Document:

Exhibit 4 (b)

 

 

CNH EQUIPMENT TRUST 200   -   

 

 

TRUST AGREEMENT

 

 

between

 

 

CNH CAPITAL RECEIVABLES LLC

 

 

and

 

 

[                    ],

as Trustee

 

 

Dated as of [                    ]

 

 

	
  ARTICLE I

  	
   

  
	
  Definitions

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 1.1.

  	
   

  	
  Definitions

  	
   

  
	
  SECTION 1.2.

  	
   

  	
  Other
  Definitional Provisions

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE II

  	
   

  
	
  Organization

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 2.1.

  	
   

  	
  Name

  	
   

  
	
  SECTION 2.2.

  	
   

  	
  Office

  	
   

  
	
  SECTION 2.3.

  	
   

  	
  Purposes and Powers

  	
   

  
	
  SECTION 2.4.

  	
   

  	
  Appointment of
  Trustee

  	
   

  
	
  SECTION 2.5.

  	
   

  	
  Initial
  Capital Contribution of Trust Estate

  	
   

  
	
  SECTION 2.6.

  	
   

  	
  Declaration of Trust

  	
   

  
	
  SECTION 2.7.

  	
   

  	
  Liability
  of the Certificateholders

  	
   

  
	
  SECTION 2.8.

  	
   

  	
  Title to Trust
  Property

  	
   

  
	
  SECTION 2.9.

  	
   

  	
  Situs of Trust

  	
   

  
	
  SECTION 2.10.

  	
   

  	
  Representations
  and Warranties of the Depositor

  	
   

  
	
  SECTION 2.11.

  	
   

  	
  Federal
  Income Tax Allocations; Tax Treatment

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE III

  	
   

  
	
  Trust
  Certificates and Transfer of Interests

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 3.1.

  	
   

  	
  Initial Ownership

  	
   

  
	
  SECTION 3.2.

  	
   

  	
  The Trust
  Certificates

  	
   

  
	
  SECTION 3.3.

  	
   

  	
  Authentication
  of Trust Certificates

  	
   

  
	
  SECTION 3.4.

  	
   

  	
  Registration
  of Transfer and Exchange of Trust Certificates

  	
   

  
	
  SECTION 3.5.

  	
   

  	
  Mutilated,
  Destroyed, Lost or Stolen Trust Certificates

  	
   

  
	
  SECTION 3.6.

  	
   

  	
  Persons
  Deemed Certificateholders

  	
   

  
	
  SECTION 3.7.

  	
   

  	
  Access to List of
  Certificateholders’ Names and Addresses

  	
   

  
	
  SECTION 3.8.

  	
   

  	
  Maintenance of
  Office or Agency

  	
   

  
	
  SECTION 3.9.

  	
   

  	
  Appointment of
  Paying Agent

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE IV

  	
   

  
	
  Actions by Trustee

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 4.1.

  	
   

  	
  Prior Notice to
  Certificateholders with Respect to Certain Matters

  	
   

  
	
  SECTION 4.2.

  	
   

  	
  Action by
  Certificateholders with Respect to Certain Matters

  	
   

  
	
  SECTION 4.3.

  	
   

  	
  Action by
  Certificateholders with Respect to Bankruptcy

  	
   

  
	
  SECTION 4.4.

  	
   

  	
  Restrictions on
  Certificateholders’ Power

  	
   

  
	
  SECTION 4.5.

  	
   

  	
  Majority Control

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE V

  	
   

  
	
  Application of
  Trust Funds; Certain Duties

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 5.1.

  	
   

  	
  Establishment of
  Trust Account

  	
   

  
	
  SECTION 5.2.

  	
   

  	
  Applications of
  Trust Funds

  	
   

  
	
  SECTION 5.3.

  	
   

  	
  Method of Payment

  	
   

  
	
  SECTION 5.4.

  	
   

  	
  No Segregation of
  Moneys; No Interest

  	
   

  

 

i

 

	
  SECTION 5.5.

  	
   

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

  	
   

  
	
  SECTION 5.6.

  	
   

  	
  Signature on
  Returns; Tax Matters Partner

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE VI

  	
   

  
	
  Authority
  and Duties of Trustee

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 6.1.

  	
   

  	
  General
  Authority

  	
   

  
	
  SECTION 6.2.

  	
   

  	
  General
  Duties

  	
   

  
	
  SECTION 6.3.

  	
   

  	
  Action
  upon Instruction

  	
   

  
	
  SECTION 6.4.

  	
   

  	
  No
  Duties Except as Specified in this Agreement or in Instructions

  	
   

  
	
  SECTION 6.5.

  	
   

  	
  No
  Action Except Under Specified Documents or Instructions

  	
   

  
	
  SECTION 6.6.

  	
   

  	
  Restrictions

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE VII

  	
   

  
	
  Concerning the
  Trustee

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 7.1.

  	
   

  	
  Acceptance
  of Trusts and Duties

  	
   

  
	
  SECTION 7.2.

  	
   

  	
  Furnishing
  of Documents

  	
   

  
	
  SECTION 7.3.

  	
   

  	
  Representations
  and Warranties

  	
   

  
	
  SECTION 7.4.

  	
   

  	
  Reliance;
  Advice of Counsel

  	
   

  
	
  SECTION 7.5.

  	
   

  	
  Not
  Acting in Individual Capacity

  	
   

  
	
  SECTION 7.6.

  	
   

  	
  Trustee
  Not Liable for Trust Certificates or Receivables

  	
   

  
	
  SECTION 7.7.

  	
   

  	
  Trustee
  May Not Own Notes

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE VIII

  	
   

  
	
  Compensation of
  Trustee

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 8.1.

  	
   

  	
  Trustee’s
  Fees and Expenses

  	
   

  
	
  SECTION 8.2.

  	
   

  	
  Indemnification

  	
   

  
	
  SECTION 8.3.

  	
   

  	
  Payments
  to the Trustee

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE IX

  	
   

  
	
  Termination
  of Trust Agreement

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 9.1.

  	
   

  	
  Termination
  of Trust Agreement

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE X

  	
   

  
	
  Successor
  Trustees and Additional Trustees

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 10.1.

  	
   

  	
  Eligibility
  Requirements for Trustee

  	
   

  
	
  SECTION 10.2.

  	
   

  	
  Resignation
  or Removal of Trustee

  	
   

  
	
  SECTION 10.3.

  	
   

  	
  Successor
  Trustee

  	
   

  
	
  SECTION 10.4.

  	
   

  	
  Merger
  or Consolidation of Trustee

  	
   

  
	
  SECTION 10.5.

  	
   

  	
  Appointment
  of Co-Trustee or Separate Trustee

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE XI

  	
   

  
	
  Miscellaneous

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 11.1.

  	
   

  	
  Supplements
  and Amendments

  	
   

  
	
  SECTION 11.2.

  	
   

  	
  No
  Legal Title to Trust Estate in Certificateholders

  	
   

  

 

ii

 

	
  SECTION 11.3.

  	
   

  	
  Limitations
  on Rights of Others

  	
   

  
	
  SECTION 11.4.

