Document:

Exhibit 4.2

EXECUTION
COPY

 

 

 

CNH
EQUIPMENT TRUST 2007-B

TRUST AGREEMENT

between

CNH CAPITAL RECEIVABLES LLC

and

WILMINGTON TRUST COMPANY,

as Trustee

Dated as of September 1, 2007

 

TABLE
OF CONTENTS

	
  ARTICLE I Definitions

  	
  1

  
	
   

  	
   

  	
   

  
	
  SECTION 1.1

  	
  Definitions

  	
  1

  
	
   

  	
   

  	
   

  
	
  ARTICLE II Organization

  	
  2

  
	
   

  	
   

  	
   

  
	
  SECTION 2.1

  	
  Name

  	
  2

  
	
  SECTION 2.2

  	
  Office

  	
  2

  
	
  SECTION 2.3

  	
  Purposes and Powers

  	
  2

  
	
  SECTION 2.4

  	
  Appointment of Trustee

  	
  3

  
	
  SECTION 2.5

  	
  Initial Capital Contribution of Trust Estate

  	
  3

  
	
  SECTION 2.6

  	
  Declaration of Trust

  	
  3

  
	
  SECTION 2.7

  	
  Liability of the Certificateholders

  	
  3

  
	
  SECTION 2.8

  	
  Title to Trust Property

  	
  3

  
	
  SECTION 2.9

  	
  Situs of Trust

  	
  4

  
	
  SECTION 2.10

  	
  Representations and Warranties of the Depositor

  	
  4

  
	
  SECTION 2.11

  	
  Federal Income Tax Allocations; Tax Treatment

  	
  5

  
	
   

  	
   

  	
   

  
	
  ARTICLE III Trust Certificates and Transfer of
  Interests

  	
  5

  
	
   

  	
   

  	
   

  
	
  SECTION 3.1

  	
  Initial Ownership

  	
  5

  
	
  SECTION 3.2

  	
  The Trust Certificates

  	
  5

  
	
  SECTION 3.3

  	
  Authentication of Trust Certificates

  	
  5

  
	
  SECTION 3.4

  	
  Registration of Transfer and Exchange of Trust
  Certificates

  	
  5

  
	
  SECTION 3.5

  	
  Mutilated, Destroyed, Lost or Stolen Trust
  Certificates

  	
  7

  
	
  SECTION 3.6

  	
  Persons Deemed Certificateholders

  	
  8

  
	
  SECTION 3.7

  	
  Access to List of Certificateholders’ Names and
  Addresses

  	
  8

  
	
  SECTION 3.8

  	
  Maintenance of Office or Agency

  	
  8

  
	
  SECTION 3.9

  	
  Appointment of Paying Agent

  	
  8

  
	
   

  	
   

  	
   

  
	
  ARTICLE IV Actions by Trustee

  	
  9

  
	
   

  	
   

  	
   

  
	
  SECTION 4.1

  	
  Prior Notice to Certificateholders With Respect to
  Certain Matters

  	
  9

  
	
  SECTION 4.2

  	
  Action By Certificateholders With Respect to Certain
  Matters

  	
  10

  
	
  SECTION 4.3

  	
  Action By Certificateholders With Respect to
  Bankruptcy

  	
  10

  
	
  SECTION 4.4

  	
  Restrictions on Certificateholders’ Power

  	
  10

  
	
  SECTION 4.5

  	
  Majority Control

  	
  10

  
	
   

  	
   

  	
   

  
	
  ARTICLE V Application of Trust Funds; Certain Duties

  	
  10

  
	
   

  	
   

  	
   

  
	
  SECTION 5.1

  	
  Establishment of Trust Account

  	
  10

  
	
  SECTION 5.2

  	
  Applications of Trust Funds

  	
  11

  
	
  SECTION 5.3

  	
  Method of Payment

  	
  12

  
	
  SECTION 5.4

  	
  No Segregation of Monies; No Interest

  	
  12

  
	
  SECTION 5.5

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

  	
  12

  

 

 i
 

 

	
  SECTION 5.6

  	
  Signature on Returns; Tax Matters Partner

  	
  13

  
	
   

  	
   

  	
   

  
	
  ARTICLE VI Authority and Duties of Trustee

  	
  13

  
	
   

  	
   

  	
   

  
	
  SECTION 6.1

  	
  General Authority

  	
  13

  
	
  SECTION 6.2

  	
  General Duties

  	
  13

  
	
  SECTION 6.3

  	
  Action upon Instruction

  	
  13

  
	
  SECTION 6.4

  	
  No Duties Except as Specified in This Agreement or
  in Instructions

  	
  14

  
	
  SECTION 6.5

  	
  No Action Except Under Specified Documents or
  Instructions

  	
  15

  
	
  SECTION 6.6

  	
  Restrictions

  	
  15

  
	
   

  	
   

  	
   

  
	
  ARTICLE VII Concerning the Trustee

  	
  15

  
	
   

  	
   

  	
   

  
	
  SECTION 7.1

  	
  Acceptance of Trusts and Duties

  	
  15

  
	
  SECTION 7.2

  	
  Furnishing of Documents

  	
  16

  
	
  SECTION 7.3

  	
  Representations and Warranties

  	
  17

  
	
  SECTION 7.4

  	
  Information to be Provided by the Trustee

  	
  17

  
	
  SECTION 7.5

  	
  Reliance; Advice of Counsel

  	
  18

  
	
  SECTION 7.6

  	
  Not Acting in Individual Capacity

  	
  18

  
	
  SECTION 7.7

  	
  Trustee Not Liable For Trust Certificates or
  Receivables

  	
  18

  
	
  SECTION 7.8

  	
  Trustee May Not Own Notes

  	
  19

  
	
   

  	
   

  	
   

  
	
  ARTICLE VIII Compensation of Trustee

  	
  19

  
	
   

  	
   

  	
   

  
	
  SECTION 8.1

  	
  Trustee’s Fees and Expenses

  	
  19

  
	
  SECTION 8.2

  	
  Indemnification

  	
  19

  
	
  SECTION 8.3

  	
  Payments to the Trustee

  	
  20

  
	
   

  	
   

  	
   

  
	
  ARTICLE IX Termination of Trust Agreement

  	
  20

  
	
   

  	
   

  	
   

  
	
  SECTION 9.1

  	
  Termination of Trust Agreement

  	
  20

  
	
   

  	
   

  	
   

  
	
  ARTICLE X Successor Trustees and Additional Trustees

  	
  21

  
	
   

  	
   

  	
   

  
	
  SECTION 10.1

  	
  Eligibility Requirements for Trustee

  	
  21

  
	
  SECTION 10.2

  	
  Resignation or Removal of Trustee

  	
  21

  
	
  SECTION 10.3

  	
  Successor Trustee

  	
  22

  
	
  SECTION 10.4

  	
  Merger or Consolidation of Trustee

  	
  23

  
	
  SECTION 10.5

  	
  Appointment of Co-Trustee or Separate Trustee

  	
  23

  
	
   

  	
   

  	
   

  
	
  ARTICLE XI Miscellaneous

  	
  24

  
	
   

  	
   

  	
   

  
	
  SECTION 11.1

  	
  Supplements and Amendments

  	
  24

  
	
  SECTION 11.2

  	
  No Legal Title To Trust Estate in Certificateholders

  	
  26

  
	
  SECTION 11.3

  	
  Limitations on Rights of Others

  	
  26

  
	
  SECTION 11.4

  	
  Notices

  	
  26

  
	
  SECTION 11.5

  	
  Severability

  	
  26

  
	
  SECTION 11.6

  	
  Separate Counterparts

  	
  26

  

 

 ii
 

 

	
  SECTION 11.7

  	
  Successors and Assigns

  	
  26

  
	
  SECTION 11.8

  	
  Covenants of The Depositor

  	
  27

  
	
  SECTION 11.9

  	
  No Petition

  	
  27

  
	
  SECTION 11.10

  	
  No Recourse

  	
  27

  
	
  SECTION 11.11

  	
  Headings

  	
  27

  
	
  SECTION 11.12

  	
  Governing Law

  	
  27

  
	
  SECTION 11.13

  	
  Administrator

  	
  27

  
	
  SECTION 11.14

  	
  Information to be Provided by the Trustee

  	
  28

  
	
  SECTION 11.15

  	
  Complete Information

  	
  29

  
	
  SECTION 11.16

  	
  Indemnification

  	
  29

  
	
  SECTION 11.17

  	
  Paying Agent Protection

  	
  31

  

 

 iii
 

EXHIBITS

 

	
  EXHIBIT
  A

  	
  Form of Trust Certificate

  	
   

  
	
  EXHIBIT B

  	
  Form of Certificate of Trust

  	
   

  

 

 iv

TRUST AGREEMENT (as
amended or supplemented from time to time, this “Agreement”) dated as of September 1, 2007 between CNH
CAPITAL RECEIVABLES LLC, a Delaware limited liability company, as Depositor,
and Wilmington Trust Company (“WTC”), a
Delaware banking corporation, as Trustee.

ARTICLE
I

Definitions

SECTION
1.1                          Definitions.  Capitalized terms used
herein and not otherwise defined herein are defined in Appendix A to the
Indenture dated as of the date hereof between CNH Equipment Trust 2007-B and
The Bank of New York Trust Company, N.A.

SECTION 1.2                       Other
Definitional Provisions.

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

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

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

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

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

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

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

ARTICLE
II

Organization

SECTION 2.1                          Name.  The
Trust created hereby shall be known as “CNH Equipment Trust 2007-B”, in which
name the Trustee may conduct the business of the Trust, make and execute
contracts and other instruments on behalf of the Trust and sue and be sued.

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

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

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

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

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

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

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

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

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” (“FAS 140”),
including any interpretations thereof or any successor standard issued by the
Financial Accounting Standards Board. 
The Trustee shall have no obligation to determine whether or not any
derivative financial instrument complies with FAS 140.

 2
 

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

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

SECTION 2.6                          Declaration
of Trust.  The Trustee hereby declares that
it will hold the Trust Estate in trust upon and subject to the conditions set
forth herein for the use and benefit of the Certificateholders, subject to the
obligations of the Trust under the Basic Documents. It is the intention of the
parties hereto that the Trust constitute a statutory trust under the Trust
Statute and that this Agreement constitute the governing instrument of such
statutory trust.  It is the intention of
the parties hereto that, solely for income and franchise tax purposes, until
the Trust Certificates are held by a Person other than the Depositor, the Trust
be disregarded as an entity separate from the Depositor and the Notes be treated
as debt of the Depositor.  At such time
that the Trust Certificates are held by more than one Person, it is the
intention of the parties hereto that, solely for income and franchise tax
purposes, the Trust be treated as a partnership, with the assets of the
partnership being the Receivables and other assets held by the Trust, the
partners of the partnership being the Certificateholders (including the
Depositor (or its successor in interest) in its capacity as recipient of
distributions from the Spread Account), and the Notes being debt of the
partnership.  The parties agree that,
unless otherwise required by appropriate tax authorities, until the Trust
Certificates are held by more than one Person the Trust will not file or cause
to be filed annual or other necessary returns, reports and other forms
consistent with the characterization of the Trust as an entity separate from
the Depositor (or other sole owner of the Trust Certificates). Effective as of
the date hereof, the Trustee shall have all rights, powers and duties set forth
herein and in the Trust Statute with respect to accomplishing the purposes of
the Trust.  The Trustee shall file a
Certificate of Trust on behalf of the Trust with the Secretary of State pursuant
to Section 3810 of the Trust Statute.

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

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

 3
 

SECTION 2.9                          Situs
of Trust.  The Trust will be
located and administered in the States of Delaware and Pennsylvania and/or in
any other states to which the Depositor consents in writing.  All bank accounts maintained by the Trustee
on behalf of the Trust shall be located in the State of Delaware or New York
and/or in any other states to which the Depositor consents in writing.  The Trust shall not have any employees.  Payments will be received by the Trust only
in Delaware or New York and/or in any other states to which the Depositor
consents in writing and payments will be made by the Trust only from Delaware
or New York and/or in any other states to which the Depositor consents in
writing.

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

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

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

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

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

(e)                                  The
Depositor has duly executed and delivered this Agreement, and this Agreement
constitutes a legal, valid and binding obligation of the Depositor, enforceable
in accordance with its terms, except as enforceability may be subject to or
limited by bankruptcy, insolvency, reorganization or other similar laws
affecting the

 4
 

enforcement of
creditors’ rights generally and by general principles of equity (regardless of
whether such enforcement is considered in a proceeding in equity or at law).

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

ARTICLE
III

Trust Certificates and Transfer of Interests

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

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

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

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

 5
 

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, 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, the Trustee shall execute,
authenticate and deliver the Trust Certificates that the Certificateholder
making the exchange is entitled to receive.

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

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

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

The Trust Certificates and any beneficial interest in
such Trust Certificates may not be acquired by: (a) an employee benefit plan
(as defined in Section 3(3) of ERISA) that is subject to the provisions of
Title I of ERISA, (b) a plan described in Section 4975(e)(1) of the Code or (c)
any entity whose underlying assets include plan assets of any of the foregoing
(each a “Benefit Plan”). By
accepting and holding a Trust Certificate or an interest therein, the
Certificateholder

 6
 

thereof shall be deemed to have represented and
warranted that it is not a Benefit Plan. The Trustee shall have no obligation
to determine whether or not a Certificateholder of a Trust Certificate is or is
not a Benefit Plan.

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

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

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

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

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

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

 7
 

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.

SECTION 3.8                          Maintenance
of Office or Agency.  The Trustee
shall maintain an office or offices or agency or agencies where Trust
Certificates may be surrendered for registration of transfer or exchange and
where notices and demands to or upon the Trustee in respect of the Trust
Certificates and the Basic Documents may be served.  The Trustee initially designates its
Corporate Trust Office as its principal corporate trust office for such
purposes.  The Trustee shall give prompt
written notice to the Depositor 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 

 8
 

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 Indenture Trustee, and any co-paying agent chosen
by and acceptable to the Trustee.  The
Paying Agent shall be permitted to resign as Paying Agent upon 30 days’ written
notice to the Trustee. In the event that the Indenture Trustee shall not be the
Paying Agent, the Trustee shall appoint a successor to act as Paying Agent
(which shall be a bank or trust company). 
The Trustee shall cause such successor Paying Agent or any additional
Paying Agent appointed by the Trustee to execute and deliver to the Trustee an
instrument in which such successor Paying Agent or additional Paying Agent
(other than the Indenture Trustee or the Trustee as Paying Agent) shall agree
with the Trustee that as Paying Agent, such successor Paying Agent or
additional Paying Agent will hold all sums, if any, held by it for payment to
the Certificateholders in trust for the benefit of the Certificateholders
entitled thereto until such sums shall be paid to such Certificateholders.  The Paying Agent shall return all unclaimed
funds to the Trustee and upon removal of a Paying Agent such Paying Agent shall
also return all funds in its possession to the Trustee.  The provisions of Sections 7.1, 7.3, 7.4 and 8.1
shall apply to the Indenture Trustee or Trustee to the extent the Indenture
Trustee or Trustee is a Paying Agent, for so long as the Indenture Trustee or
Trustee, as applicable, shall act as Paying Agent and, to the extent
applicable, to any other paying agent appointed hereunder. Any reference in
this Agreement to the Paying Agent shall include any co-paying agent unless the
context requires otherwise.

ARTICLE
IV

Actions by Trustee

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

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

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

(c)                                  the
amendment, change or modification of the Administration Agreement, except to
cure any ambiguity or to amend or supplement any provision in a

 9
 

manner, or add any
provision, that would not materially adversely affect the interests of the
Certificateholders; or

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

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

SECTION 4.3                          Action
By Certificateholders With Respect to Bankruptcy.  The Trustee shall not have the power to
commence a voluntary proceeding in bankruptcy relating to the Trust (i) until
one year and one day after the Outstanding Amount of all the Notes has been
reduced to zero and (ii) without the unanimous prior approval of all
Certificateholders and (iii) without the delivery to the Trustee by each such
Certificateholder of a certificate certifying that such Certificateholder
reasonably believes that the Trust is insolvent.

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

SECTION 4.5                          Majority
Control.  Except as
expressly provided herein, any action that may be taken by the
Certificateholders under this Agreement may be taken by the Certificateholders
holding in the aggregate more than 50% of the beneficial interest in the Trust
at the time of such action. Except as expressly provided herein, any written
notice of the Certificateholders delivered pursuant to this Agreement shall be
effective if signed by Certificateholders holding in the aggregate more than
50% of the beneficial interest in the Trust at the time of such action.

ARTICLE
V

Application of Trust Funds; Certain Duties

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

 10
 

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

SECTION
5.2                          Applications
of Trust Funds.

(a)                                  On
each Payment Date, the Indenture Trustee (if any Notes are Outstanding or
amounts are still due to the Counterparties) or the Trustee (if the Notes and
all payments to the Counterparties have been paid in full) will distribute to
Certificateholders, on a pro rata basis, amounts deposited in the Certificate
Distribution Account pursuant to Section 5.6
of the Sale and Servicing Agreement.

(b)                                 On
each Payment Date, the Indenture Trustee or the Trustee shall send to each
Certificateholder the statement provided to the Indenture Trustee or the
Trustee, as applicable, by the Servicer pursuant to Section 5.11 of the Sale and Servicing Agreement.

(c)                                  In
the event that any withholding tax is imposed on the Trust’s payment (or
allocations of income) to a Certificateholder, such tax shall reduce the amount
otherwise distributable to the Certificateholder in accordance with this
Section.  The Indenture Trustee and the
Trustee, as applicable, are hereby authorized and directed to retain from
amounts otherwise distributable to the Certificateholders sufficient funds for
the payment of any tax that is legally owed by the Trust (but such
authorization shall not prevent the Indenture Trustee or the Trustee, as
applicable, from contesting any such tax in appropriate proceedings, and
withholding payment of such tax, if permitted by law, pending the outcome of
such proceedings).  The amount of any
withholding tax imposed with respect to a Certificateholder shall be treated as
cash distributed to such Certificateholder at the time it is withheld by the
Trust. If there is a possibility that withholding tax is payable with respect
to a distribution (such as a distribution to a non-U.S. Certificateholder), the
Indenture Trustee or the Trustee, as applicable, may, in its sole discretion,
withhold such amounts in accordance with this paragraph (c).  Notwithstanding any other provision of this
Agreement, the Trust shall withhold and pay over to the Internal Revenue
Service, pursuant to Sections 1441, 1442 and 1446 of the Code (or any successor
provisions or any other provision as may be enacted into law), at such times as
required by such provisions, such amounts as the Trust is required to withhold
under such provision on account of any foreign Certificateholder’s distributive
share of income of the Trust, as if the entire amount of such foreign
Certificateholder’s distributive share of such income is subject to withholding
tax pursuant to such provisions.  To the
extent that a foreign Certificateholder claims to be

 11
 

entitled to a
reduced rate of, or exemption from, U.S. withholding tax pursuant to an applicable
income tax treaty, or otherwise, such foreign Certificateholder shall furnish
the Depositor and the Trustee with such information and forms as it may require
and are necessary to comply with the regulations governing the obligations of
withholding tax agents, which the Depositor may forward to the Indenture
Trustee.  Each foreign Certificateholder
represents and warrants that any such information and form furnished by it
shall be true and accurate and agrees to indemnify the Trust and each of the
other Certificateholders from any and all damages, costs and expenses resulting
from the filing of inaccurate or incomplete information or forms relating to
such withholding taxes.  In the event
that a Certificateholder wishes to apply for a refund of any such withholding
tax, the Indenture Trustee or the Trustee, as applicable, shall reasonably
cooperate with such Certificateholder in making such claim so long as such
Certificateholder agrees to reimburse the Indenture Trustee or the Trustee, as
applicable, for any out-of-pocket expenses incurred.

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

SECTION 5.4                          No
Segregation of Monies; No Interest. 
Subject to Sections 5.1 and 5.2, monies received by the Trustee or the
Paying Agent hereunder need not be segregated in any manner except to the
extent required by law or the Sale and Servicing Agreement and may be deposited
under such general conditions as may be prescribed by law, and the Trustee or
the Paying Agent, as applicable, shall not be liable for any interest thereon.

SECTION 5.5                          Accounting
and Reports to the Noteholders, Certificateholders, the Internal Revenue
Service and Others.  The
Depositor or, if any Trust Certificates are held by any Person other than the
Depositor or its Affiliate, the Trustee, shall: (a) maintain (or cause to be
maintained) the books of the Trust on a calendar year basis on the accrual
method of accounting, (b) deliver to each Certificateholder, as may be required
by the Code and applicable Treasury Regulations, such information as may be
required (including Schedule K-1, if applicable) to enable each
Certificateholder to prepare its federal, State and local income tax returns,
(c) file such tax returns relating to the Trust (including, if applicable, a
partnership information return on Internal Revenue Service Form 1065 or its
successor), and make such elections as may from time to time be required or
appropriate under any applicable State or federal statute or rule or regulation
thereunder so as to maintain the Trust’s characterization as a disregarded
entity or partnership for federal income tax purposes, as applicable, (d) cause
such tax returns to be signed in the manner required by law and (e) collect or
cause to be collected any withholding tax as described in and in accordance
with Section 5.2(c) with respect to income or distributions to
Certificateholders.  The Trustee shall
elect under Section 1278 of the Code to include in income currently any market
discount that accrues with respect to the Receivables and shall elect under 

 12
 

Section 171 of the Code
to amortize any bond premium with respect to the Receivables.  The Trustee shall not make the election
provided under Section 754 of the Code.

SECTION
5.6                          Signature
on Returns; Tax Matters Partner.

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

(b)                                 In
the event the Trust is characterized as a partnership, in accordance with
Section 2.6, the Depositor shall be designated the “tax matters partner” of the
Trust pursuant to Section 6231(a)(7)(A) of the Code and applicable Treasury
Regulations.

ARTICLE
VI

Authority and Duties of Trustee

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

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

SECTION
6.3                          Action
upon Instruction.

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

(b)                                 The
Trustee shall not be required to take any action hereunder or under any Basic
Document if the Trustee shall have reasonably determined, or shall have been

 13
 

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.

(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

 14
 

as may be necessary to
discharge any Liens on any part of the Trust Estate arising by, through or
under the Trustee (including in its individual capacity) which are unrelated to
the administration or ownership of the Trust Estate.

Further, notwithstanding anything to the contrary
herein or in any other document, the Trustee shall not be required to execute,
deliver or certify on behalf of the Trust, the Servicer, the Depositor or any
other Person any filings, certificates, affidavits or other instruments
required under Section 302 of the Sarbanes-Oxley Act of 2002.  Notwithstanding any Person’s right to
instruct the Trustee, neither the Trustee nor any agent, employee, director or
officer of the Trustee shall have any obligation to execute any certificates or
other documents required pursuant to Section 302 of the Sarbanes-Oxley Act
of 2002 or the rules and regulations promulgated thereunder, and the refusal to
comply with any such instructions shall not constitute a default or breach
under this Agreement or any other document in connection herewith.

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

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

ARTICLE
VII

Concerning the Trustee

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

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

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

 15

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

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

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

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

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

 16
 

SECTION 7.3                          Representations
and Warranties.  The Trustee
hereby represents and warrants to the Depositor, for the benefit of the
Certificateholders, that as of the date hereof (other than with respect to
Section 7.3(e), which is as of the dates specified therein):

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

(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 First Preliminary Prospectus
Date, the Second Preliminary Prospectus Date, the Prospectus Date and the
Closing Date, to its knowledge without independent investigation, there are no
legal proceedings pending against the Trustee, or of which any property of the
Trustee is subject, that are material to the Noteholders, and to the knowledge
of the Trustee no such legal proceedings are contemplated by any governmental
authority.

SECTION 7.4                          Information
to be Provided by the Trustee. 
The Trustee shall notify the Depositor promptly after the Trustee
becomes aware of (a) the initiation of any legal proceedings against the
Trustee, or of which any property of the Trustee is subject, that are material
to the Noteholders, (b) any developments in any such proceedings that are
material to the Noteholders and (c) any such proceedings that are contemplated
by any governmental authority.

 17
 

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, any treasurer, any assistant treasurer, any
secretary, any assistant secretary or other authorized officers of the relevant
party as to such fact or matter, and such certificate shall constitute full
protection to the Trustee for any action taken or omitted to be taken by it in
good faith in reliance thereon.

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

SECTION 7.6                          Not
Acting in Individual Capacity. 
Except as provided in this Article
VII, in accepting the trusts hereby created Wilmington Trust Company
acts solely as Trustee hereunder and not in its individual capacity and all
Persons having any claim against the Trustee by reason of the transactions
contemplated by this Agreement or any Basic Document shall look only to the
Trust Estate for payment or satisfaction thereof.

SECTION 7.7                          Trustee
Not Liable For Trust Certificates or Receivables.  The recitals contained herein and in the
Trust Certificates (other than the signature and counter-signature of the
Trustee on the Trust Certificates) shall be taken as the statements of the
Depositor, and the Trustee assumes no responsibility for the correctness
thereof.  The Trustee makes no representations
as to the validity or sufficiency of this Agreement, of any Basic Document, of
the Trust Certificates (other than the signature and countersignature, if any,
of the Trustee on the Trust Certificates) or of the Notes, or of any Receivable
or related documents.  The Trustee shall
at no time have any responsibility or liability for or with respect to the
legality, validity and enforceability of any Receivable, or the perfection and
priority of any security interest created by any Receivable in any of the
Financed Equipment or the maintenance of any such perfection and priority, or
for or with respect to the sufficiency of the Trust Estate or its ability to
generate the payments to be distributed to Certificateholders under this
Agreement or the Noteholders under the Indenture, including: (a) the existence,
condition and ownership of any Financed Equipment, (b) the existence and
enforceability of any insurance thereon, (c) the existence and contents of any
Receivable on any computer or other record thereof, (d) the validity of the
assignment of any

 18
 

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.

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

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

ARTICLE
IX

Termination of Trust Agreement

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

(b)                                 Except
as provided in Section 9.1(a), neither the Depositor nor any Certificateholder
shall be entitled to dissolve, revoke or terminate the Trust; provided  however,
for the sake of clarity, no action is necessary by the Depositor, the
Certificateholder or any other Person as a prerequisite for a dissolution under
Section 9.1(a) to occur.

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

In the event that all of the Certificateholders shall
not surrender their Trust Certificates for cancellation within six months after
the date specified in the above mentioned written notice, the Trustee shall
give a second written notice to the remaining Certificateholders to surrender
their Trust Certificates for cancellation and to receive the final distribution
with respect thereto.  If within one year
after the second notice all the Trust Certificates shall not have

 20
 

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

ARTICLE
X

Successor Trustees and Additional Trustees

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

SECTION
10.2                    Resignation
or Removal of Trustee.

(a)                                  The
Trustee may at any time resign and be discharged from the trusts hereby created
by giving written notice thereof to the Administrator.  Upon receiving such notice of resignation,
the Administrator shall promptly appoint a successor Trustee by written
instrument, in duplicate, one copy of which instrument shall be delivered to
the resigning Trustee and one copy to the successor Trustee.  Other than such instrument, and as provided
in Section 10.2(b) and 10.3 below, no other documentation or action shall be
required, and notwithstanding anything to the contrary herein or in the Basic
Documents, no consent shall be required of any Person with respect to such
appointment or entering into any such agreement, and the amendment provisions
hereof will not apply to such instrument. 
If no successor Trustee shall have been so appointed and have accepted
appointment within 30 days after the giving of such notice of resignation, the
resigning Trustee may petition at the expense of the Administrator any court of
competent jurisdiction for the appointment of a successor Trustee.

 21
 

If at any time the Trustee shall cease to be eligible
in accordance with Section 10.1
and shall fail to resign after written request therefor by the Administrator,
or if at any time the Trustee shall be legally unable to act, or shall be
adjudged bankrupt or insolvent, or a receiver of the Trustee or of its property
shall be appointed, or any public officer shall take charge or control of the
Trustee or of its property or affairs for the purpose of rehabilitation,
conservation or liquidation, then the Administrator may remove the
Trustee.  If the Administrator shall
remove the Trustee under the authority of the preceding sentence, the Administrator
shall promptly appoint a successor Trustee by written instrument, in duplicate,
one copy of which instrument shall be delivered to the outgoing Trustee so
removed and one copy to the successor Trustee, and pay all fees owed to the
outgoing Trustee.  Other than such
instrument, and as provided in Section 10.2(b) and 10.3 below, no other
documentation or action shall be required, and notwithstanding anything herein
or in the Basic Documents to the contrary, no consent shall be required of any
Person with respect to such appointment or entering into any such agreement,
and the amendment provisions hereof will not apply to such instrument.

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

SECTION 10.3                    Successor
Trustee.  Any successor Trustee
appointed pursuant to Section 10.2
shall execute, acknowledge and deliver to the Administrator and to its
predecessor Trustee an instrument accepting such appointment under this
Agreement, and thereupon the resignation or removal of the predecessor Trustee
shall become effective and such successor Trustee, without any further act,
deed or conveyance, shall become fully vested with all the rights, powers,
duties, and obligations of its predecessor under this Agreement, with like
effect as if originally named as the Trustee. 
Such instrument shall identify the situs of the Trust, locations where
payments will be made and/or received, and where bank accounts will be
maintained for purposes of Section 2.9 hereof, if such locations are to change
following such appointment.  As of the
effective date of such instrument, Section 2.9 hereof shall be read to include
such locations identified in such instrument. The predecessor Trustee shall
upon payment of its fees and expenses deliver to the successor Trustee all
documents and statements and monies held by it under this Agreement; and the
Administrator and the predecessor Trustee shall execute and deliver such instruments
and do such other things as may reasonably be required for fully and certainly
vesting and confirming in the successor Trustee all such rights, powers, duties
and obligations.

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

Upon acceptance of appointment by a successor Trustee
pursuant to this Section, the Administrator shall mail notice of such
appointment to all Certificateholders, the Indenture Trustee, the
Counterparties, 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.

 22
 

Any successor Trustee shall file an amendment to the
Certificate of Trust as required by the Statutory Trust Act.

SECTION 10.4                    Merger
or Consolidation of Trustee.  Any
corporation or other entity into which the Trustee may be merged or converted
or with which it may be consolidated, or any corporation resulting from any
merger, conversion or consolidation to which the Trustee shall be a party, or
any corporation succeeding to all or substantially all of the corporate trust
business of the Trustee, shall be the successor of the Trustee hereunder;
provided, such corporation shall be eligible pursuant to Section 10.1, without the execution or
filing of any instrument or any further 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 Counterparties.

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

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

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

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

 23
 

(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.  Any term or
provision of this Agreement may be amended by the Depositor and the Trustee
without the consent of the Indenture Trustee, any Noteholder, the Issuing
Entity or any other Person subject to the satisfaction of one of the following
conditions:

(i)                                     the
Depositor delivers an Opinion of Counsel to the Indenture Trustee to the effect
that such amendment will not materially and adversely affect the interests of
the Noteholders or the Certificateholders; or

(ii)                                  the
Depositor delivers an Officer’s Certificate of the Depositor to the Indenture
Trustee to the effect that such amendment will not materially and adversely
affect the interests of the Noteholders or the Certificateholders.

