Document:

Exhibit
4.4

Execution
Version

CNH
EQUIPMENT TRUST 2007-B

PURCHASE AGREEMENT

between

CNH CAPITAL AMERICA LLC

and

CNH CAPITAL RECEIVABLES LLC

Dated as of September 1, 2007

TABLE
OF CONTENTS

	
  ARTICLE I CERTAIN DEFINITIONS

  	
   

  	
  1

  
	
   

  	
   

  	
   

  
	
  Section 1.1.

  	
  Definitions

  	
   

  	
  1

  
	
  Section 1.2.

  	
  Other Definitional Provisions

  	
   

  	
  2

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE II CONVEYANCE OF RECEIVABLES

  	
   

  	
  2

  
	
   

  	
   

  	
   

  	
   

  
	
  Section 2.1.

  	
  Conveyance of Purchased Contracts

  	
   

  	
  2

  
	
  Section 2.2.

  	
  Conveyance of Subsequent CNHCA Receivables

  	
   

  	
  3

  
	
  Section 2.3.

  	
  Intention of the Parties

  	
   

  	
  4

  
	
  Section 2.4.

  	
  The Closing

  	
   

  	
  4

  
	
  Section 2.5.

  	
  Payment of the Purchase Price

  	
   

  	
  4

  
	
  Section 2.6.

  	
  Cross-Collateralization

  	
   

  	
  5

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE III REPRESENTATIONS AND WARRANTIES

  	
   

  	
  5

  
	
   

  	
   

  	
   

  	
   

  
	
  Section 3.1.

  	
  Representations and Warranties of CNHCR

  	
   

  	
  5

  
	
  Section 3.2.

  	
  Representations and Warranties of CNHCA

  	
   

  	
  6

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE IV CONDITIONS

  	
   

  	
  11

  
	
   

  	
   

  	
   

  	
   

  
	
  Section 4.1.

  	
  Conditions to Obligation of CNHCR

  	
   

  	
  11

  
	
  Section 4.2.

  	
  Conditions to Obligation of CNHCA

  	
   

  	
  14

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE V COVENANTS OF CNHCA

  	
   

  	
  14

  
	
   

  	
   

  	
   

  	
   

  
	
  Section 5.1.

  	
  Protection of Right, Title and Interest

  	
   

  	
  14

  
	
  Section 5.2.

  	
  Other Liens or Interests

  	
   

  	
  15

  
	
  Section 5.3.

  	
  Jurisdiction of Organization

  	
   

  	
  15

  
	
  Section 5.4.

  	
  Costs and Expenses

  	
   

  	
  15

  
	
  Section 5.5.

  	
  Indemnification

  	
   

  	
  15

  
	
  Section 5.6.

  	
  Transfer of Subsequent CNHCA Receivables

  	
   

  	
  16

  
	
  Section 5.7.

  	
  Cross-Collateralization

  	
   

  	
  16

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE VI MISCELLANEOUS PROVISIONS

  	
   

  	
  16

  
	
   

  	
   

  	
   

  	
   

  
	
  Section 6.1.

  	
  Obligations of CNHCA

  	
   

  	
  16

  
	
  Section 6.2.

  	
  Repurchase Events

  	
   

  	
  16

  
	
  Section 6.3.

  	
  CNHCR Assignment of Repurchased Receivables

  	
   

  	
  16

  
	
  Section 6.4.

  	
  Trust

  	
   

  	
  16

  
	
  Section 6.5.

  	
  Amendment

  	
   

  	
  17

  
	
  Section 6.6.

  	
  Accountants’ Letters

  	
   

  	
  18

  
	
  Section 6.7.

  	
  Waivers

  	
   

  	
  18

  
	
  Section 6.8.

  	
  Notices

  	
   

  	
  18

  
	
  Section 6.9.

  	
  Costs and Expenses

  	
   

  	
  18

  
	
  Section 6.10.

  	
  Representations of CNHCA and CNHCR

  	
   

  	
  19

  
	
  Section 6.11.

  	
  Confidential Information

  	
   

  	
  19

  
	
  Section 6.12.

  	
  Headings and Cross-References

  	
   

  	
  19

  
	
  Section 6.13.

  	
  Governing Law

  	
   

  	
  19

  
	
  Section 6.14.

  	
  Counterparts

  	
   

  	
  19

  

 

 i
 

 

	
  Section 6.15.

  	
  Severability

  	
   

  	
  19

  
	
  Section 6.16.

  	
  Information Requests

  	
   

  	
  19

  

 

	
  EXHIBITS

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  EXHIBIT A

  	
   

  	
  Form of CNHCA Assignment

  
	
  EXHIBIT B

  	
   

  	
  Form of CNHCA Subsequent Transfer Assignment

  
	
   

  	
   

  	
   

  
	
  SCHEDULES

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  SCHEDULE P

  	
   

  	
  Perfection Representation and Warranties

  

 

 ii

PURCHASE
AGREEMENT (as amended or supplemented from time to time, this “Agreement”)
dated as of September 1, 2007, between CNH CAPITAL AMERICA LLC, a Delaware
limited liability company (“CNHCA”), and CNH CAPITAL RECEIVABLES LLC, a
Delaware limited liability company (“CNHCR”).

RECITALS

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

WHEREAS,
CNHCA and CNHCR wish to set forth the terms pursuant to which:  (1) Contracts having an aggregate
Contract Value of approximately $0 and identified on Schedule A to the
CNHCA Assignment (the “Purchased Contracts”) as of the Initial Cutoff Date are
to be sold by CNHCA to CNHCR on the date hereof and (2) certain Subsequent
CNHCA Receivables are to be sold by CNHCA to CNHCR from time to time on each
Subsequent Transfer Date; and

WHEREAS,
CNHCR, as of the Initial Cutoff Date, owned Contracts previously purchased from
CNHCA pursuant to an Amended and Restated Receivables Purchase Agreement dated
as of December 15, 2000 (as amended from time to time, the “Liquidity
Receivables Purchase Agreement”) between CNHCA and CNHCR, having an aggregate
Contract Value of approximately $788,661,453.57 and identified on
Schedule A to the Assignment (the “Owned Contracts”, and together with the
Purchased Contracts, the “Initial Receivables”); and

WHEREAS,
the Initial Receivables and the Subsequent CNHCA Receivables will be
transferred by CNHCR, pursuant to the Sale and Servicing Agreement, to CNH
Equipment Trust 2007-B (the “Trust”), which Trust will issue Certificates
representing non-assessable, fully paid, undivided beneficial interests in, and
Notes collateralized by, the Receivables and the other property of the Trust;
and

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

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

ARTICLE I

CERTAIN DEFINITIONS

Section 1.1.                                                                Definitions.  Capitalized terms used herein and not
otherwise defined herein are defined in Appendix A to the Indenture dated
as of the date hereof between CNH Equipment Trust 2007-B and The Bank of New
York Trust Company, N.A., as Indenture Trustee.

   
 

Section 1.2.                                                                Other Definitional Provisions.  (a) All
terms defined in this Agreement shall have the defined meanings when used in
any certificate or other document made or delivered pursuant hereto unless
otherwise defined therein.

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

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

(d)                                 The
definitions contained in this Agreement are applicable to the singular as well
as the plural forms of such terms and to the masculine as well as to the
feminine and neuter genders of such terms.

(e)                                  References
to any law or regulation refer to that law or regulation as amended from time
to time and include any successor law or regulation.

(f)                                    References
to any agreement refer to that agreement as from time to time amended or
supplemented or as the terms of such agreement are waived or modified in
accordance with its terms.

(g)                                 References
to any Person include that Person’s successors and assigns.

ARTICLE
II

CONVEYANCE OF RECEIVABLES

Section 2.1.                                                                Conveyance of Purchased Contracts.  In
consideration of CNHCR’s payment of $0 (the “Initial Purchase Price”) in the
manner set out in Section 2.5(a), CNHCA does hereby sell, transfer,
assign, set over and otherwise convey to CNHCR, without recourse (subject to
the obligations herein), all of its right, title, interest in, to and under
(collectively, the “Initial CNHCA Assets”):

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

 2
 

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

(iii)                               any
proceeds with respect to the Purchased Contracts and the Owned Contracts from
claims on insurance policies covering Financed Equipment or Obligors (to the
extent not used to purchase Substitute Equipment);

(iv)                              any
proceeds from recourse to Dealers with respect to the Purchased Contracts and
the Owned Contracts;

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

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

Insofar as the grant above
relates to Owned Contracts and related property, it is made for administrative
convenience and is not intended to derogate from the prior conveyance of the
Owned Contracts and related property pursuant to the Liquidity Receivables
Purchase Agreement.

