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CASE EQUIPMENT RECEIVABLES TRUST 1998-C
PURCHASE AGREEMENT
between
CASE CREDIT CORPORATION,
as Originator,
and
CASE RECEIVABLES II INC.,
as Purchaser.
Dated as of November 1, 1998
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TABLE OF CONTENTS
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Page
ARTICLE I
Certain Definitions
SECTION 1.1. Definitions...........................................2
SECTION 1.2. Other Definitional Provisions.........................2
ARTICLE II
Conveyance of Receivables
SECTION 2.1. Conveyance of Purchased Contracts.....................3
SECTION 2.2. Conveyance of Subsequent Receivables..................3
SECTION 2.3. Intention of the Parties..............................4
SECTION 2.4. The Closing...........................................5
SECTION 2.5. Payment of the Purchase Price.........................5
ARTICLE III
Representations and Warranties
SECTION 3.1. Representations and Warranties of the Purchaser.......5
SECTION 3.2. Representations and Warranties of the Originator......7
ARTICLE IV
Conditions
SECTION 4.1. Conditions to Obligation of the Purchaser............14
SECTION 4.2. Conditions to Obligation of the Originator...........17
ARTICLE V
Covenants of the Originator
SECTION 5.1. Protection of Right, Title and Interest. ............17
SECTION 5.2. Other Liens or Interests.............................18
SECTION 5.3. Chief Executive Office...............................18
SECTION 5.4. Costs and Expenses...................................18
SECTION 5.5. Indemnification......................................18
SECTION 5.6. Transfer of Subsequent Receivables...................18
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TABLE OF CONTENTS
(continued)
Page
ARTICLE VI
Miscellaneous Provisions
SECTION 6.1. Obligations of Originator............................19
SECTION 6.2. Repurchase Events....................................19
SECTION 6.3. Purchaser Assignment of Repurchased Receivables......19
SECTION 6.4. Trust................................................19
SECTION 6.5. Amendment............................................19
SECTION 6.6. Accountants' Letters.................................20
SECTION 6.7. Waivers..............................................20
SECTION 6.8. Notices..............................................21
SECTION 6.9. Costs and Expenses...................................21
SECTION 6.10. Representations of the Originator and the
Purchaser..........................................21
SECTION 6.11. Confidential Information............................21
SECTION 6.12. Headings and Cross-References.......................21
SECTION 6.13. Governing Law.......................................21
SECTION 6.14. Counterparts........................................22
SECTION 6.15. Severability........................................22
SCHEDULES AND EXHIBITS
SCHEDULE A Location of Receivables Files
EXHIBIT A Form of First-Tier Assignment
EXHIBIT B Form of First-Tier Subsequent Transfer Assignment
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PURCHASE AGREEMENT (as amended or supplemented from time to time,
this "Agreement"), dated as of November 1, 1998, between CASE CREDIT
CORPORATION, a Delaware corporation (the "Originator"), and CASE
RECEIVABLES II INC., a Delaware corporation (the "Purchaser").
RECITALS
WHEREAS, in the regular course of its business, the Originator
purchases from equipment dealers and brokers, and directly originates,
Contracts; and
WHEREAS, in the regular course of its business, the Originator
purchases from Case Corporation certain Contracts originated by Case
Corporation in the ordinary course of business; and
WHEREAS, the Originator and the Purchaser wish to set forth the
terms pursuant to which: (1) Contracts having an aggregate Contract Value
of approximately $306,738,898.50 (the "Purchased Contracts") as of October
31, 1998 (the "Initial Cutoff Date") and the Originator's right, title and
interest in all related True Lease Equipment are to be sold by the
Originator to the Purchaser on the date hereof and (2) certain Subsequent
Receivables and the Originator's right, title and interest in all related
True Lease Equipment are to be sold by the Originator to the Purchaser from
time to time on each Subsequent Transfer Date; and
WHEREAS, as of the Initial Cutoff Date, the Purchaser owned
Contracts previously purchased from the Originator pursuant to a
Receivables Purchase Agreement dated as of August 1, 1994 (as amended from
time to time, the "Liquidity Receivables Purchase Agreement"), between the
Originator and the Purchaser, having an aggregate Contract Value of
approximately $141,890,372.81 (the "Owned Contracts", and together with the
Purchased Contracts, the "Initial Receivables"); and
WHEREAS, the Receivables and related True Lease Equipment will be
transferred by the Purchaser, pursuant to the Sale and Servicing Agreement,
to Case Equipment Receivables Trust 1998-C (the "Trust"), which Trust will
issue 6.20% Asset Backed Certificates representing fractional undivided
interests in, and 5.42% Class A-1 Asset Backed Notes, 5.49% Class A-2 Asset
Backed Notes, 5.52% Class A-3 Asset Backed Notes, 5.61% Class A-4 Asset
Backed Notes and 6.20% Class B Asset Backed Notes collateralized by, the
Receivables and the other property of the Trust; and
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WHEREAS, the Originator and the Purchaser wish to set forth herein
certain representations, warranties, covenants and indemnities of the
Originator with respect to the Receivables for the benefit of the
Purchaser, the Trust, the Noteholders and the Certificateholders.
NOW, THEREFORE, in consideration of the foregoing, other good and
valuable consideration and the mutual terms and covenants contained herein
the parties hereto agree as follows:
ARTICLE I
Certain 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 Case Equipment Receivables Trust 1998-C and
▇▇▇▇▇▇ Trust and Savings Bank.
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,".
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(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.
ARTICLE II
Conveyance of Receivables
SECTION 2.1. Conveyance of Purchased Contracts. In consideration
of the Purchaser's payment of $306,738,898.50 (the "Initial Purchase
Price") in the manner set out in Section 2.5(a), the Originator does hereby
sell, transfer, assign, set over and otherwise convey to the Purchaser,
without recourse (subject to the obligations herein), all of its right,
title, interest and, with respect to Contracts that are Leases, obligations
in, to and under:
(i) the Purchased Contracts, including all documents
constituting chattel paper included therewith, and all obligations
of the Obligors thereunder, including all moneys paid thereunder
on or after the Initial Cutoff Date;
(ii) the security interests in the Financed Equipment
granted by Obligors pursuant to the Purchased Contracts and any
other interest of the Originator in such Financed Equipment;
(iii) any proceeds with respect to the Purchased
Contracts from claims on insurance policies covering Financed
Equipment or Obligors;
(iv) any proceeds from recourse to Dealers with respect
to the Purchased Contracts other than any interest in the Dealers'
reserve accounts maintained with the Originator;
(v) any Financed Equipment that shall have secured the
Purchased Contracts and that shall have been acquired by or on
behalf of the Purchaser;
(vi) any True Lease Equipment that is subject to any
Purchased Contract; and
(vii) the proceeds of any and all of the foregoing (other
than Recoveries).