An amendment shall be deemed not to adversely affect
in any material respect the interests of any Noteholders of a Class of Notes if
the Rating Agency Condition has been satisfied with respect to such amendment
for such Class of Notes.

This Agreement may also be amended from time to time
by the Depositor and the Trustee, with prior written notice to the Rating
Agencies and the Counterparties, 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

 24
 

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 Counterparties, 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 Counterparties.

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

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

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

With respect to any amendment pursuant to this Section 11.1, if any amendment or supplement would either:
(a) materially and adversely affect any of the Counterparties’ rights or
obligations under an Interest Rate Swap Agreement or any other Basic Document;
or (b) materially and adversely modify the obligations of, or materially and
adversely impact the ability of, the Trust to fully perform any of the Trust’s
obligations under an Interest Rate Swap Agreement, the Trust and the Indenture
Trustee shall be required to first obtain the written consent of the applicable
Counterparties to the affected Interest Rate Swap Agreements before entering
into any such amendment or supplement (which consent shall not be unreasonably
withheld).

 25
 

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 Counterparties and the
Noteholders, and nothing in this Agreement, whether express or implied, shall
be construed to give to any other Person any legal or equitable right, remedy
or claim in the Trust Estate or under or in respect of this Agreement or any
covenants, conditions or provisions contained herein.

SECTION 11.4                    Notices.  (a) Unless otherwise expressly specified or
permitted by the terms hereof, all notices shall be in writing, personally
delivered, by facsimile or mailed by certified mail, postage prepaid and return
receipt requested, and shall be deemed to have been duly given upon receipt:
(i) if to the Trustee, Indenture Trustee or the Paying Agent, addressed to the
applicable Corporate Trust Office, (ii) if to the Depositor, addressed to CNH
Capital Receivables LLC, 6900 Veterans Boulevard, Burr Ridge, Illinois 60527,
Attention: Assistant Treasurer, (telephone: (630) 887-2095) (facsimile: (630)
887-5448), and (iii) if to the Counterparties, addressed to the addresses set
forth in Section 11.4 of the Indenture; or, as to each party, at such other
address or facsimile number as shall be designated by such party in a written
notice to the other party.

(b)                                 Any
notice required or permitted to be given to a Certificateholder shall be given
by first-class mail, postage prepaid, at the address of such Certificateholder
as shown in the Certificate Register. 
Any notice so mailed within the time prescribed in this Agreement shall
be conclusively presumed to have been duly given, whether or not the
Certificateholder receives such notice.

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

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

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

 26
 

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

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

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

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

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

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

 27
 

SECTION 11.14              Information
to be Provided by the Trustee. 
For so long as the Depositor is required to report under Regulation AB
and the Exchange Act, the Trustee shall, as promptly as practicable, but in any
case no later than each Payment Date, notify the Depositor, in writing, of: (i)
the commencement of or, if applicable, the termination of, any and all legal
proceedings pending against the Trustee or any and all proceedings of which any
property of the Trustee is the subject, that is material to the noteholders;
and (ii) the commencement of or, if applicable, the termination of, any and all
such proceedings known to be contemplated by governmental authorities against
the Trustee or any and all proceedings of which any property of the Trustee is
the subject, that is material to the noteholders.  The Trustee shall also notify the Depositor,
in writing, as promptly as practicable, but in any case no later than each
Payment Date, following notice to or discovery by a Responsible Officer of the
Trustee of any material changes to proceedings described in the preceding
sentence.  In addition, the Trustee will
furnish to the Depositor, in writing, the necessary disclosure regarding the Trustee
describing such proceedings required to be disclosed under Regulation AB,
including Item 1117 of Regulation AB, for inclusion in reports filed by or on
behalf of the Depositor pursuant to the Exchange Act.

For so long as the Notes are outstanding and the
Depositor is required to report under Regulation AB and the Exchange Act, the
Trustee shall (i) on or before the fifth Business Day of each January, April,
July and October provide to the Depositor, in writing, such information
regarding or relating to the Trustee as is required for the purpose of
compliance by the Depositor with Regulation AB, including Items 1109(a),
1109(b), 1119(a) and 1119(b) of Regulation AB; and (ii) as promptly as
practicable following notice to or discovery by a Responsible Officer of the
Trustee of any changes to such information (but in any case no later than the
next March 15 following such change), provide to the Depositor, in writing,
such updated information.  Such
information shall include, at a minimum:

(A)                              the
Trustee’s name and form of organization;

(B)                                a
description of the extent to which the Trustee has had prior experience serving
as a trustee for asset-backed securities transactions involving equipment
receivables; and

(C)                                a
description of any affiliation between the Trustee and any of the following
parties (the “Affiliation Parties”), as such parties are identified by legal
name to the Trustee by the Depositor on the Closing Date:

(1)                                  the
sponsor;

(2)                                  any
depositor;

(3)                                  the
issuing entity;

(4)                                  any
servicer;

(5)                                  any
other trustee;

(6)                                  any
originator;

(7)                                  any
significant obligor;

(8)                                  any
enhancement or support provider; and

(9)                                  any
other material party related to the transaction.

In addition, the Trustee shall provide a description
of whether there is, and if so the general character of, any business
relationship, agreement, arrangement, transaction or

 28
 

understanding between the Trustee and any above-listed
party that is entered into outside the ordinary course of business or is on
terms other than would be obtained in an arm’s length transaction with an
unrelated third party, apart from this transaction, that currently exists or
that existed during the past two years and that is material to an investor’s
understanding of the Notes.

For so long as the Notes are outstanding and the
Depositor is required to report under the Exchange Act, to the extent that
there is a change in any of the Affiliation Parties, the Depositor will notify
the Trustee in writing of a change or addition to any such Affiliation Parties,
to the extent that an Authorized Officer of the Depositor has actual knowledge
of such change or addition.

SECTION 11.15              Complete Information.  The Disclosure Information (as defined in
Section 11.16) provided by WTC for inclusion in the Prospectus, the First Preliminary
Prospectus and the Second Preliminary Prospectus is true and accurate in all
material respects.  As of the First
Preliminary Prospectus Date, the Second Preliminary Prospectus Date and the
Prospectus Date (a) there are no legal proceedings pending or known to be
contemplated by governmental authorities against WTC or against any property of
WTC, that would be material to the Noteholders, (b) WTC is not affiliated with
any of the Affiliation Parties, and (c) there is no business relationship,
agreement, arrangement, transaction or understanding between the Trustee and
any of the Affiliation Parties that is entered into outside the ordinary course
of business or is on terms other than would be obtained in an arm’s length
transaction with an unrelated third party, apart from this transaction, that
currently exists or that existed during the past two years and that is material
to an investor’s understanding of the Notes.

SECTION
11.16              Indemnification.

(a)                                  WTC
agrees to pay, and to protect, indemnify and save harmless Depositor and CNHCA
from and against, any and all claims, losses, liabilities (including
penalties), actions, suits, judgments, demands, damages, costs or expenses
(including reasonable fees and expenses of attorneys or, as necessary consultants
and auditors and reasonable costs of investigations) (collectively, “Losses”)
of any nature to the extent such Losses result from:

(i)                                     any
untrue statement of a material fact contained in (x) the information provided
by the Trustee pursuant to Section 11.14 (“Periodic
Information”) or (y) the language set forth in Section 11.16(b)
that was furnished by WTC for use under the heading “The Trustee” in the
prospectus supplement contained in the Prospectus, the First Preliminary
Prospectus and the Second Preliminary Prospectus (the “Disclosure
Information”, and together with the Periodic Information and the 11.15
Information, the “Trustee Information”) or (z) Section
11.15 (the “11.15 Information”), or

(ii)                                  the
omission to state in the Trustee Information a material fact required to be
stated in the Trustee Information, or necessary in order to make the statements
therein, in the light of the circumstances under which they were made, not
misleading,

 29
 

(b)                                 The
Disclosure Information for purposes of Section 11.16(a)(ii)
is as follows:

“Wilmington
Trust Company is a Delaware banking corporation with trust powers incorporated
in 1903.  Wilmington Trust’s principal place of business is located at
1100 North Market Street, Rodney Square North, Wilmington, Delaware 19890. Wilmington
Trust has served as trustee in numerous asset-backed securities transactions
involving equipment retail installment loans, consumer installment loans and
retail installment sale contracts.

Wilmington
Trust Company is subject to various legal proceedings that arise from time to
time in the ordinary course of business.  Wilmington Trust Company does
not believe that the ultimate resolution of any of these proceedings will have
a materially adverse effect on its services as trustee or on the noteholders.

Wilmington
Trust Company has provided the above information for purposes of complying with
Regulation AB. Other than the above two paragraphs, Wilmington Trust Company
has not participated in the preparation of, and is not responsible for, any
other information contained in this prospectus.”

(c)                                  With
respect to the indemnification provided in Section 11.16(a), in no event will
WTC be liable for special, indirect or consequential damages relating to such
indemnification.  In case any proceeding
(including any governmental investigation) shall be instituted involving any
person in respect of which indemnity may be sought pursuant thereto, such
person (the “indemnified party”) shall promptly notify WTC in writing.  In
any such proceeding, any indemnified party shall have the right to retain its
own counsel, but the reasonable fees and expenses of such counsel shall be at
the expense of such indemnified party. 
WTC may, at its option, at any time upon written notice to the
indemnified party, assume the defense of any proceeding relating to such
indemnity and may designate counsel reasonably satisfactory to the indemnified
party in connection therewith provided that the counsel so designated would
have no actual or potential conflict of interest in connection with such
representation.  Unless it shall assume the defense of any proceeding WTC
shall not be liable for any settlement of any proceeding effected without its
written consent.  If WTC assumes the defense of any proceeding, it shall
be entitled to settle such proceeding with the consent of the indemnified party
or, if such settlement provides for release of the indemnified party in
connection with all matters relating to the proceeding which have been asserted
against the indemnified party in such proceeding by the other parties to such
settlement, without the consent of the indemnified party.

(d)                                 Depositor
agrees to pay, and to protect, indemnify and save harmless WTC, and its
respective officers, directors, shareholders, employees, agents and each person,
if any, who controls WTC, within the meaning of either Section 15 of the
Securities Act or Section 20 of the Exchange Act, from and against, any and all
claims, losses, liabilities (including penalties), actions, suits, judgments,
demands, damages, costs or expenses (including reasonable fees and expenses of
attorneys or, as necessary, consultants and auditors and reasonable costs of
investigations) (collectively, “WTC Losses”) of any nature to the extent such
WTC Losses result from any untrue statement of a material fact contained under
the heading “Depositor” in the base prospectus

 30
 

contained in the First Preliminary Prospectus, the
Second Preliminary Prospectus and the Prospectus, any omission to state under
the heading “Depositor” in the base prospectus contained in the First
Preliminary Prospectus, the Second Preliminary Prospectus and the Prospectus a
material fact required to be stated therein or necessary to make the statements
therein, in light of the circumstance under which they were made, not
misleading, or any untrue information with respect to Affiliation Parties
provided by the Depositor pursuant to the last paragraph of Section 11.14
(unless WTC has actual knowledge that such Affiliation Party information is
incorrect).

(e)                                  With
respect to the indemnification provided in Section 11.16(d), in no event will
Depositor be liable for special, indirect or consequential damages relating to
such indemnification.  In case any
proceeding (including any governmental investigation) shall be instituted involving
any person in respect of which indemnity may be sought pursuant thereto, such
person (the “indemnified party”) shall promptly notify Depositor in
writing.  In any such proceeding, any indemnified party shall have the
right to retain its own counsel, but the reasonable fees and expenses of such
counsel shall be at the expense of such indemnified party.  Depositor may, at its option, at any time
upon written notice to the indemnified party, assume the defense of any
proceeding relating to such indemnity and may designate counsel reasonably
satisfactory to the indemnified party in connection therewith provided that the
counsel so designated would have no actual or potential conflict of interest in
connection with such representation.  Unless it shall assume the defense
of any proceeding Depositor shall not be liable for any settlement of any
proceeding effected without its written consent.  If Depositor assumes the
defense of any proceeding, it shall be entitled to settle such proceeding with
the consent of the indemnified party or, if such settlement provides for
release of the indemnified party in connection with all matters relating to the
proceeding which have been asserted against the indemnified party in such
proceeding by the other parties to such settlement, without the consent of the
indemnified party.

SECTION 11.17              Paying
Agent Protection.  The Paying
Agent shall be entitled to all the same rights, protections, immunities and
indemnities as the Indenture Trustee under the Indenture as if specifically set
forth herein.

*   *   *  
*   *

 31

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

	
  

  	
  Wilmington Trust Company,

  
	
   

  	
  in its individual
  capacity and

  
	
   

  	
  as Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Dorri E. Wolhar

  	
   

  
	
   

  	
   

  	
  Name: Dorri E. Wolhar

  
	
   

  	
   

  	
  Title: Financial Services Officer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  CNH Capital Receivables LLC

  
	
   

  	
  as Depositor

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Thomas N. Beckmann

  	
   

  
	
   

  	
   

  	
  Name:   Thomas N. Beckmann

  
	
   

  	
   

  	
  Title:   Assistant Treasurer

  

 

 S-1

	
  ACKNOWLEDGED AND ACCEPTED:

  	
   

  
	
   

  	
   

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

  	
   

  
	
  As Indenture Trustee and as Paying Agent,

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
  /s/ Keith Richardson

  	
   

  	
   

  
	
   

  	
  Name: Keith Richardson

  	
   

  
	
   

  	
  Title: Vice President

  	
   

  
					

 

 2

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 2007-B

TRUST
CERTIFICATE

evidencing a fractional undivided beneficial interest in the Trust (as
defined below), the property of which includes a pool of retail installment
sale contracts and retail installment loans (including consumer installment
loans) secured by new and used agricultural, construction and/or other
equipment and sold to the Trust by CNH Capital Receivables LLC.

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

THIS CERTIFIES THAT CNH CAPITAL RECEIVABLES LLC is the
registered owner of a nonassessable, fully-paid, fractional undivided interest
in CNH Equipment Trust 2007-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, 2007 (the “Trust Agreement”) between the Depositor and
Wilmington Trust Company, as trustee (the “Trustee”).  To the extent not otherwise defined herein,
the capitalized terms used herein have the meanings assigned to them in the
Trust Agreement or the Sale and Servicing Agreement (the “Sale and Servicing Agreement”) dated as of
September 1, 2007 among the Trust, the Depositor and New Holland Credit
Company, LLC, as servicer (the “Servicer”),
as applicable.  This Trust Certificate is
one of the duly authorized Trust Certificates (herein called the “Trust Certificates”) issued under and
subject to the terms, provisions and conditions of the Trust Agreement, to
which Trust Agreement the holder of this Trust Certificate by virtue of the
acceptance hereof assents and by which holder is bound.  The provisions and conditions of the Trust
Agreement are hereby incorporated by reference as though set forth in their
entirety herein.

Issued under the Indenture dated as of September 1,
2007 between the Trust and The Bank Of New York Trust Company, N.A., as
Indenture Trustee, are notes designated as “[    ]% Class
A-1 Asset Backed Notes,” “[Floating Rate]% Class A-2a Asset Backed Notes,” “[    ]%
Class A-2b Asset Backed Notes,” “[Floating Rate]% Class A-3a Asset Backed
Notes,” “[    ]% Class A-3b Asset Backed Notes,” “[Floating
Rate] Class A-4a Asset Backed Notes,” “[    ]% Class A-4b
Asset Backed Notes,” and “[    ]% Class B Asset Backed
Notes”.  The holder of this Trust
Certificate acknowledges and agrees that its rights to receive

 A-1
 

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

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

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

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

This Trust Certificate does not represent an
obligation of, or an interest in, the Depositor, the Servicer, CNH Capital
America LLC, New Holland Credit Company, LLC, CNH America 

 A-2
 

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, the Sale and Servicing Agreement or any of
the Basic Documents or be valid for any purpose.

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

 A-3
 

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

	
  

  	
  CNH Equipment Trust 2007-B,

  
	
   

  	
   

  
	
   

  	
  By:  Wilmington Trust Company,

  
	
   

  	
  not in its
  individual capacity, but

  
	
   

  	
  solely as
  Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  
					

 

 A-4
 

TRUSTEE’S
CERTIFICATE OF AUTHENTICATION

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

	
  

  	
  Wilmington Trust Company,

  
	
   

  	
   

  	
  as Trustee

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Authorized Officer

  	
   

  

 

 

Date:      September       , 2007

 A-5
 

ASSIGNMENT

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

PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE

	
  

  

(Please print or type name and address, including postal zip code, of
assignee) the within Trust Certificate, and all rights thereunder, hereby
irrevocably constituting and appointing Attorney to transfer said Trust
Certificate on the books of the Certificate Registrar, with full power of
substitution in the premises.

 

 

	
  Dated:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Signature Guaranteed:

  	
   

  

 

	
  

  

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

 A-6

EXHIBIT B

to the Trust Agreement

CERTIFICATE
OF TRUST

OF

CNH
EQUIPMENT TRUST 2007-B

THIS CERTIFICATE OF TRUST of CNH EQUIPMENT TRUST
2007-B (the “Trust”), is being
duly executed and filed by Wilmington Trust Company, a Delaware banking
corporation, as trustee, to form a statutory trust under the Delaware Statutory
Trust Act (12 Del. C.  §3801, et seq.
(the “Act”).

Name.  The name of the statutory trust being formed
hereby is CNH Equipment Trust 2007-B.

Delaware Trustee.  The name and business address of the trustee
of the Trust in the State of Delaware are Wilmington Trust Company, Rodney
Square North, 1100 North Market Street, Wilmington, Delaware 19890-0001.  Attention: Corporate Trust Administration.

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

 B-1
 

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

	
  

  	
  Wilmington Trust Company,

  
	
   

  	
  not in its
  individual capacity, but solely as

  
	
   

  	
  Trustee under a
  Trust Agreement dated as

  
	
   

  	
  of September 1,
  2007

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  

 

 B-2Exhibit
4.3

CNH
EQUIPMENT TRUST 2007-B

SALE AND
SERVICING AGREEMENT

among

CNH
EQUIPMENT TRUST 2007-B,

as
Issuing Entity,

and

CNH
CAPITAL RECEIVABLES LLC,

as
Seller,

and

NEW
HOLLAND CREDIT COMPANY, LLC,

as
Servicer

Dated as
of September 1, 2007

TABLE OF
CONTENTS

	
  ARTICLE I Definitions

  	
   

  	
  1

  
	
  Section 1.1.

  	
   

  	
  Definitions

  	
   

  	
  1

  
	
  Section 1.2.

  	
   

  	
  Other Definitional Provisions

  	
   

  	
  1

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE II Conveyance of Receivables and Grant of
  Security Interest in the Backup Servicer Account

  	
   

  	
  2

  
	
  Section 2.1.

  	
   

  	
  Conveyance of Initial Receivables

  	
   

  	
  2

  
	
  Section 2.2.

  	
   

  	
  Conveyance of Subsequent Receivables

  	
   

  	
  3

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE III The Receivables

  	
   

  	
  6

  
	
  Section 3.1.

  	
   

  	
  Representations and Warranties of Seller

  	
   

  	
  6

  
	
  Section 3.2.

  	
   

  	
  Repurchase upon Breach

  	
   

  	
  6

  
	
  Section 3.3.

  	
   

  	
  Custody of Receivable Files

  	
   

  	
  7

  
	
  Section 3.4.

  	
   

  	
  Duties of Servicer as Custodian

  	
   

  	
  8

  
	
  Section 3.5.

  	
   

  	
  Instructions; Authority To Act

  	
   

  	
  8

  
	
  Section 3.6.

  	
   

  	
  Custodian’s Indemnification

  	
   

  	
  9

  
	
  Section 3.7.

  	
   

  	
  Effective Period and Termination

  	
   

  	
  9

  
	
  Section 3.8.

  	
   

  	
  Backup Servicer as Custodian

  	
   

  	
  9

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE IV Administration and Servicing of
  Receivables

  	
   

  	
  9

  
	
  Section 4.1.

  	
   

  	
  Duties of Servicer

  	
   

  	
  9

  
	
  Section 4.2.

  	
   

  	
  Collection and Allocation of Receivable Payments

  	
   

  	
  10

  
	
  Section 4.3.

  	
   

  	
  Realization upon Receivables

  	
   

  	
  11

  
	
  Section 4.4.

  	
   

  	
  Maintenance of Security Interests in Financed
  Equipment

  	
   

  	
  12

  
	
  Section 4.5.

  	
   

  	
  Covenants of Servicer

  	
   

  	
  12

  
	
  Section 4.6.

  	
   

  	
  Purchase of Receivables upon Breach or Due to
  Modification

  	
   

  	
  12

  
	
  Section 4.7.

  	
   

  	
  Servicing Fee

  	
   

  	
  13

  
	
  Section 4.8.

  	
   

  	
  Servicer’s Certificate

  	
   

  	
  13

  
	
  Section 4.9.

  	
   

  	
  Annual Statement as to Compliance; Notice of Default

  	
   

  	
  13

  
	
  Section 4.10.

  	
   

  	
  Annual Independent Certified Public Accountants’
  Report

  	
   

  	
  13

  
	
  Section 4.11.

  	
   

  	
  Access to Certain Documentation and Information
  Regarding Receivables

  	
   

  	
  14

  
	
  Section 4.12.

  	
   

  	
  Servicer Expenses

  	
   

  	
  14

  
	
  Section 4.13.

  	
   

  	
  Appointment of Subservicer

  	
   

  	
  15

  
	
  Section 4.14.

  	
   

  	
  Substitution of Financed Equipment

  	
   

  	
  15

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE V Distributions: Spread Account; Statements
  to Certificateholders and Noteholders

  	
   

  	
  16

  
	
  Section 5.1.

  	
   

  	
  Establishment of Trust Accounts and the Backup
  Servicer Account

  	
   

  	
  16

  
	
  Section 5.2.

  	
   

  	
  Interest Rate Swap Agreements

  	
   

  	
  19

  
	
  Section 5.3.

  	
   

  	
  Collections

  	
   

  	
  19

  
	
  Section 5.4.

  	
   

  	
  Application of Collections

  	
   

  	
  20

  
	
  Section 5.5.

  	
   

  	
  Additional Deposits

  	
   

  	
  20

  

 

 i
 

 

	
  Section 5.6.

  	
   

  	
  Distributions

  	
   

  	
  20

  
	
  Section 5.7.

  	
   

  	
  Spread Account

  	
   

  	
  22

  
	
  Section 5.8.

  	
   

  	
  Pre-Funding Account

  	
   

  	
  22

  
	
  Section 5.9.

  	
   

  	
  Negative Carry Account

  	
   

  	
  23

  
	
  Section 5.10.

  	
   

  	
  Principal Supplement Account

  	
   

  	
  23

  
	
  Section 5.11.

  	
   

  	
  Statements to Certificateholders and Noteholders

  	
   

  	
  23

  
	
  Section 5.12.

  	
   

  	
  Net Deposits

  	
   

  	
  26

  
	
  Section 5.13.

  	
   

  	
  Backup Servicer Account

  	
   

  	
  26

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE VI The Seller

  	
   

  	
  27

  
	
  Section 6.1.

  	
   

  	
  Representations of Seller

  	
   

  	
  27

  
	
  Section 6.2.

  	
   

  	
  Company Existence

  	
   

  	
  28

  
	
  Section 6.3.

  	
   

  	
  Liability of Seller; Indemnities

  	
   

  	
  29

  
	
  Section 6.4.

  	
   

  	
  Merger or Consolidation of, or Assumption of the
  Obligations of, Seller

  	
   

  	
  29

  
	
  Section 6.5.

  	
   

  	
  Limitation on Liability of Seller and Others

  	
   

  	
  30

  
	
  Section 6.6.

  	
   

  	
  Seller May Own Certificates or Notes

  	
   

  	
  30

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE VII The Servicer

  	
   

  	
  30

  
	
  Section 7.1.

  	
   

  	
  Representations of Servicer

  	
   

  	
  30

  
	
  Section 7.2.

  	
   

  	
  Indemnities of Servicer

  	
   

  	
  32

  
	
  Section 7.3.

  	
   

  	
  Merger or Consolidation of, or Assumption of the
  Obligations of, Servicer

  	
   

  	
  33

  
	
  Section 7.4.

  	
   

  	
  Limitation on Liability of Servicer and Others

  	
   

  	
  34

  
	
  Section 7.5.

  	
   

  	
  NH Credit Not to Resign as Servicer

  	
   

  	
  34

  
	
  Section 7.6.

  	
   

  	
  Servicer to Act as Administrator

  	
   

  	
  34

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE VIII Default

  	
   

  	
  35

  
	
  Section 8.1.

  	
   

  	
  Servicer Default

  	
   

  	
  35

  
	
  Section 8.2.

  	
   

  	
  Appointment of Successor Servicer

  	
   

  	
  36

  
	
  Section 8.3.

  	
   

  	
  Notification to Noteholders and Certificateholders

  	
   

  	
  37

  
	
  Section 8.4.

  	
   

  	
  Waiver of Past Defaults

  	
   

  	
  37

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE IX Termination

  	
   

  	
  37

  
	
  Section 9.1.

  	
   

  	
  Optional Purchase of All Receivables

  	
   

  	
  37

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE X Miscellaneous Provisions

  	
   

  	
  39

  
	
  Section 10.1.

  	
   

  	
  Amendment

  	
   

  	
  39

  
	
  Section 10.2.

  	
   

  	
  Protection of Title to Trust

  	
   

  	
  40

  
	
  Section 10.3.

  	
   

  	
  Notices

  	
   

  	
  42

  
	
  Section 10.4.

  	
   

  	
  Assignment

  	
   

  	
  43

  
	
  Section 10.5.

  	
   

  	
  Limitations on Rights of Others

  	
   

  	
  43

  
	
  Section 10.6.

  	
   

  	
  Severability

  	
   

  	
  43

  
	
  Section 10.7.

  	
   

  	
  Separate Counterparts

  	
   

  	
  43

  
	
  Section 10.8.

  	
   

  	
  Headings

  	
   

  	
  43

  
	
  Section 10.9.

  	
   

  	
  Governing Law

  	
   

  	
  44

  
	
  Section 10.10.

  	
   

  	
  Assignment to Indenture Trustee

  	
   

  	
  44

  

 

 ii
 

 

	
  Section 10.11.

  	
   

  	
  Nonpetition Covenants

  	
   

  	
  44

  
	
  Section 10.12.

  	
   

  	
  Limitation of Liability of Trustee and Indenture
  Trustee

  	
   

  	
  44

  
	
  Section 10.13.

  	
   

  	
  Conditions Precedent to Other Financing Transactions

  	
   

  	
  45

  
	
  Section 10.14.

  	
   

  	
  Information Requests

  	
   

  	
  45

  
	
  Section 10.15.

  	
   

  	
  Information to Be Provided by the Indenture Trustee

  	
   

  	
  45

  
	
  Section 10.16.

  	
   

  	
  Form 8-K Filings

  	
   

  	
  46

  
	
  Section 10.17.

  	
   

  	
  Indemnification

  	
   

  	
  46

  

 

 iii

SALE AND SERVICING AGREEMENT
(as amended or otherwise modified, this “Agreement”)
dated as of September 1, 2007 among CNH EQUIPMENT TRUST 2007-B, a Delaware
statutory trust (the “Issuing Entity”
or the “Trust”), CNH CAPITAL
RECEIVABLES LLC, a Delaware limited liability company (the “Seller”), and NEW HOLLAND CREDIT COMPANY,
LLC, a Delaware limited liability company (the “Servicer”).

RECITALS

WHEREAS,
the Issuing Entity desires to purchase a portfolio of Contracts purchased or
originated by CNH Capital America LLC (“CNHCA”),
in the ordinary course of business or acquired through the exercise of clean-up
calls and sold to the Seller pursuant to the Liquidity Receivables Purchase
Agreement and/or the Purchase Agreement;

WHEREAS,
the Seller is willing to sell such Contracts to the Issuing Entity; and

WHEREAS,
New Holland Credit Company, LLC (“NH Credit”)
is willing to service such Contracts.

NOW, THEREFORE,
in consideration of the premises and the mutual covenants herein contained, the
parties hereto agree as follows:

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 the Issuing Entity and The Bank of New York Trust
Company, N.A.

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

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

 1
 

(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

Conveyance of Receivables and Grant of Security

Interest in the Backup Servicer Account

Section
2.1.                    Conveyance
of Initial Receivables.  (a)  In consideration of the Issuing Entity’s
delivery to or upon the order of the Seller on the Closing Date of the Notes
and the other amounts to be distributed from time to time to the Seller in
accordance with this Agreement, the Seller does hereby sell, transfer, assign,
set over and otherwise convey to the Issuing Entity, without recourse (subject
to the obligations herein), all of its right, title and interest in, to and
under the following (collectively, the “Initial
Assets”):

(i)            the
Initial 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;

(ii)           the
security interests in the Financed Equipment granted by Obligors pursuant to
the Initial Receivables and any other interest of the Seller in such Financed
Equipment;

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

(iv)          the
Liquidity Receivables Purchase Agreement (only with respect to Owned Contracts
included in the Initial Receivables) and the Purchase Agreement, including the
right of the Seller to cause CNHCA to repurchase Initial Receivables from the
Seller under the circumstances described therein;

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

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

 2
 

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

(viii)        the
proceeds of any and all of the foregoing.

The above assignment shall be evidenced by a duly
executed written assignment in substantially the form of Exhibit D (the “Assignment”).

(b)           The Seller hereby
Grants to The Bank of New York Trust Company, N.A., as Indenture Trustee on
behalf of the Noteholders and the Backup Servicer, all of the Seller’s right,
title and interest in and to all funds on deposit from time to time in the
Backup Servicer Account, including the Backup Servicer Account Initial Deposit,
and in all investments and proceeds thereof (including all income thereon). The
foregoing Grant is made to secure the Seller’s obligation to make funds
available in the Backup Servicer Account available to the Indenture Trustee to
pay Backup Servicer Expenses.  The Bank
of New York Trust Company, N.A., as Indenture Trustee on behalf of the
Noteholders and the Backup Servicer, (1) acknowledges such Grant and (2) agrees
to perform its duties with respect thereto expressly set forth in this
Agreement.

Section 2.2.                    Conveyance of Subsequent Receivables.  (a) 
Subject to the conditions set forth in clause (b) below and the proviso
set forth in  clause (c)  below, in consideration of the Trustee’s
delivery on the related Subsequent Transfer Date to or upon the order of the
Seller of the amount described in Section 5.8(a) to be delivered to the Seller,
the Seller does hereby sell, transfer, assign, set over and otherwise convey to
the Issuing Entity, without recourse (subject to the obligations herein), all
of its right, title and interest in, to and under (collectively, the “Subsequent Assets”; and together with the
Initial Assets, the “CNHCR Assets”):

(i)            the
Subsequent Receivables listed on Schedule A to the related Subsequent Transfer
Assignment, including all documents constituting chattel paper included
therewith, and all obligations of the Obligors thereunder, including all monies
paid thereunder on or after the related Subsequent Cutoff Date;

(ii)           the
security interests in the Financed Equipment granted by Obligors pursuant to
such Subsequent Receivables and any other interest of the Seller in such
Financed Equipment;

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

(iv)          the
Liquidity Receivables Purchase Agreement (only with respect to Subsequent
Receivables purchased by the Seller pursuant to such Agreement) and the
Purchase Agreement, including the right of the Seller to cause CNHCA to
repurchase Subsequent Receivables from the Seller under the circumstances
described therein;

 3
 

(v)           any
proceeds with respect to such Subsequent Receivables from recourse to Dealers;

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

(vii)         the
proceeds of any and all of the foregoing.