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

(i)                                     the
Subsequent CNHCA Receivables listed on Schedule A to the related CNHCA
Subsequent Transfer Assignment, including all documents constituting chattel
paper included therewith, and all obligations of the Obligors thereunder,
including all monies 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 CNHCA Receivables and any other interest of CNHCA in such
Financed Equipment;

(iii)                               any
proceeds with respect to such Subsequent CNHCA Receivables from claims on
insurance policies covering Financed Equipment or Obligors (to the extent not
used to purchase Substitute Equipment);

(iv)                              any
proceeds from recourse to Dealers with respect to such Subsequent CNHCA
Receivables;

 3
 

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

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

Section 2.3.                                                                Intention of the Parties.  The parties
to this Agreement intend that the transactions contemplated hereby shall be,
and shall be treated as, a purchase by CNHCR and a sale by CNHCA of the
Purchased Contracts and the Subsequent CNHCA Receivables and not as a lending
transaction, such that in the event of a filing of a petition for relief by or
against CNHCA under the Bankruptcy Code, (i) such Purchased Contracts and
Subsequent CNHCA Receivables would not be property of CNHCA’s bankruptcy estate
under Section 541 of the Bankruptcy Code, (ii) the bankruptcy court
would not compel the turnover of such Purchased Contracts and Subsequent CNHCA
Receivables or collections thereon by CNHCR to CNHCA under Section 542 of
the Bankruptcy Code, and (iii) the bankruptcy court would determine that
payments on such Purchased Contracts and Subsequent CNHCA Receivables not in
the possession of CNHCA would not be subject to the automatic stay provisions
of Section 362(a) of the Bankruptcy Code imposed upon the commencement of
CNHCA’s bankruptcy case.  The foregoing
sale, assignment, transfer and conveyance does not constitute, and is not
intended to result in a creation or assumption by CNHCR of, any obligation or
liability with respect to any Purchased Contract or any Subsequent CNHCA
Receivables, nor shall CNHCR be obligated to perform or otherwise be responsible
for any obligation of CNHCA or any other Person in connection with the
Purchased Contracts or the Subsequent CNHCA Receivables or under any agreement
or instrument relating thereto, including any contract or any other obligation
to any Obligor.  If (but only to the
extent that) the transfer of the Assets hereunder is characterized by a court
or other governmental authority as a loan rather than a sale, CNHCA shall be
deemed hereunder to have granted to CNHCR a security interest in all of CNHCA’s
right, title and interest in and to the Assets. 
Such security interest shall secure all of CNHCA’s obligations (monetary
or otherwise) under this Agreement and the other Basic Documents to which it is
a party, whether now or hereafter existing or arising, due or to become due,
direct or indirect, absolute or contingent. 
CNHCR shall have, with respect to the property described in
Section 2.1 and Section 2.2, and in addition to all the other rights
and remedies available to CNHCR under this Agreement and applicable law, all
the rights and remedies of a secured party under any applicable UCC, and this
Agreement shall constitute a security agreement under applicable law.

Section
2.4.                                                                The Closing.  The sale and purchase of the Purchased
Contracts shall take place at a closing at the offices of Greenberg Traurig,
LLP, 77 West Wacker Drive, Chicago, Illinois 
60601 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) partially in cash on the Closing Date, and (ii) the
remainder shall be deemed to have been added to the outstanding balance of the
subordinated note, dated as of December 15, 2000, 

 4
 

payable
by CNHCR to CNHCA and executed in connection with the Liquidity Receivables
Purchase Agreement.

(b)                                 Subsequent CNHCA Receivables.  As consideration for the conveyance of
Subsequent CNHCA Receivables pursuant to Section 2.2, CNHCR shall
pay or cause to be paid to CNHCA on each Subsequent Transfer Date an amount (a “Subsequent
Purchase Price”) equal to the aggregate Contract Value of the Subsequent CNHCA
Receivables as of the related Subsequent Cutoff Date, plus any premium or minus
any discount agreed upon by CNHCA and CNHCR. 
Any Subsequent Purchase Price shall be payable as follows:  (i) cash in the amount released to CNHCR
in respect of the Subsequent CNHCA Receivables from the Pre-Funding Account
pursuant to Section 5.8(a) of the Sale and Servicing Agreement shall be
paid to CNHCA 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, CNHCR from the Spread Account, the Negative Carry Account, and the
Principal Supplement Account in accordance with the Sale and Servicing
Agreement, or otherwise are available for such purpose.

Section 2.6.                                                                Cross-Collateralization.  To the
extent CNHCA retains any interest in any item of Financed Equipment securing
the repayment of any Receivable, as a result of the related Obligor agreeing to
cross-collateralize all obligations owed by such Obligor to CNHCA or otherwise,
CNHCA acknowledges and agrees that its interest in the Financed Equipment shall
be expressly subordinate and junior in priority to the repayment of all amounts
outstanding under such Receivable prior to becoming available to pay any amount
outstanding under any other obligation owed by such Obligor to CNHCA.  CNHCA hereby represents, warrants and
covenants that NH Credit has not retained, and will not retain, any interest in
any item of Financed Equipment securing the repayment of any Receivable,
whether as a result of the related Obligor agreeing to cross-collateralize
obligations or otherwise.

ARTICLE
III

REPRESENTATIONS AND WARRANTIES

Section 3.1.                                                                Representations and Warranties of CNHCR.  CNHCR
hereby represents and warrants to CNHCA as of the date hereof and as of the
Closing Date:

(a)                                  Organization and Good Standing.  CNHCR has been duly organized and is validly
existing as a limited liability company 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.  CNHCR is duly qualified to do business as a
foreign limited liability company 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, except where the failure to be so qualified and have such
licenses and approvals would not have a material adverse effect on (i) the
Trust Estate, (ii) CNHCR’s performance of its obligations under the Basic
Documents to which it is a party, (iii) 

 5
 

the business or condition
(financial or otherwise) of CNHCR or (iv) the validity or enforceability of any
Receivable.

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

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

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

(f)                                    No Proceedings.  As of the date of the Underwriting Agreement,
the Preliminary Prospectus Date, Prospectus Date and the Closing Date, there
are no proceedings or investigations pending or, to CNHCR’s knowledge,
threatened against CNHCR, before any court, regulatory body, administrative
agency or other tribunal or governmental instrumentality having jurisdiction
over CNHCR or its properties: 
(i) asserting the invalidity of this Agreement, (ii) seeking
to prevent the consummation of any of the transactions contemplated by this
Agreement, or (iii) seeking any determination or ruling that might
materially and adversely affect the performance by CNHCR of its obligations
under, or the validity or enforceability of, this Agreement or otherwise be
material to the Noteholders, except as otherwise may be described in the
Preliminary Prospectus or the Prospectus.

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

(i)                                     Organization and Good Standing.  CNHCA has been duly organized and is validly
existing as a limited liability company 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.  CNHCA is duly qualified to do business as a
foreign limited liability company 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 

 6
 

business shall require
such qualifications, except where the failure to be so qualified and have such
licenses and approvals would not have a material adverse effect on (a) the
Trust Estate, (b) CNHCA’s performance of its obligations under the Basic
Documents to which it is a party, (c) the business or condition (financial or
otherwise) of CNHCA or (d) the validity or enforceability of any Receivable.

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

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

(v)                                 No Violation.  The consummation of the transactions
contemplated by this Agreement and the fulfillment of the terms hereof do not
conflict with, result in any breach of any of the terms and provisions of, or
constitute (with or without notice or lapse of time) a default under, the
certificate of formation, by-laws or limited liability company agreement of
CNHCA, or any indenture, agreement or other instrument to which CNHCA 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 CNHCA’s knowledge, any order, rule or regulation applicable
to CNHCA of any court or of any federal or state regulatory body,
administrative agency or other governmental instrumentality having jurisdiction
over CNHCA or its properties.

(vi)                              No Proceedings.  There are no proceedings or investigations
pending or, to CNHCA’s best knowledge, threatened, before any court, regulatory
body, administrative agency or other governmental instrumentality having
jurisdiction over CNHCA 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
CNHCA of its obligations under, or the validity or enforceability of, this
Agreement.  As of the date of the
Underwriting Agreement, Preliminary Prospectus Date, Prospectus Date and the
Closing Date, there are no legal proceedings pending against CNHCA, or of which
any property of CNHCA is subject, that are material to the Noteholders, and no
such legal proceedings are known to CNHCA to be contemplated by any
governmental authority.

