DATE: May 22, 2008 TO: CNH EQUIPMENT TRUST 2008-B (Party B) C/O the Bank of New York (Delaware) White Clay Center, Route 273 DE 19711 Newark, Delaware Attention: Corporate Trust Administrator Telephone: Facsimile: FROM: BANK OF AMERICA, N.A. (Party A) ...

by Cnh Capital Receivables Llc
May 23rd, 2008

Exhibit 4.8

 

EXECUTION COPY

 

 

DATE:

 

May 22, 2008

 

 

 

TO:

 

CNH EQUIPMENT TRUST 2008-B (“Party B”)

 

 

c/o The Bank of New York (Delaware)

 

 

White Clay Center, Route 273

 

 

DE 19711

 

 

Newark, Delaware

 

 

Attention:

 

Corporate Trust Administrator

 

 

Telephone:

 

(302) 636-6194

 

 

Facsimile:

 

(302) 636-4140

 

 

 

FROM:

 

BANK OF AMERICA, N.A. (“Party A”)

 

 

Sears Tower

 

 

233 South Wacker Drive, Suite 2800

 

 

Chicago, IL 60606

 

 

Attention:

 

Swap Operations

 

 

Telephone:

 

312-234-2732

 

 

Facsimile:

 

866-255-1444

 

 

 

 

 

SUBJECT:

 

Balance Guaranteed Swap (Class A-2b)

 

 

 

REFERENCE NUMBER:

 

Swap No.:  50904602

 

 

Swaption No.:  50904613

 

The purpose of this letter (this “Confirmation”) is to confirm the terms and conditions of the Transaction entered into between us on the Trade Date specified below (the “Transaction”).  This Confirmation constitutes a “Confirmation” as referred to in the ISDA Master Agreement specified below.

 

1                                          The definitions and provisions contained in the 2006 ISDA Definitions (the “ISDA Definitions”), as published by the International Swaps and Derivatives Association, Inc. are incorporated into this Confirmation.  In the event of any inconsistency between the definitions in the ISDA Definitions and this Confirmation, this Confirmation will govern.  References herein to a “Transaction” shall be deemed to be references to a “Swap Transaction” for purposes of the ISDA Definitions.

 

Capitalized terms not defined herein shall have the meaning assigned to them in the Trust Agreement, dated as of May 1, 2008, between CNH Capital Receivables LLC and Wilmington Trust Company, as Trustee, the Sale and Servicing Agreement, dated as of May 1, 2008, among CNH Equipment Trust 2008-B (the “Trust”), CNH Capital Receivables LLC, as Seller, and New Holland Credit Company, LLC, as Servicer, and the Indenture, dated as of May 1, 2008, between CNH Equipment Trust 2008-B and The Bank of New York Trust Company, N.A., as Indenture Trustee (together with the Trust Agreement and Sale and Servicing Agreement, the “Base Agreements”).  In the event of any inconsistency between the definitions in the ISDA Definitions and the Base Agreements, the Base Agreements will govern.

 

This Confirmation supplements, forms a part of, and is subject to, the 1992 ISDA Master Agreement dated as of May 14, 2008 (including the Schedule thereto) as amended and supplemented from time to time (the “Agreement”) between you and us.  All provisions contained in the Agreement govern this Confirmation except as expressly modified herein.

 



 

2.                                       The terms of the particular Transaction to which this Confirmation relates are as follows:

 

Type of Transaction:

 

Interest Rate Swap

 

 

 

Notional Amount:

 

USD 104,000,000.00 initially. With respect to each subsequent Calculation Period, the Notional Amount shall be equal to the outstanding principal balance of the Class A-2b Notes as of the first day of such Calculation Period.

 

 

 

Trade Date:

 

May 14, 2008

 

 

 

Effective Date:

 

May 22, 2008

 

 

 

Termination Date:

 

The earlier of (i) April 15, 2011, subject to adjustment in accordance with the Business Day Convention; provided, however, that for the purpose of determining the final Fixed Rate Payer Period End Date, Termination Date shall be subject to No Adjustment, and (ii) the date on which the outstanding principal balance of the Class A-2b Notes is reduced to zero.