  	
   

  	
  Notices

  	
   

  
	
  SECTION 11.5.

  	
   

  	
  Severability

  	
   

  
	
  SECTION 11.6.

  	
   

  	
  Separate
  Counterparts

  	
   

  
	
  SECTION 11.7.

  	
   

  	
  Successors
  and Assigns

  	
   

  
	
  SECTION 11.8.

  	
   

  	
  Covenants
  of the Depositor

  	
   

  
	
  SECTION 11.9.

  	
   

  	
  No
  Petition

  	
   

  
	
  SECTION 11.10.

  	
   

  	
  No
  Recourse

  	
   

  
	
  SECTION 11.11.

  	
   

  	
  Headings

  	
   

  
	
  SECTION 11.12.

  	
   

  	
  Governing
  Law

  	
   

  
	
  SECTION 11.13.

  	
   

  	
  Administrator

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  EXHIBITS

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  EXHIBIT A

  	
  Form of Trust Certificate

  	
   

  
	
   

  	
   

  
	
  EXHIBIT
  B

  	
  Form
  of Certificate of Trust

  	
   

  
						

 

iii

 

TRUST
AGREEMENT (as
amended or supplemented from time to time, this “Agreement”) dated as of [                         ]
between CNH CAPITAL RECEIVABLES LLC, a Delaware limited liability company, as
Depositor, and [                         ],
a [                         ],
as Trustee.

 

ARTICLE I

Definitions

 

SECTION 1.1.
Definitions. 
Capitalized terms used herein and not otherwise defined herein are
defined in Appendix A to the Indenture dated as of the date hereof between CNH
Equipment Trust 200   -    and [                         ].

 

SECTION 1.2.
Other Definitional Provisions. 
(a)  All terms defined in this
Agreement shall have the defined meanings when used in any certificate or other
document made or delivered pursuant hereto unless otherwise defined therein.

 

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

 

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

 

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

 

 

ARTICLE II

Organization

 

SECTION 2.1. Name.  The
Trust created hereby shall be known as “CNH Equipment Trust 200   -   ”,
in which name the Trustee may conduct the business of the Trust, make and
execute contracts and other instruments on behalf of the Trust and sue and be
sued.

 

SECTION 2.2. Office.  The
office of the Trust shall be in care of the Trustee at the Corporate Trust
Office or at such other address in Delaware as the Trustee may designate by
written notice to the Certificateholders and the Depositor.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

2

 

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

 

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

 

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

 

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

 

3

 

the governing instrument
of such statutory trust. It is the intention of the parties hereto that, solely
for income and franchise tax purposes, until the Certificates are held by a
Person other than the Depositor, the Trust be disregarded as an entity separate
from its Owner and the Notes be treated as debt of the Depositor.  At such time that the Certificates are held
by more than one Person, it is the intention of the parties hereto that, solely
for income and franchise tax purposes, the Trust be treated as a partnership,
with the assets of the partnership being the Receivables and other assets held
by the Trust, the partners of the partnership being the Certificateholders
(including the Depositor (or its successor in interest) in its capacity as
recipient of distributions from the Spread Account), and the Notes being debt
of the partnership. The parties agree that, unless otherwise required by
appropriate tax authorities, until the Certificates are held by a Person other
than the Depositor the Trust will not file or cause to be filed annual or other
necessary returns, reports and other forms consistent with the characterization
of the Trust as an entity separate from its Owner.  Effective as of the date hereof, the Trustee
shall have all rights, powers and duties set forth herein and in the Trust
Statute with respect to accomplishing the purposes of the Trust.

 

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

 

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

 

SECTION 2.9.
Situs of Trust.  The
Trust will be located and administered in the State of New York. All bank
accounts maintained by the Trustee on behalf of the Trust shall be located in
the State of Delaware or the State of New York. The Trust shall not have any
employees in any State other than New York; provided, however, that nothing
herein shall restrict or prohibit the Trustee from having employees within or
without the State of Delaware. Payments will be received by the Trust only in
Delaware or New York, and payments will be made by the Trust only from Delaware
or New York.

 

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

 

(a) The Depositor is duly
organized and validly existing as a limited liability company in good standing
under the laws of the State of

 

4

 

Delaware, with power and
authority to own its properties and to conduct its business as such properties
are currently owned and such business is presently conducted.

 

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

 

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

 

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

 

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

 

5

 

SECTION 2.11.
Federal Income Tax Allocations; Tax
Treatment.  If Certificates are held by more than one
Person, interest payments on the Certificates at the Pass-Through Rate
(including interest on amounts previously due on the Certificates but not yet
distributed) shall be treated as “guaranteed payments” under Section 707(c)
of the Code. Net income of the Trust for any month as determined for federal
income tax purposes (and each item of income, gain, loss and deduction entering
into the computation thereof) shall be allocated:

 

(1) among the
Certificateholders as of the close of business on the last day of such month,
in proportion to their ownership of principal amount of Trust Certificates on
such date, an amount of net income up to the sum of: (i) the portion of the
market discount on the Receivables accrued during such month that is allocable
to the excess, if any, of the Initial Certificate Balance over their initial
aggregate issue price, and (ii) any other amounts of income payable to the
Certificateholders for such month; and such sum of amounts specified in clauses (i) and (ii) of this
sentence shall be reduced by any amortization by the Trust of premium on
Receivables that corresponds to any excess of the issue price of Trust Certificates
over their principal amount; and

 

(2) to the Depositor, and
other holders of interests in the Spread Account, to the extent of any
remaining net income, in accordance with their respective interests therein.

 

If the net income of the Trust for any month is insufficient for the
allocations described in clause (1),
subsequent net income shall first be allocated to make up such shortfall before
being allocated as provided in the preceding sentence. Net losses of the Trust,
if any, for any month as determined for federal income tax purposes (and each
item of income, gain, loss and deduction entering into the computation thereof)
shall be allocated to the Depositor (or other holders of interests in the
Spread Account) to the extent the Depositor (or such holders) are reasonably
expected to bear the economic burden of such net losses, and any remaining net
losses shall be allocated among the remaining Certificateholders as of the
close of business on the last day of such month in proportion to their ownership
of principal amount of Trust Certificates on such day. The Depositor is
authorized to modify the allocations in this paragraph if necessary or
appropriate, in its sole discretion, for the allocations to fairly reflect the
economic income, gain or loss to the Depositor (or other holders of interests
in the Spread Account) or to the Certificateholders, or as otherwise required
by the Code.  Notwithstanding anything
provided in this Section 2.11, if the Certificates
are held solely by the Depositor, the application of this Section 2.11
shall be disregarded.

 

6

 

ARTICLE III

Trust Certificates and Transfer of Interests

 

SECTION 3.1.
Initial Ownership.  Upon
the formation of the Trust by the contribution by the Depositor pursuant to Section 2.5, and until the issuance of the Trust
Certificates, the Depositor shall be the sole beneficiary of the Trust.

