Document:

Exhibit 4.1

 

CNH EQUIPMENT TRUST 2010-B

 

INDENTURE

 

between

 

CNH EQUIPMENT TRUST 2010-B

 

and

 

THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.

 

as Indenture Trustee.

 

Dated as of July 1, 2010

 

 

TABLE OF CONTENTS

 

	
   

  	
   

  	
   

  	
  Page

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE I
  Definitions and Incorporation by Reference

  	
   

  	
  2

  
	
   

  	
   

  	
   

  
	
  SECTION 1.1.

  	
  Definitions

  	
   

  	
  2

  
	
  SECTION 1.2.

  	
  Incorporation by Reference of Trust Indenture Act

  	
   

  	
  2

  
	
  SECTION 1.3.

  	
  Other Definitional Provisions

  	
   

  	
  3

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE II The
  Notes

  	
   

  	
  3

  
	
   

  	
   

  	
   

  
	
  SECTION 2.1.

  	
  Form

  	
   

  	
  3

  
	
  SECTION 2.2.

  	
  Execution, Authentication and Delivery

  	
   

  	
  4

  
	
  SECTION 2.3.

  	
  Temporary Notes

  	
   

  	
  4

  
	
  SECTION 2.4.

  	
  Registration; Registration of Transfer and Exchange

  	
   

  	
  5

  
	
  SECTION 2.5.

  	
  Mutilated, Destroyed, Lost or Stolen Notes.

  	
   

  	
  6

  
	
  SECTION 2.6.

  	
  Persons Deemed Owner

  	
   

  	
  7

  
	
  SECTION 2.7.

  	
  Payment of Principal and Interest; Defaulted Interest

  	
   

  	
  7

  
	
  SECTION 2.8.

  	
  Cancellation

  	
   

  	
  8

  
	
  SECTION 2.9.

  	
  Release of Collateral

  	
   

  	
  8

  
	
  SECTION 2.10.

  	
  Book-Entry Notes

  	
   

  	
  8

  
	
  SECTION 2.11.

  	
  Notices to Clearing Agency

  	
   

  	
  9

  
	
  SECTION 2.12.

  	
  Definitive Notes

  	
   

  	
  9

  
	
  SECTION 2.13.

  	
  Tax Treatment

  	
   

  	
  10

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE III
  Covenants

  	
   

  	
  10

  
	
   

  	
   

  	
   

  
	
  SECTION 3.1.

  	
  Payment of Principal and Interest

  	
   

  	
  10

  
	
  SECTION 3.2.

  	
  Maintenance of Office or Agency

  	
   

  	
  10

  
	
  SECTION 3.3.

  	
  Money for Payments To Be Held in Trust

  	
   

  	
  10

  
	
  SECTION 3.4.

  	
  Existence

  	
   

  	
  12

  
	
  SECTION 3.5.

  	
  Protection of the Trust Estate

  	
   

  	
  12

  
	
  SECTION 3.6.

  	
  Opinions as to the Trust Estate

  	
   

  	
  12

  
	
  SECTION 3.7.

  	
  Performance of Obligations; Servicing of Receivables

  	
   

  	
  13

  
	
  SECTION 3.8.

  	
  Negative Covenants

  	
   

  	
  14

  
	
  SECTION 3.9.

  	
  Annual Statement as to Compliance

  	
   

  	
  15

  
	
  SECTION 3.10.

  	
  Issuing Entity May Consolidate, etc., Only on
  Certain Terms

  	
   

  	
  15

  
	
  SECTION 3.11.

  	
  Successor or Transferee

  	
   

  	
  17

  
	
  SECTION 3.12.

  	
  No Other Business

  	
   

  	
  17

  
	
  SECTION 3.13.

  	
  No Borrowing

  	
   

  	
  17

  
	
  SECTION 3.14.

  	
  Servicer’s Obligations

  	
   

  	
  17

  
	
  SECTION 3.15.

  	
  Guarantees, Loans, Advances and Other Liabilities

  	
   

  	
  17

  
	
  SECTION 3.16.

  	
  Capital Expenditures

  	
   

  	
  17

  
	
  SECTION 3.17.

  	
  Removal of Administrator

  	
   

  	
  17

  
	
  SECTION 3.18.

  	
  Restricted Payments

  	
   

  	
  18

  

 

i

 

	
  SECTION 3.19.

  	
  Notice of Events of Default

  	
   

  	
  18

  
	
  SECTION 3.20.

  	
  Further Instruments and Acts

  	
   

  	
  18

  
	
  SECTION 3.21.

  	
  Perfection Representation

  	
   

  	
  18

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE IV
  Satisfaction and Discharge

  	
   

  	
  18

  
	
   

  	
   

  	
   

  
	
  SECTION 4.1.

  	
  Satisfaction and Discharge of Indenture

  	
   

  	
  18

  
	
  SECTION 4.2.

  	
  Application of Trust Money

  	
   

  	
  19

  
	
  SECTION 4.3.

  	
  Repayment of Monies Held by Paying Agent

  	
   

  	
  19

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE V Remedies

  	
   

  	
  20

  
	
   

  	
   

  	
   

  
	
  SECTION 5.1.

  	
  Events of Default

  	
   

  	
  20

  
	
  SECTION 5.2.

  	
  Acceleration of Maturity; Rescission and Annulment

  	
   

  	
  21

  
	
  SECTION 5.3.

  	
  Collection of Indebtedness and Suits for Enforcement by
  Indenture Trustee

  	
   

  	
  21

  
	
  SECTION 5.4.

  	
  Remedies; Priorities

  	
   

  	
  23

  
	
  SECTION 5.5.

  	
  Optional Preservation of the Receivables

  	
   

  	
  25

  
	
  SECTION 5.6.

  	
  Limitation of Suits

  	
   

  	
  25

  
	
  SECTION 5.7.

  	
  Unconditional Rights of Noteholders To Receive Principal
  and Interest

  	
   

  	
  26

  
	
  SECTION 5.8.

  	
  Restoration of Rights and Remedies

  	
   

  	
  26

  
	
  SECTION 5.9.

  	
  Rights and Remedies Cumulative

  	
   

  	
  26

  
	
  SECTION 5.10.

  	
  Delay or Omission Not a Waiver

  	
   

  	
  27

  
	
  SECTION 5.11.

  	
  Control by Noteholders

  	
   

  	
  27

  
	
  SECTION 5.12.

  	
  Waiver of Past Defaults

  	
   

  	
  27

  
	
  SECTION 5.13.

  	
  Undertaking for Costs

  	
   

  	
  28

  
	
  SECTION 5.14.

  	
  Waiver of Stay or Extension Laws

  	
   

  	
  28

  
	
  SECTION 5.15.

  	
  Action on Notes

  	
   

  	
  28

  
	
  SECTION 5.16.

  	
  Performance and Enforcement of Certain Obligations

  	
   

  	
  28

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE VI The
  Indenture Trustee

  	
   

  	
  29

  
	
   

  	
   

  	
   

  
	
  SECTION 6.1.

  	
  Duties of the Indenture Trustee

  	
   

  	
  29

  
	
  SECTION 6.2.

  	
  Rights of Indenture Trustee

  	
   

  	
  31

  
	
  SECTION 6.3.

  	
  Individual Rights of the Indenture Trustee

  	
   

  	
  31

  
	
  SECTION 6.4.

  	
  Indenture Trustee’s Disclaimer

  	
   

  	
  32

  
	
  SECTION 6.5.

  	
  Notice of Defaults

  	
   

  	
  32

  
	
  SECTION 6.6.

  	
  Reports by Indenture Trustee to the Holders

  	
   

  	
  32

  
	
  SECTION 6.7.

  	
  Compensation and Indemnity

  	
   

  	
  32

  
	
  SECTION 6.8.

  	
  Replacement of the Indenture Trustee

  	
   

  	
  33

  
	
  SECTION 6.9.

  	
  Successor Indenture Trustee by Merger

  	
   

  	
  34

  
	
  SECTION 6.10.

  	
  Appointment of Co-Trustee or Separate Trustee

  	
   

  	
  34

  
	
  SECTION 6.11.

  	
  Eligibility; Disqualification

  	
   

  	
  35

  
	
  SECTION 6.12.

  	
  Preferential Collection of Claims Against the Issuing
  Entity

  	
   

  	
  36

  
	
  SECTION 6.13.

  	
  Information to Be Provided by the Indenture Trustee

  	
   

  	
  36

  
	
  SECTION 6.14.

  	
  Representations and Warranties

  	
   

  	
  36

  

 

ii

 

	
  ARTICLE VII
  Noteholders’ Lists and Reports

  	
   

  	
  37

  
	
   

  	
   

  	
   

  
	
  SECTION 7.1.

  	
  Issuing Entity To Furnish Indenture Trustee Names and
  Addresses of Noteholders

  	
   

  	
  37

  
	
  SECTION 7.2.

  	
  Preservation of Information; Communications to Noteholders

  	
   

  	
  37

  
	
  SECTION 7.3.

  	
  Reports by Issuing Entity

  	
   

  	
  38

  
	
  SECTION 7.4.

  	
  Required Filings

  	
   

  	
  38

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE VIII
  Accounts, Disbursements and Releases

  	
   

  	
  38

  
	
   

  	
   

  	
   

  
	
  SECTION 8.1.

  	
  Collection of Money

  	
   

  	
  38

  
	
  SECTION 8.2.

  	
  Trust Accounts

  	
   

  	
  39

  
	
  SECTION 8.3.

  	
  General Provisions Regarding Accounts

  	
   

  	
  41

  
	
  SECTION 8.4.

  	
  Release of Trust Estate

  	
   

  	
  42

  
	
  SECTION 8.5.

  	
  Opinion of Counsel

  	
   

  	
  42

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE IX
  Supplemental Indentures

  	
   

  	
  43

  
	
   

  	
   

  	
   

  
	
  SECTION 9.1.

  	
  Supplemental Indentures Without Consent of Noteholders

  	
   

  	
  43

  
	
  SECTION 9.2.

  	
  Supplemental Indentures With Consent of Noteholders

  	
   

  	
  44

  
	
  SECTION 9.3.

  	
  Execution of Supplemental Indentures

  	
   

  	
  45

  
	
  SECTION 9.4.

  	
  Effect of Supplemental Indenture

  	
   

  	
  45

  
	
  SECTION 9.5.

  	
  Conformity with Trust Indenture Act

  	
   

  	
  46

  
	
  SECTION 9.6.

  	
  Reference in Notes to Supplemental Indentures

  	
   

  	
  46

  
	
  SECTION 9.7.

  	
  Amendment without Consent

  	
   

  	
  46

  
	
  SECTION 9.8.

  	
  Backup Servicer Consent

  	
   

  	
  46

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE X
  Redemption of Notes

  	
   

  	
  46

  
	
   

  	
   

  	
   

  
	
  SECTION 10.1.

  	
  Redemption

  	
   

  	
  46

  
	
  SECTION 10.2.

  	
  Form of Redemption Notice

  	
   

  	
  47

  
	
  SECTION 10.3.

  	
  Notes Payable on Redemption Date

  	
   

  	
  47

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE XI Miscellaneous

  	
   

  	
  47

  
	
   

  	
   

  	
   

  
	
  SECTION 11.1.

  	
  Compliance Certificates and Opinions, etc

  	
   

  	
  47

  
	
  SECTION 11.2.

  	
  Form of Documents Delivered to Indenture Trustee

  	
   

  	
  49

  
	
  SECTION 11.3.

  	
  Acts of Noteholders

  	
   

  	
  50

  
	
  SECTION 11.4.

  	
  Notices, etc., to the Indenture Trustee, Issuing
  Entity and Rating Agencies

  	
   

  	
  50

  
	
  SECTION 11.5.

  	
  Notices to Noteholders; Waiver

  	
   

  	
  51

  
	
  SECTION 11.6.

  	
  Alternate Payment and Notice Provisions

  	
   

  	
  52

  
	
  SECTION 11.7.

  	
  Conflict with Trust Indenture Act

  	
   

  	
  52

  
	
  SECTION 11.8.

  	
  Effect of Headings and Table of Contents

  	
   

  	
  52

  
	
  SECTION 11.9.

  	
  Successors and Assigns

  	
   

  	
  52

  
	
  SECTION 11.10.

  	
  Severability

  	
   

  	
  52

  
	
  SECTION 11.11.

  	
  Benefits of Indenture

  	
   

  	
  52

  
	
  SECTION 11.12.

  	
  Legal Holidays

  	
   

  	
  52

  
	
  SECTION 11.13.

  	
  Governing Law

  	
   

  	
  53

  

 

iii

 

	
  SECTION 11.14.

  	
  Counterparts

  	
   

  	
  53

  
	
  SECTION 11.15.

  	
  Recording of Indenture

  	
   

  	
  53

  
	
  SECTION 11.16.

  	
  Trust Obligation

  	
   

  	
  53

  
	
  SECTION 11.17.

  	
  No Petition

  	
   

  	
  53

  
	
  SECTION 11.18.

  	
  Inspection

  	
   

  	
  54

  
	
  SECTION 11.19.

  	
  Subordination

  	
   

  	
  54

  
	
  SECTION 11.20.

  	
  Information Requests

  	
   

  	
  55

  
	
  SECTION 11.21.

  	
  Communications with Rating Agencies

  	
   

  	
  55

  

 

iv

 

EXHIBITS

 

	
  EXHIBIT A-1

  	
  Form of
  A-1 Notes

  
	
   

  	
   

  
	
  EXHIBIT A-2

  	
  Form of
  A-2 Notes

  
	
   

  	
   

  
	
  EXHIBIT A-3

  	
  Form of
  A-3 Notes

  
	
   

  	
   

  
	
  EXHIBIT A-4

  	
  Form of
  A-4 Notes

  
	
   

  	
   

  
	
  EXHIBIT A-5

  	
  Form of
  Class B Notes

  
	
   

  	
   

  
	
  EXHIBIT B

  	
  Form of
  Section 3.9 Officer’s Certificate

  

 

SCHEDULES

 

SCHEDULE
P        Perfection
Representations & Warranties

 

v

 

INDENTURE dated as of July 1, 2010 between CNH EQUIPMENT
TRUST 2010-B, a Delaware statutory trust (the “Issuing
Entity”), and THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., a
national banking association (“BNYMTC”), as
trustee and not in its individual capacity (the “Indenture
Trustee”).

 

Each
party agrees as follows for the benefit of the other party and for the equal
and ratable benefit of the Holders of the Issuing Entity’s 0.57547% Class A-1
Asset Backed Notes (each an “A-1 Note”),
0.67% Class A-2 Asset Backed Notes (each an “A-2 Note”),
1.03% Class A-3 Asset Backed Notes (each an “A-3 Note”),
1.74% Class A-4 Asset Backed Notes (each an “A-4 Note”)
and the 3.12% Class B Asset Backed Notes (each a “Class B
Note”; and together with the A-1 Notes, the A-2 Notes, the A-3
Notes, and the A-4 Notes, the “Notes”).

 

GRANTING CLAUSE

 

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

 

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

 

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

 

(c)   any proceeds with respect to the Receivables from claims on
insurance policies covering Financed Equipment or Obligors (to the extent not
used to purchase Substitute Equipment);

 

(d)   any proceeds from recourse to Dealers with respect to the
Receivables;

 

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

 

(f)    all funds on deposit from time to time in the Trust Accounts,
including the Spread Account Deposit, and all investments and proceeds thereof
(including all income thereon);

 

(g)   the Sale and Servicing Agreement (including all rights of the
Seller under the Liquidity Receivables Purchase Agreement and the Purchase
Agreement assigned to the Issuing Entity pursuant to the Sale and Servicing
Agreement);

 

(h)           [Reserved]; and

 

(i)    all present and future claims, demands, causes and choses in
action in respect of any or all of the foregoing and all payments on or under
and all proceeds of every kind and nature whatsoever in respect of any or all
of the foregoing, including all proceeds of 

 

 

the conversion, voluntary or
involuntary, into cash or other liquid property, all cash proceeds, accounts,
accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit
accounts, insurance proceeds (to the extent not used to purchase Substitute
Equipment), condemnation awards, rights to payment of any and every kind and
other forms of obligations and receivables, instruments and other property that
at any time constitute all or part of or are included in the proceeds of any
and all of the foregoing.

 

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

 

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

 

ARTICLE I

Definitions and Incorporation by Reference

 

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

 

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

 

“Commission”
means the Securities and Exchange Commission.

 

“indenture
securities” means the Notes.

 

“indenture
security holder” means a Noteholder.

 

“indenture
to be qualified” means this Indenture.

 

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

 

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

 

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

 

2

 

SECTION 1.3.              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.

 

(b)   As used in this Agreement and in any certificate or other document
made or delivered pursuant hereto, 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 as 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.

 

(c)   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, Schedule and Exhibit references
contained in this Agreement are references to Sections, Schedules and Exhibits
in or to this Agreement unless otherwise specified; and the term “including”
shall mean “including, without limitation,”.

 

(d)   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.

 

(e)   References to any law or regulation refer to that law or
regulation as amended from time to time and include any successor law or
regulation.

 

(f)    References to any agreement refer to that agreement as from time
to time amended or supplemented or as the terms of such agreement are waived or
modified in accordance with its terms.

 

(g)   References to any Person include that Person’s successors and
assigns.

 

ARTICLE II

The Notes

 

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

 

3

 

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

 

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

 

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

 

Notes
bearing the manual or facsimile signature of individuals who were at the time
of signature Authorized Officers of the Issuing Entity shall bind the Issuing
Entity, notwithstanding that such individuals or any of them have ceased to
hold such offices prior to the authentication and delivery of such Notes or did
not hold such offices at the date of such Notes.

 

The
Indenture Trustee shall upon Issuing Entity Order authenticate and deliver A-1
Notes, A-2 Notes, A-3 Notes, A-4 Notes and Class B Notes for original
issue in an aggregate principal amount of $169,000,000, $142,000,000,
$268,000,000, $146,950,000 and $27,501,000, respectively.  The Outstanding Amount of A-1 Notes, A-2
Notes, A-3 Notes, A-4 Notes and Class B Notes at any time may not exceed
such respective amounts except as provided in Section 2.5.

 

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

 

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

 

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

 

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

 

4

 

the
temporary Notes shall in all respects be entitled to the same benefits under
this Indenture as if they were Definitive Notes.

 

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

 

If
a Person other than the Indenture Trustee is appointed by the Issuing Entity as
the Note Registrar, the Issuing Entity will give the Indenture Trustee prompt
written notice of the appointment of such Note Registrar and of the location,
and any change in the location, of the Note Register, and the Indenture Trustee
shall have the right to inspect the Note Register at all reasonable times, to
obtain copies thereof and to rely upon a certificate executed on behalf of the
Note Registrar by an Executive Officer thereof as to the names and addresses of
the Holders of the Notes and the principal amounts and number of such Notes.

 

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

 

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

 

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

 

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

 

5

 

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

 

No
service charge shall be made to a Holder for any registration of transfer or
exchange of Notes, but the Issuing Entity 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 Notes, other than
exchanges pursuant to Sections 2.3 or 9.6 not involving any transfer.

 

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

 

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

 

Every
replacement Note issued pursuant to this Section in replacement of any
mutilated, destroyed, lost or stolen Note shall constitute an original
additional contractual obligation of the Issuing Entity, whether or not the
mutilated, destroyed, lost or stolen Note shall be at any time 

 

6

 

enforceable
by anyone, and shall be entitled to all the benefits of this Indenture equally
and proportionately with any and all other Notes duly issued hereunder.

 

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

 

SECTION 2.6.              Persons
Deemed Owner.  Prior to
due presentment for registration of transfer of any Note, the Issuing Entity,
the Indenture Trustee and any agent of the Issuing Entity or the Indenture
Trustee may treat the Person in whose name any Note is registered (as of the
day of determination) as the owner of such Note for the purpose of receiving
payments of principal and interest, if any, on such Note and for all other
purposes whatsoever, whether or not such Note be overdue, and neither the
Issuing Entity, the Indenture Trustee nor any agent of the Issuing Entity or
the Indenture Trustee shall be affected by notice to the contrary.

 

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

 

(b)   (i) The principal of each Note shall be payable in
installments on each Payment Date as provided in this Indenture, and except as
provided below each such installment shall be due and payable only to the
extent that there are funds available to make the payment in accordance with
the Basic Documents.  Notwithstanding the
foregoing:  (A) the entire
Outstanding Amount of each Class of Notes shall be due and payable on the
related Class Final Scheduled Maturity Date, and (B) the entire
Outstanding Amount of all Classes of Notes shall be due and payable, ratably to
all Noteholders, on any date on which an Event of Default shall have occurred
and be continuing if the Indenture Trustee or the Holders of Notes representing
not less than a majority of the Outstanding Amount of the Notes have declared
the Notes to be immediately due and payable in the manner provided in Section 5.2.  All principal payments on the Class A-1
Notes shall be made pro rata to the Noteholders of the Class A-1
Notes.  All principal payments on the Class A-2
Notes shall be made pro rata to the Noteholders of the Class A-2 Notes.
All principal payments on the Class A-3 Notes shall be made pro rata to
the Noteholders of the Class A-3 Notes. 
All principal payments on the Class A-4 Notes shall be

 

7

 

made pro rata to the Noteholders of the Class A-4
Notes.  All principal payments on the Class B
Notes shall be made pro rata to the Noteholders of the Class B Notes.

 

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

 

(c)   If the Issuing Entity defaults in a payment of interest on the
Notes, the Issuing Entity shall pay, in any lawful manner, defaulted interest
(plus interest on such defaulted interest to the extent lawful) at the
applicable interest rate from the Payment Date for which such payment is in
default.  The Issuing Entity may pay such
defaulted interest to the Persons who are Noteholders on a subsequent special
record date, which date shall be at least five Business Days prior to the
special payment date.  The Issuing Entity
shall fix or cause to be fixed any such special record date and special payment
date, and, at least 15 days before any such special record date, shall mail to
each Noteholder a notice that states the special record date, the special
payment date and the amount of defaulted interest to be paid.

 

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

 

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

 

SECTION 2.10.            Book-Entry Notes.  The Notes, upon original issuance, will be
issued in the form of typewritten Notes representing the Book-Entry Notes, to
be delivered to The Depository Trust Company (“DTC”)
(the initial Clearing Agency), or its custodian, by, or on behalf of, the
Issuing Entity. Such Notes shall initially be registered on the Note Register
in the 

 

8

 

name of Cede & Co., the nominee of the
initial Clearing Agency, and no Note Owner of such Note will receive a
Definitive Note representing such Note Owner’s interest in such Note, except as
provided in Section 2.12. Unless and until definitive, fully registered
Notes (the “Definitive Notes”) representing Notes
have been issued to Note Owners:

 

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

 

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

 

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

 

(iv)          the rights of Note Owners shall be exercised only through
the Clearing Agency and shall be limited to those established by law and
agreements between such Note Owners and the Clearing Agency and/or the Clearing
Agency Participants pursuant to the Note Depository Agreement.  Unless and until Definitive Notes are issued,
the Clearing Agency will make book-entry transfers among the Clearing Agency
Participants and receive and transmit payments of principal of and interest on
the applicable Notes to such Clearing Agency Participants; and

 

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

 

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

 

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

 

9

 

Definitive Notes from time to time may be
subsequently issued as Book-Entry Notes and cleared through a Clearing Agency
at the request of applicable Holders of the Definitive Notes.

 

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

 

ARTICLE III

Covenants

 

SECTION 3.1.              Payment
of Principal and Interest. 
The Issuing Entity will duly and punctually pay the principal and
interest, if any, on the Notes in accordance with the terms of the Notes and
this Indenture.  Without limiting the
foregoing, subject to Sections 8.2(c) and (e), the Issuing Entity will
cause to be distributed to Holders of the Notes all amounts on deposit in the
Note Distribution Account on a Payment Date deposited therein for the benefit
of the Notes pursuant to the Sale and Servicing Agreement.  Amounts properly withheld under the Code or
any applicable State law by any Person from a payment to any Noteholder of
interest and/or principal shall be considered as having been paid by the
Issuing Entity to such Noteholder for all purposes of this Indenture.

 

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

 

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

 

10

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

Subject
to applicable laws with respect to escheat of funds, any money held by the
Indenture Trustee or any Paying Agent in trust for the payment of any amount
due with respect to any Note and remaining unclaimed for two years after such
amount has become due and payable shall be discharged from such trust and be
paid to the Issuing Entity on Issuing Entity

 

11

 

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

 

SECTION 3.4.              Existence.  The Issuing Entity will keep in full effect
its existence, rights and franchises as a statutory trust under the laws of the
jurisdiction of its organization and will obtain and preserve its qualification
to do business in each jurisdiction in which such qualification is or shall be
necessary to protect the validity and enforceability of this Indenture, the
Notes, the Collateral and each other instrument or agreement included in the
Trust Estate.