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SECTION 2.2. Conveyance of Subsequent Receivables. Subject to the
conditions set forth in Section 4.1(b), in consideration of the Purchaser's
delivery on the related Subsequent Transfer Date to or upon the order of
the Originator of the related Subsequent Purchase Price pursuant to Section
2.5, the Originator does hereby sell, transfer, assign, set over and
otherwise convey to the Purchaser, without recourse (subject to the
obligations herein), all of its right, title, interest and, with respect to
Contracts that are Leases, obligations in, to and under:
(i) the Subsequent Receivables listed on Schedule A to
the related First-Tier Subsequent Transfer Assignment, including
all documents constituting chattel paper included therewith, and
all obligations of the Obligors thereunder, including all moneys
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 Originator in such Financed Equipment;
(iii) any proceeds with respect to such Subsequent
Receivables from claims on insurance policies covering Financed
Equipment or Obligors;
(iv) any proceeds with respect to such Subsequent
Receivables from recourse to Dealers other than any interest in
the Dealers' reserve accounts maintained with the Originator;
(v) any Financed Equipment that shall have secured any
such Subsequent Receivable and that shall have been acquired by or
on behalf of the Purchaser;
(vi) any True Lease Equipment that is subject to any
Purchased Contract; and
(vii) the proceeds of any and all of the foregoing (other
than Recoveries).
SECTION 2.3. Intention of the Parties. The parties to this
Agreement intend that the transactions contemplated hereby shall be, and
shall be treated as, a purchase by the Purchaser and a sale by the
Originator of the Purchased Contracts and the Subsequent Receivables and
all related True Lease Equipment and not as a lending transaction. The
foregoing sale, assignment, transfer and conveyance does not constitute,
and is not intended to result in a creation or assumption by the Purchaser
of, any obligation or liability with respect to any Purchased Contract or
any Subsequent Receivables, nor shall the Purchaser be
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obligated to perform or otherwise be responsible for any obligation of the
Originator or any other Person in connection with the Purchased Contracts
or the Subsequent Receivables or under any agreement or instrument relating
thereto, including any contract or any other obligation to any Obligor,
except that the Purchaser accepts the Contracts that are Leases subject to
(and assumes) the covenants benefitting the Obligors under such Leases.
SECTION 2.4. The Closing. The sale and purchase of the Purchased
Contracts shall take place at a closing at the offices of ▇▇▇▇▇, ▇▇▇▇▇ &
▇▇▇▇▇, ▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇ ▇▇▇▇▇ on the Closing
Date, simultaneously with the closings under: (a) the Sale and Servicing
Agreement, (b) the Trust Agreement, (c) the Administration Agreement and
(d) the Indenture.
SECTION 2.5. Payment of the Purchase Price.
(a) Initial Receivables. The Initial Purchase Price is payable as
follows: (i) $284,294,439.20 in cash on the Closing Date and (ii)
$22,444,459.30 in cash, as provided in the subordinated note dated November
18, 1998, payable by the Purchaser to the Originator.
(b) Subsequent Receivables. As consideration for the conveyance of
Subsequent Receivables pursuant to Section 2.2, the Purchaser shall pay or
cause to be paid to the Originator on each Subsequent Transfer Date an
amount (a "Subsequent Purchase Price") equal to the aggregate Contract
Value of the Subsequent Receivables as of the related Subsequent Cutoff
Date, plus any premium or minus any discount agreed upon by the Originator
and the Purchaser. Any Subsequent Purchase Price shall be payable as
follows: (i) cash in the amount released to the Purchaser from the
Pre-Funding Account pursuant to Section 5.7(a) of the Sale and Servicing
Agreement shall be paid to the Originator on the related Subsequent
Transfer Date; and (ii) the balance shall be paid in cash as and when
amounts are released to, or otherwise realized by, the Purchaser from the
Spread Account and the Negative Carry Account in accordance with the Sale
and Servicing Agreement, or otherwise are available for such purpose.
ARTICLE III
Representations and Warranties
SECTION 3.1. Representations and Warranties of the Purchaser. The
Purchaser hereby represents and warrants to the Originator as of the date
hereof and as of the Closing Date:
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(a) Organization and Good Standing. The Purchaser has
been duly organized and is validly existing as a corporation 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, and had at all relevant times, and has,
the power and authority to acquire, own and sell the Receivables.
(b) Due Qualification. The Purchaser is duly qualified to
do business as a foreign corporation 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) Power and Authority. The Purchaser 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 Purchaser by all
necessary corporate action.
(d) Binding Obligation. This Agreement constitutes a
legal, valid and binding obligation of the Purchaser enforceable
against the Purchaser in accordance with its 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 incorporation
or by-laws of the Purchaser, or any indenture, agreement or other
instrument to which the Purchaser 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 the Sale and Servicing
Agreement and the Indenture); or violate any law or, to the best
of the Purchaser's knowledge, any order, rule or regulation
applicable to the Purchaser of any court or of any Federal or
State regulatory body, administrative agency or other governmental
instrumentality having jurisdiction over the Purchaser or its
properties.
(f) No Proceedings. There are no proceedings or
investigations pending or, to the Purchaser's best knowledge,
threatened, before any court, regulatory body, administrative
agency or other governmental instrumentality having jurisdiction
over the Purchaser 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
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or (iii) seeking any determination or ruling that could reasonably
be expected to materially and adversely affect the performance by
the Purchaser of its obligations under, or the validity or
enforceability of, this Agreement.
SECTION 3.2. Representations and Warranties of the Originator. (a) The
Originator hereby represents and warrants to the Purchaser as of the date hereof
and as of the Closing Date:
(i) Organization and Good Standing. The Originator has
been duly organized and is validly existing as a corporation 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, and had at all relevant times, and has,
the power and authority to acquire, own and sell the Receivables.
(ii) Due Qualification. The Originator is duly qualified
to do business as a foreign corporation 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.
(iii) Power and Authority. The Originator has the power
and authority to execute and deliver this Agreement and to carry
out its terms; the Originator has full power and authority to sell
and assign the property to be sold and assigned to the Purchaser
hereby and has duly authorized such sale and assignment to the
Purchaser by all necessary corporate action; and the execution,
delivery and performance of this Agreement have been, and the
execution, delivery and performance of each First-Tier Subsequent
Transfer Assignment have been or will be on or before the related
Subsequent Transfer Date, duly authorized by the Originator by all
necessary corporate action.
