to
the Trustee on the Closing Date.

 

“Insolvency Event” means, with
respect to a specified Person:  (a) the
filing of a decree or order for relief by a court having jurisdiction in the
premises in respect of such Person or any substantial part of its property in
an involuntary case under any applicable federal or State bankruptcy,
insolvency or other similar law now or hereafter in effect, or appointing a
receiver, liquidator, assignee, custodian, trustee, sequestrator or similar
official for such Person or for any substantial part of its property, or
ordering the winding-up or liquidation of such Person’s affairs, and such
decree or order shall remain unstayed and in effect for a period of 60
consecutive days, or (b) the commencement by such Person of a voluntary
case under any applicable federal or State bankruptcy, insolvency or other
similar law now or hereafter in effect, or the consent by such Person to the
entry of an order for relief in an involuntary case under any such law, or the
consent by such Person to the appointment of or taking possession by a
receiver, liquidator, assignee, custodian, trustee, sequestrator or similar
official for such Person or for any substantial part of its property, or the
making by such Person of any general assignment for the benefit of creditors,
or the failure by such Person generally to pay its debts as such debts become
due, or the taking of action by such Person in furtherance of any of the
foregoing.

 

“Instrument” has the meaning
assigned thereto in Section 9-102(47)
of the UCC.

 

“Interest Period” means (a) with
respect to the first Payment Date, the period from and including the Closing
Date to, but excluding, the first Payment Date, and (b) with respect to
any other Payment Date, the period from and including the immediately preceding
Payment Date to, but excluding, that Payment Date.

 

“Interest Rate” means (a) as
to the A-1 Notes, the A-1 Note Rate, (b) as to the A-2 Notes, the A-2 Note
Rate, (c) as to the

A-3 Notes, the A-3 Note Rate, (d) as to the A-4a Notes, the A-4a 

 

Appendix
A (Page 15)

 

 

Note
Rate, (e) as to the A-4b Notes, the A-4b Note Rate, and (f) as to the
Class B Notes, the Class B Note Rate.

 

“Interest
Rate Swap Agreements” or “Interest Rate Swap Agreement” means the Class A-2 Swap
Agreement and/or the Class A-4b Swap Agreement.

 

“Investment Earnings” means, with
respect to any Payment Date, the interest and other investment earnings (net of
losses and investment expenses) on amounts on deposit in the Trust Accounts to
be deposited into the Collection Account on the related Transfer Date pursuant
to Section 5.1(b) of
the Sale and Servicing Agreement.

 

“Investment Property” is defined
in Section 9-102(49) of the
UCC.

 

“Issuing Entity” means CNH
Equipment Trust 2008-A until a successor replaces it and, thereafter, means the
successor and, for purposes of any provision contained in the Indenture and
required by the TIA, each other obligor on the Notes.

 

“Issuing Entity Order” and “Issuing Entity Request” means a written
order or request, respectively, signed in the name of the Issuing Entity by any
one of its Authorized Officers and delivered to the Indenture Trustee.

 

“Item 1119 Party” means the
Seller, CNHCA, the Servicer, the Indenture Trustee, the Trustee, the Backup
Servicer, any underwriter of the Notes, any Counterparty and any other material
transaction party identified by the Seller or CNHCA to the Indenture Trustee or
the Trustee in writing.

 

“LIBOR Determination Date” means
the day that is two London Banking Days preceding the first day of an Interest
Period and with respect to the first LIBOR Determination Date, the day that is
two London Banking Days preceding the Closing Date.

 

“Lien” means a security interest,
lien, charge, pledge, equity or encumbrance of any kind, other than (i) tax
liens, mechanics’ liens and any liens that attach to the related Receivable by
operation of law as a result of any act or omission by the related Obligor and (ii) any
lien against the Financed Equipment resulting from a cross-collateralization
provision in the related Contract.

 

“Liquidated Receivable” means any
Receivable liquidated by the Servicer through the sale or other disposition of
the related Financed Equipment or that the Servicer has, after using all
reasonable efforts to realize upon the Financed Equipment, determined to charge
off without realizing upon the Financed Equipment.

 

“Liquidation Proceeds” means, with
respect to any Liquidated Receivable, the monies collected in respect thereof
from whatever source (including the proceeds of insurance policies with respect
to the related Financed Equipment (to the extent not used to purchase
Substitute Equipment) or Obligor and payments made by a Dealer pursuant to the
related Dealer Agreement with respect to such Receivable), other than
Recoveries, net of the sum of any amounts expended by the Servicer in
connection with such liquidation and any amounts required by law to be remitted
to the Obligor on such Liquidated Receivable.

 

Appendix
A (Page 16)

 

 

“Liquidity Receivables Purchase Agreement”
is defined in the Recitals of the Purchase Agreement.

 

“London Banking Day” means any day
on which dealings in deposits in U.S. Dollars are transacted in the London
interbank market.

 

“Maximum Negative Carry Amount”
means, for any Payment Date, the product of:

 

(a)           the weighted average of the Interest Rate on each class of
Notes (assuming LIBOR is equal to the Stated Fixed Interest Rate Swap Rate for
each class of Floating Rate Notes) minus 1.75%; multiplied by

 

(b)           the amount on deposit in the Pre-Funding Account;
multiplied by

 

(c)           the fraction of a year represented by the number of days
until the expected end of the Funding Period, calculated on the basis of a
360-day year of twelve 30-day months.

 

“Measured Losses” means, for any
Collection Period, the sum of (a) for each Receivable that became a
Liquidated Receivable during such Collection Period, the difference between (i) the
Principal Balance plus accrued and unpaid interest on such Receivable less the
Write Down Amount for such Receivable (if such receivable was a 180-Day
Receivable or Repossessed Receivable at the time of liquidation), if any, and (ii) the
Liquidation Proceeds received with respect to such Receivable during such
Collection Period, (b) with respect to any Receivable that became a
180-Day Receivable or a Repossessed Receivable during such Collection Period,
the Write Down Amount, if any, for that Receivable and (c) with respect to
each other 180-Day Receivable or Repossessed Receivable, the amount of the
adjustment, if any, to the Write Down Amount for such Receivable for the
related Collection Period.

 

“Modification
Purchase Event” is defined in Section 4.2
of the Sale and Servicing Agreement.

 

“Moody’s” means Moody’s Investors
Service, Inc., or its successor.

 

“Negative Carry Account” means the
account designated as such, established and maintained pursuant to Section 5.1(a)(v) of the Sale
and Servicing Agreement.

 

“Negative Carry Account Initial Deposit”
means $0.

 

“Negative Carry Amount” means an
amount for each Payment Date calculated by the Servicer as the difference (if
positive) between:  (a) the product
of:  (i) the sum of the Class Interest
Amounts for each Class of Notes for such Payment Date multiplied by (ii) the
Pre-Funded Percentage as of the immediately prior Payment Date (or, in the case
of the first Payment Date, the Closing Date) minus (b) the Pre-Funding
Account Investment Earnings.

 

“Net Swap
Payments” or “Net Swap Payment” means the Class A-2 Net Swap Payment
and/or the Class A-4b Net Swap Payment.

 

Appendix
A (Page 17)

 

 

“Net Swap
Receipts” or “Net Swap Receipt” means the Class A-2 Net Swap Receipt
and/or the Class A-4b Net Swap Receipt.

 

“NH Credit” means New Holland
Credit Company, LLC, a Delaware limited liability company, and its successors
and assigns.

 

“Note Balance” means the aggregate
Outstanding Amount of the Notes from time to time.

 

“Note Depository Agreement” means
the agreement between the Issuing Entity and The Depository Trust Company, as
the initial Clearing Agency, dated as of the Closing Date.

 

“Note Distribution Account” means
the account designated as such, established and maintained pursuant to Section 5.1(a)(ii) of the Sale and
Servicing Agreement.

 

“Note Monthly Principal Distributable Amount”
means, with respect to any Payment Date, the amount necessary to be paid on the
Notes to reduce the Outstanding Amount of the Notes (after giving effect to the
application of the First Principal Payment Amount to reduce such Outstanding
Amount) to an amount equal to the Asset Balance for that Payment Date; provided that the Note Monthly Principal
Distributable Amount shall not exceed the aggregate Outstanding Amount of the
Notes; provided, further, that on the Class Final
Scheduled Maturity Date for each Class of Notes, the Note Monthly
Principal Distributable Amount will at least equal the amount necessary to
repay the Outstanding Amount of that Class of Notes and of any other Class of
Notes payable prior to that Class of Notes. For purposes of this
definition only, the A-1 Notes, A-2 Notes, A-3 Notes and the A-4 Notes shall
each be deemed to be a separate Class of Notes.

 

“Note Owner” means, with respect
to a Book-Entry Note, the Person who is the owner of such Book-Entry Note, as
reflected on the books of the Clearing Agency, or on the books of a Person
maintaining an account with the Clearing Agency (directly as a Clearing Agency
Participant or as an indirect participant, in each case in accordance with the rules of
the Clearing Agency).

 

“Note Pool Factor” means, as of
the close of business on any Payment Date with respect to any Class of
Notes, the Outstanding Amount of that Class of Notes divided by the
original Outstanding Amount of that Class of Notes (carried out to the
seventh decimal place). The Note Pool Factor for each Class will be 100%
as of the Closing Date, and, thereafter, will decline to reflect reductions in
the Outstanding Amount of the Notes.

 

“Note Register” and “Note
Registrar” have the respective meanings specified in Section 2.4 of the Indenture.

 

“Noteholders” means the Class A
Noteholders and the Class B Noteholders.

 

“Noteholders’ Distributable Amount”
means, with respect to any Payment Date, the sum of:  (a) the Class Interest Amount for
each Class of Notes and (b) the Note Monthly Principal Distributable
Amount.

 

Appendix
A (Page 18)

 

 

“Notes” means the Class A
Notes and the Class B Notes.

 

“Obligor” means, with respect to
any Receivable, any Person who owes payments under the Receivable.

 

“Officer’s Certificate” means a
certificate signed by one of the following: 
the Chairman of the Board, the President, the Vice Chairman of the
Board, an Executive Vice President, any Vice President, a Treasurer, Assistant
Treasurer, Secretary or Assistant Secretary of the Seller, Administrator or
Servicer, as appropriate.

 

“One-Month LIBOR” means, for each
Interest Period, the rate for deposits in U.S. Dollars for a period of one
month corresponding to such Interest Period which appears on the Reuters Screen
LIBOR01 Page as of 11:00 a.m., London time, on the related LIBOR
Determination Date.  If such rate does
not appear on the Reuters Screen LIBOR01 Page, the rate for that Interest
Period will be determined as if the parties had specified “USD-LIBOR Reference
Banks Rate” as the applicable rate.

 

“Opinion of Counsel” means a
written opinion of counsel (who may, except as otherwise expressly provided in
this Agreement, be an employee of or counsel to the Seller or the Servicer),
which counsel and opinion shall be reasonably acceptable to the Indenture
Trustee, the Trustee, the Counterparties or the Rating Agencies, as applicable.

 

“Originator” means CNHCA.

 

“Outstanding” means, as of the
date of determination, all Notes theretofore authenticated and delivered under
the Indenture except:

 

(i)   Notes
theretofore canceled by the Note Registrar or delivered to the Note Registrar
for cancellation;

 

(ii)   Notes
or portions thereof the payment for which money in the necessary amount has
been theretofore deposited with the Indenture Trustee or any Paying Agent in
trust for the Holders of such Notes (provided,
however, that if such Notes are
to be redeemed, notice of such redemption has been duly given pursuant to the
Indenture); and

 

(iii)   Notes
in exchange for or in lieu of other Notes that have been authenticated and
delivered pursuant to the Indenture unless proof satisfactory to the Indenture
Trustee is presented that any such Notes are held by a bona fide purchaser; provided, that in determining whether the
Holders of the requisite Outstanding Amount of the Notes have given any
request, demand, authorization, direction, notice, consent or waiver hereunder
or under any Basic Document, Notes owned by the Issuing Entity, any other
obligor upon the Notes, the Seller or any Affiliate of any of the foregoing
Persons shall be disregarded and deemed not to be Outstanding, except that, in
determining whether the Indenture Trustee shall be protected in relying upon
any such request, demand, authorization, direction, notice, consent or waiver,
only Notes that a Responsible Officer of the Indenture Trustee actually knows to
be so owned shall be so 

 

Appendix
A (Page 19)

 

 

disregarded.
Notes so owned that have been pledged in good faith may be regarded as
Outstanding if the pledgee establishes to the satisfaction of the Indenture
Trustee the pledgee’s right so to act with respect to such Notes and that the
pledgee is not the Issuing Entity, any other obligor upon the Notes, the Seller
or any Affiliate of any of the foregoing Persons.

 

“Outstanding Amount” means the
aggregate principal amount of all Notes, or Class of Notes, as applicable,
Outstanding at the date of determination.

 

“Owned Contracts” is defined in
the Recitals of the Purchase Agreement.

 

“Paying Agent” means (a) with
respect to the Notes, the Indenture Trustee or any other Person that meets the
eligibility standards for the Indenture Trustee specified in Section 6.11 of the Indenture and is
authorized by the Issuing Entity to make the payments to and distributions from
the Collection Account and the Note Distribution Account, including payment of
principal of or interest on the Notes on behalf of the Issuing Entity, and (b) with
respect to the Certificates, any paying agent or co-paying agent appointed
pursuant to Section 3.9 of
the Trust Agreement, and shall initially be The Bank of New York Trust Company,
N.A.

 

“Payment Date” means, with respect
to each Collection Period, the fifteenth day of the calendar month following
the end of that Collection Period, or, if such day is not a Business Day, the
next Business Day, commencing on May 15, 2008, provided that if any A-1
Notes remain Outstanding after giving effect to distributions on the April 2009
Payment Date, May 11, 2009 shall constitute a Payment Date solely with
respect to the A-1 Notes.

 

“Person” means any individual,
corporation, limited liability company, estate, partnership, joint venture,
association, joint stock company, trust (including any beneficiary thereof),
unincorporated organization or government or any agency or political
subdivision thereof.

 

“Pool Balance” means, at any time,
the sum of the aggregate Contract Values of the Receivables as of the beginning
of a Collection Period (after giving effect to all payments received from
Obligors and Purchase Amounts to be remitted by the Servicer or the Seller, as
the case may be, with respect to the preceding Collection Period and all
Realized Losses on Receivables liquidated during such preceding Collection
Period) less the aggregate Write Down Amount as of the last day of the
preceding Collection Period.

 

“Posted Date” is defined in Section 5.3 of the Sale and Servicing
Agreement.

 

“Predecessor Note” means, with
respect to any particular Note, every previous Note evidencing all or a portion
of the same debt as that evidenced by such particular Note; and, for the
purpose of this definition, any Note authenticated and delivered under Section 2.5 of the Indenture in lieu of a mutilated,
lost, destroyed or stolen Note shall be deemed to evidence the same debt as the
mutilated, lost, destroyed or stolen Note.

 

“Pre-Funded Amount” means, with
respect to any date, the amount on deposit in the Pre-Funding Account on such
date.

 

Appendix
A (Page 20)

 

 

“Pre-Funded Percentage” means, for
each Payment Date, the quotient (expressed as a percentage) of:  (i) the Pre-Funded Amount as of such
Payment Date divided by (ii) the sum of the Pool Balance and the
Pre-Funded Amount, after taking into account all transfers of Subsequent
Receivables during the related Collection Period.

 

“Pre-Funding Account” means the
account designated as such, established and maintained pursuant to Section 5.1(a)(iv) of the Sale
and Servicing Agreement.

 

“Pre-Funding Account Initial Deposit”
means $0.

