Document:

Form of  American Depositary Receipt

 EXHIBIT 4.4 
  

					
	 No.
	  	  
	  	

			
		  	 AMERICAN DEPOSITARY SHARES

		  	 (Each American Depositary Share represents one (1) deposited Share)

 HOLDERS OF NON-CUMULATIVE CALLABLE DOLLAR PREFERENCE SHARES, SERIES 5 OR HOLDERS OF AMERICAN
DEPOSITARY SHARES REPRESENTING SUCH SHARES ARE NOT ENTITLED TO RECEIVE NOTICE OF, ATTEND, OR VOTE AT ANY GENERAL MEETING OF ORDINARY SHAREHOLDERS. 
 THE BANK OF NEW YORK 
 AMERICAN DEPOSITARY RECEIPT, SERIES 5 
 FOR NON-CUMULATIVE CALLABLE DOLLAR PREFERENCE SHARES, 
 SERIES 5, NOMINAL VALUE $0.25 EACH 
 OF 
 BARCLAYS BANK PLC 
 (INCORPORATED UNDER THE LAWS OF ENGLAND AND WALES) 

 The Bank of New York as depositary (hereinafter called the “Depositary”), hereby certifies that
                                        
        
                                        
                    , or registered assigns IS THE OWNER OF
                                        
                                        
                             
 AMERICAN DEPOSITARY SHARES, SERIES 5 
 representing deposited Non-Cumulative
Callable Dollar Preference Shares, Series 5 (herein called “Shares”) of Barclays Bank PLC, incorporated under the laws of England and Wales (herein called the “Company”). At the date hereof, each American Depositary Share
represents one (1) Share which are either deposited or subject to deposit under the deposit agreement at the London office of The Bank of New York (herein called the “Custodian”). The Depositary’s Corporate Trust Office is
located at a different address than its principal executive office. Its Corporate Trust Office is located at 101 Barclay Street, New York, N.Y. 10286, and its principal executive office is located at One Wall Street, New York, N.Y. 10286.

 THE DEPOSITARY’S CORPORATE TRUST OFFICE ADDRESS IS 
 101 BARCLAY STREET, NEW YORK, N.Y. 10286 

	 1.
	 THE DEPOSIT AGREEMENT. 

 This American Depositary Receipt is one of an issue (herein called “Receipts”), all issued and to be issued upon the terms and conditions set forth in the deposit agreement, dated as of April 25, 2006
(herein called the “Deposit Agreement”), by and among the Company, the Depositary, and all Holders from time to time of Receipts issued thereunder, each of whom by accepting a Receipt agrees to become a party thereto and become bound by
all the terms and conditions thereof. The Deposit Agreement sets forth the rights of Holders and owners of the Receipts and the rights and duties of the Depositary in respect of the Shares deposited thereunder and any and all other securities,
property and cash from time to time received in respect of such Shares and held thereunder (such Shares, securities, property, and cash are herein called “Deposited Securities”). Copies of the Deposit Agreement are on file at the
Depositary’s Corporate Trust Office in New York City and at the office of the Custodian. 
 The statements made on the
face and reverse of this Receipt are summaries of certain provisions of the Deposit Agreement and are qualified by and subject to the detailed provisions of the Deposit Agreement, to which reference is hereby made. Capitalized terms not defined
herein shall have the meanings set forth in the Deposit Agreement. 
  

	 2.
	 SURRENDER OF RECEIPTS AND WITHDRAWAL OF SHARES. 

 Upon surrender at the Corporate Trust Office of the Depositary of this Receipt, and upon payment of the fee of the Depositary provided in this Receipt, and subject to the terms and conditions of
the Deposit Agreement, the Holder hereof is entitled to delivery, to him or upon his order, of the amount of Deposited Securities (in registered form only) at the time represented by the American Depositary Shares for which this Receipt is issued.
Delivery of such Deposited Securities may be made by the delivery of (a) Shares in the name of the Holder hereof or as ordered by such Holder or by certificates properly endorsed or accompanied by proper instruments of transfer to such Holder
or as ordered by him and (b) any other securities, property and cash to which such Holder is then entitled in respect of this Receipt to such Holder or as ordered by him. Such delivery will be made at the option of the Holder hereof, either at
the office of the Custodian or at the Corporate Trust Office of the Depositary, provided that the forwarding of certificates for Shares or other Deposited Securities for such delivery at the Corporate Trust Office of the Depositary shall be at the
risk and expense of the Holder hereof. Notwithstanding any other provision of the Deposit Agreement or this Receipt, the surrender of outstanding Receipts and withdrawal of Deposited Securities may be suspended only for (i) temporary delays
caused by closing the transfer books of the Depositary or the Company or the deposit of Shares in connection with voting at a shareholders’ meeting, or the payment of dividends, (ii) the payment of fees, taxes and similar charges, and
(iii) compliance with any U.S. or foreign laws or governmental regulations relating to the Receipts or to the withdrawal of the Deposited Securities. 

	 3.
	 TRANSFERS, SPLIT-UPS, AND COMBINATIONS OF RECEIPTS. 

 The transfer of this Receipt is registrable on the books of the Depositary at its Corporate Trust Office by the Holder hereof in person or by a duly authorized attorney, upon surrender of this
Receipt properly endorsed for transfer or accompanied by proper instruments of transfer and funds sufficient to pay any applicable transfer taxes and the expenses of the Depositary and upon compliance with such regulations, if any, as the Depositary
may establish for such purpose. This Receipt may be split into other such Receipts, or may be combined with other such Receipts into one Receipt, evidencing the same aggregate number of American Depositary Shares as the Receipt or Receipts
surrendered. As a condition precedent to the execution and delivery, registration of transfer, split-up, combination, or surrender of any Receipt or withdrawal of any Deposited Securities, the Depositary, the Custodian, or Registrar may require
payment from the depositor of Shares or the presenter of the Receipt of a sum sufficient to reimburse it for any tax or other governmental charge and any stock transfer or registration fee with respect thereto (including any such tax or charge and
fee with respect to Shares being deposited or withdrawn) and payment of any applicable fees as provided in this Receipt, may require the production of proof satisfactory to it as to the identity and genuineness of any signature and may also require
compliance with any regulations the Depositary may establish consistent with the provisions of the Deposit Agreement or this Receipt. 
 The delivery of Receipts against deposits of Shares generally or against deposits of particular Shares may be suspended, or the transfer of Receipts in particular instances may be refused, or the registration of
transfer of outstanding Receipts generally may be suspended, during any period when the transfer books of the Depositary or the Company or those maintained by the Foreign Registrar are closed, or if any such action is deemed necessary or advisable
by the Depositary or the Company at any time or from time to time because of any requirement of law or of any government or governmental body or commission, or under any provision of the Deposit Agreement or this Receipt, or for any other reason,
subject to Article (22) hereof. Without limitation of the foregoing, the Depositary shall not knowingly accept for deposit under the Deposit Agreement any Shares required to be registered under the provisions of the Securities Act, unless a
registration statement is in effect as to such Shares. 
  

	 4.
	 LIABILITY OF HOLDER FOR TAXES. 

 If any tax or other governmental charge shall become payable with respect to any Receipt or any Deposited Securities represented hereby, such tax or other governmental charge shall be payable by the Holder hereof to
the Depositary. The Depositary may refuse to effect any transfer of this Receipt or any withdrawal of Deposited Securities represented by American Depositary Shares evidenced by such Receipt until such payment is made, and may withhold any dividends
or other distributions, or may sell for the account of the Holder hereof any part or all of the Deposited Securities represented by the American Depositary Shares evidenced by this Receipt, and may apply such dividends 

 
or other distributions or the proceeds of any such sale in payment of such tax or other governmental charge and the Holder hereof shall remain liable for any
deficiency. 
  

	 5.
	 WARRANTIES OF DEPOSITORS. 

 Every person depositing Shares under the Deposit Agreement shall be deemed thereby to represent and warrant that such Shares and each certificate therefor, if applicable, are validly issued, fully paid, nonassessable
and free of any pre-emptive rights of the holders of outstanding Shares and that the person making such deposit is duly authorized so to do. Every such person shall also be deemed to represent that the deposit of such Shares and the sale of Receipts
evidencing American Depositary Shares representing such Shares by that person are not restricted under the Securities Act of 1933. Such representations and warranties shall survive the deposit of Shares and issuance of Receipts. 
  

	 6.
	 FILING PROOFS, CERTIFICATES, AND OTHER INFORMATION. 

 Any person presenting Shares for deposit or any Holder or owner of a Receipt may be required from time to time to file with the Depositary or the Custodian such proof of citizenship or residence,
exchange control approval, or such information relating to the registration on the books of the Company or the Foreign Registrar, if applicable, to execute such certificates and to make such representations and warranties, as the Depositary may deem
necessary or proper. The Depositary may withhold the delivery or registration of transfer of any Receipt or the distribution of any dividend or sale or distribution of rights or of the proceeds thereof or the delivery of any Deposited Securities
until such proof or other information is filed or such certificates are executed or such representations and warranties made. No Share shall be accepted for deposit unless accompanied by evidence satisfactory to the Depositary that any necessary
approval has been granted by any governmental authority or body in the United Kingdom, if any, which is then performing the function of the regulation of currency exchange. 
  

	 7.
	 CHARGES OF DEPOSITARY. 

 The Company agrees to pay the fees, reasonable expenses and out-of-pocket charges of the Depositary and those of any Registrar only in accordance with agreements in writing entered into between the Depositary and the
Company from time to time. The Depositary shall present its statement for such charges and expenses to the Company once every three months. The charges and expenses of the Custodian are for the sole account of the Depositary. 
 The following charges shall be incurred by any party depositing or withdrawing Shares or by any party surrendering Receipts or to whom
Receipts are issued (including, without limitation, issuance pursuant to a stock dividend or stock split declared by the Company or an exchange of stock regarding the Receipts or Deposited Securities or a distribution of Receipts pursuant to
Section 4.3 of the Deposit Agreement), or by Holders, as applicable: (1) taxes and other governmental charges, (2) such registration fees as may 

 
from time to time be in effect for the registration of transfers of Shares generally on the Share register of the Company or Foreign Registrar and applicable
to transfers of Shares to or from the name of the Depositary or its nominee or the Custodian or its nominee on the making of deposits or withdrawals under the Deposit Agreement, (3) such cable, telex and facsimile transmission expenses as are
expressly provided in the Deposit Agreement, (4) such expenses as are incurred by the Depositary in the conversion of foreign currency pursuant to Section 4.5, (5) a fee of $5.00 or less per 100 American Depositary Shares (or portion
thereof) for the execution and delivery of Receipts pursuant to Section 2.3, 4.3 or 4.4 of the Deposit Agreement and the surrender of Receipts pursuant to Section 2.5 or 6.2 of the Deposit Agreement, (6) a fee for the distribution of
securities pursuant to Section 4.2 of the Deposit Agreement, such fee being in an amount equal to the fee for the execution and delivery of American Depositary Shares referred to above which would have been charged as a result of the deposit of
such securities (for purposes of this clause (6) treating all such securities as if they were Shares) but which securities are instead distributed by the Depositary to Owners, (7) a fee of $.02 or less per American Depositary Share (or
portion thereof) for depositary services, which will accrue on the last day of each calendar year and which will be payable as provided in clause (8) below; and (8) any other charge payable by the Depositary, any of the Depositary’s
agents, including the Custodian, or the agents of the Depositary’s agents in connection with the servicing of Shares or other Deposited Securities (which charge shall be assessed against Holders as of the date or dates set by the Depositary in
accordance with Section 4.6 of the Deposit Agreement and shall be payable at the sole discretion of the Depositary by billing such Holders for such charge or by deducting such charge from one or more cash dividends or other cash distributions).

 The Depositary, subject to Section 2.9 of the Deposit Agreement, may own and deal in any class of securities of the
Issuer and its affiliates and in Receipts. 
  

	 8.
	 PRE-RELEASE OF RECEIPTS. 

 Unless requested in writing by the Company to cease doing so, the Depositary may, notwithstanding Section 2.3 of the Deposit Agreement, execute and deliver Receipts prior to the receipt of shares pursuant to
Section 2.2 of the Deposit Agreement (“Pre-Release”). The Depositary may, pursuant to Section 2.5 of the Deposit Agreement, deliver Shares upon the receipt and cancellation of Receipts which have been Pre-Released, whether or not
such cancellation is prior to the termination of such Pre-Release or the Depositary knows that such Receipt has been Pre-Released. The Depositary may receive Receipts in lieu of Shares in satisfaction of a Pre-Release. Each Pre-Release will be
(a) preceded or accompanied by a written representation and agreement from the person to whom Receipts are to be delivered (the “Pre-Releasee”) that the Pre-Releasee, or its customer, (i) owns the shares or Receipts to be
remitted, as the case may be, (ii) assigns all beneficial rights, title and interest in such Shares or Receipts, as the case may be, to the Depositary in its capacity as such and for the benefit of the Holders, and (iii) will not take any
action with respect to such Shares or Receipts, as the 

 
case may be, that is inconsistent with the transfer of beneficial ownership (including, without the consent of the Depositary, disposing of such Shares or
Receipts, as the case may be), other than in satisfaction of such Pre-Release, (b) at all times fully collateralized with cash, U.S. government securities or such other collateral as the Depositary determines, in good faith, will provide
substantially similar liquidity and security, (c) terminable by the Depositary on not more than five (5) business days notice, and (d) subject to such further indemnities and credit regulations as the Depositary deems appropriate. The
number of Shares not deposited but represented by American Depositary Shares outstanding at any time as a result of Pre-Releases will not normally exceed thirty percent (30%) of the Shares deposited hereunder; provided, however, that the
Depositary reserves the right to disregard such limit from time to time as it deems reasonably appropriate, and may, with the prior written consent of the Company, change such limit for purposes of general application. The Depositary will also set
Dollar limits with respect to Pre-Release transactions to be entered into hereunder with any particular Pre-Releasee on a case-by-case basis as the Depositary deems appropriate. For purposes of enabling the Depositary to fulfill its obligations to
the Holders under the Deposit Agreement, the collateral referred to in clause (b) above shall be held by the Depositary as security for the performance of the Pre-Releasee’s obligations to the Depositary in connection with a Pre-Release
transaction, including the Pre-Releasee’s obligation to deliver Shares or Receipts upon termination of a Pre-Release transaction (and shall not, for the avoidance of doubt, constitute Deposited Securities hereunder). 
 The Depositary may retain for its own account any compensation received by it in connection with the foregoing. 
  

	 9.
	 TITLE TO RECEIPTS. 

 It is a condition of this Receipt and every successive owner and Holder of this Receipt by accepting or holding the same consents and agrees, that title to this Receipt when properly endorsed or accompanied by proper
instruments of transfer, is transferable by delivery with the same effect as in the case of a negotiable instrument; provided, however, that the Company and the Depositary, notwithstanding any notice to the contrary, may treat the person in whose
name this Receipt is registered on the books of the Depositary as the absolute owner hereof for the purpose of determining the person entitled to any distribution of dividends or other distributions or to any notice provided for in the Deposit
Agreement and for all other purposes. 
  

	 10.
	 VALIDITY OF RECEIPT. 

 This Receipt shall not be entitled to any benefits under the Deposit Agreement or be valid or obligatory for any purpose, unless this Receipt shall have been executed by the Depositary by the manual or facsimile
signature of a duly authorized signatory of the Depositary and, if a Registrar for the Receipts shall have been appointed, countersigned by the manual or facsimile signature of a duly authorized officer of the Registrar. 

