Document:

Exhibit  4(a)

 

 

CNH EQUIPMENT TRUST 200X-Y

 

INDENTURE

 

between

 

CNH EQUIPMENT TRUST 200X-Y

 

and

 

[THE BANK OF NEW YORK TRUST MELLON COMPANY,
N.A.]

 

as Indenture Trustee.

 

Dated as of [Month Day], 200X

 

 

 

TABLE OF CONTENTS

 

	
   

  	
   

  	
   

  	
   

  	
  Page

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE I

  	
   

  	
  Definitions
  and Incorporation by Reference

  	
   

  	
  2

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 1.1.

  	
   

  	
  Definitions

  	
   

  	
  2

  
	
  Section 1.2.

  	
   

  	
  Incorporation by
  Reference of Trust Indenture Act

  	
   

  	
  2

  
	
  Section 1.3.

  	
   

  	
  Other Definitional
  Provisions

  	
   

  	
  3

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE II

  	
   

  	
  The Notes

  	
   

  	
  3

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 2.1.

  	
   

  	
  Form

  	
   

  	
  3

  
	
  Section 2.2.

  	
   

  	
  Execution,
  Authentication and Delivery

  	
   

  	
  4

  
	
  Section 2.3.

  	
   

  	
  Temporary Notes

  	
   

  	
  4

  
	
  Section 2.4.

  	
   

  	
  Registration;
  Registration of Transfer and Exchange

  	
   

  	
  5

  
	
  Section 2.5.

  	
   

  	
  Mutilated,
  Destroyed, Lost or Stolen Notes

  	
   

  	
  6

  
	
  Section 2.6.

  	
   

  	
  Persons Deemed
  Owner

  	
   

  	
  7

  
	
  Section 2.7.

  	
   

  	
  Payment of
  Principal and Interest; Defaulted Interest

  	
   

  	
  7

  
	
  Section 2.8.

  	
   

  	
  Cancellation

  	
   

  	
  8

  
	
  Section 2.9.

  	
   

  	
  Release of
  Collateral

  	
   

  	
  8

  
	
  Section 2.10.

  	
   

  	
  Book-Entry Notes

  	
   

  	
  9

  
	
  Section 2.11.

  	
   

  	
  Notices to Clearing
  Agency

  	
   

  	
  9

  
	
  Section 2.12.

  	
   

  	
  Definitive Notes

  	
   

  	
  9

  
	
  Section 2.13.

  	
   

  	
  Tax Treatment

  	
   

  	
  10

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE III

  	
   

  	
  Covenants

  	
   

  	
  10

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 3.1.

  	
   

  	
  Payment of
  Principal and Interest

  	
   

  	
  10

  
	
  Section 3.2.

  	
   

  	
  Maintenance of
  Office or Agency

  	
   

  	
  10

  
	
  Section 3.3.

  	
   

  	
  Money for Payments
  To Be Held in Trust

  	
   

  	
  10

  
	
  Section 3.4.

  	
   

  	
  Existence

  	
   

  	
  12

  
	
  Section 3.5.

  	
   

  	
  Protection of the
  Trust Estate

  	
   

  	
  12

  
	
  Section 3.6.

  	
   

  	
  Opinions as to the
  Trust Estate

  	
   

  	
  13

  
	
  Section 3.7.

  	
   

  	
  Performance of
  Obligations; Servicing of Receivables

  	
   

  	
  13

  
	
  Section 3.8.

  	
   

  	
  Negative Covenants

  	
   

  	
  14

  
	
  Section 3.9.

  	
   

  	
  Annual Statement as
  to Compliance

  	
   

  	
  15

  
	
  Section 3.10.

  	
   

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

  	
   

  	
  15

  
	
  Section 3.11.

  	
   

  	
  Successor or
  Transferee

  	
   

  	
  17

  
	
  Section 3.12.

  	
   

  	
  No Other Business

  	
   

  	
  17

  
	
  Section 3.13.

  	
   

  	
  No Borrowing

  	
   

  	
  17

  
	
  Section 3.14.

  	
   

  	
  Servicer’s Obligations

  	
   

  	
  17

  
	
  Section 3.15.

  	
   

  	
  Guarantees, Loans,
  Advances and Other Liabilities

  	
   

  	
  17

  
	
  Section 3.16.

  	
   

  	
  Capital
  Expenditures

  	
   

  	
  18

  
	
  Section 3.17.

  	
   

  	
  Removal of
  Administrator

  	
   

  	
  18

  
	
  Section 3.18.

  	
   

  	
  Restricted Payments

  	
   

  	
  18

  

 

i

 

	
  Section 3.19.

  	
   

  	
  Notice of Events of
  Default

  	
   

  	
  18

  
	
  Section 3.20.

  	
   

  	
  Further Instruments
  and Acts

  	
   

  	
  18

  
	
  Section 3.21.

  	
   

  	
  Perfection
  Representation

  	
   

  	
  18

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE IV

  	
   

  	
  Satisfaction
  and Discharge

  	
   

  	
  18

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 4.1.

  	
   

  	
  Satisfaction and
  Discharge of Indenture

  	
   

  	
  18

  
	
  Section 4.2.

  	
   

  	
  Application of
  Trust Money

  	
   

  	
  20

  
	
  Section 4.3.

  	
   

  	
  Repayment of Monies
  Held by Paying Agent

  	
   

  	
  20

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE V

  	
   

  	
  Remedies

  	
   

  	
  20

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 5.1.

  	
   

  	
  Events of Default

  	
   

  	
  20

  
	
  Section 5.2.

  	
   

  	
  Acceleration of
  Maturity; Rescission and Annulment

  	
   

  	
  21

  
	
  Section 5.3.

  	
   

  	
  Collection of
  Indebtedness and Suits for Enforcement by Indenture Trustee

  	
   

  	
  22

  
	
  Section 5.4.

  	
   

  	
  Remedies;
  Priorities

  	
   

  	
  24

  
	
  Section 5.5.

  	
   

  	
  Optional
  Preservation of the Receivables

  	
   

  	
  25

  
	
  Section 5.6.

  	
   

  	
  Limitation of Suits

  	
   

  	
  26

  
	
  Section 5.7.

  	
   

  	
  Unconditional
  Rights of Noteholders To Receive Principal and Interest

  	
   

  	
  26

  
	
  Section 5.8.

  	
   

  	
  Restoration of
  Rights and Remedies

  	
   

  	
  27

  
	
  Section 5.9.

  	
   

  	
  Rights and Remedies
  Cumulative

  	
   

  	
  27

  
	
  Section 5.10.

  	
   

  	
  Delay or Omission
  Not a Waiver

  	
   

  	
  27

  
	
  Section 5.11.

  	
   

  	
  Control by
  Noteholders

  	
   

  	
  27

  
	
  Section 5.12.

  	
   

  	
  Waiver of Past
  Defaults

  	
   

  	
  28

  
	
  Section 5.13.

  	
   

  	
  Undertaking for
  Costs

  	
   

  	
  28

  
	
  Section 5.14.

  	
   

  	
  Waiver of Stay or
  Extension Laws

  	
   

  	
  28

  
	
  Section 5.15.

  	
   

  	
  Action on Notes

  	
   

  	
  28

  
	
  Section 5.16.

  	
   

  	
  Performance and
  Enforcement of Certain Obligations

  	
   

  	
  29

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE VI

  	
   

  	
  The
  Indenture Trustee

  	
   

  	
  29

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 6.1.

  	
   

  	
  Duties of the
  Indenture Trustee

  	
   

  	
  29

  
	
  Section 6.2.

  	
   

  	
  Rights of Indenture
  Trustee

  	
   

  	
  31

  
	
  Section 6.3.

  	
   

  	
  Individual Rights
  of the Indenture Trustee

  	
   

  	
  32

  
	
  Section 6.4.

  	
   

  	
  Indenture Trustee’s
  Disclaimer

  	
   

  	
  32

  
	
  Section 6.5.

  	
   

  	
  Notice of Defaults

  	
   

  	
  32

  
	
  Section 6.6.

  	
   

  	
  Reports by
  Indenture Trustee to the Holders

  	
   

  	
  32

  
	
  Section 6.7.

  	
   

  	
  Compensation and
  Indemnity

  	
   

  	
  32

  
	
  Section 6.8.

  	
   

  	
  Replacement of the
  Indenture Trustee

  	
   

  	
  33

  
	
  Section 6.9.

  	
   

  	
  Successor Indenture
  Trustee by Merger

  	
   

  	
  34

  
	
  Section 6.10.

  	
   

  	
  Appointment of
  Co-Trustee or Separate Trustee

  	
   

  	
  34

  
	
  Section 6.11.

  	
   

  	
  Eligibility;
  Disqualification

  	
   

  	
  35

  
	
  Section 6.12.

  	
   

  	
  Preferential
  Collection of Claims Against the Issuing Entity

  	
   

  	
  36

  
	
  Section 6.13.

  	
   

  	
  Information to Be
  Provided by the Indenture Trustee

  	
   

  	
  37

  
	
  Section 6.14.

  	
   

  	
  Representations and
  Warranties

  	
   

  	
  37

  

 

ii

 

	
  ARTICLE VII

  	
   

  	
  Noteholders’
  Lists and Reports

  	
   

  	
  38

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 7.1.

  	
   

  	
  Issuing Entity To
  Furnish Indenture Trustee Names and Addresses of Noteholders

  	
   

  	
  38

  
	
  Section 7.2.

  	
   

  	
  Preservation of
  Information; Communications to Noteholders

  	
   

  	
  38

  
	
  Section 7.3.

  	
   

  	
  Reports by Issuing
  Entity

  	
   

  	
  38

  
	
  Section 7.4.

  	
   

  	
  Required Filings

  	
   

  	
  39

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE VIII

  	
   

  	
  Accounts,
  Disbursements and Releases

  	
   

  	
  39

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 8.1.

  	
   

  	
  Collection of Money

  	
   

  	
  39

  
	
  Section 8.2.

  	
   

  	
  Trust Accounts

  	
   

  	
  39

  
	
  Section 8.3.

  	
   

  	
  General Provisions
  Regarding Accounts

  	
   

  	
  42

  
	
  Section 8.4.

  	
   

  	
  Release of Trust
  Estate

  	
   

  	
  43

  
	
  Section 8.5.

  	
   

  	
  Opinion of Counsel

  	
   

  	
  43

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE IX

  	
   

  	
  Supplemental
  Indentures

  	
   

  	
  44

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 9.1.

  	
   

  	
  Supplemental
  Indentures Without Consent of Noteholders

  	
   

  	
  44

  
	
  Section 9.2.

  	
   

  	
  Supplemental
  Indentures With Consent of Noteholders

  	
   

  	
  45

  
	
  Section 9.3.

  	
   

  	
  Execution of
  Supplemental Indentures

  	
   

  	
  46

  
	
  Section 9.4.

  	
   

  	
  Effect of
  Supplemental Indenture

  	
   

  	
  47

  
	
  Section 9.5.

  	
   

  	
  Conformity with
  Trust Indenture Act

  	
   

  	
  47

  
	
  Section 9.6.

  	
   

  	
  Reference in Notes
  to Supplemental Indentures

  	
   

  	
  47

  
	
  Section 9.7.

  	
   

  	
  Amendment without
  Consent

  	
   

  	
  47

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE X

  	
   

  	
  Redemption
  of Notes

  	
   

  	
  47

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 10.1.

  	
   

  	
  Redemption

  	
   

  	
  47

  
	
  Section 10.2.

  	
   

  	
  Form of
  Redemption Notice

  	
   

  	
  48

  
	
  Section 10.3.

  	
   

  	
  Notes Payable on
  Redemption Date

  	
   

  	
  48

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE XI

  	
   

  	
  Miscellaneous

  	
   

  	
  48

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 11.1.

  	
   

  	
  Compliance
  Certificates and Opinions, etc.

  	
   

  	
  48

  
	
  Section 11.2.

  	
   

  	
  Form of
  Documents Delivered to Indenture Trustee

  	
   

  	
  50

  
	
  Section 11.3.

  	
   

  	
  Acts of Noteholders

  	
   

  	
  51

  
	
  Section 11.4.

  	
   

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

  	
   

  	
  51

  
	
  Section 11.5.

  	
   

  	
  Notices to
  Noteholders; Waiver

  	
   

  	
  52

  
	
  Section 11.6.

  	
   

  	
  Alternate Payment
  and Notice Provisions

  	
   

  	
  53

  
	
  Section 11.7.

  	
   

  	
  Conflict with Trust
  Indenture Act

  	
   

  	
  53

  
	
  Section 11.8.

  	
   

  	
  Effect of Headings
  and Table of Contents

  	
   

  	
  53

  
	
  Section 11.9.

  	
   

  	
  Successors and
  Assigns

  	
   

  	
  53

  
	
  Section 11.10.

  	
   

  	
  Severability

  	
   

  	
  53

  
	
  Section 11.11.

  	
   

  	
  Benefits of
  Indenture

  	
   

  	
  53

  
	
  Section 11.12.

  	
   

  	
  Legal Holidays

  	
   

  	
  54

  
	
  Section 11.13.

  	
   

  	
  Governing Law

  	
   

  	
  54

  

 

iii

 

	
  Section 11.14.

  	
   

  	
  Counterparts

  	
   

  	
  54

  
	
  Section 11.15.

  	
   

  	
  Recording of
  Indenture

  	
   

  	
  54

  
	
  Section 11.16.

  	
   

  	
  Trust Obligation

  	
   

  	
  54

  
	
  Section 11.17.

  	
   

  	
  No Petition

  	
   

  	
  54

  
	
  Section 11.18.

  	
   

  	
  Inspection

  	
   

  	
  55

  
	
  Section 11.19.

  	
   

  	
  Subordination

  	
   

  	
  55

  
	
  Section 11.20.

  	
   

  	
  Information
  Requests

  	
   

  	
  56

  

 

iv

 

EXHIBITS

 

	
  EXHIBIT A-1

  	
   

  	
  Form of A-1 Notes

  
	
   

  	
   

  	
   

  
	
  EXHIBIT A-2

  	
   

  	
  Form of A-2 Notes

  
	
   

  	
   

  	
   

  
	
  EXHIBIT A-3

  	
   

  	
  Form of A-3 Notes

  
	
   

  	
   

  	
   

  
	
  EXHIBIT A-4a

  	
   

  	
  Form of A-4a Notes

  
	
   

  	
   

  	
   

  
	
  EXHIBIT A-4b

  	
   

  	
  Form of A-4b Notes

  
	
   

  	
   

  	
   

  
	
  EXHIBIT A-5

  	
   

  	
  Form of Class B
  Notes

  
	
   

  	
   

  	
   

  
	
  EXHIBIT B

  	
   

  	
  Form of Section 3.9
  Officer’s Certificate

  

 

SCHEDULES

 

	
  SCHEDULE P

  	
   

  	
  Perfection
  Representations & Warranties

  

 

v

 

INDENTURE
dated as of [Month Day], 200X between CNH EQUIPMENT TRUST 200X-Y, a Delaware
statutory trust (the “Issuing Entity”),
and [THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.], a [national banking
association] (“[BNYMTC]”), as trustee and not in its individual capacity (the “Indenture Trustee”).

 

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

 

GRANTING CLAUSE

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

 

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

 

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

 

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

 

ARTICLE I

Definitions and Incorporation by Reference

 

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

 

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

 

“Commission” means the
Securities and Exchange Commission.

 

“indenture securities” means
the Notes.

 

“indenture security holder”
means a Noteholder.

 

“indenture to be qualified”
means this Indenture.

 

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

 

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

 

2

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

ARTICLE II

The Notes

 

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

 

3

 

Notes.  Any portion of the text
of any Note may be set forth on the reverse thereof, with an appropriate
reference thereto on the face of the Note.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

If temporary Notes are issued,
the Issuing Entity will cause Definitive Notes to be prepared without
unreasonable delay.  After the
preparation of Definitive Notes, the temporary Notes shall be exchangeable for
Definitive Notes upon surrender of the temporary Notes at the office or agency
of the Issuing Entity to be maintained as provided in Section 3.2, without
charge 

 

4

 

to the
Holder.  Upon surrender for cancellation
of any one or more temporary Notes, the Issuing Entity shall execute and the
Indenture Trustee shall authenticate and deliver in exchange therefor a like
principal amount of Definitive Notes of authorized denominations.  Until so exchanged, the temporary Notes shall
in all respects be entitled to the same benefits under this Indenture as if
they were Definitive Notes.

 

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

 

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

 

Upon surrender for registration
of transfer of any Note at the office or agency of the Issuing Entity to be
maintained as provided in Section 3.2, if the requirements of Section 8-401(a) of
the UCC are met, the Issuing Entity shall execute, the Indenture Trustee shall
authenticate and the Noteholder shall obtain from the Indenture Trustee, in the
name of the designated transferee or transferees, one or more new Notes in any
authorized denominations of a like aggregate principal amount.

 

At the option of the Holder,
Notes may be exchanged for other new Notes of the same Class in any
authorized denominations of a like aggregate principal amount, upon surrender
of the Notes to be exchanged at such office or agency.  Whenever any Notes are so surrendered for
exchange, if the requirements of Section 8-401(a) of the UCC are met,
the Issuing Entity shall execute, the Indenture Trustee shall authenticate and
the Noteholder shall obtain from the Indenture Trustee, the Notes that the
Noteholder making the exchange is entitled to receive.

 

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

 

5

 

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

 

Every Class A Note, and
every Class B 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
Issuing Entity may require payment of a sum sufficient to cover any tax or
other governmental charge that may be imposed in connection with any
registration of transfer or exchange of Notes, other than exchanges pursuant to
Sections 2.3 or 9.6 not involving any transfer.

 

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

 

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

 

6

 

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

 

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

 

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

 

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

 

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

 

7

 

principal payments on the Class A-2
Notes shall be made pro rata to the Noteholders of the Class A-2 Notes.
All principal payments on the Class A-3 Notes shall be made pro rata to
the Noteholders of the Class A-3 Notes. 
All principal payments on the Class A-4 Notes shall be made pro
rata to the Noteholders of the Class A-4 Notes.  All principal payments on the Class B
Notes shall be made pro rata to the Noteholders of the Class B Notes.