 

SECTION 3.2.
The Trust Certificates.  The
Trust Certificates shall be issued in denominations of $1,000 or in greater
whole dollar denominations in excess thereof and executed on behalf of the
Trust by manual or facsimile signature of an authorized officer of the Trustee.
Trust Certificates bearing the manual or facsimile signatures of individuals
who were, at the time when such signatures shall have been affixed, authorized
to sign on behalf of the Trust, shall be, when authenticated pursuant to Section 3.3, validly issued and entitled to the benefits of
this Agreement, notwithstanding that such individuals or any of them shall have
ceased to be so authorized prior to the authentication and delivery of such
Trust Certificates or did not hold such offices at the date of authentication
and delivery of such Trust Certificates.

 

SECTION 3.3.
Authentication of Trust Certificates. 
Concurrently with the sale of the Receivables to the Trust pursuant to
the Sale and Servicing Agreement, the Trustee shall cause the Trust
Certificates in an aggregate principal amount equal to the Initial Certificate
Balance to be executed on behalf of the Trust, authenticated and delivered to
or upon the written order of the Depositor, signed by its chairman of the
board, its president or any vice president, without further corporate action by
the Depositor, in authorized denominations. No Trust Certificate shall entitle
its Holder to any benefit under this Agreement, or shall be valid for any
purpose, unless there shall appear on such Trust Certificate a certificate of
authentication substantially in the form set forth in Exhibit A,
executed by the Trustee by the manual signature of one of its authorized
signatories; such certificate of authentication shall constitute conclusive
evidence, and the only evidence, that such Trust Certificate shall have been
duly authenticated and delivered hereunder. All Trust Certificates shall be
dated the date of their authentication. No further Trust Certificates shall be
issued except pursuant to Section 3.4 or 3.5 hereunder.

 

SECTION 3.4.
Registration of Transfer and Exchange of
Trust Certificates.  The Trust shall keep or cause
to be kept, at the office or agency maintained pursuant to Section 3.8,
a register (the “Certificate
Register”) in which, subject to such reasonable regulations as it
may prescribe, the Issuer shall provide for the registration of Trust
Certificates and of transfers and exchanges of Trust Certificates. The Paying
Agent shall be the “Certificate
Registrar” for the

 

7

 

purpose of registering
Trust Certificates and the transfers of Trust Certificates as herein provided.
Upon any resignation of any Certificate Registrar, the Depositor shall promptly
appoint a successor or, if it elects not to make such an appointment, assume
the duties of the Certificate Registrar.

 

Upon surrender for registration of transfer of any Trust Certificate at
the office or agency maintained pursuant to Section 3.8, if
the requirements of Section 8-401(a) of the UCC are met, the Trustee shall
execute, authenticate and deliver, in the name of the designated transferee or
transferees, one or more new Trust Certificates in authorized denominations of
a like aggregate principal amount.

 

At the option of a Holder, Trust Certificates may be exchanged for
other Trust Certificates of authorized denominations, of a like aggregate
principal amount, upon surrender of the Trust Certificates to be exchanged at
the office or agency maintained pursuant to Section 3.8.
Whenever any Trust Certificates are so surrendered for exchange, if the
requirements of Section 8-401(a) of the UCC are met, the Trustee shall
execute, authenticate and deliver the Trust Certificates that the
Certificateholder making the exchange is entitled to receive.

 

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

 

Every Trust Certificate presented or surrendered for registration of
transfer or exchange shall be duly endorsed by, or be accompanied by a written
instrument of transfer in form satisfactory to the Trustee and the Certificate
Registrar duly executed by, the Holder thereof or his attorney duly authorized
in writing. No transfer of a Trust Certificate shall be registered unless the
transferee shall have provided (i) an opinion of counsel that no registration
is required under the Securities Act of 1933, as amended, or applicable State
laws, and (ii) an Officer’s Certificate as to compliance with Section 6.6
of the Sale and Servicing Agreement. 
Each Trust Certificate surrendered for registration of transfer or
exchange shall be canceled and subsequently disposed of by the Trustee in
accordance with its customary practice.

 

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

 

8

 

The Trust Certificates and any beneficial interest in such Trust
Certificates may not be acquired by: (a) an employee benefit plan (as defined
in Section 3(3) of ERISA) that is subject to the provisions of Title I of
ERISA, (b) a plan described in Section 4975(e)(1) of the Code or (c) any
entity whose underlying assets include plan assets of an employee benefit plan
or plan (each a “Benefit
Plan”). By accepting and holding a Trust Certificate or an interest
therein, the Holder thereof shall be deemed to have represented and warranted
that it is not a Benefit Plan. The Trustee shall have no obligation to
determine whether or not a Holder of a Trust Certificate is or is not a Benefit
Plan.

 

Notwithstanding any other provision of this
Agreement, no transfer of a Trust Certificate or beneficial interest therein
shall be allowed, and any such purported transfer shall be void ab initio, if such transfer would cause
the Trust to have more than 100 partners within the meaning of Treasury
Regulation section 1.7704-1(h)(1). 
For purposes of determining the number of partners in the Trust under
Treasury Regulation section 1.7704-1(h)(1), a person owning an interest in
a partnership, grantor trust, or S corporation (a “flow-through entity”) that
owns, directly or through other flow-through entities, an interest in the
Trust, will be treated as a partner in the Trust if more than 50 percent of the
value of such person’s interest in the flow-through entity is attributable to
the flow-through entity’s interest (direct or indirect) in the Trust.

 

No transfer (or purported transfer) of a Trust
Certificate (or any beneficial interest therein), whether to another
Certificateholder or to a person who is not a Certificateholder, shall be
effective, and any such transfer (or purported transfer) shall be void ab initio, and no person shall otherwise
become a Certificateholder, and none of the Trust, the Trustee, the Certificate
Registrar or any of the Certificateholders will recognize such transfer (or
purported transfer), unless the transferee has first represented and warranted
in writing to the Trust that:

 

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

 

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

 

9

 

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

 

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

 

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

 

Any replacement Trust Certificate issued pursuant to this Section in
replacement of any mutilated, destroyed, lost or stolen Trust Certificate shall
constitute conclusive evidence of ownership in the Trust, as if originally
issued, whether or not the mutilated, lost, stolen or destroyed Trust
Certificate shall be found at any time, and shall be entitled to all the
benefits of this Agreement.

 

SECTION 3.6.
Persons Deemed Certificateholders. 
Prior to due presentation of a Trust Certificate for registration of
transfer of any Trust Certificate, the Trustee or the Certificate Registrar may
treat the Person in whose name any Trust Certificate shall be registered in the
Certificate Register (as of the day of determination) as the owner of such
Trust Certificate for the purpose of receiving distributions pursuant to Section 5.2 and for all other purposes whatsoever, and
neither the Trustee nor the Certificate Registrar shall be bound by any notice
to the contrary.

