Document:

Exhibit
4.8

 

EXECUTION COPY

 

 

	
  DATE:

  	
   

  	
  May 22, 2008

  
	
   

  	
   

  	
   

  
	
  TO:

  	
   

  	
  CNH EQUIPMENT TRUST 2008-B (“Party B”)

  
	
   

  	
   

  	
  c/o The Bank of New York (Delaware)

  
	
   

  	
   

  	
  White
  Clay Center, Route 273

  
	
   

  	
   

  	
  DE
  19711

  
	
   

  	
   

  	
  Newark,
  Delaware

  
	
   

  	
   

  	
  Attention:

  	
   

  	
  Corporate
  Trust Administrator

  
	
   

  	
   

  	
  Telephone:

  	
   

  	
  (302) 636-6194

  
	
   

  	
   

  	
  Facsimile:

  	
   

  	
  (302) 636-4140

  
	
   

  	
   

  	
   

  
	
  FROM:

  	
   

  	
  BANK OF AMERICA, N.A. (“Party A”)

  
	
   

  	
   

  	
  Sears Tower

  
	
   

  	
   

  	
  233 South Wacker Drive, Suite 2800

  
	
   

  	
   

  	
  Chicago, IL 60606

  
	
   

  	
   

  	
  Attention:

  	
   

  	
  Swap Operations

  
	
   

  	
   

  	
  Telephone:

  	
   

  	
  312-234-2732

  
	
   

  	
   

  	
  Facsimile:

  	
   

  	
  866-255-1444

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SUBJECT:

  	
   

  	
  Balance Guaranteed Swap (Class A-2b)

  
	
   

  	
   

  	
   

  
	
  REFERENCE NUMBER:

  	
   

  	
  Swap No.:  50904602

  
	
   

  	
   

  	
  Swaption No.:  50904613

  

 

The purpose of this
letter (this “Confirmation”) is to confirm the
terms and conditions of the Transaction entered into between us on the Trade
Date specified below (the “Transaction”).  This Confirmation constitutes a “Confirmation”
as referred to in the ISDA Master Agreement specified below.

 

1                                          The definitions and provisions contained
in the 2006 ISDA Definitions (the “ISDA Definitions”),
as published by the International Swaps and Derivatives Association, Inc.
are incorporated into this Confirmation. 
In the event of any inconsistency between the definitions in the ISDA
Definitions and this Confirmation, this Confirmation will govern.  References herein to a “Transaction” shall be
deemed to be references to a “Swap Transaction” for purposes of the ISDA
Definitions.

 

Capitalized terms
not defined herein shall have the meaning assigned to them in the Trust
Agreement, dated as of May 1, 2008, between CNH Capital Receivables LLC
and Wilmington Trust Company, as Trustee, the Sale and Servicing Agreement,
dated as of May 1, 2008, among CNH Equipment Trust 2008-B (the “Trust”),
CNH Capital Receivables LLC, as Seller, and New Holland Credit Company, LLC, as
Servicer, and the Indenture, dated as of May 1, 2008, between CNH
Equipment Trust 2008-B and The Bank of New York Trust Company, N.A., as
Indenture Trustee (together with the Trust Agreement and Sale and Servicing
Agreement, the “Base Agreements”).  In
the event of any inconsistency between the definitions in the ISDA Definitions
and the Base Agreements, the Base Agreements will govern.

 

This Confirmation
supplements, forms a part of, and is subject to, the 1992 ISDA Master Agreement
dated as of May 14, 2008 (including the Schedule thereto) as amended and
supplemented from time to time (the “Agreement”)
between you and us.  All provisions
contained in the Agreement govern this Confirmation except as expressly
modified herein.

 

 

2.                                       The terms of the particular Transaction
to which this Confirmation relates are as follows:

 

	
  Type
  of Transaction:

  	
   

  	
  Interest Rate
  Swap

  
	
   

  	
   

  	
   

  
	
  Notional
  Amount:

  	
   

  	
  USD
  104,000,000.00 initially. With respect to each subsequent Calculation Period,
  the Notional Amount shall be equal to the outstanding principal balance of
  the Class A-2b Notes as of the first day of such Calculation Period.