	 11.
	 REPORTS; INSPECTION OF TRANSFER BOOKS. 

 The Company is subject to the periodic reporting requirements of the Securities Exchange Act of 1934 and, accordingly, files certain reports with the Securities and Exchange Commission
(hereinafter called the “Commission”). 
 Such reports and communications will be available for inspection and
copying at the public reference facilities maintained by the Commission located at 450 Fifth Street, N.W., Washington, D.C. 20549. 
 The Depositary will make available for inspection by Owners of Receipts at its Corporate Trust Office any reports and communications, including any proxy soliciting material, received from the Company which are both (a) received by the
Depositary as the holder of the Deposited Securities and (b) made generally available to the holders of such Deposited Securities by the Company. The Depositary shall also, upon written request, send to the Owners of Receipts copies of such
reports furnished by the Company pursuant to the Deposit Agreement. 
 The Depositary shall keep books at its Corporate Trust
Office for the registration of Receipts and transfers of Receipts which at all reasonable times shall be open for inspection by the Holders of Receipts, provided that such inspection shall not be for the purpose of communicating with Holders of
Receipts in the interest of a business or object other than the business of the Company or a matter related to the Deposit Agreement or the Receipts. 
  

	 12.
	 DIVIDENDS AND DISTRIBUTIONS. 

 Whenever the Depositary shall receive any cash dividend or other cash distribution on any Deposited Securities, the Depositary shall, if at the time of receipt thereof any amounts received in a foreign currency can in
the judgment of the Depositary be converted on a reasonable basis into United States dollars transferable to the United States, and subject to the Deposit Agreement, convert such dividend or distribution into Dollars and shall distribute the amount
thus received (net of the fees and expenses of the Depositary as provided in the Deposit Agreement, if applicable) to the Holders of Receipts entitled thereto, provided, however, that in the event that the Company or the Depositary shall be required
to withhold and does withhold from such cash dividend or such other cash distribution in respect of any Deposited Securities an amount on account of taxes, the amount distributed to the Holders of the Receipts evidencing American Depositary Shares
representing such Deposited Securities shall be reduced accordingly. 
 Subject to the provisions of Sections 4.11 and 5.9 of
the Deposit Agreement, whenever the Depositary shall receive any distribution other than a distribution described in Sections 4.1, 4.3 or 4.4 of the Deposit Agreement, the Depositary shall cause the securities or property received by it to be
distributed to the Holders of Receipts entitled thereto, after deduction or upon payment of any fees and expenses of the Depositary (as 

 
provided in Section 5.9 of the Deposit Agreement) or any taxes or other governmental charges, in any manner that the Depositary may deem equitable and
practicable for accomplishing such distribution; provided, however, that if in the opinion of the Depositary such distribution cannot be made proportionately among the Holders of Receipts entitled thereto, or if for any other reason the Depositary
deems such distribution not to be feasible, the Depositary may adopt such method as it may deem equitable and practicable for the purpose of effecting such distribution, including, but not limited to, the public or private sale of the securities or
property thus received, or any part thereof, and the net proceeds of any such sale (net of the fees of the Depositary as provided in Section 5.9 of the Deposit Agreement) shall be distributed by the Depositary to the Holders of Receipts
entitled thereto as in the case of a distribution received in cash. 
 If any distribution upon any Deposited Securities
consists of a dividend in, or free distribution of, Shares, the Depositary may, and shall if the Company shall so request, distribute to the Holders of outstanding Receipts entitled thereto, additional Receipts evidencing an aggregate number of
American Depositary Shares representing the amount of Shares received as such dividend or free distribution, subject to the terms and conditions of the Deposit Agreement with respect to the deposit of Shares and the issuance of American Depositary
Shares evidenced by Receipts, including the withholding of any tax or other governmental charge as provided in Section 4.11 of the Deposit Agreement and the payment of the fees of the Depositary as provided in Section 5.9 of the Deposit
Agreement. In lieu of delivering Receipts for fractional American Depositary Shares in any such case, the Depositary shall sell the amount of Shares represented by the aggregate of such fractions and distribute the net proceeds, all in the manner
and subject to the conditions set forth in the Deposit Agreement. If additional Receipts are not so distributed, each American Depositary Share shall thenceforth also represent the additional Shares distributed upon the Deposited Securities
represented thereby. 
 In the event that the Depositary determines that any distribution in property (including Shares and
rights to subscribe therefor) is subject to any tax or other governmental charge which the Depositary is obligated to withhold, the Depositary may by public or private sale dispose of all or a portion of such property (including Shares and rights to
subscribe therefor) in such amounts and in such manner as the Depositary deems necessary and practicable to pay any such taxes or charges and the Depositary shall distribute the net proceeds of any such sale after deduction of such taxes or charges
to the Holders of Receipts entitled thereto. 
  

	 13.
	 CONVERSION OF FOREIGN CURRENCY. 

 Whenever the Depositary or the Custodian shall receive foreign currency, by way of dividends or other distributions or the net proceeds from the sale of securities, property or rights, and if at the time of the
receipt thereof the foreign currency so received can in the judgment of the Depositary be converted on a reasonable basis into Dollars and the 

 
resulting Dollars transferred to the United States, the Depositary shall convert or cause to be converted, by sale or in any other manner that it may
determine, such foreign currency into Dollars, and such Dollars shall be distributed to the Holders entitled thereto or, if the Depositary shall have distributed any warrants or other instruments which entitle the holders thereof to such Dollars,
then to the holders of such warrants and/or instruments upon surrender thereof for cancellation. Such distribution may be made upon an averaged or other practicable basis without regard to any distinctions among Holders on account of exchange
restrictions, the date of delivery of any Receipt or otherwise and shall be net of any expenses of conversion into Dollars incurred by the Depositary as provided in Section 5.9 of the Deposit Agreement. 
 If such conversion or distribution can be effected only with the approval or license of any government or agency thereof, the Depositary
shall file such application for approval or license, if any, as it may deem desirable. 
 If at any time the Depositary shall
determine that in its judgment any foreign currency received by the Depositary or the Custodian is not convertible on a reasonable basis into Dollars transferable to the United States, or if any approval or license of any government or agency
thereof which is required for such conversion is denied or in the opinion of the Depositary is not obtainable, or if any such approval or license is not obtained within a reasonable period as determined by the Depositary, the Depositary may
distribute the foreign currency (or an appropriate document evidencing the right to receive such foreign currency) received by the Depositary to, or in its discretion may hold such foreign currency uninvested and without liability for interest
thereon for the respective accounts of, the Holders entitled to receive the same. 
 If any such conversion of foreign
currency, in whole or in part, cannot be effected for distribution to some of the Holders entitled thereto, the Depositary may in its discretion make such conversion and distribution in Dollars to the extent permissible to the Holders entitled
thereto and may distribute the balance of the foreign currency received by the Depositary to, or hold such balance uninvested and without liability for interest thereon for the respective accounts of, the Holders entitled thereto. 
  

	 14.
	 RIGHTS. 

 In the event that the Company shall offer or cause to be offered to the holders of any Deposited Securities any rights to subscribe for additional Shares or any rights of any other nature, the Depositary shall have discretion as to the
procedure to be followed in making such rights available to any Holders or in disposing of such rights on behalf of any Holders and making the net proceeds available to such Holders or, if by the terms of such rights offering or for any other
reason, the Depositary may not either make such rights available to any Holders or dispose of such rights and make the net proceeds available to such Holders, then the Depositary shall allow the rights to lapse; provided however, that the Depositary
will, if requested by the Company, take action as follows: 

 (i) if at the time of the offering of any rights the Depositary
determines that it is lawful and feasible to make such rights available to all Holders or to certain Holders but not to other Holders, the Depositary may distribute, to any Holder to whom it determines the distribution to be lawful and feasible to
distribute such warrants or other instruments therefor in such form as it may determine to the Holders entitled thereto, in proportion to the number of American Depositary Shares representing such Deposited Securities or employ such other method as
it may deem feasible in order to facilitate the exercise, sale or transfer of rights by such Holders; or 
 (ii) if at the time of the offering of any rights the Depositary determines that it is not lawful or not feasible to make such rights available to all or certain Holders by means of warrants or otherwise, or if the rights represented by
such warrants or such other instruments are not exercised and appear to be about to lapse, the Depositary in its discretion may sell such rights or such warrants or other instruments at a public or private sale, at such place or places and upon such
terms as it may deem proper, and may allocate the proceeds of such sales in proportion to the number of American Depositary Shares held by the Holders to whom it has determined it may not lawfully or feasibly make such rights available (net of the
fees and expenses of the Depositary as provided in Section 5.9 of the Deposit Agreement and all taxes and governmental charges payable in connection with such rights and subject to the terms and conditions of this Deposit Agreement) for the
account of such Holders otherwise entitled to such rights, warrants or other instruments, upon an averaged or other practicable basis without regard to any distinctions among such Holders because of exchange restrictions, or the date of delivery of
any Receipt or Receipts, or otherwise. 
 In circumstances in which rights would otherwise not be distributed, if an Holder
of Receipts requests the distribution of warrants or other instruments in order to exercise the rights allocable to the American Depositary Shares of such Holder under the Deposit Agreement, the Depositary will make such rights available to such
Holder upon written notice from the Company to the Depositary. In the case of a distribution pursuant to this paragraph, such Receipts shall be legended in accordance with applicable U.S. laws, and shall be subject to the appropriate restrictions on
sale, deposit, cancellation, and transfer under such laws. 
 If the Depositary has distributed warrants or other instruments
for rights to all or certain Holders, then upon instruction from such an Owner pursuant to such warrants or other instruments to the Depositary from such Holder to exercise such rights, upon payment by such Holder to the Depositary for the account
of such Holder of an amount 

 
equal to the purchase price of the Shares to be received upon the exercise of the rights, and upon payment of the fees and expenses of the Depositary and any
other charges as set forth in such warrants or other instruments, the Depositary shall, on behalf of such Holder, exercise the rights and purchase the Shares, and the Company shall cause the Shares so purchased to be delivered to the Depositary on
behalf of such Holder. As agent for such Holder, the Depositary will cause the Shares so purchased to be deposited pursuant to Section 2.2 of the Deposit Agreement, and shall, pursuant to Section 2.3 of the Deposit Agreement, execute and
deliver Receipts to such Holder. 
 The Depositary will not offer rights to Holders unless both the rights and the securities
to which such rights relate are either exempt from registration under the Securities Act with respect to a distribution to Holders or are registered under the provisions of the Securities Act. If an Holder of Receipts requests distribution of
warrants or other instruments, notwithstanding that there has been no such registration under such the Securities Act, the Depositary shall not effect such distribution unless it has received an opinion from recognized counsel in the United States
for the Company upon which the Depositary may rely that such distribution to such Holder is exempt from such registration. 
 The Depositary shall not be responsible for any failure to determine that it may be lawful or feasible to make such rights available to Holders in general or any Holder in particular. 
  

	 15.
	 RECORD DATES. 

 Whenever any cash dividend or other cash distribution shall become payable or any distribution other than cash shall be made, or whenever rights shall be issued with respect to the Deposited Securities, or whenever
for any reason the Depositary causes a change in the number of Shares that are represented by each American Depositary Share, or whenever the Depositary shall receive notice of any meeting of holders of Shares or other Deposited Securities, the
Depositary shall fix a record date (a) for the determination of the Holders of Receipts who shall be (i) entitled to receive such dividend, distribution or rights or the net proceeds of the sale thereof or (ii) entitled to give
instructions for the exercise of voting rights at any such meeting, or (b) on or after which each American Depositary Share will represent the changed number of Shares, subject to the provisions of the Deposit Agreement. 
  

	 16.
	 VOTING OF DEPOSITED SECURITIES. 

 Upon receipt of notice of any meeting of holders of Shares or other Deposited Securities, if requested in writing by the Company, the Depositary shall, as soon as practicable thereafter, mail to the Holders of
Receipts a notice, the form of which notice shall be in the discretion of the Depositary, upon consultation with the Company, which shall contain (a) such information as is contained in such notice of meeting, (b) a statement that the
Holders of Receipts as of the close of business on a specified record 

 
date will be entitled, subject to any applicable provision of English law and of the Articles of Association of the Company, to instruct the Depositary as to
the exercise of the voting rights, if any, pertaining to the amount of Shares or other Deposited Securities represented by their respective American Depositary Shares and (c) a statement as to the manner in which such instructions may be given,
including an express indication that such instructions may be given or deemed given in accordance with the last sentence of this paragraph if no instruction is received. Upon the written request of an Holder of a Receipt on such record date,
received on or before the date established by the Depositary for such purpose (the “Instruction Date”), the Depositary shall endeavor, in so far as practicable to vote or cause to be voted the amount of Shares or other Deposited Securities
represented by the American Depositary Shares evidenced by such Receipt in accordance with the instructions set forth in such request. The Depositary shall not vote or attempt to exercise the right to vote that attaches to the Shares or other
Deposited Securities, other than in accordance with such instructions or deemed instructions. If no instructions are received by the Depositary from any Holder with respect to any of the Deposited Securities represented by the American Depositary
Shares evidenced by such Holder’s Receipts on or before the date established by the Depositary for such purpose, the Depositary shall deem such Holder to have instructed the Depositary to give a discretionary proxy to a designated member or
members of the Board of Directors of the Company with respect to such Deposited Securities and the Depositary shall give a discretionary proxy to designated member or members of the Board of Directors of the Company to vote such Deposited
Securities, provided, that no such instruction shall be given with respect to any matter as to which the Company informs the Depositary (and the Company agrees to provide such information as promptly as practicable in writing) that (x) the
Company does not wish such proxy given, (y) substantial opposition exists or (z) such matter materially and adversely affects the rights of holders of Shares. 
 There can be no assurance that Holders generally or any Holder in particular will receive the notice described in the preceding paragraph sufficiently prior to the Instruction Date to ensure that
the Depositary will vote the Shares or Deposited Securities in accordance with the provisions set forth in the preceding paragraph. 
  

	 17.
	 CHANGES AFFECTING DEPOSITED SECURITIES. 

 In circumstances where the provisions of Section 4.3 of the Deposit Agreement do not apply, upon any change in nominal value, change in par value, split-up, consolidation or any other
reclassification of Deposited Securities, or upon any recapitalization, reorganization, merger or consolidation, or sale of assets affecting the Company or to which it is a party, any securities which shall be received by the Depositary or a
Custodian in exchange for or in conversion of or in respect of Deposited Securities shall be treated as new Deposited Securities under the Deposit Agreement, and American Depositary Shares shall thenceforth represent, in addition to the existing
Deposited Securities, if any, the new Deposited Securities so received in exchange or conversion, unless additional Receipts are delivered pursuant to the following sentence. In any such 

 
case the Depositary may, and shall if the Company shall so request, execute and deliver additional Receipts as in the case of a dividend in Shares, or call
for the surrender of outstanding Receipts to be exchanged for new Receipts specifically describing such new Deposited Securities. 
  

