Document:

Execution Copy

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                           CNH EQUIPMENT TRUST 2003-A

                          SALE AND SERVICING AGREEMENT

                                      among

                           CNH Equipment Trust 2003-A,
                                   as Issuer,

                                       and

                          CNH Capital Receivables Inc.,
                                   as Seller,

                                       and

                            Case Credit Corporation,
                                  as Servicer.

                             Dated as of May 1, 2003

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                               TABLE OF CONTENTS

                                                                           Page

ARTICLE I     DEFINITIONS.....................................................1

     SECTION 1.1.  Definitions................................................1

     SECTION 1.2.  Other Definitional Provisions..............................1

ARTICLE II   CONVEYANCE OF RECEIVABLES AND GRANT OF SECURITY
             INTEREST IN THE BACKUP SERVICER ACCOUNT..........................2

     SECTION 2.1.  Conveyance of Initial Receivables..........................2

     SECTION 2.2.  Conveyance of Subsequent Receivables.......................3

ARTICLE III  THE RECEIVABLES..................................................6

     SECTION 3.1.  Representations and Warranties of Seller...................6

     SECTION 3.2.  Repurchase upon Breach.....................................7

     SECTION 3.3.  Custody of Receivable Files................................8

     SECTION 3.4.  Duties of Servicer as Custodian............................9

     SECTION 3.5.  Instructions; Authority To Act.............................9

     SECTION 3.6.  Custodian's Indemnification................................9

     SECTION 3.7.  Effective Period and Termination..........................10

ARTICLE IV   ADMINISTRATION AND SERVICING OF RECEIVABLES.....................10

     SECTION 4.1.  Duties of Servicer........................................10

     SECTION 4.2.  Collection and Allocation of Receivable Payments..........11

     SECTION 4.3.  Realization upon Receivables..............................11

     SECTION 4.4.  Maintenance of Security Interests in Financed Equipment...12

     SECTION 4.5.  Covenants of Servicer.....................................12

     SECTION 4.6.  Purchase of Receivables upon Breach.......................12

     SECTION 4.7.  Servicing Fee.............................................12

     SECTION 4.8.  Servicer's Certificate....................................12

     SECTION 4.9.  Annual Statement as to Compliance; Notice of Default......13

     SECTION 4.10. Annual Independent Certified Public Accountants' Report...13

     SECTION 4.11. Access to Certain Documentation and Information
                   Regarding Receivables.....................................14

     SECTION 4.12. Servicer Expenses.........................................14

     SECTION 4.13. Appointment of Subservicer................................14

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ARTICLE V    DISTRIBUTIONS: SPREAD ACCOUNT;  STATEMENTS TO CERTIFICATEHOLDERS
             AND NOTEHOLDERS.................................................15

     SECTION 5.1.  Establishment of Trust Accounts and the Backup
                   Servicer Account..........................................15

     SECTION 5.2.  Interest Rate Swap Agreements.............................18

     SECTION 5.3.  Collections...............................................18

     SECTION 5.4.   Application of Collections...............................19

     SECTION 5.5.   Additional Deposits......................................19

     SECTION 5.6.   Distributions............................................19

     SECTION 5.7.   Spread Account...........................................20

     SECTION 5.8.   Pre-Funding Account......................................21

     SECTION 5.9.   Negative Carry Account...................................22

     SECTION 5.10.  Principal Supplement Account.............................22

     SECTION 5.11.  Statements to Certificateholders and Noteholders.........23

     SECTION 5.12.  Net Deposits.............................................25

     SECTION 5.13.  Backup Servicer Account..................................25

ARTICLE VI   THE SELLER......................................................25

     SECTION 6.1.   Representations of Seller................................25

     SECTION 6.2.   Corporate Existence......................................27

     SECTION 6.3.   Liability of Seller; Indemnities.........................27

     SECTION 6.4.   Merger or Consolidation of, or Assumption of the
                    Obligations of, Seller...................................28

     SECTION 6.5.   Limitation on Liability of Seller and Others.............29

     SECTION 6.6.   Seller May Own Certificates or Notes.....................29

ARTICLE VII  THE SERVICER....................................................29

     SECTION 7.1.  Representations of Servicer...............................29

     SECTION 7.2.  Indemnities of Servicer...................................31

     SECTION 7.3.  Merger or Consolidation of, or Assumption of the
                   Obligations of, Servicer..................................32

     SECTION 7.4.  Limitation on Liability of Servicer and Others............33

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     SECTION 7.5.  Case Credit Not to Resign as Servicer.....................34

     SECTION 7.6.  Servicer to Act as Administrator..........................34

ARTICLE VIII DEFAULT.........................................................34

     SECTION 8.1.   Servicer Default.........................................34

     SECTION 8.2.   Appointment of Successor Servicer........................35

     SECTION 8.3.   Notification to Noteholders and Certificateholders.......36

     SECTION 8.4.   Waiver of Past Defaults..................................37

ARTICLE IX   TERMINATION.....................................................37

     SECTION 9.1.   Optional Purchase of All Receivables.....................37

ARTICLE X    MISCELLANEOUS PROVISIONS........................................38

     SECTION 10.1.  Amendment................................................38

     SECTION 10.2.  Protection of Title to Trust.............................40

     SECTION 10.3.  Notices..................................................42

     SECTION 10.4.  Assignment...............................................42

     SECTION 10.5.  Limitations on Rights of Others..........................42

     SECTION 10.6.  Severability.............................................42

     SECTION 10.7.  Separate Counterparts....................................43

     SECTION 10.8.  Headings.................................................43

     SECTION 10.9.  Governing Law............................................43

     SECTION 10.10. Assignment to Indenture Trustee..........................43

     SECTION 10.11. Nonpetition Covenants....................................43

     SECTION 10.12. Limitation of Liability of Trustee
                    and Indenture Trustee....................................44

     SECTION 10.13. Conditions Precedent to Other Financing
                    Transactions.............................................44

                                     iii

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                                   EXHIBITS

EXHIBIT A    Form of Noteholder's Statement Pursuant to Section 5.10(a)
EXHIBIT B    Form of Certificateholder's Statement Pursuant to Section 5.10(a)
EXHIBIT C    Form of Servicer's Certificate
EXHIBIT D    Form of Assignment
EXHIBIT E    Form of Subsequent Transfer Assignment
EXHIBIT F    Form of Accountants' Letter in Connection with Subsequent
             Transfer Assignment

EXHIBIT G    Form of Initial Interest Rate Swap Agreement

                                   SCHEDULES

SCHEDULE P   Perfection Representations & Warranties

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         SALE AND SERVICING AGREEMENT (as amended or otherwise modified, this
"Agreement") dated as of May 1, 2003 among CNH EQUIPMENT TRUST 2003-A, a
Delaware statutory trust (the "Issuer"), CNH CAPITAL RECEIVABLES INC., a
Delaware corporation (the "Seller"), and CASE CREDIT CORPORATION, a Delaware
corporation (the "Servicer").

                                   RECITALS

         WHEREAS, the Issuer desires to purchase a portfolio of Contracts
purchased or originated by Case Credit Corporation ("Case Credit") or New
Holland Credit Company, LLC ("NH Credit"), in the ordinary course of business
and sold to the Seller on a monthly basis pursuant to the Liquidity
Receivables Purchase Agreements and/or the Purchase Agreements;

         WHEREAS, the Seller is willing to sell such Contracts to the Issuer;
and

         WHEREAS, Case Credit is willing to service such Contracts.

         NOW, THEREFORE, in consideration of the premises and the mutual
covenants herein contained, the parties hereto agree as follows:

                                   ARTICLE I
                                  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 CNH Equipment Trust 2003-A and JPMorgan Chase
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.

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         (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,".

         (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 and Grant of Security Interest
                         in the Backup Servicer Account

         SECTION 2.1. Conveyance of Initial Receivables. (A) In consideration
of the Issuer's delivery to or upon the order of the Seller on the Closing
Date of the net proceeds from the sale of the Notes and the Certificates and
the other amounts to be distributed from time to time to the Seller in
accordance with this Agreement, the Seller does hereby sell, transfer, assign,
set over and otherwise convey to the Issuer, without recourse (subject to the
obligations herein), all of its right, title and interest in, to and under the
following (collectively, the "Initial Assets"):

                  (a) the Initial Receivables, 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 Initial Receivables and any other
         interest of the Seller in such Financed Equipment;

                  (c) any proceeds with respect to the Initial Receivables
         from claims on insurance policies covering Financed Equipment or
         Obligors;

                  (d) the Liquidity Receivables Purchase Agreements (only with
         respect to Case Owned Contracts or NH Owned Contracts included in the
         Initial Receivables) and the Purchase Agreements, including the right
         of the Seller to cause Case Credit or NH Credit, as the case may be,
         to repurchase Initial Receivables from the Seller under the
         circumstances described therein;

                  (e) any proceeds from recourse to Dealers with respect to
         the Initial Receivables other than any interest in the Dealers'
         reserve accounts maintained with Case Credit or with NH Credit;

                  (f) any Financed Equipment that shall have secured an
         Initial Receivable and that shall have been acquired by or on behalf
         of the Trust;

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                  (g) all funds on deposit from time to time in the Trust
         Accounts, including the Spread Account Initial Deposit, any Principal
         Supplement Account Deposit, the Negative Carry Account Initial
         Deposit and the Pre-Funded Amount, and in all investments and
         proceeds thereof (including all income thereon); and

                  (h) any True Lease Equipment that is subject to any Initial
         Receivable; and

                  (i) the proceeds of any and all of the foregoing.

         The above assignment shall be evidenced by a duly executed written
assignment in substantially the form of Exhibit D (the "Assignment"). The
Purchase Price for the Initial Receivables shall equal $614,857,100.46.

         (B) The Seller hereby Grants to JPMorgan, as Indenture Trustee on
behalf of the Noteholders, all of the Seller's right, title and interest in
and to all funds on deposit from time to time in the Backup Servicer Account,
including the Backup Servicer Account Initial Deposit, and in all investments
and proceeds thereof (including all income thereon). The foregoing Grant is
made to secure the Seller's obligation to make funds available in the Backup
Servicer Account available to the Indenture Trustee to pay Backup Servicer
Expenses. JP Morgan, as Indenture Trustee on behalf of the Noteholders, (1)
acknowledges such Grant and (2) agrees to perform its duties with respect
thereto expressly set forth in this Agreement.

         SECTION 2.2. Conveyance of Subsequent Receivables. (a) Subject to the
conditions set forth in clause (b) below and the proviso set forth in clause
(c) below, in consideration of the Trustee's delivery on the related
Subsequent Transfer Date to or upon the order of the Seller of the amount
described in Section 5.7(a) to be delivered to the Seller, the Seller does
hereby sell, transfer, assign, set over and otherwise convey to the Issuer,
without recourse (subject to the obligations herein), all of its right, title
and interest in, to and under (collectively, the "Subsequent Assets"; and
together with the Initial Assets, the "CNHCR Assets"):

                  (i) the Subsequent Receivables listed on Schedule A to the
         related 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 Seller in such Financed Equipment;

                  (iii) any proceeds with respect to such Subsequent
         Receivables from claims on insurance policies covering Financed
         Equipment or Obligors;

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                  (iv) the Liquidity Receivables Purchase Agreements (only
         with respect to Subsequent Receivables purchased by the Seller
         pursuant to those Agreements) and the Purchase Agreements, including
         the right of the Seller to cause Case Credit or NH Credit, as the
         case may be, to repurchase Subsequent Receivables from the Seller
         under the circumstances described therein;

                  (v) any proceeds with respect to such Subsequent Receivables
         from recourse to Dealers other than any interest in the Dealers'
         reserve accounts maintained with Case Credit or with NH Credit;

                  (vi) any Financed Equipment that shall have secured any such
         Subsequent Receivable and that shall have been acquired by or on
         behalf of the Trust;

                  (vii) any True Lease Equipment that is subject to any
         Subsequent Receivable; and

                  (viii) the proceeds of any and all of the foregoing.

         (b) Subject to the proviso set forth in clause (c) below, the Seller
shall transfer to the Issuer the Subsequent Receivables and the other property
and rights related thereto described in clause (a) only upon the satisfaction
of each of the following conditions precedent on or prior to the related
Subsequent Transfer Date:

                  (i) the Seller shall have delivered to the Trustee and the
         Indenture Trustee a duly executed written assignment in substantially
         the form of Exhibit E (the "Subsequent Transfer Assignment"), which
         shall include a Schedule A to the Subsequent Transfer Assignment
         listing the Subsequent Receivables;

                  (ii) the Seller shall, to the extent required by Section
         5.2, have deposited in the Collection Account all collections in
         respect of the Subsequent Receivables;

                  (iii) as of such Subsequent Transfer Date: (A) the Seller
         was not insolvent and will not become insolvent as a result of the
         transfer of Subsequent Receivables on such Subsequent Transfer Date,
         (B) the Seller did not intend to incur or believe that it would incur
         debts that would be beyond the Seller'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 Seller did not
         constitute unreasonably small capital to carry out its business as
         conducted;

                  (iv) the applicable Spread Account Initial Deposit for such
         Subsequent Transfer Date shall have been made;

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                  (v) the applicable Principal Supplement Account Deposit, if
         any, for such Subsequent Transfer Date shall have been made;

                  (vi) the Receivables in the Trust, including the Subsequent
         Receivables to be conveyed to the Trust on such Subsequent Transfer
         Date, shall meet the following criteria: (A) each of the Receivables
         is a Retail Installment Contract, (B) the weighted average original
         term of the Receivables in the Trust will not be greater than 55
         months, and (C) not more than 35% of the aggregate Contract Value of
         the Receivables in the Trust will represent Contracts for the
         financing of construction equipment, (D) each Receivable has a
         remaining term to maturity of not more than 72 months, (E) each
         Receivable has a Statistical Contract Value as of the applicable
         Cutoff Date that (when combined with the Statistical Contract Value
         of any other Receivables with the same or an affiliated Obligor) does
         not exceed 1% of the aggregate Statistical Contract Value of all the
         Receivables and (F) none of the Receivables in the Trust will
         represent Contracts originated through Case Credit's Soris financing
         program;

                  (vii) the Funding Period shall not have terminated;

                  (viii) each of the representations and warranties made by
         the Seller pursuant to Section 3.1 of this Agreement and by Case
         Credit and NH Credit pursuant to Section 3.2(b) of the related
         Purchase Agreement, in each case with respect to the Subsequent
         Receivables, shall be true and correct as of such Subsequent Transfer
         Date, and the Seller shall have performed all obligations to be
         performed by it hereunder on or prior to such Subsequent Transfer
         Date;

                  (ix) the Seller 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 Subsequent
         Transfer Assignment have been sold to the Issuer pursuant to this
         Agreement and the Subsequent Transfer Assignment;

                  (x) the Seller shall have taken any action required to
         maintain the first priority perfected ownership interest of the
         Issuer in the Trust Estate and the first priority perfected security
         interest of the Indenture Trustee in the Collateral;

                  (xi) no selection procedures believed by the Seller to be
         adverse to the interests of the Trust, the Noteholders or the
         Certificateholders shall have been utilized in selecting the
         Subsequent Receivables;

                  (xii) the addition of the Subsequent Receivables will not
         result in a material adverse tax consequence to the Trust, the
         Noteholders or the Certificateholders;

                  (xiii) the Seller shall have provided the Indenture Trustee,
         the Trustee and the Rating Agencies a statement listing the aggregate

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         Contract Value of such Subsequent Receivables and any other
         information reasonably requested by any of the foregoing with respect
         to such Subsequent Receivables;

                  (xiv) [intentionally omitted]

                  (xv) the Seller shall have delivered to the Trustee and the
         Indenture Trustee a letter of a firm of independent certified public
         accountants confirming the satisfaction of the conditions set forth
         in clause (vi) with respect to the Subsequent Receivables, and
         covering substantially the same matters with respect to the
         Subsequent Receivables as are set forth in Exhibit F hereto;

                  (xvi) the Seller shall have delivered to the Indenture
         Trustee and the Trustee an Officers' Certificate confirming the
         satisfaction of each condition specified in this clause (b)
         (substantially in the form attached hereto as Annex A to the
         Subsequent Transfer Assignment); and

                  (xvii) Moody's shall have received written notification from
         the Seller of the addition of all such Subsequent Receivables.

         (c) The Seller covenants to transfer to the Issuer pursuant to clause
(a) Subsequent Receivables with an aggregate Contract Value approximately
equal to $385,142,899.54 subject only to availability thereof.

                                  ARTICLE III
                                The Receivables

         SECTION 3.1. Representations and Warranties of Seller. The Seller
makes the following representations and warranties as to the Receivables on
which the Issuer is deemed to have relied in acquiring the Receivables. 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 Initial Receivables,
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 Issuer and the pledge thereof to the Indenture Trustee
pursuant to the Indenture.

         (a) Title. It is the intention of the Seller that the transfer and
assignment herein contemplated constitute a sale of the Receivables from the
Seller to the Issuer and that the beneficial interest in and title to the
Receivables not be part of the debtor's estate in the event of the filing of a
bankruptcy petition by or against the Seller under any bankruptcy or similar
law. No Receivable has been sold, transferred, assigned or pledged by the
Seller to any Person other than the Issuer. Immediately prior to the transfer
and assignment herein contemplated, the Seller had good title to each
Receivable, free and clear of all Liens and, immediately upon the transfer
thereof, the Issuer shall have good title to each Receivable, free and clear

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of all Liens; and the transfer and assignment of the Receivables to the Issuer
has been perfected under the UCC.

         If (but only to the extent) that the transfer of the CNHCR Assets
hereunder is characterized by a court or other governmental authority as a
loan rather than a sale, the Seller shall be deemed hereunder to have granted
to the Issuer a security interest in all of Seller's right, title and interest
in and to the CNHCR Assets. Such security interest shall secure all of
Seller's obligations (monetary or otherwise) under this Agreement and the
other Basic Documents to which it is a party, whether now or hereafter
existing or arising, due or to become due, direct or indirect, absolute or
contingent. The Seller shall have, with respect to the property described in
Section 2.1 and Section 2.2, and in addition to all the other rights and
remedies available to Seller under this Agreement and applicable law, all the
rights and remedies of a secured party under any applicable UCC, and this
Agreement shall constitute a security agreement under applicable law.

         (b) All Filings Made. All filings (including UCC filings) necessary
in any jurisdiction to give the Issuer a first priority perfected ownership
interest in the Receivables, and to give the Indenture Trustee a first
priority perfected security interest therein, have been made.

         (c) Perfection Representation. The Seller further makes all the
representations, warranties and covenants set forth in Schedule P.

         SECTION 3.2. Repurchase upon Breach. (a) The Seller, the Servicer or
the Trustee, as the case may be, shall inform the other parties to this
Agreement and the Indenture Trustee promptly, in writing, upon the discovery
of any breach of the Seller's representations and warranties made pursuant to
Section 3.1 or Section 6.1, Case Credit's representations and warranties made
pursuant to Section 3.2(b) of the Case Liquidity Receivables Purchase
Agreement or NH Credit's representations and warranties made pursuant to
Section 3.2(b) of the NH Liquidity Receivables Purchase Agreement, Case
Credit's representations and warranties made pursuant to Section 3.2(b) of the
Case Purchase Agreement or NH Credit's representations and warranties made
pursuant to Section 3.2(b) of the NH Purchase Agreement. Unless any such
breach shall have been cured by the last day of the second (or, if the Seller
elects, the first) Collection Period after such breach is discovered by the
Trustee or in which the Trustee receives written notice from the Seller or the
Servicer of such breach, the Seller shall be obligated, and, if necessary, the
Seller or the Trustee shall enforce the obligation of Case Credit under the
Case Liquidity Receivables Purchase Agreement, of NH Credit under the NH
Liquidity Receivables Purchase Agreement, of Case Credit under the Case
Purchase Agreement or of NH Credit under the NH Purchase Agreement, as
applicable, to repurchase any Receivable materially and adversely affected by
any such breach as of such last day. As consideration for the repurchase of
the Receivable, the Seller shall remit the Purchase Amount in the manner
specified in Section 5.4; provided, however, that the obligation of the Seller
to repurchase any Receivable arising solely as a result of a breach of Case
Credit's representations and warranties pursuant to Section 3.2(b) of the Case
Liquidity Receivables Purchase Agreement, of NH Credit's representations and
warranties pursuant to Section 3.2(b) of the NH Liquidity Receivables Purchase
Agreement, of Case Credit's representations and warranties pursuant to Section
3.2(b) of the Case Purchase Agreement or NH Credit's representations and
warranties pursuant to Section 3.2(b) of the NH Purchase Agreement is subject

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to the receipt by the Seller of the Purchase Amount from Case Credit or NH
Credit, as applicable. Subject to the provisions of Section 6.3, the sole
remedy of the Issuer, the Trustee, the Indenture Trustee, the Noteholders or
the Certificateholders with respect to a breach of the representations and
warranties pursuant to Section 3.1 and the agreement contained in this Section
shall be to require the Seller to repurchase Receivables pursuant to this
Section, subject to the conditions contained herein, and to enforce Case
Credit's or NH Credit's obligation to the Seller to repurchase such
Receivables pursuant to the Case Liquidity Receivables Purchase Agreement, NH
Liquidity Receivables Purchase Agreement, the Case Purchase Agreement or the
NH Purchase Agreement, as applicable.

         (b) With respect to all Receivables repurchased by the Seller
pursuant to this Agreement, the Issuer shall sell, transfer, assign, set over
and otherwise convey to the Seller, without recourse, representation or
warranty, all of the Issuer's right, title and interest in, to and under such
Receivables, and all security and documents relating thereto.

         SECTION 3.3. Custody of Receivable Files. To assure uniform quality
in servicing the Receivables and to reduce administrative costs, the Issuer
hereby revocably appoints the Servicer, and the Servicer hereby accepts such
appointment, to act for the benefit of the Issuer and the Indenture Trustee as
custodian of the following documents or instruments, which are hereby
constructively delivered to the Indenture Trustee, as pledgee of the Issuer
(or, in the case of the Subsequent Receivables, will as of the applicable
Subsequent Transfer Date be constructively delivered to the Indenture Trustee,
as pledgee of the Issuer) with respect to each Receivable:

                  (a) the original fully executed copy of the Receivable;

                  (b) a record or facsimile of the original credit application
         fully executed by the Obligor;

                  (c) the original certificate of title or file stamped copy
         of the UCC financing statement or such other documents that the
         Servicer shall keep on file, in accordance with its customary
         procedures, evidencing the security interest of Case Credit or, in
         the case of a NH Receivable, NH Credit in the Financed Equipment; and

                  (d) any and all other documents that the Servicer or the
         Seller or, in the case of NH Receivables, NH Credit shall keep on
         file, in accordance with its customary procedures, relating to a
         Receivable, an Obligor or any of the Financed Equipment.

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<PAGE>

         SECTION 3.4.  Duties of Servicer as Custodian.

         (a) Safekeeping. The Servicer shall hold the Receivable Files for the
benefit of the Issuer and the Indenture Trustee and maintain such accurate and
complete accounts, records and computer systems pertaining to each Receivable
File as shall enable the Issuer to comply with this Agreement. In performing
its duties as custodian, the Servicer shall act with reasonable care, using
that degree of skill and attention that the Servicer exercises with respect to
the receivable files relating to all comparable equipment receivables that the
Servicer services for itself or others. The Servicer shall conduct, or cause
to be conducted, periodic audits of the Receivable Files and the related
accounts, records and computer systems, in such a manner as shall enable the
Issuer or the Indenture Trustee to verify the accuracy of the Servicer's
record keeping. The Servicer shall promptly report to the Issuer and the
Indenture Trustee any failure on its part to hold the Receivable Files and
maintain its accounts, records and computer systems as herein provided and
promptly take appropriate action to remedy any such failure. Nothing herein
shall be deemed to require an initial review or any periodic review by the
Issuer, the Trustee or the Indenture Trustee of the Receivable Files.

         (b) Maintenance of and Access to Records. The Servicer shall maintain
each Receivable File at one of its offices or, in the case of a NH Receivable,
at one of NH Credit's offices; provided that at no time shall a Receivable
File be moved to an office or location outside the geographic boundaries of
the United States. The Servicer shall make available for inspection by the
Seller, the Issuer and the Indenture Trustee or their respective duly
authorized representatives, attorneys or auditors a list of locations of the
Receivable Files and the related accounts, records and computer systems
maintained by the Servicer at such times during normal business hours as the
Seller, the Issuer or the Indenture Trustee shall instruct.