(b)           Subject to the proviso
set forth in clause (c) below,
the Seller shall transfer to the Issuing Entity the Subsequent Receivables and
the other property and rights related thereto described in clause (a) only upon the satisfaction
of each of the following conditions precedent on or prior to the related
Subsequent Transfer Date:

(i)            the
Seller shall have delivered to the Trustee and the Indenture Trustee a duly
executed written assignment in substantially the form of  Exhibit E
(the “Subsequent Transfer
Assignment”), which shall include a Schedule A
to the Subsequent Transfer Assignment listing the Subsequent Receivables;

(ii)           the
Seller shall, to the extent required by Section
5.3, have deposited in the Collection Account all collections in
respect of the Subsequent Receivables;

(iii)          as
of such Subsequent Transfer Date: 
(A) the Seller was not insolvent and will not become insolvent as a
result of the transfer of Subsequent Receivables on such Subsequent Transfer
Date, (B) the Seller did not intend to incur or believe that it would
incur debts that would be beyond the Seller’s ability to pay as such debts
matured, (C) such transfer was not made with actual intent to hinder,
delay or defraud any Person and (D) the assets of the Seller did not
constitute unreasonably small capital to carry out its business as conducted;

(iv)          the applicable
Spread Account Initial Deposit for such Subsequent Transfer Date shall have
been made;

(v)           the
applicable Principal Supplement Account Deposit, if any, for such Subsequent
Transfer Date shall have been made;

(vi)          the
Receivables in the Trust, including the Subsequent Receivables to be conveyed
to the Trust on such Subsequent Transfer Date, shall meet the following
criteria: (A) each of the Receivables is a Retail Installment Contract,
(B) the weighted average original term of the Receivables in the Trust
will not be greater than 55 months, and (C) not more than 35% of the
aggregate Contract Value of the Receivables in the Trust will represent
Contracts for the financing of construction equipment, (D) each Receivable
has a remaining term to maturity of not more than 72 months and (E) each
Receivable has a Statistical Contract Value as of the applicable Cutoff Date
that (when combined with the Statistical Contract Value of any other
Receivables with the same or an affiliated Obligor) does not exceed 1% of the
aggregate Statistical Contract Value of all the Receivables;

 4
 

(vii)         the
Funding Period shall not have terminated;

(viii)        each
of the representations and warranties made by the Seller pursuant to Section 3.1 of this Agreement and by CNHCA
pursuant to Section 3.2(b) of the
Purchase Agreement, in each case with respect to the Subsequent Receivables,
shall be true and correct as of such Subsequent Transfer Date, and the Seller
shall have performed all obligations to be performed by it hereunder on or
prior to such Subsequent Transfer Date;

(ix)           the
Seller shall, at its own expense, on or prior to such Subsequent Transfer Date,
indicate in its computer files that the Subsequent Receivables identified in
the related Subsequent Transfer Assignment have been sold to the Issuing Entity
pursuant to this Agreement and the Subsequent Transfer Assignment;

(x)            the
Seller shall have taken any action required to maintain the first priority
perfected ownership interest of the Issuing Entity in the Trust Estate and the
first priority perfected security interest of the Indenture Trustee in the
Collateral;

(xi)           no
selection procedures believed by the Seller to be adverse to the interests of
the Trust, the Noteholders or the Certificateholders shall have been utilized
in selecting the Subsequent Receivables;

(xii)          the
addition of the Subsequent Receivables will not result in a material adverse
tax consequence to the Trust, the Noteholders or the Certificateholders;

(xiii)         the
Seller shall have provided the Indenture Trustee, the Trustee and the Rating
Agencies a statement listing the aggregate Contract Value of such Subsequent
Receivables and any other information reasonably requested by any of the
foregoing with respect to such Subsequent Receivables;

(xiv)        the
Seller shall have delivered to the Trustee and the Indenture Trustee a letter
of a firm of Independent certified public accountants confirming the
satisfaction of the conditions set forth in clause (vi) with respect to the
Subsequent Receivables, and covering substantially the same matters with
respect to the Subsequent Receivables as are set forth in Exhibit F hereto; and

(xv)         the Seller
shall have delivered to the Indenture Trustee and the Trustee an Officer’s
Certificate confirming the satisfaction of each condition specified in this clause (b) (substantially in the form
attached as Annex A to the Subsequent Transfer Assignment).

(c)           The Seller covenants to
transfer to the Issuing Entity pursuant to clause (a)
Subsequent Receivables with an aggregate Contract Value approximately equal to
$0 subject only to availability thereof.

 5
 

ARTICLE III

The Receivables

Section 3.1.                    Representations and Warranties of Seller.  The Seller makes the following
representations and warranties as to the Receivables on which the Issuing
Entity is deemed to have relied in acquiring the Receivables.  Such representations and warranties speak as
of the Closing Date, in the case of the Initial Receivables, and as of the
applicable Subsequent Transfer Date, in the case of the Subsequent Receivables,
but shall survive the sale, transfer and assignment of the Receivables to the
Issuing Entity and the pledge thereof to the Indenture Trustee pursuant to the
Indenture.

(a)           Title.  It is the intention of the Seller that the
transfer and assignment herein contemplated constitute a sale of the
Receivables from the Seller to the Issuing Entity and that the beneficial
interest in and title to the Receivables not be part of the debtor’s estate in
the event of the filing of a bankruptcy petition by or against the Seller under
any bankruptcy or similar law.  No
Receivable has been sold, transferred, assigned or pledged by the Seller to any
Person other than the Issuer. 
Immediately prior to the transfer and assignment herein contemplated,
the Seller had good title to each Receivable, free and clear of all Liens and,
immediately upon the transfer thereof, the Issuer shall have good title to each
Receivable, free and clear of all Liens; and the transfer and assignment of the
Receivables to the Issuer has been, or within the timeframe required by Section 3.1(b) hereof will be, perfected under the UCC.

If (but only to the extent) that the transfer of the
CNHCR Assets hereunder is characterized by a court or other governmental
authority as a loan rather than a sale, the Seller shall be deemed hereunder to
have granted to the Issuing Entity a security interest in all of Seller’s
right, title and interest in and to the CNHCR Assets.  Such security interest shall secure all of
Seller’s obligations (monetary or otherwise) under this Agreement and the other
Basic Documents to which it is a party, whether now or hereafter existing or
arising, due or to become due, direct or indirect, absolute or contingent.  The Seller shall have, with respect to the
property described in Section 2.1
and Section 2.2, and in addition
to all the other rights and remedies available to Seller under this Agreement
and applicable law, all the rights and remedies of a secured party under any
applicable UCC, and this Agreement shall constitute a security agreement under
applicable law.

(b)           All Filings Made.
All filings (including UCC filings) necessary in any jurisdiction to give the
Issuer a first priority perfected ownership interest in the Receivables, and to
give the Indenture Trustee a first priority perfected security interest
therein, have been made, or will be made within 10 days after the Closing Date.

(c)           Perfection
Representations. The Seller further makes all the representations,
warranties and covenants set forth in Schedule P.

Section 3.2.                    Repurchase upon Breach.  (a) 
The Seller, the Servicer or the Trustee, as the case may be, shall
inform the other parties to this Agreement and the Indenture Trustee promptly,
in writing, upon the discovery of any breach of the Seller’s representations
and warranties made pursuant to Section 3.1
or Section 6.1, a breach of CNHCA’s
representations and warranties made pursuant to Section 3.2(b) of the Liquidity Receivables Purchase

 6
 

Agreement, or CNHCA’s
representations and warranties made pursuant to Section 3.2(b) of the Purchase Agreement.  Unless a breach pursuant to the sections and
documents referenced in the preceding sentence shall have been cured by the
last day of the second (or, if the Seller elects, the first) Collection Period
after such breach is discovered by the Servicer or the Trustee or in which the
Trustee receives written notice from the Seller or the Servicer of such breach,
the Seller shall be obligated, and, if necessary, the Seller or the Trustee
shall enforce the obligation of CNHCA under the Liquidity Receivables Purchase
Agreement or the Purchase Agreement, as applicable, to repurchase any
Receivable materially and adversely affected by any such breach as of such last
day. As consideration for the repurchase of the Receivable, the Seller shall
remit the Purchase Amount in the manner specified in Section 5.5; provided,
however, that the obligation of the Seller to repurchase any
Receivable arising solely as a result of a breach of CNHCA’s representations
and warranties pursuant to Section 3.2(b)
of the Liquidity Receivables Purchase Agreement and Section 3.2(b) of the Purchase Agreement is subject to the
receipt by the Seller of the Purchase Amount from CNHCA.  Subject to the provisions of Section 6.3, the sole remedy of the
Issuing Entity, the Trustee, the Indenture Trustee, the Noteholders or the
Certificateholders with respect to a breach of the representations and
warranties pursuant to Section 3.1 and
the agreement contained in this Section
shall be to require the Seller to repurchase Receivables pursuant to this Section, subject to the conditions
contained herein, and to enforce CNHCA’s obligation to the Seller to repurchase
such Receivables pursuant to the Liquidity Receivables Purchase Agreement or
the Purchase Agreement, as applicable.

(b)           With respect to all
Receivables purchased or repurchased by, or otherwise transferred to (including
Liquidated Receivables transferred under Section 4.3, 4.6 and 9.1) CNHCA, the
Servicer, the Seller or their Affiliate pursuant to this Agreement, the Liquidity
Receivables Purchase Agreement or the Purchase Agreement: (i) the Issuing
Entity, the Seller and the Indenture Trustee shall sell, transfer, assign, set
over and otherwise convey to CNHCA, the Servicer, the Seller or their
Affiliate, as applicable, without recourse, representation or warranty, all of
the Issuing Entity’s, the Seller’s and the Indenture Trustee’s right, title and
interest in, to and under such Receivables, related Financed Equipment, and all
other Initial Assets or Subsequent Assets related thereto, including all
security and documents relating thereto, and (ii) the Issuing Entity, the
Seller, and the Indenture Trustee shall be deemed to have released any security
interest and any other claim under this Agreement and the Basic Documents in
such Receivables, related Financed Equipment, and all other Initial Assets or
Subsequent Assets related thereto, including all security and documents
relating thereto, without any further act or deed, and such Receivables,
related Financed Equipment, and all security and documents relating thereto
will be free of the Grant contained in the Indenture.

Section 3.3.                    Custody of Receivable Files.  To assure uniform quality in servicing the
Receivables and to reduce administrative costs, the Issuing Entity hereby
revocably appoints the Servicer, and the Servicer hereby accepts such
appointment, to act for the benefit of the Issuing Entity and the Indenture
Trustee as custodian of the following documents or instruments, which are
hereby constructively delivered to the Indenture Trustee, as pledgee of the
Issuing Entity (or, in the case of the Subsequent Receivables, will as of the
applicable Subsequent Transfer Date be constructively delivered to the
Indenture Trustee, as pledgee of the Issuing Entity) with respect to each
Receivable:

(a)           the original fully
executed copy of the Receivable;

 7
 

(b)           a record or facsimile
of the original credit application fully executed by the Obligor;

(c)           the original
certificate of title or file stamped copy of the UCC financing statement or
such other documents that the Servicer shall keep on file, in accordance with
its customary procedures, evidencing the security interest of CNHCA in the
Financed Equipment; and

(d)           any and all other
documents that the Servicer, the Seller or CNHCA shall keep on file, in
accordance with its customary procedures, relating to a Receivable, an Obligor
or any of the Financed Equipment.

Section 3.4.                    Duties of Servicer as Custodian.  (a) 
Safekeeping. The Servicer (or its Affiliates, but only in accordance
with the second following sentence) shall hold the Receivable Files for the
benefit of the Issuing Entity and the Indenture Trustee and maintain such
accurate and complete accounts, records and computer systems pertaining to each
Receivable File as shall enable the Issuing Entity to comply with this
Agreement. In performing its duties as custodian, the Servicer shall act with
reasonable care, using that degree of skill and attention that the Servicer
exercises with respect to the receivable files relating to all comparable
equipment receivables that the Servicer services for its Affiliates or
others.  The Servicer, in its capacity as
custodian, may at any time delegate its duties as custodian to any Affiliate of
the Servicer; provided, that no such delegation shall relieve the Servicer of
its responsibility with respect to such duties and the Servicer shall remain
obligated and liable to the Issuing Entity, the Depositor and the Indenture
Trustee for its duties hereunder as if the Servicer alone were performing such
duties. The Servicer shall conduct, or cause to be conducted, periodic audits
of the Receivable Files and the related accounts, records and computer systems,
in such a manner as shall enable the Issuing Entity or the Indenture Trustee to
verify the accuracy of the Servicer’s record keeping.  The Servicer shall promptly report to the
Issuing Entity and the Indenture Trustee any material failure on its part, or
its Affiliate’s part, to hold the Receivable Files and maintain its accounts,
records and computer systems as herein provided and promptly take appropriate
action to remedy any such failure. Nothing herein shall be deemed to require an
initial review or any periodic review by the Issuing Entity, the Trustee or the
Indenture Trustee of the Receivable Files.

(b)           Maintenance of and
Access to Records. The Servicer shall maintain each Receivable File at one
or more of its offices and/or one or more of its Affiliate’s offices; provided
that at no time shall a Receivable File be moved to an office or location
outside the geographic boundaries of the United States.  With at least five (5) Business Days prior
notice, the Servicer shall make available for inspection by the Seller, the
Issuing Entity and the Indenture Trustee or their respective duly authorized
representatives, attorneys or auditors a list of locations of the Receivable
Files and the related accounts, records and computer systems maintained by the
Servicer at such times during normal business hours as the Seller, the Issuing
Entity or the Indenture Trustee shall instruct.

Section 3.5.                    Instructions; Authority To Act.  The Servicer shall be deemed to have received
proper instructions with respect to the Receivable Files upon its receipt of
written instructions signed by a Trust Officer of the Indenture Trustee.

 8
 

Section 3.6.                    Custodian’s Indemnification.  The Servicer as custodian shall indemnify the
Trust, the Trustee and the Indenture Trustee (and each of their officers,
directors, employees and agents) for any and all liabilities, obligations,
losses, compensatory damages, payments, costs or expenses of any kind
whatsoever that may be imposed on, incurred by or asserted against the Trust,
the Trustee or the Indenture Trustee (or any of their officers, directors and
agents) as the result of any improper act or omission in any way relating to
the maintenance and custody by the Servicer as custodian of the Receivable
Files; provided, however, that
the Servicer shall not be liable: (a) to the Trustee for any portion of any
such amount resulting from the willful misfeasance, bad faith or negligence of
the Trustee, and (b) to the Indenture Trustee for any portion of any such
amount resulting from the willful misfeasance, bad faith or negligence of the
Indenture Trustee; and, provided further, that the Servicer shall only be
liable pursuant to this Section 3.6
for its acts or omissions committed during the period it is serving as
custodian hereunder.  Indemnification
under this Section shall survive
the resignation or removal of the Servicer as custodian, the resignation or
removal of the Indenture Trustee or the termination of this Agreement.

Section 3.7.                    Effective Period and Termination.  The Servicer’s appointment as custodian shall
become effective as of the Initial Cutoff Date and shall continue in full force
and effect until terminated pursuant to this Section.
If any Servicer shall resign as Servicer in accordance with this Agreement or
if all of the rights and obligations of any Servicer shall have been terminated
under Section 8.1, the appointment
of such Servicer as custodian shall be terminated by:  (a) the Indenture Trustee, (b) the
Noteholders of Notes evidencing not less than 25% of the Note Balance,
(c) with the consent of Noteholders of Notes evidencing not less than 25%
of the Note Balance, the Trustee or (d) Certificateholders evidencing not
less than 25% of the beneficial interest in the Issuing Entity, in the same
manner as the Indenture Trustee or such Holders may terminate the rights and
obligations of the Servicer under Section 8.1.  The Indenture Trustee or, with the consent of
the Indenture Trustee, the Trustee may terminate the Servicer’s appointment as
custodian, with cause, at any time upon written notification to the Servicer,
and without cause upon 30 days’ prior written notification to the Servicer. As
soon as practicable after any termination of such appointment, the Servicer
shall deliver the Receivable Files to the Indenture Trustee or the Indenture
Trustee’s agent at such place(s) as the Indenture Trustee may reasonably designate.  The Issuing Entity shall give notification to
the Counterparties upon termination of the Servicer as custodian.

Section 3.8.                    Backup Servicer as Custodian.  The Backup Servicer shall only act as
custodian pursuant to Section 3.4
hereunder if it is simultaneously acting as Successor Servicer pursuant to this
Agreement.

ARTICLE IV

Administration and Servicing of Receivables

Section 4.1.                    Duties of Servicer.  The Servicer, for the benefit of the Issuing
Entity, and (to the extent provided herein) the Indenture Trustee shall manage,
service, administer and make collections on the Receivables with reasonable
care, using that degree of skill and attention that the Servicer or Indenture
Trustee, as applicable, exercises with respect to all comparable equipment
receivables that it services for its Affiliates or others. The Servicer’s
duties shall include collection and posting of all payments, responding to
inquiries of Obligors on such

 9
 

Receivables,
investigating delinquencies, sending payment coupons or statements to Obligors,
reporting tax information to Obligors, accounting for collections and
furnishing monthly and annual statements to the Trustee and the Indenture
Trustee with respect to distributions. Subject to Section 4.2, the Servicer shall follow its then current
customary standards, policies and procedures (“Servicing Procedures”) in
performing its duties as Servicer.

Without limiting the generality of the foregoing, the
Servicer is authorized and empowered to execute and deliver, on behalf of itself,
the Issuing Entity, the Trustee, the Indenture Trustee, the Certificateholders,
the Noteholders or any of them, any and all instruments of satisfaction or
cancellation, or partial or full release or discharge, and all other comparable
instruments, with respect to such Receivables or the Financed Equipment
securing such Receivables. If the Servicer shall commence a legal proceeding to
enforce a Receivable, the Issuing Entity shall thereupon be deemed to have
automatically assigned, solely for the purpose of collection, such Receivable
to the Servicer. If in any enforcement suit or legal proceeding it shall be
held that the Servicer may not enforce a Receivable on the ground that it shall
not be a real party in interest or a holder entitled to enforce such
Receivable, the Trustee shall, at the Servicer’s direction (and, so long as the
Servicer is NH Credit, at the Servicer’s expense), take steps to enforce such
Receivable, including bringing suit in its name or the name of the Trust, the
Indenture Trustee, the Certificateholders or the Noteholders. The Trustee or
the Indenture Trustee shall, upon the written request of the Servicer, furnish
the Servicer with any powers of attorney and other documents reasonably
necessary or appropriate to enable the Servicer to carry out its servicing and
administrative duties hereunder.

Section 4.2.                    Collection and Allocation of Receivable Payments.  The Servicer shall make reasonable efforts to
collect all payments called for under the Receivables as and when the same
shall become due and shall follow its Servicing Procedures.  The Servicer shall allocate collections
between principal and interest in accordance with its Servicing Procedures.

Without limiting the generality of the preceding or Section 4.1, the Servicer may grant extensions, rebates,
refunds, deferrals, amendments, modifications or adjustments on a Receivable
(regardless of whether or not the Receivable is a 180-Day Receivable, subject
only to the following proviso) in accordance with its Servicing Procedures; provided, however, that
if a Receivable is not a 180-Day Receivable and the Servicer (i) extends the
date for final payment by the Obligor of any Receivable beyond the Final
Scheduled Maturity Date or (ii) reduces the APR of a Receivable or reduces the
aggregate amount of the Scheduled Payments due on any Receivable other than as
required by applicable law (including the order of a court of competent
jurisdiction), the Servicer may make such modifications to a Receivable but it
shall promptly purchase the Receivable
from the Issuing Entity in accordance with Section 4.6 (a “Modification
Purchase Event”); provided, further, that the Servicer shall not make a
modification described in the preceding clause (i) or (ii) that would trigger a Modification Purchase Event for the sole purpose of purchasing a
Receivable from the Issuing Entity. The Servicer may, in its discretion,
waive any late payment charge or any other fees (other than extension fees or
any other fees that represent interest charges on deferred Scheduled Payments)
that may be collected in the ordinary course of servicing a Receivable.

Subject to the proviso of the third sentence of this Section 4.2, the Servicer and its Affiliates may engage in
any marketing practice or promotion or any sale of any products, goods

 10
 

or services to Obligors
with respect to the Receivables so long as such practices, promotions or sales
are offered to obligors of comparable equipment receivables serviced by the
Servicer for itself or others, whether or not such practices, promotions or
sales might result in a decrease in the aggregate amount of payments on the
Receivables, prepayments or faster or slower timing of the payment of the
Receivables.  The Servicer and its
Affiliates may also sell insurance or debt cancellation products, including
products which result in the cancellation of some or all of the amount of a
Receivable upon the death or disability of an Obligor or any casualty with
respect to the Financed Equipment.

Notwithstanding anything in this Agreement to the
contrary, the Servicer and its Affiliates may refinance any Receivable and
deposit an amount equal to the Purchase Amount for such Receivable into the
Collection Account.  The receivable
created by such refinancing shall not be property of the Issuing Entity, and
related Financed Equipment and any part of the Receivables Files and other
Initial Assets or Subsequent Assets related to such Receivable shall be
released to the Servicer or its Affiliate and shall no longer be subject to the
terms hereof or the Indenture; provided further, that any security interests in
favor of the Issuing Entity or the Indenture Trustee hereunder or under the
Indenture in the related Financed Equipment and any other Initial Assets or
Subsequent Assets related to such Receivable shall be deemed released upon such
deposit.  The parties hereto intend that
the Servicer and its Affiliates will not refinance a Receivable pursuant to
this Section 4.2 in order to provide direct
or indirect assurance to the Depositor, the Indenture Trustee, the Trustee, the
Noteholders, or the Certificateholder, as applicable, against loss by reason of
the bankruptcy or insolvency (or other credit condition) of, or default by, the
Obligor on, or the uncollectability of, any Receivable.

Section 4.3.                    Realization upon Receivables.  For the benefit of the Issuing Entity and the
Indenture Trustee, the Servicer shall use reasonable efforts, consistent with
its Servicing Procedures, to repossess or otherwise convert the ownership of
the Financed Equipment securing any Receivable as to which the Servicer shall
have determined eventual payment in full is unlikely.  The Servicer shall follow such Servicing
Procedures as it shall deem necessary or advisable in its servicing of equipment
receivables, which may include reasonable efforts to realize upon any recourse
to Dealers and selling the Financed Equipment at public or private sale (it
being understood that, if the Backup Servicer is acting as Successor Servicer,
it shall have no duty to enforce remedies against Dealers).  The foregoing shall be subject to the
provision that, in any case in which the Financed Equipment shall have suffered
damage, the Servicer shall not expend funds in connection with the repair or
the repossession of such Financed Equipment unless it shall determine in its
discretion that such repair and/or repossession will increase the Liquidation
Proceeds by an amount greater than the amount of such expenses.

Liquidated Receivables will be transferred to the
Servicer or CNHCA (as the Servicer determines at such time) on the Business Day
following the day on which such Receivable becomes a Liquidated Receivable (the
“Liquidated Receivable Transfer Date”) so long as the related Liquidation
Proceeds are deposited before the Liquidated Receivables are transferred to the
Servicer or CNHCA, as applicable, and as of the Liquidated Receivable Transfer
Date such Liquidated Receivables will no longer constitute Receivables for any
purposes hereunder.  Without limiting the
generality of the foregoing, as of the applicable Liquidated Receivable
Transfer Date (i) the Issuing Entity, the Seller and the Indenture Trustee
shall transfer, assign, set over and otherwise convey to CNHCA or Servicer, as
applicable, without recourse,

 11
 

representation or warranty, all of the Issuing Entity’s,
the Seller’s and the Indenture Trustee’s right, title and interest in, to and
under such Liquidated Receivables and any related Financed Equipment and
Collateral, and all security and documents relating thereto, other than
Liquidation Proceeds (the “Liquidated Collateral”), and (ii) the Issuing
Entity, the Seller, and the Indenture Trustee shall be deemed to have released
any security interest and any other claim in such Liquidated Collateral under
this Agreement and the Basic Documents, without any further act or deed, and
such Liquidated Collateral shall be free of the Grant contained in the
Indenture.

Section 4.4.                    Maintenance of Security Interests in Financed
Equipment.  The Servicer
shall, in accordance with its Servicing Procedures, take such steps as are
necessary to maintain perfection of the security interest created by each
Receivable in the related Financed Equipment (which may consist of Substitute
Equipment) provided however, the Servicer may allow Financed Equipment to be released
from any security interest in connection with Section 4.14.  The Servicer is hereby authorized to take
such steps as are necessary to perfect or re-perfect such security interest for
the benefit of the Issuing Entity and the Indenture Trustee in the event of the
relocation of any Financed Equipment, any change to the UCC, a substitution of
Substitute Equipment  or for any other
reason.  Any out-of-pocket expenses
incurred by the Successor Servicer in connection with any such re-perfection
shall be reimbursable in accordance with Section
5.6(b)(x).

Section 4.5.                    Covenants of Servicer.  The Servicer shall not release the Financed
Equipment securing any Receivable from the security interest granted by such
Receivable in whole or in part except in the event of payment in full by the
Obligor thereunder or repossession, or as permitted under Section 4.14
or if such Receivable is a Reacquired Receivable, nor shall the Servicer impair
the rights of the Issuing Entity, the Indenture Trustee, the Certificateholders
or the Noteholders in such Receivables. The Servicer shall, in accordance with
its Servicing Procedures, require that each Obligor shall have obtained
physical damage insurance covering the Financed Equipment as of the execution
of the Receivable.

Section 4.6.                    Purchase of Receivables upon Breach or Due to
Modification.  The
Servicer or the Trustee shall inform the other party, the Indenture Trustee,
the Seller, NH Credit and CNHCA promptly, in writing, upon the occurrence or
discovery of any breach pursuant to Sections
4.2, 4.4 or 4.5. 
Unless a breach, pursuant to Sections 4.2, 4.4 or 4.5
shall have been cured by the last day of the Collection Period in which such
breach occurs or is discovered, as applicable, the Servicer shall purchase or
shall cause CNHCA to purchase any Receivable materially and adversely affected
by such breach as of such last day.  In
connection with a Modification Purchase Event, or if the Servicer takes any
action not in accordance with its Servicing Procedures during any Collection
Period pursuant to Section 4.2
that materially impairs the rights of the Issuing Entity, the Indenture
Trustee, the Certificateholders or the Noteholders in any Receivable, the
Servicer shall purchase the related Receivable as of the last day of such Collection
Period.  As consideration for the
purchase of any such Receivable pursuant to either of the two preceding
sentences, the Servicer shall remit or shall cause CNHCA to remit, as
applicable, the Purchase Amount in the manner specified in Section 5.5.  Subject to Section
7.2, the sole remedy of the Issuing Entity, the Trustee, the
Indenture Trustee, the Certificateholders or the Noteholders with respect to a
breach pursuant to Sections 4.2, 4.4
or 4.5 shall be to require the Servicer to purchase or to cause CNHCA to
purchase, as applicable, Receivables pursuant to this Section. 
The Trustee shall have no duty to conduct any affirmative

 12
 

investigation as to the
occurrence of any condition requiring the purchase of any Receivable pursuant
to this Section.  In no event shall the
Backup Servicer as Successor Servicer be obligated to purchase any Receivables
pursuant to this Section 4.6.

Section 4.7.                    Servicing Fee.  The Servicing Fee for each Collection Period
shall be equal to 1/12th of 1.00% of the Pool Balance as of the first day of
such Collection Period; provided that with respect to any Successor Servicer
hereunder, the Servicing Fee for each Collection Period shall be equal to the
greater of (a) 1/12th of 1.00% of the Pool Balance as of the first day of
such Collection Period, (b) $8.50 per Contract in the Trust Estate as of
the first day of such Collection Period and (c) $5,000.

Section 4.8.                    Servicer’s Certificate.  On each Determination Date the Servicer shall
deliver to the Trustee, the Indenture Trustee, the Seller and the Backup
Servicer, with a copy to the Rating Agencies and the Counterparties, a Servicer’s
Certificate (containing substantially the same information as set forth in the
form on Exhibit C) containing all information
necessary to make the distributions pursuant to Sections 5.6 and 5.7
and the deposits to the Collection Account pursuant to Section 5.3 for the Collection Period
preceding the date of such Servicer’s Certificate.

Section 4.9.                    Annual Statement as to Compliance; Notice of Default.  (a) 
The Servicer shall deliver to the Issuing Entity and the Indenture
Trustee, on or before March 30 of each year, an Officer’s Certificate of
the Servicer providing such information as is required under Item 1123 of
Regulation AB with respect to the prior calendar year.

(b)           The Servicer shall
deliver to the Issuing Entity, on or before March 30 of each year, a
report regarding the Servicer’s assessment of compliance with the applicable
servicing criteria specified in Item 1122 of Regulation AB during the
immediately preceding calendar year, including any material instance of
noncompliance identified by the Servicer as required under Rules 13a-18 and
15d-18 of the Exchange Act and Item 1122 of Regulation AB.

(c)           The Servicer shall
deliver to the Trustee, the Indenture Trustee, the Counterparties and the
Rating Agencies, promptly after having obtained knowledge thereof, but in no
event later than five Business Days thereafter, written notice in an Officer’s
Certificate of any event that, with the giving of notice or lapse of time, or
both, would become a Servicer Default under 
Section 8.1(a) or (b).

Section 4.10.                  Annual Independent Certified Public Accountants’
Report.  The Servicer
shall cause a firm of independent certified public accountants, which may also
render other services to the Servicer, the Seller or any other Affiliate of CNH
Global, to deliver to the Issuing Entity, the Indenture Trustee and the Rating
Agencies on or before March 30 of each year a report, providing its
assessment of compliance with the minimum servicing criteria during the
preceding calendar year, including disclosure of any material instance of
non-compliance, as required by Rule 13a-18 and 15d-18 of the Exchange Act and
Item 1122(b) of Regulation AB.  Such
attestation will be in accordance with Rules 1-02(a)(3) and 2-02(g) of
Regulation S-X under the Securities Act and the Exchange Act.

 13
 

The report required by this Section may be replaced,
at the Servicer’s option, by any similar report or certification using
standards which are now or in the future in use by servicers of comparable
assets or which otherwise comply with any rule, regulation, “no action” letter
or similar guidance promulgated by the Securities and Exchange Commission.

In the event that such firm requires the Indenture
Trustee to agree to the procedures performed by such firm, the Servicer shall
direct the Indenture Trustee in writing to so agree; it being understood and
agreed that the Indenture Trustee will deliver such letter of agreement in
conclusive reliance upon the direction of the Servicer and the Indenture
Trustee makes no independent inquiry or investigation as to, and shall have no
obligation or liability in respect of, the sufficiency, validity or correctness
of such procedures.

Such report will also indicate that the firm is
independent of the Servicer within the meaning of the Code of Professional
Ethics of the American Institute of Certified Public Accountants.