 

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

 

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

 

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

 

(iii)          enforce any of the Collateral; or

 

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

 

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

 

SECTION 3.6.              Opinions
as to the Trust Estate. 
(a)   On the Closing Date, the
Issuing Entity shall furnish to the Indenture Trustee an Opinion of Counsel
either stating that, in the opinion of such counsel, such action has been taken
or will be taken with respect to the recording and filing of this Indenture,
any indentures supplemental hereto and any other requisite documents, and with
respect to the execution and filing of any financing statements and 

 

12

 

continuation statements, as are necessary to perfect
and make effective the Lien and security interest created by this Indenture and
reciting the details of such action, or stating that, in the opinion of such
counsel, no such action is necessary to make such Lien and security interest
effective.

 

(b)   On or before April 30 in each calendar year commencing in the
calendar year 2011 the Issuing Entity shall furnish to the Indenture Trustee an
Opinion of Counsel either stating that, in the opinion of such counsel, such
action has been taken with respect to the recording, filing, re-recording and
refiling of this Indenture, any indentures supplemental hereto and any other
requisite documents, and with respect to the execution and filing of any
financing statements and continuation statements, as is necessary to maintain
the Lien and security interest of this Indenture and reciting the details of
such action, or stating that in the opinion of such counsel no such action is
necessary to maintain such Lien and security interest.  Such Opinion of Counsel shall also describe
the recording, filing, re-recording and refiling of this Indenture, any
indentures supplemental hereto and any other requisite documents, and the
execution and filing of any financing statements, amendments to financing
statements and continuation statements, that will, in the opinion of such
counsel, be required to maintain the Lien and security interest of this
Indenture until April 30 in the following calendar year.

 

SECTION 3.7.              Performance
of Obligations; Servicing of Receivables.  (a)  
The Issuing Entity will not take any action and will use its best
efforts not to permit any action to be taken by others that would release any
Person from any material covenants or obligations under any instrument or
agreement included in the Trust Estate or that would result in the amendment,
hypothecation, subordination, termination or discharge of, or impair the
validity or effectiveness of, any such instrument or agreement, except as
expressly provided in this Indenture, the Sale and Servicing Agreement or such
other instrument or agreement.

 

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

 

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

 

(d)   If the Issuing Entity shall have knowledge of the occurrence of a
Servicer Default, the Issuing Entity shall promptly notify the Indenture
Trustee and the Rating Agencies thereof, and shall specify in such notice the
action, if any, the Issuing Entity is taking with respect to such default.  If a Servicer Default shall arise from the failure
of the Servicer to 

 

13

 

perform any of its duties or obligations under the
Sale and Servicing Agreement with respect to the Receivables, the Issuing
Entity shall take all reasonable steps available to it to remedy such failure.

 

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

 

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

 

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

 

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

 

14

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

15

 

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

 

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

 

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

 

(b)   Except as permitted by the Basic Documents, the Issuing Entity
shall not convey or transfer any of its properties or assets, substantially as
an entirety, including those included in the Trust Estate, to any Person,
unless:

 

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

 

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

 

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

 

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

 

16

 

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

 

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

 

SECTION 3.11.            Successor or Transferee.  (a) 
Upon any consolidation or merger of the Issuing Entity in accordance
with Section 3.10(a), the Person formed by or surviving such consolidation or
merger (if other than the Issuing Entity) shall succeed to, and be substituted
for, and may exercise every right and power of, the Issuing Entity under this
Indenture with the same effect as if such Person had been named as the Issuing
Entity herein.

 

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

 

SECTION 3.12.            No Other Business.  The Issuing Entity shall not engage in any
business other than as permitted in Section 2.3 of the Trust Agreement.

 

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

 

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

 

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

 

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

 

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

 

17

 

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

 

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

 

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

 

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

 

ARTICLE IV

Satisfaction and Discharge

 

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

 

(A)          either:

 

(1)           all
Notes theretofore authenticated and delivered (other than: (i) Notes that have
been destroyed, lost or stolen and that have been replaced or paid as provided
in Section 2.5 and (ii) Notes for whose
payment money has 

 

18

 

theretofore
been deposited in trust or segregated and held in trust by the Issuing Entity
and thereafter repaid to the Issuing Entity or discharged from such trust, as
provided in Section 3.3) have been delivered to the
Indenture Trustee for cancellation; or

 

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

 

(i)            have become due and payable,

 

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

 

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

 

(B)           the
Issuing Entity has paid or caused to be paid all other sums payable hereunder
by the Issuing Entity; and

 

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

 

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

 

SECTION 4.3.              Repayment
of Monies Held by Paying Agent. 
In connection with the satisfaction and discharge of this Indenture with
respect to the Notes, all monies then 

 

19

 

held by any Paying Agent other than the Indenture
Trustee under this Indenture with respect to such Notes shall, upon demand of
the Issuing Entity, be paid to the Indenture Trustee to be held and applied
according to Section 3.3, and thereupon such
Paying Agent shall be released from all further liability with respect to such
monies.

 

ARTICLE V

Remedies

 

SECTION 5.1.              Events of
Default.  “Event of
Default”, wherever used herein, means any one of the following events (whatever
the reason for such Event of Default and whether it shall be voluntary or
involuntary or be effected by operation of law or pursuant to any judgment,
decree or order of any court or any order, rule or regulation of any
administrative or governmental body):

 

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

 

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

 

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

 

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

 

(v)           the commencement by the Issuing Entity of a voluntary case
under any applicable federal or State bankruptcy, insolvency or other similar
law now or hereafter in effect, or the consent by the Issuing Entity to the
entry of an order for relief in an 

 

20

 

involuntary case under any
such law, or the consent by the Issuing Entity to the appointment or taking
possession by a receiver, liquidator, assignee, custodian, trustee,
sequestrator or similar official of the Issuing Entity or for any substantial
part of the Trust Estate, or the making by the Issuing Entity of any general
assignment for the benefit of creditors, or the failure by the Issuing Entity
generally to pay its debts as such debts become due, or the taking of action by
the Issuing Entity in furtherance of any of the foregoing.

 

The
Issuing Entity shall deliver to the Indenture Trustee, within five days after
the Issuing Entity or the Administrator obtains actual knowledge thereof,
written notice in the form of an Officer’s Certificate of any event that, with
the giving of notice or the lapse of time or both, would become an Event of
Default under clause  (iii),
its status and what action the Issuing Entity is taking or proposes to take
with respect thereto.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

SECTION 5.3.              Collection
of Indebtedness and Suits for Enforcement by
Indenture Trustee. 
(a)  The Issuing Entity covenants
that if an Event of Default described in

 

21

 

Section 5.1(i) or (ii) occurs, the Issuing Entity will, upon demand of
the Indenture Trustee, pay to it, for the benefit of the Holders of Notes, the
whole amount then due and payable on such Notes for principal and interest,
with interest upon the overdue principal at the applicable interest rate, and,
to the extent payment at such rate of interest shall be legally enforceable,
upon overdue installments of interest, at the applicable interest rate, and in
addition thereto such further amount as shall be sufficient to cover the costs
and expenses of collection, including the reasonable compensation, expenses,
disbursements and advances of the Indenture Trustee and its agents and counsel.

 

(b)   In case the Issuing Entity shall fail forthwith to pay such amounts
upon such demand, the Indenture Trustee, in its own name and as trustee of an
express trust, may institute a Proceeding for the collection of the sums so due
and unpaid, and may prosecute such Proceeding to judgment or final decree, and
may enforce the same against the Issuing Entity or other obligor upon such
Notes and collect in the manner provided by law out of the property of the
Issuing Entity or other obligor upon such Notes, wherever situated, the monies
adjudged or decreed to be payable.

 

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

 

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

 

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

 

22

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

SECTION 5.4.            Remedies; Priorities.  (a)  If the Notes have been declared to
be due and payable under Section 5.2
following an Event of Default, the Indenture Trustee may do one or more of the
following (subject to Section 5.5):

 

23

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

24

 

THIRD:  to the
Indenture Trustee for amounts due under Section 6.7
and to the Trustee for amounts due under Section 8.1
of the Trust Agreement;

 

FOURTH:  to the
Administrator its accrued and unpaid Administration Fees;

 

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

 

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

 

SEVENTH:  to the
Trustee for amounts due to the Trustee under Article VIII
of the Trust Agreement to the extent not paid under clause THIRD
above; and

 

EIGHTH:  to the
Issuing Entity for distribution to the Certificateholders.

 

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

 

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

 

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

 

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

 

25

 

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

 

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

 

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

 

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

 

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

 

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

 

SECTION 5.7.            Unconditional Rights of
Noteholders To Receive Principal and Interest.  Notwithstanding any other provisions in this
Indenture, the Holder of any Note shall have the right, which is absolute and
unconditional, to receive payment of the principal of and interest, if any, on
such Note on or after the respective due dates thereof expressed in such Note
or in this Indenture (or, in the case of redemption, on or after the Redemption
Date) and to institute suit for the enforcement of any such payment, and such
right shall not be impaired without the consent of such Holder.

 

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

 

SECTION 5.9.            Rights and Remedies Cumulative. 
No right or remedy herein conferred upon or reserved to the Indenture
Trustee or to the Noteholders is intended to be exclusive of any other right or
remedy, and every right and remedy shall, to the extent permitted by law, be
cumulative and in addition to every other right and remedy given hereunder or
now or hereafter existing at law or in equity or otherwise.  The assertion or employment of any right or 

 

26

 

remedy hereunder, or otherwise, shall not prevent
the concurrent assertion or employment of any other appropriate right or
remedy.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

Upon
any such waiver, such Default shall cease to exist and be deemed to have been
cured and not to have occurred, and any Event of Default arising therefrom
shall be deemed to 

 

27

 

have
been cured and not to have occurred, for every purpose of this Indenture; but
no such waiver shall extend to any subsequent or other Default or impair any
right consequent thereto.

 

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

 

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

 

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

 

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

 

28

 

of default on the part of the Seller or the Servicer
thereunder and the institution of legal or administrative actions or
proceedings to compel or secure performance by the Seller or the Servicer of
each of their obligations under the Sale and Servicing Agreement or the
Purchase Agreement.

 

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

 

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

 

ARTICLE VI

The Indenture Trustee

 

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

 

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

 

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

 

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

 

29

 

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

 

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

 

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

 

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

 

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

 

(v)           the Indenture Trustee shall have no duty to monitor the
performance of the Issuing Entity, the Trustee, the Seller or the Servicer, nor
shall it have any liability in connection with malfeasance or nonfeasance by
the Issuing Entity, the Trustee, the Seller or the Servicer.  The Indenture Trustee shall have no liability
in connection with compliance of the Issuing Entity, the Trustee, the Seller or
the Servicer with statutory or regulatory requirements related to the
Receivables.  The Indenture Trustee shall
not make or be deemed to have made any representations or warranties with
respect to the Receivables or the validity or sufficiency of any assignment of
the Receivables to the Trust Estate or the Indenture Trustee.

 

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

 

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

 

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

 

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

 

30

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

31

 

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

 

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

 

SECTION 6.6.            Reports by Indenture
Trustee to the Holders. 
The Indenture Trustee shall deliver to each Noteholder such information
as may be required to enable such Holder to prepare its federal, State and
other income tax returns.  Within 60 days
after each December 31, starting with December 31, 2010, the
Indenture Trustee shall mail to each Noteholder a brief report as of such December 31
that complies with TIA § 313(a) (if required by said section).

 

SECTION 6.7.            Compensation and Indemnity.  The Issuing Entity shall, or shall cause the
Servicer to, pay to the Indenture Trustee from time to time reasonable
compensation for its services as agreed to between the Issuing Entity and the
Indenture Trustee in writing.  The
Indenture Trustee’s compensation shall not be limited by any law on
compensation of a trustee of an express trust. 
The Issuing Entity shall, or shall cause the Servicer to, reimburse the
Indenture Trustee for all reasonable out-of-pocket expenses incurred or made by
it, including costs of collection, in addition to the compensation for its
services. Such expenses shall include the reasonable compensation and expenses,
disbursements and advances of the Indenture Trustee’s agents, counsel,
accountants and experts.  The Issuing
Entity shall or shall cause the Servicer to indemnify the Indenture Trustee and
its officers, directors, employees and agents against any and all loss,
liability or expense (including attorneys’ fees and expenses) incurred by them
in connection with the administration of this trust and the performance of its
duties hereunder.  The Indenture Trustee
shall notify the Issuing Entity and the Servicer promptly of any claim for
which it may seek indemnity.  Failure by
the Indenture Trustee to so notify the Issuing Entity and the Servicer shall not
relieve the Issuing Entity or the Servicer of its respective obligations
hereunder.  The Issuing Entity shall, or
shall cause the Servicer to, defend the claim and the Indenture Trustee may
have separate counsel and the Issuing Entity shall, or shall cause the Servicer
to, pay the reasonable fees and expenses of such counsel.  Notwithstanding anything to the contrary
contained herein, neither the Issuing Entity nor the Servicer need reimburse
any expense or indemnify against any loss, liability or expense incurred by the
Indenture Trustee through the Indenture Trustee’s own willful misconduct,
negligence or bad faith.

 

The
Issuing Entity’s payment obligations to the Indenture Trustee pursuant to this Section shall
survive the discharge of this Indenture or the earlier resignation or removal
of the Indenture Trustee.  When the
Indenture Trustee incurs expenses after the occurrence of a Default specified
in Section 5.1(iv) or (v), the expenses are intended to constitute expenses of
administration under 

 

32

 

Title
11 of the United States Code or any other applicable federal or State
bankruptcy, insolvency or similar law.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

33

 

SECTION 6.9.            Successor Indenture
Trustee by Merger.  If the
Indenture Trustee consolidates with, merges or converts into, or transfers all
or substantially all its corporate trust business or assets to, another
corporation or banking association, the resulting, surviving or transferee
corporation without any further act shall be the successor Indenture
Trustee.  The Indenture Trustee shall
provide prompt written notice of any such transaction following the
consummation thereof to the Issuing Entity and, subject to Section 11.21,
to the Rating Agencies; provided, that such corporation or banking association
shall be otherwise qualified and eligible under Section 6.11.

 

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

 

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

 

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

 

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

 

34

 

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

 

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

 

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

 

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

 

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

 

SECTION 6.11.          Eligibility;
Disqualification.  The
Indenture Trustee shall at all times satisfy the requirements of TIA § 310(a) and,
upon Issuing Entity Order, Section 26(a)(1) of the Investment Company
Act of 1940, as amended.  The Indenture
Trustee shall have a combined capital and surplus of at least $50,000,000 as
set forth in its most recent published annual report of condition and it shall
have a long term senior, unsecured debt rating of “Baa3” or better by Moody’s
(or, if not rated by Moody’s, a comparable rating by another statistical rating
agency).  The Indenture Trustee shall
comply with TIA § 310(b), including the optional provision permitted by the
second sentence of TIA § 310(b)(9); provided, however, that there shall be excluded from the operation of
TIA § 310(b)(1) any indenture(s) under which other securities of the
Issuing Entity are outstanding if the requirements for such exclusion set forth
in TIA § 310(b)(1) are met.

 

If
a default occurs under this Indenture, and the Indenture Trustee is deemed to
have a conflicting interest as a result of acting as trustee for both (1) the
Class A Notes and (2) the Class B Notes, a successor Indenture
Trustee shall be appointed for one or more of such Classes, so that there will
be separate Indenture Trustees for the Class A Notes and the Class B
Notes, respectively.  No such event shall
alter the voting rights of the Class A Noteholders or the Class B
Noteholders under this Indenture or any other Basic Document.  However, so long as any 

 

35

 

amounts
remain unpaid with respect to the Class A Notes, only the Indenture
Trustee for the Class A Noteholders will have the right to exercise
remedies under this Indenture (but subject to the express provisions of Section 5.4 and to the right of the Class B
Noteholders to receive their respective shares of any proceeds of enforcement,
subject to the subordination of the Class B Notes to the Class A
Notes as described herein).  Upon
repayment of the Class A Notes in full, but so long as any amounts remain
unpaid with respect to the Class B Notes, only the Indenture Trustee for
the Class B Noteholders will have the right to exercise remedies under
this Indenture (but subject to the express provisions of Section 5.4).

 

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

 

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

 

SECTION 6.13.          Information to Be Provided
by the Indenture Trustee. 
At any time when the Issuing Entity’s reporting obligations under Section 15(d) of the Exchange Act are not
suspended, the Indenture Trustee shall notify the Servicer promptly after the
Indenture Trustee becomes aware of (a) the initiation of any legal
proceedings against the Indenture Trustee, or of which any property of the
Indenture Trustee is subject, that are material to the Noteholders, (b) any
developments in any such proceedings that are material to the Noteholders and (c) any
such material proceedings that are contemplated by any governmental authority
against the Indenture Trustee.

 

SECTION 6.14.          Representations and Warranties.  The
Indenture Trustee hereby represents that:

 

36

 

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

 

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

 

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

 

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

 

(e)   as of the date of the Underwriting Agreement, the Preliminary
Prospectus Date, the Prospectus Date and the Closing Date, there are no legal
proceedings pending against the Indenture Trustee, or of which any property of
the Indenture Trustee is subject, that are material to the Noteholders, and no such
legal proceedings are known to the Indenture Trustee to be contemplated by any
governmental authority against the Indenture Trustee that are material to the
Noteholders.

 

ARTICLE VII

Noteholders’ Lists and Reports

 

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

 

SECTION 7.2.            Preservation of
Information; Communications to Noteholders.  (a)  The Indenture Trustee shall
preserve, in as current a form as is reasonably practicable, the names and
addresses of the Holders of Notes contained in the most recent list furnished
to the Indenture Trustee as provided in Section 7.1
and the names and addresses of Holders of Notes 

 

37

 

received by the Indenture Trustee in its capacity as
Note Registrar. The Indenture Trustee may destroy any list furnished to it as
provided in Section 7.1 upon receipt of a new
list so furnished.

 

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

 

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

 

SECTION 7.3.            Reports by Issuing Entity.  (a)  
The Issuing Entity shall:

 

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

 

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

 

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

 

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

 

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

 

ARTICLE VIII

Accounts, Disbursements and Releases

 

SECTION 8.1.            Collection of Money.  Except as otherwise expressly provided
herein, the Indenture Trustee may demand payment or delivery of, and shall
receive and collect, directly and without intervention or assistance of any
fiscal agent or other intermediary, all money and other property payable to or
receivable by the Indenture Trustee pursuant to this 

 

38

 

Indenture. 
The Indenture Trustee shall apply all such money received by it as
provided in this Indenture. Except as otherwise expressly provided in this
Indenture, if any default occurs in the making of any payment or performance
under any agreement or instrument that is part of the Collateral and the Trust
Estate, the Indenture Trustee may take such action as may be appropriate to
enforce such payment or performance, including the institution and prosecution
of appropriate Proceedings.  Any such
action shall be without prejudice to any right to claim a Default or Event of
Default under this Indenture and any right to proceed thereafter as provided in
Article V.

 

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

 

(b)   On or before each Payment Date, the Total Distribution Amount with
respect to the preceding Collection Period will be deposited in the Collection
Account as provided in Section 5.3
of the Sale and Servicing Agreement.  On
or before each Payment Date, the First Principal Payment Amount and Noteholders’
Distributable Amount with respect to the preceding Collection Period will be
transferred to the Note Distribution Account as provided in Sections 5.5 and 5.6 of the Sale
and Servicing Agreement, and the Turbo Principal Payment Amount as of such
Payment Date will be transferred to the Note Distribution Account as provided
in Section 5.6(b)(x) of the Sale
and Servicing Agreement.

 

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

 

(i)            [Reserved];

 

(ii)           to the Class A Noteholders, the Class Interest
Amount for each Class of Class A Notes; provided, that if there are
not sufficient funds in the Note Distribution Account to pay the entire amount
of accrued and unpaid interest then due on such Notes, the amount in the Note
Distribution Account shall be applied to the payment of such interest on such
Notes pro rata on the basis of the total such interest due on such Notes;

 

(iii)          to the Class A Noteholders, an amount equal to the
First Principal Payment Amount in the following order of priority:

 

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

 

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

 

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

 

39

 

(D)          to
the A-4 Noteholders, until the Outstanding principal balance of the A-4 Notes
is reduced to zero;

 

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

 

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

 

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

 

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

 

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

 

(D)          to
the A-4 Noteholders, until the Outstanding principal balance of the A-4 Notes
is reduced to zero;

 

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

 

(vii)         [Reserved]; and

 

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

 

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

 

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

 

(i)            [Reserved];

 

(ii)           to the Class A Noteholders, the Class Interest
Amount for each Class of Class A Notes; provided, that if there are
not sufficient funds in the Note Distribution Account to pay the entire amount
of accrued and unpaid interest then due on such Notes, the amount in the Note
Distribution Account shall be applied to the payment of such interest on such
Notes pro rata on the basis of the total such interest due on such Notes;

 

40

 

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

 

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

 

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

 

(vi)          [Reserved]; and

 

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

 

(f)    [Reserved].

 

(g)   [Reserved].

 

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

 

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

 

(c)   If (i) the Issuing Entity shall have failed to give
investment directions for any funds on deposit in the Trust Accounts to the
Indenture Trustee by 11:00 a.m. (New York City time) (or such other time
as may be agreed by the Issuing Entity and the Indenture Trustee) on any
Business Day; or (ii) a Default or Event of Default shall have occurred
and be continuing with respect to the Notes but the Notes shall not have been
declared due and payable pursuant to

 

41

 

 

 

Section 5.2, or, if such
Notes shall have been declared due and payable following an Event of Default,
but amounts collected or receivable from the Trust Estate are being applied in
accordance with Section 5.4(b) as if there had
not been such a declaration; then the Indenture Trustee shall, to the fullest
extent practicable, invest and reinvest funds in the Trust Accounts in the
Eligible Investments identified in clause (d) of
the definition of Eligible Investments.

 

(d)   [Reserved].

 

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

 

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

 

SECTION 8.5.            Opinion of Counsel.  The Indenture Trustee shall receive at least
seven days’ notice when requested by the Issuing Entity to take any action
pursuant to Section 8.4(a), accompanied by copies of
any instruments involved, and the Indenture Trustee shall also require, as a
condition to such action, an Opinion of Counsel stating the legal effect of any
such action, outlining the steps required to complete the same, and concluding
that all conditions precedent to the taking of such action have been complied
with and such action will not materially and adversely impair the security for
the Notes or the rights of the Noteholders in contravention of this Indenture; provided, however, that
such Opinion of Counsel shall not be required to express an opinion as to the
fair value of the Trust Estate.  Counsel
rendering any such opinion may rely, without independent investigation, on the
accuracy and validity of any certificate or other instrument delivered to the Indenture
Trustee in connection with any such action.

 

42

 

ARTICLE IX

Supplemental Indentures

 

SECTION 9.1.            Supplemental Indentures
Without Consent of Noteholders.

 

(a)   Without the consent of the Holders of Notes but with prior written
notice to the Rating Agencies (which notice shall be given pursuant to Section 11.21), the Issuing Entity and the Indenture
Trustee, when authorized by an Issuing Entity Order, at any time and from time
to time, may enter into one or more indentures supplemental hereto (which shall
conform to the TIA as in force at the date of the execution thereof), in form
satisfactory to the Indenture Trustee, for any of the following purposes:

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

43

 

(ix)          to amend the “Specified Spread Account Balance” definition
in a manner that results in an increase in the amounts required to be on
deposit in the Spread Account pursuant to such definition.

 

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

 

(b)   The Issuing Entity and the Indenture Trustee, when authorized by
an Issuing Entity Order, may, without the consent of any of the Holders of
Notes but with prior written notice to the Rating Agencies (which notice shall
be given pursuant to Section 11.21),
enter into an indenture or indentures supplemental hereto to cure any
ambiguity, to correct or supplement any provisions in this Indenture or for the
purpose of adding any provisions to or changing in any manner or eliminating
any of the provisions of this Indenture or of modifying in any manner the
rights of the Holders of Notes under this Indenture; provided,
however, that such action shall not, as
evidenced by an Officer’s Certificate of the Seller, adversely affect in any
material respect the interests of any Noteholder.  A supplemental indenture shall be deemed not
to adversely affect in any material respect the interests of any Class of Notes
if the Rating Agency Condition has been satisfied with respect to such
supplemental indenture for such Class of Notes.

 

(c)   [Reserved].