 

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

 

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

 

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

 

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

 

8

 

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 (“DTC”)
(the initial Clearing Agency), or its custodian, by, or on behalf of, the
Issuing Entity. 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 applicable
Notes) as the authorized representative of the Note Owners;

 

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

 

(iv)                              the
rights of Note Owners shall be exercised only through the Clearing Agency and
shall be limited to those established by law and agreements between such Note
Owners and the Clearing Agency and/or the Clearing Agency Participants pursuant
to the Note Depository Agreement.  Unless
and until Definitive Notes are issued, the Clearing Agency will make book-entry
transfers among the Clearing Agency Participants and receive and transmit
payments of principal of and interest on the applicable Notes to such Clearing
Agency Participants; and

 

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

 

SECTION 2.11.                                    Notices to Clearing Agency.  Whenever a notice or other communication to
the Noteholders is required under this Indenture, unless and until Definitive
Notes 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 or subsequently cleared
through a clearing agency may be issued in definitive, fully registered
certificated form to Noteholders if requested by the DTC participants to whom
the Notes are credited and in accordance with DTC’s rules and
procedures.  Upon any surrender to the
Indenture Trustee of the typewritten Notes representing the Book-Entry Notes by
the Clearing Agency, accompanied by registration instructions, the Issuing
Entity shall execute, and the Indenture Trustee shall authenticate, the
Definitive Notes in accordance with the instructions of the Clearing
Agency.  None of the Issuing Entity, the
Note Registrar or the Indenture Trustee shall be liable for any 

 

9

 

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

 

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

 

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

 

10

 

withdrawn from the Collection Account and the Note Distribution Account
for payments of Notes shall be paid over to the Issuing Entity except as
provided in this Section.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

11

 

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

 

SECTION 3.4.                                          Existence.  The Issuing Entity will keep in full effect
its existence, rights and franchises as a statutory trust under the laws of the
jurisdiction of its organization and will obtain and preserve its qualification
to do business in each jurisdiction in which such qualification is or shall be
necessary to protect the validity and enforceability of this Indenture, the
Notes, the Collateral and each other instrument or agreement included in the
Trust Estate.

 

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

 

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

 

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

 

(iii)                               enforce
any of the Collateral; or

 

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

 

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

 

12

 

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

 

(b)         On or before April 30 in each calendar
year commencing in the calendar year 200X the Issuing Entity shall furnish to
the Indenture Trustee an Opinion of Counsel either stating that, in the opinion
of such counsel, such action has been taken with respect to the recording,
filing, re-recording and refiling of this Indenture, any indentures
supplemental hereto and any other requisite documents, and with respect to the
execution and filing of any financing statements and continuation statements,
as is necessary to maintain the Lien and security interest of this Indenture
and reciting the details of such action, or stating that in the opinion of such
counsel no such action is necessary to maintain such Lien and security
interest.  Such Opinion of Counsel shall
also describe the recording, filing, re-recording and refiling of this
Indenture, any indentures supplemental hereto and any other requisite
documents, and the execution and filing of any financing statements, amendments
to financing statements and continuation statements, that will, in the opinion
of such counsel, be required to maintain the Lien and security interest of this
Indenture until April 30 in the following calendar year.

 

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

 

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

 

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

 

13

 

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

 

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

 

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

 

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

 

14

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

15

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

16

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

17

 

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

 

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

 

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

 

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

 

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

 

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

 

ARTICLE IV

Satisfaction and Discharge

 

SECTION 4.1.                                          Satisfaction and Discharge of Indenture.  This Indenture shall cease to be of further
effect with respect to the Notes except as to: 
(i) rights of registration of transfer and exchange, (ii) substitution
of mutilated, destroyed, lost or stolen Notes, (iii) rights of Noteholders
to receive payments of principal thereof and interest thereon, (iv) rights
of the Counterparties to receive Net Swap Payments (including interest on any
overdue Net Swap Payment) and any Swap Termination Payment owing to such
Counterparties, (v) Sections 3.3, 3.4, 3.5,
3.8, 3.10, 3.12 and 3.13, (vi) the
rights, obligations and immunities of the Indenture Trustee hereunder
(including the rights of the Indenture Trustee under Section 6.7
and the obligations of the Indenture Trustee under Section 4.2)
and (vii) the rights of Noteholders and the 

 

18

 

Counterparties as beneficiaries hereof with respect to the property so
deposited with the Indenture Trustee payable to all or any of them, and the
Indenture Trustee, on demand of and at the expense of the Issuing Entity, shall
execute proper instruments acknowledging satisfaction and discharge of this
Indenture with respect to the Notes, when:

 

(A)                              either:

 

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

 

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

 

(i)                                     have
become due and payable,

 

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

 

(iii)                               are
to be called for redemption within one year under arrangements satisfactory to
the Indenture Trustee for the giving of notice of redemption by the Indenture
Trustee in the name, and at the expense, of the Issuing Entity, and the Issuing
Entity, in the case of clause (2)(i), (ii) or (iii), has irrevocably
deposited or caused to be irrevocably deposited with the Indenture Trustee cash
or direct obligations of or obligations guaranteed by the United States of
America (which will mature prior to the date such amounts are payable), in
trust for such purpose, in an amount sufficient to pay and discharge the entire
indebtedness on such Notes not theretofore delivered to the Indenture Trustee
for cancellation when due to the respective Class Final Scheduled Maturity
Date or Redemption Date (if Notes shall have been called for redemption
pursuant to Section 10.1(a)), as the case may
be;

 

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

 

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

 

19

 

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

 

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

 

ARTICLE V

Remedies

 

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

 

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

 

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

 

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

 

20

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

21

 

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

 

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

 

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

 

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

 

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

 

(c)   In
case an Event of Default occurs and is continuing, the Indenture Trustee may,
as more particularly provided in Section 5.4,
in its discretion, proceed to protect and enforce its rights and the rights of
the Noteholders and the Counterparties, by such appropriate Proceedings as the
Indenture Trustee shall deem most effective to protect and enforce any such
rights, whether for the specific enforcement of any covenant or agreement in
this Indenture or in aid of the exercise of any power granted herein, or to
enforce any other proper remedy or legal or equitable right vested in the
Indenture Trustee by this Indenture or by law.

 

(d)   In
case there shall be pending, relative to the Issuing Entity or any other
obligor upon the Notes or any Person having or claiming an ownership interest
in the Trust Estate, Proceedings under Title 11 of the United States Code or
any other applicable federal or State bankruptcy, insolvency or other similar
law, or in case a receiver, assignee, trustee in bankruptcy or reorganization,
liquidator, sequestrator or similar official shall have been appointed for or
taken possession of the Issuing Entity or its property or such other obligor or
Person, or in case of any other comparable judicial Proceedings relative to the
Issuing Entity or other obligor upon the Notes, or to the creditors or property
of the Issuing Entity or such other obligor, the Indenture Trustee,
irrespective of whether the principal of any Notes shall then be 

 

22

 

due and payable as therein expressed or by
declaration or otherwise and irrespective of whether the Indenture Trustee shall
have made any demand pursuant to this Section, shall be entitled and empowered,
by intervention in such Proceedings or otherwise:

 

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

 

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

 

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

 

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

 

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

 

(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, 

 

23

 

disbursements and compensation of the
Indenture Trustee, each predecessor Indenture Trustee and their respective
agents and attorneys, shall be for the ratable benefit of the Holders of the
Notes.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

provided,
however, that the Indenture Trustee may
not sell or otherwise liquidate the Trust Estate following an Event of Default,
other than an Event of Default described in Section 5.1(i) or
(ii), unless:  (A) all the Noteholders consent thereto,
(B) the proceeds of such sale or liquidation distributable to the
Noteholders and the Counterparties are sufficient to discharge in full all
amounts then due and unpaid upon such Notes for principal and interest and
under the Interest Rate Swap Agreements for any Net Swap Payments (including
interest on any overdue Net Swap Payments) and any Swap Termination Payments or
(C) the Indenture Trustee determines that the Trust Estate will not
continue to provide sufficient funds for the payment of principal of and interest
on the Notes as they would have become due if the Notes had not been declared
due and payable, and the Indenture Trustee obtains the consent of Holders of 66
2/3% of the Outstanding Amount of the Notes. In determining such sufficiency or
insufficiency with respect to clauses (B) and
(C), the Indenture Trustee may, but need
not, obtain and rely upon an opinion of an Independent investment banking or
accounting firm of national reputation as to the feasibility of such proposed
action and as to the sufficiency of the Trust Estate for such purpose.  The 

 

24

 

Indenture
Trustee shall incur no liability as a result of the sale of the Trust Estate or
any part thereof at any sale pursuant to this Section 5.4
conducted in a commercially reasonable manner. 
Each of the Issuing Entity and Holders hereby waives any claims against
the Indenture Trustee arising by reason of the fact that the price at which the
Trust Estate may have been sold at such sale was less than the price that might
have been obtained, even if the Indenture Trustee accepts the first offer
received and does not offer the Trust Estate to more than one offeree, so long
as such sale is conducted in a commercially reasonable manner.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

SECTION 5.5.              Optional Preservation of the Receivables.  If the Notes have been declared to be due and
payable under Section 5.2 following an
Event of Default, and such declaration and its consequences have not been
rescinded and annulled, the Indenture Trustee may, but need not, elect to
maintain possession of the Trust Estate. 
It is the desire of the parties 

 

25

 

hereto and the Noteholders that there be at all times sufficient funds
for the payment of principal of and interest on the Notes, and the Indenture
Trustee shall take such desire into account when determining whether or not to
maintain possession of the Trust Estate. 
In determining whether to maintain possession of the Trust Estate, the
Indenture Trustee may, but need not, obtain and rely upon an opinion of an
Independent investment banking or accounting firm of national reputation as to
the feasibility of such proposed action and as to the sufficiency of the Trust
Estate for such purpose.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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.

 

26

 

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

 

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

 

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

 

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

 

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

 

(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;

 

27

 

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

 

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

 

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

 

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

 

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

 

SECTION 5.15.            Action on Notes.  The Indenture Trustee’s right to seek and
recover judgment on the Notes or under this Indenture shall not be affected by
the seeking, obtaining or application of any other relief under or with respect
to this Indenture.  Neither the 

 

28

 

Lien of this Indenture nor any rights or remedies of the Indenture
Trustee or the Noteholders shall be impaired by the recovery of any judgment by
the Indenture Trustee against the Issuing Entity or by the levy of any execution
under such judgment upon any portion of the Trust Estate or upon any of the
assets of the Issuing Entity. Any money or property collected by the Indenture
Trustee shall be applied in accordance with Section 5.4(b).

 

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

 

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

 

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

 

ARTICLE VI

The Indenture Trustee

 

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

 

29

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(iv)          the Indenture
Trustee shall not be charged with knowledge of an Event of Default or Servicer
Default unless a Responsible Officer obtains actual knowledge of such event or
the Indenture Trustee receives written notice of such event from the Seller,
Servicer or Note Owners owning Notes aggregating not less than 10% of the
Outstanding Amount of the Notes; and

 

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

 

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

 

30

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

31

 

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

 

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

 

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

 

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

 

SECTION 6.6.                                          Reports by Indenture Trustee to the Holders.  The Indenture Trustee shall deliver to each
Noteholder such information as may be required to enable such Holder to prepare
its federal, State and other income tax returns.  Within 60 days after each December 31,
starting with December 31, 200X, the Indenture Trustee shall mail to each
Noteholder a brief report as of such December 31 that complies with TIA §
313(a) (if required by said section).

 

SECTION 6.7.                                          Compensation and Indemnity.  The Issuing Entity shall, or shall cause the
Servicer to, pay to the Indenture Trustee from time to time reasonable
compensation for its services as agreed to between the Issuing Entity and the
Indenture Trustee in writing.  The
Indenture Trustee’s compensation shall not be limited by any law on
compensation of a trustee of an express trust. 
The Issuing Entity shall, or shall cause the Servicer to, reimburse the
Indenture Trustee for all reasonable out-of-pocket expenses incurred or made by
it, including costs of collection, in addition to the compensation for its services.
Such expenses shall include the reasonable compensation and expenses,
disbursements and advances of the Indenture Trustee’s agents, counsel,
accountants and experts.  The Issuing
Entity shall or shall cause the Servicer to indemnify the Indenture Trustee and
its officers, directors, employees and agents against any and all loss,
liability or expense (including attorneys’ fees and expenses) incurred by them
in connection with the administration of this trust and the performance of its
duties 

 

32

 

hereunder.  The Indenture Trustee
shall notify the Issuing Entity and the Servicer promptly of any claim for
which it may seek indemnity.  Failure by
the Indenture Trustee to so notify the Issuing Entity and the Servicer shall
not relieve the Issuing Entity or the Servicer of its respective obligations
hereunder.  The Issuing Entity shall, or
shall cause the Servicer to, defend the claim and the Indenture Trustee may have
separate counsel and the Issuing Entity shall, or shall cause the Servicer to,
pay the reasonable fees and expenses of such counsel.  Notwithstanding anything to the contrary
contained herein, neither the Issuing Entity nor the Servicer need reimburse any
expense or indemnify against any loss, liability or expense incurred by the
Indenture Trustee through the Indenture Trustee’s own willful misconduct,
negligence or bad faith.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

33

 

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

 

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

 

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

 

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

 

In case at the
time such successor(s) by merger, conversion or consolidation to the
Indenture Trustee shall succeed to the trusts created by this Indenture any of
the Notes shall have been authenticated but not delivered, any such successor
to the Indenture Trustee may adopt the certificate of authentication of any
predecessor Indenture Trustee, and deliver such Notes so authenticated; and in
case at that time any of the Notes shall not have been authenticated, any
successor to the Indenture Trustee may authenticate such Notes either in the
name of any predecessor Indenture Trustee hereunder or in the name of the
successor to the Indenture Trustee; and in all such cases such certificates of
authentication shall have the full force and effect to the same extent given to
the certificate of authentication of the Indenture Trustee anywhere in the
Notes or in this Indenture.

 

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

 

34

 

(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.

 

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

 

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

 

SECTION 6.11.                                    Eligibility; Disqualification.  The Indenture Trustee shall at all times
satisfy the requirements of TIA § 310(a) and, upon Issuing Entity Order, Section 26(a)(1) of
the Investment Company Act of 1940, as amended. 
The Indenture Trustee shall have a combined capital and surplus of at
least $      as set forth in its most recent published
annual 

 

35

 

report of condition and it shall have a long term senior, unsecured
debt rating of “Baa3” or better by Moody’s (or, if not rated by Moody’s, a
comparable rating by another statistical rating agency).  The Indenture Trustee shall comply with TIA §
310(b), including the optional provision permitted by the second sentence of
TIA § 310(b)(9); provided, however,
that there shall be excluded from the operation of TIA § 310(b)(1) any
indenture(s) under which other securities of the Issuing Entity are
outstanding if the requirements for such exclusion set forth in TIA § 310(b)(1) are
met.

 

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

 

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

 

SECTION 6.12.                                    Preferential Collection of Claims Against the
Issuing Entity.  The
Indenture Trustee shall comply with TIA § 311(a), excluding any creditor
relationship listed 

 

36

 

in TIA § 311(b).  An Indenture
Trustee who has resigned or been removed shall be subject to TIA § 311(a) to
the extent indicated.

 

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

 

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

 

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

 

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

 

(c)          the consummation of the transactions
contemplated by this Indenture and the fulfillment of the terms hereof do not
conflict with, result in any breach of any of the terms and provisions of, or
constitute (with or without notice or lapse of time) a default under the
articles of association or bylaws of the Indenture Trustee or any material
agreement or other instrument to which the Indenture Trustee is a party or by
which it is bound;

 

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

 

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

 

37

 

ARTICLE VII

Noteholders’ Lists and Reports

 

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

 

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

 

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

 

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

 

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

 

(i)                                     file
with the Indenture Trustee, within 15 days after the Issuing Entity is required
to file the same with the Commission, copies of the annual reports and of the
information, documents and other reports (or copies of such portions of any of
the foregoing as the Commission may from time to time by rules and
regulations prescribe) that the Issuing Entity may be required to file with the
Commission pursuant to Section 13 or 15(d) of
the Exchange Act;

 

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

 

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

 

38

 

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

 

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

 

ARTICLE VIII

Accounts, Disbursements and Releases

 

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

 

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

 

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

 

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

 

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

 

39

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

40

 

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

 

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

 

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

 

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

 

(d)         On the A-1 Note Final Scheduled Maturity Date,
the Indenture Trustee shall distribute to the Class A-1 Noteholders, from
the amount available in the Note Distribution Account, an amount equal to the
sum of (i) the aggregate accrued and unpaid interest on the Class A-1
Notes as of the A-1 Note Final Scheduled Maturity Date, and (ii) the
amount necessary to reduce the outstanding principal amount of the Class A-1
Notes to zero.

 

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

 

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

 

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

 

41

 

Class A
Swap Agreements before any such money or property shall be distributed pursuant
to Sections 8.2(e)(iii) through (vii);

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(c)          If (i) the Issuing Entity shall have
failed to give investment directions for any funds on deposit in the Trust
Accounts to the Indenture Trustee by 11:00 a.m. (New York City time) (or
such other time as may be agreed by the Issuing Entity and the Indenture
Trustee) on 

 

42

 

any Business Day; or (ii) a Default or
Event of Default shall have occurred and be continuing with respect to the
Notes but the Notes shall not have been declared due and payable pursuant to Section 5.2, or, if such Notes shall have been declared
due and payable following an Event of Default, but amounts collected or
receivable from the Trust Estate are being applied in accordance with Section 5.4(b) as if there had not been such a
declaration; then the Indenture Trustee shall, to the fullest extent
practicable, invest and reinvest funds in the Trust Accounts in the Eligible
Investments identified in clause (d) of
the definition of Eligible Investments.

 

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

 

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

 

SECTION 8.5.                                          Opinion of Counsel.  The Indenture Trustee shall receive at least
seven days’ notice when requested by the Issuing Entity to take any action
pursuant to Section 8.4(a), accompanied by
copies of any instruments involved, and the Indenture Trustee shall also require,
as a condition to such action, an Opinion of Counsel stating the legal effect
of any such action, outlining the steps required to complete the same, and
concluding that all conditions precedent to the taking of such action have been
complied with and such action will not materially and adversely impair the
security for the Notes or the rights of the Noteholders in contravention of
this Indenture; provided, however,
that such Opinion of Counsel shall not be required to express an opinion as to
the fair value of the Trust Estate. 
Counsel rendering any such opinion may rely, without independent
investigation, on the accuracy and validity of any certificate or other
instrument delivered to the Indenture Trustee in connection with any such
action.  Notwithstanding anything herein
to the contrary, any such Opinion of Counsel shall include each Counterparty as
an addressee thereof.