 

“Pre-Funding Account Investment Earnings”
means, with respect to any Payment Date, the interest and other investment
earnings (net of losses and investment expenses) on amounts on deposit in the
Pre-Funding Account to be deposited into the Collection Account on the related
Transfer Date pursuant to Section 5.1(b) of
the Sale and Servicing Agreement.

 

“Preliminary Prospectus” means the
prospectus dated April 9, 2008 and the prospectus supplement dated April 9,
2008 (subject to completion), relating to the Class A Notes.

 

“Preliminary Prospectus Date”
means the date of the preliminary prospectus supplement included in the
Preliminary Prospectus.

 

“Principal Balance” of a
Receivable, as of the close of business on the last day of a Collection Period,
means the Amount Financed minus the sum of: 
(i) that portion of all Scheduled Payments paid on or prior to such
day allocable to principal using the simple interest method, (ii) any
refunded portion of insurance premiums included in the Amount Financed, (iii) any
payment of the Purchase Amount with respect to the Receivable allocable to
principal and (iv) any prepayment in full or any partial prepayments
applied to reduce the Principal Balance of the Receivable.

 

“Principal Supplement Account”
means the account designated as such, established and maintained pursuant to Section 5.1(a)(vi) of the Sale and
Servicing Agreement.

 

“Principal Supplement Account Deposit”
means, with respect to each Subsequent Transfer Date, an amount equal to the
Required Principal Supplement Account Balance applicable to such Subsequent
Transfer Date minus any amount then on deposit in the Principal Supplement
Account.

 

“Prior Securitization” means a
prior securitization by a CNH Equipment Trust.

 

“Priority Swap Termination Payment”
shall mean any Class A-2 Swap Termination Payment or Class A-4b Swap
Termination Payment payable by the Issuing Entity relating to (i) an early
termination of the Class A-2 Swap Agreement or Class A-4b Swap
Agreement, respectively, following an “Event of Default” or “Termination Event”
for which the applicable Counterparty is not the “Defaulting Party” or sole
“Affected Party” or (ii) an early termination of the Class A-2 Swap
Agreement or Class A-4b Swap Agreement, respectively, as a result of a
“Tax Event” or “Illegality” (terms in quotations in the foregoing definition
shall have the respective meanings assigned to such terms in the Class A-2
Swap Agreement or Class A-4b Swap Agreement, respectively).

 

Appendix
A (Page 21)

 

 

“Proceeding” means any suit in
equity, action at law or other judicial or administrative proceeding.

 

“Prospectus” means the prospectus
dated April 9, 2008 and the prospectus supplement dated April 10,
2008, relating to the Class A Notes.

 

“Prospectus Date” means the date
of the prospectus supplement included in the Prospectus.

 

“Purchase Agreement” means the
Purchase Agreement dated as of April 1, 2008 between the Seller and CNHCA,
as the same may be amended and supplemented from time to time, which term shall
also include, as the context requires, the Liquidity Receivables Purchase
Agreement.

 

“Purchase Amount” means, as of the
close of business on the last day of a Collection Period, an amount equal to
the Contract Value of the applicable Contract, as of the first day of the
immediately following Collection Period (or, with respect to any applicable
Contract that is a Liquidated Receivable, as of the day immediately prior to
such Contract becoming a Liquidated Receivable less any Liquidation Proceeds
actually received by the Issuing Entity) plus interest accrued and unpaid
thereon as of such last day at a rate per annum equal to: (a) in the case
of any Contract transferred on the Closing Date, the Initial Cutoff Date APR
and (b) in the case of any Contract transferred or a Subsequent Transfer
Date, the applicable Subsequent Cutoff Date APR.

 

“Purchased Contracts” is defined
in the Recitals of the Purchase Agreement.

 

“Purchased Receivable” means a
Receivable purchased as of the close of business on the last day of a
Collection Period by the Servicer or CNHCA pursuant to Section 4.6 of the Sale and Servicing
Agreement, by CNHCA pursuant to Section 6.2
of the Purchase Agreement, or by the Seller pursuant to Section 3.2 of the Sale and Servicing
Agreement, or as of the first day of a Collection Period by CNHCA pursuant to Section 9.1(a) of the Sale and
Servicing Agreement and Section 6.2
of the Purchase Agreement.

 

“Rating Agency” means each of
Fitch, Moody’s and Standard & Poor’s.

 

“Rating Agency Condition” means,
with respect to any action, that (i) each of Fitch and Standard &
Poor’s shall have notified the Seller, the Servicer, the Trustee and the
Indenture Trustee in writing that such action will not result in a reduction or
withdrawal of the then current rating of any Class of the Notes, and (ii) Moody’s
shall have been given at least 10 Business Days’ prior notice thereof and shall
have not notified the Issuing Entity and the Indenture Trustee that such action
will result in a reduction or withdrawal of the then current rating of any Class of
the Notes.

 

“Reacquired Receivables” means
Receivables that (i) have been purchased by the Servicer, repurchased by
CNHCA or the Seller, or otherwise transferred to the Servicer, Seller or CNHCA
or their Affiliate pursuant to the terms of the Basic Documents or (ii) are
designated or identified to be purchased by the Servicer, repurchased by CNHCA
or the Seller, or otherwise transferred to the Servicer, Seller or CNHCA or
their Affiliate pursuant to the terms of the Basic Documents; provided  however,
with respect to the preceding clause (ii),
such Receivables shall 

 

Appendix
A (Page 22)

 

 

only
become Reacquired Receivables the instant before (x) such purchase,
repurchase or transfer pursuant to the Basic Documents, and (y) the full
amount, if any, required to be paid for such Receivables having been paid
and/or deposited as and when required under the Basic Documents.

 

“Realized Losses” means, with
respect to any Liquidated Receivable, the excess of the Principal Balance of
such Liquidated Receivable plus accrued but unpaid interest thereon over the
amount of any related Liquidation Proceeds.

 

“Receivable” means, collectively,
any Contract listed on the Assignment and each Subsequent Transfer Assignment
(other than Reacquired Receivables).

 

“Receivable Files” means the
documents specified in Section 3.3
of the Sale and Servicing Agreement.

 

“Record Date” means, with respect
to a Payment Date or Redemption Date, the close of business on the fourteenth
day of the calendar month in which such Payment Date or Redemption Date occurs,
or, if Definitive Notes are issued, the close of business on the last day of
the calendar month preceding the month of such Payment Date, whether or not
such day is a Business Day, or if Definitive Notes were not outstanding on such
date, the date of issuance of the Definitive Note, and with respect to the A-1
Note Final Scheduled Maturity Date, April 7, 2009.

 

“Recoveries” means, with respect
to any Liquidated Receivable, monies collected in respect thereof, from
whatever source (other than from the sale or other disposition of the Financed
Equipment), after such Receivable became a Liquidated Receivable.

 

“Redemption Date” means the
Payment Date specified by the Servicer or the Issuing Entity pursuant to Section 10.1(a) of the
Indenture.

 

“Redemption Price” means the
unpaid principal amount of the Notes redeemed, plus accrued and unpaid interest
thereon at the applicable interest rate to but excluding the Redemption Date.

 

“Registered Holder” means the
Person in whose name a Note is registered on the Note Register on the
applicable Record Date.

 

“Regulation AB” means Regulation
AB under the Securities Act of 1933, as amended.

 

“Remaining Pre-Funded Amount” has
the meaning assigned thereto in Section 5.8(b) of
the Sale and Servicing Agreement.

 

“Replaced Equipment” is defined in
“Financed Equipment” above.

 

“Reportable Event” shall mean any
event required to be reported on Form 8-K, and in any event, the
following:

 

Appendix
A (Page 23)

 

 

(a)           entry into a definitive agreement related to the Issuing
Entity or the Notes or an amendment to a Basic Document, even if the Seller is
not a party to such agreement (e.g., a servicing agreement with a servicer
contemplated by Item 1108(a)(3) of Regulation AB);

 

(b)           termination of a Basic Document (other than by expiration
of the agreement on its stated termination date or as a result of all parties
completing their obligations under such agreement), even if the Seller is not a
party to such agreement (e.g., a servicing agreement with a servicer
contemplated by Item 1108(a)(3) of Regulation AB);

 

(c)           with respect to the Servicer only, the occurrence of a
Servicer Default;

 

(d)           an Event of Default;

 

(e)           the resignation, removal, replacement, substitution, of
the Indenture Trustee or the Trustee; and

 

(f)            with respect to the Indenture Trustee only, a required
distribution to holders of the Notes is not made as of the required Payment
Date under the Indenture.

 

“Repossessed Receivable” with
respect to any Collection Period will be any Receivable as to which the
Financed Equipment securing the defaulted Receivable has been repossessed on or
prior to the last day of such Collection Period and which has not become a
Liquidated Receivable.

 

“Required Negative Carry Account Balance”
means, as of any Payment Date, an amount equal to the lesser of:  (a) the Negative Carry Account Initial
Deposit minus all previous withdrawals from the Negative Carry Account and (b) the
Maximum Negative Carry Amount as of such Payment Date.

 

“Required Principal Supplement Account
Balance” means, with respect to each Subsequent Cutoff Date, the
excess, if any, of (a) an amount equal to the difference (if positive)
between (x) the Contract Value of the Receivables and (y) the
aggregate of the contractual payoff amounts for each Receivable (as specified
by the Servicer for each Receivable in the applicable Schedule of Receivables),
in each case, as of the end of the prior Collection Period (or the applicable
Subsequent Cutoff Date for Subsequent Receivables being transferred on that
Subsequent Transfer Date), over (b) the Expected Excess Spread.

 

“Responsible Officer” means, with
respect to the Indenture Trustee, any officer within the Corporate Trust Office
of the Indenture Trustee, including any Vice President, Assistant Vice
President, Secretary or Assistant Secretary, or any other officer of the
Indenture Trustee customarily performing functions similar to those performed
by any of the above designated officers and also, with respect to a particular
matter, any other officer to whom such matter is referred because of such
officer’s knowledge of and familiarity with the particular subject.

 

Appendix
A (Page 24)

 

 

“Retail Installment Contract”
means an equipment retail installment contract or retail installment loan,
including any consumer installment loan, secured by Financed Equipment.

 

“Reuters
Screen LIBOR01 Page” means the display page currently
so designated on the Reuters Monitor Money Rates Service (or such other page as
may replace that page on that service for the purpose of displaying
comparable rates or prices).

 

“Sale and Servicing Agreement” means the
Sale and Servicing Agreement, dated as of April 1, 2008 among the Issuing
Entity, the Seller and the Servicer.

 

“Sale Proceeds” is defined in Section 9.1(b) of the Sale and
Servicing Agreement.

 

“Schedule of Receivables” means,
collectively, the listings of the Receivables attached to, or incorporated by
reference in, the CNHCA Assignment and the Assignment, and the listing of
Receivables attached to, or incorporated by reference in, each CNHCA Subsequent
Transfer Assignment and Subsequent Transfer Assignment (each of which schedules
may be in the form of a compact disk or any other computer-readable medium).

 

“Scheduled Payment” on a
Receivable means that portion of the payment required to be made by the Obligor
during any Collection Period sufficient to amortize the Principal Balance under
the simple interest method, in each case, over the term of the Receivable and
to provide interest at the APR.

 

“Secretary of State” means the
Secretary of State of the State of Delaware.

 

“Securities Account” has the
meaning assigned thereto in Section 8-501(a) of
the UCC.

 

“Securities Entitlement” has the
meaning assigned thereto in Section 8-102(a)(17)
of the UCC.

 

“Securities Intermediary” is
defined in Section 8-102(a)(14)
of the UCC.

 

“Seller” means CNHCR.

 

“Servicer” means NH Credit, as the
servicer of the Receivables, and any successor to NH Credit (in the same
capacity) pursuant to Section 7.3
or 8.2 of the Sale and Servicing
Agreement.

 

“Servicer Default” means an event
specified in Section 8.1 of
the Sale and Servicing Agreement.

 

“Servicer’s Certificate” means an
Officer’s Certificate of the Servicer, substantially in the form of Exhibit C
to the Sale and Servicing Agreement.

 

“Servicing Criteria” shall mean
the “servicing criteria” set forth in Item 1122(d) of Regulation AB.

 

Appendix
A (Page 25)

 

 

“Servicing Fee” means, for any
Collection Period, the fee payable to the Servicer for services rendered during
such Collection Period, determined pursuant to Section 4.7
of the Sale and Servicing Agreement.

 

“Servicing Procedures” is defined
in Section 4.1 of the Sale
and Servicing Agreement.

 

“Simple Interest Receivable” means
any Receivable under which the portion of a payment allocable to interest and
the portion allocable to principal is determined by allocating a fixed level payment
between principal and interest, such that such payment is allocated first to
the accrued and unpaid interest at the Annual Percentage Rate for such
Receivable on the unpaid principal balance and the remainder of such payment is
allocable to principal.

 

“Specified Discount Factor” equals
7.00%.

 

“Specified Spread Account Balance”
means on the Closing Date, 2.35% of the sum of the Pool Balance as of the
Initial Cutoff Date and on any Payment Date thereafter the lesser of, (a) 2.35%
of the sum of (i) the Pool Balance as of the Initial Cutoff Date plus (ii) the
aggregate Contract Value of all Subsequent Receivables sold to the Trust as of
their respective Cutoff Dates and (b) the outstanding principal amount of
the Notes.  However, if (A) the Specified Spread Account Reduction Trigger is
met on the Payment Date in October 2009 or any Payment Date thereafter,
the percentage in clause (a) will
be reduced to 2.00% on such Payment Date and will remain at such percentage for
each Payment Date thereafter unless further reduced on the Payment Dates as
provided in the following clauses (B),
(C) or (D); (B) if the Specified Spread Account
Reduction Trigger is met on the Payment Date in April 2010 or any Payment
Date thereafter, the percentage in clause (a) of
the preceding sentence will be reduced to 1.75% on such Payment Date
(regardless of whether the Specified Spread Account Reduction Trigger was met
on the Payment Date in October 2009 or any Payment Date thereafter and
will remain at such percentage for each Payment Date thereafter unless further
reduced on the Payment Date as provided in the following clause (C) or (D); (C) the Specified Spread Account Reduction Trigger is
met on the Payment Date in October 2010 or any Payment Date thereafter,
the percentage in clause (a) of
the preceding sentence will be reduced to 1.50% on such Payment Date
(regardless of whether the Specified Spread Account Reduction Trigger was met
on the Payment Dates in October 2009 or any Payment Date thereafter or April 2010
or any Payment Date thereafter) and will remain at such percentage for each
Payment Date thereafter unless further reduced on the Payment Date as provided
in the following clause (D); and (D) the Specified Spread Account Reduction Trigger is
met on the Payment Date in April 2011 or any Payment Date thereafter, the
percentage in clause (a) of the preceding
sentence will be reduced to 1.15% on such Payment Date (regardless of whether
the Specified Spread Account Reduction Trigger was met on the Payment Dates in October 2009
or any Payment Date thereafter, April 2010 or any Payment Date thereafter
or October 2010 or any Payment Date thereafter) and will remain at such
percentage for each Payment Date thereafter. 
The Specified Spread Account Balance may be reduced or modified without
the consent of the Holders of the Notes if the Rating Agency Condition is
satisfied with respect to such reduction or modification.

 

“Specified Spread Account Reduction Trigger”
for the Payment Date in October 2009, April 2010, October 2010,
or April 2011 or any Payment Date after such Payment Dates will be 

 

Appendix
A (Page 26)

 

 

met
if the Average Delinquency Ratio Test and the Cumulative Net Loss Ratio Test
for such Payment Date are met on such Payment Date or a Payment Date
thereafter.