  
	
   

  	
   

  	
   

  
	
  Trade Date:

  	
   

  	
  May 14, 2008

  
	
   

  	
   

  	
   

  
	
  Effective Date:

  	
   

  	
  May 22, 2008

  
	
   

  	
   

  	
   

  
	
  Termination Date:

  	
   

  	
  The
  earlier of (i) April 15, 2011, subject to adjustment in accordance
  with the Business Day Convention; provided, however, that for the purpose of
  determining the final Fixed Rate Payer Period End Date, Termination Date
  shall be subject to No Adjustment, and (ii) the date on which the outstanding
  principal balance of the Class A-2b Notes is reduced to zero.

  
	
   

  	
   

  	
   

  
	
  Fixed Amounts:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Fixed Rate Payer:

  	
   

  	
  CNH EQUIPMENT TRUST
  2008-B

  
	
   

  	
   

  	
   

  
	
  Fixed Rate Payer

  	
   

  	
   

  
	
  Period End Dates:

  	
   

  	
  The 15th calendar day of each month
  during the Term of this Transaction, commencing June 15, 2008, and
  ending on the Termination Date, with No Adjustment.

  
	
   

  	
   

  	
   

  
	
  Fixed Rate Payer

  	
   

  	
   

  
	
  Payment Dates:

  	
   

  	
  The 15th calendar day of each month
  during the Term of this Transaction, commencing June 15th, 2008, and
  ending on the Termination Date, subject to adjustment in accordance with the
  Business Day Convention.

  
	
   

  	
   

  	
   

  
	
  Fixed
  Rate:

  	
   

  	
  3.11 %

  
	
   

  	
   

  	
   

  
	
  Fixed
  Amount:

  	
   

  	
  To be determined
  in accordance with the following formula:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Fixed
  Rate*Notional Amount*Fixed Rate Day Count Fraction

  
	
   

  	
   

  	
   

  
	
  Fixed
  Rate Day

  	
   

  	
   

  
	
  Count
  Fraction:

  	
   

  	
  30/360

  
	
   

  	
   

  	
   

  
	
  Floating Amounts:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Floating Rate Payer:

  	
   

  	
  Bank of America,
  N.A.

  
	
   

  	
   

  	
   

  
	
  Floating Rate Payer

  	
   

  	
   

  
	
  Period End Dates:

  	
   

  	
  The 15th calendar day of each month
  during the Term of this Transaction, commencing June 15, 2008, and ending
  on the Termination Date, subject to adjustment in accordance with the
  Business Day Convention.

  
	
   

  	
   

  	
   

  
	
  Floating Rate Payer

  	
   

  	
   

  
	
  Payment Dates:

  	
   

  	
  The 15th calendar day of each month
  during the Term of this Transaction, commencing June 15, 2008, and
  ending on the Termination Date, subject to adjustment in accordance with the
  Business Day Convention.

  

 

2

 

	
  Floating Rate Option:

  	
   

  	
  USD-LIBOR-BBA

  
	
   

  	
   

  	
   

  
	
  Floating
  Amount:

  	
   

  	
  To be determined
  in accordance with the following formula:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Floating Rate
  Option*Notional Amount*Floating Rate Day Count Fraction

  
	
   

  	
   

  	
   

  
	
  Designated Maturity:

  	
   

  	
  One month

  
	
   

  	
   

  	
   

  
	
  Floating Rate Day

  	
   

  	
   

  
	
  Count Fraction:

  	
   

  	
  Actual/360

  
	
   

  	
   

  	
   

  
	
  Reset Dates:

  	
   

  	
  The first day
  of each Calculation Period

  
	
   

  	
   

  	
   

  
	
  Compounding:

  	
   

  	
  Inapplicable

  
	
   

  	
   

  	
   

  
	
  Business Days:

  	
   

  	
  New
  York

  
	
   

  	
   

  	
   

  
	
  Business Day Convention:

  	
   

  	
  Following

  
	
   

  	
   

  	
   

  
	
  Calculation Agent:

  	
   

  	
  Bank of America, N.A.

  
	
   

  	
   

  	
   

  
	
  Account Details and
  Settlement Information:

  
	
   

  	
   

  	
   

  
	
  Payments to Party A:

  	
   

  	
  Bank of America, N.A., New York

  
	
   

  	
   

  	
  Account: Rate Derivatives Settlements

  
	
   

  	
   

  	
  Account#: 6550-219386

  
	
   

  	
   

  	
  CHIPS#: 0959

  
	
   

  	
   

  	
  Fed Wire/ABA#: 026 009 593

  
	
   

  	
   

  	
  SWIFT
  Address: BOFAUS3N

  
	
   

  	
   

  	
   

  
	
  3.

