Exhibit 1.1
EXECUTION COPY
CNH
EQUIPMENT TRUST 2008-A
2.75275% CLASS A-1 ASSET BACKED
NOTES
FLOATING RATE CLASS A-2 ASSET BACKED
NOTES
4.12% CLASS A-3 ASSET BACKED
NOTES
4.93% CLASS A-4a ASSET BACKED
NOTES
FLOATING RATE
CLASS A-4b ASSET BACKED NOTES
CNH
CAPITAL RECEIVABLES LLC
UNDERWRITING AGREEMENT
April 10,
2008
Banc of
America Securities LLC
NC1-027-21-04
214 North
Tryon Street
Charlotte,
North Carolina 28255
BNP Paribas
Securities Corp.
787 Seventh
Avenue
New York, New
York 10019
as Representatives of
the Several Underwriters
Ladies and
Gentlemen:
1.
Introductory . CNH Capital Receivables LLC, a Delaware
limited liability company (the “Seller”), proposes to
cause CNH Equipment Trust 2008-A (the “Trust”) to issue
and sell $133,000,000 principal amount of 2.75275% Class A-1
Asset Backed Notes (the “A-1 Notes”), $133,000,000
principal amount of Floating Rate Class A-2 Asset Backed Notes
(the “A-2 Notes”); $125,000,000 principal amount of
4.12% Class A-3 Asset Backed Notes (the “A-3
Notes”); $69,000,000 principal amount of 4.93%
Class A-4a Asset Backed Notes (the “A-4a Notes”)
and $25,508,000 principal amount of Floating Rate Class A-4b
Asset Backed Notes (the “A-4b Notes”, together with the
A-4a Notes, the “A-4 Notes”, and collectively,
the A-1 Notes, the A-2 Notes, the A-3 Notes and the A-4 Notes, the
“Offered Notes”), to the several underwriters named in
Schedule I hereto (collectively, the “Underwriters”),
for whom you are acting as representatives (the
“Representatives”). The Offered Notes, along with
$12,449,000 principal amount of 0.00% Class B Asset Backed
Notes (the “B Notes” and, together with the
“Offered Notes”, the “Notes”) will be
issued pursuant to the Indenture to be dated as of April 1,
2008 (as amended and supplemented from time to time, the
“Indenture”), between the Trust and The Bank of New
York Trust Company, N.A., as indenture trustee (the
“Indenture Trustee”). The B Notes may be placed with
investors in transactions exempt from registration under the
Securities Act of 1933, as amended, or otherwise retained or
acquired by the Seller or one of its affiliates.
The assets of the Trust
include, among other things, a pool of fixed rate retail
installment sale contracts, retail installment loans and consumer
installment loans (the “Receivables”) secured by new or
used agricultural, construction or other equipment and the related
security interests in the equipment financed thereby. The
Receivables were sold to the Trust by the Seller. The Receivables
are serviced for the Trust by New Holland Credit Company, LLC, a
Delaware limited liability company (“New
Holland”). New Holland has appointed Systems &
Services Technologies, Inc. (“SST”) to act as
backup servicer, of the Receivables pursuant to the Backup
Servicing Agreement, dated as of April 1, 2008 (as amended and
supplemented from time to time, the “Backup Servicing
Agreement”) among the Seller, New Holland, as servicer, the
Trust, SST, as backup servicer, and the Indenture
Trustee.
Simultaneously with the
issuance and sale of the Offered Notes as contemplated in this
Agreement and the issuance of the B Notes, the Trust will issue to
the Seller certificates representing fractional undivided equity
interests in the Trust (the “Certificates”). The Notes
and the Certificates are sometimes referred to herein as the
“Securities.”
Capitalized terms used
and not otherwise defined herein shall have the meanings ascribed
to them in the Sale and Servicing Agreement to be dated as of
April 1, 2008 (as amended and supplemented from time to time,
the “Sale and Servicing Agreement”), among the Trust,
the Seller and New Holland, as servicer, or, if not defined
therein, in the Indenture or the Trust Agreement dated as of
March 1, 2008 (as amended and supplemented from time to time,
the “Trust Agreement”), between the Seller and
Wilmington Trust Company, as trustee (the
“Trustee”).