 

“Spread Account” means the account
designated as such, established and maintained pursuant to Section 5.1(a) of the Sale and
Servicing Agreement.

 

“Spread Account Initial Deposit”
means, initially, $11,702,002.07 and, with respect to each Subsequent Transfer
Date, cash or Eligible Investments having a value approximately equal to 2.35%
of the aggregate Contract Value of the Subsequent Receivables conveyed to the
Issuing Entity on such Subsequent Transfer Date.

 

“SST” means Systems &
Services Technologies, Inc., or its successor.

 

“Standard & Poor’s” means
Standard & Poor’s Ratings Services, a division of The McGraw-Hill
Companies, Inc., or its successor.

 

“State” means any one of the 50
states of the United States of America or the District of Columbia.

 

“Stated Fixed Interest Rate Swap Rate”
means with respect to the Class A-2 Notes and the Class A-4b Notes,
the fixed interest rate of 2.444% and 3.032%, respectively.

 

“Statistical Contract Value” of a
Receivable means the current balance of the Receivable on the Servicer’s
records.

 

“Subsequent Assets” is defined in Section 2.2 of the Sale and Servicing
Agreement.

 

“Subsequent CNHCA Assets” is
defined in Section 2.2 of
the Purchase Agreement.

 

“Subsequent CNHCA Receivables”
means the Receivables transferred to CNHCR pursuant to Section 2.2 of the Purchase
Agreement, which shall be listed on Schedule A to the related CNHCA Subsequent
Transfer Assignment.

 

“Subsequent Cutoff Date” means,
with respect to any Subsequent Receivables, the close of business on the last
day of the calendar month preceding the related Subsequent Transfer Date.

 

“Subsequent Cutoff Date APR”
means, with respect to any Subsequent Cutoff Date, the Specified Discount
Factor.

 

“Subsequent Purchase Price” is
defined in Section 2.5(b) of the Purchase
Agreement.

 

“Subsequent Receivables” means the
Receivables transferred to the Issuing Entity pursuant to Section 2.2 of the Sale and Servicing
Agreement, which shall be listed on Schedule A to the related Subsequent
Transfer Assignment.

 

“Subsequent Transfer Assignment”
has the meaning assigned thereto in Section 2.2(b)(i) of
the Sale and Servicing Agreement.

 

Appendix
A (Page 27)

 

 

“Subsequent Transfer Date” means
with respect to a Subsequent Receivable, any Business Day during the Funding
Period on which Subsequent Receivables are transferred to the Issuing Entity
and a Subsequent Transfer Assignment is executed and delivered to the Trustee
and the Indenture Trustee pursuant to Section 2.2
of the Sale and Servicing Agreement.

 

“Substitute Equipment” is defined
in Section 4.14 of the Sale and
Servicing Agreement.

 

“Successor Servicer” is defined in
Section 3.7(e) of the
Indenture.

 

“TIA” means the Trust Indenture
Act.

 

“Total Distribution Amount” means,
with respect to any Payment Date, the aggregate amount of collections on or
with respect to the Receivables (including collections received after the end
of the preceding calendar month on any Subsequent Receivables added to the
Trust after the end of that preceding calendar month and on or before that Payment
Date) with respect to the related Collection Period plus the Negative Carry
Amount for such Payment Date. 
Collections on or with respect to the Receivables include all payments
made by or on behalf of the Obligors (including any late fees, prepayment
charges, extension fees and other administrative fees or similar charges
allowed by applicable law with respect to the Receivables), any proceeds from
insurance policies covering the Financed Equipment (to the extent not used to
purchase Substitute Equipment) or related Obligor, Liquidation Proceeds, the
Purchase Amount of each Receivable that became a Purchased Receivable in
respect of the related Collection Period (to the extent deposited into the
Collection Account), Investment Earnings for such Payment Date, payments made
by a Dealer pursuant to the related Dealer Agreement with respect to such
Receivable, Net Swap Receipts and the Remaining Pre-Funded Amount, on the
Payment Date specified in Section 5.8(b) of
the Sale and Servicing Agreement; provided,
however, that the Total
Distribution Amount shall not include:  (i) all
payments or proceeds (including Liquidation Proceeds) of any Receivables the
Purchase Amount of which has been included in the Total Distribution Amount in
a prior Collection Period, (ii) any Recoveries or (iii) amounts
released to the Seller from the Pre-Funding Account.

 

“Transfer Date” means the Business
Day preceding the fifteenth day of each calendar month.

 

“Treasury Regulations” means
regulations, including proposed or temporary regulations, promulgated under the
Code. References to specific provisions of proposed or temporary regulations
shall include analogous provisions of final Treasury Regulations or other
successor Treasury Regulations.

 

“Trust” means the Issuing Entity.

 

“Trust Account Property” means the
Trust Accounts, all amounts and investments held from time to time in any Trust
Account (whether in the form of deposit accounts, physical property, book-entry
securities, uncertificated securities or otherwise), and all proceeds of the
foregoing.

 

“Trust Accounts” has the meaning
assigned thereto in Section 5.1(b) of
the Sale and Servicing Agreement.

 

Appendix
A (Page 28)

 

 

“Trust Agreement” means the Trust
Agreement dated as of March 1, 2008 between the Seller and the Trustee, as
the same may be amended and supplemented from time to time.

 

“Trust Certificate” means a
certificate evidencing the beneficial interest of a Certificateholder in the
Trust, substantially in the form of Exhibit A to the Trust Agreement.

 

“Trust Estate” means (a) with
respect to the Indenture, all the money, instruments, rights and other property
that are subject or intended to be subject to the Lien and security interest of
the Indenture for the benefit of the Noteholders (including all property and
interests Granted to the Indenture Trustee), including all proceeds thereof,
and (b) with respect to the Trust Agreement, all right, title and interest
of the Trust in and to the property and rights assigned to the Trust pursuant
to Article II (other than Section 2.1(b))
of the Sale and Servicing Agreement, all funds on deposit from time to time in
the Trust Accounts and the Certificate Distribution Account and all other
property of the Trust from time to time, including any rights of the Trustee
and the Trust pursuant to the Sale and Servicing Agreement and the
Administration Agreement.

 

“Trust Indenture Act” means the
Trust Indenture Act of 1939, as in force on the date of the Indenture unless
otherwise specifically provided.

 

“Trust Officer” means, in the case
of the Indenture Trustee, any officer within the Corporate Trust Office of the
Indenture Trustee, including any Vice President, Assistant Vice President,
Secretary, Assistant Secretary or any other officer of the Indenture Trustee
customarily performing functions similar to those performed by any of the above
designated officers and also, with respect to a particular matter, any other
officer to whom such matter is referred because of such officer’s knowledge of
and familiarity with the particular subject and, with respect to the Trustee,
any officer in the Corporate Trustee Administration Department of the Trustee
with direct responsibility for the administration of the Trust Agreement and
the Basic Documents on behalf of the Trustee.

 

“Trust Statute” means Chapter 38
of Title 12 of the Delaware Code, 12 Del. Code § 3801 et seq., as the same may
be amended from time to time.

 

“Trustee” means Wilmington Trust
Company, a Delaware banking corporation, not in its individual capacity but
solely as trustee under the Trust Agreement, and any successor Trustee
thereunder.

 

“Uncertificated Security” has the
meaning assigned thereto in Section 8-102(a)(18)
of the UCC.

 

“UCC” means, unless the context
otherwise requires, the Uniform Commercial Code as in effect in the relevant
jurisdiction, as amended from time to time.

 

“Underwriting Agreement” means the
Underwriting Agreement dated April 10, 2008 among Banc of America
Securities LLC and BNP Paribas Securities Corp. as representatives of the
several underwriters named therein, CNHCA and CNHCR.

 

“USD-LIBOR Reference Banks Rate”
means the Class A-2 USD-LIBOR Reference Banks Rate or the Class A-4b
USD-LIBOR Reference Banks Rate, as applicable.

 

Appendix
A (Page 29)

 

 

“Write Down Amount” for any
Collection Period for any 180-Day Receivable or Repossessed Receivable will be
the excess of (a) the Principal Balance plus accrued and unpaid interest
of such Receivable as of the last day of the Collection Period during which the
Receivable became a 180-Day Receivable or Repossessed Receivable, as
applicable, over (b) the estimated realizable value of the Receivable, as
determined by the Servicer in accordance with its then-current servicing
procedures for the related Collection Period, which amount may be adjusted to zero
by the Servicer in accordance with its normal servicing procedures if the
Receivable has ceased to be a 180-Day Receivable as provided in the definition
of “180-Day Receivable.”

 

Appendix
A (Page 30)

 

 

EXHIBIT A-1

to Indenture

 

FORM OF A-1 NOTES

 

	
  REGISTERED

  	
   

  	
  $133,000,000(1)

  
	
  No. R-1

  	
   

  	
  CUSIP NO. 12620L AA6

  

 

Unless this Note is
presented by an authorized representative of The Depository Trust Company, a
New York corporation (“DTC”),
to the Issuing Entity or its agent for registration of transfer, exchange or
payment, and any Note issued is registered in the name of Cede & Co.
or in such other name as is requested by an authorized representative of DTC
(and any payment is made to Cede & Co. or to such other entity as is
requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR
OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL
inasmuch as the registered owner hereof, Cede & Co., has an interest
herein.

 

THE PRINCIPAL OF THIS NOTE
IS PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING
PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT
SHOWN ON THE FACE HEREOF.

 

CNH EQUIPMENT TRUST 2008-A

2.75275%  CLASS A-1
ASSET BACKED NOTES

 

CNH Equipment Trust 2008-A,
a statutory trust organized and existing under the laws of the State of
Delaware (including any successor, the “Issuing Entity”), for value
received, hereby promises to pay to CEDE & CO., or registered assigns,
the principal sum of ONE HUNDRED THIRTY-THREE MILLION DOLLARS ($133,000,000),
partially payable on each Payment Date in an amount equal to the aggregate
amount, if any, payable from the Note Distribution Account in respect of
principal on the A-1 Notes pursuant to Section 3.1 of the Indenture; provided, however,
that the entire unpaid principal amount of this Note shall be due and payable
on the earlier of the May 11, 2009 Payment Date and the Redemption Date,
if any, pursuant to Section 10.1(a) of
the Indenture.  The Issuing Entity will
pay interest on this Note at the rate per annum shown above, on each Payment
Date until the principal of this Note is paid or made available for payment, on
the principal amount of this Note outstanding on the preceding Payment Date
(after giving effect to all payments of principal made on the preceding Payment
Date), subject to certain limitations contained in Section 3.1 of the
Indenture.  Interest on this Note will
accrue for each Payment Date from the most recent Payment Date on which
interest has been paid to but excluding the then current Payment Date or, if no
interest has yet been paid, from the date hereof.  Interest will be computed on the basis of a
360-day year and the actual number of days in the applicable Interest
Period.  Such principal of and interest
on this Note shall be paid in the manner specified in the Indenture.

 

(1)           Denominations of $1,000 and in
greater whole-dollar denominations in excess thereof.

 

Exhibit
A-1 (Page 1)

 

 

The principal of and
interest on this Note are payable in such coin or currency of the United States
of America as at the time of payment is legal tender for payment of public and
private debts.  All payments made by the
Issuing Entity with respect to this Note shall be applied first to interest due
and payable on this Note as provided above and then to the unpaid principal of
this Note.

 

Reference is made to the
further provisions of this Note set forth on the reverse hereof, which shall
have the same effect as though fully set forth on the face of this Note.

 

Unless the certificate of
authentication hereon has been executed by the Indenture Trustee by manual
signature, this Note shall not be entitled to any benefit under the Indenture
referred to on the reverse hereof, or be valid or obligatory for any purpose.

 

Exhibit
A-1 (Page 2)

 

 

IN WITNESS WHEREOF, the
Issuing Entity has caused this instrument to be signed, manually or in
facsimile, by its Authorized Officer.

 

Dated:  April [   ], 2008

 

	
   

  	
  CNH
  EQUIPMENT TRUST 2008-A

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  Wilmington Trust Company,

  
	
   

  	
   

  	
  not in its individual capacity but

  
	
   

  	
   

  	
  solely as Trustee under the

  
	
   

  	
   

  	
  Trust Agreement

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  
					

 

Exhibit
A-1 (Page 3)

 

 

TRUSTEE’S
CERTIFICATE OF AUTHENTICATION

 

This is one of the Notes
designated above and referred to in the within-mentioned Indenture.

 

Dated:  April [   ], 2008

 

	
   

  	
   

  	
  THE
  BANK OF NEW YORK TRUST

  COMPANY, N.A.

  
	
   

  	
   

  	
  not
  in its individual capacity but solely

  
	
   

  	
   

  	
  as
  Indenture Trustee

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  	
  Authorized
  Signatory

  

 

Exhibit
A-1 (Page 4)

 

 

[REVERSE
OF NOTE]

 

This Note is one of a duly
authorized issue of Notes of the Issuing Entity, designated as its 2.75275% Class A-1
Asset Backed Notes (herein called the “A-1
Notes” or the “Notes”),
all issued under an Indenture dated as of April 1, 2008 (such Indenture,
as supplemented or amended, is herein called the “Indenture”) between the Issuing
Entity and The Bank of New York Trust Company, N.A., not in its individual
capacity but solely as trustee (the “Indenture Trustee”, which term includes any successor
Indenture Trustee under the Indenture), to which Indenture and all indentures
supplemental thereto reference is hereby made for a statement of the respective
rights and obligations thereunder of the Issuing Entity, the Indenture Trustee
and the Holders of the Notes.  The Notes
are subject to all terms of the Indenture. 
All terms used in this Note that are not otherwise defined herein and that
are defined in the Indenture shall have the meanings assigned to them in or
pursuant to the Indenture.

 

The Notes, the A-2 Notes,
the A-3 Notes and the A-4 Notes are and will be equally and ratably secured by
the collateral pledged as security therefor as provided in the Indenture.

 

The Issuing Entity shall pay
interest on overdue installments of interest at the A-1 Note Rate to the extent
lawful.

 

Each Noteholder or Note
Owner, by acceptance of a Note, or, in the case of a Note Owner, a beneficial
interest in the Note, covenants and agrees that no recourse may be taken,
directly or indirectly, with respect to the obligations of the Issuing Entity
or the Indenture Trustee on the Notes or under the Indenture or any certificate
or other writing delivered in connection therewith, against:  (i) the Indenture Trustee or the Trustee
in their individual capacities, (ii) any owner of a beneficial interest in
the Issuing Entity or (iii) any partner, owner, beneficiary, agent,
officer, director or employee of:  (a) the
Indenture Trustee or the Trustee in their individual capacities, (b) any
holder of a beneficial interest in the Issuing Entity, the Trustee or the
Indenture Trustee or of (c) any successor or assign of the Indenture
Trustee or the Trustee in their individual capacities, except as any such
Person may have expressly agreed and except that any such partner, owner or
beneficiary shall be fully liable, to the extent provided by applicable law,
for any unpaid consideration for stock, unpaid capital contribution or failure
to pay any installment or call owing to such partner, owner or beneficiary.

 

It is the intent of the
Seller, the Servicer, the Noteholders and the Note Owners that, for purposes of
federal and State income tax and any other tax measured in whole or in part by
income, the Notes qualify as indebtedness of the Trust.  Each Noteholder or Note Owner, by acceptance
of a Note, or, in the case of a Note Owner, a beneficial interest in a Note,
agrees to treat, and to take no action inconsistent with the treatment of, the
Notes for such tax purposes as indebtedness of the Trust.

