Document:

EXHIBIT
4.1

 

CNH EQUIPMENT TRUST 2006-B

INDENTURE

between

CNH
EQUIPMENT TRUST 2006-B

and

JPMORGAN CHASE BANK, N.A.

as Indenture Trustee.

Dated as of September 1,
2006

 

 

	
  ARTICLE I

  	
  Definitions
  and Incorporation by Reference

  	
   

  	
  2

  
	
   

  	
  SECTION
  1.1.

  	
  Definitions

  	
   

  	
  2

  
	
   

  	
  SECTION
  1.2.

  	
  Incorporation
  by Reference of Trust Indenture Act

  	
   

  	
  2

  
	
   

  	
  SECTION
  1.3.

  	
  Other
  Definitional Provisions

  	
   

  	
  3

  
	
  ARTICLE
  II

  	
  The
  Notes

  	
   

  	
  3

  
	
   

  	
  SECTION
  2.1.

  	
  Form

  	
   

  	
  3

  
	
   

  	
  SECTION
  2.2.

  	
  Execution,
  Authentication and Delivery

  	
   

  	
  4

  
	
   

  	
  SECTION
  2.3.

  	
  Temporary
  Notes

  	
   

  	
  4

  
	
   

  	
  SECTION
  2.4.

  	
  Registration;
  Registration of Transfer and Exchange

  	
   

  	
  5

  
	
   

  	
  SECTION
  2.5.

  	
  Mutilated,
  Destroyed, Lost or Stolen Notes

  	
   

  	
  6

  
	
   

  	
  SECTION
  2.6.

  	
  Persons
  Deemed Owner

  	
   

  	
  7

  
	
   

  	
  SECTION
  2.7.

  	
  Payment
  of Principal and Interest; Defaulted Interest

  	
   

  	
  7

  
	
   

  	
  SECTION
  2.8.

  	
  Cancellation

  	
   

  	
  8

  
	
   

  	
  SECTION
  2.9.

  	
  Release
  of Collateral

  	
   

  	
  8

  
	
   

  	
  SECTION
  2.10.

  	
  Book-Entry
  Notes

  	
   

  	
  8

  
	
   

  	
  SECTION
  2.11.

  	
  Notices
  to Clearing Agency

  	
   

  	
  9

  
	
   

  	
  SECTION
  2.12.

  	
  Definitive
  Notes

  	
   

  	
  9

  
	
   

  	
  SECTION
  2.13.

  	
  Tax
  Treatment

  	
   

  	
  10

  
	
  ARTICLE
  III

  	
  Covenants

  	
   

  	
  10

  
	
   

  	
  SECTION
  3.1.

  	
  Payment
  of Principal and Interest

  	
   

  	
  10

  
	
   

  	
  SECTION
  3.2.

  	
  Maintenance
  of Office or Agency

  	
   

  	
  10

  
	
   

  	
  SECTION
  3.3.

  	
  Money
  for Payments To Be Held in Trust

  	
   

  	
  10

  
	
   

  	
  SECTION
  3.4.

  	
  Existence

  	
   

  	
  12

  
	
   

  	
  SECTION
  3.5.

  	
  Protection
  of the Trust Estate

  	
   

  	
  12

  
	
   

  	
  SECTION
  3.6.

  	
  Opinions
  as to the Trust Estate

  	
   

  	
  12

  
	
   

  	
  SECTION
  3.7.

  	
  Performance
  of Obligations; Servicing of Receivables

  	
   

  	
  13

  
	
   

  	
  SECTION
  3.8.

  	
  Negative
  Covenants

  	
   

  	
  15

  
	
   

  	
  SECTION
  3.9.

  	
  Annual
  Statement as to Compliance

  	
   

  	
  15

  
	
   

  	
  SECTION
  3.10.

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

  	
   

  	
  15

  
	
   

  	
  SECTION
  3.11.

  	
  Successor
  or Transferee

  	
   

  	
  17

  
	
   

  	
  SECTION
  3.12.

  	
  No
  Other Business

  	
   

  	
  17

  
	
   

  	
  SECTION
  3.13.

  	
  No
  Borrowing

  	
   

  	
  17

  
						

 

 i
 

 

 

	
  

  	
  SECTION
  3.14.

  	
  Servicer’s
  Obligations

  	
   

  	
  17

  
	
   

  	
  SECTION
  3.15.

  	
  Guarantees,
  Loans, Advances and Other Liabilities

  	
   

  	
  17

  
	
   

  	
  SECTION
  3.16.

  	
  Capital
  Expenditures

  	
   

  	
  18

  
	
   

  	
  SECTION
  3.17.

  	
  Removal
  of Administrator

  	
   

  	
  18

  
	
   

  	
  SECTION
  3.18.

  	
  Restricted
  Payments

  	
   

  	
  18

  
	
   

  	
  SECTION
  3.19.

  	
  Notice
  of Events of Default

  	
   

  	
  18

  
	
   

  	
  SECTION
  3.20.

  	
  Further
  Instruments and Acts

  	
   

  	
  18

  
	
   

  	
  SECTION
  3.21.

  	
  Perfection
  Representation

  	
   

  	
  18

  
	
  ARTICLE
  IV

  	
  Satisfaction
  and Discharge

  	
   

  	
  18

  
	
   

  	
  SECTION
  4.1.

  	
  Satisfaction
  and Discharge of Indenture

  	
   

  	
  18

  
	
   

  	
  SECTION
  4.2.

  	
  Application
  of Trust Money

  	
   

  	
  20

  
	
   

  	
  SECTION
  4.3.

  	
  Repayment
  of Monies Held by Paying Agent

  	
   

  	
  20

  
	
  ARTICLE
  V

  	
  Remedies

  	
   

  	
  20

  
	
   

  	
  SECTION
  5.1.

  	
  Events
  of Default

  	
   

  	
  20

  
	
   

  	
  SECTION
  5.2.

  	
  Acceleration
  of Maturity; Rescission and Annulment

  	
   

  	
  21

  
	
   

  	
  SECTION
  5.3.

  	
  Collection
  of Indebtedness and Suits for Enforcement by Indenture Trustee

  	
   

  	
  22

  
	
   

  	
  SECTION
  5.4.

  	
  Remedies;
  Priorities

  	
   

  	
  24

  
	
   

  	
  SECTION
  5.5.

  	
  Optional
  Preservation of the Receivables

  	
   

  	
  25

  
	
   

  	
  SECTION
  5.6.

  	
  Limitation
  of Suits

  	
   

  	
  26

  
	
   

  	
  SECTION
  5.7.

  	
  Unconditional
  Rights of Noteholders To Receive Principal and Interest

  	
   

  	
  26

  
	
   

  	
  SECTION
  5.8.

  	
  Restoration
  of Rights and Remedies

  	
   

  	
  26

  
	
   

  	
  SECTION
  5.9.

  	
  Rights
  and Remedies Cumulative

  	
   

  	
  27

  
	
   

  	
  SECTION
  5.10.

  	
  Delay
  or Omission Not a Waiver

  	
   

  	
  27

  
	
   

  	
  SECTION
  5.11.

  	
  Control
  by Noteholders

  	
   

  	
  27

  
	
   

  	
  SECTION
  5.12.

  	
  Waiver
  of Past Defaults

  	
   

  	
  27

  
	
   

  	
  SECTION
  5.13.

  	
  Undertaking
  for Costs

  	
   

  	
  28

  
	
   

  	
  SECTION
  5.14.

  	
  Waiver
  of Stay or Extension Laws

  	
   

  	
  28

  
	
   

  	
  SECTION
  5.15.

  	
  Action
  on Notes

  	
   

  	
  28

  
	
   

  	
  SECTION
  5.16.

  	
  Performance
  and Enforcement of Certain Obligations

  	
   

  	
  29

  
	
  ARTICLE
  VI

  	
  The
  Indenture Trustee

  	
   

  	
  29

  
	
   

  	
  SECTION
  6.1.

  	
  Duties
  of the Indenture Trustee

  	
   

  	
  29

  
						

 

 ii
 

 

 

	
  

  	
  SECTION
  6.2.

  	
  Rights
  of Indenture Trustee

  	
   

  	
  31

  
	
   

  	
  SECTION
  6.3.

  	
  Individual
  Rights of the Indenture Trustee

  	
   

  	
  32

  
	
   

  	
  SECTION
  6.4.

  	
  Indenture
  Trustee’s Disclaimer

  	
   

  	
  32

  
	
   

  	
  SECTION
  6.5.

  	
  Notice
  of Defaults

  	
   

  	
  32

  
	
   

  	
  SECTION
  6.6.

  	
  Reports
  by Indenture Trustee to the Holders

  	
   

  	
  32

  
	
   

  	
  SECTION
  6.7.

  	
  Compensation
  and Indemnity

  	
   

  	
  32

  
	
   

  	
  SECTION
  6.8.

  	
  Replacement
  of the Indenture Trustee

  	
   

  	
  33

  
	
   

  	
  SECTION
  6.9.

  	
  Successor
  Indenture Trustee by Merger

  	
   

  	
  34

  
	
   

  	
  SECTION
  6.10.

  	
  Appointment
  of Co-Trustee or Separate Trustee

  	
   

  	
  34

  
	
   

  	
  SECTION
  6.11.

  	
  Eligibility;
  Disqualification

  	
   

  	
  35

  
	
   

  	
  SECTION
  6.12.

  	
  Preferential
  Collection of Claims Against the Issuing Entity

  	
   

  	
  36

  
	
   

  	
  SECTION
  6.13.

  	
  Information
  to Be Provided by the Indenture Trustee

  	
   

  	
  36

  
	
   

  	
  SECTION
  6.14.

  	
  Representations
  and Warranties

  	
   

  	
  37

  
	
  ARTICLE
  VII

  	
  Noteholders’
  Lists and Reports

  	
   

  	
  37

  
	
   

  	
  SECTION
  7.1.

  	
  Issuing
  Entity To Furnish Indenture Trustee Names and Addresses of Noteholders

  	
   

  	
  37

  
	
   

  	
  SECTION
  7.2.

  	
  Preservation
  of Information; Communications to Noteholders

  	
   

  	
  38

  
	
   

  	
  SECTION
  7.3.

  	
  Reports
  by Issuing Entity

  	
   

  	
  38

  
	
   

  	
  SECTION
  7.4.

  	
  Required
  Filings

  	
   

  	
  38

  
	
  ARTICLE
  VIII

  	
  Accounts,
  Disbursements and Releases

  	
   

  	
  39

  
	
   

  	
  SECTION
  8.1.

  	
  Collection
  of Money

  	
   

  	
  39

  
	
   

  	
  SECTION
  8.2.

  	
  Trust
  Accounts

  	
   

  	
  39

  
	
   

  	
  SECTION
  8.3.

  	
  General
  Provisions Regarding Accounts

  	
   

  	
  41

  
	
   

  	
  SECTION
  8.4.

  	
  Release
  of Trust Estate

  	
   

  	
  42

  
	
   

  	
  SECTION
  8.5.

  	
  Opinion
  of Counsel

  	
   

  	
  43

  
	
  ARTICLE
  IX

  	
  Supplemental
  Indentures

  	
   

  	
  43

  
	
   

  	
  SECTION
  9.1.

  	
  Supplemental
  Indentures Without Consent of Noteholders

  	
   

  	
  43

  
	
   

  	
  SECTION
  9.2.

  	
  Supplemental
  Indentures With Consent of Noteholders

  	
   

  	
  44

  
	
   

  	
  SECTION
  9.3.

  	
  Execution
  of Supplemental Indentures

  	
   

  	
  46

  
	
   

  	
  SECTION
  9.4.

  	
  Effect
  of Supplemental Indenture

  	
   

  	
  46

  
	
   

  	
  SECTION
  9.5.

  	
  Conformity
  with Trust Indenture Act

  	
   

  	
  46

  
	
   

  	
  SECTION
  9.6.

  	
  Reference
  in Notes to Supplemental Indentures

  	
   

  	
  46

  
						

 

 iii
 

 

 

	
  

  	
  SECTION
  9.7.

  	
  Amendment
  without Consent

  	
   

  	
  46

  
	
  ARTICLE
  X

  	
  Redemption
  of Notes

  	
   

  	
  47

  
	
   

  	
  SECTION
  10.1.

  	
  Redemption

  	
   

  	
  47

  
	
   

  	
  SECTION
  10.2.

  	
  Form
  of Redemption Notice

  	
   

  	
  47

  
	
   

  	
  SECTION
  10.3.

  	
  Notes
  Payable on Redemption Date

  	
   

  	
  47

  
	
  ARTICLE
  XI

  	
  Miscellaneous

  	
   

  	
  48

  
	
   

  	
  SECTION
  11.1.

  	
  Compliance
  Certificates and Opinions, etc.

  	
   

  	
  48

  
	
   

  	
  SECTION
  11.2.

  	
  Form
  of Documents Delivered to Indenture Trustee

  	
   

  	
  49

  
	
   

  	
  SECTION
  11.3.

  	
  Acts
  of Noteholders

  	
   

  	
  50

  
	
   

  	
  SECTION
  11.4.

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

  	
   

  	
  51

  
	
   

  	
  SECTION
  11.5.

  	
  Notices
  to Noteholders; Waiver

  	
   

  	
  52

  
	
   

  	
  SECTION
  11.6.

  	
  Alternate
  Payment and Notice Provisions

  	
   

  	
  52

  
	
   

  	
  SECTION
  11.7.

  	
  Conflict
  with Trust Indenture Act

  	
   

  	
  52

  
	
   

  	
  SECTION
  11.8.

  	
  Effect
  of Headings and Table of Contents

  	
   

  	
  52

  
	
   

  	
  SECTION
  11.9.

  	
  Successors
  and Assigns

  	
   

  	
  53

  
	
   

  	
  SECTION
  11.10.

  	
  Severability

  	
   

  	
  53

  
	
   

  	
  SECTION
  11.11.

  	
  Benefits
  of Indenture

  	
   

  	
  53

  
	
   

  	
  SECTION
  11.12.

  	
  Legal
  Holidays

  	
   

  	
  53

  
	
   

  	
  SECTION
  11.13.

  	
  Governing
  Law

  	
   

  	
  53

  
	
   

  	
  SECTION
  11.14.

  	
  Counterparts

  	
   

  	
  53

  
	
   

  	
  SECTION
  11.15.

  	
  Recording
  of Indenture

  	
   

  	
  53

  
	
   

  	
  SECTION
  11.16.

  	
  Trust
  Obligation

  	
   

  	
  53

  
	
   

  	
  SECTION
  11.17.

  	
  No
  Petition

  	
   

  	
  54

  
	
   

  	
  SECTION
  11.18.

  	
  Inspection

  	
   

  	
  54

  
	
   

  	
  SECTION
  11.19.

  	
  Subordination

  	
   

  	
  55

  
	
   

  	
  SECTION
  11.20.

  	
  Information
  Requests.

  	
   

  	
  55

  
						

 

EXHIBITS

	
  EXHIBIT A-1

  	
   

  	
  Form of A-1 Notes

  
	
  EXHIBIT A-2

  	
   

  	
  Form of A-2 Notes

  
	
  EXHIBIT A-3

  	
   

  	
  Form of A-3 Notes

  
	
  EXHIBIT A-4

  	
   

  	
  Form of A-4 Notes

  
	
  EXHIBIT A-5

  	
   

  	
  Form of Class B Notes

  
	
  EXHIBIT B

  	
   

  	
  Form of Section 3.9 Officer’s
  Certificate

  

 

 iv
 

 

 

SCHEDULES

	
  SCHEDULE P

  	
   

  	
  Perfection Representations
  & Warranties

  

 

 v

 

INDENTURE dated as of
September 1, 2006 between CNH EQUIPMENT
TRUST 2006-B, a Delaware statutory trust (the “Issuing Entity”), and JPMORGAN CHASE BANK, N.A., a national banking association (“JPMorgan”), as trustee and not in its individual capacity
(the “Indenture
Trustee”).

Each party agrees as
follows for the benefit of the other party and for the equal and ratable
benefit of the Holders of the Issuing Entity’s 5.39275% Class A-1 Asset Backed
Notes (each an “A-1
Note”), 5.330% Class A-2 Asset Backed Notes (each an “A-2 Note”),
5.200% Class A-3 Asset Backed Notes (each an “A-3 Note”), Floating Rate Class
A-4 Asset Backed Notes (each an “A-4 Note”) and the 5.360% Class B Asset Backed Notes (each a
“Class B Note”;
and together with the A-1 Notes, the A-2 Notes, the A-3 Notes and the A-4
Notes, the “Notes”).

GRANTING CLAUSE

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

(a)  the Receivables,
including all documents constituting chattel paper included therewith, and all
obligations of the Obligors thereunder, including all monies paid thereunder on
or after the 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 Issuing Entity in the Financed Equipment;

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

(d)  any proceeds from
recourse to Dealers with respect to the Receivables other than any interest in
the Dealers’ reserve accounts maintained with CNHCA;

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

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

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

(h)  all rights of the Issuing Entity under the
Interest Rate Swap Agreement; and

 

(i)  all present and future
claims, demands, causes and choses in action in respect of any or all of the
foregoing and all payments on or under and all proceeds of every kind and
nature whatsoever in respect of any or all of the foregoing, including all
proceeds of the conversion, voluntary or involuntary, into cash or other liquid
property, all cash proceeds, accounts, accounts receivable, notes, drafts,
acceptances, chattel paper, checks, deposit accounts, insurance proceeds,
condemnation awards, rights to payment of any and every kind and other forms of
obligations and receivables, instruments and other property that at any time
constitute all or part of or are included in the proceeds of any and all of the
foregoing.

The foregoing Grant is
made in trust to secure (x) first, the payment of principal of and interest on,
and any other amounts owing in respect of (including the amounts owed in
connection with the 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.

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

ARTICLE I

Definitions and Incorporation by Reference

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

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

“Commission” means the
Securities and Exchange Commission.

“indenture securities” means the Notes.

“indenture security holder” means a Noteholder.

“indenture to be qualified” means this Indenture.

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

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

 2
 

 

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

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

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

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

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

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

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

ARTICLE II

The Notes

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

 3
 

 

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 Issuing Entity by any of its Authorized Officers.  The signature of any such Authorized Officer
on the Notes may be manual or facsimile.

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

The Indenture Trustee
shall upon Issuing Entity Order authenticate and deliver A-1 Notes, A-2 Notes,
A-3 Notes, A-4 Notes, and Class B Notes for original issue in an aggregate
principal amount of $322,000,000, $239,000,000, $378,000,000, $325,250,000, and
$35,750,000, respectively.  The Outstanding
Amount of A-1 Notes, A-2 Notes, A-3 Notes, A-4 Notes and Class B Notes at any
time may not exceed such respective amounts except as provided in Section 2.5.

