Document:

Exhibit
4.1

 

 

 

CNH EQUIPMENT TRUST 2005-A

 

 

INDENTURE

 

 

between

 

 

CNH
EQUIPMENT TRUST 2005-A

 

 

and

 

 

JPMORGAN CHASE BANK, N.A.

as Indenture Trustee.

 

 

Dated as of March 1, 2005

 

 

 

TABLE OF
CONTENTS

 

	
  ARTICLE
  I

  	
  Definitions
  and Incorporation by Reference

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION
  1.1.

  	
  Definitions

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 1.2.

  	
  Incorporation by
  Reference of Trust Indenture Act

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 1.3.

  	
  Rules of
  Construction

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE
  II

  	
  The
  Notes

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION
  2.1.

  	
  Form

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION
  2.2.

  	
  Execution,
  Authentication and Delivery

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 2.3.

  	
  Temporary Notes

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION
  2.4.

  	
  Registration;
  Registration of Transfer and Exchange

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION
  2.5.

  	
  Mutilated,
  Destroyed, Lost or Stolen Notes

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 2.6.

  	
  Persons Deemed Owner

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION
  2.7.

  	
  Payment
  of Principal and Interest; Defaulted Interest

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 2.8.

  	
  Cancellation

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 2.9.

  	
  Release of
  Collateral

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 2.10.

  	
  Book-Entry Notes

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 2.11.

  	
  Notices to
  Clearing Agency

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 2.12.

  	
  Definitive Notes

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 2.13.

  	
  Tax Treatment

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE
  III

  	
  Covenants

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION
  3.1.

  	
  Payment
  of Principal and Interest

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 3.2.

  	
  Maintenance of
  Office or Agency

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION
  3.3.

  	
  Money
  for Payments To Be Held in Trust

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 3.4.

  	
  Existence

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION
  3.5.

  	
  Protection
  of the Trust Estate

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION
  3.6.

  	
  Opinions
  as to the Trust Estate

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION
  3.7.

  	
  Performance
  of Obligations; Servicing of Receivables

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 3.8.

  	
  Negative Covenants

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION
  3.9.

  	
  Annual
  Statement as to Compliance

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION
  3.10.

  	
  Issuer
  May Consolidate, etc., Only on Certain Terms

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 3.11.

  	
  Successor or
  Transferee

  	
   

  

 

i

 

	
  SECTION 3.12.

  	
  No Other Business

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 3.13.

  	
  No Borrowing

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 3.14.

  	
  Servicer’s
  Obligations

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION
  3.15.

  	
  Guarantees,
  Loans, Advances and Other Liabilities

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 3.16.

  	
  Capital
  Expenditures

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 3.17.

  	
  Removal of
  Administrator

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 3.18.

  	
  Restricted Payments

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION
  3.19.

  	
  Notice of
  Events of Default

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION
  3.20.

  	
  Further
  Instruments and Acts

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 3.21.

  	
  Perfection
  Representation

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE IV

  	
  Satisfaction and
  Discharge

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION
  4.1.

  	
  Satisfaction
  and Discharge of Indenture

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 4.2.

  	
  Application of
  Trust Money

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION
  4.3.

  	
  Repayment
  of Moneys Held by Paying Agent

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE
  V

  	
  Remedies

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 5.1.

  	
  Events of Default

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION
  5.2.

  	
  Acceleration
  of Maturity; Rescission and Annulment

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION
  5.3.

  	
  Collection
  of Indebtedness and Suits for Enforcement by Indenture Trustee

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 5.4.

  	
  Remedies; Priorities

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION
  5.5.

  	
  Optional
  Preservation of the Receivables

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 5.6.

  	
  Limitation of Suits

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION
  5.7.

  	
  Unconditional
  Rights of Noteholders To Receive Principal and Interest

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION
  5.8.

  	
  Restoration
  of Rights and Remedies

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION
  5.9.

  	
  Rights and
  Remedies Cumulative

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION
  5.10.

  	
  Delay or
  Omission Not a Waiver

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 5.11.

  	
  Control by
  Noteholders

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 5.12.

  	
  Waiver of Past
  Defaults

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 5.13.

  	
  Undertaking for
  Costs

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION
  5.14.

  	
  Waiver
  of Stay or Extension Laws

  	
   

  

 

ii

 

	
  SECTION 5.15.

  	
  Action on Notes

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION
  5.16.

  	
  Performance
  and Enforcement of Certain Obligations

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE VI

  	
  The Indenture Trustee

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION
  6.1.

  	
  Duties of
  the Indenture Trustee

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 6.2.

  	
  Rights of
  Indenture Trustee

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION
  6.3.

  	
  Individual
  Rights of the Indenture Trustee

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION
  6.4.

  	
  Indenture
  Trustee’s Disclaimer

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 6.5.

  	
  Notice of Defaults

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION
  6.6.

  	
  Reports
  by Indenture Trustee to the Holders

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 6.7.

  	
  Compensation
  and Indemnity

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION
  6.8.

  	
  Replacement
  of the Indenture Trustee

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION
  6.9.

  	
  Successor
  Indenture Trustee by Merger

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION
  6.10.

  	
  Appointment
  of Co-Trustee or Separate Trustee

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION
  6.11.

  	
  Eligibility;
  Disqualification

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION
  6.12.

  	
  Preferential
  Collection of Claims Against the Issuer

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION
  6.13.

  	
  Representations
  and Warranties

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE VII

  	
  Noteholders’
  Lists and Reports

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION
  7.1.

  	
  Issuer
  To Furnish Indenture Trustee Names and Addresses of Noteholders

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION
  7.2.

  	
  Preservation
  of Information; Communications to Noteholders

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION
  7.3.

  	
  Reports
  by Issuer

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 7.4.

  	
  Required Filings

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE
  VIII

  	
  Accounts,
  Disbursements and Releases

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 8.1.

  	
  Collection of Money

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 8.2.

  	
  Trust Accounts

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION
  8.3.

  	
  General
  Provisions Regarding Accounts

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 8.4.

  	
  Release of Trust
  Estate

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 8.5.

  	
  Opinion of Counsel

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE IX

  	
  Supplemental
  Indentures

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION
  9.1.

  	
  Supplemental
  Indentures Without Consent of Noteholders

  	
   

  

 

iii

 

	
  SECTION
  9.2.

  	
  Supplemental
  Indentures With Consent of Noteholders

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION
  9.3.

  	
  Execution
  of Supplemental Indentures

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION
  9.4.

  	
  Effect
  of Supplemental Indenture

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION
  9.5.

  	
  Conformity
  with Trust Indenture Act

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION
  9.6.

  	
  Reference
  in Notes to Supplemental Indentures

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 9.7.

  	
  Amendment
  without Consent

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE X

  	
  Redemption of Notes

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 10.1.

  	
  Redemption

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 10.2.

  	
  Form of
  Redemption Notice

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION
  10.3.

  	
  Notes
  Payable on Redemption Date

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE XI

  	
  Miscellaneous

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION
  11.1.

  	
  Compliance
  Certificates and Opinions, etc.

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION
  11.2.

  	
  Form
  of Documents Delivered to Indenture Trustee

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 11.3.

  	
  Acts of Noteholders

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION
  11.4.

  	
  Notices,
  etc., to the Indenture Trustee, Issuer and Rating Agencies

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION
  11.5.

  	
  Notices
  to Noteholders; Waiver

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION
  11.6.

  	
  Alternate
  Payment and Notice Provisions

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION
  11.7.

  	
  Conflict
  with Trust Indenture Act

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION
  11.8.

  	
  Effect
  of Headings and Table of Contents

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 11.9.

  	
  Successors and
  Assigns

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 11.10.

  	
  Severability

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 11.11.

  	
  Benefits of
  Indenture

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 11.12.

  	
  Legal Holidays

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 11.13.

  	
  Governing Law

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 11.14.

  	
  Counterparts

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 11.15.

  	
  Recording of
  Indenture

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 11.16.

  	
  Trust Obligation

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 11.17.

  	
  No Petition

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 11.18.

  	
  Inspection

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 11.19.

  	
  Subordination

  	
   

  

 

iv

 

	
  SECTION 11.20.

  	
  Information
  Requests.

  	
   

  

 

v

 

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 Certificates

  	
   

  
	
  SCHEDULES

  	
   

  
	
  SCHEDULE
  P

  	
  Perfection
  Representations & Warranties

  	
   

  
			

 

vi

 

INDENTURE
dated as of March 1, 2005 between CNH
EQUIPMENT TRUST 2005-A, a Delaware statutory trust (the “Issuer”), and JPMORGAN CHASE BANK, N.A., a national banking association (“JPMorgan”),
as trustee and not in its individual capacity (the “Indenture Trustee”).

 

Each party agrees as follows for the benefit of the
other party, for the benefit of the Counterparty, and for the equal and ratable
benefit of the Holders of the Issuer’s 3.08% Class A-1 Asset Backed Notes (each
an “A-1 Note”),
3.64% Class A-2 Asset Backed Notes (each an “A-2 Note”), 4.02% Class A-3 Asset
Backed Notes (each an “A-3
Note”), Floating Rate Class A-4a Asset Backed Notes (each an “A-4a Note”),
4.29% Class A-4b Asset Backed Notes (each an “A-4b Note”) and 4.29% 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 Issuer hereby Grants to JPMorgan at the Closing
Date, as Indenture Trustee for the benefit of the Holders of the Notes and the
Counterparty, all of the Issuer’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 moneys 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 Issuer in the Financed Equipment;

 

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

 

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

 

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

 

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

 

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

 

 

(h)  the Sale and Servicing Agreement
(including all rights of the Seller under the Liquidity Receivables Purchase
Agreements and the Purchase Agreements assigned to the Issuer pursuant to the
Sale and Servicing Agreement);

 

(i)  all rights of the
Issuer under the Interest Rate Swap Agreement;

 

(j)  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, 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; and

 

(k)  any True Lease Equipment that is subject to
any Receivable.

 

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 Agreement), 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.

 

JPMorgan, as Indenture Trustee on behalf of the
Noteholders and the Counterparty, (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.

 

2

 

“indenture to be qualified”
means this Indenture.

 

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

 

“obligor” on the indenture
securities means the Issuer 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.  Rules of Construction.  Unless the context
otherwise requires: (i) a term has the meaning assigned to it; (ii) an
accounting term not otherwise defined has the meaning assigned to it in
accordance with generally accepted accounting principles as in effect on the
date hereof; (iii) “or” is not exclusive; (iv) “including” means “including,
without limitation”; and (v) words in the singular include the plural and words
in the plural include the singular.

 

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 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 Issuer 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 Issuer
shall bind the Issuer, 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.

 

3

 

The Indenture Trustee shall upon Issuer 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
$330,000,000, $400,000,000, $340,000,000, $135,250,000, $135,250,000 and
$38,500,000, 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 Issuer may execute, and upon receipt of an
Issuer 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 officers
executing such Notes may determine, as evidenced by their execution of such
Notes.

 

If temporary Notes are issued, the Issuer will cause
Definitive Notes to be prepared without unreasonable delay.  After the preparation of Definitive Notes,
the temporary Notes shall be exchangeable for Definitive Notes upon surrender
of the temporary Notes at the office or agency of the Issuer 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 Issuer 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 Issuer shall
cause to be kept a register (the “Note Register”)
in which, subject to such reasonable regulations as it may prescribe, the
Issuer 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 Issuer 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 Issuer as the Note Registrar, the Issuer 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

 

4

 

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 Issuer to be maintained as provided in Section 3.2, if
the requirements of Section 8-401(a) of the UCC are met, the Issuer 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, the Issuer 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 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 Issuer, evidencing the
same debt and entitled to the same benefits under this Indenture as the Notes
surrendered upon such registration of transfer or exchange.

 

Every Note 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 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 Issuer 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.

 

5

 

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 Issuer to hold the Indenture Trustee
and the Issuer, respectively, harmless, then, in the absence of notice to the
Issuer, 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 Issuer 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 Issuer 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 Issuer 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 Issuer or the
Indenture Trustee in connection therewith.

 

Upon the issuance of any replacement Note under this
Section, the Issuer 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 Issuer, 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.

 

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
Issuer, the Indenture Trustee and any agent of the Issuer 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
Issuer, the Indenture Trustee nor any agent of the Issuer or the Indenture
Trustee shall be affected by notice to the contrary.

 

6

 

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 Issuer 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. 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 each Class of Notes shall be made pro rata to the Noteholders of that Class.

 

(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 Issuer 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 Issuer defaults in a payment of
interest on the Notes, the Issuer 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
Issuer 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 Issuer 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.

