Document:

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                           CNH EQUIPMENT TRUST 2000-A

                          SALE AND SERVICING AGREEMENT

                                      among

                           CNH EQUIPMENT TRUST 2000-A,
                                   as Issuer,

                                       and

                              CNH RECEIVABLES INC.,
                                   as Seller,

                                       and

                            CASE CREDIT CORPORATION,
                                  as Servicer.

                            Dated as of March 1, 2000

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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...................................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...........................................13
   SECTION 4.8.      Servicer's Certificate..................................13
   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

ARTICLE V         Distributions: Spread Account; Statements to
                  Certificateholders and Noteholders.........................15
   SECTION 5.1.      Establishment of Trust Accounts.........................15
   SECTION 5.2.      Collections.............................................17
   SECTION 5.3.      Application of Collections..............................18
   SECTION 5.4.      Additional Deposits.....................................18
   SECTION 5.5.      Distributions...........................................18

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   SECTION 5.6.      Spread Account..........................................19
   SECTION 5.7.      Pre-Funding Account.....................................21
   SECTION 5.8.      Negative Carry Account..................................21
   SECTION 5.9.      Principal Supplement Account............................22
   SECTION 5.10.     Statements to Certificateholders and Noteholders........22
   SECTION 5.11.     Net Deposits............................................24

ARTICLE VI        The Seller.................................................24
   SECTION 6.1.      Representations of Seller...............................24
   SECTION 6.2.      Corporate Existence.....................................25
   SECTION 6.3.      Liability of Seller; Indemnities........................26
   SECTION 6.4.      Merger or Consolidation of, or Assumption of the
                     Obligations of, Seller..................................27
   SECTION 6.5.      Limitation on Liability of Seller and Others............27
   SECTION 6.6.      Seller May Own Certificates or Notes....................28

ARTICLE VII       The Servicer...............................................28
   SECTION 7.1.      Representations of Servicer.............................28
   SECTION 7.2.      Indemnities of Servicer.................................30
   SECTION 7.3.      Merger or Consolidation of, or Assumption of the
                     Obligations of, Servicer................................31
   SECTION 7.4.      Limitation on Liability of Servicer and Others..........32
   SECTION 7.5.      Case Credit Not to Resign as Servicer...................32
   SECTION 7.6.      Servicer to Act as Administrator........................33

ARTICLE VIII      Default....................................................33
   SECTION 8.1.      Servicer Default........................................33
   SECTION 8.2.      Appointment of Successor Servicer.......................34
   SECTION 8.3.      Notification to Noteholders and Certificateholders......35
   SECTION 8.4.      Waiver of Past Defaults.................................35

ARTICLE IX        Termination................................................36
   SECTION 9.1.      Optional Purchase of All Receivables....................36

ARTICLE X         Miscellaneous Provisions...................................37
   SECTION 10.1.     Amendment...............................................37
   SECTION 10.2.     Protection of Title to Trust............................38
   SECTION 10.3.     Notices.................................................41
   SECTION 10.4.     Assignment..............................................41
   SECTION 10.5.     Limitations on Rights of Others.........................41
   SECTION 10.6.     Severability............................................41

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                                                                           Page

   SECTION 10.7.   Separate Counterparts......................................42
   SECTION 10.8.   Headings...................................................42
   SECTION 10.9.   Governing Law..............................................42
   SECTION 10.10.  Assignment to Indenture Trustee............................42
   SECTION 10.11.  Nonpetition Covenants......................................42
   SECTION 10.12.  Limitation of Liability of Trustee and Indenture Trustee...43

                                       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 Second-Tier Case Assignment
EXHIBIT E     Form of Second-Tier Case Subsequent Transfer Assignment
EXHIBIT F     Form of Accountants' Letter in Connection with Second-Tier Case
                    Subsequent Transfer Assignment

                                       iv

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         SALE AND SERVICING  AGREEMENT (as amended or otherwise  modified,  this
"AGREEMENT")  dated as of March 1, 2000,  among CNH EQUIPMENT  TRUST  2000-A,  a
Delaware  business  trust  (the  "Issuer"),  CNH  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"),  in the
ordinary  course of business and sold to the Seller on a monthly basis  pursuant
to the Liquidity  Receivables  Purchase  Agreement and/or the Purchase Agreement
dated the date hereof between Case Credit and the Seller;

         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 2000-A and Harris Trust and Savings
Bank.

         SECTION 1.2. OTHER  DEFINITIONAL  PROVISIONS.  (a) All terms defined in
this Agreement  shall have the defined  meanings when used in any certificate or
other  document  made or delivered  pursuant  hereto  unless  otherwise  defined
therein.

         (b) As used in this Agreement and in any  certificate or other document
made  or  delivered  pursuant  hereto,  accounting  terms  not  defined  in this
Agreement or in any such  certificate or other  document,  and accounting  terms
partly defined in this Agreement or in any such certificate or other document to
the extent not defined,  shall have the respective  meanings given to them under
generally accepted accounting principles as in effect on the date hereof. To the
extent that the definitions of accounting terms in this Agreement or in any such
certificate or other document are  inconsistent  with the meanings of such terms
under generally accepted

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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.

                                   ARTICLE II
                            CONVEYANCE OF RECEIVABLES

         SECTION 2.1. CONVEYANCE OF INITIAL RECEIVABLES. 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 SECOND-TIER 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  Agreement (only with
         respect to Owned Contracts included in the Initial Receivables) and the
         Purchase  Agreement,  including  the right of the  Seller to cause Case
         Credit to  repurchase  Initial  Receivables  from the Seller  under the
         circumstances described therein;

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<PAGE>

                  (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); 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 "SECOND-TIER  CASE  ASSIGNMENT").  The
Purchase Price for the Initial Receivables shall equal $722,183,687.46.

         SECTION 2.2. CONVEYANCE OF SUBSEQUENT  RECEIVABLES.  (a) Subject to the
conditions  set forth in clause (b) 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
SECOND-TIER  ASSETS";  and together  with the Initial  Second-Tier  Assets,  the
"Second-Tier Assets"):

                  (i) the  Subsequent  Receivables  listed on  Schedule A to the
         related Second-Tier 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  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 Agreement (only with
         respect to Subsequent  Receivables  purchased by the Seller pursuant to
         that Agreement) and the Purchase Agreement,  including the right of the
         Seller to cause Case Credit 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) 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  "Second-Tier  Case  Subsequent  Transfer
         Assignment"),  which shall include a Schedule A to the Second-Tier Case
         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;

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

                  (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) the  weighted  average
         original term of the  Receivables in the Trust will not be greater than
         55.0  months,  and (B) not more than 50.00% of the  aggregate  Contract
         Value of the Receivables in the Trust will represent  Contracts for the
         financing of construction equipment, (C) none of the Receivables in the
         Trust  will  represent  Contracts  for  the  financing  of  all-terrain
         vehicles,  snowmobiles,  marine vessels or forestry equipment,  and (D)
         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 the Originator
         pursuant to Section 3.2(b) of the 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  Second-Tier  Case
         Subsequent Transfer Assignment have been sold to the Issuer pursuant to
         this Agreement and the Second-Tier Case 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  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;

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                  (xiii) the Seller shall have provided the  Indenture  Trustee,
         the Trustee and the Rating  Agencies a statement  listing the aggregate
         Contract Value of such Subsequent Receivables and any other information
         reasonably  requested  by any of the  foregoing  with  respect  to such
         Subsequent Receivables;

                  (xiv) the  Seller  shall  have  delivered:  (A) to the  Rating
         Agencies,  an Opinion of Counsel  with  respect to the transfer of such
         Subsequent  Receivables  substantially  in the form of the  Opinion  of
         Counsel delivered to the Rating Agencies on the Closing Date and (B) to
         the Trustee and the Indenture Trustee,  the Opinion of Counsel required
         by Section 10.2(i)(1);

                  (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 Second-Tier Case 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  equal  to
$427,816,312.54 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.

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<PAGE>

         (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 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 Second-Tier 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 Second-Tier  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.

         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 or Case Credit's  representations and warranties made
pursuant to Section 3.2(b) of the Liquidity  Receivables  Purchase  Agreement or
Section 3.2(b) of the 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  Liquidity  Receivables
Purchase Agreement or the 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

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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
Liquidity  Receivables  Purchase  Agreement  or Section  3.2(b) of the  Purchase
Agreement  is subject to the receipt by the Seller of the  Purchase  Amount from
Case Credit.  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 obligation to the Seller to repurchase such Receivables pursuant to the
Liquidity   Receivables  Purchase  Agreement  or  the  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

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<PAGE>

         its customary procedures, relating to a Receivable, an Obligor or any
         of the Financed Equipment.

         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

                                        9

<PAGE>

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 wilful  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 ommisions  committed during the period it is serving
as custodian  hereunder.  Indemnification  under this Section  shall survive the
resignation  or removal of the Servicer as custodian 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,

                                       10

<PAGE>

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
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

                                       11

<PAGE>

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.

         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 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

                                       12

<PAGE>

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  Receivable (as specified
in the schedule of Receivables  delivered on the Closing Date or attached to the
applicable Second-Tier Case 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,  2000) 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
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

                                       13

<PAGE>

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,  2000).  The  procedures  to be performed  and reported upon by the
independent  public accountants shall be those agreed to by the Servicer and the
Indenture Trustee.

         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).  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.

         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 servicing and
administering the Receivables. The fees and expenses of the subservicer shall be
as agreed between the Servicer and its

                                       14

<PAGE>

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.  (a)(i) The Servicer, for
the benefit of the Noteholders 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  and  the
Certificateholders.

                  (ii) The Servicer,  for the benefit of the Noteholders,  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,  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 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.

                  (v) The Servicer,  for the benefit of the  Noteholders 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.

                  (vi) The Servicer,  for the benefit of the Noteholders 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.

                                       15

<PAGE>

         (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") 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 by the  Indenture  Trustee for the
benefit of the Noteholders and the  Certificateholders  or the  Noteholders,  as
applicable  (and  for the  purposes  of  Article  8 of the  UCC,  each  Eligible
Investment  is intended to constitute a Financial  Asset,  and each of the Trust
Accounts is intended to constitute a Securities Account); PROVIDED, that on each
Transfer  Date,  all  Investment  Earnings on funds on deposit  therein 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 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  may be  invested in Eligible
Investments of the entity  serving as Indenture  Trustee that may mature so that
such funds will be available  on the Payment  Date.  Funds  deposited in a Trust
Account on the Transfer  Date that  precedes a Payment Date upon the maturity of
any Eligible Investments are not required to be invested overnight.