At or prior to the time
when sales to purchasers of the Offered Notes were first made to
investors by the several Underwriters, which was approximately
11:59a.m. (New York time) on April 10, 2008 (the “Time
of Sale”), the Seller had prepared the following information
(collectively, the “Time of Sale Information”): the
preliminary prospectus supplement dated April 9, 2008 (the
“Preliminary Prospectus Supplement”) to the base
prospectus dated April 9, 2008 (the “Preliminary Basic
Prospectus”) (together, along with information referred to
under the caption “Static Pool Data” therein regardless
of whether it is deemed a part of the Registration Statement or
Prospectus, the “Preliminary Prospectus”). If,
subsequent to the Time of Sale and prior to the Closing Date (as
defined below), such information included an untrue statement of
material fact or omitted to state a material fact necessary in
order to make the statements therein, in the light of the
circumstances under which they were made, not misleading, and as a
result investors in the Offered Notes may terminate their old
“Contracts of Sale” (within the meaning of
Rule 159 under the Securities Act of 1933, as amended (the
“Act”)) for any Offered Notes and the Underwriters
enter into new Contracts of Sale with investors in the Offered
Notes, then “Time of Sale Information” will refer to
the information conveyed to investors at the time of entry into the
first such new Contract of Sale, in an amended Preliminary
Prospectus approved by the Seller and the Representatives that
corrects such material misstatements or omissions (a
“Corrected Prospectus”) and “Time of Sale”
will refer to the time and date on which such new Contracts of Sale
were entered into.
2.
Representations and Warranties . The Seller, and with
respect to items (e), (f), (h), (i), (j), (k), (l), (m), (n), (p),
(q), (r), (s) and (t) as they relate to CNH Capital
America LLC, a Delaware
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limited
liability company (“CNHCA”) and/or New Holland, CNHCA,
represent and warrant to, and agree with, each Underwriter as of
the date hereof and as of the Closing Date that:
(a)
A registration statement on Form S-3 (No. 333-130656)
relating to the Offered Notes has been filed by Seller with the
Securities and Exchange Commission (the “Commission”)
and has become effective and is still effective as of the date
hereof under the Act. The Seller proposes to file with the
Commission pursuant to Rule 424(b) of the rules and
regulations of the Commission under the Act (the
“Rules and Regulations”) a prospectus supplement
dated April 10, 2008 (together with information referred to
under the caption “Static Pool Data” therein regardless
of whether it is deemed a part of the Registration Statement or
Prospectus, the “Prospectus Supplement”) to the
prospectus dated April 9, 2008 (the “Basic
Prospectus”), relating to the Offered Notes and the method of
distribution thereof. Such registration statement, including
exhibits thereto, and such prospectus, as amended or supplemented
to the date hereof, and as further supplemented by the Prospectus
Supplement, are hereinafter referred to as the “Registration
Statement” and the “Prospectus,”
respectively. The conditions to the use of a registration
statement on Form S-3 under the Act have been satisfied.
The Seller has filed the Preliminary Prospectus and it has done so
within the applicable period of time required under the Act and the
Rules and Regulations.
(b)
The Registration Statement, at the time it became effective, any
post-effective amendment thereto, at the time it became effective,
and the Prospectus, as of the date of the Prospectus Supplement,
complied and on the Closing Date will comply in all material
respects with the applicable requirements of the Act and the
Rules and Regulations and the Trust Indenture Act of 1939, as
amended (the “Trust Indenture Act”), and the
rules and regulations of the Commission thereunder. The
Registration Statement, as of the applicable effective date as to
each part of the Registration Statement and any amendment thereto
pursuant to Rule 430B(f)(2) under the Act, did not include any
untrue statement of a material fact and did not omit to state any
material fact required to be stated therein or necessary to make
the statements therein not misleading. The Preliminary
Prospectus, as of its date and as of the Time of Sale and as of the
Closing Date, did not and will not contain an untrue statement of a
material fact and did not omit to state a material fact necessary
in order to make the statements therein, in the light of the
circumstances under which they were made, not misleading. The
Prospectus, as of the date of the Prospectus Supplement and as of
the Closing Date, does not and will not contain any untrue
statement of a material fact and did not and will not omit to state
any material fact necessary in order to make the statements
therein, in the light of the circumstances under which they were
made, not misleading. The representations and warranties in
the three preceding sentences do not apply to information contained
in or omitted from the Registration Statement, the Preliminary
Prospectus or the Prospectus (or any supplement thereto) in
reliance upon and in conformity with information furnished in
writing to the Seller by any Underwriter through either
Representative specifically for use in connection with preparation
of the Registration Statement, the Preliminary Prospectus or the
Prospectus (or any supplement thereto), it being agreed that the
only such information consists of the statements in the second and
sixth paragraphs (concerning initial offering prices, concessions
and reallowances) and in the fourth and eighth paragraphs
(concerning overallotment, stabilizing transactions and syndicate
covering transactions) under the heading “Underwriting”
in the Preliminary Prospectus Supplement and the Prospectus
Supplement (such information, the “Underwriter
Information”). The Indenture has been qualified under
the Trust Indenture Act. As of the Closing Date, the
Seller’s representations and
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warranties in
the Sale and Servicing Agreement and the Trust Agreement will be
true and correct in all material respects.