         SECTION 3.5. Instructions; Authority To Act. The Servicer shall be
deemed to have received proper instructions with respect to the Receivable
Files upon its receipt of written instructions signed by a Trust Officer of
the Indenture Trustee.

         SECTION 3.6. Custodian's Indemnification. The Servicer as custodian
shall indemnify the Trust, the Trustee and the Indenture Trustee (and each of
their officers, directors, employees and agents) for any and all liabilities,
obligations, losses, compensatory damages, payments, costs or expenses of any
kind whatsoever that may be imposed on, incurred by or asserted against the
Trust, the Trustee or the Indenture Trustee (or any of their officers,
directors and agents) as the result of any improper act or omission in any way
relating to the maintenance and custody by the Servicer as custodian of the
Receivable Files; provided, however, that the Servicer shall not be liable:
(a) to the Trustee for any portion of any such amount resulting from the
willful misfeasance, bad faith or negligence of the Trustee, and (b) to the
Indenture Trustee for any portion of any such amount resulting from the
willful misfeasance, bad faith or negligence of the Indenture Trustee; and,
provided further, that the Servicer shall only be liable pursuant to this
Section 3.6 for its acts or omissions committed during the period it is
serving as custodian hereunder. Indemnification under this Section shall

                                      9
<PAGE>

survive the resignation or removal of the Servicer as custodian, the
resignation or removal of the Indenture Trustee or the termination of this
Agreement.

         SECTION 3.7. Effective Period and Termination. The Servicer's
appointment as custodian shall become effective as of the Initial Cutoff Date
and shall continue in full force and effect until terminated pursuant to this
Section. If any Servicer shall resign as Servicer in accordance with this
Agreement or if all of the rights and obligations of any Servicer shall have
been terminated under Section 8.1, the appointment of such Servicer as
custodian shall be terminated by: (a) the Indenture Trustee, (b) the
Noteholders of Notes evidencing not less than 25% of the Note Balance, (c)
with the consent of Noteholders of Notes evidencing not less than 25% of the
Note Balance, the Trustee or (d) Certificateholders evidencing not less than
25% of the Certificate Balance, in the same manner as the Indenture Trustee or
such Holders may terminate the rights and obligations of the Servicer under
Section 8.1. The Indenture Trustee or, with the consent of the Indenture
Trustee, the Trustee may terminate the Servicer's appointment as custodian,
with cause, at any time upon written notification to the Servicer, and without
cause upon 30 days' prior written notification to the Servicer. As soon as
practicable after any termination of such appointment, the Servicer shall
deliver the Receivable Files to the Indenture Trustee or the Indenture
Trustee's agent at such place(s) as the Indenture Trustee may reasonably
designate.

                                  ARTICLE IV
                  Administration and Servicing of Receivables

         SECTION 4.1. Duties of Servicer. The Servicer, for the benefit of the
Issuer, and (to the extent provided herein) the Indenture Trustee shall
manage, service, administer and make collections on the Receivables with
reasonable care, using that degree of skill and attention that the Servicer
exercises with respect to all comparable equipment receivables that it
services for itself or others. The Servicer's duties shall include collection
and posting of all payments, responding to inquiries of Obligors on such
Receivables, investigating delinquencies, sending payment coupons to Obligors,
reporting tax information to Obligors, accounting for collections and
furnishing monthly and annual statements to the Trustee and the Indenture
Trustee with respect to distributions. Subject to Section 4.2, the Servicer
shall follow its customary standards, policies and procedures in performing
its duties as Servicer. Notwithstanding anything herein to the contrary, it is
understood and agreed that, subject to Section 4.2, in servicing the NH
Receivables the Servicer shall follow NH Credit's customary standards,
policies and procedures in performing its duties as Servicer with respect to
the NH Receivables.

         Without limiting the generality of the foregoing, the Servicer is
authorized and empowered to execute and deliver, on behalf of itself, the
Issuer, the Trustee, the Indenture Trustee, the Certificateholders, the

                                      10
<PAGE>

Noteholders or any of them, any and all instruments of satisfaction or
cancellation, or partial or full release or discharge, and all other
comparable instruments, with respect to such Receivables or the Financed
Equipment securing such Receivables. If the Servicer shall commence a legal
proceeding to enforce a Receivable, the Issuer shall thereupon be deemed to
have automatically assigned, solely for the purpose of collection, such
Receivable to the Servicer. If in any enforcement suit or legal proceeding it
shall be held that the Servicer may not enforce a Receivable on the ground
that it shall not be a real party in interest or a holder entitled to enforce
such Receivable, the Trustee shall, at the Servicer's expense and direction,
take steps to enforce such Receivable, including bringing suit in its name or
the name of the Trust, the Indenture Trustee, the Certificateholders or the
Noteholders. The Trustee or the Indenture Trustee shall, upon the written
request of the Servicer, furnish the Servicer with any powers of attorney and
other documents reasonably necessary or appropriate to enable the Servicer to
carry out its servicing and administrative duties hereunder.

         SECTION 4.2. Collection and Allocation of Receivable Payments. The
Servicer shall make reasonable efforts to collect all payments called for
under the Receivables as and when the same shall become due and shall follow
such collection procedures as it (or, with respect to a NH Receivable, NH
Credit) follows with respect to all comparable equipment receivables that it
services for itself or others. The Servicer shall allocate collections between
principal and interest in accordance with the customary servicing procedures
it follows with respect to all comparable equipment receivables that it (or,
with respect to a NH Receivable, NH Credit) services for itself or others. The
Servicer may grant extensions or adjustments on a Receivable; provided,
however, that if the Servicer extends the date for final payment by the
Obligor of any Receivable beyond the Final Scheduled Maturity Date, it shall
promptly purchase the Receivable from the Issuer in accordance with Section
4.6. The Servicer may, in its discretion, waive any late payment charge or any
other fees (other than extension fees or any other fees that represent
interest charges on deferred Scheduled Payments) that may be collected in the
ordinary course of servicing a Receivable. The Servicer shall not agree to any
decrease of the interest rate on any Receivable or reduce the aggregate amount
of the Scheduled Payments due on any Receivable.

         SECTION 4.3. Realization upon Receivables. For the benefit of the
Issuer and the Indenture Trustee, the Servicer shall use reasonable efforts,
consistent with its customary servicing procedures, to repossess or otherwise
convert the ownership of the Financed Equipment securing any Receivable as to
which the Servicer shall have determined eventual payment in full is unlikely.
The Servicer shall follow such customary and usual practices and procedures as
it shall deem necessary or advisable in its servicing of equipment
receivables, which may include reasonable efforts to realize upon any recourse
to Dealers and selling the Financed Equipment at public or private sale. The
foregoing shall be subject to the provision that, in any case in which the
Financed Equipment shall have suffered damage, the Servicer shall not expend
funds in connection with the repair or the repossession of such Financed
Equipment unless it shall determine in its discretion that such repair and/or
repossession will increase the Liquidation Proceeds by an amount greater than
the amount of such expenses.

                                      11
<PAGE>

         SECTION 4.4. Maintenance of Security Interests in Financed Equipment.
The Servicer shall, in accordance with its customary servicing procedures,
take such steps as are necessary to maintain perfection of the security
interest created by each Receivable in the related Financed Equipment. The
Servicer is hereby authorized to take such steps as are necessary to
re-perfect such security interest for the benefit of the Issuer and the
Indenture Trustee in the event of the relocation of any Financed Equipment,
any change to the UCC or for any other reason.

         SECTION 4.5. Covenants of Servicer. The Servicer shall not release
the Financed Equipment securing any Receivable from the security interest
granted by such Receivable in whole or in part except in the event of payment
in full by the Obligor thereunder or repossession, nor shall the Servicer
impair the rights of the Issuer, the Indenture Trustee, the Certificateholders
or the Noteholders in such Receivables. The Servicer shall, in accordance with
its customary servicing procedures, require that each Obligor shall have
obtained physical damage insurance covering the Financed Equipment as of the
execution of the Receivable.

         SECTION 4.6. Purchase of Receivables upon Breach. The Servicer or the
Trustee shall inform the other party, the Indenture Trustee, the Seller and
Case Credit promptly, in writing, upon the discovery of any breach pursuant to
Section 4.2, 4.4 or 4.5. Unless the breach shall have been cured by the last
day of the Collection Period in which such breach is discovered, the Servicer
shall purchase any Receivable materially and adversely affected by such breach
as of such last day. If the Servicer takes any action during any Collection
Period pursuant to Section 4.2 that impairs the rights of the Issuer, the
Indenture Trustee, the Certificateholders or the Noteholders in any Receivable
or as otherwise provided in Section 4.2, the Servicer shall purchase such
Receivable as of the last day of such Collection Period. As consideration for
the purchase of any such Receivable pursuant to either of the two preceding
sentences, the Servicer shall remit the Purchase Amount in the manner
specified in Section 5.4. Subject to Section 7.2, the sole remedy of the
Issuer, the Trustee, the Indenture Trustee, the Certificateholders or the
Noteholders with respect to a breach pursuant to Section 4.2, 4.4 or 4.5 shall
be to require the Servicer to purchase Receivables pursuant to this Section.
The Trustee shall have no duty to conduct any affirmative investigation as to
the occurrence of any condition requiring the purchase of any Receivable
pursuant to this Section.

         SECTION 4.7. Servicing Fee. The Servicing Fee for each Collection
Period shall be equal to 1/12th of 1.00% of the Pool Balance as of the first
day of such Collection Period.

         SECTION 4.8. Servicer's Certificate. On each Determination Date the
Servicer shall deliver to the Trustee, the Indenture Trustee and the Seller,
with a copy to the Rating Agencies, a Servicer's Certificate containing all
information necessary to make the distributions pursuant to Sections 5.5 and
5.6 and the deposits to the Collection Account pursuant to Section 5.2 for the
Collection Period preceding the date of such Servicer's Certificate.
Receivables to be repurchased by the Seller or purchased by the Servicer shall
be identified by the Servicer by account number with respect to such

                                      12
<PAGE>

Receivable (as specified in the schedule of Receivables delivered on the
Closing Date or attached to the applicable Subsequent Transfer Assignment).

         SECTION 4.9. Annual Statement as to Compliance; Notice of Default.
(a) The Servicer shall deliver to the Trustee and the Indenture Trustee, on or
before April 30th of each year, an Officers' Certificate, dated as of December
31 of the preceding year, stating that: (i) a review of the activities of the
Servicer during the preceding 12-month period (or, in the case of the first
such certificate, from the Initial Cutoff Date to December 31, 2003) and of
its performance under this Agreement has been made under such officers'
supervision and (ii) to the best of such officers' knowledge, based on such
review, the Servicer has fulfilled all its obligations under this Agreement
throughout such year or, if there has been a default in the fulfillment of any
such obligation, specifying each such default known to such officers and the
nature and status thereof. The Indenture Trustee shall send a copy of such
Certificate and the report referred to in Section 4.10 to the Rating Agencies.
A copy of such Certificate and report may be obtained by any Certificateholder
or Noteholder by a request in writing to the Trustee addressed to the
Corporate Trust Office. Upon the written request of the Trustee, the Indenture
Trustee will promptly furnish the Trustee a list of Noteholders as of the date
specified by the Trustee.

         (b) The Servicer shall deliver to the Trustee, the Indenture Trustee,
each Counterparty and the Rating Agencies, promptly after having obtained
knowledge thereof, but in no event later than five Business Days thereafter,
written notice in an Officers' Certificate of any event that, with the giving
of notice or lapse of time, or both, would become a Servicer Default under
Section 8.1(a) or (b).

         SECTION 4.10. Annual Independent Certified Public Accountants'
Report. The Servicer shall cause a firm of independent certified public
accountants, which may also render other services to the Servicer, the Seller
or any other Affiliate of CNH Global, to deliver to the Trustee and the
Indenture Trustee on or before April 30 of each year a report, addressed to
the Board of Directors of the Servicer, the Trustee and the Indenture Trustee,
summarizing the results of certain procedures with respect to certain
documents and records relating to the servicing of the Receivables during the
preceding calendar year (or, in the case of the first such report, during the
period from the Initial Cutoff Date to December 31, 2003). The procedures to
be performed and reported upon by the independent public accountants shall be
those agreed to by the Servicer.

         In the event that such firm requires the Indenture Trustee to agree
to the procedures performed by such firm, the Servicer shall direct the
Indenture Trustee in writing to so agree; it being understood and agreed that
the Indenture Trustee will deliver such letter of agreement in conclusive
reliance upon the direction of the Servicer and the Indenture Trustee makes no
independent inquiry or investigation as to, and shall have no obligation or
liability in respect of, the sufficiency, validity or correctness of such
procedures.

                                      13
<PAGE>

         Such report will also indicate that the firm is independent of the
Servicer within the meaning of the Code of Professional Ethics of the American
Institute of Certified Public Accountants.

         SECTION 4.11. Access to Certain Documentation and Information
Regarding Receivables. The Servicer shall provide to the Trustee and the
Indenture Trustee access to the Receivable Files in such cases where the
Trustee or the Indenture Trustee shall be required by applicable statutes or
regulations to review such documentation. Access shall be afforded without
charge, but only upon reasonable request and during the normal business hours
at the respective offices of the Servicer (or, in the case of the NH
Receivables, NH Credit). Provided, however, at any time upon written request
of the Indenture Trustee, the Servicer will provide (within 10 days of receipt
of such request) an electronic data file containing all relevant loan level
information on each Receivable necessary for a replacement servicer to assume
servicing responsibilities, including current mailing address and telephone
number, current balance, payment schedule and past due status of each obligor
(such request not to be made more frequently than one per month). Nothing in
this Section shall affect the obligation of the Servicer to observe any
applicable law prohibiting disclosure of information regarding the Obligors,
and the failure of the Servicer to provide access to information as a result
of such obligation shall not constitute a breach of this Section.

         SECTION 4.12. Servicer Expenses. The Servicer shall be required to
pay all expenses incurred by it in connection with its activities hereunder,
including fees and disbursements of independent accountants, taxes imposed on
the Servicer and expenses incurred in connection with distributions and
reports to Certificateholders and the Noteholders. All reasonable costs and
expenses (including attorneys' fees) incurred in connection with the
engagement of a Backup Servicer, including any engagement fees, travel
expenses or due diligence costs (such fees, expenses and costs, the "Backup
Servicer Expenses") shall be paid from funds available in the Backup Servicer
Account upon presentation of reasonable documentation to the Servicer.
Distributions of Backup Servicer Expenses shall be made in accordance with
Section 5.13. To the extent that any Backup Servicer Expenses exceed the
amount on deposit in the Backup Servicer Account (any such shortfall, a
"Backup Servicer Account Shortfall Amount"), the Servicer agrees, within
thirty days of demand thereof, to deliver to the Indenture Trustee for deposit
in the Backup Servicer Account, such Backup Servicer Account Shortfall Amount.

         SECTION 4.13. Appointment of Subservicer. The Servicer may at any
time appoint a subservicer to perform all or any portion of its obligations as
Servicer hereunder; provided, however, that the Rating Agency Condition shall
have been satisfied in connection therewith (other than with respect to the
appointment of NH Credit, as subservicer, with respect to the NH Receivables);
and provided further, that the Servicer shall remain obligated and be liable
to the Issuer, the Trustee, the Indenture Trustee, the Certificateholders and
the Noteholders for the servicing and administering of the Receivables in
accordance with the provisions hereof without diminution of such obligation
and liability by virtue of the appointment of such subservicer and to the same
extent and under the same terms and conditions as if the Servicer alone were

                                      14
<PAGE>

servicing and administering the Receivables. The fees and expenses of the
subservicer shall be as agreed between the Servicer and its subservicer from
time to time and none of the Issuer, the Trustee, the Indenture Trustee, the
Certificateholders or the Noteholders shall have any responsibility therefor.

                                   ARTICLE V
                        Distributions: Spread Account;
               Statements to Certificateholders and Noteholders

         SECTION 5.1. Establishment of Trust Accounts and the Backup Servicer
Account. (a) (i) The Servicer, for the benefit of the Noteholders, each
Counterparty and the Certificateholders, shall establish and maintain in the
name of the Indenture Trustee an Eligible Deposit Account (the "Collection
Account"), bearing a designation clearly indicating that the funds deposited
therein are held for the benefit of the Noteholders, each Counterparty and the
Certificateholders.

                  (ii) The Servicer, for the benefit of the Noteholders and
         each Counterparty, shall establish and maintain in the name of the
         Indenture Trustee an Eligible Deposit Account (the "Note Distribution
         Account"), bearing a designation clearly indicating that the funds
         deposited therein are held for the benefit of the Noteholders.

                  (iii) The Servicer, for the benefit of the Noteholders and
         each Counterparty, shall establish and maintain in the name of the
         Indenture Trustee an Eligible Deposit Account (the "Spread Account"),
         bearing a designation clearly indicating that the funds deposited
         therein are held for the benefit of the Noteholders.

                  (iv) The Servicer, for the benefit of the Noteholders, each
         Counterparty and the Certificateholders, shall establish and maintain
         in the name of the Indenture Trustee an Eligible Deposit Account (the
         "Pre-Funding Account"), bearing a designation clearly indicating that
         the funds deposited therein are held for the benefit of the
         Noteholders and the Certificateholders; provided, however that the
         Servicer shall not be required to establish such account so long as
         no amount greater than $0.00 shall be required to be deposited into
         such account pursuant to this Agreement or any other Basic Document.

                  (v) The Servicer, for the benefit of the Noteholders, each
         Counterparty and the Certificateholders, shall establish and maintain
         in the name of the Indenture Trustee an Eligible Deposit Account (the
         "Negative Carry Account"), bearing a designation clearly indicating
         that the funds deposited therein are held for the benefit of the
         Noteholders and the Certificateholders; provided, however that the
         Servicer shall not be required to establish such account so long as

                                      15
<PAGE>

         no amount greater than $0.00 shall be required to be deposited into
         such account pursuant to this Agreement or any other Basic Document.

                  (vi) The Servicer, for the benefit of the Noteholders, each
         Counterparty and the Certificateholders, shall establish and maintain
         in the name of the Indenture Trustee an Eligible Deposit Account (the
         "Principal Supplement Account"), bearing a designation clearly
         indicating that the funds deposited therein are held for the benefit
         of the Noteholders and the Certificateholders; provided, however that
         the Servicer shall not be required to establish such account so long
         as no amount greater than $0.00 shall be required to be deposited
         into such account pursuant to this Agreement or any other Basic
         Document.

                  (vii) The Servicer on behalf of the Seller, for the benefit
         of the Indenture Trustee on behalf of the Noteholders, shall
         establish and maintain in the name of the Seller, an Eligible Deposit
         Account (the "Backup Servicer Account"), bearing a designation
         clearly indicating that the funds deposited therein are held for the
         benefit of the Indenture Trustee on behalf of the Noteholders,
         provided, however that the Servicer shall not be required to maintain
         such account so long as no amount greater than $0.00 shall be
         required to be held on deposit in such account pursuant to this
         Agreement or any other Basic Document. The Backup Servicer Account
         shall not be a "Trust Account" (as hereinafter defined) and shall be
         not constitute part of the Trust Estate. Except as provided in
         Section 5.13, the only permitted withdrawal from or application of
         funds on deposit in, or otherwise standing to the credit of, the
         Backup Servicer Account shall be for application to Backup Servicer
         Expenses.

         (b) Funds on deposit in the Collection Account, the Note Distribution
Account, the Spread Account, the Pre-Funding Account, the Negative Carry
Account and the Principal Supplement Account, (collectively, the "Trust
Accounts") and the Backup Servicer Account shall be invested or reinvested by
the Indenture Trustee in Eligible Investments selected by and as directed in
writing by the Servicer (which written direction may be in the form of
standing instructions); provided, however, it is understood and agreed that
the Indenture Trustee shall not be liable for the selection of, or any loss
arising from such investment in, Eligible Investments. All such Eligible
Investments shall be held or controlled by the Indenture Trustee for the
benefit of the Noteholders, the Counterparties and the Certificateholders or
the Noteholders and the Counterparties, as applicable (and for the purposes of
Articles 8 and 9 of the UCC, each Eligible Investment is intended to
constitute a Financial Asset, and each of the Trust Accounts and the Backup
Servicer Account is intended to constitute a Securities Account); provided,
that on each Transfer Date, all Investment Earnings on funds on deposit in the
Trust Accounts shall be deposited into the Collection Account and shall be
deemed to constitute a portion of the Total Distribution Amount. Other than as
permitted by the Rating Agencies, funds on deposit in the Trust Accounts and
the Backup Servicer Account shall be invested in Eligible Investments that
will mature so that such funds will be available at the close of business on
the Transfer Date preceding the following Payment Date; provided, however,
that funds on deposit in Trust Accounts and the Backup Servicer Account may be

                                      16
<PAGE>

invested in Eligible Investments of the entity serving as Indenture Trustee
payable on demand or that mature so that such funds will be available on the
Payment Date. Funds deposited in a Trust Account or the Backup Servicer
Account on the Transfer Date that precedes a Payment Date upon the maturity or
liquidation of any Eligible Investments are not required to be invested
overnight.

         (c) (i) The Indenture Trustee shall possess or control all right,
title and interest in all funds on deposit from time to time in the Trust
Accounts and in all proceeds thereof (including all income thereon) and all
such funds, investments, proceeds and income shall be part of the Trust
Estate. The Trust Accounts shall be under the sole dominion and control of the
Indenture Trustee for the benefit of the Noteholders, the Counterparties and
the Certificateholders or the Noteholders and the Counterparties, as the case
may be. The Indenture Trustee shall possess or control all right, title and
interest in all funds on deposit from time to time in the Backup Servicer
Account and in all proceeds thereof (including all income thereon). The Backup
Servicer Account shall be under the sole dominion and control of the Indenture
Trustee for the benefit of the Noteholders. If, at any time, any of the Trust
Accounts or the Backup Servicer Account ceases to be an Eligible Deposit
Account, the Indenture Trustee (or the Servicer on its behalf) shall within 10
Business Days (or such longer period, not to exceed 30 calendar days, as to
which each Rating Agency may consent) establish a new Trust Account or new
Backup Servicer Account, as the case may be, as an Eligible Deposit Account
and shall transfer any cash and/or any investments held in the no-longer
Eligible Deposit Account to such new Trust Account or new Backup Servicer
Account, as the case may be.

                  (ii) With respect to the Trust Account Property or Backup
         Servicer Account Property, the Indenture Trustee agrees, by its
         acceptance hereof, that:

                           (A) any Trust Account Property or Backup Servicer
                  Account Property that is held in deposit accounts shall be
                  held solely in Eligible Deposit Accounts, subject to the
                  last sentence of Section 5.1(c)(i); and each such Eligible
                  Deposit Account shall be subject to the exclusive custody
                  and control of the Indenture Trustee, and the Indenture
                  Trustee shall have sole signature authority with respect
                  thereto;

                           (B) any Trust Account Property or Backup Servicer
                  Account Property that constitutes a Certificated Security
                  shall be delivered to the Indenture Trustee in accordance
                  with paragraph (i) of the definition of "Delivery" and shall
                  be held, pending maturity or disposition, solely by the
                  Indenture Trustee or its agent;

                           (C) any such Trust Account Property or Backup
                  Servicer Account Property that constitutes an Uncertificated
                  Security (including any investments in money market mutual

                                      17
<PAGE>

                  funds, but excluding any Federal Book Entry Security) shall
                  be delivered to the Indenture Trustee in accordance with
                  paragraph (ii) of the definition of "Delivery" and shall be
                  maintained, pending maturity or disposition, through
                  continued registration of the Indenture Trustee's (or its
                  custodian or nominee's) ownership of such security; and

                           (D) with respect to any Trust Account Property or
                  Backup Servicer Account Property that constitutes a Federal
                  Book Entry Security, the Indenture Trustee shall maintain
                  and obtain Control over such property.

                  (iii) The Servicer shall have the power, revocable by the
         Indenture Trustee or by the Trustee, with the consent of the
         Indenture Trustee, to instruct the Indenture Trustee to make
         withdrawals and payments from the Trust Accounts and the Backup
         Servicer Account for the purpose of permitting the Servicer or the
         Trustee to carry out its respective duties hereunder or permitting
         the Indenture Trustee to carry out its duties under the Indenture.

         (d) All Trust Accounts as well as the Backup Servicer Account will
initially be established at the Indenture Trustee.