         (c)(i)  The  Indenture  Trustee  shall  possess  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  and  the   Certificateholders   or  the
Noteholders,  as the case may be.  If,  at any time,  any of the Trust  Accounts
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 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.

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

                           (A)  any  Trust  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

                                       16

<PAGE>

                  Indenture  Trustee,  and the Indenture Trustee shall have sole
                  signature authority with respect thereto;

                           (B) any Trust  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;

                           (C) any such Trust Account  Property that constitutes
                  an Uncertificated Security (including any investments in money
                  market  mutual  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 nominee's) ownership of such security; and

                           (D) with respect to any Trust  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  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 will  initially be established at the Indenture
Trustee.

         SECTION  5.2.  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  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.

                                       17

<PAGE>

         SECTION  5.3.  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  5.4.  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  5.5.  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  Administrator,  the  Administration  Fee  and  all
         unpaid Administration Fees from prior Collection Periods;

                  (ii) to the Note Distribution Account, the Class Interest
         Amount for each Class of Class A Notes;

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

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

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

                                       18

<PAGE>

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

                  (vii) to the Certificate Distribution Account, the Certifi-
         cateholders' Interest Distributable Amount;

                  (viii) to the Certificate Distribution Account, the Certifi-
         cateholders' Monthly Principal Distributable Amount;

                  (ix)  to the  Servicer,  the  Servicing  Fee  and  all  unpaid
         Servicing  Fees from prior  Collection  Periods;  provided that if Case
         Credit or an Affiliate of Case Credit is not the Servicer,  the amounts
         described  in  this  clause  (ix)  will  be  paid  prior  to any  other
         application of funds on deposit in the Collection Account; and

                  (x) 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 5.5(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 result of any payment made on the A-1 Note Final Scheduled Maturity Date.

         SECTION  5.6.  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.

                                       19

<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 5.6(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  Noteholders'  Distributable  Amount  for a
Payment Date exceeds the amount  deposited  into the Note  Distribution  Account
pursuant to Sections  5.5(b)(ii),  (iii), (iv) and (v) 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) 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 for that Payment
Date after 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 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.

         (f)  [Reserved]

         (g) 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

                                       20

<PAGE>

from the  Spread  Account,  including  interest  and other  investment  earnings
thereon; PROVIDED, that the Rating Agency Condition is satisfied.

         SECTION 5.7.  PRE-FUNDING ACCOUNT. (a) On the Closing Date, the Trustee
will   deposit,   on  behalf  of  the  Seller,   in  the   Pre-Funding   Account
$427,816,312.54  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 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 $100,000 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 5.8.  NEGATIVE CARRY  ACCOUNT.  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 5.9. 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

                                       21

<PAGE>

Account. In the event that the Noteholders'  Distributable  Amount for a Payment
Date exceeds the amount deposited into the Note Distribution Account pursuant to
Sections  5.5(b)(ii),  (iii),  (iv) and (v) and Section  5.6(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  5.6(e) for that  Payment  Date after  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 5.10. 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 forward 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

                                       22

<PAGE>

         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;

                  (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; and

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

         SECTION 5.11. 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.

                                       23

<PAGE>

                                   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.

                  (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  Second-Tier  Case 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
         Second-Tier  Case  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

                                       24

<PAGE>

         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 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;

                                       25

<PAGE>

                  (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.

                  (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.

                                       26

<PAGE>

         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  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.

                                       27

<PAGE>

         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,  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 in the event of a
bankruptcy  filing by Case Credit 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.

                  (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.

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<PAGE>

                  (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 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.

                                       29

<PAGE>

                  (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, 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.

                                       30

<PAGE>

                  (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  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

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<PAGE>

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  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 this Agreement
and the Noteholders under the Indenture.

         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. Notice of any such  determination  shall be communicated to the
Trustee and the Indenture Trustee at the earliest practicable time (and, if such
communication is not in writing,

                                       32

<PAGE>

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

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

                                       33

<PAGE>

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 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, for the benefit 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
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.

         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  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 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

                                       34

<PAGE>

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  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. 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.

         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 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.

                                       35

<PAGE>

                                   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) 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 into the Certificate  Distribution  Account on such
         Payment Date; and

                                       36

<PAGE>

                  (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.

         (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.

                                    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 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:

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<PAGE>

(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.

         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 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

                                       38

<PAGE>

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 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.

         (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 Harris, 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.

                                       39

<PAGE>

         (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 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.

                                       40

<PAGE>

         (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 Receivables  Inc., 475 Half Day Road,  Lincolnshire,
Illinois 60069,  Attention of: Treasurer (telephone (847) 955-4904 and facsimile
(847) 955-1006, (b) in the case of the Servicer, to Case Credit Corporation, 233
Lake Avenue,  Racine,  Wisconsin 53403,  Attention:  Treasurer  (telephone (414)
636-6011 and  facsimile  (414) 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,  and (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; or,
as to each of the  foregoing,  at such other  address as shall be  designated by
written notice to the other parties.

         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 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.

                                       41

<PAGE>

         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 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
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

                                       42

<PAGE>

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 Harris  Trust  and  Savings  Bank,  not in its
individual  capacity  but solely as  Indenture  Trustee,  and in no event  shall
Harris  Trust and  Savings  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.

                                       43

<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 2000-A

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

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

                                    CNH RECEIVABLES INC.,
                                      as Seller

                                    By: /s/ Ralph A. Than
                                        --------------------------------------
                                       Name:   Ralph A. Than
                                       Title:  Vice President and Treasurer

                                    CASE CREDIT CORPORATION,
                                      as Servicer

                                    By: /s/ Ralph A. Than
                                      ----------------------------------------
                                       Name:    Ralph A. Than
                                       Title:   Vice President and Treasurer

Acknowledged and Accepted:

HARRIS TRUST AND SAVINGS BANK,
  not in its individual capacity
  but solely as Indenture Trustee

By: /s/ Rory Nowakowski
  ------------------------
   Name:  Rory Nowakowski
   Title: Assistant Vice President

<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 Notes:     ____________   ($_____ per $1,000 original principal amount)

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

     A-4 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)      Outstanding Amount of A-1 Notes: _______
              (2)      Outstanding Amount of A-2 Notes: _______
              (3)      Outstanding Amount of A-3 Notes: _______
              (4)      Outstanding Amount of A-4 Notes: _______
              (5)      Outstanding Amount of Class B Notes: _______
              (6)      A-1 Note Pool Factor: _____
              (7)      A-2 Note Pool Factor: _____
              (8)      A-3 Note Pool Factor: _____
              (9)      A-4 Note Pool Factor: _____

                                       45

<PAGE>

                  (10)     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: __________

                                       46

<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-3 Notes: __________
             (4) A-4 Notes: __________
             (5) 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-3 Notes: __________
            (4) A-4 Notes: __________
            (5) 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-3 Notes: _______
            (4)      Outstanding Amount of A-4 Notes: _______
            (5)      Outstanding Amount of Class B Notes: _______
            (6)      A-1 Note Pool Factor: _____
            (7)      A-2 Note Pool Factor: _____
            (8)      A-3 Note Pool Factor: _____

                                       47

<PAGE>

            (9)     A-4 Note Pool Factor: _____
           (10)     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: __________

                                       48

<PAGE>

                                                                      EXHIBIT C
                                                to Sale and Servicing Agreement

                         FORM OF SERVICER'S CERTIFICATE

The Bank of New York
101 Barclay Street, Floor 12E
New York, New York 10286
Attention: Corporate Trust Administration - Asset Backed Finance Unit

Harris Trust and Savings Bank
311 West Monroe Street
12th Floor
Chicago, Illinois 60606
Attention: Indenture Trust Administration

CNH Receivables Inc.
475 Half Day Road
Lincolnshire, Illinois 60069
Attention: Secretary

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

                                       49

<PAGE>

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

Determination Date:                                                   __-___-__

                                  DISTRIBUTIONS

(1)   Total Distribution Amount                                       $________

(2)   Servicing Fee                                                   $________

(3)   Administration Fee                                              $________

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

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

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

      o Interest on Class B Notes  ($_________)
      o Class B Noteholders'  Class
        Interest Shortfall ($_______)

(6)   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

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

      o   Aggregate scheduled principal payments on the Receivables received
          during the Collection Period ($_________)
      o   Outstanding  principal  balance of the Class A Notes and Certificates
          ($________)
      o   Pool  Balance  ($________)
      o   Amounts  on deposit in the Pre-Funding
          Account  ($________)
      o   Outstanding amount of Class A Notes   ($________)

                                       50

<PAGE>

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

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

(9)   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 ($________)

(10)  A-3 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 ($________)
      o   A-3 Noteholders' Outstanding Amount ($________)

(11)  A-4 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 ($________)
      o   A-3 Noteholders' Class Principal Distributable  Amount ($________)
      o   A-4 Noteholders' Outstanding Amount ($________)

(12)  Class B Noteholders' Monthly Principal Distributable Amount     $________

      o   Outstanding  principal  balance of the Class A Notes (after  giving
          effect to  payments  on the  Class A Notes),  Class B Notes and the
          Certificates ($________)
      o   Pool Balance ($________)
      o   Amounts on deposit in the Pre-Funding Account ($________)
      o   Outstanding amount of Class B Notes ($________)

(13)  NOTEHOLDERS' DISTRIBUTABLE AMOUNT                               $________
          (4)+ (5)+(8)+(9)+(10)+(11)+(12)

                                       51

<PAGE>

(14)  Certificateholders' Interest Distributable Amount               $________

      o   Interest at the Pass-Through Rate on Certificate Balance ($________)
      o   Certificateholders' Interest Shortfall ($________)

(15)  Certificateholders' Monthly Principal Distributable Amount      $________

      o   Outstanding principal balances of the Class A Notes and the Class B
          Notes  (after  giving  effect to  payments on the Class A Notes and
          Class B Notes) and the Certificates ($________)
      o   Pool Balance ($________)
      o   Amounts on deposit in the Pre-Funding Account ($________)
      o   Outstanding amount of Certificates ($________)

(16)  CERTIFICATEHOLDERS' DISTRIBUTABLE AMOUNT (14)+(15)             $________

(17)  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 (24) below)
      o   Withdrawal from Spread Account pursuant to Section 5.6(e)
          (see (25) below)
      o   Withdrawal from Principal Supplement Accounts pursuant to Section 5.9
      o   But not greater than the Noteholders' Distributable Amount (13)

(18)  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 (13)
      o   But not greater than Item (22) below

(19)  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 (13), less the Deposit to Spread
          Account (18)
      o   But not greater than the Certificateholders' Distributable Amount (16)

 * The  Servicing  Fee (2) shall not be  included  if Case  Credit or an
Affiliate of Case Credit is the Servicer.

