Document:

Exhibit 4.10

 

EXECUTION COPY

 

 

	
  DATE:

  	
   

  	
  May 22, 2008

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  TO:

  	
   

  	
  CNH EQUIPMENT TRUST 2008-B (“Party B”)

  	
   

  	
   

  
	
   

  	
   

  	
  c/o The Bank of New York (Delaware)

  	
   

  	
   

  
	
   

  	
   

  	
  White
  Clay Center, Route 273

  	
   

  	
   

  
	
   

  	
   

  	
  DE
  19711

  	
   

  	
   

  
	
   

  	
   

  	
  Newark,
  Delaware

  
	
   

  	
   

  	
  Attention:

  	
   

  	
  Corporate
  Trust Administrator

  
	
   

  	
   

  	
  Telephone:

  	
   

  	
  (302) 636-6194

  
	
   

  	
   

  	
  Facsimile:

  	
   

  	
  (302) 636-4140

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  FROM:

  	
   

  	
  BANK OF AMERICA, N.A. (“Party A”)

  
	
   

  	
   

  	
  Sears Tower

  	
   

  	
   

  
	
   

  	
   

  	
  233 South Wacker Drive, Suite 2800

  	
   

  	
   

  
	
   

  	
   

  	
  Chicago, IL 60606

  
	
   

  	
   

  	
  Attention:

  	
   

  	
  Swap Operations

  
	
   

  	
   

  	
  Telephone:

  	
   

  	
  312-234-2732

  
	
   

  	
   

  	
  Facsimile:

  	
   

  	
  866-255-1444

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SUBJECT:

  	
   

  	
  Balanced Guaranteed Swap (Class A-4b)

  
	
   

  	
   

  	
   

  
	
  REFERENCE NUMBER:

  	
   

  	
  Swap No.:  50905020

  	
   

  	
   

  
	
   

  	
   

  	
  Swaption No.:  50905023

  	
   

  	
   

  
							

 

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

 

1                                          The
definitions and provisions contained in the 2006 ISDA Definitions (the “ISDA Definitions”), as published by the International Swaps
and Derivatives Association, Inc. are incorporated into this
Confirmation.  In the event of any
inconsistency between the definitions in the ISDA Definitions and this
Confirmation, this Confirmation will govern. 
References herein to a “Transaction” shall be deemed to be references to
a “Swap Transaction” for purposes of the ISDA Definitions.

 

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

 

This Confirmation
supplements, forms a part of, and is subject to, the 1992 ISDA Master Agreement
dated as of May 14, 2008 (including the Schedule thereto) as amended and
supplemented from time to time (the “Agreement”)
between you and us.  All provisions
contained in the Agreement govern this Confirmation except as expressly modified
herein.

 

 

	
  2.

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

  
	
   

  	
   

  
	
   

  	
  Type of
  Transaction:

  	
   

  	
  Interest Rate
  Swap

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Notional Amount:

  	
   

  	
  USD 30,000,000.00
  initially. With respect to each subsequent Calculation Period, the Notional
  Amount shall be equal to the outstanding principal balance of the
  Class A-4b Notes as of the first day of such Calculation Period.

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Trade Date:

  	
   

  	
  May 14, 2008

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Effective
  Date:

  	
   

  	
  May 22,
  2008

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Termination
  Date:

  	
   

  	
  The
  earlier of (i) November 17, 2014, subject to adjustment in accordance
  with the Business Day Convention; provided, however, that for the purpose of
  determining the final Fixed Rate Payer Period End Date, Termination Date
  shall be subject to No Adjustment, and (ii) the date on which the
  outstanding principal balance of the Class A-4b Notes is reduced to
  zero.

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Fixed
  Amounts:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Fixed Rate Payer:

  	
   

  	
  CNH EQUIPMENT TRUST 2008-B

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Fixed
  Rate Payer

  	
   

  	
   

  
	
   

  	
   

  	
  Period
  End Dates:

  	
   

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

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Fixed Rate Payer

  	
   

  	
   

  
	
   

  	
   

  	
  Payment Dates:

  	
   

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

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Fixed
  Rate:

  	
   

  	
  3.8225 %

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Fixed
  Amount:

  	
   

  	
  To be determined
  in accordance with the following formula:

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Fixed Rate*Notional
  Amount*Fixed Rate Day Count Fraction

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Fixed
  Rate Day

  	
   

  	
   

  
	
   

  	
   

  	
  Count
  Fraction:

  	
   

  	
  30/360

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Floating
  Amounts:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Floating Rate Payer:

  	
   

  	
  Bank of America, N.A.

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Floating Rate Payer

  	
   

  	
   

  
	
   

  	
   

  	
  Period End Dates:

  	
   

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

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Floating Rate Payer

  	
   

  	
   

  
	
   

  	
   

  	
  Payment Dates:

  	
   

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

  

 

2

 

	
   

  	
   

  	
  Floating
  Rate Option:

  	
   

  	
  USD-LIBOR-BBA

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Floating Amount:

  	
   

  	
  To be determined
  in accordance with the following formula:

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

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

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Designated
  Maturity:

  	
   

  	
  One
  month

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Floating
  Rate Day

  	
   

  	
   

  
	
   

  	
   

  	
  Count
  Fraction:

  	
   

  	
  Actual/360

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Reset
  Dates:

  	
   

  	
  The first day of each Calculation
  Period

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Compounding:

  	
   

  	
  Inapplicable

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Business Days:

  	
   

  	
  New York

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Business Day
  Convention:

  	
   

  	
  Following

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Calculation
  Agent:

  	
   

  	
  Bank of America, N.A.

  
	
   

  	
   

  	
   

  	
   

  
	
  3.

  	
  Account Details
  and Settlement Information:

  
	
   

  	
   

  
	
   

  	
   

  	
  Payments to Party A:

  	
   

  	
  Bank of America, N.A., New York

  
	
   

  	
   

  	
   

  	
   

  	
  Account:  
  Rate Derivatives Settlements

  
	
   

  	
   

  	
   

  	
   

  	
  Account#: 6550-219386

  
	
   

  	
   

  	
   

  	
   

  	
  CHIPS#:  0959

  
	
   

  	
   

  	
   

  	
   

  	
  Fed Wire/ABA#: 026 009 593

  
	
   

  	
   

  	
   

  	
   

  	
  SWIFT Address: BOFAUS3N

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Payments to
  Party B:

  	
   

  	
  The Bank of New
  York-New York, NY

  
	
   

  	
   

  	
   

  	
  ABA #021000018

  
	
   

  	
   

  	
   

  	
  G/L/A: #211705

  
	
   

  	
   

  	
   

  	
  Account: TAS
  #629300

  
	
   

  	
   

  	
   

  	
  Account: CNHET
  2008-B

  
	
   

  	
   

  	
   

  	
  Attn: Keith
  Richardson 312-827-8572

  
							

 

3

 

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

 

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

 

[Remainder
of this page intentionally left blank.]

 

4

 

IN WITNESS WHEREOF the
parties have caused this Confirmation to be duly executed and delivered as of
the day and year first written above.

 

	
  BANK OF AMERICA, N.A.