	 18.
	 LIABILITY OF THE COMPANY AND DEPOSITARY. 

 Neither the Depositary nor the Company nor any of their respective directors, employees, agents or affiliates shall incur any liability to any Holder or owner of any Receipt, if by reason of any
provision of any present or future law or regulation of the United Kingdom, the United States or any other country, or of any governmental or regulatory authority or stock exchange, or by reason of any provision, present or future, of the Articles
of Association of the Company, or by reason of any provision of any Securities issued or distributed by the Company, or any Offering or distribution thereof or by reason of any act of God or war or terrorism or other circumstances beyond its
control, the Depositary or the Company shall be prevented, delayed or forbidden from, or be subject to any civil or criminal penalty on account of, doing or performing any act or thing which by the terms of the Deposit Agreement or Deposited
Securities it is provided shall be done or performed; nor shall the Depositary or the Company incur any liability to any Holder or owner of a Receipt by reason of any non-performance or delay, caused as aforesaid, in the performance of any act or
thing which by the terms of the Deposit Agreement it is provided shall or may be done or performed, or by reason of any exercise of, or failure to exercise, any discretion provided for in the Deposit Agreement. Where, by the terms of a distribution
pursuant to Sections 4.1, 4.2 or 4.3 of the Deposit Agreement, or an offering or distribution pursuant to Section 4.4 of the Deposit Agreement, or for any other reason, such distribution or offering may not be made available to Holders of
Receipts, and the Depositary may not dispose of such distribution or offering on behalf of such Holders and make the net proceeds available to such Holders, then the Depositary shall not make such distribution or offering, and shall allow any
rights, if applicable, to lapse. Neither the Company nor the Depositary assumes any obligation or shall be subject to any liability under the Deposit Agreement to Holders or owners of Receipts, except that they agree to perform their obligations
specifically set forth in the Deposit Agreement without gross negligence or bad faith. The Depositary shall not be subject to any liability with respect to the validity or worth of the Deposited Securities. Neither the Depositary nor the Company
shall be under any obligation to appear in, prosecute or defend any action, suit or other proceeding in respect of any Deposited Securities or in respect of the Receipts, which in its opinion may involve it in expense or liability, unless indemnity
satisfactory to it against all expense and liability shall be furnished as often as may be required, and the Custodian shall not be under any obligation whatsoever with respect to such proceedings, the responsibility of the Custodian being solely to
the Depositary. Neither the Depositary nor the Company shall be liable for any action or nonaction by it in reliance upon the advice of or information from legal counsel, accountants, any person presenting Shares for deposit, any Holder or owner of
a Receipt, or any other person believed by it in good faith to be competent to 

 
give such advice or information. The Depositary shall not be liable for any acts or omissions made by a successor depositary whether in connection with a
previous act or omission of the Depositary or in connection with any matter arising wholly after the removal or resignation of the Depositary, provided that in connection with the issue out of which such potential liability arises the Depositary
performed its obligations without negligence or bad faith while it acted as Depositary. The Depositary shall not be responsible for any failure to carry out any instructions to vote any of the Deposited Securities, or for the manner in which any
such vote is cast or the effect of any such vote, provided that any such action or nonaction is in good faith. The Company agrees to indemnify the Depositary, its directors, employees, agents and affiliates and any Custodian against, and hold each
of them harmless from, any liability or expense (including, but not limited to, the fees and expenses of counsel) which may arise out of any registration with the Commission of Receipts, American Depositary Shares or Deposited Securities or the
offer or sale thereof in the United States or out of acts performed or omitted, in accordance with the provisions of the Deposit Agreement and of the Receipts, as the same may be amended, modified or supplemented from time to time, (i) by
either the Depositary or a Custodian or their respective directors, employees, agents and affiliates, except for any liability or expense arising out of the negligence or bad faith of either of them, or (ii) by the Company or any of its
directors, employees, agents and affiliates. No disclaimer of liability under the Securities Act of 1933 is intended by any provision of the Deposit Agreement. 
  

	 19.
	 RESIGNATION AND REMOVAL OF THE DEPOSITARY. 

 The Depositary may at any time resign as Depositary under the Deposit Agreement
written notice of its election so to do delivered to the Company, such resignation to take effect upon the appointment of a successor depositary and its acceptance of such appointment as provided in the Deposit Agreement. The Depositary may at any
time be removed by the Company by 120 days prior written notice of such removal, which shall become effective upon the later to occur of the (i) 120th day after delivery of the notice to the Depositary or (ii) the appointment of a successor depositary and its acceptance of such appointment as provided in the Deposit Agreement. Whenever the Depositary in its discretion determines
that it is in the best interest of the Holders of Receipts to do so, it may appoint substitute or additional custodian or custodians. 
  

	 20.
	 AMENDMENT. 

 The form of the Receipts and any provisions of the Deposit Agreement may at any time and from time to time be amended by agreement between the Company and the Depositary without the consent of Holders and owners in any respect which they
may deem necessary or desirable. Any amendment which shall impose or increase any fees or charges (other than taxes and other governmental charges, registration fees, cable, telex or facsimile transmission costs, delivery costs or other such
expenses), or which shall otherwise prejudice any substantial existing right of Holders of Receipts, shall, however, not become effective as to outstanding Receipts until the expiration of thirty days after 

 
notice of such amendment shall have been given to the Holders of outstanding Receipts. Every Holder of a Receipt at the time any amendment so becomes
effective shall be deemed, by continuing to hold such Receipt, to consent and agree to such amendment and to be bound by the Deposit Agreement as amended thereby. In no event shall any amendment impair the right of the Holder of any Receipt to
surrender such Receipt and receive therefor the Deposited Securities represented thereby, except in order to comply with mandatory provisions of applicable law. 
  

	 21.
	 TERMINATION OF DEPOSIT AGREEMENT. 

 The Depositary shall at any time at the direction of the Company terminate the Deposit Agreement by mailing notice of such termination to the Holders of all Receipts then outstanding at least 30 days prior to the date
fixed in such notice for such termination. The Depositary may likewise terminate the Deposit Agreement by mailing notice of such termination to the Company and the Holders of all Receipts then outstanding if at any time 90 days shall have expired
after the Depositary shall have delivered to the Company a written notice of its election to resign and a successor depositary shall not have been appointed and accepted its appointment as provided in the Deposit Agreement. On and after the date of
termination, the Holder of a Receipt will, upon (a) surrender of such Receipt at the Corporate Trust Office of the Depositary, (b) payment of the fee of the Depositary for the surrender of Receipts referred to in Section 2.5 of the
Deposit Agreement and (c) payment of any applicable taxes or governmental charges, be entitled to delivery, to him or upon his order, of the amount of Deposited Securities represented by the American Depositary Shares evidenced by such Receipt.
If any Receipts shall remain outstanding after the date of termination, the Depositary thereafter shall discontinue the registration of transfers of Receipts, shall suspend the distribution of dividends to the Holders thereof, and shall not give any
further notices or perform any further acts under the Deposit Agreement, except that the Depositary shall continue to collect dividends and other distributions pertaining to Deposited Securities, shall sell rights and other property as provided in
the Deposit Agreement, and shall continue to deliver Deposited Securities, together with any dividends or other distributions received with respect thereto and the net proceeds of the sale of any rights or other property, in exchange for Receipts
surrendered to the Depositary (after deducting, in each case, the fee of the Depositary for the surrender of a Receipt, any expenses for the account of the Holder of such Receipt in accordance with the terms and conditions of the Deposit Agreement
and any applicable taxes or governmental charges). At any time after the expiration of one year from the date of termination, the Depositary may sell the Deposited Securities then held under the Deposit Agreement and may thereafter hold uninvested
the net proceeds of any such sale, together with any other cash then held by it thereunder, unsegregated and without liability for interest, for the pro rata benefit of the Holders of Receipts which have not theretofore been surrendered, such Owners
thereupon becoming general creditors of the Depositary with respect to such net proceeds. After making such sale, the Depositary shall be discharged from all obligations under the Deposit Agreement, except to account for such net proceeds and other
cash (after 

 
deducting, in each case, the fee of the Depositary for the surrender of a Receipt, any expenses for the account of the Holder of such Receipt in accordance
with the terms and conditions of the Deposit Agreement, and any applicable taxes or governmental charges). Upon the termination of the Deposit Agreement, the Company shall be discharged from all obligations under the Deposit Agreement except for its
obligations to the Depositary under Sections 5.8 and 5.9 of the Deposit Agreement. 
  

	 22.
	 COMPLIANCE WITH U.S. SECURITIES LAWS. 

 Notwithstanding anything in the Deposit Agreement or this Receipt to the contrary, the Company and the Depositary each agrees that it will not exercise any rights it has under the Deposit
Agreement to permit the withdrawal or delivery of Deposited Securities in a manner which would violate the U.S. securities laws, including, but not limited to, Section I.A.(1) of the General Instructions to the Form F-6 Registration Statement, as
amended from time to time, under the Securities Act.Note Purchase Agreement

 Exhibit 10.1 
 EXECUTION COPY 
 NOTE PURCHASE AGREEMENT 
 dated as of 
 April 25, 2008 
 among 
 NAVISTAR FINANCIAL RETAIL RECEIVABLES
CORPORATION, 
 as Seller 
 JS
SILOED TRUST, 
 as the Conduit Investor 
 JPMORGAN CHASE BANK, N.A., 
 as Agent for the Investors 
 and 
 NAVISTAR FINANCIAL CORPORATION, 
 Individually and as Servicer 
 NAVISTAR
FINANCIAL 2008-A OWNER TRUST, 
 Series 2008-A Floating Rate Asset Backed Notes 

 TABLE OF CONTENTS 
  

							
	 	 	 	    	 	  	Page
	 ARTICLE I        Definitions
	  	1
				
		 	 SECTION 1.01.
	    	 Defined Terms
	  	1
		 	 SECTION 1.02.
	    	 Terms Generally
	  	9
		 	 SECTION 1.03.
	    	 Computation of Time Periods
	  	9
		
	 ARTICLE II        Purchase of the Purchased Note
	  	10
				
		 	 SECTION 2.01.
	    	 Purchase of the Purchased Note
	  	10
		 	 SECTION 2.02.
	    	 The Purchased Note; Etc
	  	10
		 	 SECTION 2.03.
	    	 Calculation of Interest; Etc
	  	10
		 	 SECTION 2.04.
	    	 Sharing of Payments, Etc
	  	11
		
	 ARTICLE III        Representations and Warranties
	  	12
				
		 	 SECTION 3.01.
	    	 Representation and Warranties
	  	12
		
	 ARTICLE IV        Conditions
	  	16
				
		 	 SECTION 4.01.
	    	 Conditions Precedent
	  	16
		
	 ARTICLE V        Covenants of the Seller and Servicer
	  	17
				
		 	 SECTION 5.01.
	    	 Access
	  	17
		 	 SECTION 5.02.
	    	 Information from NFC
	  	18
		 	 SECTION 5.03.
	    	 Security Interests; Further Assurances
	  	18
		 	 SECTION 5.04.
	    	 Conduct of Business
	  	19
		 	 SECTION 5.05.
	    	 Compliance with Laws
	  	19
		 	 SECTION 5.06.
	    	 Replacement of Trustee
	  	19
		 	 SECTION 5.07.
	    	 Compliance with Opinion Assumptions
	  	19
		 	 SECTION 5.08.
	    	 Further Covenants
	  	19
		 	 SECTION 5.09.
	    	 Amendments
	  	19
		
	 ARTICLE VI        Indemnification
	  	19
				
		 	 SECTION 6.01.
	    	 Indemnities by the Seller and the Servicer
	  	19
		 	 SECTION 6.02.
	    	 Increased Cost and Reduced Return
	  	20
		 	 SECTION 6.03.
	    	 Other Costs and Expenses
	  	21
		
	 ARTICLE VII        The Agent
	  	21
				
		 	 SECTION 7.01.
	    	 Authorization and Action
	  	21
		 	 SECTION 7.02.
	    	 Delegation of Duties
	  	22
		 	 SECTION 7.03.
	    	 Liability of Agent
	  	22

  

 -i- 

 TABLE OF CONTENTS 
 (continued) 
  

							
	 	  	 	    	 	  	Page
		  	 SECTION 7.04.
	    	 Reliance by Agent
	  	22
		  	 SECTION 7.05.
	    	 Notice of Event of Default
	  	23
		  	 SECTION 7.06.
	    	 Credit Decision; Disclosure of Information by the Agent
	  	23
		  	 SECTION 7.07.
	    	 Indemnification of the Agent
	  	24
		  	 SECTION 7.08.
	    	 Agent in Individual Capacity
	  	24
		  	 SECTION 7.09.
	    	 Resignation of Agent
	  	24
		  	 SECTION 7.10.
	    	 Payments by the Agent
	  	25
		
	 ARTICLE VIII        Miscellaneous
	  	25
				
		  	 SECTION 8.01.
	    	 Assignment
	  	25
		  	 SECTION 8.02.
	    	 Notices
	  	26
		  	 SECTION 8.03.
	    	 Waivers; Amendments
	  	27
		  	 SECTION 8.04.
	    	 Survival
	  	27
		  	 SECTION 8.05.
	    	 Counterparts; Integration; Effectiveness
	  	27
		  	 SECTION 8.06.
	    	 Severability
	  	28
		  	 SECTION 8.07.
	    	 Governing Law; Waiver of Jury Trial Right
	  	28
		  	 SECTION 8.08.
	    	 No Bankruptcy Petition Against the Conduit Investor or CP Issuer
	  	28
		  	 SECTION 8.09.
	    	 Benefits of Indenture
	  	28
		  	 SECTION 8.10.
	    	 Headings
	  	28
		  	 SECTION 8.11.
	    	 No Recourse Against Conduit Investor, Members, Officers or Directors
	  	28
		  	 SECTION 8.12.
	    	 Waiver of Confidentiality
	  	29
		  	 SECTION 8.13.
	    	 Confidentiality Agreement
	  	29
		  	 SECTION 8.14.
	    	 Excess Funds
	  	30
		
	 EXHIBIT A - Documents To Be Delivered to the Agent On or Prior to the Closing Date
	  	A-1

  

 -ii- 

 NOTE PURCHASE AGREEMENT dated as of April 25, 2008 (as amended, supplemented or otherwise modified
from time to time, the “Agreement”), among: 
 NAVISTAR FINANCIAL RETAIL RECEIVABLES CORPORATION, a Delaware corporation, as
seller (the “Seller”); 
 JS SILOED TRUST, a Delaware statutory trust (“JST” or the initial Conduit
Investor (as defined below)); 
 JPMORGAN CHASE BANK, N.A., a national banking association (“JPMorgan Chase”), as Agent (as
defined below); and 
 NAVISTAR FINANCIAL CORPORATION, a Delaware corporation, individually (“NFC”) and as servicer (in such
capacity, and together with its successors and assigns, the “Servicer”). 
 RECITALS 
 WHEREAS, the Trust and the Indenture Trustee are party to an Indenture dated as of April 25, 2008 (as amended, restated, supplemented or otherwise
modified from time to time, the “Indenture”), pursuant to which the Trust has (at the direction of the Seller) issued the Series 2008-A Floating Rate Asset Backed Notes (the “Notes”); and 
 WHEREAS, on the Closing Date, the Seller intends to sell the Purchased Note (as defined below) to the Agent for the benefit of the Conduit Investor and
the other Investors, and the Conduit Investor and the other Investors desire to acquire the Purchased Note. 
 Accordingly, the parties
hereto agree as follows: 
 ARTICLE I 
 Definitions 
 SECTION 1.01. Defined Terms. Terms used herein but not otherwise defined herein have the respective
meanings given to such terms in Part I of Appendix A to the Pooling Agreement, dated as of April 25, 2008 (the “Pooling Agreement”) between NFRRC (as defined below) and the Issuer, as amended, restated, supplemented or
otherwise modified from time to time. As used in this Agreement, the following terms have the meanings specified below: 
 “1940
Act” means the Investment Company Act of 1940, as amended. 
 “Act” means the Securities Act of 1993, as amended.

 “Agent” means JPMorgan Chase in its capacity as agent for the Investors, and its successors and assigns appointed
pursuant to Section 7.09. 

 “Agent-Related Person” means the Agent, its Affiliates, and the officers, directors,
employees, agents and attorneys-in-fact of such Persons and their respective Affiliates. 
 “Agreement” is defined in the
preamble. 
 “Alternate Rate” for any Fixed Period for any Funding Tranche means an interest rate per annum equal to
the sum of (x) Applicable Margin per annum and (y) the Eurodollar Rate for such Fixed Period; provided, however, that in the case of: 
 (i) any Fixed Period existing on or after the first day of which the Agent shall have been notified by the Conduit Investor or any Program Support Provider that: 
 (w) the introduction of or any change in or in the interpretation of any law or regulation makes it unlawful, or any central bank or other
Governmental Authority asserts that it is unlawful, for the Conduit Investor or such Program Support Provider to fund any Funding Tranche (based on the Eurodollar Rate) set forth above (and the Conduit Investor or such Program Support Provider shall
not have subsequently notified the Agent that such circumstances no longer exist), 
 (x) U.S. dollar deposits in the London
interbank market in the relevant amounts and for the relevant portion of such Fixed Period are not available, 
 (y) adequate
and reasonable means do not exist for ascertaining LIBOR for such Fixed Period, or 
 (z) LIBOR does not accurately reflect
the cost to the Conduit Investor or such Program Support Provider (as conclusively determined by the Conduit Investor or such Program Support Provider (or by the Agent on its behalf)) of maintaining the applicable Funding Tranche during such Fixed
Period; 
 (ii) any Fixed Period of one to (and including) 13 days, 
 (iii) any Fixed Period relating to a Funding Tranche which is less than $1,000,000, or 
 (iv) any Fixed Period with respect to which the Alternate Rate, for any reason, becomes applicable on notice to the Agent of less than three
(3) Business Days; 
 the “Alternate Rate” for each such Fixed Period shall be an interest rate per annum equal to the Corporate Base
Rate in effect on each day of such Fixed Period. The “Alternate Rate” for any day on or after the occurrence of an Event of Default shall be an interest rate equal to 2.0% per annum above the Corporate Base Rate in
effect on such day. 
 “Applicable Margin” has the meaning specified in the Fee Letter. 
 “Assignee Rating Criteria” means a short term debt rating of “A-1” or higher from Standard & Poor’s,
“P-1” from Moody’s and, if applicable, “F-1” or higher from Fitch. 
  

