Document:

Exhibit 4.1

 

 

 

CNH EQUIPMENT TRUST 2005-B

 

 

INDENTURE

 

 

between

 

 

CNH
EQUIPMENT TRUST 2005-B

 

 

and

 

 

JPMORGAN CHASE BANK, N.A.

as Indenture Trustee.

 

 

Dated as of
September 1, 2005

 

 

 

 

TABLE OF CONTENTS

 

	
  ARTICLE I

  	
  DEFINITIONS AND
  INCORPORATION BY REFERENCE

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 1.1.

  	
  Definitions

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 1.2.

  	
  Incorporation
  by Reference of Trust Indenture Act

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 1.3.

  	
  Rules of
  Construction

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE II

  	
  THE NOTES

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 2.1.

  	
  Form

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 2.2.

  	
  Execution,
  Authentication and Delivery

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 2.3.

  	
  Temporary Notes

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 2.4.

  	
  Registration;
  Registration of Transfer and Exchange

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 2.5.

  	
  Mutilated,
  Destroyed, Lost or Stolen Notes

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 2.6.

  	
  Persons Deemed Owner

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 2.7.

  	
  Payment
  of Principal and Interest; Defaulted Interest

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 2.8.

  	
  Cancellation

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 2.9.

  	
  Release of Collateral

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 2.10.

  	
  Book-Entry Notes

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 2.11.

  	
  Notices to Clearing Agency

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 2.12.

  	
  Definitive Notes

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 2.13.

  	
  Tax Treatment

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE III

  	
  COVENANTS

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 3.1.

  	
  Payment of Principal
  and Interest

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 3.2.

  	
  Maintenance of Office
  or Agency

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 3.3.

  	
  Money for
  Payments To Be Held in Trust

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 3.4.

  	
  Existence

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 3.5.

  	
  Protection of the Trust
  Estate

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 3.6.

  	
  Opinions as to the
  Trust Estate

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 3.7.

  	
  Performance
  of Obligations; Servicing of Receivables

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 3.8.

  	
  Negative Covenants

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 3.9.

  	
  Annual Statement as
  to Compliance

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 3.10.

  	
  Issuer
  May Consolidate, etc., Only on Certain Terms

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 3.11.

  	
  Successor or Transferee

  	
   

  
				

 

i

 

	
  SECTION 3.12.

  	
  No Other Business

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 3.13.

  	
  No Borrowing

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 3.14.

  	
  Servicer’s Obligations

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 3.15.

  	
  Guarantees,
  Loans, Advances and Other Liabilities

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 3.16.

  	
  Capital Expenditures

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 3.17.

  	
  Removal of Administrator

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 3.18.

  	
  Restricted Payments

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 3.19.

  	
  Notice of Events of Default

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 3.20.

  	
  Further Instruments and
  Acts

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 3.21.

  	
  Perfection Representation

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE IV

  	
  SATISFACTION AND DISCHARGE

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 4.1.

  	
  Satisfaction
  and Discharge of Indenture

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 4.2.

  	
  Application of Trust Money

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 4.3.

  	
  Repayment of
  Moneys Held by Paying Agent

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE V

  	
  REMEDIES

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 5.1.

  	
  Events of Default

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 5.2.

  	
  Acceleration
  of Maturity; Rescission and Annulment

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 5.3.

  	
  Collection
  of Indebtedness and Suits for Enforcement by Indenture Trustee

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 5.4.

  	
  Remedies; Priorities

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 5.5.

  	
  Optional
  Preservation of the Receivables

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 5.6.

  	
  Limitation of Suits

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 5.7.

  	
  Unconditional
  Rights of Noteholders To Receive Principal and Interest

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 5.8.

  	
  Restoration of
  Rights and Remedies

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 5.9.

  	
  Rights and Remedies
  Cumulative

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 5.10.

  	
  Delay or Omission Not a
  Waiver

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 5.11.

  	
  Control by Noteholders

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 5.12.

  	
  Waiver of Past Defaults

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 5.13.

  	
  Undertaking for Costs

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 5.14.

  	
  Waiver of Stay or
  Extension Laws

  	
   

  
				

 

ii

 

	
  SECTION 5.15.

  	
  Action on Notes

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 5.16.

  	
  Performance
  and Enforcement of Certain Obligations

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE VI

  	
  THE INDENTURE
  TRUSTEE

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 6.1.

  	
  Duties of the Indenture
  Trustee

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 6.2.

  	
  Rights of Indenture Trustee

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 6.3.

  	
  Individual
  Rights of the Indenture Trustee

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 6.4.

  	
  Indenture Trustee’s
  Disclaimer

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 6.5.

  	
  Notice of Defaults

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 6.6.

  	
  Reports by
  Indenture Trustee to the Holders

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 6.7.

  	
  Compensation and Indemnity

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 6.8.

  	
  Replacement of the
  Indenture Trustee

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 6.9.

  	
  Successor
  Indenture Trustee by Merger

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 6.10.

  	
  Appointment
  of Co-Trustee or Separate Trustee

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 6.11.

  	
  Eligibility;
  Disqualification

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 6.12.

  	
  Preferential
  Collection of Claims Against the Issuer

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 6.13.

  	
  Representations and
  Warranties

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE VII

  	
  NOTEHOLDERS’
  LISTS AND REPORTS

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 7.1.

  	
  Issuer
  To Furnish Indenture Trustee Names and Addresses of Noteholders

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 7.2.

  	
  Preservation
  of Information; Communications to Noteholders

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 7.3.

  	
  Reports by Issuer

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 7.4.

  	
  Required Filings

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE VIII

  	
  ACCOUNTS,
  DISBURSEMENTS AND RELEASES

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 8.1.

  	
  Collection of Money

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 8.2.

  	
  Trust Accounts

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 8.3.

  	
  General
  Provisions Regarding Accounts

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 8.4.

  	
  Release of Trust Estate

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 8.5.

  	
  Opinion of Counsel

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE IX

  	
  SUPPLEMENTAL
  INDENTURES

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 9.1.

  	
  Supplemental
  Indentures Without Consent of Noteholders

  	
   

  
				

 

iii

 

	
  SECTION 9.2.

  	
  Supplemental
  Indentures With Consent of Noteholders

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 9.3.

  	
  Execution of
  Supplemental Indentures

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 9.4.

  	
  Effect of Supplemental
  Indenture

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 9.5.

  	
  Conformity with
  Trust Indenture Act

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 9.6.

  	
  Reference
  in Notes to Supplemental Indentures

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 9.7.

  	
  Amendment without Consent

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE X

  	
  REDEMPTION OF NOTES

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 10.1.

  	
  Redemption

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 10.2.

  	
  Form of
  Redemption Notice

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 10.3.

  	
  Notes Payable on
  Redemption Date

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE XI

  	
  MISCELLANEOUS

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 11.1.

  	
  Compliance
  Certificates and Opinions, etc.

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 11.2.

  	
  Form of
  Documents Delivered to Indenture Trustee

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 11.3.

  	
  Acts of Noteholders

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 11.4.

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

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 11.5.

  	
  Notices to Noteholders;
  Waiver

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 11.6.

  	
  Alternate
  Payment and Notice Provisions

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 11.7.

  	
  Conflict with Trust
  Indenture Act

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 11.8.

  	
  Effect of
  Headings and Table of Contents

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 11.9.

  	
  Successors and Assigns

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 11.10.

  	
  Severability

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 11.11.

  	
  Benefits of Indenture

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 11.12.

  	
  Legal Holidays

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 11.13.

  	
  Governing Law

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 11.14.

  	
  Counterparts

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 11.15.

  	
  Recording of Indenture

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 11.16.

  	
  Trust Obligation

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 11.17.

  	
  No Petition

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 11.18.

  	
  Inspection

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 11.19.

  	
  Subordination

  	
   

  
				

 

iv

 

	
  SECTION 11.20.

  	
  Information Requests

  	
   

  

 

v

 

	
  EXHIBITS

  	
   

  	
   

  
	
  EXHIBIT A-1 Form of A-1
  Notes

  	
   

  	
   

  
	
  EXHIBIT A-2 Form of A-2
  Notes

  	
   

  	
   

  
	
  EXHIBIT A-3 Form of A-3 Notes

  	
   

  	
   

  
	
  EXHIBIT A-4a Form of
  A-4a Notes

  	
   

  	
   

  
	
  EXHIBIT A-4b Form of
  A-4b Notes

  	
   

  	
   

  
	
  EXHIBIT A-5 Form of
  Class B Notes

  	
   

  
	
  EXHIBIT A-6 Form of
  Class C Notes

  	
   

  
	
  EXHIBIT B

  	
  Form of Section 3.9 Officer’s
  Certificates

  	
   

  
	
  SCHEDULES

  	
   

  
	
  SCHEDULE P

  	
  Perfection
  Representations & Warranties

  	
   

  
				

 

vi

 

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

 

Each party agrees as follows for the benefit of the
other party, for the benefit of the Counterparty, and for the equal and ratable
benefit of the Holders of the Issuer’s 3.90844% Class A-1 Asset Backed
Notes (each an “A-1
Note”), 4.17% Class A-2 Asset Backed Notes (each an “A-2 Note”),
4.27% Class A-3 Asset Backed Notes (each an “A-3 Note”), Floating Rate
Class A-4a Asset Backed Notes (each an “A-4a Note”), 4.40%
Class A-4b Asset Backed Notes (each an “A-4b Note”), the 4.57%
Class B Asset Backed Notes (each a “Class B Note”)  and 4.93% Class C Asset Backed Notes
(each a “Class C
Note”; and together with the A-1 Notes, the A-2 Notes, the A-3
Notes, the A-4a Notes, the A-4b Notes and the Class B Notes, the “Notes”).

 

GRANTING CLAUSE

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

 

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

 

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

 

(j)  all present and future claims, demands,
causes and choses in action in respect of any or all of the foregoing and all
payments on or under and all proceeds of every kind and nature whatsoever in
respect of any or all of the foregoing, including all proceeds of the
conversion, voluntary or involuntary, into cash or other liquid property, all
cash proceeds, accounts, accounts receivable, notes, drafts, acceptances,
chattel paper, checks, deposit accounts, insurance proceeds, condemnation
awards, rights to payment of any and every kind and other forms of obligations
and receivables, instruments and other property that at any time constitute all
or part of or are included in the proceeds of any and all of the foregoing; and

 

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

 

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

 

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

 

ARTICLE I

Definitions and Incorporation by Reference

 

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

 

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

 

“Commission” means the Securities and Exchange
Commission.

 

“indenture securities” means the Notes.

 

2

 

“indenture security holder” means a Noteholder.

 

“indenture to be qualified” means this Indenture.

 

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

 

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

 

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

 

SECTION 1.3.  Rules of Construction.  Unless the context otherwise requires: (i) a
term has the meaning assigned to it; (ii) an accounting term not otherwise
defined has the meaning assigned to it in accordance with generally accepted
accounting principles as in effect on the date hereof; (iii) “or” is not
exclusive; (iv) “including” means “including, without limitation”; and (v)
words in the singular include the plural and words in the plural include the
singular.

 

ARTICLE II

The Notes

 

SECTION 2.1.  Form.  The A-1 Notes, A-2 Notes, A-3 Notes, A-4a
Notes, A-4b Notes, Class B Notes and Class C Notes, together with the Indenture
Trustee’s certificate of authentication, shall be in substantially the forms
set forth in Exhibits
A-1, A-2, A-3, A-4a, A-4b, A-5 and  A-6 respectively, with such
appropriate insertions, omissions, substitutions and other variations as are
required or permitted by this Indenture, and may have such letters, numbers or
other marks of identification and such legends or endorsements placed thereon,
as may, consistently herewith, be determined by the officers executing such
Notes, as evidenced by their execution of the Notes. Any portion of the text of
any Note may be set forth on the reverse thereof, with an appropriate reference
thereto on the face of the Note.

 

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

 

Each Note shall be dated the date of its
authentication. The terms of the Notes set forth in Exhibits A-1, A-2, A-3, A-4a, A-4b, A-5 and
A-6 are
part of the terms of this Indenture.

 

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

 

Notes bearing the manual or facsimile signature of
individuals who were at the time of signature Authorized Officers of the Issuer
shall bind the Issuer, notwithstanding that such

 

3

 

individuals or any of
them have ceased to hold such offices prior to the authentication and delivery
of such Notes or did not hold such offices at the date of such Notes.

 

The Indenture Trustee shall upon Issuer Order
authenticate and deliver A-1 Notes, A-2 Notes, A-3 Notes, A-4a Notes, A-4b
Notes, Class B Notes and Class C Notes for original issue in an aggregate
principal amount of $202,000,000, $292,000,000, $397,000,000, $81,750,000,
$137,000,000, $28,750,000, and $11,500,000, respectively.  The Outstanding Amount of A-1 Notes, A-2
Notes, A-3 Notes, A-4a Notes, A-4b Notes, Class B Notes and Class C Notes at
any time may not exceed such respective amounts except as provided in Section 2.5.

 

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

 

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

 

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

 

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

 

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

 

If a Person other than the Indenture Trustee is
appointed by the Issuer as the Note Registrar, the Issuer will give the
Indenture Trustee prompt written notice of the appointment of

 

4

 

such Note Registrar and
of the location, and any change in the location, of the Note Register, and the
Indenture Trustee shall have the right to inspect the Note Register at all
reasonable times, to obtain copies thereof and to rely upon a certificate
executed on behalf of the Note Registrar by an Executive Officer thereof as to
the names and addresses of the Holders of the Notes and the principal amounts
and number of such Notes.

 

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

 

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

 

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

 

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

 

Every Note presented or surrendered for registration
of transfer or exchange shall be duly endorsed by, or be accompanied by a
written instrument of transfer in form satisfactory to the Indenture Trustee
duly executed by, the Holder thereof or such Holder’s attorney duly authorized
in writing, with such signature guaranteed by an “eligible guarantor
institution” meeting the requirements of the Note Registrar, which requirements
include membership or participation in the Securities Transfer Agent’s
Medallion Program (“STAMP”) or such other “signature
guarantee program” as may be determined by the Note Registrar in addition to,
or in substitution for, STAMP, all in accordance with the Exchange Act.

 

No service charge shall be made to a Holder for any
registration of transfer or exchange of Notes, but the Issuer may require
payment of a sum sufficient to cover any tax or other governmental charge that
may be imposed in connection with any registration of transfer or

 

5

 

exchange of Notes, other
than exchanges pursuant to Sections 2.3 or 9.6 not involving any transfer.