  	
   

  	
  CNH Equipment Trust 2008-B

  
	
   

  	
   

  	
  By: Wilmington Trust Company, not in its

  
	
   

  	
   

  	
  individual capacity but solely as trustee

  
	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ Victor R. Waingort

  	
   

  	
  By:

  	
  /s/ Erik E. Overcash

  
	
   

  	
   

  	
   

  
	
  Name:

  	
  Victor R. Waingort

  	
   

  	
  Name:

  	
  Erik E. Overcash

  
	
  Title:

  	
  Vice President

  	
   

  	
  Title:

  	
  Assistant Vice
  President

  
	
  Date:

  	
   

  	
   

  	
  Date:

  	
   

  
							

 

 

	
  REFERENCE NUMBER:

  	
  Swap No.: 50905020

  
	
   

  	
  Swaption No.: 50905023

  

 

5

 

Annex A

 

Paragraph
13 of the Credit Support AnnexExhibit 4.11

 

EXECUTION COPY

 

(Multicurrency-Cross Border)

 

SCHEDULE

to the

Master
Agreement

dated as of May 14,
2008

between

 

BANK OF
AMERICA, N.A. (“Party A”),

 

and

 

Wilmington
Trust Company, not in its individual capacity but solely in its capacity as trustee
(“Trustee”) of the

CNH Equipment Trust 2008-B (the “Trust”),  (“Party
B”)

 

Part 1.          Termination
Provisions.

 

For
the purposes of this Agreement:-

 

(a)           “Specified
Entity” will not apply to Party A or Party B for any purpose.

 

(b)           “Specified
Transaction” will have the meaning specified in Section 14.

 

(c)           Events of
Default.

 

The statement below that
an Event of Default will apply to a specific party means that upon the
occurrence of such an Event of Default with respect to such party, the other
party shall have the rights of a Non-defaulting Party under Section 6 of
this Agreement; conversely, the statement below that such event will not apply
to a specific party means that the other party shall not have such rights.

 

(i)            The
“Failure to Pay or Deliver” provisions
of Section 5(a)(i) will apply to Party A and will apply to Party B.

 

(ii)           The
“Breach of Agreement” provisions of Section 5(a)(ii) will
apply to Party A and will not apply to Party B; provided, however, that  notwithstanding anything to the contrary in Section 5(a)(ii),
any failure by Party A to comply with or perform any obligation to be complied
with or performed by Party A under the Credit Support Annex shall not
constitute an Event of Default under Section 5(a)(ii) unless (A) a
Moody’s Second Trigger Downgrade Event has occurred and been continuing for 30
or more Local Business Days, (B) an S&P Required Ratings Downgrade
Event has occurred and been continuing for 10 or more Local Business Days, or (C) a
Fitch Required Ratings Downgrade Event has occurred and been continuing for 30
or more days.

 

(iii)          The “Credit Support Default”
provisions of Section 5(a)(iii) will apply to Party A and will not
apply to Party B except that Section 5(a)(iii)(1) will apply to Party
B solely in respect of Party B’s obligations under Paragraph 3(b) of the
Credit Support Annex; provided, however, that notwithstanding anything to the
contrary in Section 5(a)(iii)(1), any failure by Party A to comply with or
perform any obligation to be complied with or performed by Party A under the
Credit Support Annex shall not constitute an Event of Default under Section 5(a)(iii) unless
(A) a Moody’s Second Trigger Downgrade Event has occurred and been
continuing for 30 or more Local Business Days, (B) an S&P Required
Ratings Downgrade Event has occurred and been continuing for 10 or more Local
Business Days, or (C) a Fitch Required Ratings Downgrade Event has
occurred and been continuing for 30 or more days.

 

(iv)          The
“Misrepresentation” provisions of Section 5(a)(iv) will
apply to Party A and will not apply to Party B.

 

(v)           The
“Default under Specified Transaction”
provisions of Section 5(a)(v) will not apply to Party A and will not
apply to Party B.

 

 

(vi)          The
“Cross Default” provisions of Section 5(a)(vi) will
apply to Party A and will not apply to Party B. 
For purposes of Section 5(a)(vi), solely with respect to Party A:

 

“Specified Indebtedness”
will have the meaning specified in Section 14, except that such term shall
not include obligations in respect of deposits received in the ordinary course
of Party A’s banking business.

 

“Threshold Amount” means
with respect to Party A an amount equal to three percent (3%) of the
Shareholders’ Equity of Bank of America Corporation, or, if applicable, a
guarantor under an Eligible Guarantee with credit ratings at least equal to the
S&P Required Ratings Threshold, the Moody’s Second Trigger Threshold, and
the Fitch Approved Ratings Threshold.

 

“Shareholders’ Equity”
means with respect to an entity, at any time, such party’s shareholders’ equity
(on a consolidated basis) determined in accordance with generally accepted
accounting principles in such party’s jurisdiction of incorporation or
organization as at the end of such party’s most recently completed fiscal year.

 

(vii)         The “Bankruptcy” provisions
of Section 5(a)(vii) will apply to Party A and will apply to Party B;
provided, however, that, for purposes of applying Section 5(a)(vii) to
Party B: (A) Section 5(a)(vii)(2) shall not apply, (B) Section 5(a)(vii)(3) shall
not apply to any assignment, arrangement or composition that is effected by or
pursuant to the Indenture, (C) Section 5(a)(vii)(4) shall not
apply to a proceeding instituted, or a petition presented, by Party A or any of
its Affiliates (notwithstanding anything to the contrary in this Agreement, for
purposes of Section 5(a)(vii)(4), Affiliate shall have the meaning set
forth in Section 14 of the ISDA Master Agreement), (D) Section 5(a)(vii)(6) shall
not apply to any appointment that is effected by or pursuant to the Indenture,
or any appointment to which Party B has not yet become subject; (E) Section 5(a)(vii) (7) shall
not apply; (F) Section 5(a)(vii)(8) shall apply only to the
extent of any event which has an effect analogous to any of the events
specified in clauses (1), (3), (4), (5) or (6) of Section 5(a)(vii),
in each case as modified in this Part 1(c)(vii), and (G) Section 5(a)(vii)(9) shall
not apply.

 

(viii)        The “Merger Without Assumption”
provisions of Section 5(a)(viii) will apply to Party A and will  not apply to Party B.

 

(d)           Termination
Events.

 

The statement below that
a Termination Event will apply to a specific party means that upon the
occurrence of such a Termination Event, if such specific party is the Affected
Party with respect to a Tax Event, the Burdened Party with respect to a Tax
Event Upon Merger (except as noted below) or the non-Affected Party with
respect to a Credit Event Upon Merger, as the case may be, such specific party
shall have the right to designate an Early Termination Date in accordance with Section 6
of this Agreement; conversely, the statement below that such an event will not
apply to a specific party means that such party shall not have such right;
provided, however, with respect to “Illegality” the statement that such event
will apply to a specific party means that upon the occurrence of such a
Termination Event with respect to such party, either party shall have the right
to designate an Early Termination Date in accordance with Section 6 of
this Agreement.

 

(i)            The “Illegality” provisions of Section 5(b)(i) will
apply to Party A and will apply to Party B.

 

(ii)           The “Tax Event” provisions of Section 5(b)(ii) will
apply to Party A except that, for purposes of the application of Section 5(b)(ii) to
Party A, Section 5(b)(ii) is hereby amended by deleting the words “(x) any
action taken by a taxing authority, or brought in a court of competent
jurisdiction, on or after the date on which a Transaction is entered into
(regardless of whether such action is taken or brought with respect to a party
to this Agreement) or (y)”, and the “Tax Event”
provisions of Section 5(b)(ii) will apply to Party B.