 

Each Noteholder or Note
Owner, by acceptance of a Note, or, in the case of a Note Owner, a beneficial
interest in a Note, covenants and agrees that by accepting the benefits of the
Indenture that such Noteholder will not at any time institute against the
Seller or the Issuing Entity, or join in any institution against the Seller or
the Issuing Entity of, any bankruptcy, reorganization or arrangement,
insolvency or liquidation proceedings under any United States

 

Exhibit
A-1 (Page 5)

 

 

federal
or State bankruptcy or similar law in connection with any obligations relating
to the Notes, the Indenture or the Basic Documents.

 

Each Noteholder or Note
Owner, by acceptance of a Note, or in the case of Note Owner, a beneficial
interest in the Note, represents that either (a) it is not (i) an
employee benefit plan (as defined in Section 3(3) of
ERISA) that is subject to the provisions of Title I of ERISA, (ii) a plan
described in Section 4975(e)(1) of
the Code, (iii) any entity whose underlying assets include plan assets of
any of the foregoing (each a “Benefit Plan”),
or (iv) a governmental plan (as defined in Section 3(32) of ERISA) that is subject to any law
substantially similar to ERISA or Section 4975
of the Code or (b) the purchase and holding of the Note, or a beneficial
interest therein, will not result in a non-exempt prohibited transaction under Section 406 of ERISA, Section 4975 of the Code or any
substantially similar applicable law.

 

This Note and the Indenture
shall be construed in accordance with the laws of the State of New York, and
the obligations, rights and remedies of the parties hereunder and thereunder
shall be determined in accordance with such laws.

 

No reference herein to the
Indenture and no provision of this Note or of the Indenture shall alter or
impair the obligation of the Issuing Entity, which is absolute and
unconditional, to pay the principal of and interest on this Note at the times,
place and rate, and in the coin or currency, herein prescribed.

 

Anything herein to the
contrary notwithstanding, except as expressly provided in the Basic Documents,
neither The Bank of New York Trust Company, N.A., in its individual capacity,
any owner of a beneficial interest in the Issuing Entity, nor any of their
respective partners, beneficiaries, agents, officers, directors, employees,
successors or assigns shall be personally liable for, nor shall recourse be had
to any of them for, the payment of principal of or interest on, or performance
of, or omission to perform, any of the covenants, obligations or
indemnifications contained in this Note or the Indenture, it being expressly
understood that said covenants, obligations and indemnifications have been made
by the Indenture Trustee for the sole purposes of binding the interests of the
Indenture Trustee in the assets of the Issuing Entity.  The Holder of this Note by the acceptance
hereof, and each Note Owner by the acceptance of a beneficial interest herein,
each agrees that, except as expressly provided in the Basic Documents, in the
case of an Event of Default under the Indenture, the Holder and Note Owner
shall have no claim against any of the foregoing for any deficiency, loss or
claim therefrom; provided,
however, that nothing contained herein shall be taken to prevent recourse to,
and enforcement against, the assets of the Issuing Entity for any and all
liabilities, obligations and undertakings contained in the Indenture or in this
Note.

 

Exhibit
A-1 (Page 6)

 

 

ASSIGNMENT

 

Social Security or taxpayer
I.D. or other identifying number of assignee

 

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

 

	
   

  
	
  (name and address of assignee)

  

 

the within Note and all
rights thereunder, and hereby irrevocably constitutes and appoints                                                           ,
attorney, to transfer said Note on the books kept for registration thereof,
with full power of substitution in the premises.

 

	
  Dated:

  	
   

  	
   

  	
  *

  
	
   

  	
   

  	
  Signature
  Guaranteed:

  
	
   

  	
   

  	
  Signatures must be guaranteed by an “eligible
  guarantor institution” meeting the requirements of the Note
  Registrar, which requirements include membership or participation in STAMP or
  such other “signature guarantee program”
  as may be determined by the Note Registrar in addition to, or in substitution
  for, STAMP, all in accordance with the Securities Exchange Act of 1934, as
  amended.

  

 

*              NOTE:  The signature to this assignment must
correspond with the name of the registered owner as it appears on the face of
the within Note in every particular without alteration, enlargement or any
change whatsoever.

 

Exhibit
A-1 (Page 7)

 

 

EXHIBIT A-2

to Indenture

 

FORM OF A-2 NOTES

 

	
  REGISTERED

  	
   

  	
  $133,000,000(1)

  
	
  No. R-1

  	
   

  	
  CUSIP NO. 12620L AB4

  

 

Unless this Note is
presented by an authorized representative of The Depository Trust Company, a
New York corporation (“DTC”), to the
Issuing Entity or its agent for registration of transfer, exchange or payment,
and any Note issued is registered in the name of Cede & Co. or in such
other name as is requested by an authorized representative of DTC (and any
payment is made to Cede & Co. or to such other entity as is requested
by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE
HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the
registered owner hereof, Cede & Co., has an interest herein.

 

THE PRINCIPAL OF THIS NOTE
IS PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING
PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT
SHOWN ON THE FACE HEREOF.

 

CNH EQUIPMENT TRUST 2008-A

FLOATING RATE CLASS A-2 ASSET BACKED NOTES

 

CNH Equipment Trust 2008-A,
a statutory trust organized and existing under the laws of the State of
Delaware (including any successor, the “Issuing Entity”),
for value received, hereby promises to pay to CEDE & CO., or
registered assigns, the principal sum of ONE HUNDRED THIRTY-THREE MILLION
DOLLARS ($133,000,000), partially payable on each Payment Date in an amount
equal to the aggregate amount, if any, payable from the Note Distribution
Account in respect of principal on the A-2 Notes pursuant to Section 3.1 of the Indenture; provided,
however, that the entire unpaid principal amount of this Note shall
be due and payable on the earlier of the April 15, 2011 Payment Date and
the Redemption Date, if any, pursuant to Section 10.1(a) of
the Indenture. Except as provided in Section 5.4
of the Indenture, no payments of principal of the Notes will be made until the
principal of the A-1 Notes has been paid in full.  The Issuing Entity will pay interest on this
Note at the A-2 Note Rate, on each Payment Date until the principal of this
Note is paid or made available for payment, on the principal amount of this
Note outstanding on the preceding Payment Date (after giving effect to all
payments of principal made on the preceding Payment Date), subject to certain
limitations contained in Section 3.1
of the Indenture.  Interest on this Note
will accrue for each Payment Date from the most recent Payment Date on which
interest has been paid to but excluding the then current Payment Date or, if no
interest has yet been paid, from the date hereof.  Interest will be computed on the basis of a
360-day year and the actual number of days in the applicable Interest Period.  Such principal of and interest on this Note
shall be paid in the manner specified in the Indenture.

 

(1)           Denominations of $1,000 and in greater whole-dollar
denominations in excess thereof.

 

Exhibit
A-2 (Page 1)

 

 

The principal of and
interest on this Note are payable in such coin or currency of the United States
of America as at the time of payment is legal tender for payment of public and
private debts.  All payments made by the
Issuing Entity with respect to this Note shall be applied first to interest due
and payable on this Note as provided above and then to the unpaid principal of
this Note.

 

Reference is made to the
further provisions of this Note set forth on the reverse hereof, which shall
have the same effect as though fully set forth on the face of this Note.

 

Unless the certificate of
authentication hereon has been executed by the Indenture Trustee by manual
signature, this Note shall not be entitled to any benefit under the Indenture
referred to on the reverse hereof, or be valid or obligatory for any purpose.

 

Exhibit
A-2 (Page 2)

 

 

IN WITNESS WHEREOF, the
Issuing Entity has caused this instrument to be signed, manually or in
facsimile, by its Authorized Officer.

 

Dated:  April [   ], 2008

 

	
   

  	
  CNH
  EQUIPMENT TRUST 2008-A

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  Wilmington Trust Company,

  
	
   

  	
   

  	
  not in its individual
  capacity

  
	
   

  	
   

  	
  but solely as Trustee
  under

  
	
   

  	
   

  	
  the Trust Agreement

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  
					

 

Exhibit
A-2 (Page 3)

 

 

TRUSTEE’S
CERTIFICATE OF AUTHENTICATION

 

This is one of the Notes
designated above and referred to in the within-mentioned Indenture.

 

Dated:  April [   ], 2008

 

	
   

  	
  THE
  BANK OF NEW YORK TRUST

  
	
   

  	
  COMPANY,
  N.A.

  
	
   

  	
  Not
  in its individual capacity but

  
	
   

  	
  solely
  as Indenture Trustee

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Authorized Signatory

  

 

Exhibit
A-2 (Page 4)

 

 

[REVERSE
OF NOTE]

 

This Note is one of a duly
authorized issue of Notes of the Issuing Entity, designated as its Floating
Rate Class A-2 Asset Backed Notes (herein called the “A-2 Notes”
or the “Notes”), all issued under an Indenture
dated as of April 1, 2008 (such Indenture, as supplemented or amended, is
herein called the “Indenture”)
between the Issuing Entity and The Bank of New York Trust Company, N.A., not in
its individual capacity but solely as trustee (the “Indenture
Trustee”, which term includes any successor Indenture Trustee under
the Indenture), to which Indenture and all indentures supplemental thereto
reference is hereby made for a statement of the respective rights and
obligations thereunder of the Issuing Entity, the Indenture Trustee and the
Holders of the Notes.  The Notes are
subject to all terms of the Indenture. 
All terms used in this Note that are not otherwise defined herein and
that are defined in the Indenture shall have the meanings assigned to them in
or pursuant to the Indenture.

 

The Notes, the A-1 Notes,
the A-3 Notes and the A-4 Notes are and will be equally and ratably secured by
the collateral pledged as security therefor as provided in the Indenture.

 

The Issuing Entity shall pay
interest on overdue installments of interest at the A-2 Note Rate to the extent
lawful.

 

Each Noteholder or Note
Owner, by acceptance of a Note, or, in the case of a Note Owner, a beneficial
interest in the Note, covenants and agrees that no recourse may be taken,
directly or indirectly, with respect to the obligations of the Issuing Entity
or the Indenture Trustee on the Notes or under the Indenture or any certificate
or other writing delivered in connection therewith, against:  (i) the Indenture Trustee or the Trustee
in their individual capacities, (ii) any owner of a beneficial interest in
the Issuing Entity or (iii) any partner, owner, beneficiary, agent,
officer, director or employee of:  (a) the
Indenture Trustee or the Trustee in their individual capacities, (b) any
holder of a beneficial interest in the Issuing Entity, the Trustee or the
Indenture Trustee or of (c) any successor or assign of the Indenture
Trustee or the Trustee in their individual capacities, except as any such
Person may have expressly agreed and except that any such partner, owner or
beneficiary shall be fully liable, to the extent provided by applicable law,
for any unpaid consideration for stock, unpaid capital contribution or failure
to pay any installment or call owing to such partner, owner or beneficiary.

 

It is the intent of the
Seller, the Servicer, the Noteholders and the Note Owners that, for purposes of
federal and State income tax and any other tax measured in whole or in part by
income, the Notes qualify as indebtedness of the Trust.  Each Noteholder or Note Owner, by acceptance
of a Note, or, in the case of a Note Owner, a beneficial interest in a Note,
agrees to treat, and to take no action inconsistent with the treatment of, the
Notes for such tax purposes as indebtedness of the Trust.

 

Each Noteholder or Note Owner,
by acceptance of a Note, or, in the case of a Note Owner, a beneficial interest
in a Note, covenants and agrees that by accepting the benefits of the Indenture
that such Noteholder will not at any time institute against the Seller or the
Issuing Entity, or join in any institution against the Seller or the Issuing
Entity of, any bankruptcy, reorganization or arrangement, insolvency or
liquidation proceedings under any United States

 

Exhibit
A-2 (Page 5)

 

 

federal
or State bankruptcy or similar law in connection with any obligations relating
to the Notes, the Indenture or the Basic Documents.

 

Each Noteholder or Note
Owner, by acceptance of a Note, or in the case of Note Owner, a beneficial
interest in the Note, represents that either (a) it is not (i) an
employee benefit plan (as defined in Section 3(3) of
ERISA) that is subject to the provisions of Title I of ERISA, (ii) a plan
described in Section 4975(e)(1) of
the Code, (iii) any entity whose underlying assets include plan assets of
any of the foregoing (each a “Benefit Plan”),
or (iv) a governmental plan (as defined in Section 3(32) of ERISA) that is subject to any law
substantially similar to ERISA or Section 4975
of the Code or (b) the purchase and holding of the Note, or a beneficial
interest therein, will not result in a non-exempt prohibited transaction under Section 406 of ERISA, Section 4975 of the Code or any
substantially similar applicable law.

 

This Note and the Indenture
shall be construed in accordance with the laws of the State of New York, and
the obligations, rights and remedies of the parties hereunder and thereunder
shall be determined in accordance with such laws.

 

No reference herein to the
Indenture and no provision of this Note or of the Indenture shall alter or
impair the obligation of the Issuing Entity, which is absolute and
unconditional, to pay the principal of and interest on this Note at the times,
place and rate, and in the coin or currency, herein prescribed.

 

Anything herein to the
contrary notwithstanding, except as expressly provided in the Basic Documents,
neither The Bank of New York Trust Company, N.A., in its individual capacity,
any owner of a beneficial interest in the Issuing Entity, nor any of their
respective partners, beneficiaries, agents, officers, directors, employees,
successors or assigns shall be personally liable for, nor shall recourse be had
to any of them for, the payment of principal of or interest on, or performance
of, or omission to perform, any of the covenants, obligations or
indemnifications contained in this Note or the Indenture, it being expressly
understood that said covenants, obligations and indemnifications have been made
by the Indenture Trustee for the sole purposes of binding the interests of the
Indenture Trustee in the assets of the Issuing Entity.  The Holder of this Note by the acceptance
hereof, and each Note Owner by the acceptance of a beneficial interest herein,
each agrees that, except as expressly provided in the Basic Documents, in the case
of an Event of Default under the Indenture, the Holder and Note Owner shall
have no claim against any of the foregoing for any deficiency, loss or claim
therefrom; provided, however,
that nothing contained herein shall be taken to prevent recourse to, and
enforcement against, the assets of the Issuing Entity for any and all
liabilities, obligations and undertakings contained in the Indenture or in this
Note.

 

Exhibit
A-2 (Page 6)

 

 

ASSIGNMENT

 

Social Security or taxpayer
I.D. or other identifying number of assignee

 

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

 

	
   

  
	
  (name
  and address of assignee)

  

 

the within Note and all
rights thereunder, and hereby irrevocably constitutes and appoints                               ,
attorney, to transfer said Note on the books kept for registration thereof,
with full power of substitution in the premises.

 

	
  Dated:

  	
   

  	
   

  	
  *

  
	
   

  	
   

  	
  Signature
  Guaranteed:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Signatures
  must be guaranteed by an “eligible guarantor
  institution” meeting the requirements of the Note Registrar, which
  requirements include membership or participation in STAMP or such other “signature guarantee program” as may be determined by the
  Note Registrar in addition to, or in substitution for, STAMP, all in
  accordance with the Securities Exchange Act of 1934, as amended.

  

 

*
             NOTE:  The signature to this assignment must
correspond with the name of the registered owner as it appears on the face of
the within Note in every particular without alteration, enlargement or any
change whatsoever.

 

Exhibit
A-2 (Page 7)

 

 

EXHIBIT A-3

to Indenture

 

FORM OF A-3 NOTES

 

	
  REGISTERED

  	
   

  	
  $125,000,000(1)

  
	
  No. R-1

  	
   

  	
  CUSIP NO. 12620L AD0

  

 

Unless this Note is
presented by an authorized representative of The Depository Trust Company, a
New York corporation (“DTC”), to the
Issuing Entity or its agent for registration of transfer, exchange or payment,
and any Note issued is registered in the name of Cede & Co. or in such
other name as is requested by an authorized representative of DTC (and any
payment is made to Cede & Co. or to such other entity as is requested
by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE
HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the
registered owner hereof, Cede & Co., has an interest herein.