 

SECTION 9.2.            Supplemental Indentures
With Consent of Noteholders. 
The Issuing Entity and the Indenture Trustee, when authorized by an
Issuing Entity Order, may, with prior written notice to the Rating Agencies
(which notice shall be given pursuant to Section 11.21)
and with the consent of the Holders of Notes evidencing not less than a
majority of the Outstanding Amount of the Notes, by Act of such Holders
delivered to the Issuing Entity and the Indenture Trustee, enter into an
indenture or indentures supplemental hereto for the purpose of adding any
provisions to or changing in any manner or eliminating any of the provisions of
this Indenture or of modifying in any manner the rights of the Holders of Notes
under this Indenture; provided, however, that no such supplemental indenture shall, without
the consent of the Holder of each Outstanding Note affected thereby:

 

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

 

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

 

44

 

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

 

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

 

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

 

(vi)          modify any of the provisions of this Indenture in such
manner as to affect the calculation of the amount of any payment of interest or
principal due on any Note on any Payment Date (including the calculation of any
of the individual components of such calculation); or

 

(vii)         permit the creation of any Lien ranking prior to or on a
parity with the Lien of this Indenture with respect to any part of the Trust
Estate or, except as otherwise permitted or contemplated herein, terminate the
Lien of this Indenture on any property at any time subject hereto or deprive
any Holder of Notes of the security provided by the Lien of this Indenture.

 

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

 

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

 

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

 

SECTION 9.4.            Effect of Supplemental
Indenture.  Upon the
execution of any supplemental indenture pursuant to the provisions hereof, this
Indenture shall be and be deemed 

 

45

 

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

 

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

 

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

 

SECTION 9.7.            Amendment without Consent.  Notwithstanding anything herein to the contrary
(other than as provided in Section 9.1(c)
and Section 9.2), any term or provision of
this Agreement may be amended by the Issuing Entity and the Indenture Trustee
without the consent of the Noteholders or any other Person to add, modify or
eliminate any provisions as may be necessary or advisable in order to comply
with or obtain more favorable treatment for the Issuing Entity, the Seller or
any of their Affiliates under or with respect to any law or regulation or any
accounting rule or principle (whether now or in the future in effect); it being
a condition to any such amendment that the Rating Agency Condition shall have
been satisfied.

 

SECTION 9.8.            Backup Servicer Consent.
Notwithstanding any other provision to the contrary, for so long as there is a
Backup Servicer, the Issuing Entity and the Indenture Trustee shall not,
without the consent of the Backup Servicer (such consent is not to be
unreasonably withheld), make, execute, acknowledge or deliver amendments to
this Indenture or enter into any supplemental indentures hereto or thereto or
otherwise waive or amend any provision of this Indenture if such action shall
have, or it is expected may have, a material adverse effect on the Backup
Servicer or any Successor Servicer.

 

ARTICLE X

Redemption of Notes

 

SECTION 10.1.          Redemption.  (a) 
The Notes are subject to redemption in whole, but not in part, at the
direction of CNHCA pursuant to Section 9.1(a)
of the Sale and Servicing Agreement, on any Payment Date on which CNHCA
exercises its option to purchase the Trust Estate pursuant to said Section 9.1(a), for a purchase price equal to the Redemption
Price.  The Servicer or the Issuing
Entity shall furnish the Rating Agencies notice of such redemption.  If 

 

46

 

such Notes are to be redeemed pursuant to this Section 10.1, CNHCA or the Issuing Entity shall furnish
notice of such election to the Indenture Trustee not later than 25 days prior
to the Redemption Date and the Issuing Entity shall deposit with the Indenture
Trustee in the Note Distribution Account the Redemption Price of the Notes to
be redeemed.

 

(b)   Reserved.

 

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

 

All
notices of redemption shall state:

 

(i)            the Redemption Date;

 

(ii)           the Redemption Price;

 

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

 

(iv)          the CUSIP numbers of the affected Notes.

 

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

 

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

 

ARTICLE XI

Miscellaneous

 

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

 

47

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(iii)          Other than with respect to property as contemplated by clause (v), whenever any Collateral or other property or
securities are to be released from the Lien of this Indenture, the Issuing
Entity shall also furnish to the Indenture Trustee an Officer’s Certificate
certifying or stating the opinion of each person signing such certificate as to
the fair value (within 90 days after such release) of the Collateral or other
property or 

 

48

 

securities proposed to be
released and stating that in the opinion of such person the proposed release
will not impair the security under this Indenture in contravention of the
provisions hereof.

 

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

 

(v)           Notwithstanding Section 2.9 or
any other provision of this Section, the Issuing Entity may, without compliance
with the requirements of the other provisions of this Section:  (A) collect, liquidate, sell or otherwise
dispose of Receivables and Financed Equipment as and to the extent permitted or
required by the Basic Documents and (B) make cash payments out of the Trust
Accounts as and to the extent permitted or required by the Basic Documents so
long as the Issuing Entity shall deliver to the Indenture Trustee every six
months, commencing March 1, 2011, an Officer’s Certificate of the Issuing
Entity stating that all such dispositions of Collateral that occurred since the
execution of the previous such Officer’s Certificate (or for the first such
Officer’s Certificate, since the Closing Date) were in the ordinary course of
the Issuing Entity’s business and that the proceeds thereof were applied in
accordance with the Basic Documents.

 

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

 

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

 

49

 

unless
such Authorized Officer or counsel knows, or in the exercise of reasonable care
should know, that the certificate, opinion or representations with respect to
such matters is/are erroneous.

 

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

 

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

 

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

 

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

 

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

 

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

 

SECTION 11.4.          Notices, etc., to the
Indenture Trustee, Issuing Entity and Rating Agencies.  Any request, demand, authorization,
direction, notice, consent, waiver or Act of Noteholders, or other documents
provided or permitted by this Indenture, shall be in writing and, 

 

50

 

if such request, demand, authorization, direction,
notice, consent, waiver or Act of Noteholders is to be made upon, given or
furnished to or filed with:

 

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

 

(b)   the Issuing Entity by the Indenture Trustee or by any Noteholder,
shall be sufficient for every purpose hereunder if in writing and mailed,
first-class, postage prepaid, to the Issuing Entity addressed to:  CNH Equipment Trust 2010-B, in care of
Wilmington Trust Company, Rodney Square North, 1100 North Market Street,
Wilmington, Delaware 19890, Attention: Corporate Trust Administration,
(facsimile: (302) 636-4140), and to New Holland Credit Company, LLC, as
Administrator, 100 Brubaker Avenue, New Holland Pennsylvania, 17557, Attention:
Finance Manager, (facsimile: (630) 887-5448); with a copy to: New Holland
Credit Company, LLC, 6900 Veterans Boulevard, Burr Ridge, Illinois 60527,
Attention: Assistant Treasurer, (facsimile: (630) 887-5448), or at any other
address or facsimile number previously furnished in writing to the Indenture
Trustee by the Issuing Entity or the Administrator.  The Issuing Entity shall promptly transmit
any notice received by it from the Noteholders to the Indenture Trustee.

 

(c)   [Reserved].

 

Subject
to Section 11.21, notices required to be
given to the Rating Agencies by the Issuing Entity, the Indenture Trustee or
the Trustee shall be in writing, personally delivered or mailed by certified
mail, return receipt requested, or by facsimile to their respective addresses
or facsimile numbers set forth above or, to the extent not set forth there, as
set forth in Section 10.3 of the Sale and
Servicing Agreement.

 

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

 

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

 

In
case, by reason of the suspension of regular mail service, it shall be impractical
to mail notice of any event to Noteholders when such notice is required to be
given pursuant to this 

 

51

 

Indenture,
then any manner of giving such notice as shall be satisfactory to the Indenture
Trustee shall be deemed to be a sufficient giving of such notice.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

SECTION 11.12.        Legal Holidays.  In any case where the date on which any
payment is due shall not be a Business Day, then (notwithstanding any other
provision of the Notes or this Indenture) payment need not be made on such
date, but may be made on the next 

 

52

 

Business Day with the same force and effect as if
made on the date on which nominally due, and no interest shall accrue for the
period from and after any such nominal date.

 

SECTION 11.13.        Governing Law.  This Indenture shall be construed in
accordance with the laws of the State of New York, and the obligations, rights
and remedies of the parties hereunder shall be determined in accordance with
such laws.

 

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

 

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

 

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

 

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

 

53

 

 

SECTION 11.18.          Inspection.  The Issuing Entity agrees that, on reasonable
prior notice, it will permit any representative of the Indenture Trustee,
during the Issuing Entity’s normal business hours, to examine all the books of
account, records, reports and other papers of the Issuing Entity, to make
copies and extracts therefrom, to cause such books to be audited by Independent
certified public accountants, and to discuss the Issuing Entity’s affairs,
finances and accounts with the Issuing Entity’s officers, employees and
Independent certified public accountants, all at such reasonable times and as
often as may be reasonably requested. 
The Indenture Trustee shall and shall cause its representatives to hold
in confidence all such information; provided,
however, that the foregoing shall
not be construed to prohibit:  (i) disclosure
of any and all information that is or becomes publicly known, or information
obtained by the Indenture Trustee from sources other than the Issuing Entity or
Servicer, (ii) disclosure of any and all information:  (A) if required to do so by any
applicable statute, law, rule or regulation, (B) to any government
agency or regulatory or self-regulatory body having or claiming authority to
regulate or oversee any aspects of the Indenture Trustee’s business or that of
its Affiliates, (C) pursuant to any subpoena, civil investigative demand
or similar demand or request of any court, regulatory authority, arbitrator or
arbitration to which the Indenture Trustee or an Affiliate or any officer,
director, employee or shareholder thereof is subject, (D) in any
preliminary or final offering circular, registration statement or contract or
other document pertaining to the transactions contemplated by the Indenture and
approved in advance by the Issuing Entity or (E) to any Affiliate,
independent or internal auditor, agent, employee or attorney of the Indenture
Trustee having a need to know the same; provided,
that the Indenture Trustee advises such recipient of the confidential nature of
the information being disclosed and such recipient agrees to keep such
information confidential, and provided
further, that the Indenture Trustee promptly notifies the Issuing
Entity of any disclosure of such information that it is required to make
pursuant to the preceding clause (A), (B) or
(C) so that the Issuing
Entity may seek appropriate protective orders or restrictions on the disclosure
of the information involved; (iii) any other disclosure authorized by the
Issuing Entity or the Servicer or (iv) disclosure to the other parties to
the transactions contemplated by the Basic Documents.

 

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

 

54

 

any other Person owned by CNHCR, then the Issuing
Entity and each Noteholder by accepting a Note further acknowledge and agree
that any such interest, claim or benefit in or from Other Assets is and shall
be expressly subordinated to the indefeasible payment in full of all
obligations and liabilities of CNHCR which, under the terms of the relevant
documents relating to the securitization of such Other Assets, are entitled to
be paid from, entitled to the benefits of, or otherwise secured by such Other
Assets (whether or not any such entitlement or security interest is legally
perfected or otherwise entitled to a priority of distribution or application
under applicable law, including insolvency laws, and whether asserted against
CNHCR or any other Person owned by CNHCR), including, the payment of
post-petition interest on such other obligations and liabilities.  This subordination agreement shall be deemed
a subordination agreement within the meaning of Section 510(a) of the Bankruptcy Code.  Each Noteholder further acknowledges and
agrees that no adequate remedy at law exists for a breach of this Section 11.19 and the terms of this Section 11.19 may be enforced by an
action for specific performance.

 

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

 

SECTION 11.21.          Communications with Rating
Agencies.  The parties
hereto (other than the Seller and its Affiliates but excluding the Issuing
Entity) agree that any notices or requests to, or any other written
communications with, any of the Rating Agencies, or any of their respective
officers, directors or employees, to be given or provided to such Rating
Agencies pursuant to, in connection with or related, directly or indirectly, to
the Basic Documents, the Collateral or the Notes, shall be in each case either (i) furnished
to the Seller who shall forward such communication to the Rating Agencies
pursuant to Section 10.18 of the Sale and
Servicing Agreement; or (ii) furnished directly to the Rating Agencies
with a prior copy to the Seller.  In
either case, the parties hereto (other than the Seller and its Affiliates but
excluding the Issuing Entity) further agree to provide such notices, requests
and communications or copies thereof, as applicable, to the Seller at least one
Business Day prior to the date when such notices, requests and communications
are required to be delivered (or are in fact delivered, whichever is earlier)
to the Rating Agencies pursuant to the Basic Documents.  So long as the Seller remains in existence,
each party hereto (other than the Seller and its Affiliates but excluding the
Issuing Entity) agrees that neither it nor any party on its behalf shall engage
in any oral communications with respect to the transactions contemplated
hereby, under the Basic Documents or in any way relating to the Notes with any
Rating Agency or any of their respective officers, directors or employees, without
the participation of the Seller.

 

[the remainder of this page intentionally left blank]

 

55

 

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

 

	
   

  	
  CNH
  EQUIPMENT TRUST 2010-B

  
	
   

  	
   

  
	
   

  	
  By:

  	
  Wilmington
  Trust Company,

  not in its individual capacity but solely

  as Trustee

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Dorri Costello

  
	
   

  	
  Name:

  	
  Dorri
  Costello

  
	
   

  	
  Title:

  	
  Financial
  Services Officer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  THE
  BANK OF NEW YORK MELLON TRUST

  COMPANY, N.A.

  
	
   

  	
  not
  in its individual capacity but solely

  as Indenture Trustee

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Robert Castle

  
	
   

  	
  Name:

  	
  Robert
  Castle

  
	
   

  	
  Title:

  	
  Vice
  President

  

 

 

APPENDIX A

Definitions

 

“180-Day Receivable” with respect to any Collection Period
means any Receivable as to which a scheduled payment is 180 days or more past
due by the last day of such Collection Period and which has not become a
Liquidated Receivable or a Repossessed Receivable; provided that a Receivable
shall cease to be a 180-Day Receivable if the Servicer subsequently receives
payment in full of each scheduled payment that was previously 180-days or more
past due.

 

“A-1 Note” means any of the Issuing Entity’s 0.57547% Class A-1
Asset Backed Notes.

 

“A-1 Note Final Scheduled Maturity Date” means the September 2,
2011 Payment Date.

 

“A-1 Note Rate” means 0.57547% per annum, computed on the
basis of the actual number of days in that Interest Period and a year of 360
days.

 

“A-1 Noteholders” means the holders of record of the A-1
Notes.

 

“A-2 Note” means any of the Issuing Entity’s 0.67% Class A-2
Asset Backed Notes.

 

“A-2 Note Final Scheduled Maturity Date” means the January 15,
2013 Payment Date.

 

“A-2 Note Rate” means 0.67% per annum, computed on the basis
of a 360-day year of twelve 30-day months.

 

“A-2 Noteholders” means the holders of record of the A-2
Notes.

 

“A-3 Note” means any of the Issuing Entity’s 1.03% Class A-3
Asset Backed Notes.

 

“A-3 Note Final Scheduled Maturity Date” means the November 17,
2014 Payment Date.

 

“A-3 Note Rate” means 1.03% per annum, computed on the basis
of a 360-day year of twelve 30-day months.

 

“A-3 Noteholders” means the holders of record of the A-3
Notes.

 

“A-4 Note” means any of the Issuing
Entity’s 1.74% Class A-4 Asset Backed Notes.

 

“A-4 Note Final Scheduled Maturity Date” means the January 17,
2017 Payment Date.

 

“A-4 Note Rate” means 1.74% per annum, computed on the basis
of a 360-day year of twelve 30-day months.

 

“A-4 Noteholders” means the holders of record of the A-4
Notes.

 

“Act” is defined in Section 11.3(a) of
the Indenture.

 

1

 

“Administration Agreement” means the Administration Agreement
dated as of July 1, 2010 among the Administrator, the Issuing Entity, the
Indenture Trustee and the Trustee.

 

“Administration Fee” means the fee payable to the
Administrator pursuant to Section 3
of the Administration Agreement.

 

“Administrator” means NH Credit, or any successor
Administrator under the Administration Agreement.

 

“Affiliate” means, with respect to any specified Person, any
other Person controlling or controlled by or under common control with such
specified Person.  For the purposes of
this definition, “control” when used with respect to any specified Person means
the power to direct the management and policies of such Person, directly or
indirectly, whether through the ownership of voting securities, by contract or
otherwise; and the terms “controlling” and “controlled” have meanings
correlative to the foregoing.  The term “Affiliated”
has a correlative meaning.

 

“Aggregate Statistical Contract Value” means,
$763,883,963.70, which amount is equal to the aggregate Statistical Contract
Value of all Receivables as of the Cutoff Date.

 

“Amount Financed” with respect to a Receivable means the
amount advanced under such Receivable toward the purchase price of the Financed
Equipment, or, in the case of any retail installment loan or consumer
installment loan, the amount advanced to the related Obligor that is secured by
Financed Equipment, and any related costs, including any insurance financed
thereby.

 

“Annual Percentage Rate” or “APR” of a Receivable means the
annual rate of finance charges in effect from time to time under the related
Contract.

 

“Asset Balance” means, for any Payment Date, the Pool Balance
as of the beginning of the current Collection Period.

 

“Assignment” is defined in Section 2.1
of the Sale and Servicing Agreement.

 

“Authorized Officer” means, with respect to the Issuing
Entity, any officer of the Trustee who is authorized to act for the Trustee in
matters relating to the Issuing Entity and who is identified on the list of
Authorized Officers delivered by the Trustee to the Indenture Trustee on the
Closing Date (as such list may be modified or supplemented from time to time
thereafter) and, so long as the Administration Agreement is in effect, any Vice
President, Assistant Treasurer, Assistant Secretary, or more senior officer of
the Administrator who is authorized to act for the Administrator in matters
relating to the Issuing Entity and to be acted upon by the Administrator
pursuant to the Administration Agreement and who is identified on the list of
Authorized Officers delivered by the Administrator to the Indenture Trustee on
the Closing Date (in each case as such list may be modified or supplemented
from time to time thereafter).

 

“Average Delinquency Ratio” on any Payment Date means the
average of the Delinquency Ratios for the preceding three calendar months.

 

2

 

“Average Delinquency Ratio Test” for the Payment Date
occurring in, or following, a month specified below will be met if the Average
Delinquency Ratio for such Payment Date is less than the percentage specified
opposite such Payment Date:

 

	
  Payment
  Date

  	
   

  	
  Percentage

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  February 2012

  	
   

  	
  1.75%

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  August 2012

  	
   

  	
  2.50%

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  February 2013

  	
   

  	
  3.00%

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  August 2013

  	
   

  	
  3.50%

  	
   

  

 

“Backup Servicer” means Systems & Services
Technologies, Inc., a Delaware corporation, and its successors and
assigns.

 

“Backup Servicer Account” means the account designated as
such, established and maintained pursuant to Section 5.1(a)(vii) of
the Sale and Servicing Agreement.

 

“Backup Servicer Account Deposit” means $150,000.

 

“Backup Servicer Account Property” means the Backup Servicer
Account, all amounts and investments held from time to time in the Backup
Servicer Account (whether in the form of deposit accounts, physical property,
book-entry securities, uncertificated securities or otherwise), and all
proceeds of the foregoing.

 

“Backup Servicer Account Required Amount” means, initially,
the Backup Servicer Account  Deposit;
provided, however, the Backup Servicer Account Required Amount may be reduced
by the Servicer if (a) Moody’s shall have been given at least 10 Business
Days’ prior notice thereof and shall have not notified the Issuing Entity and
the Indenture Trustee that such reduction will result in a reduction or
withdrawal by Moody’s of its then current rating of any Outstanding Class of
the Notes (to the extent Moody’s is hired by CNHCA to rate the Notes), (b) SST
is no longer acting as Backup Servicer or has otherwise consented to such
reduction (such consent shall not be unreasonably withheld) and (c) SST as
Backup Servicer has been paid any accrued and unpaid amounts due to it.

 

“Backup Servicer Account Shortfall Amount” is defined in Section 4.12 of the Sale and
Servicing Agreement.

 

“Backup Servicer Expenses” is defined in Section 4.12 of the Sale and Servicing
Agreement.

 

“Backup Servicer Fees” means the fees payable to the Backup
Servicer pursuant to the Backup Servicing Agreement, the Sale and Servicing
Agreement and the Indenture.

 

“Backup Servicing Agreement” means the Backup Servicing
Agreement, dated as of July 1, 2010, entered into by the Issuing Entity,
the Seller, the Servicer and the Backup Servicer.

 

3

 

“Bankruptcy Code” means the United States Bankruptcy Code,
Title 11 of the United States Code, as amended.

 

“Basic Documents” means the Certificate of Trust, the Trust
Agreement, the Purchase Agreement, the Sale and Servicing Agreement, the
Indenture, the Administration Agreement, the Backup Servicing Agreement and
other documents and certificates delivered in connection therewith.

 

“Benefit Plan” is defined in Section 3.4
of the Trust Agreement.

 

“Book-Entry Notes” means a beneficial interest in the Notes
of a particular Class, ownership and transfers of which shall be made through
book entries by a Clearing Agency as described in Section 2.10 of the Indenture.

 

“Business Day” means any day other than a Saturday, a Sunday
or a day on which banking institutions or trust companies in The City of New
York, New York, Wilmington, Delaware, Chicago, Illinois, New Holland,
Pennsylvania, St. Joseph, Missouri and Racine, Wisconsin are authorized or
obligated by law, regulation or executive order to remain closed.

 

“Certificate Distribution Account” is defined in Section 5.1 of the Trust Agreement.

 

“Certificate of Trust” means the Certificate of Trust
substantially in the form of Exhibit B to the Trust Agreement filed for
the Trust pursuant to Section 3810(a) of
the Trust Statute.

 

“Certificate Register” and “Certificate
Registrar” means the register mentioned and the registrar appointed
pursuant to Section 3.4 of
the Trust Agreement.

 

“Certificated Security” has the meaning assigned thereto in Section 8-102(a)(4) of the UCC.

 

“Certificateholder” means a Person in whose name a Trust
Certificate is registered.

 

“Certificates” means the Trust Certificates (as defined in
the Trust Agreement).

 

“Class” means any class of Notes.

 

“Class A Noteholder” means any holder of a Class A
Note.

 

“Class A Notes” means the A-1 Notes, the A-2 Notes, the
A-3 Notes and the A-4 Notes.

 

“Class B Note” means any of the Issuing Entity’s 3.12% Class B
Asset Backed Notes.

 

“Class B Note Final Scheduled Maturity Date” means the February 15,
2017 Payment Date.

 

“Class B Note Rate” means 3.12% per annum, computed on
the basis of a 360-day year of consisting of twelve 30-day months.

 

“Class B Noteholder” means any holder of a Class B
Note.

 

4

 

“Class Final Scheduled Maturity Date” means, as to any Class of
Notes, the final scheduled maturity date for that Class, as designated by the
defined term that begins with the designation of that Class and ends with
the phrase “Final Scheduled Maturity Date.” 
For instance, the Class Final Scheduled Maturity Date for the A-1
Notes is the A-1 Note Final Scheduled Maturity Date.

 

“Class Interest Amount” means, with respect to any
Payment Date (the “current Payment Date”) and any Class of Notes, an
amount equal to the sum of (a) the aggregate amount of interest accrued on
that Class of Notes at the applicable Interest Rate from and including the
preceding Payment Date (or, in the case of the initial Payment Date, from and
including the Closing Date) to but excluding the current Payment Date plus (b) the
Class Interest Shortfall for that Class of Notes and the current
Payment Date.

 

“Class Interest Shortfall” means, with respect to any
Payment Date (the “current Payment Date”) and any Class of Notes, the
excess of the Class Interest Amount for the preceding Payment Date over
the amount in respect of interest on that Class of Notes that was actually
deposited in the Note Distribution Account on such preceding Payment Date, plus
interest on such excess, to the extent permitted by law, at a rate per annum
equal to the Interest Rate on that Class of Notes, from such preceding
Payment Date to but excluding the current Payment Date.

 

“Clearing Agency” means an organization registered as a “clearing
agency” pursuant to Section 17A
of the Exchange Act that has been designated as the “Clearing Agency” for
purposes of the Indenture.

 

“Clearing Agency Participant” means a broker, dealer, bank,
other financial institution or other Person for whom from time to time a
Clearing Agency effects book-entry transfers and pledges of securities
deposited with the Clearing Agency.

 

“Closing Date” means August 12, 2010.

 

“CNH America” means CNH America LLC, a Delaware limited
liability company, and its successors and assigns.

 

“CNH Global” means CNH Global N.V., a company organized in
the Kingdom of The Netherlands, and its successors and assigns.

 

“CNHCA” means CNH Capital America LLC, a Delaware limited
liability company, and its successors and assigns.

 

“CNHCA Assets” is defined in Section 2.1
of the Purchase Agreement.

 

“CNHCA Assignment” means the document of assignment attached
to the Purchase Agreement as Exhibit A.

 

“CNHCR” means CNH Capital Receivables LLC, a Delaware limited
liability company, and its successors in interest to the extent permitted
hereunder.

 

5

 

“CNHCR Assets” is defined in Section 2.1
of the Sale and Servicing Agreement.