         SECTION 5.2. Interest Rate Swap Agreements. (a) The Issuer shall on
or prior to the Closing Date enter into the Interest Rate Swap Agreements with
the Counterparties for the benefit of the Noteholders and Certificateholders,
such that the aggregate notional amount under the Interest Rate Swap
Agreements shall, at any time, be equal to the Outstanding Amount of the Class
A-3a and Class A-4a Notes at such time. Net Swap Receipts shall be deposited
by the Indenture Trustee into the Collection Account on the day received and
shall constitute part of the Total Distribution Amount. On any Payment Date
when there shall be a Net Swap Payment, the Indenture Trustee shall pay such
Net Swap Payment from the Total Distribution Amount.

         (b) Each Interest Rate Swap Agreement shall be in substantially the
same form as the Interest Rate Swap Agreement attached hereto as Exhibit G.

         (c) The Servicer, when required under any Interest Rate Swap
Agreement, shall cause the Issuer to enter into a replacement Interest Rate
Swap Agreement.

         SECTION 5.3. Collections. The Servicer shall, and shall cause any
subservicer to, remit within two Business Days of receipt thereof to the
Collection Account all payments by or on behalf of the Obligors with respect
to the Receivables, and all Liquidation Proceeds, both as collected during the
Collection Period. Notwithstanding the foregoing, for so long as: (i) Case
Credit remains the Servicer, (ii) no Servicer Default shall have occurred and
be continuing and (iii) prior to ceasing daily remittances, the Rating Agency
Condition shall have been satisfied (and any conditions or limitations imposed
by the Rating Agencies in connection therewith are complied with), the
Servicer shall remit such collections with respect to the related Collection

                                      18
<PAGE>

Period to the Collection Account on the Transfer Date immediately following
the end of such Collection Period. For purposes of this Article V, the phrase
"payments by or on behalf of the Obligors" shall mean payments made with
respect to the Receivables by Persons other than the Servicer or the Seller.

         SECTION 5.4. Application of Collections. (a) With respect to each
Receivable, all collections for the Collection Period shall be applied to the
related Scheduled Payment.

         (b) All Liquidation Proceeds shall be applied to the related
Receivable.

         SECTION 5.5. Additional Deposits. The Servicer and the Seller shall
deposit or cause to be deposited in the Collection Account the aggregate
Purchase Amount with respect to Purchased Receivables on the Transfer Date
related to the Collection Period on the last day of which the purchase occurs,
and the Servicer shall deposit therein all amounts to be paid under Section
9.1 on the Transfer Date falling in the Collection Period referred to in
Section 9.1. The Servicer shall deposit the aggregate Purchase Amount with
respect to Purchased Receivables when such obligations are due, unless the
Servicer shall not be required to make daily deposits pursuant to Section 5.2,
in which case such deposits shall be made on the Transfer Date following the
related Collection Period.

         SECTION 5.6. Distributions. (a) On each Determination Date, the
Servicer shall calculate all amounts required to determine the amounts to be
deposited in the Note Distribution Account, the Certificate Distribution
Account and the Spread Account.

         (b) On each Payment Date, the Servicer shall instruct the Indenture
Trustee (based on the information contained in the Servicer's Certificate
delivered on the related Determination Date pursuant to Section 4.8) to make
from the Collection Account the following deposits and distributions for
receipt by the Servicer or deposit in the applicable Trust Account or
Certificate Distribution Account, as applicable, by 10:00 a.m. (New York
time), to the extent of the Total Distribution Amount, in the following order
of priority:

                  (i) to the Servicer, the Servicing Fee and all unpaid
         Servicing Fees from prior Collection Periods;

                  (ii) to the Administrator, the Administration Fee and all
         unpaid Administration Fees from prior Collection Periods;

                  (iii) to the Note Distribution Account, the Net Swap
         Payments (including interest on any overdue Net Swap Payments), if
         any;

                  (iv) to the Note Distribution Account, the Class Interest
         Amount for each Class of Class A Notes and the Class A Swap
         Termination Payments payable by the Issuer, if any;

                                      19
<PAGE>

                  (v) to the Note Distribution Account, the Class Interest
         Amount for the Class B Notes;

                  (vi) to the Note Distribution Account, the Class Principal
         Distributable Amount for each Class of Class A Notes;

                  (vii) to the Note Distribution Account, the Class B
         Noteholders' Monthly Principal Distributable Amount;

                  (viii) to the Spread Account to the extent necessary so that
         the balance on deposit therein will equal the Specified Spread
         Account Balance;

                  (ix) to the Certificate Distribution Account, the
         Certificateholders' Interest Distributable Amount;

                  (x) to the Certificate Distribution Account, the
         Certificateholders' Monthly Principal Distributable Amount; and

                  (xi) to the Seller, the remaining Total Distribution Amount;

         (c) On the A-1 Note Final Scheduled Maturity Date, the Servicer shall
instruct the Indenture Trustee to deposit from the Collection Account into the
Note Distribution Account by 10:00 a.m. (New York time), to the extent of
available funds on such day, an amount equal to the sum of (i) the aggregate
accrued and unpaid interest on the Class A-1 Notes as of the A-1 Note Final
Scheduled Maturity Date, and (ii) the amount necessary to reduce the
outstanding principal amount of the Class A-1 Notes to zero.

         It is understood and agreed that, with respect to the amounts to be
distributed pursuant to this Section 5.6(c), the Servicer shall, to the extent
necessary (i) deposit into the Collection Account any amounts received as
payments by or on behalf of any Obligor (and not previously deposited into the
Collection Account) on or prior to the A-1 Note Final Scheduled Maturity Date,
(ii) make each calculation that would otherwise be made on a Determination
Date (with appropriate adjustments) in accordance with Section 4.8 on the
Business Day immediately proceeding the A-1 Note Final Scheduled Maturity
Date, (iii) on the Payment Date immediately succeeding the A-1 Note Final
Scheduled Maturity Date, make any adjustments to the Class Principal
Distributable Amount, the Class Interest Amount and any other amount to be
paid on such Payment Date, and (iv) make any other calculation, adjustment or
correction that may be required as a result of any payment made on the A-1
Note Final Scheduled Maturity Date.

         SECTION 5.7. Spread Account. (a) On the Closing Date and on each
Subsequent Transfer Date, the Seller shall deposit the applicable Spread
Account Initial Deposit into the Spread Account.

                                      20
<PAGE>

         (b) If the amount on deposit in the Spread Account on any Payment
Date (after giving effect to all deposits or withdrawals therefrom on such
Payment Date) is greater than the Specified Spread Account Balance for such
Payment Date, the Servicer shall instruct the Indenture Trustee to distribute
the amount of the excess to the Seller (and its transferees and assignees in
accordance with their respective interests); provided, that if, after giving
effect to all payments made on the Notes on such Payment Date, the sum of the
Pool Balance and the Pre-Funded Amount as of the first day of the Collection
Period in which such Payment Date occurs is less than the sum of the Note
Balance and the Certificate Balance, such excess shall not be distributed to
the Seller (or such transferees or assignees) and shall be retained in the
Spread Account for application in accordance with this Agreement. Amounts
properly distributed pursuant to this Section 5.7(b) shall be deemed released
from the Trust and the security interest therein granted to the Indenture
Trustee, and the Seller (and such transferees and assignees) shall in no event
thereafter be required to refund any such distributed amounts.

         (c) Following: (i) the payment in full of the aggregate Outstanding
Amount of the Notes and of all other amounts owing or to be distributed
hereunder or under the Indenture to the Noteholders, the Trustee and the
Indenture Trustee and (ii) the termination of the Trust, any amount remaining
on deposit in the Spread Account shall be distributed to the Seller or any
transferee or assignee pursuant to clause (g). The Seller (and such
transferees and assignees) shall in no event be required to refund any amounts
properly distributed pursuant to this Section 5.6(c).

         (d) In the event that the sum of (x) the Noteholders' Distributable
Amount for a Payment Date, (y) the Net Swap Payments (including interest on
any overdue Net Swap Payments) for a Payment Date, if any, and (z) the Swap
Termination Payments payable by the Issuer, if any, exceeds the amount
deposited into the Note Distribution Account pursuant to Sections 5.6(b)(iii),
(iv), (v) (vi) and (vii) on such Payment Date, the Servicer shall instruct the
Indenture Trustee on such Payment Date to withdraw from the Spread Account on
such Payment Date an amount equal to such excess, to the extent of funds
available therein, and deposit such amount into the Note Distribution Account.

         (e) The Seller may at any time, without consent of the Noteholders,
sell, transfer, convey or assign in any manner its rights to and interests in
distributions from the Spread Account, including interest and other investment
earnings thereon; provided, that the Rating Agency Condition is satisfied.

         SECTION 5.8. Pre-Funding Account. (a) Subject to the proviso set
forth in Section 5.1(a)(iv), on the Closing Date, the Trustee will deposit, on
behalf of the Seller, in the Pre-Funding Account $385,142,899.54 from the net
proceeds of the sale of the Notes and the Certificates. On each Subsequent
Transfer Date, the Servicer shall instruct the Indenture Trustee to withdraw
from the Pre-Funding Account an amount equal to: (i) the aggregate Contract
Value of the Subsequent Receivables transferred to the Issuer on such
Subsequent Transfer Date less the amounts described in clause (ii) and clause
(iii) below, and distribute such amount to or upon the order of the Seller

                                      21
<PAGE>

upon satisfaction of the conditions set forth in Section 2.2(b) with respect
to such transfer, (ii) the Spread Account Initial Deposit for such Subsequent
Transfer Date and, on behalf of the Seller, deposit such amount in the Spread
Account and (iii) the Principal Supplement Account Deposit for such Subsequent
Transfer Date, and, on behalf of the Seller, deposit such amount in the
Principal Supplement Account.

         (b) If: (i) the Pre-Funded Amount has not been reduced to zero on the
Payment Date on which the Funding Period ends (or, if the Funding Period does
not end on a Payment Date, on the first Payment Date following the end of the
Funding Period) or (ii) the Pre-Funded Amount has been reduced to $200,000 or
less on any Determination Date, in either case after giving effect to any
reductions in the Pre-Funded Amount on such date pursuant to paragraph (a),
the Servicer shall instruct the Indenture Trustee to withdraw from the
Pre-Funding Account, in the case of clause (i), on such Payment Date or, in
the case of clause (ii), on the Payment Date immediately succeeding such
Determination Date, the amount remaining at the time in the Pre-Funding
Account (such remaining amount being the "Remaining Pre-Funded Amount") and
deposit such amounts in the Collection Account, for inclusion in the Total
Distribution Amount for that Payment Date.

         SECTION 5.9. Negative Carry Account. Subject to the proviso set forth
in Section 5.1(a)(v), on the Closing Date, the Seller shall deposit the
Negative Carry Account Initial Deposit into the Negative Carry Account. On
each Payment Date, the Servicer will instruct the Indenture Trustee to
withdraw from the Negative Carry Account and deposit into the Collection
Account an amount equal to the Negative Carry Amount for such Collection
Period. If the amount on deposit in the Negative Carry Account on any Payment
Date (after giving effect to the withdrawal therefrom of the Negative Carry
Amount for such Payment Date) is greater than the Required Negative Carry
Account Balance, the excess will be released to the Seller.

         SECTION 5.10. Principal Supplement Account. On each Subsequent
Transfer Date the Servicer shall calculate the amount, if any, of the
Principal Supplement Account Deposit applicable to such Subsequent Transfer
Date, and, if such amount is positive, the Seller shall deposit such amount
into the Principal Supplement Account (subject to the proviso set forth in
Section 5.1(a)(vi)). In the event that the sum of (x) the Noteholders'
Distributable Amount for a Payment Date, (y) the Net Swap Payments (including
interest on any overdue Net Swap Payments) for a Payment Date, if any, and (z)
the Swap Termination Payments payable by the Issuer, if any, exceeds the
amount deposited into the Note Distribution Account pursuant to Sections
5.6(b)(iii), (iv), (v), (vi) and (vii) on such Payment Date and Section 5.7(d)
on such Payment Date, the Servicer shall instruct the Indenture Trustee on
such Payment Date to withdraw from the Principal Supplement Account on such
Payment Date an amount equal to such excess, to the extent of funds available
therein, and deposit such amount into the Note Distribution Account. In the
event that the Class Principal Distributable Amount for any Class of Notes for
the applicable final scheduled maturity date for such Class of Notes exceeds
the remainder of the Total Distribution Amount and the amounts available in
the Spread Account pursuant to Section 5.7(e) for that Payment Date after

                                      22
<PAGE>

subtracting the Class Principal Distributable Amount for each Class of Notes
having priority over such Class of Notes, the Servicer shall instruct the
Indenture Trustee on such Payment Date to withdraw from the Principal
Supplement Account on such Payment Date an amount equal to such excess, to the
extent of funds available therein, and deposit such amount into the Note
Distribution Account. Funds on deposit in the Principal Supplement Account may
be withdrawn and paid to the Seller on any day if each Rating Agency has
confirmed that such action will not result in a withdrawal or downgrade of its
rating of any Class of Notes.

         SECTION 5.11. Statements to Certificateholders and Noteholders. (a)
On each Determination Date the Servicer shall provide to the Indenture Trustee
(with a copy to the Rating Agencies), for the Indenture Trustee to make
available to each Noteholder of record, and to the Trustee, for the Trustee to
forward to each Certificateholder of record, a statement substantially in the
form of Exhibits A and B, respectively, setting forth at least the following
information as to each Class of the Notes and the Certificates to the extent
applicable:

                  (i) the amount of such distribution allocable to principal
         of each Class of Notes;

                  (ii) the amount of the distribution allocable to interest of
         each Class of Notes;

                  (iii) the amount of the distribution allocable to principal
         of the Certificates;

                  (iv) the amount of the distribution allocable to interest on
         the Certificates;

                  (v) the Pool Balance as of the close of business on the last
         day of the preceding Collection Period;

                  (vi) the aggregate Outstanding Amount and the Note Pool
         Factor for each Class of Notes, and the Certificate Balance and the
         Certificate Pool Factor as of such Payment Date, after giving effect
         to payments allocated to principal reported under clauses (i) and
         (iii) above;

                  (vii) the amount of the Servicing Fee paid to the Servicer
         with respect to the preceding Collection Period;

                  (viii) the amount of the Administration Fee paid to the
         Administrator in respect of the preceding Collection Period;

                  (ix) the amount of the aggregate Realized Losses, if any,
         for such Collection Period;

                                      23
<PAGE>

                  (x) the aggregate Purchase Amounts for Receivables, if any,
         that were repurchased or purchased in such Collection Period;

                  (xi) the balance of the Spread Account on such Payment Date,
         after giving effect to changes therein on such Payment Date;

                  (xii) for Payment Dates during the Funding Period, the
         remaining Pre-Funded Amount;

                  (xiii) for the final Payment Date with respect to the
         Funding Period, the amount of any remaining Pre-Funded Amount that
         has not been used to fund the purchase of Subsequent Receivables;

                  (xiv) the balance of the Principal Supplement Account on
         such Payment Date, after giving effect to changes therein on such
         Payment Date;

                  (xv) the balance of the Negative Carry Account on such
         Payment Date, after giving effect to changes therein on such Payment
         Date;

                  (xvi) the amount of Net Swap Payments or Net Swap Receipts
         for such Payment Date, and

                  (xvii) the amount of Swap Termination Payments paid by the
         Issuer on such Payment Date.

         Each amount set forth pursuant to clauses (i), (ii), (iii), (iv),
(vii) and (viii) shall be expressed as a dollar amount per $1,000 of original
principal balance of a Certificate or Note, as applicable.

         The Indenture Trustee will make the Statement to Noteholders
available each month to Noteholders and other parties to the Basic Documents
via the Indenture Trustee's internet website, which is presently located at
www.jpmorgan.com/absmbs

         Persons who are unable to use the above website are entitled to have
a paper copy mailed to them via first class mail by calling the Indenture
Trustee at 1-877-722-1095. The Indenture Trustee shall have the right to
change the way the Statement to Noteholders is distributed in order to make
such distribution more convenient and/or more accessible to the above parties
and to the Noteholders. The Indenture Trustee shall provide timely and
adequate notification to all above parties and to the Noteholders regarding
any such change.

         In connection with any electronic transmissions of information,
including without limitation, the use of electronic mail or internet or
intranet web sites, the systems used in such transmissions are not fully

                                      24
<PAGE>

tested by the Indenture Trustee and may not be completely reliable as to
stability, robustness and accuracy. Accordingly, the parties hereto
acknowledge and agree that information electronically transmitted as described
herein may not be relied upon as timely, accurate or complete and that the
Indenture Trustee shall have no liability hereunder in connection with such
information transmitted electronically. The parties hereto further acknowledge
that any systems, software or hardware utilized in posting or retrieving any
such information is utilized on an "as is" basis without representation or
warranty as to the intended uses of such systems, software or hardware. The
Indenture Trustee makes no representation or warranty that the systems and the
related software used in connection with the electronic transmission of
information are free and clear of threats known as software and hardware
viruses, time bombs, logic bombs, Trojan horses, worms, or other malicious
computer instructions, intentional devices or techniques which may cause a
component or system to become erased, damaged, inoperable, or otherwise
incapable of being used in the manner to which it is intended, or which would
permit unauthorized access thereto.

         SECTION 5.12. Net Deposits. As an administrative convenience, unless
the Servicer is required to remit collections daily, the Servicer will be
permitted to make the deposit of collections net of distributions, if any, to
be made to the Servicer with respect to the Collection Period. The Servicer,
however, will account to the Trustee, the Indenture Trustee, the Noteholders
and the Certificateholders as if all deposits, distributions and transfers
were made individually.

         SECTION 5.13. Backup Servicer Account. On the Closing Date, the
Seller, or the Servicer on its behalf, shall deposit the Backup Servicer
Account Initial Deposit into the Backup Servicer Account. On each Payment Date
to the extent that any Backup Servicer Fees are then due and payable, the
Servicer will instruct the Indenture Trustee in writing to withdraw an amount
equal to such Backup Servicer Fees then due and payable, and distribute such
amount to the Person entitled thereto. If the amount on deposit in the Backup
Servicer Account on any Payment Date (after giving effect to the withdrawal
therefrom for the payment of Backup Servicer Fees for such Payment Date) is
greater than the Backup Servicer Account Required Amount, the excess will be
released to the Seller. The Seller (and any of its transferees and assignees)
shall in no event be required to refund any amounts properly distributed to it
pursuant to this Section 5.13.

                                  ARTICLE VI
                                  The Seller

         SECTION 6.1. Representations of Seller. The Seller makes the
following representations on which the Issuer is deemed to have relied in
acquiring the Receivables. The representations speak as of the execution and
delivery of this Agreement and shall survive the sale of the Receivables to
the Issuer and the pledge thereof to the Indenture Trustee pursuant to the
Indenture.

                                      25
<PAGE>

                  (a) Organization and Good Standing. The Seller is duly
         organized and validly existing as a corporation in good standing
         under the laws of the State of Delaware, with the corporate 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 corporate
         power, authority and legal right to acquire, own and sell the
         Receivables.

                  (b) Due Qualification. The Seller 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 Seller has the power and
         authority to execute and deliver this Agreement and to carry out its
         terms; the Seller has full power and authority to sell and assign the
         property to be sold and assigned to and deposited with the Issuer and
         has duly authorized such sale and assignment to the Issuer by all
         necessary corporate action; and the execution, delivery and
         performance of this Agreement have been, and the execution, delivery
         and performance of each Subsequent Transfer Assignment have been or
         will be on or before the related Subsequent Transfer Date, duly
         authorized by the Seller by all necessary corporate action.

                  (d) Binding Obligation. This Agreement constitutes, and each
         Subsequent Transfer Assignment when executed and delivered by the
         Seller will constitute, a legal, valid and binding obligation of the
         Seller enforceable in accordance with their 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 Seller, or any indenture, agreement or other instrument to which
         the Seller is a party or by which it shall be 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 Basic Documents); or violate any law or,
         to the best of the Seller's knowledge, any order, rule or regulation
         applicable to the Seller of any court or of any Federal or state
         regulatory body, administrative agency or other governmental
         instrumentality having jurisdiction over the Seller or its
         properties.

                  (f) No Proceedings. There are no proceedings or
         investigations pending or, to the Seller's best knowledge,
         threatened, before any court, regulatory body, administrative agency
         or other governmental instrumentality having jurisdiction over the
         Seller or its properties: (i) asserting the invalidity of this
         Agreement, the Indenture or any of the other Basic Documents, the

                                      26
<PAGE>

         Notes or the Certificates, (ii) seeking to prevent the issuance of
         the Notes or the Certificates or the consummation of any of the
         transactions contemplated by this Agreement, the Indenture or any of
         the other Basic Documents, (iii) seeking any determination or ruling
         that could reasonably be expected to materially and adversely affect
         the performance by the Seller of its obligations under, or the
         validity or enforceability of, this Agreement, the Indenture, any of
         the other Basic Documents, the Notes or the Certificates or (iv) that
         might adversely affect the Federal or state income tax attributes of
         the Notes or the Certificates.

         SECTION 6.2. Corporate Existence. (a) During the term of this
Agreement, the Seller will keep in full force and effect its existence, rights
and franchises as a corporation under the laws of the jurisdiction of its
incorporation and will obtain and preserve its qualification to do business in
each jurisdiction in which such qualification is or shall be necessary to
protect the validity and enforceability of this Agreement, the Basic Documents
and each other instrument or agreement necessary or appropriate to the proper
administration of this Agreement and the transactions contemplated hereby.

         (b) During the term of this Agreement, the Seller shall observe the
applicable legal requirements for the recognition of the Seller as a legal
entity separate and apart from its Affiliates, including as follows:

                  (i) the Seller shall maintain corporate records and books of
         account separate from those of its Affiliates;

                  (ii) except as otherwise provided in this Agreement and
         similar arrangements relating to other securitizations, the Seller
         shall not commingle its assets and funds with those of its
         Affiliates;

                  (iii) the Seller shall hold such appropriate meetings or
         obtain such appropriate consents of its Board of Directors as are
         necessary to authorize all the Seller's corporate actions required by
         law to be authorized by the Board of Directors, shall keep minutes of
         such meetings and of meetings of its stockholder(s) and observe all
         other customary corporate formalities (and any successor Seller not a
         corporation shall observe similar procedures in accordance with its
         governing documents and applicable law);

                  (iv) the Seller shall at all times hold itself out to the
         public under the Seller's own name as a legal entity separate and
         distinct from its Affiliates; and

                  (v) all transactions and dealings between the Seller and its
         Affiliates will be conducted on an arm's-length basis.

         SECTION 6.3. Liability of Seller; Indemnities. The Seller shall be
liable in accordance herewith only to the extent of the obligations
specifically undertaken by the Seller under this Agreement.

                                      27
<PAGE>

                  (a) The Seller shall indemnify, defend and hold harmless the
         Issuer, the Trustee and the Indenture Trustee (and their officers,
         directors, employees and agents) from and against any taxes that may
         at any time be asserted against any of them with respect to the sale
         of the Receivables to the Issuer or the issuance and original sale of
         the Certificates and the Notes, including any sales, gross receipts,
         general corporation, tangible personal property, privilege or license
         taxes (but, in the case of the Issuer, not including any taxes
         asserted with respect to ownership of the Receivables or Federal or
         other income taxes arising out of the transactions contemplated by
         this Agreement) and costs and expenses in defending against the same.

                  (b) The Seller shall indemnify, defend and hold harmless the
         Issuer, the Trustee and the Indenture Trustee (and their officers,
         directors, employees and agents) from and against any loss, liability
         or expense incurred by reason of the Seller's willful misfeasance,
         bad faith or negligence in the performance of its duties under this
         Agreement, or by reason of reckless disregard of its obligations and
         duties under this Agreement.

         Indemnification under this Section shall survive the resignation or
removal of the Trustee or the Indenture Trustee or the termination of this
Agreement and the Indenture and shall include reasonable fees and expenses of
counsel and expenses of litigation. If the Seller shall have made any
indemnity payments pursuant to this Section and the Person to or on behalf of
whom such payments are made thereafter shall collect any of such amounts from
others, such Person shall promptly repay such amounts to the Seller, without
interest.

