Document:

Exhibit 4.2

 

 

CNH EQUIPMENT TRUST 2022-B

 

TRUST AGREEMENT

 

between

 

CNH CAPITAL RECEIVABLES LLC

 

and

 

WILMINGTON TRUST COMPANY, as Trustee

 

 

 

Dated as of August 5, 2022

 

 

    	 		 

     

    

 

TABLE
OF CONTENTS

 

	Article I
    Definitions	1
	 	 	 
	Section 1.1	Definitions	1
	Section 1.2	Other Definitional Provisions	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	2
	Section 2.5	Initial Capital Contribution of Trust Estate	2
	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
	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	14
	Section 6.4	No Duties Except as Specified in This Agreement or
    in Instructions	15
	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	17
	Section 7.3	Representations and Warranties	17
	Section 7.4	Information to be Provided by the Trustee	18
	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	25
	Section 11.3	Limitations on Rights of Others	26
	Section 11.4	Notices	26

 

    	 	ii	 

     

    

 

	Section 11.5	Severability	26
	Section 11.6	Separate Counterparts	26
	Section 11.7	Successors and Assigns	26
	Section 11.8	Covenants of The Depositor	26
	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	27
	Section 11.14	Information to be Provided by the Trustee	27
	Section 11.15	Complete Information	29
	Section 11.16	Indemnification	29
	Section 11.17	Paying Agent Protection	31
	Section 11.18	Communications with Rating Agencies	31
	Section 11.19	PATRIOT Act	32
	Section 11.20	Electronic Signatures	32

 

    	 	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 August 5, 2022 between CNH CAPITAL RECEIVABLES
LLC, a Delaware limited liability company, as Depositor, and Wilmington Trust Company
(“WTC”), a Delaware trust company, 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 August 1,
2022 between CNH Equipment Trust 2022-B and Citibank, 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 2022-B”, 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 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 other Basic Documents.

 

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

 

    	 	2	 

     

    

 

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. As of the date hereof, the Depositor intends to retain the Trust Certificates.  Although there is no present
intent to effect any subsequent transfer of the Trust Certificates, in the event that the Depositor did intend to transfer any of the
Trust Certificates to a third party, the parties to this Agreement will amend this Agreement as necessary to prevent any application
of the Treasury regulations under Section 385 of the Code (including any subsequent or successor provision) that would result in
the recharacterization of any of the Notes as equity.  This Section 2.6 shall not apply with respect to the characterization
of the Notes as indebtedness for federal income tax purposes to the extent that any of the Notes is required to be treated as other than
indebtedness in the hands of an Affiliate pursuant to Section 385 of the Code and the Treasury regulations promulgated thereunder.

 

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 of property or the conduct of its business shall require such qualifications.

 

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

 

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

 

(e)            The
Depositor has duly executed and delivered this Agreement, and this Agreement constitutes a legal, valid and binding obligation of the
Depositor, enforceable in accordance with its terms, except as enforceability may be subject to or limited by bankruptcy, insolvency,
reorganization or other similar laws affecting the enforcement of

 

    	 	4	 

     

    

 

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.

 

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 exchanges of

 

    	 	5	 

     

    

 

Trust Certificates. The Trustee 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 or exchange 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 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 an association (or publicly traded partnership) taxable as a corporation 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 an association (or publicly traded
partnership) taxable as a corporation 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 evidencing the same

 

    	 	7	 

     

    

 

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 shall give prompt written notice to the Certificate Registrar of any surrender, transfer
or exchange of the Trust Certificates to the Trustee. The Trustee initially designates its Corporate Trust Office as its principal corporate
trust office for such purposes. The Trustee shall give prompt written notice to the Depositor, to the Certificate Registrar 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 (or the Trustee if the Notes have been paid in full) shall make distributions to Certificateholders
from the Certificate Distribution Account pursuant to Section 5.2 and the Indenture Trustee as Paying Agent 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 a

 

    	 	10	 

     

    

 

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 the Trustee (if the Notes 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, as applicable, shall make available using its internet website or 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
distributive share of income of the Trust, as if the entire amount of such foreign Certificateholder’s

 

    	 	11	 

     

    

 

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.

 

(d)            Each
Certificateholder will furnish the Depositor and the Trustee with the Noteholder Tax Identification Information, and to the extent FATCA
Withholding Tax is applicable, Noteholder FATCA Information. If the Certificateholder fails to provide such information, the Trust shall
withhold and pay over to the Internal Revenue Service the FATCA Withholding Tax in such amounts and at such times as required by FATCA
on account of the Certificateholder’s distributive share of the income of the Trust.

 

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

 

    	 	12	 

     

    

 

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 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,
except that for taxable years of the partnership to which Section 6223 of the Code as amended by Section 1101(c) of P.L.
114-74 applies, the Depositor will be the “partnership representative”.

 

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 other 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 other 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 other Basic Document,
and the Trustee shall not be held liable for

 

    	 	13	 

     

    

 

the default or failure of the Administrator to
carry out its obligations under the Administration Agreement.

 

Section 6.3            Action
upon Instruction.

 

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

 

(b)            The
Trustee shall not be required to take any action hereunder or under any other 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 other 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 other 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 other 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 other 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 other 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.

 

    	 	14	 

     

    

 

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 other 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 Commission filing for the
Trust or to record this Agreement or any other Basic Document or to monitor or enforce the satisfaction of any risk retention requirements.
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. 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

 

    	 	15	 

     

    

 

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;

 

(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 other 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 other 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 other 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 other Basic Document shall not be construed as a duty,
and the

 

    	 	16	 

     

    

 

Trustee shall not be answerable for
other than its negligence or willful misconduct in the performance of any such act.

 

Section 7.2            Furnishing
of Documents. The Trustee shall furnish to the Certificateholders promptly upon
receipt of a written request therefor, and at the expense of the Certificateholders, duplicates or copies of all reports, notices, requests,
demands, certificates, financial statements and any other instruments furnished to the Trustee under the Basic Documents, including any
requests from Noteholders to communicate under Section 7.6 of the Indenture and any Review Reports received from the Asset Representations
Reviewer.

 

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 trust company 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

 

    	 	17	 

     

    

 

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 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
other 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 other 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 other 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 other Basic Document, of the Trust Certificates (other than the signature and countersignature, if any, of
the Trustee on

 

    	 	18	 

     

    

 

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

 

Section 7.8            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

 

    	 	19	 

     

    

 

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
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

 

    	 	20	 

     

    

 

Paying Agent shall cause to be distributed
to Certificateholders amounts distributable on such Payment Date pursuant to Section 5.2.

 

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

 

(d)            Upon
the dissolution of the Trust and the payment of all liabilities of the Trust in accordance with applicable law, the Trustee shall cause
the Certificate of Trust to be canceled by filing a certificate of cancellation with the Secretary of State in accordance with the provisions
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 Sections 10.2(b) and 10.3, 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

 

    	 	21	 

     

    

 

instrument. If no successor Trustee
shall have been so appointed and have accepted appointment within 30 days after the giving of such notice of resignation, the resigning
Trustee may petition at the expense of the Administrator any court of competent jurisdiction for the appointment of a successor Trustee.

 

If at any time the Trustee
shall cease to be eligible in accordance with Section 10.1 and shall fail to resign after written request therefor by the
Administrator, or if at any time the Trustee shall be legally unable to act, or shall be adjudged bankrupt or insolvent, or a receiver
of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property
or affairs for the purpose of rehabilitation, conservation or liquidation, then the Administrator may remove the Trustee. If the Administrator
shall remove the Trustee under the authority of the preceding sentence, the 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 Sections 10.2(b) and
10.3, 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.

 

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, if such locations are to change following such appointment.
As of the effective date of such instrument, Section 2.9 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 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 subject to Section 11.18.

 

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;

 

(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

 

    	 	23	 

     

    

 

(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.

 

This Agreement may also be
amended from time to time by the Depositor and the Trustee, with prior written notice to the Rating Agencies (which notice shall be given
pursuant to Section 11.18), 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

 

    	 	24	 

     

    

 

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, prior thereto), the Trustee shall furnish written notification
of the substance of such amendment or consent to each Certificateholder, the Indenture Trustee and, subject to Section 11.18,
to each of the Rating Agencies.

 

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

 

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

 

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.

 

Notwithstanding anything
herein to the contrary, any term or provision of this Agreement may be amended by the Depositor and the Trustee without the consent of
the Noteholders, Certificateholders 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 for the Depositor or its Affiliate or the Trust 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.

 

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

 

    	 	25	 

     

    

 

only in accordance with Articles V and
IX. No transfer, by operation of law or otherwise, of any right, title or interest of the Certificateholders in, to and under
their ownership interest in the Trust Estate shall operate to terminate this Agreement or the trusts hereunder or entitle any transferee
to an accounting or to the transfer to it of legal title to any part of the Trust Estate.

 

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

 

Section 11.4         Notices.
(a) Unless otherwise expressly specified or permitted by the terms hereof, all notices shall be in writing, personally delivered,
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 and
(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); 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 or the Trust Certificates 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 Trust
Certificates, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision
in any other jurisdiction.

 

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

 

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

 

    	 	26	 

     

    

 

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 CNHICA, or make any distribution on or in respect of its capital stock to CNHICA, or repay the principal amount of
any indebtedness of the Depositor held by CNHICA, 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,
the Trustee, 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.

 

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 other 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

 

    	 	27	 

     

    

 

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;

(6)            any
originator;

(7)            any
significant obligor;

(8)            any
enhancement or support provider;

(9)             any
asset representations reviewer; and

(10)          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

 

    	 	28	 

     

    

 

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 CNHICA 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 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

 

(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:

 

    	 	29	 

     

    

 

“Wilmington Trust Company (“WTC”)
is the trustee under the trust agreement and is a Delaware non-depository trust company originally incorporated in 1901. On July 1,
2011, Wilmington Trust Company filed an amended charter which changed its status from a Delaware banking corporation to a Delaware non-depository
trust company. WTC’s principal place of business is located at 1100 North Market Street, Wilmington, Delaware 19890. WTC is an
affiliate of Wilmington Trust, National Association (“WTNA”) and both WTC and WTNA are subsidiaries of M&T Bank
Corporation. Since 1998, WTC has served as owner trustee in numerous asset-backed securities transactions involving equipment retail
installment loans and retail installment sale contracts. Wilmington Trust Company has served as trustee for trusts involving securitizations
of retail installment sale contracts and/or retail installment loans by the depositor since 2007.

 

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 three 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 Securities Act of 1933, as amended, or
Section 20 of the Exchange Act, from and against, any and all claims, losses, liabilities (including penalties), actions, suits,
judgments, demands, damages, costs

 

    	 	30	 

     

    

 

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 Preliminary Prospectus and the Prospectus, any omission to state under the heading “Depositor”
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.

 

Section 11.18      Communications
with Rating Agencies. The parties hereto (other than the Seller and its Affiliates but excluding the Issuing Entity) agree that
any notices or requests to, or any other written communications with, any of the Rating Agencies, or any of their respective officers,
directors or employees, to be given or provided to such Rating Agencies pursuant to, in connection with or related, directly or indirectly,
to the Basic Documents, the Collateral or the Notes, shall be in each case either (i) furnished to the Seller who shall forward
such communication to the Rating Agencies pursuant to Section 10.18 of the Sale and Servicing Agreement; or (ii) furnished
directly to the Rating Agencies with a prior copy to the Seller. In either case, the parties hereto (other than the Seller and its Affiliates
but excluding the Issuing Entity) further agree to provide such notices, requests and communications or copies thereof, as applicable,
to the Seller at least one Business Day prior to the date when such notices, requests and communications are required to be delivered
(or are in fact delivered, whichever is earlier) to the Rating Agencies

 

    	 	31	 

     

    

 

pursuant to the Basic Documents. So long as any
Notes are Outstanding, each party hereto (other than the Seller and its Affiliates but excluding the Issuing Entity) agrees that neither
it nor any party on its behalf shall engage in any oral communications with respect to the transactions contemplated hereby, under the
Basic Documents or in any way relating to the Notes with any Rating Agency or any of their respective officers, directors or employees,
without the participation of the Seller.

 

Section 11.19      PATRIOT
Act. In order to comply with the laws, rules, regulations and executive
orders in effect from time to time applicable to banking institutions, including, without limitation, those relating to the funding of
terrorist activities and money laundering, including Section 326 of the USA PATRIOT Act of the United States (“Applicable
Law”), the Indenture Trustee is required to obtain, verify, record and update certain information relating to individuals and entities
which maintain a business relationship with the Indenture Trustee. Accordingly, each of the parties hereto agrees to provide to the Indenture
Trustee, upon its request from time to time such identifying information and documentation as may be available to such party in order
to enable the Indenture Trustee to comply with Applicable Law.

 

Section 11.20      Electronic
Signatures. Any signature (including any electronic symbol or process attached to, or associated with, a contract or other record
and adopted by a Person with the intent to sign, authenticate or accept such contract or record) hereto or to any other certificate,
agreement or document related to this transaction, and any contract formation or record-keeping through electronic means shall have the
same legal validity and enforceability as a manually executed signature or use of a paper-based recordkeeping system to the fullest extent
permitted by applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic
Signatures and Records Act, or any similar State law based on the Uniform Electronic Transactions Act, and the parties hereby waive any
objection to the contrary.

 

*  *  *  *  *

 

    	 	32	 

     

    

 

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:	/s/ Rachel L. Simpson
	 	 	Name: 	Rachel L. Simpson
	 	 	Title:	 Vice President
	 	 	 
	 	CNH Capital Receivables LLC,
          as Depositor  
	 	 	 
	 	By:	/s/
Daniel Willems Van Dijk
	 	 	Name: 	Daniel Willems Van Dijk
	 	 	Title:	 Assistant Treasurer

 

[Signature Page to CNH 2022-B Trust Agreement]

 

    	 		 

     

    

 

ACKNOWLEDGED AND ACCEPTED:

 

Citibank, N.A.,

as Indenture Trustee and as Paying Agent

 

	By:	/s/ Jacqueline Suarez	 

 

	Name:	Jacqueline Suarez	 
	Title:    	Senior Trust Officer	 

 

[Signature Page to CNH 2022-B Trust Agreement]

 

    	 		 

     

    

 

EXHIBIT A

 

FORM OF TRUST CERTIFICATE

 

REGISTERED

 

	NUMBER R- 1	100%
    Beneficial Interest

 

THIS
CERTIFICATE MAY NOT BE ACQUIRED BY OR FOR THE ACCOUNT OF A

 BENEFIT PLAN (AS DEFINED BELOW).

 

CNH
EQUIPMENT TRUST 2022-B

 

TRUST
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 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 Industrial Capital America LLC, New Holland Credit Company,
LLC, CNH Industrial N.V. or CNH Industrial 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 nonassessable, fully-paid, fractional undivided interest in CNH Equipment Trust 2022-B (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 August 5, 2022 (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 August 1, 2022 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 (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 August 1, 2022 between the Trust and Citibank, N.A., as Indenture Trustee, are notes designated as “[     ]% Class A-1
Asset Backed Notes,” “[     ]% Class A-2 Asset Backed Notes,” “[     ]% Class A-3 Asset Backed Notes,”
 “[    ]% Class A-4 Asset Backed Notes,” and “[     ]% Class B Asset Backed Notes”. The 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.

 

    	          A-1	 	 

     

    

 

It is the intent of the Depositor,
Servicer and the holder of this Trust Certificate 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, 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 Certificateholder, by
its acceptance of 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 this Trust Certificate, the Notes, the Trust Agreement or any of the other Basic Documents.

 

The Certificateholder, by
its acceptance of this Trust Certificate, represents and warrants in writing that: (a) it is acquiring 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 an association (or publicly traded partnership) taxable as a corporation 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 an association (or publicly traded partnership) taxable as a corporation for U.S.
federal income tax purposes.

 

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

 

This Trust Certificate does
not represent an obligation of, or an interest in, the Depositor, the Servicer, CNH Industrial Capital America LLC, New Holland Credit
Company, LLC, CNH Industrial America LLC, CNH Industrial 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 other
Basic Documents.

 

    	          A-2	 	 

     

    

 

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 other 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 2022-B,
	 	 
	 	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:  __________,
2022

 

    	          A-5	 	 

     

    

 

ASSIGNMENT

 

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

 

PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING
NUMBER OF ASSIGNEE

 

 

(Please print or type name and address, including
postal zip code, of assignee) the within Trust Certificate, and all rights thereunder, hereby irrevocably constituting and appointing
Attorney to transfer said Trust Certificate on the books of the Certificate Registrar, with full power of substitution in the premises.

 

	Dated:	 	 
	 	 	 
	 	 	 
	 	Signature Guaranteed:	 

 

 

 

 

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

 

    	          A-6	 	 

     

    

 

EXHIBIT B

 

CERTIFICATE
OF TRUST

 

OF

 

CNH
EQUIPMENT TRUST 2022-B

 

THIS CERTIFICATE OF TRUST
of CNH EQUIPMENT TRUST 2022-B (the “Trust”), is being duly executed and filed by Wilmington Trust Company, a Delaware
trust company, 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 2022-B.

 

Delaware Trustee.
The name and business address of the trustee of the Trust in the State of Delaware are Wilmington Trust Company, 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 August 5,
2022
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	 	B-2Exhibit 4.3

 

CNH EQUIPMENT TRUST 2022-B

 

SALE AND SERVICING AGREEMENT

 

among

 

CNH EQUIPMENT TRUST 2022-B,

 

as Issuing Entity,

 

and

 

CNH CAPITAL RECEIVABLES LLC,

 

as Seller,

 

and

 

NEW HOLLAND CREDIT COMPANY, LLC,

 

as Servicer

 

Dated
as of August 1, 2022

 

     

     

    

 

TABLE OF CONTENTS

 

	Article I
    Definitions	1
	 	Section 1.1.	Definitions	1
	 	Section 1.2.	Other Definitional Provisions	1
	 	 	 	 
	Article II
    Conveyance of Receivables	2
	 	Section 2.1.	Conveyance of Receivables	2
	 	Section 2.2.	[Reserved]	3
	 	 	 	 
	Article III
    The Receivables	3
	 	Section 3.1.	Representations and Warranties of Seller	3
	 	Section 3.2.	Repurchase upon Breach	4
	 	Section 3.3.	Dispute Resolution	5
	 	Section 3.4.	Custody of Receivable Files	7
	 	Section 3.5.	Duties of Servicer as Custodian	8
	 	Section 3.6.	Instructions; Authority To Act	8
	 	Section 3.7.	Custodian’s Indemnification	9
	 	Section 3.8.	Effective Period and Termination	9
	 	Section 3.9.	[Reserved]	9
	 	 	 	 
	Article IV
    Administration and Servicing of Receivables	9
	 	Section 4.1.	Duties of Servicer	9
	 	Section 4.2.	Collection and Allocation of Receivable Payments	10
	 	Section 4.3.	Realization upon Receivables	11
	 	Section 4.4.	Maintenance of Security Interests in Financed Equipment	12
	 	Section 4.5.	Covenants of Servicer	12
	 	Section 4.6.	Purchase of Receivables upon Breach or Due to Modification	12
	 	Section 4.7.	Servicing Fee	13
	 	Section 4.8.	Servicer’s Certificate	13
	 	Section 4.9.	Annual Statement as to Compliance; Notice of Default	13
	 	Section 4.10.	Annual Independent Certified Public Accountants’
    Report	13
	 	Section 4.11.	Access to Certain Documentation and Information Regarding
    Receivables	14
	 	Section 4.12.	Servicer Expenses	14
	 	Section 4.13.	Appointment of Subservicer	14
	 	Section 4.14.	Substitution of Financed Equipment	15
	 	 	 	 
	Article V
    Distributions: Spread Account; Statements to Certificateholders
    and Noteholders	15
	 	Section 5.1.	Establishment of Trust Accounts	15
	 	Section 5.2.	[Reserved]	17
	 	Section 5.3.	Collections	17
	 	Section 5.4.	Application of Collections	18
	 	Section 5.5.	Additional Deposits	18
	 	Section 5.6.	Distributions	18
	 	Section 5.7.	Spread Account	22

 

    i

     

    

 

	 	Section 5.8.	[Reserved]	22
	 	Section 5.9.	[Reserved]	22
	 	Section 5.10.	[Reserved]	22
	 	Section 5.11.	Statements to Certificateholders and Noteholders	23
	 	Section 5.12.	Net Deposits	24
	 	Section 5.13.	[Reserved]	25
	 	 	 	 
	Article VI
    The Seller	25
	 	Section 6.1.	Representations of Seller	25
	 	Section 6.2.	Company Existence	26
	 	Section 6.3.	Liability of Seller; Indemnities	26
	 	Section 6.4.	Merger or Consolidation of, or Assumption of the Obligations
    of, Seller	27
	 	Section 6.5.	Limitation on Liability of Seller and Others	28
	 	Section 6.6.	Seller May Own Certificates or Notes	28
	 	 	 	 
	Article VII
    The Servicer	28
	 	Section 7.1.	Representations of Servicer	28
	 	Section 7.2.	Indemnities of Servicer	29
	 	Section 7.3.	Merger or Consolidation of, or Assumption of the Obligations
    of, Servicer	31
	 	Section 7.4.	Limitation on Liability of Servicer and Others	31
	 	Section 7.5.	NH Credit Not to Resign as Servicer	32
	 	Section 7.6.	Servicer to Act as Administrator	32
	 	 	 	 
	Article VIII
    Default	32
	 	Section 8.1.	Servicer Default	32
	 	Section 8.2.	Appointment of Successor Servicer	33
	 	Section 8.3.	Notification to Noteholders and Certificateholders	34
	 	Section 8.4.	Waiver of Past Defaults	35
	 	 	 	 
	Article IX
    Termination	35
	 	Section 9.1.	Optional Purchase of All Receivables	35
	 	 	 	 
	Article X
    Miscellaneous Provisions	36
	 	Section 10.1.	Amendment	36
	 	Section 10.2.	Protection of Title to Trust	38
	 	Section 10.3.	Notices	40
	 	Section 10.4.	Assignment	40
	 	Section 10.5.	Limitations on Rights of Others	40
	 	Section 10.6.	Severability	41
	 	Section 10.7.	Separate Counterparts	41
	 	Section 10.8.	Electronic Signatures	41
	 	Section 10.9.	Headings	41
	 	Section 10.10.	Governing Law	41
	 	Section 10.11.	Assignment to Indenture Trustee	41
	 	Section 10.12.	Nonpetition Covenants	41

 

    ii

     

    

 

	 	Section 10.13.	Limitation of Liability of Trustee
    and Indenture Trustee	42
	 	Section 10.14.	Conditions Precedent to Other Financing Transactions	42
	 	Section 10.15.	Information Requests	42
	 	Section 10.16.	Information to Be Provided by the Indenture Trustee	43
	 	Section 10.17.	Form 8-K Filings	44
	 	Section 10.18.	Indemnification	44
	 	Section 10.19.	Communications with Rating Agencies	45
	 	Section 10.20.	PATRIOT Act	45

 

	EXHIBITS	 
	 	 
	EXHIBIT A	[RESERVED]
	EXHIBIT B	[RESERVED]
	EXHIBIT C	Form of Servicer’s Certificate
	EXHIBIT D	Form of Assignment
	EXHIBIT E	[RESERVED]
	EXHIBIT F	[RESERVED]
	EXHIBIT G	[RESERVED]
	EXHIBIT H	Minimum Servicing Criteria to be Addressed in Assessment of
    Compliance Statement
	EXHIBIT I	Form of Indenture Trustee’s Annual Certification
	EXHIBIT J	Certification of Citibank, N.A.
	 	 
	SCHEDULES	 
	 	 
	SCHEDULE P	Perfection Representation and Warranties

 

    iii

     

    

 

SALE
AND SERVICING AGREEMENT (as amended or otherwise modified, this “Agreement”) dated as of August 1,
2022 among CNH EQUIPMENT TRUST 2022-B, a Delaware statutory trust (the “Issuing Entity” or the “Trust”),
CNH CAPITAL RECEIVABLES LLC, a Delaware limited liability company (the “Seller”), and NEW HOLLAND CREDIT COMPANY,
LLC, a Delaware limited liability company (the “Servicer”).

 

RECITALS

 

WHEREAS,
the Issuing Entity desires to purchase a portfolio of Contracts purchased or originated by CNH Industrial Capital America LLC (“CNHICA”),
in the ordinary course of business or acquired through the exercise of clean-up calls and sold to the Seller pursuant to the Purchase
Agreement;

 

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

 

WHEREAS,
New Holland Credit Company, LLC (“NH Credit”) is willing to service such Contracts.