 

“Code” means the Internal Revenue Code of 1986, as amended
from time to time, and Treasury Regulations promulgated thereunder.

 

“Collateral” is defined in the Granting Clause of the
Indenture.

 

“Collection Account” means the account designated as such,
established and maintained pursuant to Section 5.1(a) of
the Sale and Servicing Agreement.

 

“Collection Period” means, with respect to any Payment Date,
the period from the end of the preceding Collection Period (or, if for the
first Payment Date, from the beginning of the day after the Cutoff Date) to and
including the last day of the calendar month preceding the calendar month in
which the Payment Date occurs.

 

“Commission” means the Securities and Exchange Commission.

 

“Contract” means a Retail Installment Contract.

 

“Contract Value” means, with respect to any day (including
the Cutoff Date), the sum of (a) the present value of the future Scheduled
Payments discounted monthly at an annual rate equal to the Specified Discount
Factor; plus (b) the amount of any past due payments.

 

“Control” with respect to any Federal Book Entry Security,
the Indenture Trustee shall have obtained control if:

 

(i)            the Indenture Trustee is a participant in the book
entry system maintained by the Federal Reserve Bank that is acting as fiscal
agent for the Issuing Entity of such Federal Book Entry Security, and such
Federal Reserve Bank has indicated by book entry that such Federal Book Entry
Security has been credited to the Indenture Trustee’s securities account in
such book entry system; or

 

(ii)           the Indenture Trustee (1) is registered on the
records of a Securities Intermediary as the person having a Securities
Entitlement in respect of such Federal Book Entry Security against such
Securities Intermediary; or (2) has obtained the agreement, in writing, of
the Securities Intermediary for such Securities Entitlement that such
Securities Intermediary will comply with Entitlement Orders of the Indenture
Trustee without further consent of any other Person; and (b) the
Securities Intermediary is a participant in the book entry system maintained by
the Federal Reserve Bank that is acting as fiscal agent for the Issuing Entity
of such Federal Book Entry Security; and (c) such Federal Reserve Bank has
indicated by book entry that such Federal Book Entry Security has been credited
to the Securities Intermediary’s securities account in such book entry system.

 

“Corporate Trust Office” means, (a) with respect to the
Indenture Trustee, the office of the Indenture Trustee in Illinois at which at
any particular time its corporate trust business shall 

 

6

 

be
administered, and all notices to the Indenture Trustee shall be directed to the
Indenture Trustee’s office located at 2 North LaSalle Street, Suite 1020,
Chicago, Illinois 60602, Attention Structured Finance-ABS, facsimile no.
(312) 827-8562; or at such other address as the Indenture Trustee may designate
from time to time by notice to the Noteholders and the Seller, or the principal
corporate trust office of any successor Indenture Trustee (the address of which
the successor Indenture Trustee will notify the Noteholders and the Seller),
and (b) with respect to the Trustee, the principal corporate trust office
of the Trustee located at Rodney Square North, 1100 North Market Street,
Wilmington, Delaware 19890, Attention: Corporate Trust Administration; or at
such other address as the Trustee may designate from time to time by notice to
the Certificateholders and the Depositor, or the principal corporate trust
office of any successor Trustee (the address of which the successor Trustee
will notify the Certificateholders and the Depositor).

 

“Cumulative Net Loss Ratio” on any Payment Date means the ratio,
expressed as a percentage, of (a) the aggregate Measured Losses on the
Receivables since the Cutoff Date through the last day of the related
Collection Period, to (b) the Pool Balance as of the Cutoff Date.

 

“Cumulative Net Loss Ratio Test” for the Payment Date
occurring in, or following, a month specified below will be met if the
Cumulative Net Loss Ratio for such Payment Date is less than the percentage
specified opposite such Payment Date:

 

	
  Payment
  Date

  	
   

  	
  Percentage

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  February 2012

  	
   

  	
  0.40%

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  August 2012

  	
   

  	
  0.55%

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  February 2013

  	
   

  	
  0.65%

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  August 2013

  	
   

  	
  0.75%

  	
   

  

 

“Cutoff Date” means June 30, 2010.

 

“Cutoff Date APR” means 3.58%, which is an annual rate that
equals the weighted average APR of the Receivables as of the Cutoff Date.

 

“Dealer”
means the dealer (which may include retail outlets owned in whole or in part by
CNH America LLC) or other third-party that originated and assigned the
respective Receivable to CNHCA or NH Credit, as applicable, under a Dealer
Agreement.

 

“Dealer Agreement” means the retail financing agreement,
warranty agreement or other agreement between the applicable Dealer and CNHCA
or NH Credit, as applicable, which governs the terms of sales of Receivables
from that Dealer to CNHCA or NH Credit, as applicable.

 

7

 

“Default” means any occurrence that is, or with notice or the
lapse of time or both would become, an Event of Default.

 

“Definitive Notes” is defined in Section 2.10 of the Indenture.

 

“Delinquency Ratio” for any calendar month means the ratio,
expressed as a percentage, of (a) the sum, for all of the Receivables, of
all scheduled payments that are 60 days or more past due (other than Purchased
Receivables and Liquidated Receivables) as of the end of such month, determined
in accordance with the Servicer’s then-current practices, to (b) the Pool
Balance as of the last day of such month.

 

“Delivery” means, when used with respect to Trust Account
Property:

 

(i)            with respect to a Certificated Security, transfer of
such Certificated Security to the Indenture Trustee or its nominee or custodian
by physical delivery to the Indenture Trustee or its nominee or custodian,
endorsed to, or registered in the name of, the Indenture Trustee or its nominee
or custodian or endorsed in blank; and

 

(ii)           with respect to any such Trust Account Property that
constitutes an Uncertificated Security (including any investments in money
market mutual funds, but excluding any Federal Book Entry Security), (A) registration
of the Indenture Trustee as the registered owner by the Issuing Entity, or (B) satisfaction
of the requirements for obtaining “control” pursuant to Section 8-106(c)(2) of the UCC.

 

“Depositor” means the Seller in its capacity as Depositor
under the Trust Agreement.

 

“Determination Date” means, with respect to any Transfer
Date, the second Business Day prior to such Transfer Date.

 

“Eligible Deposit Account” means either:  (a) a segregated account with an
Eligible Institution or any other segregated account, the deposit of funds in
which satisfies the Rating Agency Condition or (b) a segregated trust
account with the corporate trust department of a depository institution
organized under the laws of the United States of America or any State (or any
domestic branch of a foreign bank), having corporate trust powers and acting as
trustee for funds deposited in such account, so long as any of the securities
of such depository institution have a credit rating from each Rating Agency in
one of its generic rating categories that signifies investment grade.

 

“Eligible Institution” means: 
(a) the corporate trust department of the Indenture Trustee or the
Trustee or (b) a depository institution organized under the laws of the
United States of America or any State (or any domestic branch of a foreign
bank), which:  (i) has either a
long-term or short-term senior unsecured debt rating or certificate of deposit
rating acceptable to the Rating Agencies and (ii) whose deposits are
insured by the FDIC.

 

“Eligible Investments” mean book-entry securities, negotiable
instruments or securities represented by instruments in bearer or registered
form that evidence:

 

8

 

(a)           direct obligations of, and obligations fully
guaranteed as to timely payment by, the United States of America;

 

(b)           demand deposits, time deposits or certificates of
deposit of any depository institution or trust company incorporated under the
laws of the United States of America or any State (or any domestic branch of a
foreign bank) and subject to supervision and examination by federal or State
banking or depository institution authorities; provided, however, that at the
time of the investment or contractual commitment to invest therein, the
commercial paper or other short-term senior unsecured debt obligations (other
than such obligations the rating of which is based on the credit of a Person
other than such depository institution or trust company) thereof shall have a
credit rating from each of the Rating Agencies in the highest investment
category granted thereby;

 

(c)           commercial paper having, at the time of the
investment or contractual commitment to invest therein, a rating from each of
the Rating Agencies in the highest investment category granted thereby;

 

(d)           investments in money market funds having a rating
from each of the Rating Agencies in the highest investment category granted
thereby (including funds for which the Indenture Trustee or the Trustee or any
of their respective Affiliates is investment manager or advisor);

 

(e)           bankers’ acceptances issued by any depository
institution or trust company referred to in clause
(b);

 

(f)            repurchase obligations with respect to any security
that is a direct obligation of, or fully guaranteed as to timely payment by,
the United States of America or any agency or instrumentality thereof the
obligations of which are backed by the full faith and credit of the United
States of America, in either case entered into with a depository institution or
trust company (acting as principal) described in clause (b); and

 

(g)           any other investment permitted by each of the Rating
Agencies in the highest investment category granted thereby as set forth in
writing delivered to the Indenture Trustee;

 

provided, that
investments described in clauses (b) through
(g) shall be made only so
long as making such investments will not require the Issuing Entity to register
as an investment company under the Investment Company Act of 1940, as amended.

 

“Entitlement Order” has the meaning assigned thereto in Section 8-102(a)(8) of the UCC.

 

“ERISA” means the Employee Retirement Income Security Act of
1974, as amended from time to time, and the regulations promulgated thereunder.

 

“Event of Default” is defined in Section 5.1 of the Indenture.

 

9

 

“Exchange Act” means the Securities Exchange Act of 1934, as
amended.

 

“Exchange Act Reports” means any reports on Form 10-D, Form 8-K
and Form 10-K filed or to be filed by the Seller with respect to the
Issuing Entity under the Exchange Act.

 

“Executive Officer” means, with respect to any corporation or
limited liability company, the Chief Executive Officer, Chief Operating
Officer, Chief Financial Officer, President, Executive Vice President, any Vice
President, the Secretary or the Treasurer of such corporation or limited
liability company; and with respect to any partnership, any general partner
thereof.

 

“Expenses” is defined in Section 8.2
of the Trust Agreement.

 

“Federal Book Entry Security” means an obligation (i) issued
by the U.S. Treasury, the Federal Home Loan Mortgage Corporation or the Federal
National Mortgage Association, or any other direct obligation of, or obligation
fully guaranteed as to timely payment of principal and interest by, the United
States of America, that is a book-entry security held through the Federal
Reserve System pursuant to federal book entry regulations, and (ii) the
perfection of a security interest in which is governed pursuant to federal
regulations by Article 8 of the UCC.

 

“FDIC” means the Federal Deposit Insurance Corporation or any
successor.

 

“Final Scheduled Maturity Date” means the latest to occur of
the Class Final Scheduled Maturity Dates.

 

“Financed Equipment” means property, including any
agricultural, construction, forestry or other equipment, together with all
accessions thereto, securing an Obligor’s indebtedness under a Retail
Installment Contract, including any Substitute Equipment that has been
substituted (in accordance with Section 4.14
of the Sale and Servicing Agreement) for a piece of equipment that originally
secured such indebtedness under a Retail Installment Contract (“Replaced
Equipment”).  Following the substitution
of the Substitute Equipment pursuant to Section 4.14
of the Sale and Servicing Agreement, the Replaced Equipment shall no longer be
considered Financed Equipment for any purposes in the Basic Documents.

 

“Financial Asset” has the meaning assigned thereto in Section 8-102(a)(9) of the UCC.

 

“First Principal Payment Amount” has the meaning assigned
thereto in Section 5.6(b)(vi) of
the Sale and Servicing Agreement.

 

“Fitch” means Fitch, Inc., or its successor.

 

“Form 10-D Disclosure Item” shall mean with respect to
any Person, (a) any legal proceedings pending against such Person or of
which any property of such Person is then subject, or (b) any governmental
proceeding known to be contemplated by governmental authorities against such
Person or of which any property of such Person would be subject, in each case
that would be material to the Noteholders.

 

“Grant” means mortgage, pledge, bargain, sell, warrant,
alienate, remise, release, convey, assign, transfer, create and grant a Lien
upon and a security interest in and right of set-off 

 

10

 

against,
deposit, set over and confirm pursuant to the Indenture, and other forms of the
verb “to Grant” shall have correlative meanings.  A Grant of the Collateral or of any other
agreement or instrument shall include all rights, powers and options (but none
of the obligations) of the Granting party thereunder, including the immediate
and continuing right to claim for, collect, receive and give receipt for
principal and interest payments in respect of the Collateral and all other
monies payable thereunder, to give and receive notices and other communications,
to make waivers or other agreements, to exercise all rights and options, to
bring Proceedings in the name of the Granting party or otherwise and generally
to do and receive anything that the Granting party is or may be entitled to do
or receive thereunder or with respect thereto.

 

“Holder” means (a) with respect to a Note, the Person in
whose name a Note is registered on the Note Register and (b) with respect
to a Certificate, a Certificateholder, as the context may require.

 

“Indemnified Parties” is defined in Section 8.2 of the Trust Agreement.

 

“Indenture” means the Indenture dated as of July 1, 2010
between the Issuing Entity and the Indenture Trustee, as the same may be
amended and supplemented from time to time.

 

“Indenture Trustee” means The Bank of New York Mellon Trust
Company, N.A., a national banking association, not in its individual capacity
but solely as Indenture Trustee under the Indenture, or any successor Indenture
Trustee under the Indenture.

 

“Independent” means, when used with respect to any specified
Person, that the Person:  (a) is in
fact independent of the Issuing Entity, any other obligor upon the Notes, the
Seller and any Affiliate of any of the foregoing Persons, (b) does not
have any direct financial interest or any material indirect financial interest
in the Issuing Entity, any such other obligor, the Seller or any Affiliate of
any of the foregoing Persons and (c) is not connected with the Issuing
Entity, any such other obligor, the Seller or any Affiliate of any of the
foregoing Persons as an officer, employee, promoter, underwriter, trustee,
partner, director or Person performing similar functions.

 

“Independent Certificate” means a certificate or opinion to
be delivered to the Indenture Trustee under the circumstances described in, and
otherwise complying with, the applicable requirements of Section 11.1 of the Indenture, made
by an Independent appraiser or other expert appointed by an Issuing Entity
Order in the exercise of reasonable care and approved by the Indenture Trustee,
and such opinion or certificate shall State that the signer has read the
definition of “Independent” in the Indenture and that the signer is Independent
within the meaning thereof.

 

“Initial Pool Balance” means the Pool Balance as of the
Cutoff Date, which is $753,451,298.50.

 

“Insolvency Event” means, with respect to a specified
Person:  (a) the filing of a decree
or order for relief by a court having jurisdiction in the premises in respect
of such Person or any substantial part of its property in an involuntary case
under any applicable federal or State bankruptcy, insolvency or other similar
law now or hereafter in effect, or appointing a receiver, liquidator, assignee,
custodian, trustee, sequestrator or similar official for such Person or for any

 

11

 

substantial
part of its property, or ordering the winding-up or liquidation of such Person’s
affairs, and such decree or order shall remain unstayed and in effect for a
period of 60 consecutive days, or (b) the commencement by such Person of a
voluntary case under any applicable federal or State bankruptcy, insolvency or
other similar law now or hereafter in effect, or the consent by such Person to
the entry of an order for relief in an involuntary case under any such law, or
the consent by such Person to the appointment of or taking possession by a
receiver, liquidator, assignee, custodian, trustee, sequestrator or similar
official for such Person or for any substantial part of its property, or the making
by such Person of any general assignment for the benefit of creditors, or the
failure by such Person generally to pay its debts as such debts become due, or
the taking of action by such Person in furtherance of any of the foregoing.

 

“Instrument” has the meaning assigned thereto in Section 9-102(47) of the UCC.

 

“Interest Period” means (a) with respect to the first
Payment Date, the period from and including the Closing Date to, but excluding,
the first Payment Date, and (b) with respect to any other Payment Date,
the period from and including the immediately preceding Payment Date to, but
excluding, that Payment Date.

 

“Interest Rate” means (a) as to the A-1 Notes, the A-1
Note Rate, (b) as to the A-2 Notes, the A-2 Note Rate, (c) as to the
A-3 Notes, the A-3 Note Rate, (d) as to the A-4 Notes, the A-4 Note Rate
and (e) as to the Class B Notes, the Class B Note Rate.

 

“Investment Earnings” means, with respect to any Payment
Date, the interest and other investment earnings (net of losses and investment
expenses) on amounts on deposit in the Trust Accounts to be deposited into the
Collection Account on the related Transfer Date pursuant to Section 5.1(b) of the Sale and
Servicing Agreement.

 

“Investment Property” is defined in Section 9-102(49) of the UCC.

 

“Issuing Entity” means CNH Equipment Trust 2010-B until a
successor replaces it and, thereafter, means the successor and, for purposes of
any provision contained in the Indenture and required by the TIA, each other
obligor on the Notes.

 

“Issuing Entity Order” and “Issuing
Entity Request” means a written order or request, respectively,
signed in the name of the Issuing Entity by any one of its Authorized Officers
and delivered to the Indenture Trustee.

 

“Item 1119 Party” means the Seller, CNHCA, the Servicer, the
Indenture Trustee, the Trustee, the Backup Servicer, any underwriter of the
Notes and any other material transaction party identified by the Seller or
CNHCA to the Indenture Trustee or the Trustee in writing.

 

“Lien” means a security interest, lien, charge, pledge,
equity or encumbrance of any kind, other than (i) tax liens, mechanics’
liens and any liens that attach to the related Receivable by operation of law
as a result of any act or omission by the related Obligor and (ii) any
lien against the Financed Equipment resulting from a cross-collateralization
provision in the related Contract.

 

“Liquidated Receivable” means any Receivable liquidated by
the Servicer through the sale or other disposition of the related Financed
Equipment or that the Servicer has, after using 

 

12

 

all
reasonable efforts to realize upon the Financed Equipment, determined to charge
off without realizing upon the Financed Equipment.

 

“Liquidation Proceeds” means, with respect to any Liquidated
Receivable, the monies collected in respect thereof from whatever source
(including the proceeds of insurance policies with respect to the related
Financed Equipment (to the extent not used to purchase Substitute Equipment) or
Obligor and payments made by a Dealer pursuant to the related Dealer Agreement
with respect to such Receivable), other than Recoveries, net of the sum of any
amounts expended by the Servicer in connection with such liquidation and any
amounts required by law to be remitted to the Obligor on such Liquidated
Receivable.

 

“Liquidity Receivables Purchase Agreement” is defined in the
Recitals of the Purchase Agreement.

 

“Measured Losses” means, for any Collection Period, the sum
of (a) for each Receivable that became a Liquidated Receivable during such
Collection Period, the difference between (i) the Principal Balance plus
accrued and unpaid interest on such Receivable less the Write Down Amount for
such Receivable (if such receivable was a 180-Day Receivable or Repossessed
Receivable at the time of liquidation), if any, and (ii) the Liquidation
Proceeds received with respect to such Receivable during such Collection
Period, (b) with respect to any Receivable that became a 180-Day
Receivable or a Repossessed Receivable during such Collection Period, the Write
Down Amount, if any, for that Receivable and (c) with respect to each
other 180-Day Receivable or Repossessed Receivable, the amount of the
adjustment, if any, to the Write Down Amount for such Receivable for the related
Collection Period.

 

“Modification Purchase Event” is defined in Section 4.2 of the Sale and Servicing Agreement.

 

“Moody’s” means Moody’s Investors Service, Inc., or its
successor.

 

“NH Credit” means New Holland Credit Company, LLC, a Delaware
limited liability company, and its successors and assigns.

 

“Note Balance” means the aggregate Outstanding Amount of the
Notes from time to time.

 

“Note Depository Agreement” means the agreement between the
Issuing Entity and The Depository Trust Company, as the initial Clearing
Agency, dated as of the Closing Date.

 

“Note Distribution Account” means the account designated as
such, established and maintained pursuant to Section 5.1(a)(ii) of
the Sale and Servicing Agreement.

 

“Note Monthly Principal Distributable Amount” means, with
respect to any Payment Date, the amount necessary to be paid on the Notes to
reduce the Outstanding Amount of the Notes (after giving effect to the
application of the First Principal Payment Amount to reduce such Outstanding
Amount) to an amount equal to the Asset Balance for that Payment Date, less the
amount of the excess, if any, of the Asset Balance over the Outstanding Amount
of the Notes as of, and after giving effect to the distributions on, the
previous Payment Date; provided
that the 

 

13

 

Note
Monthly Principal Distributable Amount shall not exceed the aggregate
Outstanding Amount of the Notes; provided,
further, that on the Class Final
Scheduled Maturity Date for each Class of Notes, the Note Monthly
Principal Distributable Amount will at least equal the amount necessary to
repay the Outstanding Amount of that Class of Notes and of any other Class of
Notes payable prior to that Class of Notes. For purposes of this
definition only, the A-1 Notes, A-2 Notes, A-3 Notes and the A-4 Notes shall
each be deemed to be a separate Class of Notes.

 

“Note Owner” means, with respect to a Book-Entry Note, the
Person who is the owner of such Book-Entry Note, as reflected on the books of
the Clearing Agency, or on the books of a Person maintaining an account with
the Clearing Agency (directly as a Clearing Agency Participant or as an
indirect participant, in each case in accordance with the rules of the
Clearing Agency).

 

“Note Pool Factor” means, as of the close of business on any
Payment Date with respect to any Class of Notes, the Outstanding Amount of
that Class of Notes divided by the original Outstanding Amount of that Class of
Notes (carried out to the seventh decimal place). The Note Pool Factor for each
Class will be 100% as of the Closing Date, and, thereafter, will decline
to reflect reductions in the Outstanding Amount of the Notes.

 

“Note Register” and “Note Registrar”
have the respective meanings specified in Section 2.4
of the Indenture.

 

“Noteholders” means the Class A Noteholders and the Class B
Noteholders.

 

“Noteholders’ Distributable Amount” means, with respect to
any Payment Date, the sum of:  (a) the
Class Interest Amount for each Class of Notes and (b) the Note
Monthly Principal Distributable Amount.

 

“Notes” means the Class A Notes and the Class B
Notes.

 

“Obligor” means, with respect to any Receivable, any Person
who owes payments under the Receivable.

 

“Officer’s Certificate” means a certificate signed by one of
the following:  the Chairman of the
Board, the President, the Vice Chairman of the Board, an Executive Vice
President, any Vice President, a Treasurer, Assistant Treasurer, Secretary or
Assistant Secretary of the Seller, Administrator or Servicer, as appropriate.

 

“Opinion of Counsel” means a written opinion of counsel (who
may, except as otherwise expressly provided in this Agreement, be an employee
of or counsel to the Seller or the Servicer), which counsel and opinion shall
be reasonably acceptable to the Indenture Trustee, the Trustee or the Rating
Agencies, as applicable.

 

“Originator” means CNHCA.

 

“Outstanding” means, as of the date of determination, all
Notes theretofore authenticated and delivered under the Indenture except:

 

14

 

(i)            Notes theretofore canceled by the Note Registrar or
delivered to the Note Registrar for cancellation;

 

(ii)           Notes or portions thereof the payment for which
money in the necessary amount has been theretofore deposited with the Indenture
Trustee or any Paying Agent in trust for the Holders of such Notes (provided, however,
that if such Notes are to be redeemed, notice of such redemption has been duly
given pursuant to the Indenture); and

 

(iii)          Notes in exchange for or in lieu of other Notes that
have been authenticated and delivered pursuant to the Indenture unless proof
satisfactory to the Indenture Trustee is presented that any such Notes are held
by a bona fide purchaser; provided,
that in determining whether the Holders of the requisite Outstanding Amount of
the Notes have given any request, demand, authorization, direction, notice,
consent or waiver hereunder or under any Basic Document, Notes owned by the
Issuing Entity, any other obligor upon the Notes, the Seller or any Affiliate
of any of the foregoing Persons shall be disregarded and deemed not to be
Outstanding, except that, in determining whether the Indenture Trustee shall be
protected in relying upon any such request, demand, authorization, direction,
notice, consent or waiver, only Notes that a Responsible Officer of the
Indenture Trustee actually knows to be so owned shall be so disregarded. Notes
so owned that have been pledged in good faith may be regarded as Outstanding if
the pledgee establishes to the satisfaction of the Indenture Trustee the
pledgee’s right so to act with respect to such Notes and that the pledgee is
not the Issuing Entity, any other obligor upon the Notes, the Seller or any
Affiliate of any of the foregoing Persons.

 

“Outstanding Amount” means the aggregate principal amount of
all Notes, or Class of Notes, as applicable, Outstanding at the date of
determination.

 

“Owned Contracts” is defined in the Recitals of the Purchase
Agreement.

 

“Paying Agent” means (a) with respect to the Notes, the
Indenture Trustee or any other Person that meets the eligibility standards for
the Indenture Trustee specified in Section 6.11
of the Indenture and is authorized by the Issuing Entity to make the payments
to and distributions from the Collection Account and the Note Distribution
Account, including payment of principal of or interest on the Notes on behalf
of the Issuing Entity, and (b) with respect to the Certificates, any
paying agent or co-paying agent appointed pursuant to Section 3.9 of the Trust Agreement,
and shall initially be The Bank of New York Mellon Trust Company, N.A.