 2 

 “Bankruptcy Code” means the Bankruptcy Reform Act of 1978, 11 U.S.C.
§§ 101 et seq. 
 “Breakage Payment” is defined in Section 2.03(b). 
 “Commercial Paper” means short-term promissory notes issued or to be issued by the Conduit Investor (or its related CP Issuer) to fund
the Conduit Investor’s investments in accounts receivable or other financial assets. 
 “Commission” is defined in
Section 3.01(c). 
 “Conduit Assignee” means any commercial paper conduit administered by JPMorgan Chase or any
of its Affiliates and designated by JPMorgan Chase from time to time to accept an assignment from the Conduit Investor of all or a portion of its rights and obligations hereunder. 
 “Conduit Investor” means, initially, JST, together with its respective successors and assigns, including any of its Conduit Assignees.
The “Conduit Investor” may include one or more commercial paper conduits as long as such commercial paper conduits are either (i) Affiliates of one another or (ii) administered by the same Person or its Affiliates. If a
“Conduit Investor” consists of more than one commercial paper conduit, each such commercial paper conduit will have the rights and obligations with respect to the Purchased Note as may be determined between them from time to time.

 “Corporate Base Rate” means, for any day a fluctuating rate per annum equal to the higher of (a) the Federal Funds
Rate for such day, plus 0.50% and (b) the rate of interest in effect for such day as publicly announced from time to time by the Agent as its “prime rate”. The “prime rate” is a rate set by the Agent based upon
various factors including the Agent’s costs and desired return, general economic conditions and other factors, and is used as a reference point for pricing some loans, which may be priced at, above, or below such announced rate. Any change in
the prime rate announced by the Agent shall take effect at the opening of business on the day specified in the public announcement of such change. 
 “CP Issuer” means, with respect to the Conduit Investor, any other Person which, in the ordinary course of its business, issues Commercial Paper, the proceeds of which Commercial Paper are made available to the Conduit
Investor to acquire and maintain its interest in the Purchased Note. 
 “CP Rate” for any Fixed Period for any Funding
Tranche means, to the extent the Conduit Investor funds such Funding Tranche for such Fixed Period with proceeds from the issuance of Commercial Paper, the per annum rate equivalent to the “weighted average cost” (as defined below) related
to the issuance of Commercial Paper that is allocated, in whole or in part, by the Conduit Investor or the Agent to fund or maintain such Funding Tranche (and which may also be allocated in part to the funding of other Funding Tranches hereunder or
of other assets of the Conduit Investor); provided, however, that if any component of such rate is a discount rate, in calculating the “CP Rate” for such Funding Tranche for such Fixed Period, the Conduit Investor
shall for such component use the rate resulting from converting such discount rate to an interest bearing equivalent rate per annum. As used in this definition, a Conduit Investor’s “weighted average cost” shall consist of
(w) the actual interest rate (or discount) paid to purchasers of the Conduit Investor’s (or its related CP Issuer’s) Commercial Paper, together with 

  

 3 

 
the commissions of placement agents and dealers in respect of such Commercial Paper, to the extent such commissions are allocated, in whole or in part, to
such Commercial Paper by the Conduit Investor or the Agent, (x) certain documentation and transaction costs associated with the issuance of such Commercial Paper, (y) any incremental carrying costs incurred with respect to Commercial Paper
maturing on dates other than those on which corresponding funds are received by the Conduit Investor, and (z) other borrowings by the Conduit Investor (other than under any Program Support Agreement) or its related CP Issuer, including
borrowings to fund small or odd dollar amounts that are not easily accommodated in the commercial paper market. 
 “Day Count
Fraction” means, as to any Funding Tranche for any Fixed Period, a fraction (a) the numerator of which is the number of days in such Fixed Period and (b) the denominator of which is 360 (or, with respect to any Funding Tranche
which accrues interest by reference to the Corporate Base Rate, the actual number of days in the related calendar year). 
 “Distribution Period” means, initially, the period from, and including, the Closing Date to, but excluding, the first Distribution Date and thereafter the period from, and including, each Distribution Date to, but
excluding, the next Distribution Date. 
 “Eurodollar Rate” means, for any Fixed Period, an interest rate per annum (rounded
upward to the nearest 1/1000th of 1%) determined pursuant to the following formula: 
  

							
	  	 	Eurodollar Rate =	 	 LIBOR
	  	 
		 		 	1.00 - Eurodollar Reserve Percentage	  	

 where, 
 “Eurodollar Reserve Percentage” means, for any Fixed Period, the maximum reserve percentage (expressed as a decimal, rounded upward to the nearest 1/1000th of 1%) in effect on the date LIBOR for such
Fixed Period is determined under regulations issued from time to time by the Federal Reserve Board for determining the maximum reserve requirement (including any emergency, supplemental or other marginal reserve requirement) with respect to
Eurocurrency funding (currently referred to as “Eurocurrency liabilities”) having a term comparable to such Fixed Period; and 
 “LIBOR” means the rate per annum equal to the applicable British Bankers’ Association Interest Settlement Rate for deposits in U.S. dollars appearing on Reuters Screen FRBD as of 11:00 a.m. (London time) on the second
Business Day prior to the commencement of such Fixed Period in the approximate amount of the portion of the Funded Amount associated with such Fixed Period, provided that, (i) if Reuters Screen FRBD is not available to the Agent for any
reason, LIBOR for such Fixed Period shall instead be the applicable British Bankers’ Association Interest Settlement Rate for deposits in U.S. dollars as reported by any other generally recognized financial information service as of 11:00 a.m.
(London time) on the second Business Day prior to the commencement of such Fixed Period in the approximate amount of the portion of the Funded Amount associated with such Fixed Period, and (ii) if no such British Bankers’ Association

  

 4 

 
Interest Settlement Rate is available to the Agent, LIBOR for such Fixed period shall instead be the rate determined by the Agent to be the rate at which the
Agent offers to place deposits in U.S. dollars with first-class banks in the London interbank market at approximately 11:00 a.m. (London time) on the second Business Day prior to the commencement of such Fixed Period in the approximate amount of the
portion of the Funded Amount associated with such Fixed Period. 
 “Event of Bankruptcy” means, with respect to any Person,
(a) that such Person (i) shall generally not pay its debts as such debts become due or (ii) shall admit in writing its inability to pay its debts generally or (iii) shall make a general assignment for the benefit of creditors;
(b) any proceeding shall be instituted by or against such Person seeking to adjudicate it as bankrupt or insolvent, or seeking liquidation, winding up, reorganization, arrangement, adjustment, protection, relief or composition of it or its
debts under any law relating to bankruptcy, insolvency or reorganization or relief of debtors, or seeking the entry of an order for relief or the appointment of a receiver, trustee or other similar official for it or any substantial part of its
property; or (c) such Person shall take any corporate, partnership or other similar appropriate action to authorize any of the actions set forth in the preceding clauses (a) or (b) . 
 “Federal Funds Rate” means, for any day, the rate per annum (rounded upwards, if
necessary, to the nearest  1/100 of 1%) equal to the weighted average of the rates on overnight Federal funds transactions with
members of the Federal Reserve System arranged by Federal funds brokers on such day, as published by the Federal Reserve Bank of New York on the Business Day next succeeding such day; provided that (a) if such day is not a Business Day,
the Federal Funds Rate for such day shall be such rate on such transactions on the next preceding Business Day as so published on the next succeeding Business Day, and (b) if no such rate is so published on such next succeeding Business Day,
the Federal Funds Rate for such day shall be the average rate charged to the Agent on such day on such transactions as determined by it. 
 “Fee Letter” means the agreement, dated as of the Closing Date, among the Seller, the Servicer and the Agent. 
 “Fitch” means Fitch Ratings and its successors in interest. 
 “Fixed Period” means, unless
otherwise mutually agreed by the Agent and the Conduit Investor, (a) with respect to any Funding Tranche funded by the issuance of Commercial Paper, (i) initially the period commencing on (and including) the date of the initial purchase or
funding of such Funding Tranche and ending on (and including) the last day of the current calendar month, and (ii) thereafter, each period commencing on (and including) the first day after the last day of the immediately preceding Fixed Period
for such Funding Tranche and ending on (and including) the last day of the current calendar month and (b) with respect to any Funding Tranche not funded by the issuance of Commercial Paper, (i) initially the period commencing on (and
including) the date of the initial purchase or funding of such Funding Tranche and ending on (but excluding) the next following Distribution Date and (ii) thereafter, each period commencing on (and including) the first day after the last day of
the immediately preceding Fixed Period for such Funding Tranche and ending on (and excluding) the next following Distribution Date; provided, that 
  

 5 

 (i) any Fixed Period with respect to any Funding Tranche not funded by the issuance of
Commercial Paper which would otherwise end on a day which is not a Business Day shall be extended to the next succeeding Business Day; provided, however, if interest in respect of such Fixed Period is computed by reference to the
Eurodollar Rate, and such Fixed Period would otherwise end on a day which is not a Business Day, and there is no subsequent Business Day in the same calendar month as such day, such Fixed Period shall end on the next preceding Business Day;

 (ii) in the case of any Fixed Period for any Funding Tranche which commences before the Final Scheduled Distribution Date
and would otherwise end on a date occurring after the Final Scheduled Distribution Date, such Fixed Period shall end on such Final Scheduled Distribution Date and the duration of each Fixed Period which commences on or after the Final Scheduled
Distribution Date shall be of such duration as shall be selected by the Agent; and 
 (iii) any Fixed Period in respect of
which interest is computed by reference to the CP Rate may be terminated at the election of, and upon notice thereof to the Seller by, the Agent any time, in which case the Funding Tranche allocated to such terminated Fixed Period shall be allocated
to a new Fixed Period commencing on (and including) the date of such termination and ending on (but excluding) the next following Distribution Date, and shall accrue interest at the Corporate Base Rate. 
 “Funded Amount” means on any Business Day, an amount equal to the result of (a) the Initial Invested Amount minus
(b) the aggregate principal amount of principal payments made to the Noteholder prior to such day; provided, that the Funded Amount shall be restored or reinstated to the extent any such principal payment so received and applied is at
any time rescinded, returned or refunded for any reason. 
 “Funding Rate” means, with respect to any Fixed Period and any
Funding Tranche, (a) to the extent the Conduit Investor is funding such Funding Tranche during such Fixed Period through the issuance of Commercial Paper, the CP Rate, and (b) to the extent any Investor is not funding such Funding Tranche
through the issuance of Commercial Paper, a rate per annum (expressed as a percentage and an interest yield equivalent and calculated on the basis of a 360-day year and the actual days elapsed) equal to the Alternate Rate. 
 “Funding Tranche” means, at any time, each portion of the Funded Amount allocated to the same Fixed Period and accruing interest by
reference to the same Funding Rate at such time. 
 “Governmental Actions” means any and all consents, approvals, permits,
orders, authorizations, waivers, exceptions, variances, exemptions or licenses of, or registrations, declarations or filings with, any Governmental Authority required under any Governmental Rules. 
 “Governmental Authority” means the United States of America, any state or other political subdivision thereof and any entity exercising
executive, legislative, judicial, regulatory or administrative functions of or pertaining to government and having jurisdiction over the applicable Person. 
  

 6 

 “Governmental Rules” means any and all laws, statutes, codes, rules, regulations,
ordinances, orders, writs, decrees and injunctions, of any Governmental Authority and any and all legally binding conditions, standards, prohibitions, requirements and judgments of any Governmental Authority. 
 “Indemnified Amounts” has the meaning specified in Section 6.01. 
 “Indemnified Parties” has the meaning specified in Section 6.01. 
 “Indenture” is defined in the first paragraph of the recitals. 
 “Indenture Trustee” is defined in the Indenture. 
 “Initial Invested Amount” means $247,050,629.36. 
 “Investors” means the
Conduit Investor (and its related CP Issuer, if any) and/or the Program Support Providers, as the context may require or permit. 
 “Issuer” means Navistar Financial 2008-A Owner Trust, a Delaware statutory trust. 
 “JST” is
defined in the preamble. 
 “Material Adverse Effect” means a material adverse effect on (i) the business,
results of operations or financial condition or the material properties or assets of NFC or NFRRC, (ii) the ability of NFC or NFRRC to perform its obligations hereunder or under any other Transaction Document or (iii) the interests of the
Agent or any Investor hereunder. 
 “Moody’s” means Moody’s Investors Service, Inc., or any successor that is a
nationally recognized statistical rating organization. 
 “NFC” is defined in the preamble. 
 “NFRRC” means Navistar Financial Retail Receivables Corporation, a Delaware corporation, and its successors and permitted assigns.

 “Noteholders’ Interest Distributable Amount” means, with respect to any Distribution Date, the sum of: 

(A) the sum of (i) the summation of the amount of interest accrued during the related Monthly Period on each Funding Tranche funded at the CP
Rate, determined by multiplying (a) the applicable Funding Rate times (b) the Weighted Average Funded Amount for such Funding Tranche times (c) the applicable Day Count Fraction for which interest accrued at such rate
and (ii) any Noteholders’ Interest Distributable Amount calculated in accordance with clause (A)(i) above due but not paid with respect to the prior Monthly Period, plus interest on such unpaid amount calculated as the product of
(x) the weighted average Funding Rate for all Funding Tranches funded at the CP Rate during the most recent Monthly Period, times (y) the amount of such unpaid Noteholders’ Interest Distributable Amount, times
(z) the quotient of the number of days in the related Monthly Period divided by 360, 
  

 7 

 plus 
 (B) the sum of (i) the summation of the amount of interest accrued during the related Distribution Period on each Funding Tranche not funded at the CP Rate, determined by multiplying (a) the applicable
Funding Rate times (b) the Weighted Average Funded Amount for such Funding Tranche times (c) the applicable Day Count Fraction for which interest accrued at such rate and (ii) any Noteholders’ Interest Distributable
Amount calculated in accordance with clause (B)(i) above due but not paid with respect to the prior Distribution Period, plus interest on such unpaid amount calculated as the product of (x) the weighted average Funding Rate for all Funding
Tranches not funded at the CP Rate during the most recent Distribution Period, times (y) the amount of such unpaid Noteholders’ Interest Distributable Amount, times (z) for Funding Tranches that do not accrue interest by
reference to the Corporate Base Rate, the quotient of the number of days in the related Distribution Period divided by 360. 
 plus 

 (C) on any Distribution Date on which the Funded Amount is reduced to zero and on the Final Scheduled Distribution Date, any amounts which
accrue in clause (A) above (together with all fees which accrue pursuant to paragraph 1 of the Fee Letter) from (and excluding) the last day of the related Monthly Period through (and including) such Distribution Date. 
 “Note Interest” means, with respect to any Investor at any time, the undivided interest in the Purchased Note owned by such Investor at
such time. 
 “Notes” is defined in the first paragraph of the recitals. 
 “Other Obligations” means the fees under the Fee Letter and any other amounts payable to the Agent or any Investor under or in
connection with this Agreement or any other Transaction Document (other than principal or interest in respect of the Notes), including, without limitation, all Breakage Payments and all amounts payable from time to time pursuant to Article
VI. 
 “Program Support Agreement” means and includes any agreement entered into by any Program Support Provider
providing for the issuance of one or more letters of credit for the account of the Conduit Investor, the issuance of one or more surety bonds for which the Conduit Investor is obligated to reimburse the applicable Program Support Provider for any
drawings thereunder, the sale by the Conduit Investor to any Program Support Provider of the Purchased Note (or any portion thereof or participation therein) and/or the making of loans and/or other extensions of credit to the Conduit Investor in
connection with the Conduit Investor’s commercial paper program, together with any letter of credit, surety bond or other instrument issued thereunder, whether any of the foregoing is for the purpose of providing credit support or liquidity to
the Conduit Investor. 
 “Program Support Provider” means and includes any Person now or hereafter extending credit or
having a commitment to extend credit to or for the account of, or to make purchases from, the Conduit Investor or issuing a letter of credit, surety bond or other instrument to support any obligations arising under or in connection with the Conduit
Investor’s commercial paper program. 
  