(c)
The Time of Sale Information, at the Time of Sale, did not, and at
the Closing Date will not, contain any untrue statement of a
material fact or omit to state a material fact necessary in order
to make the statements therein, in the light of the circumstances
under which they were made, not misleading; provided that the
Seller makes no representation and warranty with respect to any
statements or omissions made in reliance upon and in conformity
with the Underwriter Information. As of the Time of Sale, the
Seller was not and as of the Closing Date is not, an
“ineligible issuer,” as defined in Rule 405 under
the Act.
(d)
The documents incorporated by reference in the Registration
Statement, the Preliminary Prospectus and the Prospectus, when they
became effective under the Act or were filed with the Commission
under the Securities Exchange Act of 1934, as amended (the
“Exchange Act”), as the case may be, conformed in all
material respects to the requirements of the Act or the Exchange
Act, as applicable, and the rules and regulations of the
Commission thereunder; and any further documents so filed and
incorporated by reference in the Registration Statement or the
Prospectus, when such documents are filed with the Commission, will
conform in all material respects to the requirements of the Act or
the Exchange Act, as applicable, and the rules and regulations
of the Commission thereunder.
(e)
Each of CNHCA and the Seller has been duly organized and is 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 conduct its business as described in the Preliminary
Prospectus and the Prospectus and to enter into and perform its
obligations under this Agreement and the Purchase Agreement and, in
the case of the Seller, the Sale and Servicing Agreement and the
Backup Servicing Agreement, and has obtained all necessary licenses
and approvals in each jurisdiction in which failure to qualify or
to obtain such license or approval would render any Receivable
unenforceable by the Seller, the Trust or the Indenture
Trustee.
(f)
New Holland has been duly organized and is 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 conduct its business as such properties are currently owned and
such business is currently conducted and to enter into and perform
its obligations under the Sale and Servicing Agreement, the Backup
Servicing Agreement and the Administration Agreement and has
obtained all necessary licenses and approvals in each jurisdiction
in which failure to qualify or to obtain such license or approval
would render any Receivable unenforceable by the Seller, the Trust
or the Indenture Trustee.
(g)
The Liquidity Receivables Purchase Agreement was and on the Closing
Date, upon delivery thereof, the Purchase Agreement, the Trust
Agreement, the Sale and Servicing Agreement and the Backup
Servicing Agreement will have been duly authorized, executed and
delivered by the Seller, and will be legal, valid and binding
obligations of the Seller enforceable against the Seller in
accordance with their terms, subject to the effect of any
applicable bankruptcy, insolvency, reorganization, moratorium or
similar law affecting creditors’ rights generally and to the
effect of general principles of equity, including concepts of
materiality,
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reasonableness, good faith and fair dealing
(regardless of whether considered in a proceeding in equity or at
law).
(h)
The Liquidity Receivables Purchase Agreement was and on the Closing
Date, upon delivery thereof, the Purchase Agreement will have been
duly authorized, executed and delivered by CNHCA and will be legal,
valid and binding obligations of CNHCA enforceable against CNHCA in
accordance with their terms, subject to the effect of any
applicable bankruptcy, insolvency, reorganization, moratorium or
similar law affecting creditors’ rights generally and to the
effect of general principles of equity, including concepts of
materiality, reasonableness, good faith and fair dealing
(regardless of whether considered in a proceeding in equity or at
law).
(i)
On the Closing Date, upon delivery thereof, the Sale and Servicing
Agreement, the Backup Servicing Agreement and the Administration
Agreement will have been duly authorized, executed and delivered by
New Holland and will be legal, valid and binding obligations of New
Holland enforceable against New Holland in accordance with their
terms, subject to the effect of any applicable bankruptcy,
insolvency, reorganization, moratorium or similar law affecting
creditors’ rights generally and to the effect of general
principles of equity, including concepts of materiality,
reasonableness, good faith and fair dealing (regardless of whether
considered in a proceeding in equity or at law).