 

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

 

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

 

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

 

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

 

SECTION 2.6.  Persons Deemed
Owner.  Prior to due
presentment for registration of transfer of any Note, the Issuer, the Indenture
Trustee and any agent of the Issuer or the Indenture Trustee may treat the
Person in whose name any Note is registered (as of the day of determination) as
the owner of such Note for the purpose of receiving payments of principal and
interest, if any, on such Note and for all other purposes whatsoever, whether
or not such Note be

 

6

 

overdue, and
neither the Issuer, the Indenture Trustee nor any agent of the Issuer or the
Indenture Trustee shall be affected by notice to the contrary.

 

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

 

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

 

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

 

(c)  If the Issuer defaults in a
payment of interest on the Notes, the Issuer shall pay, in any lawful manner,
defaulted interest (plus
interest on such defaulted interest to the extent lawful) at the applicable
interest rate from the Payment Date for which such payment is in default. The
Issuer may pay such defaulted interest to the Persons who are Noteholders on a
subsequent special record date, which date shall be at least five Business Days
prior to the special payment

 

7

 

date. The Issuer
shall fix or cause to be fixed any such special record date and special payment
date, and, at least 15 days before any such special record date, shall mail to
each Noteholder a notice that states the special record date, the special payment
date and the amount of defaulted interest to be paid.

 

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

 

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

 

SECTION 2.10.  Book-Entry Notes.  The Notes, upon original issuance, will be
issued in the form of typewritten Notes representing the Book-Entry Notes, to
be delivered to The Depository Trust Company (the initial Clearing Agency), or
its custodian, by, or on behalf of, the Issuer. Such Notes shall initially be
registered on the Note Register in the name of Cede & Co., the nominee of
the initial Clearing Agency, and no Note Owner of such Note will receive a
Definitive Note representing such Note Owner’s interest in such Note, except as
provided in Section
2.12.  Unless and until
definitive, fully registered Notes (the “Definitive Notes”) representing Notes have been
issued to Note Owners:

 

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

 

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

 

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

 

(iv)  the rights of Note Owners shall be exercised
only through the Clearing Agency and shall be limited to those established by
law and agreements between such Note Owners and the Clearing Agency and/or the
Clearing Agency Participants pursuant to the Note Depository Agreement. Unless
and until Definitive Notes are issued, the

 

8

 

Clearing Agency will make
book-entry transfers among the Clearing Agency Participants and receive and
transmit payments of principal of and interest on the Notes to such Clearing
Agency Participants; and

 

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

 

SECTION 2.11.  Notices
to Clearing Agency. 
Whenever a notice or other communication to the Noteholders is required
under this Indenture, unless and until Definitive Notes have been issued to Note
Owners, the Indenture Trustee shall give all such notices and communications to
the Clearing Agency.

 

SECTION 2.12.  Definitive Notes.  Notes initially cleared through a clearing
agency may be issued in definitive, fully registered certificated form to
Noteholders if requested by the DTC participants to whom the Notes are credited
and in accordance with DTC’s rules and procedures. Upon any surrender to the
Indenture Trustee of the typewritten Notes representing the Book-Entry Notes by
the Clearing Agency, accompanied by registration instructions, the Issuer shall
execute, and the Indenture Trustee shall authenticate, the Definitive Notes in
accordance with the instructions of the Clearing Agency. None of the Issuer,
the Note Registrar or the Indenture Trustee shall be liable for any delay in
delivery of such instructions and may conclusively rely on, and shall be fully
protected in relying on, such instructions. Upon the issuance of Definitive
Notes, the Indenture Trustee shall recognize the Holders of the Definitive
Notes as Noteholders.

 

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

 

ARTICLE III

Covenants

 

SECTION 3.1.  Payment
of Principal and Interest. 
The Issuer will duly and punctually pay the principal and interest, if
any, on the Notes in accordance with the terms of the Notes and this
Indenture.  Without limiting the foregoing,
subject to Sections
8.2(c) and (e),
the Issuer will cause to be distributed to Holders of the Notes all amounts on
deposit in the Note Distribution

 

9

 

Account on a
Payment Date deposited therein for the benefit of the Notes pursuant to the
Sale and Servicing Agreement.  Amounts
properly withheld under the Code or any applicable State law by any Person from
a payment to any Noteholder of interest and/or principal shall be considered as
having been paid by the Issuer to such Noteholder for all purposes of this
Indenture.

 

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

 

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

 

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

 

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

 

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

 

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

 

10

 

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

 

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

 

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

 

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

 

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

 

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

 

SECTION 3.4.  Existence.  The Issuer will keep in full effect its
existence, rights and franchises as a statutory trust under the laws of the
jurisdiction of its organization and will obtain and preserve its qualification
to do business in each jurisdiction in which such qualification is or

 

11

 

shall be necessary
to protect the validity and enforceability of this Indenture, the Notes, the
Collateral and each other instrument or agreement included in the Trust Estate.

 

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

 

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

 

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

 

(iii)  enforce any of the Collateral; or

 

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

 

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

 

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

 

(b)  On or before April 30 in
each calendar year commencing in the calendar year 2006 the Issuer shall
furnish to the Indenture Trustee an Opinion of Counsel either stating that, in
the opinion of such counsel, such action has been taken with respect to the
recording, filing, re-recording and refiling of this Indenture, any indentures
supplemental hereto and any other requisite documents, and with respect to the
execution and filing of any financing statements and continuation statements,
as is necessary to maintain the Lien and security interest of this Indenture
and reciting the details of such action, or stating that in the opinion of such
counsel no such action is necessary to maintain such Lien and security
interest. Such Opinion of Counsel shall also describe the recording, filing,
re-recording and refiling of this Indenture, any indentures supplemental hereto
and any other requisite documents, and the execution and filing of any
financing statements, amendments to financing statements and continuation
statements, that will, in the opinion of such counsel, be required to maintain
the Lien and security interest of this Indenture until April 30 in the
following calendar year.

 

SECTION 3.7.  Performance
of Obligations; Servicing of Receivables.  (a)
 The Issuer will not take any action and will use its best efforts not to
permit any action to be taken by others

 

12

 

that would release
any Person from any material covenants or obligations under any instrument or
agreement included in the Trust Estate or that would result in the amendment,
hypothecation, subordination, termination or discharge of, or impair the
validity or effectiveness of, any such instrument or agreement, except as
expressly provided in this Indenture, the Sale and Servicing Agreement or such
other instrument or agreement.

 

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

 

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

 

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

 

(e)  As promptly as possible
after the giving of notice of termination to the Servicer of the Servicer’s
rights and powers pursuant to Section 8.1 of the Sale and Servicing Agreement,
the Backup Servicer shall become the successor servicer (the “Successor Servicer”), (or if there is no Backup
Servicer on such date, then the Issuer shall appoint a Successor Servicer
acceptable to the Indenture Trustee), and such Successor Servicer shall accept
its appointment by a written assumption in a form acceptable to the Indenture
Trustee. In the event that a Successor Servicer has not been appointed and
accepted its appointment at the time when the previous Servicer ceases to act
as Servicer, the Indenture Trustee without further action shall automatically
be appointed as the Successor Servicer. 
Notwithstanding the above, the Indenture Trustee shall, if it is unable
to so act, (i) notify the Issuer of its resignation as Successor Servicer and
(ii) appoint or petition a court of competent jurisdiction to appoint any
established institution, having a net worth of not less than $50,000,000 and
whose regular business shall include the servicing of equipment receivables as
the successor to the Servicer under the Sale and Servicing Agreement.  In accordance with Section 8.2 of the Sale
and Servicing Agreement, the Issuer shall enter into an agreement with such
Successor Servicer for the servicing of the Receivables (such agreement to be
in form and substance satisfactory to the Indenture Trustee). If the Indenture
Trustee shall succeed to the previous Servicer’s duties as servicer of the
Receivables as provided herein, it shall do so in its individual capacity and
not in its capacity as Indenture Trustee and, accordingly, the provisions of Article VI shall be inapplicable to the Indenture Trustee in
its duties as the

 

13

 

Successor Servicer
and the servicing of the Receivables. In case the Indenture Trustee shall
become the Successor Servicer under the Sale and Servicing Agreement, the
Indenture Trustee shall be entitled to act through or appoint as Servicer any
one of its Affiliates; provided,
that it shall be fully liable for the actions and omissions of such Affiliate
in its capacity as Successor Servicer. 
Notwithstanding anything else herein to the contrary, in no event shall
the Indenture Trustee be liable for any servicing fee or for any differential
in the amount of the Servicing Fee paid hereunder and the amount necessary to
induce any successor Servicer to act as Successor Servicer under this Indenture
and the transactions set forth or provided for herein, or be liable for or be
required to make any servicer advances.

 

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

 

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

 

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

 

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

 

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

 

14

 

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

 

SECTION 3.9.  Annual
Statement as to Compliance. 
The Issuer will deliver to the Indenture Trustee, within 120 days after
the end of each fiscal year of the Issuer (commencing with the fiscal year
2005), an Officer’s Certificate, substantially in the form of Exhibit B,
stating that:

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

15

 

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

 

(b)  The Issuer shall not convey
or transfer any of its properties or assets, including those included in the
Trust Estate, to any Person, unless:

 

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

 

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

 

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

 

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

 

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

 

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

 

SECTION 3.11.  Successor
or Transferee. 
(a)  Upon any consolidation or
merger of the Issuer in accordance with Section 3.10(a), the Person formed by or surviving such
consolidation

 

16

 

or merger (if
other than the Issuer) shall succeed to, and be substituted for, and may
exercise every right and power of, the Issuer under this Indenture with the
same effect as if such Person had been named as the Issuer herein.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

17

 

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

 

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

 

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

 

ARTICLE IV

Satisfaction and Discharge

 

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

 

(A)  either:

 

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

 

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

 

(i)  have become due and payable,

 

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

 

18

 

(iii)  are to be called for redemption within one
year under arrangements satisfactory to the Indenture Trustee for the giving of
notice of redemption by the Indenture Trustee in the name, and at the expense,
of the Issuer,

 

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

 

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

 

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

 

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

 

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

 

ARTICLE V

Remedies

 

SECTION 5.1.  Events of Default.  “Event of Default”, wherever used herein,
means any one of the following events (whatever the reason for such Event of
Default and whether it shall

 

19

 

be voluntary or
involuntary or be effected by operation of law or pursuant to any judgment,
decree or order of any court or any order, rule or regulation of any
administrative or governmental body):

 

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

 

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

 

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

 

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

 

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

 

The Issuer shall deliver to the Indenture Trustee and
the Counterparty, within five days after the Issuer or the Administrator
obtains actual knowledge thereof, written notice in the form of an Officer’s
Certificate of any event that, with the giving of notice or the lapse of time
or both,

 

20

 

would become an Event of
Default under clause
(iii), its status and what action the Issuer is taking or proposes
to take with respect thereto.

 

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

 

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

 

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

 

(A)  all payments of principal of and interest on
all Notes and all other amounts that would then be due hereunder or upon such
Notes if the Event of Default giving rise to such acceleration had not
occurred; and

 

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

 

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

 

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

 

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

 

(b)  In case the Issuer shall
fail forthwith to pay such amounts upon such demand, the Indenture Trustee, in
its own name and as trustee of an express trust, may institute a Proceeding for
the collection of the sums so due and unpaid, and may prosecute such Proceeding
to

 

21

 

judgment or final
decree, and may enforce the same against the Issuer or other obligor upon such
Notes and collect in the manner provided by law out of the property of the
Issuer or other obligor upon such Notes, wherever situated, the moneys adjudged
or decreed to be payable.

 

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

 

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

 

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

 

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

 

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

 

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

 

22

 

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

 

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

 

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

 

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

 

SECTION 5.4.  Remedies;
Priorities.  (a)  If an Event of Default shall have occurred
and be continuing, the Indenture Trustee may do one or more of the following
(subject to Section
5.5):

 

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

 

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

 

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

 

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

 

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

 

provided,
however, that the Indenture Trustee may not sell or
otherwise liquidate the Trust Estate following an Event of Default, other than
an Event of Default described in Section 5.1(i) or (ii), unless: (A) all the Noteholders consent thereto, (B)
the proceeds of such sale or liquidation distributable to the Noteholders are
sufficient to discharge in full all amounts then due and unpaid upon such Notes
for principal and interest or (C) the Indenture Trustee determines that the
Trust Estate will not continue to provide sufficient funds for the payment of
principal of and interest on the Notes as they would have become due if the
Notes had not been declared due and payable, and the Indenture Trustee obtains
the consent of Holders of 66 2/3% of the Outstanding Amount of the Notes. In
determining such sufficiency or insufficiency with respect to clauses (B) and (C), the
Indenture Trustee may, but need not, obtain and rely upon an opinion of an
Independent investment banking or accounting firm of national reputation as to
the feasibility of such proposed action and as to the sufficiency of the Trust
Estate for such purpose.  The Indenture
Trustee shall incur no liability as a result of the sale of the Trust Estate or
any part thereof at any sale pursuant to this Section 5.4 conducted in a
commercially reasonable manner.  Each of
the Issuer and Holders hereby waives any claims against the Indenture Trustee
arising by reason of the fact that the price at which the Trust Estate may have
been sold at such sale was less than the price that might have been obtained,
even if the Indenture Trustee accepts the first offer received and does not
offer the Trust Estate to more than one offeree, so long as such sale is
conducted in a commercially reasonable manner.

 

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

 

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

 

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

 

THIRD: to
the Indenture Trustee for amounts due under Section 6.7;

 

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

 

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

 

SIXTH: to
the Issuer for distribution to the Certificateholders.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

SECTION 5.7.  Unconditional
Rights of Noteholders To Receive Principal and Interest.  Notwithstanding any other provisions in this
Indenture, the Holder of any Note shall have the right, which is absolute and
unconditional, to receive payment of the principal of and interest, if

 

25

 

any, on such Note
on or after the respective due dates thereof expressed in such Note or in this
Indenture (or, in the case of redemption, on or after the Redemption Date) and
to institute suit for the enforcement of any such payment, and such right shall
not be impaired without the consent of such Holder.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

26

 

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

 

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

 

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

 

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

 

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

 

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

 

27

 

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

 

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

 

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

 

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

 

28

 

ARTICLE VI

The Indenture Trustee

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(v)  the Indenture Trustee shall have no duty to
monitor the performance of the Issuer, the Trustee, the Seller or the Servicer,
nor shall it have any liability in connection with malfeasance or nonfeasance
by the Issuer, the Trustee, the Seller or the Servicer.