 

“Payment Date” means, with respect to each Collection Period,
the fifteenth day of the calendar month following the end of that Collection
Period, or, if such day is not a Business Day, the next Business Day,
commencing on September 15, 2010, provided that if any A-1 Notes remain
Outstanding after giving effect to distributions on the August 2011
Payment Date, September 2, 2011 shall constitute a Payment Date solely
with respect to the A-1 Notes.

 

15

 

“Person” means any individual, corporation, limited liability
company, estate, partnership, joint venture, association, joint stock company,
trust (including any beneficiary thereof), unincorporated organization or
government or any agency or political subdivision thereof.

 

“Pool Balance” means, at any time, the sum of the aggregate
Contract Values of the Receivables as of the beginning of a Collection Period
(after giving effect to all payments received from Obligors and Purchase
Amounts to be remitted by the Servicer or the Seller, as the case may be, with
respect to the preceding Collection Period, if any, and all Realized Losses on
Receivables liquidated during such preceding Collection Period, if any) less
the aggregate Write Down Amount as of the last day of the preceding Collection
Period, if any.

 

“Posted Date” is defined in Section 5.3
of the Sale and Servicing Agreement.

 

“Predecessor Note” means, with respect to any particular
Note, every previous Note evidencing all or a portion of the same debt as that
evidenced by such particular Note; and, for the purpose of this definition, any
Note authenticated and delivered under Section 2.5
of the Indenture in lieu of a mutilated, lost, destroyed or stolen Note shall
be deemed to evidence the same debt as the mutilated, lost, destroyed or stolen
Note.

 

“Preliminary Prospectus” means the prospectus dated August 2,
2010, the prospectus supplement (subject to completion, dated August 2,
2010), relating to the Class A Notes and Class B Notes.

 

“Preliminary Prospectus Date” means the date of the
preliminary prospectus supplement (subject to completion) included in the
Preliminary Prospectus.

 

“Principal Balance” of a Receivable, as of the close of
business on the last day of a Collection Period, means the Amount Financed
minus the sum of:  (i) that portion
of all Scheduled Payments paid on or prior to such day allocable to principal
using the simple interest method, (ii) any refunded portion of insurance
premiums included in the Amount Financed, (iii) any payment of the
Purchase Amount with respect to the Receivable allocable to principal and (iv) any
prepayment in full or any partial prepayments applied to reduce the Principal
Balance of the Receivable.

 

“Prior Securitization” means a prior securitization by a CNH
Equipment Trust.

 

“Proceeding” means any suit in equity, action at law or other
judicial or administrative proceeding.

 

“Prospectus” means the prospectus dated August 2, 2010
and the prospectus supplement dated August 4, 2010, relating to the Class A
Notes and Class B Notes.

 

“Prospectus Date” means the date of the prospectus supplement
included in the Prospectus.

 

“Purchase Agreement” means the Purchase Agreement dated as of
July 1, 2010 between the Seller and CNHCA, as the same may be amended and
supplemented from time to time, 

 

16

 

which
term shall also include, as the context requires, the Liquidity Receivables
Purchase Agreement.

 

“Purchase Amount” means, as of the close of business on the
last day of a Collection Period, an amount equal to the Contract Value of the
applicable Contract, as of the first day of the immediately following
Collection Period (or, with respect to any applicable Contract that is a
Liquidated Receivable, as of the day immediately prior to such Contract
becoming a Liquidated Receivable less any Liquidation Proceeds actually
received by the Issuing Entity) plus interest accrued and unpaid thereon as of
such last day at a rate per annum equal to, in the case of any Contract
transferred on the Closing Date, the Cutoff Date APR.

 

“Purchase Price” is defined in Section 2.1
of the Purchase Agreement.

 

“Purchased Contracts” is defined in the Recitals of the
Purchase Agreement.

 

“Purchased Receivable” means a Receivable purchased as of the
close of business on the last day of a Collection Period by the Servicer or
CNHCA pursuant to Section 4.6
of the Sale and Servicing Agreement, by CNHCA pursuant to Section 6.2 of the Purchase
Agreement, or by the Seller pursuant to Section 3.2
of the Sale and Servicing Agreement, or as of the first day of a Collection
Period by CNHCA pursuant to Section 9.1(a) of
the Sale and Servicing Agreement and Section 6.2
of the Purchase Agreement.

 

“Rating Agency” means, to the extent the applicable following
rating agency is hired by CNHCA to rate the Notes and such rating agency is
still rating such Notes, each of Fitch, Moody’s and Standard & Poor’s.

 

“Rating Agency Condition” means, with respect to any action,
that (with respect to each of the following rating agencies to the extent the
following rating agency is hired by CNHCA to rate the Notes and such rating
agency is still rating such Notes) (i) Standard & Poor’s shall
have notified the Seller, the Servicer, the Trustee and the Indenture Trustee
in writing that such action will not result in a reduction or withdrawal of its
then current rating of any Class of the Notes, and (ii) Fitch and
Moody’s shall have been given at least 10 Business Days’ prior notice thereof
and Moody’s shall have not notified the Issuing Entity and the Indenture
Trustee that such action will result in a reduction or withdrawal of its then
current rating of any Class of the Notes.

 

“Reacquired Receivables” means Receivables that (i) have
been purchased by the Servicer, repurchased by CNHCA or the Seller, or
otherwise transferred to the Servicer, Seller or CNHCA or their Affiliate
pursuant to the terms of the Basic Documents or (ii) are designated or
identified to be purchased by the Servicer, repurchased by CNHCA or the Seller,
or otherwise transferred to the Servicer, Seller or CNHCA or their Affiliate
pursuant to the terms of the Basic Documents; provided  however,
with respect to the preceding clause (ii),
such Receivables shall only become Reacquired Receivables the instant before (x) such
purchase, repurchase or transfer pursuant to the Basic Documents, and (y) the
full amount, if any, required to be paid for such Receivables having been paid
and/or deposited as and when required under the Basic Documents.

 

17

 

“Realized Losses” means, with respect to any Liquidated
Receivable, the excess of the Principal Balance of such Liquidated Receivable
plus accrued but unpaid interest thereon over the amount of any related
Liquidation Proceeds.

 

“Receivable” means any Contract included in the Schedule of
Receivables delivered by CNHCA to CNHCR on the Closing Date or the Schedule of
Receivables delivered by the Servicer to the Trustee on the Closing Date (other
than Reacquired Receivables).

 

“Receivable Files” means the documents specified in Section 3.3 of the Sale and Servicing
Agreement.

 

“Record Date” means, with respect to a Payment Date or
Redemption Date, the close of business on the fourteenth day of the calendar
month in which such Payment Date or Redemption Date occurs, or, if Definitive
Notes are issued, the close of business on the last day of the calendar month
preceding the month of such Payment Date, whether or not such day is a Business
Day, or if Definitive Notes were not outstanding on such date, the date of
issuance of the Definitive Note, and with respect to the A-1 Note Final
Scheduled Maturity Date, September 1, 2011.

 

“Recoveries” means, with respect to any Liquidated
Receivable, monies collected in respect thereof, from whatever source (other
than from the sale or other disposition of the Financed Equipment), after such
Receivable became a Liquidated Receivable.

 

“Redemption Date” means the Payment Date specified by the
Servicer or the Issuing Entity pursuant to Section 10.1(a) of
the Indenture.

 

“Redemption Price” means the unpaid principal amount of the
Notes redeemed, plus accrued and unpaid interest thereon at the applicable
interest rate to but excluding the Redemption Date.

 

“Registered Holder” means the Person in whose name a Note is
registered on the Note Register on the applicable Record Date.

 

“Regulation AB” means Regulation AB under the Securities Act
of 1933, as amended.

 

“Replaced Equipment” is defined in “Financed Equipment” above.

 

“Reportable Event” shall mean any event required to be
reported on Form 8-K, and in any event, the following:

 

(a)           entry into a definitive agreement related to the
Issuing Entity or the Notes or an amendment to a Basic Document, even if the
Seller is not a party to such agreement (e.g., a servicing agreement with a
servicer contemplated by Item 1108(a)(3) of Regulation AB);

 

(b)           termination of a Basic Document (other than by
expiration of the agreement on its stated termination date or as a result of
all parties completing their obligations under such agreement), even if the
Seller is not a party to such 

 

18

 

agreement
(e.g., a servicing agreement with a servicer contemplated by Item 1108(a)(3) of
Regulation AB);

 

(c)           with respect to the Servicer only, the occurrence of
a Servicer Default;

 

(d)           an Event of Default;

 

(e)           the resignation, removal, replacement, substitution,
of the Indenture Trustee or the Trustee; and

 

(f)            with respect to the Indenture Trustee only, a
required distribution to holders of the Notes is not made as of the required
Payment Date under the Indenture.

 

“Repossessed Receivable” with respect to any Collection
Period will be any Receivable as to which the Financed Equipment securing the
defaulted Receivable has been repossessed on or prior to the last day of such
Collection Period and which has not become a Liquidated Receivable.

 

“Responsible Officer” means, with respect to the Indenture
Trustee, any officer within the Corporate Trust Office of the Indenture
Trustee, including any Vice President, Assistant Vice President, Secretary or
Assistant Secretary, or any other officer of the Indenture Trustee customarily
performing functions similar to those performed by any of the above designated
officers and also, with respect to a particular matter, any other officer to
whom such matter is referred because of such officer’s knowledge of and
familiarity with the particular subject.

 

“Retail Installment Contract” means an equipment retail installment
contract or retail installment loan, including any consumer installment loan,
secured by Financed Equipment.

 

“Sale and Servicing Agreement”
means the Sale and Servicing Agreement, dated as of July 1, 2010 among the
Issuing Entity, the Seller and the Servicer.

 

“Sale Proceeds” is defined in Section 9.1(b) of the Sale and Servicing
Agreement.

 

“Schedule of Receivables” means, collectively, the listings
of the Receivables attached to, or incorporated by reference in, the CNHCA
Assignment and the Assignment (each of which schedules may be in the form of a
compact disk or any other computer-readable medium).

 

“Scheduled Payment” on a Receivable means that portion of the
payment required to be made by the Obligor during any Collection Period
sufficient to amortize the Principal Balance under the simple interest method,
in each case, over the term of the Receivable and to provide interest at the
APR.

 

“Secretary of State” means the Secretary of State of the
State of Delaware.

 

“Securities Account” has the meaning assigned thereto in Section 8-501(a) of the UCC.

 

19

 

“Securities Entitlement” has the meaning assigned thereto in Section 8-102(a)(17) of the UCC.

 

“Securities Intermediary” is defined in Section 8-102(a)(14) of the UCC.

 

“Seller” means CNHCR.

 

“Servicer” means NH Credit, as the servicer of the
Receivables, and any successor to NH Credit (in the same capacity) pursuant to Section 7.3 or 8.2 of the Sale and Servicing Agreement.

 

“Servicer Default” means an event specified in Section 8.1 of the Sale and Servicing
Agreement.

 

“Servicer’s Certificate” means an Officer’s Certificate of
the Servicer, substantially in the form of Exhibit C to the Sale and
Servicing Agreement.

 

“Servicing Criteria” shall mean the “servicing criteria” set
forth in Item 1122(d) of Regulation AB.

 

“Servicing Fee” means, for any Collection Period, the fee
payable to the Servicer for services rendered during such Collection Period,
determined pursuant to Section 4.7
of the Sale and Servicing Agreement.

 

“Servicing Procedures” is defined in Section 4.1 of the Sale and Servicing
Agreement.

 

“Simple Interest Receivable” means any Receivable under which
the portion of a payment allocable to interest and the portion allocable to
principal is determined by allocating a fixed level payment between principal
and interest, such that such payment is allocated first to the accrued and
unpaid interest at the Annual Percentage Rate for such Receivable on the unpaid
principal balance and the remainder of such payment is allocable to principal.

 

“Specified Discount Factor” equals 4.15%.

 

“Specified Spread Account Balance” means on the Closing Date,
2.90% of the sum of the Pool Balance as of the Cutoff Date and on any Payment
Date thereafter the lesser of, (a) 2.90% of the Pool Balance as of the
Cutoff Date and (b) the outstanding principal amount of the Notes.  However, if (A) the
Specified Spread Account Reduction Trigger is met on the Payment Date in February 2012
or any Payment Date thereafter, the percentage in clause (a) will be reduced to 2.00% on such Payment
Date and will remain at such percentage for each Payment Date thereafter unless
further reduced on the Payment Dates as provided in the following clauses (B), (C) or (D); (B) if the Specified Spread Account Reduction Trigger
is met on the Payment Date in August 2012 or any Payment Date thereafter,
the percentage in clause (a) of
the preceding sentence will be reduced to 1.75% on such Payment Date
(regardless of whether the Specified Spread Account Reduction Trigger was met
on the Payment Date in February 2012 or any Payment Date thereafter and
will remain at such percentage for each Payment Date thereafter unless further
reduced on the Payment Date as provided in the following clause (C) or (D); (C) the Specified Spread Account Reduction Trigger is
met on the Payment Date in February 2013 or any Payment Date thereafter,
the percentage in clause (a) of
the preceding sentence will be 

 

20

 

reduced
to 1.50% on such Payment Date (regardless of whether the Specified Spread
Account Reduction Trigger was met on the Payment Dates in February 2012 or
any Payment Date thereafter or August 2012 or any Payment Date thereafter)
and will remain at such percentage for each Payment Date thereafter unless
further reduced on the Payment Date as provided in the following clause (D); and (D) the
Specified Spread Account Reduction Trigger is met on the Payment Date in August 2013
or any Payment Date thereafter, the percentage in clause (a) of
the preceding sentence will be reduced to 1.15% on such Payment Date
(regardless of whether the Specified Spread Account Reduction Trigger was met
on the Payment Dates in February 2012 or any Payment Date thereafter, August 2012
or any Payment Date thereafter or February 2013 or any Payment Date
thereafter) and will remain at such percentage for each Payment Date
thereafter.  In addition to the ability
to amend the “Specified Spread Account Balance” definition pursuant to Section 9.1(a) of the Indenture, the Specified
Spread Account Balance may also be reduced or modified without the consent of
the Holders of the Notes if the Rating Agency Condition is satisfied with
respect to such reduction or modification.

 

“Specified Spread Account Reduction Trigger” for the Payment
Dates in February 2012, August 2012, February 2013 or August 2013
or any Payment Date after such Payment Dates will be met if the Average
Delinquency Ratio Test and the Cumulative Net Loss Ratio Test for such Payment
Date are met on such Payment Date or a Payment Date thereafter.

 

“Spread Account” means the account designated as such,
established and maintained pursuant to Section 5.1(a) of
the Sale and Servicing Agreement.

 

“Spread Account Deposit” means,  $21,850,087.66.

 

“SST” means Systems & Services Technologies, Inc.,
or its successor.

 

“Standard & Poor’s” means Standard & Poor’s
Ratings Services, a division of The McGraw-Hill Companies, Inc., or its
successor.

 

“State” means any one of the 50 states of the United States
of America or the District of Columbia.

 

“Statistical Contract Value” of a Receivable means the
current balance of the Receivable on the Servicer’s records.

 

“Substitute Equipment” is defined in Section 4.14
of the Sale and Servicing Agreement.

 

“Successor Servicer” is defined in Section 3.7(e) of the Indenture.

 

“TIA” means the Trust Indenture Act.

 

“Total Distribution Amount” means, with respect to any
Payment Date, the aggregate amount of collections on or with respect to the
Receivables with respect to the related Collection Period.  Collections on or with respect to the
Receivables include all payments made by or on behalf of the Obligors
(including any late fees, prepayment charges, extension fees and other
administrative fees or similar charges allowed by applicable law with respect
to the Receivables), any proceeds from insurance policies covering the Financed
Equipment (to the extent not used to 

 

21

 

purchase
Substitute Equipment) or related Obligor, Liquidation Proceeds, the Purchase
Amount of each Receivable that became a Purchased Receivable in respect of the
related Collection Period (to the extent deposited into the Collection Account), Investment
Earnings for such Payment Date and payments made by a Dealer pursuant to the
related Dealer Agreement with respect to such Receivable, on the Payment Date
specified in Section 5.8(b) of
the Sale and Servicing Agreement; provided,
however, that the Total
Distribution Amount shall not include:  (i) all
payments or proceeds (including Liquidation Proceeds) of any Receivables the
Purchase Amount of which has been included in the Total Distribution Amount in
a prior Collection Period or (ii) any Recoveries.

 

“Transfer Date” means the Business Day preceding the
fifteenth day of each calendar month.

 

“Treasury Regulations” means regulations, including proposed
or temporary regulations, promulgated under the Code. References to specific
provisions of proposed or temporary regulations shall include analogous
provisions of final Treasury Regulations or other successor Treasury
Regulations.

 

“Trust” means the Issuing Entity.

 

“Trust Account Property” means the Trust Accounts, all
amounts and investments held from time to time in any Trust Account (whether in
the form of deposit accounts, physical property, book-entry securities,
uncertificated securities or otherwise), and all proceeds of the foregoing.

 

“Trust Accounts” has the meaning assigned thereto in Section 5.1(b) of the Sale and
Servicing Agreement.

 

“Trust Agreement” means the Trust Agreement dated as of July 1,
2010 between the Seller and the Trustee, as the same may be amended and
supplemented from time to time.

 

“Trust Certificate” means a certificate evidencing the
beneficial interest of a Certificateholder in the Trust, substantially in the
form of Exhibit A to the Trust Agreement.

 

“Trust Estate” means (a) with respect to the Indenture,
all the money, instruments, rights and other property that are subject or
intended to be subject to the Lien and security interest of the Indenture for
the benefit of the Noteholders (including all property and interests Granted to
the Indenture Trustee), including all proceeds thereof, and (b) with
respect to the Trust Agreement, all right, title and interest of the Trust in
and to the property and rights assigned to the Trust pursuant to Article II
(other than Section 2.1(b))
of the Sale and Servicing Agreement, all funds on deposit from time to time in
the Trust Accounts and the Certificate Distribution Account and all other
property of the Trust from time to time, including any rights of the Trustee
and the Trust pursuant to the Sale and Servicing Agreement and the
Administration Agreement.

 

“Trust Indenture Act” means the Trust Indenture Act of 1939,
as in force on the date of the Indenture unless otherwise specifically
provided.

 

22

 

“Trust Officer” means, in the case of the Indenture Trustee,
any officer within the Corporate Trust Office of the Indenture Trustee, including
any Vice President, Assistant Vice President, Secretary, Assistant Secretary or
any other officer of the Indenture Trustee customarily performing functions
similar to those performed by any of the above designated officers and also,
with respect to a particular matter, any other officer to whom such matter is
referred because of such officer’s knowledge of and familiarity with the
particular subject and, with respect to the Trustee, any officer in the
Corporate Trustee Administration Department of the Trustee with direct
responsibility for the administration of the Trust Agreement and the Basic
Documents on behalf of the Trustee.

 

“Trust Statute” means Chapter 38 of Title 12 of the Delaware
Code, 12 Del. Code § 3801 et seq., as the same may be amended from time to
time.

 

“Trustee” means Wilmington Trust Company, a Delaware banking
corporation, not in its individual capacity but solely as trustee under the
Trust Agreement, and any successor Trustee thereunder.

 

“Turbo Principal Payment Amount” is defined in Section 5.6(b)(x) of the Sale and Servicing
Agreement.

 

“Uncertificated Security” has the meaning assigned thereto in
Section 8-102(a)(18) of the
UCC.

 

“UCC” means, unless the context otherwise requires, the
Uniform Commercial Code as in effect in the relevant jurisdiction, as amended
from time to time.

 

“Underwriting Agreement” means the Underwriting Agreement
dated August 4, 2010 among Barclays Capital Inc. and BNP Paribas
Securities Corp. as representatives of the several underwriters named therein,
CNHCA and CNHCR.

 

“Write Down Amount” for any Collection Period for any 180-Day
Receivable or Repossessed Receivable will be the excess of (a) the
Principal Balance plus accrued and unpaid interest of such Receivable as of the
last day of the Collection Period during which the Receivable became a 180-Day
Receivable or Repossessed Receivable, as applicable, over (b) the
estimated realizable value of the Receivable, as determined by the Servicer in
accordance with its then-current servicing procedures for the related
Collection Period, which amount may be adjusted to zero by the Servicer in
accordance with its normal servicing procedures if the Receivable has ceased to
be a 180-Day Receivable as provided in the definition of “180-Day Receivable.”

 

23

 

EXHIBIT A-1

to Indenture

 

FORM OF A-1 NOTES

 

	
  REGISTERED

  	
   

  	
  $169,000,000(1)

  
	
  No. R-1

  	
   

  	
  CUSIP NO. 12621U AA5

  

 

Unless
this Note is presented by an authorized representative of The Depository Trust
Company, a New York corporation (“DTC”), to the
Issuing Entity 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 2010-B

0.57547%  CLASS A-1 ASSET BACKED NOTES

 

CNH
Equipment Trust 2010-B, a statutory trust organized and existing under the laws
of the State of Delaware (including any successor, the “Issuing
Entity”), for value received, hereby promises to pay to CEDE &
CO., or registered assigns, the principal sum of ONE HUNDRED SIXTY NINE MILLION
DOLLARS ($169,000,000), partially payable on each Payment Date in an amount
equal to the aggregate amount, if any, payable from the Note Distribution
Account in respect of principal on the A-1 Notes pursuant to Section 3.1 of the Indenture; provided, however,
that the entire unpaid principal amount of this Note shall be due and payable
on the earlier of the September 2, 2011 Payment Date and the Redemption
Date, if any, pursuant to Section 10.1(a) of
the Indenture.  The Issuing Entity will
pay interest on this Note at the rate per annum shown above, on each Payment
Date until the principal of this Note is paid or made available for payment, on
the principal amount of this Note outstanding on the preceding Payment Date
(after giving effect to all payments of principal made on the preceding Payment
Date), subject to certain limitations contained in Section 3.1
of the Indenture.  Interest on this Note
will accrue for each Payment Date from the most recent Payment Date on which
interest has been paid to but excluding the then current Payment Date or, if no
interest has yet been paid, from the date hereof.  Interest will be computed on the basis of a
360-day year and the actual number of days in the applicable Interest
Period.  Such principal of and interest
on this Note shall be paid in the manner specified in the Indenture.

 

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

 

 Exhibit A-1 (Page 1)  

 

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 Issuing Entity 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.

 

 Exhibit A-1 (Page 2)  

 

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

 

	
  Dated:
  August 12, 2010

  	
   

  
	
   

  	
   

  
	
   

  	
  CNH
  EQUIPMENT TRUST 2010-B

  
	
   

  	
   

  
	
   

  	
  By:

  	
  Wilmington
  Trust Company,

  not in its individual capacity but

  solely as Trustee under the

  Trust Agreement

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  

 

 Exhibit A-1 (Page 3)  

 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

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

 

	
  Dated:
  August 12, 2010

  	
   

  
	
   

  	
   

  
	
   

  	
  THE
  BANK OF NEW YORK MELLON TRUST

  COMPANY, N.A.

  
	
   

  	
  not
  in its individual capacity but solely

  as Indenture Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Authorized
  Signatory

  

 

 Exhibit A-1 (Page 4)  

 

[REVERSE OF NOTE]

 

This
Note is one of a duly authorized issue of Notes of the Issuing Entity,
designated as its 0.57547% Class A-1 Asset Backed Notes (herein called the
“A-1 Notes” or the “Notes”), all issued under an Indenture
dated as of July 1, 2010 (such Indenture, as supplemented or amended, is
herein called the “Indenture”)
between the Issuing Entity and The Bank of New York Mellon Trust Company, N.A.,
not in its individual capacity but solely as trustee (the “Indenture
Trustee”, which term includes any successor Indenture Trustee under
the Indenture), to which Indenture and all indentures supplemental thereto
reference is hereby made for a statement of the respective rights and
obligations thereunder of the Issuing Entity, the Indenture Trustee and the
Holders of the Notes.  The Notes are
subject to all terms of the Indenture. 
All terms used in this Note that are not otherwise defined herein and
that are defined in the Indenture shall have the meanings assigned to them in
or pursuant to the Indenture.

 

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

 

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

 

Each
Noteholder or Note Owner, by acceptance of a Note, or, in the case of a Note
Owner, a beneficial interest in the Note, covenants and agrees that no recourse
may be taken, directly or indirectly, with respect to the obligations of the
Issuing Entity 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 Issuing Entity 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 Issuing Entity, 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 Issuing Entity, or join in any institution
against the Seller or the Issuing Entity of, any bankruptcy, reorganization or
arrangement, insolvency or liquidation proceedings under any United States 

 

 Exhibit A-1 (Page 5)  

 

federal
or State bankruptcy or similar law in connection with any obligations relating
to the Notes, the Indenture or the Basic Documents.