 

SECTION 3.7. Access
to List of Certificateholders’ Names and Addresses.  The Trustee shall furnish or cause to be
furnished to the Servicer and the Depositor, within 15 days after receipt by
the Trustee of a request therefor from

 

10

 

the Servicer or the
Depositor in writing, a list, in such form as the Servicer or the Depositor may
reasonably require, of the names and addresses of the Certificateholders as of
the most recent Record Date. If three or more Certificateholders or one or more
Holder(s) of Trust Certificates evidencing not less than 25% of the Certificate
Balance apply in writing to the Trustee, and such application states that the
applicants desire to communicate with other Certificateholders with respect to
their rights under this Agreement or under the Trust Certificates and such
application shall be accompanied by a copy of the communication that such
applicants propose to transmit, then the Trustee shall, within five Business
Days after the receipt of such application, afford such applicants access
during normal business hours to the current list of Certificateholders. Each
Holder, by receiving and holding a Trust Certificate, shall be deemed to have
agreed not to hold any of the Depositor, the Certificate Registrar or the
Trustee accountable by reason of the disclosure of its name and address, regardless
of the source from which such information was derived.

 

SECTION 3.8. Maintenance
of Office or Agency.  The
Trustee shall maintain in the Borough of Manhattan, City of New York an office
or offices or agency or agencies where Trust Certificates may be surrendered
for registration of transfer or exchange and where notices and demands to or
upon the Trustee in respect of the Trust Certificates and the Basic Documents
may be served. The Trustee initially designates [                              ],
[                              ],
Attention: [                              ],
as its principal corporate trust office for such purposes. The Trustee shall
give prompt written notice to the Depositor and to the Certificateholders of
any change in the location of the Certificate Register or any such office or
agency.

 

SECTION 3.9. Appointment
of Paying Agent.  The
Paying Agent shall make distributions to Certificateholders from the
Certificate Distribution Account pursuant to Section 5.2
and shall report the amounts of such distributions to the Trustee. Any Paying
Agent shall have the revocable power to withdraw funds from the Certificate
Distribution Account for the purpose of making the distributions referred to
above. The Trustee may revoke such power and remove the Paying Agent if the
Trustee determines in its sole discretion that the Paying Agent shall have
failed to perform its obligations under this Agreement in any material respect.
The Paying Agent shall initially be the Trustee, and any co-paying agent chosen
by and acceptable to the Trustee. The Paying Agent shall be permitted to resign
as Paying Agent upon 30 days’ written notice to the Trustee. In the event that
the Trustee shall not be the Paying Agent, the Trustee shall appoint a
successor to act as Paying Agent (which shall be a bank or trust company). The
Trustee shall cause such successor Paying Agent or any additional Paying Agent
appointed by the Trustee to execute and deliver to the Trustee an

 

11

 

instrument in which such
successor Paying Agent or additional Paying Agent shall agree with the Trustee
that as Paying Agent, such successor Paying Agent or additional Paying Agent
will hold all sums, if any, held by it for payment to the Certificateholders in
trust for the benefit of the Certificateholders entitled thereto until such
sums shall be paid to such Certificateholders. The Paying Agent shall return
all unclaimed funds to the Trustee and upon removal of a Paying Agent such
Paying Agent shall also return all funds in its possession to the Trustee. The
provisions of Sections 7.1, 7.3, 7.4 and 8.1 shall apply to the Trustee also in its role as Paying
Agent, for so long as the Trustee shall act as Paying Agent and, to the extent
applicable, to any other paying agent appointed hereunder. Any reference in
this Agreement to the Paying Agent shall include any co-paying agent unless the
context requires otherwise.

 

ARTICLE IV

Actions by Trustee

 

SECTION 4.1. Prior
Notice to Certificateholders with Respect to Certain Matters.  With respect to the following matters, the
Trustee shall not take action unless, at least 30 days before the taking of
such action, the Trustee shall have notified the Certificateholders in writing
of the proposed action and the Certificateholders shall not have notified the
Trustee in writing prior to the 30th day after such notice is given that such
Certificateholders have withheld consent or shall not have provided alternative
direction:

 

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

 

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

 

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

 

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

 

12

 

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

 

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

 

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

 

SECTION 4.3. Action
by Certificateholders with Respect to Bankruptcy.  The Trustee shall not have the power to
commence a voluntary proceeding in bankruptcy relating to the Trust without the
unanimous prior approval of all Certificateholders and the delivery to the
Trustee by each such Certificateholder of a certificate certifying that such
Certificateholder reasonably believes that the Trust is insolvent.

 

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

 

SECTION 4.5. Majority
Control.  Except as
expressly provided herein, any action that may be taken by the
Certificateholders under this Agreement may be taken by the Holders of Trust
Certificates evidencing not less than a majority of the Certificate Balance.
Except as expressly provided herein, any written notice of the
Certificateholders delivered pursuant to this Agreement shall be effective if
signed by Holders of Trust Certificates evidencing not less than a majority of
the Certificate Balance at the time of the delivery of such notice.

 

13

 

ARTICLE V

Application of Trust Funds; Certain Duties

 

SECTION 5.1. Establishment
of Trust Account.  The
Trustee, for the benefit of the Certificateholders, shall establish and
maintain in the name of the Trust an Eligible Deposit Account (the “Certificate Distribution
Account”), bearing a designation clearly indicating that the funds
deposited therein are held for the benefit of the Certificateholders.

 

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

 

SECTION 5.2. Applications
of Trust Funds.  (a)  On each Payment Date, the Trustee will
distribute to Certificateholders, on a pro rata basis, amounts deposited in the
Certificate Distribution Account pursuant to Sections 5.5, 5.6 and 5.7 of the
Sale and Servicing Agreement.

 

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

 

(c) In the event that any
withholding tax is imposed on the Trust’s payment (or allocations of income) to
a Certificateholder, such tax shall reduce the amount otherwise distributable
to the Certificateholder in accordance with this Section. The Trustee is hereby
authorized and directed to retain from amounts otherwise distributable to the
Certificateholders sufficient funds for the payment of any tax that is legally
owed by the Trust (but such authorization shall not prevent the Trustee from
contesting any such tax in appropriate proceedings, and withholding payment of
such tax, if permitted by law, pending the outcome of such proceedings). The
amount of any withholding tax imposed with respect to a Certificateholder shall
be treated as cash

 

14

 

distributed
to such Certificateholder at the time it is withheld by the Trust. If there is
a possibility that withholding tax is payable with respect to a distribution
(such as a distribution to a non-U.S. Certificateholder), the Trustee may, in
its sole discretion, withhold such amounts in accordance with this paragraph (c). 
Notwithstanding any other provision of this Agreement, the Trust shall
withhold and pay over to the Internal Revenue Service, pursuant to Sections
1441, 1442 and 1446 of the Code (or any successor provisions or any other
provision as may be enacted into law), at such times as required by such
provisions, such amounts as the Trust is required to withhold under such
provision on account of any foreign Certificateholder’s distributive share of
income of the Trust, as if the entire amount of such foreign Certificateholder’s
distributive share of such income is subject to withholding tax pursuant to
such provisions.  To the extent that a
foreign Certificateholder claims to be entitled to a reduced rate of, or
exemption from, U.S. withholding tax pursuant to an applicable income tax
treaty, or otherwise, such foreign Certificateholder shall furnish the
Depositor and the Trustee with such information and forms as it may require and
are necessary to comply with the regulations governing the obligations of
withholding tax agents.  Each foreign
Certificateholder represents and warrants that any such information and form furnished
by it shall be true and accurate and agrees to indemnify the Trust and each of
the other Certificateholders from any and all damages, costs and expenses
resulting from the filing of inaccurate or incomplete information or forms
relating to such withholding taxes. In the event that a Certificateholder
wishes to apply for a refund of any such withholding tax, the Trustee shall
reasonably cooperate with such Certificateholder in making such claim so long
as such Certificateholder agrees to reimburse the Trustee for any out-of-pocket
expenses incurred.