                                       52

<PAGE>

                                 SPREAD ACCOUNT

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

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

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

       o   The excess,  if any, of the Specified  Spread Account  Balance (21)
           less the Spread Account Balance as of the Determination Date (prior
           to any deposits or withdrawals) (20)

(23)   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) (20) less
           the Specified Spread Account Balance (21)
       o   But  zero,  if (a)  the  sum of  the  Pool  Balance  (23)  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

(24)   Withdrawal from Spread Account pursuant to Section 5.6(d)      $________
       to be deposited in the Note Distribution Account
       o   Excess, if any, of the Noteholders' Distributable Amount (13), 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 (20)

(25)   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 (20)

(26)   Final Spread Account Balance (20) + (18) - (23)-(24)-(25)     $________

                                       53

<PAGE>

                                  MISCELLANEOUS

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

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

      (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-3 Notes                             $________
          A-3 Note Pool Factor (_._______)

      (d) Outstanding Amount of A-4 Notes                             $________
          A-4 Note Pool Factor (_._______)

      (e) Outstanding Amount of Class B Notes
          Class B Note Pool Factor (_._______)

      (f) Outstanding Amount of Certificates                          $________
          Certificate Pool Factor (_._______)

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

                                       54

<PAGE>

                                                                      EXHIBIT D
                                                to Sale and Servicing Agreement

                       FORM OF SECOND-TIER CASE ASSIGNMENT
                       -----------------------------------

         For value  received,  in  accordance  with and  subject to the Sale and
Servicing  Agreement  dated  as of  March  1,  2000  (the  "SALE  AND  SERVICING
AGREEMENT"),  among the undersigned, Case Credit Corporation ("CASE CREDIT") and
CNH Equipment  Trust 2000-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  Agreement (only with respect to Contracts included in the
Initial  Receivables)  and the Purchase  Agreement,  including  the right of the
undersigned to cause Case Credit Corporation 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
Corporation  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  Second-Tier  Case  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.

                                       55

<PAGE>

         IN WITNESS  WHEREOF,  the undersigned has caused this  Second-Tier Case
Assignment to be duly executed as of March ____, 2000.

                                            CNH RECEIVABLES INC.,

                                            By:
                                              ---------------------------------
                                              Name:
                                                   ----------------------------
                                              Title:
                                                   ----------------------------

                                       56

<PAGE>

                                                                      EXHIBIT E
                                                to Sale and Servicing Agreement

             FORM OF SECOND-TIER CASE SUBSEQUENT TRANSFER ASSIGNMENT
             -------------------------------------------------------

         For value  received,  in  accordance  with and  subject to the Sale and
Servicing  Agreement  dated  as of  March  1,  2000  (the  "SALE  AND  SERVICING
AGREEMENT"),  among CNH Equipment Trust 2000-A,  a Delaware  business trust (the
"ISSUER"), CNH 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  Agreement  (only with  respect  to  Subsequent
Receivables purchased by the Seller pursuant to that Agreement) and the Purchase
Agreement, including the right of the Seller to cause Case Credit Corporation 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  Corporation,  (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 Second-Tier Case 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.

                                       57

<PAGE>

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

                                            CNH RECEIVABLES INC.,

                                            By:
                                              ---------------------------------
                                              Name:
                                                   ----------------------------
                                              Title:
                                                   ----------------------------

                                       58

<PAGE>

                                                                     SCHEDULE A
                             to Second-Tier Case Subsequent Transfer Assignment

                       SCHEDULE OF SUBSEQUENT RECEIVABLES

                                   [ATTACHED]

<PAGE>

                                                                         ANNEX A
                              to Second-Tier Case Subsequent Transfer Assignment

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

         We, the undersigned  officers of CNH Receivables  Inc. (the "COMPANY"),
do hereby  certify,  pursuant to Section  2.2(b)(xv)  of the Sale and  Servicing
Agreement  dated as of March 1, 2000,  among the Company,  CNH  Equipment  Trust
2000-A and Case Credit Corporation (the "AGREEMENT"), that all of the conditions
precedent to the transfer to the Issuer of the Subsequent  Receivables listed on
Schedule A to the Second-Tier  Case  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.

         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 SECOND-TIER SUBSEQUENT TRANSFER ASSIGNMENT PURSUANT TO
             SECTION 2.2(b)(xiv) OF THE SALE AND SERVICING AGREEMENT

                         [LETTERHEAD OF ARTHUR ANDERSEN]

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

CNH Receivables Inc.
475 Half Day Road
Lincolnshire, Illinois 60069

CNH Equipment Trust 2000-A
700 State Street
Racine, Wisconsin 53404

Salomon Smith Barney Inc.
390 Greenwich Street
New York, NY 10013

Harris Trust and Savings Bank
311 West Monroe Street
Chicago, Illinois 60606

The Bank of New York
101 Barclay Street, Floor 12 E
New York, New York 10286

Dear Ladies and Gentlemen:

This letter is issued at the request of CNH Receivables Inc. (the "SELLER") with
respect to the sale of certain retail receivables (the "SUBSEQUENT RECEIVABLES")
to the CNH  Equipment  Trust  2000-A  (the  "Trust")  pursuant  to the  Sale and
Servicing  Agreement  dated  as of  March  1,  2000  (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 March 6, 2000 and the prospectus supplement dated March 9, 2000
(together,  the  "PROSPECTUS"),  which  relates to the  offering by the Trust of
Class A-1 _____% Asset Backed Notes, Class A-2 _____% Asset Backed

<PAGE>

Page 2
--------------, -----

Notes, Class A-4 _____%  Asset-Backed Notes, Class A-3 _____% Asset-Backed Notes
and Class B Asset Backed Notes (collectively,  the "NOTES") and the _____% Asset
Backed Certificates (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 and forestry 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 Arthur Andersen LLP 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.

<PAGE>

Page 3
--------------, -----

         b.   Proved the arithmetic accuracy of the Aggregate Contract Value
              and the related percentage of the Subsequent Receivables coded
              as representing  construction  and forestry  equipment 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  and forestry  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  and forestry  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,

ARTHUR ANDERSEN LLP

<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 an APR that is
    equal to or greater than the sum of the weighted
    average of the Interest  Rates for the Class A
    Notes and the Class B Notes plus the Servicing Fee.

3.  Each Subsequent Receivable  has a Contract Value as
    of the Subsequent Cutoff Date that (when combined
    with the 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.

4.  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 and forestry equipment:

                              Aggregate
                          Contract Value                         Construction
                           of Construction         Total         and Forestry
                            and Forestry         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 Receivables                 $_____                     _____ months

Subsequent Receivables              $_____                     _____ months

Total Receivables                   $_____                     _____ months

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

                           CNH EQUIPMENT TRUST 2000-A

                               PURCHASE AGREEMENT

                                     between

                            CASE CREDIT CORPORATION,
                                 as Originator,

                                       and

                              CNH RECEIVABLES INC.,
                                  as Purchaser.

                            Dated as of March 1, 2000

       ------------------------------------------------------------------

<PAGE>

                                TABLE OF CONTENTS

                                                                           PAGE

ARTICLE I    CERTAIN DEFINITIONS

    SECTION 1.1.  DEFINITIONS.................................................2
    SECTION 1.2.   OTHER DEFINITIONAL PROVISIONS..............................2

ARTICLE II   CONVEYANCE OF RECEIVABLES
    SECTION 2.1.  CONVEYANCE OF PURCHASED CONTRACTS...........................3
    SECTION 2.2.  CONVEYANCE OF SUBSEQUENT RECEIVABLES........................3
    SECTION 2.3.  INTENTION OF THE PARTIES....................................4
    SECTION 2.4.  THE CLOSING.................................................5
    SECTION 2.5.  PAYMENT OF THE PURCHASE PRICE...............................5

ARTICLE III  REPRESENTATIONS AND WARRANTIES
    SECTION 3.1.  REPRESENTATIONS AND WARRANTIES OF THE PURCHASER.............6
    SECTION 3.2.  REPRESENTATIONS AND WARRANTIES OF THE ORIGINATOR............7

ARTICLE IV   CONDITIONS
    SECTION 4.1.  CONDITIONS TO OBLIGATION OF THE PURCHASER..................14
    SECTION 4.2.  CONDITIONS TO OBLIGATION OF THE ORIGINATOR.................17

ARTICLE V    COVENANTS OF THE ORIGINATOR
    SECTION 5.1.  PROTECTION OF RIGHT, TITLE AND INTEREST. ..................17
    SECTION 5.2.  OTHER LIENS OR INTERESTS...................................18
    SECTION 5.3.  CHIEF EXECUTIVE OFFICE.....................................18
    SECTION 5.4.  COSTS AND EXPENSES.........................................18
    SECTION 5.5.  INDEMNIFICATION............................................18
    SECTION 5.6.  TRANSFER OF SUBSEQUENT RECEIVABLES.........................19

ARTICLE VI   MISCELLANEOUS PROVISIONS
    SECTION 6.1.  OBLIGATIONS OF ORIGINATOR..................................19
    SECTION 6.2.  REPURCHASE EVENTS..........................................19
    SECTION 6.3.  PURCHASER ASSIGNMENT OF REPURCHASED RECEIVABLES............19
    SECTION 6.4.  TRUST......................................................19
    SECTION 6.5.  AMENDMENT..................................................20
    SECTION 6.6.  ACCOUNTANTS' LETTERS.......................................20
    SECTION 6.7.  WAIVERS....................................................21

                                        i

<PAGE>

                                TABLE OF CONTENTS
                                   (CONTINUED)
                                                                           PAGE

    SECTION 6.8.   NOTICES...................................................21
    SECTION 6.9.   COSTS AND EXPENSES........................................21
    SECTION 6.10.  REPRESENTATIONS OF THE ORIGINATOR AND THE PURCHASER.......21
    SECTION 6.11.  CONFIDENTIAL INFORMATION..................................21
    SECTION 6.12.  HEADINGS AND CROSS-REFERENCES.............................21
    SECTION 6.13.  GOVERNING LAW.............................................21
    SECTION 6.14.  COUNTERPARTS..............................................22
    SECTION 6.15.  SEVERABILITY..............................................22

                                    EXHIBITS

EXHIBIT A          Form of First-Tier Case Assignment
EXHIBIT B          Form of First-Tier Case Subsequent Transfer Assignment

||

                                       ii

<PAGE>

          PURCHASE AGREEMENT (as amended or supplemented from time to time, this
"AGREEMENT"),  dated as of March 1, 2000,  between  CASE CREDIT  CORPORATION,  a
Delaware  corporation (the  "ORIGINATOR"),  and CNH RECEIVABLES INC., a Delaware
corporation (the "PURCHASER").