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

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

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

If temporary Notes are
issued, the Issuing Entity will cause Definitive Notes to be prepared without
unreasonable delay.  After the
preparation of Definitive Notes, the temporary Notes shall be exchangeable for
Definitive Notes upon surrender of the temporary Notes at the office or agency
of the Issuing Entity to be maintained as provided in Section 3.2, without charge

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to the
Holder.  Upon surrender for cancellation
of any one or more temporary Notes, the Issuing Entity shall execute and the
Indenture Trustee shall authenticate and deliver in exchange therefor a like
principal amount of Definitive Notes of authorized denominations.  Until so exchanged, the temporary Notes shall
in all respects be entitled to the same benefits under this Indenture as if
they were Definitive Notes.

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

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

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

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

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

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

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

No service charge shall
be made to a Holder for any registration of transfer or exchange of Notes, but
the Issuing Entity may require payment of a sum sufficient to cover any tax or
other governmental charge that may be imposed in connection with any
registration of transfer or exchange of Notes, other than exchanges pursuant to
Sections 2.3 or
9.6 not
involving any transfer.

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

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

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Every replacement Note
issued pursuant to this Section in
replacement of any mutilated, destroyed, lost or stolen Note shall constitute
an original additional contractual obligation of the Issuing Entity, whether or
not the mutilated, destroyed, lost or stolen Note shall be at any time
enforceable by anyone, and shall be entitled to all the benefits of this
Indenture equally and proportionately with any and all other Notes duly issued
hereunder.

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

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

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

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

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A-2 Notes. All principal payments on the Class A-3
Notes shall be made pro rata to the Noteholders of the Class A-3 Notes.  All principal payments on the Class A-4 Notes
shall be made pro rata to the Noteholders of the Class A-4 Notes.   All principal payments on the Class B Notes
shall be made pro rata to the Noteholders of the Class B Notes

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

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

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

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

SECTION 2.10.  Book-Entry
Notes.  The Notes, upon
original issuance, will be issued in the form of typewritten Notes representing the Book-Entry Notes, to be
delivered to The

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Depository Trust Company (“DTC”)
(the initial Clearing Agency), or its custodian, by, or on behalf of, the
Issuing Entity. Such Notes shall initially be registered on the Note Register
in the 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.

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 Issuing Entity shall execute, and the Indenture
Trustee shall authenticate, the Definitive Notes in accordance with the
instructions of the Clearing Agency. None of the Issuing Entity, the Note
Registrar or the Indenture Trustee shall be liable for any delay in delivery of
such instructions and may conclusively rely on, and shall be fully protected in
relying on, such instructions.  Upon the

 9
 

 

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

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

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

 10
 

 

the Collection Account and the Note Distribution
Account for payments of Notes shall be paid over to the Issuing Entity except
as provided in this Section.

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

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

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

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

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

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

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

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

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

 11
 

 

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

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

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

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

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

(iii)  enforce any of the Collateral; or

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

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

SECTION 3.6.  Opinions
as to the Trust Estate. 
(a)   On the Closing Date, the Issuing Entity shall furnish to
the Indenture Trustee an Opinion of Counsel
either stating that, in the

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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 2007 the Issuing Entity shall furnish to the
Indenture Trustee an Opinion of Counsel either stating that, in the opinion of
such counsel, such action has been taken with respect to the recording, filing,
re-recording and refiling of this Indenture, any indentures supplemental hereto
and any other requisite documents, and with respect to the execution and filing
of any financing statements and continuation statements, as is necessary to
maintain the Lien and security interest of this Indenture and reciting the details
of such action, or stating that in the opinion of such counsel no such action
is necessary to maintain such Lien and security interest.  Such Opinion of Counsel shall also describe
the recording, filing, re-recording and refiling of this Indenture, any
indentures supplemental hereto and any other requisite documents, and the
execution and filing of any financing statements, amendments to financing
statements and continuation statements, that will, in the opinion of such
counsel, be required to maintain the Lien and security interest of this
Indenture until April 30 in the following calendar year.

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

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

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

 13
 

 

(d)  If the Issuing Entity shall have knowledge of
the occurrence of a Servicer Default, the Issuing Entity shall promptly notify
the Indenture Trustee, the Counterparty and the Rating Agencies thereof, and
shall specify in such notice the action, if any, the Issuing Entity is taking
with respect to such default.  If a
Servicer Default shall arise from the failure of the Servicer to perform any of
its duties or obligations under the Sale and Servicing Agreement with respect
to the Receivables, the Issuing Entity shall take all reasonable steps
available to it to remedy such failure.

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

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

 14

 

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

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

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

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

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

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

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

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

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

 15
 

 

Indenture on the part of
the Issuing Entity to be performed or observed, all as provided herein;

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

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

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

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

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

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

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

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

 16
 

 

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

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

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

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

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

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

SECTION 3.12.  No
Other Business.  The
Issuing Entity shall not engage in any business other than 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 Issuing
Entity shall not issue, incur, assume, guarantee or otherwise become liable, directly or indirectly, for any
indebtedness except for the Notes.

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

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

 17
 

 

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

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

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

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

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

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

ARTICLE IV

Satisfaction and Discharge

SECTION 4.1.  Satisfaction
and Discharge of Indenture. 
This Indenture shall cease to be of further effect with respect to the Notes except as to: (i) rights of
registration of transfer and exchange, (ii) substitution of mutilated,
destroyed, lost or stolen Notes, (iii) rights of Noteholders to receive
payments of principal thereof and interest thereon, (iv) rights of the
Counterparty to receive Net Swap Payments (including interest on any overdue
Net Swap Payment) and any Swap Termination Payment owing to the Counterparty,
(v) Sections 3.3, 3.4,
3.5, 3.8, 3.10, 3.12 and 3.13, (vi) the rights, obligations and immunities of the
Indenture Trustee hereunder (including the rights of the Indenture Trustee
under Section 6.7 and
the obligations of the

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Indenture Trustee under Section 4.2) and (vii) the rights of Noteholders and the
Counterparty as beneficiaries hereof with respect to the property so deposited
with the Indenture Trustee payable to all or any of them, and the Indenture Trustee,
on demand of and at the expense of the Issuing Entity, shall execute proper
instruments acknowledging satisfaction and discharge of this Indenture with
respect to the Notes, when:

(A)  either:

(1)  all Notes theretofore authenticated and
delivered (other than: (i) Notes that have been destroyed, lost or stolen and
that have been replaced or paid as provided in Section 2.5 and (ii) Notes for
whose payment money has theretofore been deposited in trust or segregated and
held in trust by the Issuing Entity and thereafter repaid to the Issuing Entity
or discharged from such trust, as provided in Section 3.3)  have been delivered to the Indenture Trustee for
cancellation; or

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

(i)  have become due and payable,

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

(iii)  are to be called for redemption within one
year under arrangements satisfactory to the Indenture Trustee for the giving of
notice of redemption by the Indenture Trustee in the name, and at the expense,
of the Issuing Entity,

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

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

(C)  the Issuing
Entity has delivered to the Indenture Trustee an Officer’s Certificate, an
Opinion of Counsel and (if required by the TIA) an Independent Certificate from
a firm of certified public accountants, each meeting the applicable
requirements of Section
11.1(a) and, subject to Section 11.2, each

 19
 

 

stating that all
conditions precedent herein provided for relating to the satisfaction and
discharge of this Indenture have been complied with.

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

SECTION 4.3.  Repayment
of Monies Held by Paying Agent. 
In connection with the satisfaction and discharge of this Indenture with respect to the Notes, all
monies then held by any Paying Agent other than the Indenture Trustee under
this Indenture with respect to such Notes shall, upon demand of the Issuing
Entity, be paid to the Indenture Trustee to be held and applied according to Section 3.3,
and thereupon such Paying Agent shall be released from all further liability
with respect to such monies.

ARTICLE V

Remedies

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

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

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

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

 20
 

 

representation or warranty
and requiring it to be remedied and stating that such notice is a notice of
Default hereunder;

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

(v)  the commencement by the Issuing Entity of a
voluntary case under any applicable federal or State bankruptcy, insolvency or
other similar law now or hereafter in effect, or the consent by the Issuing
Entity to the entry of an order for relief in an involuntary case under any
such law, or the consent by the Issuing Entity to the appointment or taking
possession by a receiver, liquidator, assignee, custodian, trustee,
sequestrator or similar official of the Issuing Entity or for any substantial
part of the Trust Estate, or the making by the Issuing Entity of any general
assignment for the benefit of creditors, or the failure by the Issuing Entity
generally to pay its debts as such debts become due, or the taking of action by
the Issuing Entity in furtherance of any of the foregoing.

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

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

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

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

 21
 

 

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

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

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

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

SECTION 5.3.  Collection
of Indebtedness and Suits for Enforcement by Indenture Trustee.  (a)  
The Issuing Entity covenants that if an
Event of Default described in Sections 5.1(i) or (ii) occurs, the Issuing Entity will, upon demand of the
Indenture Trustee, pay to it, for the benefit of the Holders of Notes, the
whole amount then due and payable on such Notes for principal and interest,
with interest upon the overdue principal at the applicable interest rate, and,
to the extent payment at such rate of interest shall be legally enforceable,
upon overdue installments of interest, at the applicable interest rate, and in
addition thereto such further amount as shall be sufficient to cover the costs
and expenses of collection, including the reasonable compensation, expenses,
disbursements and advances of the Indenture Trustee and its agents and counsel.

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

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

(d)  In case there shall be pending, relative to
the Issuing Entity or any other obligor upon the Notes or any Person having or
claiming an ownership interest in the Trust Estate, Proceedings under Title 11
of the United States Code or any other applicable federal or State bankruptcy,
insolvency or other similar law, or in case a receiver, assignee, trustee in
bankruptcy

 22
 

 

or reorganization, liquidator, sequestrator or similar
official shall have been appointed for or taken possession of the Issuing
Entity or its property or such other obligor or Person, or in case of any other
comparable judicial Proceedings relative to the Issuing Entity or other obligor
upon the Notes, or to the creditors or property of the Issuing Entity or such
other obligor, the Indenture Trustee, irrespective of whether the principal of
any Notes shall then be due and payable as therein expressed or by declaration or
otherwise and irrespective of whether the Indenture Trustee shall have made any
demand pursuant to this Section, shall
be entitled and empowered, by intervention in such Proceedings or otherwise:

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

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

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

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

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

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

 23
 

 

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

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

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

(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 and to the Counterparty or under this Indenture with respect thereto,
whether by declaration or otherwise, enforce any judgment obtained, and collect
from the Issuing Entity and any other obligor upon such Notes monies adjudged
due;

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

(iii)  exercise any remedies of a secured party
under the UCC and take any other appropriate action to protect and enforce the
rights and remedies of the Indenture Trustee, the Counterparty 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 and the Counterparty are
sufficient to discharge in full all amounts then due and unpaid upon such Notes
for principal and interest and under the Interest Rate Swap Agreement for any
Net Swap Payment (including interest on any overdue Net Swap Payment) and any
Swap Termination Payment 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

 24
 

 

(B) and (C), the Indenture Trustee may,
but need not, obtain and rely upon an opinion of an Independent investment
banking or accounting firm of national reputation as to the feasibility of such
proposed action and as to the sufficiency of the Trust Estate for such
purpose.  The Indenture Trustee shall
incur no liability as a result of the sale of the Trust Estate or any part
thereof at any sale pursuant to this Section 5.4
conducted in a commercially reasonable manner. 
Each of the Issuing Entity and Holders hereby waives any claims against
the Indenture Trustee arising by reason of the fact that the price at which the
Trust Estate may have been sold at such sale was less than the price that might
have been obtained, even if the Indenture Trustee accepts the first offer
received and does not offer the Trust Estate to more than one offeree, so long
as such sale is conducted in a commercially reasonable manner.

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

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

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

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

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

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

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

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

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

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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;

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

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

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

SECTION 5.8.  Restoration
of Rights and Remedies. 
If the Indenture Trustee or any Noteholder has instituted any Proceeding to enforce any right or remedy under
this Indenture and such Proceeding has been discontinued or abandoned for any
reason or has been determined adversely to the Indenture Trustee or to such
Noteholder, then and in every such case the Issuing

 26
 

 

Entity, the Indenture Trustee and the Noteholders
shall, subject to any determination in such Proceeding, be restored severally
and respectively to their former positions hereunder, and thereafter all rights
and remedies of the Indenture Trustee and the Noteholders shall continue as
though no such Proceeding had been instituted.

SECTION 5.9.  Rights
and Remedies Cumulative. 
No right or remedy herein conferred upon or reserved to the Indenture Trustee or to the Noteholders is
intended to be exclusive of any other right or remedy, and every right and
remedy shall, to the extent permitted by law, be cumulative and in addition to
every other right and remedy given hereunder or now or hereafter existing at
law or in equity or otherwise.  The
assertion or employment of any right or remedy hereunder, or otherwise, shall
not prevent the concurrent assertion or employment of any other appropriate
right or remedy.

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

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

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

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

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

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

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

SECTION 5.12.  Waiver
of Past Defaults.  Prior
to the time a judgment or decree for payment of money due has been obtained as described in Section 5.3, the Holders of Notes
of not less than a majority of the Outstanding Amount of the Notes may waive
any past Default or

 27
 

 

Event of Default and its consequences except a
Default: (a) in payment of principal of or interest on any of the Notes or (b)
in respect of a covenant or provision hereof that cannot be modified or amended
without the consent of the Holder of each Note. 
In the case of any such waiver, the Issuing Entity, the Indenture
Trustee and the Holders of the Notes shall be restored to their former
positions and rights hereunder, respectively; but no such waiver shall extend
to any subsequent or other Default or Event of Default or impair any right
consequent thereto.

Upon any such waiver,
such Default shall cease to exist and be deemed to have been cured and not to
have occurred, and any Event of Default arising therefrom shall be deemed to
have been cured and not to have occurred, for every purpose of this Indenture;
but no such waiver shall extend to any subsequent or other Default or impair
any right consequent thereto.

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

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

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

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

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

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

ARTICLE
VI

The Indenture Trustee

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

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

 29
 

 

(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;

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

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

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

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

 30
 

 

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

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

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

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

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

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

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

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

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

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

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

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

SECTION 6.5.  Notice
of Defaults.  If a Default
occurs and is continuing and is known to a Responsible Officer, the Indenture Trustee shall mail to the 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 Counterparty.

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, 2006, the Indenture Trustee shall
mail to each Noteholder a brief report as of such December 31 that complies
with TIA § 313(a) (if required by said section).

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

 32
 

 

expense or indemnify
against any loss, liability or expense incurred by the Indenture Trustee
through the Indenture Trustee’s own willful misconduct, negligence or bad
faith.

The Issuing Entity’s
payment obligations to the Indenture Trustee pursuant to this Section shall survive the discharge of this Indenture or the
earlier resignation or removal of the Indenture Trustee.  When the Indenture Trustee incurs expenses
after the occurrence of a Default specified in Section 5.1(iv) or (v), the expenses
are intended to constitute expenses of administration under Title 11 of the
United States Code or any other applicable federal or State bankruptcy,
insolvency or similar law.

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

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

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

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

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

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

A successor Indenture
Trustee shall deliver a written acceptance of its appointment to the retiring
Indenture Trustee and to the Issuing Entity. 
Thereupon the resignation or removal of the retiring Indenture Trustee
shall become effective, and the successor Indenture Trustee shall have all the
rights, powers and duties of the Indenture Trustee under this Indenture.  The successor Indenture Trustee shall mail a
notice of its succession to the Counterparty 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 Issuing
Entity or the Holders of not less than a majority of the Outstanding Amount of
the Notes may petition any court of competent jurisdiction for the appointment
of a successor Indenture Trustee.

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

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

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 Counterparty and the Issuing Entity 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.

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

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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 separate trustee or co-trustee shall
die, become incapable of acting, resign or be removed, all of its estates,
properties, rights, remedies and trusts shall vest in and be exercised by the
Indenture Trustee, to the extent permitted by law, without the appointment of a
new or successor trustee.

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

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

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If a default occurs under
this Indenture, and the Indenture Trustee is deemed to have a conflicting
interest as a result of acting as trustee for both (1) the Class A Notes
and (2) the Class B Notes, a successor Indenture Trustee shall be
appointed for one or more of such Classes, so that there will be separate Indenture
Trustees for the Class A Notes and the Class B Notes, respectively.  No such event shall alter the voting rights
of the Class A Noteholders or the Class B Noteholders under this Indenture or
any other Basic Document.  However, so
long as any amounts remain unpaid with respect to the Class A Notes, only the
Indenture Trustee for the Class A Noteholders will have the right to exercise
remedies under this Indenture (but subject to the express provisions of Section 5.4 and
to the right of the Class B Noteholders to receive their respective shares of
any proceeds of enforcement, subject to the subordination of the Class B Notes
to the Class A Notes as described herein). 
Upon repayment of the Class A Notes in full, but so long as any amounts
remain unpaid with respect to the Class B Notes, only the Indenture Trustee for
the Class B Noteholders will have the right to exercise remedies under this
Indenture (but subject to the express provisions of Section 5.4).

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

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

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

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material proceedings that
are contemplated by any governmental authority against the Indenture Trustee.

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

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

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

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

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

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

ARTICLE
VII

Noteholders’ Lists and Reports

SECTION 7.1.  Issuing
Entity To Furnish Indenture Trustee Names and Addresses of Noteholders.  The Issuing Entity
will furnish or cause to be furnished to the Indenture Trustee: (a) not more
than five days after the earlier of: (i) each Record Date and (ii) three months
after the last Record Date, a list, in such form as the Indenture Trustee may
reasonably require, of the names and addresses of the Holders of Notes as of
such Record Date, and (b) at such other times as the Indenture Trustee may
request in writing, within 30 days after receipt by the Issuing Entity of any
such request, a list of similar form and content as of a date not more than 10
days prior to

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

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

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

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

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

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

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

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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 Issuing
Entity 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 Counterparty, 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 First Principal Payment Amount and Noteholders’
Distributable Amount with respect to the preceding Collection Period will be
transferred to the Note Distribution Account as provided in Sections 5.5 and 5.6 of the Sale
and Servicing Agreement.