(iv) Binding Obligation. This Agreement constitutes, and
each First-Tier Subsequent Transfer Assignment when executed and
delivered by the Originator will constitute, a legal, valid and
binding obligation of the Originator enforceable against the
Originator in accordance with their terms.
(v) 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,
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the certificate of incorporation or by-laws of the Originator, or
any indenture, agreement or other instrument to which the
Originator 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 this Agreement); or violate any law or, to
the best of the Originator's knowledge, any order, rule or
regulation applicable to the Originator of any court or of any
Federal or State regulatory body, administrative agency or other
governmental instrumentality having jurisdiction over the
Originator or its properties.
(vi) No Proceedings. There are no proceedings or
investigations pending, or to the Originator's best knowledge,
threatened, before any court, regulatory body, administrative
agency or other governmental instrumentality having jurisdiction
over the Originator or its properties: (A) asserting the
invalidity of this Agreement, (B) seeking to prevent the
consummation of any of the transactions contemplated by this
Agreement, or (C) seeking any determination or ruling that could
reasonably be expected to materially and adversely affect the
performance by the Originator of its obligations under, or the
validity or enforceability of, this Agreement.
(b) The Originator makes the following representations and
warranties as to the Receivables on which the Purchaser relies in accepting
the Purchased Contracts and the Subsequent Receivables and in transferring
the Receivables to the Trust. Such representations and warranties speak as
of the execution and delivery of this Agreement and as of the Closing Date,
in the case of the Purchased Contracts, 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 Purchaser and
the subsequent assignment and transfer of such Receivables to the Trust
pursuant to the Sale and Servicing Agreement and pursuant to the Indenture:
(i) Characteristics of Receivables. Each Receivable: (A)
(1) was originated in the United States of America by a Dealer in
connection with the retail sale or lease of Financed Equipment in
the ordinary course of such Dealer's business, was purchased by
the Originator from a Dealer and was validly assigned by such
Dealer to the Originator in accordance with its terms, or (2) was
originated in the United States of America by Credit in connection
with the financing or lease of Financed Equipment in the ordinary
course of Credit's business and, in either case, was fully and
properly executed by the parties thereto, (B) has created a valid,
subsisting and enforceable first priority security interest in
favor of the Originator in the Financed Equipment, which is
assignable by the
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Originator to the Purchaser, by the Purchaser to the Issuer and by
the Issuer to the Indenture Trustee, except that (x) no security
interest against the Obligor is created in True Lease Equipment,
and (y) the Originator makes no representation or warranty as to
any such security interest granted by any Dealer to secure the
Dealer's obligations to make payments in respect of Termination
Values, (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) (i) in the case of Retail Installment Contracts,
provides for fixed payments on a periodic basis that fully
amortize the Amount Financed by maturity and yield interest at the
Annual Percentage Rate, and (ii) in the case of Leases, provides
for fixed payments on a periodic basis that fully amortize the
Amount Financed by maturity and yield interest at the Annual
Percentage Rate, except that Leases also for provide payments of
the related Termination Values.
(ii) Schedule of Receivables. The information set forth
on Schedule A to the First-Tier Assignment delivered on the
Closing Date is true and correct in all material respects as of
the opening of business on the Initial Cutoff Date and the
information set forth on Schedule A to the related First-Tier
Subsequent Transfer Assignment will be true and correct on each
Subsequent Transfer Date and no selection procedures believed by
the Originator to be adverse to the interests of the Trust, the
Noteholders or the Certificateholders were or will be utilized in
selecting the Receivables. The computer tape regarding the
Receivables made available to the Purchaser and its assigns is
true and correct in all respects.
(iii) Compliance with Law. Each Receivable and the sale
or lease of the related Financed Equipment complied in all
material respects at the time it was originated or made and at the
execution of this Agreement and each First-Tier Subsequent
Transfer Assignment complies in all material respects with all
requirements of applicable Federal, State and local laws and
regulations thereunder, including usury law, the Federal Truth-in-
Lending Act, the Equal Credit Opportunity Act, the Fair Credit
Reporting Act, the Fair Debt Collection Practices Act, the Federal
Trade Commission Act, the ▇▇▇▇▇▇▇▇-▇▇▇▇ Warranty Act, the Federal
Reserve Board's Regulations B and S, the Wisconsin Consumer Act
and State adaptations of the National Consumer Act and of the
Uniform Consumer Credit Code, and other consumer credit laws and
equal credit opportunity and disclosure laws.
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(iv) Binding Obligation. Each Receivable represents the
genuine, legal, valid and binding payment obligation in writing of
the Obligor, enforceable by the holder thereof in accordance with
its terms.
(v) No Government Obligor. None of the Receivables is due
from the United States of America or any State or from any agency,
department or instrumentality of the United States of America or
any State.
(vi) Security Interest in Financed Equipment. Immediately
prior to the sale, assignment and transfer thereof, each
Receivable shall be secured by a validly perfected first priority
security interest in the Financed Equipment in favor of the
Originator as secured party or all necessary and appropriate
actions have been commenced that would result in the valid
perfection of a first priority security interest in the Financed
Equipment in favor of the Originator as secured party, except that
the Originator makes no representation or warranty as to (A) no
security interest against the Obligor is created in True Lease
Equipment and (B) any security interest granted by any Dealer to
secure the Dealer's obligations to make payments in respect of
Termination Values.
(vii) Receivables in Force. No Receivable has been
satisfied, subordinated or rescinded, nor has any Financed
Equipment been released from the Lien granted by the related
Receivable in whole or in part.
(viii) No Amendment or Waiver. No provision of a
Receivable has been waived, altered or modified in any respect,
except pursuant to a document, instrument or writing included in
the Receivable Files and no such amendment, waiver, alteration or
modification causes such Receivable not to conform to the other
warranties contained in this Section.
(ix) No Defenses. No right of rescission, setoff,
counterclaim or defense has been asserted or threatened or exists
with respect to any Receivable.
(x) No Liens. To the best of the Originator's knowledge,
no Liens or claims, including claims for work, labor or materials,
relating to any of the Financed Equipment have been filed that are
Liens prior to, or equal or coordinate with, the security interest
in the Financed Equipment granted by any Receivable.
