EXHIBIT 99.1
CNH WHOLESALE MASTER NOTE TRUST
MANAGEMENT’S ASSERTION CONCERNING COMPLIANCE
As of and for the year ended December 31, 2004, CNH Capital America LLC (formerly known as Case Credit Corporation) (the “Company”) has complied, in all material respects, with the Company’s established minimum servicing standards for the wholesale revolving contracts being serviced for the CNH Wholesale Master Note Trust as set forth in Appendix I (the “Standards”). The Standards are based on the Mortgage Banker’s Association of America’s Uniform Single Attestation Program for Mortgage Bankers.
Dated: March 12, 2005 | ||
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By: | /s/ MARIO FERLA |
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Mario Ferla | ||
President | ||
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By: | /s/ JOSEPH DOOLAN |
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Joseph Doolan | ||
Controller | ||
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CNH WHOLESALE MASTER NOTE TRUST
APPENDIX 1
CNH CAPITAL AMERICA LLC’S MINIMUM SERVICING STANDARDS
I. CUSTODIAL BANK ACCOUNTS
1. Reconciliations shall be prepared on a monthly basis for all custodial bank accounts and related bank clearing accounts. These reconciliations shall:
a) be mathematically accurate;
b) be prepared within forty-five (45) calendar days after the cutoff date;
c) be reviewed and approved by someone other than the person who prepared the reconciliation; and
d) document explanations for reconciling items. These reconciling items shall be resolved within ninety (90) calendar days of their original identification.
2. Each custodial account shall be maintained at a federally insured depository institution in trust for the applicable investor.
II. WHOLESALE REVOLVING CONTRACT PAYMENTS
1. Upon authorization by the dealer, wholesale revolving contract payments are processed electronically and shall be deposited directly into a clearing account maintained by CNH Wholesale Receivables LLC, formerly known as CNH Wholesale Receivables, Inc. (the “Transferor”), except that for the period from dealer statement cut-off through the tenth calendar day, monthly settlements are not processed until the following business day. Manually submitted payments shall be deposited in the clearing accounts within two business days of receipt.
2. Wholesale revolving contract payments shall be deposited into the custodial bank accounts and related bank clearing accounts within two business days of receipt.
3. Wholesale revolving contract payments made in accordance with the wholesale revolving contract documents shall be posted to the applicable wholesale revolving contract records within two business days of receipt.
4. Wholesale revolving contract payments shall be allocated to principal, interest, insurance, or taxes in accordance with the Servicer’s customary servicing procedures.
5. Wholesale revolving contract payments identified as loan payoffs shall be allocated in accordance with the wholesale revolving contract documents.
III. DISBURSEMENTS
1. Amounts remitted to the collection accounts per the Servicer’s investor reports shall agree with cancelled checks, or other form of payment, or custodial bank statements.
2. Unused checks shall be safeguarded so as to prevent unauthorized access.
IV. INVESTOR ACCOUNTING AND REPORTING
1. Statements are sent on a monthly basis listing the total unpaid principal balance and pool balance.
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V. WHOLESALE REVOLVING CONTRACT ACCOUNTING
1. The servicing entity’s wholesale revolving contract loan records shall agree with, or reconcile to, the records of obligors with respect to the unpaid principal balance on a monthly basis.
VI. DELINQUENCIES
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