 

NOW,
THEREFORE, in consideration of the premises and the mutual covenants herein contained, the parties hereto agree as follows:

 

Article I

Definitions

 

Section 1.1.         Definitions.
Capitalized terms used herein and not otherwise defined herein are defined in Appendix A to the Indenture, dated as of the date hereof,
between the Issuing Entity and Citibank, 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, 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,”.

 

    1

     

    

 

(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

Conveyance of Receivables

 

Section 2.1.         Conveyance
of Receivables. (a)  In consideration of the Issuing Entity’s delivery to or upon the order of the Seller on the Closing
Date of the Notes and the other amounts to be distributed from time to time to the Seller in accordance with this Agreement, the Seller
does hereby sell, transfer, assign, set over and otherwise convey to the Issuing Entity, without recourse (subject to the obligations
herein), all of its right, title and interest in, to and under the following (collectively, the “CNHCR Assets”):

 

(i)            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 Cutoff Date;

 

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

 

(iii)          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);

 

(iv)          the
Purchase Agreement, including the right of the Seller to cause CNHICA to repurchase Receivables from the Seller under the circumstances
described therein;

 

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

 

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

 

    2

     

    

 

(vii)         all
funds on deposit from time to time in the Trust Accounts, including the Spread Account Deposit, and in all investments and proceeds thereof
(including all income thereon); and

 

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

 

The above assignment shall
be evidenced by a duly executed written assignment in substantially the form of Exhibit D (the “Assignment”).

 

(b)            [Reserved].

 

Section 2.2.          [Reserved].

 

Article III

The Receivables

 

Section 3.1.         Representations
and Warranties of Seller. The Seller makes the following representations and warranties as to the Receivables on which the Issuing
Entity is deemed to have relied in acquiring the Receivables. Such representations and warranties speak as of the Closing Date, but shall
survive the sale, transfer and assignment of the Receivables to the Issuing Entity and the pledge thereof to the Indenture Trustee pursuant
to the Indenture.

 

(a)            Title.
It is the intention of the Seller that the transfer and assignment herein contemplated constitute a sale of the Receivables from the
Seller to the Issuing Entity and that the beneficial interest in and title to the Receivables not be part of the debtor’s estate
in the event of the filing of a bankruptcy petition by or against the Seller under any bankruptcy or similar law. No Receivable has been
sold, transferred, assigned or pledged by the Seller to any Person other than the Issuing Entity. Immediately prior to the transfer and
assignment herein contemplated, the Seller had good title to each Receivable, free and clear of all Liens and, immediately upon the transfer
thereof, the Issuing Entity shall have good title to each Receivable, free and clear of all Liens; and the transfer and assignment of
the Receivables to the Issuing Entity has been, or within the timeframe required by Section 3.1(b) hereof will be, perfected
under the UCC.

 

If (but only to the extent
that) the transfer of the CNHCR Assets hereunder is characterized by a court or other governmental authority as a loan rather than a
sale, the Seller shall be deemed hereunder to have granted to the Issuing Entity a security interest in all of Seller’s right,
title and interest in and to the CNHCR Assets. Such security interest shall secure all of Seller’s obligations (monetary or otherwise)
under this Agreement and the other Basic Documents to which it is a party, whether now or hereafter existing or arising, due or to become
due, direct or indirect, absolute or contingent. The Seller shall have, with respect to the property described in Section 2.1,
and in addition to all the other rights and remedies available to Seller under this Agreement and applicable law, all the rights and
remedies of a secured party under any applicable UCC, and this Agreement shall constitute a security agreement under applicable law.

 

(b)            All
Filings Made. All filings (including UCC filings) necessary in any jurisdiction to give the Issuing Entity a first priority perfected
ownership interest in the

 

    3

     

    

 

Receivables, and to give the Indenture Trustee
a first priority perfected security interest therein, have been made, or will be made within 10 days after the Closing Date.

 

(c)            Perfection
Representations. The Seller further makes all the representations, warranties and covenants set forth in Schedule P.

 

Section 3.2.          Repurchase
upon Breach. (a)  The Seller, the Servicer or the Trustee, as the case may be, shall inform the other parties to this Agreement
and the Indenture Trustee promptly, in writing, upon the discovery of any breach of the Seller’s representations and warranties
made pursuant to Section 3.1 or Section 6.1, or CNHICA’s representations and warranties made pursuant to
Section 3.2(b) of the Purchase Agreement. Unless a breach pursuant to the sections and documents referenced in the preceding
sentence shall have been cured by the last day of the second Collection Period after such breach is discovered by the Servicer or the
Trustee or in which the Trustee receives written notice from the Seller or the Servicer of such breach, the Seller shall be obligated,
and, if necessary, the Seller or the Trustee shall enforce the obligation of CNHICA under the Purchase Agreement to repurchase any Receivable
materially and adversely affected by any such breach as of such last day. As consideration for the repurchase of the Receivable, the
Seller shall remit the Purchase Amount in the manner specified in Section 5.5; provided, however, that the obligation
of the Seller to repurchase any Receivable arising solely as a result of a breach of CNHICA’s representations and warranties pursuant
to Section 3.2(b) of the Purchase Agreement is subject to the receipt by the Seller of the Purchase Amount from CNHICA.
Subject to the provisions of Section 6.3, the sole remedy of the Issuing Entity, the Trustee, the Indenture Trustee, the
Noteholders or the Certificateholders with respect to a breach of the representations and warranties pursuant to Section 3.1
and the agreement contained in this Section shall be to require the Seller to repurchase Receivables pursuant to this
Section, subject to the conditions contained herein, and to enforce CNHICA’s obligation to the Seller to repurchase such
Receivables pursuant to the Purchase Agreement.

 

(b)            Upon
the delivery by the Asset Representations Reviewer of a Review Report, the Servicer shall evaluate the findings contained in the Review
Report and determine whether a breach of any of the representations and warranties made by the Seller and/or CNHICA has occurred and
whether such breach requires the Seller and/or CNHICA to repurchase such Receivables pursuant to the provisions of this Section 3.2.

 

(c)            With
respect to all Receivables purchased or repurchased by, or otherwise transferred to (including Liquidated Receivables transferred under
Section 4.3, 4.6 and 9.1) CNHICA, the Servicer, the Seller or their Affiliate pursuant to this Agreement or
the Purchase Agreement: (i) the Issuing Entity, the Seller and the Indenture Trustee shall sell, transfer, assign, set over and
otherwise convey to CNHICA, the Servicer, the Seller or their Affiliate, as applicable, without recourse, representation or warranty,
all of the Issuing Entity’s, the Seller’s and the Indenture Trustee’s right, title and interest in, to and under such
Receivables, related Financed Equipment, and all other CNHCR Assets related thereto, including all security and documents relating thereto,
and (ii) the Issuing Entity, the Seller, and the Indenture Trustee shall be deemed to have released any security interest and any
other claim under this Agreement and the Basic Documents in such Receivables, related Financed Equipment, and all other CNHCR Assets
related thereto, including all security and documents relating thereto, without any further act or deed, and

 

    4

     

    

 

such Receivables, related Financed Equipment,
and all security and documents relating thereto will be free of the Grant contained in the Indenture.

 

Section 3.3.         Dispute
Resolution.

 

(a)            Referral
to Dispute Resolution.  If the Issuer, the Trustee, the Indenture Trustee, a Noteholder or a Note Owner (the “Requesting
Party”) requests that CNHICA and/or the Seller repurchase a Receivable due to an alleged breach of a representation and warranty
in Section 3.1 or Section 6.1 or in Section 3.2(b) of the Purchase Agreement (each, a “Repurchase
Request”), and the Repurchase Request has not been resolved within 180 days of the receipt of notice of the Repurchase Request
by CNHICA or the Seller, the Requesting Party may refer the matter, in its discretion, to either mediation (including non-binding arbitration)
or binding third-party arbitration.  In the case of a Note Owner making such a request, the request must be accompanied by a certification
from that Person that it is a Note Owner, together with at least one form of documentation evidencing its ownership of a Note, including
a trade confirmation, account statement, letter from a broker or dealer or similar document.  The Requesting Party must start the
mediation or arbitration proceeding according to the applicable ADR Rules of the ADR Organization within 90 days after the end of
the 180-day period.  CNHICA and the Seller agree to participate in the dispute resolution method selected by the Requesting Party.

 

(b)            Mediation. 
If the Requesting Party selects mediation for dispute resolution:

 

(i)            The
mediation will be administered by the ADR Organization using its ADR Rules.  However, if any ADR Rules are inconsistent with
the procedures for mediation stated in this Section 3.3, the procedures in this Section 3.3 will control.

 

(ii)            A
single mediator will be selected by the ADR Organization from a list of neutrals maintained by it according to the ADR Rules.  The
mediator must be impartial, an attorney admitted to practice in the State of New York and have at least 15 years of experience specializing
in commercial litigation and, if possible, equipment finance or asset-backed securitization matters.

 

(iii)          The
mediator will start within 15 days after the selection of the mediator and conclude within 30 days after the start of the mediation.

 

(iv)          The
expenses of the mediation will be allocated to the parties as mutually agreed by them as part of the mediation.

 

(v)          If
the parties fail to agree at the completion of the mediation, the Requesting Party may refer the Repurchase Request to arbitration under
this Section 3.3 or to a court of competent jurisdiction for adjudication.

 

(c)            Arbitration. 
If the Requesting Party selects arbitration for dispute resolution;

 

    5

     

    

 

(i)            The
arbitration will be administered by the ADR Organization using its ADR Rules.  However, If any ADR Rules are inconsistent
with the procedures for arbitration stated in this Section 3.3, the procedures of this Section 3.3 will control.

 

(ii)            A
single arbitrator will be selected by the ADR Organization from a list of neutrals maintained by it according to the ADR Rules. 
The arbitrator must be impartial, an attorney admitted to practice in the State of New York and have at least 15 years of experience
specializing in commercial litigation and, if possible, equipment finance or asset-backed securitization matters.  The arbitrator
will be independent and impartial and will comply with the Code of Ethics for Arbitrators in Commercial Disputes in effect at the time
of the arbitration.  Before accepting an appointment, the arbitrator must promptly disclose any circumstances likely to create a
reasonable inference of bias or conflict of interest or likely to preclude completion of the proceedings within the stated time schedule. 
The arbitrator may be removed by the ADR Organization for cause consisting of actual bias, conflict of interest or other serious potential
for conflict.

 

(iii)           The
arbitrator will have the authority to schedule, hear and determine any motions, including dispositive and discovery motions, according
to New York law, and will do so at the motion of any party.  Discovery will be completed within 30 days of selection of the arbitrator
and will be limited for each party to two witness depositions not to exceed five hours, two interrogatories, one document request and
one request for admissions.  However, the arbitrator may grant additional discovery on a showing of good cause that the additional
discovery is reasonable and necessary.  Briefs will be limited to no more than ten pages each, and will be limited to initial
statements of the case, discovery motions and a pre-hearing brief.  The evidentiary hearing on the merits will start no later than
60 days after the selection of the arbitrator and will proceed for no more than six consecutive Business Days with equal time allocated
to each party for the presentation of direct evidence and cross examination.  The arbitrator may allow additional time on a showing
of good cause or due to unavoidable delays.

 

(iv)          The
arbitrator will make its final determination no later than 90 days after its selection.  The arbitrator will resolve the dispute
according to the terms of this Agreement and the other Basic Documents, and may not modify or change this Agreement or the other Basic
Documents in any way.  The arbitrator will not have the power to award punitive damages or consequential damages in any arbitration
conducted by it.  In its final determination, the arbitrator will determine and award the expenses of the arbitrator (including
filing fees, the fees of the arbitrator, cost of any record or transcript of the arbitration and administrative fees) to the parties
in its reasonable discretion.  The determination of the arbitrator will be in writing and counterpart copies will be promptly delivered
to the parties.  The determination will be final and non-appealable, except for actions to confirm or vacate the determination permitted
under federal or State law, and may be entered and enforced in any court of competent jurisdiction.

 

    6

     

    

 

(d)            Additional
Considerations.  For each mediation or arbitration:

  

(i)            Any
mediation or arbitration will be held in New York, New York, at the offices of the mediator or arbitrator or at another location selected
by CNHICA or the Seller.  Any party or witness may participate by teleconference or video conference.

 

(ii)           CNHICA,
the Seller and the Requesting Party will have the right to seek provisional relief from a competent court of law, including a temporary
restraining order, preliminary injunction or attachment order, if such relief is available by law.

 

(iii)          Neither
the Servicer, CNHICA nor the Seller will be required to produce personally identifiable customer information for purposes of any mediation
or arbitration.  The existence and details of any unresolved Repurchase Request, any informal meetings, mediations or arbitration
proceedings, the nature and amount of any relief sought or granted, any offers or statements made and any discovery taken in the proceeding
will be confidential, privileged and inadmissible for any purpose in any other mediation, arbitration, litigation or other proceeding. 
The parties will keep this information confidential and will not disclose or discuss it with any third party (other than a party’s
attorneys, experts, accountants and other advisors, as reasonably required in connection with the mediation or arbitration proceeding
under this Section 3.3), except as required by law, regulatory requirement or court order.  If a party to a mediation
or arbitration proceeding receives a subpoena or other request for information of the other party to the mediation or arbitration proceeding,
the recipient will promptly notify the other party and will provide the other party with the opportunity to object to the production
of its confidential information.

 

Section 3.4.        Custody
of Receivable Files. To assure uniform quality in servicing the Receivables and to reduce administrative costs, the Issuing Entity
hereby revocably appoints the Servicer, and the Servicer hereby accepts such appointment, to act for the benefit of the Issuing Entity
and the Indenture Trustee as custodian of the following documents or instruments, which are hereby constructively delivered to the Indenture
Trustee, as pledgee of the Issuing Entity with respect to each Receivable:

 

(a)            (i) in
the case of each Receivable constituting “tangible chattel paper” (as defined in Section 9-102(a)(79) of the UCC), the
original fully executed copy of the Receivable or (ii) in the case of each Receivable constituting “electronic chattel paper”
(as defined in Section 9-102(a)(31) of the UCC), the “authoritative copy” (within the meaning of Section 9-105
of the UCC) of such Receivable;

 

(b)            a
record or facsimile of the original credit application fully executed by the Obligor;

 

(c)            the
original certificate of title or file stamped copy of the UCC financing statement or such other documents that the Servicer shall keep
on file (if any), in accordance with its customary procedures, evidencing the security interest of CNHICA in the Financed Equipment;
and

 

    7

     

    

 

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

 

Section 3.5.         Duties
of Servicer as Custodian.

 

(a)            Safekeeping.
The Servicer (or its Affiliates, but only in accordance with the second following sentence) shall hold the Receivable Files for the benefit
of the Issuing Entity and the Indenture Trustee and maintain such accurate and complete accounts, records and computer systems pertaining
to each Receivable File as shall enable the Issuing Entity to comply with this Agreement. In performing its duties as custodian, the
Servicer shall act with reasonable care, using that degree of skill and attention that the Servicer exercises with respect to the receivable
files relating to all comparable equipment receivables that the Servicer services for its Affiliates or others. The Servicer, in its
capacity as custodian, may at any time delegate its duties as custodian to any Affiliate of the Servicer; provided, that no such delegation
shall relieve the Servicer of its responsibility with respect to such duties and the Servicer shall remain obligated and liable to the
Issuing Entity, the Depositor and the Indenture Trustee for its duties hereunder as if the Servicer alone were performing such duties.
The Servicer shall conduct, or cause to be conducted, periodic audits of the Receivable Files and the related accounts, records and computer
systems, in such a manner as shall enable the Issuing Entity or the Indenture Trustee to verify the accuracy of the Servicer’s
record keeping. The Servicer shall promptly report to the Issuing Entity and the Indenture Trustee any material failure on its part,
or its Affiliate’s part, to hold the Receivable Files and maintain its accounts, records and computer systems as herein provided
and promptly take appropriate action to remedy any such failure. Nothing herein shall be deemed to require an initial review or any periodic
review by the Issuing Entity, the Trustee or the Indenture Trustee of the Receivable Files.

 

(b)            Maintenance
of and Access to Records. The Servicer shall maintain each Receivable File at one or more of its offices and/or one or more of its
Affiliate’s offices (except that, in the case of any Receivable constituting “electronic chattel paper” (as defined
in Section 9-102(a)(31) of the UCC), the “authoritative copy” (within the meaning of Section 9-105 of the UCC)
of such Receivable shall be stored and maintained in the eOriginal, Inc. Authoritative Copy System or other similar third party
electronic vaulting system; provided that at no time shall a Receivable File be moved to an office or location outside the geographic
boundaries of the United States. With at least five (5) Business Days prior notice, the Servicer shall make available for inspection
by the Seller, the Issuing Entity and the Indenture Trustee or their respective duly authorized representatives, attorneys or auditors
a list of locations of the Receivable Files and the related accounts, records and computer systems maintained by the Servicer at such
times during normal business hours as the Seller, the Issuing Entity or the Indenture Trustee shall instruct. The Servicer shall hold
the Receivable Files in such a manner as to prevent any Person other than the Trust or the Indenture Trustee from obtaining “control”
of any “electronic chattel paper” included therein (as such terms are used in section 9-105 of the UCC).

 

Section 3.6.         Instructions;
Authority To Act. The Servicer shall be deemed to have received proper instructions with respect to the Receivable Files upon
its receipt of written instructions signed by a Trust Officer of the Indenture Trustee.

 

    8

     

    

 

Section 3.7.         Custodian’s
Indemnification. The Servicer as custodian shall indemnify the Trust, the Trustee and the Indenture Trustee (and each of their
officers, directors, employees and agents) for any and all liabilities, obligations, losses, compensatory damages, payments, costs or
expenses of any kind whatsoever that may be imposed on, incurred by or asserted against the Trust, the Trustee or the Indenture Trustee
(or any of their officers, directors and agents) as the result of any improper act or omission in any way relating to the maintenance
and custody by the Servicer as custodian of the Receivable Files; provided, however, that the Servicer shall not be liable: (a) to
the Trustee for any portion of any such amount resulting from the willful misfeasance, bad faith or negligence of the Trustee, and (b) to
the Indenture Trustee for any portion of any such amount resulting from the willful misfeasance, bad faith or negligence of the Indenture
Trustee; and, provided further, that the Servicer shall only be liable pursuant to this Section 3.7 for its acts or omissions
committed during the period it is serving as custodian hereunder. Indemnification under this Section shall survive the resignation
or removal of the Servicer as custodian, the resignation or removal of the Indenture Trustee or the termination of this Agreement.

 

Section 3.8.          Effective
Period and Termination. The Servicer’s appointment as custodian shall become effective as of the Cutoff Date and shall
continue in full force and effect until terminated pursuant to this Section. If any Servicer shall resign as Servicer in accordance with
this Agreement or if all of the rights and obligations of any Servicer shall have been terminated under Section 8.1, the
appointment of such Servicer as custodian shall be terminated by: (a) the Indenture Trustee, (b) the Noteholders of Notes evidencing
not less than 25% of the Note Balance, (c) with the consent of Noteholders of Notes evidencing not less than 25% of the Note Balance,
the Trustee or (d) Certificateholders evidencing not less than 25% of the beneficial interest in the Issuing Entity, in the same
manner as the Indenture Trustee or such Holders may terminate the rights and obligations of the Servicer under Section 8.1.
The Indenture Trustee or, with the consent of the Indenture Trustee, the Trustee may terminate the Servicer’s appointment as custodian,
with cause, at any time upon written notification to the Servicer, and without cause upon 30 days’ prior written notification to
the Servicer. As soon as practicable after any termination of such appointment, the Servicer shall deliver the Receivable Files to the
Indenture Trustee or the Indenture Trustee’s agent at such place(s) as the Indenture Trustee may reasonably designate; provided,
however, that with respect to “authoritative copies” (within the meaning of Section 9-105 of the UCC) of the
Receivables constituting electronic chattel paper, if the Servicer’s appointment as custodian has been terminated in connection
with the resignation or termination of the Servicer as servicer, the custodian shall transfer control of such “authoritative copies”
to the successor Servicer or as otherwise instructed by the Indenture Trustee.

 

Section 3.9.         [Reserved].

 

Article IV

Administration and Servicing of Receivables

 

Section 4.1.         Duties
of Servicer. The Servicer, for the benefit of the Issuing Entity, and (to the extent provided herein) the Indenture Trustee shall
manage, service, administer and make collections on the Receivables with reasonable care, using that degree of skill and attention that
the Servicer or Indenture Trustee, as applicable, exercises with respect to all comparable

 

    9

     

    

 

equipment receivables that it services for its
Affiliates or others. The Servicer’s duties shall include collection and posting of all payments, responding to inquiries of Obligors
on such Receivables, investigating delinquencies, sending payment coupons or statements to Obligors, reporting tax information to Obligors,
accounting for collections and furnishing monthly and annual statements to the Trustee and the Indenture Trustee with respect to distributions.
Subject to Section 4.2, the Servicer shall follow its then current customary standards, policies and procedures (“Servicing
Procedures”) in performing its duties as Servicer.

 

Without limiting the generality
of the foregoing, the Servicer is authorized and empowered to execute and deliver, on behalf of itself, the Issuing Entity, the Trustee,
the Indenture Trustee, the Certificateholders, the Noteholders or any of them, any and all instruments of satisfaction or cancellation,
or partial or full release or discharge, and all other comparable instruments, with respect to such Receivables or the Financed Equipment
securing such Receivables. If the Servicer shall commence a legal proceeding to enforce a Receivable, the Issuing Entity shall thereupon
be deemed to have automatically assigned, solely for the purpose of collection, such Receivable to the Servicer. If in any enforcement
suit or legal proceeding it shall be held that the Servicer may not enforce a Receivable on the ground that it shall not be a real party
in interest or a holder entitled to enforce such Receivable, the Trustee shall, at the Servicer’s direction (and, so long as the
Servicer is NH Credit, at the Servicer’s expense), take steps to enforce such Receivable, including bringing suit in its name or
the name of the Trust, the Indenture Trustee, the Certificateholders or the Noteholders. The Trustee or the Indenture Trustee shall,
upon the written request of the Servicer, furnish the Servicer with any powers of attorney and other documents reasonably necessary or
appropriate to enable the Servicer to carry out its servicing and administrative duties hereunder.

 

Section 4.2.         Collection
and Allocation of Receivable Payments. The Servicer shall make reasonable efforts to collect all payments called for under the
Receivables as and when the same shall become due and shall follow its Servicing Procedures. The Servicer shall allocate collections
between principal and interest in accordance with its Servicing Procedures.

 

Without
limiting the generality of the preceding or Section 4.1, the Servicer may grant extensions, rebates, refunds, deferrals,
amendments, modifications or adjustments on a Receivable (regardless of whether or not the Receivable is a 180-Day Receivable, subject
only to the following proviso) in accordance with its Servicing Procedures; provided, however, that if a Receivable is
not a 180-Day Receivable and the Servicer (i) extends the date for final payment by the Obligor of any Receivable beyond the end
of the Collection Period preceding the Final Scheduled Maturity Date or (ii) reduces the APR of a Receivable or reduces the aggregate
amount of the Scheduled Payments due on any Receivable other than as required by applicable law (including the order of a court of competent
jurisdiction), the Servicer may make such modifications to a Receivable but it shall promptly purchase the Receivable from the
Issuing Entity in accordance with Section 4.6 (a “Modification Purchase Event”); provided, further, that
the Servicer shall not make a modification described in the preceding clause (i) or (ii) that would trigger a
Modification Purchase Event for the sole purpose of purchasing a Receivable from the Issuing Entity. The Servicer may, in accordance
with its Servicing Procedures, waive any late payment charge or any other fees that may be collected in the ordinary course of servicing
a Receivable.

 

    10

     

    

 

Subject to the proviso of
the third sentence of this Section 4.2, the Servicer and its Affiliates may engage in any marketing practice or promotion
or any sale of any products, goods or services to Obligors with respect to the Receivables so long as such practices, promotions or sales
are offered to obligors of comparable equipment receivables serviced by the Servicer for itself or others, whether or not such practices,
promotions or sales might result in a decrease in the aggregate amount of payments on the Receivables, prepayments or faster or slower
timing of the payment of the Receivables. The Servicer and its Affiliates may also sell insurance or debt cancellation products, including
products which result in the cancellation of some or all of the amount of a Receivable upon the death or disability of an Obligor or
any casualty with respect to the Financed Equipment.