                                    RECITALS

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

          WHEREAS,  in the  regular  course  of  its  business,  the  Originator
purchases from Case Corporation certain Contracts originated by Case Corporation
in the ordinary course of business; and

          WHEREAS,  the Originator and the Purchaser wish to set forth the terms
pursuant  to  which:  (1)  Contracts  having  an  aggregate  Contract  Value  of
approximately  $439,791,757.40 (the "PURCHASED  CONTRACTS") as of Initial Cutoff
Date and the Originator's  right, title and interest in any True Lease Equipment
related to such  Contracts are to be sold by the  Originator to the Purchaser on
the date  hereof and (2) certain  Subsequent  Receivables  and the  Originator's
right, title and interest in any True Lease Equipment related to such Subsequent
Receivables  are to be sold by the Originator to the Purchaser from time to time
on each Subsequent Transfer Date; and

          WHEREAS,  the Purchaser as of the Initial Cutoff Date, owned Contracts
previously  purchased  from the  Originator  pursuant to a Receivables  Purchase
Agreement  dated  as of  August  1,  1994 (as  amended  from  time to time,  the
"LIQUIDITY  RECEIVABLES  PURCHASE  AGREEMENT"),  between the  Originator and the
Purchaser,  having an aggregate Contract Value of approximately  $282,391,930.06
(the "OWNED CONTRACTS",  and together with the Purchased Contracts, the "INITIAL
RECEIVABLES"); and

          WHEREAS,  the  Initial  Receivables  and  the  Subsequent  Receivables
(collectively,  the  "RECEIVABLES") and any True Lease Equipment related to such
Receivables  will be  transferred  by the  Purchaser,  pursuant  to the Sale and
Servicing  Agreement,  to CNH Equipment Trust 2000-A (the "TRUST"),  which Trust
will issue 7.32% Asset Backed  Certificates  representing  fractional  undivided
interests  in, and 6.178%  Class A-1 Asset Backed  Notes,  6.80% Class A-2 Asset
Backed Notes,  7.14% Class A-3 Asset Backed Notes,  7.34% Class A-4 Asset Backed
Notes and 7.32% Class B Asset Backed Notes  collateralized  by, the  Receivables
and the other property of the Trust; and

                                        1

<PAGE>

          WHEREAS,  the  Originator  and the Purchaser  wish to set forth herein
certain representations, warranties, covenants and indemnities of the Originator
with respect to the Receivables for the benefit of the Purchaser, the Trust, the
Noteholders and the Certificateholders.

          NOW,  THEREFORE,  in  consideration  of the foregoing,  other good and
valuable  consideration and the mutual terms and covenants  contained herein the
parties hereto agree as follows:

                                    ARTICLE I
                               CERTAIN DEFINITIONS

          SECTION  1.1.  DEFINITIONS.  Capitalized  terms  used  herein  and not
otherwise defined herein are defined in Appendix A to the Indenture, dated as of
the date hereof, between CNH Equipment Trust 2000-A and Harris Trust and Savings
Bank.

         SECTION 1.2. OTHER  DEFINITIONAL  PROVISIONS.  (a) All terms defined in
this Agreement  shall have the defined  meanings when used in any certificate or
other  document  made or delivered  pursuant  hereto  unless  otherwise  defined
therein.

          (b) As used in this Agreement and in any certificate or other document
made  or  delivered  pursuant  hereto,  accounting  terms  not  defined  in this
Agreement or in any such  certificate or other  document,  and accounting  terms
partly defined in this Agreement or in any such certificate or other document to
the extent not defined,  shall have the respective  meanings given to them under
generally accepted accounting principles as in effect on the date hereof. To the
extent that the definitions of accounting terms in this Agreement or in any such
certificate or other document are  inconsistent  with the meanings of such terms
under generally accepted  accounting  principles,  the definitions  contained in
this Agreement or in any such certificate or other document shall control.

          (c) The words  "hereof",  "herein",  "hereunder"  and words of similar
import when used in this Agreement  shall refer to this Agreement as a whole and
not to any particular provision of this Agreement; Section, Schedule and Exhibit
references contained in this Agreement are references to Sections, Schedules and
Exhibits  in or to this  Agreement  unless  otherwise  specified;  and the  term
"including" shall mean "including, without limitation,".

          (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.

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                                   ARTICLE II
                            CONVEYANCE OF RECEIVABLES

          SECTION 2.1.  CONVEYANCE OF PURCHASED  CONTRACTS.  In consideration of
the Purchaser's payment of $439,791,757.40 (the "INITIAL PURCHASE PRICE") in the
manner set out in Section  2.5(a),  the Originator  does hereby sell,  transfer,
assign,  set  over and  otherwise  convey  to the  Purchaser,  without  recourse
(subject to the obligations herein), all of its right, title, interest and, with
respect  to any  Contracts  that  are  Leases,  obligations  in,  to  and  under
(collectively, the "INITIAL FIRST-TIER ASSETS"):

                   (i)  the   Purchased   Contracts,   including  all  documents
          constituting chattel paper included therewith,  and all obligations of
          the Obligors  thereunder,  including all moneys paid  thereunder on or
          after the Initial Cutoff Date;

                   (ii) the security interests in the Financed Equipment granted
          by Obligors pursuant to the Purchased Contracts and any other interest
          of the Originator in such Financed Equipment;

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

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

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

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

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

          SECTION 2.2.  CONVEYANCE  OF  SUBSEQUENT  RECEIVABLES.  Subject to the
conditions set forth in Section  4.1(b),  in  consideration  of the  Purchaser's
delivery on the  related  Subsequent  Transfer  Date to or upon the order of the
Originator of the related Subsequent Purchase Price pursuant to Section 2.5, the
Originator does hereby sell, transfer,  assign, set over and otherwise convey to
the Purchaser,  without recourse (subject to the obligations herein), all of its
right,  title,  interest  and,  with respect to any  Contracts  that are Leases,
obligations in, to and under (collectively,  the "SUBSEQUENT FIRST-TIER ASSETS";
and together with the Initial First-Tier Assets, the "FIRST-TIER ASSETS"):

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                   (i) the  Subsequent  Receivables  listed on Schedule A to the
          related First-Tier 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  Receivables  and any other
          interest of the Originator in such Financed Equipment;

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

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

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

                   (vi)  any  True  Lease  Equipment  that  is  subject  to  any
          Subsequent 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 the  Purchaser  and a sale by the  Originator of the Purchased
Contracts and the Subsequent Receivables and any True Lease Equipment related to
such Purchased Contracts or Subsequent Receivables,  as the case may be, and not
as  a  lending  transaction.  The  foregoing  sale,  assignment,   transfer  and
conveyance does not  constitute,  and is not intended to result in a creation or
assumption by the Purchaser of, any  obligation or liability with respect to any
Purchased  Contract or any  Subsequent  Receivables,  nor shall the Purchaser be
obligated to perform or  otherwise  be  responsible  for any  obligation  of the
Originator or any other Person in connection with the Purchased Contracts or the
Subsequent  Receivables or under any agreement or instrument  relating  thereto,
including any contract or any other  obligation to any Obligor,  except that the
Purchaser  accepts any  Contracts  that are Leases  subject to (and assumes) the
covenants benefitting the Obligors under such Leases.

          If (but only to the extent) that the transfer of the First-Tier Assets
hereunder is characterized by a court or other governmental  authority as a loan
rather than a sale, the Originator  shall be deemed hereunder to have granted to
the Purchaser a

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security interest in all of Originator's right, title and interest in and to the
First-Tier  Assets.  Such security interest shall secure all of the Originator'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 Purchaser
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 Purchaser
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  Purchased
Contracts shall take place at a closing at the offices of Mayer,  Brown & Platt,
190  South  LaSalle  Street,  Chicago,  Illinois  60603  on  the  Closing  Date,
simultaneously  with the closings under:  (a) the Sale and Servicing  Agreement,
(b) the Trust Agreement, (c) the Administration Agreement and (d) the Indenture.

          SECTION 2.5.  PAYMENT OF THE PURCHASE PRICE.

          (a)  Purchased  Contracts.  The Initial  Purchase  Price is payable as
follows:  (i) $414,654,008.27 in cash on the Closing Date and (ii) the remainder
in cash, as provided in the subordinated  note dated March 16, 2000,  payable by
the Purchaser to the Originator.

          (b) Subsequent  Receivables.  As  consideration  for the conveyance of
Subsequent Receivables pursuant to Section 2.2, the Purchaser shall pay or cause
to be paid to the  Originator  on each  Subsequent  Transfer  Date an  amount (a
"SUBSEQUENT  PURCHASE  PRICE")  equal  to the  aggregate  Contract  Value of the
Subsequent  Receivables  as of the  related  Subsequent  Cutoff  Date,  plus any
premium or minus any discount  agreed upon by the  Originator and the Purchaser.
Any  Subsequent  Purchase  Price  shall be payable as  follows:  (i) cash in the
amount  released  to the  Purchaser  from the  Pre-Funding  Account  pursuant to
Section  5.7(a)  of the  Sale  and  Servicing  Agreement  shall  be  paid to the
Originator on the related  Subsequent  Transfer Date; and (ii) the balance shall
be paid in cash as and when amounts are  released to, or otherwise  realized by,
the Purchaser  from the Spread  Account,  the Negative  Carry  Account,  and the
Principal   Supplement  Account  in  accordance  with  the  Sale  and  Servicing
Agreement, or otherwise are available for such purpose.