Notwithstanding the preceding in this Section 4.10 or 4.9(b), if the Backup
Servicer is acting as the Successor Servicer, as to any fiscal year of the
Issuing Entity when the Issuing Entity’s reporting obligations under Section 15(d) of the Exchange Act are
suspended as provided in Rule 15d-22 under the Exchange Act, the Backup
Servicer shall only be required to provide a copy of its annual SAS 70 report
and its audited financial statements.

Section 4.11.                  Access to Certain Documentation and Information
Regarding Receivables.  The
Servicer shall provide to the Trustee, the Backup Servicer and the Indenture
Trustee access to the Receivable Files in such cases where the Trustee or the
Indenture Trustee shall be required by applicable statutes or regulations to
review such documentation. Access shall be afforded without charge, but only
upon reasonable request and during the normal business hours at the office of
the Servicer.  Provided, however, at any time upon written request of the
Indenture Trustee, the Servicer will provide (within 10 days of receipt of such
request) an electronic data file containing all relevant loan level information
on each Receivable necessary for a Successor Servicer to assume servicing
responsibilities, including current mailing address and telephone number,
current balance, payment schedule and past due status of each Obligor (such
request not to be made more frequently than one per month).  Nothing in this Section shall affect the obligation of the Servicer to
observe any applicable law prohibiting disclosure of information regarding the
Obligors, and the failure of the Servicer to provide access to information as a
result of such obligation shall not constitute a breach of this Section.

Section 4.12.                  Servicer Expenses.  The Servicer shall be required to pay all
expenses incurred by it in connection with its activities hereunder, including
fees and disbursements of independent accountants, taxes imposed on the
Servicer and expenses incurred in connection with distributions and reports to
Certificateholders and the Noteholders. All reasonable costs and expenses and
indemnities (including attorneys’ fees and expenses) incurred in connection
with the engagement of a Backup Servicer (including obtaining a Backup Servicer
to replace SST as Backup Servicer), or transitioning the Backup Servicer to the
role of Successor Servicer, including any engagement fees, travel expenses or
due diligence costs and other reasonable expense reimbursements incurred by the
Backup Servicer pursuant to the Backup Servicing Agreement and all
indemnification payments payable to the Backup Servicer pursuant to the 

 14
 

Backup Servicing
Agreement (collectively, such fees, expenses and costs and indemnities, the “Backup Servicer Expenses”) shall be paid
from funds available in the Backup Servicer Account upon presentation of
reasonable documentation to the Servicer. 
Distributions of Backup Servicer Expenses shall be made in accordance
with Section 5.13. To the extent
that any Backup Servicer Expenses exceed the amount on deposit in the Backup
Servicer Account (any such shortfall, a “Backup
Servicer Account Shortfall Amount”), the Servicer (so long as the
Servicer is NH Credit) agrees, within thirty days of demand thereof, to deliver
to the Indenture Trustee for deposit in the Backup Servicer Account,  such Backup Servicer Account Shortfall
Amount.

If amounts in the Backup Servicer Account are
insufficient to fully reimburse the Backup Servicer in respect of Backup
Servicer Expenses, the Backup Servicer shall be reimbursed pursuant to Section 5.6(b)(xi).

Section 4.13.                  Appointment of Subservicer.  The Servicer may at any time appoint a
subservicer to perform all or any portion of its obligations as Servicer
hereunder; provided, however,
that the Rating Agency Condition shall have been satisfied in connection
therewith (other than with respect to the appointment of CNHCA, as subservicer,
with respect to the Receivables); and provided further, that the Servicer shall
remain obligated and be liable to the Issuing Entity, the Trustee, the
Indenture Trustee, the Counterparties, the Certificateholders and the Noteholders
for the servicing and administering of the Receivables in accordance with the
provisions hereof without diminution of such obligation and liability by virtue
of the appointment of such subservicer and to the same extent and under the
same terms and conditions as if the Servicer alone were servicing and
administering the Receivables. The fees and expenses of any subservicer shall
be as agreed between the Servicer and such subservicer from time to time and
none of the Issuing Entity, the Trustee, the Indenture Trustee, the
Counterparties, the Certificateholders or the Noteholders shall have any
responsibility therefor.  Notwithstanding
the foregoing, the Backup Servicer as Successor Servicer shall have the right
to terminate any prior or existing subservicing arrangement with or without
cause.

Section 4.14.                  Substitution of Financed Equipment.  Notwithstanding anything herein or in the
Basic Documents to the contrary, in accordance with the Servicing Procedures,
the Financed Equipment relating to a Receivable may be replaced with substitute
equipment, of equal or greater value (in the Servicer’s reasonable
determination) than the original related Financed Equipment (“Substitute
Equipment”); provided, however,
the only conditions to such a substitution (in addition to its being in
accordance with the Servicing Procedures) shall be the perfection of the first
priority security interest in the related Substitute Equipment in favor of
CNHCA, and a first priority perfected security interest of the Indenture Trustee
in all of CNHCA’s right, title and interest in its security interest in the
Substitute Equipment.  Following such
substitution, the Substitute Equipment shall be considered the Financed
Equipment related to such Receivable for all purposes hereunder and under the
Basic Documents, and (i) the Issuing Entity, the Seller and the Indenture
Trustee shall sell, transfer, assign, set over and otherwise convey to CNHCA
(or its Affiliate designated by it), without recourse, representation or
warranty, all of the Issuing Entity’s, the Seller’s and the Indenture Trustee’s
right, title and interest in, to and under such original Financed Equipment,
and all security and documents relating thereto, and (ii) the Issuing Entity,
the Seller, and the Indenture Trustee shall be deemed to have released any
security interest and any other claim in such original Financed Equipment (and
all security and documents relating thereto) hereunder and under the other
Basic

 15
 

Documents, without any
further act or deed, and such original Financed Equipment (and all security and
documents relating thereto) will be free of the Grant contained in the
Indenture.

ARTICLE V

Distributions: Spread Account;

Statements to Certificateholders and Noteholders

Section 5.1.                    Establishment of Trust Accounts and the Backup
Servicer Account.  (a)
(i)  The Servicer, for the benefit of the
Noteholders, the Counterparties and the Certificateholders, shall establish and
maintain in the name of the Indenture Trustee an Eligible Deposit Account (the “Collection Account”), bearing a
designation clearly indicating that the funds deposited therein are held for
the benefit of the Noteholders, the Counterparties and the Certificateholders.

(ii)           The
Servicer, for the benefit of the Noteholders and the Counterparties, shall establish
and maintain in the name of the Indenture Trustee an Eligible Deposit Account
(the “Note Distribution Account”),
bearing a designation clearly indicating that the funds deposited therein are
held for the benefit of the Noteholders and the Counterparties.

(iii)          The
Servicer, for the benefit of the Noteholders and the Counterparties, shall
establish and maintain in the name of the Indenture Trustee an Eligible Deposit
Account (the “Spread Account”),
bearing a designation clearly indicating that the funds deposited therein are
held for the benefit of the Noteholders, Certificateholders and the
Counterparties.

(iv)          The
Servicer, for the benefit of the Noteholders, the Counterparties and the
Certificateholders, shall establish and maintain in the name of the Indenture
Trustee an Eligible Deposit Account (the “Pre-Funding
Account”), bearing a designation clearly indicating that the funds
deposited therein are held for the benefit of the Noteholders, the
Counterparties and the Certificateholders; provided,
however that the Servicer shall not be required to establish such
account so long as no amount greater than $0.00 shall be required to be
deposited into such account pursuant to this Agreement or any other Basic
Document.

(v)           The
Servicer, for the benefit of the Noteholders, the Counterparties and the
Certificateholders, shall establish and maintain in the name of the Indenture
Trustee an Eligible Deposit Account (the “Negative
Carry Account”), bearing a designation clearly indicating that the
funds deposited therein are held for the benefit of the Noteholders, the
Counterparties and the Certificateholders; provided,
however that the Servicer shall not be required to establish such
account so long as no amount greater than $0.00 shall be required to be deposited
into such account pursuant to this Agreement or any other Basic Document.

(vi)          The
Servicer, for the benefit of the Noteholders, the Counterparties and the
Certificateholders, shall establish and maintain in the name of the Indenture
Trustee an Eligible Deposit Account (the “Principal
Supplement Account”), bearing a

 16
 

designation
clearly indicating that the funds deposited therein are held for the benefit of
the Noteholders, the Counterparties and the Certificateholders; provided, however  that the Servicer shall not be required to
establish such account so long as no amount greater than $0.00 shall be
required to be deposited into such account pursuant to this Agreement or any
other Basic Document.

(vii)         The
Servicer on behalf of the Seller, for the benefit of the Indenture Trustee on
behalf of the Noteholders and the Backup Servicer, shall establish and maintain
in the name of the Indenture Trustee, an Eligible Deposit Account (the “Backup Servicer Account”), bearing a
designation clearly indicating that the funds deposited therein are held for
the benefit of the Indenture Trustee on behalf of the Noteholders and the
Backup Servicer, provided, however
that the Servicer shall not be required to maintain such account so long as no
amount greater than $0.00 shall be required to be held on deposit in such
account pursuant to this Agreement or any other Basic Document.  The Backup Servicer Account shall not be a “Trust
Account” (as hereinafter defined) and shall not constitute part of the Trust
Estate. Except as provided in Section 5.13,
the only permitted withdrawal from or application of funds on deposit in, or
otherwise standing to the credit of, the Backup Servicer Account shall be for
application to Backup Servicer Expenses.

(b)           Funds on deposit in the
Collection Account, the Note Distribution Account, the Spread Account, the
Pre-Funding Account, the Negative Carry Account and the Principal Supplement
Account, (collectively, the “Trust Accounts”)
and the Backup Servicer Account shall be invested or reinvested by the
Indenture Trustee in Eligible Investments selected by and as directed in
writing by the Servicer (which written direction may be in the form of standing
instructions) or if the Servicer fails to provide written direction, shall be
invested or reinvested by the Indenture Trustee in Eligible Investments
specified in  paragraph (d)  of the definition of “Eligible Investments”
(without giving effect to the proviso therein) as set forth in  Appendix A 
to the Indenture; provided, however,
it is understood and agreed that the Indenture Trustee shall not be liable for
the selection of, or any loss arising from such investment in, Eligible
Investments. All such Eligible Investments shall be held or controlled by the
Indenture Trustee for the benefit of the Noteholders, the Counterparties and
the Certificateholders or the Noteholders and the Counterparties, or the
Noteholders and the Backup Servicer, as applicable (and for the purposes of
Articles 8 and 9 of the UCC, each Eligible Investment is intended to constitute
a Financial Asset, and each of the Trust Accounts and the Backup Servicer
Account is intended to constitute a Securities Account); provided, that on each
Transfer Date, all Investment Earnings on funds on deposit in the Trust
Accounts shall be deposited into the Collection Account and shall be deemed to
constitute a portion of the Total Distribution Amount Funds on deposit in the
Trust Accounts and the Backup Servicer Account shall be invested in Eligible
Investments (or other investments permitted by the Rating Agencies) that will
mature so that such funds will be available at the close of business on the
Transfer Date preceding the following Payment Date; provided, however, that funds on deposit in Trust Accounts
and the Backup Servicer Account may be invested in Eligible Investments of the
entity serving as Indenture Trustee payable on demand or that mature so that
such funds will be available on the Payment Date. Funds deposited in a Trust
Account or the Backup Servicer Account on the Transfer Date that precedes a
Payment Date upon the maturity or liquidation of any Eligible Investments are
not required to be invested overnight.

 17
 

(c)           (i)  The Indenture Trustee shall possess or
control all right, title and interest in all funds on deposit from time to time
in the Trust Accounts and in all proceeds thereof (including all income
thereon) and all such funds, investments, proceeds and income shall be part of
the Trust Estate.  The Trust Accounts
shall be under the sole dominion and control of the Indenture Trustee for the
benefit of the Noteholders, the Counterparties and the Certificateholders or
the Noteholders and the Counterparties, as the case may be. The Indenture
Trustee shall possess or control all right, title and interest in all funds on
deposit from time to time in the Backup Servicer Account and in all proceeds
thereof (including all income thereon). The Backup Servicer Account shall be
under the sole dominion and control of the Indenture Trustee for the benefit of
the Noteholders and the Backup Servicer. If, at any time, any of the Trust
Accounts or the Backup Servicer Account ceases to be an Eligible Deposit
Account, the Indenture Trustee (or the Servicer on its behalf) shall within 10
Business Days (or such longer period, not to exceed 30 calendar days, as to
which each Rating Agency may consent) establish a new Trust Account or new
Backup Servicer Account, as the case may be, as an Eligible Deposit Account and
shall transfer any cash and/or any investments held in the no-longer Eligible Deposit
Account to such new Trust Account or new Backup Servicer Account, as the case
may be.

(ii)           With
respect to the Trust Account Property or Backup Servicer Account Property, the
Indenture Trustee agrees, by its acceptance hereof, that:

(A)          any Trust
Account Property or Backup Servicer Account Property that is held in deposit
accounts shall be held solely in Eligible Deposit Accounts, subject to the last
sentence of Section 5.1(c)(i);  and each such Eligible Deposit Account shall
be subject to the exclusive custody and control of the Indenture Trustee, and
the Indenture Trustee shall have sole signature authority with respect thereto;

(B)           any Trust
Account Property or Backup Servicer Account Property that constitutes a
Certificated Security shall be delivered to the Indenture Trustee in accordance
with paragraph (i) of the definition of “Delivery” and shall be held, pending
maturity or disposition, solely by the Indenture Trustee or its agent;

(C)           any such
Trust Account Property or Backup Servicer Account Property that constitutes an
Uncertificated Security (including any investments in money market mutual
funds, but excluding any Federal Book Entry Security) shall be delivered to the
Indenture Trustee in accordance with paragraph (ii) of the definition of “Delivery”
and shall be maintained, pending maturity or disposition, through continued
registration of the Indenture Trustee’s (or its custodian or nominee’s)
ownership of such security; and

(D)          with
respect to any Trust Account Property or Backup Servicer Account Property that
constitutes a Federal Book Entry Security, the Indenture Trustee shall maintain
and obtain Control over such property.

 18
 

(iii)          The
Servicer shall have the power, revocable by the Indenture Trustee or by the
Trustee, with the consent of the Indenture Trustee, to instruct the Indenture
Trustee to make withdrawals and payments from the Trust Accounts and the Backup
Servicer Account for the purpose of permitting the Servicer or the Trustee to
carry out its respective duties hereunder or permitting the Indenture Trustee
to carry out its duties under the Indenture.

(d)           All Trust Accounts as
well as the Backup Servicer Account will initially be established at the
Indenture Trustee.

Section 5.2.            Interest Rate Swap
Agreements.  (a)  The Issuing Entity shall on or prior to the
Closing Date enter into the Interest Rate Swap Agreements with the applicable
Counterparties for the benefit of the Noteholders and Certificateholders, such
that the aggregate notional amount under the Interest Rate Swap Agreements
shall, at any time, be equal to the Outstanding Amount of the Class A-2b Notes,
Class A-3b Notes and Class A-4 Notes at such time.  Net Swap Receipts shall be deposited by the
Indenture Trustee into the Collection Account on the day received and shall
constitute part of the Total Distribution Amount.  Subject to Section
5.6, on any Payment Date when there shall be a Net Swap Payment, the
Indenture Trustee shall pay such Net Swap Payment from the Total Distribution
Amount; and on any day when there shall be a Swap Termination Payment, the
Indenture Trustee shall pay such Swap Termination Payment from the Total
Distribution Amount.

(b)           Each Interest Rate Swap
Agreement shall be in substantially the same form as the Interest Rate Swap
Agreement attached hereto as Exhibit G.

(c)           The Servicer (so long
as the Servicer is NH Credit), when required under any Interest Rate Swap
Agreement, shall cause the Issuing Entity to enter into a replacement Interest
Rate Swap Agreement.

Section 5.3.            Collections.  The Servicer shall, and shall cause any
subservicer to, remit to the Collection Account all payments by or on behalf of
the Obligors with respect to the Receivables, and all Liquidation Proceeds,
both as collected during the Collection Period, and in either case within two
Business Days of the date that the Servicer has identified and posted such
amounts (which the Servicer shall use its reasonable best efforts to do
promptly) to the Servicer’s computer system (the “Posted Date”).
Notwithstanding the foregoing, for so long as: (i) NH Credit remains the
Servicer, (ii) no Servicer Default shall have occurred and be continuing and
(iii) prior to ceasing remittances as described in the preceding sentence, the
Rating Agency Condition shall have been satisfied (and any conditions or
limitations imposed by the Rating Agencies in connection therewith are complied
with), the Servicer shall remit such collections with respect to the related
Collection Period to the Collection Account on the Transfer Date immediately
following the end of such Collection Period. 
For purposes of this Article V, 
the phrase “payments by or on behalf of the Obligors” shall mean
payments made with respect to the Receivables by Persons other than the
Servicer or the Seller.  On any Payment
Date with respect to which the Backup Servicer shall have been acting as
Successor Servicer during the related Collection Period, the Backup Servicer,
in its capacity as Successor Servicer, may direct the Indenture Trustee to
withdraw from the Collection Account and pay to the Backup Servicer, in its
capacity as Successor Servicer, the sum of any accrued amounts expended by such
Successor

 19
 

Servicer in connection
with the liquidation of any Liquidated Receivables, but solely to the extent
such amounts were not netted out of Liquidation Proceeds with respect of such
Liquidated Receivables or previously recovered by such Successor Servicer
pursuant to this Section 5.3;
provided that, the amount that such Successor Servicer may withdraw from the
Collection Account pursuant to this Section
5.3 on any Payment Date shall not exceed the aggregate amount of
Liquidation Proceeds collected during the related Collection Period and
deposited into the Collection Account prior to such Payment Date.  Any such withdrawals permissible under this Section 5.3 shall be made prior to any
distributions under Section 5.6.

Section 5.4.            Application of Collections.  (a) 
With respect to each Receivable, all collections for the Collection
Period shall be applied in accordance with the Servicer’s Servicing Procedures.

(b)           All Liquidation
Proceeds shall be applied to the related Receivable.

Section 5.5.            Additional Deposits.  The Servicer and the Seller shall deposit or
cause to be deposited in the Collection Account the aggregate Purchase Amount
with respect to Purchased Receivables on the Transfer Date related to the
Collection Period on the last day of which the purchase occurs, and the
Servicer shall deposit therein all amounts to be paid under Section 9.1 on the Transfer Date falling
in the Collection Period referred to in Section
9.1.  The Servicer shall
deposit the aggregate Purchase Amount with respect to Purchased Receivables
when such obligations are due, unless the Servicer shall not be required to
make deposits within two Business Days of receipt of funds pursuant to Section 5.3, in which case such deposits
shall be made on the Transfer Date following the related Collection
Period.  This Section 5.5 shall not apply to the Backup Servicer as
Successor Servicer.

Section 5.6.            Distributions.  (a)  On
each Determination Date, the Servicer shall calculate all amounts required to
determine the amounts to be deposited in the Note Distribution Account, the
Certificate Distribution Account and the Spread Account.

(b)           On each Payment Date,
the Servicer shall instruct the Indenture Trustee (based on the information
contained in the Servicer’s Certificate delivered on the related Determination
Date pursuant to Section 4.8) to
make from the Collection Account the following deposits and distributions for
receipt by the party as provided below or deposit in the applicable Trust
Account or Certificate Distribution Account, as applicable, by 10:00 a.m. (New
York time), to the extent of the Total Distribution Amount, in the following
order of priority:

(i)            to the Backup
Servicer, the Backup Servicer Fees and all unpaid Backup Servicer Fees from
prior Collection Periods;

(ii)           to the
Servicer, the Servicing Fee and all unpaid Servicing Fees from prior Collection
Periods;

(iii)          to
the Administrator, the Administration Fee and all unpaid Administration Fees
from prior Collection Periods;

(iv)          to the
Note Distribution Account, the Net Swap Payments (including interest on any
overdue Net Swap Payments), if any;

 20
 

(v)           to the
Note Distribution Account, the Class Interest Amount for each Class of Class A
Notes and the Priority Swap Termination Payments payable by the Issuing Entity,
if any;

(vi)          to the
Note Distribution Account, an amount equal to the excess, if any, of (x) the
Outstanding Amount of the Class A Notes over (y) the Asset Balance for that
Payment Date (the amount deposited in the Note Distribution Account pursuant to
this  clause (vi)  being the “First
Principal Payment Amount”);

(vii)         to
the Note Distribution Account, the Class Interest Amount for the Class B Notes;

(viii)        to
the Note Distribution Account, the Note Monthly Principal Distributable Amount;

(ix)           to the
Spread Account to the extent necessary so that the balance on deposit therein
will equal the Specified Spread Account Balance;

(x)            to the
Note Distribution Account, any Swap Termination Payments payable by the Issuing
Entity, to the extent not deposited pursuant to clause (v) above;

(xi)           first, to
the Backup Servicer, to cover any accrued and unpaid reimbursable expenses
(including the Backup Servicer Expenses) that remain unpaid after the
application, when applicable, of amounts in the Backup Servicer Account, and
second, to the Servicer, to cover any accrued and unpaid reimbursable expenses;
and

(xii)          to
the Certificate Distribution Account, the remaining Total Distribution Amount
to be distributed to the Certificateholders.

(c)           On the A-1 Note Final
Scheduled Maturity Date, the Servicer shall instruct the Indenture Trustee to
deposit from the Collection Account into the Note Distribution Account by 10:00
a.m. (New York time), to the extent of available funds on such day, an amount
equal to the sum of (i) the aggregate accrued and unpaid interest on the Class
A-1 Notes as of the A-1 Note Final Scheduled Maturity Date, and (ii) the amount
necessary to reduce the outstanding principal amount of the Class A-1 Notes to
zero.

It is understood and agreed that, with respect to the
amounts to be distributed pursuant to this Section
5.6(c), the Servicer shall, to the extent necessary (i) deposit into
the Collection Account any amounts received as payments by or on behalf of any
Obligor (and not previously deposited into the Collection Account) on or prior
to the A-1 Note Final Scheduled Maturity Date, (ii) make each calculation that
would otherwise be made on a Determination Date (with appropriate adjustments)
in accordance with Section 4.8 on
the Business Day immediately proceeding the A-1 Note Final Scheduled Maturity
Date, (iii) on the Payment Date immediately succeeding the A-1 Note Final
Scheduled Maturity Date, make any adjustments to the Note Monthly Principal
Distributable Amount, the Class Interest Amount and any other amount to be paid
on such Payment Date, and (iv) make any other calculation, adjustment or
correction that may be required as a result of any payment made on the A-1 Note
Final Scheduled Maturity Date.

 21
 

Section 5.7.            Spread Account.  (a)  On
the Closing Date and on each Subsequent Transfer Date, the Seller shall deposit
the applicable Spread Account Initial Deposit into the Spread Account.

(b)           If the amount on
deposit in the Spread Account on any Payment Date (after giving effect to all
deposits or withdrawals therefrom on such Payment Date) is greater than the
Specified Spread Account Balance for such Payment Date, the Servicer shall
instruct the Indenture Trustee to distribute the amount of the excess to the
Seller (and its transferees and assignees in accordance with their respective
interests); provided, that if, after giving effect to all payments made on the
Notes on such Payment Date, the sum of the Pool Balance and the Pre-Funded
Amount as of the first day of the Collection Period in which such Payment Date
occurs is less than the Note Balance, such excess shall not be distributed to
the Seller (or such transferees or assignees) and shall be retained in the
Spread Account for application in accordance with this Agreement. Amounts
properly distributed pursuant to this Section
5.7(b) shall be deemed released from the Trust and the security
interest therein granted to the Indenture Trustee, and the Seller (and such
transferees and assignees) shall in no event thereafter be required to refund
any such distributed amounts.

(c)           Following: (i) the
payment in full of the aggregate Outstanding Amount of the Notes and of all
other amounts owing or to be distributed hereunder or under the Indenture to
the Noteholders, the Counterparties, the Trustee and the Indenture Trustee and
(ii) the termination of the Trust, any amount remaining on deposit in the
Spread Account shall be distributed to the Seller or any transferee or assignee
pursuant to  clause (e) .  The Seller (and such transferees and
assignees) shall in no event be required to refund any amounts properly
distributed pursuant to this Section 5.7(c).

(d)           In the event that the
sum of (x) the First Principal Payment Amount and the Noteholders’
Distributable Amount for a Payment Date, (y) the Net Swap Payments (including
interest on any overdue Net Swap Payments) for a Payment Date, if any, and (z)
the Priority Swap Termination Payments payable by the Issuing Entity, if any,
exceeds the amount deposited into the Note Distribution Account pursuant to Sections 5.6(b)(iv), (v), (vi), (vii) and (viii)
on such Payment Date, the Servicer shall instruct the Indenture Trustee on such
Payment Date to withdraw from the Spread Account on such Payment Date an amount
equal to such excess, to the extent of funds available therein, and deposit
such amount into the Note Distribution Account.

(e)           The Seller may at any
time, without consent of the Noteholders, sell, transfer, convey or assign in
any manner its rights to and interests in distributions from the Spread
Account, including interest and other investment earnings thereon; provided,
that the Rating Agency Condition is satisfied.

Section 5.8.            Pre-Funding Account.  (a) 
Subject to the proviso set forth in Section
5.1(a)(iv), on the Closing Date, the Trustee will deposit, on behalf
of the Seller, in the Pre-Funding Account $0 from the net proceeds of the sale
of the Notes.  On each Subsequent
Transfer Date, the Servicer shall instruct the Indenture Trustee to withdraw
from the Pre-Funding Account an amount equal to: (i) the aggregate Contract
Value of the Subsequent Receivables transferred to the Issuing Entity on such
Subsequent Transfer Date  less  the amounts described

 22
 

in  clause (ii) 
and  clause (iii)  below, and distribute such amount to or upon
the order of the Seller upon satisfaction of the conditions set forth in Section 2.2(b) with respect to such
transfer, (ii) the Spread Account Initial Deposit for such Subsequent Transfer
Date and, on behalf of the Seller, deposit such amount in the Spread Account
and (iii) the Principal Supplement Account Deposit for such Subsequent Transfer
Date, and, on behalf of the Seller, deposit such amount in the Principal Supplement
Account.

(b)           If:  (i) the Pre-Funded Amount has not been
reduced to zero on the Payment Date on which the Funding Period ends (or, if
the Funding Period does not end on a Payment Date, on the first Payment Date
following the end of the Funding Period) or (ii) the Pre-Funded Amount has
been reduced to $200,000 or less on any Determination Date, in either case
after giving effect to any reductions in the Pre-Funded Amount on such date
pursuant to paragraph (a), the Servicer shall instruct the Indenture Trustee to
withdraw from the Pre-Funding Account, in the case of clause (i), on such
Payment Date or, in the case of clause (ii), on the Payment Date immediately
succeeding such Determination Date, the amount remaining at the time in the
Pre-Funding Account (such remaining amount being the “Remaining Pre-Funded Amount”) and deposit
such amounts in the Collection Account, for inclusion in the Total Distribution
Amount for that Payment Date.

Section 5.9.            Negative Carry Account.  Subject to the proviso set forth in Section 5.1(a)(v), on the Closing Date,
the Seller shall deposit the Negative Carry Account Initial Deposit into the
Negative Carry Account. On each Payment Date, the Servicer will instruct the
Indenture Trustee to withdraw from the Negative Carry Account and deposit into
the Collection Account an amount equal to the Negative Carry Amount for such
Collection Period. If the amount on deposit in the Negative Carry Account on
any Payment Date (after giving effect to the withdrawal therefrom of the
Negative Carry Amount for such Payment Date) is greater than the Required
Negative Carry Account Balance, the excess will be released to the Seller.

Section 5.10.          Principal Supplement
Account.  On each
Subsequent Transfer Date the Servicer shall calculate the amount, if any, of
the Principal Supplement Account Deposit applicable to such Subsequent Transfer
Date, and, if such amount is positive, the Seller shall deposit such amount
into the Principal Supplement Account (subject to the proviso set forth in Section 5.1(a)(vi)).  In the event that the sum of (x) the First
Principal Payment Amount and the Noteholders’ Distributable Amount for a
Payment Date, (y) the Net Swap Payments (including interest on any overdue Net
Swap Payments) for a Payment Date, if any, and (z) the Priority Swap
Termination Payments payable by the Issuing Entity, if any, exceeds the amount
deposited into the Note Distribution Account pursuant to Sections 5.6(b)(iv), (v), (vi), (vii) and (viii) on such Payment Date and Section 5.7(d) on such Payment Date, the
Servicer shall instruct the Indenture Trustee on such Payment Date to withdraw
from the Principal Supplement Account on such Payment Date an amount equal to
such excess, to the extent of funds available therein, and deposit such amount
into the Note Distribution Account. 
Funds on deposit in the Principal Supplement Account may be withdrawn
and paid to the Seller on any day if each Rating Agency has confirmed that such
action will not result in a withdrawal or downgrade of its rating of any Class
of Notes.

Section 5.11.          Statements to
Certificateholders and Noteholders.  (a)  On
each Determination Date the Servicer shall provide to the Indenture Trustee
(with a copy to the Rating

 23
 

Agencies), for the
Indenture Trustee to make available to each Noteholder of record, and, if NH
Credit or an Affiliate is not the Servicer or the Depositor is not the sole
Certificateholder, to the Indenture Trustee (if the Indenture Trustee is
responsible on the related Payment Date to make the payment required under Section 5.2(a) of the Trust Agreement) or the Trustee (if
the Trustee is responsible on the related Payment Date to make the payment
required under Section 5.2(a) of the Trust
Agreement), for the Indenture Trustee or Trustee, as applicable, to forward to
each Certificateholder of record, a statement substantially in the form of Exhibit C, setting forth at least the
following information as to each Class of the Notes and the Certificates to the
extent applicable:

(i)            the
amount of such distribution allocable to principal of each Class of Notes;

(ii)           the
amount of the distribution allocable to interest on each Class of Notes;

(iii)          the
amount to be distributed to the Certificateholders;

(iv)          the Pool
Balance as of the close of business on the last day of the preceding Collection
Period;

(v)           the
aggregate Outstanding Amount and the Note Pool Factor for each Class of Notes
as of such Payment Date, after giving effect to payments allocated to principal
reported under clause (i) above;

(vi)          the amount
of the Backup Servicer Fees paid to the Backup Servicer with respect to the
prior Collection Period;

(vii)         the
amount of the Servicing Fee paid to the Servicer with respect to the preceding
Collection Period;

(viii)        the
amount of the Administration Fee paid to the Administrator in respect of the
preceding Collection Period;

(ix)           the
amount of the aggregate Realized Losses, if any, for such Collection Period;

(x)            the
aggregate Purchase Amounts for Receivables, if any, that were repurchased or
purchased in such Collection Period;

(xi)           the
balance of the Spread Account on the related Payment Date, after giving effect
to changes therein on such Payment Date;

(xii)          for
Payment Dates during the Funding Period, the Remaining Pre-Funded Amount;

 24

(xiii)                          for
the final Payment Date with respect to the Funding Period, the amount of any
Remaining Pre-Funded Amount that has not been used to fund the purchase of
Subsequent Receivables;

(xiv)                         the
balance of the Principal Supplement Account on the related Payment Date, after
giving effect to changes therein on such Payment Date;

(xv)                            the
balance of the Negative Carry Account on the related Payment Date, after giving
effect to changes therein on such Payment Date;

(xvi)                         the
amount of Net Swap Payments or Net Swap Receipts for the related Payment Date;

(xvii)                      the
amount of Swap Termination Payments paid by the Issuing Entity on the related
Payment Date;

(xviii)                   the
A-2b Note Rate, A-3b Note Rate and A-4 Note Rate for the next Interest Period;

(xix)                           if
the related Payment Date falls in March 2009, September 2009, March 2010 or
September 2010;

(x)                                   the
Average Delinquency Ratio and whether the Average Delinquency Ratio Test is met
on such Payment Date;

(y)                                 the
Cumulative Net Loss Ratio and whether the Cumulative Net Loss Ratio Test is met
on such Payment Date; and

(z)                                   whether
the Specified Spread Account Reduction Trigger is met on such Payment Date; and

(xx)                              the
Specified Spread Account Balance.