 

Notwithstanding anything
in this Agreement to the contrary, the Servicer and its Affiliates may refinance any Receivable and deposit an amount equal to the Purchase
Amount for such Receivable into the Collection Account. The receivable created by such refinancing shall not be property of the Issuing
Entity, and related Financed Equipment and any part of the Receivables Files and other CNHCR Assets related to such Receivable shall
be released to the Servicer or its Affiliate and shall no longer be subject to the terms hereof or the Indenture; provided further, that
any security interests in favor of the Issuing Entity or the Indenture Trustee hereunder or under the Indenture in the related Financed
Equipment and any other CNHCR Assets related to such Receivable shall be deemed released upon such deposit. The parties hereto intend
that the Servicer and its Affiliates will not refinance a Receivable pursuant to this Section 4.2 in order to provide direct
or indirect assurance to the Depositor, the Indenture Trustee, the Trustee, the Noteholders, or the Certificateholder, as applicable,
against loss by reason of the bankruptcy or insolvency (or other credit condition) of, or default by, the Obligor on, or the uncollectability
of, any Receivable.

 

Section 4.3.        Realization
upon Receivables. For the benefit of the Issuing Entity and the Indenture Trustee, the Servicer shall use reasonable efforts,
consistent with its Servicing Procedures, to repossess or otherwise convert the ownership of the Financed Equipment securing any Receivable
as to which the Servicer shall have determined eventual payment in full is unlikely. The Servicer shall follow such Servicing Procedures
as it shall deem necessary or advisable in its servicing of equipment receivables, which may include reasonable efforts to realize upon
any recourse to Dealers and selling the Financed Equipment at public or private sale. The foregoing shall be subject to the provision
that, in any case in which the Financed Equipment shall have suffered damage, the Servicer shall not expend funds in connection with
the repair or the repossession of such Financed Equipment unless it shall determine in accordance with its Servicing Procedures that
such repair and/or repossession will increase the Liquidation Proceeds by an amount greater than the amount of such expenses.

 

Liquidated Receivables will
be transferred to the Servicer or CNHICA (as the Servicer determines at such time) on the Business Day following the day on which such
Receivable becomes a Liquidated Receivable (the “Liquidated Receivable Transfer Date”) so long as the related Liquidation
Proceeds are deposited before the Liquidated Receivables are transferred to the Servicer or CNHICA, as applicable, and as of the Liquidated
Receivable Transfer Date such Liquidated Receivables will no longer constitute Receivables for any purposes hereunder. Without limiting
the generality of the foregoing, as of the applicable Liquidated Receivable Transfer Date (i) the Issuing Entity, the Seller and
the Indenture Trustee shall transfer, assign, set over and

 

    11

     

    

 

otherwise convey to CNHICA or Servicer, as applicable,
without recourse, representation or warranty, all of the Issuing Entity’s, the Seller’s and the Indenture Trustee’s
right, title and interest in, to and under such Liquidated Receivables and any related Financed Equipment and Collateral, and all security
and documents relating thereto, other than Liquidation Proceeds (the “Liquidated Collateral”), and (ii) the Issuing
Entity, the Seller, and the Indenture Trustee shall be deemed to have released any security interest and any other claim in such Liquidated
Collateral under this Agreement and the Basic Documents, without any further act or deed, and such Liquidated Collateral shall be free
of the Grant contained in the Indenture.

 

Section 4.4.         Maintenance
of Security Interests in Financed Equipment. The Servicer shall, in accordance with its Servicing Procedures, take such steps
as are necessary to maintain perfection of the security interest created by each Receivable in the related Financed Equipment (which
may consist of Substitute Equipment); provided however, the Servicer may allow Financed Equipment to be released from any security interest
in connection with Section 4.14. The Servicer is hereby authorized to take such steps as are necessary to perfect or re-perfect
such security interest for the benefit of the Issuing Entity and the Indenture Trustee in the event of the relocation of any Financed
Equipment, any change to the UCC, a substitution of Substitute Equipment or for any other reason. Any out-of-pocket expenses incurred
by the Successor Servicer in connection with any such re-perfection shall be reimbursable in accordance with Section 5.6(b)(xii).

 

Section 4.5.         Covenants
of Servicer. The Servicer shall not release the Financed Equipment securing any Receivable from the security interest granted
by such Receivable in whole or in part except in the event of payment in full by the Obligor thereunder or repossession, or as permitted
under Section 4.14 or if such Receivable is a Reacquired Receivable, nor shall the Servicer impair the rights of the Issuing
Entity, the Indenture Trustee, the Certificateholders or the Noteholders in such Receivables. The Servicer shall, in accordance with
its Servicing Procedures, require that each Obligor shall have obtained physical damage insurance covering the Financed Equipment as
of the execution of the Receivable.

 

Section 4.6.         Purchase
of Receivables upon Breach or Due to Modification. The Servicer or the Trustee shall inform the other party, the Indenture Trustee,
the Seller, NH Credit and CNHICA promptly, in writing, upon the occurrence or discovery of any breach pursuant to Sections 4.2, 4.4
or 4.5. Unless a breach, pursuant to Sections 4.2, 4.4 or 4.5 shall have been cured by the last day of the Collection
Period in which such breach occurs or is discovered, as applicable, the Servicer shall purchase or shall cause CNHICA to purchase any
Receivable materially and adversely affected by such breach as of such last day. In connection with a Modification Purchase Event, or
if the Servicer takes any action not in accordance with its Servicing Procedures during any Collection Period pursuant to Section 4.2
that materially impairs the rights of the Issuing Entity, the Indenture Trustee, the Certificateholders or the Noteholders in any
Receivable, the Servicer shall purchase the related Receivable as of the last day of such Collection Period. As consideration for the
purchase of any such Receivable pursuant to either of the two preceding sentences, the Servicer shall remit or shall cause CNHICA to
remit, as applicable, the Purchase Amount in the manner specified in Section 5.5. Subject to Section 7.2, the
sole remedy of the Issuing Entity, the Trustee, the Indenture Trustee, the Certificateholders or the Noteholders with respect to a breach
pursuant to Sections 4.2, 4.4 or 4.5 shall be to require the Servicer to purchase

 

    12

     

    

 

or to cause CNHICA to purchase, as applicable,
Receivables pursuant to this Section. The Trustee shall have no duty to conduct any affirmative investigation as to the occurrence
of any condition requiring the purchase of any Receivable pursuant to this Section.

 

Section 4.7.         Servicing
Fee. The Servicing Fee for each Collection Period shall be equal to 1/12th of 1.00% of the Pool Balance as of the first day of
such Collection Period; provided that with respect to any Successor Servicer hereunder, the Servicing Fee for each Collection Period
shall be equal to the greater of (a) 1/12th of 1.00% of the Pool Balance as of the first day of such Collection Period, (b) $8.50
per Contract in the Trust Estate as of the first day of such Collection Period and (c) $5,000.

 

Section 4.8.         Servicer’s
Certificate. On each Determination Date (beginning with the Determination Date immediately preceding the initial Payment Date)
the Servicer shall deliver to the Trustee, the Indenture Trustee and the Seller with a copy to the Rating Agencies, a Servicer’s
Certificate (containing substantially the same information as set forth in the form on Exhibit C) containing all information
necessary to make the distributions pursuant to Sections 5.6 and 5.7 and the deposits to the Collection Account pursuant
to Section 5.3 for the Collection Period preceding the date of such Servicer’s Certificate.

 

Section 4.9.         Annual
Statement as to Compliance; Notice of Default. (a)  The Servicer shall deliver to the Issuing Entity and the Indenture Trustee,
on or before March 30 of each year, an Officer’s Certificate of the Servicer providing such information as is required under
Item 1123 of Regulation AB with respect to the prior calendar year.

 

(b)            The
Servicer shall deliver to the Issuing Entity, on or before March 30 of each year, a report regarding the Servicer’s assessment
of compliance with the applicable servicing criteria specified in Item 1122 of Regulation AB during the immediately preceding calendar
year, including any material instance of noncompliance identified by the Servicer as required under Rules 13a-18 and 15d-18 of the
Exchange Act and Item 1122 of Regulation AB.

 

(c)            The
Servicer shall deliver to the Trustee, the Indenture Trustee and the Rating Agencies, promptly after having obtained knowledge thereof,
but in no event later than five Business Days thereafter, written notice in an Officer’s Certificate of any event that, with the
giving of notice or lapse of time, or both, would become a Servicer Default under Section 8.1(a) or (b).

 

Section 4.10.       Annual
Independent Certified Public Accountants’ Report. The Servicer shall cause a firm of independent certified public accountants,
which may also render other services to the Servicer, the Seller or any other Affiliate of CNH Industrial, to deliver to the Issuing
Entity, the Indenture Trustee and, subject to Section 10.19, the Rating Agencies on or before March 30 of each year
a report, providing its assessment of compliance with the minimum servicing criteria during the preceding calendar year, including disclosure
of any material instance of non-compliance, as required by Rule 13a-18 and 15d-18 of the Exchange Act and Item 1122(b) of Regulation
AB. Such attestation will be in accordance with Rules 1-02(a)(3) and 2-02(g) of Regulation S-X under the Securities Act
and the Exchange Act. Such report shall be deemed to have been delivered to the Rating Agencies upon the posting of such report on the
Servicer’s website or the filing of such report with the Commission.

 

    13

     

    

 

The report required by this
Section may be replaced, at the Servicer’s option, by any similar report or certification using standards which are now or
in the future in use by servicers of comparable assets or which otherwise comply with any rule, regulation, “no action” letter
or similar guidance promulgated by the Commission.

 

In the event that such firm
requires the Indenture Trustee to agree to the procedures performed by such firm, the Servicer shall direct the Indenture Trustee in
writing to so agree; it being understood and agreed that the Indenture Trustee will deliver such letter of agreement in conclusive reliance
upon the direction of the Servicer and the Indenture Trustee makes no independent inquiry or investigation as to, and shall have no obligation
or liability in respect of, the sufficiency, validity or correctness of such procedures.

 

Such report will also indicate
that the firm is independent of the Servicer within the meaning of the Code of Professional Ethics of the American Institute of Certified
Public Accountants.

 

Section 4.11.       Access
to Certain Documentation and Information Regarding Receivables. The Servicer shall provide to the Trustee and the Indenture Trustee
access to the Receivable Files in such cases where the Trustee or the Indenture Trustee shall be required by applicable statutes or regulations
to review such documentation. Access shall be afforded without charge, but only upon reasonable request and during the normal business
hours at the office of the Servicer; provided, however, at any time upon written request of the Indenture Trustee, the Servicer
will provide (within 10 days of receipt of such request) an electronic data file containing all relevant loan level information on each
Receivable necessary for a Successor Servicer to assume servicing responsibilities, including current mailing address and telephone number,
current balance, payment schedule and past due status of each Obligor (such request not to be made more frequently than one per month).
Nothing in this Section shall affect the obligation of the Servicer to observe any applicable law prohibiting disclosure of information
regarding the Obligors, and the failure of the Servicer to provide access to information as a result of such obligation shall not constitute
a breach of this Section.

 

Section 4.12.       Servicer
Expenses. The Servicer shall be required to pay all expenses incurred by it in connection with its activities hereunder, including
fees and disbursements of independent accountants, taxes imposed on the Servicer and expenses incurred in connection with distributions
and reports to Certificateholders and the Noteholders.

 

Section 4.13.       Appointment
of Subservicer. The Servicer may at any time appoint a subservicer to perform all or any portion of its obligations as Servicer
hereunder; provided, however, that the Rating Agency Condition shall have been satisfied in connection therewith (other than with
respect to the appointment of CNHICA, as subservicer, with respect to the Receivables); and provided further, that the Servicer shall
remain obligated and be liable to the Issuing Entity, the Trustee, the Indenture Trustee, the Certificateholders and the Noteholders
for the servicing and administering of the Receivables in accordance with the provisions hereof without diminution of such obligation
and liability by virtue of the appointment of such subservicer and to the same extent and under the same terms and conditions as if the
Servicer alone were servicing and administering the Receivables. The fees and expenses of any subservicer shall be as agreed between
the Servicer and such subservicer from time to time and none of the Issuing Entity, the

 

    14

     

    

 

Trustee, the Indenture Trustee, the Certificateholders
or the Noteholders shall have any responsibility therefor.

 

Section 4.14.       Substitution
of Financed Equipment. Notwithstanding anything herein or in the other Basic Documents to the contrary, in accordance with the
Servicing Procedures, the Financed Equipment relating to a Receivable may be replaced with substitute equipment, of equal or greater
value (in the Servicer’s reasonable determination) than the original related Financed Equipment (“Substitute Equipment”);
provided, however, the only conditions to such a substitution (in addition to its being in accordance with the Servicing
Procedures) shall be the perfection of the first priority security interest in the related Substitute Equipment in favor of CNHICA, and
a first priority perfected security interest of the Indenture Trustee in all of CNHICA’s right, title and interest in its security
interest in the Substitute Equipment. Following such substitution, the Substitute Equipment shall be considered the Financed Equipment
related to such Receivable for all purposes hereunder and under the Basic Documents, and (i) the Issuing Entity, the Seller and
the Indenture Trustee shall sell, transfer, assign, set over and otherwise convey to CNHICA (or its Affiliate designated by it), without
recourse, representation or warranty, all of the Issuing Entity’s, the Seller’s and the Indenture Trustee’s right,
title and interest in, to and under such original Financed Equipment, and all security and documents relating thereto, and (ii) the
Issuing Entity, the Seller, and the Indenture Trustee shall be deemed to have released any security interest and any other claim in such
original Financed Equipment (and all security and documents relating thereto) hereunder and under the other Basic Documents, without
any further act or deed, and such original Financed Equipment (and all security and documents relating thereto) will be free of the Grant
contained in the Indenture.

 

Article V

Distributions: Spread Account;

Statements to Certificateholders and Noteholders

 

Section 5.1.          Establishment
of Trust Accounts. (a) (i)  The Servicer, for the benefit of the Noteholders and the Certificateholders, shall establish
and maintain in the name of the Indenture Trustee an Eligible Deposit Account (the “Collection Account”), bearing
a designation clearly indicating that the funds deposited therein are held for the benefit of the Noteholders and the Certificateholders.

 

(ii)           The
Servicer, for the benefit of the Noteholders and the Certificateholders, shall establish and maintain in the name of the Indenture Trustee
an Eligible Deposit Account (the “Note Distribution Account”), bearing a designation clearly indicating that the funds
deposited therein are held for the benefit of the Noteholders.

 

(iii)           The
Servicer, for the benefit of the Trust, shall establish and maintain in the name of the Trust an Eligible Deposit Account (the “Spread
Account”), bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Trust.

 

(iv)          [Reserved].

 

(v)          [Reserved].

 

    15

     

    

 

(vi)         [Reserved].

 

(vii)         [Reserved].

 

(b)            Funds
on deposit in the Collection Account, the Note Distribution Account, and the Spread Account (collectively, the “Trust Accounts”)
shall be invested or reinvested by the Indenture Trustee in Eligible Investments selected by and as directed in writing by the Servicer
(which written direction may be in the form of standing instructions) or if the Servicer fails to provide written direction, such funds
on deposit in the Trust Accounts shall remain uninvested; provided, however, it is understood and agreed that the Indenture Trustee
shall not be liable for the selection of, or any loss arising from such investment in, Eligible Investments; provided further, funds
on deposit in the Spread Account shall be invested only in Eligible Investments meeting the requirements of Part 246.4(b)(2) of
Regulation RR, as determined solely by the Servicer. All such Eligible Investments shall be held or controlled by the Indenture Trustee
for the benefit of:

 

(i) with respect to Eligible Investments
relating to the Spread Account, the Trust; and

 

(ii) in all other cases, the Noteholders
and the Certificateholders or the Noteholders, as applicable

 

(and
for the purposes of Articles 8 and 9 of the UCC, each Eligible Investment is intended to constitute a Financial Asset, and each of the
Trust Accounts is intended to constitute a Securities Account); provided, that on each Payment Date, all Investment Earnings on funds
on deposit in the Trust Accounts shall be deposited into the Collection Account and shall be deemed to constitute a portion of the Total
Distribution Amount. Funds on deposit in the Trust Accounts shall be invested in Eligible Investments (or other investments permitted
by the Rating Agencies that, in the case of investments relating to the Spread Account, meet the requirements of Regulation RR)
that will mature on the following Payment Date. Eligible Investments may not be purchased at a premium. For the avoidance of doubt, in
no event shall the Indenture Trustee have any obligation or responsibility to monitor or enforce compliance with, or be charged with
knowledge of the requirements of Regulation RR (including, but not limited to, §246.4(b)(2) and §246.4(b)(3)(i) therein),
nor shall it be liable to any investor or any other party whatsoever for any violation of Regulation RR (including, but not limited to,
 §246.4(b)(2) and §246.4(b)(3)(i) therein) or any similar provisions now or hereafter in effect or the breach of any
terms of the Indenture or any other document in connection therewith.

 

(c)            (i)  The
Indenture Trustee shall possess or control all right, title and interest in all funds on deposit from time to time in the Trust Accounts
and in all proceeds thereof (including all income thereon) and all such funds, investments, proceeds and income shall be part of the
Trust Estate. The Trust Accounts shall be under the sole dominion and control of the Indenture Trustee for the benefit of (A) with
respect to the Spread Account, the Trust, and (B) in all other cases, the Noteholders and the Certificateholders or the Noteholders,
as the case may be. If, at any time, any of the Trust Accounts ceases to be an Eligible Deposit Account, the Indenture Trustee (or the
Servicer on its behalf) shall within 10 Business Days (or such longer period, not to exceed 30 calendar days, as to which each Rating
Agency may consent) establish a new Trust Account as an Eligible Deposit Account and shall transfer any cash and/or any investments held

 

    16

     

    

 

 

in
the no-longer Eligible Deposit Account to such new Trust Account; provided, however, that any new Spread Account shall satisfy any requirements
of Regulation RR.

 

(ii)            With
respect to the Trust Account Property, the Indenture Trustee agrees, by its acceptance hereof, that:

 

(A)            any
Trust Account Property that is held in deposit accounts shall be held solely in Eligible Deposit Accounts, subject to the last sentence
of Section 5.1(c)(i); and each such Eligible Deposit Account shall be subject to the exclusive custody and control of the
Indenture Trustee, and the Indenture Trustee shall have sole signature authority with respect thereto;

 

(B)            any
Trust Account Property that constitutes a Certificated Security shall be delivered to the Indenture Trustee in accordance with paragraph
(i) of the definition of “Delivery” and shall be held, pending maturity or disposition, solely by the Indenture Trustee
or its agent;

 

(C)            any
such Trust Account Property that constitutes an Uncertificated Security (including any investments in money market mutual funds, but
excluding any Federal Book Entry Security) shall be delivered to the Indenture Trustee in accordance with paragraph (ii) of the
definition of “Delivery” and shall be maintained, pending maturity or disposition, through continued registration of (i) with
respect to Trust Account Property relating to the Spread Account, the Trust’s (or its custodian or nominee’s) ownership of
such security, and (ii) in all other cases, the Indenture Trustee’s (or its custodian or nominee’s) ownership of such
security; and

 

(D)            with
respect to any Trust Account Property that constitutes a Federal Book Entry Security, the Indenture Trustee shall maintain and obtain
Control over such property.

 

(iii)            The
Servicer shall have the power, revocable by the Indenture Trustee or by the Trustee, with the consent of the Indenture Trustee, to instruct
the Indenture Trustee to make withdrawals and payments from the Trust Accounts for the purpose of permitting the Servicer or the Trustee
to carry out its respective duties hereunder or permitting the Indenture Trustee to carry out its duties under the Indenture.

 

(d)            All
Trust Accounts will initially be established at the Indenture Trustee.

 

Section 5.2.            [Reserved].

 

Section 5.3.            Collections.

 

(a)            The
Servicer shall, and shall cause any subservicer to, remit to the Collection Account all payments by or on behalf of the Obligors with
respect to the Receivables, and all Liquidation Proceeds, both as collected during the Collection Period, and in either case within two
Business Days of the date that the Servicer has identified and posted such amounts

 

     17 

     

    

 

(which the Servicer shall use its reasonable
best efforts to do promptly) to the Servicer’s computer system (the “Posted Date”).

 

(b)            Notwithstanding
the provisions of clause (a) above and subject to and upon compliance with the terms and conditions set forth in this clause
(b), the Servicer may be permitted to remit collections referred to in clause (a) with respect to the related Collection
Period to the Collection Account on the Transfer Date immediately following the end of such Collection Period, for so long as (1) NH
Credit remains the Servicer, (2) no Servicer Default shall have occurred and be continuing and (3) the Required Servicer Rating
is satisfied.  Pending deposit into the Collection Account, collections may be invested by the Servicer at its own risk and for
its own benefit and will not be segregated from funds of the Servicer.  Commencing with the first day of the first Collection Period
that begins at least two Business Days following non-compliance with any of clause (1), (2) or (3) above
and for so long as such condition continues to exist, all collections then held by the Servicer and all future collections referred to
in clause (a) above shall be remitted by the Servicer to the Collection Account on a daily basis within two Business Days
of receipt thereof in accordance with clause (a) above.  For the avoidance of doubt and as an administrative convenience,
the Servicer shall remit collections net of distribution to be made to the Servicer and the Administrator in respect to such Collection
Period.

 

(c)            For
purposes of this Article V, the phrase “payments by or on behalf of the Obligors” shall mean payments made with respect
to the Receivables by Persons other than the Servicer or the Seller.

 

Section 5.4.            Application
of Collections. (a)  With respect to each Receivable, all collections for the Collection Period shall be applied in accordance
with the Servicer’s Servicing Procedures.

 

(b)            All
Liquidation Proceeds shall be applied to the related Receivable.

 

Section 5.5.            Additional
Deposits. The Servicer and the Seller shall deposit or cause to be deposited in the Collection Account the aggregate Purchase
Amount with respect to Purchased Receivables on the Transfer Date related to the Collection Period on the last day of which the purchase
occurs, and the Servicer shall deposit therein all amounts to be paid under Section 9.1 on the Transfer Date falling in the
Collection Period referred to in Section 9.1. The Servicer shall deposit the aggregate Purchase Amount with respect to Purchased
Receivables when such obligations are due, unless the Servicer shall not be required to make deposits within two Business Days of receipt
of funds pursuant to Section 5.3, in which case such deposits shall be made on the Transfer Date following the related Collection
Period.

 

Section 5.6.            Distributions.
(a)  On each Determination Date, the Servicer shall calculate all amounts required to determine the amounts to be deposited in the
Note Distribution Account, the Certificate Distribution Account and the Spread Account.

 

(b)            Except
in the case of 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), on each Payment Date, the Servicer shall instruct the Indenture Trustee (based
on the information contained in the Servicer’s Certificate delivered on the related

 

     18 

     

    

 

Determination Date pursuant to Section 4.8)
to make from the Collection Account the following deposits and distributions for receipt by the party as provided below or deposit in
the applicable Trust Account or Certificate Distribution Account, as applicable, by 10:00 a.m. (New York time), to the extent of
the Total Distribution Amount, in the following order of priority:

 

(i)            to
the Asset Representations Reviewer, all amounts due, including indemnities, up to a maximum of $200,000 per year;

 

(ii)           to
the Servicer, the Servicing Fee and all unpaid Servicing Fees from prior Collection Periods;

 

(iii)          to
the Administrator, the Administration Fee and all unpaid Administration Fees from prior Collection Periods;

 

(iv)         [Reserved];

 

(v)          to
the Note Distribution Account, the Class Interest Amount for each Class of Class A Notes payable by the Issuing Entity,
if any;

 

(vi)         to
the Note Distribution Account, the First Principal Payment Amount, if any;

 

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

 

(viii)       to
the Note Distribution Account, the Note Monthly Principal Distributable Amount;

 

(ix)         to
the Spread Account to the extent necessary so that the balance on deposit therein will equal the Specified Spread Account Balance;

 

(x)          to
the Note Distribution Account, the lesser of (a) the amounts remaining after giving effect to clauses (i) through (ix) above,
and (b) the Outstanding Amount of the Class A-1 Notes as of the end of the preceding Payment Date minus the amount of payments
of principal on the Class A-1 Notes to be made on such Payment Date due to the application of the First Principal Payment Amount
and the Note Monthly Principal Distributable Amounts (the “Turbo Principal Payment Amount”);

 

(xi)         to
the Asset Representations Reviewer all fees, expenses and indemnities due but not paid under clause (i) above;

 

(xii)        to
the Servicer, to cover any accrued and unpaid reimbursable expenses; and

 

(xiii)       to
the Certificate Distribution Account, the remaining Total Distribution Amount to be distributed to the Certificateholders.

 

     19 

     

    

 

(c)            On
the A-1 Note Final Scheduled Maturity Date, the Servicer shall instruct the Indenture Trustee to deposit from the Collection Account
into the Note Distribution Account by 10:00 a.m. (New York time), to the extent of available funds on such day, an amount equal
to the sum of (i) the aggregate accrued and unpaid interest on the Class A-1 Notes as of the A-1 Note Final Scheduled Maturity
Date, and (ii) the amount necessary to reduce the outstanding principal amount of the Class A-1 Notes to zero.