 8 

 “Purchased Note” means the Note, in the maximum aggregate principal amount of
$247,050,629.36 to be issued to the Agent (or its nominee) on behalf of the Investors pursuant to the Indenture and Section 2.01 hereof. 
 “Recipient” has the meaning specified in Section 2.04. 
 “Seller” is defined in the preamble. 
 “Servicer” is defined in the preamble.

 “Standard & Poor’s” or “S&P” means Standard & Poor’s, a division of The
McGraw-Hill Companies, Inc., or any successor that is a nationally recognized statistical rating organization. 
 “Transaction
Documents” means the “Basic Documents” as defined in Part I of Appendix A to the Pooling Agreement. 
 “Weighted
Average Funded Amount” means, with respect to any Funding Tranche for any Fixed Period, the quotient of (i) the summation of the portion of the Funded Amount allocated to such Funding Tranche determined as of each day in such Fixed
Period, divided by (ii) the number of days in such Fixed Period. 
 SECTION 1.02. Terms Generally. All terms defined directly or
by incorporation herein shall have the defined meanings when used in any certificate or other document delivered pursuant hereto unless otherwise defined therein. For purposes of this Agreement and all such certificates and other documents, unless
the context otherwise requires: (a) accounting terms not otherwise defined herein, and accounting terms partly defined herein to the extent not defined, shall have the respective meanings given to them under, and shall be construed in
accordance with, generally accepted accounting principles in effect in the United States from time to time; (b) terms used in Article 9 of the applicable UCC as in effect from time to time, and not specifically defined herein, are used herein
as defined in such Article 9; (c) references to any amount as on deposit or outstanding on any particular date means such amount at the close of business on such day; (d) the words “hereof,” “herein” and
“hereunder” and words of similar import refer to this Agreement (or the certificate or other document in which they are used) as a whole and not to any particular provision of this Agreement (or such certificate or document);
(e) references to any Article, Section, Schedule or Exhibit are references to Articles, Sections, Schedules and Exhibits in or to this Agreement (or the certificate or other document in which the reference is made) and references to any
paragraph, subsection, clause or other subdivision within any Section or definition refer to such paragraph, subsection, clause or other subdivision of such Section or definition; (f) the term “including” means “including without
limitation”; (g) references to any law refer to that law as amended from time to time and include any successor law; (h) references to any agreement refer to that agreement as from time to time amended or supplemented or as the terms
of such agreement are waived or modified in accordance with its terms; (i) references to any Person include that Person’s successors and permitted assigns; and (j) headings are for purposes of reference only and shall not otherwise
affect the meaning or interpretation of any provision hereof. 
 SECTION 1.03. Computation of Time Periods. Unless otherwise stated in
this Agreement, in the computation of a period of time from a specified date to a later specified 

  

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date, the word “from” means “from and including”, the words “to” and “until” each means “to but excluding”,
and the word “within” means “from and excluding a specified date and to and including a later specified date”. 
 ARTICLE
II 
 Purchase of the Purchased Note 
 SECTION 2.01. Purchase of the Purchased Note. On the terms and subject to the conditions set forth in this Agreement, and in reliance on the covenants, representations, warranties and agreements herein and
therein set forth, the Seller shall cause to be issued, and shall cause the Indenture Trustee to authenticate and deliver to the Agent and the Agent shall purchase the Purchased Note, issued on the Closing Date, on behalf of the Investors. The
purchase price payable for the Purchased Note shall be equal to the Initial Invested Amount. The Agent (or its nominee) shall hold the Purchased Note on behalf of the Investors pro rata in accordance with their respective outstanding portions (if
any) of the Funded Amount funded by them from time to time. The Purchased Note so issued shall be dated the Closing Date, registered in the name of the Agent (or its nominee) and duly authenticated in accordance with the provisions of the Indenture.
Without limiting any other provision of this Agreement, the issuance of the Purchased Note and the funding of the Initial Invested Amount thereunder on the Closing Date is subject to the satisfaction of the conditions precedent set forth in
Article IV. Upon such issuance, (i) the Agent shall thereby acquire the Purchased Note, and (ii) the Agent and the Investors shall become subject to the terms and conditions set forth herein and the Indenture. 
 SECTION 2.02. The Purchased Note; Etc. The funding of the Initial Invested Amount shall be evidenced by the Purchased Note and shall be governed
by and subject to the Indenture. All payments to be made on the Note shall be made in accordance with the Indenture and the terms of this Agreement. The sole Holder of the Purchased Note shall be the Agent, which shall hold such Note for the benefit
of the Investors. Except as otherwise required in the Indenture, all payments to be made on the Purchased Note shall be made by wire transfer of immediately available funds to the account set forth below the Agent’s signature to this Agreement
(or to such other account as the Agent may specify from time to time in writing to the Seller and the Indenture Trustee). 
 SECTION 2.03.
Calculation of Interest; Etc. 
 (a) On or before the second Business Day after the end of each Monthly Period, the Agent shall
calculate for the related Distribution Date, the Noteholders’ Interest Distributable Amount payable on such Distribution Date and provide such calculation to the Servicer in writing. If any Funding Tranche begins to accrue interest at a Funding
Rate other than the CP Rate after the date the Agent provides the Noteholders’ Interest Distributable Amount calculation for any Distribution Date, the Agent shall promptly provide the Servicer a calculation of the interest that will accrue on
such Funding Tranche and be included in the definition of “Noteholders’ Interest Distributable Amount” for such Distribution Date. The parties acknowledge that the interest calculation set forth in clause (C) of the
definition of “Noteholders’ Interest Distributable Amount” shall be an estimate. If the estimated accruals 

  

 10 

 
exceed the actual accruals, the Agent shall reimburse such excess. If the actual accruals exceed the estimated accruals, the Seller shall reimburse the
Agent. 
 (b) If (i) any distribution of principal is made with respect to any Funding Tranche with a Fixed Period and a fixed interest
rate other than on a Distribution Date and (ii) as a consequence of such distribution the interest paid by an Investor to providers of funds to it to fund that Funding Tranche exceeds returns earned by such Investor with respect to such Funding
Tranche, factoring in actual returns earned during the Fixed Period and assuming redeployment of such funds in highly rated short-term money market instruments from the date of principal distribution through the end of the Fixed Period, then, upon
written notice (including a detailed calculation of such Breakage Payment) from the Agent to the Servicer, such Investor shall be entitled to receive additional amounts in the amount of such excess (each, a “Breakage Payment”) on
the second Business Day after the Servicer receives such notice or, if later, on the date of such distribution. 
 (c) On each date the
principal amount of the Purchased Note is reduced, a duly authorized officer, employee or agent of the Agent (or its nominee) shall make appropriate notations in its books and records of the applicable rates of interest and the amount of each such
reduction, as applicable. Each of the Servicer, the Seller and each Investor authorizes each duly authorized officer, employee and agent of the Agent (or its nominee) to make such notations on the books and records as aforesaid and such notation
made in accordance with the foregoing authority shall be binding on the Servicer, the Seller and each Investor absent manifest error. 
 (d)
Whenever any amount is paid pursuant to the Indenture to the Agent in connection with the Purchased Note, the Agent shall promptly allocate such amounts among the applicable Investors and pay, or cause to be paid, out of such funds received by it,
to each applicable Investor, its share of such amount; provided, that if any such amount paid to the Agent is insufficient to pay the amount due to each Investor in respect of such amounts, the Agent shall distribute the amount it has
received to each Investor pro rata based on the amounts owed to each Investor and forthwith report the amount of such deficiency to the Seller, the Indenture Trustee and the Servicer. 
 SECTION 2.04. Sharing of Payments, Etc. If any Investor (for purposes of this Section only, being a “Recipient”) shall obtain any
payment (whether voluntary, involuntary, through the exercise of any right of setoff, or otherwise) on account of any Note Interest owned by it in excess of its ratable share of payments on account of the applicable Funded Amount obtained by the
Investors entitled thereto, such Recipient shall forthwith purchase from the Investors entitled to a share of such amount participations in the applicable Note Interests owned by such Persons as shall be necessary to cause such Recipient to share
the excess payment ratably with each such other Person entitled thereto; provided, that if all or any portion of such excess payment is thereafter recovered from such Recipient, such purchase from each such other Person shall be rescinded and
each such other Person shall repay to the Recipient the purchase price paid by such Recipient for such participation to the extent of such recovery, together with an amount equal to such other Person’s ratable share (according to the proportion
of (a) the amount of such other Person’s required payment to (b) the total amount so recovered from the Recipient) of any interest or other amount paid or payable by the Recipient in respect of the total amount so recovered.

  

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 ARTICLE III 
 Representations and Warranties 
 SECTION 3.01. Representation and Warranties. 
 (a) The Seller. The Seller hereby makes the following representations and warranties to the Agent and the Investors as of the Closing Date, and the
Investors and the Agent shall be deemed to have relied on such representations and warranties in purchasing the Purchased Note on the Closing Date: 
 (i) the Seller repeats and reaffirms the representations and warranties of the Seller set forth in Section 3.01 of the Pooling Agreement and represents and warrants that such representations and warranties are true and correct;

 (ii) each of the Transaction Documents executed by the Seller has been duly authorized, executed and delivered by the Seller, and is the
valid and legally binding obligation of the Seller, enforceable against the Seller in accordance with its terms, except that the enforcement thereof may be subject to (x) bankruptcy, insolvency, reorganization, moratorium or other similar laws
now or hereafter in effect relating to creditors’ rights generally and (y) general principles of equity and the discretion of the court before which any proceeding therefor may be brought; 
 (iii) the Purchased Note has been duly and validly authorized and, when executed and authenticated in accordance with the terms of the Indenture, and
delivered to and paid for in accordance with this Agreement, (x) will be duly and validly issued and outstanding and will constitute the valid and binding obligation of the Issuer enforceable against the Issuer in accordance with its terms,
except that the enforcement thereof may be subject to (A) bankruptcy, insolvency, reorganization, moratorium or other similar laws now or hereafter in effect relating to creditors’ rights generally and (B) general principles of equity
and the discretion of the court before which any proceeding therefor may be brought and (y) will be entitled to the benefits of the Indenture; 
 (iv) there is no pending or, to the Seller’s knowledge, threatened action, suit or proceeding by or against the Seller before any Governmental Authority or any arbitrator (w) asserting the invalidity of this Agreement, any other
Transaction Document or the Purchased Note, (x) seeking to prevent the issuance of the Purchased Note or the consummation of any of the transactions contemplated by this Agreement or any other Transaction Document, (y) that might
materially and adversely affect the performance by the Seller or the Issuer of its obligations under, or the validity or enforceability of, this Agreement, any other Transaction Document or the Purchased Note or (z) that if determined adversely
as to the Seller or the Issuer would have a Material Adverse Effect; 
 (v) except for those caused by the failure of NFC and its affiliates
to deliver its financial statements and related financial information for (i) the fiscal years ended October 31, 2005, October 31, 2006 and October 31, 2007, (ii) the fiscal quarters ended
January 31, April 30 and July 31 of 2006, (iii) the fiscal quarters ended January 31, April 30 and July 31 

  

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of 2007, or (iv) the fiscal quarters ended January 31, April 30 and July 31 of 2008, in each case, prior to the earliest of
(1) November 30, 2008, (2) five (5) Business Days after the filing thereof with the Commission and (3) the date on which such financial statements are (or any of them is) required to be delivered pursuant to the Credit
Agreement, the Seller (x) is not in violation of its Certificate of Incorporation or By-Laws and (y) is not in breach or violation of any of the terms or provisions of, or with the giving of notice or lapse of time, or both, would be in
default under, any contract, indenture, mortgage, deed of trust, loan agreement, note, lease, partnership agreement, or other agreement or instrument to which the Seller is a party or by which it may be bound or to which any of its properties or
assets may be subject, except for such violations or defaults that would not have a Material Adverse Effect; 
 (vi) any taxes, fees and
other charges of Governmental Authorities applicable to the Seller in connection with the execution, delivery and performance by the Seller of the Transaction Documents or otherwise applicable to the Seller in connection with the Issuer have been
paid or will be paid by the Seller at or prior to the Closing Date to the extent then due, except for any such failures to pay which, individually and in the aggregate, would not have a Material Adverse Effect; 
 (vii) the Issuer has been duly created and is validly existing under the laws of the State of Delaware and the Seller has authorized the Issuer to issue
and sell the Purchased Note; 
 (viii) on the date hereof, the Seller is not insolvent or the subject of any voluntary or involuntary
bankruptcy proceeding; 
 (ix) no proceeds of a purchase hereunder will be used by the Seller (x) for a purpose that violates or would
be inconsistent with Regulations T, U or X promulgated by the Board of Governors of the Federal Reserve System from time to time or (y) to acquire any security in any transaction in violation of Section 13 or 14 of the Securities Exchange
Act of 1934, as amended; 
 (x) assuming the accuracy of the representations and warranties of the Conduit Investor set forth herein, the
sale of the Purchased Note pursuant to the terms of this Agreement and the Indenture will not require registration of the Purchased Note under the Act; 
 (xi) neither the Issuer nor the Seller is an “investment company” or is controlled by an “investment company” within the meaning of the 1940 Act; 
 (xii) no written information furnished or to be furnished by the Seller or any of its Affiliates, agents or representatives to the Investors or the Agent
for purposes of or in connection with this Agreement, including, without limitation, any reports delivered pursuant to Section 5.02 and any information relating to the Receivables and NFC’s retail receivables financing business, is or
shall be inaccurate in any material respect, or contains or shall contain any material misstatement of fact, or omits or shall omit to state a material fact or any fact necessary to make the statements contained therein not misleading, in each case
as of the date such information was or shall be stated or certified and as of the date such information was 

  

 13 

 
delivered by the Seller or any of its Affiliates, agents or representatives to the Investors or the Agent; 
 (xiii) the Indenture is not required to be qualified under the Trust Indenture Act; and 
 (xiv) (A) the Seller’s chief executive office and principal place of business is, and has been at all times during the five years preceding the date
of this Agreement, located in the State of Illinois and (B) the Seller is a “registered organization” (as defined in Section 9-102 of the UCC) incorporated in the State of Delaware and, for purposes of Article 9 of the UCC, NFC
is, and has been at all times during the five years preceding the date of this Agreement, located in the State of Delaware. 
 (b)
NFC. NFC hereby makes the following representations and warranties to the Investors and the Agent as of the Closing Date, and the Investors and the Agent shall be deemed to have relied on such representations and warranties in purchasing the
Purchased Note on the Closing Date: 
 (i) NFC repeats and reaffirms the representations, warranties and covenants of the Servicer set forth
in Section 5.01 of the Servicing Agreement and the representations and warranties of NFC set forth in Sections 3.02 and 5.01 of the Purchase Agreement and represents and warrants that all such representations and warranties are true and correct
as of such date; 
 (ii) no Governmental Action which has not been obtained is required by or with respect to NFC in connection with any of
the Transaction Documents, except any such failure which would not have a Material Adverse Effect; 
 (iii) each of the Transaction Documents
has been duly authorized, executed and delivered by NFC, and is the valid and legally binding obligation of NFC, enforceable against NFC in accordance with its terms, except that the enforcement thereof may be subject to (x) bankruptcy,
insolvency, reorganization, moratorium or other similar laws now or hereafter in effect relating to creditors’ rights generally and (y) general principles of equity and the discretion of the court before which any proceeding therefor may
be brought; 
 (iv) the Purchased Note has been duly and validly authorized and, when executed and authenticated in accordance with the terms
of the Indenture, and delivered to and paid for in accordance with this Agreement, (x) will be duly and validly issued and outstanding and will constitute the valid and binding obligation of the Issuer enforceable against the Issuer in
accordance with its terms, except that the enforcement thereof may be subject to (A) bankruptcy, insolvency, reorganization, moratorium or other similar laws now or hereafter in effect relating to creditors’ rights generally and
(B) general principles of equity and the discretion of the court before which any proceeding therefor may be brought and (y) will be entitled to the benefits of the Indenture; 
 (v) there is no pending or, to NFC’s knowledge, threatened action, suit or proceeding by or against NFC or the Seller before any Governmental
Authority or any arbitrator (w) asserting the invalidity of this Agreement, any other Transaction Document or the Purchased Note, (x) seeking to prevent the issuance of the Purchased Note or the consummation of any of 