 

(iii)          The “Tax Event
Upon Merger” provisions of Section 5(b)(iii) will apply to
Party A and will apply to Party B, provided that Party A shall not be entitled
to designate an Early Termination Date by reason of a Tax Event upon Merger in
respect of which it is the Affected Party.

 

 

(iv)          The “Credit
Event Upon Merger” provisions of Section 5(b)(iv) will not
apply to Party A and will not apply to Party B.

 

(e)           The “Automatic Early Termination” provision of Section 6(a) will
not apply to Party A and will not apply to Party B.

 

(f)            Payments on
Early Termination.  For the
purpose of Section 6(e) of this Agreement:

 

(i)            Market
Quotation will apply, provided, however, that, in the event of a Derivative
Provider Trigger Event, the following provisions will apply:

 

(A)          The definition of Market
Quotation in Section 14 shall be deleted in its entirety and replaced with
the following:

 

“Market
Quotation” means, with respect to one or more Terminated
Transactions, a Firm Offer which is (1) made by a Reference Market-maker
that is an Eligible Replacement, (2) for an amount that would be paid to
Party B (expressed as a negative number) or by Party B (expressed as a positive
number) in consideration of an agreement between Party B and such Reference
Market-maker to enter into a Replacement Transaction, and (3) made on the
basis that Unpaid Amounts in respect of the Terminated Transaction or group of
Transactions are to be excluded but, without limitation, any payment or
delivery that would, but for the relevant Early Termination Date, have been
required (assuming satisfaction of each applicable condition precedent) after
that Early Termination Date is to be included.

 

(B)           The definition of
Settlement Amount shall be deleted in its entirety and replaced with the
following:

 

“Settlement
Amount” means, with respect to any Early Termination
Date, an amount (as determined by Party B) equal to:

 

(a)           if, on or prior to such
Early Termination Date, a Market Quotation for the relevant Terminated
Transaction or group of Terminated Transactions is accepted by Party B so as to
become legally binding, the Termination Currency Equivalent of the amount
(whether positive or negative) of such Market Quotation;

 

(b)           if, on such Early
Termination Date, no Market Quotation for the relevant Terminated Transaction
or group of Terminated Transactions has been accepted by Party B so as to
become legally binding and one or more Market Quotations from Approved
Replacements have been communicated to Party B and remain capable of becoming
legally binding upon acceptance by Party B, the Termination Currency Equivalent
of the amount (whether positive or negative) of the lowest of such Market
Quotations (for the avoidance of doubt, (i) a Market Quotation expressed
as a negative number is lower than a Market Quotation expressed as a positive
number and (ii) the lower of two Market Quotations expressed as negative
numbers is the one with the largest absolute value); or

 

(c)           if, on such Early
Termination Date, no Market Quotation for the relevant Terminated Transaction
or group of Terminated Transactions is accepted by Party B so as to become
legally binding and no Market Quotation from an Approved Replacement has been
communicated to Party B and remains capable of becoming legally binding upon
acceptance by Party B, Party B’s Loss (whether positive or negative and without
reference to any Unpaid Amounts) for the relevant Terminated Transaction or
group of Terminated Transactions.”

 

(C)           If Party B requests
Party A in writing to obtain Market Quotations, Party A shall use its
reasonable efforts to do so before the Early Termination Date.

 

 

(D)          If the Settlement Amount
is a negative number, Section 6(e)(i)(3) shall be deleted in its
entirety and replaced with the following:

 

“(3) Second Method and Market Quotation. If the Second Method and
Market Quotation apply, (I) Party B shall pay to Party A an amount equal
to the absolute value of the Settlement Amount in respect of the Terminated
Transactions, (II) Party B shall pay to Party A the Termination Currency
Equivalent of the Unpaid Amounts owing to Party A and (III) Party A shall
pay to Party B the Termination Currency Equivalent of the Unpaid Amounts owing
to Party B; provided, however, that (x) the amounts payable under the
immediately preceding clauses (II) and (III) shall be subject to
netting in accordance with Section 2(c) of this Agreement and (y) notwithstanding
any other provision of this Agreement, any amount payable by Party A under the
immediately preceding clause (III) shall not be netted against any amount
payable by Party B under the immediately preceding clause (I).”

 

(E)           At any time on or
before the Early Termination Date at which two or more Market Quotations from
Approved Replacements have been communicated to Party B and remain capable of
becoming legally binding upon acceptance by Party B, Party B shall be entitled
to accept only the lowest of such Market Quotations (for the avoidance of
doubt, (i) a Market Quotation expressed as a negative number is lower than
a Market Quotation expressed as a positive number and (ii) the lower of
two Market Quotations expressed as negative numbers is the one with the largest
absolute value).

 

(ii)           The
Second Method will apply.

 

(g)           “Termination
Currency” means USD.

 

(h)           Additional
Termination Events. 
Additional Termination Events will apply as provided in Part 5(c).

 

Part 2.  Tax
Matters.

 

(a)           Tax Representations.

 

(i)            Payer Representations.  For
the purpose of Section 3(e) of this Agreement, Party A and Party B
make the following representation:

 

It is not required by any applicable law, as modified
by the practice of any relevant governmental revenue authority, of any Relevant
Jurisdiction to make any deduction or withholding for or on account of any Tax
from any payment to be made by it to the other party under this Agreement.  In making this representation, it may rely on
(i) the accuracy of any representations made by the other party pursuant
to Section 3(f) of this Agreement, (ii) the satisfaction of the
agreement contained in Section 4(a)(i) or 4(a)(iii) of this
Agreement, and the accuracy and effectiveness of any document provided by the
other party pursuant to Section 4(a)(i) or 4(a)(iii) of this
Agreement, and (iii) the satisfaction of the agreement of the other party
contained in Section 4(d) of this Agreement; provided that it
shall not be a breach of this representation where reliance is placed on clause
(ii) and the other party does not deliver a form or document under Section 4(a)(iii) by
reason of material prejudice to its legal or commercial position.

 

(ii)           Payee
Representations.  For the purpose of Section 3(f) of
this Agreement:

 

(A)          Party A makes the following representation(s):

 

that it is a
national banking association organized under the laws of the United States and
its United States federal taxpayer identification number is 94-1687665, and

 

(B)           Party B makes the following representation(s):

 

Party B is a statutory trust organized under the laws
of the state of Delaware, it is a U.S. person for United States federal income
tax purposes and its United States federal taxpayer identification number is
26-6374136.

 

 

(b)           Tax
Provisions.

 

(i)            Indemnifiable Tax. 
Notwithstanding the definition of “Indemnifiable Tax” in Section 14
of this Agreement, all Taxes in relation to payments by Party A shall be
Indemnifiable Taxes unless (i) such Taxes are assessed directly against
Party B and not by deduction or withholding by Party A or (ii) arise as a
result of a Change in Tax Law (in which case such Tax shall be an Indemnifiable
Tax only if such Tax satisfies the definition of Indemnifiable Tax provided in Section 14).  In relation to payments by Party B, no Tax
shall be an Indemnifiable Tax, unless the Tax is due to a Change in Tax Law and
otherwise satisfies the definition of Indemnifiable Tax provided in Section 14.

 

 

Part 3.          Agreement
to Deliver Documents.

