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Exhibit 10.1    
    

 
  FORM OF
  ESCROW AGREEMENT    
    

        THIS ESCROW AGREEMENT is made and entered into as of the day
of                        , 200            , by and among BANK OF
TEXAS, N.A., a national banking
association (the "Bank"); REEF OIL & GAS PARTNERS LLC, a Nevada limited liability company (the "Managing General
Partner"), and the Managing General Partner of Reef Global Energy    , L.P., a limited partnership to be formed under the laws of Nevada (the
"Partnership"); and REEF SECURITIES, INC., a Texas corporation and the dealer manager (the "Dealer
Manager") of the proposed securities offering of units of the Partnership. 

 
 

I.    RECITALS    
    

        1.1    The Agreement.    The Managing General Partner has prepared an offering prospectus
("Prospectus") on behalf of the Partnership pertaining to the offer and subscription for partnership interest in the Partnership
("Units") aggregating $    ,000,000, upon the terms and subject to the conditions set forth in the Prospectus which, among other things,
provides that each person desiring to subscribe for Units will be required to forward to the Dealer Manager a check payable to the order of "Bank of Texas, N.A., Escrow Agent for Reef Global Energy
            , L.P.," in an amount equal to his subscription to the Partnership. 

        1.2    Purpose Hereof.    The Bank, the Managing General Partner (for itself and the Partnership) and the Dealer
Manager hereby enter into this Escrow Agreement. 

 
 

II.    ESCROW PROVISIONS    
    

        2.1    Appointment of Bank.    The Bank is hereby appointed Escrow
Agent to hold and dispose of all funds paid by subscribers ("Escrow Funds") for Units or reservations for such Units, as hereinafter provided. 

        2.2    Deposit and Receipt of Funds.    

        (a)   The
Dealer Manager shall deposit promptly all checks received by it in payment of subscriptions in an escrow account entitled "Bank of Texas, N.A., Escrow Agent for Reef
Global Energy    , L.P.," established at the Bank, for the purpose of this Escrow Agreement. Concurrently with the delivery of such deposits to the Bank, the Dealer Manager shall
supply the Bank and the Managing General Partner with the name, mailing address and a completed Form W9/W8 for each subscriber. The Bank shall hold the proceeds of said checks (the
"Escrow Funds") in escrow until disbursements therefrom are directed as set forth in Paragraph 2.4. 

        (b)   The
Managing General Partner and Dealer Manager shall each execute and deliver to the Escrow Agent a certificate of incumbency substantially in the form of  Exhibit A hereto for the purpose of
establishing the identity of the representatives of the Managing General Partner and Dealer Manager entitled
to issue instructions or directions to the Escrow Agent on behalf of each such party. In the event of any change in the identity of such representatives, a new certificate of incumbency shall be
executed and delivered to the Escrow Agent by the appropriate party. Until such time as the Escrow Agent shall receive a new incumbency certificate, the Escrow Agent shall be fully protected in
relying without inquiry on any then current incumbency certificate on file with the Escrow Agent. 

        (c)   The
Managing General Partner, Partnership and Dealer Manager shall each furnish the Escrow Agent with a completed Form W-8 or
Form W-9, as applicable. 

        2.3    Investment of Funds.    The Escrow Funds shall be invested only in short term institutional investments
including bank accounts, insured bank money market accounts or certificates of deposit issued by a bank. The interest earned shall be added to the Escrow Funds and disbursed in accordance with the
provisions of Paragraph 2.4 or 2.10, as the case may be. Unless directed otherwise by the 

Managing
General Partner, the Escrow Funds shall be invested in The American Performance U.S. Treasury Fund. 

        2.4    Disbursement of Escrow Funds.    At such time as (i) checks representing subscriptions for at least
40 Units ($1,000,000) shall have been deposited with the Bank and (ii) funds for at least $1,000,000 shall have been collected by the Bank, upon receipt by the Bank of written
instructions from the Managing General Partner and the Dealer Manager informing the Bank of the date of closing with respect to the Partnership, the Bank will deliver to the Managing General Partner
certified, or official bank or trust
checks drawn on the Escrow Funds to the orders and in the amounts set forth in the aforementioned instructions. The Bank shall not disburse any Escrow Funds to the Partnership until at least
$1,000,000 in collected funds have been deposited in the Escrow Account. All such disbursement instructions shall be unconditional and shall not impose any duties upon the Bank other than that of
disbursing Escrow Funds in a designated amount to a particular party. In the event that any funds, including cleared funds, deposited in the Escrow Account prove uncollectible after the funds
represented thereby have been released by the Escrow Agent pursuant to this Agreement, the Managing General Partner shall immediately reimburse the Escrow Agent upon request for the face amount of
such check or checks, together with reasonable and customary charges and expenses related thereto, and the Escrow Agent shall deliver the returned checks or other instruments to the Managing General
Partner. The Managing General Partner acknowledges that its obligation in the preceding sentence shall survive the termination of this Agreement and the resignation or removal of the Escrow Agent. 

        2.5    Return of Escrow Funds to Subscribers.    Before, at or following the closing, the Managing General Partner may
separately instruct the Bank in writing to return to any subscriber so specified by the Managing General Partner an amount equal to the total amount of Units subscribed for, together with interest
attributable thereto, if any, as calculated by the Managing General Partner. 

        2.6    Bank's Responsibility.    The Bank's sole responsibility shall be for the safekeeping of the Escrow Funds, the
deposit of the Escrow Funds pursuant to Paragraph 2.3 and the disbursement thereof in accordance with Paragraph 2.4, 2.5 or 2.10, and the Bank shall not be required to take any other
action with reference to any matters which might arise in connection with the Escrow Funds or this Escrow Agreement. The Bank may act upon any written instruction or other instrument which the Bank in
good faith believes to be genuine and what it purports to be. THE BANK SHALL NOT BE LIABLE FOR ANY ACTION TAKEN BY IT IN GOOD FAITH AND BELIEVED TO BE AUTHORIZED OR WITHIN THE RIGHTS OR POWERS
CONFERRED UPON IT BY THIS ESCROW AGREEMENT OR FOR ANYTHING WHICH THE BANK MAY DO OR REFRAIN FROM DOING IN CONNECTION HEREWITH UNLESS THE BANK IS GUILTY OF GROSS NEGLIGENCE OR WILLFUL MISCONDUCT. IN NO
EVENT SHALL THE ESCROW AGENT BE LIABLE TO THE MANAGING GENERAL PARTNER, PARTNERSHIP OR THE DEALER MANAGER OR ANY THIRD PARTY FOR SPECIAL, INDIRECT, OR CONSEQUENTIAL DAMAGES, OR LOST PROFITS OR LOSS OF
BUSINESS ARISING UNDER OR IN CONNECTION WITH THIS AGREEMENT. The Bank may consult with counsel of its own choice and shall have full and complete authorization and protection for any action taken or
suffered by it hereunder in good faith and in accordance with the opinion of such counsel, except actions of gross negligence or willful misconduct. The Bank is not a party to, nor is it bound by, nor
need it give consideration to the terms or provisions of, even though it may have knowledge of, (i) any agreement or undertaking between the Managing General Partner and any other party or
parties, except for this Escrow Agreement, (ii) any agreement or undertaking which may be evidenced or disclosed by this Escrow Agreement or the Prospectus, or (iii) any other agreement
that may now or in the future be deposited with the Bank in connection with this Escrow Agreement. The Bank has no duty to determine or inquire into any happening or occurrence or any performance or
failure of performance of the Managing General Partner or any other party with respect to agreements or arrangements with each other or with any other party or parties. The Bank shall have no
responsibility or liability for any diminution in value of any assets held hereunder which may result from any investments or reinvestment made in accordance with any provision which may be contained
herein. The Bank shall be 

under
no obligation to invest the deposited funds or the income generated thereby until it has received a Form W-9 or W-8, as applicable, from the Managing General
Partner, Partnership, Dealer Manager and subscribers, regardless of whether such party is exempt from reporting or withholding requirements under the Internal Revenue Code of 1986, as amended. 

        2.7    Possible Disagreements.    If any disagreement should arise between the parties hereto or with any other party
with respect to the Escrow Funds or this Escrow Agreement or if the Bank in good faith is in doubt as to what action should be taken hereunder, the Bank shall have the absolute right at its election
to do either or both of the following: (i) withhold or stop all further performance under this Escrow Agreement and all instructions received in connection herewith until the Bank is satisfied
that such disagreement has been resolved, or (ii) file a suit in interpleader and obtain an order from a court of appropriate jurisdiction requiring all persons involved to litigate in
such court their respective claims arising out of or in connection with the Escrow Funds. 

        2.8    Indemnity To Bank.    THE MANAGING GENERAL PARTNER AND DEALER MANAGER JOINTLY AND SEVERALLY AGREE TO INDEMNIFY
AND HOLD THE BANK HARMLESS
AGAINST AND FROM ANY AND ALL COSTS, EXPENSES, CLAIMS, LOSSES, LIABILITIES AND DAMAGES (INCLUDING REASONABLE ATTORNEYS' FEES) THAT MAY ARISE OUT OF OR IN CONNECTION WITH THE BANK'S ACTING AS ESCROW
AGENT UNDER THE TERMS OF THIS ESCROW AGREEMENT, EXCEPT IN THOSE INSTANCES WHERE THE BANK HAS BEEN GUILTY OF GROSS NEGLIGENCE OR WILLFUL MISCONDUCT, AND INDEMNIFICATION SHALL SURVIVE THE BANK'S
RESIGNATION OR REMOVAL, OR THE TERMINATION OF THE AGREEMENT. AT THE REQUEST OF THE BANK, THE MANAGING GENERAL PARTNER SHALL CAUSE THE PARTNERSHIP, ONCE IT IS FORMED, TO ENTER INTO THIS COVENANT TO
INDEMNIFY THE BANK. 