 

43

 

ARTICLE IX

Supplemental Indentures

 

SECTION 9.1.        Supplemental Indentures Without Consent of
Noteholders.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(b)   The Issuing Entity and the Indenture Trustee, when
authorized by an Issuing Entity Order, may, without the consent of any of the
Holders of Notes but with prior written

 

44

 

notice to the Rating Agencies and the
Counterparties, enter into an indenture or indentures supplemental hereto to
cure any ambiguity, to correct or supplement any provisions in this Indenture
or for the purpose of adding any provisions to or changing in any manner or
eliminating any of the provisions of this Indenture or of modifying in any
manner the rights of the Holders of Notes under this Indenture; provided, however, that
such action shall not, as evidenced by an Officer’s Certificate of the Seller,
adversely affect in any material respect the interests of any Noteholder.  A supplemental indenture shall be deemed not
to adversely affect in any material respect the interests of any Class of
Notes if the Rating Agency Condition has been satisfied with respect to such
supplemental indenture for such Class of Notes.

 

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

 

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

 

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

 

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

 

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

 

45

 

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

 

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

 

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

 

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

 

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

 

Promptly after
the execution by the Issuing Entity and the Indenture Trustee of any
supplemental indenture pursuant to this Section, the Indenture Trustee shall
mail to the Holders of the Notes to which such amendment or supplemental
indenture relates a notice setting forth in general terms the substance of such
supplemental indenture.  Any failure of
the Indenture Trustee to mail such notice, or any defect therein, shall not,
however, in any way impair or affect the validity of any such supplemental
indenture.

 

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

 

SECTION 9.3.              Execution of Supplemental
Indentures.  In executing,
or permitting the additional trusts created by, any supplemental indenture
permitted by this Article IX or the
modifications thereby of the trusts created by this Indenture, the Indenture
Trustee shall

 

46

 

be entitled to receive, and, subject to Sections 6.1
and 6.2, shall be fully protected in relying
upon, an Opinion of Counsel stating that the execution of such supplemental
indenture is authorized or permitted by this Indenture.  The Indenture Trustee may, but shall not be obligated
to, enter into any such supplemental indenture that affects the Indenture
Trustee’s own rights, duties, liabilities or immunities under this Indenture or
otherwise.

 

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

 

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

 

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

 

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

 

ARTICLE X

Redemption of Notes

 

SECTION 10.1.            Redemption.  (a)  The Notes are subject to redemption
in whole, but not in part, at the direction of CNHCA pursuant to Section 9.1(a) of the Sale and Servicing
Agreement, on any Payment Date on which CNHCA exercises its option to purchase
the Trust Estate pursuant to said Section 9.1(a),
for a purchase price equal to the Redemption Price.  The Servicer or the Issuing Entity shall
furnish the Rating Agencies and the Counterparties notice of

 

47

 

such redemption.  If such Notes
are to be redeemed pursuant to this Section 10.1,
CNHCA or the Issuing Entity shall furnish notice of such election to the
Indenture Trustee not later than 25 days prior to the Redemption Date and the
Issuing Entity shall deposit with the Indenture Trustee in the Note
Distribution Account the Redemption Price of the Notes to be redeemed.

 

(b)   Reserved.

 

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

 

All notices of
redemption shall state:

 

(i)            the
Redemption Date;

 

(ii)           the
Redemption Price;

 

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

 

(iv)          the
CUSIP numbers of the affected Notes.

 

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

 

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

 

ARTICLE XI

Miscellaneous

 

SECTION 11.1.            Compliance Certificates
and Opinions, etc.  (a) 
Upon any application or request by the Issuing Entity to the Indenture Trustee
to take any action under this Indenture, the Issuing Entity shall furnish to
the Indenture Trustee:  (i) an
Officer’s Certificate stating that all conditions precedent, if any, provided
for in this Indenture relating to the proposed action have been complied with, (ii) an
Opinion of Counsel stating that in the opinion of such counsel all such
conditions precedent, if any, have been complied with and (iii) (if
required by the TIA) an Independent Certificate from a firm of certified public
accountants meeting the applicable requirements of this Section, except that,
in the case of any such

 

48

 

application or request as to which the furnishing of such documents is
specifically required by this Indenture, no additional certificate or opinion
need be furnished.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(ii)           Other
than with respect to property as contemplated by clause (v),
whenever any Collateral or other property or securities are to be released from
the Lien of this Indenture, the Issuing Entity shall also furnish to the
Indenture Trustee an Officer’s Certificate certifying or stating the opinion of
each person signing such certificate as to the fair value (within 90 days after
such release) of the Collateral or other property or

 

49

 

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.

 

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

 

(iv)          Notwithstanding
Section 2.9 or any other provision
of this Section, the Issuing Entity may, without compliance with the
requirements of the other provisions of this Section:  (A) collect, liquidate, sell or
otherwise dispose of Receivables and Financed Equipment as and to the extent
permitted or required by the Basic Documents and (B) make cash payments
out of the Trust Accounts as and to the extent permitted or required by the
Basic Documents so long as the Issuing Entity shall deliver to the Indenture
Trustee every six months, commencing [Month Day], 200X, an Officer’s
Certificate of the Issuing Entity stating that all such dispositions of
Collateral that occurred since the execution of the previous such Officer’s
Certificate (or for the first such Officer’s Certificate, since the Closing
Date) were in the ordinary course of the Issuing Entity’s business and that the
proceeds thereof were applied in accordance with the Basic Documents.

 

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

 

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

 

50

 

unless such
Authorized Officer or counsel knows, or in the exercise of reasonable care
should know, that the certificate, opinion or representations with respect to
such matters is/are erroneous.

 

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

 

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

 

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

 

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

 

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

 

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

 

SECTION 11.4.            Notices, etc., to the
Indenture Trustee, Issuing Entity, Counterparties and Rating Agencies.  Any request, demand, authorization,
direction, notice, consent, waiver or Act of Noteholders, or other documents
provided or permitted by this

 

51

 

Indenture, shall be in writing and, if such request, demand, authorization,
direction, notice, consent, waiver or Act of Noteholders is to be made upon,
given or furnished to or filed with:

 

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

 

(b)   the
Issuing Entity by the Indenture Trustee or by any Noteholder, shall be
sufficient for every purpose hereunder if in writing and mailed, first-class,
postage prepaid, to the Issuing Entity addressed to:  CNH Equipment Trust 200X-Y, in care of
[Wilmington Trust Company, Rodney Square North, 1100 North Market Street,
Wilmington, Delaware 19890, Attention: Corporate Trust Administration,
(facsimile: (302) 636-4140)], and to New Holland Credit Company, LLC, as
Administrator, 33 South Railroad Avenue, New Holland Pennsylvania, 17557,
Attention: Finance Manager, (facsimile: (630) 887-5448); with a copy to: New
Holland Credit Company, LLC, 6900 Veterans Boulevard, Burr Ridge, Illinois
60527, Attention: Assistant Treasurer, (facsimile: (630) 887-5448), or at any
other address or facsimile number previously furnished in writing to the
Indenture Trustee by the Issuing Entity or the Administrator.  The Issuing Entity shall promptly transmit
any notice received by it from the Noteholders to the Indenture Trustee and the
Counterparties, or

 

(c)   the
Counterparties by the Issuing Entity or the Indenture Trustee, shall be
sufficient for every purpose hereunder if in writing and mailed, first-class
postage prepaid, hand delivered or sent by overnight courier service or by
telecopy in legible form to the Counterparties addressed to:         , or at any other address or facsimile
number previously furnished in writing to the Issuing Entity or the Indenture
Trustee by the applicable Counterparty.

 

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

 

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

 

Where this
Indenture provides for notice in any manner, such notice may be waived in
writing by any Person entitled to receive such notice, either before or after
the event, and such waiver shall be the equivalent of such notice.  Waivers of notice by Noteholders shall be
filed

 

52

 

with the
Indenture Trustee but such filing shall not be a condition precedent to the
validity of any action taken in reliance upon such a waiver.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

SECTION 11.10.          Severability.  Any provision of this Indenture or the Notes
that is prohibited or unenforceable in any jurisdiction shall, as to such
jurisdiction, be ineffective to the extent of such prohibition or
unenforceability without invalidating the remaining provisions hereof or of the
Notes, as applicable, and any such prohibition or unenforceability in any
jurisdiction shall not invalidate or render unenforceable such provision in any
other jurisdiction.

 

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

 

53

 

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

 

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

 

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

 

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

 

SECTION 11.16.          Trust
Obligation.  No recourse may be
taken, directly or indirectly, with respect to the obligations of the Issuing
Entity, the Trustee or the Indenture Trustee on the Notes or under this
Indenture or any certificate or other writing delivered in connection herewith
or therewith, against:  (i) the
Indenture Trustee or the Trustee in their individual capacities, (ii) any
owner of a beneficial interest in the Issuing Entity or (iii) any partner,
owner, beneficiary, officer, director, employee or agent of:  (a) the Indenture Trustee or the Trustee
in their individual capacities, (b) any owner of a beneficial interest in
the Issuing Entity, the Trustee or the Indenture Trustee or (c) of any
successor or assign of the Indenture Trustee or the Trustee in their individual
capacities, except as any such Person may have expressly agreed (it being
understood that the Indenture Trustee and the Trustee have no such obligations
in their individual capacities) and except that any such partner, owner or
beneficiary shall be fully liable, to the extent provided by applicable law,
for any unpaid consideration for stock, unpaid capital contribution or failure
to pay any installment or call owing to such entity. For all purposes of this
Indenture, in the performance of any duties or obligations of the Issuing Entity
hereunder, the Trustee shall be subject to, and entitled to the benefits of,
Articles VI, VII and VIII of the Trust Agreement.

 

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

 

54

 

respect to any insolvency proceeding that was instituted against the
Issuing Entity by any Person other than the Indenture Trustee.

 

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

 

SECTION 11.19.          Subordination.  Issuing Entity and each Noteholder by
accepting a Note acknowledge and agree that such Note represents indebtedness
of Issuing Entity and does not represent an interest in any assets (other than
the Trust Estate) of CNHCR (including by virtue of any deficiency claim in
respect of obligations not paid or otherwise satisfied from the Trust Estate
and proceeds thereof).  In furtherance of
and not in derogation of the foregoing, to the extent CNHCR enters into other
securitization transactions, the Issuing Entity as well as each Noteholder by
accepting a Note acknowledge and agree that it shall have no right, title or
interest in or to any assets (or interests therein) (other than Trust Estate)
conveyed or purported to be conveyed by CNHCR to another securitization trust
or other Person or Persons in connection therewith (whether by way of a sale,
capital contribution or by virtue of the granting of a lien) (“Other Assets”).  To the extent that, notwithstanding the
agreements and provisions contained in the preceding sentences of this
subsection, the Issuing Entity or any Noteholder either (i) asserts an
interest or claim to, or benefit from, Other Assets, whether asserted against
or through CNHCR or any other Person owned by CNHCR, or (ii) is deemed to
have any such interest, claim or benefit in or from Other Assets, whether by
operation of law, 

 

55

 

legal process, pursuant to applicable provisions of insolvency laws or
otherwise (including by virtue of Section 1111(b) of
the Bankruptcy Code or any successor provision having similar effect under the
Bankruptcy Code), and whether deemed asserted against or through CNHCR or any
other Person owned by CNHCR, then the Issuing Entity and each Noteholder by
accepting a Note further acknowledge and agree that any such interest, claim or
benefit in or from Other Assets is and shall be expressly subordinated to the
indefeasible payment in full of all obligations and liabilities of CNHCR which,
under the terms of the relevant documents relating to the securitization of
such Other Assets, are entitled to be paid from, entitled to the benefits of,
or otherwise secured by such Other Assets (whether or not any such entitlement
or security interest is legally perfected or otherwise entitled to a priority
of distribution or application under applicable law, including insolvency laws,
and whether asserted against CNHCR or any other Person owned by CNHCR),
including, the payment of post-petition interest on such other obligations and
liabilities.  This subordination
agreement shall be deemed a subordination agreement within the meaning of Section 510(a) of the Bankruptcy
Code.  Each Noteholder further
acknowledges and agrees that no adequate remedy at law exists for a breach of
this Section 11.19 and the
terms of this Section 11.19
may be enforced by an action for specific performance.

 

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

 

[the remainder of this page intentionally
left blank]

 

56

 

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 200X-Y

  
	
   

  	
   

  
	
   

  	
  By:

  	
  [Wilmington Trust Company],

  
	
   

  	
   

  	
  not in its individual capacity but solely

  
	
   

  	
   

  	
  as Trustee

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  
	
   

  	
   

  
	
   

  	
  [The Bank of New York Mellon Trust Company, N.A.]

  
	
   

  	
  not in its individual capacity but solely

  
	
   

  	
  as Indenture Trustee

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  

 

 

APPENDIX A

Definitions

 

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

 

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

 

“A-1 Note Final Scheduled
Maturity Date” means the [Month Day] 200X Payment Date.

 

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

 

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

 

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

 

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

 

“A-2 Note Final Scheduled
Maturity Date” means the [Month] 20XX Payment Date.

 

“A-2 Note Rate”
means          % per annum,
computed on the basis of a 360-day year of twelve 30-day months.

 

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

 

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

 

“A-3 Note Final Scheduled
Maturity Date” means the [Month] 20XX Payment Date.

 

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

 

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

 

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

 

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

 

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

 

“A-4a Note Final Scheduled
Maturity Date” means the [Month] 20XX Payment Date.

 

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

 

Appendix A (Page 1)

 

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

 

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

 

“A-4b Note Final Scheduled
Maturity Date” means the [Month] 20XX Payment Date.

 

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

 

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

 

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

 

“Administration Agreement”
means the Administration Agreement dated as of [Month Day], 200X among the
Administrator, the Issuing Entity, the Indenture Trustee and the Trustee.

 

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

 

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

 

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

 

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

 

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

 

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

 

Appendix A (Page 2)

 

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

 

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

 

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

 

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

 

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

 

	
  Payment Date

  	
   

  	
  Percentage

  
	
   

  	
   

  	
   

  
	
  [Month] 200X

  	
   

  	
  %

  
	
   

  	
   

  	
   

  
	
  [Month] 200X

  	
   

  	
  %

  
	
   

  	
   

  	
   

  
	
  [Month] 200X

  	
   

  	
  %

  
	
   

  	
   

  	
   

  
	
  [Month] 200X

  	
   

  	
  %

  

 

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

 

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

 

“Backup Servicer Account
Initial Deposit” means $          .

 

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

 

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

 

Appendix A (Page 3)

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

Appendix A (Page 4)

 

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

 

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

 

“Class” means any
class of Notes.

 

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

 

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

 

“Class A Swap
Agreements” means the Class A-4b Swap Agreement.

 

“Class A Swap
Termination Payments” or “Swap
Termination Payments” means the Class A-4b Swap Termination
Payment.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

Appendix A (Page 5)

 

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

 

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

 

“Class B Note Final
Scheduled Maturity Date” means the [Month] 20XX Payment Date.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

“Closing Date”
means [Month Day], 200X.

 

Appendix A (Page 6)

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

“Commission”
means the Securities and Exchange Commission.

 

[“Consumer Receivables Originator” means [              ] and [                     ], each a “[Consumer Receivables
Originator]”.

 

“Contract” means
a Retail Installment Contract.

 

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

 

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

 

Appendix A (Page 7)

 

(i)            the Indenture Trustee
is a participant in the book entry system maintained by the Federal Reserve
Bank that is acting as fiscal agent for the Issuing Entity of such Federal Book
Entry Security, and such Federal Reserve Bank has indicated by book entry that
such Federal Book Entry Security has been credited to the Indenture Trustee’s
securities account in such book entry system; or

 

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

 

“Corporate Trust Office”
means, (a) with respect to the Indenture Trustee, the office of the
Indenture Trustee in Illinois at which at any particular time its corporate trust
business shall be administered, and all notices to the Indenture Trustee shall
be directed to the Indenture Trustee’s office located at          ,
Attention:          ; or at
such other address as the Indenture Trustee may designate from time to time by
notice to the Noteholders and the Seller, or the principal corporate trust
office of any successor Indenture Trustee (the address of which the successor
Indenture Trustee will notify the Noteholders and the Seller), and (b) with
respect to the Trustee, the principal corporate trust office of the Trustee
located at          ,
Attention:          ; or at
such other address as the Trustee may designate from time to time by notice to
the Certificateholders and the Depositor, or the principal corporate trust office
of any successor Trustee (the address of which the successor Trustee will
notify the Certificateholders and the Depositor).

 

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

 

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

 

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

 

Appendix A (Page 8)

 

	
  Payment Date

  	
   

  	
  Percentage

  
	
   

  	
   

  	
   

  
	
  [Month] 200X

  	
   

  	
  %

  
	
   

  	
   

  	
   

  
	
  [Month] 200X

  	
   

  	
  %

  
	
   

  	
   

  	
   

  
	
  [Month] 200X

  	
   

  	
  %

  
	
   

  	
   

  	
   

  
	
  [Month] 200X

  	
   

  	
  %

  

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

Appendix A (Page 9)

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

Appendix A (Page 10)

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

Appendix A (Page 11)

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

Appendix A (Page 12)

 

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

 

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

 

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

 

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

 

“Indenture” means
the Indenture dated as of [Month Day], 200X between the Issuing Entity and the
Indenture Trustee, as the same may be amended and supplemented from time to
time.

 

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

 

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

 

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

 

Appendix A (Page 13)

 

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

 

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

 

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

 

“Initial Cutoff Date”
means [Month Day], 200X.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

“Interest Rate”
means (a) as to the A-1 Notes, the A-1 Note Rate, (b) as to the A-2
Notes, the A-2 Note Rate, (c) as to the A-3 Notes, the A-3 Note Rate, (d) 
as to the A-4a Notes, the A-4a 

 

Appendix A (Page 14)

 

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

 

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

 

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

 

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

 

“Issuing Entity”
means CNH Equipment Trust 200X-Y until a successor replaces it and, thereafter,
means the successor and, for purposes of any provision contained in the
Indenture and required by the TIA, each other obligor on the Notes.

 

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

 

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

 

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

 

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

 

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

 

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

 

Appendix A (Page 15)

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

“Negative Carry Account
Initial Deposit” means $          .

 

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

 

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

 

Appendix A (Page 16)

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

Appendix A (Page 17)

 

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

 

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

 

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

 

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

 

“Originator”
means CNHCA.

 

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

 

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

 

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

 

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

 

Appendix A (Page 18)

 

Indenture Trustee the pledgee’s right so to act with respect to such
Notes and that the pledgee is not the Issuing Entity, any other obligor upon
the Notes, the Seller or any Affiliate of any of the foregoing Persons.

 

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

 

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

 

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

 

“Payment Date”
means, with respect to each Collection Period, the fifteenth day of the
calendar month following the end of that Collection Period, or, if such day is
not a Business Day, the next Business Day, commencing on [Month Day], 200X;
provided that if any A-1 Notes remain Outstanding after giving effect to
distributions on the [Month] 200X Payment Date, [Month Day], 200X shall
constitute a Payment Date solely with respect to the A-1 Notes.