(j)
This Agreement has been duly authorized, executed and delivered by
each of the Seller and CNHCA.
(k)
The execution, delivery and performance of this Agreement, the
Liquidity Receivables Purchase Agreement, the Purchase Agreement,
the Trust Agreement, the Administration Agreement, the Sale and
Servicing Agreement, the Indenture and the Backup Servicing
Agreement and the other documents and certificates delivered in
connection therewith (such agreements, documents and certificates,
excluding this Agreement, being, collectively, the “Basic
Documents”), as applicable, by CNHCA and the Seller, and the
consummation of the transactions contemplated thereby, will not
conflict with, or result in a breach, violation or acceleration of,
or constitute a default under, the certificate of formation,
limited liability company agreement or by-laws of CNHCA, New
Holland or the Seller or any material agreement or instrument to
which CNHCA, New Holland or the Seller is a party or by which
CNHCA, New Holland or the Seller is bound or to which any of the
properties of CNHCA, New Holland or the Seller is subject.
(l)
The execution, delivery and performance of this Agreement and the
Basic Documents, as applicable, by CNHCA, New Holland and the
Seller, and the consummation of the transactions contemplated
thereby, will not (or, with respect to the execution, delivery and
performance of the Liquidity Receivables Purchase Agreement, did
not) violate any statute, rule or regulation or any order of
any governmental agency or body or any court having jurisdiction
over CNHCA, New Holland or the Seller or any of their
properties.
(m)
There are no actions, proceedings or investigations pending or
threatened before any court, administrative agency, or other
tribunal (1) asserting the invalidity of the Trust or any of
the Basic Documents, (2) seeking to prevent the consummation
of any of the transactions
5
contemplated by any of
the Basic Documents or the execution and delivery thereof, or
(3) that could reasonably be expected to materially and
adversely affect the performance by CNHCA, New Holland or the
Seller, as applicable, of its obligations under, or the validity or
enforceability of, this Agreement or the Basic
Documents.
(n)
On the Closing Date, upon delivery thereof, the CNHCA Assignment
dated as of the Closing Date from CNHCA to the Seller and on the
date thereof, the assignments of Receivables from CNHCA to the
Seller pursuant to the Liquidity Receivables Purchase Agreement
were (and, with respect to the CNHCA Assignment, will be) duly
authorized, executed and delivered by CNHCA.
(o)
When the Offered Notes have been duly executed and delivered by the
Trustee, authenticated by the Indenture Trustee in accordance with
the Indenture and delivered and paid for pursuant to this
Agreement, the Offered Notes will be duly issued and entitled to
the benefits and security afforded by the Indenture, subject to the
effect of any applicable bankruptcy, insolvency, reorganization,
moratorium or similar law affecting creditors’ rights
generally and to the effect of general principles of equity,
including concepts of materiality, reasonableness, good faith and
fair dealing (regardless of whether considered in a proceeding in
equity or at law).
(p)
No consent, approval, authorization or order of, or filing with,
any governmental agency or body or any court is required for the
consummation of the transactions contemplated by this Agreement or
the Basic Documents, except such as are required and have been or
will be obtained and made on or prior to the Closing Date under the
Act and such as may be required under state securities laws.
(q)
Since December 31, 2007 there has not been any material
adverse change in the business, results of operations, condition
(financial or otherwise), prospects, or material properties or
assets of the Seller, CNHCA, New Holland or CNH America LLC.
(r)
The computer tape of the Receivables created as of March 31,
2008 (the “Computer Tape”) and made available to the
Representatives by the Servicer, was complete and accurate in all
material respects as of the date thereof and includes a description
of the Receivables that are described in the Assignment.
(s)
Any taxes, fees and other governmental charges that have been
assessed and are known to the Seller, CNHCA or New Holland to be
due in connection with the execution, delivery and issuance of the
Basic Documents shall have been paid by the Seller, CNHCA or New
Holland at or prior to the Closing Date (as defined in
Section 3 hereof).
(t)
None of the Seller, CNHCA or New Holland is in violation of its
certificate of formation, limited liability company agreement or
by-laws or is in default in the performance or observance of any
obligation, agreement, covenant or condition contained in any
agreement or instrument to which it is a party or by which it or
its properties are bound which would have a material adverse effect
on the transactions contemplated herein or on the Seller’s,
CNHCA’s or New Holland’s respective ability to perform
its obligations under the Basic Documents.
3.