 

It is understood and agreed
that, with respect to the amounts to be distributed pursuant to this Section 5.6(c), the Servicer shall, to the extent necessary
(i) deposit into the Collection Account any amounts received as payments by or on behalf of any Obligor (and not previously deposited
into the Collection Account) on or prior to the A-1 Note Final Scheduled Maturity Date, (ii) make each calculation that would otherwise
be made on a Determination Date (with appropriate adjustments) in accordance with Section 4.8 on the Business Day immediately
preceding the A-1 Note Final Scheduled Maturity Date, (iii) on the Payment Date immediately succeeding the A-1 Note Final Scheduled
Maturity Date, make any adjustments to the Note Monthly Principal Distributable Amount, the Class Interest Amount and any other
amount to be paid on such Payment Date, and (iv) make any other calculation, adjustment or correction that may be required as a
result of any payment made on the A-1 Note Final Scheduled Maturity Date.

 

(d)            During
the period from the date the Servicer is no longer performing as Servicer (due to being terminated or due to its ceasing to perform as
Servicer) (the “Predecessor Servicer”) until the effectiveness of the transition of the Successor Servicer as provided
herein (the “Transition Period”), in the event that neither NH Credit, as the Predecessor Servicer, nor the Successor
Servicer, has delivered the Servicer’s Certificate containing instructions to the Indenture Trustee (required to be delivered pursuant
to Section 4.8 hereof) on or before 11:00 am New York time on any Payment Date so as to enable the Indenture Trustee to make
payments pursuant to and in accordance with the priority set forth in Section 5.6 hereof and Section 8.2 of the Indenture
on the relevant Payment Dates during the Transition Period, the Indenture Trustee shall, to the extent such funds are available, withdraw
amounts from the Collection Account and the Spread Account (based upon the information set forth under “Interest & Principal
Payments Pursuant to Section 5.6(d) and 5.6(e)(ii) of the Sale and Servicing Agreement” in the last Servicer’s
Certificate that the Indenture Trustee received from the Predecessor Servicer) and therefrom make payments of, (i) interest for
each Note due on such Payment Date that takes place during the Transition Period and, (ii) to the extent that the Final Scheduled
Maturity Date for any Notes occurs during the Transition Period, the outstanding principal amount on such Notes due on its applicable
Final Scheduled Maturity Date, in each case in accordance with the priority set forth above in Section 8.2 of the Indenture. 
During the Transition Period, until NH Credit or the Successor Servicer has delivered the Servicer’s Certificate required under
Section 4.8 hereof, any amounts remaining in the Collection Account and the Spread Account, after the payments referred to
in clauses (i) and (ii) above are made, shall be held therein until the next Payment Date and the Indenture Trustee shall have
no obligation to make any other payments in respect of such Payment Date.

 

(e)            (i) In
the event the Servicer’s Certificate shows that, as of any Determination Date, there are amounts on deposit in the Collection Account
which do not constitute part of the Total Distribution Amount and to which the Depositor is entitled hereunder,

 

     20 

     

    

 

the Servicer shall direct the Indenture Trustee
to forthwith pay such amount to or upon its written order.

 

(ii) Notwithstanding
the foregoing, in the event that the Servicer has not delivered the Servicer’s Certificate containing instructions to the Indenture
Trustee (required to be delivered pursuant to Section 4.8 hereof) on or before 11:00 am New York time on any Payment Date
so as to enable the Indenture Trustee to make payments pursuant to and in accordance with the priority set forth in Section 5.6
hereof and Section 8.2 of the Indenture on such Payment Date, the Indenture Trustee shall, to the extent such funds are available,
withdraw amounts from the Collection Account and the Spread Account (based upon the information set forth under “Interest &
Principal Payments Pursuant to Section 5.6(d) and 5.6(e)(ii) of the Sale and Servicing Agreement” in the last Servicer’s
Certificate that the Indenture Trustee received from the Servicer) and therefrom make payments of interest and principal on such Payment
Date, in each case, in accordance with the priority set forth in Section 8.2 of the Indenture.

 

(f)            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 Servicer shall instruct the Indenture Trustee (based on the information contained in the Servicer’s
Certificate delivered on the related Determination Date pursuant to Section 4.8) to make from the Collection Account the
following deposits and distributions for receipt by the party as provided below or deposit in the applicable Trust Account or Certificate
Distribution Account, as applicable, by 10:00 a.m. (New York time), to the extent of the Total Distribution Amount, in the following
order of priority:

 

(i)            to
pay the Servicer its accrued and unpaid Servicing Fee;

 

(ii)           to
the Indenture Trustee for amounts due to it under Section 6.7 of the Indenture, and to the Trustee for amounts due to it under
the Trust Agreement;

 

(iii)          to
the Asset Representations Reviewer, for amounts due to it, including indemnities, according to the Basic Documents;

 

(iv)         to
the Administrator, the Administration Fee and all unpaid Administration Fees from prior Collection Periods;

 

(v)          [Reserved];

 

(vi)         to
the Note Distribution Account, the Class Interest Amount for each Class of Class A Notes payable by the Issuing Entity,
if any;

 

(vii)        to
the Note Distribution Account, an amount equal to the Outstanding Amount of the Class A Notes;

 

(viii)       to
the Note Distribution Account, the Class Interest Amount for the Class B Notes payable by the Issuing Entity, if any;

 

     21 

     

    

 

(ix)         to
the Note Distribution Account, an amount equal to the Outstanding Amount of the Class B Notes;

 

(x)          [Reserved];

 

(xi)         to
the Servicer, to cover any accrued and unpaid reimbursable expenses;

 

(xii)        to
the Trustee for amounts due to the Trustee under the Trust Agreement to the extent not paid under clause (ii) above; and

 

(xiii)       to
the Certificate Distribution Account, the remaining Total Distribution Amount to be distributed to the Certificateholders.

 

Section 5.7.            Spread
Account. (a)  On the Closing Date, the Seller shall deposit the applicable Spread Account Deposit into the Spread Account.

 

(b)            [Reserved.]

 

(c)            Following:
(i) the payment in full of the aggregate Outstanding Amount of the Notes and of all other amounts owing or to be distributed hereunder
or under the Indenture to the Noteholders, the Trustee, the Indenture Trustee, the Certificateholders and the Asset Representations Reviewer
and (ii) the termination of the Trust, any amount remaining on deposit in the Spread Account shall be distributed to the Depositor
or any transferee or assignee pursuant to clause (e). The Depositor (and such transferees and assignees) shall in no event be required
to refund any amounts properly distributed pursuant to this Section 5.7(c).

 

(d)            In
the event that the First Principal Payment Amount and the Noteholders’ Distributable Amount for a Payment Date exceeds the amount
deposited into the Note Distribution Account pursuant to Sections 5.6(b)(v), (vi), (vii), (viii) and (ix) on such Payment
Date, the Servicer shall instruct the Indenture Trustee on such Payment Date to withdraw from the Spread Account on such Payment Date
an amount equal to such excess, to the extent of funds available therein, and deposit such amount into the Note Distribution Account;
provided that amounts released from the Spread Account shall only be used in the manner permitted under §246.4(b)(3)(i) of
Regulation RR, as determined solely by the Servicer.

 

(e)            The
Depositor may at any time, without consent of the Noteholders, sell, transfer, convey or assign in any manner its rights to and interests
in distributions from the Spread Account, including interest and other investment earnings thereon; provided, that the Rating Agency
Condition is satisfied and that such sale, transfer, conveyance or assignment is not prohibited by Regulation RR.

 

Section 5.8.            [Reserved].

 

Section 5.9.            [Reserved].

 

Section 5.10.         [Reserved].

 

     22 

     

    

 

Section 5.11.     Statements
to Certificateholders and Noteholders. (a)  On each Determination Date the Servicer shall provide to the Indenture Trustee
(with a copy to the Rating Agencies), for the Indenture Trustee to make available to each Noteholder of record, and, if NH Credit or
an Affiliate is not the Servicer or the Depositor is not the sole Certificateholder, to the Indenture Trustee (if the Indenture Trustee
is responsible on the related Payment Date to make the payment required under Section 5.2(a) of the Trust Agreement) or the
Trustee (if the Trustee is responsible on the related Payment Date to make the payment required under Section 5.2(a) of the
Trust Agreement), for the Indenture Trustee or Trustee, as applicable, to forward to each Certificateholder of record, a statement substantially
in the form of Exhibit C, setting forth at least the following information as to each Class of the Notes and the Certificates
to the extent applicable:

 

(i)            the
amount of such distribution allocable to principal of each Class of Notes;

 

(ii)          the
amount of the distribution allocable to interest on each Class of Notes;

 

(iii)          the
amount to be distributed to the Certificateholders;

 

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

 

(v)          the
aggregate Outstanding Amount and the Note Pool Factor for each Class of Notes as of such Payment Date, after giving effect to payments
allocated to principal reported under clause (i) above;

 

(vi)         [Reserved];

 

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

 

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

 

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

 

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

 

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

 

(xii)        [Reserved];

 

(xiii)       [Reserved];

 

(xiv)       [Reserved];

 

     23 

     

    

 

(xv)        [Reserved];

 

(xvi)       [Reserved];

 

(xvii)      [Reserved];

 

(xviii)     [Reserved];

 

(xix)       [Reserved];

 

(xx)        the
Specified Spread Account Balance.

 

The Indenture Trustee will make the statement
to Noteholders available each month to Noteholders and other parties to the Basic Documents via the Indenture Trustee’s internet
website, which is presently located at http://sf.citidirect.com.

 

Persons who are unable to
use the above website are entitled to have a paper copy mailed to them via first class mail by calling the Indenture Trustee at (713)
693-6677. The Indenture Trustee shall have the right to change the way the statement to Noteholders is distributed in order to make such
distribution more convenient and/or more accessible to the above parties and to the Noteholders. The Indenture Trustee shall provide
timely and adequate notification to all above parties and to the Noteholders regarding any such change.

 

In connection with any electronic
transmissions of information, including without limitation, the use of electronic mail or internet or intranet web sites, the systems
used in such transmissions are not fully tested by the Indenture Trustee and may not be completely reliable as to stability, robustness
and accuracy. Accordingly, the parties hereto acknowledge and agree that information electronically transmitted as described herein may
not be relied upon as timely, accurate or complete and that the Indenture Trustee shall have no liability hereunder in connection with
such information transmitted electronically. The parties hereto further acknowledge that any and all systems, software or hardware utilized
in posting or retrieving any such information are utilized on an “as is” basis without representation or warranty as to the
intended uses of such systems, software or hardware. The Indenture Trustee makes no representation or warranty that the systems and the
related software used in connection with the electronic transmission of information are free and clear of threats known as software and
hardware viruses, time bombs, logic bombs, Trojan horses, worms, or other malicious computer instructions, intentional devices or techniques
which may cause a component or system to become erased, damaged, inoperable, or otherwise incapable of being used in the manner to which
it is intended, or which would permit unauthorized access thereto.

 

Section 5.12.            Net
Deposits. As an administrative convenience, unless the Servicer is required to remit collections within two Business Days of
the Posted Date, the Servicer will be permitted to make the deposit of collections net of distributions, if any, to be made to the Servicer
with respect to the Collection Period. The Servicer, however, will account to the Trustee, the Indenture Trustee, the Noteholders and
the Certificateholders as if all deposits, distributions and transfers were made individually.

 

     24 

     

    

 

Section 5.13.           [Reserved]

 

Article VI

The Seller

 

Section 6.1.            Representations
of Seller.   The Seller makes the following representations on which the Issuing Entity is deemed to have relied in acquiring the
Receivables. The representations speak as of the execution and delivery of this Agreement and shall survive the sale of the Receivables
to the Issuing Entity and the pledge thereof to the Indenture Trustee pursuant to the Indenture.

 

(a)            Organization
and Good Standing. The Seller is duly organized and validly existing as a limited liability company in good standing under the laws
of the State of Delaware, with the 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)            Due
Qualification. The Seller 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, except where the failure to be so qualified and have such licenses and approvals would not have a
material adverse effect on (a) the Trust Estate, (b) Seller’s performance of its obligations under the Basic Documents
to which it is a party, (c) the business or condition (financial or otherwise) of the Seller or (d) the validity or enforceability
of any Receivable.

 

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

 

(d)            Binding
Obligation. This Agreement constitutes a legal, valid and binding obligation of the Seller enforceable in accordance with its terms.

 

(e)            No
Violation. The consummation of the transactions contemplated by this Agreement and the fulfillment of the terms hereof do not conflict
with, result in any breach of any of the terms and provisions of, or constitute (with or without notice or lapse of time) a default under,
the certificate of formation, limited liability company agreement or by-laws of the Seller, or any indenture, agreement or other instrument
to which the Seller is a party or by which it shall be bound; or result in the creation or imposition of any Lien upon any of its properties
pursuant to the terms of any such indenture, agreement or other instrument (other than the Basic Documents); or violate any law or, to
the best of the Seller’s knowledge, any order, rule or regulation applicable to the Seller of any court or of any federal
or State regulatory body, administrative agency or other governmental instrumentality having jurisdiction over the Seller or its properties.

 

(f)            No
Proceedings. As of the date of the Underwriting Agreement, the Preliminary Prospectus Date, the Prospectus Date and the Closing Date,
there are no proceedings

 

     25 

     

    

 

or investigations pending or, to the Seller’s
knowledge, threatened against the Seller, before any court, regulatory body, administrative agency or other tribunal or governmental
instrumentality having jurisdiction over the Seller or its properties (i) asserting the invalidity of this Agreement, (ii) seeking
to prevent the consummation of any of the transactions contemplated by this Agreement, or (iii) seeking any determination or ruling
that might materially and adversely affect the performance by the Seller of its obligations under, or the validity or enforceability
of, this Agreement or otherwise be material to the Noteholders, except as otherwise may be disclosed in the Preliminary Prospectus or
the Prospectus.

 

Section 6.2.     Company
Existence. (a)  During the term of this Agreement, the Seller will keep in full force and effect its existence, rights and
franchises as a limited liability company under the laws of the jurisdiction of its formation and will obtain and preserve its qualification
to do business in each jurisdiction in which such qualification is or shall be necessary to protect the validity and enforceability of
this Agreement, the other Basic Documents and each other instrument or agreement necessary or appropriate to the proper administration
of this Agreement and the transactions contemplated hereby.

 

(b)            During
the term of this Agreement, the Seller shall observe the applicable legal requirements for the recognition of the Seller as a legal entity
separate and apart from its Affiliates, including as follows:

 

(i)            the
Seller shall maintain company records and books of account separate from those of its Affiliates;

 

(ii)           except
as otherwise provided in this Agreement and similar arrangements relating to other securitizations, the Seller shall not commingle its
assets and funds with those of its Affiliates;

 

(iii)          the
Seller shall hold such appropriate meetings or obtain such appropriate consents of its Board of Directors as are necessary to authorize
all the Seller’s actions required by law to be authorized by the Board of Directors, shall keep minutes of such meetings and of
meetings of its member(s) and observe all other customary limited liability company formalities (and any successor Seller not a
limited liability company shall observe similar procedures in accordance with its governing documents and applicable law);

 

(iv)         the
Seller shall at all times hold itself out to the public under the Seller’s own name as a legal entity separate and distinct from
its Affiliates; and

 

(v)          all
transactions and dealings between the Seller and its Affiliates will be conducted on an arm’s-length basis.

 

Section 6.3.            Liability
of Seller; Indemnities. The Seller shall be liable in accordance herewith only to the extent of the obligations specifically
undertaken by the Seller under this Agreement.

 

     26 

     

    

 

(a)            The
Seller shall indemnify, defend and hold harmless the Issuing Entity, the Trustee and the Indenture Trustee (and their officers, directors,
employees and agents) from and against any taxes that may at any time be asserted against any of them with respect to the sale of the
Receivables to the Issuing Entity or the issuance and original sale of the Notes, including any sales, gross receipts, general corporation,
tangible personal property, privilege or license taxes (but, in the case of the Issuing Entity, not including any taxes asserted with
respect to ownership of the Receivables or federal or other income taxes arising out of the transactions contemplated by this Agreement)
and costs and expenses in defending against the same.

 

(b)            The
Seller shall indemnify, defend and hold harmless the Issuing Entity, the Trustee and the Indenture Trustee (and their officers, directors,
employees and agents) from and against any loss, liability or expense incurred by reason of the Seller’s willful misfeasance, bad
faith or negligence in the performance of its duties under this Agreement, or by reason of reckless disregard of its obligations and
duties under this Agreement.

 

Indemnification under this
Section shall survive the resignation or removal of the Trustee or the Indenture Trustee or the termination of this Agreement and
the Indenture and shall include reasonable fees and expenses of counsel and expenses of litigation. If the Seller shall have made any
indemnity payments pursuant to this Section and the Person to or on behalf of whom such payments are made thereafter shall collect
any of such amounts from others, such Person shall promptly repay such amounts to the Seller, without interest.

 

Section 6.4.            Merger
or Consolidation of, or Assumption of the Obligations of, Seller. Any Person: (a) into which the Seller may be merged or
consolidated, (b) that may result from any merger or consolidation to which the Seller shall be a party or (c) that may succeed
to the properties and assets of the Seller substantially as a whole, which Person (in any of the foregoing cases) executes an agreement
of assumption to perform every obligation of the Seller under this Agreement (or is deemed by law to have assumed such obligations),
shall be the successor to the Seller hereunder without the execution or filing of any document or any further act by any of the parties
to this Agreement; provided, however, that: (i) immediately after giving effect to such transaction, no representation or
warranty made pursuant to Section 3.1 shall have been breached and no Servicer Default, and no event that, after notice or
lapse of time, or both, would become a Servicer Default, shall have occurred and be continuing, (ii) the Seller shall have delivered
to the Trustee and the Indenture Trustee an Officer’s Certificate and an Opinion of Counsel each stating that such consolidation,
merger or succession and such agreement of assumption comply with this Section and that all conditions precedent, if any, provided
for in this Agreement relating to such transaction have been complied with, (iii) the Rating Agency Condition shall have been satisfied
with respect to such transaction and (iv) the Seller shall have delivered to the Trustee and the Indenture Trustee an Opinion of
Counsel either: (A) stating that, in the opinion of such counsel, all financing statements, continuation statements and amendments
thereto have been executed and filed that are necessary fully to preserve and protect the interest of the Trustee and Indenture Trustee,
respectively, in the Receivables and reciting the details of such filings, or (B) stating that, in the opinion of such counsel,
no such action shall be necessary to preserve and protect such interests. Notwithstanding anything herein to the contrary, the execution
of the foregoing agreement of assumption and compliance with clauses (i), (ii), (iii) and (iv) shall be conditions
to the consummation of the transactions referred to in clauses (a), (b) or (c).

 

     27 

     

    

 

Section 6.5.            Limitation
on Liability of Seller and Others. The Seller and any director, officer, employee or agent of the Seller may rely in good faith
on the advice of counsel or on any document of any kind prima facie properly executed and submitted by any Person respecting any matters
arising hereunder. The Seller shall not be under any obligation to appear in, prosecute or defend any legal action that shall not be
incidental to its obligations under this Agreement, and that in its opinion may involve it in any expense or liability.

 

Section 6.6.            Seller
May Own Certificates or Notes. The Seller and any Affiliate thereof may in its individual or any other capacity become the
owner or pledgee of Certificates or the Notes with the same rights as it would have if it were not the Seller or an Affiliate thereof,
except as expressly provided herein or in any other Basic Document.

 

Notwithstanding the foregoing,
the Seller shall not sell the Certificates except to an entity (a) that has provided an opinion of counsel to the effect that such
sale will not cause the Trust to be treated as an association (or publicly traded partnership) taxable as a corporation under the Code
and (b) that either (i) is not an Affiliate of the Seller or (ii) is an Affiliate of the Seller that (A) is a subsidiary
of CNHICA or NH Credit, the certificate of formation and limited liability company agreement of which contains restrictions substantially
similar to the restrictions contained in the certificate of formation and limited liability company agreement of the Seller and (B) has
provided an Opinion of Counsel regarding substantive consolidation of such Affiliate with CNHICA or NH Credit in the event of a bankruptcy
filing by CNHICA or NH Credit, as applicable, which is substantially similar to the Opinion of Counsel provided by Seller on the Closing
Date, and which may be subject to the same assumptions and qualifications as that opinion.

 

Article VII

The Servicer

 

Section 7.1.            Representations
of Servicer. The Servicer makes the following representations on which the Issuing Entity is deemed to have relied in acquiring
the Receivables. The representations speak as of the execution and delivery of the Agreement and as of the Closing Date, and shall survive
the sale of the Receivables to the Issuing Entity and the pledge thereof to the Indenture Trustee pursuant to the Indenture.

 

(a)            Organization
and Good Standing. The Servicer is duly organized and validly existing as a limited liability company in good standing under the
laws of the State of its organization, with the power and authority to own its properties and to conduct its business as such properties
are currently owned and such business is presently conducted, and had at all relevant times, and has, the power, authority and legal
right to service the Receivables and to hold the Receivable Files as custodian.

 

(b)            Due
Qualification. The Servicer is duly qualified to do business as a foreign 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
(including the servicing of the Receivables as required by this Agreement) shall require such qualifications, except where the failure
to be so qualified and have such licenses and approvals would not have a material adverse effect on (a) the Trust Estate, (b) Servicer’s
performance of its

 

     28 

     

    

 

obligations under the Basic Documents to which
it is a party, (c) the business or condition (financial or otherwise) of the Servicer or (d) the validity or enforceability
of any Receivable.

 

(c)            Power
and Authority. The Servicer has the power and authority to execute and deliver this Agreement and to carry out its terms; and the
execution, delivery and performance of this Agreement have been duly authorized by the Servicer by all necessary limited liability company
action.

 

(d)            Binding
Obligation. This Agreement constitutes a legal, valid and binding obligation of the Servicer enforceable against the Servicer in
accordance with its terms.

 

(e)            No
Violation. The consummation of the transactions contemplated by this Agreement and the fulfillment of the terms hereof shall not
conflict with, result in any breach of any of the terms and provisions of, or constitute (with or without notice or lapse of time) a
default under, the certificate of formation, limited liability company agreement or by-laws of the Servicer, or any indenture, agreement
or other instrument to which the Servicer is a party or by which it shall be bound; or result in the creation or imposition of any Lien
upon any of its properties pursuant to the terms of any such indenture, agreement or other instrument (other than this Agreement); or
violate any law or, to the best of the Servicer’s knowledge, any order, rule or regulation applicable to the Servicer of any
court or of any federal or State regulatory body, administrative agency or other governmental instrumentality having jurisdiction over
the Servicer or its properties.

 

(f)            No
Proceedings. As of the date of the Underwriting Agreement, the Preliminary Prospectus Date, the Prospectus Date and the Closing Date,
there are no proceedings or investigations pending or, to the Servicer’s knowledge, threatened against the Servicer, before any
court, regulatory body, administrative agency or other tribunal or governmental instrumentality having jurisdiction over the Servicer
or its properties (i) asserting the invalidity of this Agreement, (ii) seeking to prevent the consummation of any of the transactions
contemplated by this Agreement, or (iii) seeking any determination or ruling that might materially and adversely affect the performance
by the Servicer of its obligations under, or the validity or enforceability of, this Agreement or otherwise be material to the Noteholders,
except as otherwise may be disclosed on the Preliminary Prospectus or the Prospectus.

 

(g)            No
Insolvent Obligors. As of the Cutoff Date no Obligor is shown in the Servicer’s records (including, without limitation the
Receivable Files) as the subject of a bankruptcy proceeding.

 

Section 7.2.            Indemnities
of Servicer. The Servicer shall be liable in accordance herewith only to the extent of the obligations specifically undertaken
by the Servicer under this Agreement.

 

(a)            The
Servicer shall defend, indemnify and hold harmless the Issuing Entity, the Trustee, the Indenture Trustee, the Noteholders, the Certificateholders
and the Seller (and any of their officers, directors, employees and agents) from and against any and all costs, expenses, losses, damages,
claims and liabilities, arising out of or resulting from:

 

     29 

     

    

 

(i)            the
use, ownership or operation by the Servicer or any Affiliate thereof of any of the Financed Equipment;

 

(ii)            any
taxes that may at any time be asserted against any such Person with respect to the transactions contemplated herein, including any sales,
gross receipts, general corporation, tangible personal property, privilege or license taxes (but, in the case of the Issuing Entity,
not including any taxes asserted with respect to, and as of the date of, the sale of the Receivables to the Issuing Entity or the issuance
and original sale of the Notes and the issuance of the Certificates, or asserted with respect to ownership of the Receivables, or federal
or other income taxes arising out of distributions on the Certificates or the Notes) and costs and expenses in defending against the
same;

 

(iii)            the
negligence, willful misfeasance or bad faith of the Servicer in the performance of its duties under this Agreement or by reason of reckless
disregard of its obligations and duties under this Agreement; and

 

(iv)            the
Seller’s or the Issuing Entity’s violation of federal or State securities laws in connection with the offering or sale of
the Notes.