 

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

 

This
Note and the Indenture shall be construed in accordance with the laws of the
State of New York, 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 Issuing Entity, 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 The Bank of New York Mellon Trust Company, N.A., in
its individual capacity, any owner of a beneficial interest in the Issuing
Entity, 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 Issuing
Entity.  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 Issuing Entity for any and all
liabilities, obligations and undertakings contained in the Indenture or in this
Note.

 

 Exhibit A-1 (Page 6)  

 

ASSIGNMENT

 

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

 

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

 

 

(name and address of assignee)

 

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

 

	
  Dated:

  	
   

  	
   

  	
  *

  	
   

  
	
   

  	
   

  	
   

  	
  Signature
  Guaranteed:

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

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

  

 

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

 

 Exhibit A-1 (Page 7)  

 

EXHIBIT A-2

to Indenture

 

FORM OF A-2 NOTES

 

	
  REGISTERED

  	
   

  	
  $142,000,000(1)

  
	
  No. R-1

  	
   

  	
  CUSIP NO. 12621U AB3

  

 

Unless
this Note is presented by an authorized representative of The Depository Trust
Company, a New York corporation (“DTC”), to the
Issuing Entity 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 2010-B

0.67% CLASS A-2 ASSET BACKED NOTES

 

CNH
Equipment Trust 2010-B, a statutory trust organized and existing under the laws
of the State of Delaware (including any successor, the “Issuing
Entity”), for value received, hereby promises to pay to CEDE &
CO., or registered assigns, the principal sum of ONE HUNDRED FORTY TWO MILLION
DOLLARS ($142,000,000) partially payable on each Payment Date in an amount
equal to the aggregate amount, if any, payable from the Note Distribution
Account in respect of principal on the A-2 Notes pursuant to Section 3.1 of the Indenture; provided, however,
that the entire unpaid principal amount of this Note shall be due and payable
on the earlier of the January 15, 2013 Payment Date and the Redemption
Date, if any, pursuant to Section 10.1(a) of
the Indenture. Except as provided in Section 5.4
of the Indenture, no payments of principal of the Notes will be made until the
principal of the A-1 Notes has been paid in full. The Issuing Entity will pay interest
on this Note at the A-2 Note Rate, on each Payment Date until the principal of
this Note is paid or made available for payment, on the principal amount of
this Note outstanding on the preceding Payment Date (after giving effect to all
payments of principal made on the preceding Payment Date), subject to certain
limitations contained in Section 3.1
of the Indenture. Interest on this Note will accrue for each Payment Date from
the most recent Payment Date on which interest has been paid to but excluding
the then current Payment Date or, if no interest has yet 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.

 

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

 

 Exhibit A-2 (Page 1)  

 

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 Issuing Entity 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.

 

 Exhibit A-2 (Page 2)  

 

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

 

	
  Dated:
  August 12, 2010

  	
   

  
	
   

  	
   

  
	
   

  	
  CNH
  EQUIPMENT TRUST 2010-B

  
	
   

  	
   

  
	
   

  	
  By:

  	
  Wilmington
  Trust Company,

  
	
   

  	
  not
  in its individual capacity

  
	
   

  	
  but
  solely as Trustee

  
	
   

  	
  under
  the Trust Agreement

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  

 

 Exhibit A-2 (Page 3)  

 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

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

 

	
  Dated:
  August 12, 2010

  	
   

  
	
   

  	
   

  
	
   

  	
  THE
  BANK OF NEW YORK MELLON TRUST

  COMPANY, N.A.,

  
	
   

  	
  not
  in its individual capacity but solely

  
	
   

  	
  as
  Indenture Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Authorized
  Signatory

  

 

 Exhibit A-2 (Page 4)  

 

[REVERSE OF NOTE]

 

This
Note is one of a duly authorized issue of the Issuing Entity, designated as its
0.67% Class A-2 Asset Backed Notes (herein called the “A-2 Notes” or the “Notes”), all issued under an Indenture
dated as of July 1, 2010 (such Indenture, as supplemented or amended, is
herein called the “Indenture”)
between the Issuing Entity and The Bank of New York Mellon Trust Company, N.A.,
not in its individual capacity but solely as trustee (the “Indenture
Trustee”, which term includes any successor Indenture Trustee under
the Indenture), to which Indenture and all indentures supplemental thereto
reference is hereby made for a statement of the respective rights and
obligations thereunder of the Issuing Entity, the Indenture Trustee and the
Holders of the Notes.  The Notes are
subject to all terms of the Indenture. 
All terms used in this Note that are not otherwise defined herein and
that are defined in the Indenture shall have the meanings assigned to them in
or pursuant to the Indenture.

 

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

 

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

 

Each
Noteholder or Note Owner, by acceptance of a Note, or, in the case of a Note
Owner, a beneficial interest in the Note, covenants and agrees that no recourse
may be taken, directly or indirectly, with respect to the obligations of the
Issuing Entity 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 Issuing Entity 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 Issuing Entity, 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 Issuing Entity, or join in any institution
against the Seller or the Issuing Entity of, any bankruptcy, 

 

 Exhibit A-2 (Page 5)  

 

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

 

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

 

This
Note and the Indenture shall be construed in accordance with the laws of the
State of New York, 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 Issuing Entity, 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 The Bank of New York Mellon Trust Company, N.A., in
its individual capacity, any owner of a beneficial interest in the Issuing
Entity, 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 Issuing
Entity.  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 Issuing Entity for any and all
liabilities, obligations and undertakings contained in the Indenture or in this
Note.

 

 Exhibit A-2 (Page 6)  

 

ASSIGNMENT

 

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

 

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

 

 

(name and address of assignee)

 

the
within Note and all rights thereunder, and hereby irrevocably constitutes and
appoints

 

,
attorney, to transfer said Note on the books kept for registration thereof,
with full power of substitution in the premises.

 

	
  Dated:

  	
   

  	
   

  	
  *

  	
   

  
	
   

  	
   

  	
  Signature
  Guaranteed:

  
	
   

  	
   

  	
   

  
	
   

  	
   

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

  

 

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

 

 Exhibit A-2 (Page 7)  

 

EXHIBIT A-3

to Indenture

 

FORM OF A-3 NOTES

 

	
  REGISTERED

  	
   

  	
  $268,000,000(1)

  
	
  No. R-1

  	
   

  	
  CUSIP NO. 12621U AC1

  

 

Unless
this Note is presented by an authorized representative of The Depository Trust
Company, a New York corporation (“DTC”), to the
Issuing Entity 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 2010-B

1.03% CLASS A-3 ASSET BACKED NOTES

 

CNH
Equipment Trust 2010-B, a statutory trust organized and existing under the laws
of the State of Delaware (including any successor, the “Issuing
Entity”), for value received, hereby promises to pay to CEDE &
CO., or registered assigns, the principal sum of TWO HUNDRED SIXTY EIGHT
MILLION DOLLARS ($268,000,000), partially payable on each Payment Date in an
amount equal to the aggregate amount, if any, payable from the Note
Distribution Account in respect of principal on the A-3 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 November 17, 2014 Payment Date and the Redemption
Date, if any, pursuant to Section 10.1(a) of
the Indenture. Except as provided in Section 5.4
of the Indenture, no payments of principal of the Notes will be made until the
principal of the A-1 Notes and the A-2 Notes has been paid in full. The Issuing
Entity will pay interest on this Note at the A-3 Note Rate, on each Payment Date
until the principal of this Note is paid or made available for payment, on the
principal amount of this Note outstanding on the preceding Payment Date (after
giving effect to all payments of principal made on the preceding Payment Date),
subject to certain limitations contained in Section 3.1
of the Indenture. Interest on this Note will accrue for each Payment Date from
the most recent Payment Date on which interest has been paid to but excluding
the then 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.

 

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

 

 Exhibit A-3 (Page 1)  

 

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 Issuing Entity 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.

 

 Exhibit A-3 (Page 2)  

 

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

 

Dated:  August 12, 2010

 

	
   

  	
  CNH
  EQUIPMENT TRUST 2010-B

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  Wilmington
  Trust Company,

  
	
   

  	
  not
  in its individual capacity

  
	
   

  	
  but
  solely as Trustee

  
	
   

  	
  under
  the Trust Agreement

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  

 

 Exhibit A-3 (Page 3)  

 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

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

 

Dated:  August 12, 2010

 

	
   

  	
  THE
  BANK OF NEW YORK MELLON TRUST

  COMPANY, N.A.,

  
	
   

  	
  not
  in its individual capacity but solely

  
	
   

  	
  as
  Indenture Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Authorized
  Signatory

  
	
   

  	
   

  

 

 Exhibit A-3 (Page 4)  

 

[REVERSE OF NOTE]

 

This
Note is one of a duly authorized issue of the Issuing Entity, designated as its
1.03% Class A-3 Asset Backed Notes (herein called the “A-3 Notes” or the “Notes”), all
issued under an Indenture dated as of July 1, 2010 (such Indenture, as
supplemented or amended, is herein called the “Indenture”)
between the Issuing Entity and The Bank of New York Mellon Trust Company, N.A.,
not in its individual capacity but solely as trustee (the “Indenture
Trustee”, which term includes any successor Indenture Trustee under
the Indenture), to which Indenture and all indentures supplemental thereto
reference is hereby made for a statement of the respective rights and
obligations thereunder of the Issuing Entity, the Indenture Trustee and the
Holders of the Notes.  The Notes are
subject to all terms of the Indenture. 
All terms used in this Note that are not otherwise defined herein and
that are defined in the Indenture shall have the meanings assigned to them in
or pursuant to the Indenture.

 

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

 

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

 

Each
Noteholder or Note Owner, by acceptance of a Note, or, in the case of a Note
Owner, a beneficial interest in the Note, covenants and agrees that no recourse
may be taken, directly or indirectly, with respect to the obligations of the
Issuing Entity 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 Issuing Entity 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 Issuing Entity, 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 Issuing Entity, or join in any institution
against the Seller or the Issuing Entity of, any bankruptcy, 

 

 Exhibit A-3 (Page 5)  

 

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

 

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

 

This
Note and the Indenture shall be construed in accordance with the laws of the
State of New York, 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 Issuing Entity, 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 The Bank of New York Mellon Trust Company, N.A., in
its individual capacity, any owner of a beneficial interest in the Issuing
Entity, 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 Issuing
Entity.  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 Issuing Entity for any and all
liabilities, obligations and undertakings contained in the Indenture or in this
Note.

 

 Exhibit A-3 (Page 6)  

 

ASSIGNMENT

 

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

 

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

 

	
   

  
	
  (name and address of assignee)

  

 

the
within Note and all rights thereunder, and hereby irrevocably constitutes and
appoints

 

,
attorney, to transfer said Note on the books kept for registration thereof,
with full power of substitution in the premises.

 

	
  Dated:

  	
   

  	
   

  	
  * 

  
	
   

  	
   

  	
   

  	
  Signature
  Guaranteed:

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

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

  

 

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

 

 Exhibit A-3 (Page 7)  

 

EXHIBIT A-4

to Indenture

 

FORM OF A-4 NOTES

 

	
  REGISTERED

  	
   

  	
   

  	
          $146,950,000(1)

  
	
  No. R-1

  	
   

  	
   

  	
  CUSIP NO. 12621U AD9

  

 

Unless
this Note is presented by an authorized representative of The Depository Trust
Company, a New York corporation (“DTC”), to the
Issuing Entity 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 2010-B

1.74% CLASS A-4 ASSET BACKED NOTES

 

CNH
Equipment Trust 2010-B, a statutory trust organized and existing under the laws
of the State of Delaware (including any successor, the “Issuing
Entity”), for value received, hereby promises to pay to CEDE &
CO., or registered assigns, the principal sum of ONE HUNDRED FORTY SIX MILLION
NINE HUNDRED AND FIFTY THOUSAND DOLLARS ($146,950,000), partially payable on
each Payment Date in an amount equal to the aggregate amount, if any, payable
from the Note Distribution Account in respect of principal on the A-4 Notes
pursuant to Section 3.1 of the Indenture; provided, however,
that the entire unpaid principal amount of this Note shall be due and payable
on the earlier of the January 17, 2017 Payment Date and the Redemption Date, if
any, pursuant to Section 10.1(a) of the Indenture.
Except as provided in Section 5.4 of
the Indenture, no payments of principal of the Notes will be made until the
principal of the A-1 Notes, the A-2 Notes and the A-3 Notes has been paid in
full. The Issuing Entity will pay interest on this Note at the A-4 Note Rate,
on each Payment Date until the principal of this Note is paid or made available
for payment, on the principal amount of this Note outstanding on the preceding
Payment Date (after giving effect to all payments of principal made on the
preceding Payment Date), subject to certain limitations contained in Section 3.1 of the Indenture. Interest on this Note will
accrue for each Payment Date from the most recent Payment Date on which
interest has been paid to but excluding the then current Payment Date or, if no
interest has yet been paid, from the date hereof.  Interest will be 

 

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

 

 Exhibit A-4 (Page 1)  

 

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 Issuing Entity 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.

 

 Exhibit A-4 (Page 2)  

 

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

 

Dated:  August 12, 2010

 

	
   

  	
  CNH
  EQUIPMENT TRUST 2010-B

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  Wilmington
  Trust Company,

  
	
   

  	
  not
  in its individual capacity

  
	
   

  	
  but
  solely as Trustee

  
	
   

  	
  under
  the Trust Agreement

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  

 

 Exhibit A-4 (Page 3)  

 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

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

 

Dated:  August 12, 2010

 

	
   

  	
  THE
  BANK OF NEW YORK MELLON TRUST

  COMPANY, N.A.,

  
	
   

  	
  not
  in its individual capacity but solely

  
	
   

  	
  as
  Indenture Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Authorized
  Signatory

  

 

 Exhibit A-4 (Page 4)  

 

[REVERSE OF NOTE]

 

This
Note is one of a duly authorized issue of the Issuing Entity, designated as its
1.74% Class A-4 Asset Backed Notes (herein called the “A-4 Notes”
or the “Notes”), all issued under an Indenture
dated as of July 1, 2010 (such Indenture, as supplemented or amended, is herein
called the “Indenture”) between the Issuing Entity
and The Bank of New York Mellon Trust Company, N.A., not in its individual
capacity but solely as trustee (the “Indenture Trustee”,
which term includes any successor Indenture Trustee under the Indenture), to
which Indenture and all indentures supplemental thereto reference is hereby
made for a statement of the respective rights and obligations thereunder of the
Issuing Entity, the Indenture Trustee and the Holders of the Notes.  The Notes are subject to all terms of the
Indenture.  All terms used in this Note
that are not otherwise defined herein and that are defined in the Indenture
shall have the meanings assigned to them in or pursuant to the Indenture.

 

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

 

The
Issuing Entity shall pay interest on overdue installments of interest at the
A-4 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
Issuing Entity 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 Issuing Entity 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 Issuing Entity, 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 Issuing Entity, or join in any institution
against the Seller or the Issuing Entity of, any bankruptcy, 

 

 Exhibit A-4 (Page 5)  

 

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

 

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

 

This
Note and the Indenture shall be construed in accordance with the laws of the
State of New York, 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 Issuing Entity, 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 The Bank of New York Mellon Trust Company, N.A., in
its individual capacity, any owner of a beneficial interest in the Issuing
Entity, 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 Issuing Entity.  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 Issuing Entity for any and all liabilities,
obligations and undertakings contained in the Indenture or in this Note.

 

 Exhibit A-4 (Page 6)  

 

ASSIGNMENT

 

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

 

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

 

 

(name and address of assignee)

 

the
within Note and all rights thereunder, and hereby irrevocably constitutes and
appoints

 

                                               
, attorney, to transfer said Note on the books kept for registration
thereof, with full power of substitution in the premises.

 

	
  Dated:

  	
   

  	
   

  	
  *

  
	
   

  	
   

  	
  Signature
  Guaranteed:

  
	
   

  	
   

  	
   

  
	
   

  	
   

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

  
	
   

  	
   

  

 

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

 

 Exhibit A-4 (Page 7)  

 

EXHIBIT A-5

to Indenture

 

FORM OF CLASS B NOTES

 

	
  REGISTERED

  	
   

  	
  $27,501,000(1)

  
	
  No. R-1

  	
   

  	
  CUSIP NO. 12621U AE7

  

 

Unless
this Note is presented by an authorized representative of The Depository Trust
Company, a New York corporation (“DTC”), to the
Issuing Entity 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 2010-B

3.12% CLASS B ASSET BACKED NOTES

 

CNH
Equipment Trust 2010-B, a statutory trust organized and existing under the laws
of the State of Delaware (including any successor, the “Issuing
Entity”), for value received, hereby promises to pay to CEDE &
CO. or registered assigns, the principal sum of TWENTY SEVEN MILLION FIVE
HUNDRED AND ONE THOUSAND DOLLARS ($27,501,000), partially payable on each
Payment Date in an amount equal to the aggregate amount, if any, payable from
the Note Distribution Account in respect of principal on the Class B Notes
pursuant to Section 3.1 of the Indenture; provided, however, that the entire unpaid principal amount
of this Note shall be due and payable on the earlier of the February 15,
2017 Payment Date and the Redemption Date, if any, pursuant to Section 10.1(a) of the Indenture.  No payments of principal of the Notes will be
made on any Payment Date until the A-1 Notes, the A-2 Notes, the A-3 Notes and
the A-4 Notes have been paid in full. 
The Issuing Entity will pay interest on this Note at the rate per annum
shown above, on each Payment Date until the principal of this Note is paid or
made available for payment, on the principal amount of this Note outstanding on
the preceding Payment Date (after giving effect to all payments of principal
made on the preceding Payment Date), subject to certain limitations contained
in Section 3.1 of the Indenture.  Interest on this Note will accrue for each
Payment Date from the most recent Payment Date on which interest has been paid
to but excluding the then current Payment Date or, if no interest has yet been
paid, from the date hereof.  Interest
will be computed on the basis of a 360-day year consisting of 

 

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

 

 Exhibit A-5 (Page 1) 

 

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 Issuing Entity 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.

 

 Exhibit A-5 (Page 2) 

 

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

 

Dated:  August 12, 2010

 

	
   

  	
  CNH
  EQUIPMENT TRUST 2010-B

  
	
   

  	
  By:

  	
  Wilmington
  Trust Company,

  
	
   

  	
   

  	
  not
  in its individual capacity

  
	
   

  	
   

  	
  but
  solely as Trustee

  
	
   

  	
   

  	
  under
  the Trust Agreement

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  

 

 Exhibit A-5 (Page 3) 

 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

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

 

Dated:  August 12, 2010

 

	
   

  	
  THE
  BANK OF NEW YORK MELLON TRUST

  COMPANY, N.A.,

  
	
   

  	
  not
  in its individual capacity but solely

  
	
   

  	
  as
  Indenture Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Authorized
  Signatory

  

 

 Exhibit A-5 (Page 4) 

 

[REVERSE OF NOTE]

 

This
Note is one of a duly authorized issue of Notes of the Issuing Entity,
designated as its 3.12% Class B Asset Backed Notes (herein called the “Class B Notes” or the “Notes”),
all issued under an Indenture dated as of July 1, 2010 (such Indenture, as
supplemented or amended, is herein called the “Indenture”)
between the Issuing Entity and The Bank of New York Mellon Trust Company, N.A.,
not in its individual capacity but solely as trustee (the “Indenture
Trustee”, which term includes any successor Indenture Trustee under
the Indenture), to which Indenture and all indentures supplemental thereto
reference is hereby made for a statement of the respective rights and obligations
thereunder of the Issuing Entity, the Indenture Trustee and the Holders of the
Notes.  The Notes are subject to all
terms of the Indenture.  All terms used
in this Note that are not otherwise defined herein and that are defined in the
Indenture shall have the meanings assigned to them in or pursuant to the
Indenture.

 

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

 

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

 

Each
Noteholder or Note Owner, by acceptance of a Note, or, in the case of a Note
Owner, a beneficial interest in the Note, covenants and agrees that no recourse
may be taken, directly or indirectly, with respect to the obligations of the
Issuing Entity 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 Issuing Entity 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 Issuing Entity, 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 Issuing 

 

 Exhibit A-5 (Page 5) 

 

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

 

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

 

This
Note and the Indenture shall be construed in accordance with the laws of the
State of New York, 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 Issuing Entity, 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 The Bank of New York Mellon Trust Company, N.A., in
its individual capacity, any owner of a beneficial interest in the Issuing
Entity, 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 Issuing
Entity.  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 Issuing Entity for any and all liabilities,
obligations and undertakings contained in the Indenture or in this Note.

 

 Exhibit A-5 (Page 6) 

 

ASSIGNMENT

 

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

 

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

 

 

(name and address of assignee)

 

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

 

	
  Dated:
  

  	
   

  	
   

  	
  * 

  
	
   

  	
   

  	
   

  	
  Signature
  Guaranteed:

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

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

  

 

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

 

 Exhibit A-5 (Page 7) 

 

EXHIBIT B

to Indenture

 

FORM OF SECTION 3.9 OFFICER’S CERTIFICATE

 

The
Bank of New York Mellon Trust Company, N.A.

2 North LaSalle Street, Suite 1020

Chicago, Illinois 60602

 

Pursuant
to Section 3.9 of the
Indenture, dated as of July 1, 2010 (the “Indenture”)
between CNH Equipment Trust 2010-B (the “Issuing Entity”)
and The Bank of New York Mellon Trust Company, N.A., as Indenture Trustee, the
undersigned hereby certifies that:

 

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

 

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

 

	
   

  	
  CNH
  EQUIPMENT TRUST 2010-B

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  

 

 Exhibit B (Page 1) 

 

Schedule P

 

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

 

2.             Characterization.  The Receivables constitute “tangible chattel
paper” within the meaning of UCC Section 9-102.  The rights granted under the agreements
described in clause 1(ii) through (iv) constitute “general intangibles” within the
meaning of UCC Section 9-102.  The Issuing Entity has taken or will take all
steps necessary to perfect its security interest in the property securing the
Receivables within 10 days of the Closing Date.

 

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

 

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

 

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

 

 Schedule P (Page 1)  

 

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

 

6.             Survival of Perfection Representations.  Notwithstanding any other provision of the
Indenture or any other Basic Document, the Perfection Representations contained
in this Schedule P shall be continuing, and remain in full force and effect
(other than with respect to Reacquired Receivables);

 

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

 

8.                                       Servicer to
Maintain Perfection and Priority.  The Servicer covenants that, in order to
evidence the interests of Issuing Entity and the Indenture Trustee under this
Agreement, Servicer shall take such action, or execute and deliver such
instruments as may be necessary or advisable (including, without limitation,
such actions as are requested by Issuing Entity) to maintain and perfect, as a
first priority interest, the Indenture Trustee’s security interest in the
Receivables.  Servicer shall, from time
to time and within the time limits established by law, prepare and present to
the Indenture Trustee for the Indenture Trustee to authorize the Servicer to
file, all financing statements, amendments, continuations, initial financing
statements in lieu of a continuation statement, terminations, partial
terminations, releases or partial releases, or any other filings necessary or
advisable to continue, maintain and perfect the Indenture Trustee’s security
interest in the Receivables as a first-priority interest (each a “Filing”).  Issuing
Entity shall promptly authorize in writing Servicer to, and Servicer shall,
effect such Filing under the Uniform Commercial Code without the signature of
the Indenture Trustee or Issuing Entity where allowed by applicable law.