 

(a)           For the purpose of Section 4(a)(i),
tax forms, documents, or certificates to be delivered are:

 

	
  Party required to

  deliver document

  	
   

  	
  Form/Document/

  Certificate

  	
   

  	
  Date by which to

  be delivered

  
	
  Party A and Party B

  	
   

  	
  Any
  form or document required or reasonably requested to allow the other party to
  make payments under the Agreement without any deduction or withholding for or
  on account of any Tax, or with such deduction or withholding at a reduced
  rate.

  	
   

  	
  (i) upon execution
  of this Agreement, (ii) on or before the first payment date under this
  Agreement, including any Credit Support Document, (iii) promptly upon
  the reasonable demand by the other party, (iv) prior to the expiration
  or obsolescence of any previously delivered form, and (v) promptly upon
  the information on any such previously delivered form becoming inaccurate or
  incorrect.

  

 

(b)           For the purpose of Section 4(a)(ii),
other documents to be delivered are:

 

	
  Party required

  to deliver

  document

  	
   

  	
  Form/Document/

  Certificate

  	
   

  	
  Date by which to

  be delivered

  	
   

  	
  Covered by

  Section 3(d)

  Representation

  
	
  Party A and Party B

  	
   

  	
  Any documents required
  by the receiving party to evidence the authority of the delivering party or
  its Credit Support Provider, if any, for it to execute and deliver the
  Agreement, each Confirmation, and any Credit Support Documents to which it is
  a party, and to evidence the authority of the delivering party or its Credit
  Support Provider to perform its obligations under the Agreement, each
  Confirmation and any Credit Support Document, as the case may be

  	
   

  	
  Upon the execution and
  delivery of this Agreement

  	
   

  	
  Yes

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Party A and Party B

  	
   

  	
  Credit Support Document
  specified in Part 4 of the Schedule, such Credit Support Document being
  duly executed

  	
   

  	
  Upon the execution and
  delivery of this Agreement

  	
   

  	
  Yes

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Party A and Party B

  	
   

  	
  A certificate of an
  authorized officer of the party, as to the incumbency and authority of the
  respective officers of the party signing the Agreement, each Confirmation,
  and any relevant Credit Support Document, as the case may be

  	
   

  	
  Upon the execution and
  delivery of this Agreement

  	
   

  	
  Yes

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Party A

  	
   

  	
  Annual Report of Party
  A containing consolidated financial statements certified by independent
  certified public accountants and prepared in accordance with generally
  accepted accounting principles in the country in which Party A is organized

  	
   

  	
  Promptly upon request
  after becoming publicly available

  	
   

  	
  Yes

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Party A

  	
   

  	
  Opinions of counsel to
  Party A substantially in the form of Exhibit A to this Agreement
  reasonably satisfactory to Party B

  	
   

  	
  Upon the execution and
  delivery of this Agreement

  	
   

  	
  No

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Party B

  	
   

  	
  An opinion of counsel
  to Party B reasonably satisfactory to Party A

  	
   

  	
  Upon the execution and
  delivery of this Agreement

  	
   

  	
  No

  

 

 

	
  Party required

  to deliver

  document

  	
   

  	
  Form/Document/

  Certificate

  	
   

  	
  Date by which to

  be delivered

  	
   

  	
  Covered by

  Section 3(d)

  Representation

  
	
  Party B

  	
   

  	
  An executed copy of
  each Base Agreement

  	
   

  	
  Within 30 days after
  the date of this Agreement.

  	
   

  	
  No

  

 

Part 4.          Miscellaneous.

 

(a)           Address for
Notices:  For the purposes of Section 12(a) of
this Agreement:

 

Address
for notices or communications to Party A:

 

	
  Address:

  	
   

  	
  Bank
  of America, N.A.

  
	
   

  	
   

  	
  One
  Bryant Park

  
	
   

  	
   

  	
  1117
  Avenue of the Americas

  
	
   

  	
   

  	
  Mail
  Stop NY1-100-05-01

  
	
   

  	
   

  	
  New
  York, New York 10036

  
	
   

  	
   

  	
  Facsimile
  no.: (212) 548-8622

  
	
   

  	
   

  	
   

  
	
  With a copy to:

  	
   

  	
  Bank
  of America, N.A.

  
	
   

  	
   

  	
  Sears
  Tower

  
	
   

  	
   

  	
  233
  South Wacker Drive, Suite 2800

  
	
   

  	
   

  	
  Chicago, Illinois 60606

  
	
   

  	
   

  	
  Attention:
  Swap Operations

  
	
   

  	
   

  	
  Telephone
  No.: 312-234-2732

  
	
   

  	
   

  	
  Facsimile
  No.: 866-255-1444

  

 

Address for notices or communications to Party B:

 

	
  Address:

  	
   

  	
  CNH Equipment Trust 2008-B

  
	
   

  	
   

  	
  c/o The Bank of New York Trust
  Company, N.A.

  
	
   

  	
   

  	
  2 North LaSalle Street, Suite 1020

  
	
   

  	
   

  	
  Chicago, Illinois 60602

  
	
   

  	
   

  	
  Facsimile no.:

  	
  (312) 827-8562

  
	
   

  	
   

  	
  Telephone no.:

  	
  (312) 887-8572

  
	
   

  	
   

  	
  Attention:

  	
  Structured Finance-ABS

  
	
   

  	
   

  	
   

  
	
  With a copy to:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  CNH Capital America LLC

  
	
   

  	
   

  	
  6900 Veterans Boulevard

  
	
   

  	
   

  	
  Burr Ridge, IL 60527

  
	
   

  	
   

  	
  Attention:

  	
  Assistant Treasurer

  
	
   

  	
   

  	
  Facsimile no.:

  	
  (630) 887-5448

  
	
   

  	
   

  	
  Telephone no.:

  	
  (630) 887-2095

  
					

 

(b)           Process
Agent.  For the purpose of Section 13(c):

 

Party A appoints as its
Process Agent:  Not applicable.

 

Party B appoints as its
Process Agent:  Not applicable.

 

(c)           Offices.  The provisions of Section 10(a) will
apply to this Agreement.

 

(d)           Multibranch
Party.  For the purpose of Section 10(c) of
this Agreement:

 

Party A is a Multibranch Party and may act through its Charlotte, North
Carolina, Chicago, Illinois, San Francisco, California, New York, New York,
Boston, Massachusetts or London, England Office.

 

 

Party B is not a Multibranch Party.

 

(e)           Calculation
Agent.  The Calculation Agent
is Party A; provided, however, that if an Event of Default shall have occurred
with respect to Party A, Party B shall have the right to appoint as Calculation
Agent a financial institution which would qualify as a Reference Market-maker,
reasonably acceptable to Party A, the cost for which shall be borne by Party A.

 

(f)            Credit Support Document.

 

Party A:                 The Credit Support Annex, and any
guarantee in support of Party A’s obligations under this Agreement.

 

Party
B:                  The
Credit Support Annex, solely in respect of Party B’s obligations under
Paragraph 3(b) of the Credit Support Annex.

 

(g)           Credit
Support Provider.

 

Party
A:                 The
guarantor under any guarantee in support of Party A’s obligations under this
Agreement.

 

Party
B:                  None.

 

(h)           Governing
Law.  The parties to this
Agreement hereby agree that the law of the State of New York shall govern their
rights and duties in whole (including any claim or controversy arising out of
or relating to this Agreement), without regard to the conflict of law
provisions thereof other than New York General Obligations Law Sections 5-1401
and 5-1402.

 

(i)            Netting of
Payments.  Subparagraph (ii) of
Section 2(c) will apply to each Transaction hereunder.