(b)                                 CNHCA
makes the following representations and warranties as to the Receivables on
which CNHCR relies in accepting the Initial Receivables and the Subsequent
CNHCA Receivables and in transferring the Receivables to the Trust.  Such representations and 

 7
 

warranties speak 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 CNHCA
Receivables, but shall survive the sale, transfer and assignment of the
Receivables to CNHCR and the subsequent assignment and transfer of such
Receivables to the Trust pursuant to the Sale and Servicing Agreement and the
Grant to the Indenture Trustee pursuant to the Indenture:

(i)                                     Characteristics of Receivables.  Each Receivable is a Retail Installment
Contract and: (A) (1) (i) was originated in the United States of America by a
Dealer in connection with the retail sale of Financed Equipment in the ordinary
course of such Dealer’s business, and (ii) was purchased by CNHCA from a
Dealer and validly assigned by such Dealer to CNHCA in accordance with its
terms, except that some of the Receivables were purchased by NH Credit from
Dealers (after being originated as provided above), securitized in a previous
CNH Equipment Trust and purchased by CNHCA through the exercise of a clean-up
call relating to that previous securitization, (2) was originated in the
United States of America by CNHCA in connection with the financing or
refinancing, as applicable, of Financed Equipment in the ordinary course of
CNHCA’s business or (3) (i) was originated in the United States of
America in connection with the financing of Financed Equipment in the ordinary
course of a Dealer’s business, through a program in which CIT Bank funds
installment loans to consumers to enable the consumers to purchase products
distributed by such Dealer, and (ii) was purchased by CNHCA from CIT Bank
and validly assigned by CIT Bank to CNH in accordance with its terms, and in
the case of the foregoing clauses (1), (2) and (3), 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 CNHCA except to the extent that such security interest has been assigned by
CNHCA to CNHCR, by CNHCR to the Issuing Entity and by the Issuing Entity to the
Indenture Trustee, (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) provides
for fixed payments on a periodic basis that fully amortize the Amount Financed
by maturity and yield interest at the Annual Percentage Rate.

(ii)                                  Schedule of Receivables; No Adverse Selection of
Receivables; Accuracy of Computer Tape.  The information set forth on Schedule A
to the CNHCA 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 CNHCA
Subsequent Transfer Assignment will be true and correct on each Subsequent
Transfer Date related to such CNHCA Subsequent Transfer Assignment.  No selection procedures believed by CNHCA 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 CNHCR and its assigns is true and correct in all respects.

(iii)                               Compliance with Law.  Each Receivable and the sale 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 CNHCA
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 

 8
 

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, in each case, to the extent applicable.

(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 CNHCA as
secured party or all necessary and appropriate actions have been commenced that
would result in the valid perfection of a first priority security interest in
the Financed Equipment in favor of CNHCA as secured party.

(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 (other than with
respect to equipment released from a Lien in accordance with the Servicing
Procedures and replaced with Substitute Equipment).

(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 CNHCA’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 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 (other than a payment
default continuing for a period of not more than 90 days) 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 CNHCA
has not waived any of the foregoing.

(xii)                             Title. 
It is the intention of CNHCA that the transfers and assignments
contemplated herein and in the Liquidity Receivables Purchase Agreement 

 9
 

constitute a sale of the
Receivables from CNHCA to CNHCR 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 CNHCA under any bankruptcy or
similar law.  Immediately prior to the
transfers and assignments contemplated herein and in the Liquidity Receivables
Purchase Agreement, CNHCA had good title to each Receivable, free and clear of
all Liens and, immediately upon the transfer thereof, CNHCR shall have good
title to each Receivable, free and clear of all Liens; and the transfer and
assignment of the Receivables to CNHCR has been, or within the timeframe
required by Section 3.2(b)(xiv) of this Agreement will be, perfected under the
UCC.

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

(xiv)                         All Filings Made.  All filings (including UCC filings) necessary
in any jurisdiction to give CNHCR a first priority perfected ownership interest
in the Receivables will be made on or prior to, or within 10 days after, the
Closing Date.

(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 CNHCA Receivables; the
weighted average remaining term of the Initial Receivables is approximately
47.75 months as of the Initial Cutoff Date; the weighted average original term
of the Receivables, including as of each Subsequent Transfer Date all
Subsequent CNHCA Receivables previously transferred to CNHCR, will not be
greater than 55 months.

(xvii)                      Scheduled Payments.  No Receivable has a final scheduled payment
date later than six months preceding the Final Scheduled Maturity Date; each
Receivable provides for payments that fully amortize the Amount Financed over
the original term of the Receivable, and is either non-interest bearing or is a
Simple Interest Receivable.

(xviii)                   Insurance. 
The Obligor on each Receivable is required to maintain physical damage
insurance covering the Financed Equipment in accordance with CNHCA’s normal
requirements.

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

(xx)                              Financing. 
Initial Receivables having an aggregate Statistical Contract Value of
approximately 69.52% of the Initial Aggregate Statistical Contract Value were
secured by equipment that was new at the time the related Initial Receivable
was originated; the remainder of the Initial Receivables represent financing of
used equipment; Initial Receivables having an aggregate Statistical Contract
Value of approximately 74.10% of the Initial Aggregate 

 10
 

Statistical Contract Value of the Initial Receivables,
are attributable to financing of agricultural equipment; the remainder of the
Initial Receivables are attributable to financing of construction and consumer
equipment.  Additionally, not more than
35% of the aggregate Contract Value of the Receivables, including, as of each
Subsequent Transfer Date, all Subsequent CNHCA Receivables previously
transferred to CNHCR, will represent Contracts for the financing of
construction equipment.

(xxi)                           No Bankruptcies.  No Obligor on any Receivable as of the
related Cutoff Date 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 each State the law of which governs the perfection of
the interest granted in it and/or the priority of such perfected interest.

(xxiv)                    U.S. Obligors.  None of the 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 CNHCA: (A) Initial Receivables having an aggregate Statistical
Contract Value equal to 46.78% of the Initial Aggregate Statistical Contract
Value had annual scheduled payments, (B) Initial Receivables having an
aggregate Statistical Contract Value equal to 3.03% of the Initial Aggregate
Statistical Contract Value had semi-annual scheduled payments, (C) Initial
Receivables having an aggregate Statistical Contract Value equal to 0.90% of
the Initial Aggregate Statistical Contract Value had quarterly scheduled
payments, (D) Initial Receivables having an aggregate Statistical Contract
Value equal to 45.46% of the Initial Aggregate Statistical Contract Value had
monthly scheduled payments, and (E) Initial Receivables having an
aggregate Statistical Contract Value equal to 3.82% of the Initial Aggregate
Statistical Contract Value had irregularly scheduled payments.

(xxvi)                    Perfection Representations.  CNHCA further makes all the representations,
warranties and covenants set forth in Schedule P.

ARTICLE
IV

CONDITIONS

Section
4.1.                                                                Conditions
to Obligation of CNHCR.

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

(i)                                     Representations and Warranties True.  The representations and warranties of CNHCA
hereunder shall be true and correct on the Closing Date and CNHCA shall 

 11
 

have performed all
obligations to be performed by it hereunder on or prior to the Closing Date to
the extent such obligations are required to be performed by it hereunder on or
prior to the Closing Date.

(ii)                                  Computer Files Marked.  CNHCA 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 CNHCR pursuant to
this Agreement and deliver to CNHCR the Schedule of Receivables certified by the
Chairman, the President, a Vice President, a Secretary, the Treasurer, an
Assistant Secretary, or an Assistant Treasurer of CNHCA to be true, correct and
complete.

(iii)                               Documents
to Be Delivered by CNHCA on the Closing Date.

(A)                              The CNHCA Assignment.  On the Closing Date (but only if the Contract
Value of the Purchased Contracts is greater than zero), CNHCA will execute and
deliver the CNHCA Assignment, which shall be substantially in the form of Exhibit A.

(B)                                Evidence of UCC Filing.  On or prior to, or within 10 days following,
the Closing Date (but only if the Contract Value of the Purchased Contracts is
greater than zero), CNHCA shall authorize and file, at its own expense, a UCC
financing statement in each jurisdiction in which such action is required by
applicable law to fully perfect CNHCR’s right, title and interest in the
Purchased Contracts and the other property sold hereunder, executed (if
execution is required) by CNHCA, as seller or debtor, and naming CNHCR, 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 CNHCR.  It is understood and agreed,
however, that no filings will be made to perfect any security interest of CNHCR
in CNHCA’s interests in Financed Equipment. 
CNHCA shall deliver (or cause to be delivered) a file-stamped copy, or other
evidence satisfactory to CNHCR of such filing, to CNHCR promptly upon CNHCA’s
receipt thereof.

(C)                                Other Documents.  CNHCA will deliver such other documents as
CNHCR may reasonably request.