 

29

 

The Indenture Trustee
shall have no liability in connection with compliance of the Issuer, the Trustee,
the Seller or the Servicer with statutory or regulatory requirements related to
the Receivables. The Indenture Trustee shall not make or be deemed to have made
any representations or warranties with respect to the Receivables or the
validity or sufficiency of any assignment of the Receivables to the Trust
Estate or the Indenture Trustee.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

30

 

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

 

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

 

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

 

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

 

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

 

SECTION 6.6.  Reports
by Indenture Trustee to the Holders. 
The Indenture Trustee shall deliver to each Noteholder such information
as may be required to enable such Holder to prepare its federal, State and
other income tax returns. Within 60 days after each December 31, starting with
December 31, 2005, the Indenture Trustee shall mail to each Noteholder a
brief report as of such December 31 that complies with TIA § 313(a) (if required
by said section).

 

SECTION 6.7.  Compensation
and Indemnity.  The
Issuer shall, or shall cause the Servicer to, pay to the Indenture Trustee from
time to time reasonable compensation for its services as agreed to between the
Issuer and the Indenture Trustee in writing. The Indenture Trustee’s
compensation shall not be limited by any law on compensation of a trustee of an
express trust. The Issuer shall, or shall cause the Servicer to, reimburse the
Indenture Trustee for all reasonable out-of-pocket expenses incurred or made by
it, including costs of collection, in addition to the compensation for its
services. Such expenses shall include the reasonable compensation and expenses,
disbursements and advances of the Indenture Trustee’s agents, counsel, accountants
and experts. The Issuer shall or shall cause the Servicer to indemnify the

 

31

 

Indenture Trustee
and its officers, directors, employees and agents against any and all loss,
liability or expense (including attorneys’ fees and expenses) incurred by them
in connection with the administration of this trust and the performance of its
duties hereunder. The Indenture Trustee shall notify the Issuer and the
Servicer promptly of any claim for which it may seek indemnity. Failure by the
Indenture Trustee to so notify the Issuer and the Servicer shall not relieve
the Issuer or the Servicer of its respective obligations hereunder. The Issuer
shall, or shall cause the Servicer to, defend the claim and the Indenture
Trustee may have separate counsel and the Issuer shall, or shall cause the
Servicer to, pay the reasonable fees and expenses of such counsel.
Notwithstanding anything to the contrary contained herein, neither the Issuer
nor the Servicer need reimburse any expense or indemnify against any loss,
liability or expense incurred by the Indenture Trustee through the Indenture
Trustee’s own willful misconduct, negligence or bad faith.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

32

 

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

 

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

 

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

 

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

 

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

 

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

 

33

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

SECTION 6.11.  Eligibility;
Disqualification.  The
Indenture Trustee shall at all times satisfy the requirements of TIA § 310(a)
and, upon Issuer Order, Section 26(a)(1) of the Investment Company Act of 1940,
as amended. The Indenture Trustee shall have a combined capital and surplus of
at least $50,000,000 as set forth in its most recent published annual report of
condition and it shall have a long term senior, unsecured debt rating of “Baa3”
or better by

 

34

 

Moody’s (or, if
not rated by Moody’s, a comparable rating by another statistical rating
agency). The Indenture Trustee shall comply with TIA § 310(b), including the
optional provision permitted by the second sentence of TIA § 310(b)(9); provided, however,
that there shall be excluded from the operation of TIA § 310(b)(1) any
indenture(s) under which other securities of the Issuer are outstanding if the
requirements for such exclusion set forth in TIA § 310(b)(1) are met.

 

If a default occurs under this Indenture, and the
Indenture Trustee is deemed to have a conflicting interest as a result of
acting as trustee for two or more of (1) the Class A Notes, (2) the
Class B Notes and (3) the Class C Notes, a successor Indenture Trustee
shall be appointed for one or more of such Classes, so that there will be
separate Indenture Trustees for the Class A Notes, the Class B Notes and the
Class C Notes, respectively.  No such
event shall alter the voting rights of the Class A Noteholders, the Class B
Noteholders or the Class C Noteholders under this Indenture or any other Basic
Document.  However, so long as any
amounts remain unpaid with respect to the Class A Notes, only the Indenture
Trustee for the Class A Noteholders will have the right to exercise remedies
under this Indenture (but subject to the express provisions of Section 5.4 and
to the right of the Class B Noteholders and the Class C Noteholders to receive
their respective shares of any proceeds of enforcement, subject to the
subordination of the Class B Notes to the Class A Notes as described herein,
and the subordination of the Class C Notes to the Class A Notes and the Class B
Notes as described herein).  Upon
repayment of the Class A Notes in full, but so long as any amounts remain
unpaid with respect to the Class B Notes, only the Indenture Trustee for the
Class B Noteholders will have the right to exercise remedies under this
Indenture (but subject to the express provisions of Section 5.4 and to the right of
the Class C Noteholders to receive their share of any proceeds of enforcement,
subject to the subordination of the Class C Notes to the Class B Notes as described
herein).  Upon repayment of the Class B
Notes in full, all rights to exercise remedies under the Indenture will
transfer to the Indenture Trustee for the Class C Notes.

 

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

 

35

 

resignation or removal of
the retiring Indenture Trustee shall become effective to the extent provided
therein.

 

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

 

SECTION 6.13.  Representations
and Warranties.  The
Indenture Trustee hereby represents that:

 

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

 

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

 

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

 

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

 

ARTICLE VII

Noteholders’ Lists and Reports

 

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

 

36

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

37

 

ARTICLE VIII

Accounts, Disbursements and Releases

 

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

 

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

 

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

 

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

 

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

 

(ii)  with the same priority and ratably in
proportion to the Outstanding Amount of the Class A Notes and the amounts due
under clause (y) of this Section 8.2(c)(ii), to (x) the Class A
Noteholders, the Class Interest Amount for each Class of Class A Notes; provided, that if
there are not sufficient funds in the Note Distribution Account to pay the
entire amount of accrued and unpaid interest then due on such Notes, the amount
in the Note Distribution Account shall be applied to the payment of such
interest on such Notes pro rata on the basis of the total such interest due on
such Notes, and (y) the Counterparty, any Swap Termination Payment due to it
under the Class A Swap Agreement; provided,
that if any money or property remains after making the payments required by the
immediately preceding clause (x),
such money or property shall be used

 

38

 

to pay any remaining
Class A Swap Termination Payments due and payable under the Class A Swap
Agreement before any such money or property shall be distributed pursuant to Sections 8.2(c)(iii) through (viii);

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(vii)  to the Class C Noteholders, for payment of
principal, until the Outstanding principal balance of the Class C Notes is
reduced to zero; and

 

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

 

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

 

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

 

(i)  to
the Counterparty for any due and unpaid Net Swap Payment (including interest on
any overdue Net Swap Payment), if any, according to the amount due under

 

39

 

the Interest Rate Swap
Agreement as a Net Swap Payment (including interest on any overdue Net Swap
Payment);

 

(ii)  with the same priority and ratably in
proportion to the Outstanding Amount of the Class A Notes and the amounts due
under clause (y) of this Section 8.2(e)(ii), to (x) the Class A
Noteholders, the Class Interest Amount for each Class of Class A Notes; provided, that if there are not sufficient
funds in the Note Distribution Account to pay the entire amount of accrued and
unpaid interest then due on such Notes, the amount in the Note Distribution
Account shall be applied to the payment of such interest on such Notes pro rata
on the basis of the total such interest due on such Notes, and (y) the
Counterparty, any Swap Termination Payment due to it under the Class A Swap
Agreement; provided, that if any
money or property remains after making the payments required by the immediately
preceding clause (x), such money
or property shall be used to pay any remaining Class A Swap Termination
Payments due and payable under the Class A Swap Agreement before any such money
or property shall be distributed pursuant to Sections
8.2(e)(iii) through (viii);

 

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

 

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

 

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

 

(vi)  to
the Class C Noteholders, the Class Interest Amount for the Class C Notes;

 

(vii)  to the Class C Noteholders, for payment of
principal, until the Outstanding principal balance of the Class C Notes is
reduced to zero; and

 

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

 

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

 

40

 

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

 

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

 

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

 

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

 

SECTION 8.5.  Opinion of
Counsel.  The
Indenture Trustee shall receive at least seven days’ notice when requested by
the Issuer to take any action pursuant to Section 8.4(a), accompanied by
copies of any instruments involved, and the Indenture Trustee shall also
require, as a condition to such action, an Opinion of Counsel stating the legal
effect of any such action, outlining the steps required to complete the same,
and concluding that all conditions precedent to the taking of such action have
been complied with and such action will not materially and adversely impair the
security for the Notes or the rights of the Noteholders in contravention of
this Indenture; provided,
however, that such Opinion of Counsel shall not be required to
express an opinion as to the fair value of the Trust Estate. Counsel rendering
any such opinion may rely,

 

41

 

without
independent investigation, on the accuracy and validity of any certificate or
other instrument delivered to the Indenture Trustee in connection with any such
action.  Notwithstanding anything herein
to the contrary, any such Opinion of Counsel shall include the Counterparty as
an addressee thereof.

 

ARTICLE IX

Supplemental Indentures

 

SECTION 9.1.  Supplemental Indentures Without Consent of Noteholders.  (a) 
Without the consent of the Holders of Notes but with prior written
notice to the Rating Agencies, the Issuer and the Indenture Trustee, when
authorized by an Issuer Order, at any time and from time to time, may enter
into one or more indentures supplemental hereto (which shall conform to the
Trust Indenture Act as in force at the date of the execution thereof), in form
satisfactory to the Indenture Trustee, for any of the following purposes:

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

42

 

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

 

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

 

(b)  The Issuer and the Indenture
Trustee, when authorized by an Issuer Order, may, without the consent of any of
the Holders of Notes but with prior written notice to the Rating Agencies,
enter into an indenture or indentures supplemental hereto to cure any
ambiguity, to correct or supplement any provisions in this Indenture or for the
purpose of adding any provisions to or changing in any manner or eliminating
any of the provisions of this Indenture or of modifying in any manner the
rights of the Holders of Notes under this Indenture; provided, however, that such
action shall not, as evidenced by an Opinion of Counsel, adversely affect in
any material respect the interests of any Noteholder.

 

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

 

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

 

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

 

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

 

43

 

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

 

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

 

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

 

(vii)  permit the creation of any Lien ranking prior
to or on a parity with the Lien of this Indenture with respect to any part of
the Trust Estate or, except as otherwise permitted or contemplated herein, terminate
the Lien of this Indenture on any property at any time subject hereto or
deprive any Holder of Notes of the security provided by the Lien of this
Indenture; provided  further,
if any such amendment and/or supplement of either this Indenture or any other
Basic Document would either: (a) adversely affect the Counterparty’s rights or
obligations under the Class A-4a Swap Agreement; or (b) adversely modify the
obligations of, or adversely impact the ability of, the Issuer to fully perform
any of the Issuer’s obligations under such Swap Agreement, the Issuer and the
Indenture Trustee shall be required first to obtain the written consent of the
Counterparty, before entering into any such amendment or supplement.

 

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

 

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

 

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

 

44

 

any such
supplemental indenture that affects the Indenture Trustee’s own rights, duties,
liabilities or immunities under this Indenture or otherwise.

 

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

 

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

 

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

 

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

 

ARTICLE X

Redemption of Notes

 

SECTION 10.1.  Redemption.  (a) 
The Notes are subject to redemption in whole, but not in part, at the
direction of CNHCA pursuant to Section 9.1(a) of the Sale and Servicing Agreement, on any
Payment Date on which CNHCA exercises its option to purchase the Trust Estate
pursuant to said Section
9.1(a), for a purchase price equal to the Redemption Price; provided, however,
that the Issuer has available funds sufficient to pay the Redemption
Price.  The Servicer or the Issuer shall
furnish the Rating Agencies notice of such redemption.  If such Notes are to be redeemed pursuant to
this Section 10.1,
CNHCA or the Issuer shall furnish notice of such election to the Indenture
Trustee not later than 25 days prior to the Redemption Date and

 

45

 

the Issuer shall
deposit with the Indenture Trustee in the Note Distribution Account the
Redemption Price of the Notes to be redeemed.

 

(b)  Reserved.

 

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

 

All notices of redemption shall state:

 

(i)  the Redemption Date;

 

(ii)  the Redemption Price;

 

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

 

(iv)  the CUSIP numbers of the affected Notes.

 

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

 

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

 

ARTICLE XI

Miscellaneous

 

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

 

46

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

47

 

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

 

(v)  Notwithstanding Section 2.9 or any other provision
of this Section, the Issuer may, without compliance with the requirements of
the other provisions of this Section: (A) collect, liquidate, sell or otherwise
dispose of Receivables and Financed Equipment as and to the extent permitted or
required by the Basic Documents and (B) make cash payments out of the Trust
Accounts as and to the extent permitted or required by the Basic Documents so
long as the Issuer shall deliver to the Indenture Trustee every six months,
commencing January, 2006, an Officer’s Certificate of the Issuer stating that
all such dispositions of Collateral that occurred since the execution of the
previous such Officer’s Certificate (or for the first such Officer’s
Certificate, since the Closing Date) were in the ordinary course of the Issuer’s
business and that the proceeds thereof were applied in accordance with the
Basic Documents.

 

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

 

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

 

48

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

49

 

(b)  the Issuer by the Indenture Trustee or by any
Noteholder, shall be sufficient for every purpose hereunder if in writing and
mailed, first-class, postage prepaid, to the Issuer addressed to: CNH Equipment
Trust 2005-B, in care of The Bank of New York, 101 Barclay Street, Floor 8W,
New York, New York 10286, Attention: Corporate Trust Administration - Asset
Backed Finance Unit, and to New Holland Credit Company, LLC, as Administrator,
33 South Railroad Avenue, New Holland Pennsylvania, Attention: Finance Manager;
with a copy to: New Holland Credit Company, LLC, 100 South Saunders Road, Lake
Forest, Illinois 60045, Attention: Senior Managing Attorney, or at any other
address previously furnished in writing to the Indenture Trustee by the Issuer
or the Administrator. The Issuer shall promptly transmit any notice received by
it from the Noteholders to the Indenture Trustee and the Counterparty, or

 

(c)  the Counterparty by the Issuer or the
Indenture Trustee, shall be sufficient for every purpose hereunder if in
writing and mailed, first-class postage prepaid, hand delivered or sent by
overnight courier service or by telecopy in legible form to the Counterparty
addressed to: BNP Paribas, 787 Seventh Avenue, New York, New York 10019,
Attention:  Legal and Transaction
Management Group – ISDA; with a copy to: 
BNP Paribas, Paris 20 boulevard des Italiens, 75009 Paris, France, Attention:  Legal and Transaction Management Group - ISDA, or at any other address previously furnished in writing to
the Issuer or the Indenture Trustee by the Counterparty.