         SECTION 6.4. Merger or Consolidation of, or Assumption of the
Obligations of, Seller. Any Person: (a) into which the Seller may be merged or
consolidated, (b) that may result from any merger or consolidation to which
the Seller shall be a party or (c) that may succeed to the properties and
assets of the Seller substantially as a whole, which Person (in any of the
foregoing cases) executes an agreement of assumption to perform every
obligation of the Seller under this Agreement (or is deemed by law to have
assumed such obligations), shall be the successor to the Seller hereunder
without the execution or filing of any document or any further act by any of
the parties to this Agreement; provided, however, that: (i) immediately after
giving effect to such transaction, no representation or warranty made pursuant
to Section 3.1 shall have been breached and no Servicer Default, and no event
that, after notice or lapse of time, or both, would become a Servicer Default
shall have occurred and be continuing, (ii) the Seller shall have delivered to
the Trustee and the Indenture Trustee an Officers' Certificate and an Opinion
of Counsel each stating that such consolidation, merger or succession and such
agreement of assumption comply with this Section and that all conditions
precedent, if any, provided for in this Agreement relating to such transaction
have been complied with, (iii) the Rating Agency Condition shall have been
satisfied with respect to such transaction and (iv) the Seller shall have
delivered to the Trustee and the Indenture Trustee an Opinion of Counsel
either: (A) stating that, in the opinion of such counsel, all financing
statements, continuation statements and amendments thereto have been executed
and filed that are necessary fully to preserve and protect the interest of the
Trustee and Indenture Trustee, respectively, in the Receivables and reciting
the details of such filings, or (B) stating that, in the opinion of such

                                      28
<PAGE>

counsel, no such action shall be necessary to preserve and protect such
interests. Notwithstanding anything herein to the contrary, the execution of
the foregoing agreement of assumption and compliance with clauses (i), (ii),
(iii) and (iv) shall be conditions to the consummation of the transactions
referred to in clauses (a), (b) or (c).

         SECTION 6.5. Limitation on Liability of Seller and Others. The Seller
and any director, officer, employee or agent of the Seller may rely in good
faith on the advice of counsel or on any document of any kind prima facie
properly executed and submitted by any Person respecting any matters arising
hereunder. The Seller shall not be under any obligation to appear in,
prosecute or defend any legal action that shall not be incidental to its
obligations under this Agreement, and that in its opinion may involve it in
any expense or liability.

         SECTION 6.6. Seller May Own Certificates or Notes. The Seller and any
Affiliate thereof may in its individual or any other capacity become the owner
or pledgee of Certificates or the Notes with the same rights as it would have
if it were not the Seller or an Affiliate thereof, except as expressly
provided herein or in any other Basic Document.

         Notwithstanding the foregoing, the Seller shall not sell the
Certificates except to an entity (a) that has provided an opinion of counsel
to the effect that such sale will not cause the Trust to be treated as a
"publicly traded partnership" under the Code and (b) that either (i) is not an
Affiliate of the Seller or (ii) is an Affiliate of the Seller that (A) is a
subsidiary of Case Credit or NH Credit, the Certificate of Incorporation of
which contains restrictions substantially similar to the restrictions
contained in the Certificate of Incorporation of the Seller and (B) has
provided an Opinion of Counsel regarding substantive consolidation of such
Affiliate with Case Credit or NH Credit in the event of a bankruptcy filing by
Case Credit or NH Credit, as applicable, which is substantially similar to the
Opinion of Counsel provided by Seller on the Closing Date, and which may be
subject to the same assumptions and qualifications as that opinion.

                                  ARTICLE VII
                                 The Servicer

         SECTION 7.1. Representations of Servicer. The Servicer makes the
following representations on which the Issuer is deemed to have relied in
acquiring the Receivables. The representations speak as of the execution and
delivery of the Agreement and as of the Closing Date, in the case of the
Initial Receivables, and as of the applicable Subsequent Transfer Date, in the
case of the Subsequent Receivables, and shall survive the sale of the
Receivables to the Issuer and the pledge thereof to the Indenture Trustee
pursuant to the Indenture.

                                      29
<PAGE>

                  (a) Organization and Good Standing. The Servicer is duly
         organized and validly existing as a corporation in good standing
         under the laws of the state of its incorporation, with the corporate
         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,
         authority and legal right to acquire, own, sell and service the
         Receivables and to hold the Receivable Files as custodian.

                  (b) Due Qualification. The Servicer 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
         (including the servicing of the Receivables as required by this
         Agreement) shall require such qualifications.

                  (c) Power and Authority. The Servicer has the corporate
         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 Servicer by all
         necessary corporate action.

                  (d) Binding Obligation. This Agreement constitutes a legal,
         valid and binding obligation of the Servicer enforceable against the
         Servicer in accordance with its terms.

                  (e) No Violation. The consummation of the transactions
         contemplated by this Agreement and the fulfillment of the terms
         hereof shall 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 articles of incorporation or
         by-laws of the Servicer, or any indenture, agreement or other
         instrument to which the Servicer is a party or by which it shall be
         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 Servicer's knowledge, any order, rule
         or regulation applicable to the Servicer of any court or of any
         Federal or state regulatory body, administrative agency or other
         governmental instrumentality having jurisdiction over the Servicer or
         its properties.

                  (f) No Proceedings. There are no proceedings or
         investigations pending, or, to the Servicer's best knowledge,
         threatened, before any court, regulatory body, administrative agency
         or other governmental instrumentality having jurisdiction over the
         Servicer or its properties: (i) asserting the invalidity of this
         Agreement, the Indenture, any of the other Basic Documents, the Notes
         or the Certificates, (ii) seeking to prevent the issuance of the
         Notes or the Certificates or the consummation of any of the
         transactions contemplated by this Agreement, the Indenture or any of
         the other Basic Documents, (iii) seeking any determination or ruling
         that could reasonably be expected to materially and adversely affect
         the performance by the Servicer of its obligations under, or the
         validity or enforceability of, this Agreement, the Indenture, any of

                                      30
<PAGE>

         the other Basic Documents, the Notes or the Certificates or (iv)
         relating to the Servicer and that might adversely affect the Federal
         or state income tax attributes of the Notes or the Certificates.

                  (g) No Insolvent Obligors. As of the Initial Cutoff Date or,
         in the case of the Subsequent Receivables, as of the related
         Subsequent Cutoff Date, no Obligor is shown on the Receivable Files
         as the subject of a bankruptcy proceeding.

         SECTION 7.2. Indemnities of Servicer. The Servicer shall be liable in
accordance herewith only to the extent of the obligations specifically
undertaken by the Servicer under this Agreement.

                  (a) The Servicer shall defend, indemnify and hold harmless
         the Issuer, the Trustee, the Indenture Trustee, the Noteholders, the
         Certificateholders and the Seller (and any of their officers,
         directors, employees and agents) from and against any and all costs,
         expenses, losses, damages, claims and liabilities, arising out of or
         resulting from:

                           (i) the use, ownership or operation by the Servicer
                  or any Affiliate thereof of any of the Financed Equipment;

                           (ii) any taxes that may at any time be asserted
                  against any such Person with respect to the transactions
                  contemplated herein, including any sales, gross receipts,
                  general corporation, tangible personal property, privilege
                  or license taxes (but, in the case of the Issuer, not
                  including any taxes asserted with respect to, and as of the
                  date of, the sale of the Receivables to the Issuer or the
                  issuance and original sale of the Certificates, the Notes,
                  or asserted with respect to ownership of the Receivables, or
                  Federal or other income taxes arising out of distributions
                  on the Certificates or the Notes) and costs and expenses in
                  defending against the same;

                           (iii) the negligence, willful misfeasance or bad
                  faith of the Servicer in the performance of its duties under
                  this Agreement or by reason of reckless disregard of its
                  obligations and duties under this Agreement; and

                           (iv) the Seller's or the Issuer's violation of
                  Federal or State securities laws in connection with the
                  offering or sale of the Notes.

                  (b) The Servicer shall indemnify, defend and hold harmless
         the Trustee and the Indenture Trustee (and their respective officers,
         directors, employees and agents) from and against all costs,
         expenses, losses, claims, damages and liabilities arising out of or
         incurred in connection with the acceptance or performance of the
         trusts and duties herein and, in the case of the Trustee, in the
         Trust Agreement contained, and, in the case of the Indenture Trustee,

                                      31
<PAGE>

         in the Indenture contained, except to the extent that such cost,
         expense, loss, claim, damage or liability:

                           (i) shall be due to the willful misfeasance, bad
                  faith or negligence (except for errors in judgment) of the
                  Trustee or the Indenture Trustee as applicable; or

                           (ii) shall arise from the breach by the Trustee of
                  any of its representations or warranties set forth in
                  Section 7.3 of the Trust Agreement.

                  (c) The Servicer shall pay any and all taxes levied or
         assessed upon all or any part of the Trust Estate.

                  (d) The Servicer shall pay the Indenture Trustee and the
         Trustee from time to time reasonable compensation for all services
         rendered by the Indenture Trustee under the Indenture or by the
         Trustee under the Trust Agreement (which compensation shall not be
         limited by any provision of law in regard to the compensation of a
         trustee of an express trust).

                  (e) The Servicer shall, except as otherwise expressly
         provided in the Indenture or the Trust Agreement, reimburse either
         the Indenture Trustee or the Trustee, respectively, upon its request
         for all reasonable expenses, disbursements and advances incurred or
         made in accordance with the Indenture or the Trust Agreement,
         respectively, (including the reasonable compensation, expenses and
         disbursements of its agents and either in-house counsel or outside
         counsel, but not both), except any such expense, disbursement or
         advance as may be attributable to the Indenture Trustee's or the
         Trustee's, respectively negligence, bad faith or willful misfeasance.

         For purposes of this Section, in the event of the termination of the
rights and obligations of the Servicer pursuant to Section 8.1, or a
resignation by the Servicer pursuant to this Agreement, the Servicer shall be
deemed to be the Servicer pending appointment of a successor Servicer pursuant
to Section 8.2.

         Indemnification under this Section shall survive the resignation or
removal of the Trustee or the Indenture Trustee or the termination of this
Agreement, the Trust Agreement and the Indenture and shall include reasonable
fees and expenses of counsel and expenses of litigation. If the Servicer shall
have made any indemnity payments pursuant to this Section and the Person to or
on behalf of whom such payments are made thereafter collects any of such
amounts from others, such Person shall promptly repay such amounts to the
Servicer, without interest.

         SECTION 7.3. Merger or Consolidation of, or Assumption of the
Obligations of, Servicer. Any Person: (a) into which the Servicer may be
merged or consolidated, (b) that may result from any merger or consolidation
to which the Servicer shall be a party, or (c) that may succeed to the

                                      32
<PAGE>

properties and assets of the Servicer substantially as a whole, which Person
(in any of the foregoing circumstances) executes an agreement of assumption to
perform every obligation of the Servicer hereunder (or is deemed by law to
have assumed such obligations), shall be the successor to the Servicer under
this Agreement without further act on the part of any of the parties to this
Agreement; provided, however, that: (i) immediately after giving effect to
such transaction, no Servicer Default, and no event that, after notice or
lapse of time, or both, would become a Servicer Default shall have occurred
and be continuing, (ii) the Servicer shall have delivered to the Trustee and
Indenture Trustee an Officers' Certificate and an Opinion of Counsel each
stating that such consolidation, merger or succession and such agreement of
assumption comply with this Section and that all conditions precedent, if any,
provided for in this Agreement relating to such transaction have been complied
with, (iii) the Rating Agencies and each Counterparty shall have received at
least ten days' prior written notice of such transaction and (iv) the Servicer
shall have delivered to the Trustee and the Indenture Trustee an Opinion of
Counsel either: (A) stating that, in the opinion of such counsel, all
financing statements, continuation statements and amendments thereto have been
executed and filed that are necessary fully to preserve and protect the
interest of the Trustee and the Indenture Trustee, respectively, in the
Receivables and reciting the details of such filings, or (B) stating that, in
the opinion of such counsel, no such action shall be necessary to preserve and
protect such interests. Notwithstanding anything herein to the contrary, the
execution of the foregoing agreement of assumption and compliance with clauses
(i), (ii), (iii) and (iv) shall be conditions to the consummation of the
transactions referred to in clauses (a), (b) or (c).

         SECTION 7.4. Limitation on Liability of Servicer and Others. Neither
the Servicer nor any of the directors, officers, employees or agents of the
Servicer shall be under any liability to the Issuer, the Noteholders or the
Certificateholders, except as provided under this Agreement, for any action
taken or for refraining from the taking of any action pursuant to this
Agreement or for errors in judgment; provided, however, that this provision
shall not protect the Servicer or any such Person against any liability that
would otherwise be imposed by reason of willful misfeasance, bad faith or
negligence in the performance of its duties or by reason of reckless disregard
of obligations and duties under this Agreement. The Servicer and any director,
officer, employee or agent of the Servicer may rely in good faith on the
advice of counsel or on any document of any kind prima facie properly executed
and submitted by any Person respecting any matters arising hereunder.

         Except as provided in this Agreement, the Servicer shall not be under
any obligation to appear in, prosecute or defend any legal action that shall
not be incidental to its duties to service the Receivables in accordance with
this Agreement, and that in its opinion may involve it in any expense or
liability; provided, however, that the Servicer may undertake any reasonable
action that it may deem necessary or desirable in respect of this Agreement,
the Basic Documents and the rights and duties of the parties to this
Agreement, the other Basic Documents and the interests of the
Certificateholders under the Trust Agreement and the Noteholders under the
Indenture.

                                      33
<PAGE>

         SECTION 7.5. Case Credit Not to Resign as Servicer. Subject to
Section 7.3, Case Credit shall not resign from the obligations and duties
imposed on it as Servicer under this Agreement except upon determination that
the performance of its duties under this Agreement shall no longer be
permissible under applicable law and such impermissibility cannot be
reasonably and promptly cured. Notice of any such determination shall be
communicated to the Trustee, each Counterparty and the Indenture Trustee at
the earliest practicable time (and, if such communication is not in writing,
shall be confirmed in writing at the earliest practicable time) and any such
determination shall be evidenced by an Opinion of Counsel to such effect
delivered to the Trustee, each Counterparty and the Indenture Trustee
concurrently with or promptly after such notice. No such resignation shall
become effective until the Indenture Trustee or a successor Servicer shall
have assumed the responsibilities and obligations of Case Credit in accordance
with Section 8.2.

         SECTION 7.6. Servicer to Act as Administrator. In the event of the
resignation or removal of the Administrator and the failure of a successor
Administrator to have been appointed and to have accepted such appointment as
successor Administrator, the Servicer shall become the successor Administrator
and shall be bound by the terms of the Administration Agreement.

                                 ARTICLE VIII
                                    Default

         SECTION 8.1. Servicer Default. If any one of the following events
(a "Servicer Default") shall occur
and be continuing:

                  (a) any failure by the Servicer to deliver to the Indenture
         Trustee for deposit in any of the Trust Accounts or the Certificate
         Distribution Account any required payment or to direct the Indenture
         Trustee or the Trustee to make any required distributions therefrom,
         which failure continues unremedied for three Business Days after
         written notice of such failure is received by the Servicer from the
         Trustee or the Indenture Trustee or after discovery of such failure
         by an officer of the Servicer;

                  (b) any failure by the Servicer or the Seller, as the case
         may be, duly to observe or to perform in any material respect any
         other covenants or agreements (other than as set forth in clause (a))
         of the Servicer or the Seller (as the case may be) set forth in this
         Agreement or any other Basic Document, which failure shall: (i)
         materially and adversely affect the rights of Certificateholders or
         Noteholders and (ii) continue unremedied for a period of 60 days
         after the date on which written notice of such failure, requiring the
         same to be remedied, shall have been given: (A) to the Servicer or
         the Seller (as the case may be) by the Trustee or the Indenture
         Trustee or (B) to the Servicer or the Seller (as the case may be) and
         to the Trustee and the Indenture Trustee, by the Noteholders or
         Certificateholders, as applicable, evidencing not less than 25% of

                                      34
<PAGE>

         the Outstanding Amount of the Notes or 25% of the Certificate
         Balance;

                  (c) an Insolvency Event occurs with respect to the Seller or
         the Servicer;

                  (d) the failure by the Servicer to engage a Backup Servicer
         within the later of (a) one hundred and fifty days after the Closing
         Date and (b) ninety days after the day on which the long-term
         unsecured debt rating of Fiat S.p.A shall be lower than "Ba3" as
         rated by Moody's; or

                  (e) any failure by the Servicer to deliver to the Indenture
         Trustee for deposit in the Backup Servicer Account, the Backup
         Servicer Account Shortfall Amount, which failure continues unremedied
         for three Business Days after written notice of such failure is
         received by the Servicer from the Trustee or the Indenture Trustee or
         after discovery of such failure by an officer of the Servicer;

then, and in each and every case, so long as the Servicer Default shall not
have been remedied, either the Indenture Trustee, or the Holders of Notes
evidencing not less than 25% of the Outstanding Amount of the Notes, by notice
then given in writing to the Servicer (and to the Indenture Trustee and the
Trustee if given by the Noteholders), may terminate all the rights and
obligations (other than the obligations set forth in Section 7.2) of the
Servicer under this Agreement. On or after the receipt by the Servicer of such
written notice, all authority and power of the Servicer under this Agreement,
whether with respect to the Notes, the Certificates, the Receivables or
otherwise, shall, without further action, pass to and be vested in (a) the
Backup Servicer, or if no Backup Servicer has been engaged (b) the Indenture
Trustee or such successor Servicer as may be appointed under Section 8.2; and,
without limitation, the Indenture Trustee and the Trustee are hereby
authorized and empowered to execute and deliver, on behalf of the predecessor
Servicer, as attorney-in-fact or otherwise, any and all documents and other
instruments, and to do or accomplish all other acts or things necessary or
appropriate to effect the purposes of such notice of termination, whether to
complete the transfer and endorsement of the Receivables and related
documents, or otherwise. The predecessor Servicer shall cooperate with the
successor Servicer, the Indenture Trustee and the Trustee in effecting the
termination of the responsibilities and rights of the predecessor Servicer
under this Agreement, including the transfer to the successor Servicer for
administration by it of: (i) all cash amounts that shall at the time be held
by the predecessor Servicer for deposit, or shall thereafter be received by it
with respect to a Receivable and (ii) all Receivable Files. All reasonable
costs and expenses (including attorneys' fees) incurred in connection with
such transfer, including the costs of transferring the Receivable Files to the
successor Servicer and amending this Agreement to reflect its succession as
Servicer, shall be paid by the predecessor Servicer upon presentation of
reasonable documentation of such costs and expenses. Upon receipt of notice of
the occurrence of a Servicer Default, the Trustee shall give notice thereof to
the Rating Agencies and each Counterparty.

                                      35
<PAGE>

         SECTION 8.2. Appointment of Successor Servicer. (a) Upon the
Servicer's receipt of notice of termination, pursuant to Section 8.1, or the
Servicer's resignation in accordance with this Agreement, the predecessor
Servicer shall continue to perform its functions as Servicer under this
Agreement, in the case of termination, only until the date specified in such
termination notice or, if no such date is specified in a notice of
termination, until receipt of such notice and, in the case of resignation,
until the earlier of: (x) the date 45 days from the delivery to the Trustee,
each Counterparty and the Indenture Trustee of written notice of such
resignation (or written confirmation of such notice) in accordance with this
Agreement and (y) the date upon which the predecessor Servicer shall become
unable to act as Servicer, as specified in the notice of resignation and
accompanying Opinion of Counsel. In the event of the Servicer's termination
hereunder, the Issuer shall appoint the Backup Servicer as the successor
Servicer hereunder or, if no Backup Servicer has been engaged, the Issuer
shall appoint a successor Servicer acceptable to the Indenture Trustee, and
the successor Servicer shall accept its appointment by a written assumption in
form acceptable to the Indenture Trustee. In the event that a successor
Servicer has not been appointed at the time when the predecessor Servicer has
ceased to act as Servicer in accordance with this Section, the Indenture
Trustee without further action shall automatically be appointed the successor
Servicer and shall be entitled to the Servicing Fee. Notwithstanding the
above, the Indenture Trustee shall, if it shall be unable so to act, appoint
or petition a court of competent jurisdiction to appoint any established
institution, having a net worth of not less than $50,000,000 and whose regular
business shall include the servicing of equipment receivables, as the
successor to the Servicer under this Agreement.

         (b) Upon appointment, the successor Servicer (including the Indenture
Trustee acting as successor Servicer) shall be the successor in all respects
to the predecessor Servicer (except with respect to responsibilities and
obligations of the predecessor Servicer set forth in Section 7.2) and shall be
subject to all the responsibilities, duties and liabilities arising thereafter
relating thereto placed on the predecessor Servicer and shall be entitled to
the Servicing Fee and all the rights granted to the predecessor Servicer by
this Agreement. Neither the Indenture Trustee nor any other successor Servicer
shall be deemed to be in default hereunder due to any act or omission of a
predecessor Servicer, including but not limited to failure of such predecessor
Servicer to timely deliver to the Indenture Trustee any required information
pertaining to the Receivables, any funds required to be deposited with the
Indenture Trustee, or any breach of duty of such predecessor Servicer to
cooperate with a transfer of servicing as required hereunder. Any successor
Servicer shall from time to time provide to Case Credit such information as
Case Credit shall request with respect to the Receivables and collections
thereon.

         (c) Subject to the last sentence of clause (a), the Servicer may not
resign unless it is prohibited from serving as such by law as evidenced by an
Opinion of Counsel to such effect delivered to the Indenture Trustee and the
Trustee.

         (d) Notwithstanding anything else herein to the contrary, in no event
shall the Indenture Trustee be liable for any transition expenses, servicing

                                      36
<PAGE>

fee or for any differential in the amount of the servicer fee paid hereunder
and the amount necessary to induce any successor Servicer to act as successor
Servicer under this Agreement and the transactions set forth or provided for
herein or be liable for or be required to make any servicer advances.

         SECTION 8.3. Notification to Noteholders and Certificateholders. Upon
any termination of, or appointment of a successor to, the Servicer pursuant to
this Article VIII, the Trustee shall give prompt written notice thereof to the
Certificateholders and the Indenture Trustee shall give prompt written notice
thereof to the Noteholders, each Counterparty and the Rating Agencies.

         SECTION 8.4. Waiver of Past Defaults. The Noteholders of Notes
evidencing not less than a majority of the Note Balance (or the Holders of
Certificates evidencing not less than a majority of the Certificate Balance,
in the case of any default that does not adversely affect the Indenture
Trustee or the Noteholders) may, on behalf of all the Noteholders and
Certificateholders, waive in writing any default by the Servicer in the
performance of its obligations hereunder and its consequences, except a
default in making any required deposits to or payments from any of the Trust
Accounts in accordance with this Agreement. Upon any such waiver of a past
default, such default shall cease to exist, and any Servicer Default arising
therefrom shall be deemed to have been remedied for every purpose of this
Agreement. No such waiver shall extend to any subsequent or other default or
impair any right consequent thereto.

                                  ARTICLE IX
                                  Termination

         SECTION 9.1. Optional Purchase of All Receivables. (a) As of the
first day of any Collection Period immediately preceding a Payment Date as of
which the Pool Balance is 10% or less of the Initial Pool Balance, the
Servicer shall have the option to purchase all of the Trust Estate, other than
the Trust Accounts. To exercise such option, the Servicer shall deposit,
pursuant to Section 5.4, in the Collection Account an amount equal to the
aggregate Purchase Amount for the Receivables plus the appraised value of any
such other property held by the Trust, such value to be determined by an
appraiser mutually agreed upon by the Servicer, the Trustee and the Indenture
Trustee, and shall succeed to all interests in, to and under the Trust Estate,
other than the Trust Accounts.

         (b) Upon any sale of the assets of the Trust, the Servicer shall
instruct the Indenture Trustee to deposit the proceeds from such sale after
all payments and reserves therefrom have been made (the "Sale Proceeds") in
the Collection Account. On the Payment Date on, or, if such proceeds are not
so deposited on a Payment Date, on the first Payment Date following the date
on which the Sale Proceeds are deposited in the Collection Account, the
Servicer shall instruct the Indenture Trustee to make the following deposits
(after the application on such Payment Date of the Total Distribution Amount
and funds on deposit in the Spread Account pursuant to Sections 5.5 and 5.6)

                                      37
<PAGE>

from the Sale Proceeds and any funds remaining on deposit in the Spread
Account (including the proceeds of any sale of investments therein as
described in the following sentence):

                  (i) first, to the Note Distribution Account, any portion of
         the Class A Noteholders' Class Interest Amount and the Outstanding
         Amount of the Class A Notes (after giving effect to the reduction
         resulting from the deposits made in the Note Distribution Account on
         such Payment Date and on prior Payment Dates) not otherwise deposited
         into the Note Distribution Account on such Payment Date;

                  (ii) second, to the Note Distribution Account, any portion
         of the Class B Noteholders' Class Interest Amount and the Outstanding
         Amount of the Class B Notes (after giving effect to the reduction
         resulting from the deposits made in the Note Distribution Account on
         such Payment Date and on prior Payment Dates) not otherwise deposited
         into the Note Distribution Account on such Payment Date;
                  (iii) third, to the Certificate Distribution Account, any
         portion of the Certificateholders' Interest Distributable Amount not
         otherwise deposited in the Certificate Distribution Account on such
         Payment Date; and

                  (iv) fourth, to the Certificate Distribution Account, the
         Certificate Balance (after giving effect to the reduction resulting
         from the deposits made in the Certificate Distribution Account on
         such Payment Date).