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

(i)  to the Counterparty for any due and unpaid
Net Swap Payment (including interest on any overdue Net Swap Payment), if any,
according to the amount due under the Interest Rate Swap Agreement as a Net
Swap Payment (including interest on any overdue Net Swap Payment);

(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 Counterparty, any Priority Swap Termination Payment due to it under the
Class A Swap Agreement; provided, that
if any money or property remains after making the payments required by the
immediately preceding clause (x) or (y), such money or property shall be

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used to pay any remaining
amounts due and payable under this Section 8.2(c)(ii) before
any such money or property shall be distributed pursuant to Sections 8.2(c)(iii) through (viii);

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

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

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

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

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

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

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

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

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

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

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

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

(vii)  the Counterparty, Swap Termination Payment
due to it under the Class A Swap Agreement to the extent not paid pursuant to
clause (ii) above; and

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

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

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Class A-1 Notes as of the
A-1 Note Final Scheduled Maturity Date, and (ii) the amount necessary to reduce
the outstanding principal amount of the Class A-1 Notes to zero.

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

(i)  to the Counterparty for
any due and unpaid Net Swap Payment (including interest on any overdue Net Swap
Payment), if any, according to the amount due under the Interest Rate Swap
Agreement as a Net Swap Payment (including interest on any overdue Net Swap
Payment);

(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(e)(ii),
to (x) 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 Counterparty, any Priority Swap Termination Payment due to it under
the 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 Agreement before
any such money or property shall be distributed pursuant to Sections 8.2(e)(iii) through (vii);

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

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

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

(vi)  the Counterparty, Swap
Termination Payment due to it under the Class A Swap Agreement to the extent
not paid pursuant to clause (ii) above; and

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

SECTION 8.3.  General
Provisions Regarding Accounts. 
(a)   So long as no Default or
Event of Default shall have occurred and be
continuing, all or a portion of the funds in the Trust Accounts shall be
invested in Eligible Investments and reinvested by the Indenture Trustee upon
Issuing Entity Order, subject to the provisions of Section
5.1(b) of the Sale and Servicing

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Agreement.  All income or other gain from investments of
monies deposited in the Trust Accounts shall be deposited by the Indenture
Trustee in the Collection Account, and any loss or expenses resulting from such
investments shall be charged to such account. 
The Issuing Entity will not direct the Indenture Trustee to make any
investment of any funds or to sell any investment held in any of the Trust
Accounts unless the security interest granted and perfected in such account
will continue to be perfected in such investment or the proceeds of such sale,
in either case without any further action by any Person, and, in connection
with any direction to the Indenture Trustee to make any such investment or
sale, if requested by the Indenture Trustee, the Issuing Entity shall deliver
to the Indenture Trustee an Opinion of Counsel to such effect.

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

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

(b)  The Indenture Trustee shall, at such time as
there are no Notes Outstanding and all sums due to the Indenture Trustee
pursuant to Section
6.7 and the Counterparty
under the Interest Rate Swap Agreement have been paid,
release any remaining portion of the Trust Estate that secured the Notes from
the Lien of this Indenture and release to the Issuing Entity or any other
Person entitled thereto any funds then on deposit in the Trust Accounts.  The Indenture Trustee shall release property
from the Lien of this Indenture pursuant to this paragraph only upon receipt of
an Issuing Entity Request accompanied by an Officer’s Certificate, an Opinion
of Counsel, and (if required by the TIA) Independent Certificates  in accordance with TIA §§ 314(c) and
314(d)(1) meeting the applicable requirements of Section 11.1 or an Opinion of

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Counsel in lieu of such
Independent Certificates to the effect that the TIA does not require any such
Independent Certificates.

SECTION 8.5.  Opinion
of Counsel.  The Indenture
Trustee shall receive at least seven days’ notice when requested by the Issuing Entity to take any action pursuant
to Section 8.4(a),
accompanied by copies of any instruments involved, and the Indenture Trustee
shall also require, as a condition to such action, an Opinion of Counsel
stating the legal effect of any such action, outlining the steps required to
complete the same, and concluding that all conditions precedent to the taking
of such action have been complied with and such action will not materially and
adversely impair the security for the Notes or the rights of the Noteholders in
contravention of this Indenture; provided, however, that such Opinion of Counsel shall not be
required to express an opinion as to the fair value of the Trust Estate.
Counsel rendering any such opinion may rely, without independent investigation,
on the accuracy and validity of any certificate or other instrument delivered
to the Indenture Trustee in connection with any such action.  Notwithstanding anything herein to the
contrary, any such Opinion of Counsel shall include the 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 Issuing Entity,
the Counterparty and the Indenture Trustee, when authorized by an Issuing
Entity Order, at any time and from time to time, may enter into one or more
indentures supplemental hereto (which shall conform to the TIA as in force at
the date of the execution thereof), in form satisfactory to the Indenture
Trustee, for any of the following purposes:

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

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

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

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

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

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(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.

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

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

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

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

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

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

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

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

(vi)  modify any of the provisions of this
Indenture in such manner as to affect the calculation of the amount of any
payment of interest or principal due on any Note on any Payment Date (including
the calculation of any of the individual components of such calculation) or 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 the Counterparty’s rights or obligations under the
Interest Rate Swap Agreement; or (b) adversely modify the obligations of, or
adversely impact the ability of, the Issuing Entity to fully perform any of the
Issuing Entity’s obligations under such Interest Rate Swap Agreement, the
Issuing Entity and the Indenture Trustee shall be required first to obtain the
written consent of the 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

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consents of Noteholders
provided for in this Indenture or in any other Basic Document) and of
evidencing the authorization of the execution thereof by Noteholders shall be
subject to such reasonable requirements as the Indenture Trustee may provide.

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

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

SECTION 9.4.  Effect
of Supplemental Indenture. 
Upon the execution of any supplemental indenture pursuant to the provisions hereof, this Indenture shall be and
be deemed to be modified and amended in accordance therewith with respect to
the Notes affected thereby, and the respective rights, limitations of rights,
obligations, duties, liabilities and immunities under this Indenture of the
Indenture Trustee, the Issuing Entity and the Holders of the Notes shall
thereafter be determined, exercised and enforced hereunder subject in all
respects to such modifications and amendments, and all the terms and conditions
of any such supplemental indenture shall be and be deemed to be part of the
terms and conditions of this Indenture for any and all purposes.

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

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

SECTION 9.7.  Amendment without Consent.  Notwithstanding anything herein to the
contrary, any term or provision of this
Agreement may be amended by the Issuing Entity and the Indenture Trustee
without the consent of the Noteholders or any other Person to add, modify or

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

(b)  Reserved.

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

All notices of
redemption shall state:

(i)  the Redemption Date;

(ii)  the Redemption Price;

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

(iv)  the CUSIP numbers of the affected Notes.

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

SECTION 10.3.  Notes
Payable on Redemption Date. 
The Notes to be redeemed shall, following notice of redemption pursuant to this Article, become due
and payable on the Redemption Date at the Redemption Price and (unless the
Issuing Entity shall default in the

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payment of the Redemption Price) no interest shall accrue on the
Redemption Price for any period after the date to which accrued interest is
calculated for purposes of calculating the Redemption Price.

ARTICLE
XI

Miscellaneous

SECTION 11.1.  Compliance
Certificates and Opinions, etc.    (a)  
Upon any application or request by the Issuing Entity to the Indenture Trustee to take any
action under this Indenture, the Issuing Entity shall furnish to the Indenture Trustee:
(i) an Officer’s Certificate stating that all conditions precedent, if any,
provided for in this Indenture relating to the proposed action have been
complied with, (ii) an Opinion of Counsel stating that in the opinion of such
counsel all such conditions precedent, if any, have been complied with and
(iii) (if required by the TIA) an Independent Certificate from a firm of
certified public accountants meeting the applicable requirements of this Section, except that, in the case of any such application or
request as to which the furnishing of such documents is specifically required
by this Indenture, no additional certificate or opinion need be furnished.

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

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

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

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

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

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

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

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

(iii)  Other than with respect to property as
contemplated by clause
(v), whenever any Collateral or other property or securities are to
be released from the Lien of this Indenture, the Issuing Entity shall also
furnish to the Indenture Trustee an Officer’s Certificate certifying or stating
the opinion of each person signing such certificate as to the fair value
(within 90 days after such release) of the Collateral or other property or
securities proposed to be released and stating that in the opinion of such
person the proposed release will not impair the security under this Indenture
in contravention of the provisions hereof.

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

(v)  Notwithstanding Section 2.9 or any other
provision of this Section, the Issuing Entity may,
without compliance with the requirements of the other provisions of this Section: (A) collect, liquidate, sell or otherwise dispose
of Receivables and Financed Equipment as and to the extent permitted or
required by the Basic Documents and (B) make cash payments out of the Trust
Accounts as and to the extent permitted or required by the Basic Documents so
long as the Issuing Entity shall deliver to the Indenture Trustee every six
months, commencing March 1, 2007, an Officer’s Certificate of the Issuing
Entity stating that all such dispositions of Collateral that occurred since the
execution of the previous such Officer’s Certificate (or for the first such
Officer’s Certificate, since the Closing Date) were in the ordinary course of
the Issuing Entity’s business and that the proceeds thereof were applied in
accordance with the Basic Documents.

SECTION 11.2.  Form of
Documents Delivered to Indenture Trustee.  In any case where several matters are required to be certified by, or covered by an
opinion of, any specified Person,

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it is not necessary that
all such matters be certified by, or covered by the opinion of, only one such
Person, or that they be so certified or covered by only one document, but one
such Person may certify or give an opinion with respect to some matters and one
or more other such Persons as to other matters, and any such Person may certify
or give an opinion as to such matters in one or several documents.

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

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

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

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

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

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

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

SECTION 11.4.  Notices,
etc., to the Indenture Trustee, Issuing Entity, Counterparty 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 Issuing Entity, shall be sufficient for every purpose hereunder if made,
given, furnished or filed in writing to or with the Indenture Trustee at its
Corporate Trust Office, or

(b)  the Issuing Entity by the Indenture Trustee
or by any Noteholder, shall be sufficient for every purpose hereunder if in
writing and mailed, first-class, postage prepaid, to the Issuing Entity
addressed to: CNH Equipment Trust 2006-B, in care of The Bank of New York, 101
Barclay Street, Floor 8W, New York, New York 
10286, Attention: Corporate Trust Administration - Asset Backed Finance
Unit, and to New Holland Credit Company, LLC, as Administrator, 33 South
Railroad Avenue, New Holland Pennsylvania, 17557, Attention: Finance Manager;
with a copy to: New Holland Credit Company, LLC, 100 South Saunders Road, Lake
Forest, Illinois 60045, Attention: Senior Counsel, or at any other address
previously furnished in writing to the Indenture Trustee by the Issuing Entity
or the Administrator.  The Issuing Entity
shall promptly transmit any notice received by it from the Noteholders to the
Indenture Trustee and the Counterparty,
or

(c)  the Counterparty by the Issuing Entity 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 Counterparty
addressed to: Bank of America, N.A., Sears Tower, 233 South Wacker Drive, Suite
2800, Chicago, Illinois 60606, Attention: 
Swap Operations; with a copy to: Bank of America, N.A., 100 N. Tryon
St., NC1-007-13-01, Charlotte, North Carolina 
28255, Attention:  Global Markets
Trading Agreements, or at
any other address previously furnished in writing to the Issuing Entity or the
Indenture Trustee by the Counterparty.

Notices required to be
given to the Rating Agencies by the Issuing Entity, the Counterparty, the
Indenture Trustee or the Trustee shall be in writing, personally delivered or

 51
 

 

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

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

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

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

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

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

SECTION
11.11.  Benefits of Indenture. 
Nothing in this Indenture or in the Notes, express or implied, shall
give to any Person, other than the parties
hereto and their successors hereunder, the Noteholders, the Counterparty 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, and the obligations,
rights and remedies of the parties hereunder shall be determined in accordance
with such laws.

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

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

SECTION
11.16.  Trust Obligation. 
No recourse may be taken, directly or indirectly, with respect to the
obligations of the Issuing Entity, the
Trustee or the Indenture Trustee on the Notes or under this Indenture or any
certificate or other writing delivered in connection herewith or therewith,
against: (i) the Indenture Trustee or the Trustee in their individual
capacities, (ii) any owner of a beneficial interest in the Issuing Entity or
(iii) any partner, owner, beneficiary, officer, director, employee or agent of:
(a) the Indenture Trustee or the Trustee in their individual capacities, (b)
any owner of a beneficial interest in the Issuing Entity, the Trustee or the
Indenture Trustee or (c) of any successor or assign of the Indenture Trustee or
the Trustee in their individual capacities, except as any such Person may have
expressly agreed (it being

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understood that the
Indenture Trustee and the Trustee have no such obligations in their individual
capacities) and except that any such partner, owner or beneficiary shall be
fully liable, to the extent provided by applicable law, for any unpaid
consideration for stock, unpaid capital contribution or failure to pay any
installment or call owing to such entity. For all purposes of this Indenture,
in the performance of any duties or obligations of the Issuing Entity
hereunder, the Trustee shall be subject to, and entitled to the benefits of,
Articles VI, VII and VIII of the Trust Agreement.

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

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

 54
 

 

SECTION
11.19.  Subordination. 
Issuing Entity and each Noteholder by accepting a Note acknowledge and
agree that such Note represents indebtedness
of Issuing Entity and does not represent an interest in any assets (other than
the Trust Estate) of CNHCR (including by virtue of any deficiency claim in
respect of obligations not paid or otherwise satisfied from the Trust Estate
and proceeds thereof).  In furtherance of
and not in derogation of the foregoing, to the extent CNHCR enters into other
securitization transactions, the Issuing Entity as well as each Noteholder by
accepting a Note acknowledge and agree that it shall have no right, title or
interest in or to any assets (or interests therein) (other than Trust Estate)
conveyed or purported to be conveyed by CNHCR to another securitization trust
or other Person or Persons in connection therewith (whether by way of a sale,
capital contribution or by virtue of the granting of a lien) (“Other Assets”). 
To the extent that, notwithstanding the agreements and provisions
contained in the preceding sentences of this subsection, the Issuing Entity or
any Noteholder either (i) asserts an interest or claim to, or benefit from,
Other Assets, whether asserted against or through CNHCR or any other Person
owned by CNHCR, or (ii) is deemed to have any such interest, claim or benefit
in or from Other Assets, whether by operation of law, legal process, pursuant
to applicable provisions of insolvency laws or otherwise (including by virtue
of Section 1111(b) of the Bankruptcy Code or any successor provision having
similar effect under the Bankruptcy Code), and whether deemed asserted against
or through CNHCR or any other Person owned by CNHCR, then the Issuing Entity
and each Noteholder by accepting a Note further acknowledge and agree that any
such interest, claim or benefit in or from Other Assets is and shall be
expressly subordinated to the indefeasible payment in full of all obligations
and liabilities of CNHCR which, under the terms of the relevant documents
relating to the securitization of such Other Assets, are entitled to be paid
from, entitled to the benefits of, or otherwise secured by such Other Assets
(whether or not any such entitlement or security interest is legally perfected
or otherwise entitled to a priority of distribution or application under
applicable law, including insolvency laws, and whether asserted against CNHCR
or any other Person owned by CNHCR), including, the payment of post-petition
interest on such other obligations and liabilities.  This subordination agreement shall be deemed
a subordination agreement within the meaning of Section 510(a) of the
Bankruptcy Code.  Each Noteholder further
acknowledges and agrees that no adequate remedy at law exists for a breach of
this Section 11.19 and
the terms of this Section
11.19 may be enforced by an action for specific performance.

SECTION
11.20.  Information
Requests.  The parties
hereto shall provide any information reasonably requested by the Issuing Entity or any of its Affiliates, at
the expense of the Issuing Entity 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.

[the remainder of this page intentionally left blank]

 55

 

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

	
  

  	
  CNH EQUIPMENT TRUST
  2006-B;

  
	
   

  	
   

  
	
   

  	
  By:

  	
  The Bank Of New York,

  
	
   

  	
   

  	
  not in its individual capacity but solely as Trustee

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/Catherine Murray

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Catherine Murray

  
	
   

  	
   

  	
  Title:

  	
  Assistant Vice President

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  JPMORGAN
  CHASE BANK, N.A.

  
	
   

  	
  not in its
  individual capacity but solely

  
	
   

  	
  as Indenture Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/Keith Richardson

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Keith Richardson

  
	
   

  	
   

  	
  Title:

  	
  Attorney-In-Fact

  
								

 

 S-1

 

APPENDIX A

Definitions

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

“A-1 Note” means any of the
Issuing Entity’s 5.39275% Class A-1 Asset Backed Notes.

“A-1 Note Final Scheduled Maturity Date”
means October 5, 2007.

“A-1 Note Rate” means 5.39275%
per annum, computed on the basis of the actual number of days in that Interest
Period and a year of 360 days.

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

“A-2 Note” means any of the
Issuing Entity’s 5.330% Class A-2 Asset Backed Notes.

“A-2 Note Final Scheduled Maturity Date”
means the January 15, 2009 Payment Date.

“A-2 Note Rate” means 5.330% per
annum, computed on the basis of a 360-day year of twelve 30-day months.

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

“A-3 Note” means any of the
Issuing Entity’s 5.200% Class A-3 Asset Backed Notes.

“A-3 Note Final Scheduled Maturity Date”
means the June 15, 2010 Payment Date.

“A-3 Note Rate” means 5.200% per
annum, computed on the basis of a 360-day year of twelve 30-day months.

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

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

“A-4 Note Final Scheduled Maturity Date”
means the March 15, 2012 Payment Date.

“A-4 Note Rate” means, for each
Interest Period, a rate per annum equal to One-Month LIBOR for that Interest
Period plus 0.04% per annum, computed on the basis of the actual number of days
in that Interest Period and a year of 360 days.

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

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

 A-1
 

 

“Administration Agreement” means
the Administration Agreement dated as of September 1, 2006 among the
Administrator, the Issuing Entity, the Indenture Trustee and the Trustee.

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

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

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

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

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

“Asset Balance” means, for any
Payment Date, the sum of the Pool Balance and the Pre-Funded Amount, in each
case as of the beginning of the current Collection Period.  For purposes of the calculation of any amount
on deposit in the Pre-Funding Account, any amount in the Pre-Funding Account
that is to be paid as principal on the Notes on the Payment Date falling in
that Collection Period in connection with the end of the Pre-Funding Period
shall be deemed to have been withdrawn from the Pre-Funding Account as of the
end of  the immediately preceding
Collection Period.

“Assets” is defined in Section 2.2 of the Purchase Agreement.