 

(b)            The
Servicer shall indemnify, defend and hold harmless the Trustee and the Indenture Trustee (and their respective officers, directors, employees
and agents) from and against all costs, expenses, losses, claims, damages and liabilities arising out of or incurred in connection with
the acceptance or performance of the trusts and duties herein and, in the case of the Trustee, in the Trust Agreement contained, and,
in the case of the Indenture Trustee, in the Indenture contained, except to the extent that such cost, expense, loss, claim, damage or
liability:

 

(i)            shall
be due to the willful misfeasance, bad faith or negligence (except for errors in judgment) of the Trustee or the Indenture Trustee as
applicable; or

 

(ii)            shall
arise from the breach by the Trustee of any of its representations or warranties set forth in Section 7.3 of the Trust Agreement.

 

(c)            The
Servicer shall pay any and all taxes levied or assessed upon all or any part of the Trust Estate.

 

(d)            The
Servicer shall pay the Indenture Trustee and the Trustee from time to time reasonable compensation for all services rendered by the Indenture
Trustee under the Indenture or by the Trustee under the Trust Agreement (which compensation shall not be limited by any provision of
law in regard to the compensation of a trustee of an express trust).

 

(e)            The
Servicer shall, except as otherwise expressly provided in the Indenture or the Trust Agreement, reimburse either the Indenture Trustee
or the Trustee, respectively, upon its request for all reasonable expenses, disbursements and advances incurred or made in accordance
with the Indenture or the Trust Agreement, respectively, (including the reasonable compensation, expenses and disbursements of its agents
and either in-house counsel or outside counsel, but not both), except any such expense, disbursement or advance as may be attributable

 

     30 

     

    

 

to the Indenture Trustee’s or the Trustee’s,
respectively negligence, bad faith or willful misfeasance.

 

For purposes of this Section,
in the event of the termination of the rights and obligations of the Servicer pursuant to Section 8.1, or a resignation by
the Servicer pursuant to this Agreement, the Servicer shall be deemed to be the Servicer pending appointment of a Successor Servicer
pursuant to Section 8.2.

 

Indemnification under this
Section shall survive the resignation or removal of the Trustee or the Indenture Trustee or the termination of this Agreement, the
Trust Agreement and the Indenture and shall include reasonable fees and expenses of counsel and expenses of litigation. If the Servicer
shall have made any indemnity payments pursuant to this Section and the Person to or on behalf of whom such payments are made thereafter
collects any of such amounts from others, such Person shall promptly repay such amounts to the Servicer, without interest.

 

Section 7.3.            Merger
or Consolidation of, or Assumption of the Obligations of, Servicer. Any Person: (a) into which the Servicer may be merged
or consolidated, (b) that may result from any merger or consolidation to which the Servicer shall be a party, (c) that may
succeed to the properties and assets of the Servicer substantially as a whole, or (d) that is a corporation or limited liability
company of which 50% or more of the voting stock or membership interests, respectively, are owned, directly or indirectly, by CNH Industrial
and which assumes the obligations of the servicer hereunder, which Person (in any of the foregoing circumstances) executes an agreement
of assumption to perform every obligation of the Servicer hereunder (or is deemed by law to have assumed such obligations), shall be
the successor to the Servicer under this Agreement without further act on the part of any of the parties to this Agreement; provided,
however, that: (i) immediately after giving effect to such transaction, no Servicer Default, and no event that, after notice or
lapse of time, or both, would become a Servicer Default, shall have occurred and be continuing, (ii) the Servicer shall have delivered
to the Trustee and Indenture Trustee an Officer’s Certificate and an Opinion of Counsel each stating that such consolidation, merger
or succession, if applicable, and such agreement of assumption comply with this Section and that all conditions precedent, if any,
provided for in this Agreement relating to such transaction have been complied with, (iii) the Rating Agencies shall have received
at least ten days’ prior written notice of such transaction and (iv) the Servicer shall have delivered to the Trustee and
the Indenture Trustee an Opinion of Counsel either: (A) stating that, in the opinion of such counsel, all financing statements,
continuation statements and amendments thereto have been executed and filed that are necessary fully to preserve and protect the interest
of the Trustee and the Indenture Trustee, respectively, in the Receivables and reciting the details of such filings, or (B) stating
that, in the opinion of such counsel, no such action shall be necessary to preserve and protect such interests. Notwithstanding anything
herein to the contrary, the execution of the foregoing agreement of assumption and compliance with clauses (i), (ii), (iii) and
(iv) shall be conditions to the consummation of the transactions referred to in clauses (a), (b) or (c).

 

Section 7.4.            Limitation
on Liability of Servicer and Others. Neither the Servicer nor any of the directors, officers, employees or agents of the Servicer
shall be under any liability to the Issuing Entity, the Noteholders or the Certificateholders, except as provided under this Agreement,
for any action taken or for refraining from the taking of any action pursuant to this

 

     31 

     

    

 

Agreement or for errors in judgment; provided,
however, that this provision shall not protect the Servicer or any such Person against any liability that would otherwise be imposed
by reason of willful misfeasance, bad faith or negligence in the performance of its duties or by reason of reckless disregard of obligations
and duties under this Agreement. The Servicer and any director, officer, employee or agent of the Servicer may rely in good faith on
the advice of counsel or on any document of any kind prima facie properly executed and submitted by any Person respecting any matters
arising hereunder.

 

Except as provided in this
Agreement, the Servicer shall not be under any obligation to appear in, prosecute or defend any legal action that shall not be incidental
to its duties to service the Receivables in accordance with this Agreement, and that in its opinion may involve it in any expense or
liability; provided, however, that the Servicer may undertake any reasonable action that it may deem necessary or desirable in
respect of this Agreement, the other Basic Documents and the rights and duties of the parties to this Agreement, the other Basic Documents
and the interests of the Certificateholders under the Trust Agreement and the Noteholders under the Indenture.

 

Section 7.5.            NH
Credit Not to Resign as Servicer. Subject to Section 7.3, NH Credit shall not resign from the obligations and duties
imposed on it as Servicer under this Agreement except upon determination that the performance of its duties under this Agreement shall
no longer be permissible under applicable law and such impermissibility cannot be reasonably and promptly cured. Notice of any such determination
shall be communicated to the Trustee and the Indenture Trustee at the earliest practicable time (and, if such communication is not in
writing, shall be confirmed in writing at the earliest practicable time) and any such determination shall be evidenced by an Opinion
of Counsel to such effect delivered to the Trustee and the Indenture Trustee concurrently with or promptly after such notice. No such
resignation shall become effective until the Indenture Trustee or a Successor Servicer shall have assumed the responsibilities and obligations
of NH Credit in accordance with Section 8.2.

 

Section 7.6.            Servicer
to Act as Administrator. In the event of the resignation or removal of the Administrator and the failure of a successor Administrator
to have been appointed and to have accepted such appointment as successor Administrator, the Servicer shall become the successor Administrator
(except as set forth in Section 8(e) of the Administration Agreement) and shall be bound by the terms of the Administration
Agreement.

 

Article VIII

Default

 

Section 8.1.            Servicer
Default.   If any one of the following events (a “Servicer Default”) shall occur and be continuing:

 

(a)            any
failure by the Servicer to deliver to the Indenture Trustee for deposit in any of the Trust Accounts or the Certificate Distribution
Account any required payment or to direct the Indenture Trustee or the Trustee to make any required distributions therefrom, which failure
continues unremedied for three Business Days after written notice of such failure is received by the Servicer from the Trustee or the
Indenture Trustee or after discovery of such failure by an officer of the Servicer;

 

     32 

     

    

 

(b)            any
failure by the Servicer or the Seller, as the case may be, duly to observe or to perform in any material respect any other covenants
or agreements (other than as set forth in clause (a)) of the Servicer or the Seller (as the case may be) set forth in this Agreement
or any other Basic Document, which failure shall: (i) materially and adversely affect the rights of Certificateholders or Noteholders
and (ii) continue unremedied for a period of 60 days after the date on which written notice of such failure, requiring the same
to be remedied, shall have been given: (A) to the Servicer or the Seller (as the case may be) by the Trustee or the Indenture Trustee
or (B) to the Servicer or the Seller (as the case may be) and to the Trustee and the Indenture Trustee, by the Noteholders or Certificateholders,
as applicable, evidencing not less than 25% of the Outstanding Amount of the Notes or 25% of the beneficial interest in the Issuing Entity;

 

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

 

(d)            [Reserved];

 

then, and in each and every case, so long as
the Servicer Default shall not have been remedied, either the Indenture Trustee, or the Holders of Notes evidencing not less than 25%
of the Outstanding Amount of the Notes, by notice then given in writing to the Servicer (and to the Indenture Trustee and the Trustee
if given by the Noteholders), may terminate all the rights and obligations (other than the obligations set forth in Section 7.2)
of the Servicer under this Agreement. On or after the receipt by the Servicer of such written notice, all authority and power of the
Servicer under this Agreement, whether with respect to the Notes, the Certificates, the Receivables or otherwise, shall, without further
action, pass to and be vested in the Indenture Trustee or such Successor Servicer as may be appointed under Section 8.2;
and, without limitation, the Indenture Trustee and the Trustee are hereby authorized and empowered to execute and deliver, on behalf
of the predecessor Servicer, as attorney-in-fact or otherwise, any and all documents and other instruments, and to do or accomplish all
other acts or things necessary or appropriate to effect the termination of the Servicer, whether to complete the transfer and endorsement
of the Receivables and related documents, or otherwise. The predecessor Servicer shall cooperate with the Successor Servicer, the Indenture
Trustee and the Trustee in effecting the termination of the responsibilities and rights of the predecessor Servicer under this Agreement,
including the transfer to the Successor Servicer for administration by it of: (i) all cash amounts that shall at the time be held
by the predecessor Servicer for deposit, or shall thereafter be received by it with respect to a Receivable and (ii) all Receivable
Files. All reasonable costs and expenses (including attorneys’ fees) incurred in connection with such transfer, including the costs
of transferring the Receivable Files to the Successor Servicer and amending this Agreement to reflect its succession as Servicer, shall
be paid by the predecessor Servicer upon presentation of reasonable documentation of such costs and expenses. Upon receipt of written
notice of the occurrence of a Servicer Default, the Trustee shall give written notice thereof to the Rating Agencies, the Asset Representations
Reviewer and/or the Seller pursuant to Section 10.18.

 

Section 8.2.            Appointment
of Successor Servicer. (a)  Upon the Servicer’s receipt of notice of termination, pursuant to Section 8.1,
or the Servicer’s resignation in accordance with this Agreement, the predecessor Servicer shall continue to perform its functions
as Servicer under this Agreement, in the case of termination, only until the date specified in such termination notice or, if no such
date is specified in a notice of termination, until receipt of such notice and, in the case

 

     33 

     

    

 

of resignation, until the earlier of: (x) the
date 60 days from the delivery to the Trustee and the Indenture Trustee of written notice of such resignation (or written confirmation
of such notice) in accordance with this Agreement and (y) the date upon which the predecessor Servicer shall become unable to act
as Servicer, as specified in the notice of resignation and accompanying Opinion of Counsel. In the event of the Servicer’s termination
hereunder, the Issuing Entity shall appoint a Successor Servicer acceptable to the Indenture Trustee, and the Successor Servicer shall
accept its appointment by a written assumption in form acceptable to the Indenture Trustee. Upon the Successor Servicer’s acceptance
of its appointment, the Indenture Trustee shall give written notice of the identity of the Successor Servicer to the Rating Agencies,
the Asset Representations Reviewer and the Seller. In the event that a Successor Servicer has not been appointed at the time when the
predecessor Servicer has ceased to act as Servicer in accordance with this Section, the Indenture Trustee without further action shall
automatically be appointed the Successor Servicer and shall be entitled to the Servicing Fee. Notwithstanding the above, the Indenture
Trustee shall, if it shall be unable so to act, appoint or petition a court of competent jurisdiction to appoint any established institution,
having a net worth of not less than $50,000,000 and whose regular business shall include the servicing of equipment receivables, as the
successor to the Servicer under this Agreement.

 

(b)            Upon
appointment, the Successor Servicer (including the Indenture Trustee acting as Successor Servicer) shall be the successor in all respects
to the predecessor Servicer (except with respect to responsibilities and obligations of the predecessor Servicer set forth in Section 7.2)
and shall be subject to all the responsibilities, duties and liabilities arising thereafter relating thereto placed on the predecessor
Servicer and shall be entitled to the Servicing Fee and all the rights granted to the predecessor Servicer by this Agreement. None of
the Indenture Trustee or any other Successor Servicer shall be deemed to be liable for or in breach of any obligations hereunder due
to any act or omission of a predecessor Servicer, including but not limited to failure of such predecessor Servicer to timely deliver
to the Indenture Trustee any required information pertaining to the Receivables, any funds required to be deposited with the Indenture
Trustee, or any breach of duty of such predecessor Servicer to cooperate with a transfer of servicing as required hereunder. Any Successor
Servicer shall from time to time provide to NH Credit such information as NH Credit shall reasonably request with respect to the Receivables
and collections thereon.

 

(c)            Subject
to the Indenture Trustee’s right to appoint a Successor Servicer pursuant to the last sentence of clause (a) after the Indenture
Trustee has become Servicer, the Servicer may not resign unless it is prohibited from serving as such by law as evidenced by an Opinion
of Counsel to such effect delivered to the Indenture Trustee and the Trustee.

 

(d)            Notwithstanding
anything else herein to the contrary, in no event shall the Indenture Trustee be liable for any transition expenses, servicing fee or
for any differential in the amount of the Servicing Fee paid hereunder and the amount necessary to induce any Successor Servicer to act
as Successor Servicer under this Agreement and the transactions set forth or provided for herein or be liable for or be required to make
any servicer advances.

 

Section 8.3.            Notification
to Noteholders and Certificateholders.   Upon any termination of, or appointment of a successor to, the Servicer pursuant to this
Article VIII, the

 

     34 

     

    

 

Trustee shall give prompt written notice thereof
to the Certificateholders and the Indenture Trustee shall give prompt written notice thereof to the Noteholders and, subject to Section 10.19,
the Rating Agencies.

 

Section 8.4.            Waiver
of Past Defaults. The Noteholders of Notes evidencing not less than a majority of the Note Balance (or the Holders of Certificates
evidencing not less than 50% of the beneficial interest in the Issuing Entity, in the case of any default that does not materially and
adversely affect the Indenture Trustee or the Noteholders) may, on behalf of all the Noteholders and Certificateholders, waive in writing
any default by the Servicer in the performance of its obligations hereunder and its consequences, except a default in making any required
deposits to or payments from any of the Trust Accounts in accordance with this Agreement. Upon any such waiver of a past default, such
default shall cease to exist, and any Servicer Default arising therefrom shall be deemed to have been remedied for every purpose of this
Agreement. No such waiver shall extend to any subsequent or other default or impair any right consequent thereto.

 

Article IX

Termination

 

Section 9.1.            Optional
Purchase of All Receivables. (a)  As of the first day of any Collection Period immediately preceding a Payment Date as of
which the Pool Balance is 10% or less of the Initial Pool Balance, CNHICA shall have the option (but no obligation) to purchase all of
the Trust Estate, other than the Trust Accounts. To exercise such option, CNHICA shall deposit, pursuant to Section 5.5,
in the Collection Account an amount equal to the aggregate Purchase Amount for the Receivables plus the value of any other property held
by the Trust, such value to be as reasonably determined by CNHICA, and CNHICA shall succeed to all interests in, to and under the Trust
Estate, other than the Trust Accounts; provided that CNHICA shall not exercise such option unless the amount so deposited, together with
funds on deposit in the Trust Accounts, would be sufficient to pay the Redemption Price pursuant to Section 10.1(a) of the
Indenture.

 

(b)            Upon
any sale of the assets of the Trust, the Servicer shall instruct the Indenture Trustee to deposit the proceeds from such sale after all
payments and reserves therefrom have been made (the “Sale Proceeds”) in the Collection Account. On the Payment Date,
or, if such proceeds are not so deposited on a Payment Date, on the first Payment Date following the date on which the Sale Proceeds
are deposited in the Collection Account, the Servicer shall instruct the Indenture Trustee to make the following payments and deposits
(after the application on such Payment Date of the Total Distribution Amount and funds on deposit in the Spread Account pursuant to Sections
5.6 and 5.7) from the Sale Proceeds and any funds remaining on deposit in the Spread Account (including the proceeds of any sale
of investments therein as described in the following sentence):

 

(i)            first,
to pay the Servicer its accrued and unpaid Servicing Fee;

 

(ii)           second,
to the Indenture Trustee for amounts due under Section 6.7 of the Indenture and to the Trustee for amounts due to it under the Trust
Agreement;

 

     35 

     

    

 

(iii)          third,
to the Asset Representations Reviewer for all amounts due to it, including indemnities, according to the Basic Documents;

 

(iv)         fourth,
to the Administrator, its accrued and unpaid Administration Fees;

 

(v)           fifth,
to the Note Distribution Account for distribution pursuant to Section 8.2(e) of the Indenture 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;

 

(vi)         sixth,
to the Servicer, to cover any accrued and unpaid reimbursable expenses;

 

(vii)        seventh,
to the Trustee for amounts due to the Trustee under the Trust Agreement, to the extent not paid under clause (ii) above; and

 

(viii)       eighth,
to the Issuing Entity for distribution to the Certificateholders.

 

(c)            As
described in Article IX of the Trust Agreement, once CNHICA has made its determination to make the purchase described under Section 9.1(a) (the
 “Clean-Up Call”), the Servicer shall send notice of the anticipated dissolution of the Trust to the Trustee as soon
as practicable after the Servicer has received notice of the Clean-Up Call.

 

(d)            Following
the satisfaction and discharge of the Indenture and the payment in full of the principal of and interest on the Notes, the Certificateholders
will succeed to the rights of the Noteholders hereunder and the Trustee will succeed to the rights of, and assume the obligations of,
the Indenture Trustee pursuant to this Agreement.

 

Article X

Miscellaneous Provisions

 

Section 10.1.            Amendment.
   Any term or provisions of this Agreement may be amended by the Issuing Entity, the Seller and the Servicer without the consent of the
Indenture Trustee, any Certificateholder, any Noteholder, the Trustee or any other Person subject to the satisfaction of one of the following
conditions:

 

(i)            the
Seller or the Servicer 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
Seller and the Servicer deliver an Officer’s Certificate of the Seller and Servicer, respectively, to the Indenture Trustee to
the effect that such amendment will not materially and adversely affect the interests of the Noteholders or the Certificateholders.

 

     36 

     

    

 

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.

 

This Agreement may also be amended from time to
time by the Seller, the Servicer and the Issuing Entity, with the written consent of the Indenture Trustee, but without the consent of
any of the Noteholders or the Certificateholders, to: (x) replace the Spread Account with another form of credit enhancement as
long as such substitution (i) will not result in a reduction or withdrawal of the rating of any Class of the Notes and (ii) is
not prohibited by Regulation RR (as determined by the Servicer), or (y) add credit enhancement for the benefit of any Class of
the Notes.

 

This Agreement may also be
amended from time to time by the Seller, the Servicer and the Issuing Entity, with the written consent of (a) the Indenture Trustee,
(b) Noteholders holding Notes evidencing not less than a majority of the Note Balance, and (c) the Holders of Certificates
evidencing not less than 50% of the beneficial interest in the Trust, 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 rate or principal of any Note or Certificate, or
delay the Class Final Scheduled Maturity Date of any Note or (b) reduce the aforesaid percentage of the Notes and the Certificates
that are required to consent to any such amendment, without the consent of the holders of all the outstanding Notes and Certificates
affected thereby.

 

Promptly after the execution
of any such amendment or consent (or, in the case of the Rating Agencies, prior thereto), the Trustee shall furnish written notification
of the substance of such amendment or consent to each Certificateholder, the Indenture Trustee, and, subject to Section 10.19,
to each of the Rating Agencies.

 

It shall not be necessary
for the consent of Certificateholders or the Noteholders pursuant to this Section to approve the particular form of any proposed
amendment or consent, but it shall be sufficient if such consent shall approve the substance thereof.

 

Prior to the execution of
any amendment to this Agreement, the Trustee and the Indenture Trustee shall be entitled to receive and rely upon an Opinion of Counsel
stating that the execution of such amendment is authorized or permitted by this Agreement and the other Basic Documents and that all
conditions precedent to such execution and delivery by the Trustee and the Indenture Trustee have been satisfied. Any amendment which
affects the rights, duties, immunities or liabilities of the Trustee or the Indenture Trustee shall require the Trustee’s or the
Indenture Trustee’s written consent, as applicable. The Trustee and the Indenture Trustee may, but shall not be obligated to, enter
into any such amendment that affects the Trustee’s or the Indenture Trustee’s, as applicable, own rights, duties or immunities
under this Agreement or otherwise.

 

Notwithstanding anything
herein to the contrary, any term or provision of this Agreement may be amended by the Seller, and the Servicer without the consent of
any of the Noteholders, Certificateholders, the Issuing Entity, the Indenture Trustee 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

 

     37 

     

    

 

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.

 

Section 10.2.            Protection
of Title to Trust.

 

(a)            The
Seller shall execute and file such financing statements, and cause to be executed and filed such continuation statements, all in such
manner and in such places as may be required by applicable law fully to preserve, maintain and protect the right, title and interest
of the Issuing Entity and the interests of the Indenture Trustee in the Receivables, the other property sold hereunder and in the proceeds
thereof. The Seller shall deliver (or cause to be delivered) to the Trustee and the Indenture Trustee file-stamped copies of, or filing
receipts for, any document filed as provided above as soon as available following such filing. The Issuing Entity and the Indenture Trustee
shall cooperate fully with the Seller in connection with the obligations set forth above and will execute any and all documents reasonably
required to fulfill the intent of this paragraph.

 

(b)            Neither
the Seller nor the Servicer shall change its name, identity or organizational structure in any manner that would or could reasonably
be expected to make any financing statement or continuation statement filed in accordance with paragraph (a) seriously misleading
within the applicable provisions of the UCC and shall give the Trustee and the Indenture Trustee notice thereof no later than 10 days
after the effective date thereof and shall promptly file appropriate amendments to all previously filed financing statements or continuation
statements.

 

(c)            Each
of the Seller and the Servicer shall have an obligation to give the Trustee and the Indenture Trustee notice within 15 days after (and,
in any case, no later than 10 days after the effective date thereof) of any relocation of its principal executive office or its “location”
as defined in Section 9-307 of the UCC and if, as a result of such relocation, the applicable provisions of the UCC would require
the filing of any amendment of any previously filed financing or continuation statement or of any new financing statement and shall promptly
file any such amendment. The Servicer shall at all times maintain each office from which it shall service Receivables, and its “location”
(as defined in Section 9-307 of the UCC), within the United States of America.

 

(d)            The
Servicer shall maintain accounts and records as to each Receivable accurately and in sufficient detail to permit: (i) the reader
thereof to know at any time the status of such Receivable, including payments and recoveries made and payments owing (and the nature
of each) and (ii) reconciliation between payments or recoveries on (or with respect to) each Receivable and the amounts from time
to time deposited in the Collection Account in respect of such Receivable.

 

(e)            The
Servicer shall maintain its computer systems so that, from and after the time of sale under this Agreement of the Receivables, the Servicer’s
master computer records (including any backup archives) that refer to a Receivable shall indicate clearly the interest of the Issuing
Entity and the Indenture Trustee in such Receivable and that such Receivable is owned by the Issuing Entity and has been pledged to Citibank,
N.A., as Indenture Trustee. Indication of the Issuing Entity’s and the Indenture Trustee’s interest in a Receivable may be
deleted from or

 

     38 

     

    

 

modified on the Servicer’s computer systems
when, and only when, the related Receivable shall have been paid in full or repurchased or purchased by the Servicer, or otherwise transferred
to the Servicer or CNHICA pursuant to Section 4.3 hereof.

 

(f)            If
at any time the Seller or the Servicer shall propose to sell, grant a security interest in, or otherwise transfer any interest in equipment
receivables to any prospective purchaser, lender or other transferee, the Servicer shall give to such prospective purchaser, lender or
other transferee computer tapes, records or printouts (including any restored from backup archives) that, if they shall refer in any
manner whatsoever to any Receivable, shall indicate clearly that such Receivable has been sold and is owned by the Issuing Entity and
has been pledged to the Indenture Trustee. From and after the date of this Agreement, the Servicer will not sell, pledge, assign or transfer
to any Person, or grant, create, incur, assume or suffer to exist any Lien on, any interest in, to and under the Receivables (other than
Reacquired Receivables).