 

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

 

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

 

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

 

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

 

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

 

“Pre-Funded Percentage”
means, for each Payment Date, the quotient (expressed as a percentage) of:  (i) the Pre-Funded Amount as of such
Payment Date divided by (ii) the sum of 

 

Appendix A (Page 19)

 

the Pool Balance and the Pre-Funded Amount, after taking into account
all transfers of Subsequent Receivables during the related Collection Period.

 

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

 

“Pre-Funding Account Initial
Deposit” means $          .

 

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

 

“Preliminary Prospectus”
means the prospectus dated [Month Day], 200X and the prospectus supplement
dated [Month Day], 200X (subject to completion), relating to the Class A Notes.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

Appendix A (Page 20)

 

“Prospectus”
means the prospectus dated [Month Day], 200X and the prospectus supplement
dated  [Month Day], 200X, relating to the
Class A Notes.

 

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

 

“Purchase Agreement”
means the Purchase Agreement dated as of [Month Day], 200X between the Seller
and CNHCA, as the same may be amended and supplemented from time to time, which
term shall also include, as the context requires, the Liquidity Receivables
Purchase Agreement.

 

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

 

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

 

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

 

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

 

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

 

“Reacquired Receivables”
means Receivables that (i) have been purchased by the Servicer,
repurchased by CNHCA or the Seller, or otherwise transferred to the Servicer,
Seller or CNHCA or their Affiliate pursuant to the terms of the Basic Documents
or (ii) are designated or identified to be purchased by the Servicer,
repurchased by CNHCA or the Seller, or otherwise transferred to the Servicer,
Seller or CNHCA or their Affiliate pursuant to the terms of the Basic
Documents; provided  however, with respect to the preceding clause (ii), such Receivables shall only become Reacquired
Receivables the instant before (x) such purchase, repurchase or transfer
pursuant to the Basic Documents, and (y) the full amount, if any, required
to be paid for such 

 

Appendix A (Page 21)

 

Receivables having been paid and/or deposited as and when required
under the Basic Documents.

 

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

 

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

 

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

 

“Record Date”
means, with respect to a Payment Date or Redemption Date, the close of business
on the fourteenth day of the calendar month in which such Payment Date or
Redemption Date occurs, or, if Definitive Notes are issued, the close of
business on the last day of the calendar month preceding the month of such
Payment Date, whether or not such day is a Business Day, or if Definitive Notes
were not outstanding on such date, the date of issuance of the Definitive Note,
and with respect to the A-1 Note Final Scheduled Maturity Date, [Month Day],
200X.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(a)           entry into a definitive
agreement related to the Issuing Entity or the Notes or an amendment to a Basic
Document, even if the Seller is not a party to 

 

Appendix A (Page 22)

 

such agreement (e.g., a servicing agreement with a servicer
contemplated by Item 1108(a)(3) of Regulation AB);

 

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

 

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

 

(d)           an Event of Default;

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

Appendix A (Page 23)

 

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

 

“Sale
and Servicing Agreement” means the Sale and
Servicing Agreement, dated as of [Month Day], 200X among the Issuing Entity,
the Seller and the Servicer.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

“Seller” means
CNHCR.

 

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

 

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

 

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

 

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

 

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

 

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

 

Appendix A (Page 24)

 

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

 

“Specified Discount Factor”
equals          %.

 

“Specified Spread Account
Balance” means on the Closing Date,          %
of the sum of the Pool Balance as of the Initial Cutoff Date and on any Payment
Date thereafter the lesser of, (a)          %
of the sum of (i) the Pool Balance as of the Initial Cutoff Date plus (ii) the
aggregate Contract Value of all Subsequent Receivables sold to the Trust as of
their respective Cutoff Dates and (b) the outstanding principal amount of
the Notes.  However, if (A) the Specified Spread Account Reduction Trigger is
met on the Payment Date in [Month] 200X or any Payment Date thereafter, the
percentage in clause (a) will
be reduced to          % on
such Payment Date and will remain at such percentage for each Payment Date
thereafter unless further reduced on the Payment Dates as provided in the
following clauses (B), (C) or (D); (B) if the Specified Spread Account
Reduction Trigger is met on the Payment Date in [Month] 200X or any Payment
Date thereafter, the percentage in clause (a) of
the preceding sentence will be reduced to          %
on such Payment Date (regardless of whether the Specified Spread Account
Reduction Trigger was met on the Payment Date in [Month] 200X or any Payment
Date thereafter and will remain at such percentage for each Payment Date
thereafter unless further reduced on the Payment Date as provided in the
following clause (C) or (D);
(C) the Specified Spread Account
Reduction Trigger is met on the Payment Date in [Month] 200X or any Payment
Date thereafter, the percentage in clause (a) of
the preceding sentence will be reduced to   
   % on such Payment Date
(regardless of whether the Specified Spread Account Reduction Trigger was met
on the Payment Dates in or any Payment Date thereafter or [Month] 200X or any
Payment Date thereafter) and will remain at such percentage for each Payment
Date thereafter unless further reduced on the Payment Date as provided in the
following clause (D); and (D) the
Specified Spread Account Reduction Trigger is met on the Payment Date in
[Month] 200X or any Payment Date thereafter, the percentage in clause (a) of the preceding sentence will be reduced
to         % on such Payment Date
(regardless of whether the Specified Spread Account Reduction Trigger was met
on the Payment Dates in [Month] 200X or any Payment Date thereafter, [Month]
200X or any Payment Date thereafter or [Month] 200X or any Payment Date
thereafter) and will remain at such percentage for each Payment Date
thereafter.  The Specified Spread Account
Balance may be reduced or modified without the consent of the Holders of the
Notes if the Rating Agency Condition is satisfied with respect to such
reduction or modification.

 

“Specified Spread Account
Reduction Trigger” for the Payment Date in [Month] 200X, [Month]
200X, [Month] 200X, or [Month] 200X or any Payment Date after such Payment
Dates will be met if the Average Delinquency Ratio Test and the Cumulative Net
Loss Ratio Test for such Payment Date are met on such Payment Date or a Payment
Date thereafter.

 

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

 

Appendix A (Page 25)

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

Appendix A (Page 26)

 

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

 

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

 

“TIA” means the
Trust Indenture Act.

 

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

 

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

 

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

 

“Trust” means the
Issuing Entity.

 

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

 

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

 

“Trust Agreement”
means the Trust Agreement dated as of [Month Day], 200X between the Seller and
the Trustee, as the same may be amended and supplemented from time to time.

 

Appendix A (Page 27)

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

“Underwriting Agreement”
means the Underwriting Agreement dated [Month Day], 200X among          and          as
representatives of the several underwriters named therein, CNHCA and CNHCR.

 

“USD-LIBOR Reference Banks
Rate” means the Class A-4b USD-LIBOR Reference Banks Rate.

 

“Write Down Amount”
for any Collection Period for any 180-Day Receivable or Repossessed Receivable
will be the excess of (a) the Principal Balance plus accrued and unpaid 

 

Appendix A (Page 28)

 

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

 

Appendix A (Page 29)

 

EXHIBIT A-1
 to Indenture

 

FORM OF
A-1 NOTES

 

	
  REGISTERED

  	
   

  	
  $

  	
  (1)

  
	
  No. R-1

  	
   

  	
  CUSIP NO.

  	
   

  

 

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

 

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

 

CNH EQUIPMENT TRUST 200X-Y

%
CLASS A-1 ASSET
BACKED NOTES

 

CNH Equipment
Trust 200X-Y, a statutory trust organized and existing under the laws of the
State of Delaware (including any successor, the “Issuing Entity”), for value
received, hereby promises to pay to CEDE & CO., or registered assigns,
the principal sum of          ($          ),
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 [Month Day], 200X Payment Date and the Redemption Date,
if any, pursuant to Section 10.1(a) of
the Indenture.  The Issuing Entity will
pay interest on this Note at the rate per annum shown above, on each Payment
Date until the principal of this Note is paid or made available for payment, on
the principal amount of this Note outstanding on the preceding Payment Date
(after giving effect to all payments of principal made on the preceding Payment
Date), subject to certain limitations contained in Section 3.1 of the
Indenture.  Interest on this Note will
accrue for each Payment Date from the most recent Payment Date on which
interest has been paid to but excluding the then current Payment Date or, if no
interest has yet been paid, from the date hereof.  Interest will be computed on the basis of a
360-day year and the actual number of days in the applicable Interest Period.  Such principal of and interest on this Note
shall be paid in the manner specified in the Indenture.

 

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

 

Exhibit A-1 (Page 1)

 

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

 

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

 

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

 

Exhibit A-1 (Page 2)

 

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

 

Dated: [Month
Day], 200X

 

	
   

  	
  CNH EQUIPMENT TRUST 200X-Y

  
	
   

  	
   

  
	
   

  	
  By:

  	
  [Wilmington Trust Company],

  
	
   

  	
   

  	
  not in its individual capacity but

  
	
   

  	
   

  	
  solely as Trustee under the

  
	
   

  	
   

  	
  Trust Agreement

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  
					

 

Exhibit A-1 (Page 3)

 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

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

 

Dated: [Month
Day], 200X

 

	
   

  	
  [The Bank of New York Mellon Trust Company, N.A.],

  
	
   

  	
  not in its individual capacity but solely

  
	
   

  	
  as Indenture Trustee

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Authorized Signatory

  

 

Exhibit A-1 (Page 4)

 

[REVERSE OF NOTE]

 

This Note is
one of a duly authorized issue of Notes of the Issuing Entity, designated as
its          % Class A-1
Asset Backed Notes (herein called the “A-1
Notes” or the “Notes”),
all issued under an Indenture dated as of [Month Day], 200X (such Indenture, as
supplemented or amended, is herein called the “Indenture”) between the Issuing
Entity and [The Bank of New York Mellon Trust Company, N.A.], not in its
individual capacity but solely as trustee (the “Indenture Trustee”, which term
includes any successor Indenture Trustee under the Indenture), to which
Indenture and all indentures supplemental thereto reference is hereby made for
a statement of the respective rights and obligations thereunder of the Issuing
Entity, the Indenture Trustee and the Holders of the Notes.  The Notes are subject to all terms of the
Indenture.  All terms used in this Note
that are not otherwise defined herein and that are defined in the Indenture
shall have the meanings assigned to them in or pursuant to the Indenture.

 

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

 

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

 

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

 

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

 

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

 

Exhibit A-1 (Page 5)

 

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

 

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

 

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

 

No reference
herein to the Indenture and no provision of this Note or of the Indenture shall
alter or impair the obligation of the Issuing Entity, which is absolute and
unconditional, to pay the principal of and interest on this Note at the times,
place and rate, and in the coin or currency, herein prescribed.

 

Anything
herein to the contrary notwithstanding, except as expressly provided in the
Basic Documents, neither [The Bank of New York Mellon Trust Company, N.A.], in
its individual capacity, any owner of a beneficial interest in the Issuing
Entity, nor any of their respective partners, beneficiaries, agents, officers,
directors, employees, successors or assigns shall be personally liable for, nor
shall recourse be had to any of them for, the payment of principal of or
interest on, or performance of, or omission to perform, any of the covenants,
obligations or indemnifications contained in this Note or the Indenture, it
being expressly understood that said covenants, obligations and
indemnifications have been made by the Indenture Trustee for the sole purposes
of binding the interests of the Indenture Trustee in the assets of the Issuing
Entity.  The Holder of this Note by the
acceptance hereof, and each Note Owner by the acceptance of a beneficial
interest herein, each agrees that, except as expressly provided in the Basic
Documents, in the case of an Event of Default under the Indenture, the Holder
and Note Owner shall have no claim against any of the foregoing for any
deficiency, loss or claim therefrom; provided,
however, that nothing contained herein shall be taken to prevent recourse to,
and enforcement against, the assets of the Issuing Entity for any and all
liabilities, obligations and undertakings contained in the Indenture or in this
Note.

 

Exhibit A-1 (Page 6)

 

ASSIGNMENT

 

Social
Security or taxpayer I.D. or other identifying number of assignee

 

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

 

	
   

  
	
  (name and address of assignee)

  

 

the within
Note and all rights thereunder, and hereby irrevocably constitutes and appoints
                             ,
attorney, to transfer said Note on the books kept for registration thereof,
with full power of substitution in the premises.

 

	
  Dated:

  	
   

  	
   

  	
                                                                                                   *

  
	
   

  	
   

  	
  Signature Guaranteed:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Signatures must be guaranteed by an “eligible
  guarantor institution” meeting the requirements of the Note
  Registrar, which requirements include membership or participation in STAMP or
  such other “signature guarantee program”
  as may be determined by the Note Registrar in addition to, or in substitution
  for, STAMP, all in accordance with the Securities Exchange Act of 1934, as
  amended.

  

 

*              NOTE: 
The signature to this assignment must correspond with the name of the
registered owner as it appears on the face of the within Note in every
particular without alteration, enlargement or any change whatsoever.

 

Exhibit A-1 (Page 7)

 

EXHIBIT A-2

to Indenture

 

FORM OF A-2 NOTES

 

	
  REGISTERED

  	
  $

  	
  (1)

  
	
  No. R-1

  	
  CUSIP NO.

  	
   

  

 

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

 

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

 

CNH EQUIPMENT TRUST 200X-Y

% CLASS A-2 ASSET BACKED NOTES

 

CNH Equipment Trust 200X-Y,
a statutory trust organized and existing under the laws of the State of
Delaware (including any successor, the “Issuing Entity”),
for value received, hereby promises to pay to CEDE & CO., or
registered assigns, the principal sum of        ($     ),
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 [Month Day],
200X Payment Date and the Redemption Date, if any, pursuant to Section 10.1(a) of the Indenture. Except as
provided in Section 5.4 of the Indenture, no
payments of principal of the Notes will be made until the principal of the A-1
Notes has been paid in full. The Issuing Entity will pay interest on this Note
at the A-2 Note Rate, on each Payment Date until the principal of this Note is
paid or made available for payment, on the principal amount of this Note
outstanding on the preceding Payment Date (after giving effect to all payments
of principal made on the preceding Payment Date), subject to certain
limitations contained in Section 3.1
of the Indenture. Interest on this Note will accrue for each Payment Date from
the most recent Payment Date on which interest has been paid to but excluding
the then current Payment Date or, if no interest has yet been paid, from the
date hereof.  Interest will be computed
on the basis of a 360-day year consisting of twelve 30-day months.  Such principal of and interest on this Note
shall be paid in the manner specified in the Indenture.

 

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

 

Exhibit A-2 (Page 1)

 

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

 

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

 

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

 

Exhibit A-2 (Page 2)

 

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

 

	
  Dated: [Month Day], 200X

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  CNH
  EQUIPMENT TRUST 200X-Y

  
	
   

  	
   

  
	
   

  	
  By:
  [Wilmington Trust Company],

  
	
   

  	
  not
  in its individual capacity

  
	
   

  	
  but
  solely as Trustee

  
	
   

  	
  under
  the Trust Agreement

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  
					

 

Exhibit A-2 (Page 3)

 

TRUSTEE’S
CERTIFICATE OF AUTHENTICATION

 

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

 

	
  Dated: [Month Day], 200X

  	
   

  
	
   

  	
   

  
	
   

  	
  [The
  Bank of New York Mellon Trust Company, N.A],

  
	
   

  	
  not
  in its individual capacity but solely

  
	
   

  	
  as
  Indenture Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Authorized
  Signatory

  

 

Exhibit A-2 (Page 4)

 

[REVERSE
OF NOTE]

 

This Note is one of a duly
authorized issue of the Issuing Entity, designated as its          %
Class A-2 Asset Backed Notes (herein called the “A-2 Notes”
or the “Notes”), all issued under an Indenture dated as of [Month Day], 200X
(such Indenture, as supplemented or amended, is herein called the “Indenture”) between the Issuing Entity and [The Bank of New
York Mellon Trust Company, N.A.], not in its individual capacity but solely as
trustee (the “Indenture Trustee”, which term
includes any successor Indenture Trustee under the Indenture), to which
Indenture and all indentures supplemental thereto reference is hereby made for
a statement of the respective rights and obligations thereunder of the Issuing
Entity, the Indenture Trustee and the Holders of the Notes.  The Notes are subject to all terms of the
Indenture.  All terms used in this Note
that are not otherwise defined herein and that are defined in the Indenture
shall have the meanings assigned to them in or pursuant to the Indenture.

 

The Notes, the A-1 Notes,
the A-3 Notes and the A-4 Notes are and will be equally and ratably secured by
the collateral pledged as security therefor as provided in the Indenture.

 

The Issuing Entity shall pay
interest on overdue installments of interest at the A-2 Note Rate to the extent
lawful.

 

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

 

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

 

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

 

Exhibit A-2 (Page 5)

 

reorganization or
arrangement, insolvency or liquidation proceedings under any United States
federal or State bankruptcy or similar law in connection with any obligations
relating to the Notes, the Indenture or the Basic Documents.

 

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

 

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

 

No reference herein to the
Indenture and no provision of this Note or of the Indenture shall alter or
impair the obligation of the Issuing Entity, which is absolute and
unconditional, to pay the principal of and interest on this Note at the times,
place and rate, and in the coin or currency, herein prescribed.

 

Anything herein to the
contrary notwithstanding, except as expressly provided in the Basic Documents,
neither [The Bank of New York Mellon Trust Company, N.A], in its individual
capacity, any owner of a beneficial interest in the Issuing Entity, nor any of
their respective partners, beneficiaries, agents, officers, directors,
employees, successors or assigns shall be personally liable for, nor shall
recourse be had to any of them for, the payment of principal of or interest on,
or performance of, or omission to perform, any of the covenants, obligations or
indemnifications contained in this Note or the Indenture, it being expressly
understood that said covenants, obligations and indemnifications have been made
by the Indenture Trustee for the sole purposes of binding the interests of the
Indenture Trustee in the assets of the Issuing Entity.  The Holder of this Note by the acceptance
hereof, and each Note Owner by the acceptance of a beneficial interest herein,
each agrees that, except as expressly provided in the Basic Documents, in the
case of an Event of Default under the Indenture, the Holder and Note Owner
shall have no claim against any of the foregoing for any deficiency, loss or
claim therefrom; provided, however, that nothing
contained herein shall be taken to prevent recourse to, and enforcement
against, the assets of the Issuing Entity for any and all liabilities,
obligations and undertakings contained in the Indenture or in this Note.

 

Exhibit A-2 (Page 6)

 

ASSIGNMENT

 

Social Security or taxpayer
I.D. or other identifying number of assignee

 

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

  
	
   

  
	
  (name and address of assignee)

  
	
   

  
	
  the
  within Note and all rights thereunder, and hereby irrevocably constitutes and
  appoints
                                ,
  attorney, to transfer said Note on the books kept for registration thereof,
  with full power of substitution in the premises.

