Common use of Characteristics of Receivables Clause in Contracts

Characteristics of Receivables. Each Receivable is a Retail Installment Contract and: (A) (1) (i) was originated in the United States of America by a Dealer in connection with the retail sale of Financed Equipment in the ordinary course of such Dealer’s business, and (ii) was purchased by CNHICA from a Dealer and validly assigned by such Dealer to CNHICA in accordance with its terms, except that some of the Receivables were purchased by NH Credit from Dealers (after being originated as provided above), securitized in a previous CNH Equipment Trust and purchased by CNHICA through the exercise of a clean-up call relating to that previous securitization or (2) was originated in the United States of America by CNHICA in connection with the financing or refinancing, as applicable, of Financed Equipment in the ordinary course of CNHICA’s business, and in the case of the foregoing clauses (1) and (2), was fully and properly executed by the parties thereto, (B) has created a valid, subsisting and enforceable first priority security interest in the Financed Equipment in favor of CNHICA except to the extent that such security interest has been assigned by CNHICA to CNHCR, by CNHCR to the Issuing Entity and by the Issuing Entity to the Indenture Trustee, (C) contains customary and enforceable provisions such that the rights and remedies of the holder thereof are adequate for realization against the collateral of the benefits of the security, and (D) provides for fixed payments on a periodic basis that fully amortize the Amount Financed by maturity and yield interest at the Annual Percentage Rate.

Characteristics of Receivables. Each Receivable is a Retail Installment Contract and: (A) (1) (i) was originated in the United States of America by a Dealer in connection with the retail sale of Financed Equipment in the ordinary course of such Dealer’s business, and (ii) was purchased by CNHICA from a Dealer and validly assigned by such Dealer to CNHICA in accordance with its terms, except that some of the Receivables were purchased by NH Credit from Dealers (after being originated as provided above), securitized in a previous CNH Equipment Trust and purchased by CNHICA through the exercise of a clean-up call relating to that previous securitization or (2) was originated in the United States of America by CNHICA in connection with the financing or refinancing, as applicable, of Financed Equipment in the ordinary course of CNHICA’s business, and in the case of the foregoing clauses (1) and (2), was fully and properly executed by the parties thereto, (B) has created a valid, subsisting and enforceable first priority security interest in the Financed Equipment in favor of CNHICA except to the extent that such security interest has been assigned by CNHICA to CNHCR, by CNHCR to the Issuing Entity and by the Issuing Entity to the Indenture Trustee, (C) contains customary and enforceable provisions such that the rights and remedies of the holder thereof are adequate for realization against the collateral of the benefits of the security, and (D) provides for fixed payments on a periodic basis that fully amortize the Amount Financed by maturity and yield interest at the Annual Percentage Rate.. Documents Contract Receivable File List of Approved Contract Forms

Characteristics of Receivables. Each Receivable is a Retail Installment Contract and: (A) (1) (i) was originated in the United States of America by a Dealer in connection with the retail sale of Financed Equipment in the ordinary course of such Dealer’s business, and (ii) was purchased by CNHICA CNHCA from a Dealer and validly assigned by such Dealer to CNHICA CNHCA in accordance with its terms, except that some of the Receivables were purchased by NH Credit from Dealers (after being originated as provided above), securitized in a previous CNH Equipment Trust and purchased by CNHICA CNHCA through the exercise of a clean-up call relating to that previous securitization or (2) was originated in the United States of America by CNHICA CNHCA in connection with the financing or refinancing, as applicable, of Financed Equipment in the ordinary course of CNHICACNHCA’s business, and in the case of the foregoing clauses (1) and (2), was fully and properly executed by the parties thereto, (B) has created a valid, subsisting and enforceable first priority security interest in the Financed Equipment in favor of CNHICA CNHCA except to the extent that such security interest has been assigned by CNHICA CNHCA to CNHCR, by CNHCR to the Issuing Entity and by the Issuing Entity to the Indenture Trustee, (C) contains customary and enforceable provisions such that the rights and remedies of the holder thereof are adequate for realization against the collateral of the benefits of the security, and (D) provides for fixed payments on a periodic basis that fully amortize the Amount Financed by maturity and yield interest at the Annual Percentage Rate.