Each amount set forth pursuant to clauses (i), (ii), (vi), (vii) and (viii) shall be expressed as a dollar
amount per $1,000 of original principal balance of a Note.

The Indenture Trustee will make the statement to
Noteholders available each month to Noteholders and other parties to the Basic
Documents via the Indenture Trustee’s internet website, which is presently
located at http://www.bnyinvestorreporting.com.

Persons who are unable to use the above website are
entitled to have a paper copy mailed to them via first class mail by calling
the Indenture Trustee at (312) 827-8500. 
The Indenture Trustee shall have the right to change the way the
statement to Noteholders is distributed in order to make such distribution more
convenient and/or more accessible to the above parties and to the
Noteholders.  The Indenture Trustee shall
provide timely and adequate notification to all above parties and to the
Noteholders regarding any such change.

 25
 

In connection with any electronic transmissions of
information, including without limitation, the use of electronic mail or
internet or intranet web sites, the systems used in such transmissions are not
fully tested by the Indenture Trustee and may not be completely reliable as to
stability, robustness and accuracy. 
Accordingly, the parties hereto acknowledge and agree that information
electronically transmitted as described herein may not be relied upon as
timely, accurate or complete and that the Indenture Trustee shall have no
liability hereunder in connection with such information transmitted
electronically.  The parties hereto
further acknowledge that any and all systems, software or hardware utilized in
posting or retrieving any such information are utilized on an “as is” basis
without representation or warranty as to the intended uses of such systems,
software or hardware.  The Indenture
Trustee makes no representation or warranty that the systems and the related
software used in connection with the electronic transmission of information are
free and clear of threats known as software and hardware viruses, time bombs,
logic bombs, Trojan horses, worms, or other malicious computer instructions,
intentional devices or techniques which may cause a component or system to
become erased, damaged, inoperable, or otherwise incapable of being used in the
manner to which it is intended, or which would permit unauthorized access
thereto.

Section
5.12.                                                     Net Deposits.  As an administrative convenience, unless the
Servicer is required to remit collections within two Business Days of the
Posted Date, the Servicer will be permitted to make the deposit of collections
net of distributions, if any, to be made to the Servicer with respect to the
Collection Period.  The Servicer,
however, will account to the Trustee, the Indenture Trustee, the Noteholders
and the Certificateholders as if all deposits, distributions and transfers were
made individually.

Section
5.13.                                                     Backup
Servicer Account.  (a)  On the Closing Date, the Seller, or the
Servicer on its behalf, shall deposit the Backup Servicer Account Initial
Deposit into the Backup Servicer Account. On each Payment Date to the extent
that any Backup Servicer Expenses are then due and payable, the Servicer will
instruct the Indenture Trustee in writing to withdraw an amount equal to such
Backup Servicer Expenses then due and payable, and distribute such amount to the
Person entitled thereto. If the amount on deposit in the Backup Servicer
Account on any Payment Date (after giving effect to the withdrawal therefrom
for the payment of Backup Servicer Expenses for such Payment Date) is greater
than the Backup Servicer Account Required Amount, the excess will be released
to the Seller; provided however,
such excess will only be released to the Seller (i) to the extent that all
reimbursable expenses of the Backup Servicer as set forth in the following
sentence that are due have been paid and (ii) so long as no Servicer Default
shall have occurred and be continuing. 
In addition, the amount on deposit in the Backup Servicer Account will
also be made available to pay reasonable costs and expenses (including attorney’s
fees) incurred by the Backup Servicer. 
The Seller (and any of its transferees and assignees) shall in no event
be required to refund any amounts properly distributed to it pursuant to this Section 5.13.

(b)                                 If
the amount on deposit in the Backup Servicer Account is insufficient to cover
any Backup Servicer Expenses, NH Credit, as Servicer, shall pay such fees and
expenses to the Backup Servicer out of its Servicing Fee.

(c)                                  Following:
(i) the payment in full of the aggregate Outstanding Amount of the Notes and all
amounts owing or to be distributed to the Backup Servicer hereunder and (ii)

 26
 

the termination of the
Trust, any amount remaining on deposit in the Backup Servicer Account shall be
distributed to the Seller or any transferee or assignee.

ARTICLE VI

The Seller

Section
6.1.                                                           Representations
of Seller.  The Seller makes the
following representations on which the Issuing Entity is deemed to have relied
in acquiring the Receivables.  The
representations speak as of the execution and delivery of this Agreement and
shall survive the sale of the Receivables to the Issuing Entity and the pledge
thereof to the Indenture Trustee pursuant to the Indenture.

(a)                                  Organization
and Good Standing.  The Seller is
duly organized and validly existing as a limited liability company in good
standing under the laws of the State of Delaware, with the 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)                                 Due
Qualification.  The Seller 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, except where the failure to be so
qualified and have such licenses and approvals would not have a material
adverse effect on (a) the Trust Estate, (b) Seller’s performance of its
obligations under the Basic Documents to which it is a party, (c) the business
or condition (financial or otherwise) of the Seller or (d) the validity or
enforceability of any Receivable.

(c)                                  Power
and Authority.  The Seller has the
power and authority to execute and deliver this Agreement and to carry out its terms;
the Seller has full power and authority to sell and assign the property to be
sold and assigned to and deposited with the Issuing Entity and has duly
authorized such sale and assignment to the Issuing Entity by all necessary
limited liability company action; and the execution, delivery and performance
of this Agreement have been, and the execution, delivery and performance of
each Subsequent Transfer Assignment have been or will be on or before the
related Subsequent Transfer Date, duly authorized by the Seller by all
necessary limited liability company action.

(d)                                 Binding
Obligation.  This Agreement
constitutes, and each Subsequent Transfer Assignment when executed and
delivered by the Seller will constitute, a legal, valid and binding obligation
of the Seller enforceable in accordance with their terms.

(e)                                  No
Violation.  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 Seller, or any indenture, agreement or other
instrument to which the Seller is a party or by which it shall be 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 the Basic Documents); or violate any law or, to the best of the
Seller’s knowledge, any order, rule or

 27
 

regulation applicable to
the Seller of any court or of any federal or State regulatory body,
administrative agency or other governmental instrumentality having jurisdiction
over the Seller or its properties.

(f)                                    No
Proceedings. As of the date of the Underwriting Agreement, Preliminary
Prospectus Date, the Prospectus Date and the Closing Date, there are no
proceedings or investigations pending or, to the Seller’s knowledge, threatened
against the Seller, before any court, regulatory body, administrative agency or
other tribunal or governmental instrumentality having jurisdiction over the
Seller or its properties (i) asserting the invalidity of this Agreement, (ii)
seeking to prevent the consummation of any of the transactions contemplated by
this Agreement, or (iii) seeking any determination or ruling that might
materially and adversely affect the performance by the Seller of its
obligations under, or the validity or enforceability of, this Agreement or
otherwise be material to the Noteholders, except as otherwise may be disclosed
in the Preliminary Prospectus or the Prospectus.

Section
6.2.                                                           Company Existence.  (a) 
During the term of this Agreement, the Seller will keep in full force
and effect its existence, rights and franchises as a limited liability company
under the laws of the jurisdiction of its formation 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 Agreement, the Basic Documents and each other instrument
or agreement necessary or appropriate to the proper administration of this
Agreement and the transactions contemplated hereby.

(b)                                 During
the term of this Agreement, the Seller shall observe the applicable legal
requirements for the recognition of the Seller as a legal entity separate and
apart from its Affiliates, including as follows:

(i)                                     the
Seller shall maintain company records and books of account separate from those
of its Affiliates;

(ii)                                  except
as otherwise provided in this Agreement and similar arrangements relating to
other securitizations, the Seller shall not commingle its assets and funds with
those of its Affiliates;

(iii)                               the
Seller shall hold such appropriate meetings or obtain such appropriate consents
of its Board of Directors as are necessary to authorize all the Seller’s
actions required by law to be authorized by the Board of Directors, shall keep
minutes of such meetings and of meetings of its member(s) and observe all other
customary limited liability company formalities (and any successor Seller not a
limited liability company shall observe similar procedures in accordance with
its governing documents and applicable law);

(iv)                              the
Seller shall at all times hold itself out to the public under the Seller’s own
name as a legal entity separate and distinct from its Affiliates; and

(v)                                 all
transactions and dealings between the Seller and its Affiliates will be
conducted on an arm’s-length basis.

 28
 

Section
6.3.                                                           Liability of Seller; Indemnities.  The Seller shall be liable in accordance
herewith only to the extent of the obligations specifically undertaken by the
Seller under this Agreement.

(a)                                  The
Seller shall indemnify, defend and hold harmless the Issuing Entity, the
Trustee and the Indenture Trustee (and their officers, directors, employees and
agents) from and against any taxes that may at any time be asserted against any
of them with respect to the sale of the Receivables to the Issuing Entity or
the issuance and original sale of the Notes, including any sales, gross
receipts, general corporation, tangible personal property, privilege or license
taxes (but, in the case of the Issuing Entity, not including any taxes asserted
with respect to ownership of the Receivables or federal or other income taxes
arising out of the transactions contemplated by this Agreement) and costs and
expenses in defending against the same.

(b)                                 The
Seller shall indemnify, defend and hold harmless the Issuing Entity, the
Trustee and the Indenture Trustee (and their officers, directors, employees and
agents) from and against any loss, liability or expense incurred by reason of
the Seller’s willful misfeasance, bad faith or negligence in the performance of
its duties under this Agreement, or by reason of reckless disregard of its
obligations and duties under this Agreement.

Indemnification under this Section shall survive the resignation or removal of the
Trustee or the Indenture Trustee or the termination of this Agreement and the
Indenture and shall include reasonable fees and expenses of counsel and
expenses of litigation.  If the Seller
shall have made any indemnity payments pursuant to this Section and the Person to or on behalf of
whom such payments are made thereafter shall collect any of such amounts from
others, such Person shall promptly repay such amounts to the Seller, without
interest.

Section
6.4.                                                           Merger or Consolidation of, or Assumption of the
Obligations of, Seller. 
Any Person: (a) into which the Seller may be merged or consolidated, (b)
that may result from any merger or consolidation to which the Seller shall be a
party or (c) that may succeed to the properties and assets of the Seller
substantially as a whole, which Person (in any of the foregoing cases) executes
an agreement of assumption to perform every obligation of the Seller under this
Agreement (or is deemed by law to have assumed such obligations), shall be the
successor to the Seller hereunder without the execution or filing of any
document or any further act by any of the parties to this Agreement; provided, however, that: (i)
immediately after giving effect to such transaction, no representation or
warranty made pursuant to Section 3.1
shall have been breached and no Servicer Default, and no event that, after notice
or lapse of time, or both, would become a Servicer Default shall have occurred
and be continuing, (ii) the Seller shall have delivered to the Trustee and the
Indenture Trustee an Officer’s Certificate and an Opinion of Counsel each
stating that such consolidation, merger or succession and such agreement of
assumption comply with this Section
and that all conditions precedent, if any, provided for in this Agreement
relating to such transaction have been complied with, (iii) the Rating Agency
Condition shall have been satisfied with respect to such transaction and (iv)
the Seller shall have delivered to the Trustee and the Indenture Trustee an
Opinion of Counsel either: (A) stating that, in the opinion of such counsel,
all financing statements, continuation statements and amendments thereto have
been executed and filed that are necessary fully to preserve and protect the
interest of the Trustee and Indenture Trustee, respectively, in the Receivables
and reciting the details of such filings, or (B) stating that, in the opinion
of such counsel, no such action shall be necessary

 29
 

to preserve and protect
such interests.  Notwithstanding anything
herein to the contrary, the execution of the foregoing agreement of assumption
and compliance with clauses (i), (ii),
(iii) and (iv) shall be
conditions to the consummation of the transactions referred to in clauses (a), (b) or (c).

Section
6.5.                                                           Limitation on Liability of Seller and Others.  The Seller and any director, officer,
employee or agent of the Seller may rely in good faith on the advice of counsel
or on any document of any kind prima facie properly executed and submitted by
any Person respecting any matters arising hereunder.  The Seller shall not be under any obligation
to appear in, prosecute or defend any legal action that shall not be incidental
to its obligations under this Agreement, and that in its opinion may involve it
in any expense or liability.

Section
6.6.                                                           Seller May Own Certificates or Notes.  The Seller and any Affiliate thereof may in
its individual or any other capacity become the owner or pledgee of
Certificates or the Notes with the same rights as it would have if it were not
the Seller or an Affiliate thereof, except as expressly provided herein or in
any other Basic Document.

Notwithstanding the foregoing, the Seller shall not
sell the Certificates except to an entity (a) that has provided an opinion of
counsel to the effect that such sale will not cause the Trust to be treated as
a “publicly traded partnership” under the Code and (b) that either (i) is not
an Affiliate of the Seller or (ii) is an Affiliate of the Seller that (A) is a
subsidiary of CNHCA or NH Credit, the certificate of formation and limited
liability company agreement of which contains restrictions substantially
similar to the restrictions contained in the certificate of formation and
limited liability company agreement of the Seller and (B) has provided an
Opinion of Counsel regarding substantive consolidation of such Affiliate with
CNHCA or NH Credit in the event of a bankruptcy filing by CNHCA or NH Credit,
as applicable, which is substantially similar to the Opinion of Counsel
provided by Seller on the Closing Date, and which may be subject to the same
assumptions and qualifications as that opinion.

ARTICLE VII

The Servicer

Section
7.1.                                                           Representations of Servicer.  The Servicer makes the following
representations on which the Issuing Entity is deemed to have relied in
acquiring the Receivables.  The
representations speak as of the execution and delivery of the Agreement and as of
the Closing Date, in the case of the Initial Receivables, and as of the
applicable Subsequent Transfer Date, in the case of the Subsequent Receivables,
and shall survive the sale of the Receivables to the Issuing Entity and the
pledge thereof to the Indenture Trustee pursuant to the Indenture.

(a)                                  Organization
and Good Standing.  The Servicer is
duly organized and validly existing as a limited liability company in good
standing under the laws of the state of its organization, with the power and
authority to own its properties and to conduct its business as such properties
are currently owned and such business is presently conducted, and had at all
relevant times, and has, the power, authority and legal right to service the
Receivables and to hold the Receivable Files as custodian.

 30
 

(b)                                 Due
Qualification.  The Servicer 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 (including the servicing of the Receivables as required by this
Agreement) shall require such qualifications, except where the failure to be so
qualified and have such licenses and approvals would not have a material
adverse effect on (a) the Trust Estate, (b) Servicer’s performance of its
obligations under the Basic Documents to which it is a party, (c) the business
or condition (financial or otherwise) of the Servicer or (d) the validity or
enforceability of any Receivable.

(c)                                  Power
and Authority.  The Servicer has the
power and authority to execute and deliver this Agreement and to carry out its
terms; and the execution, delivery and performance of this Agreement have been
duly authorized by the Servicer by all necessary limited liability company
action.

(d)                                 Binding
Obligation.  This Agreement
constitutes a legal, valid and binding obligation of the Servicer enforceable
against the Servicer in accordance with its terms.

(e)                                  No
Violation.  The consummation of the
transactions contemplated by this Agreement and the fulfillment of the terms
hereof shall 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 Servicer, or any indenture, agreement or other
instrument to which the Servicer is a party or by which it shall be 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 this Agreement); or violate any law or, to the best of the Servicer’s
knowledge, any order, rule or regulation applicable to the Servicer of any court
or of any federal or State regulatory body, administrative agency or other
governmental instrumentality having jurisdiction over the Servicer or its
properties.

(f)                                    No
Proceedings. As of the date of the Underwriting Agreement, the Preliminary
Prospectus Date, the Prospectus Date and the Closing Date, there are no
proceedings or investigations pending or, to the Servicer’s  knowledge, threatened against the Servicer,
before any court, regulatory body, administrative agency or other tribunal or
governmental instrumentality having jurisdiction over the Servicer or its
properties (i) asserting the invalidity of this Agreement, (ii) seeking to
prevent the consummation of any of the transactions contemplated by this
Agreement, or (iii) seeking any determination or ruling that might materially
and adversely affect the performance by the Servicer of its obligations under,
or the validity or enforceability of, this Agreement or otherwise be material
to the Noteholders, except as otherwise may be disclosed on the Preliminary
Prospectus or the Prospectus; and

(g)                                 No
Insolvent Obligors. As of the Initial Cutoff Date or, in the case of the
Subsequent Receivables, as of the related Subsequent Cutoff Date, no Obligor is
shown in the Servicer’s Records (including, without limitation the Receivable
Files) as the subject of a bankruptcy proceeding.

 31
 

Section
7.2.                                                           Indemnities of Servicer.  The Servicer shall be liable in accordance
herewith only to the extent of the obligations specifically undertaken by the
Servicer under this Agreement.

(a)                                  The
Servicer shall defend, indemnify and hold harmless the Issuing Entity, the
Trustee, the Indenture Trustee, the Noteholders, the Certificateholders and the
Seller (and any of their officers, directors, employees and agents) from and
against any and all costs, expenses, losses, damages, claims and liabilities,
arising out of or resulting from:

(i)                                     the
use, ownership or operation by the Servicer or any Affiliate thereof of any of
the Financed Equipment;

(ii)                                  any
taxes that may at any time be asserted against any such Person with respect to
the transactions contemplated herein, including any sales, gross receipts,
general corporation, tangible personal property, privilege or license taxes
(but, in the case of the Issuing Entity, not including any taxes asserted with
respect to, and as of the date of, the sale of the Receivables to the Issuing
Entity or the issuance and original sale of the Notes and the issuance of the
Certificates, or asserted with respect to ownership of the Receivables, or
federal or other income taxes arising out of distributions on the Certificates
or the Notes) and costs and expenses in defending against the same;

(iii)                               the
negligence, willful misfeasance or bad faith of the Servicer in the performance
of its duties under this Agreement or by reason of reckless disregard of its
obligations and duties under this Agreement; and

(iv)                              the
Seller’s or the Issuing Entity’s violation of federal or State securities laws
in connection with the offering or sale of the Notes.

(b)                                 The
Servicer shall indemnify, defend and hold harmless the Trustee and the
Indenture Trustee (and their respective officers, directors, employees and
agents) from and against all costs, expenses, losses, claims, damages and
liabilities arising out of or incurred in connection with the acceptance or
performance of the trusts and duties herein and, in the case of the Trustee, in
the Trust Agreement contained, and, in the case of the Indenture Trustee, in
the Indenture contained, except to the extent that such cost, expense, loss,
claim, damage or liability:

(i)                                     shall
be due to the willful misfeasance, bad faith or negligence (except for errors
in judgment) of the Trustee or the Indenture Trustee as applicable; or

(ii)                                  shall
arise from the breach by the Trustee of any of its representations or
warranties set forth in Section 7.3
of the Trust Agreement.

(c)                                  The
Servicer shall pay any and all taxes levied or assessed upon all or any part of
the Trust Estate.

(d)                                 The
Servicer shall pay the Indenture Trustee and the Trustee from time to time
reasonable compensation for all services rendered by the Indenture Trustee
under the Indenture or by the Trustee under the Trust Agreement (which
compensation shall not be limited by any provision of law in regard to the
compensation of a trustee of an express trust).

 32
 

(e)                                  The
Servicer shall, except as otherwise expressly provided in the Indenture or the
Trust Agreement, reimburse either the Indenture Trustee or the Trustee,
respectively, upon its request for all reasonable expenses, disbursements and
advances incurred or made in accordance with the Indenture or the Trust
Agreement, respectively, (including the reasonable compensation, expenses and
disbursements of its agents and either in-house counsel or outside counsel, but
not both), except any such expense, disbursement or advance as may be
attributable to the Indenture Trustee’s or the Trustee’s, respectively
negligence, bad faith or willful misfeasance.

Notwithstanding anything herein to the contrary, Sections  7.2(a)(ii),
(a)(iv), (b), (c), (d) and (e)
shall not apply to the Backup Servicer in its capacity as Successor
Servicer.  For purposes of this Section, in the event of the
termination of the rights and obligations of the Servicer pursuant to Section 8.1, or a resignation by the
Servicer pursuant to this Agreement, the Servicer shall be deemed to be the
Servicer pending appointment of a Successor Servicer pursuant to Section 8.2.

Indemnification under this Section shall survive the resignation or removal of the Trustee
or the Indenture Trustee or the termination of this Agreement, the Trust
Agreement and the Indenture and shall include reasonable fees and expenses of
counsel and expenses of litigation.  If
the Servicer shall have made any indemnity payments pursuant to this Section and the Person to or on
behalf of whom such payments are made thereafter collects any of such amounts
from others, such Person shall promptly repay such amounts to the Servicer,
without interest.

Section
7.3.                                                           Merger or Consolidation of, or Assumption of the
Obligations of, Servicer. 
Any Person: (a) into which the Servicer may be merged or consolidated,
(b) that may result from any merger or consolidation to which the Servicer
shall be a party, or (c) that may succeed to the properties and assets of the
Servicer substantially as a whole, which Person (in any of the foregoing
circumstances) executes an agreement of assumption to perform every obligation
of the Servicer hereunder (or is deemed by law to have assumed such
obligations), shall be the successor to the Servicer under this Agreement
without further act on the part of any of the parties to this Agreement; provided, however, that: (i)
immediately after giving effect to such transaction, no Servicer Default, and
no event that, after notice or lapse of time, or both, would become a Servicer
Default shall have occurred and be continuing, (ii) the Servicer shall have
delivered to the Trustee and Indenture Trustee an Officer’s Certificate and an
Opinion of Counsel each stating that such consolidation, merger or succession
and such agreement of assumption comply with this Section and that all conditions precedent, if any, provided for
in this Agreement relating to such transaction have been complied with, (iii)
the Rating Agencies and the Counterparties shall have received at least ten
days’ prior written notice of such transaction and (iv) the Servicer shall have
delivered to the Trustee and the Indenture Trustee an Opinion of Counsel
either: (A) stating that, in the opinion of such counsel, all financing
statements, continuation statements and amendments thereto have been executed
and filed that are necessary fully to preserve and protect the interest of the
Trustee and the Indenture Trustee, respectively, in the Receivables and
reciting the details of such filings, or (B) stating that, in the opinion of
such counsel, no such action shall be necessary to preserve and protect such
interests. Notwithstanding anything herein to the contrary, the execution of
the foregoing agreement of assumption and compliance with clauses (i), (ii), (iii) and (iv) shall be conditions to the
consummation of the transactions referred to in clauses (a), (b) or (c); provided, however,
that

 33
 

this Section 7.3 shall
not apply to mergers or consolidations of the Backup Servicer in its capacity
as Successor Servicer within J.P. Morgan Chase Bank N.A.

Section
7.4.                                                           Limitation on Liability of Servicer and Others.  Neither the Servicer nor any of the
directors, officers, employees or agents of the Servicer shall be under any
liability to the Issuing Entity, the Noteholders or the Certificateholders,
except as provided under this Agreement, for any action taken or for refraining
from the taking of any action pursuant to this Agreement or for errors in
judgment; provided, however, that this provision shall not
protect the Servicer or any such Person against any liability that would
otherwise be imposed by reason of willful misfeasance, bad faith or negligence
in the performance of its duties or by reason of reckless disregard of
obligations and duties under this Agreement. 
The Servicer and any director, officer, employee or agent of the
Servicer may rely in good faith on the advice of counsel or on any document of
any kind prima facie properly executed and submitted by any Person respecting any
matters arising hereunder.

Except as provided in this Agreement, the Servicer
shall not be under any obligation to appear in, prosecute or defend any legal
action that shall not be incidental to its duties to service the Receivables in
accordance with this Agreement, and that in its opinion may involve it in any
expense or liability; provided, however,
that the Servicer may undertake any reasonable action that it may deem
necessary or desirable in respect of this Agreement, the Basic Documents and
the rights and duties of the parties to this Agreement, the Basic  Documents and the interests of the
Certificateholders under the Trust Agreement and the Noteholders under the
Indenture.

Section
7.5.                                                           NH Credit Not to Resign as Servicer.  Subject to Section 7.3, NH Credit shall not resign from the obligations and
duties imposed on it as Servicer under this Agreement except upon determination
that the performance of its duties under this Agreement shall no longer be
permissible under applicable law and such impermissibility cannot be reasonably
and promptly cured. Notice of any such determination shall be communicated to
the Trustee, the Counterparties, the Backup Servicer and the Indenture Trustee
at the earliest practicable time (and, if such communication is not in writing,
shall be confirmed in writing at the earliest practicable time) and any such
determination shall be evidenced by an Opinion of Counsel to such effect
delivered to the Trustee, the Counterparties and the Indenture Trustee
concurrently with or promptly after such notice.  No such resignation shall become effective
until the Indenture Trustee or a Successor Servicer shall have assumed the
responsibilities and obligations of NH Credit in accordance with Section 8.2.

Section
7.6.                                                           Servicer to Act as Administrator.  In the event of the resignation or removal of
the Administrator and the failure of a successor Administrator to have been
appointed and to have accepted such appointment as successor Administrator, the
Servicer shall become the successor Administrator and shall be bound by the
terms of the Administration Agreement. 
Notwithstanding the foregoing, in no event shall the Backup Servicer, in
its capacity as Successor Servicer, be required to act as Administrator.

 34
 

ARTICLE VIII

Default

Section
8.1.                                                           Servicer Default.  If any one of the following events (a “Servicer Default”) shall occur and be
continuing:

(a)                                  any
failure by the Servicer to deliver to the Indenture Trustee for deposit in any
of the Trust Accounts or the Certificate Distribution Account any required
payment or to direct the Indenture Trustee or the Trustee to make any required
distributions therefrom, which failure continues unremedied for three Business
Days after written notice of such failure is received by the Servicer from the
Trustee or the Indenture Trustee or after discovery of such failure by an
officer of the Servicer;

(b)                                 any
failure by the Servicer or the Seller, as the case may be, duly to observe or
to perform in any material respect any other covenants or agreements (other
than as set forth in  clause (a))  of the Servicer or the Seller (as the case
may be) set forth in this Agreement or any other Basic Document, which failure
shall: (i) materially and adversely affect the rights of Certificateholders or
Noteholders and (ii) continue unremedied for a period of 60 days after the date
on which written notice of such failure, requiring the same to be remedied,
shall have been given: (A) to the Servicer or the Seller (as the case may be)
by the Trustee or the Indenture Trustee or (B) to the Servicer or the Seller
(as the case may be) and to the Trustee and the Indenture Trustee, by the
Noteholders or Certificateholders, as applicable, evidencing not less than 25%
of the Outstanding Amount of the Notes or 25% of the beneficial interest in the
Issuing Entity;

(c)                                  an
Insolvency Event occurs with respect to the Servicer; or

(d)                                 the
failure by NH Credit as Servicer to engage a replacement Backup Servicer within
one hundred eighty days after the date that SST is terminated as Backup Servicer,
unless SST is terminated as Backup Servicer pursuant to Section 2.3 of the Backup Servicing
Agreement, in which case a Backup Servicer will no longer be required,
notwithstanding anything in the Basic Documents to the contrary;

then, and in each and every case, so long as the
Servicer Default shall not have been remedied, either the Indenture Trustee, or
the Holders of Notes evidencing not less than 25% of the Outstanding Amount of
the Notes, by notice then given in writing to the Servicer and to any Backup
Servicer that is engaged at that time (and to the Indenture Trustee and the
Trustee if given by the Noteholders), may terminate all the rights and
obligations (other than the obligations set forth in Section 7.2) of the Servicer under this Agreement; provided, however, that the Backup
Servicer, acting as Successor Servicer, may not be terminated for a Servicer
Default set forth in Section 8.1(b)
with respect to the Seller or under Section
8.1(d).  On or after the
receipt by the Servicer and any Backup Servicer of such written notice, all
authority and power of the Servicer under this Agreement, whether with respect
to the Notes, the Certificates, the Receivables or otherwise, shall, without
further action, pass to and be vested in (a) the Backup Servicer, or if no
Backup Servicer is then engaged (b) the Indenture Trustee or such Successor
Servicer as may be appointed under Section
8.2; and, without limitation, the Indenture Trustee and the Trustee
are hereby authorized and empowered to execute and deliver, on behalf

 35
 

of the predecessor Servicer, as attorney-in-fact or
otherwise, any and all documents and other instruments, and to do or accomplish
all other acts or things necessary or appropriate to effect the termination of
the Servicer, whether to complete the transfer and endorsement of the
Receivables and related documents, or otherwise.  The predecessor Servicer shall cooperate with
the Successor Servicer, the Indenture Trustee and the Trustee in effecting the
termination of the responsibilities and rights of the predecessor Servicer
under this Agreement, including the transfer to the Successor Servicer for
administration by it of: (i) all cash amounts that shall at the time be held by
the predecessor Servicer for deposit, or shall thereafter be received by it
with respect to a Receivable and (ii) all Receivable Files. All reasonable
costs and expenses (including attorneys’ fees) incurred in connection with such
transfer, including the costs of transferring the Receivable Files to the
Successor Servicer and amending this Agreement to reflect its succession as
Servicer, shall be paid by the predecessor Servicer upon presentation of
reasonable documentation of such costs and expenses.  Upon receipt of written notice of the
occurrence of a Servicer Default, the Trustee shall give written notice thereof
to the Rating Agencies and the Counterparties.

Section
8.2.                                                           Appointment of Successor Servicer.  (a) 
Upon the Servicer’s receipt of notice of termination, pursuant to Section 8.1, or the Servicer’s resignation
in accordance with this Agreement, the predecessor Servicer shall continue to
perform its functions as Servicer under this Agreement, in the case of
termination, only until the date specified in such termination notice or, if no
such date is specified in a notice of termination, until receipt of such notice
and, in the case of resignation, until the earlier of: (x) the date 60 days
from the delivery to the Trustee, the Counterparties and the Indenture Trustee
of written notice of such resignation (or written confirmation of such notice)
in accordance with this Agreement and (y) the date upon which the predecessor
Servicer shall become unable to act as Servicer, as specified in the notice of
resignation and accompanying Opinion of Counsel. In the event of the Servicer’s
termination hereunder, if no Backup Servicer is then engaged, the Issuing
Entity shall appoint a Successor Servicer acceptable to the Indenture Trustee,
and the Successor Servicer shall accept its appointment by a written assumption
in form acceptable to the Indenture Trustee. 
In the event that a Successor Servicer has not been appointed at the
time when the predecessor Servicer has ceased to act as Servicer in accordance
with this Section, the
Indenture Trustee without further action shall automatically be appointed the
Successor Servicer and shall be entitled to the Servicing Fee.  Notwithstanding the above, the Indenture
Trustee shall, if it shall be unable so to act, 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 this
Agreement.