  

 14 

 
the transactions contemplated by this Agreement or any other Transaction Document, (y) that might materially and adversely affect the performance by any
of NFC, the Seller or the Issuer of its obligations under, or the validity or enforceability of, this Agreement, any other Transaction Document or the Purchased Note or (z) that if determined adversely as to NFC, the Seller or the Issuer would
have a Material Adverse Effect; 
 (vi) except for those caused by the failure of NFC and its affiliates to deliver its financial statements
and related financial information for (i) the fiscal years ended October 31, 2005, October 31, 2006 and October 31, 2007, (ii) the fiscal quarters ended January 31, April 30 and July 31 of 2006,
(iii) the fiscal quarters ended January 31, April 30 and July 31 of 2007, or (iv) the fiscal quarters ended January 31, April 30 and July 31 of 2008, in each case, prior to the earliest of
(1) November 30, 2008, (2) five (5) Business Days after the filing thereof with the Commission and (3) the date on which such financial statements are (or any of them is) required to be delivered pursuant to the Credit
Agreement, NFC (x) is not in violation of its Certificate of Incorporation or By-Laws and (y) is not in breach or violation of any of the terms or provisions of, or with the giving of notice or lapse of time, or both, would be in default
under, any contract, indenture, mortgage, deed of trust, loan agreement, note, lease, partnership agreement, or other agreement or instrument to which NFC is a party or by which it may be bound or to which any of its properties or assets may be
subject, except for such violations or defaults that would not have a Material Adverse Effect; 
 (vii) any taxes, fees and other charges of
Governmental Authorities applicable to NFC in connection with the execution, delivery and performance by NFC of the Transaction Documents or otherwise applicable to NFC in connection with the Issuer have been paid or will be paid by NFC at or prior
to the Closing Date to the extent then due, except for any such failures to pay which, individually and in the aggregate, would not have a Material Adverse Effect; 
 (viii) the Issuer has been duly created and is validly existing under the laws of the State of Delaware; 
 (ix) on the date hereof, NFC is not insolvent or the subject of any insolvency proceeding; 
 (x) no written information furnished
or to be furnished by NFC or its Affiliates, agents or representatives to the Investors or the Agent for purposes of or in connection with this Agreement, including, without limitation, any reports delivered pursuant to Section 5.02 and any
information relating to the Receivables and NFC’s retail receivable financing business, is or shall be inaccurate in any material respect, or contains or shall contain any material misstatement of fact, or omits or shall omit to state a
material fact or any fact necessary to make the statements contained therein not misleading, in each case as of the date such information was or shall be stated or certified, and such information heretofore furnished remains true and correct in all
material respects as of the date such information was delivered by NFC or any of its Affiliates, agents or representatives to the Investors or the Agent. 
 (xi) (x) NFC’s chief executive office and principal place of business is, and has been at all times during the five (5) years preceding the date of this Agreement, located in the 

  

 15 

 
State of Illinois and (y) NFC is a “registered organization” (as defined in Section 9-102 of the UCC) incorporated in the State of
Delaware and, for purposes of Article 9 of the UCC, NFC is, and has been at all times during the five years preceding the date of this Agreement, located in the State of Delaware. 
 (c) Investors and Agent. The Investors and the Agent (each as to itself only) hereby make the following representations and warranties to the
Seller and NFC as of the Closing Date, and the Seller shall be deemed to have relied on such representations and warranties in selling the Purchased Note on the Closing Date: 
 (i) The Purchased Note (or its interest therein) will be acquired for investment only and not with a view to any public distribution thereof, and no
Investor will offer to sell or otherwise dispose of its interest in the Purchased Note so acquired by it (or any interest therein) in violation of any of the registration requirements of the Act or any applicable state or other securities laws.

 (ii) The Agent and each Investor acknowledges that it has no right to require the Seller to register the Purchased Note under the Act or
any other securities law. 
 (iii) The Agent and each Investor has such knowledge and experience in financial and business matters as to be
capable of evaluating the merits and risks of an investment in the Purchased Note, and it is able to bear the economic risk of such investment. The Agent and each Investor has reviewed the Pooling Agreement, the Servicing Agreement and the Indenture
(including the schedule and exhibits thereto) and have had the opportunity to perform due diligence with respect thereto and to ask questions of and receive answers from the Seller and its representatives concerning the Seller, the Issuer and the
Purchased Note. 
 (iv) Each Investor and the Agent is an “accredited investor” as defined in Rule 501, promulgated by the
Securities and Exchange Commission (the “Commission”) under the Act. 
 (v) None of the Investors or the Agent is required
to register as an “investment company” nor is any Investor or the Agent controlled by an “investment company” within the meaning of the 1940 Act. 
 ARTICLE IV 
 Conditions 
 SECTION 4.01. Conditions Precedent. 
 (a) The obligation of the Agent, for the benefit of the
Investors to purchase the Purchased Note, is subject to the conditions precedent that (i) the Agent shall have received on or before the Closing Date each of the Transactions Documents, (ii) the Agent shall have received the certificates,
opinions, lien searches and other items listed on Exhibit A hereto, (iii) the Agent shall have received all fees and expenses required to be paid on such date pursuant to the terms of this Agreement and the Fee Letter and (iv) all
conditions precedent under the Indenture and the other Transaction Documents shall have been satisfied. 
  

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 (b) The funding of the Initial Invested Amount shall be subject to the further conditions precedent that:

 (i) the Agent has received copies of all settlement statements and all reports required to be delivered by the Servicer pursuant to
Section 2.17 of the Servicing Agreement; 
 (ii) each of the representations and warranties of the Seller and the Servicer made herein
and of the Issuer made in the Transaction Documents shall be true and correct in all material respects as of the Closing Date (except to the extent they expressly relate to an earlier or later date); 
 (iii) the Seller, the Issuer and the Servicer shall be in compliance in all material respects with all of their respective covenants contained in the
Transaction Documents; 
 (iv) no Event of Default shall have occurred and be continuing and no Event of Default shall occur as a result of
funding the Initial Invested Amount; and 
 (v) the Aggregate Starting Receivables Balance shall equal or exceed $287,268,173.68. 

ARTICLE V 
 Covenants of the Seller and
Servicer 
 SECTION 5.01. Access. So long as the Purchased Note remains outstanding, each of NFC and the Seller will, at any time
from time to time during regular business hours with reasonable notice to the Seller and NFC, permit the Investors or the Agent, or their agents or representatives to: 
 (a) examine all books, records and documents (including computer tapes and disks) in the possession or under the control of the Seller or NFC relating to the Receivables (including, without limitation, such books,
records and documents as may be necessary to verify the accuracy of the Servicer’s Certificates), and 
 (b) visit the offices and
property of the Seller or NFC for the purpose of examining such materials described in clause (a) above; 
 it being understood that except as provided
in Section 8.12, any information obtained by an Investor or the Agent pursuant to this Section 5.01 shall be held in confidence by the Investors and the Agent unless and to the extent such information (i) has become available to the
public, (ii) is required or requested by any Governmental Authority or in any court proceeding or (iii) is required by any Governmental Rule. In the case of any disclosure permitted by clause (ii) or (iii) an Investor and the
Agent shall use commercially reasonable efforts to (x) provide the Seller with advance notice of any such disclosure and (y) cooperate with the Seller in limiting the extent or effect of any such disclosure. 
  

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 SECTION 5.02. Information from NFC. So long as the Purchased Note remains outstanding, NFC will
furnish to the Agent: 
 (a) a copy of each certificate, opinion, report, statement, notice or other communication (other than investment
instructions) furnished by or on behalf of NFC or the Seller to the Indenture Trustee under any Transaction Document, concurrently therewith, and promptly after receipt thereof, a copy of each notice, demand or other communication received by or on
behalf of NFC or the Seller under any Transaction Document; 
 (b) such other information (including financial information), documents,
records or reports respecting the Trust, the Receivables, the Seller or, to the extent it relates to the origination of Receivables or the servicing of the Trust, NFC, as the Investors or Agent may from time to time reasonably request; 

(c) (I) except as provided in immediately succeeding clause (II), for periods after the Closing Date, as soon as available and in any event within
(i) 45 days after the end of each of the first three fiscal quarters of any fiscal year and (ii) 120 days after the end of the last fiscal quarter of any fiscal year, copies of the interim or annual, as applicable, financial statements of
NFC, prepared in conformity with generally accepted accounting principles consistently applied and (II) on or before the earliest of (1) November 30, 2008, (2) five (5) Business Days after the filing thereof with the Commission
and (3) the date on which such financial statements are (or any of them is) required to be delivered pursuant to the Credit Agreement, copies of the interim or annual, as applicable, financial statements of NFC for (i) the fiscal year
ended October 31, 2007, and (ii) the fiscal quarters ended January 31, April 30 and July 31 of 2008 (provided, that, NFC shall not be required to deliver the interim financial statements described in this clause
(ii) to the extent that (x) the lenders party to the Credit Agreement have waived in writing the corresponding requirement set forth in the Credit Agreement and (ii) JPMorgan Chase, as a lender under the Credit Agreement, has
affirmatively consented to any such waiver), in each case, prepared in conformity with generally accepted accounting principles consistently applied (except to the extent any such inconsistencies are described therein); 
 (d) as soon as possible and in any event within two Business Days after knowledge thereof by a Responsible Officer of NFC, notice of each Event of
Default or event which with the giving of notice or the passage of time or both would constitute an Event of Default; and 
 (e) on or before
the earlier of (1) November 30, 2008 and (2) the date on which such reports are required to be delivered pursuant to the Credit Agreement, a copy of agreed-upon procedures letters prepared by a firm of independent accountants, with
respect to the fiscal years ended October 31, 2006 and October 31, 2007, relating to receivables serviced by NFC for others in accordance with the requirements of the Minimum Servicing Standards set forth in Exhibit A to the
Servicing Agreement. 
 SECTION 5.03. Security Interests; Further Assurances. The Seller will take all action reasonably necessary to
maintain the Indenture Trustee’s first priority perfected security interest in the Receivables and the other Collateral (to the extent it constitutes Code Collateral) granted pursuant to the Indenture. The Seller agrees to take any and all acts
and to 

  

 18 

 
execute any and all further instruments necessary or reasonably requested by the Investors or the Agent to more fully effect the purposes of this Agreement.

 SECTION 5.04. Conduct of Business. The Seller and the Servicer shall do all things necessary to remain duly incorporated, validly
existing and in good standing as a domestic corporation (or other business entity) in its jurisdiction of incorporation (or formation) and the Seller will cause the Issuer to do all things necessary to remain duly organized, validly existing and in
good standing as a statutory Issuer in the State of Delaware. The Servicer shall maintain all requisite authority to conduct its business in each jurisdiction in which its business requires such authority except, in each case, where the failure to
do so does not, and is not reasonably expected to, have a Material Adverse Effect. 
 SECTION 5.05. Compliance with Laws. The Seller
and the Servicer shall comply in all material respects with all laws, rules, regulations, orders, writs, judgments, injunctions, decrees or awards to which it may be subject or which are applicable to the Collateral except where the failure to so
comply does not, and is not reasonably expected to, have a Material Adverse Effect. 
 SECTION 5.06. Replacement of Trustee. If at any
time the identity of the Owner Trustee and the Indenture Trustee is such that the Issuer Indenture Act would require the replacement of the Owner Trustee and/or the Indenture Trustee (assuming for this purpose that the Indenture were required to be
qualified thereunder), then the Seller shall (or shall cause the Issuer to) so replace the Owner Trustee and/or the Indenture Trustee, as applicable, in each case, within 180 days following the event which precipitated such replacement, with an
Owner Trustee and/or Indenture Trustee, as applicable, reasonably satisfactory to the Agent. 
 SECTION 5.07. Compliance with Opinion
Assumptions. Each of the Seller and NFC shall at all times (as to itself) conduct its affairs in all material respects in accordance with the factual assumptions applicable to it set forth in, and forming the basis of, the bankruptcy opinion(s)
of Kirkland & Ellis delivered pursuant to Section 4.01(a). 
 SECTION 5.08. Further Covenants. Each of the Seller
and NFC will duly observe and perform each of its covenants set forth in the other Transaction Documents in all material respects. 
 SECTION
5.09. Amendments. Neither the Seller nor NFC will make, or permit any Person to make, any amendment, modification or change to, or provide any waiver under any Transaction Document without the prior written consent of the Agent. 

ARTICLE VI 
 Indemnification

 SECTION 6.01. Indemnities by the Seller and the Servicer. Without limiting any other rights that the Agent or any Investor may
have hereunder or under applicable law, (A) the Seller hereby agrees to indemnify (and pay upon demand to) the Agent, each Investor and their respective assigns, officers, directors, agents and employees (each an “Indemnified
Party”) from and against any and all damages, losses, claims, taxes, liabilities, 

  

 19 

 
costs, expenses and for all other amounts payable, including reasonable attorneys’ fees (which attorneys may be employees of the Agent or such Investor)
and disbursements (all of the foregoing being collectively referred to as “Indemnified Amounts”) awarded against or incurred by any of them arising out of or as a result of this Agreement or the acquisition, either directly or
indirectly, by an Investor of the Purchased Note (or any interest therein), and (B) the Servicer hereby agrees to indemnify (and pay upon demand to) each Indemnified Party for Indemnified Amounts awarded against or incurred by any of them
arising out of the Servicer’s activities as Servicer excluding, however, in all of the foregoing instances under the preceding clauses (A) and (B) : 
 (i) Indemnified Amounts to the extent such Indemnified Amounts resulted from gross negligence or willful misconduct on the part of the Indemnified Party seeking indemnification; 
 (ii) Indemnified Amounts to the extent arising from the acts or omissions of a successor Servicer; 
 (iii) Indemnified Amounts to the extent the same includes losses in respect of Receivables that are uncollectible; 
 (iv) taxes imposed by any jurisdiction in which such Indemnified Party is or would be subject to tax (unless such tax arises solely as a result of the
transactions contemplated by this Agreement) on or measured by the overall net income of such Indemnified Party to the extent that the computation of such taxes is consistent with the characterization for income tax purposes of the acquisition by
the Investors of interests in the Purchased Note as a loan or loans by the Investors to Seller secured by the Receivables; or 
 (v)
Indemnified Amounts arising from a breach of any representation or warranty with respect to any Receivable, to the extent such Receivable is repurchased in accordance with the terms of the Pooling Agreement and the Purchase Agreement; provided,
that, the exclusion set forth in this clause (v) shall not apply to any such Indemnified Amounts (A) arising from any failure by NFC (in any capacity), the Seller or any Receivable to comply with applicable law or (B) incurred in
connection with any third party claim, action or demand (whether threatened or pending), whether or not an Indemnified Party is a party thereto; 
 provided, however, that nothing contained in this sentence shall limit the liability of the Seller or NFC or limit the recourse of the Agent or the Investors to the Seller or NFC for amounts otherwise specifically provided to
be paid by the Seller or NFC under the terms of this Agreement or any other Transaction Document. 
 SECTION 6.02. Increased Cost and
Reduced Return. If after the date hereof, any Investor shall be charged any fee, expense or increased cost on account of the adoption of any applicable law, rule or regulation (including any applicable law, rule or regulation regarding capital
adequacy) or any change therein, or any change in the interpretation or administration thereof by any governmental authority, central bank or comparable agency charged with the interpretation or administration thereof or any accounting board or
authority (whether or not part of government) which is responsible for the establishment or interpretation 