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

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

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

 12
 

(ii)                                  CNHCA
shall, to the extent required by Section 5.3 of the Sale and Servicing
Agreement, have delivered to CNHCR for deposit in the Collection Account all
collections in respect of the Subsequent CNHCA Receivables;

(iii)                               as
of such Subsequent Transfer Date: 
(A) CNHCA was not insolvent and will not become insolvent as a
result of the transfer of Subsequent CNHCA Receivables on such Subsequent
Transfer Date, (B) CNHCA did not intend to incur or believe that it would
incur debts that would be beyond CNHCA’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 CNHCA 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 or shall be
made;

(v)                                 the
Funding Period shall not have terminated;

(vi)                              each
of the representations and warranties made by CNHCA pursuant to Section 3.2(b)
with respect to the Subsequent CNHCA Receivables shall be true and correct as
of such Subsequent Transfer Date, and CNHCA shall have performed all
obligations to be performed by it hereunder on or prior to such Subsequent
Transfer Date to the extent such obligations are required to be performed by it
hereunder on or prior to the Subsequent Transfer Date;

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

(viii)                        CNHCA
shall take any action required to give CNHCR a first priority perfected
ownership interest in the Subsequent CNHCA Receivables on or prior to, or
within ten days following, the applicable Subsequent Transfer Date;

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

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

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

 13
 

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

(xiii)                          CNHCA
shall have delivered to CNHCR an Officer’s Certificate confirming the
satisfaction of each condition precedent specified in this clause
(b) (substantially in the form attached hereto as Annex A to the CNHCA
Subsequent Transfer Assignment).

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

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

(b)                                 Receivables Purchase Price.  On the Closing Date or the applicable
Subsequent Transfer Date, CNHCR shall have delivered to CNHCA 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 CNHCA

CNHCA agrees
with CNHCR as follows; provided, however, that to the extent that
any provision of this Article conflicts with any provision of the Sale and
Servicing Agreement, the Sale and Servicing Agreement shall govern:

Section
5.1.                                                                Protection
of Right, Title and Interest.

(a)                                  Filings. 
CNHCA shall cause all financing statements and continuation statements
and any other necessary documents covering the right, title and interest of
CNHCR in and to the Receivables and the other property included in the Trust
Estate to be promptly filed, and at all times to be kept recorded, registered
and filed, all in such manner and in such places as may be required by law
fully to preserve and protect the right, title and interest of CNHCR hereunder
to the Receivables (other than Required Receivables), and other property sold
hereunder.  CNHCA shall deliver (or cause
to be delivered) to CNHCR file-stamped copies of, or filing receipts for, any
document recorded, registered or filed as provided above as soon as available
following such recordation, registration or filing.  CNHCR shall cooperate fully with CNHCA 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 CNHCA makes any change
in its name, identity or organizational structure that would or could
reasonably be expected to make 

 14
 

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, as
applicable, CNHCA shall give CNHCR notice of any such change, and no later than
10 days after the effective date thereof, shall file such financing statements
or amendments as may be necessary to continue the perfection of CNHCR’s
interest in the property included in the Trust Estate.

(c)                                  Location Change.  Within 15 days after CNHCA makes any change
to its “location” as defined in Section 9-307 of the UCC, CNHCA shall give
CNHCR notice of any such change, and no later than 10 days after the effective
date thereof, shall file such financing statements or amendments as may be
necessary to continue the perfection of CNHCR’s interest in the property
included in the Trust Estate.

Section 5.2.                                                                Other Liens or Interests.  Except for
the conveyances hereunder and pursuant to the Liquidity Receivables Purchase
Agreement, the Sale and Servicing Agreement, the Indenture and the other Basic Documents,
CNHCA:  (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 CNHCR in, to and under
the Receivables against all claims of third parties claiming through or under
CNHCA; provided, however, that CNHCA’s obligations under this
Section shall terminate upon the termination of the Trust pursuant to the Trust
Agreement; provided further, the preceding shall not apply to Reacquired
Receivables.

Section 5.3.                                                                Jurisdiction of Organization.  During the
term of the Receivables, CNHCA will maintain its “location” (as defined in
Section 9-307 of the UCC) in one of the States.

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

Section 5.5.                                                                Indemnification.  CNHCA shall indemnify, defend
and hold harmless CNHCR for any liability as a result of the failure of a
Receivable to be originated in compliance with all requirements of law and for
any breach of any of its representations and warranties contained herein.  These indemnity obligations shall be in
addition to any obligation that CNHCA may otherwise have.  CNHCA shall indemnify, defend and hold
harmless CNHCR, the Issuing Entity, 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 Purchased Contracts to CNHCR hereunder, the sale of the Owned
Contracts to CNHCR under the Liquidity Receivables Purchase Agreement or the
sale of the Receivables to the Issuing Entity by CNHCR or the issuance and
original sale of the Certificates and the Notes, including any sales, gross
receipts, general corporation, tangible personal property, privilege or license
taxes (but, in the case of CNHCR and the Issuing Entity, 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.

 15
 

Section 5.6.                                                                Transfer of Subsequent CNHCA Receivables.  CNHCA
covenants to transfer to CNHCR, pursuant to Section 2.2, Subsequent CNHCA
Receivables with an aggregate Contract Value approximately equal to $0, subject
only to the availability of such Subsequent CNHCA Receivables.

Section 5.7.                                                                Cross-Collateralization.  To the
extent that CNHCA transfers, sells, assigns or otherwise pledges any contract
to a third party and retains any interest in any item of Financed Equipment
securing the repayment of any Receivable, as a result of the related Obligor
agreeing to cross-collateralize all obligations owed by such Obligor to CNHCA
and its assigns or otherwise, CNHCA acknowledges and agrees that it shall
obtain from such third party an agreement that such third party’s interest in
the Financed Equipment shall be expressly subordinate and junior in priority to
the repayment of all amounts outstanding under such Receivable prior to
becoming available to pay any amount outstanding under any other obligation
owed by such Obligor to such third party.

ARTICLE
VI

MISCELLANEOUS PROVISIONS

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

Section 6.2.                                                                Repurchase Events.  CNHCA hereby covenants and
agrees with CNHCR for the benefit of CNHCR, the Indenture Trustee, the
Noteholders, the Trust, the Trustee and the Certificateholders that the
occurrence of a breach of any of CNHCA’s representations and warranties
contained in Section 3.2(b) shall constitute events obligating CNHCA to
repurchase any Receivable materially and adversely affected by any such breach
(“Repurchase Events”) at the Purchase Amount from CNHCR or from the Trust.  Except as set forth in Section 5.5, the
repurchase obligation of CNHCA shall constitute the sole remedy of CNHCR, the
Indenture Trustee, the Noteholders, the Trust, the Trustee or the
Certificateholders against CNHCA with respect to any Repurchase Event or any other
breach pursuant to Section 3.2(b) hereof. 
Section 4.6 and Section 9.1(a) of the Sale and Servicing
Agreement are hereby incorporated by reference as if they were set forth
herein, and CNHCA agrees to purchase or repurchase any Receivable which these sections
require it, or permit the Servicer to cause it, to purchase or repurchase.

Section 6.3.                                                                CNHCR Assignment of Repurchased Receivables.  With
respect to all Receivables repurchased by CNHCA pursuant to this Agreement,
CNHCR shall sell, transfer, assign, set over and otherwise convey to CNHCA,
without recourse, representation or warranty, all of CNHCR’s right, title and
interest in, to and under such Receivables, and all Assets related thereto,
including all security and documents relating thereto.

Section
6.4.                                                                Trust. 
CNHCA acknowledges and agrees that:  (a) CNHCR 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 

 16
 

covenants
contained in this Agreement and the rights of CNHCR under this Agreement,
including under Section 6.2, are intended to benefit the Trust, the
Certificateholders, the Counterparties and the Noteholders.  CNHCA hereby consents to all such sales and
assignments and agrees that enforcement of a right or remedy hereunder by the
Indenture Trustee shall have the same force and effect as if the right or
remedy had been enforced or executed by CNHCR.

Section 6.5.                                                                Amendment.  (a) Any term or provision of this
Agreement may be amended by CNHCA and CNHCR without the consent of the
Indenture Trustee, any Noteholder, the Issuing Entity, the Trustee or any other
Person subject to the satisfaction of one of the following conditions:

(i)                                     CNHCA
and CNHCR delivers an Opinion of Counsel to the Indenture Trustee to the effect
that such amendment will not materially and adversely affect the interests of
the Noteholders or the Certificateholders; or

(ii)                                  CNHCA
and CNHCR deliver an Officer’s Certificate of CNHCA and CNHCR, respectively, to
the Indenture Trustee to the effect that such amendment will not materially and
adversely affect the interests of the Noteholders or the Certificateholders.

An
amendment shall be deemed not to adversely affect in any material respect the
interests of any Noteholders of a Class of Notes if the Rating Agency Condition
has been satisfied with respect to such amendment for such Class of Notes.