(xi) No Default. No Receivable is a non-performing
Receivable or has a payment that is more than 90 days overdue as
of the Initial Cutoff Date or Subsequent Cutoff Date, as
applicable, and, except for a payment
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default continuing for a period of not more than 90 days, no
default, breach, violation or event permitting acceleration under
the terms of any Receivable has occurred and is continuing; and no
continuing condition that with notice or the lapse of time would
constitute such a default, breach, violation or event permitting
acceleration under the terms of any Receivable has arisen; and the
Originator has not waived and shall not waive any of the
foregoing.
(xii) Title. It is the intention of the Originator that
the transfers and assignments contemplated herein and in the
Liquidity Receivables Purchase Agreement constitute a sale of the
Receivables from the Originator to the Purchaser and that the
beneficial interest in and title to the Receivables and any
related True Lease Equipment not be part of the debtor's estate in
the event of the filing of a bankruptcy petition by or against the
Originator under any bankruptcy or similar law. No Receivable has
been sold, transferred, assigned or pledged by the Originator to
any Person other than the Purchaser. Immediately prior to the
transfers and assignments contemplated herein and in the Liquidity
Receivables Purchase Agreement, the Originator had good title to
each Receivable and any related True Lease Equipment, free and
clear of all Liens and, immediately upon the transfer thereof, the
Purchaser shall have good title to each Receivable and any related
True Lease Equipment, free and clear of all Liens; and the
transfer and assignment of the Receivables to the Purchaser has
been perfected under the UCC.
(xiii) Lawful Assignment. No Receivable has been
originated in, or is subject to the laws of, any jurisdiction
under which the sale, transfer and assignment of such Receivable
or any Receivable under this Agreement, the Liquidity Receivables
Purchase Agreement, the Sale and Servicing Agreement or the
Indenture is unlawful, void or voidable.
(xiv) All Filings Made. All filings (including UCC
filings) necessary in any jurisdiction to give the Purchaser a
first priority perfected ownership interest in the Receivables
have been made.
(xv) One Original. There is only one original executed
copy of each Receivable.
(xvi) Maturity of Receivables. Each Receivable has a
remaining term to maturity of not more than 72 months, in the case
of the Initial Receivables, and 72 months, in the case of the
Subsequent Receivables; the weighted average remaining term of the
Initial Receivables is approximately 43.97 months as of the
Initial Cutoff Date; the weighted average original term of the
Receivables, including as of each Subsequent
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Transfer Date all Subsequent Receivables previously transferred to
the Purchaser, will not be greater than 55.0 months.
(xvii) Scheduled Payments and APR. No Receivable has a
final scheduled payment date later than six months preceding the
Final Scheduled Maturity Date; each Receivable provides for
payments that fully amortize the Amount Financed over the original
term of the Receivable, except that Leases also provide for
payments of the related Termination Values, and is a Precomputed
Receivable; each Receivable has an APR of at least 3.0%; and as of
each Subsequent Cutoff Date, the weighted average of the Initial
Cutoff Date APR and each Subsequent Cutoff Date APR (weighted on
the basis of the respective aggregate Contract Values of the
Receivables for which each such APR is used to calculate the
Contract Value) will not be less than the weighted average
interest rate on the Outstanding Notes plus 1.00% per annum.
(xviii) Location of Receivable Files. The Receivable
Files are kept at one or more of the locations listed in Schedule
A hereto.
(xix) Insurance. The Obligor on each Receivable is
required to maintain physical damage insurance covering the
Financed Equipment and, in the case of any Lease, public liability
insurance relating to the use of such Financed Equipment, in each
case in accordance with the Originator's normal requirements.
(xx) Concentrations. (A) No Receivable has a Contract
Value (when combined with the Contract Value of any other
Receivable with the same or an Affiliated Obligor) that exceeds 1%
of the Initial Pool Balance.
(B) The sum of the Contract Values of all Either/Or
Leases originated by the five Dealers that have originated the
greatest amount (by Contract Value) of Either/Or Leases included
among the Receivables does not exceed 2% of (1) as of the Closing
Date, the sum of the Contract Values of all of the Initial
Receivables and (2) as of any Subsequent Transfer Date, the sum of
the Contract Values of the Initial Receivables plus all Subsequent
Receivables sold on or prior to that Subsequent Transfer Date.
(C) The sum of the Contract Values of all Either/Or
Leases originated by the three Dealers that have originated the
greatest amount (by Contract Value) of Either/Or Leases included
among the Receivables does not exceed 1% of (1) as of the Closing
Date, the sum of the Contract Values of all of the Initial
Receivables and (2) as of any Subsequent
12
Transfer Date, the sum of the Contract Values of the Initial
Receivables plus all Subsequent Receivables sold on or prior to
that Subsequent Transfer Date.
(D) The sum of the Termination Values guaranteed by the
Dealers other than the five Dealers that have originated the
greatest amount (by contract Value) of Either/Or Leases included
among the Receivables is not substantially less than 10% of (1) as
of the Closing Date, the sum of the Contract Values of all of the
Initial Receivables and (2) as of any Subsequent Transfer Date,
the sum of the Contract Values of the Initial Receivables plus all
Subsequent Receivables sold on or prior to that Subsequent
Transfer Date.
(E) The sum of the Termination Values guaranteed by the
Dealers other than the three Dealers that have originated the
greatest amount (by contract Value) of Either/Or Leases included
among the Receivables is not substantially less than 12% of (1) as
of the Closing Date, the sum of the Contract Values of all of the
Initial Receivables and (2) as of any Subsequent Transfer Date,
the sum of the Contract Values of the Initial Receivables plus all
Subsequent Receivables sold on or prior to that Subsequent
Transfer Date.
(F) The sum of the Contract Values of all Either/Or
Leases originated by Dealers other than the five Dealers that have
originated the greatest amount (by Contract Value) of Either/Or
Leases included among the Receivables does not exceed 13% of (1)
as of the Closing Date, the sum of the Contract Values of all of
the Initial Receivables and (2) as of any Subsequent Transfer
Date, the sum of the Contract Values of the Initial Receivables
plus all Subsequent Receivables sold on or prior to that
Subsequent Transfer Date.
(G) The sum of the Contract Values of all Either/Or
Leases originated by Dealers other than the three Dealers that
have originated the greatest amount (by Contract Value) of
Either/Or Leases included among the Receivables does not exceed
13.5% of (1) as of the Closing Date, the sum of the Contract
Values of all of the Initial Receivables and (2) as of any
Subsequent Transfer Date, the sum of the Contract Values of the
Initial Receivables plus all Subsequent Receivables sold on or
prior to that Subsequent Transfer Date.
