Document:

Exhibit 4.7

 

MEMORANDUM OF
UNDERSTANDING

 

	TO:	Citibank, N.A., as Indenture Trustee
	 	 
	FROM:	CNH Industrial Capital America LLC and CNH Capital Receivables LLC
	 	 
	DATE:	November 23, 2022

 

Repurchase Demand Activity Reporting

 

This MEMORANDUM OF UNDERSTANDING, made as of the
date set forth above, specifies the terms of certain understandings between us, CNH Industrial Capital America LLC and CNH Capital Receivables
LLC (collectively, “CNH”), as securitizers of the asset-backed securities issued in connection with the CNH Equipment
Trust 2022-C transaction (the “Transaction”), CNH Equipment Trust 2022-C and you, Citibank, N.A., as indenture trustee,
under the terms of the related operative agreements for the Transaction (“Indenture Trustee”), with regard to the reporting
of certain asset repurchase demand activities related to the Transaction.

 

		1.	Repurchase Reporting. To assist in our compliance with our obligations as securitizer under Rule
15Ga-1 of The Securities Exchange Act of 1934 (“Rule 15Ga-1”), we have requested, and you have agreed to provide, certain
information regarding certain asset repurchase demand activities related to the Transaction in the manner, timing and format specified
below:
	 	 	 

		a.	[Reserved.]
	 	 	 

		b.	Quarterly Reporting. No later than the 15th business day following the end
of each calendar quarter (beginning with the fourth quarter of 2022) in which any asset-backed securities remain outstanding for the Transaction,
you have agreed to provide to us information regarding repurchase demand activity during the preceding calendar quarter related to the
underlying assets for the Transaction in substantially the form of Exhibit 1 hereto.
	 	 	 

		c.	Monthly Reporting. No later than the seventh business day of each month
(beginning in December 2022) in which any asset-backed securities remain outstanding for the Transaction, you have agreed to provide to
us information regarding repurchase demand activity during the preceding month related to the underlying assets for the Transaction in
substantially the form of Exhibit 1 hereto.

 

     

     

    

 

		2.	Understandings and Conditions. You have agreed to provide the requested information regarding repurchase
demand activities related to the Transaction subject to the following understandings and conditions:
	 	 	 

		a.	[Reserved.]
	 	 	 

		b.	Post July 22, 2010 Information. We understand and agree
that you will provide information related to activity only to the extent that you have such information or can obtain such information
without unreasonable effort or expense; provided that, we agree that your efforts to obtain such information is limited to a review of
your internal written records of repurchase demand activity for the Transaction and that you are not required to request information
from any unaffiliated parties.
	 	 	 

		c.	Repurchases. We understand and agree that the reporting of repurchase demand
activity pursuant to this memorandum is required only in respect of the Transaction to the extent that it includes a covenant to repurchase
or replace underlying assets upon breach of a representation or warranty.
	 	 	 

		d.	No Implied Duties. We acknowledge and agree that your reporting is limited
to information delivered in writing to a Responsible Officer that you have received or acquired solely in your capacity as Indenture Trustee
for the Transaction and not in any other capacity. We acknowledge and agree that in no event will Citibank, N.A. (individually or as Indenture
Trustee) have any responsibility or liability in connection with (i) the compliance by any person who is a Securitizer (as defined in
Rule 15Ga-1) of the Transaction, or any other person under the applicable rules and regulations or (ii) any filing required to be made
by a Securitizer under Rule 15Ga-1 in connection with the information provided hereunder; provided, however, the information delivered
by the Indenture Trustee hereunder will accurately reflect, in all material respects, the repurchase demands (or lack of any repurchase
demands) received by the Indenture Trustee as described herein. We further acknowledge and agree that, other than any express duties or
responsibilities as Indenture Trustee under the Transaction agreements, you have no duty or obligation to undertake any investigation
or inquiry related to repurchase demand activity or otherwise to assume any additional duties or responsibilities in respect of the Transaction,
and no such additional obligations or duties are implied in this memorandum. In addition, we acknowledge that you are entitled to the
full benefit of any and all protections, limitations on duties or liability and rights of indemnity provided by the terms of the Transaction
agreements in connection with any actions taken hereunder.
	 	 	 

			“Responsible Officer” means with respect to the
Indenture Trustee, the officer, employee or other person within the Corporate Trust Office of the Indenture Trustee having responsibility
for the administration of the Transaction.
	 	 	 

		e.	Term. Your
obligation to provide reporting with regard to the Transaction will continue so long as you serve as Indenture Trustee of the Transaction
and any asset-backed securities of the Transaction remain outstanding, or such earlier time as you are notified that such reporting no
longer is required.
	 	 	 