Purchase, Sale, and Delivery of the Offered Notes . On the
basis of the representations, warranties and agreements herein
contained, but subject to the terms and conditions herein set
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forth, the
Seller agrees to cause the Trust to sell to each Underwriter, and
each Underwriter agrees, severally and not jointly, to purchase
from the Trust, the respective Classes of Offered Notes in the
respective principal amounts and at the respective purchase prices
set forth opposite the name of such Underwriter in Schedule I
hereto. Delivery of and payment for the Offered Notes shall be made
at the office of Greenberg Traurig, LLP, 77 West Wacker Drive,
Chicago, Illinois, 60601 (or such other place as the Seller and the
Representatives shall agree), on April 18, 2008 (the
“Closing Date”). Delivery of the Offered Notes shall be
made against payment of the purchase price in immediately available
funds drawn to the order of the Seller. The Offered Notes to be so
delivered will be initially represented by one or more Offered
Notes registered in the name of Cede & Co., the nominee of
The Depository Trust Company (“DTC”). The interests of
beneficial owners of the Offered Notes will be represented by book
entries on the records of DTC and participating members thereof.
Definitive Offered Notes will be available only under limited
circumstances.
4.
Offering by Underwriters . It is understood that the
Underwriters propose to offer the Offered Notes for sale to the
public (which may include selected dealers), as set forth in the
Prospectus.
5.
Representations and Warranties of the Underwriters .
(a)
Each Underwriter, severally and not jointly, represents and
warrants to, and agrees with, the Seller, in relation to each
member state of the European Economic Area which has implemented
the Prospectus Directive (each, a “Relevant Member
State”), that with effect from and including the date on
which the Prospectus Directive is implemented in that Relevant
Member State (the “Relevant Implementation Date”) it
has not made and will not make an offer of Offered Notes to the
public in that Relevant Member State other than:
(i)
to legal entities which are authorized or regulated to operate in
the financial markets or, if not so authorized or regulated, whose
corporate purpose is solely to invest in securities;
(ii)
to any legal entity which has two or more of (A) an average of
at least 250 employees during the last financial year; (B) a
total balance sheet of more than €43,000,000 and (C) an
annual net turnover of more than €50,000,000, as shown in its
last annual or consolidated accounts;
(iii)
to fewer than 100 natural or legal persons (other than
“qualified investors” as defined in the Prospective
Directive); or
(iv)
in any other circumstances of the Prospectus Directive falling
within Article 3(2) of the Prospectus Directive,
provided that, no such offer of the Offered
Notes shall require the Seller, the Trust or any Underwriter to
publish a prospectus pursuant to Article 3 of the Prospectus
Directive.
For the purposes of
this Section 5(a), the expression an “offer of Offered
Notes to the public” in relation to any Offered Notes in any
Relevant Member State means the communication to any person in any
form and by any means of sufficient information on the terms of the
offer and the
7
Offered Notes to be
offered so as to enable an investor to decide to purchase or
subscribe for the Offered Notes, as the same may be varied in that
Member State by any measure implementing the Prospectus Directive
in that Member State, and the expression “Prospectus
Directive” means Directive 2003/71/EC and includes any
relevant implementing measure in each Relevant Member State.
“ European Economic Area” means Austria,
Belgium, Bulgaria, Cyprus, Czech Republic, Denmark, Estonia,
Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia,
Lithuania, Luxembourg, Malta, Netherlands, Poland, Portugal,
Romania, Slovak Republic, Slovenia, Spain, Sweden, United Kingdom,
Iceland, Liechtenstein and Norway.
(b)
Each Underwriter, severally and not jointly, represents and
warrants to, and agrees with, the Seller that:
(i)
it has complied and will comply with all applicable provisions of
the Financial Services and Markets Act 2000 (“FSMA”) of
Great Britain with respect to anything done by it in relation to
the Offered Notes in, from or otherwise involving or being capable
of having effect in the United Kingdom.
(ii)
it has only communicated or caused to be communicated and it will
only communicate or cause to be communicated any invitation or
inducement to engage in investment activity (within the meaning of
Section 21 of FSMA) received by it in connection with the
issue or sale of any of the Offered Notes in circumstances in which
Section 21(1) of FSMA does not apply to the Seller or the
Trust.
6.