Prior
to the execution of any such amendment or consent, CNHCA shall furnish written
notification of the substance of such amendment or consent to each of the
Rating Agencies.

Notwithstanding
anything herein to the contrary (other than as provided in the third following
paragraph), any term or provision of this Agreement may be amended by CNHCA and
CNHCR without the consent of the Certificateholders, the Noteholders or any
other Person to add, modify or eliminate any provisions as may be necessary or
advisable in order to comply with or obtain more favorable treatment under or
with respect to any law or regulation or any accounting rule or principle
(whether now or in the future in effect); it being a condition to any such
amendment that the Rating Agency Condition shall have been satisfied.

This Agreement
may also be amended from time to time by CNHCA and CNHCR, with prior written
notice to the Rating Agencies and the Counterparties, with the written consent
of (x) Noteholders holding Notes evidencing at least a majority of the
Note Balance and (y) the Certificateholders evidencing not less than 50%
of the beneficial interest in the Trust, 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) reduce the interest rate
or principal of any Note or Certificate, or delay the Class Final Scheduled
Maturity Date of any Note 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 affected thereby.

 17
 

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.

With respect
to any amendment pursuant to this Section 6.5(a), if any amendment or
supplement would either: (a) materially and adversely affect any of the
Counterparties’ rights or obligations under an Interest Rate Swap Agreement or
any other Basic Document; or (b) materially and adversely modify the
obligations of, or materially and adversely impact the ability of, the Trust to
fully perform any of the Trust’s obligations under an Interest Rate Swap
Agreement, the Trust and the Indenture Trustee shall be required to first
obtain the written consent of the applicable Counterparties to the affected
Interest Rate Swap Agreements before entering into any such amendment or
supplement (which consent shall not be unreasonably withheld).

Section 6.6.                                                                Accountants’ Letters.  (a) A
firm of Independent certified public accountants will review the
characteristics of the Receivables described in the Schedule of Receivables and
will compare those characteristics to the information with respect to the
Receivables contained in the Prospectus, (b) CNHCA will cooperate with
CNHCR and such accounting firm in making available all information and taking
all steps reasonably necessary to permit such accounting firm to complete the
review set forth in clause (a) and to deliver the letters required of them
under the Underwriting Agreement, and (c) such accounting firm will
deliver to CNHCR a letter, dated the date of the Prospectus, in the form
previously agreed to by CNHCA and CNHCR, with respect to the financial and
statistical information contained in the Prospectus and with respect to such
other information as may be agreed in the form of the letter.

Section 6.7.                                                                Waivers.  No failure or delay on the part of CNHCR in
exercising any power, right or remedy under this Agreement, the CNHCA
Assignment or any CNHCA 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, or by facsimile, and shall be deemed to have
been duly given upon receipt:  (a) in the case of CNHCA, to CNH Capital
America LLC, 6900 Veterans Boulevard, Burr Ridge, Illinois 60527, Attention:
Assistant Treasurer, (telephone: (630) 887-2095) (facsimile: (630) 887-5448);
(b) in the case of CNHCR, 6900 Veterans Boulevard, Burr Ridge, Illinois
60527, Attention: Assistant Treasurer, (telephone: (630) 887-2095) (facsimile:
(630) 887-5448); (c) in the case of the Rating Agencies, at their
respective addresses set forth in Section 10.3 of the Sale and Servicing
Agreement; (d) in the case of any Counterparty, to the address set forth
in Section 11.4(c) of the Indenture, or, as to each of the foregoing, at such
other address or facsimile number as shall be designated by written notice to
the other parties.

Section 6.9.                                                                Costs and Expenses.  CNHCA will pay all expenses
incident to the performance of its obligations under this Agreement and CNHCA
agrees to pay all reasonable out-of-pocket costs and expenses of CNHCR,
excluding fees and expenses of counsel, in 

 18
 

connection
with the perfection as against third parties of CNHCR’s right, title and
interest in, to and under the Receivables and the enforcement of any obligation
of CNHCA hereunder.

Section 6.10.                                                          Representations of CNHCA and CNHCR.  The
respective agreements, representations, warranties and other statements by
CNHCA and CNHCR set forth in or made pursuant to this Agreement shall remain in
full force and effect and will survive the closing under Section 2.4.

Section 6.11.                                                          Confidential Information.  CNHCR
agrees that it will neither use nor disclose to any Person the names and
addresses of the Obligors, except in connection with the enforcement of CNHCR’s
rights hereunder, under the 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 CNHCA
Assignment, and each CNHCA Subsequent Transfer Assignment shall be construed in
accordance with the laws of the State of New York, 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.

Section 6.16.                                                          Information Requests.  The parties
hereto shall provide any information reasonably requested by the other party or
any of their Affiliates, at the expense of such party, in order to comply with
or obtain more favorable treatment under any current or future law, rule,
regulation, accounting rule or principle.

(signature pages
follow)

 19

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

	
  

  	
  CNH CAPITAL RECEIVABLES LLC

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Thomas N. Beckmann

  	
   

  
	
   

  	
   

  	
  Name:  Thomas N. Beckmann

  
	
   

  	
   

  	
  Title:  Assistant Treasurer

  
	
   

  	
   

  	
   

  
	
   

  	
  CNH CAPITAL AMERICA LLC

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Thomas N. Beckmann

  	
   

  
	
   

  	
   

  	
  Name:  Thomas N. Beckmann

  
	
   

  	
   

  	
  Title:  Assistant Treasurer

  

 

Purchase Agreement

EXHIBIT
A

to Purchase Agreement

FORM
OF

CNHCA ASSIGNMENT

For value
received, in accordance with and subject to the Purchase Agreement dated as of
September 1, 2007 (the “Purchase Agreement”), between the undersigned and CNH
Capital Receivables LLC (“CNHCR”), the undersigned does hereby sell, assign,
transfer, set over and otherwise convey unto CNHCR, without recourse, all of
its right, title, interest in, to and under: 
(a) the Purchased Contracts, which are listed on Schedule A
hereto, including all documents constituting chattel paper included therewith,
and all obligations of the Obligors thereunder, including all monies 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 (to the extent not
used to purchase Substitute Equipment), (d) any proceeds from recourse to
Dealers with respect to the Purchased Contracts, (e) any Financed
Equipment that shall have secured the Purchased Contracts and that shall have
been acquired by or on behalf of CNHCR, and (f) the proceeds of any and
all of the foregoing.  The foregoing sale
does not constitute and is not intended to result in any assumption by CNHCR of
any obligation 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 CNHCA
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.

 A-1
 

IN WITNESS
WHEREOF, the undersigned has caused this CNHCA Assignment to be duly executed
as of September 1, 2007.

	
   

  	
  CNH CAPITAL AMERICA LLC

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

 A-2

SCHEDULE
A

to CNHCA Assignment

SCHEDULE
OF PURCHASED CONTRACTS

[ON FILE WITH THE INDENTURE TRUSTEE AND INCORPORATED BY REFERENCE HEREIN.]

 S-1

EXHIBIT
B

to Purchase Agreement

FORM
OF

CNHCA SUBSEQUENT TRANSFER ASSIGNMENT

For value
received, in accordance with and subject to the Purchase Agreement dated as of
September 1, 2007 (the “Purchase Agreement”), between CNH Capital America LLC,
a Delaware limited liability company (“CNHCA”), and CNH Capital Receivables
LLC, a Delaware limited liability company (“CNHCR”), CNHCA does hereby sell,
transfer, assign, set over and otherwise convey to CNHCR, without recourse, all
of its right, title, interest in, to and under: 
(a) the Subsequent CNHCA Receivables, with an aggregate Contract
Value equal to $0, listed on Schedule A hereto, including all
documents constituting chattel paper included therewith, and all obligations of
the Obligors thereunder, including all monies paid thereunder on or after the
Subsequent Cutoff Date, (b) the security interests in the Financed
Equipment granted by Obligors pursuant to such Subsequent CNHCA Receivables and
any other interest of CNHCA in such Financed Equipment, (c) any proceeds
with respect to such Subsequent CNHCA Receivables from claims on insurance
policies covering Financed Equipment or Obligors (to the extent not used to
purchase Substitute Equipment), (d) any proceeds from recourse to Dealers
with respect to such Subsequent CNHCA Receivables, (e) any Financed
Equipment that shall have secured any such Subsequent CNHCA Receivables and
that shall have been acquired by or on behalf of CNHCR, and (f) the
proceeds of any and all of the foregoing. 
The foregoing sale does not constitute and is not intended to result in
any assumption by CNHCR of any obligation of CNHCA to the Obligors, insurers or
any other person in connection with such Subsequent CNHCA Receivables,
Receivable Files, any insurance policies or any agreement or instrument
relating to any of them.