        2.9    Compensation.    The Bank shall be entitled to compensation for its services hereunder as per  Exhibit B attached
hereto, which is made a part hereof, and for reimbursement of its out-of-pocket expenses including,
but not by way of limitation, the fees and costs of attorneys or agents that it may find necessary to engage in performance of its duties hereunder, all to be paid by the Managing General Partner. At
such time as the required minimum of 40 Units ($1,000,000) shall have been collected and be disbursable to the Managing General Partner, the Escrow Agent shall have, and is hereby granted, a prior
lien upon any property, cash, or assets of the Escrow Account, with respect to its unpaid fees and nonreimbursed expenses, superior to the interests of any other persons or entities. At such time as
the required minimum of 40 Units ($1,000,000) shall have been collected and be disbursable to the Managing General Partner, the Bank shall be entitled to and is hereby granted the right to set off and
deduct any unpaid fees and/or nonreimbursed expenses from amounts on deposit in the Escrow Funds. 

        2.10    Return of Escrow Funds.    If the required minimum of 40 units ($1,000,000) are not subscribed for and
accepted by the Managing General Partner prior to December 31, [2005 or 2006, as appropriate], [or in the case of a Partnership offered during 2007, on
                        , 2007,] the Bank will promptly return to subscribers from the Escrow Funds an amount equal to the
principal amount of Units subscribed for together with interest
attributable thereto where appropriate. 

        2.11    Effective Date and Termination.    This Escrow Agreement shall become effective on the date of this agreement.
All of the provisions of this Escrow Agreement shall be fully performed and this Escrow Agreement shall terminate by the disbursement of all Escrow Funds as herein set out. 

        2.12    Statements.    During the term of this Agreement, the Escrow Agent shall provide the Dealer Manager with
monthly statements containing the beginning balance in the escrow account as well as all principal and income transactions for the statements period. Dealer Manager shall be responsible for
reconciling these statements. The Escrow Agent shall be forever released and discharged from all liability with respect to the accuracy of such statements and the transactions listed therein, except
with respect to any such act or transaction as to which the Dealer Manager shall within 90 days after the furnishing of the statement file written objections with the Escrow Agent. 

        2.13    Notices and Communications.    All notices and communications hereunder shall be in writing and shall be
deemed to be duly given if sent by registered mail, return receipt requested, as follows: 

Bank
of Texas, N.A.

9520 N. May Avenue

Suite 110

Oklahoma City, OK 73120

Attn.: Sue Shipman

Telephone: 405.936.3901

Facsimile: 405.936.3964 

Reef
Oil & Gas Partners LLC

1901 N. Central Expressway

Suite 300

Richardson, Texas 75080

Telephone: 972.437.6792

Facsimile: 972.994.0369 

Reef
Securities, Inc.

1901 N. Central Expressway

Suite 400

Richardson, Texas 75080

Telephone: 972.437.6895

Facsimile: 972.994.0369 

        2.14    Resignation.    The Bank may resign and be discharged from its duties or obligations hereunder by giving
notice in writing of such resignation specifying a date when such resignation shall take place. 

        2.15    Entire Agreement.    This instrument evidences the entire agreement between the Bank, the Partnership, the
Managing General Partner and the Dealer Manager. 

        2.16    Applicable Law.    This agreement shall be construed and enforced according to the laws of the State of Texas,
and the provisions herein administered in accordance with such laws. 

        2.17    Approval of Offering.    The Bank is acting solely as Escrow Agent and has not reviewed or approved the
offering of the Units, nor is it required to review or approve the offering of the Units or the economic viability of the Partnership, nor any other matters relating to the sale of the Units other
than this Agreement. 

        2.18.    Tax Matters.    

        (a)   Preparation and Filing of Tax Returns. The Managing General Partner is required to prepare and file any and all income or
other tax returns applicable to the Escrow Funds with the Internal Revenue Service and all required state and local departments of revenue in all years income is earned in any particular tax year as
and to the extent required under the provisions of the Code. 

        (b)   Unrelated Transactions. The Escrow Agent shall have no responsibility for the preparation of and/or filing of any tax or
information return with respect to any transaction, whether or not related to this Agreement or a related agreement, that occurs outside the Escrow Funds. 

        WITNESS
THE EXECUTION OF THIS ESCROW AGREEMENT, as of the date first above written. 

	

 	

BANK OF TEXAS, N.A.
	

 	

By:	
 	

 	
 	

 
	 	 	 	 	

	 	 	 	 	Name:	 	

	 	 	 	 	Title:	 	

	

 	

REEF OIL & GAS PARTNERS LLC

individually and as Managing General Partner of Reef Global Energy    , L.P.
	

 	

By:	
 	

 	
 	

 
	 	 	 	 	

	 	 	 	 	Name:	 	

	 	 	 	 	Title:	 	

	

 	

REEF SECURITIES, INC.
	

 	

By:	
 	

 	
 	

 
	 	 	 	 	

	 	 	 	 	Name:	 	

	 	 	 	 	Title:	 	

 
 

EXHIBIT A
  
    CERTIFICATE OF INCUMBENCY    
    

        The undersigned,                        ,
of                        , hereby certifies that the following named officers are duly appointed, qualified and acting in the
capacity
set forth opposite his/her name, and the following signature is the true and genuine signature of said officer. 

	Name	 	Title	 	Signature
	

	
 	

	
 	

	

	
 	

	
 	

	

	
 	

	
 	

        Such
officers are hereby authorized to furnish the Escrow Agent with directions relating to any matter concerning this Escrow Agreement and the funds and/or property held pursuant
thereto. 

        IN
WITNESS WHEREOF,                        has caused this Certificate of Incumbency to be executed by its officer duly authorized
this                        day
of                        , 200    .
 

	

 	
[Name of Party]
	

 	

By:	
 	

 	
 	

 
	 	 	 	 	

	 	 	 	 	Name:	 	

	 	 	 	 	Title:	 	

 
 

EXHIBIT B
  
    SCHEDULE OF ESCROW AGENT FEES    
    

Annual Administration Fee:        $3,500 

Out-of-pocket Expenses: 

Expenses for extraordinary services, such as, but not limited to, travel, legal, securities delivery and legal notice publication will be billed
additionally.

Additional Terms and Conditions:  

In the event the escrow is not funded, the Annual Administration Fee and all related expenses will not be refunded. The flat fee covers a full year in advance, or any part
thereof, and is not pro-rated in the year of termination.

QuickLinks

Exhibit 10.1

FORM OF ESCROW AGREEMENT

I. RECITALS

II. ESCROW PROVISIONS

EXHIBIT A CERTIFICATE OF INCUMBENCY

EXHIBIT B SCHEDULE OF ESCROW AGENT FEESExhibit 4(a)

 

 

 

CNH EQUIPMENT TRUST 200   -   

 

 

INDENTURE

 

 

between

 

 

CNH EQUIPMENT TRUST 200   -   

 

 

and

 

 

[                  ],

as Indenture Trustee.

 

 

Dated as of [                ]

 

 

 

 

TABLE OF CONTENTS

 

	
  ARTICLE I

  	
   

  
	
  Definitions
  and Incorporation by Reference

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 1.1.

  	
  Definitions

  	
   

  
	
  SECTION 1.2.

  	
  Incorporation
  by Reference of Trust Indenture Act

  	
   

  
	
  SECTION 1.3.

  	
  Rules of
  Construction

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE II

  	
   

  
	
  The Notes

  	
   

  
	
   

  	
   

  
	
  SECTION 2.1.

  	
  Form

  	
   

  
	
  SECTION 2.2.

  	
  Execution,
  Authentication and Delivery

  	
   

  
	
  SECTION 2.3.

  	
  Temporary
  Notes

  	
   

  
	
  SECTION 2.4.

  	
  Registration;
  Registration of Transfer and Exchange

  	
   

  
	
  SECTION 2.5.

  	
  Mutilated,
  Destroyed, Lost or Stolen Notes

  	
   

  
	
  SECTION 2.6.

  	
  Persons
  Deemed Owner

  	
   

  
	
  SECTION 2.7.

  	
  Payment of
  Principal and Interest; Defaulted Interest

  	
   

  
	
  SECTION 2.8.

  	
  Cancellation

  	
   

  
	
  SECTION 2.9.

  	
  Release of
  Collateral

  	
   

  
	
  SECTION 2.10.

  	
  Book-Entry
  Notes

  	
   

  
	
  SECTION 2.11.

  	
  Notices to
  Clearing Agency

  	
   

  
	
  SECTION 2.12.

  	
  Definitive
  Notes

  	
   

  
	
  SECTION 2.13.

  	
  Tax
  Treatment

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE III

  	
   

  
	
  Covenants

  	
   

  
	
   

  	
   

  
	
  SECTION 3.1.

  	
  Payment of
  Principal and Interest

  	
   

  
	
  SECTION 3.2.

  	
  Maintenance
  of Office or Agency

  	
   

  
	
  SECTION 3.3.

  	
  Money for
  Payments To Be Held in Trust

  	
   

  
	
  SECTION 3.4.

  	
  Existence

  	
   

  
	
  SECTION 3.5.

  	
  Protection
  of the Trust Estate

  	
   

  
	
  SECTION 3.6.

  	
  Opinions as
  to the Trust Estate

  	
   

  
	
  SECTION 3.7.

  	
  Performance
  of Obligations; Servicing of Receivables

  	
   

  
	
  SECTION 3.8.

  	
  Negative
  Covenants

  	
   

  
	
  SECTION 3.9.

  	
  Annual Statement
  as to Compliance

  	
   

  

 

i

 

	
  SECTION 3.10.

  	
  Issuer May
  Consolidate, etc., Only on Certain Terms

  	
   

  
	
  SECTION 3.11.

  	
  Successor
  or Transferee

  	
   

  
	
  SECTION 3.12.

  	
  No Other
  Business

  	
   

  
	
  SECTION 3.13.