 

7

 

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 Issuer may at any time deliver to the Indenture Trustee
for cancellation any Notes previously authenticated and delivered hereunder
that the Issuer 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
Issuer shall direct by an Issuer Order that they be returned to it; provided, that
such Issuer 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 Issuer 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 Notes, upon
original issuance, will be issued in the form of typewritten Notes representing
the Book-Entry Notes, to be delivered to The Depository Trust Company (the
initial Clearing Agency), or its custodian, by, or on behalf of, the Issuer.
Such Notes shall initially 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.  Unless and until definitive, fully
registered Notes (the “Definitive
Notes”)
representing Notes have been issued to Note Owners:

 

(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 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, 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 Notes to such Clearing Agency Participants;
and

 

8

 

(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 have been 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
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 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 Issuer shall execute, and the Indenture Trustee shall
authenticate, the Definitive Notes in accordance with the instructions of the
Clearing Agency. None of the Issuer, 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.

 

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 Issuer 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 Section 8.2(c), the Issuer 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 Issuer to such Noteholder for all purposes of this
Indenture.

 

9

 

SECTION 3.2. 
Maintenance of
Office or Agency. 
The Issuer 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 Issuer in
respect of the Notes and this Indenture may be served.  The Issuer hereby initially appoints the
Indenture Trustee to serve as its agent for the foregoing purposes.  The Issuer will give prompt written notice to
the Indenture Trustee and the Counterparty of the location, and of any change
in the location, of any such office or agency. 
If at any time the Issuer shall fail to maintain any such office or
agency or shall fail to furnish the Indenture Trustee with the address thereof,
such surrenders, notices and demands may be made or served at the Corporate
Trust Office, and the Issuer 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) shall be made on behalf of the Issuer 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 Issuer except as provided in this Section.

 

One Business Day prior to each Payment Date and
Redemption Date, the Issuer 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 Issuer Order
with written notice thereof to the Indenture Trustee.  Any Paying Agent appointed by the Issuer
shall be a Person who would be eligible to be Indenture Trustee hereunder as
provided in Section
6.11.

 

The Issuer 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 Counterparty notice of
any default by the Issuer (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;

 

10

 

(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.

 

The Issuer may at any time, for the purpose of
obtaining the satisfaction and discharge of this Indenture or for any other
purpose, by Issuer 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 Issuer on Issuer Order; and the Holder of
such Note shall thereafter, as an unsecured general creditor, look only to the
Issuer for payment thereof (but only to the extent of the amounts so paid to
the Issuer), 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 Issuer 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 Issuer. The Indenture Trustee shall also adopt and employ, at the
expense of the Issuer, 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 moneys 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 Issuer 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 Issuer 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:

 

11

 

(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

 

(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 Issuer 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 Issuer 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 2006 the Issuer 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 Issuer 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 Issuer 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

 

12

 

Trustee in an Officer’s
Certificate of the Issuer shall be deemed to be action taken by the Issuer.
Initially, the Issuer has contracted with the Servicer and the Administrator to
assist the Issuer in performing its duties under this Indenture.

 

(c)  The Issuer 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 Issuer 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 Issuer shall have knowledge of the
occurrence of a Servicer Default, the Issuer shall promptly notify the
Indenture Trustee, the Counterparty and the Rating Agencies thereof, and shall
specify in such notice the action, if any, the Issuer 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 Issuer 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 Issuer 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 Issuer 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 Issuer 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

 

13

 

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.

 

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

 

(g)  Without derogating from the absolute nature
of the assignment Granted to the Indenture Trustee under this Indenture or the
rights of the Indenture Trustee hereunder, the Issuer agrees that it will not,
without the prior written consent of the Indenture Trustee or the Holders of at
least a majority of the Outstanding Amount, amend, modify, waive, supplement,
terminate or surrender, or agree to any amendment, modification, supplement,
termination, waiver or surrender of, the terms of any Collateral (except to the
extent otherwise provided in the Sale and Servicing Agreement) or the Basic
Documents, or waive timely performance or observance by the Servicer or the
Seller under the Sale and Servicing Agreement or CNHCA and NH Credit, as
applicable, under the Purchase Agreements; provided, however, that no such
amendment shall: (i) increase or reduce in any manner the amount of, or
accelerate or delay the timing of, distributions that are required to be made
for the benefit of the Noteholders, or (ii) reduce the aforesaid percentage of
the Notes that are required to consent to any such amendment, in either case
without the consent of the Holders of all the Outstanding Notes. If any such
amendment, modification, supplement or waiver shall be so consented to by the
Indenture Trustee or such Holders, the Issuer agrees, promptly following a
request by the Indenture Trustee to do so, to execute and deliver, in its own
name and at its own expense, such agreements, instruments, consents and other
documents as the Indenture Trustee may deem necessary or appropriate in the
circumstances.

 

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

 

(i)  except as
expressly permitted by this Indenture, the Purchase Agreements or the Sale and
Servicing Agreement, sell, transfer, exchange or otherwise dispose of any of
the properties or assets of the Issuer, 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

 

14

 

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 Issuer will deliver to the Indenture
Trustee, within 120 days after the end of each fiscal year of the Issuer
(commencing with the fiscal year 2005), an Officer’s Certificate, substantially
in the form of Exhibit
B, stating that:

 

(i)  a review of the activities of the Issuer 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 Issuer 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.  Issuer
May Consolidate, etc., Only on Certain Terms.  (a)  The Issuer shall not
consolidate or merge with or into any other Person, unless:

 

(i)  the Person
(if other than the Issuer) 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 Issuer 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 Issuer 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
Issuer, 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 Issuer 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).

 

15

 

(b)  The Issuer shall not convey or transfer any of
its properties or assets, 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 Issuer
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 on the part of the Issuer 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, (D) unless otherwise provided in such supplemental indenture, expressly
agrees to indemnify, defend and hold harmless the Issuer against and from any
loss, liability or expense arising under or related to this Indenture and the
Notes and (E) expressly agrees 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 Issuer 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
Issuer, 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 Issuer 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
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
Issuer in accordance with Section 3.10(a), the Person formed by or surviving such
consolidation or merger (if other than the Issuer) shall succeed to, and be
substituted for, and may exercise every right and power of, the Issuer under
this Indenture with the same effect as if such Person had been named as the
Issuer herein.

 

(b)  Upon a conveyance or transfer of all the
assets and properties of the Issuer pursuant to Section 3.10(b), the Issuer will
be released from every covenant and agreement of this

 

16

 

Indenture to be
observed or performed on the part of the Issuer with respect to the Notes
immediately upon the delivery of written notice to the Indenture Trustee and
the Counterparty stating that the Issuer is to be so released.

 

SECTION 3.12.  No
Other Business. 
The Issuer shall not engage in any business other than financing,
purchasing, owning, selling and managing of the Receivables in the manner
contemplated by this Indenture and the Basic Documents and activities
incidental thereto.

 

SECTION 3.13.  No
Borrowing.  The
Issuer 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 Issuer 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.

 

SECTION 3.15.  Guarantees, Loans, Advances and Other Liabilities.  Except as contemplated by the Sale and
Servicing Agreement or this Indenture, the Issuer 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 Issuer 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
Issuer 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 Issuer 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 Issuer or otherwise with respect to any ownership or equity interest or
security in or of the Issuer 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 Issuer 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 Issuer 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 Issuer shall
give the Indenture Trustee, the Counterparty 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, each default on the part of CNHCA of its obligations under the

 

17

 

CNHCA Purchase Agreement
and each default on the part of NH Credit of its obligations under the NH
Purchase Agreement.

 

SECTION 3.20.  Further Instruments and Acts.  Upon request of the
Indenture Trustee, the Issuer 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 Issuer further makes all the
representations, warranties and covenants set forth in Schedule P.

 

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) Sections 3.3, 3.4, 3.5, 3.8, 3.10, 3.12 and 3.13, (v) 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 (vi) the rights of Noteholders and the Counterparty 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 Issuer, 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 Issuer and thereafter repaid to the Issuer 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 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 Issuer,

 

18

 

and
the Issuer, 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 Final Scheduled Maturity Date or Redemption Date
(if Notes shall have been called for redemption pursuant to Section 10.1(a)), as the case may be;

 

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

 

(C)  the Issuer 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 moneys 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
moneys have been deposited with the Indenture Trustee, of all sums due and to
become due thereon for principal and interest; but such moneys 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 Moneys Held by Paying Agent.  In connection with the satisfaction and
discharge of this Indenture with respect to the Notes, all moneys then held by
any Paying Agent other than the Indenture Trustee under this Indenture with
respect to such Notes shall, upon demand of the Issuer, 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 moneys.

 

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;

 

19

 

(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 Issuer
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 with), or any representation or warranty of the Issuer 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 Issuer by the Indenture Trustee or to
the Issuer 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 Issuer 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 Issuer or for any substantial part of the Trust Estate, or ordering the
winding-up or liquidation of the Issuer’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 Issuer 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 Issuer to the entry of an order for relief in an
involuntary case under any such law, or the consent by the Issuer to the
appointment or taking possession by a receiver, liquidator, assignee,
custodian, trustee, sequestrator or similar official of the Issuer or for any
substantial part of the Trust Estate, or the making by the Issuer of any
general assignment for the benefit of creditors, or the failure by the Issuer
generally to pay its debts as such debts become due, or the taking of action by
the Issuer in furtherance of any of the foregoing.

 

The Issuer shall deliver to the Indenture Trustee and
the Counterparty, within five days after the Issuer 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 Issuer 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 Issuer (and to the Indenture Trustee if
given by Noteholders), and upon any such declaration the Outstanding

 

20

 

Amount, together with accrued and unpaid interest
thereon through the date of acceleration, shall become immediately due and
payable.

 

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 Issuer, the Counterparty and the Indenture Trustee, may rescind
and annul such declaration and its consequences if:

 

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

 

(A)  all payments of principal of and interest on
all Notes and all other amounts that would then be due hereunder or upon such
Notes 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 Issuer covenants that if an Event of
Default described in Sections
5.1(i) or (ii)
occurs, the Issuer 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 Issuer 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 Issuer or other obligor upon
such Notes and collect in the manner provided by law out of the property of the
Issuer or other obligor upon such Notes, wherever situated, the moneys 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, by such appropriate Proceedings as the Indenture Trustee shall
deem most effective to protect and enforce any such rights, whether for the
specific

 

21

 

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 Issuer 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 Issuer or its property or
such other obligor or Person, or in case of any other comparable judicial
Proceedings relative to the Issuer or other obligor upon the Notes, or to the
creditors or property of the Issuer 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 moneys 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 Issuer, 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.

 

22

 

(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 an Event of Default shall have occurred
and be continuing, 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 or under this Indenture
with respect thereto, whether by declaration or otherwise, enforce any judgment
obtained, and collect from the Issuer and any other obligor upon such Notes
moneys 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 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),
unless: (A) all the Noteholders consent thereto, (B) the proceeds of such sale
or liquidation distributable to the Noteholders are sufficient to discharge in
full all amounts then due and unpaid upon such Notes for principal and interest
or (C) the Indenture Trustee determines that

 

23

 

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 Issuer 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;

 

FOURTH: to the
Counterparty for any due and unpaid Net Swap Payment (including interest on any
overdue Net Swap Payment), if any, according to the amount due under the
Interest Rate Swap Agreement as a Net Swap Payment (including interest
on any overdue Net Swap Payment);

 

FIFTH: 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 paragraph FIFTH, to (x)
the Class A Noteholders for amounts due and unpaid on the Class A Notes for
interest, ratably, without preference or priority of any kind, according to the
amounts due and payable on the Class A Notes for interest, and (y) the
Counterparty to pay any Swap Termination Payment due to it under the Interest
Rate Swap Agreement, according to the amounts due as Swap Termination Payment
under the Interest Rate Swap Agreement; provided,
that if any money or property remains after making the payments required by the
immediately preceding clause (x),
such money or property shall used to pay any remaining Swap Termination Payment
due and payable under the Interest Rate Swap Agreement before any such money or
property shall be distributed pursuant to paragraphs
SIXTH through TENTH of this Section 5.4(b);

 

SIXTH: to Class
B Noteholders for amounts due and unpaid on the Class B Notes for interest,
ratably, without preference or priority of any kind, according to the amounts
due and payable on the Class B Notes for interest;

 

SEVENTH: to
Class A Noteholders for amounts due and unpaid on the Class A
Notes for principal, ratably, without preference or priority of any kind,
according to the

 

24

 

amounts
due and payable on the Class A Notes for principal until such Notes are paid in
full;

 

EIGHTH: to
Class B Noteholders for amounts due and unpaid on the Class B Notes for
principal, ratably, without preference or priority of any kind, according to
the amounts due and payable on the Class B Notes for principal until such Notes
are paid in full;

 

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

 

TENTH: to the
Issuer 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 Issuer shall
mail to each Noteholder 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;

 

25

 

(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.

 

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 Issuer, 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

 

26

 

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;

 

(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 Issuer,
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

 

27

 

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).

 

SECTION 5.14.  Waiver of Stay or Extension Laws.  The Issuer
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 Issuer (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
Issuer 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 Issuer. 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 Issuer 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 Issuer under or in connection
with the Sale and Servicing Agreement or to the Seller under or in connection
with the Purchase Agreements in accordance with the terms thereof, and to
exercise any and all rights, remedies, powers and privileges lawfully available
to the Issuer under or in connection with the Sale and Servicing Agreement (or
the Seller under or in connection with the Purchase Agreements) 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 Agreements.