 

Notices required to be given to the Rating Agencies by
the Issuer, the Indenture Trustee or the Trustee shall be in writing,
personally delivered or mailed by certified mail, return receipt requested, to
their respective addresses set forth in Section 10.3 of the Sale and Servicing
Agreement.

 

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

 

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

 

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

 

50

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

51

 

SECTION 11.13.  Governing Law.  This Indenture shall be construed in
accordance with the laws of the State of New York, without reference to its
conflict of law provisions, and the obligations, rights and remedies of the
parties hereunder shall be determined in accordance with such laws.

 

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

 

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

 

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

 

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

 

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

 

52

 

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

 

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

 

53

 

distribution or
application under applicable law, including insolvency laws, and whether
asserted against CNHCR or any other Person owned by CNHCR), including, the
payment of post-petition interest on such other obligations and
liabilities.  This subordination
agreement shall be deemed a subordination agreement within the meaning of
Section 510(a) of the Bankruptcy Code. 
Each Noteholder further acknowledges and agrees that no adequate remedy
at law exists for a breach of this Section 11.19 and the terms of this Section 11.19 may be enforced by
an action for specific performance.

 

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

 

[the remainder of this page intentionally left blank]

 

54

 

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

 

	
   

  	
  CNH EQUIPMENT TRUST 2005-B;

  
	
   

  	
   

  
	
   

  	
  By:

  	
  The Bank Of New York,

  
	
   

  	
   

  	
  not in its individual capacity but solely as Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Catherine Murray

  	
   

  
	
   

  	
   

  	
  Name: Catherine Murray

  
	
   

  	
   

  	
  Title: Assistant Treasuer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  JPMORGAN CHASE BANK, N.A.

  
	
   

  	
  not in its individual capacity but solely

  
	
   

  	
  as Indenture Trustee

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Keith Richardson

  	
   

  
	
   

  	
   

  	
  Name: Keith Richardson

  
	
   

  	
   

  	
  Title: Attorney-In-Fact

  

 

 

Indenture

 

S-1

 

EXHIBIT
A-1

to Indenture

 

FORM OF A-1 NOTES

 

	
  REGISTERED

  	
   

  	
  $202,000,000(1)

  
	
  No. R-1

  	
   

  	
  CUSIP NO. 12613X CT 6

  

 

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

 

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

 

CNH EQUIPMENT TRUST
2005-B

 

3.90844% CLASS A-1 ASSET BACKED NOTES

 

CNH Equipment Trust 2005-B, a trust organized and
existing under the laws of the State of Delaware (including any successor, the “Issuer”), for value received, hereby
promises to pay to CEDE & CO., or registered assigns, the principal sum of
TWO HUNDRED TWO MILLION DOLLARS ($202,000,000), partially payable on each Payment
Date in an amount equal to the aggregate amount, if any, payable from the Note
Distribution Account in respect of principal on the A-1 Notes pursuant to
Section 3.1 of the Indenture; provided, however, that the entire unpaid principal amount
of this Note shall be due and payable on the earlier of the October 6, 2006
Payment Date and the Redemption Date, if any, pursuant to Section 10.1(a) of
the Indenture. The Issuer will pay interest on this Note at the rate per annum
shown above, on each Payment Date until the principal of this Note is paid or
made available for payment, on the principal amount of this Note outstanding on
the preceding Payment Date (after giving effect to all payments of principal
made on the preceding Payment Date), subject to certain limitations contained
in Section 3.1 of the Indenture. Interest on this Note will accrue for
each Payment Date from the most recent Payment Date on which interest has been
paid to but excluding the then current Payment Date or, if no interest has yet
been paid, from the date hereof. Interest will be computed

 

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

 

 

on the basis of a 360-day
year and the actual number of days in the applicable Interest Period. Such principal
of and interest on this Note shall be paid in the manner specified in the
Indenture.

 

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

 

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

 

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

 

 

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

 

	
  Dated: September 21, 2005

  	
   

  
	
   

  	
   

  
	
   

  	
  CNH EQUIPMENT
  TRUST 2005-B

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  The Bank of New York,

  
	
   

  	
   

  	
  not in its individual capacity but solely as Trustee

  
	
   

  	
   

  	
  under the Trust Agreement

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
   

  	
  Title

  	
   

  	
   

  
							

 

 

TRUSTEE’S CERTIFICATE OF
AUTHENTICATION

 

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

 

	
  Dated: September 21, 2005

  
	
   

  
	
   

  
	
   

  	
  JPMORGAN CHASE BANK,
  N.A.

  
	
   

  	
  not in its individual capacity but solely as
  Indenture Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Authorized Signatory

  	
   

  
					

 

 

[REVERSE OF NOTE]

 

This Note is one of a duly authorized issue of Notes
of the Issuer, designated as its 3.90844% Class A-1 Asset Backed Notes (herein
called the “A-1 Notes” or the “Notes”), all issued under an Indenture
dated as of September 1, 2005 (such Indenture, as supplemented or amended, is
herein called the “Indenture”) between the Issuer and JPMorgan
Chase Bank, N.A., not in its individual capacity but solely as trustee (the “Indenture Trustee”, which term includes any successor
Indenture Trustee under the Indenture), to which Indenture and all indentures
supplemental thereto reference is hereby made for a statement of the respective
rights and obligations thereunder of the Issuer, the Indenture Trustee and the
Holders of the Notes. The Notes are subject to all terms of the Indenture. All
terms used in this Note that are not otherwise defined herein and that are
defined in the Indenture shall have the meanings assigned to them in or
pursuant to the Indenture.

 

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

 

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

 

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

 

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

 

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

 

 

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

 

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

 

This Note and the Indenture shall be construed in
accordance with the laws of the State of New York, without reference to its
conflict of law provisions, and the obligations, rights and remedies of the
parties hereunder and thereunder shall be determined in accordance with such
laws.

 

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

 

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

 

 

ASSIGNMENT

 

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

 

______________________________________________________________________

 

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

______________________________________________________________________

(name
and address of assignee)

 

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

 

	
  Dated:

  	
   

  	
   

  	
   

  	
   *

  
	
   

  	
   

  	
   

  
	
   

  	
  Signature Guaranteed:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

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

  
						

 

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

 

 

EXHIBIT
A-2

to Indenture

 

FORM OF A-2 NOTES

 

	
  REGISTERED

  	
   

  	
  $292,000,000(1)

  
	
  No. R-1

  	
   

  	
  CUSIP NO. 12613X CU 3

  

 

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

 

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

 

CNH EQUIPMENT TRUST
2005-B

 

4.17% CLASS A-2 ASSET BACKED NOTES

 

CNH Equipment Trust 2005-B, a trust organized and
existing under the laws of the State of Delaware (including any successor, the “Issuer”), for value received, hereby
promises to pay to CEDE & CO., or registered assigns, the principal sum of
TWO HUNDRED NINETY-TWO MILLION DOLLARS ($292,000,000), partially payable on
each Payment Date in an amount equal to the aggregate amount, if any, payable
from the Note Distribution Account in respect of principal on the A-2 Notes
pursuant to Section 3.1 of the Indenture; provided, however, that the
entire unpaid principal amount of this Note shall be due and payable on the
earlier of the April 15, 2008 Payment Date and the Redemption Date, if any,
pursuant to Section 10.1(a) of the Indenture. Except as provided in Section 5.4
of the Indenture, no payments of principal of the Notes will be made until the
principal of the A-1 Notes has been paid in full. The Issuer will pay interest
on this Note at the A-2 Note Rate, on each Payment Date until the principal of
this Note is paid or made available for payment, on the principal amount of
this Note outstanding on the preceding Payment Date (after giving effect to all
payments of principal made on the preceding Payment Date), subject to certain
limitations contained in Section 3.1 of the Indenture. Interest on this
Note will accrue for each Payment Date from the most recent Payment Date on
which interest has been paid to but excluding the then current Payment Date or,
if no interest has yet

 

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

 

 

been paid, from the date
hereof. Interest will be computed on the basis of a 360-day year consisting of
twelve 30-day months. Such principal of and interest on this Note shall be paid
in the manner specified in the Indenture.

 

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

 

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

 

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

 

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

 

	
  Dated: September 21, 2005

  	
   

  
	
   

  	
   

  
	
   

  	
  CNH EQUIPMENT
  TRUST 2005-B

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  The Bank of New York,

  
	
   

  	
   

  	
  not in its individual capacity but solely as Trustee
  under the

  Trust Agreement

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
   

  	
  Title

  	
   

  	
   

  
							

 

 

TRUSTEE’S
CERTIFICATE OF AUTHENTICATION

 

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

 

	
  Dated: September 21, 2005

  
	
   

  
	
   

  
	
   

  	
  JPMORGAN CHASE BANK, N.A.

  
	
   

  	
  not in its individual capacity but solely as
  Indenture Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Authorized Signatory

  	
   

  
					

 

 

[REVERSE OF NOTE]

 

This Note is one of a duly authorized issue of Notes
of the Issuer, designated as its 4.17% Class A-2 Asset Backed Notes (herein
called the “A-2 Notes” or the “Notes”), all issued under an Indenture
dated as of September 1, 2005 (such Indenture, as supplemented or amended, is
herein called the “Indenture”) between the Issuer and JPMorgan
Chase Bank, N.A., not in its individual capacity but solely as trustee (the “Indenture Trustee”, which term includes any
successor Indenture Trustee under the Indenture), to which Indenture and all
indentures supplemental thereto reference is hereby made for a statement of the
respective rights and obligations thereunder of the Issuer, the Indenture
Trustee and the Holders of the Notes. The Notes are subject to all terms of the
Indenture. All terms used in this Note that are not otherwise defined herein
and that are defined in the Indenture shall have the meanings assigned to them
in or pursuant to the Indenture.

 

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

 

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

 

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

 

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

 

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

 

 

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

 

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

 

This Note and the Indenture shall be construed in
accordance with the laws of the State of New York, without reference to its
conflict of law provisions, and the obligations, rights and remedies of the
parties hereunder and thereunder shall be determined in accordance with such
laws.

 

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

 

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

 

 

ASSIGNMENT

 

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

 

______________________________________________________________________

 

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

______________________________________________________________________

(name
and address of assignee)

 

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

 

	
  Dated:

  	
   

  	
   

  	
   

  	
   *

  
	
   

  	
   

  	
   

  
	
   

  	
  Signature Guaranteed:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

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

  
						

 

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

 

 

EXHIBIT A-3

to Indenture

 

FORM
OF A-3 NOTES

 

	
  REGISTERED

  	
   

  	
  $397,000,000(1)

  
	
  No. R-1

  	
   

  	
  CUSIP NO. 12613X CV 1

  

 

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

 

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

 

CNH EQUIPMENT TRUST
2005-B

 

4.27%
CLASS A-3 ASSET BACKED NOTES

 

CNH Equipment Trust 2005-B, a trust organized and
existing under the laws of the State of Delaware (including any successor, the “Issuer”), for value received, hereby
promises to pay to CEDE & CO., or registered assigns, the principal sum of
THREE HUNDRED NINETY-SEVEN MILLION DOLLARS ($397,000,000), partially payable on
each Payment Date in an amount equal to the aggregate amount, if any, payable
from the Note Distribution Account in respect of principal on the A-2 Notes
pursuant to Section 3.1 of the Indenture; provided, however, that the
entire unpaid principal amount of this Note shall be due and payable on the
earlier of the January 15, 2010 Payment Date and the Redemption Date, if any,
pursuant to Section 10.1(a) of the Indenture. Except as provided in Section 5.4
of the Indenture, no payments of principal of the Notes will be made until the
principal of the A-1 Notes and the A-2 Notes has been paid in full. The Issuer
will pay interest on this Note at the A-3 Note Rate, on each Payment Date until
the principal of this Note is paid or made available for payment, on the
principal amount of this Note outstanding on the preceding Payment Date (after
giving effect to all payments of principal made on the preceding Payment Date),
subject to certain limitations contained in Section 3.1 of the Indenture.
Interest on this Note will accrue for each Payment Date from the most recent
Payment Date on which interest has been paid to but excluding the then

 

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

 

 

current Payment Date or,
if no interest has yet been paid, from the date hereof. Interest will be
computed on the basis of a 360-day year consisting of twelve 30-day months.
Such principal of and interest on this Note shall be paid in the manner
specified in the Indenture.

 

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

 

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

 

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

 

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

 

	
  Dated: September 21, 2005

  	
   

  
	
   

  	
   

  
	
   

  	
  CNH EQUIPMENT TRUST
  2005-B

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  The Bank of New York,

  
	
   

  	
   

  	
  not in its individual capacity but solely as Trustee
  under the

  Trust Agreement

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
   

  	
  Title

  	
   

  	
   

  
							

 

 

TRUSTEE’S
CERTIFICATE OF AUTHENTICATION

 

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

 

	
  Dated: September 21, 2005

  
	
   

  
	
   

  
	
   

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

  
	
   

  	
  but solely as Indenture Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Authorized Signatory

  	
   

  
					

 

 

[REVERSE OF NOTE]

 

This Note is one of a duly authorized issue of the
Issuer, designated as its 4.27% Class A-3 Asset Backed Notes (herein called the
“A-3 Notes” or the “Notes”), all issued under an Indenture
dated as of September 1, 2005 (such Indenture, as supplemented or amended, is
herein called the “Indenture”) between the Issuer and JPMorgan
Chase Bank, N.A., not in its individual capacity but solely as trustee (the “Indenture Trustee”, which term includes any
successor Indenture Trustee under the Indenture), to which Indenture and all
indentures supplemental thereto reference is hereby made for a statement of the
respective rights and obligations thereunder of the Issuer, the Indenture
Trustee and the Holders of the Notes. The Notes are subject to all terms of the
Indenture. All terms used in this Note that are not otherwise defined herein
and that are defined in the Indenture shall have the meanings assigned to them
in or pursuant to the Indenture.

