CNH Capital Canada Receivables Trust

Headnote

National Policy 11-203 Process For Exemptive Relief Applications in Multiple Jurisdictions - Issuer of limited recourse pass-through securities previously granted an exemption from the requirements to file interim financial statements, subject to certain conditions. Issuer granted an exemption from the requirements in Multilateral Instrument 52-109 (MI 52-109) to file interim certificates, subject to certain conditions, including the requirement to file an alternative form of interim certificate and in addition to complying with the annual certification requirement in MI 52-109, to also file an alternative form of annual certificate.

Ontario Rules

Multilateral Instrument 52-109 Certification of Disclosure in Issuers' Annual and Interim Filings.

July 25, 2008

IN THE MATTER OF

THE SECURITIES LEGISLATION OF

ONTARIO

(the Jurisdiction)

AND

IN THE MATTER OF

THE PROCESS FOR EXEMPTIVE RELIEF

APPLICATIONS IN MULTIPLE JURISDICTIONS

AND

IN THE MATTER OF

CNH CAPITAL CANADA RECEIVABLES TRUST

(the Filer)

DECISION

Background

The principal regulator in the Jurisdiction has received a further application from the Filer for a decision under the securities legislation of the Jurisdiction of the principal regulator (the Legislation) for an exemption from the provisions of Multilateral Instrument 52-109 Certification of Disclosure in Issuers' Annual and Interim Filings (MI 52-109) to file interim certificates (the Exemption Sought).

Under the Process for Exemptive Relief Applications in Multiple Jurisdictions (for a passport application):

(a) the Ontario Securities Commission is the principal regulator for this application, and

(b) the Filer has provided notice that section 4.7(1) of Multilateral Instrument 11-102 Passport System (MI 11-102) is intended to be relied upon in Alberta, British Columbia, Manitoba, New Brunswick, Newfoundland and Labrador, Nova Scotia, Prince Edward Island, Saskatchewan, Quebec, the Yukon, Northwest Territories and Nunavut.

Interpretation

Defined terms contained in National Instrument 14-101 Definitions, MI 11-102 and the Original Decision (as defined below) have the same meaning if used in this decision, unless otherwise defined.

Representations

This decision is based on the following facts represented by the Filer:

1. The Filer was established by The Canada Trust Company (Canada Trust), pursuant to a declaration of trust made as of September 11, 2000 (the Declaration of Trust), under the laws of the Province of Ontario.

2. The head office of the Filer is located in Toronto, Ontario.

3. The issuer trustee of the Filer is Canada Trust, whose registered and principal office is located in Toronto, Ontario. The head office of CNH Capital Canada Ltd. (CNH), the administrative agent of the Filer, is located in Burr Ridge, Illinois.

4. The Filer is a reporting issuer, or the equivalent, in each of the provinces of Canada that provides for a reporting issuer regime.

5. The Filer is a "venture issuer" as defined in National Instrument 51-102 Continuous Disclosure Obligations (NI 51-102).

6. The Filer is not in default of any of the requirements of securities legislation in any jurisdiction of Canada.

7. The Filer engages solely in the following activities:

(a) acquiring, holding and managing financial assets acquired from CNH or affiliates of CNH (the Receivables) and all related security with respect thereto, all collections with respect thereto, and all proceeds of the foregoing (collectively, the Purchased Assets);

(b) issuing asset-backed securities, obtaining loans and entering into hedging contracts and credit enhancement arrangements with respect to financial assets the Filer acquires or those securities and loans;

(c) making payments on the Filer's securities, loans, hedging agreements and credit enhancements; and

(d) engaging in other activities that are necessary, suitable or convenient to accomplish the foregoing or are incidental thereto or connected therewith.

8. The Filer has no material assets or liabilities other than its rights and obligations arising in connection with the acquisition of the Purchased Assets and the issuance of asset-backed notes.

9. Pursuant to an MRRS decision document dated May 30, 2006 (the Original Decision), the Filer is exempted, on certain terms and conditions, from (i) the requirements of the securities legislation in the jurisdictions concerning, inter alia, the preparation, filing and delivery of interim financial statements (the Interim Financial Statements), and (ii) the requirements in MI 52-109 to file interim certificates, which relief terminated on June 1, 2008.

10. The representations contained in the Original Decision remain true and accurate and are incorporated by reference into this decision document as representations of the Filer, with the exception of:

(i) the office of the issuer trustee at which it carries out its administrative functions as issuer trustee is c/o Computershare Trust Company of Canada, 100 University Avenue, Floor 8, South Tower, Toronto, Ontario, M5J 2Y1; and

(ii) the Filer has issued an eighth series of asset-backed securities, being Series 2006-1 receivable-backed notes having an aggregate principal amount of $450,000,000.

Decision

The principal regulator is satisfied that the decision meets the test set out in the Legislation for the principal regulator to make the decision.