  

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of national or international accounting principles, or compliance with any request or directive (whether or not having the force of law) of any such
authority, central bank or comparable agency or accounting board or authority (a “Regulatory Change”): (i) that subjects any Investor to any charge or withholding on or with respect to this Agreement or any Program Support
Agreement or an Investor’s obligations under this Agreement or a Program Support Agreement, or on or with respect to the Receivables, or changes the basis of taxation of payments to any Investor of any amounts payable under this Agreement or
any Program Support Agreement (except for changes in the rate of tax on the overall net income of an Investor) or taxes excluded by Section 6.01 or (ii) that imposes, modifies or deems applicable any reserve, assessment, insurance
charge, special deposit or similar requirement against assets of, deposits with or for the account of an Investor, or credit extended by an Investor pursuant this Agreement or a Program Support Agreement or (iii) that imposes any other
condition the result of which is to increase the cost to an Investor of performing its obligations under this Agreement or a Program Support Agreement, or to reduce the rate of return on an Investor’s capital as a consequence of its obligations
under this Agreement or a Program Support Agreement, or to reduce the amount of any sum received or receivable by an Investor under this Agreement or a Program Support Agreement or to require any payment calculated by reference to the amount of
interests or loans held or interest received by it, then, upon demand by the Agent, Seller shall pay to the Agent, for the benefit of the relevant Investor, such amounts charged to such Investor or such amounts to otherwise compensate such Investor
for such increased cost or such reduction. 
 SECTION 6.03. Other Costs and Expenses. Seller shall pay to the Agent on demand any and
all costs and expenses of the Agent and the Investors, if any, including reasonable counsel fees and expenses in connection with the enforcement of this Agreement and the other documents delivered hereunder and in connection with any restructuring
or workout of this Agreement or such documents, or the administration of this Agreement following an Event of Default. 
 ARTICLE VII

 The Agent 
 SECTION
7.01. Authorization and Action. Each Investor hereby irrevocably appoints, designates and authorizes the Agent to take such action on its behalf under the provisions of this Agreement and each other Transaction Document and to exercise such
powers and perform such duties as are expressly delegated to the Agent by the terms of this Agreement and any other Transaction Document, together with such other powers as are reasonably incidental thereto. Notwithstanding any provision to the
contrary contained elsewhere in this Agreement or in any other Transaction Document, the Agent shall not have any duties or responsibilities, except those expressly set forth in this Agreement, nor shall the Agent have or be deemed to have any
fiduciary relationship with any Investor, and no implied covenants, functions, responsibilities, duties, obligations or liabilities shall be read into this Agreement or any other Transaction Document or otherwise exist against the Agent. Without
limiting the generality of the foregoing sentence, the use of the term “agent” in this Agreement with reference to the Agent is not intended to connote any fiduciary or other implied (or express) obligations arising under agency doctrine
of any applicable law. Instead, such term is used 

  

 21 

 
merely as a matter of market custom, and is intended to create or reflect only an administrative relationship between independent contracting parties.

 SECTION 7.02. Delegation of Duties. The Agent may execute any of its duties under this Agreement or any other Transaction Document
by or through agents, employees or attorneys-in-fact and shall be entitled to the advice of counsel concerning all matters pertaining to such duties. The Agent shall not be responsible for the negligence or misconduct of any agent or
attorney-in-fact that it selects with reasonable care. 
 SECTION 7.03. Liability of Agent. No Agent-Related Person shall (i) be
liable for any action taken or omitted to be taken by any of them under or in connection with this Agreement or any other Transaction Document or the transactions contemplated hereby (except for its own gross negligence or willful misconduct), or
(ii) be responsible in any manner to any Investor for any recital, statement, representation or warranty made by the Seller, the Servicer, the Indenture Trustee, or any officer thereof, contained in this Agreement or in any other Transaction
Document, or in any certificate, report, statement or other document referred to or provided for in, or received by the Agent under or in connection with, this Agreement or any other Transaction Document, or the validity, effectiveness, genuineness,
enforceability or sufficiency of this Agreement or any other Transaction Document, or for any failure of the Seller, the Servicer, the Indenture Trustee, or any other party to any Transaction Document to perform its obligations hereunder or
thereunder. No Agent-Related Person shall be under any obligation to any Investor to ascertain or to inquire as to the observance or performance of any of the agreements contained in, or conditions of, this Agreement or any other Transaction
Document, or to inspect the properties, books or records of the Seller, the Servicer, the Indenture Trustee, or any of their respective Affiliates. 
 SECTION 7.04. Reliance by Agent. (a) The Agent shall be entitled to rely, and shall be fully protected in relying, upon any writing, resolution, notice, consent, certificate, affidavit, letter, telegram, facsimile, telex or
telephone message, statement or other document or conversation believed by it to be genuine and correct and to have been signed, sent or made by or on behalf of the proper Person or Persons, and upon advice and statements of legal counsel (including
counsel to the Seller, the Servicer and the Indenture Trustee), independent accountants and other experts selected by the Agent. The Agent shall be fully justified in failing or refusing to take any action under this Agreement or any other
Transaction Document unless it shall first receive such advice or concurrence of the Conduit Investor (and, if required by any Program Support Agreement, the requisite Program Support Providers) as it deems appropriate and, if it so requests, it
shall first be indemnified to its satisfaction by the Investors against any and all liability and expense which may be incurred by it by reason of taking or continuing to take any such action. The Agent shall in all cases be fully protected in
acting, or in refraining from acting, under this Agreement or any other Transaction Document in accordance with a request or consent of the Conduit Investor (and, if required by any Program Support Agreement, the requisite Program Support Providers)
or, if required hereunder, all Investors and such request and any action taken or failure to act pursuant thereto shall be binding upon all of the Investors. 
 (b) For purposes of determining compliance with the conditions specified in Article IV on the Closing Date, each Investor that has executed this Agreement shall be deemed to have consented to, approved or
accepted or to be satisfied with, each document or other matter 

  

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either sent by the Agent to such Investor for consent, approval, acceptance or satisfaction, or required thereunder to be consented to or approved by or
acceptable or satisfactory to such Investor. 
 SECTION 7.05. Notice of Event of Default. The Agent shall not be deemed to have
knowledge or notice of the occurrence of an Event of Default or an event which, with the giving of notice or passage of time, or both, would constitute an Event of Default unless the Agent has received written notice from an Investor referring to
this Agreement, describing such Event of Default or event which, with the giving of notice or passage of time, or both, would constitute an Event of Default stating that such notice is a “Notice of Event of Default”. The Agent will notify
the Investors of its receipt of any such notice. The Agent shall (subject to Section 7.04 ) take such action with respect to such Event of Default or event which, with the giving of notice or passage of time, or both, would constitute an
Event of Default as may be requested by the Conduit Investor (and, if required by any Program Support Agreement, the requisite Program Support Providers), provided , that, unless and until the Agent shall have received any such request, the
Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Event of Default or event which, with the giving of notice or passage of time, or both, would constitute an Event of Default as it
shall deem advisable or in the best interest of the Investors. 
 SECTION 7.06. Credit Decision; Disclosure of Information by the
Agent. Each Investor acknowledges that none of the Agent-Related Persons has made any representation or warranty to it, and that no act by the Agent hereinafter taken, including any consent to and acceptance of any assignment or review of the
affairs of the Seller, the Servicer, the Indenture Trustee, or any of their respective Affiliates, shall be deemed to constitute any representation or warranty by any Agent-Related Person to any Investor as to any matter, including whether the
Agent-Related Persons have disclosed material information in their possession. Each Investor, including any Investor by assignment, represents to the Agent that it has, independently and without reliance upon any Agent-Related Person and based on
such documents and information as it has deemed appropriate, made its own appraisal of and investigation into the business, prospects, operations, property, financial and other condition and creditworthiness of the Seller, the Servicer or the
Indenture Trustee, or their respective Affiliates, and all applicable bank regulatory laws relating to the transactions contemplated hereby, and made its own decision to enter into this Agreement and to extend credit to the Seller hereunder. Each
Investor also represents that it shall, independently and without reliance upon any Agent-Related Person and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit analysis, appraisals and
decisions in taking or not taking action under this Agreement and the other Transaction Documents, and to make such investigations as it deems necessary to inform itself as to the business, prospects, operations, property, financial and other
condition and creditworthiness of the Seller, the Servicer or the Indenture Trustee. Except for notices, reports and other documents expressly herein required to be furnished to the Investors by the Agent herein, the Agent shall not have any duty or
responsibility to provide any Investor with any credit or other information concerning the business, prospects, operations, property, financial and other condition or creditworthiness of the Seller, the Servicer, the Indenture Trustee, or their
respective Affiliates which may come into the possession of any of the Agent-Related Persons. 
  

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 SECTION 7.07. Indemnification of the Agent. Whether or not the transactions contemplated hereby
are consummated, the Program Support Providers shall indemnify upon demand each Agent-Related Person, pro rata, and hold harmless each Agent-Related Person from and against any and all damages, losses, claims, liabilities, costs and expenses,
including reasonable attorneys’ fees (which such attorneys may be employees of the Program Support Providers or the Agent) and disbursements awarded against or incurred by it; provided, that no Program Support Provider shall be liable for the
payment to any Agent-Related Person of any portion of such amounts resulting from such Person’s gross negligence or willful misconduct; provided, further, that no action taken in accordance with the directions of the Conduit Investor (and, if
required by any Program Support Agreement, the requisite Program Support Providers) shall be deemed to constitute gross negligence or willful misconduct for purposes of this Section. Without limitation of the foregoing, each Program Support Provider
shall reimburse the Agent upon demand for its ratable share of any costs or out-of-pocket expenses (including attorney’s fees) incurred by the Agent in connection with the preparation, execution, delivery, administration, modification,
amendment or enforcement (whether through negotiations, legal proceedings or otherwise) of, or legal advice in respect of rights or responsibilities under, this Agreement, any other Transaction Document, or any document contemplated by or referred
to herein. The undertaking in this Section shall survive payment in full of the Purchased Note and the resignation or the replacement of the Agent. 
 SECTION 7.08. Agent in Individual Capacity. JPMorgan Chase (and any successor Agent) and its Affiliates may make loans to, issue letters of credit for the account of, accept deposits from, acquire equity interests in and generally
engage in any kind of banking, trust, financial advisory, underwriting or other business with any of the Seller, the Servicer, the Indenture Trustee, or any of their Affiliates as though JPMorgan Chase were not the Agent hereunder and without notice
to or consent of the Investors. The Investors acknowledge that, pursuant to such activities, JPMorgan Chase or its Affiliates may receive information regarding the Seller, the Servicer, the Indenture Trustee, or their respective Affiliates
(including information that may be subject to confidentiality obligations in favor of such Person) and acknowledge that the Agent shall be under no obligation to provide such information to them. 
 SECTION 7.09. Resignation of Agent. The Agent may resign as Agent upon thirty (30) days’ notice to the Investors. If the Agent resigns
under this Agreement, the Investors shall appoint from among the Program Support Providers a successor agent for the Investors. If no successor agent is appointed prior to the effective date of the resignation of the Agent, the Agent may appoint,
after consulting with the Investors, a successor agent from among the Program Support Providers. Upon the acceptance of its appointment as successor agent hereunder, such successor agent shall succeed to all the rights, powers and duties of the
retiring Agent and the term “Agent” shall mean such successor agent and the retiring Agent’s appointment, powers and duties as Agent shall be terminated. After any retiring Agent’s resignation hereunder as Agent, the provisions
of this Section 7.09 and Sections 7.03 and 7.07 shall inure to its benefit as to any actions taken or omitted to be taken by it while it was the Agent under this Agreement. If no successor agent has accepted appointment as
Agent by the date which is thirty (30) days following a retiring Agent’s notice of resignation, the retiring Agent’s resignation shall nevertheless thereupon become effective and the Program Support Providers shall perform all of the
duties of the Agent hereunder until such time, if any, as the Investors appoint a successor agent as provided for above; provided that until such time as a 

  

 24 

 
successor agent shall have been appointed, the resigning Agent shall continue to hold the Purchased Note as “nominee” for the Investors.

 SECTION 7.10. Payments by the Agent. Unless specifically allocated to an Investor pursuant to the terms of this Agreement, all
amounts received by the Agent on behalf of the Investors shall be paid by the Agent to the Investors pro rata in accordance with their respective outstanding funded portions of the Funded Amount on the Business Day received by the Agent,
unless such amounts are received after 12:00 noon on such Business Day, in which case the Agent shall use its reasonable efforts to pay such amounts to the Investors on such Business Day, but, in any event, shall pay such amounts to the Investors
not later than the following Business Day. 
 ARTICLE VIII 
 Miscellaneous 
 SECTION 8.01. Assignment. (a) This Agreement shall be binding on the
parties hereto and their respective successors and assigns; provided, that the Seller may not assign any of its rights or delegate any of its duties hereunder without the prior written consent of the Agent. The Conduit Investor may only
assign, participate, grant security interests in, or otherwise transfer any portion of its Note Interest, in each case, as provided in clause (b) below. No provision of this Agreement shall in any manner restrict the ability of any
Program Support Provider to assign, participate, grant security interests in, or otherwise transfer any portion of its Note Interest, provided that any such transfer shall be in accordance with the terms of the Indenture. All costs and
expenses of the Agent incurred in connection with any assignment hereunder shall be borne by the Seller. 
 (b) The Conduit Investor may,
from time to time, with prior or concurrent notice to the Seller and the Indenture Trustee, in one transaction or a series of transactions, assign, participate, grant security interests in, or otherwise transfer all or a portion of its Note Interest
and its rights and obligations under this Agreement and any other Transaction Document to which it is a party (x) without the consent of the Seller or any other Person, (i) to a Conduit Assignee, (ii) to any Program Support Provider
or (iii) to any other commercial paper conduit which satisfies the Assignee Rating Criteria and (y) with the consent of the Seller (such consent not to be unreasonably withheld or delayed), to any Person not described in preceding clause
(x); provided, that, the Conduit Investor may, during the continuance of an Event of Default, assign, participate, grant security interests in, or otherwise transfer all or a portion of its Note Interest and its rights and obligations under
this Agreement and any other Transaction Document to which it is a party, in each case, without the consent of the Seller or any other Person. Subject to the transfer restrictions set forth in the Indenture, upon and to the extent of such assignment
or other transfer by the Conduit Investor, (i) such assignee shall be the owner of the assigned or transferred portion of the Note Interest, (ii) if such assignee is a Conduit Assignee (or another commercial paper conduit), such Conduit
Assignee (or other commercial paper conduit) and its liquidity support provider(s) and credit support provider(s) and other related parties shall have the benefit of all the rights and protections provided to a Conduit Investor and its Program
Support Provider(s) herein and in the other Transaction Documents (including any limitation on recourse against such Conduit Assignee (or other commercial paper conduit) or related parties, 

  

 25 

 
any agreement not to file or join in the filing of a petition to commence an insolvency proceeding against such Conduit Assignee (or other commercial paper
conduit), and the right to assign or otherwise transfer to another Conduit Assignee(or commercial paper conduit) as provided in this paragraph), (iii) such assignee shall assume all (or the assigned or assumed portion) of the Conduit
Investor’s obligations, if any, hereunder or under any other Transaction Document, and the Conduit Investor shall be released from such obligations, in each case to the extent of such assignment, and the obligations of the Conduit Investor and
such assignee shall be several and not joint, (iv) all distributions in respect of its Note Interest shall be made to the Agent, on behalf of the Conduit Investor and such assignee according to their respective Note Interests, (v) the
defined terms and other terms and provisions of this Agreement and the other Transaction Documents shall be interpreted in accordance with the foregoing, and (vi) if requested by the Agent with respect to the assignee, the parties will execute
and deliver such further agreements and documents and take such other actions as the Agent may reasonably request to evidence and give effect to the foregoing. 
 SECTION 8.02. Notices. Except in the case of notices and other communications expressly permitted to be given by telephone, all notices and other communications provided for herein shall be in writing and shall
be delivered by hand or overnight courier service or sent by telecopy or by e-mail (if the recipient has provided an e-mail address), as follows: 
 (a) if to the Seller or the Servicer, at its address or telecopy number set forth in Appendix B to the Pooling Agreement; 
 (b) if
to the Conduit Investor: 
 JS Siloed Trust 
 10 S. Dearborn Street 
 13th Floor, Chase Tower 
 Chicago, Illinois 60603 
 Attention: Conduit
Securitization Group 
 Email: abs.treasury.dept@jpmorgan.com 
 Phone: (312) 732-7206 
 Fax: (312) 732-1844 
 (c) if to the Agent: 
 JPMorgan Chase Bank,
N.A. 
 10 S. Dearborn Street 
 13th Floor, Chase Tower 
 Chicago, Illinois 60603 
 Attention: Conduit Securitization Group 
 Email: abs.treasury.dept@jpmorgan.com 
 Phone: (312) 732-7206 
 Fax: (312) 732-1844

  

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 All notices and other communications given to any party hereto in accordance with the provisions of this
Agreement shall be deemed to have been given on the date of receipt. 
 SECTION 8.03. Waivers; Amendments. 
 (a) No waiver of any provision of this Agreement or consent to any departure by the Seller therefrom shall in any event be effective unless the same shall
be permitted by Section 8.03(b), and then such waiver or consent shall be effective only in the specific instance and for the purpose for which given. Without limiting the generality of the foregoing, the Funding of the Purchased Note
shall not be construed as a waiver of any Event of Default, regardless of whether the Indenture Trustee, the Seller, the Servicer, the Agent or the Conduit Investor may have had notice or knowledge of such Event of Default at the time. 