Covenants of the Seller . The Seller covenants and agrees
with each of the Underwriters that:
(a)
Prior to the termination of the offering of the Offered Notes, the
Seller will not file any amendment to the Registration Statement or
any amendment, supplement or revision to either the Preliminary
Prospectus or to the Prospectus, unless the Seller has furnished
you a copy for your review prior to such proposed filing or use, as
the case may be, and will not file or use any such document to
which you shall reasonably object. Subject to the foregoing
sentence, the Seller will effect the filings required under
Rule 424(b) under the Act in the manner and within the time
period required by Rule 424(b) (without reliance on Rule
424(b)(8)), and will take such steps as it deems necessary to
ascertain promptly whether the Preliminary Prospectus and the
Prospectus transmitted for filing under Rule 424(b) were
each received for filing by the Commission and, in the event that
either was not, it will promptly file the Preliminary Prospectus or
the Prospectus, as applicable, and in each case will provide
evidence satisfactory to you of such timely filing. In
accordance with Section 9, the Seller will file any Trust Free
Writing Prospectus (as hereinafter defined) to the extent required
by Rule 433 under the Act.
(b)
During the period when a prospectus is required by the Act or the
Exchange Act to be delivered in connection with sales of the
Offered Notes (the “Prospectus Delivery Period”), the
Seller will notify you immediately, and confirm the notice in
writing, of (i) the effectiveness of any post-effective
amendment to the Registration Statement or the filing of any
supplement or amendment to the Prospectus, (ii) the receipt of
any comments from the Commission, (iii) any request by the
Commission for any amendment to the Registration Statement or any
amendment or supplement to the Prospectus or any document
incorporated by reference therein or otherwise
8
deemed to be a
part thereof or for additional information, (iv) the issuance
by the Commission of any stop order suspending the effectiveness of
the Registration Statement or of any order preventing or suspending
the use of any Prospectus, or of the suspension of the
qualification of the Offered Notes for offering or sale in any
jurisdiction, or of the initiation or threatening of any
proceedings for any of such purposes and (v) the happening of
any event which, in the judgment of the Seller, makes the
Registration Statement or the Prospectus contain an untrue
statement of a material fact or omit to state a material fact
required to be stated therein or necessary in order to make the
statements therein not misleading. The Seller will make every
reasonable effort to prevent the issuance of any stop order and, if
any stop order is issued, to obtain as soon as possible the lifting
thereof.
(c)
Upon request, the Seller will deliver to the Underwriters and
counsel for the Underwriters, without charge, photocopies of the
signed Registration Statement at the time it originally became
effective (the “Original Registration Statement”) and
of each amendment thereto (including exhibits filed therewith)
prior to the Closing Date. The copies of the Original
Registration Statement and each amendment thereto furnished to the
Underwriters will be identical to the electronically transmitted
copies thereof filed with the Commission pursuant to its Electronic
Data Gathering, Analysis and Retrieval system
(“EDGAR”), except to the extent permitted by
Regulation S-T under the Act.
(d)
Prior to the availability of the Prospectus, the Seller will
deliver to the Underwriters, without charge, as many copies of the
Preliminary Prospectus as the Underwriters may reasonably request,
and the Seller hereby consents to the use of such copies for
purposes permitted by the Act. The Seller will furnish to the
Underwriters, without charge, during the Prospectus Delivery
Period, such number of copies of the Prospectus as the Underwriters
may reasonably request. The Prospectus and any amendments or
supplements thereto furnished to the Underwriters will be identical
to any electronically transmitted copies thereof filed with the
Commission pursuant to EDGAR, except to the extent permitted by
Regulation S-T under the Act.
(e)
The Seller will comply with the Act and the Rules and
Regulations, the Exchange Act and the rules and regulations
thereunder and the Trust Indenture Act and the rules and
regulations thereunder so as to permit the completion of the
distribution of the Offered Notes as contemplated in this
Agreement, the Basic Documents, the Registration Statement and the
Prospectus. If during the Prospectus Delivery Period any
event shall occur or condition shall exist as a result of which it
is necessary to amend the Registration Statement or amend or
supplement the Prospectus in order that the Prospectus will not
include an untrue statement of a material fact or omit to state a
material fact necessary in order to make the statements therein, in
the light of the circumstances under which they were made, not
misleading, or if it shall be necessary during the Prospectus
Delivery Period to amend the Registration Statement or amend or
supplement the Prospectus in order to comply with the requirements
of the Act or the Rules and Regulations, the Seller will
promptly notify you and will promptly prepare and file with the
Commission, subject to the review and approval provisions afforded
to you described in Section 6(a), such amendment or supplement
as may be necessary to correct such statement or omission or to
make the Registration Statement, the Preliminary Prospectus or the
Prospectus comply with such requirements. The Seller will use
its best efforts to have such amendment or new registration
statement declared effective as soon as practicable, and the Seller
will furnish to
9
the
Underwriters, without charge, such number of copies of such
amendment or supplement as the Underwriters may reasonably
request. Any such filing shall not operate as a waiver or
limitation of any right of any Underwriter hereunder.