 

(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 Issuer 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

 

28

 

performance or observance
by the Seller or the Servicer of each of their obligations to the Issuer
thereunder and to give any consent, request, notice, direction, approval,
extension or waiver under the Sale and Servicing Agreement, and any right of
the Issuer 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, powers, privileges
and claims of the Seller against CNHCA or NH Credit, as applicable, under or in
connection with the Purchase Agreements, including the right or power to take
any action to compel or secure performance or observance by CNHCA or NH Credit,
as applicable, of each of its obligations to the Seller thereunder and to give
any consent, request, notice, direction, approval, extension or waiver under
the Purchase Agreements, 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

 

29

 

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, 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 Issuer, the Trustee, the Seller or the Servicer, nor shall
it have any liability in connection with malfeasance or nonfeasance by the
Issuer, the Trustee, the Seller or the Servicer. The Indenture Trustee shall
have no liability in connection with compliance of the Issuer, 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 Issuer.

 

(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 repayments 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.

 

30

 

(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.

 

(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 Issuer 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 Issuer.  The Indenture Trustee may otherwise deal with
the Issuer 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 Issuer’s use of the proceeds from the Notes;
and shall not be responsible for any statement of the Issuer 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
Counterparty 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 Counterparty.

 

31

 

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
December 31, starting with December 31, 2005, 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 Issuer 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 Issuer 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
Issuer 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 Issuer 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
Issuer and the Servicer promptly of any claim for which it may seek indemnity.
Failure by the Indenture Trustee to so notify the Issuer and the Servicer shall
not relieve the Issuer or the Servicer of its respective obligations hereunder.
The Issuer shall, or shall cause the Servicer to, defend the claim and the
Indenture Trustee may have separate counsel and the Issuer 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 Issuer
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 Issuer’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 Issuer 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 Issuer 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;

 

32

 

(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 Issuer 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
Issuer. 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
Counterparty 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 Issuer 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 Issuer’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 Counterparty and the Issuer 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 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

 

33

 

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

 

34

 

(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 Issuer
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 Issuer 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 the Class A Notes and the Class B Notes, a successor
Indenture Trustee shall be appointed for one or both of such Classes, so that
there will be separate Indenture Trustees for the Class A Notes and the Class B
Notes.  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 share 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, all rights to exercise remedies under the
Indenture will transfer to the Indenture Trustee for the Class B Notes. 

 

In the case of the appointment hereunder of a
successor Indenture Trustee with respect to any Class of Notes, the Issuer, 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 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

 

35

 

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 Issuer.  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.  Representations and Warranties.  The Indenture
Trustee hereby represents that:

 

(a)  the Indenture Trustee is duly organized and
validly existing as a New York banking
corporation in good standing under the laws of the State of New York 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;
and

 

(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.

 

ARTICLE VII

Noteholders’ Lists and Reports

 

SECTION 7.1.  Issuer To Furnish Indenture Trustee Names and Addresses of
Noteholders.  The
Issuer 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

 

36

 

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

 

SECTION 7.3.  Reports by Issuer.  (a)   The Issuer shall:

 

(i)  file with
the Indenture Trustee, within 15 days after the Issuer 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 foregoing
as the Commission may from time to time by rules and regulations prescribe)
that the Issuer 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 Issuer 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 Issuer 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 Issuer otherwise determines, the
fiscal year of the Issuer 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

 

37

 

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.

 

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 Issuer
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 Counterparty, 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 provided in Section 5.2 of the Sale and
Servicing Agreement.  On or before each
Payment Date, the 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, the
Indenture Trustee shall distribute all amounts on deposit in the Note
Distribution Account to Noteholders and Counterparty in the following amounts
and in the following order of priority (except as otherwise provided in Section 5.4(b)):

 

(i)  to the
Counterparty for any due and unpaid Net Swap Payment (including interest on any
overdue Net Swap Payment), if any, according to the amount due under the
Interest Rate Swap Agreement as a Net Swap Payment (including interest on any
overdue Net Swap Payment);

 

(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

 

38

 

Counterparty, any Swap Termination Payment due to it
under the Class A Swap Agreement; 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 Class A 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(c)(iii)
through (vii); 

 

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

 

(iv)  to the
Class A Noteholders, the Class Principal Distributable Amount for each Class of
Class A Notes in the following priority: (A) A-1 Notes, (B) A-2 Notes, (C) and
A-3 Notes, the Class A-4a Notes and A-4b Notes (pro rata based on the
Outstanding Amount of A-4a Notes and A-4b Notes) (provided that after an Event of
Default and acceleration of the Notes (and, if any Notes remain outstanding, on
and after the Final Scheduled Maturity Date), amounts available for
distribution pursuant to this clause (iv) shall be paid to all Holders of Class A Notes
ratably according to the amounts due and payable on the Class A Notes for
principal until paid in full);

 

(v)  to the Class B Noteholders, the Class B Noteholders’ Monthly
Principal Distributable Amount; 

 

(vi)  to the Class A Noteholders, the Reallocated Class B
Principal Amount until the Class A Notes are paid in full; and

 

(vii)  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.

 

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 Issuer Order, subject to the provisions of Section
5.1(b) of the Sale and Servicing Agreement. 
All income or other gain from investments of moneys 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 Issuer 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 Indenture Trustee to make any such
investment or sale, if requested by the Indenture Trustee, the Issuer shall
deliver to the Indenture Trustee an Opinion of Counsel to such effect.

 

39

 

(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.

 

(c)  If: (i) the Issuer 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 Issuer 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 moneys.

 

(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 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 Issuer 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 Issuer 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 Issuer
to take any action pursuant to Section 8.4(a), accompanied by copies of any instruments
involved, and the Indenture Trustee shall also 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,

 

40

 

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 the 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 Issuer and the
Indenture Trustee, when authorized by an Issuer Order, at any time and from
time to time, may enter into one or more indentures supplemental hereto (which
shall conform to the Trust Indenture Act 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 Issuer, and the
assumption by any such successor of the covenants of the Issuer herein and in
the Notes;

 

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

 

(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;

 

(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

 

41

 

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 Issuer and the Indenture Trustee, when
authorized by an Issuer Order, may, without the consent of any of the Holders
of Notes but with prior written notice to the Rating Agencies, 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 Opinion of
Counsel, adversely affect in any material respect the interests of any
Noteholder.

 

SECTION 9.2.  Supplemental
Indentures With Consent of Noteholders.  The Issuer and the Indenture Trustee, when
authorized by an Issuer Order, may, with prior written notice to the Rating
Agencies 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 Issuer 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:

 

(i)  change the
date of payment of any installment of principal of or interest on any Note, or
reduce the principal amount thereof, the interest rate thereon or the
Redemption Price with respect thereto, change the provisions of this Indenture
relating to the application of collections on, or the proceeds of the sale of,
the Trust Estate to the payment of principal of or interest on the Notes, 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”;

 

42

 

(iv)  reduce the percentage of the Outstanding Amount required to
direct the Indenture Trustee to direct the Issuer 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; provided
further, if any such amendment and/or
supplement of either this Indenture or any other Basic Document would either:
(a) adversely affect the Counterparty’s rights or obligations under the Class
A-4a Swap Agreement; or (b) adversely modify the obligations of, or adversely
impact the ability of, the Issuer to fully perform any of the Issuer’s
obligations under such Swap Agreement, the Issuer and the Indenture Trustee
shall be required first to obtain the written consent of the Counterparty,
before entering into any such amendment or supplement.

 

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 Issuer 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 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.

 

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

 

43

 

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 Issuer 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 Trust Indenture Act as then in effect so
long as this Indenture shall then be qualified under the Trust Indenture Act.

 

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 Issuer or the Indenture Trustee shall so determine, new Notes so
modified as to conform, in the opinion of the Indenture Trustee and the Issuer,
to any such supplemental indenture may be prepared and executed by the Issuer
and authenticated and delivered by the Indenture Trustee in exchange for
Outstanding Notes.

 

SECTION 9.7.    Amendment without Consent.  Notwithstanding anything herein to the
contrary, any term or provision of this Agreement may be amended by the Issuer
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 the Servicer pursuant to Section 9.1(a) of
the Sale and Servicing Agreement, on any Payment Date on which the Servicer
exercises its option to purchase the Trust Estate pursuant to said Section 9.1(a),
for a purchase price equal to the Redemption Price; provided, however, that the
Issuer has available funds sufficient to pay the Redemption Price.  The Servicer or the Issuer shall furnish the
Rating Agencies notice of such redemption. 
If such Notes are to be redeemed pursuant to this Section 10.1, the Servicer or the
Issuer shall furnish notice of such election to the Indenture Trustee not later
than 25 days prior to the Redemption

 

44

 

Date and the Issuer 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 Issuer 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 Issuer.  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.

 

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 Issuer 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 Issuer
to the Indenture Trustee to take any action under this Indenture, the Issuer
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.

 

45

 

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 Issuer 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
Issuer of the Collateral or other property or securities to be so deposited.

 

(ii)  Whenever
the Issuer is required to furnish to the Indenture Trustee an Officer’s
Certificate described in clause
(i), the Issuer shall also deliver to the Indenture Trustee an
Independent Certificate as to the same matters, if the fair value to the Issuer
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 Issuer, 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 Issuer 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 Issuer 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 Issuer is required to furnish to the Indenture Trustee an Officer’s
Certificate certifying or stating the opinion of any signer thereof as to the

 

46

 

matters described in clause (iii), the Issuer shall
also furnish to the Indenture Trustee an Independent Certificate as to the same
matters if the fair value to the Issuer 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 Issuer 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 Issuer 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 Issuer shall deliver to the
Indenture Trustee every six months, commencing January, 2006, an Officer’s
Certificate of the Issuer 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 Issuer’s business and that the proceeds thereof were
applied in accordance with the Basic Documents.

 

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 Issuer 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 Issuer or the
Administrator, stating that the information with respect to such factual
matters is in the possession of the Servicer, the Seller, the Issuer 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.

 

47

 

Whenever in this Indenture, in connection with any
application, certificate or report to the Indenture Trustee, it is provided
that the Issuer shall deliver any document as a condition of the granting of
such application, or as evidence of the Issuer’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 Issuer 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 Issuer. 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 in favor of the Indenture Trustee and the Issuer, 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 Issuer in reliance thereon, whether
or not notation of such action is made upon such Note.

 

SECTION 11.4.  Notices, etc., to the Indenture Trustee, Issuer 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 Issuer, 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 Issuer 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 Issuer addressed to: CNH Equipment
Trust 2005-A, in care of The Bank of New York, 101 Barclay Street, Floor 8W,
New York, New York  10286, Attention:
Corporate Trust

 

48

 

Administration - Asset Backed Finance Unit, and to CNH
Capital America LLC, as Administrator, 233 Lake Avenue, Racine, Wisconsin
53403, Attention: Assistant Treasurer, or at any other address previously
furnished in writing to the Indenture Trustee by the Issuer or the
Administrator. The Issuer shall promptly transmit any notice received by it
from the Noteholders to the Indenture Trustee and the Counterparty, or

 

(c)  the Counterparty by the Issuer 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 Counterparty
addressed to: ABN AMRO Bank N.V., London Branch, 199 Bishopsgate, London EC2M
3XW,. United Kingdom, Attention: Fixed Income Derivatives Documentation, or at any other address previously furnished in writing to
the Issuer or the Indenture Trustee by the Counterparty.

 

Notices required to be given to the Rating Agencies by
the Issuer, the Indenture Trustee or the Trustee shall be in writing,
personally delivered or mailed by certified mail, return receipt requested, to
their respective addresses 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 Issuer may enter into any agreement with any Holder of a Note
providing for a method of payment, or notice by the

 

49

 

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 Issuer
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 Trust Indenture Act, 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.

 

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 Issuer 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, 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, without reference to its
conflict of law provisions, and the obligations, rights and remedies of the
parties hereunder shall be determined in accordance with such laws.

 

SECTION 11.14.  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.

 

50

 

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 Issuer 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 Issuer, 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 Issuer or
(iii) any 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 Issuer, 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 Issuer 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 Issuer, or solicit or join or cooperate
with or encourage any institution against the Seller or the Issuer 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 Issuer by any Person other than the Indenture
Trustee.

 

SECTION 11.18.  Inspection.  The Issuer agrees
that, on reasonable prior notice, it will permit any representative of the
Indenture Trustee, during the Issuer’s normal business hours, to examine all
the books of account, records, reports and other papers of the Issuer, to make
copies and extracts therefrom, to cause such books to be audited by Independent
certified public accountants, and to discuss the Issuer’s affairs, finances and
accounts with the Issuer’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 Issuer 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

 

51

 

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

 

SECTION 11.19.  Subordination.  Issuer and each Noteholder by accepting a
Note acknowledge and agree that such Note represents indebtedness of Issuer 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, Issuer 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, Issuer 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
Issuer 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.

 

52

 

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

 

[the remainder of this page
intentionally left blank]

 

 

53

 

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 2005-A;

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  The Bank Of New York,

  
	
   

  	
   

  	
  not in its individual capacity but solely as Trustee

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ CATHERINE MURRAY

  	
   

  
	
   

  	
   

  	
  Name: Catherine Murray

  
	
   

  	
   

  	
  Title: Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
  JPMORGAN
  CHASE BANK, N.A.