This CNHCA
Subsequent Transfer Assignment is made pursuant to and upon the
representations, warranties and agreements on the part of CNHCA contained in
the Purchase Agreement (including the Officer’s Certificate of CNHCA
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.

 B-1
 

IN WITNESS
WHEREOF, the undersigned has caused this CNHCA Subsequent Transfer Assignment
to be duly executed as of the    day
of                            , 2007.

	
   

  	
  CNH CAPITAL AMERICA LLC

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

 B-2
 

SCHEDULE
A

to CNHCA Subsequent Transfer Assignment

SCHEDULE
OF SUBSEQUENT CNHCA RECEIVABLES

[ON FILE WITH THE INDENTURE TRUSTEE AND INCORPORATED BY REFERENCE HEREIN.]

 B-3
 

ANNEX
A

to CNHCA Subsequent Transfer Assignment

OFFICER’S
CERTIFICATE

I, the
undersigned officer of CNH Capital America LLC (the “Company”), do hereby
certify, pursuant to Section 4.1(b)(xiii) of the Purchase Agreement dated as of
September 1, 2007, among the Company, and CNH Capital Receivables LLC (the “
Purchase Agreement “), that (i) all of the conditions precedent to the transfer
to CNHCR of the Subsequent CNHCA Receivables listed on Schedule A to the CNHCA
Subsequent Transfer Assignment delivered herewith, and the other property and
rights related to such Subsequent CNHCA Receivables as described in Section 2.2
of the Purchase Agreement, have been satisfied on or prior to the related
Subsequent Transfer Date to the extent such conditions are required to be
performed by the Company under the Purchase Agreement on or prior to the
Subsequent Transfer Date, and (ii) each statement of fact set forth in any
officer’s certificate executed by an officer of the Company in connection with
an Opinion of Counsel delivered on the Closing Date with respect to a transfer
of, or a security interest in, the Receivables shall be true and correct as of
the date hereof with respect to the Subsequent CNHCA Receivables listed on the
aforementioned Schedule A.

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

IN WITNESS
WHEREOF, the undersigned has caused this certificate to be duly executed
this     day of                  , 2007.

	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  

 

 B-4

Schedule
P

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

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

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

4.                                       Perfection.  CNHCA
has caused or will have caused, within ten days of the Closing Date, the filing
of all appropriate financing statements in the proper filing office in the
appropriate jurisdictions under applicable law in order to perfect the security
interest granted to CNHCR under the Purchase Agreement in the
Receivables.  With respect to the Receivables that constitute tangible
chattel paper, the Servicer, as custodian, solely as agent of the Issuing Entity
and the Indenture Trustee, received possession of such original copies of such
tangible chattel paper that constitute or evidence the Receivables, and CNHCA
has caused, or will have caused within ten days of the effective date of the
Purchase Agreement, the filing of financing statements against CNHCA in favor
of CNHCR in connection herewith describing such Receivables and containing a
statement that: “A purchase of or security interest in any collateral described
in this financing statement will violate the rights of the Secured Party/Buyer.”

5.                                       Priority. 
Other than the security interests granted to CNHCR pursuant to the Purchase
Agreement and the Liquidity Receivables Purchase Agreement, and any other
security interest which has been released or terminated, CNHCA has not pledged,
assigned, sold, granted a security interest in, or otherwise conveyed any of
the Receivables.  CNHCA has not authorized the filing of and is not aware
of any financing statements against CNHCA that include a description of collateral
covering the Receivables other than any financing statement (i) relating to the
security interests granted to CNHCR under the Purchase Agreement and the
Liquidity Receivables Purchase Agreement (ii) that has been terminated or
released the Receivables from such security interest, or (iii) that has been
granted pursuant to the terms of the Basic Documents.  None of the
tangible chattel paper that constitutes or evidences the 

 P-1
 

Receivables has
any marks or notations indicating that they have pledged, assigned or otherwise
conveyed to any Person other than Indenture Trustee.

 P-2Exhibit
4.5

CNH
EQUIPMENT TRUST 2007-B

ADMINISTRATION
AGREEMENT

among

CNH
EQUIPMENT TRUST 2007-B,

as
Issuing Entity,

and

NEW
HOLLAND CREDIT COMPANY, LLC,

as
Administrator,

and

THE
BANK OF NEW YORK TRUST COMPANY, N.A.,

as
Indenture Trustee,

and

WILMINGTON
TRUST COMPANY,

as
Trustee

Dated
as of September 1, 2007

TABLE
OF CONTENTS

	
  1.

  	
   

  	
  Duties of the Administrator

  	
   

  	
  2

  
	
   

  	
   

  	
  (a)     Duties with Respect
  to the Indenture and the Depository Agreement

  	
   

  	
  2

  
	
   

  	
   

  	
  (b)     Duties with Respect
  to the Trust

  	
   

  	
  5

  
	
   

  	
   

  	
  (c)     Non-Ministerial
  Matters

  	
   

  	
  6

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  2.

  	
   

  	
  Records

  	
   

  	
  6

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  3.

  	
   

  	
  Compensation

  	
   

  	
  7

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  4.

  	
   

  	
  Additional Information to Be Furnished to the
  Issuing Entity

  	
   

  	
  7

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  5.

  	
   

  	
  Independence of the Administrator

  	
   

  	
  7

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  6.

  	
   

  	
  No Joint Venture

  	
   

  	
  7

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  7.

  	
   

  	
  Other Activities of the Administrator

  	
   

  	
  7

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  8.

  	
   

  	
  Term of Agreement; Resignation and Removal of the
  Administrator

  	
   

  	
  7

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  9.

  	
   

  	
  Action upon Termination, Resignation or Removal

  	
   

  	
  9

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  10.

  	
   

  	
  Notices

  	
   

  	
  9

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  11.

  	
   

  	
  Amendments

  	
   

  	
  11

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  12.

  	
   

  	
  Successors and Assigns

  	
   

  	
  12

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  13.

  	
   

  	
  Governing Law

  	
   

  	
  12

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  14.

  	
   

  	
  Headings

  	
   

  	
  12

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  15.

  	
   

  	
  Counterparts

  	
   

  	
  12

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  16.

  	
   

  	
  Severability

  	
   

  	
  12

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  17.

  	
   

  	
  Not Applicable to New Holland Credit Company, LLC in
  Other Capacities

  	
   

  	
  13

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  18.

  	
   

  	
  Limitation of Liability of the Trustee and the
  Indenture Trustee

  	
   

  	
  13

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  19.

  	
   

  	
  Indemnification

  	
   

  	
  13

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  20.

  	
   

  	
  Information Requests

  	
   

  	
  13

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  21.

  	
   

  	
  Limitation of Rights

  	
   

  	
  13

  

 

 i

ADMINISTRATION
AGREEMENT dated as of September 1, 2007, among CNH
EQUIPMENT TRUST 2007-B, a Delaware statutory trust (the “Issuing Entity”), NEW
HOLLAND CREDIT COMPANY, LLC, a Delaware limited liability company, as
administrator (the “Administrator”), THE BANK OF NEW YORK TRUST COMPANY, N.A.,
a national banking association, not in its individual capacity but solely as
Indenture Trustee (the “Indenture Trustee”), and Wilmington Trust Company, not
in its individual capacity but solely as Trustee under the Trust Agreement (the
“Trustee”).

RECITALS

WHEREAS, the
Issuing Entity is issuing: (a) 5.81638% Class A-1 Asset Backed Notes, 5.46%
Class A-2a Asset Backed Notes, Floating Rate Class A-2b Asset Backed Notes,
5.40% Class A-3a Asset Backed Notes, Floating Rate Class A-3b Asset Backed
Notes, Floating Rate Class A-4 Asset Backed Notes (collectively, the “Class A
Notes”) and 6.38% Class B Asset Backed Notes (the “Class B Notes” and, together
with the Class A Notes, the “Notes”) pursuant to the Indenture, dated as of the
date hereof (as amended and supplemented from time to time in accordance with
the provisions thereof, the “Indenture”), between the Issuing Entity and the
Indenture Trustee (capitalized terms used herein and not otherwise defined
herein are defined in Appendix A to the Indenture, and the provisions of
Section 1.3 of the Indenture shall be incorporated herein).