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                                   ARTICLE III
                         REPRESENTATIONS AND WARRANTIES

          SECTION 3.1.  Representations  and  Warranties of the  Purchaser.  The
Purchaser hereby represents and warrants to the Originator as of the date hereof
and as of the Closing Date:

                   (a)  Organization  and Good Standing.  The Purchaser has been
          duly  organized  and is  validly  existing  as a  corporation  in good
          standing  under the laws of the State of Delaware,  with the power and
          authority  to own its  properties  and to conduct its business as such
          properties  are  currently   owned  and  such  business  is  presently
          conducted,  and had at all  relevant  times,  and has,  the  power and
          authority to acquire, own and sell the Receivables.

                   (b) Due Qualification.  The Purchaser is duly qualified to do
          business as a foreign  corporation in good standing,  and has obtained
          all necessary  licenses and approvals,  in all  jurisdictions in which
          the  ownership  or lease of property  or the  conduct of its  business
          shall require such qualifications.

                   (c)  Power and  Authority.  The  Purchaser  has the power and
          authority to execute and deliver this  Agreement  and to carry out its
          terms;  and the execution,  delivery and performance of this Agreement
          have been duly authorized by the Purchaser by all necessary  corporate
          action.

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

                   (e)  No  Violation.  The  consummation  of  the  transactions
          contemplated by this Agreement and the fulfillment of the terms hereof
          do not  conflict  with,  result in any  breach of any of the terms and
          provisions of, or constitute (with or without notice or lapse of time)
          a default under,  the certificate of  incorporation  or by-laws of the
          Purchaser,  or any indenture,  agreement or other  instrument to which
          the  Purchaser  is a party or by which it is  bound;  or result in the
          creation or imposition of any Lien upon any of its properties pursuant
          to the  terms of any such  indenture,  agreement  or other  instrument
          (other than the Sale and Servicing  Agreement and the  Indenture);  or
          violate  any law or,  to the best of the  Purchaser's  knowledge,  any
          order, rule or regulation  applicable to the Purchaser of any court or
          of any  Federal or State  regulatory  body,  administrative  agency or
          other  governmental   instrumentality  having  jurisdiction  over  the
          Purchaser or its properties.

                    (f) No Proceedings.  There are no proceedings or investiga-
          tions pending or, to the Purchaser's best knowledge, threatened,
          before any court,

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          regulatory   body,   administrative   agency  or  other   governmental
          instrumentality   having   jurisdiction  over  the  Purchaser  or  its
          properties:  (i) asserting  the  invalidity  of this  Agreement,  (ii)
          seeking  to  prevent  the  consummation  of any  of  the  transactions
          contemplated by this Agreement or (iii) seeking any  determination  or
          ruling that could  reasonably be expected to materially  and adversely
          affect the performance by the Purchaser of its  obligations  under, or
          the validity or enforceability of, this Agreement.

         SECTION 3.2. REPRESENTATIONS AND WARRANTIES OF THE ORIGINATOR.  (a) The
Originator hereby represents and warrants to the Purchaser as of the date hereof
and as of the Closing Date:

                   (i) Organization  and Good Standing.  The Originator has been
          duly  organized  and is  validly  existing  as a  corporation  in good
          standing  under the laws of the State of Delaware,  with the power and
          authority  to own its  properties  and to conduct its business as such
          properties  are  currently   owned  and  such  business  is  presently
          conducted,  and had at all  relevant  times,  and has,  the  power and
          authority to acquire, own and sell the Receivables.

                   (ii) Due  Qualification.  The Originator is duly qualified to
          do  business  as a  foreign  corporation  in  good  standing,  and has
          obtained all necessary licenses and approvals, in all jurisdictions in
          which  the  ownership  or  lease of  property  or the  conduct  of its
          business shall require such qualifications.

                   (iii) Power and  Authority.  The Originator has the power and
          authority to execute and deliver this  Agreement  and to carry out its
          terms;  the Originator has full power and authority to sell and assign
          the property to be sold and assigned to the  Purchaser  hereby and has
          duly  authorized  such sale and  assignment  to the  Purchaser  by all
          necessary   corporate   action;   and  the  execution,   delivery  and
          performance of this  Agreement have been, and the execution,  delivery
          and performance of each First-Tier Case Subsequent Transfer Assignment
          have  been or will be on or before  the  related  Subsequent  Transfer
          Date,  duly  authorized by the  Originator by all necessary  corporate
          action.

                   (iv) Binding Obligation. This Agreement constitutes, and each
          First-Tier  Case  Subsequent  Transfer  Assignment  when  executed and
          delivered  by the  Originator  will  constitute,  a legal,  valid  and
          binding   obligation  of  the  Originator   enforceable   against  the
          Originator in accordance with their terms.

                   (v)  No  Violation.  The  consummation  of  the  transactions
          contemplated by this Agreement and the fulfillment of the terms hereof
          do not  conflict  with,  result in any  breach of any of the terms and
          provisions of, or constitute (with or without notice or lapse of time)
          a default under, the

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<PAGE>

          certificate  of  incorporation  or by-laws of the  Originator,  or any
          indenture,  agreement or other instrument to which the Originator is a
          party or by which it is bound; or result in the creation or imposition
          of any Lien upon any of its  properties  pursuant  to the terms of any
          such  indenture,  agreement  or  other  instrument  (other  than  this
          Agreement);  or  violate  any law or, to the best of the  Originator's
          knowledge,  any order, rule or regulation applicable to the Originator
          of  any  court  or  of  any   Federal   or  State   regulatory   body,
          administrative  agency or other  governmental  instrumentality  having
          jurisdiction over the Originator or its properties.

                   (vi)   No   Proceedings.   There   are  no   proceedings   or
          investigations   pending,  or  to  the  Originator's  best  knowledge,
          threatened,  before any court, regulatory body,  administrative agency
          or other  governmental  instrumentality  having  jurisdiction over the
          Originator or its  properties:  (A)  asserting the  invalidity of this
          Agreement,  (B)  seeking to  prevent  the  consummation  of any of the
          transactions  contemplated  by  this  Agreement,  or (C)  seeking  any
          determination   or  ruling  that  could   reasonably  be  expected  to
          materially and adversely  affect the  performance by the Originator of
          its  obligations  under,  or the validity or  enforceability  of, this
          Agreement.

          (b) The Originator makes the following  representations and warranties
as to the  Receivables on which the Purchaser  relies in accepting the Purchased
Contracts and the Subsequent  Receivables and in transferring the Receivables to
the Trust.  Such  representations  and warranties  speak as of the execution and
delivery  of this  Agreement  and as of the  Closing  Date,  in the  case of the
Purchased Contracts,  and as of the applicable  Subsequent Transfer Date, in the
case of the  Subsequent  Receivables,  but shall survive the sale,  transfer and
assignment of the Receivables to the Purchaser and the subsequent assignment and
transfer of such  Receivables  to the Trust  pursuant to the Sale and  Servicing
Agreement and pursuant to the Indenture:

                   (i) Characteristics of Receivables.  Each Receivable: (A) (1)
          (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) either (x) was
          purchased by the Originator from a Dealer and validly assigned by such
          Dealer to the  Originator  in  accordance  with its terms,  or (y) was
          purchased by the Originator from NH Credit and validly assigned to the
          Originator 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  the  Originator  or,  in  the  case  of a NH
          Receivable, NH Credit, which (i) with respect to a NH

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          Receivable, has been assigned to the Originator, and (ii) with respect
          to the Receivables  (including any NH  Receivable),  as of the Closing
          Date,  has been assigned by the  Originator to the  Purchaser,  by the
          Purchaser  to the Issuer and by the Issuer to the  Indenture  Trustee,
          except that (x) no security interest against the Obligor is created in
          True Lease Equipment,  and (y) the Originator makes no  representation
          or warranty as to any such security  interest granted by any Dealer to
          secure  the  Dealer's  obligations  to make  payments  in  respect  of
          Termination Values, (C) contains customary and enforceable  provisions
          such that the rights and  remedies of the holder  thereof are adequate
          for  realization  against  the  collateral  of  the  benefits  of  the
          security,  and (D) (i) in the case of  Retail  Installment  Contracts,
          provides for fixed  payments on a periodic  basis that fully  amortize
          the Amount  Financed  by  maturity  and yield  interest  at the Annual
          Percentage  Rate, and (ii) in the case of 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  Receivables.  The  information set forth on
          Schedule A to the First-Tier 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  First-Tier  Case  Subsequent   Transfer
          Assignment will be true and correct on each  Subsequent  Transfer Date
          related to such First-Tier Case Subsequent  Transfer Assignment and no
          selection  procedures  believed by the Originator to be adverse to the
          interests of the Trust, the Noteholders or the Certificateholders were
          or will be utilized in selecting  the  Receivables.  The computer tape
          regarding  the  Receivables  made  available to the  Purchaser and its
          assigns is true and correct in all respects.

                   (iii)  Compliance  With Law. Each  Receivable and the sale or
          lease of the  related  Financed  Equipment  complied  in all  material
          respects at the time it was originated or made and at the execution of
          this Agreement and each First-Tier 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.

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<PAGE>

                   (iv)  Binding  Obligation.  Each  Receivable  represents  the
          genuine, legal, valid and binding payment obligation in writing of the
          Obligor,  enforceable  by the holder  thereof in  accordance  with its
          terms.

                   (v) No Government  Obligor.  None of the  Receivables  is due
          from the United  States of  America  or any State or from any  agency,
          department or  instrumentality  of the United States of America or any
          State.

                   (vi)  Security  Interest in Financed  Equipment.  Immediately
          prior to the sale,  assignment and transfer  thereof,  each Receivable
          shall be  secured  by a  validly  perfected  first  priority  security
          interest  in the  Financed  Equipment  in favor of the  Originator  as
          secured party (or, in the case of a NH  Receivable,  as assignee of NH
          Credit) or all necessary and  appropriate  actions have been commenced
          that would result in the valid perfection of a first priority security
          interest  in the  Financed  Equipment  in favor of the  Originator  as
          secured party (or, in the case of a NH  Receivable,  as assignee of NH
          Credit),  except that (A) no security  interest against the Obligor is
          created  in True  Lease  Equipment  and (B) the  Originator  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) Receivables in Force. No Receivable has been satisfied,
          subordinated  or  rescinded,  nor  has  any  Financed  Equipment  been
          released  from the Lien granted by the related  Receivable in whole or
          in part.