  
	
   

  	
  not in its individual capacity but solely

  
	
   

  	
  as Indenture Trustee

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ KEITH RICHARDSON

  	
   

  
	
   

  	
   

  	
  Name: Keith Richardson

  
	
   

  	
   

  	
  Title: Attorney-in-fact

  

 

Indenture

 

S-1

 

EXHIBIT A-1

to
Indenture

 

FORM OF A-1 NOTES

 

	
  REGISTERED

  	
   

  	
  $330,000,000(1)

  
	
  No. R-1

  	
   

  	
  CUSIP NO. 12613XCM1

  

 

Unless this Note is presented by an authorized
representative of The Depository Trust Company, a New York corporation (“DTC”), to the Issuer 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 2005-A

 

3.08% CLASS A-1 ASSET BACKED NOTES

 

CNH Equipment Trust 2005-A, a trust organized and
existing under the laws of the State of Delaware (including any successor, the “Issuer”), for value received, hereby
promises to pay to CEDE & CO., or registered assigns, the principal sum of
THREE HUNDRED THIRTY MILLION DOLLARS ($330,000,000), 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 April 7, 2006
Payment Date and the Redemption Date, if any, pursuant to Section 10.1(a) of
the Indenture. The Issuer 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

 

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

 

 

computed
on the basis of  a 360-day year of actual
days. 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 Issuer 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.

 

 

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

 

Dated: March 16, 2005

 

	
   

  	
  CNH EQUIPMENT TRUST 2005-A

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  The Bank of New York,

  
	
   

  	
   

  	
  not in its individual capacity but solely as Trustee

  
	
   

  	
   

  	
  under the Trust Agreement

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
   

  	
  Title

  	
   

  	
   

  
						

 

 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

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

 

Dated:  March 16, 2005

 

	
   

  	
  JPMORGAN CHASE BANK, N.A.

  
	
   

  	
  not in its individual capacity but solely as
  Indenture Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Authorized Signatory

  

 

 

[REVERSE OF NOTE]

 

This Note is one of a duly authorized issue of Notes
of the Issuer, designated as its 3.08% Class A-1 Asset Backed Notes (herein
called the “A-1 Notes” or the “Notes”), all issued under an Indenture
dated as of March 1, 2005 (such Indenture, as supplemented or amended, is
herein called the “Indenture”) between the Issuer and JPMorgan
Chase Bank, 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 Issuer, 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, the A-4a
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 Issuer 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 Issuer 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
Issuer 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 Issuer, 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 Issuer, or
join in any institution against the Seller or the Issuer 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, without reference to its
conflict of law provisions, 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
Issuer, 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 JPMorgan Chase
Bank, N.A., in its individual capacity, any owner of a beneficial interest in
the Issuer, 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 Issuer.
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 Issuer for any and all liabilities,
obligations and undertakings contained in the Indenture or in this Note.

 

 

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

to Indenture

 

FORM OF A-2 NOTES

 

	
  REGISTERED

  	
   

  	
  $400,000,000(1)

  
	
  No. R-1

  	
   

  	
  CUSIP NO. 12613XCN9

  

 

Unless this Note is presented by an authorized
representative of The Depository Trust Company, a New York corporation (“DTC”), to the Issuer 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 2005-A

 

3.64% CLASS A-2 ASSET BACKED NOTES

 

CNH Equipment Trust 2005-A, a trust organized and
existing under the laws of the State of Delaware (including any successor, the “Issuer”), for value received, hereby
promises to pay to CEDE & CO., or registered assigns, the principal sum of
FOUR HUNDRED MILLION DOLLARS ($400,000,000), 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 September 17, 2007
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 Issuer 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,

 

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

 

 

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.

 

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 Issuer 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.

 

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

 

Dated:  March
16, 2005

 

 

	
   

  	
  CNH EQUIPMENT
  TRUST 2005-A

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  The Bank of New York,

  
	
   

  	
   

  	
  not in its individual capacity but solely as Trustee
  under the

  Trust Agreement

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
   

  	
  Title

  	
   

  	
   

  
						

 

 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

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

 

Dated:
March 16, 2005  

 

 

	
   

  	
  JPMORGAN CHASE BANK, N.A.

  
	
   

  	
  not in its individual capacity but solely as
  Indenture Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Authorized Signatory

  

 

 

[REVERSE OF NOTE]

 

This Note is one of a duly authorized issue of Notes
of the Issuer, designated as its 3.64% Class A-2 Asset Backed Notes (herein
called the “A-2 Notes” or the “Notes”), all issued under an Indenture
dated as of March 1, 2005 (such Indenture, as supplemented or amended, is
herein called the “Indenture”) between the Issuer and JPMorgan
Chase Bank, 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 Issuer, 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, the A-4a
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 Issuer 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 Issuer 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
Issuer 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 Issuer, 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 Issuer, or
join in any institution against the Seller or the Issuer 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, without reference to its
conflict of law provisions, 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
Issuer, 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 JPMorgan Chase
Bank, N.A., in its individual capacity, any owner of a beneficial interest in
the Issuer, 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 Issuer.
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 Issuer for any and all liabilities,
obligations and undertakings contained in the Indenture or in this Note.

 

 

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

to Indenture

 

FORM OF A-3 NOTES

 

	
  REGISTERED

  	
  $340,000,000(1)

  
	
  No. R-1

  	
  CUSIP NO. 12613XCNP4

  

 

Unless this Note
is presented by an authorized representative of The Depository Trust Company, a
New York corporation (“DTC”), to the Issuer 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 2005-A

 

4.02% CLASS A-3 ASSET BACKED NOTES

 

CNH Equipment Trust 2005-A, a trust organized and
existing under the laws of the State of Delaware (including any successor, the “Issuer”), for value received, hereby
promises to pay to CEDE & CO., or registered assigns, the principal sum of
THREE HUNDRED FORTY MILLION DOLLARS ($340,000,000), 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, 2009
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 Issuer 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

 

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

 

 

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.

 

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 Issuer 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.

 

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

 

Dated:  March
16, 2005

 

	
   

  	
  CNH EQUIPMENT
  TRUST 2005-A

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  THE
  BANK OF NEW YORK,

  
	
   

  	
   

  	
  not in its individual capacity but solely as Trustee
  under the

  Trust Agreement

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
   

  	
  Title

  	
   

  	
   

  
						

 

 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

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

 

Dated:  March 16, 2005

 

 

	
   

  	
  JPMORGAN CHASE BANK, N.A., not
  in its individual capacity but

  solely as Indenture Trustee

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Authorized Signatory

  

 

 

[REVERSE OF NOTE]

 

This Note is one
of a duly authorized issue of the Issuer, designated as its 4.02% Class A-3
Asset Backed Notes (herein called the “A-3 Notes”
or the “Notes”), all issued under an Indenture
dated as of March 1, 2005 (such Indenture, as supplemented or amended, is
herein called the “Indenture”) between the Issuer and JPMorgan
Chase Bank, 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 Issuer, 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-4a
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 Issuer 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 Issuer 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
Issuer 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 Issuer, 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 Issuer, or
join in any institution against the Seller or the Issuer 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, without reference to its
conflict of law provisions, 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
Issuer, 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 JPMorgan Chase
Bank, N.A., in its individual capacity, any owner of a beneficial interest in
the Issuer, 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 Issuer.
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 Issuer for any and all liabilities,
obligations and undertakings contained in the Indenture or in this Note.

 

 

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

to
Indenture

 

FORM OF A-4a NOTES

 

	
  REGISTERED

  	
  $135,250,000(1)

  
	
  No. R-1

  	
  CUSIP NO. 12613XCQ2

  

 

Unless this Note is presented by an authorized
representative of The Depository Trust Company, a New York corporation (“DTC”), to the Issuer 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 2005-A

 

FLOATING RATE
CLASS A-4a ASSET BACKED NOTES

 

CNH Equipment Trust 2005-A, a trust organized and
existing under the laws of the State of Delaware (including any successor, the “Issuer”), for value received, hereby
promises to pay to CEDE & CO., or registered assigns, the principal sum of
ONE HUNDRED THIRTY-FIVE MILLION TWO HUNDRED FIFTY THOUSAND DOLLARS
($135,250,000), 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 June 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, the A-2 Notes, the A-3
Notes has been paid in full. The Issuer 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

 

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

 

 

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 actual days elapsed. 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 Issuer 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.

 

 

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

 

Dated March 16, 2005

 

	
   

  	
  CNH EQUIPMENT
  TRUST 2005-A

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  THE
  BANK OF NEW YORK,

  
	
   

  	
   

  	
  not in its individual capacity but solely as Trustee
  under the 

  Trust Agreement

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  	
   

  
						

 

 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

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

 

Dated:  March 16, 2005

 

 

	
   

  	
  JPMORGAN CHASE
  BANK, N.A., not in its
  individual capacity but

  solely as Indenture Trustee

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Authorized Signatory

  

 

 

[REVERSE OF NOTE]

 

This Note is one of a duly authorized issue of Notes
of the Issuer, designated as its Floating Rate Class A-4a Asset Backed Notes
(herein called the “A-4a
Notes”
or the “Notes”), all issued under an Indenture
dated as of March 1, 2005 (such Indenture, as supplemented or amended, is
herein called the “Indenture”) between the Issuer and JPMorgan
Chase Bank, 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 Issuer, 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 Issuer 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 Issuer 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
Issuer 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 Issuer, 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 Issuer, or
join in any institution against the Seller or the Issuer 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, without reference to its
conflict of law provisions, 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
Issuer, 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 JPMorgan Chase
Bank, N.A., in its individual capacity, any owner of a beneficial interest in
the Issuer, 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 Issuer.
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 Issuer for any and all liabilities,
obligations and undertakings contained in the Indenture or in this Note.

 

 

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

to Indenture

 

FORM OF A-4b NOTES

 

	
  REGISTERED

  	
  $135,250,000(1)

  
	
  No. R-1

  	
  CUSIP NO. 12613XCR0

  

 

Unless this Note is presented by an authorized
representative of The Depository Trust Company, a New York corporation (“DTC”), to the Issuer 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 2005-A

 

4.29% CLASS A-4b
ASSET BACKED NOTES

 

CNH Equipment Trust 2005-A, a trust organized and
existing under the laws of the State of Delaware (including any successor, the “Issuer”), for value received, hereby
promises to pay to CEDE & CO., or registered assigns, the principal sum of
ONE HUNDRED THIRTY-FIVE MILLION TWO HUNDRED FIFTY THOUSAND DOLLARS
($135,250,000), 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 June 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, A-2 Notes, A-3 Notes
have been paid in full. The Issuer 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

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

 

 

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.

 

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 Issuer 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.

 

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

 

Dated:  March
16, 2005

 

	
   

  	
  CNH EQUIPMENT
  TRUST 2005-A

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  THE
  BANK OF NEW YORK,

  
	
   

  	
   

  	
  not in its individual capacity but solely as Trustee
  under the 

  Trust Agreement

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
   

  	
  Title

  	
   

  	
   

  
						

 

 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

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

 

Dated
March 16, 2005

 

	
   

  	
  JPMORGAN CHASE BANK, N.A., not
  in its individual capacity but 

  solely as Indenture Trustee

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Authorized Signatory

  

 

 

[REVERSE OF NOTE]

 

This Note is one of a duly authorized issue of Notes
of the Issuer, designated as its 4.29% Class A-4b Asset Backed Notes (herein
called the “A-4b Notes” or the “Notes”), all issued under an Indenture
dated as of March 1, 2005 (such Indenture, as supplemented or amended, is
herein called the “Indenture”) between the Issuer and JPMorgan
Chase Bank, 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 Issuer, 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 Issuer 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 Issuer 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
Issuer 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 Issuer, 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 Issuer, or
join in any institution against the Seller or the Issuer 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, without reference to its
conflict of law provisions, 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
Issuer, 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 JPMorgan Chase
Bank, N.A., in its individual capacity, any owner of a beneficial interest in
the Issuer, 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 Issuer.
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 Issuer for any and all liabilities,
obligations and undertakings contained in the Indenture or in this Note.

 

 

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-5

to Indenture

 

FORM OF
CLASS B NOTES

 

	
  REGISTERED

  	
   

  	
  $38,500,000(1)

  
	
  No. R-1

  	
   

  	
  CUSIP NO. 12613XCS8

  

 

Unless this Note is presented by an authorized representative
of The Depository Trust Company, a New York corporation (“DTC”), to the Issuer 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
2005-A

 

4.29%
CLASS B ASSET BACKED NOTES

 

CNH Equipment Trust 2005-A, a trust organized and
existing under the laws of the State of Delaware (including any successor, the
“Issuer”), for value received,
hereby promises to pay to CEDE & CO., or registered assigns, the principal
sum of THIRTY-EIGHT MILLION FIVE HUNDRED THOUSAND DOLLARS ($38,500,000),
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
June 15, 2012 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 principal of the A-1 Notes, the A-2 Notes, the A-3
Notes, the A-4a Notes and the A-4b Notes due on that Payment Date has been paid
in full.  The Issuer 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

 

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

 

 

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.