  
	
   

  	
   

  	
   

  	
   

  
	
  Dated:

  	
   

  	
   

  	
  *

  
	
   

  	
   

  	
   

  	
  Signature
  Guaranteed:

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Signatures
  must be guaranteed by an “eligible guarantor 

  
	
   

  	
   

  	
   

  	
  institution” meeting the
  requirements of the Note Registrar, which requirements include membership or
  participation in STAMP or such other “signature guarantee
  program” as may be determined by the Note Registrar in addition
  to, or in substitution for, STAMP, all in accordance with the Securities
  Exchange Act of 1934, as amended.

  

 

*              NOTE:  The signature to this assignment must
correspond with the name of the registered owner as it appears on the face of
the within Note in every particular without alteration, enlargement or any
change whatsoever.

 

Exhibit A-2 (Page 7)

 

EXHIBIT A-3

to Indenture

 

FORM OF A-3 NOTES

 

	
  REGISTERED

  	
  $

  	
  (1)

  
	
  No. R-1

  	
  CUSIP NO.

  	
   

  

 

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

 

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

 

CNH EQUIPMENT TRUST 200X-Y

% CLASS A-3 ASSET BACKED NOTES

 

CNH Equipment Trust 200X-Y,
a statutory trust organized and existing under the laws of the State of
Delaware (including any successor, the “Issuing Entity”),
for value received, hereby promises to pay to CEDE & CO., or
registered assigns, the principal sum of          ($         ), partially payable on each Payment
Date in an amount equal to the aggregate amount, if any, payable from the Note
Distribution Account in respect of principal on the A-3 Notes pursuant to Section 3.1 of the Indenture; provided, however,
that the entire unpaid principal amount of this Note shall be due and payable
on the earlier of the [Month Day], 200X Payment Date and the Redemption Date, if
any, pursuant to Section 10.1(a) of the
Indenture. Except as provided in Section 5.4
of the Indenture, no payments of principal of the Notes will be made until the
principal of the A-1 Notes and the A-2 Notes has been paid in full. The Issuing
Entity will pay interest on this Note at the A-3 Note Rate, on each Payment
Date until the principal of this Note is paid or made available for payment, on
the principal amount of this Note outstanding on the preceding Payment Date
(after giving effect to all payments of principal made on the preceding Payment
Date), subject to certain limitations contained in Section 3.1
of the Indenture. Interest on this Note will accrue for each Payment Date from
the most recent Payment Date on which interest has been paid to but excluding
the then current Payment Date or, if no interest has yet been paid, from the
date hereof.  Interest will be computed
on the basis of a 360-day year consisting of twelve 30-day months.  Such principal of and interest on this Note
shall be paid in the manner specified in the Indenture.

 

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

 

Exhibit A-3 (Page 1)

 

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

 

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

 

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

 

Exhibit A-3 (Page 2)

 

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

 

	
  Dated: [Month Day], 200X

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  CNH
  EQUIPMENT TRUST 200X-Y

  
	
   

  	
   

  
	
   

  	
  By:
  [Wilmington Trust Company],

  
	
   

  	
  not
  in its individual capacity

  
	
   

  	
  but
  solely as Trustee

  
	
   

  	
  under
  the Trust Agreement

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  
					

 

Exhibit A-3 (Page 3)

 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

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

 

	
  Dated:
  [Month Day], 200X

  	
   

  
	
   

  	
   

  
	
   

  	
  [The Bank of New York Mellon Trust Company, N.A.],

  
	
   

  	
  not in its individual capacity but solely

  
	
   

  	
  as Indenture Trustee

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Authorized Signatory

  

 

Exhibit A-3 (Page 4)

 

[REVERSE OF NOTE]

 

This Note is
one of a duly authorized issue of the Issuing Entity, designated as its         % Class A-3 Asset Backed Notes
(herein called the “A-3 Notes” or
the “Notes”), all issued under an Indenture dated as of [Month Day], 200X (such
Indenture, as supplemented or amended, is herein called the “Indenture”) between the Issuing Entity and [The Bank of New
York Mellon Trust Company, N.A.], not in its individual capacity but solely as
trustee (the “Indenture Trustee”, which term
includes any successor Indenture Trustee under the Indenture), to which
Indenture and all indentures supplemental thereto reference is hereby made for
a statement of the respective rights and obligations thereunder of the Issuing
Entity, the Indenture Trustee and the Holders of the Notes.  The Notes are subject to all terms of the
Indenture.  All terms used in this Note
that are not otherwise defined herein and that are defined in the Indenture
shall have the meanings assigned to them in or pursuant to the Indenture.

 

The Notes, the
A-1 Notes, the A-2 Notes and the A-4 Notes are and will be equally and ratably
secured by the collateral pledged as security therefor as provided in the
Indenture.

 

The Issuing
Entity shall pay interest on overdue installments of interest at the A-3 Note
Rate to the extent lawful.

 

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

 

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

 

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

 

Exhibit A-3 (Page 5)

 

reorganization
or arrangement, insolvency or liquidation proceedings under any United States
federal or State bankruptcy or similar law in connection with any obligations
relating to the Notes, the Indenture or the Basic Documents.

 

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

 

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

 

No reference
herein to the Indenture and no provision of this Note or of the Indenture shall
alter or impair the obligation of the Issuing Entity, which is absolute and
unconditional, to pay the principal of and interest on this Note at the times,
place and rate, and in the coin or currency, herein prescribed.

 

Anything
herein to the contrary notwithstanding, except as expressly provided in the
Basic Documents, neither [The Bank of New York Mellon Trust Company, N.A.], in
its individual capacity, any owner of a beneficial interest in the Issuing
Entity, nor any of their respective partners, beneficiaries, agents, officers,
directors, employees, successors or assigns shall be personally liable for, nor
shall recourse be had to any of them for, the payment of principal of or
interest on, or performance of, or omission to perform, any of the covenants,
obligations or indemnifications contained in this Note or the Indenture, it
being expressly understood that said covenants, obligations and
indemnifications have been made by the Indenture Trustee for the sole purposes
of binding the interests of the Indenture Trustee in the assets of the Issuing
Entity.  The Holder of this Note by the
acceptance hereof, and each Note Owner by the acceptance of a beneficial
interest herein, each agrees that, except as expressly provided in the Basic
Documents, in the case of an Event of Default under the Indenture, the Holder
and Note Owner shall have no claim against any of the foregoing for any
deficiency, loss or claim therefrom; provided, however,
that nothing contained herein shall be taken to prevent recourse to, and
enforcement against, the assets of the Issuing Entity for any and all
liabilities, obligations and undertakings contained in the Indenture or in this
Note.

 

Exhibit A-3 (Page 6)

 

ASSIGNMENT

 

Social
Security or taxpayer I.D. or other identifying number of assignee

 

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

  
	
   

  
	
  (name and address of assignee)

  
	
   

  
	
  the within Note and all rights thereunder, and hereby irrevocably
  constitutes and appoints
                               ,
  attorney, to transfer said Note on the books kept for registration thereof,
  with full power of substitution in the premises.

  
	
   

  	
   

  	
   

  	
   

  
	
  Dated:

  	
   

  	
   

  	
  *

  
	
   

  	
   

  	
   

  	
  Signature Guaranteed:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Signatures must be guaranteed by an “eligible
  guarantor 

  
	
   

  	
   

  	
   

  	
  institution” meeting the requirements of the
  Note Registrar, which requirements include membership or participation in
  STAMP or such other “signature guarantee
  program” as may be determined by the Note Registrar in addition
  to, or in substitution for, STAMP, all in accordance with the Securities
  Exchange Act of 1934, as amended.

  

 

*              NOTE:  The signature to this assignment must
correspond with the name of the registered owner as it appears on the face of
the within Note in every particular without alteration, enlargement or any
change whatsoever.

 

Exhibit A-3 (Page 7)

 

EXHIBIT
A-4a

to Indenture

 

FORM OF A-4a NOTES

 

	
  REGISTERED

  	
  $

  	
  (1)

  
	
  No. R-1

  	
  CUSIP NO.

  	
   

  

 

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

 

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

 

CNH EQUIPMENT
TRUST 200X-Y

% CLASS A-4a ASSET BACKED NOTES

 

CNH Equipment
Trust 200X-Y, a statutory trust organized and existing under the laws of the
State of Delaware (including any successor, the “Issuing
Entity”), for value received, hereby promises to pay to CEDE &
CO., or registered assigns, the principal sum of          ($        ), 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 [Month Day], 200X Payment Date and the Redemption Date,
if any, pursuant to Section 10.1(a) of
the Indenture. Except as provided in Section 5.4
of the Indenture, no payments of principal of the Notes will be made until the
principal of the A-1 Notes, the A-2 Notes and the A-3 Notes has been paid in
full. The Issuing Entity will pay interest on this Note at the A-4a Note Rate,
on each Payment Date until the principal of this Note is paid or made available
for payment, on the principal amount of this Note outstanding on the preceding
Payment Date (after giving effect to all payments of principal made on the
preceding Payment Date), subject to certain limitations contained in Section 3.1 of the Indenture. Interest on this Note
will accrue for each Payment Date from the most recent Payment Date on which
interest has been paid to but excluding the then current Payment Date or, if no
interest has yet been paid, from the date hereof.  Interest will be computed on the basis of a
360-day year consisting of twelve 30-day months.  Such principal of and interest on this Note
shall be paid in the manner specified in the Indenture.

 

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

 

Exhibit A-4a (Page 1)

 

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

 

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

 

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

 

Exhibit A-4a (Page 2)

 

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

 

	
  Dated:
  [Month Day], 200X

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  CNH EQUIPMENT TRUST 200X-Y

  
	
   

  	
   

  
	
   

  	
  By: [Wilmington Trust Company],

  
	
   

  	
  not in its individual capacity

  
	
   

  	
  but solely as Trustee

  
	
   

  	
  under the Trust Agreement

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  
					

 

Exhibit A-4a (Page 3)

 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

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

 

	
  Dated:
  [Month Day], 200X

  	
   

  
	
   

  	
   

  
	
   

  	
  [The Bank of New York Mellon Trust Company, N.A.],

  
	
   

  	
  not in its individual capacity but solely

  
	
   

  	
  as Indenture Trustee

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Authorized Signatory

  

 

Exhibit A-4a (Page 4)

 

[REVERSE OF NOTE]

 

This Note is
one of a duly authorized issue of the Issuing Entity, designated as its         % Class A-4a Asset Backed Notes
(herein called the “A-4a Notes” or
the “Notes”), all issued under an Indenture dated as of [Month Day], 200X (such
Indenture, as supplemented or amended, is herein called the “Indenture”) between the Issuing Entity and [The Bank of New
York Mellon Trust Company, N.A.], not in its individual capacity but solely as
trustee (the “Indenture Trustee”, which term
includes any successor Indenture Trustee under the Indenture), to which
Indenture and all indentures supplemental thereto reference is hereby made for
a statement of the respective rights and obligations thereunder of the Issuing
Entity, the Indenture Trustee and the Holders of the Notes.  The Notes are subject to all terms of the
Indenture.  All terms used in this Note
that are not otherwise defined herein and that are defined in the Indenture
shall have the meanings assigned to them in or pursuant to the Indenture.

 

The Notes, the
A-1 Notes, the A-2 Notes, the A-3 Notes and the A-4b Notes are and will be
equally and ratably secured by the collateral pledged as security therefor as
provided in the Indenture.

 

The Issuing
Entity shall pay interest on overdue installments of interest at the A-4a Note
Rate to the extent lawful.

 

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

 

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

 

Each
Noteholder or Note Owner, by acceptance of a Note, or, in the case of a Note
Owner, a beneficial interest in a Note, covenants and agrees that by accepting
the benefits of the Indenture that such Noteholder will not at any time
institute against the Seller or the Issuing 

 

Exhibit A-4a (Page 5)

 

Entity, or
join in any institution against the Seller or the Issuing Entity of, any
bankruptcy, reorganization or arrangement, insolvency or liquidation
proceedings under any United States federal or State bankruptcy or similar law
in connection with any obligations relating to the Notes, the Indenture or the
Basic Documents.

 

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

 

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

 

No reference
herein to the Indenture and no provision of this Note or of the Indenture shall
alter or impair the obligation of the Issuing Entity, which is absolute and
unconditional, to pay the principal of and interest on this Note at the times,
place and rate, and in the coin or currency, herein prescribed.

 

Anything
herein to the contrary notwithstanding, except as expressly provided in the
Basic Documents, neither [The Bank of New York Mellon Trust Company, N.A.], in
its individual capacity, any owner of a beneficial interest in the Issuing
Entity, nor any of their respective partners, beneficiaries, agents, officers,
directors, employees, successors or assigns shall be personally liable for, nor
shall recourse be had to any of them for, the payment of principal of or
interest on, or performance of, or omission to perform, any of the covenants,
obligations or indemnifications contained in this Note or the Indenture, it
being expressly understood that said covenants, obligations and
indemnifications have been made by the Indenture Trustee for the sole purposes
of binding the interests of the Indenture Trustee in the assets of the Issuing
Entity.  The Holder of this Note by the
acceptance hereof, and each Note Owner by the acceptance of a beneficial
interest herein, each agrees that, except as expressly provided in the Basic
Documents, in the case of an Event of Default under the Indenture, the Holder
and Note Owner shall have no claim against any of the foregoing for any
deficiency, loss or claim therefrom; provided, however,
that nothing contained herein shall be taken to prevent recourse to, and
enforcement against, the assets of the Issuing Entity for any and all
liabilities, obligations and undertakings contained in the Indenture or in this
Note.

 

Exhibit A-4a (Page 6)

 

ASSIGNMENT

 

Social Security or taxpayer
I.D. or other identifying number of assignee

 

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

  
	
   

  
	
  (name and address of assignee)

  
	
   

  
	
  the
  within Note and all rights thereunder, and hereby irrevocably constitutes and
  appoints                           ,
  attorney, to transfer said Note on the books kept for registration thereof,
  with full power of substitution in the premises.

  
	
   

  	
   

  	
   

  	
   

  
	
  Dated:

  	
   

  	
   

  	
  *

  
	
   

  	
   

  	
   

  	
  Signature
  Guaranteed:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Signatures
  must be guaranteed by an “eligible guarantor 

  
	
   

  	
   

  	
  institution” meeting the
  requirements of the Note Registrar, which requirements include membership or
  participation in STAMP or such other “signature guarantee
  program” as may be determined by the Note Registrar in addition
  to, or in substitution for, STAMP, all in accordance with the Securities
  Exchange Act of 1934, as amended.

  

 

*              NOTE:  The signature to this assignment must
correspond with the name of the registered owner as it appears on the face of
the within Note in every particular without alteration, enlargement or any
change whatsoever.

 

Exhibit A-4a (Page 7)

 

EXHIBIT A-4b

to Indenture

 

FORM OF A-4b NOTES

 

	
  REGISTERED

  	
  $

  	
  (1)

  
	
  No. R-1

  	
  CUSIP NO.

  	
   

  

 

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

 

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

 

CNH EQUIPMENT TRUST 200X-Y

FLOATING RATE CLASS A-4b ASSET BACKED NOTES

 

CNH Equipment Trust 200X-Y,
a statutory trust organized and existing under the laws of the State of
Delaware (including any successor, the “Issuing Entity”),
for value received, hereby promises to pay to CEDE & CO., or
registered assigns, the principal sum of          ($        ), 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 [Month Day], 200X Payment Date and the Redemption Date,
if any, pursuant to Section 10.1(a) of
the Indenture. Except as provided in Section 5.4
of the Indenture, no payments of principal of the Notes will be made until the
principal of the A-1 Notes, the A-2 Notes and the A-3 Notes has been paid in
full. The Issuing Entity will pay interest on this Note at the A-4b Note Rate,
on each Payment Date until the principal of this Note is paid or made available
for payment, on the principal amount of this Note outstanding on the preceding
Payment Date (after giving effect to all payments of principal made on the
preceding Payment Date), subject to certain limitations contained in Section 3.1 of the Indenture. Interest on this Note
will accrue for each Payment Date from the most recent Payment Date on which
interest has been paid to but excluding the then current Payment Date or, if no
interest has yet been paid, from the date hereof.  Interest will be computed on the basis of a
360-day year and the actual number of days in the applicable Interest Period.
Such principal of and interest on this Note shall be paid in the manner
specified in the Indenture.

 

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

 

Exhibit A-4b (Page 1)

 

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

 

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

 

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

 

Exhibit A-4b (Page 2)

 

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

 

	
  Dated: [Month Day], 200X

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  CNH
  EQUIPMENT TRUST 200X-Y

  
	
   

  	
   

  
	
   

  	
  By:
  [Wilmington Trust Company],

  
	
   

  	
  not
  in its individual capacity

  
	
   

  	
  but
  solely as Trustee

  
	
   

  	
  under
  the Trust Agreement

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  
					

 

Exhibit A-4b (Page 3)

 

TRUSTEE’S
CERTIFICATE OF AUTHENTICATION

 

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

 

	
  Dated: [Month Day], 200X

  	
   

  
	
   

  	
   

  
	
   

  	
  [The
  Bank of New York Mellon Trust Company, N.A.],

  
	
   

  	
  not
  in its individual capacity but solely

  
	
   

  	
  as
  Indenture Trustee

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Authorized
  Signatory

  

 

Exhibit A-4b (Page 4)

 

[REVERSE
OF NOTE]

 

This Note is one of a duly
authorized issue of the Issuing Entity, designated as its Floating Rate Class A-4b
Asset Backed Notes (herein called the “A-4b Notes” or
the “Notes”), all issued under an Indenture dated as of [Month Day], 200X (such
Indenture, as supplemented or amended, is herein called the “Indenture”) between the Issuing Entity and [The Bank of New
York Mellon Trust Company, N.A.], not in its individual capacity but solely as
trustee (the “Indenture Trustee”, which term
includes any successor Indenture Trustee under the Indenture), to which
Indenture and all indentures supplemental thereto reference is hereby made for
a statement of the respective rights and obligations thereunder of the Issuing
Entity, the Indenture Trustee and the Holders of the Notes.  The Notes are subject to all terms of the
Indenture.  All terms used in this Note
that are not otherwise defined herein and that are defined in the Indenture
shall have the meanings assigned to them in or pursuant to the Indenture.

 

The Notes, the A-1 Notes,
the A-2 Notes, the A-3 Notes and the A-4a Notes are and will be equally and
ratably secured by the collateral pledged as security therefor as provided in
the Indenture.