WHEREAS, the
Issuing Entity has entered into certain agreements in connection with the
issuance of the Notes and of certain beneficial ownership interests of the
Issuing Entity, including: (i) a Sale and Servicing Agreement, dated as of the
date hereof (as amended and supplemented from time to time, the “Sale and
Servicing Agreement”), among the Issuing Entity, New Holland Credit Company,
LLC, as servicer (the “Servicer”), and CNH Capital Receivables LLC, a Delaware
limited liability company, as seller (the “Seller”), (ii) a Depository
Agreement, dated September 20, 2007 (the “Depository Agreement”), among the
Issuing Entity and The Depository Trust Company, (iii) the Indenture, (iv) a
Trust Agreement, dated as of the date hereof (the “Trust Agreement”), between
the Seller and the Trustee, and (v) the Interest Rate Swap Agreements (the Sale
and Servicing Agreement, the Depository Agreement, the Indenture, the Interest
Rate Swap Agreements and the Trust Agreement being hereinafter referred to
collectively as the “Related Agreements”);

WHEREAS,
pursuant to the Related Agreements, the Issuing Entity and the Trustee are
required to perform certain duties in connection with: (a) the Notes and the
collateral therefor pledged pursuant to the Indenture (the “Collateral”) and
(b) the beneficial ownership interests in the Issuing Entity (the registered
holders of such interests being referred to herein as the “Owners”);

WHEREAS, the
Issuing Entity and the Trustee desire to have the Administrator perform certain
of the duties of the Issuing Entity and the Trustee referred to in the
preceding clause, and to provide such additional services consistent with this
Agreement and the Related Agreements as the Issuing Entity and the Trustee may
from time to time request;

WHEREAS, the
Administrator has the capacity to provide the services required hereby and is
willing to perform such services for the Issuing Entity and the Trustee on the
terms set forth herein;

NOW, THEREFORE, in
consideration of the mutual terms and covenants contained herein, and other
good and valuable consideration, the receipt and adequacy of which are hereby
acknowledged, the parties agree as follows:

1.                                      Duties of the Administrator.

(a)                                  Duties
with Respect to the Indenture and the Depository Agreement.  The Administrator shall perform all of its
duties as Administrator and the duties of the Issuing Entity and the Trustee
under the Indenture and the Depository Agreement. In addition, the
Administrator shall consult with the Trustee regarding the duties of the
Issuing Entity and the Trustee under such documents. The Administrator shall
monitor the performance of the Issuing Entity and shall advise the Trustee when
action is necessary to comply with the Issuing Entity’s or the Trustee’s duties
under such documents. The Administrator shall prepare for execution by the
Issuing Entity or shall cause the preparation by other appropriate persons of
all such documents, reports, filings, instruments, certificates and opinions as
it shall be the duty of the Issuing Entity or the Trustee to prepare, file or
deliver pursuant to such documents. In furtherance of the foregoing, the
Administrator shall take all appropriate action that is the duty of the Issuing
Entity or the Trustee to take pursuant to such documents, including, without
limitation, such of the foregoing as are required with respect to the following
matters (references in this Section are to sections of the Indenture):

(i)                                     the
duty to cause the Note Register to be kept and to give the Indenture Trustee
notice of any appointment of a new Note Registrar and the location, or change
in location, of the Note Register (Section 2.4);

(ii)                                  the
fixing or causing to be fixed of any specified record date and the notification
of the Indenture Trustee and Noteholders with respect to special payment dates,
if any (Section 2.7(c));

(iii)                               the preparation of or
obtaining of the documents and instruments required for authentication of the
Notes and delivery of the same to the Indenture Trustee (Section 2.2);

(iv)                              the
preparation, obtaining or filing of the instruments, opinions, certificates and
other documents required for the release of the Collateral (Section 2.9);

(v)                                 [reserved];

(vi)                              the
duty to cause newly appointed Paying Agents, if any, to deliver to the
Indenture Trustee the instrument specified in the Indenture regarding funds
held in trust (Section 3.3);

 2
 

(vii)                           the direction to the Paying
Agents to deposit monies with the Indenture Trustee (Section 3.3);

(viii)                        the obtaining and preservation
of the Issuing Entity’s qualification to do business in each jurisdiction in
which such qualification is or shall be necessary to protect the validity and
enforceability of the Indenture, the Notes, the Collateral and each other
instrument and agreement included in the Trust Estate (Section 3.4);

(ix)                                the
preparation of all supplements, amendments, financing statements, continuation
statements, instruments of further assurance and other instruments, in
accordance with Section 3.5 of the Indenture, necessary to protect the Trust
Estate (Section 3.5);

(x)                                   the
delivery of the Opinion of Counsel on the Closing Date and the annual delivery
of Opinions of Counsel, in accordance with Section 3.6 of the Indenture, as to
the Trust Estate, and the annual delivery of the Officer’s Certificate and
certain other statements, in accordance with Section 3.9 of the Indenture, as
to compliance with the Indenture (Sections 3.6 and 3.9);

(xi)                                the
identification to the Indenture Trustee in an Officer’s Certificate of a Person
with whom the Issuing Entity has contracted to perform its duties under the
Indenture (Section 3.7(b));

(xii)                             the notification of the
Indenture Trustee, the Counterparties and the Rating Agencies of a Servicer
Default pursuant to the Sale and Servicing Agreement and, if such Servicer
Default arises from the failure of the Servicer to perform any of its duties
under the Sale and Servicing Agreement, the taking of all reasonable steps
available to remedy such failure (Section 3.7(d));

(xiii)                          the preparation and obtaining
of documents and instruments required for the release of the Issuing Entity
from its obligations under the Indenture (Section 3.10(b));

(xiv)                         the delivery of notice to the
Indenture Trustee, the Counterparties and the Rating Agencies of (a) each Event
of Default under the Indenture, (b) each default by the Servicer or Seller
under the Sale and Servicing Agreement and (c) each default by CNHCA under the
Purchase Agreement (Section 3.19);

(xv)                            the
monitoring of the Issuing Entity’s obligations as to the satisfaction and
discharge of the Indenture and the preparation of an Officer’s Certificate and
the obtaining of the Opinion of Counsel and the Independent Certificate relating
thereto (Section 4.1);

(xvi)                         the compliance with any
written directive of the Indenture Trustee with respect to the sale of the
Trust Estate in a commercially reasonable manner if an Event of Default shall
have occurred and be continuing (Section 5.4);

 3
 

(xvii)                      the furnishing to the Indenture
Trustee of the names and addresses of Noteholders during any period when the
Indenture Trustee is not the Note Registrar (Section 7.1);

(xviii)                   the preparation, execution and
filing with the Commission and the Indenture Trustee of documents required to
be filed on a periodic basis with, and summaries thereof as may be required by
rules and regulations prescribed by, the Commission and the transmission of
such summaries, as necessary, to the Noteholders (Section 7.3);

(xix)                           the opening of one or more
accounts in the Trust’s name, the preparation of Issuing Entity Orders, Officer’s
Certificates and Opinions of Counsel and all other actions necessary with
respect to investment and reinvestment of funds in the Trust Accounts (Sections
8.2 and 8.3);

(xx)                              the
preparation of an Issuing Entity Request and Officer’s Certificate and the
obtaining of an Opinion of Counsel and Independent Certificates, if necessary,
for the release of the Trust Estate as defined in the Indenture (Sections 8.4
and 8.5);

(xxi)                           the preparation of Issuing
Entity Orders and the obtaining of Opinions of Counsel with respect to the
execution of supplemental indentures and the mailing to the Noteholders of
notices with respect to such supplemental indentures (Sections 9.1, 9.2 and
9.3);

(xxii)                        the execution and delivery of
new Notes conforming to any supplemental indenture (Section 9.6);

(xxiii)                     the notification of Noteholders of
redemption of the Notes or the duty to cause the Indenture Trustee to provide
such notification (Section 10.2);

(xxiv)                    the preparation of all Officer’s
Certificates, Opinions of Counsel and Independent Certificates with respect to
any requests by the Issuing Entity to the Indenture Trustee to take any action
under the Indenture (Section 11.1(a));

(xxv)                       the preparation and delivery of
Officer’s Certificates and the obtaining of Independent Certificates, if
necessary, for the release of property from the Lien of the Indenture (Section
11.1(b));

(xxvi)                    the preparation and delivery to Noteholders
and the Indenture Trustee of any agreements with respect to alternate payment
and notice provisions (Section 11.6); and

(xxvii)                 the recording of the Indenture, if
applicable (Section 11.15).

 4
 

(b)                                 Duties
with Respect to the Trust.

(i)                                     In
addition to the duties of the Administrator set forth above, the Administrator
shall perform such calculations, and shall prepare for execution by the Issuing
Entity or the Trustee or shall cause the preparation by other appropriate
persons of all such documents, reports, filings, instruments, certificates and
opinions, as it shall be the duty of the Issuing Entity or the Trustee to
perform, prepare, file or deliver pursuant to the Related Agreements, and at
the request of the Trustee shall take all appropriate action that it is the
duty of the Issuing Entity or the Trustee to take pursuant to the Related
Agreements (other than with respect to Sections 11.14, 11.15 and 11.16 of the
Trust Agreement).  Subject to Section 5
of this Agreement, the Administrator shall administer, perform or supervise the
performance of such other activities in connection with the Collateral
(including the Related Agreements) as are not covered by any of the foregoing
and as are expressly requested by the Trustee and are reasonably within the
capability of the Administrator.