Characteristics of Receivables. Each The Receivable is a Retail Installment Contract and: (A) (1) has been fully and properly executed by the parties thereto and (i) was has been originated in the United States of America by a Dealer in connection with the retail sale of Financed Equipment in the ordinary course of such Dealer’s business, 's business and (ii) was has been purchased by CNHICA from a Dealer and validly assigned by such Dealer to CNHICA in accordance with its terms, except that some of the Receivables were purchased by NH Credit from Dealers (after being originated as provided above), securitized in a previous CNH Equipment Trust and purchased by CNHICA through the exercise of a clean-up call relating to that previous securitization or (2) was originated in the United States of America by CNHICA in connection with the financing or refinancing, as applicable, of Financed Equipment AFG in the ordinary course of CNHICA’s business, AFG's business and in accordance with AFG's underwriting standards to finance the case retail sale by a Dealer of the foregoing clauses (1) and (2), was fully and properly executed related Financed Vehicle or has otherwise been acquired by the parties theretoAFG, (Bii) AFG has created underwriting standards that require physical damage insurance to be maintained on the related Financed Vehicle, (iii) is secured by a valid, subsisting subsisting, binding and enforceable first priority security interest in favor of AFG in the Financed Equipment in favor Vehicle (subject to administrative delays and clerical errors on the part of CNHICA except the applicable government agency and to any statutory or other lien arising by operation of law after the extent that Closing Date which is prior to such security interest), which security interest is assignable together with such Receivable, and has been so assigned to Seller, and subsequently assigned by CNHICA Seller to CNHCR, by CNHCR to the Issuing Entity and by the Issuing Entity to the Indenture TrusteeIssuer, (Civ) contains customary and enforceable provisions such that the rights and remedies of the holder thereof are adequate for realization against the collateral of the benefits of the security, and (Dv) provided, at origination, for level monthly payments (provided, that the amount of the last payment may be different), which fully amortize the Initial Principal Balance over the original term, (vi) provides for fixed payments on a periodic basis that fully amortize the Amount Financed by maturity and yield interest at the Annual Percentage RateContract Rate specified in the Schedule of Receivables, (vii) was originated in the United States and (viii) constitutes "chattel paper" as defined in the UCC.

Characteristics of Receivables. Each Receivable is a Retail Installment Contract and: (A) (1a) (i) was originated in the United States of America by a Dealer in connection with the retail sale of Financed Equipment in the ordinary course of such Dealer’s business, and (ii) was purchased by CNHICA from a Dealer and validly assigned by such Dealer to CNHICA in accordance with its terms, except that some of the Receivables were purchased by NH Credit from Dealers (after being originated as provided above), securitized in a previous CNH Equipment Trust and purchased by CNHICA through the exercise of a clean-up call relating to that previous securitization or (2) was originated in the United States of America by CNHICA in connection with the financing or refinancing, as applicable, of Financed Equipment in the ordinary course of CNHICA’s business, and in the case of a Dealer Receivable, has been originated in the foregoing clauses form of a credit sales transaction by a Dealer or a purchase money loan through a Dealer located in one of the States of the United States (1including the District of Columbia) and for the retail financing of a Financed Vehicle or (2)ii) in the case of a Direct Receivable, was has been originated by Chase or an affiliate thereof in the form of a secured loan for the retail financing of a Financed Vehicle, and, in each case, has been fully and properly executed by the parties thereto, (Bb) has created a valid, subsisting and enforceable first priority security interest (i) in the Financed Equipment in favor case of CNHICA except a Dealer Receivable, if a retail installment sales contract, has been purchased by the Seller from the originating Dealer or an affiliate of the Seller, has been validly assigned by such Dealer or an affiliate of the Seller to the extent that such security interest Seller in accordance with its terms or (ii) in the case of a Chase Direct Receivable, has been purchased by the Seller from Chase, and has been validly assigned by CNHICA to CNHCR, by CNHCR Chase to the Issuing Entity and by the Issuing Entity to the Indenture Trustee, Seller; (Cc) contains customary and enforceable provisions such that the rights and remedies of the holder thereof are adequate for realization against the collateral of the benefits of the security, ; and (Dd) provides for fixed fully amortizing level scheduled monthly payments on a periodic basis (provided that fully amortize the Amount Financed by maturity payment in the last month in the life of the Receivable may be different from the level scheduled payment) and yield for accrual of interest at a fixed rate according to the Annual Percentage Rate.simple interest method;

Characteristics of Receivables. Each Receivable is a Retail Installment Contract and: (A) (1) (i) was originated in the United States of America by a Dealer in connection with the retail sale of Financed Equipment in the ordinary course of such Dealer’s business, and (ii) was purchased by CNHICA CNHCA from a Dealer and validly assigned by such Dealer to CNHICA CNHCA in accordance with its terms, except that some of the Receivables were purchased by NH Credit from Dealers (after being originated as provided above), securitized in a previous CNH Equipment Trust and purchased by CNHICA CNHCA through the exercise of a clean-up call relating to that previous securitization securitization, or (2) was originated in the United States of America by CNHICA CNHCA in connection with the financing or refinancing, as applicable, of Financed Equipment in the ordinary course of CNHICACNHCA’s businessbusiness and, and in the case of the foregoing clauses (1) and (2)each case, was fully and properly executed by the parties thereto, (B) has created a valid, subsisting and enforceable first priority security interest in the Financed Equipment in favor of CNHICA CNHCA except to the extent that such security interest has been assigned by CNHICA CNHCA to CNHCR, by CNHCR to the Issuing Entity and by the Issuing Entity to the Indenture Trustee, (C) contains customary and enforceable provisions such that the rights and remedies of the holder thereof are adequate for realization against the collateral of the benefits of the security, and (D) provides for fixed payments on a periodic basis that fully amortize the Amount Financed by maturity and yield interest at the Annual Percentage Rate.