 

(g)            The
Servicer shall permit the Indenture Trustee and its agents at any time during normal business hours to inspect, audit and make copies
of and abstracts from the Servicer’s records regarding any Receivable. The Indenture Trustee and its agents shall give reasonable
notice of any such inspection or audit and such inspection shall be conducted in a manner that does not cause undue disruption or interference
with the Servicer’s business.

 

(h)            Upon
request, the Servicer shall furnish to the Trustee or to the Indenture Trustee, within five Business Days, a list of all Receivables
(by contract number and name of Obligor) then held as part of the Trust, together with a reconciliation of such list to the Schedule
of Receivables and to each of the Servicer’s Certificates furnished before such request indicating removal of Receivables from
the Trust.

 

(i)            The
Servicer shall deliver to the Trustee and the Indenture Trustee:

 

(1)            promptly
after the execution and delivery of this Agreement, an Opinion of Counsel either: (A) stating that, in the opinion of such counsel,
all financing statements and continuation statements have been executed and filed that are necessary fully to preserve and protect the
interest of the Trustee and the Indenture Trustee in the Receivables, and reciting the details of such filings or referring to prior
Opinions of Counsel in which such details are given, or (B) stating that, in the opinion of such counsel, no such action shall be
necessary to preserve and protect such interest; and

 

(2)            within
90 days after the beginning of each calendar year beginning with the first calendar year beginning more than three months after the Cutoff
Date, an Opinion of Counsel, dated as of a date during such 90-day period, either: (A) stating that, in the opinion of such counsel,
all financing statements and continuation statements have been executed and filed that are necessary fully to preserve and protect the
interest of the Trustee and the Indenture Trustee in the Receivables, and reciting the details of such filings or referring to prior
Opinions of Counsel in which such details are given, or (B) stating that, in the opinion of such counsel, no such action shall be
necessary to preserve and protect such interest.

 

     39 

     

    

 

Each Opinion of Counsel referred
to in clause (1) or (2) shall specify any action necessary (as of the date of such opinion) to be taken in the following year
to preserve and protect such interest.

 

(j)            The
Seller shall, to the extent required by applicable law, cause the Certificates and the Notes to be registered with the Commission pursuant
to Section 12(b) or Section 12(g) of the Exchange Act within the time periods specified in such sections.

 

(k)            [Reserved].

 

Section 10.3.            Notices.
   All demands, notices, directions, instructions and communications upon or to the Seller, the Servicer, the Issuing Entity, the Trustee,
the Indenture Trustee, the Asset Representations Reviewer or, subject to Section 10.19, the Rating Agencies under this Agreement
shall be in writing, personally delivered or mailed by certified mail, return receipt requested, or by facsimile, and shall be deemed
to have been duly given upon receipt: (a) in the case of the Seller, to CNH Capital Receivables LLC, 6900 Veterans Boulevard, Burr
Ridge, Illinois 60527, Attention: Assistant Treasurer, (telephone: (630) 887-2008) (facsimile: (630) 887-5448), (b) in the
case of the Servicer, to New Holland Credit Company, LLC, 100 Brubaker Avenue, New Holland, Pennsylvania 17557, Attention: Finance Manager
(telephone (717) 355-3091) (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), (c) in the case of the Issuing Entity or
the Trustee, at the Trustee’s Corporate Trust Office, (d) in the case of the Indenture Trustee, at its Corporate Trust Office,
(e) in the case of the Asset Representations Reviewer, via electronic mail to ARRNotices@clayton.com, and to Clayton Fixed Income
Services LLC, 2638 South Falkenburg Road, Riverview, FL 33578, Attention: SVP; with a copy to Clayton Fixed Income Services LLC, c/o
Covius Services, LLC, 720 S. Colorado Blvd., Suite 200, Glendale, CO 80246, Attention: Legal, Email: legal@covius.com, (f) in
the case of Standard & Poor’s, if Standard & Poor’s is a Rating Agency, to Standard & Poor’s
Ratings Services, a Standard & Poor’s Financial Services LLC business, 55 Water Street, New York, New York 10041, Attention:
Asset Backed Surveillance Department, (g) in the case of Fitch Ratings, Inc., if Fitch Ratings, Inc. is a Rating Agency,
to Fitch Ratings, Inc., 300 West 57th Street, New York, New York 10019, and (h) in the case of Moody’s, if Moody’s
Investors Service, Inc. is a Rating Agency, Moody’s Investors Service, Inc., ABS Monitoring Department, 7 World Trade
Center, 250 Greenwich Street, New York, New York 10007.

 

Section 10.4.            Assignment.
   Notwithstanding anything to the contrary contained herein, except as provided in Sections 5.7, 6.4 and 7.3 and as provided
in the provisions of this Agreement concerning the resignation of the Servicer, this Agreement may not be assigned by the Seller or the
Servicer, except that the Seller may assign any or all of its rights to payment under this Agreement.

 

Section 10.5.            Limitations
on Rights of Others. The provisions of this Agreement are solely for the benefit of the Seller, the Servicer, the Issuing Entity,
the Trustee, the Certificateholders, the Indenture Trustee and the Noteholders, and nothing in this Agreement, whether express or implied,
shall be construed to give to any other Person any legal or equitable right, remedy or claim in the Trust Estate or under or in respect
of this Agreement or any covenants, conditions or provisions contained herein.

 

     40 

     

    

 

Section 10.6.            Severability.
   Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective
to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition
or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

 

Section 10.7.            Separate
Counterparts.   This Agreement may be executed by the parties hereto in separate counterparts, each of which when so executed and
delivered shall be an original, but all such counterparts shall together constitute but one and the same instrument.

 

Section 10.8.            Electronic
Signatures.   Any signature (including any electronic symbol or process attached to, or associated with, a contract or other record
and adopted by a Person with the intent to sign, authenticate or accept such contract or record) hereto or to any other certificate,
agreement or document related to this transaction, and any contract formation or record-keeping through electronic means shall have the
same legal validity and enforceability as a manually executed signature or use of a paper-based recordkeeping system to the fullest extent
permitted by applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic
Signatures and Records Act, or any similar State law based on the Uniform Electronic Transactions Act, and the parties hereby waive any
objection to the contrary.

 

Section 10.9.            Headings.
   The headings of the various Articles and Sections herein are for convenience of reference only and shall not define or limit any of the
terms or provisions hereof.

 

Section 10.10.         Governing
Law.   This Agreement 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 10.11.         Assignment
to Indenture Trustee.   The Seller hereby acknowledges and consents to any mortgage, pledge, assignment and grant of a security
interest by the Issuing Entity to the Indenture Trustee pursuant to the Indenture for the benefit of the Noteholders of all right, title
and interest of the Issuing Entity in, to and under the Receivables and/or the assignment of any or all of the Issuing Entity’s
rights and obligations hereunder to the Indenture Trustee, and agrees that enforcement of a right or remedy hereunder by the Indenture
Trustee shall have the same force and effect as if the right or remedy had been enforced or executed by the Issuing Entity.

 

Section 10.12.          Nonpetition
Covenants.   (a)  Notwithstanding any prior termination of this Agreement, the Servicer and the Seller shall not,
prior to the date that is one year and one day after the termination of this Agreement, with respect to the Issuing Entity,
acquiesce, petition or otherwise invoke or cause the Issuing Entity to invoke the process of any court or governmental authority for
the purpose of commencing or sustaining a case against the Issuing Entity under any federal or State bankruptcy, insolvency or
similar law or appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official of the
Issuing Entity or any substantial part of its property, or ordering the winding up or liquidation of the affairs of the Issuing
Entity. The foregoing shall not limit the right of the Servicer and the Seller to file any claim in or otherwise take any action
with respect to any such insolvency proceeding that was instituted against the Issuing Entity by any Person other than the Servicer
or the Seller.

 

     41 

     

    

 

(b)            Notwithstanding
any prior termination of this Agreement, the Servicer shall not, prior to the date that is one year and one day after the termination
of this Agreement, with respect to the Seller, acquiesce, petition or otherwise invoke or cause the Seller to invoke the process of any
court or governmental authority for the purpose of commencing or sustaining a case against the Seller under any federal or State bankruptcy,
insolvency or similar law or appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official
of the Seller or any substantial part of its property, or ordering the winding up or liquidation of the affairs of the Seller. The foregoing
shall not limit the right of the Servicer to file any claim in or otherwise take any action with respect to any such insolvency proceeding
that was instituted against the Seller by any Person other than the Servicer.

 

Section 10.13.         Limitation
of Liability of Trustee and Indenture Trustee. (a) It is expressly understood and agreed by the parties hereto that (a) this
Agreement is executed and delivered by Wilmington Trust Company (“WTC”), not individually or personally but solely
as Trustee of the Trust, in the exercise of the powers and authority conferred and vested in it, (b) each of the representations,
undertakings and agreements herein made on the part of the Trust is made and intended not as personal representations, undertakings and
agreements by WTC but is made and intended for the purpose of binding only the Trust, (c) nothing herein contained shall be construed
as creating any liability on WTC, individually or personally, to perform any covenant either expressed or implied contained herein of
the Trust, all such liability, if any, being expressly waived by the parties hereto and by any Person claiming by, through or under the
parties hereto, (d) WTC has not verified and has made no investigation as to the accuracy or completeness of any representations
and warranties made by the Trust in this Agreement and (e) under no circumstances shall WTC be personally liable for the payment
of any indebtedness or expenses of the Trust or be liable for the breach or failure of any obligation, representation, warranty or covenant
made or undertaken by the Trust under this Agreement or any other related documents.

 

(b)            Notwithstanding
anything contained herein to the contrary, this Agreement has been accepted by Citibank, N.A., not in its individual capacity but solely
as Indenture Trustee, and in no event shall Citibank, N.A. have any liability for the representations, warranties, covenants, agreements
or other obligations of the Issuing Entity hereunder or in any of the certificates, notices or agreements delivered pursuant hereto,
as to all of which recourse shall be had solely to the assets of the Issuing Entity.

 

Section 10.14.         Conditions
Precedent to Other Financing Transactions. The Seller shall not enter into any receivables sale or other financing transaction
unless either the appropriate documents relating thereto contain provisions substantially to the effect set out in Sections 11.17 and
11.19 of the Indenture or such transaction otherwise shall have satisfied the Rating Agency Condition.

 

Section 10.15.         Information
Requests. The parties hereto shall provide any information reasonably requested by the Servicer, the Issuing Entity or the Seller
or any of their Affiliates, at the expense of such party, in order to comply with or obtain more favorable treatment under any current
or future law, rule, regulation, accounting rule or principle.

 

     42 

     

    

 

Section 10.16.         Information
to Be Provided by the Indenture Trustee.

 

(a)            For
so long as the Issuing Entity is required to report under the Exchange Act, the Indenture Trustee shall (i) on or before the fifth
Business Day of each month, provide to the Seller, in writing, such information regarding the Indenture Trustee as is requested by the
Seller for the purpose of compliance with Item 1117 of Regulation AB; provided, however, that the Indenture Trustee
shall not be required to provide such information in the event that there has been no change to the information previously provided by
the Indenture Trustee to Seller, and (ii) as promptly as practicable following notice to or discovery by a Responsible Officer of
the Indenture Trustee of any changes to such information, provide to the Seller, in writing, such updated information.

 

(b)            As
soon as available but no later than March 15 of each calendar year for so long as the Issuing Entity is required to report under
the Exchange Act, commencing in 2022, the Indenture Trustee shall:

 

(i)            deliver
to the Seller a report regarding the Indenture Trustee’s assessment of compliance with the Servicing Criteria during the immediately
preceding calendar year, as required under paragraph (b) of Rule 13a-18, Rule 15d-18 of the Exchange Act and Item 1122
of Regulation AB. Such report shall be signed by an authorized officer of the Indenture Trustee, and shall address each of the Servicing
Criteria specified in Exhibit H or such criteria as mutually agreed upon by the Seller and the Indenture Trustee;

 

(ii)           deliver
to the Seller a report of a registered public accounting firm that attests to, and reports on, the assessment of compliance made by the
Indenture Trustee and delivered pursuant to the preceding paragraph. Such attestation shall be in accordance with Rules 1-02(a)(3) and
2-02(g) of Regulation S-X under the Securities Act and the Exchange Act;

 

(iii)          deliver
to the Seller and any other Person that will be responsible for signing the certification required by Rules 13a-14(d) and
15d-14(d) under the Exchange Act (pursuant to Section 302 of the Sarbanes-Oxley Act of 2002) (a “Sarbanes Certification”)
on behalf of the Issuing Entity or the Seller a certification substantially in the form attached hereto as Exhibit I or
such form as mutually agreed upon by the Seller and the Indenture Trustee; and

 

(iv)          notify
the Seller in writing of any affiliations or relationships (as described in Item 1119 of Regulation AB) between the Indenture Trustee
and any Item 1119 Party, provided, that no such notification need be made if the affiliations or relationships are unchanged from
those provided in the notification in the prior calendar year.

 

The Indenture Trustee acknowledges that the parties
identified in clause (iii) above may rely on the certification provided by the Indenture Trustee pursuant to such clause
in signing a Sarbanes Certification and filing such with the Commission.

 

     43 

     

    

 

Section 10.17.          Form 8-K
Filings. So long as the Seller is filing Exchange Act Reports with respect to the Issuing Entity, the Indenture Trustee shall
promptly notify the Seller, but in no event later than one Business Day after its occurrence, of any Reportable Event of which a Responsible
Officer of the Indenture Trustee has actual knowledge (other than a Reportable Event described in clause (a) or (b) of the
definition thereof as to which the Seller or the Servicer has actual knowledge).

 

Section 10.18.          Indemnification.
(a) Citibank, N.A. shall indemnify the Seller, each Affiliate of the Seller and each Person who controls any of such parties (within
the meaning of Section 15 of the Securities Act of 1933, as amended, and Section 20 of the Exchange Act) and the respective
present and former directors, officers, employees and agents of each of the foregoing, and shall hold each of them harmless from and
against any losses, damages, penalties, fines, forfeitures, legal fees and expenses and related costs, judgments, and any other costs,
fees and expenses that any of them may sustain arising out of or based upon:

 

(1)            (A) any
untrue statement of a material fact contained in the Servicing Criteria assessment and any other information required to be provided
by Citibank, N.A. to the Seller or its Affiliates under Section 10.15 (excluding clause (b)(ii) of Section 10.15),
10.16 (such information, together with the Citibank Information as defined in the Certificate of Citibank, N.A. attached hereto
as Exhibit J, the “Provided Information”), or (B) the omission or alleged omission to state in the
Provided Information a material fact required to be stated in the Provided Information, or necessary in order to make the statements
therein, in the light of the circumstances under which they were made, not misleading; provided, by way of clarification, that
clause (B) of this paragraph shall be construed solely by reference to the related information and not to any other information
communicated in connection with a sale or purchase of securities, without regard to whether the Provided Information or any portion thereof
is presented together with or separately from such other information; or

 

(2)            any
failure by Citibank, N.A. to deliver any Servicing Criteria assessment, information, report, certification, accountants’ letter
or other material when and as required under Sections 10.15 and 10.16;

 

(b)            In
the case of any failure of performance described in clause (a)(2) of this Section, Citibank, N.A. shall promptly reimburse
the Seller for all costs reasonably incurred in order to obtain the information, report, certification, accountants’ letter or
other material not delivered as required by Citibank, N.A.

 

Notwithstanding anything
to the contrary contained herein, in no event shall Citibank, N.A. be liable for special, indirect or consequential damages of any kind
whatsoever, including but not limited to lost profits, even if Citibank, N.A. has been advised of the likelihood of such loss or damage
and regardless of the form of action.

 

(c)            The
Seller agrees to indemnify and hold harmless, Citibank, N.A. and its officers, directors, shareholders, employees, agents and each Person,
if any, who controls Citibank, N.A. within the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange
Act from and against, any and all claims, losses, liabilities, actions, suits, judgments demands, damages, costs or expenses (including
reasonable fees and expenses of attorneys) of any nature

 

     44 

     

    

 

resulting from or directly related to (i) any
untrue statement of a material fact contained under the heading “Depositor” in the Preliminary Prospectus or the Prospectus,
or (ii) any omission or alleged omission to state therein a material fact required to be stated under the heading “Depositor”
in the Preliminary Prospectus, the Prospectus or necessary to make the statements under the heading “Depositor” in the Preliminary
Prospectus or the Prospectus, in the light of the circumstances in which they were made, not misleading, to the extent that such untrue
statement or alleged untrue statement or omission or alleged omission relates to information set forth under the heading “Depositor”
in the Preliminary Prospectus or the Prospectus.

 

Notwithstanding anything
to the contrary contained herein, in no event shall the Seller be liable for special, indirect or consequential damages of any kind whatsoever,
including but not limited to lost profits, even if the Seller has been advised of the likelihood of such loss or damage and regardless
of the form of action.

 

Section 10.19.         Communications
with Rating Agencies. The parties hereto (other than the Seller and its Affiliates but excluding the Issuing Entity) agree that
any notices or requests to, or any other written communications with, any of the Rating Agencies, or any of their respective officers,
directors or employees, to be given or provided to such Rating Agencies pursuant to, in connection with or related, directly or indirectly,
to the Basic Documents, the Collateral or the Notes, shall be in each case either (i) furnished to the Seller who shall forward
such communication to the Rating Agencies, or (ii) furnished directly to the Rating Agencies with a prior copy to the Seller. In
either case, the parties hereto (other than the Seller and its Affiliates but excluding the Issuing Entity) further agree to provide
such notices, requests and communications or copies thereof, as applicable, to the Seller at least one Business Day prior to the date
when such notices, requests and communications are required to be delivered (or are in fact delivered, whichever is earlier) to the Rating
Agencies pursuant to the Basic Documents. So long as any Notes are Outstanding, each party hereto (other than the Seller and its Affiliates
but excluding the Issuing Entity) agrees that neither it nor any party on its behalf shall engage in any oral communications with respect
to the transactions contemplated hereby, under the Basic Documents or in any way relating to the Notes with any Rating Agency or any
of their respective officers, directors or employees, without the participation of the Seller.

 

Section 10.20.         PATRIOT
Act. In order to comply with the laws, rules, regulations and executive
orders in effect from time to time applicable to banking institutions, including, without limitation, those relating to the funding of
terrorist activities and money laundering, including Section 326 of the USA PATRIOT Act of the United States (“Applicable
Law”), the Indenture Trustee is required to obtain, verify, record and update certain information relating to individuals and entities
which maintain a business relationship with the Indenture Trustee. Accordingly, each of the parties hereto agrees to provide to the Indenture
Trustee, upon its request from time to time such identifying information and documentation as may be available to such party in order
to enable the Indenture Trustee to comply with Applicable Law.

 

 

 

 

(signature page follows)

 

     45 

     

    

 

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

 

	 	CNH EQUIPMENT TRUST 2022-B
	 	 	 	 
	 	By:	Wilmington Trust Company,
	 	 	not in its individual capacity, but
	 	 	solely as Trustee of the Trust
	 	 	 	 
	 	 	 	 
	 	By:	 	 
	 	 	Name:	 
	 	 	Title:	 
	 	 	 	 
	 	 	 	 
	 	CNH CAPITAL RECEIVABLES LLC
	 	as Seller	 
	 	 	 	 
	 	By:	 	 
	 	 	Name:	Daniel Willems Van Dijk
	 	 	Title:	Assistant Treasurer
	 	 	 	 
	 	 	 	 
	 	NEW HOLLAND CREDIT COMPANY, LLC
	 	as Servicer	 
	 	 	 	 
	 	By:	 	 
	 	 	Name:	Daniel Willems Van Dijk
	 	 	Title:	Assistant
    Treasurer

 

Acknowledged and Accepted:

 

CITIBANK, N.A.,

not in its individual capacity

but solely as Indenture Trustee

 

	By:	 	 
	Name:	 
	Title:	 

 

 

 

 

Sale and Servicing Agreement

     

     

    

 

 

EXHIBIT A

to Sale and Servicing Agreement

 

[RESERVED]

 

     

     

    

 

EXHIBIT B

to Sale and Servicing Agreement

 

[RESERVED]

 

    B-1

     

    

 

EXHIBIT C

to Sale and Servicing Agreement

 

FORM OF SERVICER’S CERTIFICATE

 

Wilmington Trust Company

1100 North Market Street

Wilmington, Delaware 19890,

Attention: Corporate Trust Administration

 

Citibank, N.A., as Indenture Trustee

388 Greenwich St.

14th Floor

New York, NY 10013

Telephone:    713-693-6677

Attention:     Agency & Trust – CNH Equipment Trust 2022-B

 

CNH Capital Receivables LLC

6900 Veterans Boulevard

Burr Ridge, Illinois 60527

Attention:   Assistant Treasurer

 

[Insert each Rating Agency, if any]

 

    C-1

     

    

 

CNH Equipment Trust 2022-B

 

$144,500,000
Class A-1 3.171% Asset Backed Notes due September 15, 2023

 

$297,500,000
Class A-2 3.94% Asset Backed Notes due December 15, 2025

 

$297,500,000
Class A-3 3.89% Asset Backed Notes due November 15, 2027

 

$77,400,000
Class A-4 3.91% Asset Backed Notes due March 15, 2028

 

$18,790,000
Class B 4.33% Asset Backed Notes due February 15, 2030

 

Asset Backed Certificate

 

Please contact [________] at [___]-[___]-[____] with any questions
regarding this report or email abs@cnh.com

 

For additional information consult http://investors.cnh.com

 

	 	 	 	 	Cutoff
    Date	 	[                    ]
	 	 	 	 	Date
    Added	 	[_____]
    	[_____]	[_____]	[_____]
	 	 	 	 	Pool	Period	Pool
    1	Pool
    2	Pool
    3	Pool
    4
	 	 	 	 	Scheduled
    Cashflows 	0	 	 	 	 
	 	 	 	 	 	1	 	 	 	 
	 	 	 	 	 	2	 	 	 	 
	 	 	 	 	 	3	 	 	 	 
	 	 	 	 	 	4	 	 	 	 
	 	 	 	 	 	5	 	 	 	 
	 	 	 	 	 	6	 	 	 	 
	 	 	 	 	 	7	 	 	 	 
	 	 	 	 	 	8	 	 	 	 
	 	 	 	 	 	9	 	 	 	 
	 	 	 	 	 	10	 	 	 	 
	 	 	 	 	 	11	 	 	 	 
	 	 	 	 	 	12	 	 	 	 
	 	 	 	 	 	13	 	 	 	 
	 	 	 	 	 	14	 	 	 	 
	 	 	 	 	 	15	 	 	 	 
	 	 	 	 	 	16	 	 	 	 
	 	 	 	 	 	17	 	 	 	 
	 	 	 	 	 	18	 	 	 	 
	 	 	 	 	 	19	 	 	 	 
	 	 	 	 	 	20	 	 	 	 
	 	 	 	 	 	21	 	 	 	 
	 	 	 	 	 	22	 	 	 	 
	 	 	 	 	 	23	 	 	 	 
	 	 	 	 	 	24	 	 	 	 
	 	 	 	 	 	25	 	 	 	 
	 	 	 	 	 	26	 	 	 	 
	 	 	 	 	 	27	 	 	 	 
	 	 	 	 	 	28	 	 	 	 
	 	 	 	 	 	29	 	 	 	 
	 	 	 	 	 	30	 	 	 	 
	 	 	 	 	 	31	 	 	 	 
	 	 	 	 	 	32	 	 	 	 
	 	 	 	 	 	33	 	 	 	 
	 	 	 	 	 	34	 	 	 	 
	 	 	 	 	 	35	 	 	 	 
	 	 	 	 	 	36	 	 	 	 
	 	 	 	 	 	37	 	 	 	 
	 	 	 	 	 	38	 	 	 	 
	 	 	 	 	 	39	 	 	 	 
	 	 	 	 	 	40	 	 	 	 
	 	 	 	 	 	41	 	 	 	 
	 	 	 	 	 	42	 	 	 	 
	 	 	 	 	 	43	 	 	 	 
	 	 	 	 	 	44	 	 	 	 
	 	 	 	 	 	45	 	 	 	 
	 	 	 	 	 	46	 	 	 	 
	 	 	 	 	 	47	 	 	 	 
	 	 	 	 	 	48	 	 	 	 
	 	 	 	 	 	49	 	 	 	 
	 	 	 	 	 	50	 	 	 	 
	 	 	 	 	 	51	 	 	 	 
	 	 	 	 	 	52	 	 	 	 
	 	 	 	 	 	53	 	 	 	 
	 	 	 	 	 	54	 	 	 	 
	 	 	 	 	 	55	 	 	 	 
	 	 	 	 	 	56	 	 	 	 