         Any investments on deposit in the Spread Account that will not mature
on or before such Payment Date shall be sold by the Indenture Trustee at such
time as will result in the Indenture Trustee receiving the proceeds from such
sale not later than the Transfer Date preceding such Payment Date. Any Sale
Proceeds remaining after the deposits described above shall be paid to the
Seller.

         (c) As described in Article IX of the Trust Agreement, notice of any
termination of the Trust shall be given by the Servicer to the Trustee and the
Indenture Trustee as soon as practicable after the Servicer has received
notice thereof. In addition, the Servicer shall give notice of termination of
the Trust to each Counterparty.

         (d) Following the satisfaction and discharge of the Indenture and the
payment in full of the principal of and interest on the Notes, the
Certificateholders will succeed to the rights of the Noteholders hereunder and
the Trustee will succeed to the rights of, and assume the obligations of, the
Indenture Trustee pursuant to this Agreement.

                                      38
<PAGE>

                                   ARTICLE X
                           Miscellaneous Provisions

         SECTION 10.1. Amendment. The Agreement may be amended from time to
time by a written amendment duly executed and delivered by the Seller, the
Servicer and the Issuer, with the written consent of the Indenture Trustee,
but without the consent of any of the Noteholders or the Certificateholders,
to cure any ambiguity, to correct or supplement any provisions in this
Agreement, to modify, delete or add any provision hereof relating to the
rights and obligations of the Backup Servicer, or for the purpose of adding
any provisions to or changing in any manner or eliminating any of the
provisions in this Agreement or of modifying in any manner the rights of the
Noteholders or the Certificateholders; provided, however, that such action
shall not, as evidenced by an Opinion of Counsel delivered to the Trustee and
the Indenture Trustee, adversely affect in any material respect the interests
of any Noteholder or Certificateholder.

         The Specified Spread Account Balance may be reduced or the definition
thereof otherwise modified without the consent of any of the Noteholders or
the Certificateholders if the Rating Agency Condition is satisfied.

         This Agreement may also be amended from time to time by the Seller,
the Servicer and the Issuer, with the written consent of the Indenture
Trustee, but without the consent of any of the Noteholders or the
Certificateholders, to: (x) replace the Spread Account with another form of
credit enhancement as long as such substitution will not result in a reduction
or withdrawal of the rating of any Class of the Notes or the Certificates or
(y) add credit enhancement for the benefit of any Class of the Notes or the
Certificates.

         This Agreement may also be amended from time to time by the Seller,
the Servicer and the Issuer, with the written consent of (a) the Indenture
Trustee, (b) Noteholders holding Notes evidencing not less than a majority of
the Note Balance, and (c) the Holders of Certificates evidencing not less than
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 shall:
(a) increase or reduce in any manner the amount of, or accelerate or delay the
timing of, collections of payments on Receivables or distributions that shall
be required to be made for the benefit of the Noteholders or the
Certificateholders or (b) reduce the aforesaid percentage of the Notes and the
Certificates that are required to consent to any such amendment, without the
consent of the holders of all the outstanding Notes and Certificates.

         Promptly after the execution of any such amendment or consent (or, in
the case of the Rating Agencies, 10 days prior thereto), the Trustee shall
furnish written notification of the substance of such amendment or consent to
each Certificateholder, the Indenture Trustee and each of the Rating Agencies.

                                      39
<PAGE>

         It shall not be necessary for the consent of Certificateholders or
the 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.

         Prior to the execution of any amendment to this Agreement, the
Trustee and the Indenture Trustee shall be entitled to receive and rely upon:
(i) an Opinion of Counsel stating that the execution of such amendment is
authorized or permitted by this Agreement and the other Basic Documents and
that all conditions precedent to such execution and delivery by the Trustee
and the Indenture Trustee have been satisfied and (ii) the Opinion of Counsel
referred to in Section 10.2(i)(1). The Trustee and the Indenture Trustee may,
but shall not be obligated to, enter into any such amendment that affects the
Trustee's or the Indenture Trustee's, as applicable, own rights, duties or
immunities under this Agreement or otherwise.

         SECTION 10.2. Protection of Title to Trust. (a) The Seller shall
execute and file such financing statements, and cause to be executed and filed
such continuation statements, all in such manner and in such places as may be
required by applicable law fully to preserve, maintain and protect the right,
title and interest of the Issuer and the interests of the Indenture Trustee in
the Receivables, the other property sold hereunder and in the proceeds
thereof. The Seller shall deliver (or cause to be delivered) to the Trustee
and the Indenture Trustee file-stamped copies of, or filing receipts for, any
document filed as provided above as soon as available following such filing.
It is understood and agreed, however, that no filings will be made to perfect
any security interest of the Issuer or the Indenture Trustee in the Seller's
interests in True Lease Equipment. The Issuer and the Indenture Trustee shall
cooperate fully with the Seller 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) Neither the Seller nor the Servicer shall change its name,
identity or corporate structure in any manner 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, unless it shall have given the Trustee and the Indenture Trustee at least
five days' prior written notice thereof and shall have promptly filed
appropriate amendments to all previously filed financing statements or
continuation statements.

         (c) Each of the Seller and the Servicer shall have an obligation to
give the Trustee and the Indenture Trustee at least 60 days' prior written
notice of any relocation of its principal executive office or its "location"
as defined in Section 9-307 of the UCC if, as a result of such relocation, the
applicable provisions of the UCC would require the filing of any amendment of
any previously filed financing or continuation statement or of any new
financing statement and shall promptly file any such amendment. The Servicer
shall at all times maintain each office from which it shall service
Receivables, and its principal executive office, within the United States of
America.

                                      40
<PAGE>

         (d) The Servicer shall maintain accounts and records as to each
Receivable accurately and in sufficient detail to permit: (i) the reader
thereof to know at any time the status of such Receivable, including payments
and recoveries made and payments owing (and the nature of each) and (ii)
reconciliation between payments or recoveries on (or with respect to) each
Receivable and the amounts from time to time deposited in the Collection
Account in respect of such Receivable.

         (e) The Servicer shall maintain its computer systems so that, from
and after the time of sale under this Agreement of the Receivables, the
Servicer's master computer records (including any backup archives) that refer
to a Receivable shall indicate clearly the interest of the Issuer and the
Indenture Trustee in such Receivable and that such Receivable is owned by the
Issuer and has been pledged to JPMorgan Chase Bank, as Indenture Trustee.
Indication of the Issuer's and the Indenture Trustee's interest in a
Receivable may be deleted from or modified on the Servicer's computer systems
when, and only when, the related Receivable shall have been paid in full or
repurchased.

         (f) If at any time the Seller or the Servicer shall propose to sell,
grant a security interest in, or otherwise transfer any interest in equipment
receivables to any prospective purchaser, lender or other transferee, the
Servicer shall give to such prospective purchaser, lender or other transferee
computer tapes, records or printouts (including any restored from backup
archives) that, if they shall refer in any manner whatsoever to any
Receivable, shall indicate clearly that such Receivable has been sold and is
owned by the Issuer and has been pledged to the Indenture Trustee.

         (g) The Servicer shall permit the Indenture Trustee and its agents at
any time during normal business hours to inspect, audit and make copies of and
abstracts from the Servicer's records regarding any Receivable.

         (h) Upon request, the Servicer shall furnish to the Trustee or to the
Indenture Trustee, within five Business Days, a list of all Receivables (by
contract number and name of Obligor) then held as part of the Trust, together
with a reconciliation of such list to the Schedule of Receivables and to each
of the Servicer's Certificates furnished before such request indicating
removal of Receivables from the Trust.

         (i) The Servicer shall deliver to the Trustee and the Indenture
Trustee:

                  (1) promptly after the execution and delivery of this
         Agreement and of each amendment hereto, an Opinion of Counsel either:
         (A) stating that, in the opinion of such counsel, all financing
         statements and continuation statements have been executed and filed
         that are necessary fully to preserve and protect the interest of the
         Trustee and the Indenture Trustee in the Receivables, and reciting
         the details of such filings or referring to prior Opinions of Counsel
         in which such details are given, or (B) stating that, in the opinion

                                      41
<PAGE>

         of such counsel, no such action shall be necessary to preserve and
         protect such interest; and

                  (2) within 90 days after the beginning of each calendar year
         beginning with the first calendar year beginning more than three
         months after the Initial Cutoff Date, an Opinion of Counsel, dated as
         of a date during such 90-day period, either: (A) stating that, in the
         opinion of such counsel, all financing statements and continuation
         statements have been executed and filed that are necessary fully to
         preserve and protect the interest of the Trustee and the Indenture
         Trustee in the Receivables, and reciting the details of such filings
         or referring to prior Opinions of Counsel in which such details are
         given, or (B) stating that, in the opinion of such counsel, no such
         action shall be necessary to preserve and protect such interest.

         Each Opinion of Counsel referred to in clause (1) or (2) shall
specify any action necessary (as of the date of such opinion) to be taken in
the following year to preserve and protect such interest.

         (j) The Seller shall, to the extent required by applicable law, cause
the Certificates and the Notes to be registered with the Commission pursuant
to Section 12(b) or Section 12(g) of the Exchange Act within the time periods
specified in such sections.

         SECTION 10.3. Notices. All demands, notices, directions, instructions
and communications upon or to the Seller, the Servicer, the Issuer, the
Trustee, the Indenture Trustee or the Rating Agencies 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 Seller, to CNH Capital Receivables Inc., 100 South
Saunders Road, Lake Forest, Illinois 60045, Attention of: Treasurer (telephone
(847) 735-9200 and facsimile (847) 955-4943, (b) in the case of the Servicer,
to Case Credit Corporation, 233 Lake Avenue, Racine, Wisconsin 53403,
Attention: Treasurer (telephone (262) 636-6011 and facsimile (262) 636-6284),
(c) in the case of the Issuer or the Trustee, at its Corporate Trust Office,
(d) in the case of the Indenture Trustee, at its Corporate Trust Office, (e)
in the case of Moody's, to Moody's Investors Service, Inc., ABS Monitoring
Department, 99 Church Street, New York, New York 10007, (f) in the case of
Standard & Poor's, to Standard & Poor's Ratings Services, a division of
McGraw-Hill Companies, Inc., 55 Water Street, New York, New York 10041,
Attention of Asset Backed Surveillance Department, (g) in the case of Fitch,
to Fitch, Inc., 55 East Monroe Street, Suite 3500, Chicago, IL 60603,
Attention: ABS Monitoring - Equipment Loans; or, as to each of the foregoing,
at such other address as shall be designated by written notice to the other
parties and (g) in the case of any Counterparty, the address set forth in
Section 11.4(c) of the Indenture or at any other address previously furnished
in writing to the Issuer, the Servicer or the Indenture Trustee by the
applicable Counterparty.

                                      42
<PAGE>

         SECTION 10.4. Assignment. Notwithstanding anything to the contrary
contained herein, except as provided in Sections 6.4 and 7.3 and as provided
in the provisions of this Agreement concerning the resignation of the
Servicer, this Agreement may not be assigned by the Seller or the Servicer.

         SECTION 10.5. Limitations on Rights of Others. The provisions of this
Agreement are solely for the benefit of the Seller, the Servicer, the Issuer,
the Trustee, the Certificateholders, the Indenture Trustee, each Counterparty
and the Noteholders, and nothing in this Agreement, whether express or
implied, shall be construed to give to any other Person any legal or equitable
right, remedy or claim in the Trust Estate or under or in respect of this
Agreement or any covenants, conditions or provisions contained herein.

         SECTION 10.6. 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.

         SECTION 10.7. Separate Counterparts. This Agreement may be executed
by the parties hereto in separate counterparts, each of which when so executed
and delivered shall be an original, but all such counterparts shall together
constitute but one and the same instrument.

         SECTION 10.8. Headings. The headings of the various Articles and
Sections herein are for convenience of reference only and shall not define or
limit any of the terms or provisions hereof.

         SECTION 10.9. Governing Law. This Agreement 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 shall be determined in accordance with such laws.

         SECTION 10.10. Assignment to Indenture Trustee. The Seller hereby
acknowledges and consents to any mortgage, pledge, assignment and grant of a
security interest by the Issuer to the Indenture Trustee pursuant to the
Indenture for the benefit of the Noteholders and each Counterparty of all
right, title and interest of the Issuer in, to and under the Receivables
and/or the assignment of any or all of the Issuer's rights and obligations
hereunder to the Indenture Trustee, and agrees that enforcement of a right or
remedy hereunder by the Indenture Trustee shall have the same force and effect
as if the right or remedy had been enforced or executed by the Issuer.

         SECTION 10.11. Nonpetition Covenants. (a) Notwithstanding any prior
termination of this Agreement, the Servicer and the Seller shall not, prior to

                                      43
<PAGE>

the date that is one year and one day after the termination of this Agreement,
with respect to the Issuer, acquiesce, petition or otherwise invoke or cause
the Issuer to invoke the process of any court or governmental authority for
the purpose of commencing or sustaining a case against the Issuer under any
Federal or state bankruptcy, insolvency or similar law or appointing a
receiver, liquidator, assignee, trustee, custodian, sequestrator or other
similar official of the Issuer or any substantial part of its property, or
ordering the winding up or liquidation of the affairs of the Issuer. The
foregoing shall not limit the right of the Servicer and the Seller to file any
claim in or otherwise take any action with respect to any such insolvency
proceeding that was instituted against the Issuer by any Person other than the
Servicer or the Seller.

         (b) Notwithstanding any prior termination of this Agreement, the
Servicer shall not, prior to the date that is one year and one day after the
termination of this Agreement, with respect to the Seller, acquiesce, petition
or otherwise invoke or cause the Seller to invoke the process of any court or
governmental authority for the purpose of commencing or sustaining a case
against the Seller under any Federal or state bankruptcy, insolvency or
similar law or appointing a receiver, liquidator, assignee, trustee,
custodian, sequestrator or other similar official of the Seller or any
substantial part of its property, or ordering the winding up or liquidation of
the affairs of the Seller. The foregoing shall not limit the right of the
Servicer to file any claim in or otherwise take any action with respect to any
such insolvency proceeding that was instituted against the Seller by any
Person other than the Servicer.

         SECTION 10.12. Limitation of Liability of Trustee and Indenture
Trustee. (a) Notwithstanding anything contained herein to the contrary, this
Agreement has been countersigned by The Bank of New York, not in its
individual capacity but solely in its capacity as Trustee of the Issuer, and
in no event shall The Bank of New York, in its individual capacity or, except
as expressly provided in the Trust Agreement, any beneficial owner of the
Issuer have any liability for the representations, warranties, covenants,
agreements or other obligations of the Issuer hereunder or in any of the
certificates, notices or agreements delivered pursuant hereto, as to all of
which recourse shall be had solely to the assets of the Issuer.

         (b) Notwithstanding anything contained herein to the contrary, this
Agreement has been accepted by JPMorgan Chase Bank, not in its individual
capacity but solely as Indenture Trustee, and in no event shall JPMorgan Chase
Bank have any liability for the representations, warranties, covenants,
agreements or other obligations of the Issuer hereunder or in any of the
certificates, notices or agreements delivered pursuant hereto, as to all of
which recourse shall be had solely to the assets of the Issuer.

         SECTION 10.13. Conditions Precedent to Other Financing Transactions.
The Seller shall not enter into any receivables sale or other financing
transaction unless either the appropriate documents relating thereto contain
provisions substantially to the effect set out in Sections 11.17 and 11.19 of
the Indenture or such transaction otherwise shall have satisfied the Rating
Agency Condition.

                                      44
<PAGE>

                           (signature page follows)

                                      45
<PAGE>

         IN WITNESS WHEREOF, the parties hereto have caused this Agreement to
be duly executed by their respective officers as of the day and year first
above written.

                          CNH EQUIPMENT TRUST 2003-A

                          By:  THE BANK OF NEW YORK,
                                 not its individual capacity but solely
                                 as Trustee of the Trust

                          By: /s/ Erwin Soriano
                             ------------------------------------------
                             Name:  Erwin Soriano
                             Title:

                          CNH CAPITAL RECEIVABLES INC.,
                          as Seller

                          By: /s/ Brian O'Keane
                             ------------------------------------------
                             Name:  Brian O'Keane
                             Title:  Assistant Treasurer

                          CASE CREDIT CORPORATION,
                          as Servicer

                          By: /s/ Brian O'Keane
                             ------------------------------------------
                             Name:  Brian O'Keane
                             Title:  Assistant Treasurer

         Acknowledged and Accepted:

JPMorgan Chase Bank,
   not in its individual capacity
   but solely as Indenture Trustee

By: /s/ Joseph Costantino
   -------------------------------
   Name: Joseph Costantino
   Title:

                                     S-1

<PAGE>

                                                                      EXHIBIT A
                                                to Sale and Servicing Agreement

                             FORM OF NOTEHOLDER'S
                     STATEMENT PURSUANT TO SECTION 5.10(a)

         Payment Date: ______________________

(i)   Amount of principal being paid on Notes:

      A-1 Notes:   ___________  ($_____ per $1,000 original principal amount)

      A-2 Notes:   ___________  ($_____ per $1,000 original principal amount)

      A-3 aNotes:  ___________  ($_____ per $1,000 original principal amount)

      A-3 bNotes:  ___________  ($_____ per $1,000 original principal amount)

      A-4aNotes:   ___________  ($_____ per $1,000 original principal amount)

      A-4b Notes:  ___________  ($_____ per $1,000 original principal amount)

      Class B Notes: _________  ($_____ per $1,000 original principal amount)

(ii) Amount of interest being paid on Notes:

      A-1 Notes:   ___________   ($_____ per $1,000 original principal amount)

      A-2 Notes:   ___________   ($_____ per $1,000 original principal amount)

      A-3 aNotes:  ___________   ($_____ per $1,000 original principal amount)

      A-3 bNotes:  ___________   ($_____ per $1,000 original principal amount)

      A-4aNotes:   ___________   ($_____ per $1,000 original principal amount)

      A-4b Notes:  ___________   ($_____ per $1,000 original principal amount)

      Class B Notes: _________   ($_____ per $1,000 original principal amount)

(iii) Pool Balance at end of the preceding Collection Period: _____

(iv) After giving effect to distributions on this Payment Date:

                                     A-1

<PAGE>

         (a)      (1)      Outstanding Amount of A-1 Notes: _______
                  (2)      Outstanding Amount of A-2 Notes: _______
                  (3)      Outstanding Amount of A-3a Notes: _______
                  (4)      Outstanding Amount of A-3 bNotes: _______
                  (5)      Outstanding Amount of A-4aNotes: _______
                  (6)      Outstanding Amount of A-4 bNotes: _______
                  (7)      Outstanding Amount of Class B Notes: ________
                  (8)      A-1 Note Pool Factor: _____
                  (9)      A-2 Note Pool Factor: _____
                  (10)     A-3 a Note Pool Factor: _____
                  (11)     A-3b Note Pool Factor: _____
                  (12)     A-4a Note Pool Factor: _____
                  (13)     A-4b Note Pool Factor: _____
                  (14)     Class B Note Pool Factor: _____

         (b)      (1)      Certificate Balance: __________
                  (2)      Certificate Pool Factor: __________

(v)      Amount of Servicing Fee: ____   ($_____ per $1,000 original
         principal amount)

(vi)     Amount of Administration Fee: ____ ($____ per $1,000 original
         principal amount)

(vii)    Aggregate Amount of Realized Losses for the Collection Period:
         __________

(viii)   Aggregate Purchase Amounts for the Collection Period: __________

(ix)     Balance of Spread Account: __________

(x)      Pre-funded Amount: __________

(xi)     Balance of Principal Supplement Account:__________

(xii)    Balance of Negative Carry Account: __________

(xiii)   Amount of Net Swap Payments or Net Swap Receipts: __________

(xiv)    Amount of Swap Termination Payments paid by the Issuer: __________

                                     A-2
<PAGE>

                                                                      EXHIBIT B
                                                to Sale and Servicing Agreement

                          FORM OF CERTIFICATEHOLDER'S
                     STATEMENT PURSUANT TO SECTION 5.10(a)
                     -------------------------------------

                  Payment Date: ______________________

(i) Amount of principal being paid or distributed:

         (a)      (1)      A-1 Notes: __________
                  (2)      A-2 Notes: __________
                  (3)      A-3a Notes: __________
                  (4)      A-3 b Notes: __________
                  (5)      A-4a Notes: __________
                  (6)      A-4b Notes: __________
                  (7)      Class B Notes: __________

         (b)      Certificates: ___________ ($_____ per $1,000 original
                  principal amount)

         (c)      Total: __________

(ii) Amount of interest being paid or distributed:

         (a)      (1)      A-1 Notes: __________
                  (2)      A-2 Notes: __________
                  (3)      A-3a Notes: __________
                  (4)      A-3b Notes: __________
                  (5)      A-4a Notes: __________
                  (6)      A-4b Notes: __________
                  (7)      Class B Notes: __________

         (b)      Certificates: ___________ ($_____ per $1,000 original
                  principal amount)

         (c)      Total: __________

(iii) Pool Balance at end of the preceding Collection Period: _____

(iv) After giving effect to distributions on this Payment Date:

         (a)      (1)      Outstanding Amount of A-1 Notes: _______
                  (2)      Outstanding Amount of A-2 Notes: _______
                  (3)      Outstanding Amount of A-3a Notes: _______

                                     B-1
<PAGE>

                  (4)      Outstanding Amount of A-3b Notes: _______
                  (5)      Outstanding Amount of A-4a Notes: _______
                  (6)      Outstanding Amount of A-4b Notes: _______
                  (7)      Outstanding Amount of Class B Notes: _______
                  (8)      A-1 Note Pool Factor: _____
                  (9)      A-2 Note Pool Factor: _____
                  (10)     A-3a Note Pool Factor: _____
                  (11)     A-3 bNote Pool Factor: _____
                  (12)     A-4a Note Pool Factor: _____
                  (13)     A-4b Note Pool Factor: _____
                  (14)     Class B Note Pool Factor: _____

         (b)      (1)      Certificate Balance: __________
                  (2)      Certificate Pool Factor: __________

(v)    Amount of Servicing Fee: ____      ($_____ per $1,000 original
       principal amount)

(vi)   Amount of Administration Fee: ____ ($____ per $1,000 original
       principal amount)

(vii)  Aggregate amount of Realized Losses for the Collection Period: ________

(viii) Aggregate Purchase Amounts for the Collection Period: __________

(ix)   Balance of Spread Account: __________

(x)    Pre-Funded Amount:__________

(xi)   Balance of Negative Carry Account: __________

(xii)  Amount of Net Swap Payments or Net Swap Receipts: __________

(xiii) Amount of Swap Termination Payments paid by the Issuer: __________

                                      B-2
<PAGE>

                                                                      EXHIBIT C
                                                to Sale and Servicing Agreement

                        FORM OF SERVICER'S CERTIFICATE
                        ------------------------------

The Bank of New York
101 Barclay Street, 8W
New York, New York  10286
Attention:  Corporate Trust Administration - Asset Backed Finance Unit

JPMorgan Chase Bank
4 New York Plaza, 6th Floor
New York, New York  10004
Attention:  Institutional Trust Services Group

CNH Capital Receivables Inc.
100 South Saunders Road
Lake Forest, Illinois 60045
Attention:  Secretary

Fitch, Inc.
55 East Monroe Street,
Suite 3500,
Chicago, Illinois 60603
Attention:  ABS Monitoring - Equipment Loans

Moody's Investors Service, Inc.
ABS Monitoring Department
99 Church Street
New York, New York 10007