 

SECTION 5.3. Method
of Payment.  Subject to
Section 9.1(c), distributions required to be made to
Certificateholders on any Payment Date shall be made to each Certificateholder
of record on the preceding Record Date either by wire transfer, in immediately
available funds, to the account of such Holder at a bank or other entity having
appropriate facilities therefor, if such Certificateholder shall have provided
to the Certificate Registrar appropriate written instructions at least five
Business Days prior to such Payment Date and such Holder’s Trust Certificates
aggregate not less than $1,000,000, or, if not, by check mailed to such
Certificateholder at the address of such Holder appearing in the Certificate
Register.

 

SECTION 5.4. No
Segregation of Moneys; No Interest.  Subject to  Sections 5.1 and 5.2, moneys received by the Trustee hereunder need not be

 

15

 

segregated in any manner
except to the extent required by law or the Sale and Servicing Agreement and
may be deposited under such general conditions as may be prescribed by law, and
the Trustee shall not be liable for any interest thereon.

 

SECTION 5.5. Accounting
and Reports to the Noteholders, Certificateholders, the Internal Revenue
Service and Others.  The
Depositor or, if any Certificates are held by any Person other than the
Depositor, the Trustee, shall: (a) maintain (or cause to be maintained) the
books of the Trust on a calendar year basis on the accrual method of
accounting, (b) deliver to each Certificateholder, as may be required by the
Code and applicable Treasury Regulations, such information as may be required
(including Schedule K-1) to enable each Certificateholder to prepare its
federal, State and local income tax returns, (c) file such tax returns relating
to the Trust (including a partnership information return on Internal Revenue
Service Form 1065 or its successor), and make such elections as may from time
to time be required or appropriate under any applicable State or federal
statute or rule or regulation thereunder so as to maintain the Trust’s
characterization as a partnership for federal income tax purposes, (d) cause
such tax returns to be signed in the manner required by law and (e) collect or
cause to be collected any withholding tax as described in and in accordance
with Section 5.2(c) with respect to income or
distributions to Certificateholders. The Trustee shall elect under Section 1278
of the Code to include in income currently any market discount that accrues
with respect to the Receivables and shall elect under Section 171 of the
Code to amortize any bond premium with respect to the Receivables. The Trustee
shall not make the election provided under Section 754 of the Code.

 

SECTION 5.6. Signature on Returns; Tax
Matters Partner.

 

(a) The Depositor, or if any
Certificates are held by any Person other than the Depositor, the Trustee shall
sign on behalf of the Trust the tax returns of the Trust, unless applicable law
requires a Certificateholder to sign such documents, in which case such
documents shall be signed by the Depositor.

 

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

 

16

ARTICLE VI

Authority and Duties of Trustee

 

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

 

SECTION 6.2. General
Duties.  It shall be the
duty of the Trustee to discharge (or cause to be discharged) all of its
responsibilities pursuant to this Agreement and the Basic Documents to which
the Trust is a party and to administer the Trust in the interest of the
Certificateholders, subject to the Basic Documents and in accordance with this
Agreement. Notwithstanding the foregoing, the Trustee shall be deemed to have
discharged its duties and responsibilities hereunder and under the Basic
Documents to the extent the Administrator has agreed in the Administration Agreement
to perform any act or to discharge any duty of the Trustee hereunder or under
any Basic Document, and the Trustee shall not be held liable for the default or
failure of the Administrator to carry out its obligations under the
Administration Agreement.

 

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

 

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

 

(c) Whenever the Trustee is
unable to decide between alternative courses of action permitted or required by
this Agreement or any Basic

 

17

 

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

 

(d) In the event that the
Trustee is unsure as to the application of any provision of this Agreement or
any Basic Document or any such provision is ambiguous as to its application, or
is, or appears to be, in conflict with any other applicable provision, or in
the event that this Agreement permits any determination by the Trustee or is
silent or is incomplete as to the course of action that the Trustee is required
to take with respect to a particular set of facts, the Trustee may give notice
(in such form as shall be appropriate under the circumstances) to the
Certificateholders requesting instruction and, to the extent that the Trustee
acts or refrains from acting in good faith in accordance with any such
instruction received, the Trustee shall not be liable, on account of such
action or inaction, to any Person. If the Trustee shall not have received
appropriate instruction within 10 days of such notice (or within such shorter
period of time as reasonably may be specified in such notice or may be necessary
under the circumstances) it may, but shall be under no duty to, take or refrain
from taking such action, not inconsistent with this Agreement or the Basic
Documents, as it shall deem to be in the best interests of the
Certificateholders, and shall have no liability to any Person for such action
or inaction.

 

SECTION 6.4. No
Duties Except as Specified in this Agreement or in Instructions.  The Trustee shall not have any duty or
obligation to manage, make any payment with respect to, register, record, sell,
dispose of or otherwise deal with the Trust Estate, or to otherwise take or
refrain from taking any action under, or in connection with, any document
contemplated hereby to which the Trustee is a party, except as expressly
provided by this Agreement or in any document or written instruction received
by the Trustee pursuant to Section 6.3;
and no implied duties or obligations shall be read into this Agreement or any
Basic Document

 

18

 

against the Trustee. The
Trustee shall have no responsibility for filing any financing or continuation
statement in any public office at any time or to otherwise perfect or maintain
the perfection of any security interest or Lien granted to it hereunder or to
prepare or file any Securities and Exchange Commission filing for the Trust or
to record this Agreement or any Basic Document. The Trustee nevertheless agrees
that it will, at its own cost and expense, promptly take all action as may be
necessary to discharge any Liens on any part of the Trust Estate that result
from the negligence or willful misconduct of the Trustee.

 

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

 

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

 

ARTICLE VII

Concerning the Trustee

 

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

 

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

 

19

 

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

 

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

 

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

 

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

 

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

 

(g) the Trustee shall be
under no obligation to exercise any of the rights or powers vested in it by
this Agreement, or to institute, conduct or defend any litigation under this
Agreement or otherwise or in relation to this Agreement or any Basic Document,
at the request, order or direction of any of the Certificateholders unless such
Certificateholders have offered to the Trustee security or indemnity
satisfactory to it against the costs, expenses and liabilities that may be
incurred by the Trustee therein or thereby. The right of the Trustee to perform
any discretionary act

 

20

 

enumerated in this Agreement
or in any Basic Document shall not be construed as a duty, and the Trustee
shall not be answerable for other than its negligence or willful misconduct in
the performance of any such act.