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

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

 A-2
 

 

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

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

	
  Payment Date

  	
   

  	
  Percentage

  	
   

  
	
  September 2008

  	
   

  	
   

  	
  2.50

  	
  %

  
	
  March 2009

  	
   

  	
   

  	
  3.00

  	
  %

  

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

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

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

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

“Backup Servicer
Account Required Amount” means, initially, the Backup Servicer
Account Initial Deposit; provided,
however, the Backup Servicer
Account Required Amount may be reduced by the Servicer if (a) Moody’s provides
written confirmation that such reduction will not result in a downgrade or
withdrawal by Moody’s of its then current rating of any Outstanding Class of
the Notes, (b) SST is no longer acting as Backup Servicer or has otherwise
consented to such reduction (such consent shall not be unreasonably withheld)
and (c) SST as Backup Servicer has been paid any accrued and unpaid amounts due
to it.

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

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

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

“Backup Servicing
Agreement” means the agreement entered into by the Issuing Entity,
the Seller, the Servicer and the Backup Servicer.

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

 A-3
 

 

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

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

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

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

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

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

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

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

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

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

“CIT Bank” means
CIT Bank, an industrial bank organized under the laws of the State of Utah.

“Class” means any class of Notes.

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

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

“Class A Swap Agreement”
means the Class A-4 Swap Agreement.

“Class A Swap Termination
Payment” or “Swap Termination Payment”
means the Class A-4 Swap Termination Payment.

“Class A-4 Counterparty”
means Bank of America, N.A. and any other counterparty under the Class A-4 Swap
Agreement or any successor agreement to the Class A-4 Swap Agreement.

 A-4
 

 

“Class A-4 Net Swap Payment”
means, for any Payment Date, the net amount payable by the Issuing Entity under
the Class A-4 Swap Agreement (excluding any Class A-4 Swap Termination
Payment).

“Class A-4 Net Swap Receipt”
means, for any Payment Date, the net amount payable by the Class A-4
Counterparty under the Class A-4 Swap Agreement (excluding any Class A-4 Swap
Termination Payment).

“Class A-4 Reference Banks”
means four major banks in the London interbank market selected by the Class A-4
Counterparty.

“Class A-4 Representative
Amount” means, on any LIBOR Determination Date, an amount equal to
the outstanding principal amount of the A-4 Notes on the immediately preceding
Payment Date or the Closing Date, as applicable.

“Class A-4 Swap Agreement”
means an interest rate swap agreement between the Trust and the Class A-4
Counterparty substantially in the form of Exhibit G to
the Sale and Servicing Agreement or such other form as shall have satisfied the
Rating Agency Condition.

“Class A-4 Swap Termination
Payment” means any termination payment due under the terms of the
Class A-4 Swap Agreement.

“Class A-4 USD-LIBOR
Reference Banks Rate” means, for each Interest Period, the rate
determined on the basis of the rates at which deposits in U.S. Dollars are
offered by the Class A-4 Reference Banks at approximately 11:00 a.m., London
time, on the related LIBOR Determination Date to prime banks in the London
interbank market for a period of one month commencing on the first day of the
Interest Period for which such rate is being determined and in a Class A-4
Representative Amount.  The Class A-4
Counterparty (in its capacity as calculation agent under the Class A-4 Swap
Agreement) will request the principal London office of each of the Class A-4
Reference Banks to provide a quotation of its rate.  If at least two such quotations are provided,
the rate for that Interest Period will be the arithmetic mean of the
quotations.  If fewer than two quotations
are provided as requested, the rate for that Interest Period will be the
arithmetic mean of the rates quoted by major banks in New York City, selected
by the Class A-4 Counterparty, at approximately 11:00 a.m., New York time, on
the related LIBOR Determination Date for loans in U.S. Dollars to leading
European banks for a period for which such rate is being determined and in a
Class A-4 Representative Amount.

“Class B Note” means any of the
Issuing Entity’s 5.360% Class B Asset Backed Notes.

“Class B Note Final Scheduled Maturity Date”
means the June 17, 2013 Payment Date.

“Class B Note Rate” means 5.360%
per annum, computed on the basis of a 360-day year of consisting of twelve
30-day months.

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

“Class Final Scheduled
Maturity Date” means, as to any Class of Notes, the final scheduled
maturity date for that Class, as designated by the defined term that begins
with the

 A-5
 

 

designation of that Class
and ends with the phrase “Final Scheduled Maturity Date.”  For instance, the Class Final Scheduled
Maturity Date for the A-1 Notes is the A-1 Note Final Scheduled Maturity Date.

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

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

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

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

“Closing Date” means September
19, 2006.

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

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

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

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

“CNHCA Subsequent Transfer Assignment”
is defined in Section 4.1(b)(i) of the Purchase
Agreement.

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

“CNHCR Assets” is defined in Section 2.2 of the Sale and Servicing Agreement.

 A-6
 

 

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

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

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

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

“Commission” means the Securities
and Exchange Commission.

“Contract” means a Retail
Installment Contract.

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

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

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

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

“Corporate Trust Office” means,
(a) with respect to the Indenture Trustee, the principal office of the
Indenture Trustee in New York, New York at which at any particular time its
corporate trust business shall be administered, and all notices to the
Indenture Trustee shall be directed to the Indenture  Trustee’s office located at 227 West Monroe
Street, 26th Floor, Chicago, Illinois  60606 Attention:  Institutional Trust Services Group/CNH
Equipment Trust 2006-B (facsimile no. (312) 267-5210); or at such other address
as the Indenture Trustee may

 A-7
 

 

designate from time to
time by notice to the Noteholders and the Seller, or the principal corporate
trust office of any successor Indenture Trustee (the address of which the
successor Indenture Trustee will notify the Noteholders and the Seller), and
(b) with respect to the Trustee, the principal corporate trust office of the
Trustee located at 101 Barclay Street, Floor 8W, New York, New York 10286,
Attention: Corporate Trust Administration - Asset Backed Finance Unit; or at
such other address as the Trustee may designate from time to time by notice to
the Certificateholders and the Depositor, or the principal corporate trust
office of any successor Trustee (the address of which the successor Trustee
will notify the Certificateholders and the Depositor).

“Counterparty” means the Class
A-4 Counterparty.

“Cumulative Net Loss Ratio” on
any Payment Date means the ratio, expressed as a percentage, of (a) the
aggregate Measured Losses on the Receivables since their respective Cutoff
Dates through the last day of the related Collection Period, to (b) the sum of
(i) the Pool Balance as of the Initial Cutoff Date and (ii) the sum of the
Contract Values of all Receivables purchased with amounts on deposit in the
Pre-Funding Account, each as of the related Cutoff Date for the related
Receivable.

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

	
  Payment Date

  	
   

  	
  Percentage

  	
   

  
	
  September 2008

  	
   

  	
   

  	
  0.55

  	
  %

  
	
  March 2009

  	
   

  	
   

  	
  0.65

  	
  %

  

“Cutoff Date”
means, (a) with respect to any Initial Receivable, the Initial Cutoff Date, and
(b) with respect to any Subsequent Receivable, the applicable Subsequent Cutoff
Date.

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

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

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

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

“Delinquency Ratio” for any
calendar month means the ratio, expressed as a percentage, of (a) the sum, for
all of the Receivables, of all scheduled payments that are 60 days or more past
due (other than Purchased Receivables and Liquidated Receivables) as of the end
of such month,

 A-8
 

 

determined in accordance
with the Servicer’s then-current practices, to (b) the Pool Balance as of the
last day of such month.

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

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

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

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

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

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

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

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

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

(b)           demand
deposits, time deposits or certificates of deposit of any depository
institution or trust company incorporated under the laws of the United States
of America or any State (or any domestic branch of a foreign bank) and subject
to supervision and examination by federal or State banking or depository
institution authorities; provided, however,
that at the time of the investment or contractual commitment to invest therein,
the commercial paper or other short-term senior unsecured debt obligations
(other than such obligations the rating of which is

 A-9
 

 

based on the credit of a
Person other than such depository institution or trust company) thereof shall
have a credit rating from each of the Rating Agencies in the highest investment
category granted thereby;

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

(d)           investments
in money market funds having a rating from each of the Rating Agencies in the
highest investment category granted thereby (including funds for which the
Indenture Trustee or the Trustee or any of their respective Affiliates is
investment manager or advisor); provided, that during the Funding Period no
investments in money market funds shall be made with funds in any Trust Account
other than the Collection Account;

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

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

(g)           any
other investment permitted by each of the Rating Agencies in the highest
investment category granted thereby as set forth in writing delivered to the
Indenture Trustee; provided, that investments described in clauses (d) and
(g) shall be made only so long as making
such investments will not require the Issuing Entity to register as an
investment company under the Investment Company Act of 1940, as amended.

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

“ERISA” means the Employee
Retirement Income Security Act of 1974, as amended.

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

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

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

“Expected Excess Spread” means,
with respect to each Subsequent Cutoff Date, an amount determined by the
Servicer to represent excess cash flows from the Receivables that can
reasonably be expected to be available to cover the amounts described in clause (a) of the definition of Required Principal
Supplement Account Balance; provided
that each Rating Agency has confirmed that use of such amount determined by the
Servicer in calculating the

 A-10
 

 

Required Principal
Supplement Account Balance for such Subsequent Transfer Date will not result in
a withdrawal or downgrade of its rating of any Class of Notes.

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

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

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

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

“Financed Equipment” means
property, including any agricultural, construction, forestry or other equipment,
together with all accessions thereto, securing an Obligor’s indebtedness under
a Retail Installment Contract.

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

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

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

 “Funding
Period” means the period from and including the Closing Date
and ending on the earliest of: (a) the Determination Date on which the amount
on deposit in the Pre-Funding Account (after giving effect to any transfers
therefrom in connection with the transfer of Subsequent Receivables to the
Issuing Entity on or before such Determination Date) is less than $200,000, (b)
the date on which an Event of Default or a Servicer Default occurs, (c) the
date on which an Insolvency Event occurs with respect to the Seller or the
Servicer and (d) the close of business on the December 2006 Payment Date.

“Grant” means mortgage, pledge,
bargain, sell, warrant, alienate, remise, release, convey, assign, transfer,
create and grant a Lien upon and a security interest in and right of set-off
against, deposit, set over and confirm pursuant to the Indenture, and other
forms of the verb “to Grant” shall have correlative meanings. A Grant of the
Collateral or of any other agreement or instrument shall include all rights,
powers and options (but none of the obligations) of the Granting party
thereunder, including the immediate and continuing right to claim for, collect,
receive and give receipt for principal and interest payments in respect of the
Collateral and all other monies payable thereunder, to give and receive notices
and other communications, to make waivers or other agreements, to exercise all
rights and options, to bring Proceedings in the name of the Granting party or
otherwise and generally to do and receive anything that the Granting party is
or may be entitled to do or receive thereunder or with respect thereto.

 A-11
 

 

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

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

“Indenture” means the Indenture
dated as of September 1, 2006 between the Issuing Entity and the Indenture
Trustee, as the same may be amended and supplemented from time to time.

“Indenture Trustee” means
JPMorgan Chase Bank, N.A., a national banking association, not in its individual
capacity but solely as Indenture Trustee under the Indenture, or any successor
Indenture Trustee under the Indenture.

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

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

“Initial Aggregate
Statistical Contract Value” means $1,013,982,530.07 which amount is
equal to the aggregate Statistical Contract Value of all Initial Receivables as
of the Initial Cutoff Date.

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

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

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

“Initial Cutoff Date” means
August 31, 2006.

“Initial Cutoff Date APR” means
4.95% which is an annual rate that equals the weighted average APR of the
Initial Receivables as of the Initial Cutoff Date.

 A-12

 

“Initial Pool Balance” means: (i)
the Pool Balance as of the Initial Cutoff Date, which is  $953,367,967.99 plus (ii) the aggregate
Contract Value of all Subsequent Receivables sold to the Issuing Entity as of
their respective Subsequent Cutoff Dates.

“Initial Receivable” means any
Contract included in the Schedule of Receivables delivered by CNHCA to CNHCR on
the Closing Date and the Schedule of Receivables delivered by the Servicer to
the Trustee on the Closing Date.

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

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

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

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

“Interest Rate Swap Agreement”
means the Class A-4 Swap Agreement.

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

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

“Issuing Entity” means CNH
Equipment Trust 2006-B until a successor replaces it and, thereafter, means the
successor and, for purposes of any provision contained in the Indenture and
required by the TIA, each other obligor on the Notes.

 A-13
 

 

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

“LIBOR Determination Date”
means the day that is two London Banking Days preceding the first day of an
Interest Period and with respect to the first LIBOR Determination Date, the day
that is two London Banking Days preceding the Closing Date.

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

“Liquidated Receivable” means any
Receivable liquidated by the Servicer through the sale or other disposition of
the related Financed Equipment or that the Servicer has, after using all
reasonable efforts to realize upon the Financed Equipment, determined to charge
off without realizing upon the Financed Equipment.

“Liquidation Proceeds” means,
with respect to any Liquidated Receivable, the monies collected in respect
thereof from whatever source (including the proceeds of insurance policies with
respect to the related Financed Equipment or Obligor and payments made by a
Dealer pursuant to the related Dealer Agreement with respect to such Receivable
(other than amounts paid from Dealer reserve accounts maintained with CNHCA)),
other than Recoveries, net of the sum of any amounts expended by the Servicer
in connection with such liquidation and any amounts required by law to be
remitted to the Obligor on such Liquidated Receivable.

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

“London Banking Day” means any
day on which dealings in deposits in U.S. Dollars are transacted in the London
interbank market.

“Maximum Negative Carry Amount”
means, for any Payment Date, the product of:

(a)           the
weighted average of the Interest Rate on each class of Notes (assuming LIBOR is
equal to the Stated Fixed Interest Rate Swap Rate for the A-4 Notes) minus
1.75%; multiplied by

(b)           the
Pre-Funded Amount as of such Payment Date; multiplied by

(c)           the
fraction of a year represented by the number of days until the expected end of
the Funding Period, calculated on the basis of a 360-day year of twelve 30-day
months.

“Measured Losses” means, for any
Collection Period, the sum of (a) for each Receivable that became a Liquidated
Receivable during such Collection Period, the difference between (i) the
Principal Balance plus accrued and unpaid interest on such Receivable less the
Write Down Amount for such Receivable (if such receivable was a 180-Day
Receivable or Repossessed

 A-14
 

 

Receivable at the time of
liquidation), if any, and (ii) the Liquidation Proceeds received with respect
to such Receivable during such Collection Period, (b) with respect to any
Receivable that became a 180-Day Receivable or a Repossessed Receivable during
such Collection Period, the Write Down Amount, if any, for that Receivable and
(c) with respect to each other 180-Day Receivable or Repossessed Receivable,
the amount of the adjustment, if any, to the Write Down Amount for such
Receivable for the related Collection Period.

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

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

“Negative
Carry Account Initial Deposit” means $2,908,139.16.

“Negative Carry Amount” means an
amount for Payment Date calculated by the Servicer as the difference (if
positive) between: (a) the product of: (i) the sum of the Class Interest
Amounts for each Class of Notes for such Payment Date multiplied by (ii) the
Pre-Funded Percentage as of the immediately prior Payment Date (or, in the case
of the first Payment Date, the Closing Date) minus (b) the Pre-Funding Account
Investment Earnings.

“Net Swap Payment” means the
Class A-4 Net Swap Payment.

“Net Swap Receipt” means the
Class A-4 Net Swap Receipt.

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

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

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

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

“Note Monthly Principal Distributable Amount”
means, with respect to any Payment Date, the amount necessary to be paid on the
Notes to reduce the Outstanding Amount of the Notes (after giving effect to the
application of the First Principal Payment Amount to reduce such Outstanding
Amount) to an amount equal to the Asset Balance for that Payment Date; provided that the Note Monthly Principal Distributable Amount
shall not exceed the aggregate Outstanding Amount of the Notes; provided, further, that on the Class Final Scheduled
Maturity Date for each Class of Notes, the Note Monthly Principal Distributable
Amount will at least equal the amount necessary to repay the Outstanding Amount
of that Class of Notes and of any other Class of Notes payable prior to that
Class of Notes. For purposes of this definition only, the A-1 Notes, A-2 Notes,
A-3 Notes and A-4 Notes shall each be deemed to be a separate Class of Notes.

 A-15
 

 

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

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

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

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

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

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

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

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

“One-Month LIBOR” means, for each
Interest Period, the rate for deposits in U.S. Dollars for a period of one
month corresponding to such Interest Period which appears on the Telerate Page
3750 as of 11:00 a.m., London time, on the related LIBOR Determination
Date.  If such rate does not appear on
the Telerate Page 3750, the rate for that Interest Period will be determined as
if the parties had specified “USD-LIBOR Reference Banks Rate” as the applicable
rate.

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

“Originator” means CNHCA.

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

 A-16
 

 

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

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

(iii)          Notes
in exchange for or in lieu of other Notes that have been authenticated and
delivered pursuant to the Indenture unless proof satisfactory to the Indenture
Trustee is presented that any such Notes are held by a bona fide purchaser;

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

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

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

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

“Payment Date” means, with
respect to each Collection Period, the fifteenth day of the calendar month
following the end of that Collection Period, or, if such day is not a Business
Day, the next Business Day, commencing on October 16, 2006; provided that if any A-1 Notes remain Outstanding after
giving effect to distributions on the Payment Date, October 5, 2007 shall
constitute a Payment Date solely with respect to the A-1 Notes.

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

 A-17
 

 

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

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

“Pre-Funded Amount” means, with
respect to any date, the amount on deposit in the Pre-Funding Account on such
date.

“Pre-Funded Percentage” means,
for each Payment Date, the quotient (expressed as a percentage) of: (i) the
Pre-Funded Amount as of such Payment Date divided by (ii) the sum of the Pool
Balance and the Pre-Funded Amount, after taking into account all transfers of
Subsequent Receivables during the related Collection Period.

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

“Pre-Funding Account Initial Deposit” means $346,632,032.01.

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

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

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

“Principal Supplement Account Deposit”
means, with respect to each Subsequent Transfer Date, an amount equal to the
Required Principal Supplement Account Balance applicable to such Subsequent
Transfer Date minus any amount then on deposit in the Principal Supplement
Account.

“Prior Securitization” means CNH
Equipment Trust 2002-B.

 A-18
 

 

“Priority Swap
Termination Payment” shall mean any Class A Swap Termination Payment
payable by the Issuing Entity relating to (i) an early termination of the Class
A Swap Agreement following an “Event of Default” or “Termination Event” for
which the Counterparty is not the “Defaulting Party” or sole “Affected Party”
or (ii) an early termination of the Class A Swap Agreement as a result of a “Tax
Event” or “Illegality” (terms in quotations in the foregoing definition shall
have the respective meanings assigned to such terms in the Class A Swap
Agreement).