Standard & Poor's Ratings Services,
  a division of McGraw-Hill Companies, Inc.
55 Water Street
New York, New York 10041
Attention:  Asset Backed Surveillance Department

                                     C-1

<PAGE>

                         Class A-1 Asset-Backed Notes
                         Class A-2 Asset-Backed Notes
                         Class A-3a Asset-Backed Notes
                         Class A-3b Asset-Backed Notes
                         Class A-4a Asset-Backed Notes
                         Class A-4b Asset-Backed Notes
                          Class B Asset-Backed Notes
                                 Certificates
                            ----------------------

         Determination Date:
__-__

                                 DISTRIBUTIONS
                                 -------------

(1)    Total Distribution Amount                                       $________

(2)    Servicing Fee                                                   $________

(3)    Administration Fee                                              $________

(4)    Net Swap Payments                                               $________

(5)    Swap Termination Payments payable by the
       Issuer                                                          $________

(6)    Class A Noteholder's Class Interest Amount:                     $________

       o    Interest on Class A Notes ($__________)
       o    Class A Noteholder's Class Interest Shortfall,
            if any ($__________)

(7)    Class B Noteholders' Class Interest Amount                      $________

       o    Interest on Class B Notes ($___________)
       o    Class B Noteholders' Class Interest
            Shortfall ($_____________)

(8)    Class Principal Distributable Amount                            $________

       o    Class A Noteholders' Monthly Principal Distributable
            Amount
       o    Class Principal Distributable Amount for each Class of
            Class A Notes having priority of payment over such Class
            of Class A Notes
       o    Outstanding principal amount of that Class

(9)    Class A Noteholders' Monthly Principal Distributable Amount     $________

       o    Aggregate scheduled principal payments on the
            Receivables received during the Collection
            Period ($____________)

                                      C-2
<PAGE>

       o    Outstanding principal balance of the Class A Notes and
            Certificates ($________)
       o    Pool Balance ($_________)
       o    Amounts on deposit in the Pre-Funding Account ($__________)
       o    Outstanding amount of Class A Notes ($__________)

(10)   A-1 Noteholders' Class Principal Distributable Amount           $________

       o    Class A Noteholders' Monthly Principal
            Distributable Amount ($________)
       o    A-1 Noteholders' outstanding principal
            amount ($__________)

(11)   A-2 Noteholders' Class Principal Distributable Amount           $________

       o    Class A Noteholders' Monthly Principal Distributable
            Amount ($__________)
       o    A-1 Noteholders' Class Principal Distributable
            Amount ($__________)
       o    A-2 Noteholders' Outstanding Amount ($__________)

(12)   A-3a Noteholders' Class Principal Distributable Amount          $________

       o    Class A Noteholders' Monthly Principal
            Distributable Amount ($__________)
       o    A-1 Noteholders' Class Principal
            Distributable Amount ($__________)
       o    A-2 Noteholders' Class Principal
            Distributable Amount ($__________)
       o    A-3a Noteholders' Outstanding
            Amount ($__________)

(13)   A-3b Noteholders' Class Principal Distributable Amount

       o    Class A Noteholders' Monthly Principal
            Distributable Amount ($__________)
       o    A-1 Noteholders' Class Principal
            Distributable Amount ($__________)
       o    A-2 Noteholders' Class Principal
            Distributable Amount ($__________)
       o    A-3a Noteholders' Class Principal
            Distributable Amount ($__________)
       o    A-3b Noteholders' Outstanding Amount ($__________)

(14)   A-4a Noteholders' Class Principal Distributable Amount          $________

       o    Class A Noteholders' Monthly Principal
            Distributable Amount ($__________)
       o    A-1 Noteholders' Class Principal
            Distributable Amount ($__________)
       o    A-2 Noteholders' Class Principal
            Distributable Amount ($__________)
       o    A-3a Noteholders' Class Principal
            Distributable Amount ($__________)
       o    A-3b Noteholders' Class Principal
            Distributable Amount ($__________)
       o    A-4a Noteholders' Outstanding Amount ($__________)

                                      C-3
<PAGE>

(15)   A-4bNoteholders' Class Principal Distributable Amount

       o    Class A Noteholders' Monthly Principal
            Distributable Amount ($__________)
       o    A-1 Noteholders' Class Principal
            Distributable Amount ($__________)
       o    A-2 Noteholders' Class Principal
            Distributable Amount ($__________)
       o    A-3a Noteholders' Class Principal
            Distributable Amount ($__________)
       o    A-3a Noteholders' Class Principal
            Distributable Amount ($__________)
       o    A-4b Noteholders' Outstanding Amount ($__________)

(16)   Class B Noteholders' Class Principal Distributable
       Amount

(17)   NOTEHOLDERS' DISTRIBUTABLE AMOUNT                               $________
          (6)+(7)+(9)+(10)+(11)+(12) +(13) +(14) +(15) +(16)

(18)   Deposit to Note Distribution Account                            $________

       o   Excess, if any, of Total Distribution Amount (1), less the
           Administration Fee (3), less the Servicing Fee (2)
       o   Withdrawal from Spread Account pursuant to Section 5.6(d) (see
           (27) below)
       o   Withdrawal from Spread Account pursuant to 5.6(e)
           (see(28) below)
       o   Withdrawal from Principal Supplement Accounts
           pursuant to Section 5.9
       o   But not greater than the Noteholders'
           Distributable Amount (17)

(19)   Deposit to Spread Account pursuant to Section 5.5(b)(vi)        $________

       o   Excess, if any, of Total Distribution Amount (1), less the
           Administration Fee (3), less the Servicing Fee (2), less the
           Noteholders' Distributable Amount (17)
       o   But not greater than Item (23) below

(20)   Deposit to Certificate Distribution Account                     $________

       o   Excess, if any, of Total Distribution Amount (1), less the
           Administration Fee(3), less the Servicing Fee (2), less the
           Noteholders' Distributable Amount (17), less the Deposit to
           Spread Account (19)
       o   But not greater than the Certificateholders' Distributable
           Amount (20)
                                SPREAD ACCOUNT
                                --------------

(21)       Spread Account Balance as of Determination Date             $________
              (prior to any deposits or withdrawals)

(22)       Specified Spread Account Balance (after all distributions
               and adjustments)                                        $________

                                      C-4
<PAGE>

(23)       Limit on Deposit to the Spread Account                      $________

           o    The excess, if any, of the Specified Spread Account Balance
                (22) less the Spread Account Balance as of the Determination
                Date (prior to any deposits or withdrawals) (21)

(24)       Withdrawal from Spread Account distributed to Seller
          (as permitted in Sections 5.6(b) and (c) of the Sale and     $________
           Servicing Agreement)

           o    The excess, if any, of the Spread Account Balance
                as of the Determination Date (prior to any
                deposits or withdrawals) (21) less the Specified
                Spread Account Balance (22)
           o    But zero, if (a) the sum of the Pool Balance
                (28) and the Pre-Funded Amount as of the first day
                of the Collection Period; is less than (b) the sum
                of the Note Balance and the Certificate Balance

(25)       Withdrawal from Spread Account pursuant to Section 5.6(d)   $________
           to be deposited in the Note Distribution Account

           o    Excess, if any, of the sum of the Noteholders'
                Distributable Amount (17), the Net Swap Payments
                (4) and the Swap Termination Payments payable
                by the Issuer(5), less the Total Distribution Amount
                (1), less the Administration Fee(3), less
                the Servicing Fee (2)
           o    But not Greater than the Spread Account Balance (21)

(26)       Withdrawal from Spread Account pursuant to Section 5.6(e)   $________
           to be deposited in the Note Distribution Account

           o    Excess, if any, of Class Principal Distributable Amount for
                any Class of Notes for the applicable final scheduled maturity
                date for such Class of Notes, less the Total Distribution
                Amount (1), less the Class Principal Distributable Amount for
                each Class of Notes having priority over such Class of Notes
           o    But not Greater than the Spread Account Balance (21)

(27)       Final Spread Account Balance (21) + (23) -
           (24) - (25) - (26)                                          $________

                                 MISCELLANEOUS
                                 -------------

(28)         Pool Balance at the beginning of this Collection Period   $________

(29)         After giving effect to all distributions on the Payment Date
             during this Collection Period:

                                      C-5
<PAGE>

             (a)  Outstanding Amount of A-1 Notes                     $_________
                   A-1 Note Pool Factor (__._______)
             (b)  Outstanding Amount of A-2 Notes                     $_________
                    A-2 Note Pool Factor (__.______)
             (c)  Outstanding Amount of A-3a Notes                    $_________
                   A-3a Note Pool Factor (__.______)
             (d)  Outstanding Amount of A-3b Notes
                   A-3b Note Pool Factor (__.______)
             (e)  Outstanding Amount of A-4a Notes                    $_________
                   A-4a Note Pool Factor (__.______)
             (f)  Outstanding Amount of A-4b Notes
                   A-4b Note Pool Factor (__.______)
             (g)  Outstanding Amount of Class B Notes                 $_________
                   Class B Note Pool Factor (___.______)
             (h)  Outstanding Amount of Certificates                  $_________
                   Certificate Pool Factor (___._______)

(30)         Aggregate Purchase Amounts for the preceding
             Collection Period                                         $________

                                     C-6
<PAGE>

                                                                      EXHIBIT D
                                                to Sale and Servicing Agreement

                              FORM OF ASSIGNMENT
                              ------------------

         For value received, in accordance with and subject to the Sale and
Servicing Agreement dated as of May 1, 2003 (the "Sale and Servicing
Agreement") among the undersigned, Case Credit Corporation ("Case Credit") and
CNH Equipment Trust 2003-A (the "Issuer"), the undersigned does hereby sell,
assign, transfer set over and otherwise convey unto the Issuer, without
recourse, all of its right, title and interest in, to and under: (a) the
Initial Receivables, 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 Initial Receivables and any other interest of the undersigned in such
Financed Equipment, (c) any proceeds with respect to the Initial Receivables
from claims on insurance policies covering Financed Equipment or Obligors, (d)
the Liquidity Receivables Purchase Agreements (only with respect to Case Owned
Contracts or NH Owned Contracts included in the Initial Receivables) and the
Purchase Agreements, including the right of the undersigned to cause Case
Credit or NH Credit, as the case may be, to repurchase Receivables from the
undersigned under the circumstances described therein, (e) any proceeds from
recourse to Dealers with respect to the Initial Receivables other than any
interest in the Dealers' reserve accounts maintained with Case Credit or with
NH Credit, (f) any Financed Equipment that shall have secured an Initial
Receivable and that shall have been acquired by or on behalf of the Trust, (g)
all funds on deposit from time to time in the Trust Accounts, including the
Spread Account Initial Deposit, any Principal Supplement Account Deposit, the
Negative Carry Account Initial Deposit and the Pre-Funded Amount, and in all
investments and proceeds thereof (including all income thereon), (h) any True
Lease Equipment that is subject to any Initial Receivable, and (i) the
proceeds of any and all of the foregoing. The foregoing sale does not
constitute and is not intended to result in any assumption by the Issuer of
any obligation of the undersigned to the Obligors, insurers or any other
person in connection with the Initial Receivables, Receivables Files, any
insurance policies or any agreement or instrument relating to any of them.

         This Assignment is made pursuant to and upon the representations,
warranties and agreements on the part of the undersigned contained in the Sale
and Servicing Agreement and is to be governed in all respects by the Sale and
Servicing Agreement. Capitalized terms used herein and not otherwise defined
shall have the meanings assigned to them in the Sale and Servicing Agreement.

                                  D-1

<PAGE>

         IN WITNESS WHEREOF, the undersigned has caused this Assignment to be
duly executed as of May 1, 2003.

                       CNH CAPITAL RECEIVABLES INC.,

                       By: __________________________
                        Name: _______________________
                        Title: ______________________

                                     D-2
<PAGE>

                                                                      EXHIBIT E
                                                to Sale and Servicing Agreement

                    FORM OF SUBSEQUENT TRANSFER ASSIGNMENT
                    --------------------------------------

         For value received, in accordance with and subject to the Sale and
Servicing Agreement dated as of May 1, 2003 (the "Sale and Servicing
Agreement") among CNH Equipment Trust 2003-A, a Delaware statutory trust (the
"Issuer"), CNH Capital Receivables Inc., a Delaware corporation (the
"Seller"), and Case Credit Corporation, a Delaware corporation ("Case
Credit"), the Seller does hereby sell, transfer, assign, set over and
otherwise convey to the Issuer, without recourse, all of its right, title and
interest 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 Seller in such Financed Equipment, (c) any proceeds with
respect to such Subsequent Receivables from claims on insurance policies
covering Financed Equipment or Obligors, (d) the Liquidity Receivables
Purchase Agreements (only with respect to Subsequent Receivables purchased by
the Seller pursuant to those Agreements) and the Purchase Agreements,
including the right of the Seller to cause Case Credit or NH Credit, as the
case may be, to repurchase Subsequent Receivables from the Seller under the
circumstances described therein, (e) any proceeds from recourse to Dealers
with respect to such Subsequent Receivables other than any interest in the
Dealers' reserve accounts maintained with Case Credit or NH Credit, (f) any
Financed Equipment that shall have secured any such Subsequent Receivables and
that shall have been acquired by or on behalf of the Trust, (g) any True Lease
Equipment that is subject to any Subsequent Receivable, and (h) the proceeds
of any and all of the foregoing. The foregoing sale does not constitute and is
not intended to result in any assumption by the Issuer of any obligation of
the Seller 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 Subsequent Transfer Assignment is made pursuant to and upon the
representations, warranties and agreements on the part of the Seller contained
in the Sale and Servicing Agreement (including the Officers' Certificate of
the Seller accompanying this Agreement) and is to be governed in all respects
by the Sale and Servicing Agreement. Capitalized terms used but not otherwise
defined herein shall have the meanings assigned to them in the Sale and
Servicing Agreement.

                                     E-1

<PAGE>

         IN WITNESS WHEREOF, the undersigned has caused this Subsequent
Transfer Assignment to be duly executed as of ___________________, _____.

                       CNH CAPITAL RECEIVABLES INC.,

                       By: __________________________
                        Name: _______________________
                        Title: ______________________

                                     E-2
<PAGE>

                                                                     SCHEDULE A
                                              to Subsequent Transfer Assignment

                      SCHEDULE OF SUBSEQUENT RECEIVABLES
                      ----------------------------------

                                  [Attached]

<PAGE>

                                                                        ANNEX A
                                              to Subsequent Transfer Assignment

                             OFFICERS' CERTIFICATE
                             ---------------------

         We, the undersigned officers of CNH Capital Receivables Inc. (the
"Company"), do hereby certify, pursuant to Section 2.2(b)(xv) of the Sale and
Servicing Agreement dated as of May 1, 2003 among the Company, CNH Equipment
Trust 2003-A and Case Credit Corporation (the "Agreement"), that (i) all of
the conditions precedent to the transfer to the Issuer of the Subsequent
Receivables listed on Schedule A to the Subsequent Transfer Assignment
delivered herewith, and the other property and rights related to such
Subsequent Receivables as described in Section 2.2(a) of the Agreement, have
been satisfied on or prior to the related Subsequent Transfer Date and (ii)
each statement of fact set forth in any officers' certificate executed by an
officer of the Company in connection with an Opinion of Counsel delivered on
the Closing Date with respect to a transfer of, or a security interest in, the
Receivables shall be true and correct as of the date hereof with respect to
the Subsequent Receivables listed on the aforementioned Schedule A.

         Capitalized terms used but not defined herein shall have the meanings
assigned to such terms in the Agreement.

         IN WITNESS WHEREOF, the undersigned have caused this certificate to be
duly executed this _____day of _____________,_______.

                         By: _______________________________
                             Name: _________________________
                             Title: ________________________

                         By: _______________________________
                             Name: _________________________
                             Title: ________________________

<PAGE>

                                                                      EXHIBIT F
                                                to Sale and Servicing Agreement

                   FORM OF ACCOUNTANTS' LETTER IN CONNECTION
              WITH THE SUBSEQUENT TRANSFER ASSIGNMENT PURSUANT TO
            SECTION 2.2(b)(xiv) OF THE SALE AND SERVICING AGREEMENT
            -------------------------------------------------------

                       [Letterhead of Deloitte &Touche]

         ----------------, ------

CNH Capital Receivables Inc.
100 South Saunders Road
Lake Forest, Illinois  60045

CNH Equipment Trust 2003-A
c/o The Bank of New York
101 Barclay Street, Floor 8W
New York, New York  10286

JPMorgan Chase Bank
4 New York Plaza, 6th Floor
New York, New York  10004
Attention:  Institutional Trust Services Group

The Bank of New York
101 Barclay Street, Floor 8W
New York, New York  10286

Dear Ladies and Gentlemen:

         This letter is issued at the request of CNH Capital Receivables Inc.
(the "Seller") with respect to the sale of certain retail receivables (the
"Subsequent Receivables") to the CNH Equipment Trust 2003-A (the "Trust")
pursuant to the Sale and Servicing Agreement dated as of May 1, 2003 (the
"Sale and Servicing Agreement") among the Trust, the Seller and Case Credit
Corporation (the "Servicer"). The sale of the Subsequent Receivables is
described in the prospectus dated May [__], 2003 and the prospectus supplement
dated May [__], 2003 (together, the "Prospectus"), which relates to the
offering by the Trust of [______]% Class A-1 Asset Backed Notes, [______]%
Class A-2 Asset Backed Notes and Floating Rate Class A-3a Asset Backed Notes,
[______]% Class A-3b Asset Backed Notes, Floating Rate Class A-4a Asset Backed
Notes, [__] Class A-4b Asset Backed Notes and [______]% Class B Asset Backed
Notes (collectively, the "Notes") and the [______]% Asset Backed Certificates

<PAGE>

Page 2

________.____

(the "Certificates"). Capitalized terms used herein and not otherwise defined
have the meaning described in the Prospectus or the Sale and Servicing
Agreement, as applicable. In connection therewith, we performed or have
previously performed certain agreed upon procedures as specified in the items
below:

1.       As previously communicated in our letter to the Seller, the Trust,
         ____________________, the Indenture Trustee and the Trustee dated
         _________, _______ relating to the sale of certain retail receivables
         (the "Initial Receivables") and the offering of the Notes and the
         Certificates, we performed several procedures based on a computer
         data file (the "Initial File") received from the Servicer, including
         the following:

         a.       We read certain fields on the Initial File to determine
                  whether the data pertaining to the Initial Receivables
                  complied with the selection criteria as noted in our
                  previous letter.

         b.       Proved the arithmetic accuracy of the Aggregate Contract
                  Value and the related percentage of Initial Receivables
                  coded as representing construction equipment and the Total
                  Aggregate Contract Value of the Initial Receivables as shown
                  on Schedule B.

         c.       Proved the arithmetic accuracy of the Weighted Average
                  Original Term of the Initial Receivables as shown in
                  Schedule B.

2.       On ______________, _____, we obtained a computer data file (the
         "Subsequent File") produced by and represented by the Servicer to
         contain the list of the Subsequent Receivables. The Subsequent File
         was received directly by Deloitte & Touche from the Servicer. By use
         of data retrieval software, we have performed the following with
         respect to the information contained in the Subsequent File:

         a.       We read certain fields on the Subsequent File to determine
                  whether the data relating to the Subsequent Receivables
                  complied with selection criteria 1, 2 and 4 as shown on
                  Schedule A. For purposes of selection criteria 3, as shown
                  on Schedule A, we read certain fields from the Initial File
                  and Subsequent File to aggregate the total Contract Value
                  for each account number for the purpose of determining the
                  Contract Value for each Obligor. The total Contract Value
                  for each account number was then compared to the aggregate
                  Contract Value to determine if the selection criteria was
                  achieved.

         b.       Proved the arithmetic accuracy of the Aggregate Contract
                  Value and the related percentage of the Subsequent

<PAGE>
Page 3
___________, ____

                  Receivables coded as representing construction and the Total
                  Aggregate Contract Value of the Subsequent Receivables as
                  shown on Schedule B.

         c.       Proved the arithmetic accuracy of the Weighted Average
                  Original Term of the Subsequent Receivables as shown in
                  Schedule B.

3.       We proved the arithmetic accuracy of the columnar totals for
         Aggregate Contract Value of construction equipment and the Total
         Aggregate Contract Value as shown on Schedule B.

4.       We proved the arithmetic accuracy of the percent of total column as
         shown in 1 on Schedule B by dividing the amount in the Total
         Aggregate Contract Value of construction equipment column by the
         amount in the Total Aggregate Contract Value column. We also proved
         the arithmetic accuracy of the Weighted Average Original Term as
         shown in 2 on Schedule B by summing the products of Total Aggregate
         Contract Value times Weighted Average Original Term for the Initial
         Receivables and the Subsequent Receivables and dividing the resulting
         sum by the columnar total of the Total Aggregate Contract Value.

         The foregoing procedures do not constitute an audit conducted in
accordance with generally accepted auditing standards, and, therefore, we are
unable to and do not express an opinion on any individual balances or
summaries of selected transactions specifically set forth in this letter.
Also, these procedures would not necessarily reveal matters of significance
with respect to the findings described herein. Accordingly, we make no
representations regarding the sufficiency of the foregoing procedures for your
purposes of for questions of legal interpretation. Had we performed additional
procedures, other matters might have come to our attention that would have
been reported to you. Further, we have addressed ourselves solely to the
foregoing data in the Sale and Servicing Agreement and the Prospectus and make
no representations regarding the adequacy of disclosure regarding whether any
material facts have been omitted.

         This letter is solely for the information of the addressees and is
not to be used, circulated, quoted or otherwise referred to for any other
purpose including, but not limited to, the purchase or sale of Notes or
Certificates, nor is it to be referred to in any document. Furthermore, we
undertake no responsibility to update this letter for events and circumstances
occurring after the date of this letter.

         Very truly yours,

         Deloitte & Touche

<PAGE>

Page 4
_____________, _____

                                                                     SCHEDULE A
                                                         to Accountant's Letter

         Selection Criteria                             Results
         ------------------                             -------

1.       No Subsequent Receivables was more than 90 days past due as of the
         applicable Subsequent Cutoff Date.

2.       Each Subsequent Receivable has a Statistical Contract Value as of the
         Subsequent Cutoff Date that (when combined with the Statistical
         Contract Value of any other Receivables with the same or an
         affiliated Obligor) does not exceed 1% of the aggregate Contract
         Value of all Receivables.

3.       Each Subsequent Receivable has a remaining term to maturity (i.e.,
         the period from but excluding the applicable Subsequent Cutoff Date
         to and including the Receivables' maturity date) of not more than 72
         months.

<PAGE>

Page 5
_____________, _____
                                                                     SCHEDULE B
                                                         to Accountant's Letter

1.  Percentage of principal balance of the Receivables that represents
    construction equipment:

                           Aggregate
                            Contract
                           Value of
                          Construction     Total Aggregate       Equipment
                           Equipment        Contract Value   Percent of Total
                           ---------        --------------   ----------------
Initial Receivables      $                 $                 %
Subsequent Receivables   $                 $                 %
Total Receivables        $                 $                 %

2.  Weighted Average Original Term of the Receivables in the Trust.

                                                                Weighted
                           Total Aggregate                  Average Original
                           Contract Value                       Term
                           ---------------               --------------------
       Initial               $_____                          _____ months
Receivables

       Subsequent            $_____                          _____ months
Receivables

       Totals                $_____                          _____ months
Reecivalbes

         As noted above, the Weighted Average Original Term does not
exceed 55.0 months as required by the Sale and Servicing Agreement.

<PAGE>

                                  Schedule P

         1._______General. The Sale and Servicing Agreement creates, or with
respect to the Receivables that are Subsequent Receivables upon the transfer
of such Subsequent Receivables pursuant to the Subsequent Transfer Assignment
will create, a valid and continuing security interest (as defined in the
applicable UCC) in all of CNHCR's right, title and interest in, to and under
(i) the Receivables, (ii) the Financed Equipment granted by Obligors pursuant
to the Receivables and (iii) the Liquidity Receivables Purchase Agreements
(only with respect to Case Owned Contracts or NH Owned Contracts included in
the Receivables) in favor of the Issuer, which, (a) is enforceable upon
execution of the Sale and Servicing Agreement against creditors of and
purchasers from CNHCR, as such enforceability may be limited by applicable
Debtor Relief Laws, now or hereafter in effect, and by general principles of
equity (whether considered in a suit at law or in equity), and (b) upon filing
of the financing statements described in clause 4 below will be prior to all
other Liens (other than Liens permitted pursuant to clause 5 below).