 

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

 

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

 

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

 

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

 

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

 

(d) this Agreement, assuming
due authorization, execution and delivery by the Depositor, constitutes a
valid, legal and binding obligation of the Trustee, enforceable against it in
accordance with the terms hereof subject to applicable bankruptcy, insolvency,
reorganization, moratorium

 

21

 

and other laws affecting the
enforcement of creditors’ rights generally and to general principles of equity,
regardless of whether such enforcement is considered in a proceeding in equity
or at law.

 

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

 

(b) In the exercise or
administration of the trusts hereunder and in the performance of its duties and
obligations under this Agreement or the Basic Documents, the Trustee: (i) may
act directly or through its agents or attorneys pursuant to agreements entered
into with any of them, and the Trustee shall not be liable for the conduct or
misconduct of such agents or attorneys if such agents or attorneys shall have
been selected by the Trustee with reasonable care, and (ii) may consult with counsel,
accountants and other skilled Persons to be selected with reasonable care and
employed by it. The Trustee shall not be liable for anything done, suffered or
omitted in good faith by it in accordance with the written opinion or advice of
any such counsel, accountants or other such Persons and which opinion or advice
states that such action is not contrary to this Agreement or any Basic
Document.

 

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

 

SECTION 7.6. Trustee
Not Liable for Trust Certificates or Receivables.  The recitals contained herein and in the
Certificates (other than the signature and

 

22

 

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

 

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

 

ARTICLE VIII

Compensation of Trustee

 

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

 

23

 

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

 

SECTION 8.3. Payments
to the Trustee.  Any
amounts paid to the Trustee pursuant to this Article VIII
shall be deemed not to be a part of the Trust Estate immediately after such
payment. The Trustee shall also be entitled to interest on all fees and expenses
that are due and unpaid for more than sixty (60) days after they have been
billed to the party responsible for the payment of such amounts at a rate equal
to: (a) the rate publicly announced by [                         ],
as its prime rate from time to time plus (b) [      ]%.

 

ARTICLE IX

Termination of Trust Agreement

 

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

 

24

 

Estate or (z) otherwise
affect the rights, obligations and liabilities of the parties hereto.

 

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

 

(c) Notice of any
dissolution of the Trust, specifying the Payment Date upon which the
Certificateholders shall surrender their Trust Certificates to the Paying Agent
for payment of the final distribution and cancellation, shall be given promptly
by the Trustee by letter to Certificateholders mailed within five Business Days
of receipt of notice of such dissolution from the Servicer given pursuant to Section 9.1(c)
of the Sale and Servicing Agreement stating: (i) the Payment Date upon which
final payment of the Trust Certificates shall be made upon presentation and
surrender of the Trust Certificates at the office of the Paying Agent therein
designated, (ii) the amount of any such final payment and (iii) that the Record
Date otherwise applicable to such Payment Date is not applicable, payments
being made only upon presentation and surrender of the Trust Certificates at
the office of the Paying Agent therein specified. The Trustee shall give such
notice to the Certificate Registrar (if other than the Trustee) and the Paying
Agent at the time such notice is given to Certificateholders. Upon presentation
and surrender of the Trust Certificates, the Paying Agent shall cause to be
distributed to Certificateholders amounts distributable on such Payment Date
pursuant to  Section 5.2.

 

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

 

(d) Upon the dissolution of
the Trust and the payment of all liabilities of the Trust in accordance with
applicable law, the Trustee shall

 

25

 

cause the Certificate of
Trust to be canceled by filing a certificate of cancellation with the Secretary
of State in accordance with the provisions of Section 3810 (or successor
section) of the Trust Statute, at which time the Trust and this Agreement
(other than  Article VIII) shall terminate.

 

ARTICLE X

Successor Trustees and Additional Trustees

 

SECTION 10.1. Eligibility
Requirements for Trustee. 
The Trustee shall at all times: (a) be a corporation satisfying the
provisions of Section 26(a)(1) of the Investment Company Act of 1940, as
amended, (b) be authorized to exercise corporate trust powers, (c) have a
combined capital and surplus of at least $50,000,000 and be subject to
supervision or examination by federal or State authorities, and (d) have (or
have a parent that has) a rating of at least “Baa3” by Moody’s.  If such corporation shall publish reports of
condition at least annually, pursuant to law or the requirements of the
aforesaid supervising or examining authority, then for the purpose of this
Section, the combined capital and surplus of such corporation shall be deemed
to be its combined capital and surplus as set forth in its most recent report
of condition so published. At all times, at least one Trustee of the Trust
shall satisfy the requirements of Section 3807(a) of the Trust Statute. In
case at any time the Trustee shall cease to be eligible in accordance with this
Section, the Trustee shall resign immediately in the manner and with the effect
specified in  Section 10.2.

 

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

 

If at any time the Trustee shall cease to be eligible in accordance
with Section 10.1 and shall fail to
resign after written request therefor by the Administrator, or if at any time
the Trustee shall be legally unable to act, or shall be adjudged bankrupt or
insolvent, or a receiver of the Trustee or of its property shall be appointed,
or any public officer shall take charge or control of the Trustee

 

26

 

or of its property or
affairs for the purpose of rehabilitation, conservation or liquidation, then
the Administrator may remove the Trustee. If the Administrator shall remove the
Trustee under the authority of the preceding sentence, the Administrator shall
promptly appoint a successor Trustee by written instrument, in duplicate, one
copy of which instrument shall be delivered to the outgoing Trustee so removed
and one copy to the successor Trustee, and pay all fees owed to the outgoing
Trustee.

 

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

 

SECTION 10.3. Successor
Trustee.  Any successor
Trustee appointed pursuant to Section 10.2
shall execute, acknowledge and deliver to the Administrator and to its
predecessor Trustee an instrument accepting such appointment under this
Agreement, and thereupon the resignation or removal of the predecessor Trustee
shall become effective and such successor Trustee, without any further act,
deed or conveyance, shall become fully vested with all the rights, powers,
duties, and obligations of its predecessor under this Agreement, with like
effect as if originally named as the Trustee. The predecessor Trustee shall
upon payment of its fees and expenses deliver to the successor Trustee all
documents and statements and monies held by it under this Agreement; and the
Administrator and the predecessor Trustee shall execute and deliver such
instruments and do such other things as may reasonably be required for fully
and certainly vesting and confirming in the successor Trustee all such rights,
powers, duties and obligations.

 

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

 

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

 

27

 

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

 

SECTION 10.5. Appointment
of Co-Trustee or Separate Trustee.  Notwithstanding any other provisions of this
Agreement, at any time, for the purpose of meeting any legal requirements of any
jurisdiction in which any part of the Trust or any Financed Equipment may at
the time be located, the Administrator and the Trustee acting jointly shall
have the power and may execute and deliver all instruments to appoint one or
more Person(s) approved by the Trustee to act as co-trustee(s), jointly with
the Trustee, or separate trustee(s), of all or any part of the Trust Estate,
and to vest in such Person(s), in such capacity and for the benefit of the
Certificateholders, such title to the Trust Estate, or any part thereof, and,
subject to the other provisions of this Section, such powers, duties,
obligations, rights and trusts as the Administrator and the Trustee may
consider necessary or desirable. If the Administrator shall not have joined in
such appointment within 15 days after the receipt by it of a request so to do,
the Trustee alone shall have the power to make such appointment. No co-trustee
or separate trustee under this Agreement shall be required to meet the terms of
eligibility as a successor trustee pursuant to Section 10.1
and no notice of the appointment of any co-trustee or separate trustee shall be
required pursuant to  Section 10.3.