 

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 Issuer 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.

 

 

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

 

Dated:  March
16, 2005

 

 

	
   

  	
  CNH EQUIPMENT TRUST 2005-A

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  THE BANK OF NEW YORK,

  	
   

  
	
   

  	
   

  	
  not in its individual capacity but solely as Trustee
  under the

  Trust Agreement

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  	
   

  	
   

  
								

 

 

TRUSTEE’S
CERTIFICATE OF AUTHENTICATION

 

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

 

Dated:  March 16, 2005

 

	
   

  	
  JPMORGAN CHASE BANK, N.A.,

  
	
   

  	
  not in its individual capacity but solely as
  Indenture Trustee

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Authorized Signatory

  	
   

  

 

 

[REVERSE
OF NOTE]

 

This Note is one of a duly authorized issue of Notes
of the Issuer, designated as its 4.29% Class B Asset Backed Notes (herein called
the “Class B Notes” or the “Notes”), all issued under an Indenture
dated as of March 1, 2005 (such Indenture, as supplemented or amended, is
herein called the “Indenture”)
between the Issuer and JPMorgan Chase Bank, 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 Issuer, 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 Issuer 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 Issuer 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
Issuer 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 Issuer, 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 Issuer, or
join in any institution against the Seller or the Issuer 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, without reference to its
conflict of law provisions, 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
Issuer, 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 JPMorgan Chase
Bank, N.A., in its individual capacity, any owner of a beneficial interest in
the Issuer, 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 Issuer.
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 Issuer for any and all liabilities, obligations and undertakings
contained in the Indenture or in this Note.

 

 

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 B

to Indenture

 

FORM OF
SECTION 3.9 OFFICER’S CERTIFICATE

 

                        ,          

 

JPMorgan Chase Bank, N.A.

227 West Monroe Street, 26th Floor

Chicago, Illinois  60606

 

Pursuant to Section 3.9 of the Indenture, dated as of
March 1, 2005 (the “Indenture”)
between CNH Equipment Trust 2005-A (the “Issuer”)
and JPMorgan Chase Bank, N.A., as Indenture Trustee, the undersigned hereby
certifies that:

 

(a) a review
of the activities of the Issuer 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 Issuer 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 2005-A

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  	
   

  
							

 

 

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 Issuer’s right, title and interest in, to and under (i) the
Receivables, (ii) the Liquidity Receivables Purchase Agreements (only with
respect to CNHCA Owned Contracts and NH Owned Contracts), (iii) the Sale and
Servicing Agreement (including all rights of the Seller under the Liquidity
Receivables Purchase Agreement and the Purchase Agreements assigned to the
Issuer pursuant to the Sale and Servicing Agreement and (iv) the Interest Rate
Swap Agreement, 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 Issuer, 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 Issuer has taken all steps
necessary to perfect its security interest in the property securing the
Receivables.

 

3.             Creation.  Immediately prior to the grant to the
Indenture Trustee pursuant to the Indenture, the Issuer 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 Issuer 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 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 Issuer has not pledged,
assigned, sold, granted a security interest in, or otherwise conveyed any of
the Collateral.  The Issuer has not
authorized the filing of and is not aware of any financing statements against
the Issuer 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 (iii) that has been granted pursuant to the terms of the Basic
Documents.  None of the tangible chattel
paper that constitutes or 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 Issuer 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.

 

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

 

8.             Servicer
to Maintain Perfection and Priority. 
The Servicer covenants that, in order to evidence the interests of
Issuer and the Indenture Trustee under this Agreement, Servicer shall take such
action, or execute and deliver such instruments (other than effecting a Filing
(as defined below), unless such Filing is effected in accordance with this
paragraph) as may be necessary or advisable (including, without limitation,
such actions as are requested by Issuer) to maintain and perfect, as a first
priority interest, 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 (based in reliance
on the Opinion of Counsel hereinafter provided for) 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 any 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”).  Servicer shall present each such Filing to
the Indenture Trustee together with (x) an Opinion of Counsel to the effect
that such Filing is (i) consistent with grant of the security interest to the
Indenture Trustee pursuant to the Granting Clause of this Agreement, (ii)
satisfies all requirements and conditions to such Filing in this Agreement and
(iii) satisfies the requirements for a Filing of such type under the Uniform
Commercial Code in the applicable jurisdiction (or if the Uniform Commercial
Code does not apply, the applicable statute governing the perfection of
security interests), and (y) a form of authorization for the Indenture
Trustee’s signature.  Upon receipt of
such Opinion of Counsel and form of authorization, Issuer shall promptly
authorize in writing Servicer to, and Servicer shall, effect such Filing under
the Uniform Commercial Code without the signature of the Indenture Trustee or
Issuer where allowed by applicable law. 
Notwithstanding anything else in the Indenture to the contrary, the
Servicer shall not have any authority to effect a Filing without obtaining
written authorization from the Issuer in accordance with this paragraph (c).Exhibit 4.2

 

CNH EQUIPMENT TRUST 2005-A

 

 

TRUST AGREEMENT

 

 

between

 

 

CNH CAPITAL RECEIVABLES LLC

 

 

and

 

 

The Bank of New York,

as Trustee

 

 

Dated as of March 1, 2005

 

 

TABLE OF
CONTENTS

 

	
   

  	
  ARTICLE I

  	
   

  
	
   

  	
  Definitions

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 1.1.

  	
  Definitions

  	
   

  
	
  SECTION 1.2.

  	
  Other Definitional
  Provisions

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  ARTICLE II

  	
   

  
	
   

  	
  Organization

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 2.1.

  	
  Name

  	
   

  
	
  SECTION 2.2.

  	
  Office

  	
   

  
	
  SECTION 2.3.

  	
  Purposes and
  Powers

  	
   

  
	
  SECTION 2.4.

  	
  Appointment
  of Trustee

  	
   

  
	
  SECTION 2.5.

  	
  Initial
  Capital Contribution of Trust Estate

  	
   

  
	
  SECTION 2.6.

  	
  Declaration of
  Trust

  	
   

  
	
  SECTION 2.7.

  	
  Liability
  of the Certificateholders

  	
   

  
	
  SECTION 2.8.

  	
  Title to
  Trust Property

  	
   

  
	
  SECTION 2.9.

  	
  Situs of Trust

  	
   

  
	
  SECTION 2.10.

  	
  Representations
  and Warranties of the Depositor

  	
   

  
	
  SECTION 2.11.

  	
  Federal
  Income Tax Allocations; Tax Treatment

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  ARTICLE III

  	
   

  
	
   

  	
  Trust
  Certificates and Transfer of Interests

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 3.1.

  	
  Initial Ownership

  	
   

  
	
  SECTION 3.2.

  	
  The Trust
  Certificates

  	
   

  
	
  SECTION 3.3.

  	
  Authentication
  of Trust Certificates

  	
   

  
	
  SECTION 3.4.

  	
  Registration
  of Transfer and Exchange of Trust Certificates

  	
   

  
	
  SECTION 3.5.

  	
  Mutilated,
  Destroyed, Lost or Stolen Trust Certificates

  	
   

  
	
  SECTION 3.6.

  	
  Persons
  Deemed Certificateholders

  	
   

  
	
  SECTION 3.7.

  	
  Access
  to List of Certificateholders’ Names and Addresses

  	
   

  
	
  SECTION 3.8.

  	
  Maintenance
  of Office or Agency

  	
   

  
	
  SECTION 3.9.

  	
  Appointment
  of Paying Agent

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  ARTICLE IV

  	
   

  
	
   

  	
  Actions by Trustee

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 4.1.

  	
  Prior
  Notice to Certificateholders with Respect to Certain Matters

  	
   

  
	
  SECTION 4.2.

  	
  Action
  by Certificateholders with Respect to Certain Matters

  	
   

  
	
  SECTION 4.3.

  	
  Action
  by Certificateholders with Respect to Bankruptcy

  	
   

  
	
  SECTION 4.4.

  	
  Restrictions
  on Certificateholders’ Power

  	
   

  
	
  SECTION 4.5.

  	
  Majority Control

  	
   

  

 

i

 

	
   

  	
  ARTICLE V

  	
   

  
	
   

  	
  Application
  of Trust Funds; Certain Duties

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 5.1.

  	
  Establishment
  of Trust Account

  	
   

  
	
  SECTION 5.2.

  	
  Applications
  of Trust Funds

  	
   

  
	
  SECTION 5.3.

  	
  Method of Payment

  	
   

  
	
  SECTION 5.4.

  	
  No
  Segregation of Moneys; No Interest

  	
   

  
	
  SECTION 5.5.

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

  	
   

  
	
  SECTION 5.6.

  	
  Signature
  on Returns; Tax Matters Partner

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  ARTICLE VI

  	
   

  
	
   

  	
  Authority
  and Duties of Trustee

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 6.1.

  	
  General Authority

  	
   

  
	
  SECTION 6.2.

  	
  General Duties

  	
   

  
	
  SECTION 6.3.

  	
  Action upon
  Instruction

  	
   

  
	
  SECTION 6.4.

  	
  No
  Duties Except as Specified in this Agreement or in Instructions

  	
   

  
	
  SECTION 6.5.

  	
  No
  Action Except Under Specified Documents or Instructions

  	
   

  
	
  SECTION 6.6.

  	
  Restrictions

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  ARTICLE VII

  	
   

  
	
   

  	
  Concerning the
  Trustee

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 7.1.

  	
  Acceptance
  of Trusts and Duties

  	
   

  
	
  SECTION 7.2.

  	
  Furnishing
  of Documents

  	
   

  
	
  SECTION 7.3.

  	
  Representations
  and Warranties

  	
   

  
	
  SECTION 7.4.

  	
  Reliance;
  Advice of Counsel

  	
   

  
	
  SECTION 7.5.

  	
  Not
  Acting in Individual Capacity

  	
   

  
	
  SECTION 7.6.

  	
  Trustee
  Not Liable for Trust Certificates or Receivables

  	
   

  
	
  SECTION 7.7.

  	
  Trustee May
  Not Own Notes

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  ARTICLE VIII

  	
   

  
	
   

  	
  Compensation
  of Trustee

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 8.1.

  	
  Trustee’s
  Fees and Expenses

  	
   

  
	
  SECTION 8.2.

  	
  Indemnification

  	
   

  
	
  SECTION 8.3.

  	
  Payments to
  the Trustee

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  ARTICLE IX

  	
   

  
	
   

  	
  Termination
  of Trust Agreement

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 9.1.

  	
  Termination
  of Trust Agreement

  	
   

  

 

ii

 

	
   

  	
  ARTICLE X

  	
   

  
	
   

  	
  Successor
  Trustees and Additional Trustees

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 10.1.

  	
  Eligibility
  Requirements for Trustee

  	
   

  
	
  SECTION 10.2.

  	
  Resignation
  or Removal of Trustee

  	
   

  
	
  SECTION 10.3.

  	
  Successor Trustee

  	
   

  
	
  SECTION 10.4.

  	
  Merger
  or Consolidation of Trustee

  	
   

  
	
  SECTION 10.5.

  	
  Appointment
  of Co-Trustee or Separate Trustee

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  ARTICLE XI

  	
   

  
	
   

  	
  Miscellaneous

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 11.1.

  	
  Supplements
  and Amendments

  	
   

  
	
  SECTION 11.2.

  	
  No
  Legal Title to Trust Estate in Certificateholders

  	
   

  
	
  SECTION 11.3.

  	
  Limitations
  on Rights of Others

  	
   

  
	
  SECTION 11.4.

  	
  Notices

  	
   

  
	
  SECTION 11.5.

  	
  Severability

  	
   

  
	
  SECTION 11.6.

  	
  Separate
  Counterparts

  	
   

  
	
  SECTION 11.7.

  	
  Successors
  and Assigns

  	
   

  
	
  SECTION 11.8.

  	
  Covenants
  of the Depositor

  	
   

  
	
  SECTION 11.9.

  	
  No Petition

  	
   

  
	
  SECTION 11.10.

  	
  No Recourse

  	
   

  
	
  SECTION 11.11.

  	
  Headings

  	
   

  
	
  SECTION 11.12.

  	
  Governing Law

  	
   

  
	
  SECTION 11.13.

  	
  Administrator

  	
   

  
	
  EXHIBITS

  	
   

  	
   

  
	
  EXHIBIT A

  	
  Form of Trust Certificate

  	
   

  
	
  EXHIBIT B

  	
  Form of Certificate of Trust

  	
   

  

 

iii

 

TRUST AGREEMENT (as amended or supplemented from time to time, this “Agreement”) dated as of March 1, 2005
between CNH CAPITAL RECEIVABLES LLC, a Delaware limited liability company, as
Depositor, and THE BANK OF NEW YORK, a New York banking corporation, as
Trustee.

 

ARTICLE I

Definitions

 

SECTION 1.1. Definitions. 
Capitalized terms used herein and not otherwise defined herein are
defined in Appendix A to the Indenture dated as of the date hereof between CNH
Equipment Trust 2005-A and JPMorgan Chase Bank.