 

(j)            Affiliate.  “Affiliate” shall have the meaning assigned
thereto in Section 14; provided, however, that Party B shall be deemed to
have no Affiliates for purposes of this Agreement, including for purposes of Section 6(b)(ii).

 

 

Part 5.           Other Provisions.

 

(a)                                  Definitions.  Unless
otherwise specified in a Confirmation, this Agreement and each Transaction
under this Agreement are subject to the 2006 ISDA Definitions as published and
copyrighted in 2007 by the International Swaps and Derivatives Association, Inc.
(the “Definitions”), and will be governed in
all relevant respects by the provisions set forth in the Definitions, without
regard to any amendment to the Definitions subsequent to the date hereof.  The provisions of the Definitions are hereby
incorporated by reference in and shall be deemed a part of this Agreement,
except that (i) references in the Definitions to a “Swap Transaction”
shall be deemed references to a “Transaction” for purposes of this Agreement,
and (ii) references to a “Transaction” in this Agreement shall be deemed
references to a “Swap Transaction” for purposes of the Definitions. Each term
capitalized but not defined in this Agreement shall have the meaning assigned
thereto in the Base Agreements.

 

Each reference herein to a “Section”
(unless specifically referencing the Base Agreements) or to a “Section” “of
this Agreement” will be construed as a reference to a Section of the ISDA
Master Agreement; each herein reference to a “Part” will be construed as a reference
to the Schedule to the ISDA Master Agreement; each reference herein to a “Paragraph”
will be construed as a reference to a Paragraph of the Credit Support
Annex.

 

(b)                                 Amendments to ISDA Master Agreement.

 

(i)                                     Single Agreement.  Section 1(c) is
hereby amended by the adding the words “including, for the avoidance of doubt,
the Credit Support Annex”  after the
words “Master Agreement”.

 

(ii)                                  Change of Account.  Section 2(b) is
hereby amended by the addition of the following after the word “delivery” in
the first line thereof: “to another account in the same legal and tax
jurisdiction as the original account”.

 

(iii)                               Representations.  Section 3
is hereby amended by adding at the end thereof the following subsection (g):

 

“(g)                           Relationship Between Parties.

 

(1)                                  Non-Reliance.  It
is acting for its own account, and it has made its own independent decisions to
enter into that Transaction and as to whether that Transaction is appropriate
or proper for it based upon its own judgment and upon advice from such advisors
as it has deemed necessary.  It is not
relying on any communication (written or oral) of the other party as investment
advice or as a recommendation to enter into that Transaction, it being
understood that information and explanations related to the terms and
conditions of a Transaction will not be considered investment advice or a
recommendation to enter into that Transaction. 
No communication (written or oral) received from the other party will be
deemed to be an assurance or guarantee as to the expected results of that
Transaction.

 

(2)                                  Assessment and Understanding.  It is capable of assessing the merits of and
understanding (on its own behalf or through independent professional advice),
and understands and accepts, the terms, conditions and risks of that
Transaction.  It is also capable of
assuming, and assumes, the risks of that Transaction.

 

(3)                                  Purpose.  It is entering into the Transaction for the
purposes of managing its borrowings or investments, hedging its underlying
assets or liabilities or in connection with a line of business.

 

(4)                                  Status of Parties.  The other party is not acting as an agent of,
fiduciary for or advisor to it in respect of the Transaction.

 

(5)                                  Eligible Contract Participant.  It is an “eligible contract participant” as defined
in Section 1a(12) of the Commodity Exchange Act, as amended.”

 

 

(iv)                              Transfer to Avoid Termination Event.  Section 6(b)(ii) is hereby amended
by (i) deleting the words “or if a Tax Event Upon Merger occurs and the
Burdened Party is the Affected Party,” and (ii) by deleting the words “to
transfer” and inserting the words “to effect a Permitted Transfer” in lieu
thereof.

 

(v)                                 Jurisdiction.  Section 13(b) is
hereby amended by: (i) deleting in the second line of subparagraph (i) thereof
the word “non-”, (ii) deleting “; and” from the end of subparagraph (i) and
inserting “.” in lieu thereof, and (iii) deleting the final paragraph
thereof.

 

(vi)                              Local Business Day. 
The definition of Local Business Day in Section 14 is hereby
amended by the addition of the words “or any Credit Support Document” after “Section 2(a)(i)”
and the addition of the words “or Credit Support Document” after “Confirmation”.

 

(vii)                           Modified
Representation.  For purposes
of Section 3(d) of this Agreement, the following shall be added
immediately prior to the period at the end thereof:

 

“; provided, however,
that in the case of financial statements delivered by either party, the only
representation being made by either party is that such financial statements
give a fair view of the state of affairs of the relevant entity to which they
relate as at the date of such financial statements.”

 

(c)                                  Additional Termination Events.  The following Additional Termination Events
will apply:

 

(i)                                     First Rating Trigger Collateral.  If Party A has failed to comply with or
perform any obligation to be complied with or performed by Party A in
accordance with the Credit Support Annex and such failure has not given rise to
an Event of Default under Section 5(a)(i) or Section 5(a)(iii),
then an Additional Termination Event shall have occurred with respect to Party
A and Party A shall be the sole Affected Party with respect to such Additional
Termination Event.

 

(ii)                                  Second Rating Trigger Replacement.  The occurrence of any event described in this
Part 5(c)(ii) shall constitute an Additional Termination Event with
respect to Party A and Party A shall be the sole Affected Party with respect to
such Additional Termination Event.

 

(A)                              A
Moody’s Second Trigger Downgrade Event has occurred and been continuing for 30 or
more Local Business Days and at least one Eligible Replacement has made a Firm
Offer that would, assuming the occurrence of an Early Termination Date, qualify
as a Market Quotation (on the basis that paragraphs (i) and (ii) of Part 1(f) (Payments
on Early Termination) apply) and which remains capable of becoming legally
binding upon acceptance.

 

(B)                                An
S&P Required Ratings Downgrade Event has occurred and been continuing for
60 or more calendar days.

 

(C)                                A
Fitch Required Ratings Downgrade Event has occurred and been continuing for 30
or more calendar days.

 

(iii)                               Amendment of Basic Documents.  If, without the prior written consent of
Party A when such consent is required under the Basic Documents (such consent
not to be unreasonably withheld), an amendment is made to the Basic Documents
which amendment could reasonably be expected to have a material adverse effect
on the interests of Party A (excluding, for the avoidance of doubt, any
amendment to the Basic Documents that is entered into solely for the purpose of
appointing a successor servicer, master servicer, securities administrator,
trustee or other service provider) under this Agreement, an Additional
Termination Event shall have occurred with respect to Party B and Party B shall
be the sole Affected Party with respect to such Additional Termination Event;
provided, however, that notwithstanding Section 6(b)(iv) of this
Agreement, both Party A and Party B shall have the right to designate an Early
Termination Date in respect of this Additional Termination Event.

 

(iv)                              Termination of Trust. 
If, the Trust is terminated pursuant to the Base Agreements and all
rated certificates or notes, as applicable, have been paid in accordance with
the terms of the Base Agreements, an Additional Termination Event shall have
occurred with respect to Party B and Party B 

 

 

shall be the sole
Affected Party with respect to such Additional Termination Event; provided,
however, that notwithstanding Section 6(b)(iv) of this Agreement,
both Party A and Party B shall have the right to designate an Early Termination
Date in respect of this Additional Termination Event.