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

“Prospectus” means the prospectus
dated September 6, 2006 and the prospectus supplement dated September 7, 2006,
relating to the Notes.

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

“Purchase Agreement” means the
Purchase Agreement dated as of September 1, 2006 between the Seller and CNHCA,
as the same may be amended and supplemented from time to time, which term shall
also include, as the context requires, the Liquidity Receivables Purchase
Agreement.

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

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

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

“Rating Agency” means each of
Fitch, Moody’s and Standard & Poor’s.

“Rating Agency Condition” means,
with respect to any action, that each Rating Agency shall have been given 10
days’ prior notice thereof and that each of the Rating Agencies shall have
notified the Seller, the Servicer, the Trustee and the Indenture Trustee in
writing that such action will not result in a reduction or withdrawal of the
then current rating of any Class of the Notes.

 A-19
 

 

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

“Receivable” means, collectively,
any Contract listed on the Assignment and each Subsequent Transfer Assignment.

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

“Record Date” means, with respect
to a Payment Date or Redemption Date, the close of business on the fourteenth
day of the calendar month in which such Payment Date or Redemption Date occurs,
or, if Definitive Notes are issued, the close of business on the last day of
the calendar month preceding the month of such Payment Date, whether or not
such day is a Business Day, or if Definitive Notes were not outstanding on such
date, the date of issuance of the Definitive Note, and with respect to the A-1
Note Final Scheduled Maturity Date, October 4, 2007.

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

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

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

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

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

“Remaining Pre-Funded Amount” has
the meaning assigned thereto in Section 5.8(b)
of the Sale and Servicing Agreement.

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

“Required Negative Carry Account Balance”
means, as of any Payment Date, an amount equal to the lesser of: (a) the
Negative Carry Account Initial Deposit minus all previous withdrawals from the
Negative Carry Account and (b) the Maximum Negative Carry Amount as of such
Payment Date.

“Required Principal Supplement Account Balance”
means, with respect to each Subsequent Cutoff Date, the excess, if any, of (a)
an amount equal to the difference (if positive)

 A-20
 

 

between (x) the Contract
Value of the Receivables and (y) the aggregate of the contractual payoff
amounts for each Receivable (as specified by the Servicer for each Receivable
in the applicable Schedule of Receivables), in each case, as of the end of the
prior Collection Period (or the applicable Subsequent Cutoff Date for
Subsequent Receivables being transferred on that Subsequent Transfer Date),
over (b) the Expected Excess Spread.

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

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

“Sale and Servicing Agreement”
means the Sale and Servicing Agreement, dated as of September 1, 2006 among the
Issuing Entity, the Seller and the Servicer.

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

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

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

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

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

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

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

“Seller” means CNHCR.

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

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

 A-21
 

 

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

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

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

“Specified Discount Factor”
equals 8.00%.

“Specified
Spread Account Balance” means on the Closing Date, 1.25% of the sum
of the Pool Balance as of the Initial Cutoff Date and on any Payment Date
thereafter the lesser of, (a) 1.50% of the sum of (i) the Pool Balance as of
the Initial Cutoff Date plus (ii) the aggregate Contract Value of all
Subsequent Receivables sold to the Trust as of their respective Cutoff Dates
and (b) the outstanding principal amount of the Notes.  However, if (A) the Specified Spread Account
Reduction Trigger is met on the Payment Date in September 2008, the percentage
in clause (a) will be reduced to 1.25% on such Payment Date and will remain at
such percentage for each Payment Date thereafter unless further reduced on the
Payment Date in March 2009 as provided in the following clause (B); and/or (B)
the Specified Spread Account Reduction Trigger on the Payment Date in March
2009 is met, the percentage in clause (a) will be reduced to 1.15% on such
Payment Date (regardless of whether the Specified Spread Account Reduction
Trigger was met on the Payment Date in September 2008) and will remain at such
percentage for each Payment Date thereafter. 
The Specified Spread Account Balance may be reduced or modified without
the consent of the Holders of the Notes if the Rating Agency Condition is
satisfied with respect to such reduction or modification.

“Specified Spread Account Reduction Trigger”  for the Payment Date in September 2008 and/or
March 2009 will be met if the Average Delinquency Ratio Test and the Cumulative
Net Loss Ratio Test for such Payment Date are met.

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

“Spread Account Initial Deposit”
means, initially, $11,917,099.60 and, with respect to each Subsequent Transfer
Date, cash or Eligible Investments having a value approximately equal to 1.25%
of the aggregate Contract Value of the Subsequent Receivables conveyed to the
Issuing Entity on such Subsequent Transfer Date.

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

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

 A-22
 

 

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

“Stated Fixed Interest Rate Swap Rate” means
with respect to the Class A-4 Notes, the fixed interest rate of 5.143%.

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

“Subsequent
Assets” is defined in Section 2.2 of
the Sale and Servicing Agreement.

“Subsequent CNHCA Assets” is
defined in Section 2.2 of the Purchase Agreement.

“Subsequent CNHCA Receivables”
means the Receivables transferred to CNHCR pursuant to Section 2.2
of the Purchase Agreement, which shall be listed on Schedule A
to the related CNHCA Subsequent Transfer Assignment.

“Subsequent Cutoff Date” means,
with respect to any Subsequent Receivables, the close of business on the last
day of the calendar month preceding the related Subsequent Transfer Date.

“Subsequent Cutoff Date APR”
means, with respect to any Subsequent Cutoff Date, the Specified Discount
Factor.

“Subsequent Purchase Price” is
defined in Section 2.5(b) of the Purchase
Agreement.

“Subsequent Receivables” means
the Receivables transferred to the Issuing Entity pursuant to Section 2.2 of the Sale and Servicing Agreement, which shall
be listed on Schedule A to the related
Subsequent Transfer Assignment.

“Subsequent Transfer Assignment”
has the meaning assigned thereto in Section 2.2(b)(i)
of the Sale and Servicing Agreement.

“Subsequent Transfer Date” means
 with respect to a Subsequent Receivable, any Business Day during the
Funding Period on which Subsequent Receivables are transferred to the Issuing
Entity and a Subsequent Transfer Assignment is executed and delivered to the
Trustee and the Indenture Trustee pursuant to Section 2.2
of the Sale and Servicing Agreement.

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

“Telerate Page 3750” means the
display page currently so designated on the Moneyline’s Telerate Service (or
such other page as may replace that page on that service for the purpose of
displaying comparable rates or prices).

“TIA” means the Trust Indenture
Act.

“Total Distribution Amount”
means, with respect to any Payment Date, the aggregate amount of collections on
or with respect to the Receivables (including collections received after

 A-23
 

 

the end of the preceding
calendar month on any Subsequent Receivables added to the Trust after the end
of that preceding calendar month and on or before that Payment Date) with
respect to the related Collection Period plus the Negative Carry Amount for
such Payment Date.  Collections on or
with respect to the Receivables include all payments made by or on behalf of
the Obligors (including any late fees, prepayment charges, extension fees and
other administrative fees or similar charges allowed by applicable law with
respect to the Receivables), any proceeds from insurance policies covering the
Financed Equipment or related Obligor, Liquidation Proceeds, the Purchase
Amount of each Receivable that became a Purchased Receivable in respect of the
related Collection Period (to the extent deposited into the Collection
Account), Investment Earnings for such Payment Date, payments made by a Dealer
pursuant to the related Dealer Agreement with respect to such Receivable (other
than amounts paid from Dealer reserve accounts maintained with CNHCA), Net Swap
Receipts and the Remaining Pre-Funded Amount, on the Payment Date specified in Section 5.8(b) of the Sale and Servicing Agreement; provided, however, that the Total Distribution Amount shall
not include: (i) all payments or proceeds (including Liquidation Proceeds) of
any Receivables the Purchase Amount of which has been included in the Total
Distribution Amount in a prior Collection Period, (ii) any Recoveries or (iii)
amounts released to the Seller from the Pre-Funding Account.

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

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

“Trust” means the Issuing Entity.

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

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

“Trust Agreement” means the Trust
Agreement dated as of September 1, 2006 between the Seller and the Trustee, as
the same may be amended and supplemented from time to time.

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

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

 A-24
 

 

all funds on deposit from
time to time in the Trust Accounts and the Certificate Distribution Account and
all other property of the Trust from time to time, including any rights of the
Trustee and the Trust pursuant to the Sale and Servicing Agreement and the
Administration Agreement.

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

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

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

“Trustee” means The Bank of New
York, a New York banking corporation, not in its individual capacity but solely
as trustee under the Trust Agreement, and any successor Trustee thereunder.

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

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

“Underwriting Agreement” means
the Underwriting Agreement dated September 7, 2006 among Deutsche Bank
Securities Inc. and Banc of America Securities LLC as representatives of the
several underwriters named therein, CNHCA and CNHCR.

“USD-LIBOR Reference Banks Rate” means
the Class A-4 USD-LIBOR Reference Banks Rate.

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

 A-25

 

EXHIBIT A-1

to Indenture

FORM OF A-1 NOTES

	
  REGISTERED

  	
  $322,000,000(1)

  
	
  No. R-1

  	
  CUSIP NO. 12618P AA 1

  

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

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

CNH EQUIPMENT TRUST 2006-B

5.39275% CLASS A-1 ASSET BACKED NOTES

CNH Equipment Trust
2006-B, a trust organized and existing under the laws of the State of Delaware
(including any successor, the “Issuing Entity”),
for value received, hereby promises to pay to CEDE & CO., or registered
assigns, the principal sum of THREE HUNDRED TWENTY-TWO MILLION DOLLARS
($322,000,000), partially payable on each Payment Date in an amount equal to
the aggregate amount, if any, payable from the Note Distribution Account in
respect of principal on the A-1 Notes pursuant to Section 3.1
of the Indenture; provided, however, that the entire unpaid principal amount
of this Note shall be due and payable on the earlier of the October 5, 2007
Payment Date and the Redemption Date, if any, pursuant to Section
10.1(a) of the Indenture. The Issuing Entity will pay interest on
this Note at the rate per annum shown above, on each Payment Date until the
principal of this Note is paid or made available for payment, on the principal
amount of this Note outstanding on the preceding Payment Date (after giving
effect to all payments of principal made on the preceding Payment Date),
subject to certain limitations contained in Section 3.1
of the Indenture. Interest on this Note will accrue for each Payment Date from
the most recent Payment Date on which interest has been paid to but excluding
the then current Payment Date or, if no interest has yet been paid, from the
date hereof.  Interest will be computed
on the basis of a 360-day year and the actual

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

 Exhibit A-1 (Page 1)
 

 

number of days in the
applicable Interest Period.  Such
principal of and interest on this Note shall be paid in the manner specified in
the Indenture.

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

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

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

 Exhibit A-1 (Page 2)
 

 

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

Dated: September    , 2006

	
   

  	
  CNH EQUIPMENT TRUST 2006-B

  
	
   

  	
   

  
	
   

  	
  By:

  	
  The Bank of New York,

  
	
   

  	
   

  	
  not in its individual capacity but solely as Trustee

  
	
   

  	
   

  	
  under the Trust Agreement

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
   

  	
  Title

  	
   

  	
   

  

 

 Exhibit A-1 (Page 3)
 

 

TRUSTEE’S
CERTIFICATE OF AUTHENTICATION

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

Dated:  September    , 2006

	
  

  	
  JPMORGAN CHASE BANK,
  N.A.

  
	
   

  	
  not in its individual capacity but solely as
  Indenture Trustee

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Authorized Signatory

  

 

 Exhibit A-1 (Page 4)
 

 

[REVERSE
OF NOTE]

This Note is one of a
duly authorized issue of Notes of the Issuing Entity, designated as its
5.39275% Class A-1 Asset Backed Notes (herein called the “A-1 Notes” or the “Notes”), all issued under an Indenture
dated as of September 1, 2006 (such Indenture, as supplemented or amended, is
herein called the “Indenture”) between the Issuing Entity and
JPMorgan Chase Bank, N.A., not in its individual capacity but solely as trustee
(the “Indenture
Trustee”,
which term includes any successor Indenture Trustee under the Indenture), to
which Indenture and all indentures supplemental thereto reference is hereby
made for a statement of the respective rights and obligations thereunder of the
Issuing Entity, the Indenture Trustee and the Holders of the Notes.  The Notes are subject to all terms of the
Indenture.  All terms used in this Note
that are not otherwise defined herein and that are defined in the Indenture
shall have the meanings assigned to them in or pursuant to the Indenture.

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

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

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

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

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

 Exhibit A-1 (Page 5)
 

 

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

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

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

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

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

 Exhibit A-1 (Page 6)
 

 

ASSIGNMENT

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

 

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

  
	
   

  
	
   

  	
   

  
	
  (name and
  address of assignee)

  	
   

  
	
   

  	
   

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

  
	
   

  	
   

  
	
  Dated:

  	
   

  	
   

  	
   

  	
  */

  
	
  

  	
   

  
	
   

  	
  Signature Guaranteed:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

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

  
	
   

  	
   

  
						

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

 Exhibit A-1 (Page 7)

 

EXHIBIT A-2

to Indenture

FORM OF A-2 NOTES

	
  REGISTERED

  	
  $239,000,000(1)

  
	
  No. R-1

  	
  CUSIP NO. 12618P AB 9

  

 

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

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

CNH EQUIPMENT TRUST 2006-B

5.330% CLASS A-2 ASSET BACKED NOTES

CNH Equipment Trust
2006-B, a trust organized and existing under the laws of the State of Delaware
(including any successor, the “Issuing Entity”),
for value received, hereby promises to pay to CEDE & CO., or registered
assigns, the principal sum of TWO HUNDRED THIRTY-NINE MILLION DOLLARS
($239,000,000), partially payable on each Payment Date in an amount equal to
the aggregate amount, if any, payable from the Note Distribution Account in
respect of principal on the A-2 Notes pursuant to Section 3.1
of the Indenture; provided,
however, that the entire unpaid principal amount of this Note shall
be due and payable on the earlier of the January 15, 2009 Payment Date and the
Redemption Date, if any, pursuant to Section 10.1(a)
of the Indenture. Except as provided in Section 5.4 of
the Indenture, no payments of principal of the Notes will be made until the
principal of the A-1 Notes has been paid in full.  The Issuing Entity will pay interest on this
Note at the A-2 Note Rate, on each Payment Date until the principal of this
Note is paid or made available for payment, on the principal amount of this
Note outstanding on the preceding Payment Date (after giving effect to all
payments of principal made on the preceding Payment Date), subject to certain
limitations contained in Section 3.1
of the Indenture.  Interest on this Note
will accrue for each Payment Date from the most recent Payment Date on which
interest has been paid to but excluding the then current 

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

 Exhibit A-2 (Page 1)
 

 

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
Issuing Entity with respect to this Note shall be applied first to interest due
and payable on this Note as provided above and then to the unpaid principal of
this Note.

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

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

 Exhibit A-2 (Page 2)
 

 

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

Dated:  September
      , 2006

	
   

  	
  CNH EQUIPMENT TRUST 2006-B

  
	
   

  	
   

  
	
   

  	
  By:

  	
  The Bank of New York,

  
	
   

  	
   

  	
  not in its individual capacity but solely as Trustee
  under the 

  Trust Agreement

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
   

  	
  Title

  	
   

  	
   

  
								

 Exhibit A-2 (Page 3)
 

 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

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

Dated: September      ,
2006

 

	
   

  	
  JPMORGAN CHASE BANK, N.A.

  
	
   

  	
  not in its individual capacity but solely as
  Indenture Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Authorized
  Signatory

  	
   

  

 Exhibit A-2 (Page 4)
 

 

[REVERSE OF NOTE]

This Note is one of a
duly authorized issue of Notes of the Issuing Entity, designated as its 5.330%
Class A-2 Asset Backed Notes (herein called the “A-2 Notes” or the “Notes”), all issued under an Indenture
dated as of September 1, 2006 (such Indenture, as supplemented or amended, is
herein called the “Indenture”) between the Issuing Entity and
JPMorgan Chase Bank, N.A., not in its individual capacity but solely as trustee
(the “Indenture
Trustee”,
which term includes any successor Indenture Trustee under the Indenture), to
which Indenture and all indentures supplemental thereto reference is hereby
made for a statement of the respective rights and obligations thereunder of the
Issuing Entity, the Indenture Trustee and the Holders of the Notes.  The Notes are subject to all terms of the
Indenture.  All terms used in this Note
that are not otherwise defined herein and that are defined in the Indenture
shall have the meanings assigned to them in or pursuant to the Indenture.

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

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

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

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

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

 Exhibit A-2 (Page 5)
 

 

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

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

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

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

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

 Exhibit A-2 (Page 6)
 

 

ASSIGNMENT

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

                                                                                                                                                                              

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

                                                                                                                                                                               

                                                          (name
and address of assignee)

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

	
  Dated:

  	
   

  	
   

  	
   

  	
  */

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Signature Guaranteed:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

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

  	
   

  
							

 

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

 Exhibit A-2 (Page 7)

 

EXHIBIT
A-3

to Indenture

FORM OF A-3 NOTES

	
  REGISTERED

  	
  $378,000,000(1)

  
	
  No. R-1

  	
  CUSIP NO. 12618P AC 7

  

 

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

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

CNH EQUIPMENT TRUST 2006-B

5.200% CLASS A-3 ASSET
BACKED NOTES

CNH Equipment
Trust 2006-B, a trust organized and existing under the laws of the State of
Delaware (including any successor, the “Issuing Entity”),
for value received, hereby promises to pay to CEDE & CO., or registered
assigns, the principal sum of THREE HUNDRED SEVENTY-EIGHT MILLION DOLLARS
($378,000,000) partially payable on each Payment Date in an amount equal to the
aggregate amount, if any, payable from the Note Distribution Account in respect
of principal on the A-3 Notes pursuant to Section 3.1 of
the Indenture; provided,
however, that the entire unpaid principal amount of this Note shall
be due and payable on the earlier of the June 15, 2010 Payment Date and the
Redemption Date, if any, pursuant to Section 10.1(a)
of the Indenture. Except as provided in Section 5.4 of
the Indenture, no payments of principal of the Notes will be made until the
principal of the A-1 Notes and the A-2 Notes has been paid in full.  The Issuing Entity will pay interest on this
Note at the A-3 Note Rate, on each Payment Date until the principal of this
Note is paid or made available for payment, on the principal amount of this
Note outstanding on the preceding Payment Date (after giving effect to all
payments of principal made on the preceding Payment Date), subject to certain
limitations contained in Section 3.1
of the Indenture.  Interest on this Note
will accrue for each Payment Date from the most recent Payment Date on which
interest has been paid to but excluding the 

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

 Exhibit A-3 (Page 1)
 

 

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
Issuing Entity with respect to this Note shall be applied first to interest due
and payable on this Note as provided above and then to the unpaid principal of
this Note.