 

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

 

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

 

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

 

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

 

 

ARTICLE II

Organization

 

SECTION 2.1. Name.  The
Trust created hereby shall be known as “CNH Equipment Trust 2005-A”, in which
name the Trustee may conduct the business of the Trust, make and execute
contracts and other instruments on behalf of the Trust and sue and be sued.

 

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

 

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

 

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

 

(b) with the proceeds of the sale of the Notes and the Trust
Certificates, to fund the Pre-Funding Account and to purchase the Receivables
pursuant to the Sale and Servicing Agreement;

 

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

 

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

 

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

 

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

 

2

 

The Trust shall not engage
in any activity other than in connection with the foregoing or other than as
required or authorized by this Agreement or the Basic Documents.  The Trust shall have no power to hold any
derivative financial instrument unless such derivative financial instrument
complies with the requirements of paragraph 40 of Statement of Financial
Accounting Standards No. 140 issued by the Financial Accounting Standards Board
for “qualifying special purpose entities”, including any interpretations
thereof or any successor standard issued by the Financial Accounting Standards
Board.

 

SECTION 2.4.
Appointment of Trustee.  The
Depositor hereby appoints the Trustee as trustee of the Trust effective as of
the date hereof, to have all the rights, powers and duties set forth
herein.  Pursuant to a Co-Trustee
Agreement dated as of the date hereof (the “Co-Trustee
Agreement”), the Depositor shall appoint The Bank of New York
(Delaware) to serve as the trustee (the “Delaware
Trustee”) of the Trust in the State of Delaware for the sole purpose
of satisfying the requirement of Section 3807 of the Trust Statute that
the Trust have at least one trustee with a principal place of business in
Delaware.  The Delaware Trustee shall
have none of the rights, duties or liabilities of the Trustee.  The rights, duties and liabilities of the
Delaware Trustee shall be limited to those expressly set forth in the
Co-Trustee Agreement.  To the extent
that, at law or in equity, the Delaware Trustee has rights, duties (including
fiduciary duties) and liabilities relating to the Trust or the
Certificateholders, such rights, duties and liabilities are replaced by the
rights, duties and liabilities of the Delaware Trustee expressly set forth in
the Co-Trustee Agreement.

 

SECTION 2.5.
Initial Capital Contribution of Trust
Estate.  The Depositor hereby contributes to the
Trustee, as of the date hereof, the sum of $1.00. The Trustee hereby
acknowledges receipt in trust from the Depositor, as of the date hereof, of the
foregoing contribution, which shall constitute the initial Trust Estate and
shall be deposited in the Certificate Distribution Account. The Depositor shall
pay organizational expenses of the Trust as they may arise or shall, upon the
request of the Trustee, promptly reimburse the Trustee for any such expenses
paid by the Trustee. The Depositor may also take steps necessary, including the
execution and filing of any necessary filings, to ensure that the Trust is in
compliance with any applicable State securities law.

 

SECTION 2.6. Declaration of Trust.  The
Trustee hereby declares that it will hold the Trust Estate in trust upon and
subject to the conditions set forth herein for the use and benefit of the
Certificateholders, subject to the obligations of the Trust under the Basic
Documents. It is the intention of the parties hereto that the Trust constitute
a statutory trust under the Trust Statute and that this Agreement and the
Co-Trustee Agreement (as defined in Section 2.4)
constitute

 

3

 

the governing instrument of
such statutory trust. It is the intention of the parties hereto that, solely
for income and franchise tax purposes, until the Certificates are held by a
Person other than the Depositor, the Trust be disregarded as an entity separate
from its Owner and the Notes be treated as debt of the Depositor.  At such time that the Certificates are held
by more than one Person, it is the intention of the parties hereto that, solely
for income and franchise tax purposes, the Trust be treated as a partnership,
with the assets of the partnership being the Receivables and other assets held
by the Trust, the partners of the partnership being the Certificateholders
(including the Depositor (or its successor in interest) in its capacity as
recipient of distributions from the Spread Account), and the Notes being debt
of the partnership. The parties agree that, unless otherwise required by
appropriate tax authorities, until the Certificates are held by a Person other
than the Depositor the Trust will not file or cause to be filed annual or other
necessary returns, reports and other forms consistent with the characterization
of the Trust as an entity separate from its Owner.  Effective as of the date hereof, the Trustee
shall have all rights, powers and duties set forth herein and in the Trust
Statute with respect to accomplishing the purposes of the Trust.

 

SECTION 2.7.
Liability of the Certificateholders.  No
Certificateholder shall have any personal liability for any liability or
obligation of the Trust.

 

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

 

SECTION 2.9. Situs of Trust.  The
Trust will be located and administered in the State of New York. All bank
accounts maintained by the Trustee on behalf of the Trust shall be located in
the State of Delaware or the State of New York. The Trust shall not have any
employees in any State other than New York; provided,
however, that nothing herein shall restrict or prohibit the Trustee
from having employees within or without the State of Delaware. Payments will be
received by the Trust only in Delaware or New York, and payments will be made
by the Trust only from Delaware or New York.

 

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

 

(a) The Depositor is duly organized and validly existing as a limited
liability company in good standing under the laws of the State of

 

4

 

Delaware,
with power and authority to own its properties and to conduct its business as
such properties are currently owned and such business is presently conducted.

 

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

 

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

 

(d) The consummation of the transactions contemplated by this Agreement
and the fulfillment of the terms hereof do not conflict with, result in any
breach of any of the terms and provisions of, or constitute (with or without
notice or lapse of time) a default under, the certificate of formation, limited
liability company agreement or by-laws of the Depositor, or any indenture,
agreement or other instrument to which the Depositor is a party or by which it
is bound; or result in the creation or imposition of any Lien upon any of its
properties pursuant to the terms of any such indenture, agreement or other
instrument (other than pursuant to the Basic Documents); or violate any law or,
to the best of the Depositor’s knowledge, any order, rule or regulation
applicable to the Depositor of any court or of any federal or State regulatory
body, administrative agency or other governmental instrumentality having
jurisdiction over the Depositor or its properties.

 

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

 

5

 

SECTION 2.11.
Federal Income Tax Allocations; Tax
Treatment.  If Certificates are held by
more than one Person, interest payments on the Certificates at the Pass-Through
Rate (including interest on amounts previously due on the Certificates but not
yet distributed) shall be treated as “guaranteed payments” under Section 707(c)
of the Code. Net income of the Trust for any month as determined for federal
income tax purposes (and each item of income, gain, loss and deduction entering
into the computation thereof) shall be allocated:

 

(1) among the Certificateholders as of the close of business on the
last day of such month, in proportion to their ownership of principal amount of
Trust Certificates on such date, an amount of net income up to the sum of: (i)
the portion of the market discount on the Receivables accrued during such month
that is allocable to the excess, if any, of the Initial Certificate Balance
over their initial aggregate issue price, and (ii) any other amounts of income
payable to the Certificateholders for such month; and such sum of amounts
specified in clauses (i)
and (ii) of this sentence
shall be reduced by any amortization by the Trust of premium on Receivables
that corresponds to any excess of the issue price of Trust Certificates over
their principal amount; and

 

(2) to the Depositor, and other holders of interests in the Spread
Account, to the extent of any remaining net income, in accordance with their
respective interests therein.

 

If the net income of the
Trust for any month is insufficient for the allocations described in clause (1), subsequent net income
shall first be allocated to make up such shortfall before being allocated as
provided in the preceding sentence. Net losses of the Trust, if any, for any
month as determined for federal income tax purposes (and each item of income,
gain, loss and deduction entering into the computation thereof) shall be
allocated to the Depositor (or other holders of interests in the Spread
Account) to the extent the Depositor is (or such holders are) reasonably
expected to bear the economic burden of such net losses, and any remaining net
losses shall be allocated among the remaining Certificateholders as of the
close of business on the last day of such month in proportion to their
ownership of principal amount of Trust Certificates on such day. The Depositor
is authorized to modify the allocations in this paragraph if necessary or
appropriate, in its sole discretion, for the allocations to fairly reflect the
economic income, gain or loss to the Depositor (or other holders of interests
in the Spread Account) or to the Certificateholders, or as otherwise required
by the Code.  Notwithstanding anything
provided in this Section 2.11,
if the Certificates are held solely by the Depositor, the application of this Section 2.11 shall be
disregarded.

 

6

 

ARTICLE III

Trust Certificates and Transfer of Interests

 

SECTION 3.1. Initial Ownership.  Upon
the formation of the Trust by the contribution by the Depositor pursuant to Section 2.5, and until the
issuance of the Trust Certificates, the Depositor shall be the sole beneficiary
of the Trust.

 

SECTION 3.2.
The Trust Certificates.  The
Trust Certificates shall be issued in denominations of $1,000 or in greater
whole dollar denominations in excess thereof and executed on behalf of the
Trust by manual or facsimile signature of an authorized officer of the Trustee.
Trust Certificates bearing the manual or facsimile signatures of individuals
who were, at the time when such signatures shall have been affixed, authorized
to sign on behalf of the Trust, shall be, when authenticated pursuant to Section 3.3, validly issued and
entitled to the benefits of this Agreement, notwithstanding that such
individuals or any of them shall have ceased to be so authorized prior to the
authentication and delivery of such Trust Certificates or did not hold such
offices at the date of authentication and delivery of such Trust Certificates.

 

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

 

SECTION 3.4.
Registration of Transfer and Exchange of
Trust Certificates.  The Trust shall keep or cause
to be kept, at the office or agency maintained pursuant to Section 3.8, a register (the “Certificate Register”) in which, subject
to such reasonable regulations as it may prescribe, the Issuer shall provide
for the registration of Trust Certificates and of transfers and exchanges of
Trust Certificates. The Paying Agent shall be the “Certificate Registrar” for the

 

7

 

purpose of registering Trust
Certificates and the transfers of Trust Certificates as herein provided. Upon
any resignation of any Certificate Registrar, the Depositor shall promptly
appoint a successor or, if it elects not to make such an appointment, assume
the duties of the Certificate Registrar.

 

Upon
surrender for registration of transfer of any Trust Certificate at the office
or agency maintained pursuant to Section 3.8,
if the requirements of Section 8-401(a) of the UCC are met, the Trustee
shall execute, authenticate and deliver, in the name of the designated
transferee or transferees, one or more new Trust Certificates in authorized
denominations of a like aggregate principal amount.

 

At
the option of a Holder, Trust Certificates may be exchanged for other Trust
Certificates of authorized denominations, of a like aggregate principal amount,
upon surrender of the Trust Certificates to be exchanged at the office or
agency maintained pursuant to Section 3.8.
Whenever any Trust Certificates are so surrendered for exchange, if the
requirements of Section 8-401(a) of the UCC are met, the Trustee shall
execute, authenticate and deliver the Trust Certificates that the
Certificateholder making the exchange is entitled to receive.

 

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

 

Every
Trust Certificate presented or surrendered for registration of transfer or
exchange shall be duly endorsed by, or be accompanied by a written instrument
of transfer in form satisfactory to the Trustee and the Certificate Registrar
duly executed by, the Holder thereof or his attorney duly authorized in writing.
No transfer of  a Trust Certificate shall
be registered unless the transferee shall have provided (i) an opinion of
counsel that no registration is required under the Securities Act of 1933, as
amended, or applicable State laws, and (ii) if the transferee is the Seller or
an Officiate of the Seller, an Officer’s Certificate as to compliance with Section 6.6
of the Sale and Servicing Agreement. 
Each Trust Certificate surrendered for registration of transfer or
exchange shall be canceled and subsequently disposed of by the Trustee in
accordance with its customary practice.

 

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

 

8

 

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

 

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

 

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

 

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

 

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

 

9

 

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

 

SECTION 3.5.
Mutilated, Destroyed, Lost or Stolen
Trust Certificates.  If: (a) any mutilated Trust
Certificate shall be surrendered to the Certificate Registrar, or if the Certificate
Registrar shall receive evidence to its satisfaction of the destruction, loss
or theft of any Trust Certificate (provided,
that the Trustee shall not be required to verify the evidence provided to it),
and (b) there shall be delivered to the Certificate Registrar and the Trustee
such security or indemnity as may be required by them to hold each of them
harmless, then, in the absence of notice that such Trust Certificate shall have
been acquired by a bona fide purchaser, and provided that the requirements of Section 8-405
of the UCC are met, the Trustee on behalf of the Trust shall execute,
authenticate and deliver, in exchange for or in lieu of any such mutilated,
destroyed, lost or stolen Trust Certificate, a replacement Trust Certificate of
like tenor and denomination.

 

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

 

Any
replacement Trust Certificate issued pursuant to this Section in
replacement of any mutilated, destroyed, lost or stolen Trust Certificate shall
constitute conclusive evidence of ownership in the Trust, as if originally
issued, whether or not the mutilated, lost, stolen or destroyed Trust
Certificate shall be found at any time, and shall be entitled to all the
benefits of this Agreement.