 

The Issuing Entity shall pay
interest on overdue installments of interest at the A-4b Note Rate to the
extent lawful.

 

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

 

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

 

Each Noteholder or Note
Owner, by acceptance of a Note, or, in the case of a Note Owner, a beneficial
interest in a Note, covenants and agrees that by accepting the benefits of the
Indenture that such Noteholder will not at any time institute against the
Seller or the Issuing 

 

Exhibit A-4b (Page 5)

 

Entity, or join in any
institution against the Seller or the Issuing Entity of, any bankruptcy,
reorganization or arrangement, insolvency or liquidation proceedings under any
United States federal or State bankruptcy or similar law in connection with any
obligations relating to the Notes, the Indenture or the Basic Documents.

 

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

 

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

 

No reference herein to the
Indenture and no provision of this Note or of the Indenture shall alter or
impair the obligation of the Issuing Entity, which is absolute and
unconditional, to pay the principal of and interest on this Note at the times,
place and rate, and in the coin or currency, herein prescribed.

 

Anything herein to the
contrary notwithstanding, except as expressly provided in the Basic Documents,
neither [The Bank of New York Mellon Trust Company, N.A.], in its individual
capacity, any owner of a beneficial interest in the Issuing Entity, nor any of
their respective partners, beneficiaries, agents, officers, directors,
employees, successors or assigns shall be personally liable for, nor shall
recourse be had to any of them for, the payment of principal of or interest on,
or performance of, or omission to perform, any of the covenants, obligations or
indemnifications contained in this Note or the Indenture, it being expressly
understood that said covenants, obligations and indemnifications have been made
by the Indenture Trustee for the sole purposes of binding the interests of the
Indenture Trustee in the assets of the Issuing Entity.  The Holder of this Note by the acceptance
hereof, and each Note Owner by the acceptance of a beneficial interest herein,
each agrees that, except as expressly provided in the Basic Documents, in the case
of an Event of Default under the Indenture, the Holder and Note Owner shall
have no claim against any of the foregoing for any deficiency, loss or claim
therefrom; provided, however, that nothing
contained herein shall be taken to prevent recourse to, and enforcement
against, the assets of the Issuing Entity for any and all liabilities,
obligations and undertakings contained in the Indenture or in this Note.

 

Exhibit A-4b (Page 6)

 

ASSIGNMENT

 

Social Security or taxpayer
I.D. or other identifying number of assignee

 

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

  
	
   

  
	
  (name and address of assignee)

  
	
   

  
	
  the
  within Note and all rights thereunder, and hereby irrevocably constitutes and
  appoints
                                   ,
  attorney, to transfer said Note on the books kept for registration thereof,
  with full power of substitution in the premises.

  
	
   

  	
   

  	
   

  	
   

  
	
  Dated:

  	
   

  	
   

  	
  *

  
	
   

  	
   

  	
   

  	
  Signature
  Guaranteed:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Signatures
  must be guaranteed by an “eligible guarantor 

  
	
   

  	
   

  	
  institution” meeting the
  requirements of the Note Registrar, which requirements include membership or
  participation in STAMP or such other “signature guarantee
  program” as may be determined by the Note Registrar in addition
  to, or in substitution for, STAMP, all in accordance with the Securities
  Exchange Act of 1934, as amended.

  

 

*              NOTE:  The signature to this assignment must
correspond with the name of the registered owner as it appears on the face of
the within Note in every particular without alteration, enlargement or any
change whatsoever.

 

Exhibit A-4b (Page 7)

 

EXHIBIT A-5

to Indenture

 

FORM OF CLASS B NOTES

 

	
  REGISTERED

  	
  $

  	
  (1)

  
	
  No. R-1

  	
  CUSIP NO.

  	
   

  

 

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

 

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

 

CNH EQUIPMENT TRUST 200X-Y

% CLASS B ASSET BACKED NOTES

 

CNH Equipment Trust 200X-Y,
a statutory trust organized and existing under the laws of the State of
Delaware (including any successor, the “Issuing Entity”),
for value received, hereby promises to pay to CEDE & CO., or
registered assigns, the principal sum of          ($        ), 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 [Month Day], 200X
Payment Date and the Redemption Date, if any, pursuant to Section 10.1(a) of
the Indenture.  No payments of principal
of the Notes will be made on any Payment Date until the A-1 Notes, the A-2
Notes, the A-3 Notes and the A-4 Notes have been paid in full.  The Issuing Entity will pay interest on this
Note at the rate per annum shown above, on each Payment Date until the
principal of this Note is paid or made available for payment, on the principal
amount of this Note outstanding on the preceding Payment Date (after giving
effect to all payments of principal made on the preceding Payment Date),
subject to certain limitations contained in Section 3.1
of the Indenture.  Interest on this Note
will accrue for each Payment Date from the most recent Payment Date on which
interest has been paid to but excluding the then current Payment Date or, if no
interest has yet been paid, from the date hereof.  Interest will be computed on the basis of a
360-day year consisting of twelve 30-day months.  Such principal of and interest on this Note
shall be paid in the manner specified in the Indenture.

 

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

 

Exhibit A-5 (Page 1)

 

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

 

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

 

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

 

Exhibit A-5 (Page 2)

 

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

 

	
  Dated: [Month Day], 200X

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  CNH
  EQUIPMENT TRUST 200X-Y

  
	
   

  	
  By:

  	
  [Wilmington
  Trust Company],

  
	
   

  	
   

  	
  not in its individual capacity

  
	
   

  	
   

  	
  but solely as Trustee

  
	
   

  	
   

  	
  under the Trust Agreement

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  
					

 

Exhibit A-5 (Page 3)

 

TRUSTEE’S
CERTIFICATE OF AUTHENTICATION

 

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

 

	
  Dated: [Month Day], 200X

  	
   

  
	
   

  	
   

  
	
   

  	
  [The Bank of New York
  Mellon Trust Company, N.A.],

  
	
   

  	
  not in its individual
  capacity but solely

  
	
   

  	
  as Indenture Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Authorized
  Signatory

  

 

Exhibit A-5 (Page 4)

 

[REVERSE
OF NOTE]

 

This Note is one of a duly authorized issue
of Notes of the Issuing Entity, designated as its         % Class B Asset Backed Notes
(herein called the “Class B Notes”
or the “Notes”), all issued under an Indenture
dated as of [Month Day], 200X (such Indenture, as supplemented or amended, is
herein called the “Indenture”)
between the Issuing Entity and [The Bank of New York Mellon Trust Company,
N.A.], not in its individual capacity but solely as trustee (the “Indenture Trustee”, which term includes any successor
Indenture Trustee under the Indenture), to which Indenture and all indentures
supplemental thereto reference is hereby made for a statement of the respective
rights and obligations thereunder of the Issuing Entity, the Indenture Trustee
and the Holders of the Notes.  The Notes
are subject to all terms of the Indenture. 
All terms used in this Note that are not otherwise defined herein and
that are defined in the Indenture shall have the meanings assigned to them in
or pursuant to the Indenture.

 

The Class B Notes are and will be
equally and ratably secured by the collateral pledged as security therefor as
provided in the Indenture, but the interest of the Class B Noteholders in
such collateral is subordinated and second to the rights of the Class A
Noteholders.

 

The Issuing Entity shall pay interest on
overdue installments of interest at the Class B Note Rate to the extent
lawful.

 

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

 

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

 

Each Noteholder or Note Owner, by acceptance
of a Note, or, in the case of a Note Owner, a beneficial interest in a Note,
covenants and agrees that by accepting the benefits of the Indenture that such
Noteholder will not at any time institute against the Seller or the Issuing 

 

Exhibit A-5 (Page 5)

 

Entity, or join in any
institution against the Seller or the Issuing Entity of, any bankruptcy,
reorganization or arrangement, insolvency or liquidation proceedings under any
United States federal or State bankruptcy or similar law in connection with any
obligations relating to the Notes, the Indenture or the Basic Documents.

 

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

 

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

 

No reference herein to the Indenture and no
provision of this Note or of the Indenture shall alter or impair the obligation
of the Issuing Entity, which is absolute and unconditional, to pay the
principal of and interest on this Note at the times, place and rate, and in the
coin or currency, herein prescribed.

 

Anything herein to the contrary
notwithstanding, except as expressly provided in the Basic Documents, neither
[The Bank of New York Mellon Trust Company, N.A.], in its individual capacity,
any owner of a beneficial interest in the Issuing Entity, nor any of their
respective partners, beneficiaries, agents, officers, directors, employees,
successors or assigns shall be personally liable for, nor shall recourse be had
to any of them for, the payment of principal of or interest on, or performance
of, or omission to perform, any of the covenants, obligations or
indemnifications contained in this Note or the Indenture, it being expressly
understood that said covenants, obligations and indemnifications have been made
by the Indenture Trustee for the sole purposes of binding the interests of the
Indenture Trustee in the assets of the Issuing Entity.  The Holder of this Note by the acceptance
hereof, and each Note Owner by the acceptance of a beneficial interest herein,
each agrees that, except as expressly provided in the Basic Documents, in the
case of an Event of Default under the Indenture, the Holder and Note Owner
shall have no claim against any of the foregoing for any deficiency, loss or
claim therefrom; provided, however, that nothing
contained herein shall be taken to prevent recourse to, and enforcement
against, the assets of the Issuing Entity for any and all liabilities,
obligations and undertakings contained in the Indenture or in this Note.

 

Exhibit A-5 (Page 6)

 

ASSIGNMENT

 

Social Security or taxpayer I.D. or other
identifying number of assignee

 

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

  
	
   

  
	
  (name and address of assignee)

  
	
   

  
	
  the
  within Note and all rights thereunder, and hereby irrevocably constitutes and
  appoints
                                            ,
  attorney, to transfer said Note on the books kept for registration thereof,
  with full power of substitution in the premises.

  
	
   

  	
   

  	
   

  	
   

  
	
  Dated:

  	
   

  	
   

  	
  *

  
	
   

  	
   

  	
   

  	
  Signature
  Guaranteed:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Signatures
  must be guaranteed by an “eligible guarantor 

  
	
   

  	
   

  	
  institution” meeting the
  requirements of the Note Registrar, which requirements include membership or
  participation in STAMP or such other “signature guarantee
  program” as may be determined by the Note Registrar in addition
  to, or in substitution for, STAMP, all in accordance with the Securities
  Exchange Act of 1934, as amended.

  

 

*              NOTE:  The
signature to this assignment must correspond with the name of the registered
owner as it appears on the face of the within Note in every particular without
alteration, enlargement or any change whatsoever.

 

Exhibit A-5 (Page 7)

 

EXHIBIT B

to Indenture

 

FORM OF SECTION 3.9 OFFICER’S CERTIFICATE

 

[The Bank of New York Mellon Trust Company,
N.A.]

[2 North LaSalle Street, Suite 1020

Chicago, Illinois 60602]

 

 

Pursuant to Section 3.9
of the Indenture, dated as of [Month Day], 200X (the “Indenture”)
between CNH Equipment Trust 200X-Y  (the “Issuing Entity”) and [The Bank of New York Mellon Trust
Company, N.A.], as Indenture Trustee, the undersigned hereby certifies that:

 

(a)           a
review of the activities of the Issuing Entity during the previous fiscal year
and of performance under the Indenture has been made under the supervision of
the undersigned; and

 

(b)           to
the best knowledge of the undersigned, based on such review, the Issuing Entity
has complied with all conditions and covenants under the Indenture throughout
such year. [or, if there has been a default in the compliance of any such
condition or covenant, this certificate is to specify each such default known
to the undersigned and the nature and status thereof]

 

	
   

  	
  CNH EQUIPMENT TRUST 200X-Y

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  

 

Exhibit B (Page 1)

 

Schedule P

 

1.             General.  The Indenture creates, or with respect to the
Receivables that are Subsequent Receivables upon the transfer of such
Subsequent Receivables pursuant to the Subsequent Transfer Assignment will
create, a valid and continuing security interest (as defined in the applicable
UCC) in all of the Issuing Entity’s right, title and interest in, to and under (i) the
Receivables, (ii) the Liquidity Receivables Purchase Agreement (only with
respect to Owned Contracts), (iii) the Sale and Servicing Agreement
(including all rights of the Seller under the Liquidity Receivables Purchase
Agreements and the Purchase Agreement assigned to the Issuing Entity pursuant
to the Sale and Servicing Agreement), and (iv) the Interest Rate Swap
Agreements, in each case, in favor of the Indenture Trustee, which, (a) security
interest is enforceable upon execution of the Indenture against creditors of
and purchasers from the Issuing Entity as such enforceability may be limited by
applicable Debtor Relief Laws, now or hereafter in effect, and by general
principles of equity (whether considered in a suit at law or in equity), and (b) upon
filing of the financing statements described in clause 4 below will be prior to all other Liens.

 

2.             Characterization.  The Receivables constitute “tangible chattel
paper” within the meaning of UCC Section 9-102.  The rights granted under the agreements
described in clause 1(ii) through (iv) constitute “general intangibles” within the
meaning of UCC Section 9-102.  The Issuing Entity has taken or will take all
steps necessary to perfect its security interest in the property securing the
Receivables within 10 days of the Closing Date.

 

3.             Creation.  Immediately prior to the grant to the
Indenture Trustee pursuant to the Indenture, the Issuing Entity owns and has
good and marketable title to, or has a valid security interest in, the
Receivables free and clear of any Lien, claim or encumbrance of any Person.

 

4.             Perfection.  The Issuing Entity has caused or will have
caused, within ten days of the Closing Date, the filing of all appropriate
financing statements in the proper filing office in the appropriate
jurisdictions under applicable law in order to perfect the security interest
granted to the Indenture Trustee under the Indenture in the Receivables.  With respect to the Collateral that
constitutes tangible chattel paper, the Servicer or a Subservicer, as
custodian, received possession of such tangible chattel paper after the
Indenture Trustee received a written acknowledgment (which is contained in the
Sale and Servicing Agreement) from such custodian that it is acting solely as
agent of the Indenture Trustee.  All
financing statements filed under this clause 4
contain a statement that “A purchase of or security interest in any collateral
described in this financing statement will violate the rights of the Secured
Party”.

 

5.             Priority.  Other than the security interest granted to
the Indenture Trustee pursuant to the Indenture, the Issuing Entity has not
pledged, assigned, sold, granted a security interest in, or otherwise conveyed
any of the Collateral.  The Issuing Entity
has not authorized the filing of and is not aware of any financing statements
against the Issuing Entity that include a description of collateral covering
the Collateral other than any financing statement (i) relating to the
security interest granted to the Indenture Trustee under the Indenture, (ii) that
has been terminated or relating to a security interest which has been released,
or (iii) that has been granted pursuant to the terms of the Basic
Documents.  None of the tangible chattel
paper that constitutes or 

 

Schedule P (Page 1)

 

evidences the Collateral has
any marks or notations indicating that they have pledged, assigned or otherwise
conveyed to any Person other than the Indenture Trustee.  The Issuing Entity is not aware of any
judgment, ERISA or tax lien filings against it.

 

6.             Survival
of Perfection Representations. 
Notwithstanding any other provision of the Indenture or any other Basic
Document, the Perfection Representations contained in this Schedule P shall be
continuing, and remain in full force and effect (other than with respect to
Reacquired Receivables);

 

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

 

8.             Servicer to Maintain Perfection
and Priority.  The Servicer covenants
that, in order to evidence the interests of Issuing Entity and the Indenture
Trustee under this Agreement, Servicer shall take such action, or execute and
deliver such instruments as may be necessary or advisable (including, without
limitation, such actions as are requested by Issuing Entity) to maintain and
perfect, as a first priority interest, the Indenture Trustee’s security
interest in the Receivables.  Servicer
shall, from time to time and within the time limits established by law, prepare
and present to the Indenture Trustee for the Indenture Trustee to authorize the
Servicer to file, all financing statements, amendments, continuations, initial
financing statements in lieu of a continuation statement, terminations, partial
terminations, releases or partial releases, or 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”).  Issuing
Entity shall promptly authorize in writing Servicer to, and Servicer shall,
effect such Filing under the Uniform Commercial Code without the signature of
the Indenture Trustee or Issuing Entity where allowed by applicable law.