 

THE PRINCIPAL OF THIS NOTE
IS PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING
PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT
SHOWN ON THE FACE HEREOF.

 

CNH EQUIPMENT TRUST 2008-A

4.12% CLASS A-3 ASSET
BACKED NOTES

 

CNH Equipment Trust 2008-A,
a statutory trust organized and existing under the laws of the State of
Delaware (including any successor, the “Issuing Entity”),
for value received, hereby promises to pay to CEDE & CO., or
registered assigns, the principal sum of ONE HUNDRED TWENTY-FIVE MILLION
DOLLARS ($125,000,000), partially payable on each Payment Date in an amount
equal to the aggregate amount, if any, payable from the Note Distribution
Account in respect of principal on the A-3 Notes pursuant to Section 3.1 of the Indenture; provided, however,
that the entire unpaid principal amount of this Note shall be due and payable
on the earlier of the May 15, 2012 Payment Date and the Redemption Date,
if any, pursuant to Section 10.1(a) of
the Indenture. Except as provided in Section 5.4
of the Indenture, no payments of principal of the Notes will be made until the
principal of the A-1 Notes and the A-2 Notes has been paid in full. The Issuing
Entity will pay interest on this Note at the A-3 Note Rate, on each Payment
Date until the principal of this Note is paid or made available for payment, on
the principal amount of this Note outstanding on the preceding Payment Date
(after giving effect to all payments of principal made on the preceding Payment
Date), subject to certain limitations contained in Section 3.1
of the Indenture. Interest on this Note will accrue for each Payment Date from
the most recent Payment Date on which interest has been paid to but excluding
the then current Payment Date or, if no interest has yet been paid, from the
date hereof.  Interest will be computed
on the basis of a 360-day year consisting of twelve 30-day months.  Such principal of and interest on this Note
shall be paid in the manner specified in the Indenture.

 

(1)           Denominations of $1,000 and in greater whole-dollar
denominations in excess thereof.

 

Exhibit
A-3 (Page 1)

 

 

The principal of and
interest on this Note are payable in such coin or currency of the United States
of America as at the time of payment is legal tender for payment of public and
private debts.  All payments made by the
Issuing Entity with respect to this Note shall be applied first to interest due
and payable on this Note as provided above and then to the unpaid principal of
this Note.

 

Reference is made to the
further provisions of this Note set forth on the reverse hereof, which shall
have the same effect as though fully set forth on the face of this Note.

 

Unless the certificate of
authentication hereon has been executed by the Indenture Trustee by manual
signature, this Note shall not be entitled to any benefit under the Indenture
referred to on the reverse hereof, or be valid or obligatory for any purpose.

 

Exhibit
A-3 (Page 2)

 

 

IN WITNESS WHEREOF, the
Issuing Entity has caused this instrument to be signed, manually or in
facsimile, by its Authorized Officer.

 

Dated:  April [   ], 2008

 

	
   

  	
  CNH
  EQUIPMENT TRUST 2008-A

  
	
   

  	
   

  
	
   

  	
  By:   Wilmington
  Trust Company,

  
	
   

  	
  not
  in its individual capacity

  
	
   

  	
  but
  solely as Trustee

  
	
   

  	
  under
  the Trust Agreement

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  
					

 

Exhibit
A-3 (Page 3)

 

 

TRUSTEE’S
CERTIFICATE OF AUTHENTICATION

 

This is one of the Notes
designated above and referred to in the within-mentioned Indenture.

 

Dated:  April [   ], 2008

 

	
   

  	
  THE
  BANK OF NEW YORK TRUST 

  
	
   

  	
  COMPANY,
  N.A.,

  
	
   

  	
  not
  in its individual capacity but solely

  
	
   

  	
  as
  Indenture Trustee

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Authorized
  Signatory

  

 

Exhibit
A-3 (Page 4)

 

 

[REVERSE
OF NOTE]

 

This Note is one of a duly
authorized issue of the Issuing Entity, designated as its 4.12% Class A-3
Asset Backed Notes (herein called the “A-3 Notes” or
the “Notes”), all issued under an Indenture dated as of April 1, 2008
(such Indenture, as supplemented or amended, is herein called the “Indenture”) between the Issuing Entity and The Bank of New
York Trust Company, N.A., not in its individual capacity but solely as trustee
(the “Indenture Trustee”, which term includes
any successor Indenture Trustee under the Indenture), to which Indenture and
all indentures supplemental thereto reference is hereby made for a statement of
the respective rights and obligations thereunder of the Issuing Entity, the
Indenture Trustee and the Holders of the Notes. 
The Notes are subject to all terms of the Indenture.  All terms used in this Note that are not
otherwise defined herein and that are defined in the Indenture shall have the
meanings assigned to them in or pursuant to the Indenture.

 

The Notes, the A-1 Notes,
the A-2 Notes, and the A-4 Notes are and will be equally and ratably secured by
the collateral pledged as security therefor as provided in the Indenture.

 

The Issuing Entity shall pay
interest on overdue installments of interest at the A-3 Note Rate to the extent
lawful.

 

Each Noteholder or Note
Owner, by acceptance of a Note, or, in the case of a Note Owner, a beneficial
interest in the Note, covenants and agrees that no recourse may be taken,
directly or indirectly, with respect to the obligations of the Issuing Entity
or the Indenture Trustee on the Notes or under the Indenture or any certificate
or other writing delivered in connection therewith, against:  (i) the Indenture Trustee or the Trustee
in their individual capacities, (ii) any owner of a beneficial interest in
the Issuing Entity or (iii) any partner, owner, beneficiary, agent, officer,
director or employee of:  (a) the
Indenture Trustee or the Trustee in their individual capacities, (b) any
holder of a beneficial interest in the Issuing Entity, the Trustee or the
Indenture Trustee or of (c) any successor or assign of the Indenture
Trustee or the Trustee in their individual capacities, except as any such
Person may have expressly agreed and except that any such partner, owner or
beneficiary shall be fully liable, to the extent provided by applicable law,
for any unpaid consideration for stock, unpaid capital contribution or failure
to pay any installment or call owing to such partner, owner or beneficiary.

 

It is the intent of the
Seller, the Servicer, the Noteholders and the Note Owners that, for purposes of
federal and State income tax and any other tax measured in whole or in part by
income, the Notes qualify as indebtedness of the Trust.  Each Noteholder or Note Owner, by acceptance
of a Note, or, in the case of a Note Owner, a beneficial interest in a Note,
agrees to treat, and to take no action inconsistent with the treatment of, the
Notes for such tax purposes as indebtedness of the Trust.

 

Each Noteholder or Note
Owner, by acceptance of a Note, or, in the case of a Note Owner, a beneficial
interest in a Note, covenants and agrees that by accepting the benefits of the
Indenture that such Noteholder will not at any time institute against the
Seller or the Issuing Entity, or join in any institution against the Seller or
the Issuing Entity of, any bankruptcy,

 

Exhibit
A-3 (Page 5)

 

 

reorganization
or arrangement, insolvency or liquidation proceedings under any United States
federal or State bankruptcy or similar law in connection with any obligations
relating to the Notes, the Indenture or the Basic Documents.

 

Each Noteholder or Note
Owner, by acceptance of a Note, or in the case of Note Owner, a beneficial
interest in the Note, represents that either (a) it is not (i) an
employee benefit plan (as defined in Section 3(3) of
ERISA) that is subject to the provisions of Title I of ERISA, (ii) a plan
described in Section 4975(e)(1) of
the Code, (iii) any entity whose underlying assets include plan assets of
any of the foregoing (each a “Benefit Plan”),
or (iv) a governmental plan (as defined in Section 3(32) of ERISA) that is subject to any law
substantially similar to ERISA or Section 4975
of the Code or (b) the purchase and holding of the Note, or a beneficial
interest therein, will not result in a non-exempt prohibited transaction under Section 406 of ERISA, Section 4975 of the Code or any
substantially similar applicable law.

 

This Note and the Indenture
shall be construed in accordance with the laws of the State of New York, and
the obligations, rights and remedies of the parties hereunder and thereunder
shall be determined in accordance with such laws.

 

No reference herein to the
Indenture and no provision of this Note or of the Indenture shall alter or
impair the obligation of the Issuing Entity, which is absolute and
unconditional, to pay the principal of and interest on this Note at the times,
place and rate, and in the coin or currency, herein prescribed.

 

Anything herein to the
contrary notwithstanding, except as expressly provided in the Basic Documents,
neither The Bank of New York Trust Company, N.A., in its individual capacity,
any owner of a beneficial interest in the Issuing Entity, nor any of their
respective partners, beneficiaries, agents, officers, directors, employees,
successors or assigns shall be personally liable for, nor shall recourse be had
to any of them for, the payment of principal of or interest on, or performance
of, or omission to perform, any of the covenants, obligations or
indemnifications contained in this Note or the Indenture, it being expressly
understood that said covenants, obligations and indemnifications have been made
by the Indenture Trustee for the sole purposes of binding the interests of the
Indenture Trustee in the assets of the Issuing Entity.  The Holder of this Note by the acceptance
hereof, and each Note Owner by the acceptance of a beneficial interest herein,
each agrees that, except as expressly provided in the Basic Documents, in the
case of an Event of Default under the Indenture, the Holder and Note Owner
shall have no claim against any of the foregoing for any deficiency, loss or claim
therefrom; provided, however, that nothing
contained herein shall be taken to prevent recourse to, and enforcement
against, the assets of the Issuing Entity for any and all liabilities,
obligations and undertakings contained in the Indenture or in this Note.

 

Exhibit
A-3 (Page 6)

 

 

ASSIGNMENT

 

Social Security or taxpayer
I.D. or other identifying number of assignee

 

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

 

	
   

  
	
  (name
  and address of assignee)

  

 

the within Note and all rights
thereunder, and hereby irrevocably constitutes and appoints

 

                                           , attorney, to
transfer said Note on the books kept for registration thereof, with full power
of substitution in the premises.

 

	
  Dated:

  	
   

  	
   

  	
  *

  
	
   

  	
   

  	
  Signature
  Guaranteed:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Signatures
  must be guaranteed by an “eligible guarantor 

  
	
   

  	
  institution” meeting the
  requirements of the Note Registrar, which requirements include membership or
  participation in STAMP or such other “signature guarantee
  program” as may be determined by the Note Registrar in addition
  to, or in substitution for, STAMP, all in accordance with the Securities
  Exchange Act of 1934, as amended.

  

 

*
             NOTE:  The signature to this assignment must
correspond with the name of the registered owner as it appears on the face of
the within Note in every particular without alteration, enlargement or any
change whatsoever.

 

Exhibit
A-3 (Page 7)

 

 

EXHIBIT A-4a

to Indenture

 

FORM OF A-4a NOTES

 

	
  REGISTERED

  	
   

  	
  $69,000,000(1)

  
	
  No. R-1

  	
   

  	
  CUSIP NO. 12620L AF5

  

 

Unless this Note is
presented by an authorized representative of The Depository Trust Company, a
New York corporation (“DTC”), to the
Issuing Entity or its agent for registration of transfer, exchange or payment,
and any Note issued is registered in the name of Cede & Co. or in such
other name as is requested by an authorized representative of DTC (and any
payment is made to Cede & Co. or to such other entity as is requested
by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE
HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the
registered owner hereof, Cede & Co., has an interest herein.

 

THE PRINCIPAL OF THIS NOTE
IS PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING
PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT
SHOWN ON THE FACE HEREOF.

 

CNH EQUIPMENT TRUST 2008-A

4.93% CLASS A-4a ASSET
BACKED NOTES

 

CNH Equipment Trust 2008-A,
a statutory trust organized and existing under the laws of the State of
Delaware (including any successor, the “Issuing Entity”),
for value received, hereby promises to pay to CEDE & CO., or
registered assigns, the principal sum of SIXTY-NINE MILLION DOLLARS
($69,000,000), partially payable on each Payment Date in an amount equal to the
aggregate amount, if any, payable from the Note Distribution Account in respect
of principal on the A-4a Notes pursuant to Section 3.1
of the Indenture; provided, however, that the entire unpaid principal
amount of this Note shall be due and payable on the earlier of the August 15,
2014 Payment Date and the Redemption Date, if any, pursuant to Section 10.1(a) of the Indenture. Except as
provided in Section 5.4 of the Indenture, no
payments of principal of the Notes will be made until the principal of the A-1
Notes, the A-2 Notes and the A-3 Notes has been paid in full. The Issuing
Entity will pay interest on this Note at the A-4a Note Rate, on each Payment
Date until the principal of this Note is paid or made available for payment, on
the principal amount of this Note outstanding on the preceding Payment Date
(after giving effect to all payments of principal made on the preceding Payment
Date), subject to certain limitations contained in Section 3.1
of the Indenture. Interest on this Note will accrue for each Payment Date from
the most recent Payment Date on which interest has been paid to but excluding
the then current Payment Date or, if no interest has yet been paid, from the
date hereof.  Interest will be computed
on the basis of a 360-day year consisting of twelve 30-day months.  Such principal of and interest on this Note
shall be paid in the manner specified in the Indenture.

 

(1)           Denominations of $1,000 and in greater whole-dollar
denominations in excess thereof.

 

Exhibit
A-4a (Page 1)

 

 

The principal of and
interest on this Note are payable in such coin or currency of the United States
of America as at the time of payment is legal tender for payment of public and
private debts.  All payments made by the
Issuing Entity with respect to this Note shall be applied first to interest due
and payable on this Note as provided above and then to the unpaid principal of
this Note.

 

Reference is made to the
further provisions of this Note set forth on the reverse hereof, which shall
have the same effect as though fully set forth on the face of this Note.

 

Unless the certificate of
authentication hereon has been executed by the Indenture Trustee by manual
signature, this Note shall not be entitled to any benefit under the Indenture
referred to on the reverse hereof, or be valid or obligatory for any purpose.

 

Exhibit
A-4a (Page 2)

 

 

IN WITNESS WHEREOF, the
Issuing Entity has caused this instrument to be signed, manually or in
facsimile, by its Authorized Officer.

 

Dated:  April [   ], 2008

 

	
   

  	
  CNH
  EQUIPMENT TRUST 2008-A

  
	
   

  	
   

  	
   

  
	
   

  	
  By:   Wilmington
  Trust Company,

  
	
   

  	
  not
  in its individual capacity

  
	
   

  	
  but
  solely as Trustee

  
	
   

  	
  under
  the Trust Agreement

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  
					

 

Exhibit
A-4a (Page 3)

 

 

TRUSTEE’S
CERTIFICATE OF AUTHENTICATION

 

This is one of the Notes
designated above and referred to in the within-mentioned Indenture.