(b)                                 Upon
appointment, the Successor Servicer (including the Indenture Trustee acting as
Successor Servicer) shall be the successor in all respects to the predecessor
Servicer (except with respect to responsibilities and obligations of the
predecessor Servicer set forth in Section 7.2)
and shall be subject to all the responsibilities, duties and liabilities
arising thereafter relating thereto placed on the predecessor Servicer and
shall be entitled to the Servicing Fee and all the rights granted to the
predecessor Servicer by this Agreement. 
None of the Backup Servicer, the Indenture Trustee or any other
Successor Servicer shall be deemed to be liable for or in breach of any
obligations hereunder due to any act or omission of a predecessor Servicer,
including but not limited to failure of such predecessor Servicer to timely
deliver to the Indenture Trustee any required information pertaining to the
Receivables, any funds required to

 36
 

be deposited with the
Indenture Trustee, or any breach of duty of such predecessor Servicer to
cooperate with a transfer of servicing as required hereunder.  Any Successor Servicer shall from time to
time provide to NH Credit such information as NH Credit shall reasonably
request with respect to the Receivables and collections thereon.

(c)                                  Subject
to the Indenture Trustee’s right to appoint a Successor Servicer pursuant to
the last sentence of clause (a) after the Indenture Trustee has become
Servicer, the Servicer may not resign unless it is prohibited from serving as
such by law as evidenced by an Opinion of Counsel to such effect delivered to
the Indenture Trustee, the Backup Servicer and the Trustee.

(d)                                 Notwithstanding
anything else herein to the contrary, in no event shall the Indenture Trustee
be liable for any transition expenses, 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 Agreement
and the transactions set forth or provided for herein or be liable for or be
required to make any servicer advances.

Section
8.3.                                                           Notification to Noteholders and Certificateholders.  Upon any termination of, or appointment of a
successor to, the Servicer pursuant to this 
Article VIII , the Trustee shall give prompt written notice thereof to
the Certificateholders and the Indenture Trustee shall give prompt written
notice thereof to the Noteholders, the Counterparties, the Backup Servicer and
the Rating Agencies.

Section
8.4.                                                           Waiver of Past Defaults.  The Noteholders of Notes evidencing not less
than a majority of the Note Balance (or the Holders of Certificates evidencing
not less than 50% of the beneficial interest in the Issuing Entity, in the case
of any default that does not materially and adversely affect the Indenture
Trustee or the Noteholders) may, on behalf of all the Noteholders and
Certificateholders, waive in writing any default by the Servicer in the
performance of its obligations hereunder and its consequences, except a default
in making any required deposits to or payments from any of the Trust Accounts
or the Backup Servicer Account in accordance with this Agreement.  Upon any such waiver of a past default, such
default shall cease to exist, and any Servicer Default arising therefrom shall
be deemed to have been remedied for every purpose of this Agreement.  No such waiver shall extend to any subsequent
or other default or impair any right consequent thereto.

ARTICLE IX

Termination

Section
9.1.                                                           Optional Purchase of All Receivables.  (a)  As
of the first day of any Collection Period immediately preceding a Payment Date
as of which the Pool Balance is 10% or less of the Initial Pool Balance, CNHCA
shall have the option (but no obligation) to purchase all of the Trust Estate,
other than the Trust Accounts.  To
exercise such option, CNHCA shall deposit, pursuant to Section 5.5, in the Collection Account an amount equal to the
aggregate Purchase Amount for the Receivables plus the value of any other
property held by the Trust, such value to be as reasonably determined by CNHCA,
and CNHCA shall succeed to all interests in, to and under the Trust Estate,
other than the Trust Accounts; provided that CNHCA shall not exercise such
option unless the amount so deposited, together with funds on deposit in the
Trust

 37
 

Accounts, would be
sufficient to pay the Redemption Price pursuant to Section 10.1(a) of the Indenture and all amounts due and payable
to the Counterparties.

(b)                                 Upon
any sale of the assets of the Trust, the Servicer shall instruct the Indenture
Trustee to deposit the proceeds from such sale after all payments and reserves
therefrom have been made (the “Sale Proceeds”)
in the Collection Account.  On the
Payment Date, or, if such proceeds are not so deposited on a Payment Date, on
the first Payment Date following the date on which the Sale Proceeds are
deposited in the Collection Account, the Servicer shall instruct the Indenture
Trustee to make the following payments and deposits (after the application on
such Payment Date of the Total Distribution Amount and funds on deposit in the
Spread Account pursuant to  Sections 5.6 and 5.7) from the Sale
Proceeds and any funds remaining on deposit in the Spread Account (including
the proceeds of any sale of investments therein as described in the following
sentence):

(i)                                     first,
to pay the Backup Servicer its accrued and unpaid Backup Servicer Fees;

(ii)                                  second,
to pay the Servicer its accrued and unpaid Servicing Fee;

(iii)                               third,
to the Indenture Trustee for amounts due under Section
6.7 of the Indenture;

(iv)                              fourth,
to the Administrator, its accrued and unpaid Administration Fees;

(v)                                 fifth,
to the Note Distribution Account for distribution pursuant to Section 8.2(e) of the Indenture 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 ;

(vi)                              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

(vii)                           seventh,
to the Issuing Entity for distribution to the Certificateholders.

Any investments on deposit in the Spread Account that
will not mature on or before such Payment Date shall be sold by the Indenture
Trustee at such time as will result in the Indenture Trustee receiving the
proceeds from such sale not later than the Transfer Date preceding such Payment
Date.

(c)                                  As
described in Article IX of the Trust Agreement, once CNHCA has made its
determination to make the purchase described under Section
9.1(a) (the “Clean-Up Call”), the Servicer shall send notice of the
anticipated dissolution of the Trust to the Trustee and the Backup Servicer as
soon as practicable after the Servicer has received notice of the Clean-Up
Call.  In addition, the Servicer shall
give notice of termination of the Trust to the Counterparties.

 38
 

(d)                                 Following
the satisfaction and discharge of the Indenture and the payment in full of the
principal of and interest on the Notes, the Certificateholders will succeed to
the rights of the Noteholders hereunder and the Trustee will succeed to the
rights of, and assume the obligations of, the Indenture Trustee pursuant to
this Agreement.

ARTICLE X

Miscellaneous Provisions

Section
10.1.                                                     Amendment.  Any term or provisions of this Agreement may
be amended by the Issuing Entity, the Seller and the Servicer without the
consent of the Indenture Trustee, any Certificateholder, any Noteholder, the
Counterparties, the Trustee or any other Person (other than the written consent
of the Backup Servicer, such consent not to be unreasonably withheld) subject
to the satisfaction of one of the following conditions:

(i)                                     the
Seller or the Servicer delivers an Opinion of Counsel to the Indenture Trustee
to the effect that such amendment will not materially and adversely affect the
interests of the Noteholders or the Certificateholders; or

(ii)                                  the
Seller and the Servicer deliver an Officer’s Certificate of the Seller and
Servicer, respectively, to the Indenture Trustee to the effect that such
amendment will not materially and adversely affect the interests of the
Noteholders or the Certificateholders.

An amendment shall be deemed not to adversely affect
in any material respect the interests of any Noteholders of a Class of Notes if
the Rating Agency Condition has been satisfied with respect to such amendment
for such Class of Notes.

The Specified Spread Account Balance may be reduced or
the definition thereof otherwise modified without the consent of any of the
Noteholders or the Certificateholders if the Rating Agency Condition is
satisfied.

This Agreement may also be amended from time to time
by the Seller, the Servicer and the Issuing Entity, with the written consent of
the Indenture Trustee, but without the consent of any of the Noteholders or the
Certificateholders, to: (x) replace the Spread Account with another form of
credit enhancement as long as such substitution will not result in a reduction
or withdrawal of the rating of any Class of the Notes or (y) add credit
enhancement for the benefit of any Class of the Notes.

This Agreement may also be amended from time to time
by the Seller, the Servicer and the Issuing Entity, with the written consent of
(a) the Indenture Trustee, (b) Noteholders holding Notes evidencing not less
than a majority of the Note Balance, and (c) the Holders of Certificates
evidencing not less than 50% of the beneficial interest in the Trust, 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 rate or principal of any Note or Certificate, or delay the Class
Final Scheduled Maturity Date of any Note or (b) reduce the aforesaid
percentage of the Notes and the Certificates that are required to consent to
any such

 39
 

amendment, without the consent of the holders of all
the outstanding Notes and Certificates affected thereby.

Promptly after the execution of any such amendment or
consent (or, in the case of the Rating Agencies and the Counterparties, 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 Counterparties.

It shall not be necessary for the consent of
Certificateholders or the Noteholders pursuant to this Section to approve the particular form of any proposed amendment
or consent, but it shall be sufficient if such consent shall approve the
substance thereof.

Prior to the execution of any amendment to this
Agreement, the Trustee and the Indenture 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 the other Basic
Documents and that all conditions precedent to such execution and delivery by
the Trustee and the Indenture Trustee have been satisfied. The Trustee and the
Indenture Trustee may, but shall not be obligated to, enter into any such
amendment that affects the Trustee’s or the Indenture Trustee’s, as applicable,
own rights, duties or immunities under this Agreement or otherwise.

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

With respect to any amendment pursuant to this Section 10.1, if any amendment or supplement would either:
(a) materially and adversely affect any of the Counterparties’ rights or
obligations under an Interest Rate Swap Agreement or any other Basic Document;
or (b) materially and adversely modify the obligations of, or materially and
adversely impact the ability of, the Trust to fully perform any of the Trust’s
obligations under an Interest Rate Swap Agreement, the Trust and the Indenture
Trustee shall be required to first obtain the written consent of the applicable
Counterparties to the affected Interest Rate Swap Agreements before entering
into any such amendment or supplement (which consent shall not be unreasonably
withheld).

Section
10.2.                                                     Protection of Title to Trust.  (a) 
The Seller shall execute and file such financing statements, and cause
to be executed and filed such continuation statements, all in such manner and
in such places as may be required by applicable law fully to preserve, maintain
and protect the right, title and interest of the Issuing Entity and the
interests of the Indenture Trustee in the Receivables, the other property sold
hereunder and in the proceeds thereof. 
The Seller shall deliver (or cause to be delivered) to the Trustee and
the Indenture Trustee file-stamped copies of, or filing receipts for, any
document filed as provided above as soon as available following such
filing.  The Issuing Entity and the
Indenture Trustee shall cooperate fully with the

 40
 

Seller in connection with
the obligations set forth above and will execute any and all documents
reasonably required to fulfill the intent of this paragraph.

(b)                                 Neither
the Seller nor the Servicer shall change its name, identity or organizational
structure in any manner that would or could reasonably be expected to make any
financing statement or continuation statement filed in accordance with
paragraph (a) seriously misleading within the applicable provisions of the UCC
and shall give the Trustee and the Indenture Trustee notice thereof no later
than 10 days after the effective date thereof and shall promptly file
appropriate amendments to all previously filed financing statements or
continuation statements.

(c)                                  Each
of the Seller and the Servicer shall have an obligation to give the Trustee and
the Indenture Trustee notice within 15 days after (and, in any case, no later
than 10 days after the effective date thereof) of any relocation of its
principal executive office or its “location” as defined in Section 9-307 of the
UCC and if, as a result of such relocation, the applicable provisions of the
UCC would require the filing of any amendment of any previously filed financing
or continuation statement or of any new financing statement and shall promptly
file any such amendment. The Servicer shall at all times maintain each office
from which it shall service Receivables, and its “location” (as defined in
Section 9-307 of the UCC), within the United States of America.

(d)                                 The
Servicer shall maintain accounts and records as to each Receivable accurately
and in sufficient detail to permit: (i) the reader thereof to know at any time
the status of such Receivable, including payments and recoveries made and
payments owing (and the nature of each) and (ii) reconciliation between
payments or recoveries on (or with respect to) each Receivable and the amounts
from time to time deposited in the Collection Account in respect of such
Receivable.

(e)                                  The
Servicer shall maintain its computer systems so that, from and after the time
of sale under this Agreement of the Receivables, the Servicer’s master computer
records (including any backup archives) that refer to a Receivable shall
indicate clearly the interest of the Issuing Entity and the Indenture Trustee
in such Receivable and that such Receivable is owned by the Issuing Entity and
has been pledged to The Bank of New York Trust Company, N.A., as Indenture
Trustee. Indication of the Issuing Entity’s and the Indenture Trustee’s
interest in a Receivable may be deleted from or modified on the Servicer’s
computer systems when, and only when, the related Receivable shall have been
paid in full or repurchased or purchased by the Servicer, or otherwise
transferred to the Servicer or CNHCA pursuant to Section 4.3
hereof.

(f)                                    If
at any time the Seller or the Servicer shall propose to sell, grant a security
interest in, or otherwise transfer any interest in equipment receivables to any
prospective purchaser, lender or other transferee, the Servicer shall give to
such prospective purchaser, lender or other transferee computer tapes, records
or printouts (including any restored from backup archives) that, if they shall
refer in any manner whatsoever to any Receivable, shall indicate clearly that
such Receivable has been sold and is owned by the Issuing Entity and has been
pledged to the Indenture Trustee.  From
and after the date of this Agreement, the Servicer will not sell, pledge,
assign or transfer to any Person, or grant, create, incur, assume or suffer to
exist any Lien on, any interest in, to and under the Receivables (other than
Reacquired Receivables).

 41
 

(g)                                 The
Servicer shall permit the Indenture Trustee and its agents at any time during
normal business hours to inspect, audit and make copies of and abstracts from
the Servicer’s records regarding any Receivable.  The Indenture Trustee and its agents shall
give reasonable notice of any such inspection or audit and such inspection
shall be conducted in a manner that does not cause undue disruption or
interference with the Servicer’s business.

(h)                                 Upon
request, the Servicer shall furnish to the Trustee or to the Indenture Trustee,
within five Business Days, a list of all Receivables (by contract number and
name of Obligor) then held as part of the Trust, together with a reconciliation
of such list to the Schedule of Receivables and to each of the Servicer’s
Certificates furnished before such request indicating removal of Receivables
from the Trust.

(i)                                     The
Servicer shall deliver to the Trustee and the Indenture Trustee:

(1)                                  promptly
after the execution and delivery of this Agreement, an Opinion of Counsel
either: (A) stating that, in the opinion of such counsel, all financing
statements and continuation statements have been executed and filed that are
necessary fully to preserve and protect the interest of the Trustee and the
Indenture Trustee in the Receivables, and reciting the details of such filings
or referring to prior Opinions of Counsel in which such details are given, or
(B) stating that, in the opinion of such counsel, no such action shall be
necessary to preserve and protect such interest; and

(2)                                  within
90 days after the beginning of each calendar year beginning with the first
calendar year beginning more than three months after the Initial Cutoff Date,
an Opinion of Counsel, dated as of a date during such 90-day period, either:
(A) stating that, in the opinion of such counsel, all financing statements and
continuation statements have been executed and filed that are necessary fully
to preserve and protect the interest of the Trustee and the Indenture Trustee
in the Receivables, and reciting the details of such filings or referring to
prior Opinions of Counsel in which such details are given, or (B) stating that,
in the opinion of such counsel, no such action shall be necessary to preserve
and protect such interest.

Each Opinion of Counsel referred to in clause (1) or
(2) shall specify any action necessary (as of the date of such opinion) to be
taken in the following year to preserve and protect such interest.

(j)                                     The
Seller shall, to the extent required by applicable law, cause the Certificates
and the Notes to be registered with the Commission pursuant to Section 12(b) or
Section 12(g) of the Exchange Act within the time periods specified in such
sections.

(k)                                  If
the Backup Servicer is acting as the Successor Servicer, it shall be reimbursed
pursuant to Section 5.6(b)(xi)
for any costs incurred by it in performing its duties pursuant to this Section.

Section
10.3.                                                     Notices.  All demands, notices, directions,
instructions and communications upon or to the Seller, the Servicer, the
Issuing Entity, the Trustee, the Indenture

 42
 

Trustee, the
Counterparties or the Rating Agencies under this Agreement shall be in writing,
personally delivered or mailed by certified mail, return receipt requested, or
by facsimile, and shall be deemed to have been duly given upon receipt:  (a) in the case of the Seller, to CNH Capital
Receivables LLC, 6900 Veterans Boulevard, Burr Ridge, Illinois 60527,
Attention: Assistant Treasurer, (telephone: (630) 887-2095) (facsimile: (630)
887-5448), (b) in the case of the Servicer, to New Holland Credit Company, LLC,
33 South Railroad Avenue, New Holland, Pennsylvania 17557, Attention: Finance
Manager (telephone (717) 355-3091) (facsimile: (630) 887-5448); with a copy
to:  New Holland Credit Company, LLC,
6900 Veterans Boulevard, Burr Ridge, Illinois 60527, Attention: Assistant
Treasurer, (facsimile: (630) 887-5448), (c) in the case of the Issuing Entity
or the Trustee, at the Trustee’s Corporate Trust Office, (d) in the case of the
Indenture Trustee, at its Corporate Trust Office, (e) in the case of any
Counterparty, to the address set forth in Section 11.4(c) of the Indenture or at any other address or facsimile number
previously furnished in writing to other parties by the applicable
Counterparty, (f) in the case of Moody’s, to Moody’s Investors Service,
Inc., ABS Monitoring Department, 99 Church Street, New York, New York 10007,
(g) in the case of Standard & Poor’s, to Standard & Poor’s Ratings
Services, a division of McGraw-Hill Companies, Inc., 55 Water Street, New York,
New York 10041, Attention: Asset Backed Surveillance Department, and (h) in the
case of Fitch, to Fitch, Inc., 70 West Madison Street, Suite 11, Chicago,
Illinois 60602, Attention: ABS Monitoring – Equipment Loans.

Section
10.4.                                                     Assignment.  Notwithstanding anything to the contrary contained
herein, except as provided in Sections
5.7, 6.4 and 7.3 and as
provided in the provisions of this Agreement concerning the resignation of the
Servicer, this Agreement may not be assigned by the Seller or the Servicer,
except that the Seller may assign any or all of its rights to payment under
this Agreement.

Section
10.5.                                                     Limitations on Rights of Others.  The provisions of this Agreement are solely
for the benefit of the Seller, the Servicer, the Issuing Entity, the Trustee,
the Certificateholders, the Indenture Trustee, each 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
10.6.                                                     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
10.7.                                                     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
10.8.                                                     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.

 43
 

Section
10.9.                                                     Governing Law.  This Agreement 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
10.10.                                               Assignment to Indenture Trustee.  The Seller hereby acknowledges and consents
to any mortgage, pledge, assignment and grant of a security interest by the
Issuing Entity to the Indenture Trustee pursuant to the Indenture for the
benefit of the Noteholders and the Counterparties of all right, title and
interest of the Issuing Entity in, to and under the Receivables and/or the
assignment of any or all of the Issuing Entity’s rights and obligations
hereunder to the Indenture Trustee, and agrees that enforcement of a right or
remedy hereunder by the Indenture Trustee shall have the same force and effect
as if the right or remedy had been enforced or executed by the Issuing Entity.

Section
10.11.                                               Nonpetition Covenants.  (a) 
Notwithstanding any prior termination of this Agreement, the Servicer
and the Seller shall not, prior to the date that is one year and one day after
the termination of this Agreement, with respect to the Issuing Entity,
acquiesce, petition or otherwise invoke or cause the Issuing Entity to invoke
the process of any court or governmental authority for the purpose of
commencing or sustaining a case against the Issuing Entity under any federal or
State bankruptcy, insolvency or similar law or appointing a receiver,
liquidator, assignee, trustee, custodian, sequestrator or other similar
official of the Issuing Entity or any substantial part of its property, or
ordering the winding up or liquidation of the affairs of the Issuing Entity.
The foregoing shall not limit the right of the Servicer and the Seller to file
any claim in or otherwise take any action with respect to any such insolvency
proceeding that was instituted against the Issuing Entity by any Person other
than the Servicer or the Seller.

(b)                                 Notwithstanding
any prior termination of this Agreement, the Servicer shall not, prior to the
date that is one year and one day after the termination of this Agreement, with
respect to the Seller, acquiesce, petition or otherwise invoke or cause the
Seller to invoke the process of any court or governmental authority for the
purpose of commencing or sustaining a case against the Seller under any federal
or State bankruptcy, insolvency or similar law or appointing a receiver,
liquidator, assignee, trustee, custodian, sequestrator or other similar
official of the Seller or any substantial part of its property, or ordering the
winding up or liquidation of the affairs of the Seller. The foregoing shall not
limit the right of the Servicer to file any claim in or otherwise take any
action with respect to any such insolvency proceeding that was instituted
against the Seller by any Person other than the Servicer.

Section
10.12.                                               Limitation of Liability of Trustee and Indenture
Trustee.  (a)
 Notwithstanding anything contained herein to the contrary, this Agreement
has been countersigned by Wilmington Trust Company, not in its individual
capacity but solely in its capacity as Trustee of the Issuing Entity, and in no
event shall Wilmington Trust Company, in its individual capacity or any
beneficial owner of the Issuing Entity have any liability for the
representations, warranties, covenants, agreements or other obligations of the
Issuing Entity hereunder or in any of the certificates, notices or agreements
delivered pursuant hereto, as to all of which recourse shall be had solely to
the assets of the Issuing Entity.

(b)                                 Notwithstanding
anything contained herein to the contrary, this Agreement has been accepted by
The Bank of New York Trust Company, N.A., not in its

 44
 

individual capacity but
solely as Indenture Trustee, and in no event shall The Bank of New York Trust
Company, N.A. have any liability for the representations, warranties,
covenants, agreements or other obligations of the Issuing Entity hereunder or
in any of the certificates, notices or agreements delivered pursuant hereto, as
to all of which recourse shall be had solely to the assets of the Issuing
Entity.

Section
10.13.                                               Conditions Precedent to Other Financing
Transactions.  The Seller
shall not enter into any receivables sale or other financing transaction unless
either the appropriate documents relating thereto contain provisions
substantially to the effect set out in Sections
11.17 and 11.19 of the Indenture or such transaction otherwise shall
have satisfied the Rating Agency Condition.

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

Section
10.15.                                               Information to Be Provided by the Indenture Trustee.

(a)                                  For
so long as the Issuing Entity is required to report under the Exchange Act, the
Indenture Trustee shall (i) on or before the fifth Business Day of each
month, provide to the Seller, in writing, such information regarding the
Indenture Trustee as is requested by the Seller for the purpose of compliance
with Item 1117 of Regulation AB; provided,
however, that the Indenture
Trustee shall not be required to provide such information in the event that
there has been no change to the information previously provided by the
Indenture Trustee to Seller, and (ii) as promptly as practicable following
notice to or discovery by a Responsible Officer of the Indenture Trustee of any
changes to such information, provide to the Seller, in writing, such updated
information.

(b)                                 As
soon as available but no later than March 15 of each calendar year for so
long as the Issuing Entity is required to report under the Exchange Act,
commencing in 2008, the Indenture Trustee shall:

(i)                                     deliver
to the Seller a report regarding the Indenture Trustee’s assessment of
compliance with the Servicing Criteria during the immediately preceding
calendar year, as required under paragraph (b) of Rule 13a-18, Rule 15d-18
of the Exchange Act and Item 1122 of Regulation AB.  Such report shall be signed by an authorized
officer of the Indenture Trustee, and shall address each of the Servicing
Criteria specified in Exhibit H
or such criteria as mutually agreed upon by the Seller and the Indenture
Trustee;

(ii)                                  deliver
to the Seller a report of a registered public accounting firm that attests to,
and reports on, the assessment of compliance made by the Indenture Trustee and
delivered pursuant to the preceding paragraph. Such attestation shall be in
accordance with Rules 1-02(a)(3) and 2-02(g) of Regulation S-X under the
Securities Act and the Exchange Act;

 45
 

(iii)                               deliver
to the Seller and any other Person that will be responsible for signing the
certification required by Rules 13a-14(d) and 15d-14(d) under the Exchange Act
(pursuant to Section 302 of the Sarbanes-Oxley Act of 2002) (a “Sarbanes Certification”) on behalf of the
Issuer or the Seller a certification substantially in the form attached hereto
as Exhibit I or such form as
mutually agreed upon by the Seller and the Indenture Trustee; and

(iv)                              notify
the Seller in writing of any affiliations or relationships (as described in
Item 1119 of Regulation AB) between the Indenture Trustee and any item 1119
Party, provided, that no such notification need
be made if the affiliations or relationships are unchanged from those provided
in the notification in the prior calendar year.

The Indenture Trustee acknowledges that the parties identified in clause (iii) above may rely on the
certification provided by the Indenture Trustee pursuant to such clause in
signing a Sarbanes Certification and filing such with the Commission.

Section
10.16.                                               Form 8-K Filings.  So long as the Seller is filing Exchange Act
Reports with respect to the Issuer, the Indenture Trustee shall promptly notify
the Seller, but in no event later than one (1) Business Day after its
occurrence, of any Reportable Event of which a Responsible Officer of the
Indenture Trustee has actual knowledge (other than a Reportable Event described
in clause (a) or (b) of the definition thereof as to which the Seller or the
Servicer has actual knowledge).

Section
10.17.                                               Indemnification.  (a) The Bank of New York Trust Company, N.A.
shall indemnify the Seller, each Affiliate of the Seller and each Person who
controls any of such parties (within the meaning of Section 15 of the
Securities Act and Section 20 of the Exchange Act) and the respective present
and former directors, officers, employees and agents of each of the foregoing, and
shall hold each of them harmless from and against any losses, damages,
penalties, fines, forfeitures, legal fees and expenses and related costs,
judgments, and any other costs, fees and expenses that any of them may sustain
arising out of or based upon:

(1)                                  (A)
any untrue statement of a material fact contained in the Servicing Criteria
assessment and any other information required to be provided by The Bank of New
York Trust Company, N.A. to the Seller or its affiliates under Section 10.15 (excluding clause (b)(ii) of Section 10.15), 10.16 (such
information, together with the BNYTC Information as defined in the Certificate
of The Bank of New York Trust Company, N.A. attached hereto as Exhibit J, the “Provided
Information”), or (B) the omission or alleged omission to state in the Provided
Information a material fact required to be stated in the Provided Information,
or necessary in order to make the statements therein, in the light of the
circumstances under which they were made, not misleading; provided,
by way of clarification, that clause (B) of this paragraph shall be construed
solely by reference to the related information and not to any other information
communicated in connection with a sale or purchase of securities, without
regard to whether the Provided Information or any portion thereof is presented
together with or separately from such other information; or

 46
 

(2)                                  any
failure by The Bank of New York Trust Company, N.A. to deliver any Servicing
Criteria assessment, information, report, certification, accountants’ letter or
other material when and as required under Sections 10.15 and 10.16;

(b)                                 In
the case of any failure of performance described in clause (a)(2) of this
Section, The Bank of New York Trust Company, N.A. shall promptly reimburse the
Seller for all costs reasonably incurred in order to obtain the information,
report, certification, accountants’ letter or other material not delivered as
required by The Bank of New York Trust Company, N.A.

Notwithstanding anything to the contrary contained herein,
in no event shall The Bank of New York Trust Company, N.A. be liable for
special, indirect or consequential damages of any kind whatsoever, including
but not limited to lost profits, even if The Bank of New York Trust Company,
N.A. has been advised of the likelihood of such loss or damage and regardless
of the form of action.

(c)                                  The
Seller agrees to indemnify and hold harmless, The Bank of New York Trust
Company, N.A. and its officers, directors, shareholders, employees, agents and
each Person, if any, who controls The Bank of New York Trust Company, N.A.
within the meaning of either Section 15 of the Securities Act or Section 20 of
the Securities Exchange Act from and against, any and all claims, losses,
liabilities, actions, suits, judgments demands, damages, costs or expenses
(including reasonable fees and expenses of attorneys) of any nature resulting
from or directly related to (i) any untrue statement of a material fact
contained under the heading “Depositor” in the base prospectus contained in the
Preliminary Prospectus, the Prospectus, or (ii) any omission or alleged
omission to state therein a material fact required to be stated under the
heading “Depositor” in the base prospectus contained in the Preliminary
Prospectus, the Prospectus or necessary to make the statements under the
heading “Depositor” in the base prospectus contained in the Preliminary
Prospectus, the Prospectus, in the light of the circumstances in which they
were made, not misleading, to the extent that such untrue statement or alleged
untrue statement or omission or alleged omission relates to information set
forth under the heading “Depositor” in the base prospectus contained in the
Preliminary Prospectus or the Prospectus.

Notwithstanding anything to the contrary contained herein,
in no event shall the Seller be liable for special, indirect or consequential
damages of any kind whatsoever, including but not limited to lost profits, even
if the Seller has been advised of the likelihood of such loss or damage and
regardless of the form of action.

(signature page follows)

 47

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

	
  

  	
  CNH EQUIPMENT TRUST 2007-B

  
	
   

  	
   

  
	
   

  	
  By:

  	
  Wilmington Trust Company,

  
	
   

  	
   

  	
  not in its individual capacity, but

  
	
   

  	
   

  	
  solely as Trustee of the Trust

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Dorri E. Wolhar

  
	
   

  	
   

  	
  Name:  Dorri
  E. Wolhar

  
	
   

  	
   

  	
  Title:  
  Financial Services Officer

  
	
   

  	
   

  	
   

  
	
   

  	
  CNH CAPITAL RECEIVABLES, LLC

  as Seller

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Thomas N. Beckmann

  
	
   

  	
   

  	
  Name:   Thomas
  N. Beckmann

  
	
   

  	
   

  	
  Title:  
  Assistant Treasurer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  NEW HOLLAND CREDIT COMPANY, LLC

  as Servicer

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Thomas N. Beckmann

  
	
   

  	
   

  	
  Name:   Thomas
  N. Beckmann

  
	
   

  	
   

  	
  Title:  
  Assistant Treasurer

  
	
  Acknowledged and Accepted:

  	
   

  	
   

  
	
   

  	
   

  	
   

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

  	
   

  	
   

  
	
  not in its
  individual capacity

  	
   

  	
   

  
	
  but solely as
  Indenture Trustee

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ Keith Richardson

  	
   

  	
   

  
	
   

  	
  Name:   Keith
  Richardson

  	
   

  	
   

  
	
   

  	
  Title:   Vice
  President

  	
   

  	
   

  

 

 S-1

EXHIBIT
A

to Sale and Servicing Agreement

[RESERVED]

 A-1

EXHIBIT
B

to Sale and Servicing Agreement

[RESERVED]

 B-1

EXHIBIT
C

to Sale and Servicing Agreement

FORM OF SERVICER’S
CERTIFICATE

Wilmington
Trust Company

Rodney Square North,

1100 North Market Street,

Wilmington, Delaware 19890,

Attention: Corporate Trust Administration

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

2 North LaSalle Street

Suite 1020

Chicago, Illinois 60602

Telephone:                    (312) 827-8500

Facsimile:                            (312) 827-8562

Attention:                         Structured Finance-ABS

CNH
Capital Receivables LLC

6900 Veterans Boulevard

Burr Ridge, Illinois  60527

Attention:  Assistant Treasurer

Fitch,
Inc.