                   (viii) No Amendment  or Waiver.  No provision of a Receivable
          has been waived,  altered or modified in any respect,  except pursuant
          to a document,  instrument or writing included in the Receivable Files
          and no such amendment,  waiver, alteration or modification causes such
          Receivable  not to conform to the other  warranties  contained in this
          Section.

                   (ix)  No   Defenses.   No   right  of   rescission,   setoff,
          counterclaim or defense has been asserted or threatened or exists with
          respect to any Receivable.

                   (x) No Liens. To the best of the Originator's  knowledge,  no
          Liens or  claims,  including  claims  for  work,  labor or  materials,
          relating  to any of the  Financed  Equipment  have been filed that are
          Liens prior to, or equal or coordinate with, the security  interest in
          the  Financed  Equipment  granted  by  any  Receivable,  except  those
          pursuant to the Basic Documents.

                   (xi) No Default. No Receivable is a non-performing Receivable
          or has a payment  that is more than 90 days  overdue as of the Initial
          Cutoff Date

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<PAGE>

          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  Receivable  has occurred  and is  continuing;  and no  continuing
          condition that with notice or the lapse of time would  constitute such
          a default,  breach,  violation or event permitting  acceleration under
          the terms of any  Receivable  has arisen;  and the  Originator has not
          waived and shall not waive any of the foregoing.

                   (xii) Title.  It is the intention of the Originator  that the
          transfers  and  assignments  contemplated  herein and in the Liquidity
          Receivables  Purchase  Agreement  constitute a sale of the Receivables
          from the Originator to the Purchaser and that the beneficial  interest
          in and title to the Receivables  and any True Lease Equipment  related
          to such Receivables not be part of the debtor's estate in the event of
          the filing of a bankruptcy petition by or against the Originator under
          any   bankruptcy  or  similar  law.  No  Receivable   has  been  sold,
          transferred, assigned or pledged by the Originator to any Person other
          than the Purchaser. Immediately prior to the transfers and assignments
          contemplated  herein  and  in  the  Liquidity   Receivables   Purchase
          Agreement,  the Originator  had good title to each  Receivable and any
          True Lease Equipment related to such Receivable, free and clear of all
          Liens and,  immediately upon the transfer thereof, the Purchaser shall
          have good title to each Receivable and any True Lease Equipment,  free
          and  clear  of all  Liens;  and the  transfer  and  assignment  of the
          Receivables to the Purchaser has been perfected under the UCC.

                   (xiii) Lawful  Assignment.  No Receivable has been originated
          in, or is  subject to the laws of, any  jurisdiction  under  which the
          sale,  transfer and  assignment of such  Receivable or any  Receivable
          under this Agreement,  the Sale Agreement,  the Liquidity  Receivables
          Purchase Agreement,  the Sale and Servicing Agreement or the Indenture
          is unlawful, void or voidable.

                   (xiv) All Filings Made.  All filings  (including UCC filings)
          necessary in any  jurisdiction  to give the Purchaser a first priority
          perfected ownership interest in the Receivables have been made.

                   (xv) One Original.  There is only one original  executed copy
          of each Receivable.

                   (xvi)  Maturity  of   Receivables.   Each  Receivable  has  a
          remaining term to maturity of not more than 72 months,  in the case of
          the Initial Receivables,  and 72 months, in the case of the Subsequent
          Receivables;  the  weighted  average  remaining  term  of the  Initial
          Receivables  is  approximately  49.28 months as of the Initial  Cutoff
          Date; the weighted average original term of the Receivables, including
          as of each Subsequent Transfer Date all

                                       11

<PAGE>

          Subsequent Receivables  previously transferred to the Purchaser,  will
          not be greater than 55.0 months.

                   (xvii) Scheduled  Payments and APR. No Receivable has a final
          scheduled  payment  date  later than six  months  preceding  the Final
          Scheduled  Maturity Date; each  Receivable  provides for payments that
          fully  amortize  the Amount  Financed  over the  original  term of the
          Receivable,  except  that  Leases  also  provide  for  payments of the
          related Termination Values, and is either a Precomputed  Receivable or
          a Simple Interest  Receivable;  each Receivable has an APR of at least
          3.0%; as of each Subsequent  Cutoff Date, the weighted  average of the
          Initial Cutoff Date APR and each Subsequent  Cutoff Date APR (weighted
          on the  basis  of the  respective  aggregate  Contract  Values  of the
          Receivables  for which each such APR is used to calculate the Contract
          Value)  will not be less than the sum of the  weighted  average of the
          Interest  Rates  for the  Class A Notes  and  Class B Notes  plus  the
          Servicing Fee.

                   (xviii) Insurance. The Obligor on each Receivable is required
          to maintain physical damage insurance  covering the Financed Equipment
          and, in the case of any Lease,  public liability insurance relating to
          the use of such Financed  Equipment,  in each case in accordance  with
          the  Originator's  or,  in the case of a NH  Receivable,  NH  Credit's
          normal requirements.

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

                        (B)   [Reserved]

                   (xx)  Financing.   Approximately   56.21%  of  the  aggregate
          Contract Value of the Initial Receivables,  constituting 58.99% of the
          number of Initial  Receivables  as of the Initial  Cutoff  Date,  were
          secured by or constitute  leases of equipment that was new at the time
          the related Initial  Receivable was  originated;  the remainder of the
          Initial  Receivables  represent financing or leases of used equipment;
          approximately  65.45% of the aggregate  Contract  Value of the Initial
          Receivables,  constituting 64.27% 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 or forestry  equipment.
          The aggregate  Contract Value of the  Receivables  for the purposes of
          the   above   calculations   as  of  the   Initial   Cutoff   Date  is
          $739,257,526.83 (and is calculated using the individual APR applicable
          to each Initial Receivable). Additionally, not more than 50.00% of the
          aggregate  Contract Value of the  Receivables,  including,  as of each
          Subsequent Transfer Date, all Subsequent Receivables previously

                                       12

<PAGE>

          transferred  to  the  Purchaser, will  represent  Contracts  for  the
          financing  or  lease  of  construction and  forestry   equipment.  No
          Subsequent Receivable will represent the financing of truck equipment.

                   (xxi) No Bankruptcies. No Obligor on any Receivable as of the
          Initial Cutoff Date or the Subsequent Cutoff Date, as applicable,  was
          noted  in the  related  Receivable  File as  being  the  subject  of a
          bankruptcy proceeding.

                   (xxii)  No  Repossessions.  None  of the  Financed  Equipment
          securing any Receivable is in repossession status.

                   (xxiii) Chattel Paper. Each Receivable  constitutes  "chattel
          paper" as defined in the UCC of the State the law of which governs the
          perfection of the interest granted in it.

                   (xxiv) U.S. Obligors.  None of the Receivables is denominated
          and payable in any currency other than United States Dollars or is due
          from any  Person  that does not have a mailing  address  in the United
          States of America.

                   (xxv) Payment Frequency. As of the Initial Cutoff Date and as
          shown  on the  books  of the  Originator  (or,  in the  case of the NH
          Receivables,  NH Credit):  (A) Initial Receivables having an aggregate
          Contract  Value equal to 50.66% of the Initial Pool Balance had annual
          scheduled  payments,  (B)  Initial  Receivables  having  an  aggregate
          Contract  Value  equal  to  3.33%  of the  Initial  Pool  Balance  had
          semi-annual  scheduled  payments,  (C) Initial  Receivables  having an
          aggregate  Contract  Value equal to 0.66% of the Initial  Pool Balance
          had quarterly  scheduled  payments,  (D) Initial Receivables having an
          aggregate  Contract  Value equal to 43.18% of the Initial Pool Balance
          had monthly scheduled payments,  and (E) Initial Receivables having an
          aggregate  Contract  Value equal to 2.17% of the Initial  Pool Balance
          had irregularly scheduled payments.

                   (xxvi) First Payment. As of the Initial Cutoff Date, Obligors
          had not yet made the first  payment in respect of Initial  Receivables
          representing less than 53.93% of the Initial Pool Balance.

                   (xxvii) Interest Accruing. Each Receivable,  other than those
          Receivables  consisting of Contracts that contain interest waivers for
          a specified  period of time,  is, as of the Closing Date or Subsequent
          Transfer  Date,  as  applicable,   accruing  interest;  no  Receivable
          contains an interest  waiver  extending  more than 12 months after the
          Initial Cutoff Date.

                                       13

<PAGE>

                   (xxviii)   Leases.   Each  Lease   included  in  the  Initial
          Receivables or the Subsequent 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.

                   (xxix) Originator's Representations.  The representations and
          warranties of the Originator  contained in Section 3.2(a) are true and
          correct.

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

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

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

                                   ARTICLE IV
                                   CONDITIONS

          SECTION 4.1.  CONDITIONS TO OBLIGATION OF THE PURCHASER.

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

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

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

                                       14

<PAGE>

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

                            (A) The First-tier Case  Assignment.  On the Closing
                   Date  (but  only  if the  Contract  Value  of  the  Purchased
                   Contracts is greater than zero),  the Originator will execute
                   and deliver the First-Tier  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 Purchased
                   Contracts is greater than zero), the Originator shall execute
                   and file, at its own expense,  a UCC  financing  statement in
                   each  jurisdiction  in  which  such  action  is  required  by
                   applicable law to fully perfect the Purchaser's  right, title
                   and  interest  in  the  Purchased  Contracts  and  the  other
                   property  sold  hereunder,  executed  by the  Originator,  as
                   seller or debtor,  and naming the Purchaser,  as purchaser or
                   secured  party,  describing  the Purchased  Contracts and the
                   other property sold  hereunder,  meeting the  requirements of
                   the laws of each such  jurisdiction  and in such manner as is
                   necessary  to  perfect  the sale,  transfer,  assignment  and
                   conveyance  of  such  Purchased   Contracts  and  such  other
                   property  to the  Purchaser.  It is  understood  and  agreed,
                   however, that no filings will be made to perfect any security
                   interest of the  Purchaser in the  Originator's  interests in
                   Financed Equipment. The Originator shall deliver (or cause to
                   be  delivered)  a   file-stamped   copy,  or  other  evidence
                   satisfactory  to  the  Purchaser  of  such  filing,   to  the
                   Purchaser on or prior to the Closing Date.