(xxi) Financing. Approximately 47.77% of the aggregate
Contract Value of the Initial Receivables, constituting 43.18% of
the number of Initial Receivables as of the Initial Cutoff Date,
were secured by or constitute leases of equipment that was new at
the time the related Initial
13
Receivable was originated; the remainder of the Initial
Receivables represent financing or leases of used equipment;
approximately 65.69% of the aggregate Contract Value of the
Initial Receivables, constituting 72.79% of the number of Initial
Receivables as of the Initial Cutoff Date, represent financing or
leases of agricultural equipment; the remainder of the Initial
Receivables represent financing or leases of construction
equipment. The aggregate Contract Value of the Receivables for the
purposes of the above calculations as of the Initial Cutoff Date
is $447,928,675.06 (and is calculated using the individual APR
applicable to each Initial Receivable). Additionally, not more
than 51.5% of the aggregate Contract Value of the Receivables,
including, as of each Subsequent Transfer Date, all Subsequent
Receivables previously transferred to the Purchaser, will
represent Contracts for the financing or lease of construction
equipment.
(xxii) No Bankruptcies. No Obligor on any Receivable as
of the Initial Cutoff Date or the Subsequent Cutoff Date, as
applicable, was noted in the related Receivable File as being the
subject of a bankruptcy proceeding.
(xxiii) No Repossessions. None of the Financed Equipment
securing any Receivable is in repossession status.
(xxiv) Chattel Paper. Each Receivable constitutes
"chattel paper" as defined in the UCC of the State the law of
which governs the perfection of the interest granted in it.
(xxv) U.S. Obligors. None of the Receivables is
denominated and payable in any currency other than United States
Dollars or is due from any Person that does not have a mailing
address in the United States of America.
(xxvi) Payment Frequency. As of the Initial Cutoff Date
and as shown on the books of the Originator: (A) Initial
Receivables having an aggregate Contract Value equal to 52.15% of
the Initial Pool Balance had annual scheduled payments, (B)
Initial Receivables having an aggregate Contract Value equal to
5.30% of the Initial Pool Balance had semi-annual scheduled
payments, (C) Initial Receivables having an aggregate Contract
Value equal to 1.26% of the Initial Pool Balance had quarterly
scheduled payments, and (D) Initial Receivables having an
aggregate Contract Value equal to 41.29% of the Initial Pool
Balance had monthly scheduled payments.
14
(xxvii) First Payment. As of the Initial Cutoff Date,
Obligors had not yet made the first payment in respect of Initial
Receivables representing less than 54.8718% of the Initial Pool
Balance.
(xxviii) Interest Accruing. Each Receivable, other than
those Receivables consisting of Contracts that contain interest
waivers for a specified period of time, is, as of the Closing Date
or Subsequent Transfer Date, as applicable, accruing interest; no
Receivable contains an interest waiver extending more than 12
months after the Initial Cutoff Date.
(xxix) Leases. Each Lease included in the Initial
Receivables or the Subsequent Receivables that has a Termination
Value less than or equal to 10% of the purchase price of the
equipment subject to such Lease is a "lease intended as security"
(rather than a true lease) within the meaning of Section 1-201(37)
of the UCC.
(xxx) Originator's Representations. The representations and
warranties of the Originator contained in Section 3.2(a) are true and
correct.
(xxxi) Originator's Obligations. The Originator has no
obligations under any Contract, other than the covenant of quiet
enjoyment benefiting the Obligors under the Leases.
ARTICLE IV
Conditions
SECTION 4.1. Conditions to Obligation of the Purchaser.
(a) Initial Receivables. The obligation of the Purchaser to purchase
the Purchased Contracts is subject to the satisfaction of the following
conditions:
(i) Representations and Warranties True. The
representations and warranties of the Originator hereunder shall
be true and correct on the Closing Date and the Originator shall
have performed all obligations to be performed by it hereunder on
or prior to the Closing Date.
(ii) Computer Files Marked. The Originator shall, at its
own expense, on or prior to the Closing Date, indicate in its
computer files that Receivables created in connection with the
Purchased Contracts have been sold to the Purchaser pursuant to
this Agreement and deliver to the Purchaser the Schedule of
Receivables certified by the Chairman, the
15
President, a Vice President or the Treasurer of the Originator to
be true, correct and complete.
(iii) Documents To Be Delivered by the Originator on the
Closing Date.
(A) The First-Tier Assignment. On the Closing
Date (but only if the Contract Value of the Purchased
Contracts is greater than zero), the Originator will
execute and deliver the First-Tier Assignment, which
shall be substantially in the form of Exhibit A.
(B) Evidence of UCC Filing. On or prior to the
Closing Date (but only if the Contract Value of the
Purchased Contracts is greater than zero), the Originator
shall execute and file, at its own expense, a UCC
financing statement in each jurisdiction in which such
action is required by applicable law to fully perfect the
Purchaser's right, title and interest in the Purchased
Contracts and the other property sold hereunder, executed
by the Originator, as seller or debtor, and naming the
Purchaser, as purchaser or secured party, describing the
Purchased Contracts and the other property sold
hereunder, meeting the requirements of the laws of each
such jurisdiction and in such manner as is necessary to
perfect the sale, transfer, assignment and conveyance of
such Purchased Contracts and such other property to the
Purchaser. It is understood and agreed, however, that no
filings will be made to perfect any security interest of
the Purchaser in the Originator's interests in Financed
Equipment. The Originator shall deliver (or cause to be
delivered) a file-stamped copy, or other evidence
satisfactory to the Purchaser of such filing, to the
Purchaser on or prior to the Closing Date.
(C) Other Documents. The Originator will deliver
such other documents as the Purchaser may reasonably
request.
(iv) Other Transactions. The transactions contemplated by
the Sale and Servicing Agreement to be consummated on the Closing
Date shall be consummated on such date.