 

    C-2

     

    

 

CNH Equipment Trust 2022-B

 

$144,500,000
Class A-1 3.171% Asset Backed Notes due September 15, 2023

 

$297,500,000
Class A-2 3.94% Asset Backed Notes due December 15, 2025

 

$297,500,000
Class A-3 3.89% Asset Backed Notes due November 15, 2027

 

$77,400,000
Class A-4 3.91% Asset Backed Notes due March 15, 2028

 

$18,790,000
Class B 4.33% Asset Backed Notes due February 15, 2030

 

	 	 	 	 	 	57	 	 	 	 
	 	 	 	 	 	58	 	 	 	 
	 	 	 	 	 	59	 	 	 	 
	 	 	 	 	 	60	 	 	 	 
	 	 	 	 	 	61	 	 	 	 
	 	 	 	 	 	62	 	 	 	 
	 	 	 	 	 	63	 	 	 	 
	 	 	 	 	 	64	 	 	 	 
	 	 	 	 	 	65	 	 	 	 
	 	 	 	 	 	66	 	 	 	 
	 	 	 	 	 	67	 	 	 	 
	 	 	 	 	 	68	 	 	 	 
	 	 	 	 	 	69	 	 	 	 
	 	 	 	 	 	70	 	 	 	 
	 	 	 	 	 	71	 	 	 	 
	 	 	 	 	 	72	 	 	 	 
	 	 	 	 	 	73	 	 	 	 
	 	 	 	 	 	74	 	 	 	 
	 	 	 	 	 	75	 	 	 	 
	 	 	 	 	 	76	 	 	 	 
	 	 	 	 	 	77	 	 	 	 
	 	 	 	 	 	78	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	Total Amount of Scheduled Cashflow 	 	 	 	Total	 	 	 	 
	Discount Rate 	 	 	 	 	 	 	 	 
	Beginning Contract Value 	 	 	 	 	 	 	 	 
	Scheduled Contract Value Decline 	 	 	 	 	 	 	 	 
	Unscheduled Contract Value Decline 	 	 	 	 	 	 	 	 
	Additional Contract Value Added 	 	 	 	 	 	 	 	 
	Ending Contract Value 	 	 	 	 	 	 	 	 

 

    C-3

     

    

 

CNH Equipment Trust 2022-B

 

$144,500,000
Class A-1 3.171% Asset Backed Notes due September 15, 2023

 

$297,500,000
Class A-2 3.94% Asset Backed Notes due December 15, 2025

 

$297,500,000
Class A-3 3.89% Asset Backed Notes due November 15, 2027

 

$77,400,000
Class A-4 3.91% Asset Backed Notes due March 15, 2028

 

$18,790,000
Class B 4.33% Asset Backed Notes due February 15, 2030

 

Asset Backed Certificate

 

	Dated
    Date (30/360)  	 	 	 	 
	Dated
    Date (act/360)  	 	 	 	 
	Scheduled
    Payment Date  	 	 	 	 
	Actual
    Payment Date  	 	 	 	 
	Days
    in accrual period (30/360)  	 	 	 	 
	Days
    in accrual period (act/360)  	 	 	 	 
	 

    Note Distribution Account deposit
	 	 	 	 
	Certificate
    Distribution Account deposit	 	 	 	 
	First
    Principal Payment Amount	 	 	 	 
	Note
    Monthly Principal Distributable Amount	 	 	 	 
	Turbo
    Principal Payment Amount	 	 	 	 
	Spread
    Account Deposit	 	 	 	 
	Amount
    required to be deposited into the Collection Account during the calendar month	 	 	 	 
	 

     

    Collateral Summary 
	 	 	 	 
	Wtd.
    Average Discount Rate  	 	 	 	 
	Beginning
    Contract Value  	 	 	 	 
	Scheduled
    Contract Value Decline  	 	 	 	 
	Unscheduled
    Contract Value Decline  	 	 	 	 
	Additional
    Contract Value Purchased  	 	 	 	 
	Ending
    Contract Value  	 	 	 	 
	 	 	 	 	 
	Total
    Beginning Balance (Pool Balance)  	 	 	 	 
	Pool
    Balance as of end of last day of preceding Collection Period	 	 	 	 
	Total
    Ending Balance (Pool Balance)  	 	 	 	 
	 	 	 	 	 
	Purchase
    Amount of Receivables purchased due to Modification Purchase 

    Events in the related Collection Period	 	 	 	 
	Purchase
    Amount of all other purchases and repurchases in the related 

    Collection Period	 	 	 	 
	 	 	 	 	 
	Collections
    and Reinvestment Income 	 	 	 	 
	Receipts
    During the period (net of servicer's liquidation expenses)  	 	 	 	 
	 	 	 	 	 
	Warranty
    Repurchases  	 	 	 	 
	Contracts
    deferred beyond Final Scheduled Maturity Date  	 	 	 	 
	Government
    obligors  	 	 	 	 
	Total
    Warranty Repurchases  	 	 	 	 
	 	 	 	 	 
	Total
    Collections For The Period  	 	 	 	 
	 	 	 	 	 
	Reinvestment
    Income 	 	 	 	 
	 	 	 	 	 
	Total
    Collections + Reinvestment Income For The Period 	 	 	 	 
	 	 	 	 	 
	Other

    
	 	 	 	 

 

    C-4

     

    

 

CNH Equipment Trust 2022-B

 

$144,500,000
Class A-1 3.171% Asset Backed Notes due September 15, 2023

 

$297,500,000
Class A-2 3.94% Asset Backed Notes due December 15, 2025

 

$297,500,000
Class A-3 3.89% Asset Backed Notes due November 15, 2027

 

$77,400,000
Class A-4 3.91% Asset Backed Notes due March 15, 2028

 

$18,790,000
Class B 4.33% Asset Backed Notes due February 15, 2030

 

 

 

Asset Backed Certificate

 

Actual Payment Date

 

	 	General	Party
    

    Receiving	 	 	 	 
	 	Purpose
    of	Fee
    or

    Expense	 	 	 	 
	Calculation
    of Distributable Amounts	Fee
    or Expense	Amount	 	 	 	 
	CNH
    	 	 	 	 	 	 	 
	Current
    Asset Representations Fee Due	 	 	 	 	 	 	 
	Past
    Due Asset Representations Fee	 	 	 	 	 	 	 
	Total
    Asset Representations Review Fee Due	Provide
    for asset representations reviewer as required	 	 	 	 	 
	 	 	 	 	 	 	 	 
	Current
    Servicing Fee Due	 	 	 	 	 	 	 
	Past
    Due Servicing Fee	 	 	 	 	 	 	 
	Total
    Servicing Fee Due	Provide
    for servicer as required	 	 	 	 	 
	 	 	 	 	 	 	 	 
	Current
    Administration Fee Due	 	 	 	 	 	 	 
	Past
    Due Administration Fee	 	 	 	 	 	 	 
	Total
    Administration Fee Due	Provide
    for trust administrator	 	 	 	 	 
	 	 	 	 	 	 	 	 
	Reimbursable
    Expenses of the Asset 

    Representations Reviewer Due	 	 	 	 	 	 	 
	Past
    Due Reimbursable Expenses of the Asset

    Representations Reviewer	 	 	 	 	 	 	 
	Total
    Reimbursable Expenses of the Asset Representations Reviewer

    Due	

    To
    cover expenses of asset representations reviewer
	 	 	 	 	 
	 	 	 	 	 	 	 	 
	Indemnities
    of the Asset Representations Reviewer 

    Due	 	 	 	 	 	 	 
	Past
    Due Indemnities of the Asset Representations 

    Reviewer	 	 	 	 	 	 	 
	Total
    Indemnities of the Asset Representations 

    Reviewer Due	To indemnify
    asset representations reviewer

    
	 	 	 	 	 
	 	 	 	 	 	 	 	 
	Reimbursable
    Expenses of the Servicer Due	 	 	 	 	 	 	 
	Past
    Due Reimbursable Expenses of the Servicer	 	 	 	 	 	 	 
	Total
    Reimbursable Expenses of the Servicer Due	To
    cover expenses of servicer	 	 	 	 	 
	 	 	 	 	 	 	 	 
	Total
    Principal Balance of Notes (Beginning of Period)	 	 	 	 	 	 	 
	A-1
    notes Beginning Principal balance	 	 	 	 	 	 	 
	A-2
    notes Beginning Principal balance	 	 	 	 	 	 
	A-3
    notes Beginning Principal balance	 	 	 	 	 	 
	A-4
    notes Beginning Principal balance	 	 	 	 	 	 	 
	Class B
    notes Beginning Principal balance	 	 	 	 	 	 	 

 

    C-5

     

    

 

CNH Equipment Trust 2022-B

 

$144,500,000
Class A-1 3.171% Asset Backed Notes due September 15, 2023

 

$297,500,000
Class A-2 3.94% Asset Backed Notes due December 15, 2025

 

$297,500,000
Class A-3 3.89% Asset Backed Notes due November 15, 2027

 

$77,400,000
Class A-4 3.91% Asset Backed Notes due March 15, 2028

 

$18,790,000
Class B 4.33% Asset Backed Notes due February 15, 2030

 

	 	Type	Coupon/Spread	Daycount	 	 	 	 
	A-1
    notes Current Interest Due	 	 	 	 	 	 	 
	A-2
    notes Current Interest Due	 	 	 	 	 	 	 
	A-3
    notes Current Interest Due	 	 	 	 	 	 	 
	A-4
    notes Current Interest Due	 	 	 	 	 	 	 
	Class B
    notes Current Interest Due	 	 	 	 	 	 	 
	A-1
    notes Past Due Interest	 	 	 	 	 	 
	A-2
    notes Past Due Interest	 	 	 	 	 	 	 
	A-3
    notes Past Due Interest	 	 	 	 	 	 
	A-4
    notes Past Due Interest	 	 	 	 	 	 
	Class B
    notes Past Due Interest	 	 	 	 	 	 
	 	 	 	 	 	 	 
	A-1
    notes Interest Due on Past Due Interest	 	 	 	 	 	 
	A-2
    notes Interest Due on Past Due Interest	 	 	 	 	 	 
	A-3
    notes Interest Due on Past Due Interest	 	 	 	 	 	 
	A-4
    notes Interest Due on Past Due Interest	 	 	 	 	 	 
	Class B
    notes Interest Due on Past Due Interest	 	 	 	 	 	 
	 	 	 	 	 	 	 
	A-1
    notes Total Interest Due	 	 	 	 	 	 
	A-2
    notes Total Interest Due	 	 	 	 	 	 
	A-3
    notes Total Interest Due	 	 	 	 	 	 
	A-4
    notes Total Interest Due	 	 	 	 	 	 
	Class B
    notes Total Interest Due	 	 	 	 	 	 
	 	 	 	 	 	 	 
	A-1
    notes Principal Due	 	 	 	 	 	 
	A-2
    notes Principal Due	 	 	 	 	 	 
	A-3
    notes Principal Due	 	 	 	 	 	 
	A-4
    notes Principal Due	 	 	 	 	 	 
	Class B
    notes Principal Due	 	 	 	 	 	 
	 	 	 	 	 	 	 
	Total
    notes Interest Due	 	 	 	 	 	 
	Total
    notes Principal Due	 	 	 	 	 	 
	Total
    notes Distributable Amount	 	 	 	 	 	 

 

    C-6

     

    

 

CNH Equipment Trust 2022-B

 

$144,500,000
Class A-1 3.171% Asset Backed Notes due September 15, 2023

 

$297,500,000
Class A-2 3.94% Asset Backed Notes due December 15, 2025

 

$297,500,000
Class A-3 3.89% Asset Backed Notes due November 15, 2027

 

$77,400,000
Class A-4 3.91% Asset Backed Notes due March 15, 2028

 

$18,790,000
Class B 4.33% Asset Backed Notes due February 15, 2030

 

Asset Backed Certificate

 

Actual Payment Date

 

	Cash Available for Distribution 	 	 	 	 	 
	Total Collections + Reinvestment Income For The Period 	 	 	 	 	 
	 	 	 	 	 	 
	Beginning Spread Account Balance  	 	 	 	 	 
	Deposits from Spread Account to Distribution Account  	 	 	 	 	 
	 	 	 	 	 	 
	Total Cash Available 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	Cash Allocation (Cashflow Waterfall) 	 	Available Cash	 	 	 
	 	 	 	 	 	 
	Asset Representation Reviewer Fee, Expenses and Indemnities up to a 

Maximum of $200,000 Per Year Paid	 	 	 	 	 
	Asset Representation Reviewer Fee, Expenses and Indemnities up to a 

Maximum of $200,000 Per Year Shortfall	 	 	 	 	 
	 	 	 	 	 	 
	Servicing Fee Paid	 	 	 	 	 
	Servicing Fee Shortfall 	 	 	 	 	 
	 	 	 	 	 	 
	Administration Fee Paid	 	 	 	 	 
	Administration Fee Shortfall 	 	 	 	 	 
	 	 	 	 	 	 
	Remaining Cash Available to Pay Note Interest 	 	 	 	 	 
	 	 	 	 	 	 
	Cash Available to Pay Note Interest 	 	 	 	 	 
	Cash Available to Pay Termination Payment 	 	 	 	 	 
	 	 	 	 	 	 
	Class A-1 notes Interest Paid	 	 	 	 	 
	Class A-2 notes Interest Paid	 	 	 	 	 
	Class A-3 notes Interest Paid	 	 	 	 	 
	Class A-4 notes Interest Paid	 	 	 	 	 
	Class B notes Interest Paid	 	 	 	 	 
	 	 	 	 	 	 
	Class A-1 notes Interest Shortfall 	 	 	 	 	 
	Class A-2 notes Interest Shortfall	 	 	 	 	 
	Class A-3 notes Interest Shortfall 	 	 	 	 	 
	Class A-4 notes Interest Shortfall 	 	 	 	 	 
	Class B notes Interest Shortfall 	 	 	 	 	 
	 	 	 	 	 	 
	Class A-1 notes Principal Paid	 	 	 	 
	Class A-2 notes Principal Paid	 	 	 	 
	Class A-3 notes Principal Paid	 	 	 	 
	Class A-4 notes Principal Paid	 	 	 	 
	Class B notes Principal Paid	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	Deposits to Spread Account  	 	 	 	 
	 	 	 	 	 
	Turbo Principal Payment Amount (this Period)	 	 	 	 
	LTD Turbo Principal Payment Amount	 	 	 	 
	 	 	 	 	 
	Total Principal Balance of Notes (End of Period)	 	 	 	 
	A-1 notes Ending Principal balance 	 	 	 	 
	A-2 notes Ending Principal balance 	 	 	 	 
	A-3 notes Ending Principal balance 	 	 	 	 
	A-4 notes Ending Principal balance 	 	 	 	 
	Class B notes Ending Principal balance 	 	 	 	 
	 	 	 	 	 
	Release excess to the Certificateholders	 	 	 	 

 

    C-7

     

    

 

CNH Equipment Trust 2022-B

 

$144,500,000
Class A-1 3.171% Asset Backed Notes due September 15, 2023

 

$297,500,000
Class A-2 3.94% Asset Backed Notes due December 15, 2025

 

$297,500,000
Class A-3 3.89% Asset Backed Notes due November 15, 2027

 

$77,400,000
Class A-4 3.91% Asset Backed Notes due March 15, 2028

 

$18,790,000
Class B 4.33% Asset Backed Notes due February 15, 2030

 

Asset Backed Certificate

 

Actual Payment Date

 

	Summary and Factors 	Amount	Factor	Per/$1000	 
	Total Principal Balance of Notes (Beginning of Period) 	 	 	 	 
	A-1 notes Beginning Principal balance 	 	 	 	 
	A-2 notes Beginning Principal balance	 	 	 	 
	A-3 notes Beginning Principal balance 	 	 	 	 
	A-4 notes Beginning Principal balance 	 	 	 	 
	Class B notes Beginning Principal balance 	 	 	 	 
	 	 	 	 	 
	Total Principal Balance of Notes (End of Period)	WAL	 	 	 	 	 	 
	A-1 notes Ending Principal balance	 	 	 	 	 	 	 
	A-2 notes Ending Principal balance	 	 	 	 	 	 	 
	A-3 notes Ending Principal balance	 	 	 	 	 	 	 
	A-4 notes Ending Principal balance	 	 	 	 	 	 	 
	Class B notes Ending Principal balance	 	 	 	 	 	 	 
	 	 	 	 	 
	Class A-1 notes Interest Paid 	 	 	 	 
	Class A-2 notes Interest Paid 	 	 	 	 
	Class A-3 notes Interest Paid 	 	 	 	 
	Class A-4 notes Interest Paid 	 	 	 	 
	Class B notes Interest Paid 	 	 	 	 
	 	 	 	 	 
	Class A-1 notes Interest Shortfall 	 	 	 	 
	Class A-2 notes Interest Shortfall 	 	 	 	 
	Class A-3 notes Interest  Shortfall 	 	 
	Class A-4 notes Interest Shortfall 	 	 	 	 
	Class B notes Interest Shortfall 	 	 	 	 
	 	 	 	 	 
	Class A-1 notes Principal Paid 	 	 	 	 
	Class A-2 notes Principal Paid 	 	 	 	 
	Class A-3 notes Principal Paid 	 	 	 	 
	Class A-4 notes Principal Paid 	 	 	 	 
	Class B notes Principal Paid 	 	 	 	 
	 	 	 	 	 
	Spread Account 	 	 	 	 
	Required Spread Account Deposit	 	 	 	 
	Required Spread Account Target	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	Required Spread Account 	2.25%	 	 	 	 	 	 	 
	Beginning Spread Account Balance 	 	 	 	 
	Spread Account Withdrawals to Distribution Account 	 	 	 	 
	Spread Account Deposits from Excess Cash 	 	 	 	 
	Spread Account Released to Seller	 	 	 	 
	Ending Spread Account Balance 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	Purchases	Units	Cut-Off Date	Closing Date	Original Pool Balance	 	 	 	 
	Purchase	 	 	 	 	 	 	 	 
	Total	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	Total Release to Seller	 	 	 	 
	 	 	 	 	 
	"The Administrator hereby directs the Indenture Trustee to pay on the Payment Date set forth above from the Certificate Distribution Account to the Certificateholders, on a pro rata basis, zero payment."	 	 	 	 

 

    C-8

     

    

 

CNH Equipment Trust 2022-B

 

$144,500,000
Class A-1 3.171% Asset Backed Notes due September 15, 2023

 

$297,500,000
Class A-2 3.94% Asset Backed Notes due December 15, 2025

 

$297,500,000
Class A-3 3.89% Asset Backed Notes due November 15, 2027

 

$77,400,000
Class A-4 3.91% Asset Backed Notes due March 15, 2028

 

$18,790,000
Class B 4.33% Asset Backed Notes due February 15, 2030

  

[Risk Retention 

 

[In the first
report to noteholders include:]

 

(A) The fair value of the certificates on the closing date: 

(i) was equal to [ ]% of the sum of the
fair value of the notes and the certificates as of the closing date; 

(ii) was equal to $[ ]

 

(B) The amount deposited to the spread
account on the closing date: 

(i) was equal to [
]% of the sum of the fair value of the notes and certificates as of the closing date; 

(ii) was equal to $[ ]

 

The fair value of the certificates and the amount on deposit in the
spread account as of the closing date collectively equal: 

(i) [insert (A)(i) plus (B)(i)]% of
the sum of the fair value of the notes and the certificates as of the closing date; 

(ii) $[ insert (A)(ii) plus (B)(ii)] 

[The fair value of the Class B notes retained
by the depositor on the closing date: 

(i) was equal to [
]% of the sum of the fair value of the notes and the certificates as of the closing date; 

(ii) was equal to $[
].]

[To insert here a description of any material changes in the methodology or inputs and assumptions used to calculate the fair value,
each as described in “Credit Risk Retention” in the final prospectus for this transaction.]]

 

	POOL
    STATISTICS
	 
	Collateral
    Composition 
	 
	Number
    of Receivables at Beginning of Period 
	Number
    of Receivables at End of Period 
	 
	Weighted
    Average Coupon of Receivables 
	Weighted
    Average Original Term of Receivables 
	Weighted
    Average Remaining Term of Receivables 
	 
	Pool
    Factor 
	A-1
    Note Pool Factor
	A-2
    Note Pool Factor
	A-3
    Note Pool Factor
	A-4
    Note Pool Factor
	Class B
    Note Pool Factor
	Unscheduled
    Contract Value Decline - Monthly 
	Unscheduled
    Contract Value Decline - Life-to-Date 
	 
	Collateral
    Performance 

	 	 	 	 	 	 	 
	 	 Contractual
    Delinquency: (1) 	 	Count	%	Amount	%
	 	31-60
    Days delinquent	 	 	 	 	 
	 	61-90
    Days delinquent	 	 	 	 	 
	 	91-120
    Days delinquent	 	 	 	 	 
	 	121-150
    Days delinquent	 	 	 	 	 
	 	151-180
    Days delinquent	 	 	 	 	 
	 	181
    + Days delinquent	 	 	 	 	 
	 	TOTAL	 	 	 	 	 

	 
	Amounts
    Past Due (2)	 
	Scheduled
    Amounts 30 - 59 days past due 	 
	Scheduled
    Amounts 60 days or more past due	 
	 	 
	ARR
    Delinquency Trigger (61+ Days Delinquent Receivables) 	 
	     Period
    (from Cutoff Date)	 
	            1-12       [   ]%	 
	            13-48+   [   ]%	 
	End
    of Collection Period 61+ days delinquent Receivables as a percentage of the Pool Balance	[   ]%
	 	 
	Do
    end of Collection Period 61+ days delinquent Receivables as a percentage of the Pool Balance meet or exceed the applicable ARR Delinquency
    Trigger percentage (did Delinquency Trigger occur)?	[Y/N]

 

    C-9

     

    

   

CNH Equipment Trust 2022-B

 

$144,500,000
Class A-1 3.171% Asset Backed Notes due September 15, 2023

 

$297,500,000
Class A-2 3.94% Asset Backed Notes due December 15, 2025

 

$297,500,000
Class A-3 3.89% Asset Backed Notes due November 15, 2027

 

$77,400,000
Class A-4 3.91% Asset Backed Notes due March 15, 2028

 

$18,790,000
Class B 4.33% Asset Backed Notes due February 15, 2030

 

	percentage (did Delinquency Trigger occur)?	 	 	 	 	 
	 	 	 	 	 	 
	 	Amount	Count
    (3)	%	 	 
	Net
    and Realized Losses 	 	 	 	 	 
	 	 	 	 	 	 
	Net
    Losses (4) 	 	 	 	 	 
	 	 	 	 	 	 
	Write
    Down Amount on 180 Day Receivables	 	 	 	 	 
	Monthly
    Realized Losses (Total) 	 	 	 	 	 
	Net
    Losses as a % of the Average Pool Balance	 	 	 	 	 
	Average
    Net Losses on all Receivables that have experienced a Net Loss this period	 	 	 	 	 
	Life-to-Date
    Net Losses 	 		 	 	 
	 	 	 	 	 	 
	Cumulative
    Write Down Amount on 180 Day Receivables 	 	 	 	 	 
	Cumulative
    Realized Losses (Total) 	 	 	 	 	 
	Life-to-Date
    Net Losses as a % of the Initial Pool Balance	 	 	 	 	 
	Average
    Net Losses on all receivables that have experienced a Net Loss	 	 	 	 	 
	 	 	 	 	 	 
	Repossession
    Inventory and 180-Day Receivables	 	 	 	 	 
	 	 	 	 	 	 
	Repossessed
    Equipment not Sold or Reassigned (Beginning) (5)	 	 	 	 	 
	Repossessed
    Equipment not Sold or Reassigned (End) 	 	 	 	 	 
	 	 	 	 	 	 
	Balance
    of 180 Day Receivables (Beg of month) (6)	 	 	 	 	 
	Balance
    of 180 Day Receivables (End of month) 	 	 	 	 	 

 

(1) Delinquent amount represents, for all Receivables
(including 180-Day and Repossessed Receivables, but excluding Liquidated or Purchased Receivables) with respect to which any amounts
are delinquent, the outstanding principal balance plus any missed interest, with Repossessed Receivables stated at their estimated realizable
value. 

(2) Scheduled amount past due represents the amount
of missed principal and interest payments plus any fees. 

(3) The sum of the monthly count of Receivables will
not equal the life-to-date count of Receivables due to loss activity on the same Receivable occurring in multiple months. Duplicate Receivables
have been removed from the life-to-date count. 