  	
  Payments
  to Party B:

  	
   

  	
  The Bank of New
  York-New York, NY

  
	
   

  	
   

  	
  ABA #021000018

  
	
   

  	
   

  	
  G/L/A: #211705

  
	
   

  	
   

  	
  Account:
  TAS#629300

  
	
   

  	
   

  	
  Account: CNHET
  2008-B

  
	
   

  	
   

  	
  Attn: Keith
  Richardson 312-827-8572

  
						

 

3

 

4.     Calculation of Market Quotation or Loss in connection
with the early termination of all or a portion of this Transaction:

 

The
relevant party calculating the Market Quotation or Loss, as appropriate, in
connection with the early termination of all or a portion of this Transaction
shall take into account the anticipated amortization of the Note Balance of the
Class A-2b Notes for all Calculation Periods that would otherwise have
ended on Payment Dates that would otherwise have fallen after such early
termination.

 

[Remainder of this page intentionally left
blank.]

 

4

 

IN WITNESS WHEREOF the
parties have caused this Confirmation to be duly executed and delivered as of
the day and year first written above.

 

	
  BANK OF AMERICA, N.A.

  	
   

  	
  CNH Equipment Trust 2008-B

  
	
   

  	
   

  	
  By: Wilmington Trust Company, not in its

  
	
   

  	
   

  	
  individual capacity but solely as trustee

  
	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ Victor R. Waingort

  	
   

  	
  By:

  	
  /s/ Erik E. Overcash

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Name:

  	
  Victor R. Waingort

  	
   

  	
  Name:

  	
  Erik E. Overcash

  	
   

  
	
  Title:

  	
  Vice President

  	
   

  	
  Title:

  	
  Assistant Vice
  President

  	
   

  
	
  Date:

  	
   

  	
   

  	
  Date:

  	
   

  	
   

  
								

 

	
  REFERENCE NUMBER:

  	
   

  	
  Swap No.:  50904602

  
	
   

  	
   

  	
  Swaption No.:  50904613

  

 

5

 

Annex A

 

Paragraph
13 of the Credit Support AnnexExhibit 4.9

 

EXECUTION COPY

 

 

	
  DATE:

  	
   

  	
  May 22, 2008

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  TO:

  	
   

  	
  CNH EQUIPMENT TRUST 2008-B (“Party B”)

  	
   

  	
   

  
	
   

  	
   

  	
  c/o The Bank of New York (Delaware)

  	
   

  	
   

  
	
   

  	
   

  	
  White
  Clay Center, Route 273

  	
   

  	
   

  
	
   

  	
   

  	
  DE
  19711

  	
   

  	
   

  
	
   

  	
   

  	
  Newark,
  Delaware

  
	
   

  	
   

  	
  Attention:

  	
   

  	
  Corporate
  Trust Administrator

  
	
   

  	
   

  	
  Telephone:

  	
   

  	
  (302) 636-6194

  
	
   

  	
   

  	
  Facsimile:

  	
   

  	
  (302) 636-4140

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  FROM:

  	
   

  	
  BANK OF AMERICA, N.A. (“Party A”)

  
	
   

  	
   

  	
  Sears Tower

  	
   

  	
   

  
	
   

  	
   

  	
  233 South Wacker Drive, Suite 2800

  	
   

  	
   

  
	
   

  	
   

  	
  Chicago, IL 60606

  
	
   

  	
   

  	
  Attention:

  	
   

  	
  Swap Operations

  
	
   

  	
   

  	
  Telephone:

  	
   

  	
  312-234-2732

  
	
   

  	
   

  	
  Facsimile:

  	
   

  	
  866-255-1444

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SUBJECT:

  	
   

  	
  Balance Guaranteed Swap (Class A-3b)

  
	
   

  	
   

  	
   

  
	
  REFERENCE NUMBER:

  	
   

  	
  Swap No.:  50904659

  	
   

  	
   

  
	
   

  	
   

  	
  Swaption No.:  50905014

  	
   

  	
   

  
							

 

The purpose of this
letter (this “Confirmation”) is to confirm the
terms and conditions of the Transaction entered into between us on the Trade
Date specified below (the “Transaction”).  This Confirmation constitutes a “Confirmation”
as referred to in the ISDA Master Agreement specified below.