 

Dated:  April [   ], 2008

 

	
   

  	
   

  	
  THE
  BANK OF NEW YORK TRUST

  
	
   

  	
   

  	
  COMPANY,
  N.A.,

  
	
   

  	
   

  	
  not
  in its individual capacity but solely

  
	
   

  	
   

  	
  as
  Indenture Trustee

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  	
  Authorized
  Signatory

  

 

Exhibit
A-4a (Page 4)

 

 

[REVERSE
OF NOTE]

 

This Note is one of a duly
authorized issue of the Issuing Entity, designated as its 4.93% Class A-4a
Asset Backed Notes (herein called the “A-4a Notes” or
the “Notes”), all issued under an Indenture dated as of April 1, 2008
(such Indenture, as supplemented or amended, is herein called the “Indenture”) between the Issuing Entity and The Bank of New
York Trust Company, N.A., not in its individual capacity but solely as trustee
(the “Indenture Trustee”, which term includes
any successor Indenture Trustee under the Indenture), to which Indenture and
all indentures supplemental thereto reference is hereby made for a statement of
the respective rights and obligations thereunder of the Issuing Entity, the
Indenture Trustee and the Holders of the Notes. 
The Notes are subject to all terms of the Indenture.  All terms used in this Note that are not
otherwise defined herein and that are defined in the Indenture shall have the
meanings assigned to them in or pursuant to the Indenture.

 

The Notes, the A-1 Notes,
the A-2 Notes, the A-3 Notes and the A-4b Notes are and will be equally and
ratably secured by the collateral pledged as security therefor as provided in
the Indenture.

 

The Issuing Entity shall pay
interest on overdue installments of interest at the A-4a Note Rate to the
extent lawful.

 

Each Noteholder or Note
Owner, by acceptance of a Note, or, in the case of a Note Owner, a beneficial
interest in the Note, covenants and agrees that no recourse may be taken,
directly or indirectly, with respect to the obligations of the Issuing Entity
or the Indenture Trustee on the Notes or under the Indenture or any certificate
or other writing delivered in connection therewith, against:  (i) the Indenture Trustee or the Trustee
in their individual capacities, (ii) any owner of a beneficial interest in
the Issuing Entity or (iii) any partner, owner, beneficiary, agent,
officer, director or employee of:  (a) the
Indenture Trustee or the Trustee in their individual capacities, (b) any
holder of a beneficial interest in the Issuing Entity, the Trustee or the
Indenture Trustee or of (c) any successor or assign of the Indenture
Trustee or the Trustee in their individual capacities, except as any such
Person may have expressly agreed and except that any such partner, owner or
beneficiary shall be fully liable, to the extent provided by applicable law,
for any unpaid consideration for stock, unpaid capital contribution or failure
to pay any installment or call owing to such partner, owner or beneficiary.

 

It is the intent of the
Seller, the Servicer, the Noteholders and the Note Owners that, for purposes of
federal and State income tax and any other tax measured in whole or in part by
income, the Notes qualify as indebtedness of the Trust.  Each Noteholder or Note Owner, by acceptance
of a Note, or, in the case of a Note Owner, a beneficial interest in a Note,
agrees to treat, and to take no action inconsistent with the treatment of, the
Notes for such tax purposes as indebtedness of the Trust.

 

Each Noteholder or Note
Owner, by acceptance of a Note, or, in the case of a Note Owner, a beneficial
interest in a Note, covenants and agrees that by accepting the benefits of the
Indenture that such Noteholder will not at any time institute against the
Seller or the Issuing 

 

Exhibit
A-4a (Page 5)

 

 

Entity,
or join in any institution against the Seller or the Issuing Entity of, any
bankruptcy, reorganization or arrangement, insolvency or liquidation
proceedings under any United States federal or State bankruptcy or similar law
in connection with any obligations relating to the Notes, the Indenture or the
Basic Documents.

 

Each Noteholder or Note
Owner, by acceptance of a Note, or in the case of Note Owner, a beneficial
interest in the Note, represents that either (a) it is not (i) an
employee benefit plan (as defined in Section 3(3) of
ERISA) that is subject to the provisions of Title I of ERISA, (ii) a plan
described in Section 4975(e)(1) of
the Code, (iii) any entity whose underlying assets include plan assets of
any of the foregoing (each a “Benefit Plan”),
or (iv) a governmental plan (as defined in Section 3(32) of ERISA) that is subject to any law
substantially similar to ERISA or Section 4975
of the Code or (b) the purchase and holding of the Note, or a beneficial
interest therein, will not result in a non-exempt prohibited transaction under Section 406 of ERISA, Section 4975 of the Code or any
substantially similar applicable law.

 

This Note and the Indenture
shall be construed in accordance with the laws of the State of New York, and
the obligations, rights and remedies of the parties hereunder and thereunder
shall be determined in accordance with such laws.

 

No reference herein to the
Indenture and no provision of this Note or of the Indenture shall alter or
impair the obligation of the Issuing Entity, which is absolute and
unconditional, to pay the principal of and interest on this Note at the times,
place and rate, and in the coin or currency, herein prescribed.

 

Anything herein to the
contrary notwithstanding, except as expressly provided in the Basic Documents,
neither The Bank of New York Trust Company, N.A., in its individual capacity,
any owner of a beneficial interest in the Issuing Entity, nor any of their
respective partners, beneficiaries, agents, officers, directors, employees,
successors or assigns shall be personally liable for, nor shall recourse be had
to any of them for, the payment of principal of or interest on, or performance
of, or omission to perform, any of the covenants, obligations or
indemnifications contained in this Note or the Indenture, it being expressly
understood that said covenants, obligations and indemnifications have been made
by the Indenture Trustee for the sole purposes of binding the interests of the
Indenture Trustee in the assets of the Issuing Entity.  The Holder of this Note by the acceptance
hereof, and each Note Owner by the acceptance of a beneficial interest herein,
each agrees that, except as expressly provided in the Basic Documents, in the
case of an Event of Default under the Indenture, the Holder and Note Owner
shall have no claim against any of the foregoing for any deficiency, loss or
claim therefrom; provided, however, that nothing
contained herein shall be taken to prevent recourse to, and enforcement
against, the assets of the Issuing Entity for any and all liabilities,
obligations and undertakings contained in the Indenture or in this Note.

 

Exhibit
A-4a (Page 6)

 

 

ASSIGNMENT

 

Social Security or taxpayer
I.D. or other identifying number of assignee

 

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

 

	
   

  
	
  (name
  and address of assignee)

  

 

the within Note and all
rights thereunder, and hereby irrevocably constitutes and appoints

 

                                           , attorney, to
transfer said Note on the books kept for registration thereof, with full power
of substitution in the premises.

 

	
  Dated:

  	
   

  	
   

  	
  * 

  
	
   

  	
   

  	
  Signature
  Guaranteed:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Signatures
  must be guaranteed by an “eligible guarantor 

  
	
   

  	
   

  	
  institution” meeting the
  requirements of the Note Registrar, which requirements include membership or
  participation in STAMP or such other “signature guarantee
  program” as may be determined by the Note Registrar in addition
  to, or in substitution for, STAMP, all in accordance with the Securities
  Exchange Act of 1934, as amended.

  

 

*
             NOTE:  The signature to this assignment must
correspond with the name of the registered owner as it appears on the face of
the within Note in every particular without alteration, enlargement or any
change whatsoever.

 

Exhibit
A-4a (Page 7)

 

EXHIBIT A-4b

to Indenture

 

FORM OF A-4b NOTES

 

	
  REGISTERED

  	
   

  	
  $25,508,000(1)

  
	
  No. R-1

  	
   

  	
  CUSIP NO. 12620L AG3

  

 

Unless this Note is
presented by an authorized representative of The Depository Trust Company, a
New York corporation (“DTC”), to the
Issuing Entity or its agent for registration of transfer, exchange or payment,
and any Note issued is registered in the name of Cede & Co. or in such
other name as is requested by an authorized representative of DTC (and any
payment is made to Cede & Co. or to such other entity as is requested
by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE
HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the
registered owner hereof, Cede & Co., has an interest herein.

 

THE PRINCIPAL OF THIS NOTE
IS PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING
PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT
SHOWN ON THE FACE HEREOF.

 

CNH EQUIPMENT TRUST 2008-A

FLOATING RATE CLASS A-4b
ASSET BACKED NOTES

 

CNH Equipment Trust 2008-A,
a statutory trust organized and existing under the laws of the State of
Delaware (including any successor, the “Issuing Entity”),
for value received, hereby promises to pay to CEDE & CO., or
registered assigns, the principal sum of TWENTY-FIVE MILLION FIVE HUNDRED EIGHT
THOUSAND DOLLARS ($25,508,000), partially payable on each Payment Date in an
amount equal to the aggregate amount, if any, payable from the Note
Distribution Account in respect of principal on the A-4b Notes pursuant to Section 3.1 of the Indenture; provided, however,
that the entire unpaid principal amount of this Note shall be due and payable
on the earlier of the August 15, 2014 Payment Date and the Redemption
Date, if any, pursuant to Section 10.1(a) of
the Indenture. Except as provided in Section 5.4
of the Indenture, no payments of principal of the Notes will be made until the
principal of the A-1 Notes, the A-2 Notes and the A-3 Notes has been paid in
full. The Issuing Entity will pay interest on this Note at the A-4b Note Rate,
on each Payment Date until the principal of this Note is paid or made available
for payment, on the principal amount of this Note outstanding on the preceding
Payment Date (after giving effect to all payments of principal made on the
preceding Payment Date), subject to certain limitations contained in Section 3.1 of the Indenture. Interest on this Note
will accrue for each Payment Date from the most recent Payment Date on which
interest has been paid to but excluding the then current Payment Date or, if no
interest has yet been paid, from the date hereof.  Interest will be computed on the basis of a
360-day year and the 

 

(1)           Denominations of $1,000 and in greater
whole-dollar denominations in excess thereof.

 

Exhibit
A-4b (Page 1)

 

actual
number of days in the applicable Interest Period. Such principal of and
interest on this Note shall be paid in the manner specified in the Indenture.

 

The principal of and
interest on this Note are payable in such coin or currency of the United States
of America as at the time of payment is legal tender for payment of public and
private debts.  All payments made by the
Issuing Entity with respect to this Note shall be applied first to interest due
and payable on this Note as provided above and then to the unpaid principal of
this Note.

 

Reference is made to the
further provisions of this Note set forth on the reverse hereof, which shall
have the same effect as though fully set forth on the face of this Note.

 

Unless the certificate of
authentication hereon has been executed by the Indenture Trustee by manual
signature, this Note shall not be entitled to any benefit under the Indenture
referred to on the reverse hereof, or be valid or obligatory for any purpose.

 

Exhibit
A-4b (Page 2)

 

IN WITNESS WHEREOF, the
Issuing Entity has caused this instrument to be signed, manually or in
facsimile, by its Authorized Officer.

 

Dated:  April [   ], 2008

 

	
   

  	
  CNH
  EQUIPMENT TRUST 2008-A

  
	
   

  	
   

  	
   

  
	
   

  	
  By:    Wilmington
  Trust Company,

  
	
   

  	
  not
  in its individual capacity

  
	
   

  	
  but
  solely as Trustee

  
	
   

  	
  under
  the Trust Agreement

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  
					

 

Exhibit
A-4b (Page 3)

 

TRUSTEE’S
CERTIFICATE OF AUTHENTICATION

 

This is one of the Notes
designated above and referred to in the within-mentioned Indenture.

 

Dated:  April [   ], 2008

 

	
   

  	
  THE
  BANK OF NEW YORK TRUST 

  
	
   

  	
  COMPANY,
  N.A.,

  
	
   

  	
  not
  in its individual capacity but solely

  
	
   

  	
  as
  Indenture Trustee

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Authorized
  Signatory

  

 

Exhibit
A-4b (Page 4)

 

[REVERSE OF NOTE]

 

This Note is
one of a duly authorized issue of the Issuing Entity, designated as its
Floating Rate Class A-4b Asset Backed Notes (herein called the “A-4b Notes” or the “Notes”), all issued under an Indenture
dated as of April 1, 2008 (such Indenture, as supplemented or amended, is
herein called the “Indenture”)
between the Issuing Entity and The Bank of New York Trust Company, N.A., not in
its individual capacity but solely as trustee (the “Indenture
Trustee”, which term includes any successor Indenture Trustee under
the Indenture), to which Indenture and all indentures supplemental thereto
reference is hereby made for a statement of the respective rights and
obligations thereunder of the Issuing Entity, the Indenture Trustee and the Holders
of the Notes.  The Notes are subject to
all terms of the Indenture.  All terms
used in this Note that are not otherwise defined herein and that are defined in
the Indenture shall have the meanings assigned to them in or pursuant to the
Indenture.

 

The Notes, the
A-1 Notes, the A-2 Notes, the A-3 Notes and the A-4a Notes are and will be
equally and ratably secured by the collateral pledged as security therefor as
provided in the Indenture.

 

The Issuing
Entity shall pay interest on overdue installments of interest at the A-4b Note
Rate to the extent lawful.

 

Each
Noteholder or Note Owner, by acceptance of a Note, or, in the case of a Note
Owner, a beneficial interest in the Note, covenants and agrees that no recourse
may be taken, directly or indirectly, with respect to the obligations of the
Issuing Entity or the Indenture Trustee on the Notes or under the Indenture or
any certificate or other writing delivered in connection therewith,
against:  (i) the Indenture Trustee
or the Trustee in their individual capacities, (ii) any owner of a
beneficial interest in the Issuing Entity or (iii) any partner, owner,
beneficiary, agent, officer, director or employee of:  (a) the Indenture Trustee or the Trustee
in their individual capacities, (b) any holder of a beneficial interest in
the Issuing Entity, the Trustee or the Indenture Trustee or of (c) any
successor or assign of the Indenture Trustee or the Trustee in their individual
capacities, except as any such Person may have expressly agreed and except that
any such partner, owner or beneficiary shall be fully liable, to the extent
provided by applicable law, for any unpaid consideration for stock, unpaid
capital contribution or failure to pay any installment or call owing to such
partner, owner or beneficiary.

 

It is the
intent of the Seller, the Servicer, the Noteholders and the Note Owners that,
for purposes of federal and State income tax and any other tax measured in
whole or in part by income, the Notes qualify as indebtedness of the Trust.  Each Noteholder or Note Owner, by acceptance
of a Note, or, in the case of a Note Owner, a beneficial interest in a Note,
agrees to treat, and to take no action inconsistent with the treatment of, the
Notes for such tax purposes as indebtedness of the Trust.

 

Each
Noteholder or Note Owner, by acceptance of a Note, or, in the case of a Note
Owner, a beneficial interest in a Note, covenants and agrees that by accepting
the benefits of the Indenture that such Noteholder will not at any time
institute against the Seller or the Issuing

 

Exhibit A-4b (Page 5)

 

Entity, or join in any institution against the Seller or the Issuing
Entity of, any bankruptcy, reorganization or arrangement, insolvency or
liquidation proceedings under any United States federal or State bankruptcy or
similar law in connection with any obligations relating to the Notes, the
Indenture or the Basic Documents.

 

Each
Noteholder or Note Owner, by acceptance of a Note, or in the case of Note
Owner, a beneficial interest in the Note, represents that either (a) it is
not (i) an employee benefit plan (as defined in Section 3(3) of ERISA) that is subject to the
provisions of Title I of ERISA, (ii) a plan described in Section 4975(e)(1) of the Code, (iii) any
entity whose underlying assets include plan assets of any of the foregoing
(each a “Benefit Plan”), or (iv) a
governmental plan (as defined in Section 3(32)
of ERISA) that is subject to any law substantially similar to ERISA or Section 4975 of the Code or (b) the
purchase and holding of the Note, or a beneficial interest therein, will not
result in a non-exempt prohibited transaction under Section 406 of ERISA, Section 4975
of the Code or any substantially similar applicable law.

 

This Note and
the Indenture shall be construed in accordance with the laws of the State of
New York, and the obligations, rights and remedies of the parties hereunder and
thereunder shall be determined in accordance with such laws.

 

No reference
herein to the Indenture and no provision of this Note or of the Indenture shall
alter or impair the obligation of the Issuing Entity, which is absolute and
unconditional, to pay the principal of and interest on this Note at the times,
place and rate, and in the coin or currency, herein prescribed.