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

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

 Exhibit A-3 (Page 2)
 

 

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

Dated: 
September        , 2006

	
   

  	
  CNH
  EQUIPMENT TRUST 2006-B

  
	
   

  	
   

  
	
   

  	
  By:

  	
  The Bank of New York,

  
	
   

  	
   

  	
  not in its individual capacity but solely as Trustee
  under the 

  Trust Agreement

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
   

  	
  Title

  	
   

  	
   

  
								

 

 Exhibit A-3 (Page 3)
 

 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

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

Dated:  September       ,
2006

	
   

  	
   

  
	
  

  	
  JPMORGAN CHASE BANK, N.A., not in its individual
  capacity 

  but solely as Indenture Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Authorized
  Signatory

  	
   

  

 Exhibit A-3 (Page 4)
 

 

[REVERSE OF NOTE]

This Note is one of a
duly authorized issue of the Issuing Entity, designated as its 5.200% Class A-3
Asset Backed Notes (herein called the “A-3 Notes”
or the “Notes”), all issued under an Indenture
dated as of September 1, 2006 (such Indenture, as supplemented or amended, is
herein called the “Indenture”) between the Issuing Entity and
JPMorgan Chase Bank, N.A., not in its individual capacity but solely as trustee
(the “Indenture
Trustee”,
which term includes any successor Indenture Trustee under the Indenture), to
which Indenture and all indentures supplemental thereto reference is hereby
made for a statement of the respective rights and obligations thereunder of the
Issuing Entity, the Indenture Trustee and the Holders of the Notes. The Notes
are subject to all terms of the Indenture. 
All terms used in this Note that are not otherwise defined herein and
that are defined in the Indenture shall have the meanings assigned to them in
or pursuant to the Indenture.

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

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

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

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

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

 Exhibit A-3 (Page 5)
 

 

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

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

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

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

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

 Exhibit A-3 (Page 6)
 

 

ASSIGNMENT

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

                                                       
                                                                                                                        

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

                                                                                                                                      

                                      (name
and address of assignee)

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

	
  Dated:

  	
   

  	
   

  	
   

  	
  */

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Signature Guaranteed:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

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

  	
   

  
							

 

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

 Exhibit A-3 (Page 7)

 

EXHIBIT
A-4

to Indenture

FORM OF A-4 NOTES

	
  REGISTERED

  	
  $325,250,000(1)

  
	
  No. R-1

  	
  CUSIP NO. 12618P AD 5

  

 

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

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

CNH EQUIPMENT TRUST 2006-B

FLOATING RATE CLASS A-4
ASSET BACKED NOTES

CNH Equipment Trust
2006-B, a trust organized and existing under the laws of the State of Delaware
(including any successor, the “Issuing Entity”),
for value received, hereby promises to pay to CEDE & CO., or registered
assigns, the principal sum of THREE HUNDRED TWENTY-FIVE MILLION TWO HUNDRED
FIFTY THOUSAND DOLLARS ($325,250,000), partially payable on each Payment Date
in an amount equal to the aggregate amount, if any, payable from the Note
Distribution Account in respect of principal on the A-4 Notes pursuant to Section 3.1 of the Indenture; provided, however, that the
entire unpaid principal amount of this Note shall be due and payable on the
earlier of the March 15, 2012 Payment Date and the Redemption Date, if any,
pursuant to Section 10.1(a) of the Indenture. Except
as provided in Section 5.4 of the Indenture, no
payments of principal of the Notes will be made until the principal of the A-1
Notes, the A-2 Notes and the A-3 Notes has been paid in full. The Issuing
Entity will pay interest on this Note at the A-4 Note Rate, on each Payment
Date until the principal of this Note is paid or made available for payment, on
the principal amount of this Note outstanding on the preceding Payment Date
(after giving effect to all payments of principal made on the preceding Payment
Date), subject to certain limitations contained in Section 3.1
of the Indenture. Interest on this Note will accrue for each Payment Date from
the 

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

 Exhibit A-4 (Page 1)
 

 

most recent
Payment Date on which interest has been paid to but excluding the then current
Payment Date or, if no interest has yet been paid, from the date hereof.  Interest will be computed on the basis of a
360-day year and the actual number of days in the applicable Interest
Period.  Such principal of and interest
on this Note shall be paid in the manner specified in the Indenture.

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

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

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

 Exhibit A-4 (Page 2)
 

 

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

Dated: 
September       , 2006

	
   

  	
  CNH EQUIPMENT TRUST 2006-B

  
	
   

  	
   

  
	
   

  	
  By:

  	
  The Bank of New York,

  
	
   

  	
   

  	
  not in its individual capacity but solely as Trustee
  under the 

  Trust Agreement

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
   

  	
  Title

  	
   

  	
   

  
								

 Exhibit A-4 (Page 3)
 

 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

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

Dated:  September       ,
2006

	
   

  	
   

  
	
  

  	
  JPMORGAN CHASE BANK, N.A., not in its individual
  capacity 

  but solely as Indenture Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Authorized
  Signatory

  	
   

  

 Exhibit A-4 (Page 4)
 

 

[REVERSE OF NOTE]

This Note is one of a
duly authorized issue of the Issuing Entity, designated as its Floating Rate
Class A-4 Asset Backed Notes (herein called the “A-4 Notes” or the “Notes”), all issued under an Indenture
dated as of September 1, 2006 (such Indenture, as supplemented or amended, is
herein called the “Indenture”) between the Issuing Entity and
JPMorgan Chase Bank, N.A., not in its individual capacity but solely as trustee
(the “Indenture
Trustee”,
which term includes any successor Indenture Trustee under the Indenture), to
which Indenture and all indentures supplemental thereto reference is hereby
made for a statement of the respective rights and obligations thereunder of the
Issuing Entity, the Indenture Trustee and the Holders of the Notes.  The Notes are subject to all terms of the
Indenture.  All terms used in this Note
that are not otherwise defined herein and that are defined in the Indenture
shall have the meanings assigned to them in or pursuant to the Indenture.

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

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

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

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

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

 Exhibit A-4 (Page 5)
 

 

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

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

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

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

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

 Exhibit A-4 (Page 6)
 

 

ASSIGNMENT

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

                                                      
                                                                                                                        

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

                                                                                                                                        

                                      (name
and address of assignee)

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

	
  Dated:

  	
   

  	
   

  	
   

  	
  */

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Signature Guaranteed:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

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

  	
   

  
							

 

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

 Exhibit A-4 (Page 7)

 

EXHIBIT A-5

to Indenture

FORM OF CLASS B NOTES

	
  REGISTERED

  	
  $35,750,000(1)

  
	
  No. R-1

  	
  CUSIP NO. 12618P AE 3

  

 

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

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

CNH EQUIPMENT TRUST 2006-B

5.360% CLASS B ASSET BACKED NOTES

CNH Equipment Trust
2006-B, a trust organized and existing under the laws of the State of Delaware
(including any successor, the “Issuing Entity”),
for value received, hereby promises to pay to CEDE & CO., or registered
assigns, the principal sum of THIRTY-FIVE MILLION SEVEN HUNDRED FIFTY THOUSAND
DOLLARS ($35,750,000), partially payable on each Payment Date in an amount
equal to the aggregate amount, if any, payable from the Note Distribution
Account in respect of principal on the Class B Notes pursuant to Section 3.1 of the Indenture; provided, however, that the
entire unpaid principal amount of this Note shall be due and payable on the
earlier of the June 17, 2013 Payment Date and the Redemption Date, if any,
pursuant to Section 10.1(a) of the Indenture.  No payments of principal of the Notes will be
made on any Payment Date until the A-1 Notes, the A-2 Notes, the A-3 Notes and
the A-4 Notes have been paid in full.  The
Issuing Entity will pay interest on this Note at the rate per annum shown above,
on each Payment Date until the principal of this Note is paid or made available
for payment, on the principal amount of this Note outstanding on the preceding
Payment Date (after giving effect to all payments of principal made on the
preceding Payment Date), subject to certain limitations contained in Section 3.1 of the Indenture.  Interest on this Note will accrue for 

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

 Exhibit A-5 (Page 1)
 

 

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
Issuing Entity with respect to this Note shall be applied first to interest due
and payable on this Note as provided above and then to the unpaid principal of
this Note.

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

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

 Exhibit A-5 (Page 2)
 

 

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

Dated:  September       ,
2006

	
  

  	
  CNH EQUIPMENT TRUST
  2006-B

  
	
   

  	
   

  
	
   

  	
  By:

  	
  The Bank of New York,

  
	
   

  	
   

  	
  not in its individual capacity but solely as Trustee
  under the 

  Trust Agreement

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  	
   

  
								

 Exhibit A-5 (Page 3)
 

 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

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

Dated:  September       ,
2006

	
  

  	
  JPMORGAN CHASE BANK, N.A.,

  not in its individual capacity but solely as Indenture Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Authorized
  Signatory

  	
   

  

 Exhibit A-5 (Page 4)
 

 

[REVERSE OF NOTE]

This Note is one of a
duly authorized issue of Notes of the Issuing Entity, designated as its 5.360%
Class B Asset Backed Notes (herein called the “Class B Notes” or the “Notes”), all issued under an Indenture
dated as of September 1, 2006 (such Indenture, as supplemented or amended, is
herein called the “Indenture”) between the Issuing Entity and
JPMorgan Chase Bank, N.A., not in its individual capacity but solely as trustee
(the “Indenture
Trustee”,
which term includes any successor Indenture Trustee under the Indenture), to
which Indenture and all indentures supplemental thereto reference is hereby
made for a statement of the respective rights and obligations thereunder of the
Issuing Entity, the Indenture Trustee and the Holders of the Notes.  The Notes are subject to all terms of the
Indenture.  All terms used in this Note
that are not otherwise defined herein and that are defined in the Indenture
shall have the meanings assigned to them in or pursuant to the Indenture.

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

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

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

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

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

 Exhibit A-5 (Page 5)
 

 

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

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

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

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

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

 Exhibit A-5 (Page 6)
 

 

ASSIGNMENT

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

                                                      
                                                                                                                        

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

                                                                                                                          

                          (name
and address of assignee)

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

	
  Dated:

  	
   

  	
   

  	
   

  	
  */

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Signature Guaranteed:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

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

  	
   

  
							

 

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

 Exhibit A-5 (Page 7)

 

EXHIBIT B

to Indenture

FORM OF SECTION 3.9 OFFICER’S CERTIFICATE

                      ,           

JPMorgan Chase Bank, N.A.

227 West Monroe Street, 26th Floor

Chicago, Illinois 60606

Pursuant to Section 3.9 of the Indenture, dated as of September 1, 2006
(the “Indenture”) between CNH Equipment Trust
2006-B (the “Issuing
Entity”)
and JPMorgan Chase Bank, N.A., as Indenture Trustee, the undersigned hereby
certifies that:

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

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

	
  

  	
  CNH EQUIPMENT TRUST 2006-B

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  	
   

  
							

 Exhibit B (Page 1)

 

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 Issuing Entity’s right, title and interest in, to and under
(i) the Receivables, (ii) the Liquidity Receivables Purchase Agreement (only
with respect to Owned Contracts), (iii) the Sale and Servicing Agreement
(including all rights of the Seller under the Liquidity Receivables Purchase
Agreements and the Purchase Agreement assigned to the Issuing Entity pursuant
to the Sale and Servicing Agreement), and (iv) the 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 Issuing Entity as such enforceability may be limited by
applicable Debtor Relief Laws, now or hereafter in effect, and by general
principles of equity (whether considered in a suit at law or in equity), and
(b) upon filing of the financing statements described in clause 4 below
will be prior to all other Liens.

2.             Characterization.  The Receivables constitute “tangible chattel
paper” within the meaning of UCC Section 9-102. 
The rights granted under the agreements described in clause 1  (ii) through (iv) constitute “general intangibles” within the meaning of
UCC Section 9-102.  The Issuing Entity
has taken 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 Issuing Entity owns and has
good and marketable title to, or has a valid security interest in, the
Receivables free and clear of any Lien, claim or encumbrance of any Person.

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

5.             Priority.  Other than the security interest granted to
the Indenture Trustee pursuant to the Indenture, the Issuing Entity has not
pledged, assigned, sold, granted a security interest in, or otherwise conveyed
any of the Collateral.  The Issuing
Entity has not authorized the filing of and is not aware of any financing
statements against the Issuing Entity that include a description of collateral
covering the Collateral other than any financing statement (i) relating to the
security interest granted to the Indenture Trustee under the Indenture, (ii)
that has been terminated, or (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 

 Schedule P (Page 1)
 

 

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

6.             Survival
of Perfection Representations. 
Notwithstanding any other provision of the Indenture or any other Basic
Document, the Perfection Representations contained in this Schedule P shall be
continuing, and remain in full force and effect.

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
Issuing Entity 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 Issuing Entity) to maintain and
perfect, as a first priority interest, the Indenture Trustee’s security
interest in the Receivables.  Servicer
shall, from time to time and within the time limits established by law, prepare
and present to the Indenture Trustee for the Indenture Trustee to authorize
(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, Issuing Entity shall promptly authorize
in writing Servicer to, and Servicer shall, effect such Filing under the
Uniform Commercial Code without the signature of the Indenture Trustee or
Issuing Entity where allowed by applicable law. 
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 Issuing Entity in accordance with this paragraph
(c).

 Schedule P (Page 2)EXHIBIT
4.2

CNH EQUIPMENT TRUST 2006-B

TRUST AGREEMENT

between

CNH CAPITAL RECEIVABLES LLC

and

THE BANK OF NEW YORK,

as Trustee

Dated as of September 1, 2006

 

 

Table of Contents

	
  

  	
   

  	
   

  	
  Page

  
	
  ARTICLE
  I

  	
  Definitions

  	
   

  	
  1

  
	
  SECTION 1.1.

  	
  Definitions

  	
   

  	
  1

  
	
  SECTION 1.2.

  	
  Other
  Definitional Provisions

  	
   

  	
  1

  
	
  ARTICLE
  II

  	
  Organization

  	
   

  	
  2

  
	
  SECTION 2.1.

  	
  Name

  	
   

  	
  2

  
	
  SECTION 2.2.

  	
  Office

  	
   

  	
  2

  
	
  SECTION 2.3.

  	
  Purposes
  and Powers

  	
   

  	
  2

  
	
  SECTION 2.4.

  	
  Appointment
  of Trustee

  	
   

  	
  3

  
	
  SECTION 2.5.

  	
  Initial
  Capital Contribution of Trust Estate

  	
   

  	
  3

  
	
  SECTION 2.6.

  	
  Declaration
  of Trust

  	
   

  	
  4

  
	
  SECTION 2.7.

  	
  Liability
  of the Certificateholders

  	
   

  	
  4

  
	
  SECTION 2.8.

  	
  Title
  to Trust Property

  	
   

  	
  4

  
	
  SECTION 2.9.

  	
  Situs
  of Trust

  	
   

  	
  5

  
	
  SECTION 2.10.

  	
  Representations
  and Warranties of the Depositor

  	
   

  	
  5

  
	
  SECTION 2.11.

  	
  Federal
  Income Tax Allocations; Tax Treatment

  	
   

  	
  6

  
	
  ARTICLE
  III

  	
  Trust
  Certificates and Transfer of Interests

  	
   

  	
  6

  
	
  SECTION 3.1.

  	
  Initial
  Ownership

  	
   

  	
  6

  
	
  SECTION 3.2.

  	
  The
  Trust Certificates

  	
   

  	
  6

  
	
  SECTION 3.3.

  	
  Authentication
  of Trust Certificates

  	
   

  	
  6

  
	
  SECTION 3.4.

  	
  Registration
  of Transfer and Exchange of Trust Certificates

  	
   

  	
  7

  
	
  SECTION 3.5.

  	
  Mutilated,
  Destroyed, Lost or Stolen Trust Certificates

  	
   

  	
  9

  
	
  SECTION 3.6.

  	
  Persons
  Deemed Certificateholders

  	
   

  	
  10

  
	
  SECTION 3.7.

  	
  Access
  to List of Certificateholders’ Names and Addresses

  	
   

  	
  10

  
	
  SECTION 3.8.

  	
  Maintenance
  of Office or Agency

  	
   

  	
  11

  
	
  SECTION 3.9.

  	
  Appointment
  of Paying Agent

  	
   

  	
  11

  
	
  ARTICLE
  IV

  	
  Actions
  by Trustee

  	
   

  	
  12

  
	
  SECTION 4.1.

  	
  Prior
  Notice to Certificateholders with Respect to Certain Matters

  	
   

  	
  12

  
	
  SECTION 4.2.

  	
  Action
  by Certificateholders with Respect to Certain Matters

  	
   

  	
  12

  
	
  SECTION 4.3.

  	
  Action
  by Certificateholders with Respect to Bankruptcy

  	
   

  	
  13

  
					

 

 i
 

 

 

	
  SECTION 4.4.

  	
  Restrictions
  on Certificateholders’ Power

  	
   

  	
  13

  
	
  SECTION 4.5.

  	
  Majority
  Control

  	
   

  	
  13

  
	
  ARTICLE
  V

  	
  Application
  of Trust Funds; Certain Duties

  	
   

  	
  13

  
	
  SECTION 5.1.

  	
  Establishment
  of Trust Account

  	
   

  	
  13

  
	
  SECTION 5.2.

  	
  Applications
  of Trust Funds

  	
   

  	
  14

  
	
  SECTION 5.3.

  	
  Method
  of Payment

  	
   

  	
  15

  
	
  SECTION 5.4.

  	
  No
  Segregation of Monies; No Interest

  	
   

  	
  15

  
	
  SECTION 5.5.

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

  	
   

  	
  15

  
	
  SECTION 5.6.

  	
  Signature
  on Returns; Tax Matters Partner

  	
   

  	
  16

  
	
  ARTICLE
  VI

  	
  Authority
  and Duties of Trustee

  	
   

  	
  16

  
	
  SECTION 6.1.

  	
  General
  Authority

  	
   

  	
  16

  
	
  SECTION 6.2.

  	
  General
  Duties

  	
   

  	
  17

  
	
  SECTION 6.3.