  	
  No
  Borrowing

  	
   

  
	
  SECTION 3.14.

  	
  Servicer’s
  Obligations

  	
   

  
	
  SECTION 3.15.

  	
  Guarantees,
  Loans, Advances and Other Liabilities

  	
   

  
	
  SECTION 3.16.

  	
  Capital
  Expenditures

  	
   

  
	
  SECTION 3.17.

  	
  Removal of
  Administrator

  	
   

  
	
  SECTION 3.18.

  	
  Restricted
  Payments

  	
   

  
	
  SECTION 3.19.

  	
  Notice of
  Events of Default

  	
   

  
	
  SECTION 3.20.

  	
  Further
  Instruments and Acts

  	
   

  
	
  SECTION 3.21.

  	
  Perfection
  Representation

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE IV

  	
   

  
	
  Satisfaction and Discharge

  	
   

  
	
   

  	
   

  
	
  SECTION 4.1.

  	
  Satisfaction
  and Discharge of Indenture

  	
   

  
	
  SECTION 4.2.

  	
  Application
  of Trust Money

  	
   

  
	
  SECTION 4.3.

  	
  Repayment of
  Moneys Held by Paying Agent

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE V

  	
   

  
	
  Remedies

  	
   

  
	
   

  	
   

  
	
  SECTION 5.1.

  	
  Events of
  Default

  	
   

  
	
  SECTION 5.2.

  	
  Acceleration
  of Maturity; Rescission and Annulment

  	
   

  
	
  SECTION 5.3.

  	
  Collection
  of Indebtedness and Suits for Enforcement by Indenture Trustee

  	
   

  
	
  SECTION 5.4.

  	
  Remedies;
  Priorities

  	
   

  
	
  SECTION 5.5.

  	
  Optional
  Preservation of the Receivables

  	
   

  
	
  SECTION 5.6.

  	
  Limitation
  of Suits

  	
   

  
	
  SECTION 5.7.

  	
  Unconditional
  Rights of Noteholders To Receive Principal and Interest

  	
   

  
	
  SECTION 5.8.

  	
  Restoration
  of Rights and Remedies

  	
   

  
	
  SECTION 5.9.

  	
  Rights and
  Remedies Cumulative

  	
   

  
	
  SECTION 5.10.

  	
  Delay or
  Omission Not a Waiver

  	
   

  
	
  SECTION 5.11.

  	
  Control by
  Noteholders

  	
   

  

 

ii

 

	
  SECTION 5.12.

  	
  Waiver of
  Past Defaults

  	
   

  
	
  SECTION 5.13.

  	
  Undertaking
  for Costs

  	
   

  
	
  SECTION 5.14.

  	
  Waiver of
  Stay or Extension Laws

  	
   

  
	
  SECTION 5.15.

  	
  Action on
  Notes

  	
   

  
	
  SECTION 5.16.

  	
  Performance
  and Enforcement of Certain Obligations

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE VI

  	
   

  
	
  The Indenture Trustee

  	
   

  
	
   

  	
   

  
	
  SECTION 6.1.

  	
  Duties
  of the Indenture Trustee

  	
   

  
	
  SECTION 6.2.

  	
  Rights
  of Indenture Trustee

  	
   

  
	
  SECTION 6.3.

  	
  Individual
  Rights of the Indenture Trustee

  	
   

  
	
  SECTION 6.4.

  	
  Indenture
  Trustee’s Disclaimer

  	
   

  
	
  SECTION 6.5.

  	
  Notice
  of Defaults

  	
   

  
	
  SECTION 6.6.

  	
  Reports
  by Indenture Trustee to the Holders

  	
   

  
	
  SECTION 6.7.

  	
  Compensation
  and Indemnity

  	
   

  
	
  SECTION 6.8.

  	
  Replacement
  of the Indenture Trustee

  	
   

  
	
  SECTION 6.9.

  	
  Successor
  Indenture Trustee by Merger

  	
   

  
	
  SECTION 6.10.

  	
  Appointment
  of Co-Trustee or Separate Trustee

  	
   

  
	
  SECTION 6.11.

  	
  Eligibility;
  Disqualification

  	
   

  
	
  SECTION 6.12.

  	
  Preferential
  Collection of Claims Against the Issuer

  	
   

  
	
  SECTION 6.13.

  	
  Representations
  and Warranties

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE VII

  	
   

  
	
  Noteholders’ Lists and
  Reports

  	
   

  
	
   

  	
   

  
	
  SECTION 7.1.

  	
  Issuer
  To Furnish Indenture Trustee Names and Addresses of Noteholders

  	
   

  
	
  SECTION 7.2.

  	
  Preservation
  of Information; Communications to Noteholders

  	
   

  
	
  SECTION 7.3.

  	
  Reports
  by Issuer

  	
   

  
	
  SECTION 7.4.

  	
  Required
  Filings

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE VIII

  	
   

  
	
  Accounts,
  Disbursements and Releases

  	
   

  
	
   

  	
   

  
	
  SECTION 8.1.

  	
  Collection
  of Money

  	
   

  
	
  SECTION 8.2.

  	
  Trust
  Accounts

  	
   

  
	
  SECTION 8.3.

  	
  General
  Provisions Regarding Accounts

  	
   

  

 

iii

 

	
  SECTION 8.4.

  	
  Release
  of Trust Estate

  	
   

  
	
  SECTION 8.5.

  	
  Opinion
  of Counsel

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE IX

  	
   

  
	
  Supplemental Indentures

  	
   

  
	
   

  	
   

  
	
  SECTION 9.1.

  	
  Supplemental
  Indentures Without Consent of Noteholders

  	
   

  
	
  SECTION 9.2.

  	
  Supplemental
  Indentures With Consent of Noteholders

  	
   

  
	
  SECTION 9.3.

  	
  Execution
  of Supplemental Indentures

  	
   

  
	
  SECTION 9.4.

  	
  Effect
  of Supplemental Indenture

  	
   

  
	
  SECTION 9.5.

  	
  Conformity
  with Trust Indenture Act

  	
   

  
	
  SECTION 9.6.

  	
  Reference
  in Notes to Supplemental Indentures

  	
   

  
	
  SECTION 9.7.

  	
  Amendment
  without Consent

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE X

  	
   

  
	
  Redemption of Notes

  	
   

  
	
   

  	
   

  
	
  SECTION 10.1.

  	
  Redemption

  	
   

  
	
  SECTION 10.2.

  	
  Form
  of Redemption Notice

  	
   

  
	
  SECTION 10.3.

  	
  Notes
  Payable on Redemption Date

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE XI

  	
   

  
	
  Miscellaneous

  	
   

  
	
   

  	
   

  
	
  SECTION 11.1.

  	
  Compliance
  Certificates and Opinions, etc.

  	
   

  
	
  SECTION 11.2.

  	
  Form
  of Documents Delivered to Indenture Trustee

  	
   

  
	
  SECTION 11.3.

  	
  Acts
  of Noteholders

  	
   

  
	
  SECTION 11.4.

  	
  Notices,
  etc., to the Indenture Trustee, Issuer and Rating Agencies

  	
   

  
	
  SECTION 11.5.

  	
  Notices
  to Noteholders; Waiver

  	
   

  
	
  SECTION 11.6.

  	
  Alternate
  Payment and Notice Provisions

  	
   

  
	
  SECTION 11.7.

  	
  Conflict
  with Trust Indenture Act

  	
   

  
	
  SECTION 11.8.

  	
  Effect
  of Headings and Table of Contents

  	
   

  
	
  SECTION 11.9.

  	
  Successors
  and Assigns

  	
   

  
	
  SECTION 11.10.

  	
  Severability

  	
   

  
	
  SECTION 11.11.

  	
  Benefits
  of Indenture

  	
   

  
	
  SECTION 11.12.

  	
  Legal
  Holidays

  	
   

  
	
  SECTION 11.13.

  	
  Governing
  Law

  	
   

  

 

iv

 

	
  SECTION 11.14.

  	
  Counterparts

  	
   

  
	
  SECTION 11.15.

  	
  Recording
  of Indenture

  	
   

  
	
  SECTION 11.16.

  	
  Trust
  Obligation

  	
   

  
	
  SECTION 11.17.

  	
  No
  Petition

  	
   

  
	
  SECTION 11.18.

  	
  Inspection

  	
   

  
	
  SECTION 11.19.

  	
  Subordination

  	
   

  
	
  SECTION 11.20.

  	
  Information
  Requests

  	
   

  

 

v

 

	
  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
  Certificates

  	
   

  
	
   

  	
   

  
	
  SCHEDULES

  	
   

  	
   

  
	
  SCHEDULE P

  	
  Perfection Representations & Warranties

  	
   

  
				

 

vi

 

INDENTURE dated as of [                   ]
between CNH EQUIPMENT TRUST 200   -   , a
Delaware statutory trust (the “Issuer”),
and [                   ],
a [                   ],
as trustee and not in its individual capacity (the “Indenture Trustee”).