(4) Net Losses are the sum of (a) the estimated
realizable loss at the time of repossession, (b) full charge-off if written off without a repossession and (c) adjustment to
the estimated realizable loss for proceeds from liquidation of Repossessed Receivables.  Net Loss percentages and Average Net Losses
are based on Net Losses excluding Write Down Amounts on 180-Day Receivables. 

(5) Repossessed Receivables are stated at estimated
realizable value. 

(6) Balance of 180-Day Receivables is stated at outstanding
principal balance and any fees.

 

    C-10

     

    

 

CNH Equipment Trust 2022-B

 

$144,500,000
Class A-1 3.171% Asset Backed Notes due September 15, 2023

 

$297,500,000
Class A-2 3.94% Asset Backed Notes due December 15, 2025

 

$297,500,000
Class A-3 3.89% Asset Backed Notes due November 15, 2027

 

$77,400,000
Class A-4 3.91% Asset Backed Notes due March 15, 2028

 

$18,790,000
Class B 4.33% Asset Backed Notes due February 15, 2030

 

	 	STATEMENTS
    TO NOTEHOLDERS	 	 	 	 
	 	 	 	 	 	 
	1
    	Has
    there been a material change in practices with respect to charge offs, collection and management of delinquent Receivables, and the
    effect of any grace period, re-aging, re-structuring, partial payments or other practices on delinquency and loss experience?	 	 	 	 
	 	 	 	 	 	 
	2
    	Have
    there been any material modifications, extensions or waivers to Receivables terms, fees, penalties or payments during the Collection
    Period?	 	 	 	 
	 	 	 	 	 	 
	3	Have
    there been any material breaches of representations, warranties or covenants contained in the Receivables?	 	 	 	 
	 	 	 	 	 	 
	4	Has
    there been an issuance of notes or other securities backed by the Receivables?	 	 	 	 
	 	 	 	 	 	 
	5	Has
    there been a material change in the underwriting, origination or acquisition of Receivables?	 	 	 	 

	 

    Interest and Principal Payments
    Pursuant to Section 5.6(d) and (e)(ii) of the Sale and Servicing Agreement

     
	 	 	 
	Distribution
    Amount	Class A-1
    Notes	 	 	 
	1.
                                            Interest Due on each of the following Payment Dates

                                            (assuming no principal reduction)
	 		 	 
	[    ]	[  ]	 	 	 
	[    ]	[  ]	 	 	 
	[    ]	[  ]	 	 	 
	[    ]	[  ]	 	 	 
	[    ]	[  ]	 	 	 
	[    ]	[  ]	 	 	 
	[    ]	[  ]	 	 	 
	[    ]	[  ]	 	 	 
	[    ]	[  ]	 	 	 
	[    ]	[  ]	 	 	 
	[    ]	[  ]	 	 	 
	[    ]	[  ]	 	 	 
	[    ]	[  ]	 	 	 
	2.
    Total Outstanding Principal Payment Due at Final Scheduled Maturity Date	[  ]	 	 	 
	 	 	 	 	 
	3.
    Final Scheduled Maturity Date	[  ]	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	Distribution
    Amount	Class A-2
    Notes	Class A-3
    Notes	Class A-4

    Notes	 
	1.
                                            Interest Due on each following Payment Date 

                                            (assuming no principal reduction)
	[  ]	[  ]	[  ]	 
	2.
    Total Outstanding Principal Payment Due at Final Scheduled Maturity Date	[  ]	[  ]	[  ]	 
	3.
    Final Scheduled Maturity Date	[  ]	[  ]	[  ]	 
	 	 	 	 	 
	 	 	 	 	 
	Distribution
    Amount	Class B
    Notes	 	 	 
	1.
                                            Interest Due on each following Payment Date 

                                            (assuming no principal reduction)
	[
                                             ]
	 	 	 
	2.
    Total Outstanding Principal Payment Due at Final Scheduled Maturity Date	[  ]	 	 	 
	3.
    Final Scheduled Maturity Date	[  ]	 	 	 
	 	 	 	 	 	 

 

    C-11

     

    

  

EXHIBIT D

to Sale and Servicing Agreement

 

FORM OF ASSIGNMENT

 

For value received, in accordance
with and subject to the Sale and Servicing Agreement dated as of August 1, 2022 (the “Sale and Servicing Agreement”)
among the undersigned, New Holland Credit Company, LLC (“NH Credit”) and CNH Equipment Trust 2022-B (the “Issuing
Entity”), the undersigned does hereby sell, assign, transfer set over and otherwise convey unto the Issuing Entity, without
recourse, all of its right, title and interest in, to and under: (a) the Receivables, which are listed on Schedule A hereto,
including all documents constituting chattel paper included therewith, and all obligations of the Obligors thereunder, including all
monies paid thereunder on or after the Cutoff Date, (b) the security interests in the Financed Equipment granted by Obligors pursuant
to the Receivables and any other interest of the undersigned in such 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) the Purchase Agreement, including the right of the undersigned to cause CNH Industrial Capital America LLC (“CNHICA”)
to repurchase Receivables from the undersigned under the circumstances described therein, (e) any proceeds from recourse to Dealers
with respect to the Receivables, (f) any Financed Equipment that shall have secured a Receivable and that shall have been acquired
by or on behalf of the Trust, (g) all funds on deposit from time to time in the Trust Accounts, including the Spread Account Deposit,
and in all investments and proceeds thereof (including all income thereon), and (h) the proceeds of any and all of the foregoing.
The foregoing sale does not constitute and is not intended to result in any assumption by the Issuing Entity of any obligation of the
undersigned to the Obligors, insurers or any other person in connection with the Receivables, Receivables Files, any insurance policies
or any agreement or instrument relating to any of them.

 

This Assignment is made pursuant
to and upon the representations, warranties and agreements on the part of the undersigned contained in the Sale and Servicing Agreement
and is to be governed in all respects by the Sale and Servicing Agreement. Capitalized terms used herein and not otherwise defined shall
have the meanings assigned to them in the Sale and Servicing Agreement.

 

    D-1

     

    

 

IN WITNESS WHEREOF, the undersigned
has caused this Assignment to be duly executed as of _____________, 2022.

   

	 	CNH CAPITAL RECEIVABLES LLC
	 	 
	 	 
	 	By:	        
	 	 	Name:
	 	 	Title:

 

    D-2

     

    

 

SCHEDULE A

to Assignment

  

SCHEDULE OF RECEIVABLES 

[ATTACHED HERETO]

 

    D-3

     

    

 

EXHIBIT E

to Sale and Servicing Agreement

 

[RESERVED]

 

    E-1

     

    

  

EXHIBIT F

to Sale and Servicing Agreement

 

[RESERVED]

 

    F-1

     

    

  

EXHIBIT G

to Sale and Servicing Agreement

 

[RESERVED]

 

    G-1

     

    

 

 

EXHIBIT H

to Sale and Servicing Agreement

 

MINIMUM SERVICING CRITERIA TO BE ADDRESSED IN

ASSESSMENT OF COMPLIANCE STATEMENT

 

The assessment of compliance
to be delivered by the Indenture Trustee shall address, at a minimum, the criteria identified as below as “Applicable Servicing
Criteria”:

 

	Reg AB Reference	Servicing Criteria	Applicable Servicing Criteria
	 	General Servicing Considerations	 
	1122(d)(1)(i)	Policies and procedures are instituted to monitor any performance or other triggers and events of default in accordance with the transaction agreements.	N/A
	1122(d)(1)(ii)	If any material servicing activities are outsourced to third parties, policies and procedures are instituted to monitor the third party’s performance and compliance with such servicing activities. 	N/A
	1122(d)(1)(iii)	Any requirements in the transaction agreements to maintain a back-up servicer for the Pool Assets are maintained. 	N/A
	1122(d)(1)(iv)	A fidelity bond and errors and omissions policy is in effect on the party participating in the servicing function throughout the reporting period in the amount of coverage required by and otherwise in accordance with the terms of the transaction agreements. 	N/A
	1122(d)(1)(v)	Aggregation of information, as applicable, is mathematically accurate and the information conveyed accurately reflects the information.	N/A
	 	Cash Collection and Administration	 
	1122(d)(2)(i)	Payments on pool assets are deposited into the appropriate custodial bank accounts and related bank clearing accounts no more than two business days following receipt, or such other number of days specified in the transaction agreements. 	X
	1122(d)(2)(ii)	Disbursements made via wire transfer on behalf of an obligor or to an investor are made only by authorized personnel. 	X
	1122(d)(2)(iii)	Advances of funds or guarantees regarding collections, cash flows or distributions, and any interest or other fees charged for such advances, are made, reviewed and approved as specified in the transaction agreements. 	N/A
	1122(d)(2)(iv)	The related accounts for the transaction, such as cash reserve accounts or accounts established as a form of over collateralization, are separately maintained (e.g., with respect to commingling of cash) as set forth in the transaction agreements. 	X
	1122(d)(2)(v)	Each custodial account is maintained at a federally insured depository institution as set forth in the transaction agreements. For purposes of this criterion, “federally insured depository institution” with respect to a foreign financial institution means a foreign financial institution that meets the requirements of Rule 13k-1(b)(1) of the Securities Exchange Act. 	X
	1122(d)(2)(vi)	Unissued checks are safeguarded so as to prevent unauthorized access. 	N/A

 

    H-1

     

    

 

	Reg AB Reference	Servicing Criteria	Applicable Servicing Criteria
	1122(d)(2)(vii) 	Reconciliations are prepared on a monthly basis for all asset-backed securities related bank accounts, including custodial accounts and related bank clearing accounts. These reconciliations are (A) mathematically accurate; (B) prepared within 30 calendar days after the bank statement cutoff date, or such other number of days specified in the transaction agreements; (C) reviewed and approved by someone other than the person who prepared the reconciliation; and (D) contain explanations for reconciling items. These reconciling items are resolved within 90 calendar days of their original identification, or such other number of days specified in the transaction agreements. 	N/A
	 	Investor Remittances and Reporting	 
	1122(d)(3)(i)	Reports to investors, including those to be filed with the Commission, are maintained in accordance with the transaction agreements and applicable Commission requirements. Specifically, such reports (A) are prepared in accordance with timeframes and other terms set forth in the transaction agreements; (B) provide information calculated in accordance with the terms specified in the transaction agreements; (C) are filed with the Commission as required by its rules and regulations; and (D) agree with investors’ or the trustee’s records as to the total unpaid principal balance and number of Pool Assets serviced by the Servicer. 	N/A
	1122(d)(3)(ii)	Amounts due to investors are allocated and remitted in accordance with timeframes, distribution priority and other terms set forth in the transaction agreements. 	X (solely with respect to remittances)
	1122(d)(3)(iii)	Disbursements made to an investor are posted within two business days to the Servicer’s investor records, or such other number of days specified in the transaction agreements. 	X
	1122(d)(3)(iv)	Amounts remitted to investors per the investor reports agree with cancelled checks, or other form of payment, or custodial bank statements. 	X
	 	Pool Asset Administration	 
	1122(d)(4)(i) 	Collateral or security on pool assets is maintained as required by the transaction agreements or related pool asset documents. 	N/A
	1122(d)(4)(ii)	Pool assets  and related documents are safeguarded as required by the transaction agreements. 	N/A
	1122(d)(4)(iii)	Any additions, removals or substitutions to the asset pool are made, reviewed and approved in accordance with any conditions or requirements in the transaction agreements. 	N/A
	1122(d)(4)(iv)	Payments on pool assets, including any payoffs, made in accordance with the related pool asset documents are posted to the Servicer’s obligor records maintained no more than two business days after receipt, or such other number of days specified in the transaction agreements, and allocated to principal, interest or other items (e.g., escrow) in accordance with the related pool asset documents. 	N/A
	1122(d)(4)(v)	The Servicer’s records regarding the pool assets agree with the Servicer’s records with respect to an obligor’s unpaid principal balance. 	N/A
	1122(d)(4)(vi)	Changes with respect to the terms or status of an obligor's pool assets (e.g., loan modifications or re-agings) are made, reviewed and approved by authorized personnel in accordance with the transaction agreements and related pool asset documents. 	N/A
	1122(d)(4)(vii)	Loss mitigation or recovery actions (e.g., forbearance plans, modifications and deeds in lieu of foreclosure, foreclosures and repossessions, as applicable) are initiated, conducted and concluded in accordance with the timeframes or other requirements established by the transaction agreements. 	N/A

 

    H-2

     

    

 

	Reg AB Reference	Servicing Criteria	Applicable Servicing Criteria
	1122(d)(4)(viii)	Records documenting collection efforts are maintained during the period a pool asset is delinquent in accordance with the transaction agreements. Such records are maintained on at least a monthly basis, or such other period specified in the transaction agreements, and describe the entity’s activities in monitoring delinquent pool assets including, for example, phone calls, letters and payment rescheduling plans in cases where delinquency is deemed temporary (e.g., illness or unemployment). 	N/A
	1122(d)(4)(ix)	Adjustments to interest rates or rates of return for pool assets with variable rates are computed based on the related pool asset documents. 	N/A
	1122(d)(4)(x)	Regarding any funds held in trust for an obligor (such as escrow accounts): (A) such funds are analyzed, in accordance with the obligor’s pool asset documents, on at least an annual basis, or such other period specified in the transaction agreements; (B) interest on such funds is paid, or credited, to obligors in accordance with applicable pool asset documents and state laws; and (C) such funds are returned to the obligor within 30 calendar days of full repayment of the related pool assets, or such other number of days specified in the transaction agreements. 	N/A
	1122(d)(4)(xi)	Payments made on behalf of an obligor (such as tax or insurance payments) are made on or before the related penalty or expiration dates, as indicated on the appropriate bills or notices for such payments, provided that such support has been received by the servicer at least 30 calendar days prior to these dates, or such other number of days specified in the transaction agreements. 	N/A
	1122(d)(4)(xii)	Any late payment penalties in connection with any payment to be made on behalf of an obligor are paid from the Servicer’s funds and not charged to the obligor, unless the late payment was due to the obligor’s error or omission. 	N/A
	1122(d)(4)(xiii)	Disbursements made on behalf of an obligor are posted within two business days to the obligor’s records maintained by the servicer, or such other number of days specified in the transaction agreements. 	N/A
	1122(d)(4)(xiv) 	Delinquencies, charge-offs and uncollectible accounts are recognized and recorded in accordance with the transaction agreements. 	N/A
	1122(d)(4)(xv)	Any external enhancement or other support, identified in Item 1114(a)(1) through (3) or Item 1115 of Regulation AB, is maintained as set forth in the transaction agreements. 	N/A

 

    H-3

     

    

 

EXHIBIT I

to Sale and Servicing Agreement

 

FORM OF INDENTURE TRUSTEE’S ANNUAL
CERTIFICATION

 

Re:      CNH
Equipment Trust 2022-B

 

Citibank, N.A., not in its individual
capacity but solely as indenture trustee (the “Indenture Trustee”), certifies to CNH Capital Receivables LLC (the “Seller”),
and its officers, with the knowledge and intent that they will rely upon this certification, that:

 

(1)            It
has reviewed the report on assessment of the Indenture Trustee’s compliance provided in accordance with Rules 13a-18 and 15d-18
under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and Item 1122 of Regulation AB (the
 “Servicing Assessment”), and the registered public accounting firm’s attestation report provided in accordance
with Rules 13a-18 and 15d-18 under the Exchange Act and Section 1122(b) of Regulation AB (the “Attestation Report”)
that were delivered by the Indenture Trustee to the Seller pursuant to the Sale and Servicing Agreement (the “Agreement”),
dated as of August 1, 2022, by and between New Holland Credit Company, LLC, the Seller and CNH Equipment Trust 2022-B (collectively,
the “Indenture Trustee Information”);

 

(2)            There
were no material instances of noncompliance identified in the Servicing Assessment or in the Attestation Report that involved the servicing
of the assets backing the asset-backed securities issued by CNH Equipment Trust 2022-B [, except for [list each applicable 1122 item]]
(collectively, the “Trust Instances Information”)];

 

(3)            [Insert
discussion of any steps taken to remedy each material instance of noncompliance identified in the Indenture Trustee Information for the
current or any preceding year, as well as the current status of those steps (collectively, the “Remedy Information”)];

 

(4)            To
the best of its knowledge, the Indenture Trustee Information, the Trust Instances Information and the Remedy Information, each taken as
a whole, respectively, do not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements
made, in the light of the circumstances under which such statements were made, not misleading with respect to the period of time covered
by the Indenture Trustee Information, the Trust Instances Information or the Remedy Information, respectively; and

 

(5)            To
the best of its knowledge, all of the Indenture Trustee Information required to be provided by the Indenture Trustee under the Agreement
or this Certification has been provided to the Seller.

 

    I-1

     

    

 

	CITIBANK,
    N.A.,
	not in its
    individual capacity but solely as Indenture Trustee
	 	 	 
	Date:	 

 

 

	By:	 	 
	 	Name:	 	 
	 	Title:	 	 

 

    I-2

     

    

 

EXHIBIT J

to Sale and Servicing Agreement

 

CERTIFICATION OF CITIBANK, N.A.

 

                    ,
2022

 

CNH Capital Receivables LLC

6900 Veterans Boulevard

Burr Ridge, Illinois 60527

 

CNH Industrial Capital America LLC

6900 Veterans Boulevard

Burr Ridge, Illinois 60527

 

CNH Equipment Trust 2022-B

6900 Veterans Boulevard

Burr Ridge, Illinois 60527

 

BofA Securities, Inc., as representative of the several underwriters

One Bryant Park, 11th Floor

New York, New York 10036

 

Credit Agricole Securities (USA) Inc., as representative of the several
underwriters

1301 Avenue of the Americas

New York, New York 10019

 

MUFG Securities Americas Inc., as representative of the several underwriters

1221 Avenue of the Americas, 6th Floor

New York, New York 10020

 

Santander Investment Securities Inc., as representative of the several
underwriters

45 East 53rd Street

New York, New York 10022

 

    J-1

     

    

 

Re: CNH Equipment Trust 2022-B

 

Ladies and Gentlemen:

 

Reference is made to (i) the
prospectus (subject to completion, dated August 11, 2022) (the “Preliminary Prospectus”) relating to the Class A
Notes and Class B Notes offered therein (the “Notes”), and (ii) the final prospectus dated August 16,
2022 (the “Prospectus”) relating to the Class A Notes.

 

For purposes of this letter,
 “Citibank Information” shall mean (i) the statements contained in the Preliminary Prospectus and Prospectus under the
heading “The Indenture Trustee” (to the extent relating to the Indenture Trustee), attached hereto as Exhibit A,
and (ii) the statements contained in the Preliminary Prospectus and Prospectus under the heading “Legal Proceedings”
(to the extent relating to the Indenture Trustee) attached hereto as Exhibit B.

 

The
undersigned hereby certifies that the Citibank Trust Information does not, as of the date of the Preliminary Prospectus (August 11,
2022) or the date of the Prospectus (August 16, 2022), (i) contain an untrue statement of a material fact or (ii) omit
to state a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances in which
they were made, not misleading.

 

    

     

    

 

	 	Sincerely,

    

	 	 
	 	CITIBANK,
    N.A., as Indenture Trustee

    

 

	 	By:	 
	 	Name:	 
	 	Title:	 

 

 

Letter re: Citi Information

 

    

     

    

 

EXHIBIT A

 

The indenture trustee under the indenture pursuant
to which the notes will be issued is Citibank, N.A. (“Citibank”), a national banking association with its office located
at 388 Greenwich Street, New York, NY 10013, and wholly owned subsidiary of Citigroup Inc., a Delaware corporation. Citibank performs
as indenture trustee through the Agency and Trust line of business, a part of Issuer Services. Citibank has primary corporate trust offices
located in both New York and London. Citibank is a leading provider of corporate trust services offering a full range of agency, fiduciary,
tender and exchange, depositary and escrow services. As of the end of the second quarter of 2022, Citibank’s Agency and Trust group
manages in excess of $8 trillion in fixed income and equity investments on behalf of over 3,000 corporations worldwide. Since 1987, Citibank
Agency and Trust has provided corporate trust services for asset-backed securities containing pool assets consisting of airplane leases,
auto loans and leases, boat loans, commercial loans, commodities, credit cards, durable goods, equipment leases, foreign securities, funding
agreement backed note programs, truck loans, utilities, student loans and commercial and residential mortgages. As of the end of the second
quarter of 2022, Citibank acts as indenture trustee and/or paying agent for approximately 235 various asset backed trusts supported by
either auto loans or leases or equipment loans or leases.

 

    J-4

     

    

 

EXHIBIT B

 

Not applicable.

 

    J-5

     

    

 

Schedule P

 

PERFECTION REPRESENTATION AND WARRANTIES

 

1.            General.
The Sale and Servicing Agreement creates a valid and continuing security interest (as defined in the applicable UCC) in all of CNHCR’s
right, title and interest in, to and under (i) the Receivables, (ii) the security interests in the Financed Equipment granted
by Obligors pursuant to the Receivables and (iii) the Purchase Agreement in favor of the Issuing Entity, which, (a) is enforceable
upon execution of the Sale and Servicing Agreement against creditors of and purchasers from CNHCR, as such enforceability may be limited
by applicable Debtor Relief Laws, now or hereafter in effect, and by general principles of equity (whether considered in a suit at law
or in equity), and (b) upon filing of the financing statements described in clause 4 below will be prior to all other Liens
(other than Liens permitted pursuant to clause 5 below).

 

2.            Characterization.
The Receivables constitute “tangible chattel paper” or “electronic chattel paper”, as the case may be, within
the meaning of UCC Section 9-102. The rights granted under the agreements described in clause 1 (ii) and (iii) constitute
 “general intangibles” within the meaning of UCC Section 9-102.  CNHCR has taken all steps necessary to perfect its
security interest in the property securing the Receivables within 10 days of the Closing Date.

 

3.            Creation.
Immediately prior to the conveyance of the Receivables pursuant to the Sale and Servicing Agreement, CNHCR 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.
CNHCR has caused or will have caused, within ten days of the Closing Date, the filing of all appropriate financing statements in the proper
filing office in the appropriate jurisdictions under applicable law in order to perfect the security interest granted to the Issuing Entity
under the Sale and Servicing Agreement in the Receivables.  With respect to the Receivables that constitute tangible chattel paper,
the Servicer or a Subservicer, as custodian, received possession of such original tangible chattel paper and the Issuing Entity has 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 Issuing Entity and the Indenture Trustee.  With respect to the Receivables that constitute electronic chattel paper, the Servicer,
as custodian, has “control” within the meaning of UCC Section 9-105 of such electronic chattel paper. All financing statements
filed under this clause 4 contain a statement that “A purchase of or security interest in any collateral described in this
financing statement will violate the rights of the Secured Party”.

 

5.            Priority.
Other than the security interests granted to the Issuing Entity pursuant to the Sale and Servicing Agreement and any other security interest
which has been released or terminated, CNHCR has not pledged, assigned, sold, granted a security interest in, or otherwise conveyed any
of the Receivables. CNHCR has not authorized the filing of and is not aware of any financing statements against CNHCR that include a description
of collateral covering the Receivables other than any financing statement (i) relating to the security interests granted to the Issuing
Entity under the Sale and Servicing Agreement and the security interests granted in connection with the documents relating to the Prior
Securitization, each of which have been released, (ii) that has been terminated or has released the Receivables from such security
interest, or (iii) that has been granted pursuant to the terms of the Basic Documents.  None of the chattel paper that constitutes
or

 

    P-1 

     

    

 

evidences the Receivables has any marks or notations
indicating that they have pledged, assigned or otherwise conveyed to any Person other than the Indenture Trustee.  CNHCR is not aware
of any judgment, ERISA or tax lien filings against it.

 

6.            Survival
of Perfection Representations.  Notwithstanding any other provision of the Sale and Servicing Agreement or any other Basic Document,
the Perfection Representations contained in this Schedule P shall be continuing, and remain in full force and effect (other than with
respect to Reacquired Receivables).

 

7.            No
Waiver.  The parties to the Sale and Servicing Agreement: (i) shall not, without obtaining a confirmation of the then-current
rating of the Notes, waive 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 CNHCR and Issuing Entity
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, Issuing
Entity’s security interest in the Receivables.  Servicer shall, from time to time and within the time limits established by
law, prepare and present to Issuing Entity for Issuing Entity to authorize the Servicer to file all financing statements, amendments,
continuations, financing statements in lieu of a continuation statement, terminations, partial terminations, releases or partial releases,
or any other filings necessary or advisable to continue, maintain and perfect the Issuing Entity’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 CNHCR or Issuing Entity where allowed by
applicable law.

 

    P-2

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00347-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00347-of-00352.parquet"}]]