         2._______Characterization. The Receivables constitute "tangible
chattel paper" within the meaning of UCC Section 9-102. The rights granted
under the agreements described in clause 1 (ii) and (iii) constitute "general
intangibles" within the meaning of UCC Section 9-102. CNHCR has taken all
steps necessary to perfect its security interest in the property securing the
Receivables.

         3._______Creation. Immediately prior to the conveyance of the
Receivables pursuant to the Sale and Servicing Agreement, CNCHR own and has
good and marketable title to, or has a valid security interest in, the
Receivables free and clear of any Lien, claim or encumbrance of any Person.

         4._______Perfection. CNHCR has caused or will have caused, within ten
days of the Closing Date, the filing of all appropriate financing statements
in the proper filing office in the appropriate jurisdictions under applicable
law in order to perfect the security interest granted to the Issuer under the
Sale and Servicing Agreement in the Receivables. With respect to the
Receivables that constitute tangible chattel paper, the Servicer or a
Subservicer, as custodian, received possession of such original tangible
chattel paper after the Issuer received a written acknowledgment from such
custodian that it is acting solely as agent of the Indenture Trustee. All
financing statements filed under this clause 4 contain a statement that "A
purchase of or security interest in any collateral described in this financing
statement will violate the rights of the Secured Party".

         5._______Priority. Other than the security interests granted to the
Issuer pursuant to the Sale and Servicing Agreement and the security interests
granted under the Liquidity Receivables Purchase Agreements, which have been
released, CNHCR has not pledged, assigned, sold, granted a security interest
in, or otherwise conveyed any of the Receivables. CNHCR has not authorized the
filing of and is not aware of any financing statements against CNHCR that

<PAGE>

include a description of collateral covering the Receivables other than any
financing statement (i) relating to the security interests granted to the
Issuer under the Sale and Servicing Agreement and the security interests
granted under the Liquidity Receivables Purchase Agreements, which have been
released (ii) that has been terminated, or (iii) that has been granted
pursuant to the terms of the Basic Documents. None of the tangible chattel
paper that constitutes or evidences the Receivables has any marks or notations
indicating that they have pledged, assigned or otherwise conveyed to any
Person other than the Indenture Trustee. CNHCR is not aware of any judgment,
ERISA or tax lien filings against it.

         6._______ Survival of Perfection Representations. Notwithstanding any
other provision of the Sale and Servicing Agreement or any other Basic
Document, the Perfection Representations contained in this Schedule P shall be
continuing, and remain in full force and effect.

         7._______No Waiver. The parties to the Sale and Servicing Agreement:
(i) shall not, without obtaining a confirmation of the then-current rating of
the Notes, waive any of the representations and warranties in this Schedule P
(the "Perfection Representations"); (ii) shall provide the Ratings Agencies
with prompt written notice of any breach of the Perfection Representations,
and shall not, without obtaining a confirmation of the then-current rating of
the Notes (as determined after any adjustment or withdrawal of the ratings
following notice of such breach) waive a breach of any of the Perfection
Representations.

         8._______Servicer to Maintain Perfection and Priority. The Servicer
covenants that, in order to evidence the interests of CNHCR and Issuer under
this Agreement, Servicer shall take such action, or execute and deliver such
instruments (other than effecting a Filing (as defined below), unless such
Filing is effected in accordance with this paragraph) as may be necessary or
advisable (including, without limitation, such actions as are requested by
Issuer) to maintain and perfect, as a first priority interest, Issuer's
security interest in the Receivables. Servicer shall, from time to time and
within the time limits established by law, prepare and present to Issuer for
Issuer to authorize (based in reliance on the Opinion of Counsel hereinafter
provided for) the Servicer to file, all financing statements, amendments,
continuations, financing statements in lieu of a continuation statement,
terminations, partial terminations, releases or partial releases, or any other
filings necessary or advisable to continue, maintain and perfect the Issuer's
security interest in the Receivables as a first-priority interest (each a
"Filing"). Servicer shall present each such Filing to the Issuer together with
(x) an Opinion of Counsel to the effect that such Filing is (i) consistent
with grant of the security interest to the Issuer pursuant to the Granting
Clause of this Agreement, (ii) satisfies all requirements and conditions to
such Filing in this Agreement and (iii) satisfies the requirements for a
Filing of such type under the Uniform Commercial Code in the applicable
jurisdiction (or if the Uniform Commercial Code does not apply, the applicable
statute governing the perfection of security interests), and (y) a form of
authorization for Issuer's signature. Upon receipt of such Opinion of Counsel
and form of authorization, Issuer shall promptly authorize in writing Servicer
to, and Servicer shall, effect such Filing under the Uniform Commercial Code
without the signature of CNHCR or Issuer where allowed by applicable law.
Notwithstanding anything else in the Indenture to the contrary, the Servicer
shall not have any authority to effect a Filing without obtaining written
authorization from the Issuer in accordance with this paragraph (c).Execution Copy

===============================================================================

                           CNH EQUIPMENT TRUST 2003-A

                             CASE PURCHASE AGREEMENT

                                     between

                             Case Credit Corporation

                                       and

                          CNH Capital Receivables Inc.

                             Dated as of May 1, 2003

===============================================================================
<PAGE>

                                TABLE OF CONTENTS
                                -----------------
                                                                            Page
                                                                            ----
ARTICLE I    CERTAIN DEFINITIONS..............................................2

     SECTION 1.1.    Definitions..............................................2

     SECTION 1.2.    Other Definitional Provisions............................2

ARTICLE II   CONVEYANCE OF CASE RECEIVABLES...................................3

     SECTION 2.1.    Conveyance of Case Purchased Contracts...................3

     SECTION 2.2.    Conveyance of Subsequent Case 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...................................5

     SECTION 3.1.    Representations and Warranties of CNHCR..................5

     SECTION 3.2.    Representations and Warranties of Case Credit............6

ARTICLE IV   CONDITIONS......................................................13

     SECTION 4.1.    Conditions to Obligation of CNHCR.......................13

     SECTION 4.2.    Conditions to Obligation of Case Credit.................15

ARTICLE V    COVENANTS OF CASE CREDIT........................................16

     SECTION 5.1.    Protection of Right, Title and Interest.................16

     SECTION 5.2.    Other Liens or Interests................................17

     SECTION 5.3.    Chief Executive Office..................................17

     SECTION 5.4.    Costs and Expenses......................................17

     SECTION 5.5.    Indemnification.........................................17

     SECTION 5.6.    Transfer of Subsequent Case Receivables.................18

ARTICLE VI   MISCELLANEOUS PROVISIONS........................................18

     SECTION 6.1.    Obligations of Case Credit..............................18

     SECTION 6.2.    Repurchase Events.......................................18

     SECTION 6.3.    CNHCR Assignment of Repurchased Receivables.............18

     SECTION 6.4.    Trust...................................................18

     SECTION 6.5.    Amendment...............................................19

     SECTION 6.6.    Accountants' Letters....................................19

<PAGE>

     SECTION 6.7.    Waivers.................................................20

     SECTION 6.8.    Notices.................................................20

     SECTION 6.9.    Costs and Expenses......................................20

     SECTION 6.10.   Representations of Case Credit and CNHCR................20

     SECTION 6.11.   Confidential Information................................20

     SECTION 6.12.   Headings and Cross-References...........................20

     SECTION 6.13.   Governing Law...........................................21

     SECTION 6.14.   Counterparts............................................21

     SECTION 6.15.   Severability............................................21

                                    EXHIBITS

EXHIBIT A       Form of Case Assignment
EXHIBIT B       Form of Case Subsequent Transfer Assignment

                                    SCHEDULES

SCHEDULE P      Perfection Representation and Warranties

                                       ii
<PAGE>

     CASE PURCHASE AGREEMENT (as amended or supplemented from time to time,
this "Agreement") dated as of May 1, 2003 between CASE CREDIT CORPORATION, a
Delaware corporation ("Case Credit"), and CNH CAPITAL RECEIVABLES INC., a
Delaware corporation ("CNHCR").

                                   RECITALS

     WHEREAS, in the regular course of its business, Case Credit purchases,
directly and indirectly, from equipment dealers and brokers, and directly
originates, Contracts; and

     WHEREAS, in the regular course of its business, Case Credit purchases
from Case, LLC (f/k/a Case Corporation) certain Contracts originated by Case,
LLC (f/k/a Case Corporation) in the ordinary course of business; and

     WHEREAS, Case Credit and CNHCR wish to set forth the terms pursuant to
which: (1) Contracts having an aggregate Contract Value of approximately
$107,979,185.60 (the "Case Purchased Contracts") as of the Initial Cutoff Date
and Case Credit's right, title and interest in any True Lease Equipment
related to such Contracts are to be sold by Case Credit to CNHCR on the date
hereof and (2) certain Subsequent Case Receivables and Case Credit's right,
title and interest in any True Lease Equipment related to such Subsequent Case
Receivables are to be sold by Case Credit to CNHCR from time to time on each
Subsequent Transfer Date; and

     WHEREAS, CNHCR, as of the Initial Cutoff Date, owned Contracts previously
purchased from Case Credit pursuant to an Amended and Restated Receivables
Purchase Agreement dated as of December 15, 2000 (as amended from time to
time, the "Case Liquidity Receivables Purchase Agreement") between Case Credit
and CNHCR, having an aggregate Contract Value of approximately $228,937,781.21
(the "Case Owned Contracts", and together with the Case Purchased Contracts,
the "Initial Case Receivables"); and

     WHEREAS, the Initial Case Receivables and the Subsequent Case Receivables
(collectively, the "Case Receivables"), the NH Receivables and any True Lease
Equipment related to such Case Receivables or NH Receivables will be
transferred by CNHCR, pursuant to the Sale and Servicing Agreement, to CNH
Equipment Trust 2003-A (the "Trust"), which Trust will issue Asset Backed
Certificates representing non-assessable, fully paid, undivided interests in,
and 1.26250% Class A-1 Asset Backed Notes, 1.46000% Class A-2 Asset Backed
Notes, Floating Rate Class A-3a Asset Backed Notes, 1.89000% Class A-3b Asset
Backed Notes, Floating Rate Class A-4a Asset Backed Notes, 2.57000% Class A-4b
Asset Backed Notes and 3.1300% Class B Asset Backed Notes collateralized by,
the Receivables and the other property of the Trust; and
<PAGE>

     WHEREAS, Case Credit and CNHCR wish to set forth herein certain
representations, warranties, covenants and indemnities of Case Credit with
respect to the Case Receivables for the benefit of CNHCR, the Trust, the
Noteholders, any Counterparty 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 CNH Equipment Trust 2003-A and JPMorgan Chase Bank as Indenture
Trustee.

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,".

(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.

                                      2
<PAGE>

                                  ARTICLE II
                        Conveyance of Case Receivables

SECTION 2.1. Conveyance of Case Purchased Contracts. In consideration of
CNHCR's payment of $336,916,966.81 (the "Initial Case Purchase Price") in the
manner set out in Section 2.5(a), Case Credit does hereby sell, transfer,
assign, set over and otherwise convey to CNHCR, without recourse (subject to
the obligations herein), all of its right, title, interest and, with respect
to any Contracts that are Leases, obligations in, to and under (collectively,
the "Initial Case Assets"):

(i) the Case 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 Case Purchased Contracts and any other interest of Case Credit
in such Financed Equipment;

(iii) any proceeds with respect to the Case Purchased Contracts from claims on
insurance policies covering Financed Equipment or Obligors;

(iv) any proceeds from recourse to Dealers with respect to the Case Purchased
Contracts other than any interest in the Dealers' reserve accounts maintained
with Case Credit;

(v) any Financed Equipment that shall have secured the Case Purchased
Contracts and that shall have been acquired by or on behalf of CNHCR;

(vi) any True Lease Equipment that is subject to any Case Purchased Contract;
and

(vii) the proceeds of any and all of the foregoing.

SECTION 2.2. Conveyance of Subsequent Case Receivables. Subject to the
conditions set forth in Section 4.1(b), in consideration of CNHCR's delivery
on the related Subsequent Transfer Date to or upon the order of Case Credit of
the related Subsequent Case Purchase Price pursuant to Section 2.5, Case
Credit does hereby sell, transfer, assign, set over and otherwise convey to
CNHCR, without recourse (subject to the obligations herein), all of its right,
title, interest and, with respect to any Contracts that are Leases,
obligations in, to and under (collectively, the "Subsequent Case Assets"; and
together with the Initial Case Assets, the "Case Assets"):

                                      3
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(i) the Subsequent Case Receivables listed on Schedule A to the related Case
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 Case Receivables and any other interest of Case
Credit in such Financed Equipment;

(iii) any proceeds with respect to such Subsequent Case Receivables from
claims on insurance policies covering Financed Equipment or Obligors;

(iv) any proceeds with respect to such Subsequent Case Receivables from
recourse to Dealers other than any interest in the Dealers' reserve accounts
maintained with Case Credit;

(v) any Financed Equipment that shall have secured any such Subsequent Case
Receivable and that shall have been acquired by or on behalf of CNHCR;

(vi) any True Lease Equipment that is subject to any Subsequent Case
Receivable; and

(vii) the proceeds of any and all of the foregoing.

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 CNHCR and a sale by Case Credit of the Case Purchased Contracts
and the Subsequent Case Receivables and any True Lease Equipment related to
such Case Purchased Contracts or Subsequent Case Receivables, as the case may
be, and not as a lending transaction, such that in the event of a filing of a
petition for relief by or against Case Credit under the Bankruptcy Code, such
Case Purchased Contracts, Subsequent Case Receivables and True Lease Equipment
would not be property of Case Credit's bankruptcy estate under Section 541 of
the Bankruptcy Code, (ii) the bankruptcy court would not compel the turnover
of such Case Purchased Contracts, Subsequent Case Receivables and True Lease
Equipment or collections thereon by CNHCR to Case Credit under Section 542 of
the Bankruptcy Code, and (iii) the bankruptcy court would determine that
payments on such Case Purchased Contracts, Subsequent Case Receivables and
True Lease Equipment not in the possession of Case Credit would not be subject
to the automatic stay provisions of Section 362(a) of the Bankruptcy Code
imposed upon the commencement of Case Credit's bankruptcy case. The foregoing
sale, assignment, transfer and conveyance does not constitute, and is not
intended to result in a creation or assumption by CNHCR of, any obligation or
liability with respect to any Case Purchased Contract or any Subsequent Case

                                      4
<PAGE>

Receivable, nor shall CNHCR be obligated to perform or otherwise be
responsible for any obligation of Case Credit or any other Person in
connection with the Case Purchased Contracts or the Subsequent Case
Receivables or under any agreement or instrument relating thereto, including
any contract or any other obligation to any Obligor, except that CNHCR accepts
any Contracts that are Leases subject to (and assumes) the covenants
benefiting the Obligors under such Leases.

If (but only to the extent) that the transfer of the Case Assets hereunder is
characterized by a court or other governmental authority as a loan rather than
a sale, Case Credit shall be deemed hereunder to have granted to CNHCR a
security interest in all of Case Credit's right, title and interest in and to
the Case Assets. Such security interest shall secure all of Case Credit's
obligations (monetary or otherwise) under this Agreement and the other Basic
Documents to which it is a party, whether now or hereafter existing or
arising, due or to become due, direct or indirect, absolute or contingent.
CNHCR shall have, with respect to the property described in Section 2.1 and
Section 2.2, and in addition to all the other rights and remedies available to
CNHCR under this Agreement and applicable law, all the rights and remedies of
a secured party under any applicable UCC, and this Agreement shall constitute
a security agreement under applicable law.

SECTION 2.4. The Closing. The sale and purchase of the Case Purchased
Contracts shall take place at a closing at the offices of Mayer, Brown, Rowe &
Maw, 190 South LaSalle Street, Chicago, Illinois 60603 on the Closing Date,
simultaneously with the closings under: (a) the NH Purchase Agreement, (b) the
Sale and Servicing Agreement, (c) the Trust Agreement, (d) the Administration
Agreement and (e) the Indenture.

SECTION 2.5. Payment of the Purchase Price.

(a) Case Purchased Contracts. The Initial Case Purchase Price is payable as
follows: (i) partially in cash on the Closing Date, and (ii) the remainder
shall be deemed to have been paid by CNHCR to Case Credit and returned by Case
Credit to CNHCR as a contribution to capital.

(b) Subsequent Case Receivables. As consideration for the conveyance of
Subsequent Case Receivables pursuant to Section 2.2, CNHCR shall pay or cause
to be paid to Case Credit on each Subsequent Transfer Date an amount (a
"Subsequent Case Purchase Price") equal to the aggregate Contract Value of the
Subsequent Case Receivables as of the related Subsequent Cutoff Date, plus any
premium or minus any discount agreed upon by Case Credit and CNHCR. Any
Subsequent Case Purchase Price shall be payable as follows: (i) cash in the
amount released to CNHCR in respect of the Subsequent Case Receivables from
the Pre-Funding Account pursuant to Section 5.7(a) of the Sale and Servicing
Agreement shall be paid to Case Credit on the related Subsequent Transfer

                                      5
<PAGE>

Date; and (ii) the balance shall be paid in cash as and when amounts are
released to, or otherwise realized by, CNHCR from the Spread Account, the
Negative Carry Account, and the Principal Supplement 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 CNHCR. CNHCR hereby represents
and warrants to Case Credit as of the date hereof and as of the Closing Date:

(a) Organization and Good Standing. CNHCR 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 Case Receivables.

(b) Due Qualification. CNHCR 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. CNHCR 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 CNHCR by all
necessary corporate action.

(d) Binding Obligation. This Agreement constitutes a legal, valid and binding
obligation of CNHCR enforceable against CNHCR 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 CNHCR, or any indenture, agreement or other
instrument to which CNHCR 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 CNHCR's knowledge, any order, rule or regulation applicable to CNHCR
of any court or of any Federal or State regulatory body, administrative agency
or other governmental instrumentality having jurisdiction over CNHCR or its
properties.

                                      6
<PAGE>

(f) No Proceedings. There are no proceedings or investigations pending or, to
CNHCR's best knowledge, threatened, before any court, regulatory body,
administrative agency or other governmental instrumentality having
jurisdiction over CNHCR 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 or (iii) seeking any determination
or ruling that could reasonably be expected to materially and adversely affect
the performance by CNHCR of its obligations under, or the validity or
enforceability of, this Agreement.

SECTION 3.2. Representations and Warranties of Case Credit. (a) Case Credit
hereby represents and warrants to CNHCR as of the date hereof and as of the
Closing Date:

(i) Organization and Good Standing. Case Credit 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 Case Receivables.

(ii) Due Qualification. Case Credit 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. Case Credit has the power and authority to execute
and deliver this Agreement and to carry out its terms; Case Credit has full
power and authority to sell and assign the property to be sold and assigned to
CNHCR hereby and has duly authorized such sale and assignment to CNHCR by all
necessary corporate action; and the execution, delivery and performance of
this Agreement have been, and the execution, delivery and performance of each
Case Subsequent Transfer Assignment have been or will be on or before the
related Subsequent Transfer Date, duly authorized by Case Credit by all
necessary corporate action.

(iv) Binding Obligation. This Agreement constitutes, and each Case Subsequent
Transfer Assignment when executed and delivered by Case Credit will
constitute, a legal, valid and binding obligation of Case Credit enforceable
against Case Credit 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, the certificate of
incorporation or by-laws of Case Credit, or any indenture, agreement or other
instrument to which Case Credit is a party or by which it is bound; or result

                                      7
<PAGE>

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 Case Credit's
knowledge, any order, rule or regulation applicable to Case Credit of any
court or of any Federal or State regulatory body, administrative agency or
other governmental instrumentality having jurisdiction over Case Credit or its
properties.

(vi) No Proceedings. There are no proceedings or investigations pending, or to
Case Credit's best knowledge, threatened, before any court, regulatory body,
administrative agency or other governmental instrumentality having
jurisdiction over Case Credit 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 Case Credit of its obligations under, or the validity or
enforceability of, this Agreement.

(b) Case Credit makes the following representations and warranties as to the
Receivables on which CNHCR relies in accepting the Initial Receivables 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 Initial Receivables,
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 CNHCR 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 Case Receivables. Each Case Receivable: (A) (1) (i) 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, and (ii) was purchased by Case Credit from a Dealer and
validly assigned by such Dealer to Case Credit in accordance with its terms,
or (2) was originated in the United States of America by Case Credit in
connection with the financing or lease of Financed Equipment in the ordinary
course of Case 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 the Financed Equipment in
favor of Case Credit that, as of the Closing Date, has been assigned by Case
Credit to CNHCR, by CNHCR 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) Case Credit 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

                                      8
<PAGE>

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 any Contracts sold, or to be
sold, hereunder that are 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 any Contracts sold, or to be sold,
hereunder that are Leases also provide for payments of the related Termination
Values.

(ii) Schedule of Case Receivables. The information set forth on Schedule A to
the Case 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 Case Subsequent
Transfer Assignment will be true and correct on each Subsequent Transfer Date
related to such Case Subsequent Transfer Assignment and no selection
procedures believed by Case Credit to be adverse to the interests of the
Trust, the Noteholders or the Certificateholders were or will be utilized in
selecting the Case Receivables. The computer tape regarding the Case
Receivables made available to CNHCR and its assigns is true and correct in all
respects.

(iii) Compliance with Law. Each Case 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 Case
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 Magnuson-Moss
Warranty Act, the Federal Reserve Board's Regulations B and Z, 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.

(iv) Binding Obligation. Each Case 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 Case 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 Case Receivable shall be secured by a
validly perfected first priority security interest in the Financed Equipment
in favor of Case Credit as secured party or all necessary and appropriate

                                      9
<PAGE>

actions have been commenced that would result in the valid perfection of a
first priority security interest in the Financed Equipment in favor of Case
Credit as secured party, except that (A) no security interest against the
Obligor is created in True Lease Equipment and (B) Case Credit makes no
representation or warranty as to any security interest granted by any Dealer
to secure the Dealer's obligations to make payments in respect of Termination
Values.

(vii) Case Receivables in Force. No Case Receivable has been satisfied,
subordinated or rescinded, nor has any Financed Equipment been released from
the Lien granted by the related Case Receivable in whole or in part.

(viii) No Amendment or Waiver. No provision of a Case 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 Case 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 Case Receivable.

(x) No Liens. To the best of Case Credit'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 Case
Receivable, except those pursuant to the Basic Documents.

(xi) No Default. No Case 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 default
continuing for a period of not more than 90 days, no default, breach,
violation or event permitting acceleration under the terms of any Case
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 Case
Receivable has arisen; and Case Credit has not waived and shall not waive any
of the foregoing.

(xii) Title. It is the intention of Case Credit that the transfers and
assignments contemplated herein and in the Case Liquidity Receivables Purchase
Agreement constitute a sale of the Case Receivables from Case Credit to CNHCR
and that the beneficial interest in and title to the Case Receivables and any
True Lease Equipment related to such Case Receivables not be part of the
debtor's estate in the event of the filing of a bankruptcy petition by or
against Case Credit under any bankruptcy or similar law. No Case Receivable
has been sold, transferred, assigned or pledged by Case Credit to any Person

                                      10
<PAGE>

other than CNHCR. Immediately prior to the transfers and assignments
contemplated herein and in the Case Liquidity Receivables Purchase Agreement,
Case Credit had good title to each Case Receivable and any True Lease
Equipment related to such Case Receivable, free and clear of all Liens and,
immediately upon the transfer thereof, CNHCR shall have good title to each
Case Receivable and any True Lease Equipment, free and clear of all Liens; and
the transfer and assignment of the Case Receivables to CNHCR has been
perfected under the UCC.

(xiii) Lawful Assignment. No Case Receivable has been originated in, or is
subject to the laws of, any jurisdiction under which the sale, transfer and
assignment of such Case Receivable or any Case Receivable under this
Agreement, the Case 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 CNHCR a first priority perfected ownership interest in
the Case Receivables have been made.

(xv) One Original. There is only one original executed copy of each Case
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 44.96 months as of
the Initial Cutoff Date; the weighted average original term of the
Receivables, including as of each Subsequent Transfer Date all Subsequent
Receivables previously transferred to CNHCR, will not be greater than 55
months.

(xvii) Scheduled Payments. 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, and is either a Precomputed Receivable or
a Simple Interest Receivable.

(xviii) Insurance. The Obligor on each Case 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 Case Credit's normal requirements.