 

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

 

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

 

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

 

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

 

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

 

 

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

 

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

 

This Note and the Indenture shall be construed in
accordance with the laws of the State of New York, without reference to its
conflict of law provisions, and the obligations, rights and remedies of the
parties hereunder and thereunder shall be determined in accordance with such
laws.

 

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

 

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

 

 

ASSIGNMENT

 

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

 

______________________________________________________________________

 

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

______________________________________________________________________

(name
and address of assignee)

 

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

 

	
  Dated:

  	
   

  	
   

  	
   

  	
   *

  
	
   

  	
   

  	
   

  
	
   

  	
  Signature Guaranteed:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

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

  
						

 

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

 

 

EXHIBIT A-4a

to Indenture

 

FORM
OF A-4a NOTES

 

	
  REGISTERED

  	
   

  	
  $81,750,000(1)

  
	
  No. R-1

  	
   

  	
  CUSIP NO. 12613X CW 9

  

 

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

 

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

 

CNH EQUIPMENT TRUST
2005-B

 

FLOATING
RATE CLASS A-4a ASSET BACKED NOTES

 

CNH Equipment Trust 2005-B, a trust organized and
existing under the laws of the State of Delaware (including any successor, the “Issuer”), for value received, hereby
promises to pay to CEDE & CO., or registered assigns, the principal sum of
EIGHTY-ONE MILLION SEVEN HUNDRED FIFTY THOUSAND DOLLARS ($81,750,000),
partially payable on each Payment Date in an amount equal to the aggregate
amount, if any, payable from the Note Distribution Account in respect of
principal on the A-4A Notes pursuant to Section 3.1 of the Indenture; provided, however,
that the entire unpaid principal amount of this Note shall be due and payable
on the earlier of the May 16, 2011 Payment Date and the Redemption Date, if
any, pursuant to Section 10.1(a) of the Indenture. Except as provided in
Section 5.4 of the Indenture, no payments of principal of the Notes will be
made until the principal of the A-1 Notes, the A-2 Notes, the A-3 Notes has
been paid in full. The Issuer will pay interest on this Note at the A-4a Note
Rate, on each Payment Date until the principal of this Note is paid or made
available for payment, on the principal amount of this Note outstanding on the
preceding Payment Date (after giving effect to all payments of principal made
on the preceding Payment Date), subject to certain limitations contained in Section 3.1
of the Indenture. Interest on this Note will accrue for each Payment Date from
the most recent Payment Date on which interest has been paid to but excluding
the then

 

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

 

 

current Payment Date or,
if no interest has yet been paid, from the date hereof. Interest will be
computed on the basis of a 360-day year and the actual number of days in the
applicable Interest Period. Such principal of and interest on this Note shall
be paid in the manner specified in the Indenture.

 

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

 

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

 

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

 

 

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

 

	
  Dated September 21, 2005

  	
   

  
	
   

  	
   

  
	
   

  	
  CNH EQUIPMENT
  TRUST 2005-B

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  The Bank of New York,

  
	
   

  	
   

  	
  not in its individual capacity but solely as Trustee
  under the

  Trust Agreement

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  	
   

  
							

 

 

TRUSTEE’S
CERTIFICATE OF AUTHENTICATION

 

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

 

	
  Dated: September 21, 2005

  
	
   

  
	
   

  
	
   

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

  
	
   

  	
  but solely as Indenture Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Authorized Signatory

  	
   

  
					

 

 

[REVERSE OF NOTE]

 

This Note is one of a duly authorized issue of Notes
of the Issuer, designated as its Floating Rate Class A-4a Asset Backed Notes
(herein called the “A-4a
Notes”
or the “Notes”), all issued under an Indenture
dated as of September 1, 2005 (such Indenture, as supplemented or amended, is
herein called the “Indenture”) between the Issuer and JPMorgan
Chase Bank, N.A., not in its individual capacity but solely as trustee (the “Indenture Trustee”, which term includes any
successor Indenture Trustee under the Indenture), to which Indenture and all
indentures supplemental thereto reference is hereby made for a statement of the
respective rights and obligations thereunder of the Issuer, the Indenture
Trustee and the Holders of the Notes. The Notes are subject to all terms of the
Indenture. All terms used in this Note that are not otherwise defined herein
and that are defined in the Indenture shall have the meanings assigned to them
in or pursuant to the Indenture.

 

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

 

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

 

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

 

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

 

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

 

 

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

 

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

 

This Note and the Indenture shall be construed in
accordance with the laws of the State of New York, without reference to its
conflict of law provisions, and the obligations, rights and remedies of the
parties hereunder and thereunder shall be determined in accordance with such
laws.

 

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

 

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

 

 

ASSIGNMENT

 

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

 

______________________________________________________________________

 

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

______________________________________________________________________

(name
and address of assignee)

 

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

 

	
  Dated:

  	
   

  	
   

  	
   

  	
   *

  
	
   

  	
   

  	
   

  
	
   

  	
  Signature Guaranteed:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

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

  
						

 

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

 

 

EXHIBIT A-4b

to Indenture

 

FORM
OF A-4b NOTES

 

	
  REGISTERED

  	
   

  	
  $137,000,000(1)

  
	
  No. R-1

  	
   

  	
  CUSIP NO. 12613X CX 7

  

 

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

 

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

 

CNH EQUIPMENT TRUST
2005-B

 

4.40%
CLASS A-4b ASSET BACKED NOTES

 

CNH Equipment Trust 2005-B, a trust organized and
existing under the laws of the State of Delaware (including any successor, the “Issuer”), for value received, hereby
promises to pay to CEDE & CO., or registered assigns, the principal sum of
ONE HUNDRED THIRTY-SEVEN MILLION DOLLARS ($137,000,000), partially payable on
each Payment Date in an amount equal to the aggregate amount, if any, payable
from the Note Distribution Account in respect of principal on the A-4b Notes
pursuant to Section 3.1 of the Indenture; provided, however, that the
entire unpaid principal amount of this Note shall be due and payable on the
earlier of the May 16, 2011 Payment Date and the Redemption Date, if any,
pursuant to Section 10.1(a) of the Indenture. Except as provided in Section 5.4
of the Indenture, no payments of principal of the Notes will be made until the
principal of the A-1 Notes, A-2 Notes, A-3 Notes have been paid in full. The
Issuer will pay interest on this Note at the A-4b Note Rate, on each Payment
Date until the principal of this Note is paid or made available for payment, on
the principal amount of this Note outstanding on the preceding Payment Date
(after giving effect to all payments of principal made on the preceding Payment
Date), subject to certain limitations contained in Section 3.1 of the
Indenture. Interest on this Note will accrue for each Payment Date from the
most recent Payment Date on which interest has been paid to but excluding the
then current Payment Date or,

 

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

 

 

if no interest has yet
been paid, from the date hereof. Interest will be computed on the basis of a
360-day year consisting of twelve 30-day months. Such principal of and interest
on this Note shall be paid in the manner specified in the Indenture.

 

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

 

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

 

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

 

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

 

	
  Dated: September 21, 2005

  	
   

  
	
   

  	
   

  
	
   

  	
  CNH EQUIPMENT
  TRUST 2005-B

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  The Bank of New York,

  
	
   

  	
   

  	
  not in its individual capacity but solely as Trustee
  under the

  Trust Agreement

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
   

  	
  Title

  	
   

  	
   

  
							

 

 

TRUSTEE’S
CERTIFICATE OF AUTHENTICATION

 

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

 

	
  Dated September 21, 2005

  
	
   

  
	
   

  
	
   

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

  
	
   

  	
  but solely as Indenture Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Authorized Signatory

  	
   

  
					

 

 

[REVERSE OF NOTE]

 

This Note is one of a duly authorized issue of Notes
of the Issuer, designated as its 4.40% Class A-4b Asset Backed Notes (herein
called the “A-4b Notes” or the “Notes”), all issued under an Indenture
dated as of September 1, 2005 (such Indenture, as supplemented or amended, is
herein called the “Indenture”) between the Issuer and JPMorgan
Chase Bank, N.A., not in its individual capacity but solely as trustee (the “Indenture Trustee”, which term includes any
successor Indenture Trustee under the Indenture), to which Indenture and all
indentures supplemental thereto reference is hereby made for a statement of the
respective rights and obligations thereunder of the Issuer, the Indenture
Trustee and the Holders of the Notes. The Notes are subject to all terms of the
Indenture. All terms used in this Note that are not otherwise defined herein
and that are defined in the Indenture shall have the meanings assigned to them
in or pursuant to the Indenture.

 

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

 

The Issuer shall pay interest on overdue installments
of interest at the A-4b Note Rate to the extent lawful.

 

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

 

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

 

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

 

 

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

 

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

 

This Note and the Indenture shall be construed in
accordance with the laws of the State of New York, without reference to its
conflict of law provisions, and the obligations, rights and remedies of the
parties hereunder and thereunder shall be determined in accordance with such
laws.

 

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

 

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

 

 

ASSIGNMENT

 

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

 

______________________________________________________________________

 

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

______________________________________________________________________

(name
and address of assignee)

 

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

 

	
  Dated:

  	
   

  	
   

  	
   

  	
   *

  
	
   

  	
   

  	
   

  
	
   

  	
  Signature Guaranteed:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

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

  
						

 

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

 

 

EXHIBIT
A-5

to Indenture

 

FORM OF CLASS B NOTES

 

	
  REGISTERED

  	
   

  	
  $28,750,000(1)

  
	
  No. R-1

  	
   

  	
  CUSIP NO. 12613X CY 5

  

 

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

 

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

 

CNH EQUIPMENT TRUST
2005-B

 

4.57% CLASS B ASSET BACKED NOTES

 

CNH Equipment Trust 2005-B, a trust organized and
existing under the laws of the State of Delaware (including any successor, the “Issuer”), for value received, hereby
promises to pay to CEDE & CO., or registered assigns, the principal sum of
TWENTY-EIGHT MILLION SEVEN HUNDRED FIFTY THOUSAND DOLLARS ($28,750,000),
partially payable on each Payment Date in an amount equal to the aggregate
amount, if any, payable from the Note Distribution Account in respect of
principal on the Class B Notes pursuant to Section 3.1 of the Indenture; provided, however,
that the entire unpaid principal amount of this Note shall be due and payable
on the earlier of the July 16, 2012 Payment Date and the Redemption Date, if
any, pursuant to Section 10.1(a) of the Indenture. No payments of principal of
the Notes will be made on any Payment Date until the A-1 Notes, the A-2 Notes,
the A-3 Notes, the A-4a Notes and the A-4b Notes have been paid in full.  The Issuer will pay interest on this Note at
the rate per annum shown above, on each Payment Date until the principal of
this Note is paid or made available for payment, on the principal amount of
this Note outstanding on the preceding Payment Date (after giving effect to all
payments of principal made on the preceding Payment Date), subject to certain
limitations contained in Section 3.1 of the Indenture. Interest on this

 

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

 

 

Note will accrue for each
Payment Date from the most recent Payment Date on which interest has been paid
to but excluding the then current Payment Date or, if no interest has yet been
paid, from the date hereof. Interest will be computed on the basis of a 360-day
year consisting of twelve 30-day months. Such principal of and interest on this
Note shall be paid in the manner specified in the Indenture.

 

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

 

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

 

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

 

 

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

 

	
  Dated: September 21, 2005

  	
   

  
	
   

  	
   

  
	
   

  	
  CNH EQUIPMENT
  TRUST 2005-B

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  The Bank of New York,

  
	
   

  	
   

  	
  not in its individual capacity but solely as Trustee
  under the

  Trust Agreement

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  	
   

  
							

 

 

TRUSTEE’S
CERTIFICATE OF AUTHENTICATION

 

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

 

	
  Dated: September 21, 2005

  
	
   

  
	
   

  
	
   

  	
  JPMORGAN CHASE BANK, N.A.,

  
	
   

  	
  not in its individual capacity but solely as
  Indenture Trustee

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Authorized Signatory

  	
   

  
					

 

 

[REVERSE OF NOTE]

 

This Note is one of a duly authorized issue of Notes
of the Issuer, designated as its 4.57% Class B Asset Backed Notes (herein
called the “Class B
Notes”
or the “Notes”), all issued under an Indenture
dated as of September 1, 2005 (such Indenture, as supplemented or amended, is
herein called the “Indenture”) between the Issuer and JPMorgan
Chase Bank, N.A., not in its individual capacity but solely as trustee (the “Indenture Trustee”, which term includes any
successor Indenture Trustee under the Indenture), to which Indenture and all
indentures supplemental thereto reference is hereby made for a statement of the
respective rights and obligations thereunder of the Issuer, the Indenture
Trustee and the Holders of the Notes. The Notes are subject to all terms of the
Indenture. All terms used in this Note that are not otherwise defined herein
and that are defined in the Indenture shall have the meanings assigned to them
in or pursuant to the Indenture.

 

The Class B Notes are and will be equally and ratably
secured by the collateral pledged as security therefor as provided in the
Indenture, but the interest of the Class B Noteholders in such collateral is
subordinated and second to the rights of the Class A Noteholders.

 

The Issuer shall pay interest on overdue installments
of interest at the Class B Note Rate to the extent lawful.

 

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

 

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

 

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

 

 

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

 

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

 

This Note and the Indenture shall be construed in
accordance with the laws of the State of New York, without reference to its
conflict of law provisions, and the obligations, rights and remedies of the
parties hereunder and thereunder shall be determined in accordance with such
laws.