 

Each party agrees as follows for the benefit of the
other party, for the benefit of the Counterparties, and for the equal and
ratable benefit of the Holders of the Issuer’s [              ]%
Class A-1 Asset Backed Notes (each an “A-1 Note”), [              ]%
Class A-2 Asset Backed Notes (each an “A-2 Note”), [              ]%
Class A-3b Asset Backed Notes (each an “A-3 Note”), [              ]%
Class A-4 Asset Backed Notes (each an “A-4 Note”) and [              ]%
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 Issuer hereby Grants to [                       ]
at the Closing Date, as Indenture Trustee for the benefit of the Holders of the
Notes and the Counterparties, all of the Issuer’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 moneys paid thereunder on or after the Initial Cutoff
Date or the applicable Subsequent Cutoff Date;

 

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

 

(c)  any proceeds with respect to the Receivables from
claims on insurance policies covering Financed Equipment or Obligors;

 

(d)  the Liquidity Receivables Purchase Agreements (only
with respect to Case Owned Contracts and NH Owned Contracts included in the
Receivables) and the Purchase Agreements, including the right of the Issuer to
cause Case Credit or NH Credit, as applicable, to repurchase Receivables from
the Seller under the circumstances described therein;

 

(e)  any proceeds from recourse to Dealers with respect to
the Receivables other than any interest in the Dealers’ reserve accounts
maintained with Case Credit or NH Credit;

 

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

 

(g)  all funds on deposit from time to time in the Trust Accounts,
including the Spread Account Initial Deposit, any Principal Supplement Account
Deposit, the Negative Carry Account Initial Deposit and the Pre-Funded Amount,
and in all investments and proceeds thereof (including all income thereon);

 

 

(h)  the Sale and Servicing Agreement (including all rights
of the Seller under the Liquidity Receivables Purchase Agreements and the
Purchase Agreements assigned to the Issuer pursuant to the Sale and Servicing
Agreement);

 

(i)  all rights
of the Issuer under each Interest Rate Swap Agreement;

 

(j)  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, 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; and

 

(k)  any True Lease Equipment that is subject to any
Receivable.

 

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 (including the amounts owed in connection with any Interest Rate
Swap Agreement), 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.

 

[                        ],
as Indenture Trustee on behalf of the Noteholders and the Counterparties, (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.

 

2

 

“indenture to be qualified” means this Indenture.

 

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

 

“obligor” on the indenture securities means the Issuer
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.

 

SECTION 1.3.  Rules
of Construction.  Unless
the context otherwise requires: (i) a term has the meaning assigned to it; (ii)
an accounting term not otherwise defined has the meaning assigned to it in
accordance with generally accepted accounting principles as in effect on the
date hereof; (iii) “or” is not exclusive; (iv) “including” means “including,
without limitation”; and (v) words in the singular include the plural and words
in the plural include the singular.

 

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.

 

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 Issuer 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 Issuer
shall bind the Issuer, 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.

 

3

 

The Indenture Trustee shall upon Issuer 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 $[                  ],
$[                  ],
$[                  ],
$[                  ],
$[                  ],
$[                  ]
and $[                  ],
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 Issuer may execute, and upon receipt of an
Issuer 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 officers
executing such Notes may determine, as evidenced by their execution of such
Notes.

 

If temporary Notes are issued, the Issuer 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 Issuer 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 Issuer 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, 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 Issuer shall cause to be kept a register
(the “Note
Register”)
in which, subject to such reasonable regulations as it may prescribe, the
Issuer 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 Issuer 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 Issuer as the Note Registrar, the Issuer 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

 

4

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 Issuer to be maintained as provided in Section 3.2,
if the requirements of Section 8-401(a) of the UCC are met, the Issuer
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 Issuer 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 by 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 Issuer, evidencing the
same debt and entitled to the same benefits under this Indenture as the Notes
surrendered upon such registration of transfer or exchange.

 

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 Issuer 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
Issuer to hold the Indenture Trustee and the Issuer, respectively, harmless,
then, in the absence of notice to the Issuer, 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 Issuer 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

 

5

shall be, due and
payable, or shall have been called for redemption, instead of issuing a
replacement Note, the Issuer 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 Issuer 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 Issuer or the
Indenture Trustee in connection therewith.

 

Upon the issuance of any replacement Note under this
Section, the Issuer 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 Issuer, whether or not the
mutilated, destroyed, lost or stolen Note shall be at any time 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 Issuer, the
Indenture Trustee and any agent of the Issuer 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 Issuer, the
Indenture Trustee nor any agent of the Issuer 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
Issuer 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

 

6

 

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 each Class of Notes
shall be made pro rata to the Noteholders of that Class.

 

(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 Issuer 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 Issuer defaults in a payment of
interest on the Notes, the Issuer 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
Issuer 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 Issuer 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 Issuer may at any
time deliver to the Indenture Trustee for cancellation any Notes previously
authenticated and delivered hereunder that the Issuer 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 Issuer shall direct by an Issuer
Order that they

 

7

 

be returned to it; provided,
that such Issuer 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 Issuer 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 (the initial
Clearing Agency), or its custodian, by, or on behalf of, the Issuer. Such Notes
shall initially be registered on the Note Register in the 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 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 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 have been issued to
Note Owners, the Indenture Trustee shall give all such notices and
communications to the Clearing Agency.

 

8

 

SECTION 2.12.  Definitive
Notes.  Notes initially
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 Issuer shall execute, and the Indenture Trustee shall
authenticate, the Definitive Notes in accordance with the instructions of the
Clearing Agency. None of the Issuer, 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.

 

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 Issuer 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 Section 8.2(c), the Issuer 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 Issuer to such Noteholder for all
purposes of this Indenture.

 

SECTION 3.2.  Maintenance
of Office or Agency.  The
Issuer 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 Issuer in
respect of the Notes and this Indenture may be served.  The Issuer hereby initially appoints the
Indenture Trustee to serve as its agent for the foregoing purposes.  The Issuer will give prompt written notice to
the Indenture Trustee and the Counterparties of the location, and of any change
in the location, of any such office or agency. 
If at any time the Issuer 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 Issuer hereby appoints the Indenture Trustee as its agent
to receive all such surrenders, notices and demands.

 

9

 

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) shall be made on behalf of the Issuer 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 Issuer except as provided in this Section.

 

One Business Day prior to each Payment Date and Redemption
Date, the Issuer 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 Issuer Order
with written notice thereof to the Indenture Trustee.  Any Paying Agent appointed by the Issuer
shall be a Person who would be eligible to be Indenture Trustee hereunder as
provided in Section 6.11.

 

The Issuer 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 and the
Counterparties notice of any default by the Issuer (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 Issuer may at any time, for the purpose of
obtaining the satisfaction and discharge of this Indenture or for any other
purpose, by Issuer 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

 

10

 

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 Issuer on Issuer Order; and the Holder of
such Note shall thereafter, as an unsecured general creditor, look only to the
Issuer for payment thereof (but only to the extent of the amounts so paid to
the Issuer), 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 Issuer 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 Issuer. The Indenture Trustee shall also adopt and employ, at the
expense of the Issuer, 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 moneys 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 Issuer 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
Issuer 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.

 

11

 

The Issuer 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 Issuer 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 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 [             ]
the Issuer 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
Issuer 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 Issuer 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 Issuer shall be deemed to be action taken by the Issuer.
Initially, the Issuer has contracted with the Servicer and the Administrator to
assist the Issuer in performing its duties under this Indenture.

 

(c)  The Issuer 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 Issuer shall not waive, amend, modify,

 

12

 

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 Issuer shall have knowledge of the
occurrence of a Servicer Default, the Issuer shall promptly notify the
Indenture Trustee, the Counterparties and the Rating Agencies thereof, and
shall specify in such notice the action, if any, the Issuer is taking with
respect to such default. If a Servicer Default shall arise from the failure of
the Servicer to perform any of its duties or obligations

under the Sale and
Servicing Agreement with respect to the Receivables, the Issuer 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 Issuer 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 Issuer 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
Issuer 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 Issuer shall
promptly notify the Indenture Trustee. As soon as a Successor Servicer is
appointed, the Issuer shall notify the Indenture Trustee of such appointment,
specifying in such notice the name and address of such Successor Servicer.

 

(g)  Without derogating from the absolute nature
of the assignment Granted to the Indenture Trustee under this Indenture or the
rights of the Indenture Trustee hereunder, the Issuer agrees that it will not,
without the prior written consent of the Indenture Trustee or the Holders of

 

13

 

at least a
majority of the Outstanding Amount, amend, modify, waive, supplement, terminate
or surrender, or agree to any amendment, modification, supplement, termination,
waiver or surrender of, the terms of any Collateral (except to the extent otherwise
provided in the Sale and Servicing Agreement) or the Basic Documents, or waive
timely performance or observance by the Servicer or the Seller under the Sale
and Servicing Agreement or Case Credit and NH Credit, as applicable, under the
Purchase Agreements; provided, however, that no such amendment shall: (i)
increase or reduce in any manner the amount of, or accelerate or delay the
timing of, distributions that are required to be made for the benefit of the
Noteholders, or (ii) reduce the aforesaid percentage of the Notes that are
required to consent to any such amendment, in either case without the consent
of the Holders of all the Outstanding Notes. If any such amendment,
modification, supplement or waiver shall be so consented to by the Indenture
Trustee or such Holders, the Issuer agrees, promptly following a request by the
Indenture Trustee to do so, to execute and deliver, in its own name and at its
own expense, such agreements, instruments, consents and other documents as the
Indenture Trustee may deem necessary or appropriate in the circumstances.

 

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

 

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

 

(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 Issuer will deliver to the Indenture Trustee, within 120 days after
the end of each fiscal year of the Issuer (commencing with the fiscal year [            ]),
an Officer’s Certificate, substantially in the form

of Exhibit B,
stating that:

 

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

 

14

 

(ii)  to the best of such Authorized Officer’s
knowledge, based on such review, the Issuer 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.  Issuer
May Consolidate, etc., Only on Certain Terms.  (a)  The
Issuer shall not consolidate or merge with or into any other Person, unless:

 

(i)  the Person (if other than the Issuer) 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 Issuer 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;

 

(iv)  the Issuer 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 Issuer, 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 Issuer 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)  The Issuer shall not convey or transfer any
of its properties or assets, 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 Issuer 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 on the part of the Issuer to be performed or observed, all as
provided herein, (C) expressly

 

15

 

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

 

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

 

SECTION 3.12.  No
Other Business.  The
Issuer shall not engage in any business other than financing, purchasing,
owning, selling and managing of the Receivables in the manner contemplated by
this Indenture and the Basic Documents and activities incidental thereto.

 

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

 

16

 

SECTION 3.14.  Servicer’s Obligations.  The Issuer 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 Issuer 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 Issuer
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 Issuer shall not remove the Administrator
without cause unless the Rating Agency Condition shall have been satisfied in
connection with such removal.