(b) Subsequent Receivables. The obligation of the Purchaser to
purchase any Subsequent Receivables is subject to the satisfaction of the
following conditions on or prior to the related Subsequent Transfer Date:
(i) the Originator shall have delivered to the Purchaser
a duly executed written assignment in substantially the form of
Exhibit B (the
16
"First-Tier Subsequent Transfer Assignment"), which shall include
supplements to the Schedule of Receivables listing the Subsequent
Receivables;
(ii) the Originator shall, to the extent required by
Section 5.2 of the Sale and Servicing Agreement, have delivered to
the Purchaser for deposit in the Collection Account all
collections in respect of the Subsequent Receivables;
(iii) as of such Subsequent Transfer Date: (A) the
Originator was not insolvent and will not become insolvent as a
result of the transfer of Subsequent Receivables on such
Subsequent Transfer Date, (B) the Originator did not intend to
incur or believe that it would incur debts that would be beyond
the Originator'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 Originator did not
constitute unreasonably small capital to carry out its business as
conducted;
(iv) the applicable Spread Account Initial Deposit and
Yield Supplement Account Initial Deposit for such Subsequent
Transfer Date shall have been made;
(v) the Funding Period shall not have terminated;
(vi) each of the representations and warranties made by
the Originator pursuant to Section 3.2(b) with respect to the
Subsequent Receivables shall be true and correct as of such
Subsequent Transfer Date, and the Originator shall have performed
all obligations to be performed by it hereunder on or prior to
such Subsequent Transfer Date;
(vii) the Originator 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
First-Tier Subsequent Transfer Assignment have been sold to the
Purchaser pursuant to this Agreement and the First-Tier Subsequent
Transfer Assignment;
(viii) the Originator shall have taken any action
required to give the Purchaser a first priority perfected
ownership interest in the Subsequent Receivables;
(ix) no selection procedures believed by the Originator
to be adverse to the interests of the Purchaser, the Trust, the
Noteholders or the Certificateholders shall have been utilized in
selecting the Subsequent Receivables;
17
(x) the addition of the Subsequent Receivables will not
result in a material adverse tax consequence to the Purchaser, the
Trust, the Noteholders or the Certificateholders;
(xi) the Originator shall have provided the Purchaser a
statement listing the aggregate Contract Value of such Subsequent
Receivables and any other information reasonably requested by the
Purchaser with respect to such Subsequent Receivables;
(xii) all the conditions to the transfer of the
Subsequent Receivables to the Issuer specified in the Sale and
Servicing Agreement shall have been satisfied; and
(xiii) the Originator shall have delivered to the
Purchaser an Officers' Certificate confirming the satisfaction of
each condition precedent specified in this clause (b)
(substantially in the form attached hereto as Annex A to the
First-Tier Subsequent Transfer Assignment).
SECTION 4.2. Conditions to Obligation of the Originator. The
obligation of the Originator to sell the Purchased Contracts and the
Subsequent Receivables to the Purchaser is subject to the satisfaction of
the following conditions:
(a) Representations and Warranties True. The
representations and warranties of the Purchaser hereunder shall be
true and correct on the Closing Date or the applicable Subsequent
Transfer Date with the same effect as if then made, and the
Originator shall have performed all obligations to be performed by
it hereunder on or prior to the Closing Date or such Subsequent
Transfer Date.
(b) Receivables Purchase Price. On the Closing Date or
the applicable Subsequent Transfer Date, the Purchaser shall have
delivered to the Originator the portion of the Initial Purchase
Price or the Subsequent Purchase Price, as the case may be,
payable on the Closing Date or such Subsequent Transfer Date
pursuant to Section 2.5.
ARTICLE V
Covenants of the Originator
The Originator agrees with the Purchaser as follows; provided,
however, that to the extent that any provision of this Article conflicts
with any provision of the Sale and Servicing Agreement, the Sale and
Servicing Agreement shall govern:
18
SECTION 5.1. Protection of Right, Title and Interest. (a) Filings.
The Originator shall cause all financing statements and continuation
statements and any other necessary documents covering the right, title and
interest of the Purchaser in and to the Receivables and the other property
included in the Trust Estate to be promptly filed, and at all times to be
kept recorded, registered and filed, all in such manner and in such places
as may be required by law fully to preserve and protect the right, title
and interest of the Purchaser hereunder to the Receivables and the other
property sold hereunder. It is understood and agreed, however, that no
filings will be made to perfect any security interest of the Purchaser in
the Originator's interests in Financed Equipment. The Originator shall
deliver (or cause to be delivered) to the Purchaser file-stamped copies of,
or filing receipts for, any document recorded, registered or filed as
provided above as soon as available following such recordation,
registration or filing. The Purchaser shall cooperate fully with the
Originator 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) Name Change. Within 15 days after the Originator makes any
change in its name, identity or corporate structure that would, could or
might make any financing statement or continuation statement filed in
accordance with paragraph (a) seriously misleading within the applicable
provisions of the UCC or any title statute, the Originator shall give the
Purchaser notice of any such change, and no later than five days after the
effective date thereof, shall file such financing statements or amendments
as may be necessary to continue the perfection of the Purchaser's interest
in the property included in the Trust Estate.
SECTION 5.2. Other Liens or Interests. Except for the conveyances
hereunder and pursuant to the Liquidity Receivables Purchase Agreement, the
Sale and Servicing Agreement, the Indenture and the other Basic Documents
(as defined in the Indenture), the Originator: (a) 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, and
(b) shall defend the right, title and interest of the Purchaser in, to and
under the Receivables against all claims of third parties claiming through
or under the Originator; provided, however, that the Originator's
obligations under this Section shall terminate upon the termination of the
Trust pursuant to the Trust Agreement.
SECTION 5.3. Chief Executive Office. During the term of the
Receivables, the Originator will maintain its chief executive office in one of
the States.
SECTION 5.4. Costs and Expenses. The Originator agrees to pay all
reasonable costs and disbursements in connection with the perfection, as against
19
all third parties, of the Purchaser's right, title and interest in, to and
under the Receivables.
SECTION 5.5. Indemnification. The Originator shall indemnify,
defend and hold harmless the Purchaser for any liability as a result of the
failure of a Receivable to be originated in compliance with all
requirements of law and for any breach of any of its representations and
warranties contained herein. These indemnity obligations shall be in
addition to any obligation that the Originator may otherwise have.
SECTION 5.6. Transfer of Subsequent Receivables. The Originator
covenants to transfer to the Purchaser, pursuant to Section 2.2, Subsequent
Receivables with an aggregate Contract Value equal to $201,370,728.69,
subject only to the availability of such Subsequent Receivables.
ARTICLE VI
Miscellaneous Provisions
SECTION 6.1. Obligations of Originator. The obligations of the
Originator under this Agreement shall not be affected by reason of any
invalidity, illegality or irregularity of any Receivable.
SECTION 6.2. Repurchase Events. The Originator hereby covenants
and agrees with the Purchaser for the benefit of the Purchaser, the
Indenture Trustee, the Noteholders, the Trustee and the Certificateholders
that the occurrence of a breach of any of the Originator's representations
and warranties contained in Section 3.2(b) shall constitute events
obligating the Originator to repurchase any Receivable materially and
adversely affected by any such breach ("Repurchase Events") at the Purchase
Amount from the Purchaser or from the Trust. Except as set forth in Section
5.5, the repurchase obligation of the Originator shall constitute the sole
remedy of the Purchaser, the Indenture Trustee, the Noteholders, the Trust,
the Trustee or the Certificateholders against the Originator with respect
to any Repurchase Event.