 

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		3.	Delivery. Unless and until you are otherwise notified in writing, any information provided hereunder
should be provided in electronic format via email and directed as follows:

 

Email: daniel.willemsvandijk@cnhind.com

Attention: Daniel Willems Van Dijk

 

		4.	Binding Effect; Succession. This memorandum is intended to reflect the understanding and agreement
between you and us with regard to the matters described herein. This memorandum is not intended to, and does not, amend or alter, in any
manner, the rights or obligations of the parties pursuant to the operative agreements for the Transaction or pursuant to any other memorandum
of understanding, and does not bind any of the parties’ successors or assigns under any agreements for the Transaction. However,
in the event of your termination or resignation as Indenture Trustee for the Transaction, you agree to undertake reasonable efforts to
assist in the transfer of data regarding repurchase demand activity to any successor.
	 	 	 

		5.	Acknowledgments. By signatures below, you and we acknowledge and agree that this Memorandum of
Understanding sets forth our understanding related to the terms of your agreement to provide certain repurchase information to us, as
securitizers for the Transaction. We further acknowledge and agree that we, as securitizers, have full responsibility for compliance with
all related reporting requirements associated with the Transaction and for all interpretive issues regarding this information.

 

[Remainder of page intentionally left blank.]

 

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	 	CNH Industrial Capital America LLC, as Securitizer
	 	 
	 	By:	 
	 	Name:   Daniel Willems Van Dijk
	 	Title:     Assistant Treasurer
	 	 
	 	 
	 	CNH Capital Receivables LLC, as Securitizer
	 	 
	 	By:	 
	 	Name:   Daniel Willems Van Dijk
	 	Title:     Assistant Treasurer
	 	 
	 	 
	 	CNH Equipment Trust 2022-C
	 	 
	 	By: CNH Capital Receivables LLC, as
    beneficiary
	 	 
	 	By:	 
	 	Name:   Daniel Willems Van Dijk
	 	Title:     Assistant Treasurer

 

Memorandum of Understanding

 

     

     

    

 

	 	Citibank, N.A., not in its individual 

capacity but solely as Indenture Trustee
	 	 
	 	By:	 
	 	Name:
	 	Title:

 

Memorandum of Understanding

 

     

     

    

 

Exhibit 1 

 

ASSET REPURCHASE DEMAND ACTIVITY REPORT

 

Reporting Period: __________________

 

 ̈ Check here if
nothing to report.

 

	Transaction	Loan No.	Activity During Period
	Date of Reputed Demand	Party Making Reputed Demand	Date of Withdrawal of Reputed DemandExhibit 4.8

 

November 23, 2022

Wilmington Trust Company

Rodney Square North

1100 North Market Street

Wilmington, Delaware 19890-0001

Attention: Corporate Trust Administration

 

Re:         Reporting of Repurchase Demands
Activity

 

Ladies and Gentlemen:

 

Reference is hereby
made to the transaction (the “Transaction”) as to which Wilmington Trust Company (“Wilmington”),
as trustee (in such capacity, the “Trustee”) is a party, and to the CNH Equipment Trust 2022-C trust created thereunder
(the “Issuer”). The Issuer and the Depositor and/or their affiliates are required to file reports with the Securities
and Exchange Commission in connection with the Transaction pursuant to reporting requirements promulgated under Rule 15Ga-1 of the Securities
Exchange Act of 1934, as amended (the “Exchange Act”) and Items 1104(e) and 1121(c) of Subpart 229.1100- Asset Backed
Securities (Regulation AB), 17 C.F.R. §§229.1100-229.1123, as such may be amended from time to time and subject to such clarification
and interpretation as have been provided by the United States Securities and Exchange Commission (the “Commission”)
in the adopting release (Asset-Backed Securities, Securities Act Release No. 33 8518.70 Fed. Reg. 1,506,1,531 (January 7, 2005)) or by
the staff of the Commission, or as may be provided by the Commission or its staff from time to time (“Regulation AB”).
Pursuant to Section 20 of the Administration Agreement among the Issuer, New Holland Credit Company, LLC (“NHCC”),
as administrator (the “Administrator”), Citibank, N.A., as indenture trustee, and the Trustee, NHCC hereby requests
that the Trustee provide a certification in substantially the form of Exhibit A hereto so that the information can be included
in reports to be filed by the Issuer and/or the Depositor and/or their affiliates with the Commission under the Exchange Act and for other
purposes. Capitalized terms used but not otherwise defined herein will have the meanings assigned to them in the Transaction Documents
for the Transaction.