 

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

 

SECTION 3.7.
Access to List of Certificateholders’
Names and Addresses.  The Trustee shall furnish or
cause to be furnished to the Servicer and the Depositor, within 15 days after
receipt by the Trustee of a request therefor from

 

10

 

the Servicer or the
Depositor in writing, a list, in such form as the Servicer or the Depositor may
reasonably require, of the names and addresses of the Certificateholders as of
the most recent Record Date. If three or more Certificateholders or one or more
Holder(s) of Trust Certificates evidencing not less than 25% of the Certificate
Balance apply in writing to the Trustee, and such application states that the
applicants desire to communicate with other Certificateholders with respect to
their rights under this Agreement or under the Trust Certificates and such
application shall be accompanied by a copy of the communication that such
applicants propose to transmit, then the Trustee shall, within five Business
Days after the receipt of such application, afford such applicants access
during normal business hours to the current list of Certificateholders. Each
Holder, by receiving and holding a Trust Certificate, shall be deemed to have
agreed not to hold any of the Depositor, the Certificate Registrar or the
Trustee accountable by reason of the disclosure of its name and address,
regardless of the source from which such information was derived.

 

SECTION 3.8.
Maintenance of Office or Agency.  The
Trustee shall maintain in the Borough of Manhattan, City of  New York an office or offices or agency or
agencies where Trust Certificates may be surrendered for registration of
transfer or exchange and where notices and demands to or upon the Trustee in
respect of the Trust Certificates and the Basic Documents may be served. The
Trustee initially designates The Bank of New York, 101 Barclay Street, Floor
8W, New York, New York 10286, Attention: Corporate Trust Administration - Asset
Backed Finance Unit, as its principal corporate trust office for such purposes.
The Trustee shall give prompt written notice to the Depositor and to the
Certificateholders of any change in the location of the Certificate Register or
any such office or agency.

 

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

 

11

 

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

 

ARTICLE IV

Actions by Trustee

 

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

 

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

 

(b) the election by the Trust to file an amendment to the Certificate
of Trust;

 

(c) the amendment of the Indenture in circumstances where the consent
of any Noteholder is required;

 

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

 

12

 

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

 

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

 

SECTION 4.2.
Action by Certificateholders with Respect
to Certain Matters.  The Trustee shall not have the
power, except upon the direction of the Certificateholders, to: (a) remove the
Administrator under the Administration Agreement, (b) appoint a successor
Administrator, (c) remove the Servicer under the Sale and Servicing Agreement
or (d) except as expressly provided in the Basic Documents, sell the
Receivables after the termination of the Indenture. The Trustee shall take the
actions referred to in the preceding sentence only upon written instructions
signed by the Certificateholders.

 

SECTION 4.3.
Action by Certificateholders with Respect
to Bankruptcy.  The Trustee shall not have the
power to commence a voluntary proceeding in bankruptcy relating to the Trust
without the unanimous prior approval of all Certificateholders and the delivery
to the Trustee by each such Certificateholder of a certificate certifying that
such Certificateholder reasonably believes that the Trust is insolvent.

 

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

 

SECTION 4.5. Majority Control. 
Except as expressly provided herein, any action that may be taken by the
Certificateholders under this Agreement may be taken by the Holders of Trust
Certificates evidencing not less than a majority of the Certificate Balance.
Except as expressly provided herein, any written notice of the
Certificateholders delivered pursuant to this Agreement shall be effective if
signed by Holders of Trust Certificates evidencing not less than a majority of
the Certificate Balance at the time of the delivery of such notice.

 

13

 

ARTICLE V

Application of Trust Funds; Certain Duties

 

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

 

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

 

SECTION 5.2.
Applications of Trust Funds.
 (a)  On
each Payment Date, the Trustee will distribute to Certificateholders, on a pro
rata basis, amounts deposited in the Certificate Distribution Account pursuant
to Section 5.6 of the Sale and Servicing Agreement.

 

(b) On each Payment Date, the Trustee shall send to each
Certificateholder the statement provided to the Trustee by the Servicer
pursuant to Section 5.10 of the Sale and Servicing Agreement.

 

(c) In the event that any withholding tax is imposed on the Trust’s
payment (or allocations of income) to a Certificateholder, such tax shall
reduce the amount otherwise distributable to the Certificateholder in
accordance with this Section. The Trustee is hereby authorized and directed to
retain from amounts otherwise distributable to the Certificateholders
sufficient funds for the payment of any tax that is legally owed by the Trust
(but such authorization shall not prevent the Trustee from contesting any such
tax in appropriate proceedings, and withholding payment of such tax, if permitted
by law, pending the outcome of such proceedings). The amount of any withholding
tax imposed with respect to a Certificateholder shall be treated as cash

 

14

 

distributed
to such Certificateholder at the time it is withheld by the Trust. If there is
a possibility that withholding tax is payable with respect to a distribution
(such as a distribution to a non-U.S. Certificateholder), the Trustee may, in
its sole discretion, withhold such amounts in accordance with this paragraph (c).  Notwithstanding any other provision of this
Agreement, the Trust shall withhold and pay over to the Internal Revenue
Service, pursuant to Sections 1441, 1442 and 1446 of the Code (or any successor
provisions or any other provision as may be enacted into law), at such times as
required by such provisions, such amounts as the Trust is required to withhold
under such provision on account of any foreign Certificateholder’s distributive
share of income of the Trust, as if the entire amount of such foreign
Certificateholder’s distributive share of such income is subject to withholding
tax pursuant to such provisions.  To the
extent that a foreign Certificateholder claims to be entitled to a reduced rate
of, or exemption from, U.S. withholding tax pursuant to an applicable income
tax treaty, or otherwise, such foreign Certificateholder shall furnish the
Depositor and the Trustee with such information and forms as it may require and
are necessary to comply with the regulations governing the obligations of
withholding tax agents.  Each foreign
Certificateholder represents and warrants that any such information and form
furnished by it shall be true and accurate and agrees to indemnify the Trust
and each of the other Certificateholders from any and all damages, costs and
expenses resulting from the filing of inaccurate or incomplete information or
forms relating to such withholding taxes. In the event that a Certificateholder
wishes to apply for a refund of any such withholding tax, the Trustee shall
reasonably cooperate with such Certificateholder in making such claim so long
as such Certificateholder agrees to reimburse the Trustee for any out-of-pocket
expenses incurred.

 

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

 

SECTION 5.4.
No Segregation of Moneys; No Interest. 
Subject to Sections 5.1
and 5.2, moneys received
by the Trustee hereunder need not be

 

15

 

segregated in any manner
except to the extent required by law or the Sale and Servicing Agreement and
may be deposited under such general conditions as may be prescribed by law, and
the Trustee shall not be liable for any interest thereon.

 

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

 

SECTION 5.6.
Signature on Returns; Tax Matters Partner.

 

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

 

(b) The Depositor shall be designated the “tax matters partner” of the
Trust pursuant to Section 6231(a)(7)(A) of the Code and applicable
Treasury Regulations.

 

16

 

ARTICLE VI

Authority and Duties of Trustee

 

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

 

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

 

SECTION 6.3.
Action upon Instruction. 
(a)  Subject to Article IV and in accordance with
the Basic Documents, the Certificateholders may by written instruction direct
the Trustee in the management of the Trust. Such direction may be exercised at
any time by written instruction of the Certificateholders pursuant to Article IV.

 

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

 

(c) Whenever the Trustee is unable to decide between alternative
courses of action permitted or required by this Agreement or any Basic

 

17

 

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

 

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

 

SECTION 6.4.
No Duties Except as Specified in this
Agreement or in Instructions.  The
Trustee shall not have any duty or obligation to manage, make any payment with
respect to, register, record, sell, dispose of or otherwise deal with the Trust
Estate, or to otherwise take or refrain from taking any action under, or in
connection with, any document contemplated hereby to which the Trustee is a
party, except as expressly provided by this Agreement or in any document or
written instruction received by the Trustee pursuant to Section 6.3; and no implied
duties or obligations shall be read into this Agreement or any Basic Document

 

18

 

against the Trustee. The
Trustee shall have no responsibility for filing any financing or continuation
statement in any public office at any time or to otherwise perfect or maintain
the perfection of any security interest or Lien granted to it hereunder or to
prepare or file any Securities and Exchange Commission filing for the Trust or
to record this Agreement or any Basic Document. The Trustee nevertheless agrees
that it will, at its own cost and expense, promptly take all action as may be
necessary to discharge any Liens on any part of the Trust Estate that result
from the negligence or willful misconduct of the Trustee.

 

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

 

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

 

ARTICLE VII

Concerning the Trustee

 

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

 

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

 

19

 

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

 

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

 

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

 

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

 

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

 

(g) the Trustee shall be under no obligation to exercise any of the
rights or powers vested in it by this Agreement, or to institute, conduct or
defend any litigation under this Agreement or otherwise or in relation to this
Agreement or any Basic Document, at the request, order or direction of any of
the Certificateholders unless such Certificateholders have offered to the
Trustee security or indemnity satisfactory to it against the costs, expenses
and liabilities that may be incurred by the Trustee therein or thereby. The
right of the Trustee to perform any discretionary act

 

20

 

enumerated
in this Agreement or in any Basic Document shall not be construed as a duty,
and the Trustee shall not be answerable for other than its negligence or
willful misconduct in the performance of any such act.

 

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

 

SECTION 7.3.
Representations and Warranties.  The
Trustee hereby represents and warrants to the Depositor, for the benefit of the
Certificateholders, that:

 

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

 

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

 

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

 

(d) this Agreement, assuming due authorization, execution and delivery
by the Depositor, constitutes a valid, legal and binding obligation of the
Trustee, enforceable against it in accordance with the terms hereof subject to
applicable bankruptcy, insolvency, reorganization, moratorium

 

21

 

and
other laws affecting the enforcement of creditors’ rights generally and to
general principles of equity, regardless of whether such enforcement is
considered in a proceeding in equity or at law.

 

SECTION 7.4.
Reliance; Advice of Counsel. 
(a)  Except to the extent
otherwise provided in Section 7.1,
the Trustee shall incur no liability to anyone in acting upon any signature,
instrument, notice, resolution, request, consent, order, certificate, report,
opinion, bond or other document or paper (whether in its original or facsimile
form) believed by it to be genuine and believed by it to be signed by the
proper party or parties. The Trustee may accept a certified copy of a
resolution of the board of directors or other governing body of any party as
conclusive evidence that such resolution has been duly adopted by such body and
that the same is in full force and effect. As to any fact or matter the method
of the determination of which is not specifically prescribed herein, the
Trustee may for all purposes hereof rely on a certificate, signed by the
president, any vice president, the treasurer or other authorized officers of
the relevant party as to such fact or matter, and such certificate shall
constitute full protection to the Trustee for any action taken or omitted to be
taken by it in good faith in reliance thereon.

 

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

 

SECTION 7.5.
Not Acting in Individual Capacity. 
Except as provided in this Article VII,
in accepting the trusts hereby created The Bank of New York acts solely as
Trustee hereunder and not in its individual capacity and all Persons having any
claim against the Trustee by reason of the transactions contemplated by this
Agreement or any Basic Document shall look only to the Trust Estate for payment
or satisfaction thereof.

 

SECTION 7.6.
Trustee Not Liable for Trust Certificates
or Receivables.  The recitals contained herein
and in the Certificates (other than the signature and

 

22

 

counter-signature of the
Trustee on the Trust Certificates) shall be taken as the statements of the
Depositor, and the Trustee assumes no responsibility for the correctness
thereof. The Trustee makes no representations as to the validity or sufficiency
of this Agreement, of any Basic Document, of the Trust Certificates (other than
the signature and countersignature, if any, of the Trustee on the Trust
Certificates) or of the Notes, or of any Receivable or related documents. The
Trustee shall at no time have any responsibility or liability for or with respect
to the legality, validity and enforceability of any Receivable, or the
perfection and priority of any security interest created by any Receivable in
any of the Financed Equipment or the maintenance of any such perfection and
priority, or for or with respect to the sufficiency of the Trust Estate or its
ability to generate the payments to be distributed to Certificateholders under
this Agreement or the Noteholders under the Indenture, including: (a) the
existence, condition and ownership of any Financed Equipment, (b) the existence
and enforceability of any insurance thereon, (c) the existence and contents of
any Receivable on any computer or other record thereof, (d) the validity of the
assignment of any Receivable to the Trust or of any intervening assignment, (e)
the completeness of any Receivable, (f) the performance or enforcement of any
Receivable, and (g) the compliance by the Depositor or the Servicer with any
warranty or representation made under any Basic Document or in any related
document or the accuracy of any such warranty or representation or any action
of the Administrator, the Indenture Trustee or the Servicer or any subservicer
taken in the name of the Trustee.

 

SECTION 7.7.
Trustee May Not Own Notes.  The
Trustee shall not, in its individual capacity, but may in a fiduciary capacity,
become the owner or pledgee of Notes or otherwise extend credit to the Issuer.
The Trustee may otherwise deal with the Depositor, the Administrator, the
Indenture Trustee and the Servicer with the same rights as it would have if it
were not the Trustee.