SECTION 6.3. Purchaser Assignment of Repurchased Receivables. With
respect to all Receivables repurchased by the Originator pursuant to this
Agreement, the Purchaser shall sell, transfer, assign, set over and
otherwise convey to the Originator, without recourse, representation or
warranty, all of the Purchaser's right, title and interest in, to and under
such Receivables, and all security and documents relating thereto.
20
SECTION 6.4. Trust. The Originator acknowledges and agrees that:
(a) the Purchaser will, pursuant to the Sale and Servicing Agreement, sell
the Receivables to the Trust and assign its rights under this Agreement to
the Trust, (b) the Trust will, pursuant to the Indenture, assign such
Receivables and such rights to the Indenture Trustee and (c) the
representations and warranties contained in this Agreement and the rights
of the Purchaser under this Agreement, including under Section 6.2, are
intended to benefit the Trust, the Certificateholders and the Noteholders.
The Originator hereby consents to all such sales and assignments.
SECTION 6.5. Amendment. This Agreement may be amended from time to
time, with prior written notice to the Rating Agencies, by a written
amendment duly executed and delivered by the Originator and the Purchaser,
without the consent of the Noteholders or the Certificateholders, to cure
any ambiguity, to correct or supplement any provisions in this Agreement or
for the purpose of adding any provisions to or changing in any manner or
eliminating any of the provisions of this Agreement or of modifying in any
manner the rights of the Noteholders or the Certificateholders; provided,
however, that such amendment will not in the Opinion of Counsel, materially
and adversely affect the interest of any Noteholder or Certificateholder.
This Agreement may also be amended from time to time by the
Originator and the Purchaser, with prior written notice to the Rating
Agencies, with the written consent of (x) Noteholders holding Notes
evidencing at least a majority of the Note Balance and (y) the Holders (as
defined in the Trust Agreement) of Certificates evidencing at least a
majority of the Certificate Balance, 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 may: (i) increase or reduce in any manner the amount of, or
accelerate or delay the timing of, collections of payments on Receivables
or distributions that are required to be made for the benefit of the
Noteholders or the Certificateholders or (ii) reduce the aforesaid
percentage of the Notes and Certificates that are required to consent to
any such amendment, without the consent of the holders of all the
outstanding Notes and Certificates.
It shall not be necessary for the consent of Certificateholders or
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.
SECTION 6.6. Accountants' Letters. (a) A firm of independent
certified public accountants will review the characteristics of the Receivables
described in the Schedule of Receivables and will compare those characteristics
to the
21
information with respect to the Receivables contained in the Prospectus,
(b) the Originator will cooperate with the Purchaser and such accounting
firm in making available all information and taking all steps reasonably
necessary to permit such accounting firm to complete the review set forth
in clause (a) and to deliver the letters required of them under the
Underwriting Agreement, (c) such accounting firm will deliver to the
Purchaser a letter, dated the date of the Prospectus, in the form
previously agreed to by the Originator and the Purchaser, with respect to
the financial and statistical information contained in the Prospectus and
with respect to such other information as may be agreed in the form of the
letter.
SECTION 6.7. Waivers. No failure or delay on the part of the
Purchaser in exercising any power, right or remedy under this Agreement or
any First-Tier Assignment shall operate as a waiver thereof, nor shall any
single or partial exercise of any such power, right or remedy preclude any
other or further exercise thereof or the exercise of any other power, right
or remedy.
SECTION 6.8. Notices. All demands, notices and communications
under this Agreement shall be in writing, personally delivered or mailed by
certified mail, return receipt requested, and shall be deemed to have been
duly given upon receipt: (a) in the case of the Originator, to Case Credit
Corporation, ▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇, Attention: Treasurer
(telephone (414) ▇▇▇- ▇▇▇▇); (b) in the case of the Purchaser, to Case
Receivables II Inc., ▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇, Attention:
Treasurer (telephone (414) ▇▇▇- ▇▇▇▇); (c) in the case of the Rating
Agencies, at their respective addresses set forth in Section 10.3 of the
Sale and Servicing Agreement; or, as to each of the foregoing, at such
other address as shall be designated by written notice to the other
parties.
SECTION 6.9. Costs and Expenses. The Originator will pay all
expenses incident to the performance of its obligations under this
Agreement and the Originator agrees to pay all reasonable out-of-pocket
costs and expenses of the Purchaser, excluding fees and expenses of
counsel, in connection with the perfection as against third parties of the
Purchaser's right, title and interest in, to and under the Receivables and
the enforcement of any obligation of the Originator hereunder.
SECTION 6.10. Representations of the Originator and the Purchaser.
The respective agreements, representations, warranties and other statements
by the Originator and the Purchaser set forth in or made pursuant to this
Agreement shall remain in full force and effect and will survive the
closing under Section 2.4.
SECTION 6.11. Confidential Information. The Purchaser agrees that it
will neither use nor disclose to any Person the names and addresses of the
22
Obligors, except in connection with the enforcement of the Purchaser's
rights hereunder, under the Receivables, under the Sale and Servicing
Agreement or the Indenture or any other Basic Document or as required by
any of the foregoing or by law.
SECTION 6.12. Headings and Cross-References. The various headings
in this Agreement are included for convenience only and shall not affect
the meaning or interpretation of any provision of this Agreement.
References in this Agreement to Section names or numbers are to such
Sections of this Agreement unless otherwise expressly indicated.
SECTION 6.13. Governing Law. This Agreement and the First-Tier
Assignment shall be construed in accordance with the laws of the State of
New York, without reference to its conflict of law provisions, and the
obligations, rights and remedies of the parties hereunder or thereunder
shall be determined in accordance with such laws.
SECTION 6.14. Counterparts. This Agreement may be executed in two
or more counterparts and by different parties on separate counterparts,
each of which shall be an original, but all of which together shall
constitute but one and the same instrument.
SECTION 6.15. 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.
23
IN WITNESS WHEREOF, the parties hereto have caused this Agreement
to be executed by their respective officers duly authorized as of the date
and year first above written.
CASE RECEIVABLES II INC.