 

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

 

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

 

28

 

thereof in any such
jurisdiction) shall be exercised and performed singly by such separate trustee
or co-trustee, but solely at the direction of the Trustee;

 

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

 

(iii) the Administrator and
the Trustee acting jointly may at any time accept the resignation of or remove
any separate trustee or co-trustee.

 

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

 

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

 

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

 

ARTICLE XI

Miscellaneous

 

SECTION 11.1. Supplements
and Amendments.  This
Agreement may be amended from time to time by a written amendment duly executed
and delivered by the Depositor and the Trustee, with prior written notice to
the Rating Agencies,

 

29

 

without the consent of
any of the Noteholders or the Certificateholders, to cure any ambiguity, to
correct or supplement any provisions in this Agreement or for the purpose of
adding any provisions to or changing in any manner or eliminating any of the
provisions in this Agreement or of modifying in any manner the rights of the
Noteholders or the Certificateholders; provided,
however, that such action shall not, as evidenced by an
Opinion of Counsel, adversely affect in any material respect the interests of
any Noteholder or Certificateholder.

 

This Agreement may also be amended from time to time by the Depositor
and the Trustee, with prior written notice to the Rating Agencies, with the
written consent of (x) Noteholders holding Notes evidencing not less than a
majority of the Note Balance and (y) the Holders of Certificates evidencing not
less than a majority of the Certificate Balance, for the purpose of adding any
provisions to or changing in any manner or eliminating any of the provisions of
this Agreement or of modifying in any manner the rights of the Noteholders or
the Certificateholders; provided, however, that no such amendment shall: (a)
increase or reduce in any manner the amount of, or accelerate or delay the
timing of, collections of payments on Receivables or distributions that shall
be required to be made for the benefit of the Noteholders or the
Certificateholders or (b) reduce the aforesaid percentage of the Outstanding
Amount and the Certificate Balance required to consent to any such amendment,
without the consent of the holders of all the outstanding Notes and
Certificates.

 

Notwithstanding the above, the permitted activities of the Trust set
forth in Section 2.3 may not be significantly amended without the consent
of Noteholders, other than the Seller and its Affiliates as Noteholders,
evidencing not less than a majority of the Outstanding Amount of the Notes held
by parties exclusive of the Seller and its Affiliates.

 

Promptly after the execution of any such amendment or consent (or, in
the case of the Rating Agencies, 10 days prior thereto), the Trustee shall
furnish written notification of the substance of such amendment or consent to
each Certificateholder, the Indenture Trustee and each of the Rating Agencies.

 

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

 

30

 

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

 

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

 

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

 

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

 

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

 

(b) Any notice required or
permitted to be given to a Certificateholder shall be given by first-class
mail, postage prepaid, at the address of such Holder as shown in the
Certificate Register. Any notice so mailed within the time prescribed in this
Agreement shall be conclusively

 

31

 

presumed to have been duly
given, whether or not the Certificateholder receives such notice.

 

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

 

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

 

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

 

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

 

32

 

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

 

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

 

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

 

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

 

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

 

33

 

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

 

	
   

  	
  [                                        ]

  	
  ,

  	
   

  
	
   

  	
  as Trustee

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
  CNH CAPITAL
  RECEIVABLES LLC,

  
	
   

  	
  as Depositor

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
					

 

S-1

 

Exhibit
4(i)

 

FORM OF TRUST CERTIFICATES

 

	
  REGISTERED

  	
   

  	
  $[                    ](1)

  
	
  NUMBER R-      

  	
   

  	
   

  

 

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

 

CNH
EQUIPMENT TRUST 200   -   

[      ]%
ASSET BACKED CERTIFICATE

 

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

 

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

 

THIS
CERTIFIES THAT CNH CAPITAL RECEIVABLES LLC is the fractional registered owner
of a

 

[                              ]
DOLLARS ($[                    ])
nonassessable, fully-paid, fractional undivided interest in the CNH Equipment
Trust 200   -    (the “Trust”) formed by CNH Capital
Receivables LLC, a Delaware corporation (the “Depositor”).

 

The Trust was created pursuant
to a Trust Agreement dated as of [                        ]
(the “Trust
Agreement”) between the Depositor and [                        ],
as trustee (the “Trustee”).
To the extent not otherwise defined herein, the capitalized terms used herein
have the meanings assigned to them in the Trust Agreement or the Sale and
Servicing Agreement (the “Sale and Servicing Agreement”) dated as of [                        ]
among the Trust, the Depositor and CNH Capital America LLC, as servicer (the “Servicer”), as

 

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

 

A-1

 

applicable. This Trust
Certificate is one of the duly authorized Certificates designated as “Asset
Backed Certificates” (herein called the “Trust
Certificates”) issued under and subject to the terms,
provisions and conditions of the Trust Agreement, to which Trust Agreement the
holder of this Trust Certificate by virtue of the acceptance hereof assents and
by which holder is bound.

 

Issued under the Indenture dated as of [                        ]
between the Trust and [                             ],
as Indenture Trustee, are notes designated as “[      ]%
Class A-1 Asset Backed Notes,” “[      ]% Class
A-2 Asset Backed Notes,” “[      ]% Class A-3
Asset Backed Notes,” “[      ]% Class A-4 Asset
Backed Notes” and “[      ]% Class B Asset Backed
Notes”.  Each Holder of this Trust
Certificate acknowledges and agrees that its rights to receive distributions in
respect of this Trust Certificate are subordinated to the rights of the
Noteholders as described in the Sale and Servicing Agreement and the Indenture.

 

It is the intent of the Depositor, Servicer and the Certificateholders
that, for purposes of federal income, State and local income and franchise and
any other income taxes measured in whole or in part by income, until the Trust
Certificates are held by other than the Depositor, the Trust be disregarded as
an entity separate from its owner.  At
such time that the Trust Certificates are held by more than one person, it is
the intent of the Depositor, Servicer and the Certificateholders that, for
purposes of federal income, State and local income and franchise and any other
income taxes measured in whole or in part by income, the Trust be treated as a
partnership, the assets of which are the assets held by the Trust, and the
Certificateholders (including the Depositor (and its transferees and assigns)
in its capacity as recipient of distributions from the Spread Account) will be
treated as partners in that partnership. 
The Depositor and the other Certificateholders, by acceptance of a Trust
Certificate, agree to treat, and to take no action inconsistent with the
treatment of, the Trust Certificates as such for tax purposes.

 

Each Certificateholder, by its acceptance of a Trust Certificate,
covenants and agrees that such Certificateholder will not at any time institute
against the Depositor or the Trust, or join in any institution against the
Depositor or the Trust of, any bankruptcy, reorganization, arrangement,
insolvency or liquidation proceedings, or other proceedings under any United
States federal or State bankruptcy or similar law in connection with any
obligations relating to the Trust Certificates, the Notes, the Trust Agreement
or any of the Basic Documents.