 

1                                          The
definitions and provisions contained in the 2006 ISDA Definitions (the “ISDA Definitions”), as published by the International Swaps
and Derivatives Association, Inc. are incorporated into this
Confirmation.  In the event of any
inconsistency between the definitions in the ISDA Definitions and this
Confirmation, this Confirmation will govern. 
References herein to a “Transaction” shall be deemed to be references to
a “Swap Transaction” for purposes of the ISDA Definitions.

 

Capitalized terms
not defined herein shall have the meaning assigned to them in the Trust Agreement,
dated as of May 1, 2008, between CNH Capital Receivables LLC and
Wilmington Trust Company, as Trustee, the Sale and Servicing Agreement, dated
as of May 1, 2008, among CNH Equipment Trust 2008-B (the “Trust”), CNH
Capital Receivables LLC, as Seller, and New Holland Credit Company, LLC, as
Servicer, and the Indenture, dated as of May 1, 2008, between CNH
Equipment Trust 2008-B and The Bank of New York Trust Company, N.A., as
Indenture Trustee (together with the Trust Agreement and Sale and Servicing Agreement,
the “Base Agreements”).  In the event of
any inconsistency between the definitions in the ISDA Definitions and the Base
Agreements, the Base Agreements will govern.

 

This Confirmation
supplements, forms a part of, and is subject to, the 1992 ISDA Master Agreement
dated as of May 14, 2008 (including the Schedule thereto) as amended and
supplemented from time to time (the “Agreement”)
between you and us.  All provisions
contained in the Agreement govern this Confirmation except as expressly modified
herein.

 

 

	
  2.

  	
  The terms of the
  particular Transaction to which this Confirmation relates are as follows:

  
	
   

  	
   

  
	
   

  	
  Type of
  Transaction:

  	
   

  	
  Interest Rate
  Swap

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Notional Amount:

  	
   

  	
  USD
  60,000,000.00 initially. With respect to each subsequent Calculation Period,
  the Notional Amount shall be equal to the outstanding principal balance of
  the Class A-3b Notes as of the first day of such Calculation Period.

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Trade Date:

  	
   

  	
  May 14, 2008

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Effective
  Date:

  	
   

  	
  May 22,
  2008

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Termination
  Date:

  	
   

  	
  The
  earlier of (i) July 16, 2012, subject to adjustment in accordance
  with the Business Day Convention; provided, however, that for the purpose of
  determining the final Fixed Rate Payer Period End Date, Termination Date
  shall be subject to No Adjustment, and (ii) the date on which the
  outstanding principal balance of the Class A-3b Notes is reduced to
  zero.

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Fixed
  Amounts:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Fixed Rate Payer:

  	
   

  	
  CNH EQUIPMENT TRUST 2008-B

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Fixed
  Rate Payer

  	
   

  	
   

  
	
   

  	
   

  	
  Period
  End Dates:

  	
   

  	
  The
  15th calendar day of each month during the Term of this
  Transaction, commencing June 15, 2008, and ending on the Termination
  Date, with No Adjustment.

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Fixed Rate Payer

  	
   

  	
   

  
	
   

  	
   

  	
  Payment Dates:

  	
   

  	
  The
  15th calendar day of each month during the Term of this
  Transaction, commencing June 15th, 2008, and ending on the Termination
  Date, subject to adjustment in accordance with the Business Day Convention.

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Fixed
  Rate:

  	
   

  	
  3.4825%

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Fixed
  Amount:

  	
   

  	
  To be determined
  in accordance with the following formula:

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Fixed Rate*Notional
  Amount*Fixed Rate Day Count Fraction

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Fixed
  Rate Day

  	
   

  	
   

  
	
   

  	
   

  	
  Count
  Fraction:

  	
   

  	
  30/360

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Floating
  Amounts:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Floating Rate Payer:

  	
   

  	
  Bank of America, N.A.