 

 Schedule P (Page 2)Exhibit 4.2

 

 

 

CNH EQUIPMENT TRUST 2010-B

 

TRUST AGREEMENT

 

between

 

CNH CAPITAL RECEIVABLES LLC

 

and

 

WILMINGTON TRUST COMPANY,

 

as Trustee

 

Dated as of July 1, 2010

 

 

 

 

TABLE OF CONTENTS

 

	
  ARTICLE I
  Definitions

  	
  1

  
	
   

  	
   

  
	
  SECTION 1.1

  	
  Definitions

  	
  1

  
	
   

  	
   

  	
   

  
	
  ARTICLE II
  Organization

  	
  2

  
	
   

  	
   

  
	
  SECTION 2.1

  	
  Name

  	
  2

  
	
  SECTION 2.2

  	
  Office

  	
  2

  
	
  SECTION 2.3

  	
  Purposes and Powers

  	
  2

  
	
  SECTION 2.4

  	
  Appointment of Trustee

  	
  2

  
	
  SECTION 2.5

  	
  Initial Capital Contribution of Trust Estate

  	
  2

  
	
  SECTION 2.6

  	
  Declaration of Trust

  	
  3

  
	
  SECTION 2.7

  	
  Liability of the Certificateholders

  	
  3

  
	
  SECTION 2.8

  	
  Title to Trust Property

  	
  3

  
	
  SECTION 2.9

  	
  Situs of Trust

  	
  3

  
	
  SECTION 2.10

  	
  Representations and Warranties of the Depositor

  	
  4

  
	
  SECTION 2.11

  	
  Federal Income Tax Allocations; Tax Treatment

  	
  4

  
	
   

  	
   

  	
   

  
	
  ARTICLE III
  Trust Certificates and Transfer of Interests

  	
  5

  
	
   

  	
   

  
	
  SECTION 3.1

  	
  Initial Ownership

  	
  5

  
	
  SECTION 3.2

  	
  The Trust Certificates

  	
  5

  
	
  SECTION 3.3

  	
  Authentication of Trust Certificates

  	
  5

  
	
  SECTION 3.4

  	
  Registration of Transfer and Exchange of Trust Certificates

  	
  5

  
	
  SECTION 3.5

  	
  Mutilated, Destroyed, Lost or Stolen Trust Certificates

  	
  7

  
	
  SECTION 3.6

  	
  Persons Deemed Certificateholders

  	
  8

  
	
  SECTION 3.7

  	
  Access to List of Certificateholders’ Names and Addresses

  	
  8

  
	
  SECTION 3.8

  	
  Maintenance of Office or Agency

  	
  8

  
	
  SECTION 3.9

  	
  Appointment of Paying Agent

  	
  8

  
	
   

  	
   

  	
   

  
	
  ARTICLE IV
  Actions by Trustee

  	
  9

  
	
   

  	
   

  
	
  SECTION 4.1

  	
  Prior Notice to Certificateholders With Respect to Certain
  Matters

  	
  9

  
	
  SECTION 4.2

  	
  Action By Certificateholders With Respect to Certain
  Matters

  	
  10

  
	
  SECTION 4.3

  	
  Action By Certificateholders With Respect to Bankruptcy

  	
  10

  
	
  SECTION 4.4

  	
  Restrictions on Certificateholders’ Power

  	
  10

  
	
  SECTION 4.5

  	
  Majority Control

  	
  10

  
	
   

  	
   

  	
   

  
	
  ARTICLE V
  Application of Trust Funds; Certain Duties

  	
  10

  
	
   

  	
   

  
	
  SECTION 5.1

  	
  Establishment of Trust Account

  	
  10

  
	
  SECTION 5.2

  	
  Applications of Trust Funds

  	
  11

  
	
  SECTION 5.3

  	
  Method of Payment

  	
  12

  
	
  SECTION 5.4

  	
  No Segregation of Monies; No Interest

  	
  12

  
	
  SECTION 5.5

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

  	
  12

  

 

 

	
  SECTION 5.6

  	
  Signature on Returns; Tax Matters Partner

  	
  12

  
	
   

  	
   

  	
   

  
	
  ARTICLE VI
  Authority and Duties of Trustee

  	
  13

  
	
   

  	
   

  
	
  SECTION 6.1

  	
  General Authority

  	
  13

  
	
  SECTION 6.2

  	
  General Duties

  	
  13

  
	
  SECTION 6.3

  	
  Action upon Instruction

  	
  13

  
	
  SECTION 6.4

  	
  No Duties Except as Specified in This Agreement or in
  Instructions

  	
  14

  
	
  SECTION 6.5

  	
  No Action Except Under Specified Documents or Instructions

  	
  15

  
	
  SECTION 6.6

  	
  Restrictions

  	
  15

  
	
   

  	
   

  	
   

  
	
  ARTICLE VII
  Concerning the Trustee

  	
  15

  
	
   

  	
   

  
	
  SECTION 7.1

  	
  Acceptance of Trusts and Duties

  	
  15

  
	
  SECTION 7.2

  	
  Furnishing of Documents

  	
  16

  
	
  SECTION 7.3

  	
  Representations and Warranties

  	
  16

  
	
  SECTION 7.4

  	
  Information to be Provided by the Trustee

  	
  17

  
	
  SECTION 7.5

  	
  Reliance; Advice of Counsel

  	
  17

  
	
  SECTION 7.6

  	
  Not Acting in Individual Capacity

  	
  18

  
	
  SECTION 7.7

  	
  Trustee Not Liable For Trust Certificates or Receivables

  	
  18

  
	
  SECTION 7.8

  	
  Trustee May Not Own Notes

  	
  18

  
	
   

  	
   

  	
   

  
	
  ARTICLE VIII
  Compensation of Trustee

  	
  19

  
	
   

  	
   

  
	
  SECTION 8.1

  	
  Trustee’s Fees and Expenses

  	
  19

  
	
  SECTION 8.2

  	
  Indemnification

  	
  19

  
	
  SECTION 8.3

  	
  Payments to the Trustee

  	
  19

  
	
   

  	
   

  	
   

  
	
  ARTICLE IX
  Termination of Trust Agreement

  	
  20

  
	
   

  	
   

  
	
  SECTION 9.1

  	
  Termination of Trust Agreement

  	
  20

  
	
   

  	
   

  	
   

  
	
  ARTICLE X
  Successor Trustees and Additional Trustees

  	
  21

  
	
   

  	
   

  
	
  SECTION 10.1

  	
  Eligibility Requirements for Trustee

  	
  21

  
	
  SECTION 10.2

  	
  Resignation or Removal of Trustee

  	
  21

  
	
  SECTION 10.3

  	
  Successor Trustee

  	
  22

  
	
  SECTION 10.4

  	
  Merger or Consolidation of Trustee

  	
  22

  
	
  SECTION 10.5

  	
  Appointment of Co-Trustee or Separate Trustee

  	
  23

  
	
   

  	
   

  	
   

  
	
  ARTICLE XI
  Miscellaneous

  	
  24

  
	
   

  	
   

  
	
  SECTION 11.1

  	
  Supplements and Amendments

  	
  24

  
	
  SECTION 11.2

  	
  No Legal Title To Trust Estate in Certificateholders

  	
  25

  
	
  SECTION 11.3

  	
  Limitations on Rights of Others

  	
  25

  
	
  SECTION 11.4

  	
  Notices

  	
  25

  
	
  SECTION 11.5

  	
  Severability

  	
  26

  
	
  SECTION 11.6

  	
  Separate Counterparts

  	
  26

  

 

ii

 

	
  SECTION 11.7

  	
  Successors and Assigns

  	
  26

  
	
  SECTION 11.8

  	
  Covenants of The Depositor

  	
  26

  
	
  SECTION 11.9

  	
  No Petition

  	
  26

  
	
  SECTION 11.10

  	
  No Recourse

  	
  27

  
	
  SECTION 11.11

  	
  Headings

  	
  27

  
	
  SECTION 11.12

  	
  Governing Law

  	
  27

  
	
  SECTION 11.13

  	
  Administrator

  	
  27

  
	
  SECTION 11.14

  	
  Information to be Provided by the Trustee

  	
  27

  
	
  SECTION 11.15

  	
  Complete Information

  	
  28

  
	
  SECTION 11.16

  	
  Indemnification

  	
  29

  
	
  SECTION 11.17

  	
  Paying Agent Protection

  	
  31

  
	
  SECTION 11.18

  	
  Communications with Rating Agencies

  	
  31

  

 

iii

 

EXHIBITS

 

EXHIBIT A                                                                                  Form of
Trust Certificate 

EXHIBIT B                                                                                    Form of
Certificate of Trust

 

iv

 

TRUST AGREEMENT (as amended or supplemented
from time to time, this “Agreement”)
dated as of July 1, 2010 between CNH CAPITAL RECEIVABLES LLC, a Delaware
limited liability company, as Depositor, and Wilmington Trust Company (“WTC”), a Delaware banking corporation, as Trustee.

 

ARTICLE I

Definitions

 

SECTION 1.1                                                  Definitions.  Capitalized terms used
herein and not otherwise defined herein are defined in Appendix A to the
Indenture dated as of the date hereof between CNH Equipment Trust 2010-B and
The Bank of New York Mellon Trust Company, N.A.

 

SECTION 1.2                       Other
Definitional Provisions.

 

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

 

(b)                                 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.

 

(c)                                  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”.

 

(d)                                 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.

 

(e)                                  References to
any law or regulation refer to that law or regulation as amended from time to
time and include any successor law or regulation.

 

(f)                                    References to
any agreement refer to that agreement as from time to time amended or
supplemented or as the terms of such agreement are waived or modified in
accordance with its terms.

 

(g)                                 References to
any Person include that Person’s successors and assigns.

 

 

ARTICLE II

Organization

 

SECTION 2.1                                                  Name.  The Trust created hereby
shall be known as “CNH Equipment Trust 2010-B”, in which name the Trustee may
conduct the business of the Trust, make and execute contracts and other
instruments on behalf of the Trust and sue and be sued.

 

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

 

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

 

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

 

(b)                                 with the
proceeds of the sale of the Notes and/or the Trust Certificates, to 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.

 

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.

 

SECTION 2.4                                                  Appointment
of Trustee.  The Depositor hereby
appoints Wilmington Trust Company as Trustee of the Trust effective as of the
date hereof, to have all the rights, powers and duties set forth herein.

 

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 

 

2

 

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 constitute
the governing instrument of such statutory trust.  It is the intention of the parties hereto
that, solely for income and franchise tax purposes, until the Trust
Certificates are held by a Person other than the Depositor, the Trust be
disregarded as an entity separate from the Depositor and the Notes be treated as
debt of the Depositor.  At such time that
the Trust Certificates are held by more than one Person, it is the intention of
the parties hereto that, solely for income and franchise tax purposes, the
Trust be treated as a partnership, with the assets of the partnership being the
Receivables and other assets held by the Trust, the partners of the partnership
being the Certificateholders (including the Depositor (or its successor in
interest) in its capacity as recipient of distributions from the Spread Account),
and the Notes being debt of the partnership. 
The parties agree that, unless otherwise required by appropriate tax
authorities, until the Trust Certificates are held by more than one Person the
Trust will not file or cause to be filed annual or other necessary returns,
reports and other forms consistent with the characterization of the Trust as an
entity separate from the Depositor (or other sole owner of the Trust
Certificates). 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.  The Trustee shall file a Certificate of Trust
on behalf of the Trust with the Secretary of State pursuant to Section 3810
of the Trust Statute.

 

SECTION 2.7                                                  Liability
of the Certificateholders.  No Certificateholder shall
have any personal liability for any liability or obligation of the Trust. The
Certificateholders shall be entitled to the same limitation of personal
liability extended to stockholders of corporations under the Delaware General
Corporation Law.

 

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 States of Delaware and Pennsylvania
and/or in any other states to which the Depositor consents in writing.  All bank accounts maintained by the Trustee
on behalf of the Trust shall be located in the State of Delaware or New York
and/or in any other states to which the Depositor consents in writing.  The Trust shall not have any employees.  Payments will be received by the Trust only
in Delaware or New York and/or in any other states to which the Depositor
consents in writing and payments will be made by the Trust only from Delaware
or New York and/or in any other states to which the Depositor consents in
writing.

 

3

 

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

 

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

 

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

 

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

 

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

 

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

 

SECTION 2.11                                            Federal
Income Tax Allocations; Tax Treatment.  If the Trust Certificates and interests in
the Spread Account are held by more than one Person, this Agreement shall be
amended to include such provisions as are required or appropriate under
Subchapter K of the Code in order for the Trust to be treated as a partnership
whose partners are the beneficial owners of the Trust Certificates and the
Depositor (or other holders of interests in the Spread Account).

 

4

 

ARTICLE III

Trust Certificates and Transfer of Interests

 

SECTION 3.1                                                  Initial
Ownership.  Upon the
formation of the Trust by the contribution by the Depositor pursuant to Section 2.5, and until the issuance
of the Trust Certificates, the Depositor shall be the sole beneficiary of the
Trust; and upon the issuance of the Trust Certificates, the Depositor will no
longer be a beneficiary of the Trust, except to the extent that the Depositor
is a Certificateholder.

 

SECTION 3.2                                                  The
Trust Certificates.  The
Trust Certificates shall be substantially in the form of Exhibit A hereto
and shall be executed on behalf of the Trust by manual or facsimile signature
of an authorized officer of the Trustee. 
Trust Certificates bearing the manual or facsimile signatures of
individuals who were, at the time when such signatures shall have been affixed,
authorized to sign on behalf of the Trust, shall be, when authenticated
pursuant to Section 3.3,
validly issued, fully paid, non-assessable and entitled to the benefits of this
Agreement, notwithstanding that such individuals or any of them shall have
ceased to be so authorized prior to the authentication and delivery of such
Trust Certificates or did not hold such offices at the date of authentication
and delivery of such Trust Certificates.

 

SECTION 3.3                                                  Authentication
of Trust Certificates. 
Concurrently with the sale of the Receivables to the Trust pursuant to
the Sale and Servicing Agreement, the Trustee shall cause the Trust Certificate
evidencing the 100% beneficial interest in the Trust to be executed on behalf
of the Trust, authenticated and delivered to or upon the written order of the
Depositor, signed by its chairman of the board, its president, any vice
president, any secretary, any assistant secretary, any treasurer, or any
assistant treasurer, without further action by the Depositor.  No Trust Certificate shall entitle its holder
to any benefit under this Agreement, or shall be valid for any purpose, unless
there shall appear on such Trust Certificate a certificate of authentication
substantially in the form set forth in Exhibit A, executed by the Trustee
by the manual signature of one of its authorized signatories; such certificate
of authentication shall constitute conclusive evidence, and the only evidence,
that such Trust Certificate shall have been duly authenticated and delivered
hereunder. All Trust Certificates shall be dated the date of their
authentication.  No further Trust
Certificates shall be issued except pursuant to Section 3.4 or 3.5 hereunder.

 

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

 

Upon
surrender for registration of transfer of any Trust Certificate at the office
or agency maintained pursuant to Section 3.8,
the Trustee shall execute, authenticate and deliver, in the name of the
designated transferee or transferees, one or more new Trust Certificates
evidencing 

 

5

 

such
transferee’s beneficial interest in the Trust, which Trust Certificates will be
issued in amounts equal, in the aggregate, to the percentage of beneficial
interest in the Trust transferred by such transferor.

 

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

 

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

 

Every
Trust Certificate presented or surrendered for registration of transfer or
exchange shall be duly endorsed by, or be accompanied by a written instrument
of transfer in form satisfactory to the Trustee and the Certificate Registrar
duly executed by, the Certificateholder thereof or his attorney duly authorized
in writing. No transfer of a Trust Certificate shall be registered unless the
transferee shall have provided (i) if the transferee is not the Seller or
an Affiliate of the Seller and the transferor is not the Seller or an Affiliate
of the Seller, an opinion of counsel that no registration is required under the
Securities Act of 1933, as amended, or applicable State laws, and (ii) if
the transferee is the Seller or an Affiliate of the Seller, an Officer’s
Certificate as to compliance with Section 6.6
of the Sale and Servicing Agreement. 
Each Trust Certificate surrendered for registration of transfer or
exchange shall be canceled and subsequently disposed of by the Trustee in
accordance with its customary practice.

 

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

 

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

 

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

 

6

 

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

 

(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, the Trustee on behalf of the Trust shall execute,
authenticate and deliver, in exchange for or in lieu of any such mutilated,
destroyed, lost or stolen Trust Certificate, a replacement Trust Certificate
evidencing the same percentage of beneficial interest in the Trust as the Trust
Certificate so mutilated, destroyed, lost or stolen.

 

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

 

Any
replacement Trust Certificate issued pursuant to this Section in
replacement of any mutilated, destroyed, lost or stolen Trust Certificate shall
constitute conclusive evidence of ownership in the Trust, as if originally
issued, whether or not the mutilated, lost, stolen or 

 

7

 

destroyed
Trust Certificate shall be found at any time, and shall be entitled to all the
benefits of this Agreement.

 

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

 

SECTION 3.7                                                  Access
to List of Certificateholders’ Names and Addresses.  The Trustee shall furnish or cause to be
furnished to the Servicer and the Depositor, within 15 days after receipt by
the Trustee of a request therefor from the Servicer or the Depositor in
writing, a list, in such form as the Servicer or the Depositor may reasonably
require, of the names and addresses of the Certificateholders as of the most
recent Record Date. If three or more Certificateholders evidencing in the
aggregate not less than 25% of the beneficial interest in the Trust apply in
writing to the Trustee, and such application states that the applicants desire
to communicate with other Certificateholders with respect to their rights under
this Agreement or under the Trust Certificates and such application shall be
accompanied by a copy of the communication that such applicants propose to
transmit, then the Trustee shall, within five Business Days after the receipt
of such application, afford such applicants access during normal business hours
to the current list of Certificateholders. Each Certificateholder, by receiving
and holding a Trust Certificate, shall be deemed to have agreed not to hold any
of the Depositor, the Certificate Registrar or the Trustee accountable by
reason of the disclosure of its name and address, regardless of the source from
which such information was derived.

 

SECTION 3.8                                                  Maintenance
of Office or Agency.  The
Trustee shall maintain 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 shall give prompt written notice
to the Certificate Registrar of any surrender, transfer or exchange of the
Trust Certificates to the Trustee.  The
Trustee initially designates its Corporate Trust Office as its principal
corporate trust office for such purposes. 
The Trustee shall give prompt written notice to the Depositor, to the
Certificate Registrar 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 (or the Trustee if the Notes have been paid in full) shall make
distributions to Certificateholders from the Certificate Distribution Account
pursuant to Section 5.2 and
the Indenture Trustee as Paying Agent 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 Indenture 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 Indenture Trustee
shall not be the Paying Agent, the 

 

8

 

Trustee shall appoint a successor to act as Paying
Agent (which shall be a bank or trust company). 
The Trustee shall cause such successor Paying Agent or any additional
Paying Agent appointed by the Trustee to execute and deliver to the Trustee an
instrument in which such successor Paying Agent or additional Paying Agent
(other than the Indenture Trustee or the Trustee as 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 Indenture Trustee or Trustee to the extent the Indenture
Trustee or Trustee is a Paying Agent, for so long as the Indenture Trustee or
Trustee, as applicable, 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 (or such shorter period as shall be agreed to in writing by all
Certificateholders), 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 (or such agreed upon
shorter period) 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 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;

 

(c)                                  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

 

(d)                                 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 (other than the Trustee), or the consent to the assignment by the
Note Registrar, Paying Agent or Indenture Trustee or Certificate Registrar
(other than to the Trustee) of its obligations under the Indenture or this
Agreement, as applicable.

 

9

 

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

 

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

 

SECTION 4.5                                                  Majority
Control.  Except as
expressly provided herein, any action that may be taken by the
Certificateholders under this Agreement may be taken by the Certificateholders
holding in the aggregate more than 50% of the beneficial interest in the Trust
at the time of such action. Except as expressly provided herein, any written
notice of the Certificateholders delivered pursuant to this Agreement shall be
effective if signed by Certificateholders holding in the aggregate more than
50% of the beneficial interest in the Trust at the time of such action.

 

ARTICLE V

Application of Trust Funds; Certain Duties

 

SECTION 5.1                                                  Establishment
of Trust Account.  The Trustee
or the Paying Agent on the Trust’s behalf, 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 or the Paying Agent 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 Paying
Agent on the Trust’s behalf (or the Depositor on behalf of the Trustee, if the
Certificate Distribution Account is not then held by the initial Paying Agent
or 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 

 

10

 

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 Indenture Trustee (if any Notes are Outstanding) or the Trustee (if
the Notes have been paid in full) will distribute to Certificateholders, on a
pro rata basis, amounts deposited in the Certificate Distribution Account
pursuant to Section 5.6 of
the Sale and Servicing Agreement.

 

(b)                                 On each Payment
Date, the Indenture Trustee or the Trustee, as applicable, shall make available
using its internet website or shall send to each Certificateholder the
statement provided to the Indenture Trustee or the Trustee, as applicable, by
the Servicer pursuant to Section 5.11
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 Indenture Trustee and the Trustee, as
applicable, are 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 Indenture Trustee or the Trustee, as applicable, from contesting any such
tax in appropriate proceedings, and withholding payment of such tax, if
permitted by law, pending the outcome of such proceedings).  The amount of any withholding tax imposed
with respect to a Certificateholder shall be treated as cash distributed to
such Certificateholder at the time it is withheld by the Trust. If there is a
possibility that withholding tax is payable with respect to a distribution
(such as a distribution to a non-U.S. Certificateholder), the Indenture Trustee
or the Trustee, as applicable, 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, which the Depositor may forward to the Indenture
Trustee.  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

 

11

 

taxes.  In the event that a Certificateholder wishes
to apply for a refund of any such withholding tax, the Indenture Trustee or the
Trustee, as applicable, shall reasonably cooperate with such Certificateholder
in making such claim so long as such Certificateholder agrees to reimburse the
Indenture Trustee or the Trustee, as applicable, for any out-of-pocket expenses
incurred.

 

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

 

SECTION 5.4                 No
Segregation of Monies; No Interest.  Subject to Sections 5.1 and 5.2, monies
received by the Trustee or the Paying Agent hereunder need not be segregated in
any manner except to the extent required by law or the Sale and Servicing
Agreement and may be deposited under such general conditions as may be
prescribed by law, and the Trustee or the Paying Agent, as applicable, shall
not be liable for any interest thereon.

 

SECTION 5.5                 Accounting
and Reports to the Noteholders, Certificateholders, the Internal Revenue
Service and Others.  The
Depositor or, if any Trust Certificates are held by any Person other than the
Depositor or its Affiliate, 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, if applicable) to enable each
Certificateholder to prepare its federal, State and local income tax returns, (c) file
such tax returns relating to the Trust (including, if applicable, 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
disregarded entity or partnership for federal income tax purposes, as
applicable, (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 Trust Certificates are held by
any Person other than the Depositor, the Trustee shall sign on behalf of the
Trust the tax returns of the Trust, unless applicable law requires a
Certificateholder to sign such documents, in which case such documents shall be
signed by such Certificateholder.

 

12

 

(b)           In the event the Trust is characterized as a partnership,
in accordance with Section 2.6, the Depositor shall be designated the “tax
matters partner” of the Trust pursuant to Section 6231(a)(7)(A) of
the Code and applicable Treasury Regulations.

 

ARTICLE VI

Authority and Duties of Trustee

 

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

 

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

 

SECTION 6.3                 Action
upon Instruction.

 

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

 

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

 

(c)           Whenever the Trustee is unable to decide between
alternative courses of action permitted or required by this Agreement or any
Basic Document, the Trustee shall promptly give notice (in such form as shall
be appropriate under the circumstances) to the Certificateholders requesting
instruction as to the course of action to be adopted, and to the extent the
Trustee acts in good faith in accordance with any 

 

13

 

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 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 arising by, through or under the Trustee
(including in its individual capacity) which are unrelated to the
administration or ownership of the Trust Estate.

 

Further,
notwithstanding anything to the contrary herein or in any other document, the
Trustee shall not be required to execute, deliver or certify on behalf of the
Trust, the Servicer, the Depositor or any other Person any filings,
certificates, affidavits or other instruments required under Section 302
of the Sarbanes-Oxley Act of 2002. 
Notwithstanding any Person’s right to instruct the Trustee, neither the
Trustee nor any agent, employee, director or officer of the 

 

14

 

Trustee
shall have any obligation to execute any certificates or other documents
required pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 or the rules and
regulations promulgated thereunder, and the refusal to comply with any such
instructions shall not constitute a default or breach under this Agreement or
any other document in connection herewith.

 

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 monies actually received by
it constituting part of the Trust Estate upon the terms of the Basic Documents
and this Agreement. The Trustee shall not be answerable or accountable
hereunder or under any Basic Document under any circumstances, except: (i) for
its own willful misconduct or negligence or (ii) in the case of the
inaccuracy of any representation or warranty contained in Section 7.3 expressly made by the
Trustee. In particular, but not by way of limitation (and subject to the
exceptions set forth in the preceding sentence):

 

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

 

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

 

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

 

15

 

(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 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 as of the date hereof (other than with respect to Section 7.3(e),
which is as of the dates specified therein):

 

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

 

16

 

(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,

 

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

 

(e)           as of the date of the Underwriting Agreement, the
Preliminary Prospectus Date, the Prospectus Date and the Closing Date, to its
knowledge without independent investigation, there are no legal proceedings
pending against the Trustee, or of which any property of the Trustee is
subject, that are material to the Noteholders, and to the knowledge of the
Trustee no such legal proceedings are contemplated by any governmental
authority.

 

SECTION 7.4                 Information
to be Provided by the Trustee. 
The Trustee shall notify the Depositor promptly after the Trustee
becomes aware of (a) the initiation of any legal proceedings against the
Trustee, or of which any property of the Trustee is subject, that are material
to the Noteholders, (b) any developments in any such proceedings that are
material to the Noteholders and (c) any such proceedings that are
contemplated by any governmental authority.