 

Schedule P (Page 2)Exhibit 4(b)

 

 

 

CNH
EQUIPMENT TRUST 200X-Y

 

TRUST AGREEMENT

 

between

 

CNH CAPITAL RECEIVABLES LLC

 

and

 

[Wilmington Trust Company],

 

as Trustee

 

Dated as of [Month Day], 200X

 

 

 

 

TABLE OF CONTENTS

 

	
  ARTICLE I Definitions

  	
  1

  
	
   

  	
   

  	
   

  
	
  SECTION 1.1

  	
  Definitions

  	
  1

  
	
   

  	
   

  	
   

  
	
  ARTICLE II Organization

  	
  2

  
	
   

  	
   

  	
   

  
	
  SECTION 2.1

  	
  Name

  	
  2

  
	
  SECTION 2.2

  	
  Office

  	
  2

  
	
  SECTION 2.3

  	
  Purposes and Powers

  	
  2

  
	
  SECTION 2.4

  	
  Appointment of Trustee

  	
  3

  
	
  SECTION 2.5

  	
  Initial Capital Contribution of
  Trust Estate

  	
  3

  
	
  SECTION 2.6

  	
  Declaration of Trust

  	
  3

  
	
  SECTION 2.7

  	
  Liability of the
  Certificateholders

  	
  3

  
	
  SECTION 2.8

  	
  Title to Trust Property

  	
  3

  
	
  SECTION 2.9

  	
  Situs of Trust

  	
  4

  
	
  SECTION 2.10

  	
  Representations and Warranties
  of the Depositor

  	
  4

  
	
  SECTION 2.11

  	
  Federal Income Tax Allocations;
  Tax Treatment

  	
  5

  
	
   

  	
   

  	
   

  
	
  ARTICLE III Trust Certificates and Transfer
  of Interests

  	
  5

  
	
   

  	
   

  	
   

  
	
  SECTION 3.1

  	
  Initial Ownership

  	
  5

  
	
  SECTION 3.2

  	
  The Trust Certificates

  	
  5

  
	
  SECTION 3.3

  	
  Authentication of Trust
  Certificates

  	
  5

  
	
  SECTION 3.4

  	
  Registration of Transfer and
  Exchange of Trust Certificates

  	
  5

  
	
  SECTION 3.5

  	
  Mutilated, Destroyed, Lost or
  Stolen Trust Certificates

  	
  7

  
	
  SECTION 3.6

  	
  Persons Deemed
  Certificateholders

  	
  8

  
	
  SECTION 3.7

  	
  Access to List of
  Certificateholders’ Names and Addresses

  	
  8

  
	
  SECTION 3.8

  	
  Maintenance of Office or Agency

  	
  8

  
	
  SECTION 3.9

  	
  Appointment of Paying Agent

  	
  9

  
	
   

  	
   

  	
   

  
	
  ARTICLE IV Actions by Trustee

  	
  9

  
	
   

  	
   

  	
   

  
	
  SECTION 4.1

  	
  Prior Notice to
  Certificateholders With Respect to Certain Matters

  	
  9

  
	
  SECTION 4.2

  	
  Action By Certificateholders
  With Respect to Certain Matters

  	
  10

  
	
  SECTION 4.3

  	
  Action By Certificateholders
  With Respect to Bankruptcy

  	
  10

  
	
  SECTION 4.4

  	
  Restrictions on
  Certificateholders’ Power

  	
  10

  
	
  SECTION 4.5

  	
  Majority Control

  	
  10

  
	
   

  	
   

  	
   

  
	
  ARTICLE V Application of Trust Funds;
  Certain Duties

  	
  10

  
	
   

  	
   

  	
   

  
	
  SECTION 5.1

  	
  Establishment of Trust Account

  	
  10

  
	
  SECTION 5.2

  	
  Applications of Trust Funds

  	
  11

  
	
  SECTION 5.3

  	
  Method of Payment

  	
  12

  
	
  SECTION 5.4

  	
  No Segregation of Monies; No
  Interest

  	
  12

  
	
  SECTION 5.5

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

  	
  12

  

 

i

 

	
  SECTION 5.6

  	
  Signature on Returns; Tax
  Matters Partner

  	
  13

  
	
   

  	
   

  	
   

  
	
  ARTICLE VI Authority and Duties of Trustee

  	
  13

  
	
   

  	
   

  	
   

  
	
  SECTION 6.1

  	
  General Authority

  	
  13

  
	
  SECTION 6.2

  	
  General Duties

  	
  13

  
	
  SECTION 6.3

  	
  Action upon Instruction

  	
  13

  
	
  SECTION 6.4

  	
  No Duties Except as Specified in
  This Agreement or in Instructions

  	
  14

  
	
  SECTION 6.5

  	
  No Action Except Under Specified
  Documents or Instructions

  	
  15

  
	
  SECTION 6.6

  	
  Restrictions

  	
  15

  
	
   

  	
   

  	
   

  
	
  ARTICLE VII Concerning the Trustee

  	
  15

  
	
   

  	
   

  	
   

  
	
  SECTION 7.1

  	
  Acceptance of Trusts and Duties

  	
  15

  
	
  SECTION 7.2

  	
  Furnishing of Documents

  	
  16

  
	
  SECTION 7.3

  	
  Representations and Warranties

  	
  17

  
	
  SECTION 7.4

  	
  Information to be Provided by
  the Trustee

  	
  17

  
	
  SECTION 7.5

  	
  Reliance; Advice of Counsel

  	
  18

  
	
  SECTION 7.6

  	
  Not Acting in Individual
  Capacity

  	
  18

  
	
  SECTION 7.7

  	
  Trustee Not Liable For Trust
  Certificates or Receivables

  	
  18

  
	
  SECTION 7.8

  	
  Trustee May Not Own Notes

  	
  19

  
	
   

  	
   

  	
   

  
	
  ARTICLE VIII Compensation of Trustee

  	
  19

  
	
   

  	
   

  	
   

  
	
  SECTION 8.1

  	
  Trustee’s Fees and Expenses

  	
  19

  
	
  SECTION 8.2

  	
  Indemnification

  	
  19

  
	
  SECTION 8.3

  	
  Payments to the Trustee

  	
  20

  
	
   

  	
   

  	
   

  
	
  ARTICLE IX Termination of Trust Agreement

  	
  20

  
	
   

  	
   

  	
   

  
	
  SECTION 9.1

  	
  Termination of Trust Agreement

  	
  20

  
	
   

  	
   

  	
   

  
	
  ARTICLE X Successor Trustees and Additional
  Trustees

  	
  21

  
	
   

  	
   

  	
   

  
	
  SECTION 10.1

  	
  Eligibility Requirements for
  Trustee

  	
  21

  
	
  SECTION 10.2

  	
  Resignation or Removal of
  Trustee

  	
  21

  
	
  SECTION 10.3

  	
  Successor Trustee

  	
  22

  
	
  SECTION 10.4

  	
  Merger or Consolidation of
  Trustee

  	
  23

  
	
  SECTION 10.5

  	
  Appointment of Co-Trustee or
  Separate Trustee

  	
  23

  
	
   

  	
   

  	
   

  
	
  ARTICLE XI Miscellaneous

  	
  24

  
	
   

  	
   

  	
   

  
	
  SECTION 11.1

  	
  Supplements and Amendments

  	
  24

  
	
  SECTION 11.2

  	
  No Legal Title To Trust Estate
  in Certificateholders

  	
  26

  
	
  SECTION 11.3

  	
  Limitations on Rights of Others

  	
  26

  
	
  SECTION 11.4

  	
  Notices

  	
  26

  
	
  SECTION 11.5

  	
  Severability

  	
  26

  
	
  SECTION 11.6

  	
  Separate Counterparts

  	
  26

  

 

ii

 

	
  SECTION 11.7

  	
  Successors and Assigns

  	
  27

  
	
  SECTION 11.8

  	
  Covenants of The Depositor

  	
  27

  
	
  SECTION 11.9

  	
  No Petition

  	
  27

  
	
  SECTION 11.10

  	
  No Recourse

  	
  27

  
	
  SECTION 11.11

  	
  Headings

  	
  27

  
	
  SECTION 11.12

  	
  Governing Law

  	
  27

  
	
  SECTION 11.13

  	
  Administrator

  	
  28

  
	
  SECTION 11.14

  	
  Information to be Provided by
  the Trustee

  	
  28

  
	
  SECTION 11.15

  	
  Complete Information

  	
  29

  
	
  SECTION 11.16

  	
  Indemnification

  	
  29

  
	
  SECTION 11.17

  	
  Paying Agent Protection

  	
  31

  

 

iii

 

EXHIBITS

 

	
  EXHIBIT A

  	
  Form of Trust Certificate

  
	
  EXHIBIT B

  	
  Form of Certificate of Trust

  

 

iv

 

TRUST
AGREEMENT (as amended or supplemented from time to
time, this “Agreement”) dated as
of [Month Day], 200X between CNH CAPITAL RECEIVABLES LLC, a Delaware limited
liability company, as Depositor, and [Wilmington Trust Company] (“[WTC]”), a [Delaware 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 200X-Y and
[The Bank of New York Mellon Trust Company, N.A.].

 

SECTION 1.2                       Other
Definitional Provisions.

 

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

 

(b)                                 As used in this
Agreement and in any certificate or other document made or delivered pursuant
hereto 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.

 

(c)                                  The words “hereof”, “herein”,
“hereunder” and words of similar import when used in this Agreement shall refer
to this Agreement as a whole and not to any particular provision of this
Agreement; Section 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”.

 

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

 

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

 

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

 

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

 

 

ARTICLE II

Organization

 

SECTION 2.1                                                  Name.  The Trust created
hereby shall be known as “CNH Equipment Trust 200X-Y”, 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 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/or the Trust Certificates in one or more
transactions;

 

(b)                                 with the proceeds of
the sale of the Notes and/or 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.

 

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” (“FAS 140”),
including any interpretations thereof or any successor standard issued by the
Financial Accounting Standards Board.  The
Trustee shall have no obligation to determine whether or not any derivative
financial instrument complies with FAS 140.

 

2

 

SECTION 2.4                                                  Appointment
of Trustee.  The
Depositor hereby appoints [Wilmington Trust Company] as Trustee of the Trust
effective as of the date hereof, to have all the rights, powers and duties set
forth herein.

 

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 constitute 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 Trust Certificates are held by a Person other than the Depositor, the Trust
be disregarded as an entity separate from the Depositor and the Notes be
treated as debt of the Depositor.  At
such time that the Trust 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 Trust Certificates are held
by more than one Person 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 the Depositor (or
other sole owner of the Trust Certificates). 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.  The Trustee shall file a Certificate of Trust
on behalf of the Trust with the Secretary of State pursuant to Section 3810
of the Trust Statute.

 

SECTION 2.7                                                  Liability
of the Certificateholders.  No Certificateholder shall have
any personal liability for any liability or obligation of the Trust. The
Certificateholders shall be entitled to the same limitation of personal
liability extended to stockholders of corporations under the Delaware General
Corporation Law.

 

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.

 

3

 

SECTION 2.9                                                  Situs
of Trust.  The Trust will be
located and administered in the States of [Delaware and Pennsylvania] and/or in
any other states to which the Depositor consents in writing.  All bank accounts maintained by the Trustee
on behalf of the Trust shall be located in the State of [Delaware or New York] and/or
in any other states to which the Depositor consents in writing.  The Trust shall not have any employees.  Payments will be received by the Trust only
in [Delaware or New York] and/or in any other states to which the Depositor
consents in writing and payments will be made by the Trust only from [Delaware
or New York] and/or in any other states to which the Depositor consents in
writing.

 

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

 

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

 

4

 

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).

 

SECTION 2.11                                            Federal
Income Tax Allocations; Tax Treatment. 
If the Trust Certificates and interests in the Spread Account are held
by more than one Person, this Agreement shall be amended to include such
provisions as are required or appropriate under Subchapter K of the Code in
order for the Trust to be treated as a partnership whose partners are the
beneficial owners of the Trust Certificates and the Depositor (or other holders
of interests in the Spread Account).

 

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; and upon the issuance of the Trust Certificates,
the Depositor will no longer be a beneficiary of the Trust, except to the
extent that the Depositor is a Certificateholder.

 

SECTION 3.2                                                  The Trust Certificates.  The Trust Certificates shall be substantially
in the form of Exhibit A hereto and shall be 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, fully paid, non-assessable 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 Certificate
evidencing the 100% beneficial interest in the Trust 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, any vice
president, any secretary, any assistant secretary, any treasurer, or any
assistant treasurer, without further action by the Depositor.  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 Trust
shall provide for the registration of Trust Certificates and of transfers and 

 

5

 

exchanges of Trust Certificates.  The Paying Agent shall be the “Certificate Registrar” for the 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.  The initial Trust
Certificate shall be registered in the name of [“CNH Capital Receivables LLC”] as the initial registered
owner thereof.

 

Upon surrender
for registration of transfer of any Trust Certificate at the office or agency
maintained pursuant to Section 3.8,
the Trustee shall execute, authenticate and deliver, in the name of the
designated transferee or transferees, one or more new Trust Certificates
evidencing such transferee’s beneficial interest in the Trust, which Trust
Certificates will be issued in amounts equal, in the aggregate, to the
percentage of beneficial interest in the Trust transferred by such transferor.

 

At the option
of a Certificateholder, upon surrender of the Trust Certificates to be
exchanged at the office or agency maintained pursuant to Section 3.8, a Trust Certificate may
be exchanged for a new Trust Certificate evidencing the same percentage of
beneficial interest in the Trust as the Trust Certificate so exchanged.  Whenever any Trust Certificates are so
surrendered for exchange, 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 Certificateholder thereof or his attorney duly authorized in
writing. No transfer of a Trust Certificate shall be registered unless the
transferee shall have provided (i) if the transferee is not the Seller or
an Affiliate of the Seller and the transferor is not the Seller or an Affiliate
of the Seller, 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 Affiliate 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.

 

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 Certificateholder 

 

6

 

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 Certificateholder 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

 

(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, 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 

 

7

 

evidencing the same percentage of beneficial
interest in the Trust as the Trust Certificate so mutilated, destroyed, lost or
stolen.

 

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 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 evidencing in the
aggregate not less than 25% of the beneficial interest in the Trust 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 Certificateholder, 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 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 [its
Corporate Trust Office], Attention: [             ] 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.

 

8

 

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 Indenture 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 Indenture 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 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 (other than the
Indenture Trustee or the Trustee as 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
Indenture Trustee or Trustee to the extent the Indenture Trustee or Trustee is
a Paying Agent, for so long as the Indenture Trustee or Trustee, as applicable,
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 (or such shorter period as shall be agreed to in writing by all
Certificateholders), 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 (or such agreed upon
shorter period) 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 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;

 

9

 

(c)           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

 

(d)           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 (other than the Trustee), or the consent to the
assignment by the Note Registrar, Paying Agent or Indenture Trustee or
Certificate Registrar (other than to the Trustee) 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 (i) until one year and one day after the Outstanding
Amount of all the Notes has been reduced to zero and (ii) without the
unanimous prior approval of all Certificateholders and (iii) without 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 Certificateholders holding in the aggregate more than 50% of the
beneficial interest in the Trust at the time of such action. Except as
expressly provided herein, any written notice of the Certificateholders
delivered pursuant to this Agreement shall be effective if signed by
Certificateholders holding in the aggregate more than 50% of the beneficial
interest in the Trust at the time of such action.

 

ARTICLE V

Application of Trust Funds; Certain Duties

 

SECTION 5.1                 Establishment of Trust Account.  The Trustee or the Paying Agent on the Trust’s
behalf, 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 

 

10

 

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 or the
Paying Agent 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 Paying Agent
on the Trust’s behalf (or the Depositor on behalf of the Trustee, if the
Certificate Distribution Account is not then held by the initial Paying Agent
or 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 Indenture Trustee (if any Notes are Outstanding or
amounts are still due to the Counterparties) or the Trustee (if the Notes and
all payments to the Counterparties have been paid in full) 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 Indenture Trustee or the Trustee shall send to each
Certificateholder the statement provided to the Indenture Trustee or the
Trustee, as applicable, by the Servicer pursuant to Section 5.11 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 Indenture Trustee and the
Trustee, as applicable, are 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 Indenture Trustee or the Trustee, as
applicable, 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 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
Indenture Trustee or the Trustee, as applicable, 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 

 

11

 

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, which the Depositor may forward to the Indenture Trustee.  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
Indenture Trustee or the Trustee, as applicable, shall reasonably cooperate
with such Certificateholder in making such claim so long as such
Certificateholder agrees to reimburse the Indenture Trustee or the Trustee, as
applicable, 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
Certificateholder 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 Certificateholder’s Trust Certificates aggregate not
less than $1,000,000, or, if not, by check mailed to such Certificateholder at
the address of such Certificateholder appearing in the Certificate Register.

 

SECTION 5.4                 No Segregation of Monies; No Interest.  Subject to Sections 5.1 and 5.2, monies
received by the Trustee or the Paying Agent hereunder need not be 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 or the Paying Agent, as applicable, 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 Trust Certificates are
held by any Person other than the Depositor or its Affiliate, 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, if
applicable) to enable each Certificateholder to prepare its federal, State and
local income tax returns, (c) file such tax returns relating to the Trust
(including, if applicable, 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 disregarded entity or partnership for federal income tax
purposes, as applicable, (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 

 

12

 

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 Trust 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 such
Certificateholder.

 

(b)           In
the event the Trust is characterized as a partnership, in accordance with Section 2.6,
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.

 

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.

 

13

 

(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 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 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 

 

14

 

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 arising by, through or under the Trustee (including in its individual
capacity) which are unrelated to the administration or ownership of the Trust
Estate.

 

Further,
notwithstanding anything to the contrary herein or in any other document, the
Trustee shall not be required to execute, deliver or certify on behalf of the
Trust, the Servicer, the Depositor or any other Person any filings,
certificates, affidavits or other instruments required under Section 302
of the Sarbanes-Oxley Act of 2002. 
Notwithstanding any Person’s right to instruct the Trustee, neither the
Trustee nor any agent, employee, director or officer of the Trustee shall have
any obligation to execute any certificates or other documents required pursuant
to Section 302 of the Sarbanes-Oxley Act of 2002 or the rules and
regulations promulgated thereunder, and the refusal to comply with any such
instructions shall not constitute a default or breach under this Agreement or
any other document in connection herewith.

 

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
monies 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;

 

15

 

(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 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, 

 

16

 

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 as of the date
hereof (other than with respect to Section 7.3(e), which is as of the
dates specified therein):

 

(a)           it
is a [banking corporation duly organized and validly existing in good standing
under the laws of the State of [Delaware], 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,

 

(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 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, and

 

(e)           as
of the date of the Underwriting Agreement, the Preliminary Prospectus Date, the
Prospectus Date and the Closing Date, to its knowledge without independent
investigation, there are no legal proceedings pending against the Trustee, or of
which any property of the Trustee is subject, that are material to the
Noteholders, and to the knowledge of the Trustee no such legal proceedings are
contemplated by any governmental authority.

 

SECTION 7.4                 Information to be Provided by the Trustee.  The Trustee shall notify the Depositor
promptly after the Trustee becomes aware of (a) the initiation of any
legal proceedings against the Trustee, or of which any property of the Trustee
is subject, that are material to the Noteholders, (b) any developments in
any such proceedings that are material to 

 

17

 

the Noteholders and (c) any such
proceedings that are contemplated by any governmental authority.

 

SECTION 7.5                 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, any treasurer, any assistant treasurer, any
secretary, any assistant secretary 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 7.6                 Not Acting in Individual Capacity.  Except as provided in this Article VII, in accepting the trusts
hereby created [Wilmington Trust Company] 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 7.7                 Trustee Not Liable For Trust Certificates or
Receivables.  The recitals
contained herein and in the Trust Certificates (other than the signature and
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 

 

18

 

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 7.8                 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 Issuing Entity.  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.

 

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, (b) with respect to the Trustee, the
inaccuracy of any representation or warranty contained in Section 7.3 expressly made by the
Trustee or (c) any tax imposed on an Indemnified Party based on, measured
by or with respect to the net or gross income, capital or net worth, gross or
net receipts, franchise, excess profits or conduct of business by such
Indemnified Party (including, but not limited to, taxes imposed on, measured
by, or with respect to any fees or compensation received by the Trustee
hereunder).  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

 

19

 

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 the rate publicly announced by
[Wilmington Trust Company] as its prime rate from time to time.

 

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 monies 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.

 

(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; provided however,
for the sake of clarity, no action is necessary by the Depositor, the
Certificateholder or any other Person as a prerequisite for a dissolution under
Section 9.1(a) to occur.

 

(c)           Notice
of any anticipated 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 anticipated dissolution from
the Servicer given pursuant to Section 9.1(c) of
the Sale and Servicing Agreement, and such notice from the Trustee shall state:
(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 

 

20

 

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 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.