  	
  Action
  upon Instruction

  	
   

  	
  17

  
	
  SECTION 6.4.

  	
  No
  Duties Except as Specified in this Agreement or in Instructions

  	
   

  	
  18

  
	
  SECTION 6.5.

  	
  No
  Action Except Under Specified Documents or Instructions

  	
   

  	
  18

  
	
  SECTION 6.6.

  	
  Restrictions

  	
   

  	
  19

  
	
  ARTICLE
  VII

  	
  Concerning
  the Trustee

  	
   

  	
  19

  
	
  SECTION 7.1.

  	
  Acceptance
  of Trusts and Duties

  	
   

  	
  19

  
	
  SECTION 7.2.

  	
  Furnishing
  of Documents

  	
   

  	
  20

  
	
  SECTION 7.3.

  	
  Representations
  and Warranties

  	
   

  	
  20

  
	
  SECTION 7.4.

  	
  Information
  to Be Provided by the Trustee

  	
   

  	
  21

  
	
  SECTION 7.5.

  	
  Reliance;
  Advice of Counsel

  	
   

  	
  22

  
	
  SECTION 7.6.

  	
  Not
  Acting in Individual Capacity

  	
   

  	
  22

  
	
  SECTION 7.7.

  	
  Trustee
  Not Liable for Trust Certificates or Receivables

  	
   

  	
  22

  
	
  SECTION 7.8.

  	
  Trustee
  May Not Own Notes

  	
   

  	
  23

  
	
  ARTICLE
  VIII

  	
  Compensation
  of Trustee

  	
   

  	
  23

  
	
  SECTION 8.1.

  	
  Trustee’s
  Fees and Expenses

  	
   

  	
  23

  
	
  SECTION 8.2.

  	
  Indemnification

  	
   

  	
  24

  
							

 

 ii
 

 

 

	
  SECTION 8.3.

  	
  Payments
  to the Trustee

  	
   

  	
  24

  
	
  ARTICLE
  IX

  	
  Termination
  of Trust Agreement

  	
   

  	
  24

  
	
  SECTION 9.1.

  	
  Termination
  of Trust Agreement

  	
   

  	
  24

  
	
  ARTICLE
  X

  	
  Successor
  Trustees and Additional Trustees

  	
   

  	
  26

  
	
  SECTION 10.1.

  	
  Eligibility
  Requirements for Trustee

  	
   

  	
  26

  
	
  SECTION 10.2.

  	
  Resignation
  or Removal of Trustee

  	
   

  	
  26

  
	
  SECTION 10.3.

  	
  Successor
  Trustee

  	
   

  	
  27

  
	
  SECTION 10.4.

  	
  Merger
  or Consolidation of Trustee

  	
   

  	
  28

  
	
  SECTION 10.5.

  	
  Appointment
  of Co-Trustee or Separate Trustee

  	
   

  	
  28

  
	
  ARTICLE
  XI

  	
  Miscellaneous

  	
   

  	
  29

  
	
  SECTION 11.1.

  	
  Supplements
  and Amendments

  	
   

  	
  29

  
	
  SECTION 11.2.

  	
  No
  Legal Title to Trust Estate in Certificateholders

  	
   

  	
  31

  
	
  SECTION 11.3.

  	
  Limitations
  on Rights of Others

  	
   

  	
  31

  
	
  SECTION 11.4.

  	
  Notices

  	
   

  	
  31

  
	
  SECTION 11.5.

  	
  Severability

  	
   

  	
  32

  
	
  SECTION 11.6.

  	
  Separate
  Counterparts

  	
   

  	
  32

  
	
  SECTION 11.7.

  	
  Successors
  and Assigns

  	
   

  	
  32

  
	
  SECTION 11.8.

  	
  Covenants
  of the Depositor

  	
   

  	
  32

  
	
  SECTION 11.9.

  	
  No
  Petition

  	
   

  	
  33

  
	
  SECTION 11.10.

  	
  No
  Recourse

  	
   

  	
  33

  
	
  SECTION 11.11.

  	
  Headings

  	
   

  	
  33

  
	
  SECTION 11.12.

  	
  Governing
  Law

  	
   

  	
  33

  
	
  SECTION 11.13.

  	
  Administrator

  	
   

  	
  33

  
	
  EXHIBITS

  
	
  EXHIBIT A

  	
  Form of Trust Certificate

  	
   

  	
   

  
	
  EXHIBIT B

  	
  Form of Certificate of Trust

  	
   

  	
   

  
						

 

 iii

 

TRUST AGREEMENT (as amended or supplemented from time to
time, this “Agreement”)
dated as of September 1, 2006 between CNH CAPITAL
RECEIVABLES LLC, a Delaware limited liability company, as Depositor, and
THE BANK OF NEW YORK, a New York
banking corporation, as Trustee.

ARTICLE I

Definitions

SECTION 1.1. Definitions.  Capitalized terms used herein and not
otherwise defined herein are defined in Appendix A
to the Indenture dated as of the date hereof between CNH Equipment Trust 2006-B
and JPMorgan Chase Bank, N.A.

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

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

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

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

 

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

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

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

ARTICLE II

Organization

SECTION 2.1. Name. 
The Trust created hereby shall be known as “CNH Equipment Trust 2006-B”,
in which name the Trustee may conduct the
business of the Trust, make and execute contracts and other instruments on
behalf of the Trust and sue and be sued.

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

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

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

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

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

 2
 

 

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

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

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

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

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

SECTION 2.5. Initial Capital Contribution of Trust Estate.  The Depositor hereby contributes to the
Trustee, as of the date hereof, the sum of
$1.00. The Trustee hereby acknowledges receipt in trust from the Depositor, as
of the date hereof, of the foregoing contribution, which shall constitute the
initial Trust Estate and shall be deposited in the Certificate Distribution
Account. The

 3
 

 

Depositor shall pay
organizational expenses of the Trust as they may arise or shall, upon the
request of the Trustee, promptly reimburse the Trustee for any such expenses
paid by the Trustee.  The Depositor may
also take steps necessary, including the execution and filing of any necessary
filings, to ensure that the Trust is in compliance with any applicable State
securities law.

SECTION 2.6. Declaration of Trust.  The Trustee hereby declares that it will hold
the Trust Estate in trust upon and subject to
the conditions set forth herein for the use and benefit of the
Certificateholders, subject to the obligations of the Trust under the Basic
Documents. It is the
intention of the parties hereto that the Trust constitute a statutory trust
under the Trust Statute and that this Agreement and the Co-Trustee Agreement
(as defined in Section 2.4) constitute the
governing instrument of such statutory trust. 
It is the intention of the parties hereto that, solely for income and
franchise tax purposes, until the Trust Certificates are held by a Person other
than the Depositor, the Trust be disregarded as an entity separate from the
Depositor and the Notes be treated as debt of the Depositor.  At such time that the Trust Certificates are
held by more than one Person, it is the intention of the parties hereto that,
solely for income and franchise tax purposes, the Trust be treated as a
partnership, with the assets of the partnership being the Receivables and other
assets held by the Trust, the partners of the partnership being the
Certificateholders (including the Depositor (or its successor in interest) in
its capacity as recipient of distributions from the Spread Account), and the
Notes being debt of the partnership.  The
parties agree that, unless otherwise required by appropriate tax authorities,
until the Trust Certificates are held by more than one Person the Trust will
not file or cause to be filed annual or other necessary returns, reports and
other forms consistent with the characterization of the Trust as an entity
separate from the Depositor (or other sole owner of the Trust Certificates). Effective as of the date hereof, the Trustee
shall have all rights, powers and duties set forth herein and in the Trust
Statute with respect to accomplishing the purposes of the Trust.

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

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

 4
 

 

SECTION 2.9. Situs of Trust.  The Trust will be located and administered in
the State of New York. All bank accounts
maintained by the Trustee on behalf of the Trust shall be located in the State
of Delaware or the State of New York. The Trust shall not have any
employees.  Payments will be received by
the Trust only in Delaware or New York, and payments will be made by the Trust
only from Delaware or New York.

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

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

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

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

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

 5
 

 

other governmental instrumentality having jurisdiction
over the Depositor or its properties.

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

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

ARTICLE III

Trust Certificates and Transfer of Interests

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

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

SECTION 3.3. Authentication of Trust Certificates.  Concurrently with the sale of the Receivables
to the Trust pursuant to the Sale and Servicing
Agreement,

 6
 

 

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

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

Upon surrender for
registration of transfer of any Trust Certificate at the office or agency
maintained pursuant to Section 3.8,
if the requirements of Section 8-401(a) of the UCC are met, the Trustee shall
execute, authenticate and deliver, in the name of the designated transferee or
transferees, one or more new Trust Certificates evidencing such transferee’s
beneficial interest in the Trust, which Trust Certificates will be issued in
amounts equal, in the aggregate, to the percentage of beneficial interest in
the Trust transferred by such transferor.

At the option of a
Certificateholder, upon surrender of the Trust Certificates to be exchanged at
the office or agency maintained pursuant to Section 3.8,
a Trust Certificate may be exchanged for a new Trust Certificate evidencing the
same percentage of beneficial interest in the Trust as the Trust Certificate so
exchanged.  Whenever any Trust
Certificates are so surrendered for exchange, if the requirements of Section
8-401(a) of the UCC are met, the Trustee

 7
 

 

shall
execute, authenticate and deliver the Trust Certificates that the
Certificateholder making the exchange is entitled to receive.

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

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

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

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

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

 8
 

 

a partnership, grantor
trust, or S corporation (a “flow-through entity”)
that owns, directly or through other flow-through entities, an interest in the
Trust, will be treated as a partner in the Trust if more than 50 percent of the
value of such person’s interest in the flow-through entity is attributable to
the flow-through entity’s interest (direct or indirect) in the Trust.

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

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

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

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

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

 9
 

 

Certificate, a replacement Trust Certificate evidencing the same
percentage of beneficial interest in the Trust as the Trust Certificate so
mutilated, destroyed, lost or stolen.

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

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

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

SECTION 3.7. Access to List of Certificateholders’ Names and
Addresses.  The Trustee shall
furnish or cause to be furnished to the
Servicer and the Depositor, within 15 days after receipt by the Trustee of a
request therefor from the Servicer or the Depositor in writing, a list, in such
form as the Servicer or the Depositor may reasonably require, of the names and
addresses of the Certificateholders as of the most recent Record Date. If three
or more Certificateholders evidencing in the aggregate not less than 25% of the
beneficial interest in the Trust apply in writing to the Trustee, and such
application states that the applicants desire to communicate with other
Certificateholders with respect to their rights under this Agreement or under
the Trust Certificates and such application shall be accompanied by a copy of
the communication that such applicants propose to transmit, then the Trustee
shall, within five Business Days after the receipt of such application, afford
such applicants access during normal business hours to the current list of
Certificateholders. Each Certificateholder, by receiving and holding a Trust
Certificate, shall be deemed to have agreed not to hold any of the Depositor,
the Certificate Registrar or the Trustee accountable by reason of the
disclosure of its name and address, regardless of the source from which such
information was derived.

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SECTION 3.8. Maintenance of Office or Agency.  The Trustee shall maintain in the Borough of
Manhattan, City of New York an office or
offices or agency or agencies where Trust Certificates may be surrendered for
registration of transfer or exchange and where notices and demands to or upon
the Trustee in respect of the Trust Certificates and the Basic Documents may be
served.  The Trustee initially designates
The Bank of New York, 101 Barclay Street, Floor 8W, New York, New York 10286,
Attention: Corporate Trust Administration - Asset Backed Finance Unit, as its
principal corporate trust office for such purposes.  The Trustee shall give prompt written notice
to the Depositor and to the Certificateholders of any change in the location of
the Certificate Register or any such office or agency.

SECTION 3.9. Appointment of Paying Agent.  The Paying Agent shall make distributions to
Certificateholders from the Certificate
Distribution Account pursuant to Section 5.2 and shall report the amounts
of such distributions to the Trustee. Any Paying Agent shall have the revocable
power to withdraw funds from the Certificate Distribution Account for the
purpose of making the distributions referred to above. The Trustee may revoke
such power and remove the Paying Agent if the Trustee determines in its sole
discretion that the Paying Agent shall have failed to perform its obligations
under this Agreement in any material respect. 
The Paying Agent shall initially be the Trustee, and any co-paying agent
chosen by and acceptable to the Trustee. 
The Paying Agent shall be permitted to resign as Paying Agent upon 30
days’ written notice to the Trustee. In the event that the Trustee shall not be
the Paying Agent, the Trustee shall appoint a successor to act as Paying Agent
(which shall be a bank or trust company). 
The Trustee shall cause such successor Paying Agent or any additional
Paying Agent appointed by the Trustee to execute and deliver to the Trustee an
instrument in which such successor Paying Agent or additional Paying Agent
shall agree with the Trustee that as Paying Agent, such successor Paying Agent
or additional Paying Agent will hold all sums, if any, held by it for payment
to the Certificateholders in trust for the benefit of the Certificateholders
entitled thereto until such sums shall be paid to such Certificateholders.  The Paying Agent shall return all unclaimed
funds to the Trustee and upon removal of a Paying Agent such Paying Agent shall
also return all funds in its possession to the Trustee.  The provisions of Sections 7.1, 7.3, 7.4 and 8.1 shall apply to the Trustee also in its
role as Paying Agent, for so long as the Trustee shall act as Paying Agent and,
to the extent applicable, to any other paying agent appointed hereunder. Any
reference in this Agreement to the Paying Agent shall include any co-paying
agent unless the context requires otherwise.

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ARTICLE IV

Actions by Trustee

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

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

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

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

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

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

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

SECTION 4.2. Action by Certificateholders with Respect to Certain
Matters.  The Trustee shall
not have the power, except upon the direction
of the Certificateholders, to: (a) remove the Administrator under the
Administration

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Agreement, (b) appoint a successor Administrator, (c) remove the
Servicer under the Sale and Servicing Agreement or (d) except as expressly
provided in the Basic Documents, sell the Receivables after the termination of
the Indenture. The Trustee shall take the actions referred to in the preceding
sentence only upon written instructions signed by the Certificateholders.

SECTION 4.3. Action by Certificateholders with Respect to
Bankruptcy.  The Trustee shall
not have the power to commence a voluntary
proceeding in bankruptcy relating to the Trust until one year and one day after
the Outstanding Amount of all the Notes has been reduced to zero and without
the unanimous prior approval of all Certificateholders and the delivery to the
Trustee by each such Certificateholder of a certificate certifying that such
Certificateholder reasonably believes that the Trust is insolvent.

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

SECTION 4.5. Majority Control.  Except as expressly provided herein, any
action that may be taken by the Certificateholders
under this Agreement may be taken by the Certificateholders holding in the
aggregate more than 50% of the beneficial interest in the Trust at the time of
such action. Except as expressly provided herein, any written notice of the
Certificateholders delivered pursuant to this Agreement shall be effective if
signed by Certificateholders holding in the aggregate more than 50% of the
beneficial interest in the Trust at the time of such action.

ARTICLE V

Application of Trust Funds; Certain Duties

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

The Trust shall possess all
right, title and interest in all funds on deposit from time to time in the
Certificate Distribution Account and in all proceeds

 13
 

 

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

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

(b) On each Payment Date,
the Trustee shall send to each Certificateholder the statement provided to the
Trustee by the Servicer pursuant to Section 5.11 of
the Sale and Servicing Agreement.

(c)
In the event that any withholding tax is imposed on the Trust’s payment (or
allocations of income) to a Certificateholder, such tax shall reduce the amount
otherwise distributable to the Certificateholder in accordance with this
Section.  The Trustee is hereby
authorized and directed to retain from amounts otherwise distributable to the
Certificateholders sufficient funds for the payment of any tax that is legally
owed by the Trust (but such authorization shall not prevent the Trustee from
contesting any such tax in appropriate proceedings, and withholding payment of
such tax, if permitted by law, pending the outcome of such proceedings).  The amount of any withholding tax imposed
with respect to a Certificateholder shall be treated as cash distributed to
such Certificateholder at the time it is withheld by the Trust. If there is a
possibility that withholding tax is payable with respect to a distribution
(such as a distribution to a non-U.S. Certificateholder), the Trustee may, in
its sole discretion, withhold such amounts in accordance with this paragraph (c).  Notwithstanding any other provision of this
Agreement, the Trust shall withhold and pay over to the Internal Revenue
Service, pursuant to Sections 1441, 1442 and 1446 of the Code (or any successor
provisions or any other provision as may be enacted into law), at such times as
required by such provisions, such amounts as the Trust is required to withhold
under such provision on account of any foreign Certificateholder’s distributive
share of income of the Trust, as if the

 14
 

 

entire amount of such
foreign Certificateholder’s distributive share of such income is subject to
withholding tax pursuant to such provisions. 
To the extent that a foreign Certificateholder claims to be entitled to
a reduced rate of, or exemption from, U.S. withholding tax pursuant to an
applicable income tax treaty, or otherwise, such foreign Certificateholder shall
furnish the Depositor and the Trustee with such information and forms as it may
require and are necessary to comply with the regulations governing the
obligations of withholding tax agents. 
Each foreign Certificateholder represents and warrants that any such
information and form furnished by it shall be true and accurate and agrees to
indemnify the Trust and each of the other Certificateholders from any and all
damages, costs and expenses resulting from the filing of inaccurate or
incomplete information or forms relating to such withholding taxes.  In the event that a Certificateholder wishes
to apply for a refund of any such withholding tax, the Trustee shall reasonably
cooperate with such Certificateholder in making such claim so long as such
Certificateholder agrees to reimburse the Trustee for any out-of-pocket
expenses incurred.

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

SECTION 5.4. No Segregation of Monies; No Interest.  Subject to Sections 5.1 and
5.2,
monies received by the Trustee hereunder need
not be segregated in any manner except to the extent required by law or the
Sale and Servicing Agreement and may be deposited under such general conditions
as may be prescribed by law, and the Trustee shall not be liable for any
interest thereon.

SECTION 5.5. Accounting and Reports to the Noteholders, Certificateholders,
the Internal Revenue Service and Others.  The Depositor or, if any Trust Certificates
are held by any Person other than the Depositor, the Trustee, shall: (a)
maintain (or cause to be maintained) the books of the Trust on a calendar year
basis on the accrual method of accounting, (b) deliver to each
Certificateholder, as may be required by the Code and applicable Treasury
Regulations, such information as may be required (including Schedule K-1) to

 15
 

 

enable each Certificateholder to prepare its federal, State and local
income tax returns, (c) file such tax returns relating to the Trust (including
a partnership information return on Internal Revenue Service Form 1065 or its
successor), and make such elections as may from time to time be required or
appropriate under any applicable State or federal statute or rule or regulation
thereunder so as to maintain the Trust’s characterization as a partnership for
federal income tax purposes, (d) cause such tax returns to be signed in the
manner required by law and (e) collect or cause to be collected any withholding
tax as described in and in accordance with Section 5.2(c)
with respect to income or distributions to Certificateholders.  The Trustee shall elect under Section 1278 of
the Code to include in income currently any market discount that accrues with
respect to the Receivables and shall elect under Section 171 of the Code to
amortize any bond premium with respect to the Receivables.  The Trustee shall not make the election
provided under Section 754 of the Code.