 

Each Certificateholder, by its acceptance of a Trust Certificate,
represents and warrants in writing that: (a) it is acquiring the Trust
Certificate for its own account and is the sole beneficial owner of such Trust
Certificate; (b) the transfer

 

A-2

 

is not being effected on
or through (x) an “established securities market” within the meaning of Section 7704(a)(1)
of the Code, including without limitation, an over-the-counter market or an
interdealer quotation system that regularly disseminates firm buy or sell
quotations or (y) a “secondary market (or the substantial equivalent thereof)”
within the meaning of Section 7704(a)(2) of the Code and any proposed,
temporary or final Treasury regulations thereunder; and (c) such transfer will
not cause the Trust to be classified as a publicly traded partnership for U.S.
federal income tax purposes, and such purchaser or transferee will not take any
action, including any subsequent disposition of such Trust Certificate (or any
beneficial interest therein), that would cause the Trust to be treated as a
publicly traded partnership for U.S. federal income tax purposes.

 

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

 

The Trust Certificates do not represent an obligation of, or an
interest in, the Depositor, the Servicer, CNH Capital America LLC, New Holland
Credit Company, LLC, CNH America LLC, CNH Global N.V.,  the Trustee or any affiliates of any of them
and no recourse may be had against such parties or their assets, except as may
be expressly set forth or contemplated herein or in the Trust Agreement or the
Basic Documents.

 

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

 

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

 

A-3

 

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

 

 

	
   

  	
  CNH
  Equipment Trust 200   -   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  [                           ]

  	
  ,

  
	
   

  	
  not in its individual
  capacity, but

  
	
   

  	
  solely as Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  	
   

  
							

 

A-4

 

TRUSTEE’S
CERTIFICATE OF AUTHENTICATION

 

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

 

 

	
  [                           ]

  	
  ,

  
	
  as Trustee

  
	
   

  
	
   

  
	
  By:

  	
   

  	
   

  
	
   

  	
  Authorized Officer

  	
   

  
	
   

  
	
   

  
	
  Date:

  
				

 

A-5

 

ASSIGNMENT

 

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

 

PLEASE INSERT SOCIAL
SECURITY

OR OTHER IDENTIFYING NUMBER OF

ASSIGNEE

 

	
   

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

  
	
   

  
	
   

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

  
	
   

  
	
   

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

  

 

	
  Dated:

  	
   

  	
  *

  
	
   

  	
  Signature Guaranteed:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  *

  

 

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

 

A-6

 

Exhibit 3(c)

 

CERTIFICATE OF TRUST

OF

CNH EQUIPMENT TRUST 200   -

 

THIS CERTIFICATE OF TRUST of
CNH EQUIPMENT TRUST 200   -    (the “Trust”), is being duly executed and filed
by [                    ],
a [                    ],
and [                         ],
a [                    ],
as trustees, to form a statutory trust under the Delaware Statutory Trust Act
(12 Del. C. §3801, et  seq.).

 

(i)                                     Name.  The
name of the statutory trust being formed hereby is CNH EQUIPMENT TRUST 200   -   .

 

(ii)                                  Delaware Trustee.  The
name and business address of the trustee of the Trust in the State of Delaware
are [                         ],
[                    ].

 

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

 

B-1

 

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

 

	
   

  	
  [                                 ]

  	
   

  
	
   

  	
  not in its individual
  capacity, but solely as

  trustee under a Trust Agreement dated as of

  
	
   

  	
  [                                 ]

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
    Name:

  	
   

  	
   

  
	
   

  	
    Title:

  	
   

  	
   

  
							

 

 

	
   

  	
  [                                 ]

  	
  ,

  
	
   

  	
  not in its individual
  capacity, but solely as

  co-trustee under a Co-Trustee Agreement

  
	
   

  	
  dated as of

  	
  [                         ]

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
    Name:

  	
   

  	
   

  
	
   

  	
    Title:

  	
   

  	
   

  
									

 

B-2EXHIBIT 4(h)

 

FORM OF
CLASS C NOTES

 

	
  REGISTERED

  	
  $                      (1)

  
	
  No. R-               

  	
  CUSIP NO.                      

  

 

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

 

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

 

CNH EQUIPMENT TRUST 200   -   

 

[            ]%
CLASS C ASSET BACKED NOTES

 

CNH Equipment Trust 200   -   ,
a trust organized and existing under the laws of the State of Delaware
(including any successor, the “Issuer”),
for value received, hereby promises to pay to CEDE & CO., or registered
assigns, the principal sum of [                                         ]
($[                   ]),
partially payable on each Payment Date in an amount equal to the aggregate
amount, if any, payable from the Note Distribution Account in respect of
principal on the Class B Notes pursuant to Section 3.1 of the Indenture; provided, however,
that the entire unpaid principal amount of this Note shall be due and payable
on the earlier of the September 15, 2011 Payment Date and the Redemption
Date, if any, pursuant to Section 10.1(a) of the Indenture. No payments of
principal of the Notes will be made on any Payment Date until the principal of
the A-1 Notes, the A-2 Notes, the A-3 Notes, the A-4 Notes and the Class B
Notes due on that Payment Date has been paid in full.  The Issuer will pay interest on this Note at
the rate per annum shown above, on each Payment Date until the principal of
this Note is paid or made available for payment, on the principal amount of
this Note outstanding on the preceding Payment Date (after giving effect to all
payments of principal made on the preceding Payment Date), subject to certain
limitations contained in Section 3.1 of the Indenture. Interest on this
Note will accrue for each Payment Date from the most recent Payment Date on
which interest

 

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

 

 

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

 

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

 

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

 

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

 

 

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

 

Dated:

 

 

	
   

  	
  CNH
  EQUIPMENT TRUST 200   -   

  	 

	
   

  	
   

  	
   

  	 

	
   

  	
   

  	
   

  	 

	
   

  	
  BY:

  	
  [                                                                ]

  	
  ,

  	 

	
   

  	
   

  	
  not in its individual
  capacity but solely as Trustee under the

  Trust Agreement

  	 

	
   

  	
   

  	
   

  	 

	
   

  	
   

  	
   

  	 

	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  	
   

  
								

 

 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

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

 

Dated:

 

 

	
   

  	
  [                                                                       ]

  	
  ,

  
	
   

  	
  not in its individual capacity but solely as
  Indenture Trustee

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Authorized Signatory

  
					

 

 

[REVERSE OF NOTE]

 

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

 

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

 

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

 

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

 

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

 

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

 

 

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

 

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

 

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

 

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

 

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

 

 

ASSIGNMENT

 

 

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

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
   

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

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  (name and address of
  assignee)

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

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

  
	
   

  	
   

  	
   

  
	
  Dated:

  	
   

  	
  *

  	
   

  	
   

  
						

 

	
   

  	
  Signature Guaranteed:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

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

  
			

 

 

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

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00078-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00078-of-00352.parquet"}]]