                            (C) Other  Documents.  The  Originator  will deliver
                   such other documents as the Purchaser may reasonably request.

                   (iv) Other Transactions. The transactions contemplated by the
          Sale and  Servicing  Agreement to be  consummated  on the Closing Date
          shall be consummated on such date.

          (b)  Subsequent  Receivables.  The  obligation  of  the  Purchaser  to
purchase  any  Subsequent  Receivables  is  subject to the  satisfaction  of the
following conditions on or prior to the related Subsequent Transfer Date:

                   (i) the  Originator  shall have  delivered to the Purchaser a
          duly executed written  assignment in substantially the form of Exhibit
          B (the "FIRST-TIER CASE SUBSEQUENT TRANSFER ASSIGNMENT"),  which shall
          include  supplements  to  the  Schedule  of  Receivables  listing  the
          Subsequent Receivables;

                                       15

<PAGE>

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

                   (iii) as of such Subsequent Transfer Date: (A) the Originator
          was not  insolvent  and will not become  insolvent  as a result of the
          transfer of Subsequent  Receivables on such Subsequent  Transfer Date,
          (B) the  Originator  did not intend to incur or believe  that it would
          incur  debts that would be beyond the  Originator's  ability to pay as
          such debts matured,  (C) such transfer was not made with actual intent
          to  hinder,  delay or  defraud  any  Person  and (D) the assets of the
          Originator did not constitute  unreasonably small capital to carry out
          its business as conducted;

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

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

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

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

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

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<PAGE>

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

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

                   (xiii) the  Originator  shall have delivered to the Purchaser
          an Officers' Certificate confirming the satisfaction of each condition
          precedent  specified  in this  clause (b)  (substantially  in the form
          attached hereto as Annex A to the First-Tier Case Subsequent  Transfer
          Assignment).

          SECTION  4.2.   CONDITIONS  TO  OBLIGATION  OF  THE  ORIGINATOR.   The
obligation of the Originator to sell the Purchased  Contracts and the Subsequent
Receivables  to the  Purchaser is subject to the  satisfaction  of the following
conditions:

                   (a)  Representations and Warranties True. The representations
          and warranties of the Purchaser hereunder shall be true and correct on
          the Closing Date or the applicable  Subsequent  Transfer Date with the
          same effect as if then made,  and the Purchaser  shall have  performed
          all  obligations  to be  performed  by it hereunder on or prior to the
          Closing Date or such Subsequent Transfer Date.

                   (b)  Receivables  Purchase  Price. On the Closing Date or the
          applicable   Subsequent   Transfer  Date,  the  Purchaser  shall  have
          delivered to the Originator the portion of the Initial  Purchase Price
          or the Subsequent  Purchase  Price, as the case may be, payable on the
          Closing Date or such Subsequent Transfer Date pursuant to Section 2.5.

                                    ARTICLE V
                           COVENANTS OF THE ORIGINATOR

          The  Originator  agrees  with  the  Purchaser  as  follows;  PROVIDED,
HOWEVER,  that to the extent that any provision of this Article  conflicts  with
any  provision  of the  Sale and  Servicing  Agreement,  the Sale and  Servicing
Agreement shall govern:

          SECTION 5.1. PROTECTION OF RIGHT, TITLE AND INTEREST. (a) Filings. The
Originator shall cause all financing statements and continuation  statements and
any other  necessary  documents  covering  the right,  title and interest of the
Purchaser in and to the Receivables and the other property included in the Trust
Estate to be promptly  filed,  and at all times to be kept recorded,  registered
and filed, all in such

                                       17

<PAGE>

manner  and in such  places  as may be  required  by law fully to  preserve  and
protect  the  right,  title  and  interest  of the  Purchaser  hereunder  to the
Receivables and the other property sold hereunder.  It is understood and agreed,
however,  that no filings will be made to perfect any  security  interest of the
Purchaser in the Originator's  interests in Financed  Equipment.  The Originator
shall deliver (or cause to be delivered)  to the Purchaser  file-stamped  copies
of, or filing  receipts  for,  any  document  recorded,  registered  or filed as
provided above as soon as available following such recordation,  registration or
filing.  The Purchaser  shall  cooperate fully with the Originator in connection
with the  obligations  set forth above and will  execute  any and all  documents
reasonably required to fulfill the intent of this paragraph.

          (b) Name Change.  Within 15 days after the Originator makes any change
in its name, identity or corporate structure that would, could or might make any
financing statement or continuation statement filed in accordance with paragraph
(a)  seriously  misleading  within the  applicable  provisions of the UCC or any
title  statute,  the  Originator  shall  give the  Purchaser  notice of any such
change, and no later than five days after the effective date thereof, shall file
such  financing  statements  or  amendments  as may be necessary to continue the
perfection  of the  Purchaser's  interest in the property  included in the Trust
Estate.

          SECTION  5.2.  OTHER LIENS OR  INTERESTS.  Except for the  conveyances
hereunder and pursuant to the Liquidity Receivables Purchase Agreement, the Sale
and  Servicing  Agreement,  the  Indenture  and the other Basic  Documents,  the
Originator:  (a) will not sell,  pledge,  assign or transfer  to any Person,  or
grant, create, incur, assume or suffer to exist any Lien on, any interest in, to
and under the Receivables, and (b) shall defend the right, title and interest of
the  Purchaser  in, to and under the  Receivables  against  all  claims of third
parties claiming through or under the Originator;  PROVIDED,  HOWEVER,  that the
Originator's obligations under this Section shall terminate upon the termination
of the Trust pursuant to the Trust Agreement.

         SECTION  5.3.  CHIEF   EXECUTIVE   OFFICE.   During  the  term  of  the
Receivables,  the Originator will maintain its chief executive  office in one of
the States.

          SECTION 5.4.  COSTS AND  EXPENSES.  The  Originator  agrees to pay all
reasonable costs and disbursements in connection with the perfection, as against
all third parties, of the Purchaser's right, title and interest in, to and under
the Receivables.

         SECTION 5.5.  INDEMNIFICATION.  The Originator shall indemnify,  defend
and hold  harmless the Purchaser for any liability as a result of the failure of
a Receivable to be originated in compliance with all requirements of law and for
any breach of any of its representations and warranties  contained herein. These
indemnity obligations

                                       18

<PAGE>

shall be in addition to any obligation  that the Originator may otherwise  have.
The Originator  shall  indemnify,  defend and hold harmless the  Purchaser,  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  Receivables to
the  Purchaser  hereunder  or the sale of the  Receivables  to the Issuer by the
Purchaser 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 Purchaser and the
Issuer,  not  including  any taxes  asserted  with  respect to  ownership of the
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  RECEIVABLES.  The  Originator
covenants  to transfer to the  Purchaser,  pursuant to Section  2.2,  Subsequent
Receivables with an aggregate Contract Value equal to  $427,816,312.54,  subject
only to the availability of such Subsequent Receivables.

                                   ARTICLE VI
                            MISCELLANEOUS PROVISIONS

         SECTION  6.1.  OBLIGATIONS  OF  ORIGINATOR.   The  obligations  of  the
Originator  under  this  Agreement  shall  not  be  affected  by  reason  of any
invalidity, illegality or irregularity of any Receivable.

          SECTION 6.2.  REPURCHASE  EVENTS.  The Originator hereby covenants and
agrees  with the  Purchaser  for the  benefit of the  Purchaser,  the  Indenture
Trustee,  the  Noteholders,  the  Trustee  and the  Certificateholders  that the
occurrence of a breach of any of the Originator's representations and warranties
contained in Section 3.2(b),  shall constitute  events obligating the Originator
to repurchase  any  Receivable  materially  and  adversely  affected by any such
breach  ("REPURCHASE  EVENTS") at the Purchase Amount from the Purchaser or from
the Trust. Except as set forth in Section 5.5, the repurchase  obligation of the
Originator  shall  constitute  the sole remedy of the  Purchaser,  the Indenture
Trustee,  the  Noteholders,  the Trust,  the  Trustee or the  Certificateholders
against the Originator with respect to any Repurchase Event.

          SECTION 6.3.  PURCHASER  ASSIGNMENT OF REPURCHASED  RECEIVABLES.  With
respect  to all  Receivables  repurchased  by the  Originator  pursuant  to this
Agreement,  the Purchaser shall sell,  transfer,  assign, set over and otherwise
convey to the Originator,  without recourse,  representation or warranty, all of
the Purchaser's right, title and interest in, to and under such Receivables, and
all security and documents relating thereto.

                                       19

<PAGE>

          SECTION 6.4. TRUST.  The Originator  acknowledges and agrees that: (a)
the  Purchaser  will,  pursuant to the Sale and  Servicing  Agreement,  sell the
Receivables  to the Trust and  assign its rights  under  this  Agreement  to the
Trust,  (b) the Trust will,  pursuant to the Indenture,  assign such Receivables
and such rights to the Indenture Trustee and (c) the representations, warranties
and covenants  contained in this Agreement and the rights of the Purchaser under
this Agreement,  including under Section 6.2, are intended to benefit the Trust,
the  Certificateholders  and the Noteholders.  The Originator hereby consents to
all such sales and assignments 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 Purchaser.

          SECTION 6.5.  AMENDMENT.  This  Agreement  may be amended from time to
time, with prior written notice to the Rating Agencies,  by a written  amendment
duly executed and delivered by the  Originator  and the  Purchaser,  without the
consent of the Noteholders or the Certificateholders,  to cure any ambiguity, to
correct or supplement  any  provisions  in this  Agreement or for the purpose of
adding any  provisions  to or changing in any manner or  eliminating  any of the
provisions  of this  Agreement  or of  modifying in any manner the rights of the
Noteholders or the  Certificateholders;  PROVIDED,  HOWEVER, that such amendment
will not in the Opinion of Counsel, materially and adversely affect the interest
of any Noteholder or Certificateholder.