By: /s/ ▇▇▇▇▇ ▇▇▇▇
-----------------------------
Name: ▇▇▇▇▇ ▇▇▇▇
Title: Treasurer
CASE CREDIT CORPORATION
By: /s/ ▇▇▇▇▇ ▇▇▇▇
------------------------------
Name: ▇▇▇▇▇ ▇▇▇▇
Title: Treasurer
24
SCHEDULE A
to Purchase Agreement
LOCATION OF RECEIVABLES FILES
-----------------------------
Documents relating to the Receivables are located at one of the
following Case Corporation locations:
1. ▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇
▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇
2. ▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇
▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇
3. ▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇
▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇
4. ▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇
▇▇▇▇▇ ▇▇▇
▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇
5. ▇▇▇▇ ▇. ▇▇▇▇ ▇▇▇▇▇▇
▇▇▇▇▇ ▇▇▇
▇▇▇▇▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇
6. ▇▇▇▇ ▇▇▇▇▇▇
▇▇▇▇▇ ▇▇▇
▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇▇▇
7. ▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇
▇▇▇▇▇▇▇▇, ▇▇▇▇ ▇▇▇▇▇-▇▇▇▇
8. ▇▇▇ ▇▇▇▇ ▇▇▇ ▇▇▇▇
▇▇▇▇▇▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇ ▇▇▇▇▇
25
EXHIBIT A
to Purchase Agreement
FORM OF
FIRST-TIER ASSIGNMENT
---------------------
For value received, in accordance with and subject to the Purchase
Agreement dated as of November 1, 1998 (the "Purchase Agreement"), between
the undersigned and Case Receivables II Inc. (the "Purchaser"), the
undersigned does hereby sell, assign, transfer, set over and otherwise
convey unto the Purchaser, without recourse, all of its right, title,
interest and, with respect to Contracts that are Leases, obligations in, to
and under: (a) the Purchased Contracts, including all documents
constituting chattel paper included therewith, and all obligations of the
Obligors thereunder, including all moneys paid thereunder on or after the
Initial Cutoff Date, (b) the security interests in the Financed Equipment
granted by Obligors pursuant to the Purchased Contracts and any other
interest of the undersigned in such Financed Equipment, (c) any proceeds
with respect to the Purchased Contracts from claims on insurance policies
covering Financed Equipment or Obligors, (d) any proceeds from recourse to
Dealers with respect to the Purchased Contracts other than any interest in
the Dealers' reserve accounts maintained with Case Credit Corporation, (e)
any Financed Equipment that shall have secured the Purchased Contracts and
that shall have been acquired by or on behalf of the Purchaser, (f) any
True Lease Equipment that is subject to any Purchased Contract, and (g) the
proceeds of any and all of the foregoing (other than Recoveries). The
foregoing sale does not constitute and is not intended to result in any
assumption by the Purchaser of any obligation (other than the covenant of
quiet enjoyment benefitting the Obligors under the Leases) of the
undersigned to the Obligors, insurers or any other person in connection
with the Purchased Contracts, Receivables Files, any insurance policies or
any agreement or instrument relating to any of them.
This First-Tier Assignment is made pursuant to and upon the
representations, warranties and agreements on the part of the undersigned
contained in the Purchase Agreement and is to be governed in all respects
by the Purchase Agreement.
Capitalized terms used herein and not otherwise defined shall have
the meanings assigned to them in the Purchase Agreement.
IN WITNESS WHEREOF, the undersigned has caused this First-Tier
Assignment to be duly executed as of November ____, 1998.
26
CASE CREDIT CORPORATION
By:_________________________
Name: ▇▇▇▇▇ ▇▇▇▇
Title: Treasurer
27
EXHIBIT B
to Purchase Agreement
FORM OF
FIRST-TIER SUBSEQUENT TRANSFER ASSIGNMENT
For value received, in accordance with and subject to the Purchase
Agreement dated as of November 1, 1998 (the "Purchase Agreement"), between
Case Credit Corporation, a Delaware corporation (the "Originator"), and
Case Receivables II Inc., a Delaware corporation (the "Purchaser"), the
Originator does hereby sell, transfer, assign, set over and otherwise
convey to the Purchaser, without recourse, all of its right, title,
interest and, with respect to Contracts that are Leases, obligations 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 moneys 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 Originator in such
Financed Equipment, (c) any proceeds with respect to such Subsequent
Receivables from claims on insurance policies covering Financed Equipment
or Obligors, (d) any proceeds from recourse to Dealers with respect to such
Subsequent Receivables other than any interest in the Dealers' reserve
accounts maintained with the Originator, (e) any Financed Equipment that
shall have secured any such Subsequent Receivables and that shall have been
acquired by or on behalf of the Purchaser, (f) any True Lease Equipment
that is subject to any Purchased Contract, and (g) the proceeds of any and
all of the foregoing (other than Recoveries). The foregoing sale does not
constitute and is not intended to result in any assumption by the Purchaser
of any obligation (other than the covenant of quiet enjoyment benefitting
the Obligors under the Leases) of the Originator 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 First-Tier Subsequent Transfer Assignment is made pursuant to
and upon the representations, warranties and agreements on the part of the
Originator contained in the Purchase Agreement (including the Officers'
Certificate of the Originator accompanying this Agreement) and is to be
governed in all respects by the Purchase Agreement.
Capitalized terms used but not otherwise defined herein shall have
the meanings assigned to them in the Purchase Agreement.
28
IN WITNESS WHEREOF, the undersigned has caused this First-Tier
Subsequent Transfer Assignment to be duly executed as of
_____________________, 199_.
CASE CREDIT CORPORATION
By: __________________________
Name:_____________________
Title:____________________
29
SCHEDULE A
to First-Tier Subsequent Transfer Assignment
SCHEDULE OF SUBSEQUENT RECEIVABLES
[See attached list]
30
ANNEX A
to First-Tier Subsequent Transfer Assignment
OFFICERS' CERTIFICATE
We, the undersigned officers of Case Credit Corporation (the
"Company"), do hereby certify, pursuant to Section 4.1(b)(xiii) of the
Purchase Agreement dated as of November 1, 1998, among the Company, and
Case Receivables II Inc. (the "Purchase Agreement"), that all of the
conditions precedent to the transfer to the Purchaser of the Subsequent
Receivables listed on Schedule A to the First-Tier Subsequent Transfer
Assignment delivered herewith, and the other property and rights related to
such Subsequent Receivables as described in Section 2.2 of the Purchase
Agreement, have been satisfied on or prior to the related Subsequent
Transfer Date.
Capitalized terms used but not defined herein shall have the
meanings assigned to such terms in the Purchase Agreement.
IN WITNESS WHEREOF, the undersigned have caused this certificate
to be duly executed this _____ day of _______, 199_.
By:____________________________
Name:______________________
Title:_____________________
By:____________________________
Name:______________________
Title:_____________________
31