 

(v)                                 Securitization Unwind.  If
a Securitization Unwind (as hereinafter defined) occurs, an Additional
Termination Event shall have occurred with respect to Party B and Party B shall
be the sole Affected Party with respect to such Additional Termination Event;
provided, however, that notwithstanding Section 6(b)(iv) of this
Agreement, both Party A and Party B shall have the right to designate an Early
Termination Date in respect of this Additional Termination Event.  The Early Termination Date in respect of such
Additional Termination Event shall be not earlier than the latest possible date
that the amount of a termination payment may be submitted to a party exercising
a clean-up call in order to be included in the clean-up call price.  As used herein, “Securitization
Unwind” means notice of the requisite amount of a party’s intention
to exercise its option to purchase the underlying Trust Estate (other than the
Trust Accounts) pursuant the Base Agreements is given by the Trustee to
certificateholders or noteholders, as applicable, pursuant to the Base
Agreements.

 

(vi)                              Acceleration of Notes. 
If there is an acceleration of the Notes following the occurrence of an “Event
of Default” under the Indenture (provided such acceleration has not been
rescinded) and the sale or liquidation of the Collateral commences under Article V
of the Indenture, an Additional Termination Event shall have occurred with
respect to Party B and Party B shall be the sole Affected Party with respect to
such Additional Termination Event.

 

(vii)                           Regulation
AB.  If Party A fails to satisfy its obligations under
that certain Indemnification and Disclosure Agreement dated as of May 22,
2008 between Party A and CNH Capital Receivables LLC, an Additional
Termination Event shall have occurred with respect to Party A and Party A shall
be the sole Affected Party with respect to such Additional Termination Event.

 

(d)                                 Required Ratings Downgrade Event.  In the event that no Relevant Entity has
credit ratings at least equal to the Required Ratings Threshold of each
relevant Rating Agency (such event, a “Required Ratings
Downgrade Event”), then Party A shall, as soon as reasonably
practicable and so long as a Required Ratings Downgrade Event is in effect, at
its own expense, use commercially reasonable efforts to procure either (A) a
Permitted Transfer or (B) an Eligible Guarantee.

 

(e)                                  Transfers.

 

(i)                                     Section 7
is hereby amended to read in its entirety as follows:

 

“Subject to Section 6(b)(ii),
neither Party A nor Party B is permitted to assign, novate or transfer (whether
by way of security or otherwise) as a whole or in part any of its rights,
obligations or interests under the Agreement or any Transaction without (a) the
prior written consent of the other party and (b) satisfaction of the
Rating Agency Condition, except that:

 

(a)                                  a
party may make such a transfer of this Agreement pursuant to a consolidation or
amalgamation with, or merger with or into, or transfer of all or substantially
all its assets to, another entity (but without prejudice to any other right or
remedy under this Agreement);

 

(b)                                 a
party may make such a transfer of all or any part of its interest in any amount
payable to it from a Defaulting Party under Section 6(e); and

 

(c)                                  Party
A may transfer or assign this Agreement to any Person, including, without
limitation, another of Party A’s offices, branches or affiliates (any such
Person, office, branch or affiliate, a “Transferee”) on
at least five Business Days’ prior written notice to Party B and the
Trustee;  provided that, with respect to
this clause (c), (A) as of the date of such transfer the Transferee will
not be required to withhold or deduct on account of a Tax from any payments
under this Agreement unless the Transferee will be required to make payments of
additional amounts pursuant to Section 2(d)(i)(4) of this Agreement
in respect of such Tax (B) a Termination Event or Event of Default does
not occur under this Agreement as a result of such transfer; (C) such
notice is accompanied by a written instrument pursuant to which the Transferee
acquires and assumes the rights and obligations of Party A so transferred;

 

 

(D) Party A
will be responsible for any costs or expenses incurred in connection with such
transfer and (E) Party A obtains in respect of such transfer a written
acknowledgement of satisfaction of the Rating Agency Condition (except for
Moody’s).  Party B will execute such
documentation as is reasonably deemed necessary by Party A for the effectuation
of any such transfer.”

 

 (ii)                               If an Eligible
Replacement has made a Firm Offer (which remains an offer that will become
legally binding upon acceptance by Party B) to be the transferee pursuant to a
Permitted Transfer, Party B shall, at Party A’s written request and at Party A’s
expense, take any reasonable steps required to be taken by Party B to effect
such transfer.

 

(f)                                    Non-Recourse.  Party A
acknowledges and agree that, notwithstanding any provision in this Agreement to
the contrary, the obligations of Party B hereunder are limited recourse
obligations of Party B, payable solely from the Trust and the proceeds thereof,
in accordance with the priority of payments and other terms of the Base
Agreements and that Party A will not have any recourse to any of the directors,
officers, employees, shareholders or affiliates of the Party B with respect to
any claims, losses, damages, liabilities, indemnities or other obligations in
connection with any transactions contemplated hereby. In the event that the
Trust and the proceeds thereof, should be insufficient to satisfy all claims
outstanding and following the realization of the account held by the Trust and
the proceeds thereof, any claims against or obligations of Party B under the ISDA
Master Agreement or any other confirmation thereunder still outstanding shall
be extinguished and thereafter not revive. 
The Trustee shall not have liability for any failure or delay in making
a payment hereunder to Party A due to any failure or delay in receiving amounts
in the account held by the Trust from the Trust created pursuant to the Trust
Agreement.  This provision will survive
the termination of this Agreement.

 

(g)                                 Rating Agency Notifications.  Notwithstanding
any other provision of this Agreement, no Early Termination Date shall be
effectively designated hereunder by Party B and no transfer of any rights or
obligations under this Agreement shall be made by either party unless each
Rating Agency has been given prior written notice of such designation or
transfer.

 

 (h)                              No Set-off. 
Except as expressly provided for in Section 2(c), Section 6 or
Part 1(f)(i)(D) hereof, and notwithstanding any other provision of
this Agreement or any other existing or future agreement, each party
irrevocably waives any and all rights it may have to set off, net, recoup or
otherwise withhold or suspend or condition payment or performance of any
obligation between it and the other party hereunder against any obligation
between it and the other party under any other agreements.  Section 6(e) shall be amended by
deleting the following sentence: “The amount, if any, payable in respect of an
Early Termination Date and determined pursuant to this Section will be
subject to any Set-off.”.

 

(i)                                     Amendment.  Notwithstanding any provision to
the contrary in this Agreement, no amendment of either this Agreement or any
Transaction under this Agreement shall be permitted by either party unless each
of the Rating Agencies has been provided prior written notice of the same and such
amendment satisfies the Rating Agency Condition with respect to S&P and
Fitch.

 

(j)                                     Notice of Certain Events or Circumstances.  Each Party agrees, upon learning of the
occurrence or existence of any event or condition that constitutes (or that
with the giving of notice or passage of time or both would constitute) an Event
of Default or Termination Event with respect to such party, promptly to give
the other Party and to each Rating Agency notice of such event or condition;
provided that failure to provide notice of such event or condition pursuant to
this Part 5(j) shall not constitute an Event of Default or a
Termination Event.