(b) Any provision of the Agreement may be amended or waived by (x) the Seller or Servicer if, but only if, it is in writing and signed by such
Person and (y) the Agent and the Investors, if, but only if, it is in writing and signed by the Agent and the Conduit Investor. Any consent or other election or action to be taken by an Investor pursuant to the Indenture shall be taken by the
Agent as registered Holder of the Purchased Note, in each case with the consent of the applicable Investors (the Seller shall have no obligation to inquire as to such consent and may rely on any consent, election or action taken by the Agent as such
Holder). 
 (c) No waiver, amendment or modification of the Transaction Documents or any other agreement referred to herein or therein to
which the Seller is a party (other than this Agreement) shall affect any of the rights or obligations under this Agreement of any party hereto unless such party has given its written consent to such waiver, amendment or modification. 
 (d) A failure or delay in exercising any right, power or privilege in respect of this Agreement will not be presumed to operate as a waiver, and a single
or partial exercise of any right, power or privilege will not be presumed to preclude any subsequent or further exercise, of that right, power or privilege or the exercise of any other right, power or privilege. 
 SECTION 8.04. Survival. All covenants, agreements, representations and warranties made by the Seller and the Servicer herein and in the
certificates or other instruments delivered in connection with or pursuant to this Agreement shall be considered to have been relied upon by the other parties hereto and shall survive the execution and delivery of this Agreement and the funding of
the Purchased Note, regardless of any investigation made by any such other party or on its behalf and notwithstanding that the Indenture Trustee, the Agent or the Conduit Investor may have had notice or knowledge of any Event of Default or incorrect
representation or warranty at the time any credit is extended hereunder, and shall continue in full force and effect as long as the Purchased Note or any amount payable under this Agreement is outstanding and unpaid. 
 SECTION 8.05. Counterparts; Integration; Effectiveness. This Agreement may be executed in counterparts (and by different parties hereto on
different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. This Agreement, the Indenture and the other Transaction Documents constitute the entire contract among the
parties relating to the subject matter hereof and supersede any and 

  

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all previous agreements and understandings, oral or written, relating to the subject matter hereof. This Agreement shall become effective when it shall have
been executed by each of the parties hereto and thereafter this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns. Delivery of an executed counterpart of a signature page of
this Agreement by telecopy shall be effective as delivery of a manually executed counterpart of this Agreement. 
 SECTION 8.06.
Severability. Any provision of this Agreement held to be invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting
the validity, legality and enforceability of the remaining provisions hereof; and the invalidity of a particular provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction. 
 SECTION 8.07. Governing Law; Waiver of Jury Trial Right. 
 (a) This Agreement shall be construed in accordance with the laws of the State of New York, without reference to its conflict of laws provisions (other than Section 5-1401 of the new York General Obligations
Law), and the obligations, rights and remedies of the parties hereunder shall be determined in accordance with such laws. 
 (b) TO THE
EXTENT PERMITTED BY LAW, EACH OF THE PARTIES TO THIS AGREEMENT HEREBY IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT. 
 SECTION 8.08. No Bankruptcy Petition Against the Conduit Investor or CP Issuer. Each of the Investors, the Agent, the Seller and the Servicer
hereby covenants and agrees that, prior to the date which is one year and one day (or the then applicable preference period) after the payment in full of all outstanding Commercial Paper or other rated indebtedness of the Conduit Investor or any CP
Issuer, it will not institute against, or join any other Person in instituting against, the Conduit Investor or such CP Issuer any proceeding of a type referred to in the definition of Event of Bankruptcy. 
 SECTION 8.09. Benefits of Indenture. Each of the Seller and the Servicer hereby acknowledges and confirms that each representation, warranty,
covenant and agreement made pursuant to the Indenture by the Seller and the Servicer is also made herein, all for the benefit and security of the Investors and the Agent. 
 SECTION 8.10. Headings. Article and Section headings and the Table of Contents used herein are for convenience of reference only, are not part of this Agreement and shall not affect the construction of, or be
taken into consideration in interpreting, this Agreement. 
 SECTION 8.11. No Recourse Against Conduit Investor, Members, Officers or
Directors. Notwithstanding anything to the contrary contained in this Agreement, the obligations of each Conduit Investor under this Agreement and all other Transaction Documents are solely the corporate obligations of such Conduit Investor and
shall be payable solely to the extent of funds received in accordance herewith or from any party to any Transaction Document in accordance with the terms thereof in excess of funds necessary to pay matured and maturing 

  

 28 

 
Commercial Paper. No recourse under any obligation, covenant or agreement of the Conduit Investor contained in this Agreement shall be had against any
stockholder, member, employee, officer, director or incorporator of the Conduit Investor or any beneficial owner of any of them, as such, by the enforcement of any assessment or by any legal or equitable proceeding, by virtue of any statute or
otherwise; it being expressly agreed and understood that this Agreement is solely a corporate obligation of the Conduit Investor, and that no personal liability whatsoever shall attach to or be incurred by the any stockholder, member, employee,
officer, director or incorporator of the Conduit Investor or any beneficial owner of any of them, as such, under or by reason of any of the obligations, covenants or agreements of the Conduit Investor contained in this Agreement, or implied
therefrom, and that any and all personal liability for breaches by the Conduit Investor of any of such obligations, covenants or agreements, either at common law or at equity, or by statute or constitution, of every such stockholder, member,
employee, officer, director or incorporator of the Conduit Investor or any beneficial owner of any of them, as such, is hereby expressly waived as a condition of and consideration for the execution of this Agreement; provided, that this
Section 8.11 shall not relieve any such stockholder, member, employee, officer, director or incorporator of the Conduit Investor or any beneficial owner of any of them, as such, of any liability it might otherwise have for its own
intentional misrepresentation or willful misconduct. 
 SECTION 8.12. Waiver of Confidentiality. Each of the Seller and the Servicer
hereby consents to the disclosure of any non-public information with respect to it received by the Agent or any Investor to (i) the Agent, any nationally recognized statistical rating organization rating the Conduit Investor’s (or its
related CP Issuer’s) Commercial Paper, any Program Support Provider or other Person providing financing to, or any member or other Person holding equity interests in, the Conduit Investor or any of the foregoing Person’s counsel or
accountants in relation to this Agreement or any other Transaction Document (as long as each of the foregoing Persons has been advised to keep such information confidential); (ii) any CP Issuer or any provider of liquidity or credit support
facilities to, or for the account of, a CP Issuer (as long as each of the foregoing Persons has been advised to keep such information confidential); and (iii) with the Seller’s and the Servicer’s consent (such consent not to be
unreasonably withheld or delayed), any other Investor or potential Investor. 
 SECTION 8.13. Confidentiality Agreement. Each of the
Seller and the Servicer hereby agrees that it will not disclose the contents of this Agreement or any other Transaction Document or any other proprietary or confidential information of or with respect to any Investor, the Agent or any Program
Support Provider to any other Person except (a) its auditors and attorneys, employees or financial advisors (other than any commercial bank) and any nationally recognized statistical rating organization, provided that such auditors,
attorneys, employees, financial advisors or rating agencies are informed of the highly confidential nature of such information, (b) as otherwise required by applicable law or order of a court of competent jurisdiction, including its regulators,
(c) in connection with any proceeding brought by or against it with respect to this Agreement or the related transactions contemplated hereby, (d) in any offering document prepared for the issuance and sale of the Notes if such disclosure
has been reviewed and agreed to by the Investors and the Agent and (e) that the Seller and Servicer may file copies of the Transaction Documents (other than the Fee Letter) with the Commission. 
  

 29 

 SECTION 8.14. Excess Funds. Notwithstanding any provisions contained in this Agreement to the
contrary, the Conduit Investor shall not, and shall not be obligated to, pay any amount pursuant to this Agreement unless (i) the Conduit Investor has received funds which may be used to make such payment and which funds are not required to
repay its (or its related CP Issuer’s) Commercial Paper when due and (ii) after giving effect to such payment, either (x) the Conduit Investor (or its related CP Issuer) could issue Commercial Paper to refinance all of its (and its
related CP Issuer’s) outstanding Commercial Paper (assuming such outstanding Commercial Paper matured at such time) in accordance with the program documents governing the Conduit Investor’s (and its related CP Issuer’s) securitization
program or (y) all of such Conduit Investor’s (and its related CP Issuer’s) Commercial Paper is paid in full. Any amount which the Conduit Investor does not pay pursuant to the operation of the preceding sentence shall not constitute
a claim (as defined in § 101 of the United States Bankruptcy Code) against or corporate obligation of the Conduit Investor for any such insufficiency unless and until the Conduit Investor satisfies the provisions of clauses (i) and
(ii) above. This Section shall survive the termination of this Agreement. 
 [Signature Pages Follow] 
  

 30 

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

			
	CONDUIT INVESTOR:
	
	JS SILOED TRUST,
		
	By:	 	 JPMorgan Chase Bank, N.A.,
 as Administrative Trustee

		
	By:	 	 /s/ Brian K. Honda

	Name:	 	Brian K. Honda
	Title:	 	Vice President

 [Signature Page to JS Siloed Trust Note Purchase Agreement] 

			
	SELLER:
	
	NAVISTAR FINANCIAL RETAIL RECEIVABLES CORPORATION, as Seller
		
	By:	 	 /s/ John V. Mulvaney, Sr.

	Name:	 	John V. Mulvaney Sr.
	Title:	 	V.P., CFO & Treasurer
	
	INDIVIDUALLY AND AS SERVICER: 
	
	NAVISTAR FINANCIAL CORPORATION, individually and as Servicer
		
	By:	 	 /s/ John V. Mulvaney, Sr.

	Name:	 	John V. Mulvaney Sr.
	Title:	 	V.P., CFO & Treasurer

 [Signature Page to JS Siloed Trust Note Purchase Agreement] 

			
	AGENT:
	
	JPMORGAN CHASE BANK, N.A.
		
	By:	 	 /s/ Brian K. Honda

	Name:	 	Brian K. Honda
	Title:	 	Vice President

  

			
	Payment Information:	 	JPMorgan Chase Bank, N.A.
		 	ABA: 021000021
		 	Account Number: 5948118
		 	Account Name: Jupiter Securitization LLC
		 	Ref: Navistar 2008-A
		 	Contact: Maria Mendizabal (312-732-4963)

 [Signature Page to JS Siloed Trust Note Purchase Agreement] 

 EXHIBIT A 
 DOCUMENTS TO BE DELIVERED TO THE AGENT 
 ON OR PRIOR TO THE CLOSING DATE 
  

	1.	Copies of the Resolutions of the board of Directors of each of Truck Retail Instalment Paper Corp., NFC and NFRRC certified by its Secretary authorizing its execution, delivery and
performance of each Transaction Document to which it is a party. 

  

	2.	Articles or Certificate of Incorporation or Formation for each of Truck Retail Instalment Paper Corp., NFC, NFRRC and the Issuer certified by the Secretary of State of its
jurisdiction of incorporation or formation on or within thirty (30) days prior to the Closing Date. 

  

	3.	Good Standing Certificates for each of Truck Retail Instalment Paper Corp., NFC, NFRRC and the Issuer issued by the Secretary of State of Delaware. 

  

	4.	A certificate of the Secretary of each of Truck Retail Instalment Paper Corp., NFC and NFRRC certifying (i) the names and signatures of the officers authorized on its behalf to
execute each Transaction Documents to which it is a party and (ii) a copy of By-Laws of NFC, NFRRC and Truck Retail Instalment Paper Corp. 

  

	5.	A favorable opinion of legal counsel for each of Truck Retail Instalment Paper Corp., NFC, NFRRC and the Issuer (which may include in-house counsel) reasonably acceptable to the
Agent which addresses the following matters and such other matters as the Agent may reasonably request: 

  

	 	•	 	 authorization, execution and delivery of the Transaction Documents; 

  

	 	•	 	 enforceability of the Transaction Documents against Truck Retail Instalment Paper Corp., NFC, NFRRC and the Issuer; 

  

	 	•	 	 perfection and priority of security interests; 

  

	 	•	 	 true sale of the Receivables from Truck Retail Instalment Paper Corp. to NFC and of the Receivables from NFC to the Seller, and non-consolidation of the Seller with
NFC; and 

  

	 	•	 	 treatment of the Purchased Note as debt for tax purposes. 

  

	6.	(i) UCC lien search reports (in Delaware) dated a date reasonably near the Closing Date listing all effective financing statements which name Truck Retail Instalment Paper
Corp., NFC, NFRRC or the Issuer (under its respective present or previous names), as debtor, together with copies of all such financing statements and (ii) tax lien search reports (in Delaware and Illinois) dated a date reasonably near the
Closing Date listing all effective federal tax liens which name Truck Retail Instalment Paper Corp., NFC or NFRRC (under its respective present or previous names), as debtor. 

  

 A-1 

	7.	UCC-1 financing statements filed in Delaware (i) naming Truck Retail Instalment Paper Corp., as seller or debtor and NFC, as purchaser or secured party, identifying the
Receivables and Related Security sold by it to NFC as collateral, (ii) naming NFC, as seller or debtor and NFRRC, as purchaser or secured party, identifying the Designated Receivables and Related Security as collateral, (iii) naming NFRRC,
as debtor, the Issuer, as assignor secured party, and the Indenture Trustee, as secured party, identifying the Receivables and Related Security as collateral and (iv) naming the Issuer, as debtor and the Indenture Trustee, as secured party,
identifying the Collateral as collateral. 

  

	8.	UCC-3 financing statements for filing in all appropriate jurisdictions to the extent necessary to terminate or release as a matter of record any security interest in the
Receivables, Related Security and Collections. 

  

	9.	A fully executed Retail Note Bill of Sale and Assignment, dated as of the Closing Date, duly executed by Truck Retail Instalment Paper Corp., relating to the Receivables and Related
Security sold by it to NFC, together with the related Release, dated as of the Closing Date, duly executed by The Bank of New York, as Indenture Trustee under the Indenture, dated as of October 16, 2000, between Truck Retail Instalment Paper
Corp. and The Bank of New York, as Indenture Trustee. 

  

	10.	Certificates and opinions with respect to the Indenture Trustee and the Owner Trustee as are customary in transactions of the type contemplated in the Transaction Documents, the
form and substance of which shall be reasonably satisfactory to the Agent. 

  

	11.	Substantially final drafts of a due diligence report (the scope of which must be reasonably acceptable to the Agent) prepared by a firm of independent accountants relating to the
Receivables and the test results contained in such report (including any exceptions) must be reasonably acceptable to the Agent. 

  

 A-2

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