 

SECTION 3.18.  Restricted
Payments.  The Issuer
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 Issuer or otherwise with respect to any ownership or equity
interest or security in or of the Issuer 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
Issuer 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 Issuer 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
Issuer shall give the Indenture Trustee, the Counterparties 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, each default on the part of Case Credit of its obligations
under the Case Purchase Agreement and each default on the part of NH Credit of
its obligations under the NH Purchase Agreement.

 

SECTION 3.20.  Further
Instruments and Acts. 
Upon request of the Indenture Trustee, the Issuer 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 Issuer further makes all the
representations, warranties and covenants set forth in Schedule P.

 

17

 

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)
Sections 3.3,
3.4, 3.5, 3.8, 3.10, 3.12 and 3.13, (v) 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
(vi) the rights of Noteholders and the Counterparties 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 Issuer, 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 theretofore been deposited in trust or segregated
and held in trust by the Issuer and thereafter repaid to the Issuer 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 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 Issuer,

 

and the Issuer, 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 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;

 

18

 

(B)  the Issuer has paid or caused to be paid all
other sums payable hereunder (including amounts due and payable under the
Interest Rate Swap Agreement) by the Issuer; and

 

(C)  the Issuer 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
moneys 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 moneys have been deposited
with the Indenture Trustee, of all sums due and to become due thereon for
principal and interest; but such moneys 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 Moneys Held by Paying Agent. 
In connection with the satisfaction and discharge of this Indenture with
respect to the Notes, all moneys then held by any Paying Agent other than the
Indenture Trustee under this Indenture with respect to such Notes shall, upon
demand of the Issuer, 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 moneys.

 

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 Issuer 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 Issuer made in this Indenture or in any certificate or other
writing delivered pursuant hereto or in connection herewith proving to have
been

 

19

 

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 Issuer by the Indenture Trustee or to the Issuer 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 Issuer 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 Issuer or for any substantial
part of the Trust Estate, or ordering the winding-up or liquidation of the
Issuer’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 Issuer 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 Issuer to the
entry of an order for relief in an involuntary case under any such law, or the
consent by the Issuer to the appointment or taking possession by a receiver,
liquidator, assignee, custodian, trustee, sequestrator or similar official of
the Issuer or for any substantial part of the Trust Estate, or the making by
the Issuer of any general assignment for the benefit of creditors, or the
failure by the Issuer generally to pay its debts as such debts become due, or
the taking of action by the Issuer in furtherance of any of the foregoing.

 

The Issuer shall deliver to the Indenture Trustee and
the Counterparties, within five days after the Issuer 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 Issuer 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 Issuer (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
Issuer, the Counterparties and the Indenture Trustee, may rescind and annul
such declaration and its consequences if:

 

20

 

(i)  the Issuer 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 that would then be due hereunder or upon such
Notes 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 Issuer covenants that if an Event of
Default described in Sections 5.1(i) or (ii) occurs, the Issuer 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 Issuer 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 Issuer or other obligor upon
such Notes and collect in the manner provided by law out of the property of the
Issuer or other obligor upon such Notes, wherever situated, the moneys 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 Issuer 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

 

21

 

possession of the
Issuer or its property or such other obligor or Person, or in case of any other
comparable judicial Proceedings relative to the Issuer or other obligor upon
the Notes, or to the creditors or property of the Issuer 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;

 

(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 moneys 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 Issuer, 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.

 

22

 

(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 an Event of Default shall have occurred and
be continuing, the Indenture Trustee may do one or more of the following
(subject to Section 5.5):

 

(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 Issuer and
any other obligor upon such Notes moneys 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

 

23

 

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 Issuer 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;

 

THIRD: to the
Indenture Trustee for amounts due under Section 6.7;

 

FOURTH: to the
Counterparties for due and unpaid Net Swap Payments (including interest on any
overdue Net Swap Payments), if any, ratably, without preference or priority of
any kind, according to the amount due under each Interest Rate Swap Agreement
as Net Swap Payments (including interest on any overdue Net Swap Payments);

 

FIFTH: with the
same priority and ratably in proportion to the Outstanding Amount of the Class
A Notes and the amounts due under clause (y)
of this paragraph FIFTH, to (x)
the Class A Noteholders for amounts due and unpaid on the Class A Notes for
interest, ratably, without preference or priority of any kind, according to the
amounts due and payable on the Class A Notes for interest, and (y) the
Counterparties to pay any Swap Termination Payments due to them under the
Interest Rate Swap Agreements, ratably, without preference or priority of any
kind, according to the amounts due as Swap Termination Payments under each
Interest Rate Swap Agreement; provided,
that if any money or property remains after making the payments required by the
immediately preceding clause (x),
such money or property shall used to pay any remaining Swap Termination
Payments due and payable under the Interest Rate Swap Agreements before any
such money or property shall be distributed pursuant to paragraphs  SIXTH through TENTH
of this Section 5.4(b);

 

SIXTH: to Class
B Noteholders for amounts due and unpaid on the Class B Notes for interest,
ratably, without preference or priority of any kind, according to the amounts
due and payable on the Class B Notes for interest;

 

SEVENTH: to
Class A Noteholders for amounts due and unpaid on the Class A Notes for
principal, ratably, without preference or priority of any kind, according to
the amounts due and payable on the Class A Notes for principal until such Notes
are paid in full;

 

EIGHTH: to
Class B Noteholders for amounts due and unpaid on the Class B Notes for
principal, ratably, without preference or priority of any kind, according to
the

 

24

 

amounts due and payable on the Class B Notes for
principal until such Notes are paid in full;

 

NINTH: 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; and

 

TENTH: to the
Issuer 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 Issuer 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;

 

(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;

 

25

 

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 Issuer, 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
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

 

26

 

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 Issuer,
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 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

 

27

 

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 Issuer 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 Issuer (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
Issuer 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 Issuer. 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 Issuer 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 Issuer under or in connection
with the Sale and Servicing Agreement or to the Seller under or in connection
with the Purchase Agreements in accordance with the terms thereof, and to
exercise any and all rights, remedies, powers and privileges lawfully available
to the Issuer under or in connection with the Sale and Servicing Agreement (or
the Seller under or in connection with the Purchase Agreements) to the extent
and in the manner directed by the Indenture Trustee, including the transmission
of notices 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 Agreements.

 

(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 Issuer 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 Issuer thereunder and to
give any consent, request, notice, direction, approval, extension or waiver
under the Sale and Servicing Agreement, and any right of the Issuer to take
such action shall be suspended.

 

28

 

(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 Case Credit or NH Credit, as applicable, under
or in connection with the Purchase Agreements, including the right or power to
take any action to compel or secure performance or observance by Case Credit or
NH Credit, as applicable, of each of its obligations to the Seller thereunder
and to give any consent, request, notice, direction, approval, extension or
waiver under the Purchase Agreements, 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.

 

(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;

 

29

 

(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 Issuer, the Trustee, the Seller or the Servicer,
nor shall it have any liability in connection with malfeasance or nonfeasance
by the Issuer, the Trustee, the Seller or the Servicer. The Indenture Trustee
shall have no liability in connection with compliance of the Issuer, 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 Issuer.

 

(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 repayments of such funds or adequate indemnity satisfactory to it
against any loss, liability or expense is not reasonably assured to it.

 

(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.

 

30

 

(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 Issuer 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 Issuer.  The Indenture Trustee may
otherwise deal with the Issuer 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.

 

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 Issuer’s use of the proceeds from the Notes; and shall not
be responsible for any statement of the Issuer 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 Counterparty and 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 (including payments pursuant to
the mandatory redemption provisions of such 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 and the Counterparties.

 

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, [            ],
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).

 

31

 

SECTION 6.7.  Compensation
and Indemnity.  The Issuer
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
Issuer 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 Issuer 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 Issuer 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 Issuer and the Servicer promptly of any claim for which it may
seek indemnity. Failure by the Indenture Trustee to so notify the Issuer and
the Servicer shall not relieve the Issuer or the Servicer of its respective
obligations hereunder. The Issuer shall, or shall cause the Servicer to, defend
the claim and the Indenture Trustee may have separate counsel and the Issuer
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 Issuer 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 Issuer’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 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 Issuer 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 Issuer 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.

 

32

 

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 Issuer 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
Issuer. 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
Counterparties and 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 Issuer 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 Issuer’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.

 

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 the Rating Agencies, the Counterparties and the Issuer prompt written
notice of any such transaction following the consummation thereof; 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.

 

33

 

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;

 

(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

 

34

 

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 Issuer 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 Issuer 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 the Class A Notes and the Class B Notes, a successor
Indenture Trustee shall be appointed for one or both of such Classes, so that
there will be separate Indenture Trustees for the Class A Notes and the Class B
Notes.  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 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 share
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,
all rights to exercise remedies under the Indenture will transfer to the
Indenture Trustee for the Class B Notes.

 

In the case of the appointment hereunder of a
successor Indenture Trustee with respect to any Class of Notes, the Issuer, 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

 

35

 

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 Issuer.  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.  Representations
and Warranties.  The
Indenture Trustee hereby represents that:

 

(a)  the Indenture Trustee is duly organized and
validly existing as a New York
banking corporation in good standing under the laws of the State of New York 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;
and

 

(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.

 

ARTICLE VII

Noteholders’ Lists and Reports

 

SECTION 7.1.  Issuer
To Furnish Indenture Trustee Names and Addresses of Noteholders.  The Issuer 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 Issuer of any such

 

36

 

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

 

SECTION 7.3.  Reports
by Issuer.  (a)  The Issuer shall:

 

(i)  file with the Indenture Trustee, within 15
days after the Issuer 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 Issuer 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
Issuer 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 Issuer 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 Issuer otherwise determines, the
fiscal year of the Issuer 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.