(f)
As soon as practicable, but not later than fourteen months after
the original effective date of the Registration Statement, the
Seller will cause the Trust to make generally available to the
Class A Noteholders an earnings statement of the Trust
covering a period of at least twelve months beginning after the
deemed effective date of the Registration Statement pursuant to
Rule 158(c) under the Act that will satisfy the
provisions of Section 11(a) of the Act and Rule 158;
provided that this covenant may be satisfied by posting the monthly
investor reports for the Trust on a publicly available
website.
(g)
The Seller will arrange for the qualification of the Offered Notes
for sale under the laws of such jurisdictions in the United States
as you may reasonably designate and will continue such
qualifications in effect so long as required for the
distribution.
(h)
For a period from the date of this Agreement until the retirement
of the Offered Notes, or until such time as the Underwriters shall
cease to maintain a secondary market in the Offered Notes,
whichever occurs first, the Seller will deliver to you, upon your
request, the annual statements of compliance, annual assessments of
compliance with servicing criteria and accountants’
attestations in respect of such assessments, on or after the date
such statements and reports are furnished to the Indenture
Trustee.
(i)
So long as any of the Offered Notes is outstanding, the Seller will
furnish to you (i) as soon as practicable after the end of
each fiscal year, and upon your request, all documents required to
be distributed to the Class A Noteholders or filed with the
Commission pursuant to the Exchange Act or any order of the
Commission thereunder and (ii) from time to time, any other
information concerning the Seller filed with any government or
regulatory authority which is otherwise publicly available, as you
may reasonably request.
(j)
On or before the Closing Date, the Seller shall cause the computer
records of the Seller, CNHCA and New Holland relating to the
Receivables to be marked to show the Trust’s absolute
ownership of the Receivables, and from and after the Closing Date
none of the Seller, CNHCA or New Holland shall take any action
inconsistent with the Trust’s ownership of such Receivables,
other than as permitted by the Sale and Servicing Agreement.
(k)
To the extent, if any, that the ratings provided with respect to
the Offered Notes by the rating agency or agencies that initially
rate the Offered Notes are conditional upon the furnishing of
documents or the taking of any other actions by the Seller, the
Seller shall furnish such documents and take any such other
actions.
(l)
For the period beginning on the date of this Agreement and ending
seven days after the Closing Date, unless waived by the
Underwriters, none of the Seller, CNHCA or any trust originated,
directly or indirectly, by the Seller or CNHCA will offer to sell
or sell notes (other than the Notes and commercial paper notes
offered pursuant to CNHCA’s existing asset-backed commercial
paper program) collateralized by, or certificates (other than the
Certificates) evidencing an ownership interest in, receivables
generated pursuant to retail agricultural or construction equipment
installment sale contracts.
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(m)
On or prior to each Subsequent Transfer Date, the Seller shall
deliver to the Representatives (i) a duly executed Subsequent
Transfer Assignment including a schedule of the Subsequent
Receivables to be transferred to the Trust on such Subsequent
Transfer Date, (ii) a copy of the letter from a firm of
independent nationally recognized certified public accountants to
be delivered to the Trustee and the Indenture Trustee pursuant to
Section 2.2(b)(xv) of the Sale and Servicing Agreement, and
(iii) a copy of the Officer’s Certificate delivered to
the Indenture Trustee and the Trustee pursuant to
Section 2.2(b)(xvi) of the Sale and Servicing Agreement.
(n)
The Seller will enter into, and will cause the Trust to enter into,
each Basic Document to which this Agreement and each Basic Document
contemplates the Seller and/or the Trust will be a party on or
prior to the Closing Date.
7.