 

(k)                                  Proceedings.  No
Relevant Entity shall institute against, or cause any other person to institute
against, or join any other person in instituting against Party B in any
bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings
or other proceedings under any federal or state bankruptcy or similar law for a
period of one year (or, if longer, the applicable preference period) and one
day following payment in full of the Notes; provided, however, that nothing
will preclude, or be deemed to stop, Party A (i) from taking any action
prior to the expiration of the aforementioned one year and one day period, or
if longer the applicable preference period then in effect, in (A) any case
or proceeding voluntarily filed or commenced by Party B or (B) any
involuntary insolvency proceeding filed or commenced by a Person other than
Party A, or (ii) from commencing against Party B or any of the Collateral
any legal action which is not a bankruptcy, reorganization, arrangement,

 

 

insolvency, moratorium,
liquidation or similar proceeding.  This
provision will survive the termination of this Agreement.

 

(l)                                     [Reserved.]

 

(m)                               Severability.  If any
term, provision, covenant, or condition of this Agreement, or the application
thereof to any party or circumstance, shall be held to be invalid or
unenforceable (in whole or in part) in any respect, the remaining terms,
provisions, covenants, and conditions hereof shall continue in full force and
effect as if this Agreement had been executed with the invalid or unenforceable
portion eliminated, so long as this Agreement as so modified continues to
express, without material change, the original intentions of the parties as to
the subject matter of this Agreement and the deletion of such portion of this
Agreement will not substantially impair the respective benefits or expectations
of the parties.

 

The parties shall
endeavor to engage in good faith negotiations to replace any invalid or
unenforceable term, provision, covenant or condition with a valid or
enforceable term, provision, covenant or condition, the economic effect of
which comes as close as possible to that of the invalid or unenforceable term,
provision, covenant or condition.

 

(n)                                 Consent to Recording. 
Each party hereto consents to the monitoring or recording, at any time
and from time to time, by the other party of any and all communications between
trading, marketing, and operations personnel of the parties and their
Affiliates, waives any further notice of such monitoring or recording, and
agrees to notify such personnel of such monitoring or recording.

 

(o)                                 Waiver of Jury Trial. 
Each party waives any right it may have to a trial by jury in respect of
any in respect of any suit, action or proceeding relating to this Agreement or
any Credit Support Document.

 

(p)                                 Regarding Party A.  Party
B acknowledges and agrees that Party A, in its capacity as swap provider, has
had and will have no involvement in and, accordingly Party A accepts no
responsibility for:  (i) the
establishment, structure, or choice of assets of Party B; (ii) the
selection of any person performing services for or acting on behalf of Party B;
(iii) the selection of Party A as the Counterparty; (iv) the terms of
the Notes; (v) the preparation of or passing on the disclosure and other
information (other than disclosure and information furnished by Party A)
contained in any offering circular for the Notes, the Base Agreements, or any
other agreements or documents used by Party B or any other party in connection
with the marketing and sale of the Notes; (vi) the ongoing operations and
administration of Party B, including the furnishing of any information to Party
B which is not specifically required under this Agreement; or (vii) any
other aspect of Party B’s existence.

 

(q)                                 Rating Agency Requirements.   Notwithstanding
anything to the contrary herein, to the extent any Rating Agency does not
assign a rating to the notes issued pursuant to the Indenture, references to
the requirements of such Rating Agency herein shall be ignored for purposes of
this Agreement.

 

(r)                                    Additional Definitions.

 

As
used in this Agreement, the following terms shall have the meanings set forth below,
unless the context clearly requires otherwise:

 

“Approved Ratings Threshold” means each
of the S&P Approved Ratings Threshold, the Moody’s First Trigger Ratings
Threshold, and the Fitch Approved Ratings Threshold.

 

“Approved Replacement” means, with respect
to a Market Quotation, an entity making such Market Quotation, which entity
would satisfy conditions (a), (b), (c) and (d) of the definition of
Permitted Transfer (as determined by Party B in its sole discretion, acting in
a commercially reasonable manner) if such entity were a Transferee, as defined
in the definition of Permitted Transfer.

 

“Base Agreements” means the Trust Agreement, dated as of May 1,
2008, between CNH Capital Receivables LLC and the Trustee, the Sale and
Servicing Agreement, dated as of May 1, 2008, among Party B, CNH Capital
Receivables LLC, as Seller, and New Holland Credit Company, LLC, as Servicer,
and the Indenture.

 

“Basic Documents” has the
meaning assigned to such term in the Indenture.

 

 

“Derivative Provider Trigger Event” means (i) an
Event of Default with respect to which Party A is a Defaulting Party, (ii) a
Termination Event (other than an Illegality or Tax Event) with respect to which
Party A is the sole Affected Party or (iii) an Additional Termination
Event with respect to which Party A is the sole Affected Party.

 

“Eligible Guarantee” means an unconditional and irrevocable
guarantee of all present and future obligations of Party A under this Agreement
(or, solely for purposes of the definition of Eligible Replacement, all present
and future obligations of such Eligible Replacement under this Agreement or its
replacement, as applicable) which is provided by a guarantor as principal
debtor rather than surety and which is directly enforceable by Party B, the
form and substance of which guarantee are subject to the Rating Agency
Condition with respect to S&P and Fitch, and either (A) a law firm has
given a legal opinion confirming that none of the guarantor’s payments to Party
B under such guarantee will be subject to deduction or Tax collected by
withholding, or (B) such guarantee provides that, in the event that any of
such guarantor’s payments to Party B are subject to deduction or Tax collected
by withholding, such guarantor is required to pay such additional amount as is
necessary to ensure that the net amount actually received by Party B (free and
clear of any Tax collected by withholding) will equal the full amount Party B
would have received had no such deduction or withholding been required, or (C) in
the event that any payment under such guarantee is made net of deduction or
withholding for Tax, Party A is required, under Section 2(a)(i), to make
such additional payment as is necessary to ensure that the net amount actually
received by Party B from the guarantor will equal the full amount Party B would
have received had no such deduction or withholding been required.

 

“Eligible Replacement” means an entity (A) (I) (x) which
has credit ratings from S&P at least equal to the S&P Required Ratings
Threshold or (y) all present and future obligations of which entity owing
to Party B under this Agreement (or its replacement, as applicable) are
guaranteed pursuant to an Eligible Guarantee provided by a guarantor with
credit ratings from S&P at least equal to the S&P Required Ratings
Threshold, in either case if S&P is a Rating Agency, (II) (x) which
has credit ratings from Moody’s at least equal to the Moody’s Second Trigger
Ratings Threshold or (y) all present and future obligations of which
entity owing to Party B under this Agreement (or its replacement, as
applicable) are guaranteed pursuant to an Eligible Guarantee provided by a
guarantor with credit ratings from Moody’s at least equal to the Moody’s Second
Trigger Ratings Threshold, in either case if Moody’s is a Rating Agency, and (III) (x) which
has credit ratings from Fitch at least equal to the applicable Fitch Approved
Ratings Threshold or (y) all present and future obligations of which
entity owing to Party B under this Agreement (or its replacement, as applicable)
are guaranteed pursuant to an Eligible Guarantee provided by a guarantor with
credit ratings from Fitch at least equal to the Fitch Approved Ratings
Threshold, in either case if Fitch is a Rating Agency, and (B) that has
executed or agrees to execute a Regulation AB indemnification agreement, if
applicable.

 

 “Financial Institution” means a
bank, broker/dealer, insurance company, structured investment company or
derivative product company.