SECTION 5.6. Signature on Returns; Tax Matters Partner.

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

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

ARTICLE VI

Authority and Duties of Trustee

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

 16
 

 

authorized from time to time to take such action as the Administrator
recommends with respect to the Basic Documents.

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

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

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

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

 17
 

 

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

SECTION 6.4. No Duties Except as Specified in this Agreement or in
Instructions.  The Trustee
shall not have any duty or obligation to
manage, make any payment with respect to, register, record, sell, dispose of or
otherwise deal with the Trust Estate, or to otherwise take or refrain from
taking any action under, or in connection with, any document contemplated
hereby to which the Trustee is a party, except as expressly provided by this
Agreement or in any document or written instruction received by the Trustee
pursuant to Section 6.3; and no implied duties or obligations shall be
read into this Agreement or any Basic Document against the Trustee.  The Trustee shall have no responsibility for
filing any financing or continuation statement in any public office at any time
or to otherwise perfect or maintain the perfection of any security interest or
Lien granted to it hereunder or to prepare or file any Securities and Exchange
Commission filing for the Trust or to record this Agreement or any Basic
Document.  The Trustee nevertheless
agrees that it will, at its own cost and expense, promptly take all action as
may be necessary to discharge any Liens on any part of the Trust Estate that
result from the negligence or willful misconduct of the Trustee.

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

 18
 

 

Agreement, (ii) in accordance with the Basic Documents and (iii) in
accordance with any document or instruction delivered to the Trustee pursuant
to Section
6.3.

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

ARTICLE VII

Concerning the Trustee

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

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

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

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

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

 19
 

 

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

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

(g) the Trustee shall be
under no obligation to exercise any of the rights or powers vested in it by
this Agreement, or to institute, conduct or defend any litigation under this
Agreement or otherwise or in relation to this Agreement or any Basic Document, at
the request, order or direction of any of the Certificateholders unless such
Certificateholders have offered to the Trustee security or indemnity
satisfactory to it against the costs, expenses and liabilities that may be
incurred by the Trustee therein or thereby. 
The right of the Trustee to perform any discretionary act enumerated in
this Agreement or in any Basic Document shall not be construed as a duty, and
the Trustee shall not be answerable for other than its negligence or willful
misconduct in the performance of any such act.

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

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

 20
 

 

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

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

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

(d) this Agreement,
assuming due authorization, execution and delivery by the Depositor,
constitutes a valid, legal and binding obligation of the Trustee, enforceable
against it in accordance with the terms hereof subject to applicable
bankruptcy, insolvency, reorganization, moratorium and other laws affecting the
enforcement of creditors’ rights generally and to general principles of equity,
regardless of whether such enforcement is considered in a proceeding in equity
or at law, and

(e) as of the date of the
Underwriting Agreement, the Prospectus Date and the Closing Date, to its
knowledge without independent investigation, there are no legal proceedings
pending against the Trustee, or of which any property of the Trustee is
subject, that are material to the Noteholders, and no such legal proceedings
contemplated by any governmental authority.

SECTION 7.4. Information to Be Provided by the Trustee. 
The Trustee shall notify the Depositor promptly after the Trustee becomes aware of (a) the initiation of any
legal proceedings against the Trustee, or of which any property of

 21
 

 

the Trustee is subject, that are material to the Noteholders, (b) any
developments in any such proceedings that are material to the Noteholders and
(c) any such proceedings that are contemplated by any governmental authority.

SECTION 7.5. Reliance; Advice of Counsel.  (a) 
Except to the extent otherwise provided in Section 7.1, the
Trustee shall incur no liability to anyone in
acting upon any signature, instrument, notice, resolution, request, consent,
order, certificate, report, opinion, bond or other document or paper (whether
in its original or facsimile form) believed by it to be genuine and believed by
it to be signed by the proper party or parties. The Trustee may accept a
certified copy of a resolution of the board of directors or other governing
body of any party as conclusive evidence that such resolution has been duly
adopted by such body and that the same is in full force and effect. As to any
fact or matter the method of the determination of which is not specifically
prescribed herein, the Trustee may for all purposes hereof rely on a
certificate, signed by the president, any vice president, the treasurer or
other authorized officers of the relevant party as to such fact or matter, and
such certificate shall constitute full protection to the Trustee for any action
taken or omitted to be taken by it in good faith in reliance thereon.

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

SECTION 7.6. Not Acting in Individual Capacity.  Except as provided in this Article VII,
in accepting the trusts hereby created The Bank
of New York acts solely as Trustee hereunder and not in its individual capacity
and all Persons having any claim against the Trustee by reason of the
transactions contemplated by this Agreement or any Basic Document shall look
only to the Trust Estate for payment or satisfaction thereof.

SECTION 7.7. Trustee Not Liable for Trust Certificates or
Receivables.  The recitals
contained herein and in the Trust Certificates
(other than the signature

 22
 

 

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

SECTION 7.8. Trustee May Not Own Notes.  The Trustee shall not, in its individual
capacity, but may in a fiduciary capacity,
become the owner or pledgee of Notes or otherwise extend credit to the Issuing
Entity.  The Trustee may otherwise deal
with the Depositor, the Administrator, the Indenture Trustee and the Servicer
with the same rights as it would have if it were not the Trustee.

ARTICLE VIII

Compensation of Trustee

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

 23

 

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

SECTION 8.3. Payments to the Trustee.  Any amounts paid to the Trustee pursuant to
this Article
VIII shall be deemed not to be a
part of the Trust Estate immediately after such payment.  The Trustee shall also be entitled to
interest on all fees and expenses that are due and unpaid for more than sixty
(60) days after they have been billed to the party responsible for the payment
of such amounts at a rate equal to:  (a)
the rate publicly announced by The Bank of New York, as its prime rate from
time to time plus (b) 3.5%.

ARTICLE IX

Termination of Trust Agreement

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

  	  
 	 24
 	  
 

 
  
 

 

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

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

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

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

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

  	  
 	 25
 	  
 

 
  
 

 

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

ARTICLE X

Successor Trustees and Additional Trustees

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

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

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

  	  
 	 26
 	  
 

 
  
 

 

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

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

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

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

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

  	  
 	 27
 	  
 

 
  
 

 

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

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

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

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

  	  
 	 28
 	  
 

 
  
 

 

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

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

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

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

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

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

ARTICLE XI

Miscellaneous

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

  	  
 	 29
 	  
 

 
  
 

 

and the Counterparty, without the consent of any of the Noteholders or
the Certificateholders, to cure any ambiguity, to correct or supplement any
provisions in this Agreement or for the purpose of adding any provisions to or
changing in any manner or eliminating any of the provisions in this Agreement
or of modifying in any manner the rights of the Noteholders or the
Certificateholders; provided, however,
that such action shall not, as evidenced by an Officer’s Certificate of the Seller,
adversely affect in any material respect the interests of any Noteholder or
Certificateholder.  An amendment shall be
deemed not to adversely affect in any material respect the interests of any
Class of Notes if the Rating Agency Condition has been satisfied with respect
to such amendment for such Class of Notes.

This Agreement may also be
amended from time to time by the Depositor and the Trustee, with prior written
notice to the Rating Agencies and the Counterparty, with the written consent of
(x) Noteholders holding Notes evidencing not less than a majority of the Note
Balance and (y) the Certificateholders holding in the aggregate more than 50%
of the beneficial interest in the Trust at the time of such action, for the
purpose of adding any provisions to or changing in any manner or eliminating
any of the provisions of this Agreement or of modifying in any manner the
rights of the Noteholders or the Certificateholders; provided, however, that no such
amendment shall: (a) reduce the interest or principal of any Note or
Certificate or delay the Final Scheduled Maturity Date of any Note or (b)
reduce the aforesaid percentage of the Outstanding Amount and the beneficial
interest in the Trust required to consent to any such amendment, without the
consent of the holders of all the outstanding Notes and Trust Certificates.

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

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

It shall not be necessary
for the consent of Certificateholders, the Noteholders or the Indenture Trustee
pursuant to this Section to approve the particular
form of any proposed amendment or consent, but it shall be sufficient if

  	  
 	 30
 	  
 

 
  
 

 

such
consent shall approve the substance thereof. The manner of obtaining such
consents (and any other consents of Certificateholders provided for in this
Agreement or in any other Basic Document) and of evidencing the authorization
of the execution thereof by Certificateholders shall be subject to such
reasonable requirements as the Trustee may prescribe.

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

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

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

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

SECTION 11.4. Notices. 
(a)  Unless otherwise expressly
specified or permitted by the terms hereof, all notices shall be in writing, personally delivered, by facsimile
or mailed by certified mail, postage prepaid and return receipt requested, and
shall be deemed to have been duly given upon receipt: (i) if to the Trustee or
the Paying Agent, addressed to the Corporate Trust Office, (ii) if to the
Depositor, addressed to CNH Capital Receivables LLC, 100 South Saunders

  	  
 	 31
 	  
 

 
  
 

 

Road, Lake Forest, Illinois 60045, Attention: Treasurer, and (iii) if
to the Counterparty, addressed to Bank of America, N.A., Sears Tower, 233 South
Wacker Drive, Suite 2800, Chicago, IL 60606, Attention: Swap Operations, with a
copy to Bank of America, N.A., 100 North Tryon Street, NC1-007-13-01,
Charlotte, North Carolina 28255, Attention: Global Markets Trading Agreements;
or, as to each party, at such other address as shall be designated by such
party in a written notice to the other party.

(b) Any notice required
or permitted to be given to a Certificateholder shall be given by first-class
mail, postage prepaid, at the address of such Certificateholder as shown in the
Certificate Register. Any notice so mailed within the time prescribed in this
Agreement shall be conclusively presumed to have been duly given, whether or
not the Certificateholder receives such notice.

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

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

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

SECTION 11.8. Covenants of the Depositor.  If any litigation with claims in excess of
$1,000,000 to which the Depositor is a party
that shall be reasonably likely to result in a material judgment against the
Depositor that the Depositor will not be able to satisfy shall be commenced by
a Certificateholder during the period beginning nine months following the commencement
of such litigation and continuing until such litigation is dismissed or
otherwise terminated (and, if such litigation has resulted in a final judgment
against the Depositor, such judgment has been satisfied), the Depositor shall
not pay any dividend to CNHCA, or make

  	  
 	 32
 	  
 

 
  
 

 

any distribution on or in respect of its capital stock to CNHCA, or
repay the principal amount of any indebtedness of the Depositor held by CNHCA,
unless (i) after giving effect to such payment, distribution or repayment, the
Depositor’s liquid assets shall not be less than the amount of actual damages
claimed in such litigation or (ii) the Rating Agency Condition shall have been
satisfied with respect to any such payment, distribution or repayment.  The Depositor will not at any time institute
against the Trust any bankruptcy proceedings under any United States federal or
State bankruptcy or similar law in connection with any obligations relating to
the Trust Certificates, the Notes, the Trust Agreement or any of the Basic
Documents.

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

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

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

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

SECTION 11.13. Administrator.  The Administrator is authorized to execute on
behalf of the Trust all such documents,
reports, filings, instruments, certificates and opinions as it shall be the
duty of the Trust to prepare, file or deliver pursuant to this Agreement and
the Basic Documents.  Upon written

  	  
 	 33
 	  
 

 
  
 

 

request, the Trustee shall execute and deliver to the Administrator a
power of attorney appointing the Administrator its agent and attorney-in-fact
to execute all such documents, reports, filings, instruments, certificates and
opinions.

*   *  
*   *   *

  	  
 	 34
 	  
 

 
  

 

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

	
   

  	
  The Bank of New York,

  	
   

  
	
   

  	
  not in its individual
  capacity, but

  	
   

  
	
   

  	
  solely as
  Trustee

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/Catherine Murray

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Catherine Murray

  
	
   

  	
   

  	
  Title:

  	
  Assistant Vice president

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  CNH Capital
  Receivables LLC,

  	
   

  
	
   

  	
   

  	
  as Depositor

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/Brian O’Keane

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Brian O’Keane

  
	
   

  	
   

  	
  Title:

  	
  Treasurer

  
											

 

 S-1

 

EXHIBIT A

FORM OF
TRUST CERTIFICATE

	
  REGISTERED

  	
   

  	
   

  
	
  NUMBER R-       

  	
   

  	
  100% Beneficial
  Interest

  

 

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

CNH EQUIPMENT TRUST 2006-B

TRUST CERTIFICATE

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

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

THIS CERTIFIES THAT CNH
CAPITAL RECEIVABLES LLC is the registered owner of a nonassessable, fully-paid,
fractional undivided interest in CNH Equipment Trust 2006-B (the “Trust”) formed
by CNH Capital Receivables LLC, a Delaware limited liability company (the “Depositor”).

The Trust was created
pursuant to a Trust Agreement dated as of September 1, 2006 (the “Trust Agreement”)
between the Depositor and The Bank of New York, as trustee (the “Trustee”). To
the extent not otherwise defined herein, the capitalized terms used herein have
the meanings assigned to them in the Trust Agreement or the Sale and Servicing
Agreement (the “Sale
and Servicing Agreement”) dated as of September 1, 2006 among the
Trust, the Depositor and New Holland Credit Company, LLC, as servicer (the “Servicer”), as
applicable.  This Trust Certificate is
one of the duly authorized Trust Certificates (herein called the “Trust Certificates”) issued under and subject to the terms,
provisions and conditions of the Trust Agreement, to which Trust Agreement the
holder of this Trust Certificate by virtue of the acceptance hereof assents and
by which holder is bound.  The provisions
and conditions of the Trust

 A-1
 

 

Agreement
are hereby incorporated by reference as though set forth in their entirety
herein.

Issued under the Indenture
dated as of September 1, 2006 between the Trust and JPMorgan Chase Bank, N.A.,
as Indenture Trustee, are notes designated as “5.39275% Class A-1 Asset Backed
Notes,” “5.330% Class A-2 Asset Backed Notes,” “5.200% Class A-3 Asset Backed
Notes,” “Floating Rate Class A-4 Asset Backed Notes” and “5.360% Class B Asset
Backed Notes”.  The holder of this Trust
Certificate acknowledges and agrees that its rights to receive distributions in
respect of this Trust Certificate are subordinated to the rights of the
Noteholders as described in the Sale and Servicing Agreement and the Indenture.

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

The Certificateholder, by
its acceptance of this Trust Certificate, covenants and agrees that such
Certificateholder will not at any time institute against the Depositor or the
Trust, or join in any institution against the Depositor or the Trust 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 this Trust
Certificate, the Notes, the Trust Agreement or any of the Basic Documents.

The Certificateholder, by
its acceptance of this Trust Certificate, represents and warrants in writing
that: (a) it is acquiring this Trust Certificate for its own account and is the
sole beneficial owner of such Trust Certificate; (b) the transfer is not being
effected on or through (x) an “established securities market” within the
meaning of Section 7704(a)(1) of the Code, including without limitation, an
over-the-counter market or an interdealer quotation system that

 A-2
 

 

regularly
disseminates firm buy or sell quotations or (y) a “secondary market (or the
substantial equivalent thereof)” within the meaning of Section 7704(a)(2) of
the Code and any proposed, temporary or final Treasury regulations thereunder;
and (c) such transfer will not cause the Trust to be classified as a publicly
traded partnership for U.S. federal income tax purposes, and such purchaser or
transferee will not take any action, including any subsequent disposition of
such Trust Certificate (or any beneficial interest therein), that would cause
the Trust to be treated as a publicly traded partnership for U.S. federal
income tax purposes.

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

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

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

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

 A-3
 

 

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

	
  

  	
   

  	
  CNH Equipment Trust 2006-B

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  THE
  BANK OF NEW YORK,

  
	
   

  	
   

  	
   

  	
   

  	
  not in its individual capacity, but

  
	
   

  	
   

  	
   

  	
   

  	
  solely as Trustee

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
   

  	
  Title:

  	
   

  
							

 

 A-4
 

 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

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

	
  THE BANK OF NEW YORK,

  
	
  as Trustee

  
	
   

  
	
  By:

  	
   

  	
   

  
	
   

  	
  Authorized
  Officer

  	
   

  
	
   

  
	
   

  
	
  Date:

  	
  September      , 2006

  
				

 

 A-5
 

 

ASSIGNMENT

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

PLEASE INSERT SOCIAL
SECURITY

OR OTHER IDENTIFYING NUMBER OF

ASSIGNEE

	
  

  	
   

  	
   

  	
   

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

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

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

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

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

  in the premises.

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Dated:

  	
   

  	
   *

  	
   

  
	
   

  	
  Signature
  Guaranteed:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   *

  	
   

  
						

 

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

 

 A-6

 

EXHIBIT B

CERTIFICATE OF TRUST

OF

CNH EQUIPMENT TRUST 2006-B

THIS
CERTIFICATE OF TRUST of
CNH EQUIPMENT TRUST 2006-B (the “Trust”), is being duly executed and
filed by The Bank of New York, a New York banking corporation, and The Bank of
New York (Delaware), a Delaware banking corporation, as trustees, to form a
statutory trust under the Delaware Statutory Trust Act (12 Del. C. §3801, et
seq.)
(the “Act”).

Name.  The name of the statutory trust being formed
hereby is CNH Equipment Trust 2006-B.

Delaware Trustee.  The name and business address of the trustee
of the Trust in the State of Delaware are The Bank of New York (Delaware),
White Clay Center, Route 273, Newark, Delaware 19711.

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

 B-1
 

 

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

	
   

  	
   

  	
  THE BANK OF NEW YORK,

  
	
   

  	
   

  	
  not in its individual capacity, but solely as

  trustee under a Trust Agreement dated as of

  September 1, 2006

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
   

  	
  Title:

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  THE BANK OF NEW YORK (DELAWARE),

  
	
   

  	
   

  	
  not in its individual capacity, but solely as

  co-trustee under a Co-Trustee Agreement

  dated as of September 1, 2006

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
   

  	
  Title:

  	
   

  
								

 

 B-2

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