70 West Madison Street

Suite 11

Chicago, Illinois  60602

Attention:  ABS Monitoring – Equipment Loans

Moody’s
Investors Service, Inc.

ABS Monitoring Department

99 Church Street

New York, New York  10007

Standard
& Poor’s Ratings Services,
  a division of McGraw-Hill Companies,
Inc.

55 Water Street

New York, New York  10041

Attention:  Asset Backed Surveillance Department

Systems
& Services Technologies, Inc.

4315 Pickett Road

St. Joseph, Missouri  64503

Attention:  John J. Chappell and Joseph D. Booz

ABN
AMRO Bank N.V.

199 Bishopsgate

London EC2M 3XW

United Kingdom

Attention: Fixed Income Derivatives Documentation

 C-1
 

CNH Equipment Trust 2007-B

$122,000,000.00 Class A-1
5.81638% Asset Backed Notes due October 9, 2008

$181,000,000.00 Class A-2a
5.46% Asset Backed Notes due June 15, 2010

$80,000,000.00 Class A-2b
Floating Rate Asset Backed Notes due June 15, 2010

$76,000,000.00 Class A-3a
5.40% Asset Backed Notes due October 17, 2011

$99,000,000.00 Class A-3b
Floating Rate Asset Backed Notes due October 17, 2011

$173,250,000.00 Class A-4
Floating Rate Asset Backed Notes due March 17, 2014

$18,750,000.00 Class B 6.38%
Asset Backed Notes due April 15, 2014

$[                  ]
Asset Backed Certificate

Please contact [                ]
at [      ]-[      ]-[        ]
with any questions regarding this report or email abs@cnh.com

For additional information
consult http://investors.cnh.com

	
   

  	
   

  	
  Cutoff Date

  	
   

  	
  6/30/2007

  
	
   

  	
   

  	
  Date Added

  	
   

  	
   

  	
   

  	
  [          ]

  	
   

  	
  [          ]

  	
   

  	
  [          ]

  	
   

  	
  [          ]

  
	
   

  	
   

  	
  Pool

  	
   

  	
  Period

  	
   

  	
  Pool 1

  	
   

  	
  Pool 2

  	
   

  	
  Pool 3

  	
   

  	
  Pool 4

  
	
   

  	
   

  	
  Scheduled Cashflows

  	
   

  	
  0

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  1

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  2

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  3

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  4

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  5

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  6

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  7

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  8

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  9

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  10

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  11

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  12

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  13

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  14

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  15

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  16

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  17

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  18

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  19

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  20

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  21

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  22

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  23

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  24

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  25

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  26

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  27

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  28

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

 C-2
 

 

	
   

  	
   

  	
   

  	
   

  	
  29

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  30

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  31

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  32

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  33

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  34

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  35

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  36

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  37

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  38

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  39

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  40

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  41

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  42

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  43

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  44

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  45

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  46

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  47

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  48

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  49

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  50

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  51

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  52

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  53

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  54

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  55

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  56

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  57

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  58

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  59

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  60

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  61

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  62

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  63

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  64

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  65

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  66

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  67

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  68

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  69

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  70

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  71

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  72

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  73

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  74

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  75

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  76

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  77

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  78

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Total Amount of Scheduled Cashflow

  	
   

  	
   

  	
   

  	
  Total

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Discount Rate

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Beginning Contract Value

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Scheduled Contract Value Decline

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Unscheduled Contract Value Decline

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Additional Contract Value Added

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Ending Contract Value

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

 C-3
 

CNH Equipment Trust 2007-B

$122,000,000.00 Class A-1
5.81638% Asset Backed Notes due October 9, 2008

$181,000,000.00 Class A-2a
5.46% Asset Backed Notes due June 15, 2010

$80,000,000.00 Class A-2b
Floating Rate Asset Backed Notes due June 15, 2010

$76,000,000.00 Class A-3a
5.40% Asset Backed Notes due October 17, 2011

$99,000,000.00 Class A-3b
Floating Rate Asset Backed Notes due October 17, 2011

$173,250,000.00 Class A-4
Floating Rate Asset Backed Notes due March 17, 2014

$18,750,000.00 Class B 6.38%
Asset Backed Notes due April 15, 2014

$[                  ]
Asset Backed Certificate

	
  Dated Date
  (30/360)

  
	
  Dated Date
  (act/360)

  
	
  Scheduled
  Payment Date

  
	
  Actual Payment
  Date

  
	
  Days in accrual period
  (30/360)

  
	
  Days in accrual
  period (act/360)

  
	
  1 month LIBOR
  Rate

  
	
  A-2b Note Rate
  for the next Interest Period

  
	
  A-3b Note Rate
  for the next Interest Period

  
	
  A-4 Note Rate
  for the next Interest Period

  
	
  Note
  Distribution Account deposit

  
	
  Certificate Distribution
  Account deposit

  
	
  First Principal
  Payment Amount

  
	
  Note Monthly
  Principal Distributable Amount

  
	
  Spread Account
  Initial Deposit

  
	
  Amount required
  to be deposited into the Collection Account during the calendar month

  
	
  Amounts to be
  paid to Backup Servicer as successor servicer to reimburse liquidation
  expenses

  
	
   

  
	
  Collateral
  Summary

  
	
  Wtd. Average
  Discount Rate

  
	
  Beginning
  Contract Value

  
	
  Scheduled
  Contract Value Decline

  
	
  Unscheduled
  Contract Value Decline

  
	
  Additional
  Contract Value Purchased

  
	
  Ending Contract
  Value

  
	
   

  
	
  Beginning
  Pre-funding Account Balance

  
	
  Pre-funding
  Account Balance at [payment date]

  
	
  Pre-funding
  Account Balance at [payment date]

  
	
  Pre-funding
  Account Balance at [payment date]

  

 C-4
 

 

	
  Pre-funding Account Balance at [final payment date]

  
	
  Ending Pre-funding Account Balance

  
	
   

  
	
  Total Beginning Balance (Pool Balance + Pre-funding
  Account Balance)

  
	
  Pool Balance as of end of last day of preceding
  Collection Period

  
	
  Total Ending Balance (Pool Balance + Pre-funding
  Account Balance)

  
	
   

  
	
  Principal balance of Receivables purchased due to
  Modification Events in the related Collection Period

  
	
  Principal balance of all other purchases and
  repurchases in the related Collection Period

  
	
   

  
	
  Collections and Reinvestment Income

  
	
  Receipts During the period (net of servicer’s
  liquidation expenses)

  
	
   

  
	
  Warranty Repurchases

  
	
  Contracts deferred beyond Final Scheduled Maturity
  Date

  
	
  Government obligors

  
	
  Total Warranty Repurchases

  
	
   

  
	
  Total Collections For The Period

  
	
   

  
	
  Reinvestment Income (excluding Pre-funding Account)

  
	
  Reinvestment Income on Pre-funding Account)

  
	
   

  
	
  Net Swap Receipts

  
	
  Net Swap Termination Payments due Trust from the
  Swap Counterparty

  
	
   

  
	
  Total Collections + Reinvestment Income For The
  Period + Swap Receipt

  
	
   

  
	
  Other—Back-Up Servicing Account Investment Earnings

  
	
   

  
	
  Swap Termination Payments due to Swap Counterparty

  
	
  Prior Swap Termination Payments Shortfall

  
	
  Priority Swap Termination Payments

  
	
  Total Swap Termination Payments due to Swap
  Counterparty

  

 

CNH Equipment Trust 2007-B

$122,000,000.00 Class A-1
5.81638% Asset Backed Notes due October 9, 2008

$181,000,000.00 Class A-2a
5.46% Asset Backed Notes due June 15, 2010

$80,000,000.00 Class A-2b
Floating Rate Asset Backed Notes due June 15, 2010

$76,000,000.00 Class A-3a
5.40% Asset Backed Notes due October 17, 2011

$99,000,000.00 Class A-3b
Floating Rate Asset Backed Notes due October 17, 2011

$173,250,000.00 Class A-4
Floating Rate Asset Backed Notes due March 17, 2014

$18,750,000.00 Class B 6.38%
Asset Backed Notes due April 15, 2014

 C-5
 

$[         ]
Asset Backed Certificate

	
  

  	
   

  	
  General

  	
   

  	
  Party Receiving

  
	
  Actual
  Payment Date

  	
   

  	
  Purpose of

  	
   

  	
  Fee or Expense

  
	
  Calculation
  of Distributable Amounts

  	
   

  	
  Fee or Expense

  	
   

  	
  Amount

  
	
  Backup Servicer
  Engaged?

  	
   

  	
   

  	
   

  	
   

  
	
  Current Backup
  Servicing Fee Due

  	
   

  	
   

  	
   

  	
   

  
	
  Past Due Backup
  Servicing Fee

  	
   

  	
   

  	
   

  	
   

  
	
  Total Backup
  Servicing Fee Due

  	
   

  	
  Provide for
  backup servicer

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  CNH or [backup
  servicer]?

  	
   

  	
   

  	
   

  	
   

  
	
  Current
  Servicing Fee Due

  	
   

  	
   

  	
   

  	
   

  
	
  Past Due
  Servicing Fee

  	
   

  	
   

  	
   

  	
   

  
	
  Total Servicing
  Fee Due

  	
   

  	
  Provide for
  servicer as required

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Current Administration
  Fee Due

  	
   

  	
   

  	
   

  	
   

  
	
  Past Due
  Administration Fee

  	
   

  	
   

  	
   

  	
   

  
	
  Total
  Administration Fee Due

  	
   

  	
  Provide for
  trust administrator

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Reimburseable
  Expenses of the Backup Servicer Due

  	
   

  	
   

  	
   

  	
   

  
	
  Past Due
  Reimburseable Expenses of the Backup Servicer

  	
   

  	
   

  	
   

  	
   

  
	
  Total Reimburseable
  Expenses of the Backup Servicer Due

  	
   

  	
  To cover
  expenses of backup servicer

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Reimburseable
  Expenses of the Servicer Due

  	
   

  	
   

  	
   

  	
   

  
	
  Past Due
  Reimburseable Expenses of the Servicer

  	
   

  	
   

  	
   

  	
   

  
	
  Total
  Reimburseable Expenses of the Servicer Due

  	
   

  	
  To cover
  expenses of servicer

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Total Principal
  Balance of Notes (Beginning of Period)

  	
   

  	
   

  	
   

  	
   

  
	
  A-1 notes
  Beginning Principal balance

  	
   

  	
   

  	
   

  	
   

  
	
  A-2a notes
  Beginning Principal balance

  	
   

  	
   

  	
   

  	
   

  
	
  A-2b notes
  Beginning Principal balance

  	
   

  	
   

  	
   

  	
   

  
	
  A-3a notes
  Beginning Principal balance

  	
   

  	
   

  	
   

  	
   

  
	
  A-3b notes
  Beginning Principal balance

  	
   

  	
   

  	
   

  	
   

  
	
  A-4 notes
  Beginning Principal balance

  	
   

  	
   

  	
   

  	
   

  
	
  Class B notes
  Beginning Principal balance

  	
   

  	
   

  	
   

  	
   

  

 

	
  

  	
   

  	
   

  	
   

  	
  Coupon/

  	
   

  	
  Swap Adj.

  	
   

  	
   

  
	
   

  	
   

  	
  Type

  	
   

  	
  Spread

  	
   

  	
  Coupon

  	
   

  	
  Daycount

  
	
  A-1 notes
  Current Interest Due

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-2a notes
  Current Interest Due

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-2b notes
  Current Interest Due

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-3a notes
  Current Interest Due

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-3b notes
  Current Interest Due

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-4 notes
  Current Interest Due

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Class B notes
  Current Interest Due

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-1 notes Past
  Due Interest

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-2a notes Past
  Due Interest

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-2b notes Past
  Due Interest

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-3a notes Past
  Due Interest

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-3b notes Past
  Due Interest

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-4 notes Past
  Due Interest

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Class B notes
  Past Due Interest

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-1 notes
  Interest Due on Past Due Interest

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-2a notes
  Interest Due on Past Due Interest

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

 C-6
 

 

	
  A-2b notes Interest Due on
  Past Due Interest

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-3a notes
  Interest Due on Past Due Interest

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-3b notes
  Interest Due on Past Due Interest

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-4 notes
  Interest Due on Past Due Interest

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Class B notes
  Interest Due on Past Due Interest

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-1 notes Total
  Interest Due

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-2a notes Total
  Interest Due

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-2b notes Total
  Interest Due

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-3a notes Total
  Interest Due

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-3b notes Total
  Interest Due

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-4 notes Total
  Interest Due

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Class B notes
  Total Interest Due

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-2b Net Swap
  Payment Due

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-3b Net Swap
  Payment Due

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-4 Net Swap
  Payment Due

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-2b Net Swap
  Payment Past Due

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-3b Net Swap
  Payment Past Due

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-4 Net Swap
  Payment Past Due

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-2b Interest on
  Swap Payment Past Due

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-3b Interest on
  Swap Payment Past Due

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-4 Interest on
  Swap Payment Past Due

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-2b Total Net
  Swap Payment Due

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-3b Total Net
  Swap Payment Due

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-4 Total Net
  Swap Payment Due

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-2b Net Swap Receipt

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-3b Net Swap
  Receipt

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-4 Net Swap
  Receipt

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-1 notes
  Principal Due

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-2a notes
  Principal Due

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-2b notes
  Principal Due

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-3a notes
  Principal Due

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-3b notes
  Principal Due

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-4 notes
  Principal Due

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Class B notes
  Principal Due

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Total notes
  Interest Due

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Total notes Principal Due
  

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Net Swap/Termination
  Payment Due  

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Total notes Distributable
  Amount  

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

 C-7
 

CNH Equipment Trust 2007-B

$122,000,000.00 Class A-1
5.81638% Asset Backed Notes due October 9, 2008

$181,000,000.00 Class A-2a
5.46% Asset Backed Notes due June 15, 2010

$80,000,000.00 Class A-2b
Floating Rate Asset Backed Notes due June 15, 2010

$76,000,000.00 Class A-3a
5.40% Asset Backed Notes due October 17, 2011

$99,000,000.00 Class A-3b
Floating Rate Asset Backed Notes due October 17, 2011

$173,250,000.00 Class A-4
Floating Rate Asset Backed Notes due March 17, 2014

$18,750,000.00 Class B 6.38%
Asset Backed Notes due April 15, 2014

$[                  ]
Asset Backed Certificate

	
  Actual Payment
  Date

  
	
   

  
	
  Cash
  Available for Distribution

  
	
  Total
  Collections + Reinvestment Income For The Period

  
	
   

  
	
  Beginning
  Negative Carry Account

  
	
  Deposits from
  Negative Carry Account to Distribution Account

  
	
   

  
	
  Beginning Spread
  Account Balance

  
	
  Additional
  Deposit to Spread Account from Pre-funding

  
	
  Deposits from
  Spread Account to Distribution Account

  
	
   

  
	
  Beginning
  Principal Supplement Account

  
	
  Deposits from
  Principal Supplement Account to Distribution Account

  
	
   

  
	
  Beginning
  Pre-Funding Account Balance

  
	
  Deposits from
  Pre-funding Account to Distribution Account

  
	
   

  
	
  Total Cash
  Available

  

 

	
  

  	
   

  	
  Available

  
	
  Cash
  Allocation (Cashflow Waterfall)

  	
   

  	
  Cash

  
	
   

  	
   

  	
   

  
	
  Backup Servicing Fee Paid

  (Expressed as a dollar amount per $1,000 of original principal balance of a
  Note)

  	
   

  	
   

  
	
  Backup
  Servicing Fee Shortfall  

  	
   

  	
   

  
	
      

  	
   

  	
    

  
	
  Servicing Fee Paid

  (Expressed as a dollar amount per $1,000 of original principal balance of a
  Note)

  	
   

  	
   

  
	
  Servicing Fee Shortfall  

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Administration Fee Paid

  (Expressed as a dollar amount per $1,000 of original principal balance of a
  Note)

  	
   

  	
   

  
	
  Administration
  Fee Shortfall  

  	
   

  	
   

  

 

 C-8
 

 

	
  Net Swap Payment Paid  

  	
   

  	
   

  
	
  Net Swap Payment Shortfall  

  	
   

  	
   

  
	
      

  	
   

  	
    

  
	
  Remaining Cash Available to Pay Note Interest & Swap Termination
  Payment  

  	
   

  	
   

  
	
      

  	
   

  	
    

  
	
  Cash Available to Pay Note Interest 
  

  	
   

  	
   

  
	
  Cash Available to Pay Termination Payment  

  	
   

  	
   

  
	
    

  	
   

  	
   

  
	
  Class A-1 notes Interest Paid

  (Expressed as a dollar amount per $1,000 of original principal balance of a
  Note)

  	
   

  	
   

  
	
  Class A-2a notes Interest Paid

  (Expressed as a dollar amount per $1,000 of original principal balance of a
  Note)

  	
   

  	
   

  
	
  Class A-2b notes Interest Paid

  (Expressed as a dollar amount per $1,000 of original principal balance of a
  Note)

  	
   

  	
   

  
	
  Class A-3a notes Interest Paid

  (Expressed as a dollar amount per $1,000 of original principal balance of a
  Note)

  	
   

  	
   

  
	
  Class A-3b notes Interest Paid

  (Expressed as a dollar amount per $1,000 of original principal balance of a
  Note)

  	
   

  	
   

  
	
  Class A-4 notes Interest Paid

  (Expressed as a dollar amount per $1,000 of original principal balance of a
  Note)

  	
   

  	
   

  
	
  Class B notes Interest Paid

  (Expressed as a dollar amount per $1,000 of original principal balance of a
  Note)

  	
   

  	
   

  
	
    

  	
   

  	
   

  
	
  Class A-1 notes Interest Shortfall 
  

  	
   

  	
   

  
	
  Class A-2a notes Interest Shortfall 
  

  	
   

  	
   

  
	
  Class A-2b notes Interest Shortfall 
  

  	
   

  	
   

  
	
  Class A-3a notes Interest Shortfall 
  

  	
   

  	
   

  
	
  Class A-3b notes Interest Shortfall 
  

  	
   

  	
   

  
	
  Class A-4 notes Interest Shortfall 
  

  	
   

  	
   

  
	
  Class B notes Interest Shortfall 
  

  	
   

  	
   

  
	
    

  	
   

  	
   

  
	
  Swap Termination Payments Paid 
  

  	
   

  	
   

  
	
  Swap Termination Payments Shortfall 
  

  	
   

  	
   

  
	
      

  	
   

  	
    

  
	
  Class A-1 notes Principal Paid

  (Expressed as a dollar amount per $1,000 of original principal balance of a
  Note)

  	
   

  	
   

  
	
  Class A-2a notes Principal Paid

  (Expressed as a dollar amount per $1,000 of original principal balance of a
  Note)

  	
   

  	
   

  
	
  Class A-2b notes Principal Paid

  (Expressed as a dollar amount per $1,000 of original principal balance of a
  Note)

  	
   

  	
   

  
	
  Class A-3a notes Principal Paid

  (Expressed as a dollar amount per $1,000 of original principal balance of a
  Note)

  	
   

  	
   

  
	
  Class A-3b notes Principal Paid

  (Expressed as a dollar amount per $1,000 of original principal balance of a
  Note)

  	
   

  	
   

  
	
  Class A-4 notes Principal Paid

  (Expressed as a dollar amount per $1,000 of original principal balance of a
  Note)

  	
   

  	
   

  
	
  Class B notes Principal Paid

  (Expressed as a dollar amount per $1,000 of original principal balance of a
  Note)

  	
   

  	
   

  
	
    

  	
   

  	
    

  
	
  Deposits to Spread Account  

  	
   

  	
   

  
	
      

  	
   

  	
    

  
	
  Total Principal Balance of Notes (End of Period)

  	
   

  	
   

  
	
  A-1 notes Ending Principal balance 
  

  	
   

  	
   

  
	
  A-2a notes Ending Principal balance 
  

  	
   

  	
   

  
	
  A-2b notes Ending Principal balance 
  

  	
   

  	
   

  
	
  A-3a notes Ending Principal balance 
  

  	
   

  	
   

  
	
  A-3b notes Ending Principal balance 
  

  	
   

  	
   

  
	
  A-4 notes Ending Principal balance 
  

  	
   

  	
   

  
	
  Class B notes Ending Principal balance  

  	
   

  	
   

  
	
    

  	
   

  	
    

  
	
  Release to Seller as Excess  

  	
   

  	
   

  

 

 C-9
 

 

CNH Equipment Trust 2007-B

$122,000,000.00 Class A-1
5.81638% Asset Backed Notes due October 9, 2008

$181,000,000.00 Class A-2a
5.46% Asset Backed Notes due June 15, 2010

$80,000,000.00 Class A-2b
Floating Rate Asset Backed Notes due June 15, 2010

$76,000,000.00 Class A-3a
5.40% Asset Backed Notes due October 17, 2011

$99,000,000.00 Class A-3b
Floating Rate Asset Backed Notes due October 17, 2011

$173,250,000.00 Class A-4
Floating Rate Asset Backed Notes due March 17, 2014

$18,750,000.00 Class B 6.38%
Asset Backed Notes due April 15, 2014

$[                  ]
Asset Backed Certificate

Actual Payment Date

	
  Summary and Factors

  	
   

  	
  Amount

  	
   

  	
  Factor

  	
   

  	
  Per/$1000

  
	
  Total Principal
  Balance of Notes (Beginning of Period)

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-1 notes
  Beginning Principal balance

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-2a notes
  Beginning Principal balance

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-2b notes
  Beginning Principal balance

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-3a notes
  Beginning Principal balance

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-3b notes
  Beginning Principal balance

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-4 notes
  Beginning Principal balance

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Class B notes
  Beginning Principal balance

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Total Principal
  Balance of Notes (End of Period)

  	
  WAL

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-1 notes Ending
  Principal balance

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-2a notes
  Ending Principal balance

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-2b notes
  Ending Principal balance

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-3a notes
  Ending Principal balance

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-3b notes
  Ending Principal balance

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A-4 notes Ending
  Principal balance

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Class B notes
  Ending Principal balance

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Class A-1 notes
  Interest Paid

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Class A-2a notes
  Interest Paid

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Class A-2b notes
  Interest Paid

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Class A-3a notes
  Interest Paid

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Class A-3b notes
  Interest Paid

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Class A-4 notes
  Interest Paid

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Class B notes
  Interest Paid

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Class A-1 notes
  Interest Shortfall

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Class A-2a notes
  Interest Shortfall

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Class A-2b notes
  Interest Shortfall

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Class A-3a notes
  Interest Shortfall

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Class A-3b notes
  Interest Shortfall

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Class A-4 notes
  Interest Shortfall

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Class B notes
  Interest Shortfall

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
								

 

 C-10
 

 

	
  Class A-1 notes Principal Paid  

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Class A-2a notes Principal
  Paid  

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Class A-2b notes Principal Paid  

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Class A-3a notes Principal
  Paid  

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Class A-3b notes Principal Paid  

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Class A-4 notes Principal
  Paid  

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Class B notes Principal Paid  

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Negative Carry Account  

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Negative Carry  

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Negative Carry Days Remaining  

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Required Negative Carry
  Account  

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Beginning Negative Carry Account  

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Negative Carry Account
  Withdrawals to Distribution Account  

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Negative Carry Released to Seller  

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Ending Negative Carry
  Account Balance  

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
    

  	
   

  	
    

  	
   

  	
    

  	
   

  	
    

  
	
  Spread
  Account  

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
    

  	
   

  	
    

  	
   

  	
    

  	
   

  	
    

  
	
  Required Spread Account
  Deposit (Add Loans)  

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Spread Account Test - 3 Month Average
  Delinquency Ratio  

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Spread Account Test -
  Cumulative Net Loss Ratio  

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Spread Account Test Met  

  	
  Original
  

  	
  [   ],
  200[ ]  

  	
  [    ],
  200[ ]  

  	
  [    ],
  200[ ]  

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Required Spread Account
  Target  

  	
  [   ]%
  

  	
  [   ]%
  

  	
  [   ]%
  

  	
  [   ]%
  

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
    

  	
   

  	
    

  	
   

  	
    

  	
   

  	
   

  
	
  Required
  Spread Account  

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Beginning Spread Account Balance  

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Additional Deposit to
  Spread Account from Pre-funding  

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Spread Account Withdrawals to Distribution
  Account  

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Spread Account Deposits
  from Excess Cash  

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Spread Account Released to Seller  

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Ending Spread Account
  Balance  

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
    

  	
   

  	
    

  	
   

  	
    

  	
   

  	
    

  
	
  Principal
  Supplement Account  

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Required Principal Supplement Account
  Balance  

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Beginning Principal
  Supplement Account Balance  

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Additional Deposit to Principal Supplement
  Account from Pre-funding  

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Principal Supplement
  Account Withdrawals to Distribution Account  

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Principal Supplement Account Released to
  Seller  

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Ending Principal Supplement
  Account Balance  

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
      

  	
   

  	
    

  	
   

  	
    

  	
   

  	
    

  
	
  Pre-funding
  Account  

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
    

  	
   

  	
    

  	
   

  	
    

  	
   

  	
    

  
	
  Beginning Pre-funding
  Account Balance  

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  New Contract Value Purchased  

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Deposits to Spread Account  

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Deposits to Principal Supplement Account  

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Release to Seller for
  Purchased Amount  

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Excess Release to Noteholders for
  Unpurchased Amount  

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Ending Pre-funding Account
  Balance  

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

	
  

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  Original

  
	
  Purchases

  	
   

  	
  Units

  	
   

  	
  Cut-Off Date

  	
   

  	
  Closing Date

  	
   

  	
  Pool Balance

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Initial Purchase

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Subsequent Purchase #1

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Subsequent Purchase #2

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Total

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

 C-11
 

 

	
  Backup Servicer Account  

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Backup Servicer Account Initial Deposit  

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Backup Servicer Account Beginning Balance  

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Backup Servicer Account Expenses 
  

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Backup Servicer Account Investment Earnings  

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Backup Servicer Account Investment Earnings - Released to Seller  

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Ending Backup Servicer Account Balance  

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Total Release to Seller  

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  “The Administrator hereby
  directs the Indenture Trustee to pay on the Payment Date set forth above from
  the Certificate Distribution Account to the Certificateholders, on a pro rata
  basis, zero payment.”

  

 

Spread Account Triggers

Average Delinquency Ratio Test*

Payment
Date

[    ]-[    ]

[    ]-[    ]

[    ]-[    ]

Second
Prior Month Delinquency Ratio

Prior
Month Delinquency Ratio

Current
Month Delinquency Ratio

3 Month
Average Delinquency Ratio

	
  Test

  	
   

  	
  Variance

  	
   

  	
  Trigger

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Current
  Distribution Date

  	
   

  	
   

  	
   

  	
   

  
	
  (1) Is current
  distribution month [      ], 200[  ]
  or [      ], 200[  ], or
  [      ], 200[  ]?

  	
   

  	
   

  	
   

  	
   

  
	
  (2) Is the 3
  Month Average Delinquency Ratio < Specified Percentage for specified
  month?

  	
   

  	
   

  	
   

  	
   

  
	
  If both (1) and
  (2) are “YES” then see Cumulative Net Loss Ratio

  	
   

  	
   

  	
   

  	
   

  

 

Cumulative Net Loss Ratio Test**

Payment
Date

[      ]-[    ]

[      ]-[    ]

[      ]-[    ]

Cumulative Net Loss Ratio

	
  Test

  	
   

  	
  Variance

  	
   

  	
  Trigger

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  (1) Is current distribution month [        ],
  200[  ] or [        ], 200[  ],
  or [        ], 200[  ]?  

  	
   

  	
   

  	
   

  	
   

  
	
  (2) Is the Cumulative Net
  Loss Ratio < Specified Percentage for specified month?  

  	
   

  	
   

  	
   

  	
   

  
	
  If both (1) and (2) are “YES” then see next
  test below  

  	
   

  	
   

  	
   

  	
   

  
	
    

  	
   

  	
   

  	
   

  	
   

  
	
  If the 3 Month Average Delinquency and
  Cumulative Net Loss Ratio tests are met, then spread account reduces to [    ]%
  at [        ] 200[  ]
  and/or [    ]% at [        ]
  200[  ] and/or [    ]% at [        ]
  200[  ]  

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Were the 3 Month Average Delinquency and
  Cumulative Net Loss Ratio tests met on such Payment Date?

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Specified Spread Account Balances on such
  Payment Date

  	
   

  	
   

  	
   

  	
   

  

 

 C-12
 

DEFINITIONS:

Average Delinquency Ratio Test*

On any payment date will be
the average of the Delinquency Ratios for the preceding three calendar months.

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

Cumulative Net Loss Ratio Test**

The Cumulative Net Loss Ratio on any payment date
will be the ratio, expressed as a percentage, of (a) the aggregate Realized
Losses on the receivables since their cutoff date through the last day of the
related calendar month, 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.

POOL STATISTICS

Collateral Composition

	
  Number of Loans at Beginning of Period

  
	
  Number of Loans at End of Period

  
	
   

  
	
  Weighted Average Coupon on Receivables

  
	
  Weighted Average Original Term on Receivables

  
	
  Weighted Average Remaining Term on Receivables

  
	
   

  
	
  Pool Factor

  
	
  A-1 Note Pool Factor

  
	
  A-2a Note Pool Factor

  
	
  A-2b Note Pool Factor

  
	
  A-3a Note Pool Factor

  
	
  A-3b Note Pool Factor

  
	
  A-4 Note Pool Factor

  
	
  Class B Note Pool Factor

  
	
  Prepayment Amount - Monthly

  
	
  Prepayment Amount - Life-to-Date

  

 

Collateral Performance

	
  Contractual Delinquency:
  (Excluding Liquidated and Purchased Contracts)

  	
   

  	
  Count

  	
   

  	
  %

  	
   

  	
  Amount

  	
   

  	
  %

  
	
  < 31 Days
  delinquent

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  31-60 Days
  delinquent

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  61-90 Days
  delinquent

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  91-120 Days
  delinquent

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  121-150 Days
  delinquent

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  151-180 Days
  delinquent

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  181 + Days
  delinquent

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  TOTAL (Delinquency
  data is for total contract balance past due)

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
												

 

 C-13
 

 

	
  Scheduled Amounts 30 - 59
  days past due

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Scheduled
  Amounts 60 days or more past due

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

	
  Losses on Liquidated
  Receivables

  	
   

  	
  Month $ 

  	
   

  	
  Month #

  	
   

  	
  LTD $ 

  	
   

  	
  LTD #

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Gross Losses (1)

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Recoveries (2)

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Net Losses
  (Gross Losses less Recoveries)

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Net Loss as % of
  the Average Portfolio Balance

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Net Loss as a %
  of the Initial Deal Size

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Average Net Loss
  on all assets that have experienced a net loss

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Realized
  Losses

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Net Losses on
  Liquidated Receivables

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Write Down
  Amount on 180 Day Receivables

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Monthly Realized
  Losses (Total)

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Cumulative Net
  Losses on Liquidated Receivables

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Cumulative Write
  Down Amount on 180 Day Receivables

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Cumulative
  Realized Losses (Total)

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Repossession
  Inventory and 180-Day Receivables

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Repossessed
  Equipment not Sold or Reassigned (Beginning)

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Repossessed
  Equipment not Sold or Reassigned (End)

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Balance of 180
  Day Receivables (Beg of month)

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Balance of 180
  Day Receivables (End of month)

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

	
  (1) The realizable estimated
  loss at the time of repossession or full charge-off if written off without a
  repossession

  
	
  (2) Recovery of
  any estimated loss amount after the sale of repossessed equipment or from the
  defaulted obligor.