 

Anything
herein to the contrary notwithstanding, except as expressly provided in the
Basic Documents, neither The Bank of New York Trust Company, N.A., in its
individual capacity, any owner of a beneficial interest in the Issuing Entity,
nor any of their respective partners, beneficiaries, agents, officers,
directors, employees, successors or assigns shall be personally liable for, nor
shall recourse be had to any of them for, the payment of principal of or
interest on, or performance of, or omission to perform, any of the covenants,
obligations or indemnifications contained in this Note or the Indenture, it
being expressly understood that said covenants, obligations and
indemnifications have been made by the Indenture Trustee for the sole purposes
of binding the interests of the Indenture Trustee in the assets of the Issuing
Entity.  The Holder of this Note by the
acceptance hereof, and each Note Owner by the acceptance of a beneficial
interest herein, each agrees that, except as expressly provided in the Basic
Documents, in the case of an Event of Default under the Indenture, the Holder
and Note Owner shall have no claim against any of the foregoing for any
deficiency, loss or claim therefrom; provided, however,
that nothing contained herein shall be taken to prevent recourse to, and
enforcement against, the assets of the Issuing Entity for any and all
liabilities, obligations and undertakings contained in the Indenture or in this
Note.

 

Exhibit A-4b (Page 6)

 

ASSIGNMENT

 

Social
Security or taxpayer I.D. or other identifying number of assignee

 

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

 

	
   

  
	
  (name and address of assignee)

  

 

the within
Note and all rights thereunder, and hereby irrevocably constitutes and appoints

 

                                           ,
attorney, to transfer said Note on the books kept for registration thereof,
with full power of substitution in the premises.

 

 

	
  Dated:

  	
   

  	
   

  	
  *

  
	
   

  	
   

  	
  Signature Guaranteed:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Signatures must be guaranteed by an “eligible
  guarantor 

  
	
   

  	
   

  	
  institution” meeting the requirements of the
  Note Registrar, which requirements include membership or participation in
  STAMP or such other “signature guarantee
  program” as may be determined by the Note Registrar in addition
  to, or in substitution for, STAMP, all in accordance with the Securities Exchange
  Act of 1934, as amended.

  

 

*              NOTE:  The signature to this assignment must
correspond with the name of the registered owner as it appears on the face of
the within Note in every particular without alteration, enlargement or any
change whatsoever.

 

Exhibit A-4b (Page 7)

 

 

EXHIBIT
A-5

to Indenture

 

FORM OF CLASS B NOTES

 

	
  REGISTERED

  	
   

  	
  $12,449,000(1)

  
	
  No. R-1

  	
   

  	
  CUSIP NO.
  [            ]

  

 

THIS NOTE HAS
NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”).
ANY RESALE OR TRANSFER OF THIS NOTE WITHOUT REGISTRATION THEREOF UNDER THE ACT MAY ONLY
BE MADE IN A TRANSACTION EXEMPTED FROM THE REGISTRATION REQUIREMENTS OF THE ACT
AND IN ACCORDANCE WITH THE PROVISIONS OF THE INDENTURE REFERRED TO HEREIN.

 

THE PRINCIPAL
OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE
OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE
AMOUNT SHOWN ON THE FACE HEREOF.

 

CNH EQUIPMENT TRUST 2008-A

0.00% CLASS B
ASSET BACKED NOTES

 

CNH Equipment
Trust 2008-A, a statutory trust organized and existing under the laws of the
State of Delaware (including any successor, the “Issuing
Entity”), for value received, hereby promises to pay to [CNH CAPITAL
AMERICA LLC], or registered assigns, the principal sum of TWELVE MILLION FOUR
HUNDRED FORTY-NINE THOUSAND DOLLARS ($12,449,000), partially payable on each
Payment Date in an amount equal to the aggregate amount, if any, payable from
the Note Distribution Account in respect of principal on the Class B Notes
pursuant to Section 3.1 of the Indenture; provided, however, that the entire unpaid principal amount
of this Note shall be due and payable on the earlier of the August 15,
2014 Payment Date and the Redemption Date, if any, pursuant to Section 10.1(a) of the Indenture.  No payments of principal of the Notes will be
made on any Payment Date until the A-1 Notes, the A-2 Notes, the A-3 Notes and
the A-4 Notes have been paid in full. 
The Issuing Entity will pay interest on this Note at the rate per annum
shown above, on each Payment Date until the principal of this Note is paid or
made available for payment, on the principal amount of this Note outstanding on
the preceding Payment Date (after giving effect to all payments of principal
made on the preceding Payment Date), subject to certain limitations contained
in Section 3.1 of the Indenture.  Interest on this Note will accrue for each
Payment Date from the most recent Payment Date on which interest has been paid
to but excluding the then current Payment Date or, if no interest has yet been
paid, from the date hereof.  Interest
will be computed on the basis of a 360-day year consisting of twelve 30-day
months.  Such principal of and interest
on this Note shall be paid in the manner specified in the Indenture.

 

(1)           Denominations of $1,000 and in greater
whole-dollar denominations in excess thereof.

 

Exhibit A-5 (Page 1)

 

 

The principal
of and interest on this Note are payable in such coin or currency of the United
States of America as at the time of payment is legal tender for payment of
public and private debts.  All payments
made by the Issuing Entity with respect to this Note shall be applied first to
interest due and payable on this Note as provided above and then to the unpaid
principal of this Note.

 

Reference is
made to the further provisions of this Note set forth on the reverse hereof,
which shall have the same effect as though fully set forth on the face of this
Note.

 

Unless the
certificate of authentication hereon has been executed by the Indenture Trustee
by manual signature, this Note shall not be entitled to any benefit under the
Indenture referred to on the reverse hereof, or be valid or obligatory for any
purpose.

 

Exhibit A-5 (Page 2)

 

IN WITNESS
WHEREOF, the Issuing Entity has caused this instrument to be signed, manually
or in facsimile, by its Authorized Officer.

 

Dated:  April [   ], 2008

 

	
   

  	
   

  	
  CNH EQUIPMENT TRUST 2008-A

  
	
   

  	
   

  	
  By:

  	
  Wilmington Trust Company,

  
	
   

  	
   

  	
   

  	
  not in its individual capacity

  
	
   

  	
   

  	
   

  	
  but solely as Trustee

  
	
   

  	
   

  	
   

  	
  under the Trust Agreement

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
   

  	
  Title:

  	
   

  

 

Exhibit A-5 (Page 3)

 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

This is one of
the Notes designated above and referred to in the within-mentioned Indenture.

 

Dated:  April [   ], 2008

 

	
   

  	
   

  	
  THE BANK OF NEW YORK TRUST 

  COMPANY, N.A.,

  
	
   

  	
   

  	
  not in its individual capacity but solely

  
	
   

  	
   

  	
  as Indenture Trustee

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  	
  Authorized Signatory

  

 

Exhibit A-5 (Page 4)

 

[REVERSE OF NOTE]

 

This Note is
one of a duly authorized issue of Notes of the Issuing Entity, designated as
its 0.00% Class B Asset Backed Notes (herein called the “Class B Notes” or the “Notes”),
all issued under an Indenture dated as of April 1, 2008 (such Indenture,
as supplemented or amended, is herein called the “Indenture”)
between the Issuing Entity and The Bank of New York Trust Company, N.A., not in
its individual capacity but solely as trustee (the “Indenture
Trustee”, which term includes any successor Indenture Trustee under
the Indenture), to which Indenture and all indentures supplemental thereto
reference is hereby made for a statement of the respective rights and
obligations thereunder of the Issuing Entity, the Indenture Trustee and the
Holders of the Notes.  The Notes are
subject to all terms of the Indenture. 
All terms used in this Note that are not otherwise defined herein and
that are defined in the Indenture shall have the meanings assigned to them in
or pursuant to the Indenture.

 

The Class B
Notes are and will be equally and ratably secured by the collateral pledged as
security therefor as provided in the Indenture, but the interest of the Class B
Noteholders in such collateral is subordinated and second to the rights of the Class A
Noteholders.

 

The Issuing
Entity shall pay interest on overdue installments of interest at the Class B
Note Rate to the extent lawful.

 

Each
Noteholder or Note Owner, by acceptance of a Note, or, in the case of a Note
Owner, a beneficial interest in the Note, covenants and agrees that no recourse
may be taken, directly or indirectly, with respect to the obligations of the
Issuing Entity or the Indenture Trustee on the Notes or under the Indenture or
any certificate or other writing delivered in connection therewith,
against:  (i) the Indenture Trustee
or the Trustee in their individual capacities, (ii) any owner of a
beneficial interest in the Issuing Entity or (iii) any partner, owner,
beneficiary, agent, officer, director or employee of:  (a) the Indenture Trustee or the Trustee
in their individual capacities, (b) any holder of a beneficial interest in
the Issuing Entity, the Trustee or the Indenture Trustee or of (c) any
successor or assign of the Indenture Trustee or the Trustee in their individual
capacities, except as any such Person may have expressly agreed and except that
any such partner, owner or beneficiary shall be fully liable, to the extent
provided by applicable law, for any unpaid consideration for stock, unpaid
capital contribution or failure to pay any installment or call owing to such
partner, owner or beneficiary.

 

It is the
intent of the Seller, the Servicer, the Noteholders and the Note Owners that,
for purposes of federal and State income tax and any other tax measured in
whole or in part by income, the Notes qualify as indebtedness of the Trust.  Each Noteholder or Note Owner, by acceptance
of a Note, or, in the case of a Note Owner, a beneficial interest in a Note,
agrees to treat, and to take no action inconsistent with the treatment of, the
Notes for such tax purposes as indebtedness of the Trust.

 

Each Noteholder
or Note Owner, by acceptance of a Note, or, in the case of a Note Owner, a
beneficial interest in a Note, covenants and agrees that by accepting the
benefits of the Indenture that such Noteholder will not at any time institute
against the Seller or the Issuing 

 

Exhibit A-5 (Page 5)

 

Entity, or join in any institution against the Seller or the Issuing
Entity of, any bankruptcy, reorganization or arrangement, insolvency or
liquidation proceedings under any United States federal or State bankruptcy or
similar law in connection with any obligations relating to the Notes, the
Indenture or the Basic Documents.

 

No transfer of
this Note shall be made unless such transfer is made pursuant to an effective
registration statement under the Act and any applicable state securities laws
or is exempt from the registration requirements under said Act and such laws.
In the event that a transfer is to be made in reliance upon an exemption from
the Securities Act and such laws, in order to assure compliance with the
Securities Act and such laws, there shall be delivered to the Issuing Entity
and to the Indenture Trustee a letter in substantially the form of Exhibit C
(the “Rule 144A Letter”) to the Indenture. 
Notwithstanding the preceding sentence or anything else herein, any
transfer of the Class B Notes to the Depositor, the Originator or any of
their Affiliates on the Closing Date, and any transfer from any of such
entities to its Affiliate, and any transfer from any such entity to an initial
purchaser(s) pursuant to an exemption from the registration requirements,
will not require the delivery of a Rule 144A Letter and may be made
regardless of whether such entity is a “qualified institutional buyer” as
defined in the Securities Act.  Each
Holder of a Class B Note desiring to effect such transfer shall indemnify
the Indenture Trustee, the Issuing Entity, the Seller and the Servicer against
any liability that may result if the transfer is not so exempt or is not made
in accordance with such federal and state laws.

 

Each
Noteholder or Note Owner, by acceptance of a Note, or in the case of Note
Owner, a beneficial interest in the Note, represents that either (a) it is
not (i) an employee benefit plan (as defined in Section 3(3) of ERISA) that is subject to the
provisions of Title I of ERISA, (ii) a plan described in Section 4975(e)(1) of the Code, (iii) any
entity whose underlying assets include plan assets of any of the foregoing
(each a “Benefit Plan”), or (iv) a
governmental plan (as defined in Section 3(32)
of ERISA) that is subject to any law substantially similar to ERISA or Section 4975 of the Code or (b) the
purchase and holding of the Note, or a beneficial interest therein, will not
result in a non-exempt prohibited transaction under Section 406 of ERISA, Section 4975
of the Code or any substantially similar applicable law.

 

The Class B
Notes are initially issued only as registered Definitive Notes without coupons
in denominations specified in the Indenture.

 

This Note and
the Indenture shall be construed in accordance with the laws of the State of
New York, and the obligations, rights and remedies of the parties hereunder and
thereunder shall be determined in accordance with such laws.

 

No reference
herein to the Indenture and no provision of this Note or of the Indenture shall
alter or impair the obligation of the Issuing Entity, which is absolute and
unconditional, to pay the principal of and interest on this Note at the times,
place and rate, and in the coin or currency, herein prescribed.

 

Anything
herein to the contrary notwithstanding, except as expressly provided in the
Basic Documents, neither The Bank of New York Trust Company, N.A., in its
individual capacity, any owner of a beneficial interest in the Issuing Entity,
nor any of their respective partners, beneficiaries, agents, officers,
directors, employees, successors or assigns shall be 

 

Exhibit A-5 (Page 6)

 

personally liable for, nor shall recourse be had to any of them for,
the payment of principal of or interest on, or performance of, or omission to
perform, any of the covenants, obligations or indemnifications contained in
this Note or the Indenture, it being expressly understood that said covenants,
obligations and indemnifications have been made by the Indenture Trustee for
the sole purposes of binding the interests of the Indenture Trustee in the
assets of the Issuing Entity.  The Holder
of this Note by the acceptance hereof, and each Note Owner by the acceptance of
a beneficial interest herein, each agrees that, except as expressly provided in
the Basic Documents, in the case of an Event of Default under the Indenture,
the Holder and Note Owner shall have no claim against any of the foregoing for
any deficiency, loss or claim therefrom; provided, however,
that nothing contained herein shall be taken to prevent recourse to, and
enforcement against, the assets of the Issuing Entity for any and all
liabilities, obligations and undertakings contained in the Indenture or in this
Note.

 

Exhibit A-5 (Page 7)

 

 

ASSIGNMENT

 

Social
Security or taxpayer I.D. or other identifying number of assignee

 

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

 

	
   

  
	
  (name and address of assignee)

  

 

the within
Note and all rights thereunder, and hereby irrevocably constitutes and appoints
                                   ,
attorney, to transfer said Note on the books kept for registration thereof,
with full power of substitution in the premises.

 

 

	
  Dated:

  	
   

  	
   

  	
  *

  
	
   

  	
   

  	
  Signature Guaranteed:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  To the extent required in the Indenture, signatures must be 

  
	
   

  	
   

  	
  guaranteed by an “eligible guarantor
  institution” meeting the requirements of the Note Registrar, which
  requirements include membership or participation in STAMP or such other “signature guarantee program” as may be determined by the
  Note Registrar in addition to, or in substitution for, STAMP, all in
  accordance with the Securities Exchange Act of 1934, as amended.

  

 

*              NOTE:  The signature to this assignment must
correspond with the name of the registered owner as it appears on the face of
the within Note in every particular without alteration, enlargement or any
change whatsoever.