(xix) Concentrations. (A) No Receivable has a Statistical Contract Value (when
combined with the Statistical Contract Value of any other Receivable with the
same or an Affiliated Obligor) that exceeds 1% of the Initial Aggregate
Statistical Contract Value.

                                      11
<PAGE>

(xx) Financing. Approximately 63.33% of the aggregate Statistical Contract
Value of the Initial Receivables, constituting 65.75% of the number of Initial
Receivables as of the Initial Cutoff Date, were secured by or constitute
Receivables of equipment that was new at the time the related Initial
Receivable was originated; the remainder of the Initial Receivables represent
financing or leases of used equipment; approximately 71.40% of the aggregate
Statistical Contract Value of the Initial Receivables, constituting 76.53% 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 Statistical Contract Value of the Receivables for the purposes of
the above calculations as of the Initial Cutoff Date is $618,976,649.84.
Additionally, not more than 35% of the aggregate Contract Value of the
Receivables, including, as of each Subsequent Transfer Date, all Subsequent
Receivables previously transferred to CNHCR, will represent Contracts for the
financing or lease of construction equipment. No Subsequent Receivable will
represent the financing of truck equipment.

(xxi) No Bankruptcies. No Obligor on any Case 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.

(xxii) No Repossessions. None of the Financed Equipment securing any Case
Receivable is in repossession status. (xxiii) Chattel Paper. Each Case
Receivable constitutes "chattel paper" as defined in the UCC of each State the
law of which governs the perfection of the interest granted in it and/or the
priority of such perfected interest.

(xxiv) U.S. Obligors. None of the Case 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.

(xxv) Payment Frequency. As of the Initial Cutoff Date and as shown on the
books of Case Credit: (A) Initial Receivables having an aggregate Statistical
Contract Value equal to 42.23% of the Initial Aggregate Statistical Contract
Value had annual scheduled payments, (B) Initial Receivables having an
aggregate Statistical Contract Value equal to 3.38% of the Initial Aggregate
Statistical Contract Value had semi-annual scheduled payments, (C) Initial
Receivables having an aggregate Statistical Contract Value equal to 0.71% of
the Initial Aggregate Statistical Contract Value had quarterly scheduled
payments, (D) Initial Receivables having an aggregate Statistical Contract
Value equal to 48.94% of the Initial Aggregate Statistical Contract Value had
monthly scheduled payments, and (E) Initial Receivables having an aggregate
Statistical Contract Value equal to 4.74% of the Initial Aggregate Statistical
Contract Value had irregularly scheduled payments.

                                      12
<PAGE>

(xxvi) Interest Accruing. Each Case Receivable, other than those Case
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 Case Receivable contains an
interest waiver extending more than 12 months after the Initial Cutoff Date.

(xxvii) Leases. Each Lease included in the Initial Case Receivables or the
Subsequent Case Receivables has a Termination Value less than or equal to 10%
of the purchase price of the equipment subject to such Lease and is a "lease
intended as security" (rather than a true lease) within the meaning of Section
1-201(37) of the UCC.

(xxviii) Case Credit's Representations. The representations and warranties of
Case Credit contained in Section 3.2(a) are true and correct.

(xxix) Case Credit's Obligations. Case Credit has no obligations under any
Contract, other than the covenant of quiet enjoyment benefiting the Obligors
under any Contracts that are Leases.

(xxx) No Either/or Leases. No Lease included in the Initial Case Receivables
or the Subsequent Case Receivables is a Either/or Lease, and no Financed
Equipment transferred to CNHCR on the Closing Date or any Subsequent Transfer
Date, as the case may be, constitutes True Lease Equipment.

(xxxi) No Leases. Notwithstanding anything to the contrary in the Basic
Documents, none of the Initial Case Receivables or the Subsequent Case
Receivables shall be Leases.

(xxxii) Perfection Representations. Case Credit further makes all the
representations, warranties and covenants set forth in Schedule P.

                                  ARTICLE IV
                                  Conditions

SECTION 4.1. Conditions to Obligation of CNHCR.

(a) Case Purchased Contracts. The obligation of CNHCR to purchase the Case
Purchased Contracts is subject to the satisfaction of the following
conditions:

(i) Representations and Warranties True. The representations and warranties of
Case Credit hereunder shall be true and correct on the Closing Date and Case
Credit shall have performed all obligations to be performed by it hereunder on
or prior to the Closing Date.

                                      13
<PAGE>

(ii) Computer Files Marked. Case Credit shall, at its own expense, on or prior
to the Closing Date, indicate in its computer files that Case Receivables
created in connection with the Case Purchased Contracts have been sold to
CNHCR pursuant to this Agreement and deliver to CNHCR the Schedule of Case
Receivables certified by the Chairman, the President, a Vice President or the
Treasurer of Case Credit to be true, correct and complete.

(iii) Documents To Be Delivered by Case Credit on the Closing Date.

(A) The Case Assignment. On the Closing Date (but only if the Contract Value
of the Case Purchased Contracts is greater than zero), Case Credit will
execute and deliver the Case 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 Case Purchased Contracts is greater than zero), Case
Credit 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 CNHCR's right, title and interest in the Case Purchased
Contracts and the other property sold hereunder, executed by Case Credit, as
seller or debtor, and naming CNHCR, as purchaser or secured party, describing
the Case 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
Case Purchased Contracts and such other property to CNHCR. It is understood
and agreed, however, that no filings will be made to perfect any security
interest of CNHCR in Case Credit's interests in Financed Equipment. Case
Credit shall deliver (or cause to be delivered) a file-stamped copy, or other
evidence satisfactory to CNHCR of such filing, to CNHCR on or prior to the
Closing Date.

(C) Other Documents. Case Credit will deliver such other documents as CNHCR
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 Case Receivables. The obligation of CNHCR to purchase any
Subsequent Case Receivables is subject to the satisfaction of the following
conditions on or prior to the related Subsequent Transfer Date:

(i) Case Credit shall have delivered to CNHCR a duly executed written
assignment in substantially the form of Exhibit B (the "Case Subsequent
Transfer Assignment"), which shall include supplements to the Schedule of Case
Receivables listing the Subsequent Case Receivables;

                                      14
<PAGE>

(ii) Case Credit shall, to the extent required by Section 5.2 of the Sale and
Servicing Agreement, have delivered to CNHCR for deposit in the Collection
Account all collections in respect of the Subsequent Case Receivables;

(iii) as of such Subsequent Transfer Date: (A) Case Credit was not insolvent
and will not become insolvent as a result of the transfer of Subsequent Case
Receivables on such Subsequent Transfer Date, (B) Case Credit did not intend
to incur or believe that it would incur debts that would be beyond Case
Credit'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 Case Credit did not constitute unreasonably small capital to carry out its
business as conducted;

(iv) the applicable Spread Account Initial Deposit and Principal Supplement
Account Deposit, if any, 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 Case Credit pursuant
to Section 3.2(b) with respect to the Subsequent Case Receivables or the
Subsequent Receivables shall be true and correct as of such Subsequent
Transfer Date, and Case Credit shall have performed all obligations to be
performed by it hereunder on or prior to such Subsequent Transfer Date;

(vii) Case Credit shall, at its own expense, on or prior to such Subsequent
Transfer Date, indicate in its computer files that the Subsequent Case
Receivables identified in the related Case Subsequent Transfer Assignment have
been sold to CNHCR pursuant to this Agreement and the Case Subsequent Transfer
Assignment;

(viii) Case Credit shall have taken any action required to give CNHCR a first
priority perfected ownership interest in the Subsequent Case Receivables;

(ix) no selection procedures believed by Case Credit to be adverse to the
interests of CNHCR, the Trust, the Noteholders or the Certificateholders shall
have been utilized in selecting the Subsequent Case Receivables;

(x) the addition of the Subsequent Case Receivables will not result in a
material adverse tax consequence to CNHCR, the Trust, the Noteholders or the
Certificateholders;

(xi) Case Credit shall have provided CNHCR a statement listing the aggregate
Contract Value of such Subsequent Case Receivables and any other information
reasonably requested by CNHCR with respect to such Subsequent Case
Receivables;

                                      15
<PAGE>

(xii) all the conditions to the transfer of the Subsequent Case Receivables to
the Issuer specified in the Sale and Servicing Agreement shall have been
satisfied; and

(xiii) Case Credit shall have delivered to CNHCR 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 Case
Subsequent Transfer Assignment).

SECTION 4.2. Conditions to Obligation of Case Credit. The obligation of Case
Credit to sell the Case Purchased Contracts and the Subsequent Case
Receivables to CNHCR is subject to the satisfaction of the following
conditions:

(a) Representations and Warranties True. The representations and warranties of
CNHCR 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
CNHCR 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, CNHCR shall have delivered to Case Credit the
portion of the Initial Case Purchase Price or the Subsequent Case 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 Case Credit

Case Credit agrees with CNHCR 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:

SECTION 5.1. Protection of Right, Title and Interest. (a) Filings. Case Credit
shall cause all financing statements and continuation statements and any other
necessary documents covering the right, title and interest of CNHCR in and to
the Case 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 CNHCR hereunder to the
Case 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 CNHCR in Case Credit's interests in Financed Equipment. Case Credit shall
deliver (or cause to be delivered) to CNHCR 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. CNHCR

                                      16
<PAGE>

shall cooperate fully with Case Credit 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 Case Credit 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, Case Credit shall give CNHCR 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 CNHCR's interest in the property included in the Trust Estate.

(c) Location Change. Within 15 days after Case Credit makes any change to its
"location" as defined in Section 9-307 of the UCC, Case Credit shall give
CNHCR 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 CNHCR'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 Case Liquidity Receivables Purchase Agreement, the Sale
and Servicing Agreement, the Indenture and the other Basic Documents, Case
Credit: (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 Case Receivables, and (b) shall defend the right, title and interest
of CNHCR in, to and under the Case Receivables against all claims of third
parties claiming through or under Case Credit; provided, however, that Case
Credit'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 Case Receivables,
Case Credit will maintain its chief executive office and "location," as
defined in the UCC, in one of the States.

SECTION 5.4. Costs and Expenses. Case Credit agrees to pay all reasonable
costs and disbursements in connection with the perfection, as against all
third parties, of CNHCR's right, title and interest in, to and under the Case
Receivables.

SECTION 5.5. Indemnification. Case Credit shall indemnify, defend and hold
harmless CNHCR for any liability as a result of the failure of a Case
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 Case
Credit may otherwise have. Case Credit shall indemnify, defend and hold

                                      17
<PAGE>

harmless CNHCR, the Issuer, the Trustee and the Indenture Trustee (and their
respective officers, directors, employees and agents) from and against any
taxes that may at any time be asserted against such Person with respect to the
sale of the Case Receivables to CNHCR hereunder or the sale of the Case
Receivables to the Issuer by CNHCR or the issuance and original sale of the
Certificates and the Notes, including any sales, gross receipts, general
corporation, tangible personal property, privilege or license taxes (but, in
the case of CNHCR and the Issuer, not including any taxes asserted with
respect to ownership of the Case Receivables on Federal or other income taxes
arising out of the transactions contemplated by this Agreement) and costs and
expenses in defending against the same.

SECTION 5.6. Transfer of Subsequent Case Receivables. Case Credit covenants to
transfer to CNHCR, pursuant to Section 2.2, Subsequent Case Receivables with
an aggregate Contract Value approximately equal to $385,142,899.54 minus the
aggregate Contract Value of any Receivables sold to CNHCR by NH Credit
pursuant to Section 5.6 of the NH Purchase Agreement, subject only to the
availability of such Subsequent Case Receivables.

                                  ARTICLE VI
                           Miscellaneous Provisions

SECTION 6.1. Obligations of Case Credit. The obligations of Case Credit under
this Agreement shall not be affected by reason of any invalidity, illegality
or irregularity of any Case Receivable.

SECTION 6.2. Repurchase Events. Case Credit hereby covenants and agrees with
CNHCR for the benefit of CNHCR, the Indenture Trustee, the Noteholders, the
Trustee and the Certificateholders that the occurrence of a breach of any of
Case Credit's representations and warranties contained in Section 3.2(b),
shall constitute events obligating Case Credit to repurchase any Case
Receivable and, with respect to a breach of any of Case Credit's
representations and warranties contained in Sections 3.2(b)(xvi), (xvii),
(xix), (xx), (xxv) and (xxvi), any NH Receivable materially and adversely
affected by any such breach ("Repurchase Events") at the Purchase Amount from
CNHCR or from the Trust. Except as set forth in Section 5.5, the repurchase
obligation of Case Credit shall constitute the sole remedy of CNHCR, the
Indenture Trustee, the Noteholders, the Trust, the Trustee or the
Certificateholders against Case Credit with respect to any Repurchase Event.

SECTION 6.3. CNHCR Assignment of Repurchased Receivables. With respect to all
Receivables repurchased by Case Credit pursuant to this Agreement, CNHCR shall
sell, transfer, assign, set over and otherwise convey to Case Credit, without

                                      18
<PAGE>

recourse, representation or warranty, all of CNHCR's right, title and interest
in, to and under such Receivables, and all security and documents relating
thereto.

SECTION 6.4. Trust. Case Credit acknowledges and agrees that: (a) CNHCR will,
pursuant to the Sale and Servicing Agreement, sell the Case Receivables to the
Trust and assign its rights under this Agreement to the Trust, (b) the Trust
will, pursuant to the Indenture, assign such Case Receivables and such rights
to the Indenture Trustee and (c) the representations, warranties and covenants
contained in this Agreement and the rights of CNHCR under this Agreement,
including under Section 6.2, are intended to benefit the Trust, the
Certificateholders, the Counterparties and the Noteholders. Case Credit hereby
consents to all such sales and assignments and agrees that enforcement of a
right or remedy hereunder by the Indenture Trustee shall have the same force
and effect as if the right or remedy had been enforced or executed by CNHCR.

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 Case Credit and CNHCR, 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 Case Credit and CNHCR,
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 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 Case 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.

                                      19
<PAGE>

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
information with respect to the Receivables contained in the Prospectus, (b)
Case Credit will cooperate with CNHCR 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 CNHCR a letter, dated the date of the
Prospectus, in the form previously agreed to by Case Credit, NH Credit and
CNHCR, 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 CNHCR in exercising
any power, right or remedy under this Agreement, the Case Assignment or any
Case Subsequent Transfer 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 Case Credit, to Case Credit Corporation, 233
Lake Avenue, Racine, Wisconsin 53403, Attention: Treasurer (telephone (262)
636-6011); (b) in the case of CNHCR, to CNH Capital Receivables Inc., 100
South Saunders Road, Lake Forest, Illinois 60045, Attention: Treasurer
(telephone (847) 735-9200); (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. Case Credit will pay all expenses incident to
the performance of its obligations under this Agreement and Case Credit agrees
to pay all reasonable out-of-pocket costs and expenses of CNHCR, excluding
fees and expenses of counsel, in connection with the perfection as against
third parties of CNHCR's right, title and interest in, to and under the Case
Receivables and the enforcement of any obligation of Case Credit hereunder.

SECTION 6.10. Representations of Case Credit and CNHCR. The respective
agreements, representations, warranties and other statements by Case Credit
and CNHCR 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.

                                      20
<PAGE>

SECTION 6.11. Confidential Information. CNHCR agrees that it will neither use
nor disclose to any Person the names and addresses of the Obligors, except in
connection with the enforcement of CNHCR's rights hereunder, under the Case
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, the Case Assignment, and each
Case Subsequent Transfer 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.

                           (signature pages follow)

<PAGE>

     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.

                                     CNH CAPITAL RECEIVABLES INC.

                                     By:  /s/ Brian O'Keane
                                          -------------------------
                                           Name:  Brian O'Keane
                                           Title: Assistant Treasurer

                                     CASE CREDIT CORPORATION,

                                     By:  /s/ Brian O'Keane
                                          -------------------------
                                           Name:  Brian O'Keane
                                           Title: Assistant Treasurer

                                S-1
<PAGE>

                                                                      EXHIBIT A
                                                     to Case Purchase Agreement

                                    FORM OF
                                CASE ASSIGNMENT
                                ---------------

For value received, in accordance with and subject to the Case Purchase
Agreement dated as of May 1, 2003 (the "Case Purchase Agreement"), between the
undersigned and CNH Capital Receivables Inc. ("CNHCR"), the undersigned does
hereby sell, assign, transfer, set over and otherwise convey unto CNHCR,
without recourse, all of its right, title, interest and, with respect to any
Contracts that are Leases, obligations in, to and under: (a) the Case
Purchased Contracts, which are 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 Initial Cutoff Date, (b) the security interests in the Financed Equipment
granted by Obligors pursuant to the Case Purchased Contracts and any other
interest of the undersigned in such Financed Equipment, (c) any proceeds with
respect to the Case Purchased Contracts from claims on insurance policies
covering Financed Equipment or Obligors, (d) any proceeds from recourse to
Dealers with respect to the Case 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 Case Purchased Contracts
and that shall have been acquired by or on behalf of CNHCR, (f) any True Lease
Equipment that is subject to any Case Purchased Contract, and (g) the proceeds
of any and all of the foregoing. The foregoing sale does not constitute and is
not intended to result in any assumption by CNHCR of any obligation (other
than the covenant of quiet enjoyment benefiting the Obligors under any
Contracts that are Leases) of the undersigned to the Obligors, insurers or any
other person in connection with the Case Purchased Contracts, Receivables
Files, any insurance policies or any agreement or instrument relating to any
of them.

This Case Assignment is made pursuant to and upon the representations,
warranties and agreements on the part of the undersigned contained in the Case
Purchase Agreement and is to be governed in all respects by the Case Purchase
Agreement.

Capitalized terms used herein and not otherwise defined shall have the
meanings assigned to them in the Case Purchase Agreement.

                                     A-1

<PAGE>

     IN WITNESS WHEREOF, the undersigned has caused this Case Assignment to be
duly executed as of May 1, 2003.

     CASE CREDIT CORPORATION

     By:   __________________________________
     Name:
     Title:

                                     A-2
<PAGE>

                                                                    EXHIBIT B
                                                   to Case Purchase Agreement

                                    FORM OF
                      CASE SUBSEQUENT TRANSFER ASSIGNMENT

For value received, in accordance with and subject to the Case Purchase
Agreement dated as of May 1, 2003 (the "Case Purchase Agreement"), between
Case Credit Corporation, a Delaware corporation ("Case Credit"), and CNH
Capital Receivables Inc., a Delaware corporation ("CNHCR"), Case Credit does
hereby sell, transfer, assign, set over and otherwise convey to CNHCR, without
recourse, all of its right, title, interest and, with respect to any Contracts
that are Leases, obligations in, to and under: (a) the Subsequent Case
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 Case Receivables and any other interest of Case Credit in such
Financed Equipment, (c) any proceeds with respect to such Subsequent Case
Receivables from claims on insurance policies covering Financed Equipment or
Obligors, (d) any proceeds from recourse to Dealers with respect to such
Subsequent Case Receivables other than any interest in the Dealers' reserve
accounts maintained with Case Credit, (e) any Financed Equipment that shall
have secured any such Subsequent Case Receivables and that shall have been
acquired by or on behalf of CNHCR, (f) any True Lease Equipment that is
subject to any Subsequent Case Receivable, and (g) the proceeds of any and all
of the foregoing. The foregoing sale does not constitute and is not intended
to result in any assumption by CNHCR of any obligation (other than the
covenant of quiet enjoyment benefiting the Obligors under any Contracts that
are Leases) of Case Credit to the Obligors, insurers or any other person in
connection with such Subsequent Case Receivables, Receivable Files, any
insurance policies or any agreement or instrument relating to any of them.

This Case Subsequent Transfer Assignment is made pursuant to and upon the
representations, warranties and agreements on the part of Case Credit
contained in the Case Purchase Agreement (including the Officers' Certificate
of Case Credit accompanying this Agreement) and is to be governed in all
respects by the Case Purchase Agreement.

Capitalized terms used but not otherwise defined herein shall have the
meanings assigned to them in the Case Purchase Agreement.

                                     B-1

<PAGE>

IN WITNESS WHEREOF, the undersigned has caused this Case Subsequent Transfer
Assignment to be duly executed as of the __ day of __________, _____.

CASE CREDIT CORPORATION

By:  __________________________________
Name:
Title:

                                     B-2
<PAGE>

                                                                  SCHEDULE A
                                      to Case Subsequent Transfer Assignment

                    SCHEDULE OF SUBSEQUENT CASE RECEIVABLES
                    ---------------------------------------

                              [See attached list]

<PAGE>

                                                                      ANNEX A
                                       to Case 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 Case Purchase
Agreement dated as of May 1, 2003, among the Company, and CNH Capital
Receivables Inc. (the "Case Purchase Agreement"), that (i) all of the
conditions precedent to the transfer to CNHCR of the Subsequent Case
Receivables listed on Schedule A to the Case Subsequent Transfer Assignment
delivered herewith, and the other property and rights related to such
Subsequent Case Receivables as described in Section 2.2 of the Case Purchase
Agreement, have been satisfied on or prior to the related Subsequent Transfer
Date and (ii) each statement of fact set forth in any officers' certificate
executed by an officer of the Company in connection with an Opinion of Counsel
delivered on the Closing Date with respect to a transfer of, or a security
interest in, the Case Receivables shall be true and correct as of the date
hereof with respect to the Subsequent Case Receivables listed on the
aforementioned Schedule A.

Capitalized terms used but not defined herein shall have the meanings assigned
to such terms in the Case Purchase Agreement.

IN WITNESS WHEREOF, the undersigned have caused this certificate to be duly
executed this ___ day of ___________, ________.

 By: _____________________________________
 Name:____________________________________
 Title:___________________________________

 By: _____________________________________
 Name:____________________________________
 Title:___________________________________

<PAGE>

                                  Schedule P

1. General. The Case Purchase Agreement creates, or with respect to Case
Receivables that are Subsequent Receivables upon the transfer of such
Subsequent Receivables pursuant to the Subsequent Transfer Assignment will
create, a valid and continuing security interest (as defined in the UCC) in
the Case Receivables in favor of CNHCR, which, (a) is enforceable upon
execution of the Case Purchase Agreement against creditors of and purchasers
from Case Credit, as such enforceability may be limited by applicable Debtor
Relief Laws, now or hereafter in effect, and by general principles of equity
(whether considered in a suit at law or in equity), and (b) upon filing of the
financing statements described in clause 4 below will be prior to all other
Liens (other than Liens permitted pursuant to clause 3 below).

2. General. The Case Receivables constitute "tangible chattel paper" within
the meaning of UCC Section 9-102. Case Credit has taken all steps necessary to
perfect its security interest against the Obligor in the Financed Equipment
securing the Case Receivables.

3. Creation. Immediately prior to the conveyance of the Case Receivables
pursuant to the Case Purchase Agreement, Case Credit owns and has good and
marketable title to, or has a valid security interest in, the Case Receivables
free and clear of any Lien, claim or encumbrance of any Person.

4. Perfection. Case Credit has caused or will have caused, within ten days of
the Closing Date, the filing of all appropriate financing statements in the
proper filing office in the appropriate jurisdictions under applicable law in
order to perfect the security interest granted to CNHCR under the Case
Purchase Agreement in the Case Receivables. With respect to the Case
Receivables that constitute tangible chattel paper, Case Credit has in its
possession the original copies of such tangible chattel paper that constitute
or evidence the Case Receivables, and Case Credit has caused, or will have
caused within ten days of the effective date of the Case Purchase Agreement,
the filing of financing statements against Case Credit and such originator in
favor of CNHCR in connection herewith describing such Case Receivables and
containing a statement that: "A purchase of or security interest in any
collateral described in this financing statement will violate the rights of
CNHCR."

5. Priority. Other than the security interests granted to CNHCR pursuant to
the Case Purchase Agreement and the Case Liquidity Receivables Purchase
Agreement, Case Credit has not pledged, assigned, sold, granted a security
interest in, or otherwise conveyed any of the Case Receivables. Case Credit
has not authorized the filing of and is not aware of any financing statements
against Case Credit that include a description of collateral covering the Case

<PAGE>

Receivables other than any financing statement (i) relating to the security
interests granted to CNHCR under the Case Purchase Agreement and the Case
Liquidity Receivables Purchase Agreement (ii) that has been terminated, or
(iii) that has been granted pursuant to the terms of the Basic Documents. None
of the tangible chattel paper that constitutes or evidences the Case
Receivables has any marks or notations indicating that they have pledged,
assigned or otherwise conveyed to any Person other than Indenture Trustee.

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