The decision of the principal regulator under the Legislation is that the Exemption Sought is granted provided that:

(a) the Filer is not required to prepare, file and deliver Interim Financial Statements under the securities legislation of any jurisdiction in Canada, whether pursuant to exemptive relief or otherwise;

(b) for each interim period, within 60 days of the end of the interim period of the Filer (or within 45 days of the end of an interim period if the Filer is not a venture issuer at the end of such interim period), the Filer or its duly appointed representative or agent will file through SEDAR an interim certificate in the form set out in Schedule "A" of this decision document and personally signed by a person who, at the time of filing of the interim certificate, is a senior officer of the Filer, a Servicer or an administrative agent of the Filer;

(c) in addition to complying with the annual certification requirements pursuant to MI 52-109, for each financial year of the Filer, within 120 days of the end of the financial year (or within 90 days of the end of the financial year if the Filer is not a venture issuer at the end of such financial year), the Filer or its duly appointed representative or agent will file on SEDAR an annual certificate in the form set out in Schedule "B" of this decision document and personally signed by a person who, at the time of filing of the annual certificate, is a senior officer of the Filer, a Servicer or an administrative agent of the Filer; and

(d) the Exemption Sought will cease to be effective in a jurisdiction of Canada on the earlier of:

(i) June 1, 2013, and

(ii) the date on which a rule regarding the continuous disclosure requirements for asset-backed securities issuers comes into force in that jurisdiction.

SCHEDULE "A"

Certification of interim filings for issuers of asset-backed securities

I, <identify (i) the certifying individual, (ii) his or her position in relation to the issuer and (iii) the name of the issuer>, certify that:

1. I have reviewed the following documents of <identify issuer> (the "Issuer"):

a) the servicer's certificates for each month in the interim period ended <insert relevant date> (the "Servicer's Certificates"); and

b) interim MD&A in respect of the issuer's pool(s) of financial assets for the interim period ended <insert the relevant date> (the "Interim MD&A"),

(the Servicer's Certificates and the Interim MD&A are together the "Interim Filings");

2. Based on my knowledge, the Interim Filings, taken as a whole, do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make the statements not misleading in light of the circumstances under which they were made, with respect to the periods covered by the Interim Filings; and

3. Based on my knowledge, all of the distribution, servicing and other information required to be filed under the decision(s) <identify the decision(s)> as of the date of this certificate, other than material change reports and press releases, have been filed with the securities regulatory authorities through SEDAR.

[In giving the certifications above, I have reasonably relied on information provided to me by the following unaffiliated parties <insert name of issuer, servicer, sub-servicer, co-servicer, administrative agent, reporting agent or trustee>.]

Date: <insert date of filing>

<indicate the capacity in which the certifying officer is providing the certificate>

SCHEDULE "B"

Certification of annual filings for issuers of asset-backed securities

I, <identify (i) the certifying individual, (ii) his or her position in relation to the issuer and (iii) the name of the issuer>, certify that:

1. I have reviewed the following documents of <identify issuer> (the "Issuer"):

a) the servicer certificates for each month in the financial year ended <insert financial year end> (the "Servicer Certificates"); and

b) each annual statement of compliance regarding fulfillment of the obligations of the servicer(s) under the related servicing agreement(s) for the financial year ended <insert the relevant date> (the "Annual Compliance Certificate(s)"),

(the Servicer Certificates and the Annual Compliance Certificate(s) are together the "Annual Filings");

2. Based on my knowledge, the Annual Filings, taken as a whole, do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make the statements not misleading in light of the circumstances under which they were made, with respect to the periods covered by the Annual Filings;

3. Based on my knowledge, all of the distribution, servicing and other information and all of the reports on assessment of compliance with servicing criteria for asset-backed securities and the Annual Accountant's Report respecting compliance by the Servicer(s) with servicing criteria for asset-backed securities required to be filed under the decision(s) <identify the decision(s)> as of the date of this certificate, other than material change reports and press releases, have been filed with the securities regulatory authorities through SEDAR;

4. Option #1 <use this alternative if a servicer is providing the certificate> I am responsible for reviewing the activities performed by the Servicer(s) and based on my knowledge and the compliance review(s) conducted in preparing the Annual Compliance Certificate(s), and except as disclosed in the Annual Filings, the Servicer(s) [has/have] fulfilled [its/their] obligations under the servicing agreement(s); and

Option #2 <use this alternative if the Issuer or the administrative agent is providing the certificate> Based on my knowledge and the Annual Compliance Certificate(s), and except as disclosed in the Annual Filings, the Servicer(s) [has/have] fulfilled [its/their] obligations under the servicing agreement(s); and

5. The Annual Filings disclose all material instances of noncompliance with the servicing criteria based on the [servicer's/servicers'] assessment of compliance with such criteria.

[In giving the certifications above, I have reasonably relied on information provided to me by the following unaffiliated parties <insert name of issuer, servicer, sub-servicer, co-servicer, administrative agent, reporting agent or trustee>.]

Date: <insert date of filing>

<indicate the capacity in which the certifying officer is providing the certificate>