 

37

 

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 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 Issuer
shall cause the Servicer to establish and maintain, in the name of the
Indenture Trustee, for the benefit of the Noteholders, the Certificateholders
and the Counterparties, 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 5.2 of the Sale and
Servicing Agreement.  On or before each
Payment Date, the 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.

 

(c)  On each Payment Date and Redemption Date, the
Indenture Trustee shall distribute all amounts on deposit in the Note
Distribution Account to Noteholders and Counterparties in the following amounts
and in the following order of priority (except as otherwise provided in Section 5.4(b)):

 

(i)  to the Counterparties for due and unpaid Net
Swap Payments (including interest on any overdue Net Swap Payments), if any,
ratably, without preference or priority of any kind, according to the amount
due under each Interest Rate Swap Agreement as Net Swap Payments (including
interest on any overdue Net Swap Payments);

 

(ii)  with the same priority and ratably in
proportion to the Outstanding Amount of the Class A Notes and the amounts due
under clause (y) of this Section 8.2(c)(ii), to (x) 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, and (y) the Counterparties, any Class A Swap Termination Payments
due to them under the Class A Swap Agreements, ratably, without preference or
priority of any kind, according to the

 

38

 

amounts due as Class A Swap Termination Payments under
each Class A Swap Agreement; provided,
that if any money or property remains after making the payments required by the
immediately preceding clause (x),
such money or property shall be used to pay any remaining Class A Swap
Termination Payments due and payable under the Class A Swap Agreements before
any such money or property shall be distributed pursuant to Sections 8.2(c)(iii) through (vii);

 

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

 

(iv)  to the Class A Noteholders, the Class
Principal Distributable Amount for each Class of Class A Notes in the following
priority: (A) A-1 Notes, (B) A-2 Notes, (C) and A-3 Notes and (D) A-4 Notes (provided that
after an Event of Default and acceleration of the Notes (and, if any Notes
remain outstanding, on and after the Final Scheduled Maturity Date), amounts
available for distribution pursuant to this clause (iv) shall be paid to all
Holders of Class A Notes ratably according to the amounts due and payable on
the Class A Notes for principal until paid in full);

 

(v)  to the Class B Noteholders, the Class B
Noteholders’ Monthly Principal Distributable Amount;

 

(vi)  to the Class A Noteholders, the Reallocated
Class B Principal Amount until the Class A Notes are paid in full; and

 

(vii)  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.

 

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 Issuer Order, subject to the
provisions of Section 5.1(b) of the Sale and Servicing Agreement.  All income or other gain from investments of
moneys 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 Issuer 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 Issuer
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

 

39

 

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.

 

(c)  If: (i) the Issuer 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 Issuer 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 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.

 

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
moneys.

 

(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
Issuer 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 Issuer 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 Issuer
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.

 

40

 

Notwithstanding anything
herein to the contrary, any such Opinion of Counsel shall include each
Counterparty as an addressee thereof.

 

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, the Issuer and the
Indenture Trustee, when authorized by an Issuer Order, at any time and from
time to time, may enter into one or more indentures supplemental hereto (which
shall conform to the Trust Indenture Act 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 Issuer, and the
assumption by any such successor of the covenants of the Issuer herein and in
the Notes;

 

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

 

(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;
or

 

(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.

 

41

 

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 Issuer and the Indenture Trustee, when
authorized by an Issuer Order, may, without the consent of any of the Holders
of Notes but with prior written notice to the Rating Agencies, 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 Opinion of Counsel, adversely affect in any material respect the
interests of any Noteholder.

 

SECTION 9.2.  Supplemental
Indentures With Consent of Noteholders.  The Issuer and the Indenture Trustee, when
authorized by an Issuer Order, may, with prior written notice to the Rating
Agencies 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 Issuer 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)  change the date of payment of any installment
of principal of or interest on any Note, or reduce the principal amount
thereof, the interest rate thereon or the Redemption Price with respect
thereto, change the provisions of this Indenture relating to the application of
collections on, or the proceeds of the sale of, the Trust Estate to the payment
of principal of or interest on the Notes, 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;

 

(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 Issuer to sell or
liquidate the Trust Estate pursuant to Section 5.4;

 

42

 

(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 to
affect the rights of the Holders of Notes to the benefit of any provisions for
the mandatory redemption of the Notes contained herein; 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; provided  further,
if any such amendment and/or supplement of either this Indenture or any other
Basic Document would either: (a) adversely affect any Counterparty’s rights or
obligations under a Swap Agreement; or (b) adversely modify the obligations of,
or adversely impact the ability of, the Issuer to fully perform any of the Issuer’s
obligations under such Swap Agreement, the Issuer and the Indenture Trustee
shall be required first to obtain the written consent of the affected
Counterparty, before entering into any such amendment or supplement.

 

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 Issuer 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.

 

43

 

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 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 Issuer 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
Trust Indenture Act as then in effect so long as this Indenture shall then be
qualified under the Trust Indenture Act.

 

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 Issuer or the
Indenture Trustee shall so determine, new Notes so modified as to conform, in
the opinion of the Indenture Trustee and the Issuer, to any such supplemental
indenture may be prepared and executed by the Issuer 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, any term or provision of this Agreement may be amended by the Issuer
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 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.

 

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 the Servicer pursuant to Section 9.1(a) of
the Sale and Servicing Agreement, on any Payment Date on which the Servicer
exercises its option to purchase the Trust Estate pursuant to said Section 9.1(a),
for a purchase price equal to the Redemption Price; provided, however, that the
Issuer has available funds sufficient to pay the Redemption Price.  The Servicer or the Issuer shall furnish the
Rating Agencies notice of such redemption. 
If such Notes are to be redeemed pursuant to this Section 10.1,
the Servicer or the Issuer shall furnish notice of such election to the
Indenture Trustee not later than 25 days prior to the Redemption Date and the
Issuer shall deposit with the Indenture Trustee in the Note Distribution
Account the Redemption Price of the Notes to be redeemed.

 

44

 

(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 Issuer 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 Issuer.  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 Issuer 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 Issuer to the Indenture Trustee to take any action under this
Indenture, the Issuer 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 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:

 

45

 

(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 Issuer 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
Issuer of the Collateral or other property or securities to be so deposited.

 

(ii)  Whenever the Issuer is required to furnish to
the Indenture Trustee an Officer’s Certificate described in clause (i),
the Issuer shall also deliver to the Indenture Trustee an Independent
Certificate as to the same matters, if the fair value to the Issuer 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 Issuer, 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
Issuer 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 Issuer 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 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 Issuer 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 Issuer shall also furnish to the Indenture Trustee an Independent
Certificate as to the same matters if the fair value to the Issuer of the

 

46

 

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 Issuer 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 Issuer 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 Issuer shall deliver to the Indenture Trustee
every six months, commencing [                    ],
an Officer’s Certificate of the Issuer 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 Issuer’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 Issuer 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 Issuer or the
Administrator, stating that the information with respect to such factual
matters is in the possession of the Servicer, the Seller, the Issuer or the
Administrator, as applicable, 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 Issuer shall deliver any document as a condition of the

 

47

 

granting of such
application, or as evidence of the Issuer’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 Issuer 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 Issuer. 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 Issuer, 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 Issuer in reliance thereon, whether
or not notation of such action is made upon such Note.

 

SECTION 11.4.  Notices,
etc., to the Indenture Trustee, Issuer 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, 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 Issuer, 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 Issuer
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 Issuer addressed to: CNH Equipment Trust 200   -   ,
in care of [                                 ],
[                                 ],
Attention: [                   ],
and to Case Credit Corporation, as Administrator, [                                 ],
Attention: [                     ],
or at any other address previously furnished in writing to the Indenture
Trustee by the Issuer or the

 

48

 

Administrator. The Issuer
shall promptly transmit any notice received by it from the Noteholders to the
Indenture Trustee and the Counterparties, or

 

(c)  the
Counterparties by the Issuer or the Indenture Trustee, shall be sufficient for
every purpose hereunder if in writing and mailed, first-class postage prepaid,
hand delivered or sent by overnight courier service or by telecopy in legible
form to the Counterparties addressed to: [                                                    ], or at any other address previously
furnished in writing to the Issuer or the Indenture Trustee by the applicable
Counterparty.

 

Notices required to be given to the Rating Agencies by
the Issuer, the Indenture Trustee or the Trustee shall be in writing,
personally delivered or mailed by certified mail, return receipt requested, to
their respective addresses 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 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 Issuer 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 Issuer 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.

 

49

 

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 Trust
Indenture Act, 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 Issuer 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,
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 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, 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 11.14.  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 Issuer 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

 

50

 

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
Issuer, 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 Issuer 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 Issuer, 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 Issuer 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 Issuer, or solicit or join or cooperate with or
encourage any institution against the Seller or the Issuer 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 Issuer by
any Person other than the Indenture Trustee.

 

SECTION 11.18.  Inspection.  The Issuer agrees that, on reasonable prior
notice, it will permit any representative of the Indenture Trustee, during the
Issuer’s normal business hours, to examine all the books of account, records,
reports and other papers of the Issuer, to make copies and extracts therefrom,
to cause such books to be audited by Independent certified public accountants,
and to discuss the Issuer’s affairs, finances and accounts with the Issuer’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
Issuer 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

 

51

 

approved in advance by
the Issuer 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 Issuer of
any disclosure of such information that it is required to make pursuant to the
preceding clause (A), (B) or (C) so that the Issuer may seek appropriate
protective orders or restrictions on the disclosure of the information
involved; (iii) any other disclosure authorized by the Issuer or the Servicer
or (iv) disclosure to the other parties to the transactions contemplated by the
Basic Documents.

 

SECTION 11.19.  Subordination.  Issuer and each Noteholder by accepting a
Note acknowledge and agree that such Note represents indebtedness of Issuer 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, Issuer 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, Issuer 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 any other Person owned by
CNHCR, then Issuer 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 Issuer or any of its Affiliates, at the
expense of the Issuer or any of its Affiliates, as applicable, in order to
comply with or obtain more favorable treatment under any current or future law,
rule, regulation, accounting rule or principle.