 

Exhibit A-5 (Page 8)

 

 

EXHIBIT B

to Indenture

 

FORM OF SECTION 3.9 OFFICER’S
CERTIFICATE

 

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

2 North LaSalle Street, Suite 1020

Chicago, Illinois 60602

 

Pursuant to Section 3.9 of the Indenture, dated
as of April 1, 2008 (the “Indenture”) between
CNH Equipment Trust 2008-A (the “Issuing Entity”)
and The Bank of New York Trust Company, N.A., as Indenture Trustee, the
undersigned hereby certifies that:

 

(a)           a review of the activities of the
Issuing Entity during the previous fiscal year and of performance under the
Indenture has been made under the supervision of the undersigned; and

 

(b)           to the best knowledge of the
undersigned, based on such review, the Issuing Entity has complied with all
conditions and covenants under the Indenture throughout such year. [or, if
there has been a default in the compliance of any such condition or covenant,
this certificate is to specify each such default known to the undersigned and
the nature and status thereof]

 

	
   

  	
  CNH EQUIPMENT TRUST 2008-A

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  

 

Exhibit B (Page 1)

 

 

EXHIBIT C

to Indenture

 

FORM OF RULE 144A LETTER

 

                     ,
2008

 

CNH Equipment Trust 2008-A

c/o Wilmington Trust Company

1100 North Market Street

Wilmington, Delaware 19890

 

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

700 South Flower Street

Suite 500

Los Angeles, California 90017

 

Re:    CNH EQUIPMENT TRUST 2008-A

 

Ladies and Gentlemen:

 

In connection
with our acquisition of the Class B Notes (the “Notes”), we certify that (a) we
understand that the Notes are not being registered under the Securities Act of
1933, as amended (the “Act”), or any state securities laws and are being
transferred to us in a transaction that is exempt from the registration
requirements of the Act and any such laws, (b) we have such knowledge and
experience in financial and business matters that we are capable of evaluating
the merits and risks of investments in the Notes, (c) we have had the
opportunity to ask questions of and receive answers from CNH Equipment Trust
2008-A (the “Issuing Entity”) concerning the purchase of the Notes and all
matters relating thereto or any additional information deemed necessary to our
decision to purchase the Notes, (d) either (i) it is not an “employee
benefit plan” within the meaning of Section 3(3) of the Employee
Retirement Income Security Act of 1974, as amended (“ERISA”),
that is subject to Title I of ERISA, a “plan” as defined in Section 4975
of the Internal Revenue Code of 1986, as amended (the “Code”),
an entity deemed to hold “plan assets” of any of the foregoing or a
“governmental plan” as defined in Section 3(32) of ERISA that is subject
to any law substantially similar to ERISA or Section 4975 of the Code or (ii) the
acquisition and holding of the Note or any interest therein will not result in
a non-exempt prohibited transaction under Section 406 of ERISA, Section 4975
of the Code or any substantially similar applicable law, (e) we have not,
nor has anyone acting on our behalf offered, transferred, pledged, sold or
otherwise disposed of the Notes, any interest in the Notes or any other similar
security to, or solicited any offer to buy or accept a transfer, pledge or
other disposition of the Notes, any interest in the Notes or any other similar security
from, or otherwise approached or negotiated with respect to the Notes, any
interest in the Notes or any other similar security with, any person in any
manner, or made any general solicitation by means of general 

 

Exhibit C (Page 1)

 

 

advertising or in any other manner, or taken any other action, that
would constitute a distribution of the Notes under the Act or that would render
the disposition of the Notes a violation of Section 5 of the Act or require
registration pursuant thereto, nor will act, nor has authorized or will
authorize any person to act, in such manner with respect to the Notes, (f) we
are a “qualified institutional buyer” as that term is defined in Rule 144A
under the Act (“Rule 144A”) and have completed either of the forms of
certification to that effect attached hereto as Annex 1 or Annex 2, (g) we
are aware that the sale to us is being made in reliance on Rule 144A, and (h) we
are acquiring the Notes for our own account or for resale pursuant to Rule 144A
and further, understand that such Notes may be resold, pledged or transferred
only (A) to a person reasonably believed to be a qualified institutional
buyer that purchases for its own account or for the account of a qualified institutional
buyer to whom notice is given that the resale, pledge or transfer is being made
in reliance on Rule 144A, or (B) pursuant to another exemption from
registration under the Act.

 

	
   

  	
  Very truly
  yours,

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Print Name
  of Transferee

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Authorized
  Officer

  

 

Exhibit C (Page 2)

 

 

ANNEX 1 TO
EXHIBIT C

 

QUALIFIED INSTITUTIONAL BUYER STATUS UNDER
SEC RULE 144A

 

[For
Transferees Other Than Registered Investment Companies]

 

The
undersigned (the “Buyer”) hereby certifies as follows to the parties listed in
the Rule 144A Transferee Certificate to which this certification relates
with respect to the Notes described therein:

 

1.             As indicated below, the undersigned
is the President, Chief Financial Officer, Senior Vice President or other
executive officer of the Buyer.

 

2.             In connection with purchases by the
Buyer, the Buyer is a “qualified institutional buyer” as that term is defined
in Rule 144A under the Securities Act of 1933, as amended (“Rule 144A”)
because (i) the Buyer owned and/or invested on a discretionary basis $                (1) in
securities (except for the excluded securities referred to below) as of the end
of the Buyer’s most recent fiscal year (such amount being calculated in
accordance with Rule 144A and (ii) the Buyer satisfies the criteria
in the category marked below.

 

        
Corporation, etc. The Buyer is a corporation (other than a bank, savings and
loan association or similar institution), Massachusetts or similar business
trust, partnership, or charitable organization described in Section 501(c)(3) of
the Internal Revenue Code of 1986, as amended.

 

         Bank. The Buyer (a) is a
national bank or banking institution organized under the laws of any State,
territory or the District of Columbia, the business of which is substantially
confined to banking and is supervised by the State or territorial banking
commission or similar official or is a foreign bank or equivalent institution,
and (b) has an audited net worth of at least $25,000,000 as demonstrated
in its latest annual financial statements, a copy of which is attached hereto.

 

         Savings and Loan. The Buyer (a) is
a savings and loan association, building and loan association, cooperative
bank, homestead association or similar institution, which is supervised and examined
by a State or Federal authority having supervision over any such institutions
or is a foreign savings and loan association or equivalent institution and (b) has
an audited net worth of at least $25,000,000 as demonstrated in its latest
annual financial statements, a copy of which is attached hereto.

 

         Broker-dealer. The Buyer is a
dealer registered pursuant to Section 15 of the Securities Exchange Act of
1934.

 

(1)                                 Buyer must own and/or
invest on a discretionary basis at least $100,000,000 in securities unless
Buyer is a dealer, and, in that case, Buyer must own and/or invest on a
discretionary basis at least $10,000,000 in securities.

 

Exhibit C (Page 3)

 

         Insurance Company. The Buyer is
an insurance company whose primary and predominant business activity is the
writing of insurance or the reinsuring of risks underwritten by insurance
companies and which is subject to supervision by the insurance commissioner or
a similar official or agency of a State, territory or the District of Columbia.

 

         State or Local Plan. The Buyer
is a plan established and maintained by a State, its political subdivisions, or
any agency or instrumentality of the State or its political subdivisions, for
the benefit of its employees.

 

         ERISA Plan. The Buyer is an
employee benefit plan within the meaning of Title I of the Employee Retirement
Income Security Act of 1974.

 

         Investment Advisor. The Buyer
is an investment advisor registered under the Investment Advisors Act of 1940.

 

         Small Business Investment
Company. Buyer is a small business investment company licensed by the U.S.
Small Business Administration under Section 301(c) or (d) of the
Small Business Investment Act of 1958.

 

         Business Development Company.
Buyer is a business development company as defined in Section 202(a)(22)
of the Investment Advisors Act of 1940.

 

3.             The term “securities” as used
herein does not include (i) securities of issuers that are affiliated with
the Buyer, (ii) securities that are part of an unsold allotment to or
subscription by the Buyer, if the Buyer is a dealer, (iii) securities
issued or guaranteed by the U.S. or any instrumentality thereof, (iv) bank
deposit notes and certificates of deposit, (v) loan participations, (vi) repurchase
agreements, (vii) securities owned but subject to a repurchase agreement
and (viii) currency, interest rate and commodity swaps.

 

4.             For purposes of determining the
aggregate amount of securities owned and/or invested on a discretionary basis
by the Buyer, the Buyer used the cost of such securities to the Buyer and did
not include any of the securities referred to in the preceding paragraph,
except (i) where the Buyer reports its securities holdings in its
financial statements on the basis of their market value, and (ii) no
current information with respect to the cost of those securities has been
published. If clause (ii) in the preceding sentence applies, the
securities may be valued at market. Further, in determining such aggregate
amount, the Buyer may have included securities owned by subsidiaries of the
Buyer, but only if such subsidiaries are consolidated with the Buyer in its
financial statements prepared in accordance with generally accepted accounting
principles and if the investments of such subsidiaries are managed under the
Buyer’s direction. However, such securities were not included if the Buyer is a
majority-owned, consolidated subsidiary of another enterprise and the Buyer is
not itself a reporting company under the Securities Exchange Act of 1934, as
amended.

 

5.             The Buyer acknowledges that it is
familiar with Rule 144A and understands that the seller to it and other
parties related to the Notes are relying and will continue to rely on the
statements made herein because one or more sales to the Buyer may be in
reliance on Rule 144A.

 

6.             Until the date of purchase of the Rule 144A
Securities, the Buyer will notify each of the parties to which this
certification is made of any changes in the information and 

 

Exhibit C (Page 4)

 

 

conclusions herein. Until such notice is given, the Buyer’s purchase of
the Notes will constitute a reaffirmation of this certification as of the date
of such purchase. In addition, if the Buyer is a bank or savings and loan is
provided above, the Buyer agrees that it will furnish to such parties updated
annual financial statements promptly after they become available.

 

 

	
   

  	
   

  
	
   

  	
  Print Name
  of Buyer

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
   

  	
  Date:

  	
   

  
				

 

Exhibit C (Page 5)

 

 

ANNEX 2 TO
EXHIBIT C

 

QUALIFIED INSTITUTIONAL BUYER STATUS UNDER
SEC RULE 144A

 

[For
Transferees That are Registered Investment Companies]

 

The
undersigned (the “Buyer”) hereby certifies as follows to the parties listed in
the Rule 144A Transferee Certificate to which this certification relates
with respect to the Notes described therein:

 

1.                                      As indicated
below, the undersigned is the President, Chief Financial Officer or Senior Vice
President of the Buyer or, if the Buyer is a “qualified institutional buyer” as
that term is defined in Rule 144A under the Securities Act of 1933, as
amended (“Rule 144A”) because Buyer is part of a Family of Investment
Companies (as defined below), is such an officer of the adviser.

 

2.                                      In connection
with purchases by Buyer, the Buyer is a “qualified institutional buyer” as
defined in SEC Rule 144A because (i) the Buyer is an investment
company registered under the Investment Company Act of 1940, as amended and (ii) as
marked below, the Buyer alone, or the Buyer’s Family of Investment Companies,
owned at least $100,000,000 in securities (other than the excluded securities
referred to below) as of the end of the Buyer’s most recent fiscal year. For
purposes of determining the amount of securities owned by the Buyer or the
Buyer’s Family of Investment Companies, the cost of such securities was used,
except (i) where the Buyer or the Buyer’s Family of Investment Companies
reports its securities holdings in its financial statements on the basis of
their market value, and (ii) no current information with respect to the
cost of those securities has been published. If clause (ii) in the
preceding sentence applies, the securities may be valued at market.

 

          The Buyer owned $[                             ]
in securities (other than the excluded securities referred to below) as of the
end of the Buyer’s most recent fiscal year (such amount being calculated
in accordance with Rule 144A).

 

         The Buyer is part of a Family
of Investment Companies which owned in the aggregate $[                     ]
in securities
(other than the excluded securities referred to below) as of the end of the
Buyer’s most recent fiscal year (such amount being calculated in accordance
with Rule 144A).

 

3.                                      The term “Family
of Investment Companies” as used herein means two or more registered investment
companies (or series thereof) that have the same investment adviser or
investment advisers that are affiliated (by virtue of being majority owned
subsidiaries of the same parent or because one investment adviser is a majority
owned subsidiary of the other).

 

4.                                      The
term “securities” as used herein does not include (i) securities of
issuers that are affiliated with the Buyer or are part of the Buyer’s Family of
Investment Companies, (ii) securities issued or guaranteed by the U.S. or
any instrumentality thereof, (iii) bank deposit notes and certificates of
deposit, (iv) loan participations, (v) repurchase agreements, (vi) securities
owned but subject to a repurchase agreement and (vii) currency, interest
rate and commodity swaps.

 

Exhibit C (Page 6)

 

 

5.                                      The
Buyer is familiar with Rule 144A and understands that the parties listed
in the Rule 144A Transferee Certificate to which this certification
relates are relying and will continue to rely on the statements made herein
because one or more sales to the Buyer will be in reliance on Rule 144A.
In addition, the Buyer will only purchase for the Buyer’s own account.

 

6.                                      Until
the date of purchase of the Notes, the undersigned will notify the parties
listed in the Rule 144A Transferee Certificate to which this certification
relates of any changes in the information and conclusions herein. Until such
notice is given, the Buyer’s purchase of the Notes will constitute a
reaffirmation of this certification by the undersigned as of the date of such
purchase.

 

	
   

  	
   

  
	
   

  	
  Print Name
  of Buyer or Adviser

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
   

  	
  IF AN
  ADVISER: 

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Print Name
  of Buyer 

  
	
   

  	
   

  
	
   

  	
  Date:

  	
   

  
				

 

Exhibit C (Page 7)

 

 

Schedule P

 

1.             General.  The Indenture 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 the Issuing Entity’s right, title and interest in, to and under (i) the
Receivables, (ii) the Liquidity Receivables Purchase Agreement (only with
respect to Owned Contracts), (iii) the Sale and Servicing Agreement
(including all rights of the Seller under the Liquidity Receivables Purchase
Agreements and the Purchase Agreement assigned to the Issuing Entity pursuant
to the Sale and Servicing Agreement), and (iv) the Interest Rate Swap
Agreements, in each case, in favor of the Indenture Trustee, which, (a) security
interest is enforceable upon execution of the Indenture against creditors of
and purchasers from the Issuing Entity 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.

 

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) through (iv) constitute “general intangibles” within the
meaning of UCC Section 9-102.  The Issuing Entity has taken or will take all
steps necessary to perfect its security interest in the property securing the
Receivables within 10 days of the Closing Date.

 

3.             Creation.  Immediately prior to the grant to the
Indenture Trustee pursuant to the Indenture, the Issuing Entity owns and has
good and marketable title to, or has a valid security interest in, the
Receivables free and clear of any Lien, claim or encumbrance of any Person.

 

4.             Perfection.  The Issuing Entity 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
Indenture Trustee under the Indenture in the Receivables.  With respect to the Collateral that
constitutes tangible chattel paper, the Servicer or a Subservicer, as custodian,
received possession of such tangible chattel paper after the Indenture Trustee
received a written acknowledgment (which is contained in the Sale and Servicing
Agreement) from such custodian that it is acting solely as agent of the
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 interest granted to
the Indenture Trustee pursuant to the Indenture, the Issuing Entity has not
pledged, assigned, sold, granted a security interest in, or otherwise conveyed
any of the Collateral.  The Issuing
Entity has not authorized the filing of and is not aware of any financing
statements against the Issuing Entity that include a description of collateral
covering the Collateral other than any financing statement (i) relating to
the security interest granted to the Indenture Trustee under the Indenture, (ii) that
has been terminated or relating to a security interest which has been released,
or (iii) that has been granted pursuant to the terms of the Basic
Documents.  None of the tangible chattel
paper that constitutes or 

 

Schedule P (Page 1)

 

evidences the Collateral has any marks or notations indicating that
they have pledged, assigned or otherwise conveyed to any Person other than the
Indenture Trustee.  The Issuing Entity is
not aware of any judgment, ERISA or tax lien filings against it.

 

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

 

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

 

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

 

Schedule P (Page 2)

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