 

“Firm
Offer” means a quotation from an Eligible Replacement (i) in
an amount equal to the actual amount payable by or to Party B in consideration
of an agreement between Party B and such Eligible Replacement to replace Party
A as the counterparty to this Agreement by way of novation or, if such novation
is not possible, an agreement between Party B and such Eligible Replacement to
enter into a Replacement Transaction (assuming that all Transactions hereunder
become Terminated Transactions), and (ii) that constitutes an offer by
such Eligible Replacement to replace Party A as the counterparty to this
Agreement or enter a Replacement Transaction that will become legally binding
upon such Eligible Replacement upon acceptance by Party B.

 

“Fitch” means Fitch
Ratings Ltd., or any successor thereto.

 

“Fitch Approved Ratings Threshold” means, with
respect to Party A, the guarantor under an Eligible Guarantee, or an Eligible
Replacement, a long-term unsecured and unsubordinated debt rating from Fitch of
“A” and a short-term unsecured and unsubordinated debt rating from Fitch of “F1”.

 

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

 

 

“Fitch Required Ratings Threshold” means, with
respect to Party A, the guarantor under an Eligible Guarantee, or an Eligible
Replacement, a long-term unsecured and unsubordinated debt rating from Fitch of
“BBB-”.

 

“Indenture” means the Indenture dated as of May 1,
2008, between Party B and The Bank of New York Trust Company, N.A., as
Indenture Trustee.

 

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

 

“Moody’s First Trigger Ratings Threshold” means, with
respect to Party A, the guarantor under an Eligible Guarantee, or an Eligible
Replacement, (i) if such entity has a short-term unsecured and
unsubordinated debt rating from Moody’s, a long-term unsecured and
unsubordinated debt rating or counterparty rating from Moody’s of “A2” and a
short-term unsecured and unsubordinated debt rating from Moody’s of “Prime-1”,
or (ii) if such entity does not have a short-term unsecured and
unsubordinated debt rating or counterparty rating from Moody’s, a long-term
unsecured and unsubordinated debt rating or counterparty rating from Moody’s of
“A1”.

 

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

 

“Moody’s Second Trigger Ratings Threshold” means, with
respect to Party A, the guarantor under an Eligible Guarantee, or an Eligible
Replacement, (i) if such entity has a short-term unsecured and
unsubordinated debt rating from Moody’s, a long-term unsecured and
unsubordinated debt rating or counterparty rating from Moody’s of “A3” and a
short-term unsecured and unsubordinated debt rating from Moody’s of “Prime-2”,
or (ii) if such entity does not have a short-term unsecured and
unsubordinated debt rating from Moody’s, a long-term unsecured and
unsubordinated debt rating or counterparty rating from Moody’s of “A3”.

 

“Permitted
Transfer” means a transfer by novation by Party A to a
transferee (the “Transferee”) of all, but not less
than all, of Party A’s rights, liabilities, duties and obligations under this
Agreement, with respect to which transfer each of the following conditions is
satisfied:  (a) the Transferee is an
Eligible Replacement that is a recognized dealer in interest rate swaps; (b) as
of the date of such transfer the Transferee would not be required to withhold
or deduct on account of Tax from any payments under this Agreement or would be
required to gross up for such Tax under Section 2(d)(i)(4); (c) an
Event of Default or Termination Event would not occur as a result of such
transfer; (d) pursuant to a written instrument (the “Transfer
Agreement”), the Transferee acquires and assumes all rights and
obligations of Party A under the Agreement and the relevant Transaction; (e) such
Transfer Agreement is effective to transfer to the Transferee all, but not less
than all, of Party A’s rights and obligations under the Agreement and all
relevant Transactions; (f) Party A will be responsible for any costs or
expenses incurred in connection with such transfer (including any replacement
cost of entering into a replacement transaction); (g) Moody’s has been
given prior written notice of such transfer and the Rating Agency Condition
(other than with respect to Moody’s) is satisfied; and (h) such transfer
otherwise complies with the terms of the Base Agreements.

 

“Rating Agencies” means, with respect to any date of
determination, each of S&P, Moody’s, and Fitch, to the extent that each
such rating agency is then providing a rating for any of the related notes or
certificates, as applicable.

 

“Rating
Agency Condition” means, with respect to any particular
proposed act or omission to act hereunder and each Rating Agency specified in
connection with such proposed act or omission, that the party proposing such
act or failure to act must consult with each of the specified Rating Agencies
and receive from each such Rating Agency prior written confirmation that the
proposed action or inaction would not cause a downgrade or withdrawal of the
then-current rating of any Notes.

 

“Relevant Entity” means Party A and, to the extent
applicable, a guarantor under an Eligible Guarantee.

 

 

“Replacement Transaction” means, with
respect to any Terminated Transaction or group of Terminated Transactions, a
transaction or group of transactions that (i) would have the effect of
preserving for Party B the economic equivalent of any payment or delivery
(whether the underlying obligation was absolute or contingent and assuming the
satisfaction of each applicable condition precedent) by the parties under Section 2(a)(i) in
respect of such Terminated Transaction or group of Terminated Transactions that
would, but for the occurrence of the relevant Early Termination Date, have been
required after that date, and (ii) has terms which are substantially the
same as this Agreement, including, without limitation, rating triggers,
Regulation AB compliance, and credit support documentation, as determined by
Party B in its sole discretion, acting in a commercially reasonable manner,
save for the exclusion of provisions relating to Transactions that are not
Terminated Transactions.

 

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

 

“Required Ratings Threshold” means each
of the S&P Required Ratings Threshold, the Moody’s Second Trigger Ratings
Threshold, and the Fitch Required Ratings Threshold.

 

“S&P” means Standard & Poor’s Rating
Services, a division of The McGraw-Hill Companies, Inc., or any successor
thereto.

 

“S&P Approved Ratings Threshold” means, with
respect to Party A, the guarantor under an Eligible Guarantee, or an Eligible
Replacement, a short-term unsecured and unsubordinated debt rating of “A-1”
from S&P, or, if such entity does not have a short-term unsecured and
unsubordinated debt rating from S&P, a long-term unsecured and
unsubordinated debt rating or counterparty rating of “A+” from S&P.

 

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

 

“S&P Required Ratings Threshold” means, with
respect to Party A, the guarantor under an Eligible Guarantee, or an Eligible
Replacement, (I) if such entity is a Financial Institution, a short-term
unsecured and unsubordinated debt rating of “A-2” from S&P, or, if such
entity does not have a short-term unsecured and unsubordinated debt rating from
S&P, a long-term unsecured and unsubordinated debt rating or counterparty
rating of “BBB+” from S&P, or (II) if such entity is not a Financial
Institution, a short-term unsecured and unsubordinated debt rating of “A-1”
from S&P, or, if such entity does not have a short-term unsecured and
unsubordinated debt rating from S&P, a long-term unsecured and
unsubordinated debt rating or counterparty rating of “A+” from S&P.

 

[Remainder of this
page intentionally left blank.]

 

 

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

 

 

	
  BANK OF AMERICA, N.A.

  	
  CNH EQUIPMENT TRUST 2008-B

  By:  Wilmington
  Trust Company, not in

  its individual capacity but solely as Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
  /s/
  Victor R. Waingort

  	
   

  	
  By:

  	
  /s/ Jennifer A. Luce

  
	
  Name: Victor R.
  Waingort

  	
  Name:  Jennifer A. Luce

  
	
  Title: Vice President

  	
  Title: Sr. Financial
  Services Officer

  
					

 

 

Annex A

 

Paragraph
13 of the Credit Support Annex

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