 

SECTION 7.5                 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, 

 

17

 

signed by the president, any vice president, any
treasurer, any assistant treasurer, any secretary, any assistant secretary 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 7.6                 Not
Acting in Individual Capacity. 
Except as provided in this Article VII,
in accepting the trusts hereby created Wilmington Trust Company 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 7.7                 Trustee
Not Liable For Trust Certificates or Receivables.  The recitals contained herein and in the
Trust Certificates (other than the signature and counter-signature of the
Trustee on the Trust Certificates) shall be taken as the statements of the
Depositor, and the Trustee assumes no responsibility for the correctness
thereof.  The Trustee makes no
representations as to the validity or sufficiency of this Agreement, of any
Basic Document, of the Trust Certificates (other than the signature and
countersignature, if any, of the Trustee on the Trust Certificates) or of the
Notes, or of any Receivable or related documents.  The Trustee shall at no time have any
responsibility or liability for or with respect to the legality, validity and
enforceability of any Receivable, or the perfection and priority of any
security interest created by any Receivable in any of the Financed Equipment or
the maintenance of any such perfection and priority, or for or with respect to
the sufficiency of the Trust Estate or its ability to generate the payments to
be distributed to Certificateholders under this Agreement or the Noteholders
under the Indenture, including: (a) the existence, condition and ownership
of any Financed Equipment, (b) the existence and enforceability of any
insurance thereon, (c) the existence and contents of any Receivable on any
computer or other record thereof, (d) the validity of the assignment of
any Receivable to the Trust or of any intervening assignment, (e) the
completeness of any Receivable, (f) the performance or enforcement of any
Receivable, and (g) the compliance by the Depositor or the Servicer with
any warranty or representation made under any Basic Document or in any related
document or the accuracy of any such warranty or representation or any action
of the Administrator, the Indenture Trustee or the Servicer or any subservicer
taken in the name of the Trustee.

 

SECTION 7.8                 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 

 

18

 

extend credit to the Issuing Entity.  The Trustee may otherwise deal with the
Depositor, the Administrator, the Indenture Trustee and the Servicer with the
same rights as it would have if it were not the Trustee.

 

ARTICLE VIII

Compensation of Trustee

 

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

 

SECTION 8.2                 Indemnification.  The Depositor shall be liable as primary
obligor for, and shall indemnify the Trustee and its successors, assigns,
agents and servants (collectively, the “Indemnified
Parties”) from and against, any and all liabilities, obligations,
losses, damages, taxes, claims, actions and suits, and any and all reasonable
costs, expenses and disbursements (including reasonable legal fees and
expenses) of any kind and nature whatsoever (collectively, “Expenses”), which may at any time be
imposed on, incurred by or asserted against the Trustee or any other
Indemnified Party in any way relating to or arising out of this Agreement, the
Basic Documents, the Trust Estate, the administration of the Trust Estate or
the action or inaction of the Trustee hereunder, except only that the Depositor
shall not be liable for or required to indemnify an Indemnified Party from and
against Expenses arising or resulting from: (a) such Indemnified Party’s
willful misconduct or negligence, (b) with respect to the Trustee, the
inaccuracy of any representation or warranty contained in Section 7.3 expressly made by the
Trustee or (c) any tax imposed on an Indemnified Party based on, measured
by or with respect to the net or gross income, capital or net worth, gross or
net receipts, franchise, excess profits or conduct of business by such
Indemnified Party (including, but not limited to, taxes imposed on, measured
by, or with respect to any fees or compensation received by the Trustee
hereunder).  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 the rate publicly announced by
Wilmington Trust Company as its prime rate from time to time.

 

19

 

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

 

(b)           Except as provided in Section 9.1(a), neither the
Depositor nor any Certificateholder shall be entitled to dissolve, revoke or
terminate the Trust; provided  however, for the sake of clarity,
no action is necessary by the Depositor, the Certificateholder or any other
Person as a prerequisite for a dissolution under Section 9.1(a) to
occur.

 

(c)           Notice of any anticipated 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 anticipated dissolution from the Servicer given pursuant to Section 9.1(c) of the Sale and
Servicing Agreement, and such notice from the Trustee shall state: (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.

 

20

 

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

 

ARTICLE X

Successor Trustees and Additional Trustees

 

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

 

(a)           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.  Other than such instrument, and
as provided in Section 10.2(b) and 10.3 below, no other documentation
or action shall be required, and notwithstanding anything to the contrary
herein or in the Basic Documents, no consent shall be required of any Person
with respect to such appointment or entering into any such agreement, and the
amendment provisions hereof will not apply to such instrument.  If no successor Trustee shall have been so
appointed and have accepted appointment within 30 days after the giving of such
notice of resignation, the resigning Trustee may petition at the expense of the
Administrator any court of competent jurisdiction for the appointment of a
successor Trustee.

 

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

 

21

 

 

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.  Other than such instrument, and as provided
in Section 10.2(b) and 10.3 below, no other documentation or action
shall be required, and notwithstanding anything herein or in the Basic
Documents to the contrary, no consent shall be required of any Person with
respect to such appointment or entering into any such agreement, and the
amendment provisions hereof will not apply to such instrument.

 

(b)           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. 
Such instrument shall identify the situs of the Trust, locations where
payments will be made and/or received, and where bank accounts will be
maintained for purposes of Section 2.9 hereof, if such locations are to
change following such appointment.  As of
the effective date of such instrument, Section 2.9 hereof shall be read to
include such locations identified in such instrument. 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. Any successor Trustee shall file an amendment to the
Certificate of Trust as required by the Statutory Trust Act.

 

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 

 

22

 

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 subject to Section 11.18.

 

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 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 

 

23

 

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.  Any term
or provision of this Agreement may be amended by the Depositor and the Trustee
without the consent of the Indenture Trustee, any Noteholder, the Issuing
Entity or any other Person subject to the satisfaction of one of the following
conditions:

 

(i)            the Depositor delivers an Opinion of Counsel to the
Indenture Trustee to the effect that such amendment will not materially and
adversely affect the interests of the Noteholders or the Certificateholders; or

 

(ii)           the Depositor delivers an Officer’s Certificate of the
Depositor to the Indenture Trustee to the effect that such amendment will not
materially and adversely affect the interests of the Noteholders or the
Certificateholders.

 

An
amendment shall be deemed not to adversely affect in any material respect the
interests of any Noteholders of a Class of Notes if the Rating Agency
Condition has been satisfied with respect to such amendment for such Class of
Notes.

 

This
Agreement may also be amended from time to time by the Depositor and the
Trustee, with prior written notice to the Rating Agencies (which notice shall
be given pursuant to Section 11.18), with the written consent of (x) Noteholders
holding Notes evidencing not less than a majority of the Note Balance and (y) the
Certificateholders holding in the aggregate more than 50% of the beneficial
interest in the Trust at the time of such action, for the purpose of adding any
provisions to or changing in any manner or eliminating any of the provisions of
this Agreement or of modifying in any manner the rights of the Noteholders or the
Certificateholders; provided, however,
that no such amendment shall: (a) reduce the interest or principal of any
Note or Certificate or delay the Final Scheduled Maturity Date of any Note or (b) reduce
the aforesaid percentage of the Outstanding Amount and the beneficial interest
in the Trust required to consent to any such amendment, without the consent of
the holders of all the outstanding Notes and Trust Certificates.

 

24

 

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, prior thereto), the Trustee shall furnish written notification
of the substance of such amendment or consent to each Certificateholder, the
Indenture Trustee and, subject to Section 11.18, to each of the Rating
Agencies.

 

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

 

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

 

Prior
to the execution of any amendment to this Agreement or the Certificate of
Trust, the Trustee shall be entitled to receive and rely upon an Opinion of
Counsel stating that the execution of such amendment is authorized or permitted
by this Agreement and that all conditions precedent to the execution and
delivery of such amendment has 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, by facsimile 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, Indenture Trustee or the Paying Agent, addressed to 

 

25

 

the applicable Corporate Trust Office and (ii) if
to the Depositor, addressed to CNH Capital Receivables LLC, 6900 Veterans
Boulevard, Burr Ridge, Illinois 60527, Attention: Assistant Treasurer,
(telephone: (630) 887-2095) (facsimile: (630) 887-5448); or, as to each party,
at such other address or facsimile number as shall be designated by such party
in a written notice to the other party.

 

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

 

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

 

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

 

SECTION 11.7               Successors
and Assigns.  All
covenants and agreements contained herein shall be binding upon, and inure to
the benefit of, the Depositor 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 a Certificateholder shall bind the successors and
assigns of such Certificateholder.

 

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

 

SECTION 11.9               No
Petition.  The Trustee on
behalf of the Trust, by entering into this Agreement, each Certificateholder,
by accepting a Trust Certificate, the Trustee, and the Indenture Trustee and
each Noteholder, by accepting the benefits of this Agreement, hereby 

 

26

 

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.

 

SECTION 11.14             Information to be Provided
by the Trustee.  For so
long as the Depositor is required to report under Regulation AB and the
Exchange Act, the Trustee shall, as promptly as practicable, but in any case no
later than each Payment Date, notify the Depositor, in writing, of: (i) the
commencement of or, if applicable, the termination of, any and all legal
proceedings pending against the Trustee or any and all proceedings of which any
property of the Trustee is the subject, that is material to the noteholders;
and (ii) the commencement of or, if applicable, the termination of, any
and all such proceedings known to be contemplated by governmental authorities
against the Trustee or any and all proceedings of which any property of the
Trustee is the subject, that is material to the noteholders.  The Trustee shall also notify the Depositor,
in writing, as promptly as practicable, but in any case no later than each
Payment Date, following notice to or discovery by a Responsible Officer of the
Trustee of any material changes to proceedings described in the preceding
sentence.  In addition, the Trustee will
furnish to the Depositor, in writing, the necessary disclosure regarding the
Trustee describing such proceedings required to be disclosed under Regulation
AB, including Item 1117 of Regulation AB, for inclusion in reports filed by or
on behalf of the Depositor pursuant to the Exchange Act.

 

For
so long as the Notes are outstanding and the Depositor is required to report
under Regulation AB and the Exchange Act, the Trustee shall (i) on or
before the fifth Business Day of 

 

27

 

each
January, April, July and October provide to the Depositor, in
writing, such information regarding or relating to the Trustee as is required
for the purpose of compliance by the Depositor with Regulation AB, including
Items 1109(a), 1109(b), 1119(a) and 1119(b) of Regulation AB; and (ii) as
promptly as practicable following notice to or discovery by a Responsible
Officer of the Trustee of any changes to such information (but in any case no
later than the next March 15 following such change), provide to the
Depositor, in writing, such updated information.  Such information shall include, at a minimum:

 

(A)          the Trustee’s name and form of
organization;

 

(B)           a description of the extent to which
the Trustee has had prior experience serving as a trustee for asset-backed
securities transactions involving equipment receivables; and

 

(C)           a description of any affiliation
between the Trustee and any of the following parties (the “Affiliation Parties”),
as such parties are identified by legal name to the Trustee by the Depositor on
the Closing Date:

 

(1)           the sponsor;

(2)           any depositor;

(3)           the issuing entity;

(4)           any servicer;

(5)           any other trustee;

(6)           any originator;

(7)           any significant obligor;

(8)           any enhancement or support provider;
and

(9)           any other material party related to
the transaction.

 

In
addition, the Trustee shall provide a description of whether there is, and if
so the general character of, any business relationship, agreement, arrangement,
transaction or understanding between the Trustee and any above-listed party
that is entered into outside the ordinary course of business or is on terms
other than would be obtained in an arm’s length transaction with an unrelated
third party, apart from this transaction, that currently exists or that existed
during the past two years and that is material to an investor’s understanding
of the Notes.

 

For
so long as the Notes are outstanding and the Depositor is required to report
under the Exchange Act, to the extent that there is a change in any of the
Affiliation Parties, the Depositor will notify the Trustee in writing of a
change or addition to any such Affiliation Parties, to the extent that an Authorized
Officer of the Depositor has actual knowledge of such change or addition.

 

SECTION 11.15             Complete Information.  The Disclosure Information (as defined in Section 11.16)
provided by WTC for inclusion in the Prospectus and the Preliminary Prospectus
is true and accurate in all material respects. 
As of the Preliminary Prospectus Date and the Prospectus Date (a) there
are no legal proceedings pending or known to be contemplated by governmental
authorities against WTC or against any property of WTC, that would be material
to the Noteholders, (b) WTC is not affiliated with any of the Affiliation
Parties, and (c) there is no business relationship, agreement,
arrangement, transaction or understanding between the 

 

28

 

Trustee and any of the
Affiliation Parties that is entered into outside the ordinary course of
business or is on terms other than would be obtained in an arm’s length
transaction with an unrelated third party, apart from this transaction, that currently
exists or that existed during the past two years and that is material to an
investor’s understanding of the Notes.

 

SECTION 11.16             Indemnification.

 

(a)           WTC agrees to pay, and to protect, indemnify and save
harmless Depositor and CNHCA from and against, any and all claims, losses,
liabilities (including penalties), actions, suits, judgments, demands, damages,
costs or expenses (including reasonable fees and expenses of attorneys or, as
necessary consultants and auditors and reasonable costs of investigations)
(collectively, “Losses”) of any nature to the extent such Losses result
from:

 

(i)            any untrue statement of a material fact contained in (x) the
information provided by the Trustee pursuant to Section 11.14
(“Periodic Information”) or (y) the language set forth in Section 11.16(b) that was furnished by WTC for use under the
heading “The Trustee” in the prospectus supplement contained in the Prospectus
and the Preliminary Prospectus (the “Disclosure Information”, and
together with the Periodic Information and the 11.15 Information, the “Trustee
Information”) or (z) Section 11.15 (the
“11.15 Information”), or

 

(ii)           the omission to state in the Trustee Information a
material fact required to be stated in the Trustee Information, or necessary in
order to make the statements therein, in the light of the circumstances under
which they were made, not misleading,

 

(b)           The Disclosure Information for purposes of Section 11.16(a)(ii) is as follows:

 

“Wilmington
Trust Company is the trustee under the trust agreement.  Wilmington Trust Company is a Delaware
banking corporation with trust powers incorporated in 1903. Wilmington Trust
Company’s principal place of business is located at 1100 North Market Street,
Wilmington, Delaware, 19890. Wilmington Trust Company has served as trustee in
numerous asset-backed securities transactions involving equipment retail
installment loans and retail installment sale contracts.  Wilmington Trust Company has served as
trustee for trusts involving securitizations of retail installment sale
contracts and retail installment loans by the depositor since 2007.

 

Wilmington
Trust Company is subject to various legal proceedings that arise from time to
time in the ordinary course of business. Wilmington Trust Company does not
believe that the ultimate resolution of any of these proceedings will have a
materially adverse effect on its services as trustee or on the noteholders.

 

Wilmington
Trust Company has provided the above information for purposes of complying with
Regulation AB. Other than the above two paragraphs, Wilmington Trust 

 

29

 

Company
has not participated in the preparation of, and is not responsible for, any
other information contained in this prospectus supplement or the accompanying
prospectus.”

 

(c)           With respect to the
indemnification provided in Section 11.16(a), in no event will WTC be
liable for special, indirect or consequential damages relating to such
indemnification.  In case any proceeding
(including any governmental investigation) shall be instituted involving any
person in respect of which indemnity may be sought pursuant thereto, such
person (the “indemnified party”) shall promptly notify WTC in writing.  In
any such proceeding, any indemnified party shall have the right to retain its
own counsel, but the reasonable fees and expenses of such counsel shall be at
the expense of such indemnified party. 
WTC may, at its option, at any time upon written notice to the
indemnified party, assume the defense of any proceeding relating to such
indemnity and may designate counsel reasonably satisfactory to the indemnified
party in connection therewith provided that the counsel so designated would
have no actual or potential conflict of interest in connection with such
representation.  Unless it shall assume the defense of any proceeding WTC
shall not be liable for any settlement of any proceeding effected without its
written consent.  If WTC assumes the defense of any proceeding, it shall
be entitled to settle such proceeding with the consent of the indemnified party
or, if such settlement provides for release of the indemnified party in
connection with all matters relating to the proceeding which have been asserted
against the indemnified party in such proceeding by the other parties to such
settlement, without the consent of the indemnified party.

 

(d)           Depositor agrees to pay, and to protect, indemnify and
save harmless WTC, and its respective officers, directors, shareholders,
employees, agents and each person, if any, who controls WTC, within the meaning
of either Section 15 of the Securities Act or Section 20 of the
Exchange Act, from and against, any and all claims, losses, liabilities
(including penalties), actions, suits, judgments, demands, damages, costs or
expenses (including reasonable fees and expenses of attorneys or, as necessary,
consultants and auditors and reasonable costs of investigations) (collectively,
“WTC Losses”) of any nature to the extent such WTC Losses result from any
untrue statement of a material fact contained under the heading “Depositor” in
the base prospectus contained in the Preliminary Prospectus and the Prospectus,
any omission to state under the heading “Depositor” in the base prospectus
contained in the Preliminary Prospectus and the Prospectus a material fact
required to be stated therein or necessary to make the statements therein, in
light of the circumstance under which they were made, not misleading, or any
untrue information with respect to Affiliation Parties provided by the
Depositor pursuant to the last paragraph of Section 11.14 (unless WTC has
actual knowledge that such Affiliation Party information is incorrect).

 

(e)           With respect to the
indemnification provided in Section 11.16(d), in no event will Depositor
be liable for special, indirect or consequential damages relating to such
indemnification.  In case any proceeding
(including any governmental investigation) shall be instituted involving any
person in respect of which indemnity may be sought pursuant thereto, such
person (the “indemnified party”) shall promptly notify Depositor in
writing.  In any such proceeding, any indemnified party shall have the
right to retain its own counsel, but the reasonable fees and expenses of such
counsel shall be at the expense 

 

30

 

of
such indemnified party.  Depositor may,
at its option, at any time upon written notice to the indemnified party, assume
the defense of any proceeding relating to such indemnity and may designate
counsel reasonably satisfactory to the indemnified party in connection
therewith provided that the counsel so designated would have no actual or
potential conflict of interest in connection with such representation. 
Unless it shall assume the defense of any proceeding Depositor shall not be
liable for any settlement of any proceeding effected without its written
consent.  If Depositor assumes the defense of any proceeding, it shall be
entitled to settle such proceeding with the consent of the indemnified party
or, if such settlement provides for release of the indemnified party in
connection with all matters relating to the proceeding which have been asserted
against the indemnified party in such proceeding by the other parties to such
settlement, without the consent of the indemnified party.

 

SECTION 11.17             Paying Agent Protection.  The Paying Agent shall be entitled to all the
same rights, protections, immunities and indemnities as the Indenture Trustee
under the Indenture as if specifically set forth herein.

 

SECTION 11.18             Communications with Rating
Agencies.  The parties
hereto (other than the Seller and its Affiliates but excluding the Issuing
Entity) agree that any notices or requests to, or any other written
communications with, any of the Rating Agencies, or any of their respective
officers, directors or employees, to be given or provided to such Rating
Agencies pursuant to, in connection with or related, directly or indirectly, to
the Basic Documents, the Collateral or the Notes, shall be in each case either (i) furnished
to the Seller who shall forward such communication to the Rating Agencies
pursuant to Section 10.18 of the Sale and Servicing Agreement; or (ii) furnished
directly to the Rating Agencies with a prior copy to the Seller.  In either case, the parties hereto (other than
the Seller and its Affiliates but excluding the Issuing Entity) further agree
to provide such notices, requests and communications or copies thereof, as
applicable, to the Seller at least one Business Day prior to the date when such
notices, requests and communications are required to be delivered (or are in
fact delivered, whichever is earlier) to the Rating Agencies pursuant to the
Basic Documents.  So long as the Seller
remains in existence, each party hereto (other than the Seller and its
Affiliates but excluding the Issuing Entity) agrees that neither it nor any
party on its behalf shall engage in any oral communications with respect to the
transactions contemplated hereby, under the Basic Documents or in any way
relating to the Notes with any Rating Agency or any of their respective
officers, directors or employees, without the participation of the Seller.

 

*   *   *  
*   *

 

31

 

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.

 

	
   

  	
   

  	
  Wilmington
  Trust Company,

  
	
   

  	
   

  	
  in its individual capacity and

  
	
   

  	
   

  	
  as Trustee

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Jennifer A. Luce

  
	
   

  	
   

  	
  Name:
  Jennifer A. Luce

  
	
   

  	
   

  	
  Title:
  Assistant Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  CNH
  Capital Receivables LLC

  
	
   

  	
   

  	
  as Depositor

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Thomas N. Beckmann

  
	
   

  	
   

  	
  Name:
  Thomas N. Beckmann

  
	
   

  	
   

  	
  Title:   Assistant
  Treasurer

  

 

 

ACKNOWLEDGED
AND ACCEPTED:

 

The
Bank of New York Mellon Trust Company, N.A.,

As
Indenture Trustee and as Paying Agent,

 

	
  By:

  	
  /s/
  Robert Castle

  	
   

  
	
   

  	
  Name:
  Robert Castle

  	
   

  
	
   

  	
  Title:
  Vice President

  	
   

  

 

 

 

 

EXHIBIT A

 

FORM OF TRUST CERTIFICATE

 

REGISTERED

 

	
  NUMBER
  R- [         ]

  	
   

  	
  100% Beneficial Interest

  

 

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

 

CNH EQUIPMENT TRUST 2010-B

 

TRUST CERTIFICATE

 

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

 

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

 

THIS
CERTIFIES THAT CNH CAPITAL RECEIVABLES LLC is the registered owner of a
nonassessable, fully-paid, fractional undivided interest in CNH Equipment Trust
2010-B (the “Trust”) formed by
CNH Capital Receivables LLC, a Delaware limited liability company (the “Depositor”).

 

The
Trust was created pursuant to a Trust Agreement dated as of July 1, 2010
(the “Trust Agreement”) between the Depositor and Wilmington Trust Company, 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
[                    ],
2010 among the Trust, the Depositor and New Holland Credit Company, LLC, as
servicer (the “Servicer”), as
applicable.  This Trust Certificate is
one of the duly authorized Trust Certificates (herein called the “Trust Certificates”) issued under and
subject to the terms, provisions and conditions of the Trust Agreement, to
which Trust Agreement the holder of this Trust Certificate by virtue of the
acceptance hereof assents and by which holder is bound.  The provisions and conditions of the Trust
Agreement are hereby incorporated by reference as though set forth in their
entirety herein.

 

Issued
under the Indenture dated as of [                            ],
2010 between the Trust and The Bank Of New York Mellon Trust Company, N.A., 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”.  The holder of this Trust Certificate
acknowledges and agrees that its rights to receive distributions in respect of
this Trust Certificate are subordinated to the rights of the Noteholders as
described in the Sale and Servicing Agreement and the Indenture.

 

A-1

 

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

 

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

 

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

 

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

 

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

 

A-2

 

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,
the Sale and Servicing Agreement or any of the Basic Documents 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 2010-B,

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  Wilmington
  Trust Company,

  
	
   

  	
   

  	
  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.

 

	
   

  	
  Wilmington
  Trust Company,

  
	
   

  	
  as Trustee

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Authorized
  Officer

  
	
   

  	
   

  
	
   

  	
   

  
	
  Date:
  [             ]
  [    ], 2010

  	
   

  

 

A-5

 

ASSIGNMENT

 

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

 

PLEASE
INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE

 

 

(Please
print or type name and address, including postal zip code, of assignee) the
within Trust Certificate, and all rights thereunder, hereby irrevocably
constituting and appointing Attorney to transfer said Trust Certificate on the
books of the Certificate Registrar, with full power of substitution in the
premises.

 

	
  Dated:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Signature
  Guaranteed:

  	
   

  

 

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

 

A-6

 

 

EXHIBIT B

to the Trust Agreement

 

CERTIFICATE OF TRUST

 

OF

 

CNH EQUIPMENT TRUST 2010-B

 

THIS
CERTIFICATE OF TRUST of CNH EQUIPMENT TRUST 2010-B (the “Trust”), is being duly executed and filed
by Wilmington Trust Company, a Delaware banking corporation, as trustee, to
form a statutory trust under the Delaware Statutory Trust Act (12 Del. C.  §3801, et seq. (the “Act”).

 

Name.  The name of the statutory trust being formed
hereby is CNH Equipment Trust 2010-B.

 

Delaware
Trustee.  The name and business address
of the trustee of the Trust in the State of Delaware are Wilmington Trust
Company, Rodney Square North, 1100 North Market Street, Wilmington, Delaware
19890-0001.  Attention: Corporate Trust
Administration.

 

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

 

B-1

 

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

 

	
   

  	
  Wilmington
  Trust Company,

  
	
   

  	
  not in its individual capacity, but solely as

  
	
   

  	
  Trustee under a Trust Agreement dated as

  
	
   

  	
  of [              ],
  2010

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

B-2

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00177-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00177-of-00352.parquet"}]]