Payment of Expenses . The Seller will pay all expenses
incident to the performance of its obligations under this
Agreement, including (i) the printing and filing of the
Registration Statement as originally filed and of each amendment
thereto, (ii) the fees and disbursements of the Indenture
Trustee and its counsel, (iii) the preparation, issuance and
delivery of the Offered Notes to the Underwriters, (iv) the
fees and disbursements of CNHCA’s and the Seller’s
counsel and accountants, (v) the qualification of the Offered
Notes under securities laws in accordance with the provisions of
Section 6(g), including filing fees and the fees and
disbursements of counsel for you in connection therewith and in
connection with the preparation of any blue sky or legal investment
survey, (vi) the printing and delivery to the Underwriters of
copies of the Registration Statement as originally filed and of
each amendment thereto, (vii) the printing and delivery to the
Underwriters of copies of any blue sky or legal investment survey
prepared in connection with the Offered Notes and of the
Preliminary Prospectus and the Prospectus and of each amendment
thereto, (viii) any fees charged by rating agencies for the
rating of the Offered Notes, (ix) the fees and expenses, if
any, incurred with respect to any filing with the National
Association of Securities Dealers, Inc., and (x) the
costs and expenses (including any damages or other amounts payable
in connection with legal and contractual liability) associated with
reforming any Contracts for Sale of the Offered Notes made by the
Underwriters caused by a breach of any representation in
Section 2(b) or Section 2(c).
8.
Conditions of the Obligations of the Underwriters . The
obligations of the Underwriters to purchase and pay for the Offered
Notes will be subject to the accuracy of the representations and
warranties on the part of CNHCA and the Seller herein, to the
accuracy of the statements of officers of CNHCA and the Seller made
pursuant to the provisions hereof, to the performance by CNHCA and
the Seller of their respective obligations hereunder and to the
following additional conditions precedent:
(a)
If the Registration Statement has not become effective prior to the
date hereof, unless the Underwriters agree in writing to a later
time, the Registration Statement shall have become effective not
later than (i) 6:00 p.m. New York City time on the date
of determination of the public offering price, if such
determination occurred at or prior to 3:00 p.m. New York City
time on such date or (ii) 12:00 noon on the business day
following the day on which the public offering price was
determined, if such determination occurred after 3:00 p.m. New
York City time on such date.
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(b)
Each of the Preliminary Prospectus, the Prospectus and any
supplements thereto shall have been filed with the Commission in
the manner and within the applicable time period required under
Rule 424(b) under the Act (without reference to
Rule 424(b)(8)) in accordance with the Rules and
Regulations and Section 6(a) hereof; and, prior to the
Closing Date, no stop order suspending the effectiveness of the
Registration Statement shall have been issued and no proceedings
for that purpose shall have been instituted or, to the knowledge of
the Seller or you, shall be contemplated by the Commission or by
any authority administering any state securities or blue sky law;
and any requests for additional information from the Commission
with respect to the Registration Statement shall have been complied
with to your satisfaction.
(c)
On or prior to the Closing Date, you shall have received a letter
or letters, dated as of the date of the Closing Date, of
Deloitte & Touche LLP and Ernst & Young
independent public accountants, substantially in the form of the
drafts to which you have previously agreed and otherwise in form
and substance satisfactory to you and your counsel concerning the
Time of Sale Information and the Prospectus.
(d)
Subsequent to the execution and delivery of this Agreement, there
shall not have occurred (i) any change, or any development
involving a prospective change, in or affecting particularly the
business or properties of the Trust, the Seller, New Holland,
CNHCA, CNH America LLC or CNH Global N.V. which, in the judgment of
the Underwriters, materially impairs the investment quality of the
Offered Notes or makes it impractical or inadvisable to market the
Offered Notes; (ii) any suspension or limitation of trading in
securities generally on the New York Stock Exchange, or any setting
of minimum prices for trading on such exchange; (iii) any
suspension of trading of any securities of CNH America LLC or CNH
Global N.V. on any exchange or in the over-the-counter market
which, in the judgment of the Underwriters, makes it impractical or
inadvisable to market the Offered Notes; (iv) any banking
moratorium declared by Federal or New York authorities;
(v) any outbreak or escalation of major hostilities in which
the United States is involved, any declaration of war by Congress,
or any other substantial national or international calamity or
emergency or any material change in the financial markets if, in
the judgment of the Underwriters, the effect of any such outbreak,
escalation, declaration, calamity, emergency or change makes it
impractical or inadvisable to proceed with completion of the sale
of and payment for the Offered Notes; or (vi) a material
disruption has occurred in securities settlement or clearance
services in the United States.
(e)
You shall have received an opinion or opinions (or, in the case of
the penultimate paragraph of this clause (e), a negative assurance
letter) of counsel to CNHCA and the Seller, addressed to you, as
Representatives of the several Underwriters, the Trustee and the
Indenture Trustee, dated the Closing Date and satisfactory in form
and substance to you and your counsel, to the effect that:
(i)
Each of CNHCA and the Seller is an existing limited liability
company in good standing under the laws of the State of Delaw
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