 

ARTICLE VIII

Compensation of Trustee

 

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

 

23

 

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

 

SECTION 8.3.
Payments to the Trustee.  Any
amounts paid to the Trustee pursuant to this Article VIII shall be deemed not to be a part of
the Trust Estate immediately after such payment. The Trustee shall also be
entitled to interest on all fees and expenses that are due and unpaid for more
than sixty (60) days after they have been billed to the party responsible for
the payment of such amounts at a rate equal to: (a) the rate publicly announced
by The Bank of New York, as its prime rate from time to time plus (b) 3.5%.

 

ARTICLE IX

Termination of Trust Agreement

 

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

 

24

 

(b) Except as provided in Section 9.1(a),
neither the Depositor nor any Certificateholder shall be entitled to dissolve,
revoke or terminate the Trust.

 

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

 

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

 

(d) Upon the dissolution of the Trust and the payment of all
liabilities of the Trust in accordance with applicable law, the Trustee shall
cause the Certificate of Trust to be canceled by filing a certificate of
cancellation with the Secretary of State in accordance with the provisions

 

25

 

of
Section 3810 (or successor section) of the Trust Statute, at which time
the Trust and this Agreement (other than Article VIII)
shall terminate.

 

ARTICLE X

Successor Trustees and Additional Trustees

 

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

 

SECTION 10.2.
Resignation or Removal of Trustee.  The
Trustee may at any time resign and be discharged from the trusts hereby created
by giving written notice thereof to the Administrator. Upon receiving such
notice of resignation, the Administrator shall promptly appoint a successor
Trustee by written instrument, in duplicate, one copy of which instrument shall
be delivered to the resigning Trustee and one copy to the successor Trustee. If
no successor Trustee shall have been so appointed and have accepted appointment
within 30 days after the giving of such notice of resignation, the resigning
Trustee may petition at the expense of the Administrator any court of competent
jurisdiction for the appointment of a successor Trustee.

 

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

 

26

 

Administrator shall promptly
appoint a successor Trustee by written instrument, in duplicate, one copy of
which instrument shall be delivered to the outgoing Trustee so removed and one
copy to the successor Trustee, and pay all fees owed to the outgoing Trustee.

 

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

 

SECTION 10.3. Successor Trustee.  Any
successor Trustee appointed pursuant to Section 10.2
shall execute, acknowledge and deliver to the Administrator and to its
predecessor Trustee an instrument accepting such appointment under this
Agreement, and thereupon the resignation or removal of the predecessor Trustee
shall become effective and such successor Trustee, without any further act,
deed or conveyance, shall become fully vested with all the rights, powers,
duties, and obligations of its predecessor under this Agreement, with like
effect as if originally named as the Trustee. The predecessor Trustee shall
upon payment of its fees and expenses deliver to the successor Trustee all
documents and statements and monies held by it under this Agreement; and the
Administrator and the predecessor Trustee shall execute and deliver such
instruments and do such other things as may reasonably be required for fully
and certainly vesting and confirming in the successor Trustee all such rights,
powers, duties and obligations.

 

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

 

Upon
acceptance of appointment by a successor Trustee pursuant to this Section, the
Administrator shall mail notice of such appointment to all Certificateholders,
the Indenture Trustee, the Noteholders and the Rating Agencies. If the
Administrator shall fail to mail such notice within 10 days after acceptance of
appointment by the successor Trustee, the successor Trustee shall cause such
notice to be mailed at the expense of the Administrator.

 

SECTION 10.4.
Merger or Consolidation of Trustee.  Any
corporation or other entity into which the Trustee may be merged or converted
or with which it may be consolidated, or any corporation resulting from any
merger, conversion or consolidation to which the Trustee shall be a party, or
any corporation succeeding

 

27

 

to all or substantially all
of the corporate trust business of the Trustee, shall be the successor of the
Trustee hereunder; provided, such
corporation shall be eligible pursuant to Section 10.1,
without the execution or filing of any instrument or any further act on the
part of any of the parties hereto, anything herein to the contrary
notwithstanding; and provided further,
that the Trustee shall mail notice of such merger or consolidation to the
Rating Agencies.

 

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

 

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

 

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

 

28

 

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

 

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

 

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

 

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

 

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

 

ARTICLE XI

Miscellaneous

 

SECTION 11.1.
Supplements and Amendments.  This
Agreement may be amended from time to time by a written amendment duly executed
and delivered by the Depositor and the Trustee, with prior written notice to
the Rating Agencies, without the consent of any of the Noteholders or the
Certificateholders, to cure any ambiguity, to correct or supplement any
provisions in this Agreement or for the purpose of adding any provisions to or
changing in any manner or eliminating any of the provisions in this Agreement
or of modifying in any manner the rights of the Noteholders or the
Certificateholders; provided, however,
that such action

 

29

 

shall not, as evidenced by
an Opinion of Counsel, adversely affect in any material respect the interests
of any Noteholder or Certificateholder.

 

This
Agreement may also be amended from time to time by the Depositor and the
Trustee, with prior written notice to the Rating Agencies, with the written
consent of (x) Noteholders holding Notes evidencing not less than a majority of
the Note Balance and (y) the Holders of Certificates evidencing not less than a
majority of the Certificate Balance, for the purpose of adding any provisions
to or changing in any manner or eliminating any of the provisions of this
Agreement or of modifying in any manner the rights of the Noteholders or the
Certificateholders; provided, however,
that no such amendment shall: (a) increase or reduce in any manner the amount
of, or accelerate or delay the timing of, collections of payments on
Receivables or distributions that shall be required to be made for the benefit
of the Noteholders or the Certificateholders or (b) reduce the aforesaid
percentage of the Outstanding Amount and the Certificate Balance required to
consent to any such amendment, without the consent of the holders of all the
outstanding Notes and Certificates.

 

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

 

Promptly
after the execution of any such amendment or consent (or, in the case of the
Rating Agencies, 10 days prior thereto), the Trustee shall furnish written
notification of the substance of such amendment or consent to each
Certificateholder, the Indenture Trustee and each of the Rating Agencies.

 

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

 

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

 

30

 

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

 

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

 

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

 

SECTION 11.4. Notices.  (a) 
Unless otherwise expressly specified or permitted by the terms hereof,
all notices shall be in writing, personally delivered or mailed by certified
mail, postage prepaid and return receipt requested, and shall be deemed to have
been duly given upon receipt: (i) if to the Trustee or the Paying Agent,
addressed to the Corporate Trust Office, and (ii) if to the Depositor,
addressed to CNH Capital Receivables LLC, 100 South Saunders Road, Lake Forest,
Illinois 60045, Attention: Assistant Treasurer; or, as to each party, at such
other address as shall be designated by such party in a written notice to the
other party.

 

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

 

31

 

SECTION 11.5. Severability.  Any
provision of this Agreement that is prohibited or unenforceable in any
jurisdiction shall, as to such jurisdiction, be ineffective to the extent of
such prohibition or unenforceability without invalidating the remaining
provisions hereof, and any such prohibition or unenforceability in any
jurisdiction shall not invalidate or render unenforceable such provision in any
other jurisdiction.

 

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

 

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

 

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

 

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

 

32

 

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

 

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

 

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

 

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

 

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

 

33

 

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

 

	
   

  	
  THE BANK OF NEW YORK,

  
	
   

  	
  as Trustee

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ CATHERINE MURRAY

  	
   

  
	
   

  	
   

  	
  Name: Catherine Murray

  
	
   

  	
   

  	
  Title: Assistant Treasurer

  
	
   

  	
   

  
	
   

  	
  CNH CAPITAL RECEIVABLES
  LLC,

  
	
   

  	
  as Depositor

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ BRIAN O'KEANE

  	
   

  
	
   

  	
   

  	
  Name:  Brian O'Keane

  
	
   

  	
   

  	
  Title: Assistant Treasurer

  

 

S-1

 

Exhibit A

 

FORM OF TRUST CERTIFICATES

 

	
  REGISTERED

  	
   

  	
   

  
	
  NUMBER
  R-      

  	
   

  	
  $21,000,000(1)

  

 

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

 

CNH EQUIPMENT TRUST 2005-A

4.29% ASSET BACKED CERTIFICATE

 

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

 

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

 

THIS CERTIFIES THAT CNH
CAPITAL RECEIVABLES LLC is the fractional registered owner of a

 

TWENTY-ONE MILLION DOLLARS
($21,000,000) nonassessable, fully-paid, fractional undivided interest in the
CNH Equipment Trust 2005-A (the “Trust”)
formed by CNH Capital Receivables LLC, a Delaware limited liability company
(the “Depositor”).

 

The Trust was created
pursuant to a Trust Agreement dated as of March 1, 2005 (the “Trust Agreement”) between the Depositor
and The Bank of New York, as trustee (the “Trustee”).
To the extent not otherwise defined herein, the capitalized terms used herein
have the meanings assigned to them in the Trust Agreement or the Sale and
Servicing Agreement (the “Sale and Servicing
Agreement”) dated as of March 1, 2005 among the Trust, the
Depositor and CNH Capital America LLC, as servicer (the “Servicer”), as

 

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

 

A-1

 

applicable. This Trust
Certificate is one of the duly authorized Certificates designated as “Asset
Backed Certificates” (herein called the “Trust
Certificates”) issued under and subject to the terms, provisions and
conditions of the Trust Agreement, to which Trust Agreement the holder of this
Trust Certificate by virtue of the acceptance hereof assents and by which
holder is bound.

 

Issued
under the Indenture dated as of March 1, 2005 between the Trust and
JPMorgan Chase Bank, as Indenture Trustee, are notes designated as “3.08% Class
A-1 Asset Backed Notes,” “3.64% Class A-2 Asset Backed Notes,” “4.02% Class A-3
Asset Backed Notes,” “Floating Rate Class A-4a Asset Backed Notes”, “4.29%
Class A-4b Asset Backed Notes” and “4.29% Class B Asset Backed Notes”.  Each Holder of this Trust Certificate
acknowledges and agrees that its rights to receive distributions in respect of
this Trust Certificate are subordinated to the rights of the Noteholders as
described in the Sale and Servicing Agreement and the Indenture.

 

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

 

Each
Certificateholder, by its acceptance of a Trust Certificate, covenants and
agrees that such Certificateholder will not at any time institute against the
Depositor or the Trust, or join in any institution against the Depositor or the
Trust 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 Trust Certificates, the Notes, the Trust Agreement or any of the Basic
Documents.

 

Each
Certificateholder, by its acceptance of a Trust Certificate, represents and
warrants in writing that: (a) it is acquiring the Trust Certificate for its own

 

A-2

 

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

 

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

 

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

 

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

 

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

 

A-3

 

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

 

	
   

  	
  CNH Equipment Trust 2005-A

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:  THE BANK OF
  NEW YORK,

  	
   

  
	
   

  	
  not in its individual capacity, but

  	
   

  
	
   

  	
  solely as Trustee

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  	
   

  
							

 

A-4

 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

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

 

 

	
  THE BANK OF NEW YORK,

  	
   

  
	
  as Trustee

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
   

  
	
   

  	
  Authorized Officer

  	
   

  	
   

  
	
   

  	
   

  
	
  Date: March 16, 2005

  	
   

  

 

A-5

 

ASSIGNMENT

 

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

 

	
  PLEASE INSERT SOCIAL
  SECURITY

  	
   

  
	
  OR OTHER IDENTIFYING
  NUMBER OF

  	
   

  
	
  ASSIGNEE

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  (Please print or type name
  and address, including postal zip code, of assignee)

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  the within Trust
  Certificate, and all rights thereunder, hereby irrevocably constituting and
  appointing

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  Attorney to transfer said
  Trust Certificate on the books of the Certificate Registrar, with full power
  of substitution in the premises.

  	
   

  
	
   

  	
   

  
	
  Dated:

  	
   

  	
  *

  
	
   

  	
  Signature Guaranteed:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  *

  

 

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

 

A-6

 

Exhibit B

 

CERTIFICATE OF TRUST

OF

CNH EQUIPMENT TRUST 2005-A

 

THIS
CERTIFICATE OF TRUST of CNH EQUIPMENT TRUST 2005-A (the “Trust”), is being duly executed and filed
by The Bank of New York, a New York banking corporation, and The Bank of New
York (Delaware), a Delaware banking corporation, as trustees, to form a
statutory trust under the Delaware Statutory Trust Act (12 Del. C.
§3801, et  seq.).

 

Name.  The
name of the statutory trust being formed hereby is CNH EQUIPMENT TRUST 2005-A.

 

Delaware
Trustee.  The name and business address of the trustee
of the Trust in the State of Delaware are The Bank of New York (Delaware),
White Clay Center, Route 273, Newark, Delaware 19711.

 

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

 

B-1

 

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

 

	
   

  	
  THE BANK OF NEW YORK

  
	
   

  	
  not in its individual
  capacity, but solely as

  trustee under a Trust Agreement dated as of

  March 1, 2005

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
    Name:

  	
   

  	
   

  
	
   

  	
    Title:

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  THE BANK OF NEW YORK
  (DELAWARE),

  
	
   

  	
  not in its individual
  capacity, but solely as

  co-trustee under a Co-Trustee Agreement

  dated as of March 1, 2005

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
    Name:

  	
   

  	
   

  
	
   

  	
    Title:

  	
   

  	
   

  
						

 

B-2

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