 

52

 

[the remainder of this page intentionally left blank]

 

53

 

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
  200   -   ;

  
	
   

  	
   

  
	
   

  	
  By:

  	
  [                                              ]

  	
  ,

  
	
   

  	
   

  	
  not in its
  individual capacity but solely as Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  [                                                      ]

  	
  ,

  
	
   

  	
   

  	
  not in its
  individual capacity but solely

  
	
   

  	
   

  	
  as Indenture
  Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
							

 

Indenture

 

S-1

 

EXHIBIT
A-1

to Indenture

 

FORM OF A-1 NOTES

 

	
  REGISTERED

  	
  $                     (1)

  
	
  No. R-                     

  	
  CUSIP
  NO.                            

  

 

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

 

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

 

CNH EQUIPMENT TRUST 200   -   

 

[              ]%
CLASS A-1 ASSET BACKED NOTES

 

CNH Equipment Trust 200   -   ,
a trust organized and existing under the laws of the State of Delaware
(including any successor, the “Issuer”),
for value received, hereby promises to pay to CEDE & CO., or registered
assigns, the principal sum of [                                                        ]
DOLLARS ($[                     ]),
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 [                          ],
2005 Payment Date and the Redemption Date, if any, pursuant to Section 10.1(a)
of the Indenture. The Issuer will pay interest on this Note at the rate per
annum shown above, on each Payment Date until the principal of this Note is
paid or made available for payment, on the principal amount of this Note
outstanding on the preceding Payment Date (after giving effect to all payments
of principal made on the preceding Payment Date), subject to certain
limitations contained in Section 3.1 of the Indenture. Interest on this
Note will accrue for each Payment Date from the most recent Payment Date on
which interest 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
$[                    ]
and in greater whole-dollar denominations in excess thereof.

 

 

 

computed on the basis of
a 360-day year of actual days. Such principal of and interest on this Note
shall be paid in the manner specified in the Indenture.

 

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

 

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

 

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

 

 

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

 

	
  Dated: 

  	
  [                                 ]

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  CNH EQUIPMENT
  TRUST 200   -   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  [                                           ]

  	
  ,

  
	
   

  	
   

  	
  not in its
  individual capacity but solely as Trustee

  
	
   

  	
   

  	
  under the Trust
  Agreement

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
   

  	
  Title

  	
   

  	
   

  
									

 

 

TRUSTEE’S CERTIFICATE OF
AUTHENTICATION

 

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

 

	
  Dated: 

  	
  [                                 ]

  	
   

  
	
   

  
	
   

  
	
   

  	
  [                                                      ]

  	
  ,

  
	
   

  	
  not in its
  individual capacity but solely as Indenture Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Authorized
  Signatory

  
							

 

 

[REVERSE OF NOTE]

 

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

 

The 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 Issuer 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 Issuer or the Indenture Trustee on the
Notes or under the Indenture or any certificate or other writing delivered in
connection therewith, against: (i) the Indenture Trustee or the Trustee in
their individual capacities, (ii) any owner of a beneficial interest in the
Issuer or (iii) any partner, owner, beneficiary, agent, officer, director or
employee of: (a) the Indenture Trustee or the Trustee in their individual
capacities, (b) any holder of a beneficial interest in the Issuer, the Trustee
or the Indenture Trustee or of (c) any successor or assign of the Indenture
Trustee or the Trustee in their individual capacities, except as any such
Person may have expressly agreed and except that any such partner, owner or
beneficiary shall be fully liable, to the extent provided by applicable law,
for any unpaid consideration for stock, unpaid capital contribution or failure
to pay any installment or call owing to such partner, owner or beneficiary.

 

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

 

Each Noteholder or Note Owner, by acceptance of a
Note, or, in the case of a Note Owner, a beneficial interest in a Note,
covenants and agrees that by accepting the benefits of the Indenture that such
Noteholder will not at any time institute against the Seller or the Issuer, or
join in any institution against the Seller or the Issuer of, any bankruptcy,
reorganization or arrangement, insolvency or liquidation proceedings under any
United States Federal or State

 

 

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

 

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

 

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

 

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

 

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

 

 

ASSIGNMENT

 

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

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

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

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  (name and address of assignee)

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

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

  

 

	
   

  	
   

  	
   

  
	
  Dated:

  	
   

  	
   

  	
   

  	
   

  	
  */

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Signature Guaranteed:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

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

  
										

 

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

 

EXHIBIT A-2

to Indenture

 

 

FORM OF A-2 NOTES

 

	
  REGISTERED

  	
   

  	
  $                   (1)

  
	
  No. R-                 

  	
   

  	
  CUSIP NO.               

  

 

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

 

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

 

CNH EQUIPMENT TRUST 200 -  

 

[          ]%
CLASS A-2 ASSET BACKED NOTES

 

CNH Equipment
Trust 200 - , a trust organized and existing under the laws of the
State of Delaware (including any successor, the “Issuer”), for value received, hereby
promises to pay to CEDE & CO., or registered assigns, the principal sum of
[                                              ]
($[                   ]),
partially payable on each Payment Date in an amount equal to the aggregate
amount, if any, payable from the Note Distribution Account in respect of
principal on the 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 [                                  ]
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 Issuer 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

 

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

 

 

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.

 

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

 

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

 

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

 

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

 

	
  Dated:

  	
   

  
	
   

  	
   

  
	
   

  	
  CNH Equipment Trust 200 - 

  
	
   

  	
   

  
	
   

  	
  By:

  	
  [                                                   ]

  	
  ,

  
	
   

  	
   

  	
  not in its individual capacity but solely as Trustee
  under the

  Trust Agreement

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
   

  	
  Title

  	
   

  	
   

  
								

 

 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

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

 

	
  Dated:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  [                                                                 ]

  	
  ,

  
	
   

  	
  not in its
  individual capacity but solely as Indenture Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Authorized Signatory

  	
   

  
					

 

 

[REVERSE OF NOTE]

 

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

 

The 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 Issuer 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 Issuer or
the Indenture Trustee on the Notes or under the Indenture or any certificate or
other writing delivered in connection therewith, against: (i) the Indenture
Trustee or the Trustee in their individual capacities, (ii) any owner of a
beneficial interest in the Issuer or (iii) any partner, owner, beneficiary,
agent, officer, director or employee of: (a) the Indenture Trustee or the
Trustee in their individual capacities, (b) any holder of a beneficial interest
in the Issuer, the Trustee or the Indenture Trustee or of (c) any successor or
assign of the Indenture Trustee or the Trustee in their individual capacities,
except as any such Person may have expressly agreed and except that any such
partner, owner or beneficiary shall be fully liable, to the extent provided by
applicable law, for any unpaid consideration for stock, unpaid capital
contribution or failure to pay any installment or call owing to such partner,
owner or beneficiary.

 

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

 

Each Noteholder or
Note Owner, by acceptance of a Note, or, in the case of a Note Owner, a
beneficial interest in a Note, covenants and agrees that by accepting the
benefits of the Indenture that such Noteholder will not at any time institute
against the Seller or the Issuer, or join in any institution against the Seller
or the Issuer of, any bankruptcy, reorganization or arrangement, insolvency or
liquidation proceedings under any United States Federal or State

 

 

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

 

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

 

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

 

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

 

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

 

 

ASSIGNMENT

 

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

  
	
   

  
	
   

  	
   

  

 

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

	
   

  	
   

  
	
  (name and address of assignee)

  	
   

  

 

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

 

	
  Dated:

  	
   

  	
   

  	
   

  	
   

  	
  */

  	
   

  
	
   

  	
   

  
	
   

  	
  Signature
  Guaranteed:

  

 

 

	
   

  	
   

  
	
   

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

  
			

 

 

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

 

 

EXHIBIT A-3

to
Indenture

 

FORM OF A-3 NOTES

 

 

	
  REGISTERED

  	
   

  	
  $                   (1)

  
	
  No. R-                 

  	
   

  	
  CUSIP NO.               

  

 

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

 

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

 

CNH EQUIPMENT TRUST 200 - 

 

[             ]%
CLASS A-3 ASSET BACKED NOTES

 

CNH Equipment
Trust 200 - , a trust organized and existing under the laws of the
State of Delaware (including any successor, the “Issuer”), for value received, hereby
promises to pay to CEDE & CO., or registered assigns, the principal sum of
[                         ]
($[                      ]),
partially payable on each Payment Date in an amount equal to the aggregate
amount, if any, payable from the Note Distribution Account in respect of
principal on the 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 [                      ]
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 Issuer 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

 

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

 

 

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.

 

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

 

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

 

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

 

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

 

	
  Dated:

  	
   

  
	
   

  	
   

  
	
   

  	
  CNH Equipment Trust
  200 - 

  
	
   

  	
   

  
	
   

  	
  By:

  	
  [                                                   ]

  	
  ,

  
	
   

  	
   

  	
  not in its individual capacity but solely as Trustee
  under the

  Trust Agreement

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
   

  	
  Title

  	
   

  	
   

  
								

 

 

TRUSTEE’S CERTIFICATE OF
AUTHENTICATION

 

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

 

	
  Dated:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  [                                                                 ]

  	
  ,

  
	
   

  	
  not in its
  individual capacity but solely as Indenture Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Authorized Signatory

  	
   

  
	
   

  	
   

  
					

 

 

[REVERSE OF NOTE]

 

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

 

The 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 Issuer 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 Issuer or
the Indenture Trustee on the Notes or under the Indenture or any certificate or
other writing delivered in connection therewith, against: (i) the Indenture
Trustee or the Trustee in their individual capacities, (ii) any owner of a
beneficial interest in the Issuer or (iii) any partner, owner, beneficiary,
agent, officer, director or employee of: (a) the Indenture Trustee or the
Trustee in their individual capacities, (b) any holder of a beneficial interest
in the Issuer, the Trustee or the Indenture Trustee or of (c) any successor or
assign of the Indenture Trustee or the Trustee in their individual capacities,
except as any such Person may have expressly agreed and except that any such
partner, owner or beneficiary shall be fully liable, to the extent provided by
applicable law, for any unpaid consideration for stock, unpaid capital
contribution or failure to pay any installment or call owing to such partner,
owner or beneficiary.