  
	
  (3) Sum of the
  monthly loss number of accounts will not equal the life-to-date number of
  accounts due to loss activity on the same account in multiple months.
  Duplicate accounts in multiple months have been removed.

  
	
   

  
	
  STATEMENTS
  TO NOTEHOLDERS

  

 

	
  1

  	
  Has there been a material change in practices with
  respect to charge offs, collection and management of delinquent Receivables,
  and the effect of any grace period, re-aging, re-structuring, partial
  payments or other practices on delinquency and loss experience?

  
	
   

  	
   

  
	
  2

  	
  Have there been any material modifications,
  extensions or waivers to Receivables terms, fees, penalties or payments
  during the Collection Period?

  
	
   

  	
   

  
	
  3

  	
  Have there been any material breaches of
  representations, warranties or covenants contained in the Receivables?

  
	
   

  	
   

  
	
  4

  	
  Has there been an issuance of notes or other
  securities backed by the Receivables?

  
	
   

  	
   

  
	
  5

  	
  Has there been a material change in the
  underwriting, origination or acquisition of Receivables?

  

 

 C-14

EXHIBIT
D

to Sale and Servicing Agreement

FORM OF ASSIGNMENT

For
value received, in accordance with and subject to the Sale and Servicing
Agreement dated as of September 1, 2007 (the “Sale
and Servicing Agreement”) among the undersigned, New Holland Credit
Company, LLC (“NH Credit”) and
CNH Equipment Trust 2007-B (the “Issuing
Entity”), the undersigned does hereby sell, assign, transfer set
over and otherwise convey unto the Issuing Entity, without recourse, all of its
right, title and interest in, to and under:  (a) the Initial Receivables,
which are listed on Schedule A
hereto, 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, (b) the security interests in
the Financed Equipment granted by Obligors pursuant to the Initial Receivables
and any other interest of the undersigned in such Financed Equipment, (c) any
proceeds with respect to the Initial Receivables from claims on insurance
policies covering Financed Equipment or Obligors (to the extent not used to
purchase Substitute Equipment), (d) the Liquidity Receivables Purchase
Agreement (only with respect to Owned Contracts included in the Initial
Receivables) and the Purchase Agreement, including the right of the undersigned
to cause CNH Capital America LLC (“CNHCA”)
to repurchase Receivables from the undersigned under the circumstances
described therein, (e) any proceeds from recourse to Dealers with respect to
the Initial Receivables, (f) any Financed Equipment that shall have secured an
Initial Receivable and that shall have been acquired by or on behalf of the
Trust, (g) all funds on deposit from time to time in the Trust Accounts,
including the Spread Account Initial Deposit, any Principal Supplement
Account  Deposit, the Negative Carry Account Initial Deposit and the
Pre-Funded Amount, and in all investments and proceeds thereof (including all
income thereon), and (h) the proceeds of any and all of the foregoing. The
foregoing sale does not constitute and is not intended to result in any
assumption by the Issuing Entity of any obligation of the undersigned to the
Obligors, insurers or any other person in connection with the Initial
Receivables, Receivables Files, any insurance policies or any agreement or
instrument relating to any of them.

This
Assignment is made pursuant to and upon the representations, warranties and
agreements on the part of the undersigned contained in the Sale and Servicing
Agreement and is to be governed in all respects by the Sale and Servicing
Agreement. Capitalized terms used herein and not otherwise defined shall have
the meanings assigned to them in the Sale and Servicing Agreement.

 D-1
 

IN
WITNESS WHEREOF, the undersigned has caused this Assignment to be duly executed
as of September    , 2007.

	
  

  	
  CNH CAPITAL RECEIVABLES LLC

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

 D-2
 

SCHEDULE A

to Assignment

SCHEDULE OF
INITIAL RECEIVABLES

[ON FILE WITH THE INDENTURE TRUSTEE AND INCORPORATED BY

REFERENCE HEREIN]

 D-3

EXHIBIT
E

to Sale and Servicing Agreement

FORM OF SUBSEQUENT
TRANSFER ASSIGNMENT

For
value received, in accordance with and subject to the Sale and Servicing
Agreement dated as of September 1, 2007 (the “Sale
and Servicing Agreement”) among CNH Equipment Trust 2007-B, Delaware
statutory trust (the “Issuing Entity”),
CNH Capital Receivables LLC, a Delaware limited liability company (the “Seller”), and New Holland Credit Company,
LLC, a Delaware limited liability company (“NH Credit”), the Seller does hereby
sell, transfer, assign, set over and otherwise convey to the Issuing Entity,
without recourse, all of its right, title and interest in, to and under: (a)
the Subsequent Receivables, with an aggregate Contract Value equal to
$[                    ],
listed on Schedule A hereto,
including all documents constituting chattel paper included therewith, and all
obligations of the Obligors thereunder including all monies paid thereunder on
or after the Subsequent Cutoff Date, (b) the security interests in the Financed
Equipment granted by Obligors pursuant to such Subsequent Receivables and any
other interest of the Seller in such Financed Equipment, (c) any proceeds with
respect to such Subsequent Receivables from claims on insurance policies
covering Financed Equipment or Obligors (to the extent not used to purchase
Substitute Equipment), (d) the Liquidity Receivables Purchase Agreement (only
with respect to Subsequent Receivables purchased by the Seller pursuant to that
Agreement) and the Purchase Agreement, including the right of the Seller to
cause CNHCA to repurchase Subsequent Receivables from the Seller under the
circumstances described therein, (e) any proceeds from recourse to Dealers with
respect to such Subsequent Receivables, (f) any Financed Equipment that shall
have secured any such Subsequent Receivables and that shall have been acquired
by or on behalf of the Trust, and (g) the proceeds of any and all of the
foregoing. The foregoing sale does not constitute and is not intended to result
in any assumption by the Issuing Entity of any obligation of the Seller to the
Obligors, insurers or any other person in connection with such Subsequent
Receivables, Receivable Files, any insurance policies or any agreement or
instrument relating to any of them.

This
Subsequent Transfer Assignment is made pursuant to and upon the
representations, warranties and agreements on the part of the Seller contained
in the Sale and Servicing Agreement (including the Officer’s Certificate of the
Seller accompanying this Agreement) and is to be governed in all respects by
the Sale and Servicing Agreement. Capitalized terms used but not otherwise
defined herein shall have the meanings assigned to them in the Sale and
Servicing Agreement.

IN
WITNESS WHEREOF, the undersigned has caused this Subsequent Transfer Assignment
to be duly executed as of
                                 ,
2007.

	
  

  	
  CNH CAPITAL RECEIVABLES LLC

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

 E-1
 

SCHEDULE A

to Subsequent Transfer Assignment

SCHEDULE OF SUBSEQUENT
RECEIVABLES

[ON FILE WITH THE INDENTURE TRUSTEE AND INCORPORATED BY

REFERENCE HEREIN.]

 E-2
 

ANNEX A

to Subsequent Transfer Assignment

OFFICER’S
CERTIFICATE

I,
the undersigned officer of CNH Capital Receivables LLC. (the “Company”), do hereby certify, pursuant to Section 2.2(b)(xv) of the Sale and
Servicing Agreement dated as of September 1, 2007 among the Company, CNH
Equipment Trust 2007-B and New Holland Credit Company, LLC (the “Agreement”), that (i) all of the
conditions precedent to the transfer to the Issuing Entity of the Subsequent
Receivables listed on Schedule A to the Subsequent Transfer Assignment
delivered herewith, and the other property and rights related to such
Subsequent Receivables as described in  Section 2.2(a) of the Agreement,
have been satisfied on or prior to the related Subsequent Transfer Date and
(ii) each statement of fact set forth in any Officer’s Certificate executed by
an officer of the Company in connection with an Opinion of Counsel delivered on
the Closing Date with respect to a transfer of, or a security interest in, the
Receivables shall be true and correct as of the date hereof with respect to the
Subsequent Receivables listed on the aforementioned Schedule A.

Capitalized
terms used but not defined herein shall have the meanings assigned to such
terms in the Agreement.

IN
WITNESS WHEREOF, the undersigned has caused this certificate to be duly
executed this        day of
                     ,
2007.

 

	
  

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

 E-3

EXHIBIT
F

to Sale and Servicing Agreement

FORM OF
ACCOUNTANTS’ LETTER IN CONNECTION

WITH THE SUBSEQUENT TRANSFER ASSIGNMENT PURSUANT TO

SECTION 2.2(b)(xiv) OF THE SALE AND SERVICING AGREEMENT

[Letterhead of Ernst & Young]

                          ,
200[  ]           

CNH Capital Receivables LLC

6900 Veterans Boulevard

Burr Ridge, Illinois  60527

CNH Equipment Trust
2007-B

c/o The Bank of New York

101 Barclay Street, Floor 8W

New York, New York  10286

Wilmington Trust Company

Rodney Square North,

1100 North Market Street,

Wilmington, Delaware 19890,

Attention: Corporate Trust Administration

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

2 North LaSalle Street

Suite 1020

Chicago, Illinois 60602

Telephone:                                    (312)
827-8500

Facsimile:                                          (312)
827-8562

Attention:                                           Structured
Finance-ABS

Dear Ladies and
Gentlemen:

This letter is issued at the request of CNH Capital
Receivables LLC (the “Seller”)
with respect to the sale of certain retail receivables (the “Subsequent Receivables”) to the CNH
Equipment Trust 2007-B (the “Trust”)
pursuant to the Sale and Servicing Agreement dated as of September 1, 2007 (the
“Sale and Servicing Agreement”)
among the Trust, the Seller and New Holland Credit Company, LLC (the “Servicer”).  The sale of the Subsequent Receivables is
described in the prospectus dated September 11, 2007 and the prospectus
supplement dated September 12, 2007 (together, the “Prospectus”), which relates to the offering by the Trust of
5.81638% Class A-1 Asset Backed Notes, 5.46% Class A-2a Asset Backed Notes,
Floating Rate Class A-2b Asset Backed Notes, 5.40% Class A-3a Asset Backed
Notes, Floating Rate Class A-3b Asset Backed Notes, Floating Rate Class A-4
Asset Backed Notes and 6.38% Class B Asset Backed Notes (collectively, the “Notes”). 
Capitalized terms used herein and not otherwise defined have the meaning
described in the Prospectus or the Sale and Servicing Agreement, as applicable.
In 

 F-1

connection therewith, we performed or have previously
performed certain agreed upon procedures as specified in the items below:

1.                                       As
previously communicated in our letter to the Seller, the Trust,
                                     ,
the Indenture Trustee and the Trustee dated
                 ,
             
relating to the sale of certain retail receivables (the “Initial Receivables”) and the offering of
the Notes [and the Certificates], we performed several procedures based on a
computer data file (the “Initial File”)
received from the Servicer, including the following:

a.                                       We
read certain fields on the Initial File to determine whether the data
pertaining to the Initial Receivables complied with the selection criteria as
noted in our previous letter.

b.                                      Proved
the arithmetic accuracy of the Aggregate Contract Value and the related
percentage of Initial Receivables coded as representing construction equipment
and the Total Aggregate Contract Value of the Initial Receivables as shown on
Schedule B.

c.                                       Proved
the arithmetic accuracy of the Weighted Average Original Term of the Initial
Receivables as shown in Schedule B.

2.                                       On
                         ,
          , we obtained a
computer data file (the “Subsequent File”)
produced by and represented by the Servicer to contain the list of the
Subsequent Receivables.  The Subsequent File was received directly by
[Deloitte & Touche] from the Servicer.  By use of data retrieval
software, we have performed the following with respect to the information
contained in the Subsequent File:

a.                                       We
read certain fields on the Subsequent File to determine whether the data
relating to the Subsequent Receivables complied with selection criteria 1, 2
and 4 as shown on Schedule A.  For purposes of selection criteria 3, as
shown on Schedule A, we read certain fields from the Initial File and
Subsequent File to aggregate the total Contract Value for each account number
for the purpose of determining the Contract Value for each Obligor.  The
total Contract Value for each account number was then compared to the aggregate
Contract Value to determine if the selection criteria was achieved.

b.                                      Proved
the arithmetic accuracy of the Aggregate Contract Value and the related
percentage of the Subsequent Receivables coded as representing construction
and  the Total Aggregate Contract Value of the Subsequent Receivables as
shown on Schedule B.

c.                                       Proved
the arithmetic accuracy of the Weighted Average Original Term of the Subsequent
Receivables as shown in Schedule B.

3.                                       We
proved the arithmetic accuracy of the columnar totals for Aggregate Contract
Value of construction equipment and the Total Aggregate Contract Value as shown
on Schedule B.

 F-2
 

4.                                       We
proved the arithmetic accuracy of the percent of total column as shown in 1 on
Schedule B by dividing the amount in the Total Aggregate Contract Value of
construction equipment column by the amount in the Total Aggregate Contract
Value column. We also proved the arithmetic accuracy of the Weighted Average
Original Term as shown in 2 on Schedule B by summing the products of Total
Aggregate Contract Value times Weighted Average Original Term for the Initial
Receivables and the Subsequent Receivables and dividing the resulting sum by
the columnar total of the Total Aggregate Contract Value.

The
foregoing procedures do not constitute an audit conducted in accordance with
generally accepted auditing standards, and, therefore, we are unable to and do
not express an opinion on any individual balances or summaries of selected
transactions specifically set forth in this letter.  Also, these
procedures would not necessarily reveal matters of significance with respect to
the findings described herein. Accordingly, we make no representations
regarding the sufficiency of the foregoing procedures for your purposes or for
questions of legal interpretation.  Had we performed additional
procedures, other matters might have come to our attention that would have been
reported to you.  Further, we have addressed ourselves solely to the
foregoing data in the Sale and Servicing Agreement and the Prospectus and make
no representations regarding the adequacy of disclosure regarding whether any
material facts have been omitted.

This
letter is solely for the information of the addressees and is not to be used,
circulated, quoted or otherwise referred to for any other purpose including,
but not limited to, the purchase or sale of Notes, nor is it to be referred to
in any document (other than the Basic Documents, the Preliminary Prospectus and
the Prospectus).  Furthermore, we
undertake no responsibility to update this letter for events and circumstances
occurring after the date of this letter.

Very truly yours,

ERNST & YOUNG

 F-3

SCHEDULE A

to Accountant’s Letter

	
   

  	
   

  	
  Selection
  Criteria

  	
   

  	
  Results

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  1.

  	
   

  	
  No Subsequent Receivables were more than 90 days
  past due as of the applicable Subsequent Cutoff Date.

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  2.

  	
   

  	
  Each Subsequent Receivable has a Statistical
  Contract Value as of the Subsequent Cutoff Date that (when combined with the
  Statistical Contract Value of any other Receivables with the same or an
  affiliated Obligor) does not exceed 1% of the aggregate Contract Value of all
  Receivables.

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  3.

  	
   

  	
  Each Subsequent Receivable has a remaining term  to
  maturity (i.e., the period from but excluding the
  applicable Subsequent Cutoff Date to and including the Receivables’ maturity
  date) of not more than 72 months.

  	
   

  	
   

  

 

 F-4
 

SCHEDULE B

to Accountant’s Letter

1.                                            Percentage
of principal balance of the Receivables that represents construction equipment:

	
  

  	
   

  	
  Aggregate

  Contract Value

  of

  Construction

  Equipment

  	
   

  	
  Total Aggregate

  Contract Value

  	
   

  	
  Construction

  Equipment

  Percent of Total

  	
   

  
	
  Initial Receivables

  	
   

  	
  $

  	
   

  	
   

  	
  $

  	
   

  	
   

  	
   

  	
  %

  
	
  Subsequent Receivables

  	
   

  	
  $

  	
   

  	
   

  	
  $

  	
   

  	
   

  	
   

  	
  %

  
	
  Total Receivables

  	
   

  	
  $

  	
   

  	
   

  	
  $

  	
   

  	
   

  	
   

  	
  %

  

 

2.                                            Weighted
Average Original Term of the Receivables in the Trust.

	
  

  	
   

  	
  Total Aggregate

  Contract Value

  	
   

  	
  Weighted

  Average Original

  Term

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Initial
  Receivables

  	
   

  	
  $

  	
   

  	
   

  	
  months

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Subsequent
  Receivables

  	
   

  	
  $

  	
   

  	
   

  	
  months

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Total Receivables

  	
   

  	
  $

  	
   

  	
   

  	
  months

  	
   

  

 

As noted above,
the Weighted Average Original Term does not exceed months as required by the
Sale and Servicing Agreement.

 F-5

EXHIBIT
G

to Sale and Servicing Agreement

FORM OF INITIAL
INTEREST RATE SWAP AGREEMENTS

[To be attached]

 G-1

EXHIBIT
H

Minimum Servicing
Criteria to be Addressed in

Assessment of Compliance Statement

The
assessment of compliance to be delivered by the Indenture Trustee shall
address, at a minimum, the criteria identified as below as “Applicable
Servicing Criteria”:

	
  Reg AB
  Reference

  	
   

  	
  Servicing Criteria

  	
   

  	
  Applicable Servicing Criteria

  
	
   

  	
   

  	
  General Servicing Considerations

  	
   

  	
   

  
	
  1122(d)(1)(i)

  	
   

  	
  Policies and procedures are instituted to monitor
  any performance or other triggers and events of default in accordance with
  the transaction agreements.

  	
   

  	
  N/A

  
	
  1122(d)(1)(ii)

  	
   

  	
  If any material servicing activities are outsourced
  to third parties, policies and procedures are instituted to monitor the third
  party’s performance and compliance with such servicing activities.

  	
   

  	
  N/A

  
	
  1122(d)(1)(iii)

  	
   

  	
  Any requirements in the transaction agreements to
  maintain a back-up servicer for the Pool Assets are maintained.

  	
   

  	
  N/A

  
	
  1122(d)(1)(iv)

  	
   

  	
  A fidelity bond and errors and omissions policy is
  in effect on the party participating in the servicing function throughout the
  reporting period in the amount of coverage required by and otherwise in
  accordance with the terms of the transaction agreements.

  	
   

  	
  N/A

  
	
   

  	
   

  	
  Cash Collection and Administration

  	
   

  	
   

  
	
  1122(d)(2)(i)

  	
   

  	
  Payments on pool assets are deposited into the appropriate
  custodial bank accounts and related bank clearing accounts no more than two
  business days following receipt, or such other number of days specified in
  the transaction agreements.

  	
   

  	
  X

  
	
  1122(d)(2)(ii)

  	
   

  	
  Disbursements made via wire transfer on behalf of an
  obligor or to an investor are made only by authorized personnel.

  	
   

  	
  X

  
	
  1122(d)(2)(iii)

  	
   

  	
  Advances of funds or guarantees regarding
  collections, cash flows or distributions, and any interest or other fees
  charged for such advances, are made, reviewed and approved as specified in
  the transaction agreements.

  	
   

  	
  N/A

  
	
  1122(d)(2)(iv)

  	
   

  	
  The related accounts for the transaction, such as
  cash reserve accounts or accounts established as a form of over
  collateralization, are separately maintained (e.g., with respect to
  commingling of cash) as set forth in the transaction agreements.

  	
   

  	
  X

  
	
  1122(d)(2)(v)

  	
   

  	
  Each custodial account is maintained at a federally
  insured depository institution as set forth in the transaction agreements.
  For purposes of this criterion, “federally insured depository institution”
  with respect to a foreign financial institution means a foreign financial
  institution that meets the requirements of Rule 13k-1(b)(1) of the Securities
  Exchange Act.

  	
   

  	
  X

  
	
  1122(d)(2)(vi)

  	
   

  	
  Unissued checks are safeguarded so as to prevent
  unauthorized access.

  	
   

  	
  N/A

  
	
  1122(d)(2)(vii)

  	
   

  	
  Reconciliations are prepared on a monthly basis for
  all asset-backed securities related bank accounts, including custodial
  accounts and related bank clearing accounts. These reconciliations are (A)
  mathematically accurate; (B) prepared within 30 

  	
   

  	
  N/A

  

 

 H-1
 

 

	
  Reg AB
  Reference

  	
   

  	
  Servicing Criteria

  	
   

  	
  Applicable Servicing Criteria

  
	
   

  	
   

  	
  calendar days after the bank statement cutoff date,
  or such other number of days specified in the transaction agreements; (C)
  reviewed and approved by someone other than the person who prepared the
  reconciliation; and (D) contain explanations for reconciling items. These
  reconciling items are resolved within 90 calendar days of their original
  identification, or such other number of days specified in the transaction
  agreements.

  	
   

  	
   

  
	
   

  	
   

  	
  Investor Remittances and Reporting

  	
   

  	
   

  
	
  1122(d)(3)(i)

  	
   

  	
  Reports to investors, including those to be filed
  with the Commission, are maintained in accordance with the transaction
  agreements and applicable Commission requirements. Specifically, such reports
  (A) are prepared in accordance with timeframes and other terms set forth in
  the transaction agreements; (B) provide information calculated in accordance
  with the terms specified in the transaction agreements; (C) are filed with
  the Commission as required by its rules and regulations; and (D) agree with
  investors’ or the trustee’s records as to the total unpaid principal balance
  and number of Pool Assets serviced by the Servicer.

  	
   

  	
  N/A

  
	
  1122(d)(3)(ii)

  	
   

  	
  Amounts due to investors are allocated and remitted
  in accordance with timeframes, distribution priority and other terms set
  forth in the transaction agreements.

  	
   

  	
  X (solely with
  respect to remittances)

  
	
  1122(d)(3)(iii)

  	
   

  	
  Disbursements made to an investor are posted within
  two business days to the Servicer’s investor records, or such other number of
  days specified in the transaction agreements.

  	
   

  	
  X

  
	
  1122(d)(3)(iv)

  	
   

  	
  Amounts remitted to investors per the investor
  reports agree with cancelled checks, or other form of payment, or custodial
  bank statements.

  	
   

  	
  X

  
	
   

  	
   

  	
  Pool Asset Administration

  	
   

  	
   

  
	
  1122(d)(4)(i)

  	
   

  	
  Collateral or security on pool assets is maintained
  as required by the transaction agreements or related pool asset documents.

  	
   

  	
  N/A

  
	
  1122(d)(4)(ii)

  	
   

  	
  Pool assets and related documents are safeguarded as
  required by the transaction agreements

  	
   

  	
  N/A

  
	
  1122(d)(4)(iii)

  	
   

  	
  Any additions, removals or substitutions to the
  asset pool are made, reviewed and approved in accordance with any conditions
  or requirements in the transaction agreements.

  	
   

  	
  N/A

  
	
  1122(d)(4)(iv)

  	
   

  	
  Payments on pool assets, including any payoffs, made
  in accordance with the related pool asset documents are posted to the
  Servicer’s obligor records maintained no more than two business days after
  receipt, or such other number of days specified in the transaction
  agreements, and allocated to principal, interest or other items (e.g.,
  escrow) in accordance with the related pool asset documents.

  	
   

  	
  N/A

  
	
  1122(d)(4)(v)

  	
   

  	
  The Servicer’s records regarding the pool assets
  agree with the Servicer’s records with respect to an obligor’s unpaid
  principal balance.

  	
   

  	
  N/A

  
	
  1122(d)(4)(vi)

  	
   

  	
  Changes with respect to the terms or status of an
  obligor’s pool assets (e.g., loan modifications or re-agings) are made,
  reviewed and approved by authorized personnel in accordance with the
  transaction agreements and related pool asset 

  	
   

  	
  N/A

  

 

 H-2
 

 

	
  Reg AB
  Reference

  	
   

  	
  Servicing Criteria

  	
   

  	
  Applicable Servicing Criteria

  
	
   

  	
   

  	
  documents.

  	
   

  	
   

  
	
  1122(d)(4)(vii)

  	
   

  	
  Loss mitigation or recovery actions (e.g.,
  forbearance plans, modifications and deeds in lieu of foreclosure,
  foreclosures and repossessions, as applicable) are initiated, conducted and
  concluded in accordance with the timeframes or other requirements established
  by the transaction agreements.

  	
   

  	
  N/A

  
	
  1122(d)(4)(viii)

  	
   

  	
  Records documenting collection efforts are
  maintained during the period a pool asset is delinquent in accordance with
  the transaction agreements. Such records are maintained on at least a monthly
  basis, or such other period specified in the transaction agreements, and
  describe the entity’s activities in monitoring delinquent pool assets
  including, for example, phone calls, letters and payment rescheduling plans
  in cases where delinquency is deemed temporary (e.g., illness or
  unemployment).

  	
   

  	
  N/A

  
	
  1122(d)(4)(ix)

  	
   

  	
  Adjustments to interest rates or rates of return for
  pool assets with variable rates are computed based on the related pool asset
  documents.

  	
   

  	
  N/A

  
	
  1122(d)(4)(x)

  	
   

  	
  Regarding any funds held in trust for an obligor
  (such as escrow accounts): (A) such funds are analyzed, in accordance with
  the obligor’s pool asset documents, on at least an annual basis, or such
  other period specified in the transaction agreements; (B) interest on such
  funds is paid, or credited, to obligors in accordance with applicable pool asset
  documents and state laws; and (C) such funds are returned to the obligor
  within 30 calendar days of full repayment of the related pool assets, or such
  other number of days specified in the transaction agreements.

  	
   

  	
  N/A

  
	
  1122(d)(4)(xi)

  	
   

  	
  Payments made on behalf of an obligor (such as tax
  or insurance payments) are made on or before the related penalty or
  expiration dates, as indicated on the appropriate bills or notices for such
  payments, provided that such support has been received by the servicer at least
  30 calendar days prior to these dates, or such other number of days specified
  in the transaction agreements.

  	
   

  	
  N/A

  
	
  1122(d)(4)(xii)

  	
   

  	
  Any late payment penalties in connection with any
  payment to be made on behalf of an obligor are paid from the Servicer’s funds
  and not charged to the obligor, unless the late payment was due to the
  obligor’s error or omission.

  	
   

  	
  N/A

  
	
  1122(d)(4)(xiii)

  	
   

  	
  Disbursements made on behalf of an obligor are
  posted within two business days to the obligor’s records maintained by the
  servicer, or such other number of days specified in the transaction
  agreements.

  	
   

  	
  N/A

  
	
  1122(d)(4)(xiv)

  	
   

  	
  Delinquencies, charge-offs and uncollectible
  accounts are recognized and recorded in accordance with the transaction
  agreements.

  	
   

  	
  N/A

  
	
  1122(d)(4)(xv)

  	
   

  	
  Any external enhancement or other support,
  identified in Item 1114(a)(1) through (3) or Item 1115 of Regulation AB, is
  maintained as set forth in the transaction agreements.

  	
   

  	
  N/A

  

 

 H-3

EXHIBIT
I

FORM OF INDENTURE
TRUSTEE’S ANNUAL CERTIFICATION

Re:                             CNH
Equipment Trust 2007-B

The
Bank of New York Trust Company, N.A., not in its individual capacity but solely
as indenture trustee (the “Indenture Trustee”), certifies to CNH Capital
Receivables LLC (the “Seller”), and its officers, with the knowledge and
intent that they will rely upon this certification, that:

(1)                                  It
has reviewed the report on assessment of the Indenture Trustee’s compliance
provided in accordance with Rules 13a-18 and 15d-18 under the Securities
Exchange Act of 1934, as amended (the “Exchange Act”) and Item 1122
of Regulation AB (the “Servicing Assessment”), and the registered public
accounting firm’s attestation report provided in accordance with Rules 13a-18
and 15d-18 under the Exchange Act and Section 1122(b) of Regulation AB
(the “Attestation Report”) that were delivered by the Indenture Trustee
to the Seller pursuant to the Sale and Servicing Agreement (the “Agreement”),
dated as of September 1, 2007, by and between New Holland Credit Company, LLC,
the Seller and CNH Equipment Trust 2007-B (collectively, the “Indenture
Trustee Information”);

(2)                                  To
the best of its knowledge, the Indenture Trustee Information, taken as a whole,
does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in the light of the
circumstances under which such statements were made, not misleading with
respect to the period of time covered by the Indenture Trustee Information; and

(3)                                  To
the best of its knowledge, all of the Indenture Trustee Information required to
be provided by the Indenture Trustee under the Agreement has been provided to
the Seller.

 

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

  
	
  not in its individual capacity but solely as
  Indenture Trustee

  
	
   

  	
   

  	
   

  
	
  Date:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

 I-1

EXHIBIT
J

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

 P-1

Schedule
P

1.                                       General. 
The Sale and Servicing Agreement 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
CNHCR’s right, title and interest in, to and under (i) the Receivables, (ii)
the Financed Equipment granted by Obligors pursuant to the Receivables and
(iii) the Liquidity Receivables Purchase Agreement (only with respect to Owned
Contracts included in the Receivables) in favor of the Issuing Entity, which,
(a) is enforceable upon execution of the Sale and Servicing Agreement against
creditors of and purchasers from CNHCR, 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 (other
than Liens permitted pursuant to clause 5
below).

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)  and (iii)
constitute “general intangibles” within the meaning of UCC Section 9-102. 
CNHCR has taken all steps necessary to perfect its security interest in the
property securing the Receivables within 10 days of the Closing Date.

3.                                       Creation. 
Immediately prior to the conveyance of the Receivables pursuant to the Sale and
Servicing Agreement, CNCHR 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. 
CNHCR 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 Issuing Entity under the Sale and Servicing
Agreement in the Receivables.  With respect to the Receivables that
constitute tangible chattel paper, the Servicer or a Subservicer, as custodian,
received possession of such original tangible chattel paper and the Issuing
Entity has received a written acknowledgment (which is contained in the Sale
and Servicing Agreement) from such custodian that it is acting solely as agent
of the Issuing Entity and 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 interests granted to the Issuing Entity pursuant to the
Sale and Servicing Agreement and the security interests granted under documents
relating to the Liquidity Receivables Purchase Agreement, which have been
released, and any other security interest which has been released or
terminated, CNHCR has not pledged, assigned, sold, granted a security interest
in, or otherwise conveyed any of the Receivables.  CNHCR has not authorized the filing of and is
not aware of any financing statements against CNHCR that include a description
of collateral covering the Receivables other than any financing statement
(i) relating to the security interests granted to the Issuing Entity under
the Sale and Servicing Agreement and the security interests granted in connection
with the documents relating to the Liquidity 

 P-1
 

Receivables
Purchase Agreement and the Prior Securitization, each of which have been
released, (ii) that has been terminated or has released the Receivables from
such security interest, 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 Receivables has any marks or notations indicating that they
have pledged, assigned or otherwise conveyed to any Person other than the Indenture
Trustee.  CNHCR is not aware of any judgment, ERISA or tax lien filings
against it.

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

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

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

 P-2

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