 

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

 

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

 

 

ASSIGNMENT

 

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

 

______________________________________________________________________

 

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

______________________________________________________________________

(name
and address of assignee)

 

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

 

	
  Dated:

  	
   

  	
   

  	
   

  	
   *

  
	
   

  	
   

  	
   

  
	
   

  	
  Signature Guaranteed:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

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

  
						

 

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

 

 

EXHIBIT
A-6

to Indenture

 

FORM OF CLASS C NOTES

 

	
  REGISTERED

  	
   

  	
  $11,500,000(1)

  
	
  No. R-1

  	
   

  	
  CUSIP NO. 12613X CZ 2

  

 

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

 

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

 

CNH EQUIPMENT TRUST
2005-B

 

4.93% CLASS C ASSET BACKED NOTES

 

CNH Equipment Trust 2005-B, a trust organized and
existing under the laws of the State of Delaware (including any successor, the “Issuer”), for value received, hereby
promises to pay to CEDE & CO., or registered assigns, the principal sum of
ELEVEN MILLION FIVE HUNDRED THOUSAND DOLLARS ($11,500,000), partially payable
on each Payment Date in an amount equal to the aggregate amount, if any,
payable from the Note Distribution Account in respect of principal on the Class
B Notes pursuant to Section 3.1 of the Indenture; provided, however, that the
entire unpaid principal amount of this Note shall be due and payable on the
earlier of the December 17, 2012 Payment Date and the Redemption Date, if any,
pursuant to Section 10.1(a) of the Indenture. No payments of principal of the
Notes will be made on any Payment Date until the A-1 Notes, the A-2 Notes, the
A-3 Notes, the A-4a Notes, the A-4b Notes and the Class B Notes have been paid
in full.  The Issuer will pay interest on
this Note at the rate per annum shown above, on each Payment Date until the
principal of this Note is paid or made available for payment, on the principal
amount of this Note outstanding on the preceding Payment Date (after giving
effect to all payments of principal made on the preceding Payment Date),
subject to certain limitations contained in Section 3.1 of the Indenture.
Interest on this

 

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

 

 

Note will accrue for each
Payment Date from the most recent Payment Date on which interest has been paid
to but excluding the then current Payment Date or, if no interest has yet been
paid, from the date hereof. Interest will be computed on the basis of a 360-day
year consisting of twelve 30-day months. Such principal of and interest on this
Note shall be paid in the manner specified in the Indenture.

 

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

 

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

 

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

 

 

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

 

	
  Dated: September 21, 2005

  	
   

  
	
   

  	
   

  
	
   

  	
  CNH EQUIPMENT
  TRUST 2005-B

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  The Bank of New York,

  
	
   

  	
   

  	
  not in its individual capacity but solely as Trustee
  under the

  Trust Agreement

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  	
   

  
							

 

 

TRUSTEE’S
CERTIFICATE OF AUTHENTICATION

 

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

 

	
  Dated: September 21, 2005

  
	
   

  
	
   

  
	
   

  	
  JPMORGAN CHASE BANK, N.A.,

  
	
   

  	
  not in its individual capacity but solely as
  Indenture Trustee

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Authorized Signatory

  	
   

  
					

 

 

[REVERSE OF NOTE]

 

This Note is one of a duly authorized issue of Notes
of the Issuer, designated as its 4.93% Class C Asset Backed Notes (herein
called the “Class C
Notes”
or the “Notes”), all issued under an Indenture
dated as of September 1, 2005 (such Indenture, as supplemented or amended, is
herein called the “Indenture”) between the Issuer and JPMorgan
Chase Bank, N.A., not in its individual capacity but solely as trustee (the “Indenture Trustee”, which term includes any
successor Indenture Trustee under the Indenture), to which Indenture and all
indentures supplemental thereto reference is hereby made for a statement of the
respective rights and obligations thereunder of the Issuer, the Indenture
Trustee and the Holders of the Notes. The Notes are subject to all terms of the
Indenture. All terms used in this Note that are not otherwise defined herein
and that are defined in the Indenture shall have the meanings assigned to them
in or pursuant to the Indenture.

 

The Class C Notes are and will be equally and ratably
secured by the collateral pledged as security therefor as provided in the
Indenture, but the interest of the Class C Noteholders in such collateral is
subordinated to the rights of the Class A Noteholders and the Class B
Noteholders.

 

The Issuer shall pay interest on overdue installments
of interest at the Class C Note Rate to the extent lawful.

 

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

 

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

 

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

 

 

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

 

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

 

This Note and the Indenture shall be construed in
accordance with the laws of the State of New York, without reference to its
conflict of law provisions, and the obligations, rights and remedies of the
parties hereunder and thereunder shall be determined in accordance with such
laws.

 

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

 

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

 

 

ASSIGNMENT

 

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

 

______________________________________________________________________

 

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

______________________________________________________________________

(name
and address of assignee)

 

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

 

	
  Dated:

  	
   

  	
   

  	
   

  	
   *

  
	
   

  	
   

  	
   

  
	
   

  	
  Signature Guaranteed:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

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

  
						

 

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

 

 

EXHIBIT
B

to Indenture

 

FORM OF SECTION 3.9 OFFICER’S CERTIFICATE

 

	
   

  	
   , 

  	
   

  	
   

  

 

JPMorgan Chase Bank, N.A.

227 West Monroe Street, 26th Floor

Chicago, Illinois  60606

 

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

 

(a) a
review of the activities of the Issuer during the previous fiscal year and of
performance under the Indenture has been made under the supervision of the
undersigned; and

 

(b) to
the best knowledge of the undersigned, based on such review, the Issuer has
complied with all conditions and covenants under the Indenture throughout such
year. [or, if there has been a default in the compliance of any such condition
or covenant, this certificate is to specify each such default known to the
undersigned and the nature and status thereof]

 

	
   

  	
  CNH EQUIPMENT TRUST 2005-B

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
  Title:

  	
   

  	
   

  
						

 

 

Schedule P

 

1.             General.  The Indenture creates, or with respect to the
Receivables that are Subsequent Receivables upon the transfer of such
Subsequent Receivables pursuant to the Subsequent Transfer Assignment will
create, a valid and continuing security interest (as defined in the applicable
UCC) in all of the Issuer’s right, title and interest in, to and under (i) the
Receivables, (ii) the Liquidity Receivables Purchase Agreements (only with
respect to CNHCA Owned Contracts and NH Owned Contracts), (iii) the Sale and
Servicing Agreement (including all rights of the Seller under the Liquidity
Receivables Purchase Agreements and the CNHCA Purchase Agreement assigned to
the Issuer pursuant to the Sale and Servicing Agreement and (iv) the Interest
Rate Swap Agreement, in each case, in favor of the Indenture Trustee, which,
(a) security interest is enforceable upon execution of the Indenture against
creditors of and purchasers from the Issuer, as such enforceability may be
limited by applicable Debtor Relief Laws, now or hereafter in effect, and by
general principles of equity (whether considered in a suit at law or in
equity), and (b) upon filing of the financing statements described in clause 4
below will be prior to all other Liens.

 

2.             Characterization.  The Receivables constitute “tangible chattel
paper” within the meaning of UCC Section 9-102. 
The rights granted under the agreements described in clause 1 (ii)
through (iv) constitute “general intangibles” within the meaning of UCC Section
9-102.  The Issuer has taken all steps
necessary to perfect its security interest in the property securing the
Receivables.

 

3.             Creation.  Immediately prior to the grant to the
Indenture Trustee pursuant to the Indenture, the Issuer owns and has good and
marketable title to, or has a valid security interest in, the Receivables free
and clear of any Lien, claim or encumbrance of any Person.

 

4.             Perfection.  The Issuer has caused or will have caused,
within ten days of the Closing Date, the filing of all appropriate financing
statements in the proper filing office in the appropriate jurisdictions under
applicable law in order to perfect the security interest granted to the
Indenture Trustee under the Indenture in the Receivables.  With respect to the Collateral that
constitutes tangible chattel paper, the Servicer or a Subservicer, as
custodian, received possession of such tangible chattel paper after the
Indenture Trustee received a written acknowledgment from such custodian that it
is acting solely as agent of the Indenture Trustee.  All financing statements filed under this
clause 4 contain a statement that “A purchase of or security interest in any
collateral described in this financing statement will violate the rights of the
Secured Party”.

 

5.             Priority.  Other than the security interest granted to
the Indenture Trustee pursuant to the Indenture, the Issuer has not pledged,
assigned, sold, granted a security interest in, or otherwise conveyed any of
the Collateral.  The Issuer has not
authorized the filing of and is not aware of any financing statements against
the Issuer that include a description of collateral covering the Collateral
other than any financing statement (i) relating to the security interest
granted to the Indenture Trustee under the Indenture, (ii) that has been
terminated, or (iii) that has been granted pursuant to the terms of the Basic
Documents.  None of the tangible chattel
paper that constitutes or evidences the Collateral has any marks or notations
indicating that they

 

 

have pledged,
assigned or otherwise conveyed to any Person other than the Indenture
Trustee.  The Issuer is not aware of any
judgment, ERISA or tax lien filings against it.

 

6.             Survival
of Perfection Representations. 
Notwithstanding any other provision of the Indenture or any other Basic
Document, the Perfection Representations contained in this Schedule P shall be
continuing, and remain in full force and effect.

 

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

 

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

 

CNH EQUIPMENT TRUST 2005-B

 

 

TRUST AGREEMENT

 

 

between

 

 

CNH CAPITAL RECEIVABLES LLC

 

 

and

 

 

THE
BANK OF NEW YORK,

as Trustee

 

 

Dated as of September 1,
2005

 

 

TABLE OF CONTENTS

 

	
  ARTICLE I

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  DEFINITIONS

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 1.1.

  	
   

  	
  Definitions

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 1.2.

  	
   

  	
  Other Definitional Provisions

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE II

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  ORGANIZATION

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 2.1.

  	
   

  	
  Name

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 2.2.

  	
   

  	
  Office

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 2.3.

  	
   

  	
  Purposes and Powers

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 2.4.

  	
   

  	
  Appointment of Trustee

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 2.5.

  	
   

  	
  Initial Capital Contribution of Trust Estate

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 2.6.

  	
   

  	
  Declaration of Trust

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 2.7.

  	
   

  	
  Liability of the Certificateholders

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 2.8.

  	
   

  	
  Title to Trust Property

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 2.9.

  	
   

  	
  Situs of Trust

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 2.10.

  	
   

  	
  Representations and Warranties of the Depositor

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 2.11.

  	
   

  	
  Federal Income Tax Allocations; Tax Treatment

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE III

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  TRUST CERTIFICATES AND
  TRANSFER OF INTERESTS

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 3.1.

  	
   

  	
  Initial Ownership

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 3.2.

  	
   

  	
  The Trust Certificates

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 3.3.

  	
   

  	
  Authentication of Trust Certificates

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 3.4.

  	
   

  	
  Registration of Transfer and Exchange of Trust
  Certificates

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 3.5.

  	
   

  	
  Mutilated, Destroyed, Lost or Stolen Trust
  Certificates

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 3.6.

  	
   

  	
  Persons Deemed Certificateholders

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 3.7.

  	
   

  	
  Access to List of Certificateholders’ Names and
  Addresses

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 3.8.

  	
   

  	
  Maintenance of Office or Agency

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 3.9.

  	
   

  	
  Appointment of Paying Agent

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE IV

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  ACTIONS BY TRUSTEE

  	
   

  

 

i

 

	
  SECTION 4.1.

  	
   

  	
  Prior Notice to Certificateholders with Respect to
  Certain Matters

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 4.2.

  	
   

  	
  Action by Certificateholders with Respect to
  Certain Matters

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 4.3.

  	
   

  	
  Action by Certificateholders with Respect to
  Bankruptcy

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 4.4.

  	
   

  	
  Restrictions on Certificateholders’ Power

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 4.5.

  	
   

  	
  Majority Control

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE V

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  APPLICATION
  OF TRUST FUNDS; CERTAIN DUTIES

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 5.1.

  	
   

  	
  Establishment of Trust Account

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 5.2.

  	
   

  	
  Applications of Trust Funds

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 5.3.

  	
   

  	
  Method of Payment

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 5.4.

  	
   

  	
  No Segregation of Moneys; No Interest

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 5.5.

  	
   

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

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 5.6.

  	
   

  	
  Signature on Returns; Tax Matters Partner

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE VI

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  AUTHORITY
  AND DUTIES OF TRUSTEE

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 6.1.

  	
   

  	
  General Authority

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 6.2.

  	
   

  	
  General Duties

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 6.3.

  	
   

  	
  Action upon Instruction

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 6.4.

  	
   

  	
  No Duties Except as Specified in this Agreement or
  in Instructions

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 6.5.

  	
   

  	
  No Action Except Under Specified Documents or
  Instructions

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 6.6.

  	
   

  	
  Restrictions

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE VII

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  CONCERNING THE
  TRUSTEE

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 7.1.

  	
   

  	
  Acceptance of Trusts and Duties

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 7.2.

  	
   

  	
  Furnishing of Documents

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 7.3.

  	
   

  	
  Representations and Warranties

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 7.4.

  	
   

  	
  Reliance; Advice of Counsel

  	
   

  

 

ii

 

	
  SECTION 7.5.

  	
   

  	
  Not Acting in Individual Capacity

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 7.6.

  	
   

  	
  Trustee Not Liable for Trust
  Certificates or Receivables

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 7.7.

  	
   

  	
  Trustee May Not Own Notes

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE VIII

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  COMPENSATION OF TRUSTEE

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 8.1.

  	
   

  	
  Trustee’s Fees and Expenses

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 8.2.

  	
   

  	
  Indemnification

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 8.3.

  	
   

  	
  Payments to the Trustee

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE IX

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  TERMINATION OF
  TRUST AGREEMENT

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 9.1.

  	
   

  	
  Termination of Trust Agreement

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE X

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SUCCESSOR
  TRUSTEES AND ADDITIONAL TRUSTEES

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 10.1.

  	
   

  	
  Eligibility Requirements for
  Trustee

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 10.2.

  	
   

  	
  Resignation or Removal of Trustee

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 10.3.

  	
   

  	
  Successor Trustee

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 10.4.

  	
   

  	
  Merger or Consolidation of
  Trustee

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 10.5.

  	
   

  	
  Appointment of Co-Trustee or
  Separate Trustee

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE XI

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  MISCELLANEOUS

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 11.1.

  	
   

  	
  Supplements and Amendments

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 11.2.

  	
   

  	
  No Legal Title to Trust Estate in
  Certificateholders

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 11.3.

  	
   

  	
  Limitations on Rights of Others

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 11.4.

  	
   

  	
  Notices

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 11.5.

  	
   

  	
  Severability

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 11.6.

  	
   

  	
  Separate Counterparts

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 11.7.

  	
   

  	
  Successors and Assigns

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 11.8.

  	
   

  	
  Covenants of the Depositor

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 11.9.

  	
   

  	
  No Petition

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 11.10.

  	
   

  	
  No Recourse

  	
   

  

 

iii

 

	
  SECTION 11.11.

  	
   

  	
  Headings

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 11.12.

  	
   

  	
  Governing Law

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 11.13.