 

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

 

Each Noteholder or
Note Owner, by acceptance of a Note, or, in the case of a Note Owner, a beneficial
interest in a Note, covenants and agrees that by accepting the benefits of the
Indenture that such Noteholder will not at any time institute against the
Seller or the Issuer, or join in any institution against the Seller or the
Issuer of, any bankruptcy, reorganization or arrangement, insolvency or
liquidation proceedings under any United States Federal or State

 

 

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

 

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

 

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

 

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

 

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

 

 

ASSIGNMENT

 

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

  
	
   

  
	
   

  	
   

  

 

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

 

	
   

  	
   

  
	
  (name and address of assignee)

  	
   

  

 

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

 

 

	
  Dated:

  	
   

  	
   

  	
   

  	
   

  	
  */

  	
   

  
	
   

  	
   

  
	
   

  	
  Signature
  Guaranteed:

  

 

 

	
   

  	
   

  
	
   

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

  
			

 

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

 

 

EXHIBIT A-4

to Indenture

 

FORM OF A-4 NOTES

 

	
  REGISTERED

  	
   

  	
  $                   (1)

  
	
  No. R-                 

  	
   

  	
  CUSIP NO.               

  

 

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

 

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

 

CNH EQUIPMENT TRUST 200 - 

 

[             ]%
CLASS A-4 ASSET BACKED NOTES

 

CNH Equipment
Trust 200 - , a trust organized and existing under the laws of the
State of Delaware (including any successor, the “Issuer”), for value received, hereby
promises to pay to CEDE & CO., or registered assigns, the principal sum of
[                                    ]
DOLLARS ($[                  ]),
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 [                  ]
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 have been paid in full. The Issuer 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

 

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

 

 

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.

 

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

 

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

 

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

 

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

 

	
  Dated:

  	
   

  
	
   

  	
   

  
	
   

  	
  CNH Equipment Trust
  200 - 

  
	
   

  	
   

  
	
   

  	
  By:

  	
  [                                                   ]

  	
  ,

  
	
   

  	
   

  	
  not in its individual capacity but solely as Trustee
  under the

  Trust Agreement

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
   

  	
  Title

  	
   

  	
   

  
								

 

 

TRUSTEE’S
CERTIFICATE OF AUTHENTICATION

 

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

 

 

	
  Dated:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  [                                                                  ]

  	
  ,

  
	
   

  	
  not in its
  individual capacity but solely as Indenture Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Authorized Signatory

  	
   

  
					

 

 

[REVERSE OF NOTE]

 

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

 

The 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 Issuer shall
pay interest on overdue installments of interest at the A-4b Note Rate to the
extent lawful.

 

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

 

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

 

Each Noteholder or
Note Owner, by acceptance of a Note, or, in the case of a Note Owner, a
beneficial interest in a Note, covenants and agrees that by accepting the
benefits of the Indenture that such Noteholder will not at any time institute
against the Seller or the Issuer, or join in any institution against the Seller
or the Issuer of, any bankruptcy, reorganization or arrangement, insolvency or
liquidation proceedings under any United States Federal or State

 

 

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

 

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

 

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

 

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

 

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

 

 

ASSIGNMENT

 

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

  
	
   

  
	
   

  	
   

  

 

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

 

	
   

  	
   

  
	
  (name and address of assignee)

  	
   

  

 

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

 

	
  Dated:

  	
   

  	
   

  	
   

  	
   

  	
  */

  	
   

  
	
   

  	
   

  
	
   

  	
  Signature
  Guaranteed:

  

 

 

	
   

  	
   

  
	
   

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

  
			

 

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

 

 

EXHIBIT A-5

to Indenture

 

FORM OF
CLASS B NOTES

 

	
  REGISTERED

  	
   

  	
  $                   (1)

  
	
  No. R-                 

  	
   

  	
  CUSIP NO.               

  

 

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

 

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

 

CNH EQUIPMENT TRUST 200 -

 

[        ]%
CLASS B ASSET BACKED NOTES

 

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

 

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

 

 

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.

 

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

 

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

 

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

 

 

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

 

	
  Dated:

  	
   

  
	
   

  	
   

  
	
   

  	
  CNH Equipment Trust
  200 - 

  
	
   

  	
   

  
	
   

  	
  By:

  	
  [                                                   ]

  	
  ,

  
	
   

  	
   

  	
  not in its individual capacity but solely as Trustee
  under the

  Trust Agreement

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
   

  	
  Title

  	
   

  	
   

  
								

 

 

TRUSTEE’S CERTIFICATE OF
AUTHENTICATION

 

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

 

	
  Dated:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  [                                                                  ]

  	
  ,

  
	
   

  	
  not in its
  individual capacity but solely as Indenture Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Authorized Signatory

  	
   

  
					

 

 

[REVERSE OF NOTE]

 

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

 

The Class 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 Issuer 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 Issuer or
the Indenture Trustee on the Notes or under the Indenture or any certificate or
other writing delivered in connection therewith, against: (i) the Indenture
Trustee or the Trustee in their individual capacities, (ii) any owner of a
beneficial interest in the Issuer or (iii) any partner, owner, beneficiary,
agent, officer, director or employee of: (a) the Indenture Trustee or the
Trustee in their individual capacities, (b) any holder of a beneficial interest
in the Issuer, the Trustee or the Indenture Trustee or of (c) any successor or
assign of the Indenture Trustee or the Trustee in their individual capacities,
except as any such Person may have expressly agreed and except that any such
partner, owner or beneficiary shall be fully liable, to the extent provided by
applicable law, for any unpaid consideration for stock, unpaid capital
contribution or failure to pay any installment or call owing to such partner,
owner or beneficiary.

 

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

 

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

 

 

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

 

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

 

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

 

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

 

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

 

 

ASSIGNMENT

 

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

  
	
   

  
	
   

  	
   

  

 

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

 

	
   

  	
   

  
	
  (name and address of assignee)

  	
   

  

 

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

 

	
  Dated:

  	
   

  	
   

  	
   

  	
   

  	
  */

  	
   

  
	
   

  	
   

  
	
   

  	
  Signature
  Guaranteed:

  

 

 

	
   

  	
   

  
	
   

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

  
			

 

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

 

 

EXHIBIT B

to Indenture

 

FORM OF
SECTION 3.9 OFFICER’S CERTIFICATE

 

                            ,              

 

[                                 ]

 

Pursuant to
Section 3.9 of the Indenture, dated as of [                         ]
(the “Indenture”) between CNH
Equipment Trust 200 -  (the “Issuer”) and [                                  ],
as Indenture Trustee, the undersigned hereby certifies that:

 

(a) a review of the activities of the Issuer 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 Issuer 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
  200 - 

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  	
   

  
						

 

 

Schedule P

 

1.                                       General.  The Indenture creates, or with respect to the
Receivables that are Subsequent Receivables upon the transfer of such
Subsequent Receivables pursuant to the Subsequent Transfer Assignment will
create, a valid and continuing security interest (as defined in the applicable
UCC) in all of the Issuer’s right, title and interest in, to and under (i) the
Receivables, (ii) the Liquidity Receivables Purchase Agreements (only with
respect to Case Owned Contracts and NH Owned Contracts), (iii) the Sale and
Servicing Agreement (including all rights of the Seller under the Liquidity
Receivables Purchase Agreement and the Purchase Agreements assigned to the
Issuer pursuant to the Sale and Servicing Agreement and (iv) each Interest Rate
Swap 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 Issuer, 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 Issuer has taken all steps
necessary to perfect its security interest in the property securing the Receivables.

 

3.                                       Creation.  Immediately prior to the grant to the
Indenture Trustee pursuant to the Indenture, the Issuer 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 Issuer 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 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 Issuer has not pledged,
assigned, sold, granted a security interest in, or otherwise conveyed any of
the Collateral.  The Issuer has not
authorized the filing of and is not aware of any financing statements against
the Issuer 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 (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 or otherwise conveyed to any
Person other than the Indenture Trustee. 
The Issuer 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.

 

7.                                       No
Waiver.  The parties to the
Indenture: (i) shall not, without obtaining a confirmation of the then-current
rating of the Notes, waive 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 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 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
Issuer and the Indenture Trustee under this Agreement, Servicer shall take such
action, or execute and deliver such instruments (other than effecting a Filing
(as defined below), unless such Filing is effected in accordance with this
paragraph) as may be necessary or advisable (including, without limitation,
such actions as are requested by Issuer) 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 (based in reliance
on the Opinion of Counsel hereinafter provided for) 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”).  Servicer shall present each such Filing to
the Indenture Trustee together with (x) an Opinion of Counsel to the effect
that such Filing is (i) consistent with grant of the security interest to the
Indenture Trustee pursuant to the Granting Clause of this Agreement, (ii)
satisfies all requirements and conditions to such Filing in this Agreement and
(iii) satisfies the requirements for a Filing of such type under the Uniform
Commercial Code in the applicable jurisdiction (or if the Uniform Commercial
Code does not apply, the applicable statute governing the perfection of
security interests), and (y) a form of authorization for the Indenture Trustee’s
signature.  Upon receipt of such Opinion
of Counsel and form of authorization, Issuer 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 Issuer where
allowed by applicable law.  Notwithstanding
anything else in the Indenture to the contrary, the Servicer shall not have any
authority to effect a Filing without obtaining written authorization from the
Issuer in accordance with this paragraph (c).

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