          This Agreement may also be amended from time to time by the Originator
and the Purchaser,  with prior written notice to the Rating  Agencies,  with the
written consent of (x) Noteholders  holding Notes evidencing at least a majority
of the Note Balance and (y) the Holders of  Certificates  evidencing  at least a
majority of the Certificate Balance, for the purpose of adding any provisions to
or changing in any manner or eliminating any of the provisions of this Agreement
or  of  modifying  in  any  manner  the  rights  of  the   Noteholders   or  the
Certificateholders;  PROVIDED, HOWEVER, that no such amendment may: (i) increase
or reduce in any manner the  amount  of, or  accelerate  or delay the timing of,
collections of payments on Receivables or distributions  that are required to be
made for the benefit of the Noteholders or the Certificateholders or (ii) reduce
the  aforesaid  percentage  of the Notes and  Certificates  that are required to
consent to any such  amendment,  without  the  consent of the holders of all the
outstanding Notes and Certificates.

          It shall not be  necessary  for the consent of  Certificateholders  or
Noteholders  pursuant  to this  Section to approve  the  particular  form of any
proposed amendment or consent,  but it shall be sufficient if such consent shall
approve the substance thereof.

         SECTION 6.6.  ACCOUNTANTS' LETTERS. (a) A firm of independent certified
public accountants will review the characteristics of the Receivables  described
in the

                                       20

<PAGE>

Schedule  of  Receivables  and  will  compare  those   characteristics   to  the
information with respect to the Receivables contained in the Prospectus, (b) the
Originator  will cooperate with the Purchaser and such accounting firm in making
available all  information and taking all steps  reasonably  necessary to permit
such  accounting  firm to  complete  the  review  set forth in clause (a) and to
deliver the letters required of them under the Underwriting Agreement,  (c) such
accounting  firm will deliver to the  Purchaser a letter,  dated the date of the
Prospectus,  in  the  form  previously  agreed  to by  the  Originator  and  the
Purchaser,  with respect to the financial and statistical  information contained
in the Prospectus and with respect to such other information as may be agreed in
the form of the letter.

          SECTION 6.7. WAIVERS. No failure or delay on the part of the Purchaser
in exercising any power,  right or remedy under this  Agreement,  the First-Tier
Case  Assignment or any First-Tier  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 the Originator, to Case Credit Corporation, 233 Lake
Avenue,  Racine,   Wisconsin  53403,   Attention:   Treasurer  (telephone  (414)
636-6011);  (b) in the case of the Purchaser,  to CNH Receivables Inc., 475 Half
Day Road,  Lincolnshire,  Illinois 60069, Attention:  Treasurer (telephone (847)
955-4904); (c) in the case of the Rating Agencies, at their respective addresses
set forth in Section 10.3 of the Sale and Servicing Agreement; or, as to each of
the foregoing, at such other address as shall be designated by written notice to
the other parties.

          SECTION 6.9. COSTS AND EXPENSES.  The Originator will pay all expenses
incident to the  performance  of its  obligations  under this  Agreement and the
Originator agrees to pay all reasonable  out-of-pocket costs and expenses of the
Purchaser,  excluding  fees and  expenses of  counsel,  in  connection  with the
perfection as against third parties of the Purchaser's right, title and interest
in, to and under the  Receivables  and the  enforcement of any obligation of the
Originator hereunder.

          SECTION 6.10. REPRESENTATIONS OF THE ORIGINATOR AND THE PURCHASER. The
respective agreements,  representations,  warranties and other statements by the
Originator  and the Purchaser  set forth in or made  pursuant to this  Agreement
shall remain in full force and effect and will survive the closing under Section
2.4.

         SECTION 6.11.  CONFIDENTIAL  INFORMATION.  The Purchaser agrees that it
will  neither  use nor  disclose  to any Person the names and  addresses  of the
Obligors,  except in connection with the  enforcement of the Purchaser's  rights
hereunder, under

                                       21

<PAGE>

the Receivables,  under the Sale and Servicing Agreement or the Indenture or any
other Basic Document or as required by any of the foregoing or by law.

          SECTION 6.12. HEADINGS AND  CROSS-REFERENCES.  The various headings in
this  Agreement  are  included  for  convenience  only and shall not  affect the
meaning or interpretation of any provision of this Agreement. References in this
Agreement  to Section  names or numbers are to such  Sections of this  Agreement
unless otherwise expressly indicated.

          SECTION 6.13.  GOVERNING  LAW. This  Agreement,  the  First-Tier  Case
Assignment,  and each First-Tier 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.

                                       22

<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 RECEIVABLES INC.

                                       By:/s/ Ralph A. Than
                                          ----------------------------------
                                           Name:     Ralph A. Than
                                           Title:    Vice President & Treasurer

                                       CASE CREDIT CORPORATION

                                       By:/s/ Ralph A. Than
                                          ---------------------------------
                                           Name:     Ralph A. Than
                                           Title:    Vice President & Treasurer

                                       23

<PAGE>

                                                                     EXHIBIT A
                                                         to Purchase Agreement

                                     FORM OF
                           FIRST-TIER CASE ASSIGNMENT

          For value  received,  in  accordance  with and subject to the Purchase
Agreement  dated as of March 1, 2000 (the  "PURCHASE  AGREEMENT"),  between  the
undersigned and CNH Receivables  Inc. (the  "PURCHASER"),  the undersigned  does
hereby sell, assign, transfer, set over and otherwise convey unto the Purchaser,
without  recourse,  all of its right,  title,  interest and, with respect to any
Contracts  that are  Leases,  obligations  in, to and under:  (a) the  Purchased
Contracts,   including  all  documents   constituting   chattel  paper  included
therewith, and all obligations of the Obligors thereunder,  including all moneys
paid thereunder on or after the Initial Cutoff Date, (b) the security  interests
in the  Financed  Equipment  granted  by  Obligors  pursuant  to  the  Purchased
Contracts and any other interest of the undersigned in such Financed  Equipment,
(c) any  proceeds  with  respect  to the  Purchased  Contracts  from  claims  on
insurance  policies  covering Financed  Equipment or Obligors,  (d) any proceeds
from recourse to Dealers with respect to the Purchased  Contracts other than any
interest  in  the  Dealers'  reserve   accounts   maintained  with  Case  Credit
Corporation  or with NH  Credit,  (e) any  Financed  Equipment  that  shall have
secured  the  Purchased  Contracts  and that shall have been  acquired  by or on
behalf of the  Purchaser,  (f) any True Lease  Equipment  that is subject to any
Purchased  Contract,  and (g) the proceeds of any and all of the foregoing.  The
foregoing  sale  does  not  constitute  and is not  intended  to  result  in any
assumption by the Purchaser of any obligation  (other than the covenant of quiet
enjoyment  benefitting  the Obligors under any Contracts that are Leases) of the
undersigned to the Obligors, insurers or any other person in connection with the
Purchased Contracts,  Receivables Files, any insurance policies or any agreement
or instrument relating to any of them.

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

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

                                       24

<PAGE>

          IN WITNESS  WHEREOF,  the  undersigned has caused this First-Tier Case
Assignment to be duly executed as of March __, 2000.

                                              CASE CREDIT CORPORATION

                                              By:
                                                 ------------------------------
                                                  Name:
                                                  Title:

                                       25

<PAGE>

                                                                     EXHIBIT B
                                                         to Purchase Agreement

                                     FORM OF
                 FIRST-TIER CASE SUBSEQUENT TRANSFER ASSIGNMENT

          For value  received,  in  accordance  with and subject to the Purchase
Agreement  dated as of March 1, 2000 (the  "PURCHASE  AGREEMENT"),  between Case
Credit  Corporation,   a  Delaware  corporation  (the  "ORIGINATOR"),   and  CNH
Receivables Inc., a Delaware corporation (the "PURCHASER"),  the Originator does
hereby sell,  transfer,  assign, set over and otherwise convey to the Purchaser,
without  recourse,  all of its right,  title,  interest and, with respect to any
Contracts  that are Leases,  obligations  in, to and under:  (a) the  Subsequent
Receivables, with an aggregate Contract Value equal to $_______________,  listed
on  Schedule  A hereto,  including  all  documents  constituting  chattel  paper
included therewith,  and all obligations of the Obligors  thereunder,  including
all moneys paid  thereunder  on or after the  Subsequent  Cutoff  Date,  (b) the
security  interests in the Financed  Equipment  granted by Obligors  pursuant to
such  Subsequent  Receivables  and any other  interest of the Originator in such
Financed Equipment, (c) any proceeds with respect to such Subsequent Receivables
from claims on insurance policies covering Financed  Equipment or Obligors,  (d)
any  proceeds  from  recourse  to  Dealers  with  respect  to  such   Subsequent
Receivables other than any interest in the Dealers' reserve accounts  maintained
with the  Originator or with NH Credit,  (e) any Financed  Equipment  that shall
have secured any such  Subsequent  Receivables and that shall have been acquired
by or on behalf of the Purchaser,  (f) any True Lease  Equipment that is subject
to any  Subsequent  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 the Purchaser of any obligation (other than the covenant of
quiet enjoyment benefitting the Obligors under any Contracts that are Leases) of
the Originator to the Obligors,  insurers or any other person in connection with
such Subsequent  Receivables,  Receivable  Files, any insurance  policies or any
agreement or instrument relating to any of them.

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

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

                                       26

<PAGE>

         IN WITNESS  WHEREOF,  the  undersigned  has caused this First Tier Case
Subsequent Transfer Assignment to be duly executed as of  _____________________
_________________.

                                        CASE CREDIT CORPORATION

                                        By:
                                           -----------------------------------
                                           Name:______________________________
                                           Title:_____________________________

                                       27

<PAGE>

                                                                      SCHEDULE A

                               to First-Tier Case Subsequent Transfer Assignment

                       SCHEDULE OF SUBSEQUENT RECEIVABLES

                               [SEE ATTACHED LIST]

                                       28

<PAGE>

                                                                         ANNEX A

                               to First-Tier 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 Purchase
Agreement dated as of March 1, 2000, among the Company, and CNH Receivables Inc.
(the "PURCHASE AGREEMENT"), that all of the conditions precedent to the transfer
to the  Purchaser  of the  Subsequent  Receivables  listed on  Schedule A to the
First-Tier Case Subsequent Transfer Assignment delivered herewith, and the other
property  and rights  related to such  Subsequent  Receivables  as  described in
Section 2.2 of the Purchase  Agreement,  have been  satisfied on or prior to the
related Subsequent Transfer Date.

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

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

                                        By:
                                           -----------------------------------
                                           Name:______________________________
                                           Title:_____________________________

                                        By:
                                           -----------------------------------
                                           Name:______________________________
                                           Title:_____________________________

                                       29

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