  	
   

  	
  Administrator

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  EXHIBITS

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  EXHIBIT A

  	
  Form of Trust
  Certificate

  	
   

  
	
  EXHIBIT B

  	
  Form of
  Certificate of Trust

  	
   

  
					

 

iv

 

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

 

ARTICLE I

Definitions

 

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

 

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

 

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

 

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

 

 

ARTICLE II

Organization

 

SECTION 2.1. Name. 
The Trust created hereby shall be known as “CNH Equipment Trust 2005-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 in Delaware
as the Trustee may designate by written notice to the Certificateholders and
the Depositor.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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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 a Person other than
the Depositor the Trust will not file or cause to be filed annual or other
necessary returns, reports and other forms consistent with the characterization
of the Trust as an entity separate from the Depositor.  Effective as of the date hereof, the Trustee
shall have all rights, powers and duties set forth herein and in the Trust
Statute with respect to accomplishing the purposes of the Trust.

 

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

 

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

 

SECTION 2.9. Situs of Trust.  The Trust will be located and administered in
the State of New York. All bank accounts maintained by the Trustee on behalf of
the Trust shall be located in the State of Delaware or the State of New York.
The Trust shall not have any employees. Payments will be received by the Trust
only in Delaware or New York, and payments will be made by the Trust only from
Delaware or New York.

 

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

 

(a) The
Depositor is duly organized and validly existing as a limited liability company
in good standing under the laws of the State of Delaware, with power and
authority to own its properties and to conduct

 

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its business as
such properties are currently owned and such business is presently conducted.

 

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

 

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

 

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

 

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

 

SECTION 2.11. Federal Income Tax Allocations; Tax Treatment.
If the Trust Certificates are held by more than one Person, this Agreement
shall be

 

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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 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 or any 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

 

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dated
the date of their authentication. No further Trust Certificates shall be issued
except pursuant to Section 3.4
or 3.5 hereunder.

 

SECTION 3.4. Registration of Transfer and Exchange of Trust
Certificates.  The Trust
shall keep or cause to be kept, at the office or agency maintained pursuant to Section 3.8,
a register (the “Certificate Register”) in
which, subject to such reasonable regulations as it may prescribe, the Trust
shall provide for the registration of Trust Certificates and of transfers and
exchanges of Trust Certificates. The Paying Agent shall be the “Certificate Registrar” for the purpose of registering
Trust Certificates and the transfers of Trust Certificates as herein provided.
Upon any resignation of any Certificate Registrar, the Depositor shall promptly
appoint a successor or, if it elects not to make such an appointment, assume
the duties of the Certificate Registrar. 
The initial Trust Certificate shall be registered in the name of “CNH
Capital Receivables LLC” as the initial registered owner thereof.

 

Upon
surrender for registration of transfer of any Trust Certificate at the office
or agency maintained pursuant to Section 3.8, if the
requirements of Section 8-401(a) of the UCC are met, the Trustee
shall execute, authenticate and deliver, in the name of the designated
transferee or transferees, one or more new Trust Certificates evidencing such
transferee’s beneficial interest in the Trust, which Trust Certificates will be
issued in amounts equal, in the aggregate, to the percentage of beneficial
interest in the Trust transferred by such transferor.

 

At
the option of a Certificateholder, upon surrender of the Trust Certificates to
be exchanged at the office or agency maintained pursuant to Section 3.8,
a Trust Certificate may be exchanged for a new Trust Certificate evidencing the
same percentage of beneficial interest in the Trust as the Trust Certificate so
exchanged. Whenever any Trust Certificates are so surrendered for exchange, if
the requirements of Section 8-401(a) of the UCC are met, the Trustee
shall execute, authenticate and deliver the Trust Certificates that the
Certificateholder making the exchange is entitled to receive.

 

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

 

Every
Trust Certificate presented or surrendered for registration of transfer or
exchange shall be duly endorsed by, or be accompanied by a written instrument
of transfer in form satisfactory to the Trustee and the Certificate Registrar
duly executed by, the Certificateholder thereof or his attorney duly authorized
in writing. No transfer of a Trust Certificate shall be registered unless the
transferee

 

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shall have provided (i) an opinion of counsel that no registration
is required under the Securities Act of 1933, as amended, or applicable State
laws, and (ii) if the transferee is the Seller or an Officiate of the
Seller, an Officer’s Certificate as to compliance with Section 6.6 of the
Sale and Servicing Agreement.  Each Trust
Certificate surrendered for registration of transfer or exchange shall be
canceled and subsequently disposed of by the Trustee in accordance with its
customary practice.

 

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

 

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 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

 

8

 

Certificateholders
will recognize such transfer (or purported transfer), unless the transferee has
first represented and warranted in writing to the Trust that:

 

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

 

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

 

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

 

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

 

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

 

Any
replacement Trust Certificate issued pursuant to this Section in
replacement of any mutilated, destroyed, lost or stolen Trust Certificate shall

 

9

 

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

 

10

 

Certificateholders of any change in the location of
the Certificate Register or any such office or agency.

 

SECTION 3.9. Appointment of Paying Agent.  The Paying Agent shall make distributions to
Certificateholders from the Certificate Distribution Account pursuant to Section 5.2
and shall report the amounts of such distributions to the Trustee. Any Paying
Agent shall have the revocable power to withdraw funds from the Certificate
Distribution Account for the purpose of making the distributions referred to
above. The Trustee may revoke such power and remove the Paying Agent if the
Trustee determines in its sole discretion that the Paying Agent shall have
failed to perform its obligations under this Agreement in any material respect.
The Paying Agent shall initially be the Trustee, and any co-paying agent chosen
by and acceptable to the Trustee. The Paying Agent shall be permitted to resign
as Paying Agent upon 30 days’ written notice to the Trustee. In the event that
the Trustee shall not be the Paying Agent, the Trustee shall appoint a successor
to act as Paying Agent (which shall be a bank or trust company). The Trustee
shall cause such successor Paying Agent or any additional Paying Agent
appointed by the Trustee to execute and deliver to the Trustee an instrument in
which such successor Paying Agent or additional Paying Agent shall agree with
the Trustee that as Paying Agent, such successor Paying Agent or additional
Paying Agent will hold all sums, if any, held by it for payment to the
Certificateholders in trust for the benefit of the Certificateholders entitled
thereto until such sums shall be paid to such Certificateholders. The Paying
Agent shall return all unclaimed funds to the Trustee and upon removal of a
Paying Agent such Paying Agent shall also return all funds in its possession to
the Trustee. The provisions of Sections 7.1,
7.3, 7.4
and 8.1 shall apply to the Trustee also in
its role as Paying Agent, for so long as the Trustee shall act as Paying Agent
and, to the extent applicable, to any other paying agent appointed hereunder.
Any reference in this Agreement to the Paying Agent shall include any co-paying
agent unless the context requires otherwise.

 

ARTICLE IV

Actions by Trustee

 

SECTION 4.1. Prior Notice to Certificateholders with Respect to
Certain Matters.  With
respect to the following matters, the Trustee shall not take action unless, at
least 30 days before the taking of such action, the Trustee shall have notified
the Certificateholders in writing of the proposed action and the
Certificateholders shall not have notified the Trustee in writing prior to the
30th

 

11

 

day after such notice is given that such
Certificateholders have withheld consent or shall not have provided alternative
direction:

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

SECTION 4.3. Action by Certificateholders with Respect to
Bankruptcy.  The Trustee
shall not have the power to commence a voluntary proceeding in

 

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bankruptcy relating to the Trust until one year and
one day after the Outstanding Amount of all the Notes has been reduced to zero
and without the unanimous prior approval of all Certificateholders and the
delivery to the Trustee by each such Certificateholder of a certificate
certifying that such Certificateholder reasonably believes that the Trust is
insolvent.

 

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

 

SECTION 4.5. Majority Control.  Except as expressly provided herein, any
action that may be taken by the Certificateholders under this Agreement may be
taken by the 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, for the benefit of the Certificateholders,
shall establish and maintain in the name of the Trust an Eligible Deposit
Account (the “Certificate Distribution
Account”), bearing a designation clearly indicating that the
funds deposited therein are held for the benefit of the Certificateholders.

 

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

 

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Account as an Eligible
Deposit Account and shall transfer any cash and/or any investments to such new
Certificate Distribution Account.

 

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

 

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

 

(c) In the event that any withholding tax is
imposed on the Trust’s payment (or allocations of income) to a
Certificateholder, such tax shall reduce the amount otherwise distributable to
the Certificateholder in accordance with this Section. The Trustee is hereby
authorized and directed to retain from amounts otherwise distributable to the
Certificateholders sufficient funds for the payment of any tax that is legally
owed by the Trust (but such authorization shall not prevent the Trustee from
contesting any such tax in appropriate proceedings, and withholding payment of
such tax, if permitted by law, pending the outcome of such proceedings). The
amount of any withholding tax imposed with respect to a Certificateholder shall
be treated as cash distributed to such Certificateholder at the time it is
withheld by the Trust. If there is a possibility that withholding tax is
payable with respect to a distribution (such as a distribution to a non-U.S.
Certificateholder), the Trustee may, in its sole discretion, withhold such
amounts in accordance with this paragraph (c).  Notwithstanding any other provision of this
Agreement, the Trust shall withhold and pay over to the Internal Revenue
Service, pursuant to Sections 1441, 1442 and 1446 of the Code (or any successor
provisions or any other provision as may be enacted into law), at such times as
required by such provisions, such amounts as the Trust is required to withhold
under such provision on account of any foreign Certificateholder’s distributive
share of income of the Trust, as if the entire amount of such foreign
Certificateholder’s distributive share of such income is subject to withholding
tax pursuant to such provisions.  To the
extent that a foreign Certificateholder claims to be entitled to a reduced rate
of, or exemption from, U.S. withholding tax pursuant to an applicable income
tax treaty, or otherwise, such foreign Certificateholder shall furnish the
Depositor and the Trustee with such information and forms as it may require and
are necessary to comply with the regulations governing the obligations of
withholding tax agents.  Each foreign
Certificateholder

 

14

 

represents
and warrants that any such information and form furnished by it shall be true
and accurate and agrees to indemnify the Trust and each of the other
Certificateholders from any and all damages, costs and expenses resulting from
the filing of inaccurate or incomplete information or forms relating to such
withholding taxes. In the event that a Certificateholder wishes to apply for a
refund of any such withholding tax, the Trustee shall reasonably cooperate with
such Certificateholder in making such claim so long as such Certificateholder
agrees to reimburse the Trustee for any out-of-pocket expenses incurred.

 

SECTION 5.3. Method of Payment.  Subject to Section 9.1(c),
distributions required to be made to Certificateholders on any Payment Date
shall be made to each Certificateholder of record on the preceding Record Date
either by wire transfer, in immediately available funds, to the account of such
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 Moneys; No Interest.  Subject to Sections
5.1 and 5.2,
moneys received by the Trustee 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 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, the Trustee, shall: (a) maintain
(or cause to be maintained) the books of the Trust on a calendar year basis on
the accrual method of accounting, (b) deliver to each Certificateholder,
as may be required by the Code and applicable Treasury Regulations, such
information as may be required (including Schedule K-1) to enable each
Certificateholder to prepare its federal, State and local income tax returns, (c) file
such tax returns relating to the Trust (including a partnership information
return on Internal Revenue Service Form 1065 or its successor), and make
such elections as may from time to time be required or appropriate under any
applicable State or federal statute or rule or regulation thereunder so as
to maintain the Trust’s characterization as a partnership for federal income
tax purposes, (d) cause such tax returns to be signed in the manner
required by law and (e) collect or cause to be collected any withholding
tax as described in and in

 

15

 

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 the Depositor.

 

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

 

ARTICLE VI

Authority and Duties of
Trustee

 

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

 

SECTION 6.2. General Duties.  It shall be the duty of the Trustee to
discharge (or cause to be discharged) all of its responsibilities pursuant to
this Agreement and the Basic Documents to which the Trust is a party and to
administer the Trust in the interest of the Certificateholders, subject to the
Basic Documents and in accordance with this Agreement. Notwithstanding the
foregoing, the Trustee shall be deemed to have discharged its duties and

 

16

 

responsibilities
hereunder and under the Basic Documents to the extent the Administrator has
agreed in the Administration Agreement to perform any act or to discharge any
duty of the Trustee hereunder or under any Basic Document, and the Trustee
shall not be held liable for the default or failure of the Administrator to
carry out its obligations under the Administration Agreement.

 

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

 

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

 

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

 

(d) In
the event that the Trustee is unsure as to the application of any provision of
this Agreement or any Basic Document or any such provision is ambiguous as to
its application, or is, or appears to be, in conflict with any other applicable
provision, or in the event that this Agreement permits any determination by the
Trustee or is silent or is incomplete as to the course of action that the
Trustee is required to take with respect to a particular set of facts, the
Trustee may give notice (in such form as shall be appropriate under the
circumstances) to the

 

17

 

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

 

SECTION 6.4. No Duties Except as Specified in this Agreement or in
Instructions.  The Trustee
shall not have any duty or obligation to manage, make any payment with respect
to, register, record, sell, dispose of or otherwise deal with the Trust Estate,
or to otherwise take or refrain from taking any action under, or in connection
with, any document contemplated hereby to which the Trustee is a party, except
as expressly provided by this Agreement or in any document or written instruction
received by the Trustee pursuant to Section 6.3;
and no implied duties or obligations shall be read into this Agreement or any
Basic Document against the Trustee. The Trustee shall have no responsibility
for filing any financing or continuation statement in any public office at any
time or to otherwise perfect or maintain the perfection of any security
interest or Lien granted to it hereunder or to prepare or file any Securities
and Exchange Commission filing for the Trust or to record this Agreement or any
Basic Document. The Trustee nevertheless agrees that it will, at its own cost
and expense, promptly take all action as may be necessary to discharge any
Liens on any part of the Trust Estate that result from the negligence or
willful misconduct of the Trustee.

 

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

 

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

 

18

 

ARTICLE VII

Concerning the Trustee

 

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

 

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

 

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

 

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

 

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

 

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

 

19

 

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

 

(g) the
Trustee shall be under no obligation to exercise any of the rights or powers
vested in it by this Agreement, or to institute, conduct or defend any
litigation under this Agreement or otherwise or in relation to this Agreement
or any Basic Document, at the request, order or direction of any of the
Certificateholders unless such Certificateholders have offered to the Trustee
security or indemnity satisfactory to it against the costs, expenses and
liabilities that may be incurred by the Trustee therein or thereby. The right
of the Trustee to perform any discretionary act enumerated in this Agreement or
in any Basic Document shall not be construed as a duty, and the Trustee shall
not be answerable for other than its negligence or willful misconduct in the
performance of any such act.