 

 

 

Fixed Amounts:

 

 

 

 

 

Fixed Rate Payer:

 

CNH EQUIPMENT TRUST 2008-B

 

 

 

Fixed Rate Payer

 

 

Period End Dates:

 

The 15th calendar day of each month during the Term of this Transaction, commencing June 15, 2008, and ending on the Termination Date, with No Adjustment.

 

 

 

Fixed Rate Payer

 

 

Payment Dates:

 

The 15th calendar day of each month during the Term of this Transaction, commencing June 15th, 2008, and ending on the Termination Date, subject to adjustment in accordance with the Business Day Convention.

 

 

 

Fixed Rate:

 

3.11 %

 

 

 

Fixed Amount:

 

To be determined in accordance with the following formula:

 

 

 

 

 

Fixed Rate*Notional Amount*Fixed Rate Day Count Fraction

 

 

 

Fixed Rate Day

 

 

Count Fraction:

 

30/360

 

 

 

Floating Amounts:

 

 

 

 

 

Floating Rate Payer:

 

Bank of America, N.A.

 

 

 

Floating Rate Payer

 

 

Period End Dates:

 

The 15th calendar day of each month during the Term of this Transaction, commencing June 15, 2008, and ending on the Termination Date, subject to adjustment in accordance with the Business Day Convention.

 

 

 

Floating Rate Payer

 

 

Payment Dates:

 

The 15th calendar day of each month during the Term of this Transaction, commencing June 15, 2008, and ending on the Termination Date, subject to adjustment in accordance with the Business Day Convention.

 

2



 

Floating Rate Option:

 

USD-LIBOR-BBA

 

 

 

Floating Amount:

 

To be determined in accordance with the following formula:

 

 

 

 

 

Floating Rate Option*Notional Amount*Floating Rate Day Count Fraction

 

 

 

Designated Maturity:

 

One month

 

 

 

Floating Rate Day

 

 

Count Fraction:

 

Actual/360

 

 

 

Reset Dates:

 

The first day of each Calculation Period

 

 

 

Compounding:

 

Inapplicable

 

 

 

Business Days:

 

New York

 

 

 

Business Day Convention:

 

Following

 

 

 

Calculation Agent:

 

Bank of America, N.A.

 

 

 

Account Details and Settlement Information:

 

 

 

Payments to Party A:

 

Bank of America, N.A., New York

 

 

Account: Rate Derivatives Settlements

 

 

Account#: 6550-219386

 

 

CHIPS#: 0959

 

 

Fed Wire/ABA#: 026 009 593

 

 

SWIFT Address: BOFAUS3N

 

 

 

3.

Payments to Party B:

 

The Bank of New York-New York, NY

 

 

ABA #021000018

 

 

G/L/A: #211705

 

 

Account: TAS#629300

 

 

Account: CNHET 2008-B

 

 

Attn: Keith Richardson 312-827-8572

 

3



 

4.     Calculation of Market Quotation or Loss in connection with the early termination of all or a portion of this Transaction:

 

The relevant party calculating the Market Quotation or Loss, as appropriate, in connection with the early termination of all or a portion of this Transaction shall take into account the anticipated amortization of the Note Balance of the Class A-2b Notes for all Calculation Periods that would otherwise have ended on Payment Dates that would otherwise have fallen after such early termination.

 

[Remainder of this page intentionally left blank.]

 

4



 

IN WITNESS WHEREOF the parties have caused this Confirmation to be duly executed and delivered as of the day and year first written above.

 

BANK OF AMERICA, N.A.

 

CNH Equipment Trust 2008-B

 

 

By: Wilmington Trust Company, not in its

 

 

individual capacity but solely as trustee

 

 

 

By:

/s/ Victor R. Waingort

 

By:

/s/ Erik E. Overcash

 

 

 

 

 

Name:

Victor R. Waingort

 

Name:

Erik E. Overcash

 

Title:

Vice President

 

Title:

Assistant Vice President

 

Date:

 

 

Date:

 

 

 

REFERENCE NUMBER:

 

Swap No.: 50904602

 

 

Swaption No.: 50904613

 

5



 

Annex A

 

Paragraph 13 of the Credit Support Annex