 

By acknowledging
and agreeing to the terms of this letter agreement, the Trustee hereby agrees with respect to the Transaction that commencing on the
date of this letter agreement and continuing until earlier of the date on which (i) the Issuer is terminated, (ii) the Trustee ceases
to be the Trustee of the Issuer or (iii) Rule 15Ga-1 and Items 1104(e) and 1121(c) no longer require information regarding repurchase
demands, it will: (i) provide prompt written notice upon receipt of any repurchase request for any Receivable received by a Responsible
Officer of the Trustee in connection with the Transaction, (ii) not later than the fifth (5th) Business Day of each month, commencing
with December 2022, provide the Administrator with a notice in substantially the form of Exhibit A with respect to any requests
(in writing or orally) for the repurchase of any Receivable pursuant to the transaction documents for the Transaction received by a Responsible
Officer of the Trustee during the immediately preceding month, (iii) not later than the fifth

 

     

     

    

 

Business Day of each calendar quarter, commencing
with December 2022, provide the Administrator with a notice in substantially the form of Exhibit A with respect to any requests
(in writing or orally) for the repurchase of any Receivable pursuant to the transaction documents for the Transaction received by a Responsible
Officer of the Trustee during the immediately preceding calendar quarter, and (iv) promptly upon reasonable written request by the Administrator,
provide to the Administrator any other information reasonably requested in good faith that is in actual possession of the Trustee and
necessary to facilitate compliance by them with Rule 15Ga-1 under the Exchange Act, or Items 1104(e) or 1121(c) of Regulation AB.

 

The Administrator, Depositor
and the Issuer acknowledge and agree that in no event will Wilmington (including in its capacity as Trustee) have any responsibility or
liability in connection with (i) the compliance by any Securitizer (as defined in Rule 15Ga-1) of the Transaction or any other person
with the Exchange Act or Regulation AB or (ii) any filing required to be made by a Securitizer under the Exchange Act or Regulation AB
in connection with the information provided hereunder. Notwithstanding anything herein to the contrary, Wilmington Trust Company, in its
individual capacity and in its capacity as Trustee of the Issuer, will not have any duty to conduct, and has not conducted, any affirmative
investigation as to the occurrence of any conditions requiring the repurchase of any Receivable under the Transaction. In addition, the
Administrator, the Depositor and the Issuer understand and agree that the Trustee will provide information related to activity only to
the extent that a Responsible Officer of the Trustee has such information or can obtain such information without unreasonable effort or
expense; provided that, each of the Administrator, the Depositor and the Issuer agree that efforts to obtain such information is limited
to a review of the Trustee’s internal written records of repurchase demand activity for the Transaction and that neither the Trustee
nor Wilmington Trust Company are required to request information from any unaffiliated parties. This letter agreement is not intended
to, and does not, amend or alter, in any manner, the rights or obligations of the parties pursuant to the operative agreements for the
Transaction or pursuant to any other letter agreement, and does not bind any of the parties’ successors or assigns under any agreements
for the Transaction.

 

In performing its obligations
hereunder with respect to the Transaction, Wilmington Trust Company, individually and as Trustee, shall have all the privileges, immunities,
rights, indemnities and protections provided to Wilmington Trust Company, individually and as Trustee, under the Transaction Documents
of the Transaction, as if this letter were a Transaction Document under such Transaction.

 

[Remainder of Page Intentionally Left Blank]

 

     

     

    

 

	 	Very truly yours,
	 	 
	 	NEW HOLLAND CREDIT COMPANY, LLC, 

as Administrator
	 	 
	 	By:	 
	 	 	Name:	Daniel Willems Van Dijk
	 	 	Title:	Assistant Treasurer

 

	Accepted:	 
	 	 
	WILMINGTON TRUST COMPANY,	 
	as Trustee	 
	 	 
	By:	 	 
	Name:	 
	Title:	 

  

Letter Agreement (DF 943)

 

     

     

    

 

Exhibit A

 

Form of Notice of Repurchase Request

 

[Month][Day], [Year]

 

New Holland Credit Company, LLC,

as
Administrator

6900 Veterans Boulevard

Burr Ridge, IL 60527

 

Re:        Reporting of Repurchase Demands Activity

 

Reference is hereby
made to the CNH Equipment Trust 2022-C transaction (the “Transaction”), as to which Wilmington Trust Company (“Wilmington”),
as trustee (in such capacity, the “Trustee”) is a party, and to the CNH Equipment Trust 2022-C trust created thereunder
(the “Issuer”). Capitalized terms used but not defined herein shall have the meanings given to them in the Transaction
Documents for the Transaction.

 

During the period from and including [Month][Day],
[Year] to but excluding [Month][Day], [Year], the Trustee received [no requests requesting that Receivables be repurchased.][ the repurchase
demand requests as set forth below:

 

	Loan No.	Activity During Period
	Date of Reputed 

Demand	Party Making 

Reputed Demand	Date of Withdrawal 

of Reputed Demand
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 

 

	 	]
	 	 
	 	WILMINGTON TRUST COMPANY,
	 	not in its individual capacity but solely as Trustee of the Issuer
	 	  
	 	By:	 
	 	Name:
	 	Title:

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