 

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

 

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

 

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

 

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

 

20

 

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

 

(d) this
Agreement, assuming due authorization, execution and delivery by the Depositor,
constitutes a valid, legal and binding obligation of the Trustee, enforceable
against it in accordance with the terms hereof subject to applicable
bankruptcy, insolvency, reorganization, moratorium and other laws affecting the
enforcement of creditors’ rights generally and to general principles of equity,
regardless of whether such enforcement is considered in a proceeding in equity
or at law.

 

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

 

(b) In
the exercise or administration of the trusts hereunder and in the performance
of its duties and obligations under this Agreement or the Basic Documents, the
Trustee: (i) may act directly or through its agents or attorneys pursuant
to agreements entered into with any of them, and the Trustee shall not be
liable for the conduct or misconduct of such agents or

 

21

 

attorneys if such
agents or attorneys shall have been selected by the Trustee with reasonable
care, and (ii) may consult with counsel, accountants and other skilled
Persons to be selected with reasonable care and employed by it. The Trustee
shall not be liable for anything done, suffered or omitted in good faith by it
in accordance with the written opinion or advice of any such counsel,
accountants or other such Persons and which opinion or advice states that such
action is not contrary to this Agreement or any Basic Document.

 

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

 

SECTION 7.6. Trustee Not Liable for Trust Certificates or Receivables.  The recitals contained herein and in the
Trust Certificates (other than the signature and counter-signature of the
Trustee on the Trust Certificates) shall be taken as the statements of the
Depositor, and the Trustee assumes no responsibility for the correctness
thereof. The Trustee makes no representations as to the validity or sufficiency
of this Agreement, of any Basic Document, of the Trust Certificates (other than
the signature and countersignature, if any, of the Trustee on the Trust Certificates)
or of the Notes, or of any Receivable or related documents. The Trustee shall
at no time have any responsibility or liability for or with respect to the
legality, validity and enforceability of any Receivable, or the perfection and
priority of any security interest created by any Receivable in any of the
Financed Equipment or the maintenance of any such perfection and priority, or
for or with respect to the sufficiency of the Trust Estate or its ability to
generate the payments to be distributed to Certificateholders under this
Agreement or the Noteholders under 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.

 

22

 

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

 

ARTICLE VIII

Compensation of Trustee

 

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

 

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

 

SECTION 8.3. Payments to the Trustee.  Any amounts paid to the Trustee pursuant to
this Article VIII shall be
deemed not to be a part of the Trust Estate

 

23

 

immediately
after such payment. The Trustee shall also be entitled to interest on all fees
and expenses that are due and unpaid for more than sixty (60) days after they
have been billed to the party responsible for the payment of such amounts at a
rate equal to: (a) the rate publicly announced by The Bank of New York, as
its prime rate from time to time plus
(b) 3.5%.

 

ARTICLE IX

Termination of Trust Agreement

 

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

 

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

 

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

 

24

 

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

 

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

 

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

 

25

 

with
this Section, the Trustee shall resign immediately in the manner and with the
effect specified in Section 10.2.

 

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

 

If
at any time the Trustee shall cease to be eligible in accordance with Section 10.1
and shall fail to resign after written request therefor by the Administrator,
or if at any time the Trustee shall be legally unable to act, or shall be
adjudged bankrupt or insolvent, or a receiver of the Trustee or of its property
shall be appointed, or any public officer shall take charge or control of the
Trustee or of its property or affairs for the purpose of rehabilitation,
conservation or liquidation, then the Administrator may remove the Trustee. If
the Administrator shall remove the Trustee under the authority of the preceding
sentence, the Administrator shall promptly appoint a successor Trustee by
written instrument, in duplicate, one copy of which instrument shall be
delivered to the outgoing Trustee so removed and one copy to the successor
Trustee, and pay all fees owed to the outgoing Trustee.

 

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

 

SECTION 10.3. Successor Trustee.  Any successor Trustee appointed pursuant to Section 10.2
shall execute, acknowledge and deliver to the Administrator and to its
predecessor Trustee an instrument accepting such appointment under this
Agreement, and thereupon the resignation or removal of the predecessor Trustee
shall become effective and such successor Trustee, without any further act,
deed or conveyance, shall become fully vested with all the rights, powers,
duties, and obligations of its predecessor under this Agreement, with like
effect as if originally named as the Trustee. The predecessor

 

26

 

Trustee
shall upon payment of its fees and expenses deliver to the successor Trustee
all documents and statements and monies held by it under this Agreement; and
the Administrator and the predecessor Trustee shall execute and deliver such
instruments and do such other things as may reasonably be required for fully
and certainly vesting and confirming in the successor Trustee all such rights,
powers, duties and obligations.

 

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

 

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

 

SECTION 10.4. Merger or Consolidation of Trustee.  Any corporation or other entity into which
the Trustee may be merged or converted or with which it may be consolidated, or
any corporation resulting from any merger, conversion or consolidation to which
the Trustee shall be a party, or any corporation succeeding to all or
substantially all of the corporate trust business of the Trustee, shall be the
successor of the Trustee hereunder; provided,
such corporation shall be eligible pursuant to Section 10.1,
without the execution or filing of any instrument or any further act on the
part of any of the parties hereto, anything herein to the contrary
notwithstanding; and provided further, that
the Trustee shall mail notice of such merger or consolidation to the Rating
Agencies.

 

SECTION 10.5. Appointment of Co-Trustee or Separate Trustee.  Notwithstanding any other provisions of this
Agreement, at any time, for the purpose of meeting any legal requirements of
any jurisdiction in which any part of the Trust or any Financed Equipment may
at the time be located, the Administrator and the Trustee acting jointly shall
have the power and may execute and deliver all instruments to appoint one or
more Person(s) approved by the Trustee to act as co-trustee(s), jointly with
the Trustee, or separate trustee(s), of all or any part of the Trust Estate,
and to vest in such Person(s), in such capacity and for the benefit of the
Certificateholders, such title to the Trust Estate, or any part thereof, and,
subject to the other provisions of this Section, such powers, duties,
obligations, rights and trusts as the Administrator and the Trustee may
consider necessary or desirable. If the Administrator shall not have joined in
such appointment within 15 days after the receipt by it of a request so to do,
the

 

27

 

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

 

(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.

 

28

 

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

 

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

 

ARTICLE XI

Miscellaneous

 

SECTION 11.1. Supplements and Amendments.  This Agreement may be amended from time to
time by a written amendment duly executed and delivered by the Depositor and
the Trustee, with prior written notice to the Rating Agencies, without the
consent of any of the Noteholders or the Certificateholders, to cure any
ambiguity, to correct or supplement any provisions in this Agreement or for the
purpose of adding any provisions to or changing in any manner or eliminating
any of the provisions in this Agreement or of modifying in any manner the
rights of the Noteholders or the Certificateholders; provided, however, that such action shall not, as
evidenced by an Opinion of Counsel, adversely affect in any material respect
the interests of any Noteholder or Certificateholder.

 

This
Agreement may also be amended from time to time by the Depositor and the
Trustee, with prior written notice to the Rating Agencies, with the written
consent of (x) Noteholders holding Notes evidencing not less than a majority of
the Note Balance and (y) the Certificateholders holding in the aggregate more
than 50% of the beneficial interest in the Trust at the time of such action,
for the purpose of adding any provisions to or changing in any manner or
eliminating any of the provisions of this Agreement or of modifying in any
manner the rights of the Noteholders or the Certificateholders; provided, however,
that no such amendment shall: (a) increase or reduce in any manner the
amount of, or accelerate or delay the timing of, collections of payments on
Receivables or distributions that shall be required to be made for the benefit
of the Noteholders or the Certificateholders or (b) reduce the aforesaid
percentage of the Outstanding Amount and the beneficial interest in the Trust
required to consent to any such

 

29

 

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

 

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

 

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

 

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

 

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

 

30

 

transferee
to an accounting or to the transfer to it of legal title to any part of the
Trust Estate.

 

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

 

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

 

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

 

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

 

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

 

SECTION 11.7. Successors and Assigns.  All covenants and agreements contained herein
shall be binding upon, and inure to the benefit of, the Depositor

 

31

 

and
its successors, the Trustee and its successors and each Certificateholder and
its successors and permitted assigns, all as herein provided. Any request,
notice, direction, consent, waiver or other instrument or action by an
Certificateholder shall bind the successors and assigns of such
Certificateholder.

 

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

 

SECTION 11.9. No Petition.  The Trustee on behalf of the Trust, by
entering into this Agreement, each Certificateholder, by accepting a Trust
Certificate, and the Indenture Trustee and each Noteholder, by accepting the
benefits of this Agreement, hereby covenant and agree that they will not at any
time institute against the Depositor or the Trust, or join in any institution
against the Depositor or the Trust of, any bankruptcy, reorganization,
arrangement, insolvency or liquidation proceedings, or other proceedings under
any federal or State bankruptcy or similar law in connection with any
obligations relating to the Trust Certificates, the Notes, this Agreement or
any of the Basic Documents.

 

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

 

32

 

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

 

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

 

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

 

33

 

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

 

	
   

  	
  THE BANK OF NEW
  YORK,

  
	
   

  	
  not in its individual
  capacity, but

  
	
   

  	
  solely as Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Catherine Murray

  	
   

  
	
   

  	
   

  	
  Name: Catherine Murray

  	
   

  
	
   

  	
   

  	
  Title: Assistant Treasurer

  	
   

  
	
   

  	
   

  
	
   

  	
  CNH CAPITAL
  RECEIVABLES LLC,

  
	
   

  	
  as Depositor

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Brian O’Keane

  	
   

  
	
   

  	
   

  	
  Name: Brian O’Keane

  
	
   

  	
   

  	
  Title: Treasurer

  

 

Trust Agreement

CNH Equipment Trust 2005-B

 

S-1

 

FORM OF TRUST CERTIFICATES

 

	
  REGISTERED

  	
   

  	
   

  
	
  NUMBER R-     

  	
   

  	
         % Beneficial Interest

  

 

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

 

CNH
EQUIPMENT TRUST 2005-B

TRUST CERTIFICATE

 

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

 

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

 

THIS
CERTIFIES THAT CNH CAPITAL RECEIVABLES LLC is the registered owner of a
nonassessable, fully-paid, fractional undivided interest in CNH Equipment Trust
2005-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 September 1,
2005 (the “Trust Agreement”)
between the Depositor and The Bank of New York, as trustee (the “Trustee”). To
the extent not otherwise defined herein, the capitalized terms used herein have
the meanings assigned to them in the Trust Agreement or the Sale and Servicing
Agreement (the “Sale
and Servicing Agreement”) dated as of September 1, 2005 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 

 

A-1

 

Agreement are hereby incorporated by reference as though set forth in
their entirety herein.

 

Issued
under the Indenture dated as of September 1, 2005 between the Trust and
JPMorgan Chase Bank, N.A., as Indenture Trustee, are notes designated as “3.90844%
Class A-1 Asset Backed Notes,” “4.17% Class A-2 Asset Backed Notes,” “4.27%
Class A-3 Asset Backed Notes,” “Floating Rate Class A-4a Asset Backed
Notes”, “4.40% Class A-4b Asset Backed Notes,” “4.57% Class B Asset
Backed Notes” and “4.93% Class C 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.

 

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 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 of, any bankruptcy, reorganization, arrangement, insolvency or
liquidation proceedings, or other proceedings under any United States federal
or State bankruptcy or similar law in connection with any obligations relating
to this Trust Certificate, the Notes, the Trust Agreement or any of the 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

 

A-2

 

limitation, an over-the-counter market or an interdealer quotation
system that regularly disseminates firm buy or sell quotations or (y) a “secondary
market (or the substantial equivalent thereof)” within the meaning of Section 7704(a)(2) of
the Code and any proposed, temporary or final Treasury regulations thereunder;
and (c) such transfer will not cause the Trust to be classified as a
publicly traded partnership for U.S. federal income tax purposes, and such
purchaser or transferee will not take any action, including any subsequent
disposition of such Trust Certificate (or any beneficial interest therein),
that would cause the Trust to be treated as a publicly traded partnership for
U.S. federal income tax purposes.

 

This
Trust Certificate 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 Capital America LLC, New Holland Credit Company,
LLC, CNH America LLC, CNH Global N.V.,  the
Trustee or any affiliates of any of them and no recourse may be had against
such parties or their assets, except as may be expressly set forth or
contemplated herein or in the Trust Agreement or the Basic Documents.

 

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

 

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

 

A-3

 

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

 

	
   

  	
  CNH
  Equipment Trust 2005-B

  
	
   

  	
   

  
	
   

  	
  By:  THE BANK OF NEW
  YORK,

  
	
   

  	
  not in its individual
  capacity, but

  
	
   

  	
  solely as Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  	
   

  
						

 

A-4

 

TRUSTEE’S
CERTIFICATE OF AUTHENTICATION

 

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

 

 

	
  THE BANK OF NEW YORK,

  
	
  as Trustee

  
	
   

  
	
   

  
	
  By:

  	
   

  	
   

  
	
   

  	
  Authorized Officer

  	
   

  
	
   

  
	
   

  
	
  Date: September       ,
  2005

  

 

A-5

 

ASSIGNMENT

 

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

 

PLEASE INSERT SOCIAL
SECURITY

OR OTHER IDENTIFYING NUMBER OF

ASSIGNEE

 

	
   

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

  
	
   

  
	
   

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

  
	
   

  
	
   

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

  

 

	
  Dated:

  	
   

  	
  *

  
	
   

  	
  Signature Guaranteed:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  *

  

 

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

 

A-6

 

Exhibit B

 

CERTIFICATE OF TRUST

OF

CNH EQUIPMENT TRUST 2005-B

 

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

 

Name.  The name of the statutory trust being formed
hereby is CNH Equipment Trust 2005-B.

 

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

 

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

 

B-1

 

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

 

	
   

  	
  THE BANK OF NEW YORK

  
	
   

  	
  not in its individual
  capacity, but solely as

  trustee under a Trust Agreement dated as of

  September 1, 2005

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  THE BANK OF NEW YORK
  (DELAWARE),

  
	
   

  	
  not in its individual
  capacity, but solely as

  co-trustee under a Co-Trustee Agreement

  dated as of September 1, 2005

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  
						

 

B-2

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