 

(a)           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.  Other
than such instrument, and as provided in Section 10.2(b) and 10.3
below, no other documentation or action shall be required, and notwithstanding
anything to the contrary herein or in the Basic Documents, no consent shall be
required of any Person with respect to such appointment or entering into any
such agreement, and the amendment provisions hereof will not apply to such
instrument.  If no successor Trustee shall
have been so appointed and have accepted appointment within 30 days after the
giving of such notice of 

 

21

 

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 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.  Other than such instrument, and
as provided in Section 10.2(b) and 10.3 below, no other documentation
or action shall be required, and notwithstanding anything herein or in the
Basic Documents to the contrary, no consent shall be required of any Person
with respect to such appointment or entering into any such agreement, and the
amendment provisions hereof will not apply to such instrument.

 

(b)           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 and
the Counterparties.

 

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.  Such instrument shall
identify the situs of the Trust, locations where payments will be made and/or
received, and where bank accounts will be maintained for purposes of Section 2.9
hereof, if such locations are to change following such appointment.  As of the effective date of such instrument, Section 2.9
hereof shall be read to include such locations identified in such instrument.
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 

 

22

 

Trustee, the
Counterparties, 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. Any successor Trustee shall file an amendment to the
Certificate of Trust as required by the Statutory Trust Act.

 

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 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 and the Counterparties.

 

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;

 

23

 

(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.  Any term or provision of this Agreement may
be amended by the Depositor and the Trustee without the consent of the
Indenture Trustee, any Noteholder, the Issuing Entity or any other Person
subject to the satisfaction of one of the following conditions:

 

(i)            the
Depositor delivers an Opinion of Counsel to the Indenture Trustee to the effect
that such amendment will not materially and adversely affect the interests of
the Noteholders or the Certificateholders; or

 

(ii)           the
Depositor delivers an Officer’s Certificate of the Depositor to the Indenture
Trustee to the effect that such amendment will not materially and adversely
affect the interests of the Noteholders or the Certificateholders.

 

An amendment shall be deemed not to adversely affect in any material
respect the interests of any Noteholders of a Class of Notes if the Rating
Agency Condition has been satisfied with respect to such amendment for such Class of
Notes.

 

24

 

This Agreement
may also be amended from time to time by the Depositor and the Trustee, with
prior written notice to the Rating Agencies and the Counterparties, with the
written consent of (x) Noteholders holding Notes evidencing not less than
a majority of the Note Balance and (y) the Certificateholders holding in
the aggregate more than 50% of the beneficial interest in the Trust at the time
of such action, 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) reduce
the interest or principal of any Note or Certificate or delay the Final
Scheduled Maturity Date of any Note or (b) reduce the aforesaid percentage
of the Outstanding Amount and the beneficial interest in the Trust required to
consent to any such amendment, without the consent of the holders of all the
outstanding Notes and Trust 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 and the Counterparties, prior thereto), the Trustee shall furnish
written notification of the substance of such amendment or consent to each
Certificateholder, the Indenture Trustee, each of the Rating Agencies and the
Counterparties.

 

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.

 

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 has 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.

 

With respect
to any amendment pursuant to this Section 11.1,
if any amendment or supplement would either: (a) materially and adversely
affect any of the Counterparties’ rights or obligations under an Interest Rate
Swap Agreement or any other Basic Document; or (b) materially and
adversely modify the obligations of, or materially and adversely impact the
ability of, the Trust to fully perform any of the Trust’s obligations under an
Interest Rate Swap Agreement, the Trust and the Indenture Trustee shall be
required to first obtain the written 

 

25

 

consent of the
applicable Counterparties to the affected Interest Rate Swap Agreements before
entering into any such amendment or supplement (which consent shall not be
unreasonably withheld).

 

SECTION 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, the Counterparties 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, by facsimile 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, Indenture Trustee or the Paying Agent, addressed to the
applicable Corporate Trust Office, (ii) if to the Depositor, addressed to
CNH Capital Receivables LLC, [6900 Veterans Boulevard, Burr Ridge, Illinois
60527, Attention Assistant Treasurer, (telephone: (630) 887-2095) (facsimile:
(630) 887-5448)], and (iii) if to the Counterparties, addressed to the
addresses set forth in Section 11.4
of the Indenture; or, as to each party, at such other address or facsimile
number 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 Certificateholder 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.

 

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.

 

26

 

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 a Certificateholder
shall bind the successors and assigns of such Certificateholder.

 

SECTION 11.8               Covenants of The Depositor.  If 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
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.

 

27

 

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.

 

SECTION 11.14             Information to be Provided by the Trustee.  For so long as the Depositor is required to
report under Regulation AB and the Exchange Act, the Trustee shall, as promptly
as practicable, but in any case no later than each Payment Date, notify the
Depositor, in writing, of: (i) the commencement of or, if applicable, the
termination of, any and all legal proceedings pending against the Trustee or
any and all proceedings of which any property of the Trustee is the subject,
that is material to the noteholders; and (ii) the commencement of or, if
applicable, the termination of, any and all such proceedings known to be
contemplated by governmental authorities against the Trustee or any and all
proceedings of which any property of the Trustee is the subject, that is
material to the noteholders.  The Trustee
shall also notify the Depositor, in writing, as promptly as practicable, but in
any case no later than each Payment Date, following notice to or discovery by a
Responsible Officer of the Trustee of any material changes to proceedings
described in the preceding sentence.  In
addition, the Trustee will furnish to the Depositor, in writing, the necessary
disclosure regarding the Trustee describing such proceedings required to be
disclosed under Regulation AB, including Item 1117 of Regulation AB, for
inclusion in reports filed by or on behalf of the Depositor pursuant to the
Exchange Act.

 

For so long as
the Notes are outstanding and the Depositor is required to report under
Regulation AB and the Exchange Act, the Trustee shall (i) on or before the
fifth Business Day of each January, April, July and October provide
to the Depositor, in writing, such information regarding or relating to the
Trustee as is required for the purpose of compliance by the Depositor with
Regulation AB, including Items 1109(a), 1109(b), 1119(a) and 1119(b) of
Regulation AB; and (ii) as promptly as practicable following notice to or
discovery by a Responsible Officer of the Trustee of any changes to such
information (but in any case no later than the next March 15 following
such change), provide to the Depositor, in writing, such updated
information.  Such information shall
include, at a minimum:

 

(A)          the Trustee’s name and form of
organization;

 

(B)           a description of the extent to which
the Trustee has had prior experience serving as a trustee for asset-backed
securities transactions involving equipment receivables; and

 

(C)           a description of any affiliation
between the Trustee and any of the following parties (the “Affiliation Parties”),
as such parties are identified by legal name to the Trustee by the Depositor on
the Closing Date:

 

(1)           the sponsor;

(2)           any depositor;

(3)           the issuing entity;

(4)           any servicer;

(5)           any other trustee;

 

28

 

(6)           any originator;

(7)           any significant
obligor;

(8)           any enhancement or
support provider; and

(9)           any other material
party related to the transaction.

 

In addition,
the Trustee shall provide a description of whether there is, and if so the
general character of, any business relationship, agreement, arrangement,
transaction or understanding between the Trustee and any above-listed party
that is entered into outside the ordinary course of business or is on terms
other than would be obtained in an arm’s length transaction with an unrelated
third party, apart from this transaction, that currently exists or that existed
during the past two years and that is material to an investor’s understanding
of the Notes.

 

For so long as
the Notes are outstanding and the Depositor is required to report under the
Exchange Act, to the extent that there is a change in any of the Affiliation
Parties, the Depositor will notify the Trustee in writing of a change or
addition to any such Affiliation Parties, to the extent that an Authorized
Officer of the Depositor has actual knowledge of such change or addition.

 

SECTION 11.15             Complete Information.  The Disclosure Information (as defined in Section 11.16)
provided by [WTC] for inclusion in the Prospectus and the Preliminary
Prospectus is true and accurate in all material respects.  As of the Preliminary Prospectus Date and the
Prospectus Date (a) there are no legal proceedings pending or known to be
contemplated by governmental authorities against [WTC] or against any property
of [WTC], that would be material to the Noteholders, (b) [WTC] is not
affiliated with any of the Affiliation Parties, and (c) there is no
business relationship, agreement, arrangement, transaction or understanding
between the Trustee and any of the Affiliation Parties that is entered into
outside the ordinary course of business or is on terms other than would be
obtained in an arm’s length transaction with an unrelated third party, apart
from this transaction, that currently exists or that existed during the past
two years and that is material to an investor’s understanding of the Notes.

 

SECTION 11.16             Indemnification.

 

(a)           [WTC] agrees to pay,
and to protect, indemnify and save harmless Depositor and CNHCA from and
against, any and all claims, losses, liabilities (including penalties),
actions, suits, judgments, demands, damages, costs or expenses (including
reasonable fees and expenses of attorneys or, as necessary consultants and auditors
and reasonable costs of investigations) (collectively, “Losses”) of any
nature to the extent such Losses result from:

 

(i)            any
untrue statement of a material fact contained in (x) the information
provided by the Trustee pursuant to Section 11.14
(“Periodic Information”) or (y) the language set forth in Section 11.16(b) that was furnished by [WTC] for use under the
heading “The Trustee” in the prospectus supplement contained in the Prospectus
and the Preliminary Prospectus (the “Disclosure Information”, and
together with the Periodic Information and the 11.15 Information, the “Trustee
Information”) or (z) Section 11.15 (the
“11.15 Information”), or

 

29

 

(ii)           the
omission to state in the Trustee Information a material fact required to be
stated in the Trustee Information, or necessary in order to make the statements
therein, in the light of the circumstances under which they were made, not
misleading,

 

(b)           The
Disclosure Information for purposes of Section 11.16(a)(ii) is
as follows:

 

“[Wilmington Trust Company] is a [Delaware banking corporation] with
trust powers incorporated in 1903.  [Wilmington Trust Company’s] principal
place of business is located at [1100 North Market Street, Rodney Square North,
Wilmington, Delaware 19890]. [Wilmington Trust Company] has served as
trustee in numerous asset-backed securities transactions involving equipment
retail installment loans, consumer installment loans and retail installment
sale contracts.

 

[Wilmington Trust Company] is subject to various legal proceedings that
arise from time to time in the ordinary course of business.  [Wilmington
Trust Company] does not believe that the ultimate resolution of any of these
proceedings will have a materially adverse effect on its services as trustee or
on the noteholders.

 

[Wilmington Trust Company] has provided the above information for
purposes of complying with Regulation AB. Other than the above two paragraphs,
[Wilmington Trust Company] has not participated in the preparation of, and is
not responsible for, any other information contained in this prospectus.”

 

(c)           With respect to the indemnification
provided in Section 11.16(a), in no event will [WTC] be liable for
special, indirect or consequential damages relating to such
indemnification.  In case any proceeding
(including any governmental investigation) shall be instituted involving any
person in respect of which indemnity may be sought pursuant thereto, such
person (the “indemnified party”) shall promptly notify [WTC] in writing. 
In any such proceeding, any indemnified party shall have the right to retain
its own counsel, but the reasonable fees and expenses of such counsel shall be
at the expense of such indemnified party. 
[WTC] may, at its option, at any time upon written notice to the
indemnified party, assume the defense of any proceeding relating to such
indemnity and may designate counsel reasonably satisfactory to the indemnified
party in connection therewith provided that the counsel so designated would
have no actual or potential conflict of interest in connection with such
representation.  Unless it shall assume the defense of any proceeding
[WTC] shall not be liable for any settlement of any proceeding effected without
its written consent.  If [WTC] assumes the defense of any proceeding, it
shall be entitled to settle such proceeding with the consent of the indemnified
party or, if such settlement provides for release of the indemnified party in
connection with all matters relating to the proceeding which have been asserted
against the indemnified party in such proceeding by the other parties to such
settlement, without the consent of the indemnified party.

 

(d)           Depositor agrees to
pay, and to protect, indemnify and save harmless [WTC], and its respective
officers, directors, shareholders, employees, agents and each person, if any,
who controls [WTC], within the meaning of either Section 15 of the 

 

30

 

Securities Act or Section 20 of the Exchange Act, from and against,
any and all claims, losses, liabilities (including penalties), actions, suits,
judgments, demands, damages, costs or expenses (including reasonable fees and
expenses of attorneys or, as necessary, consultants and auditors and reasonable
costs of investigations) (collectively, “[WTC] Losses”) of any nature to the
extent such [WTC] Losses result from any untrue statement of a material fact
contained under the heading “Depositor” in the base prospectus contained in the
Preliminary Prospectus and the Prospectus, any omission to state under the
heading “Depositor” in the base prospectus contained in the Preliminary
Prospectus and the Prospectus a material fact required to be stated therein or
necessary to make the statements therein, in light of the circumstance under
which they were made, not misleading, or any untrue information with respect to
Affiliation Parties provided by the Depositor pursuant to the last paragraph of
Section 11.14 (unless [WTC] has actual knowledge that such Affiliation
Party information is incorrect).

 

(e)           With respect to the indemnification
provided in Section 11.16(d), in no event will Depositor be liable for
special, indirect or consequential damages relating to such
indemnification.  In case any proceeding
(including any governmental investigation) shall be instituted involving any
person in respect of which indemnity may be sought pursuant thereto, such
person (the “indemnified party”) shall promptly notify Depositor in
writing.  In any such proceeding, any indemnified party shall have the
right to retain its own counsel, but the reasonable fees and expenses of such
counsel shall be at the expense of such indemnified party.  Depositor may, at its option, at any time
upon written notice to the indemnified party, assume the defense of any
proceeding relating to such indemnity and may designate counsel reasonably
satisfactory to the indemnified party in connection therewith provided that the
counsel so designated would have no actual or potential conflict of interest in
connection with such representation.  Unless it shall assume the defense
of any proceeding Depositor shall not be liable for any settlement of any
proceeding effected without its written consent.  If Depositor assumes the
defense of any proceeding, it shall be entitled to settle such proceeding with
the consent of the indemnified party or, if such settlement provides for
release of the indemnified party in connection with all matters relating to the
proceeding which have been asserted against the indemnified party in such proceeding
by the other parties to such settlement, without the consent of the indemnified
party.

 

SECTION 11.17             Paying Agent Protection.  The Paying Agent shall be entitled to all the
same rights, protections, immunities and indemnities as the Indenture Trustee
under the Indenture as if specifically set forth herein.

 

*   *  
*   *   *

 

31

 

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.

 

	
   

  	
  [Wilmington Trust Company],

  
	
   

  	
  in its
  individual capacity and

  
	
   

  	
  as Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  CNH Capital Receivables LLC

  
	
   

  	
  as Depositor

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

 

ACKNOWLEDGED AND ACCEPTED:

 

[The Bank of New York Mellon Trust Company, N.A.],

As Indenture Trustee and as Paying Agent,

 

 

	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  

 

 

EXHIBIT
A

 

FORM OF
TRUST CERTIFICATE

 

REGISTERED

 

	
  NUMBER R- [     ]

  	
   

  	
  [100% Beneficial Interest][$[     ](1)]

  

 

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

 

CNH EQUIPMENT
TRUST 200X-Y

 

[TRUST][[    ]% ASSET BACKED] CERTIFICATE

 

evidencing a
fractional undivided beneficial interest in the Trust (as defined below), the
property of which includes a pool of retail installment sale contracts and
retail installment loans (including consumer installment loans) secured by new
and used agricultural, construction and/or other 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 registered owner
of a [[                ]
DOLLARS ($[          ])]
nonassessable, fully-paid, fractional undivided interest in CNH Equipment Trust
200X-Y  (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 [Month
Day], 200X (the “Trust Agreement”) between the Depositor and [Wilmington Trust Company], 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
[Month Day], 200X among the Trust, the Depositor and New Holland Credit
Company, LLC, as servicer (the “Servicer”),
as applicable.  This Trust Certificate is
one of the duly authorized Trust 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.  The provisions and
conditions of the Trust Agreement are hereby incorporated by reference as
though set forth in their entirety herein.

 

Issued under the Indenture dated as of [Month Day], 200X between the
Trust and [The Bank Of New York Mellon Trust Company, N.A.], as Indenture
Trustee, are notes designated as “[    ]%
Class A-1 Asset Backed Notes,” “[    
]% Class A-2 Asset Backed Notes,” “[     ]% Class 

 

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

 

A-1

 

A-3 Asset Backed Notes,” “[    ]%
Class A-4a Asset Backed Notes,” “Floating Rate Class A-4b Asset
Backed Notes,” and “[    ]% Class B
Asset Backed Notes”.  [The][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 holder of this
Trust Certificate][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 a Person
other than the Depositor, the Trust be disregarded as an entity separate from
the Depositor.  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 [holder of this Trust Certificate][other
Certificateholders], by acceptance of this Trust Certificate, agree to treat,
and to take no action inconsistent with the treatment of, the Trust
Certificates as such for tax purposes.

 

[The][Each] Certificateholder, by its acceptance of [a][this] 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, 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][this Trust Certificate],
the Notes, the Trust Agreement or any of the Basic Documents.

 

[The][Each] Certificateholder, by its acceptance of [this][a] Trust
Certificate, represents and warrants in writing that: (a) it is acquiring
[the][this] 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 (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.

 

[This Trust Certificate][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-2

 

(a “Benefit Plan”). By
accepting and holding this Certificate, the Certificateholder shall be deemed
to have represented and warranted that it is not a Benefit Plan.

 

[This Trust Certificate does][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, the Sale and Servicing Agreement or any of the Basic Documents
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 200X-Y,

  
	
   

  	
   

  
	
   

  	
  By: [Wilmington Trust Company],

  
	
   

  	
  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.

 

	
  [Wilmington Trust Company],

  	
   

  
	
  as Trustee

  	
   

  
	
   

  	
   

  
	
  By:

  	
   

  	
   

  
	
  Authorized Officer

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  Date:   [Month Day], 200X

  	
   

  
			

 

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

to the Trust Agreement

 

CERTIFICATE OF
TRUST

 

OF

 

CNH EQUIPMENT
TRUST 200X-Y

 

THIS CERTIFICATE OF TRUST of CNH EQUIPMENT TRUST 200X-Y (the “Trust”), is being duly executed and filed
by [Wilmington Trust Company], a [Delaware banking corporation], as trustee, to
form a statutory trust under the Delaware Statutory Trust Act (12 Del. C.  §3801, et seq. (the “Act”).

 

Name. 
The name of the statutory trust being formed hereby is CNH Equipment
Trust 200X-Y.

 

Delaware Trustee.  The name and business address of the trustee
of the Trust in the State of Delaware are [Wilmington Trust Company], [Rodney
Square North, 1100 North Market Street, Wilmington, Delaware  19890-0001, Attention: Corporate Trust
Administration].

 

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

 

B-1

 

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

 

	
   

  	
  [Wilmington Trust Company],

  
	
   

  	
  not in its
  individual capacity, but solely as

  
	
   

  	
  Trustee
  under a Trust Agreement dated as

  
	
   

  	
  of [Month
  Day], 200X

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  

 

B-2

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