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Floating Rate Payer

  	
   

  	
   

  
	
   

  	
   

  	
  Period End Dates:

  	
   

  	
  The
  15th calendar day of each month during the Term of this
  Transaction, commencing June 15, 2008 and ending on the Termination
  Date, subject to adjustment in accordance with the Business Day Convention.

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Floating Rate Payer

  	
   

  	
   

  
	
   

  	
   

  	
  Payment Dates:

  	
   

  	
  The
  15th calendar day of each month during the Term of this
  Transaction, commencing June 15, 2008, and ending on the Termination
  Date, subject to adjustment in accordance with the Business Day Convention.

  

 

2

 

	
   

  	
   

  	
  Floating
  Rate Option:

  	
   

  	
  USD-LIBOR-BBA

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Floating Amount:

  	
   

  	
  To be determined
  in accordance with the following formula:

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Floating Rate
  Option*Notional Amount*Floating Rate Day Count Fraction

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Designated
  Maturity:

  	
   

  	
  One
  month

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Floating
  Rate Day

  	
   

  	
   

  
	
   

  	
   

  	
  Count
  Fraction:

  	
   

  	
  Actual/360

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Reset
  Dates:

  	
   

  	
  The first day of each Calculation
  Period

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Compounding:

  	
   

  	
  Inapplicable

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Business Days:

  	
   

  	
  New York

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Business Day
  Convention:

  	
   

  	
  Following

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Calculation
  Agent:

  	
   

  	
  Bank of America, N.A.

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Account Details
  and Settlement Information:

  
	
   

  	
   

  
	
   

  	
   

  	
  Payments to Party A:

  	
   

  	
  Bank of America, N.A., New York

  
	
   

  	
   

  	
   

  	
   

  	
  Account:  
  Rate Derivatives Settlements

  
	
   

  	
   

  	
   

  	
   

  	
  Account#: 6550-219386

  
	
   

  	
   

  	
   

  	
   

  	
  CHIPS#:  0959

  
	
   

  	
   

  	
   

  	
   

  	
  Fed Wire/ABA#: 026 009 593

  
	
   

  	
   

  	
   

  	
   

  	
  SWIFT Address: BOFAUS3N

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  3.

  	
   

  	
  Payments to
  Party B:

  	
   

  	
  The Bank of New
  York-New York, NY

  
	
   

  	
   

  	
   

  	
  ABA #021000018

  
	
   

  	
   

  	
   

  	
  G/L/A: #211705

  
	
   

  	
   

  	
   

  	
  Account: TAS
  #629300

  
	
   

  	
   

  	
   

  	
  Account: CNHET
  2008-B

  
	
   

  	
   

  	
   

  	
  Attn: Keith
  Richardson 312-827-8572

  
							

 

3

 

4.               Calculation
of Market Quotation or Loss in connection with the early termination of all or
a portion of this Transaction:

 

The relevant party
calculating the Market Quotation or Loss, as appropriate, in connection with
the early termination of all or a portion of this Transaction shall take into
account the anticipated amortization of the Note Balance of the Class A-3b
Notes for all Calculation Periods that would otherwise have ended on Payment
Dates that would otherwise have fallen after such early termination.

 

[Remainder
of this page intentionally left blank.]

 

4

 

IN WITNESS WHEREOF the
parties have caused this Confirmation to be duly executed and delivered as of
the day and year first written above

 

	
  BANK OF AMERICA, N.A.

  	
   

  	
  CNH Equipment Trust 2008-B

  
	
   

  	
   

  	
  By: Wilmington Trust Company, not in its

  
	
   

  	
   

  	
  individual capacity but solely as trustee

  
	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ Victor R. Waingort

  	
   

  	
  By:

  	
  /s/ Erik E. Overcash

  
	
   

  	
   

  	
   

  
	
  Name:

  	
  Victor R. Waingort

  	
   

  	
  Name:

  	
  Erik E. Overcash

  
	
  Title:

  	
  Vice President

  	
   

  	
  Title:

  	
  Assistant Vice
  President

  
	
  Date:

  	
   

  	
   

  	
  Date:

  	
   

  
							

 

 

	
  REFERENCE NUMBER:

  	
  Swap No.: 50904659

  
	
   

  	
  Swaption No.: 50905014

  

 

5

 

Annex A

 

Paragraph
13 of the Credit Support Annex

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00142-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00142-of-00352.parquet"}]]