(ii)                                  Notwithstanding
anything in this Agreement or the Related Agreements to the contrary, if any
Certificates are held by any Person other than the Depositor, the Administrator
shall be responsible for promptly notifying the Trustee in the event that any
withholding tax is imposed on the Trust’s payments (or allocations of income)
to an Owner as contemplated in Section 5.2(c) of the Trust Agreement. Any such
notice shall specify the amount of any withholding tax required to be withheld
by the Trustee pursuant to such provision.

(iii)                               Notwithstanding anything
in this Agreement or the Related Agreements to the contrary, the Administrator
shall be responsible for performance of the duties of the Trustee (if any) set
forth in Sections 5.2(a), (b) and (c), the first sentence of Section 5.5 and
Section 5.6(a) of the Trust Agreement with respect to, among other things,
accounting and reports to Owners; provided, however, that the Trustee shall
retain responsibility for the distribution of the Schedule K-1s necessary to
enable each Owner to prepare its federal and state income tax returns.

(iv)                              If
any Certificates are held by any Person other than the Depositor, the
Administrator shall satisfy its obligations with respect to  clauses (ii) 
and  (iii)  by retaining, at the expense of the Trust
payable by the Servicer, a firm of Independent certified public accountants (the
“Accountants”) reasonably acceptable to the Trustee, which Accountants shall
perform the obligations of the Administrator thereunder. In connection
with  clause (ii) , the Accountants will
provide, on or prior to the date on which the Trustee receives its notice from
the Administrator under such clause, a letter in form and substance
satisfactory to the Trustee as to whether any tax withholding is then required
and, if required, the procedures to be followed with respect thereto to comply
with the requirements of the Code. The Accountants shall be required to update
the letter in each instance that any additional tax withholding is subsequently
required or any previously required tax withholding shall no longer be
required.

 5
 

(v)                                 The
Administrator shall perform the duties of the Administrator specified in
Section 10.2 of the Trust Agreement required to be performed in connection with
the resignation or removal of the Trustee, and any other duties expressly
required to be performed by the Administrator under the Trust Agreement.

(vi)                              In
carrying out the foregoing duties or any of its other obligations under this
Agreement, the Administrator may enter into transactions with or otherwise deal
with any of its affiliates;  provided,
however , that the terms of any such transactions or dealings shall be in
accordance with any directions received from the Issuing Entity and shall be,
in the Administrator’s opinion, no less favorable to the Issuing Entity than
would be available from unaffiliated parties.

(vii)                           The Administrator hereby
agrees to execute on behalf of the Issuing Entity all such documents, reports,
filings, instruments, certificates and opinions as it shall be the duty of the
Issuing Entity to prepare, file or deliver pursuant to the Basic Documents or
otherwise by law.

(c)                                  Non-Ministerial
Matters.

(i)                                     With
respect to matters that in the reasonable judgment of the Administrator are
non-ministerial, the Administrator shall not take any action unless within a
reasonable time before the taking of such action the Administrator shall have
notified the Trustee of the proposed action and the Trustee shall not have
withheld consent or provided an alternative direction. For the purpose of the
preceding sentence, “non-ministerial matters” shall include, without
limitation:

(A)                              the
initiation of any claim or lawsuit by the Issuing Entity and the compromise of
any action, claim or lawsuit brought by or against the Issuing Entity (other
than in connection with the collection of the Receivables);

(B)                                the
appointment of successor Note Registrars, successor Paying Agents and successor
Trustees pursuant to the Indenture or the appointment of successor
Administrators or successor Servicers, or the consent to the assignment by the
Note Registrar, Paying Agent or Indenture Trustee of its obligations under the
Indenture; and

(C)                                the
removal of the Indenture Trustee.

(ii)                                  Notwithstanding
anything to the contrary in this Agreement, the Administrator shall not be
obligated to, and shall not: (x) make any payments to the Noteholders under the
Related Agreements, (y) sell the Trust Estate pursuant to Section 5.4 of the
Indenture or (z) take any other action that the Issuing Entity directs the
Administrator not to take on its behalf.

2.             Records.  The Administrator shall maintain appropriate
books of account and records relating to services performed hereunder, which
books of account and records shall be 

 6
 

accessible for inspection
upon reasonable written request by the Issuing Entity, the Indenture Trustee
and the Depositor at any time during normal business hours.

3.                                      Compensation.   As compensation for the performance of the
Administrator’s obligations under this Agreement and as reimbursement for its
expenses related thereto, the Administrator shall be entitled to $500 per
quarter payable in arrears on each Payment Date, which payment shall be solely
an obligation of the Issuing Entity.

4.                                      Additional Information to Be Furnished to the
Issuing Entity.   The
Administrator shall furnish to the Issuing Entity from time to time such
additional information regarding the Collateral as the Issuing Entity shall
reasonably request.

5.                                      Independence of the Administrator.  For all purposes of this Agreement, the
Administrator shall be an independent contractor and shall not be subject to
the supervision of the Issuing Entity or the Trustee with respect to the manner
in which it accomplishes the performance of its obligations hereunder. Unless
expressly authorized by the Issuing Entity, the Administrator shall have no
authority to act for or represent the Issuing Entity or the Trustee in any way
(other than as permitted hereunder) and shall not otherwise be deemed an agent
of the Issuing Entity or the Trustee.

6.                                      No Joint Venture.  Nothing contained in this Agreement:  (i) shall constitute the Administrator and
either of the Issuing Entity or the Trustee as members of any partnership,
joint venture, association, syndicate, unincorporated business or other
separate entity, (ii) shall be construed to impose any liability as such on any
of them or (iii) shall be deemed to confer on any of them any express, implied
or apparent authority to incur any obligation or liability on behalf of the
others.

7.                                      Other Activities of the Administrator.  Nothing herein shall prevent the
Administrator or its Affiliates from engaging in other businesses or, in their
sole discretion, from acting in a similar capacity as an administrator for any
other Person even though such Person may engage in business activities similar
to those of the Issuing Entity, the Trustee or the Indenture Trustee.

8.                                      Term of Agreement; Resignation and Removal of the
Administrator.  (a)  This Agreement shall continue in force until
the dissolution of the Issuing Entity, upon which event this Agreement shall
automatically terminate.

(b)                                 Subject
to Section 8(e), the Administrator may resign its duties hereunder by providing
the Issuing Entity, the Trustee, the Indenture Trustee, the Counterparties and
the Servicer with at least 60 days’ prior written notice.

(c)                                  Subject
to Section 8(e), the Issuing Entity may remove the Administrator without cause
by providing the Administrator, the Trustee, the Indenture Trustee, the
Counterparties and the Servicer with at least 60 days’ prior written notice.

(d)                                 Subject
to Section 8(e), at the sole option of the Issuing Entity, the Administrator
may be removed immediately upon written notice of termination from the Issuing 

 7
 

Entity to the
Administrator, the Trustee, the Indenture Trustee, the Counterparties and the
Servicer if any of the following events shall occur:

(i)                                     the
Administrator shall default in the performance of any of its duties under this
Agreement and, after notice of such default, shall not cure such default within
ten days (or, if such default cannot be cured in such time, shall not give
within ten days such assurance of cure as shall be reasonably satisfactory to
the Issuing Entity);

(ii)                                  a
court having jurisdiction in the premises shall enter a decree or order for
relief, and such decree or order shall not have been vacated within 60 days, in
respect of the Administrator in any involuntary case under any applicable
bankruptcy, insolvency or other similar law now or hereafter in effect or
appoint a receiver, liquidator, assignee, custodian, trustee, sequestrator or
similar official for the Administrator or any substantial part of its property
or order the winding-up or liquidation of its affairs; or

(iii)                               the Administrator shall
commence a voluntary case under any applicable bankruptcy, insolvency or other
similar law now or hereafter in effect, shall consent to the entry of an order
for relief in an involuntary case under any such law, or shall consent to the
appointment of a receiver, liquidator, assignee, trustee, custodian,
sequestrator or similar official for the Administrator or any substantial part
of its property, shall consent to the taking of possession by any such official
of any substantial part of its property, shall make any general assignment for
the benefit of creditors or shall fail generally to pay its debts as they
become due.

The
Administrator agrees that if any of the events specified in clauses (ii) or
(iii) of this subsection shall occur, it shall give written notice thereof to
the Issuing Entity, the Servicer, the Counterparties, the Trustee and the
Indenture Trustee within seven days after the happening of such event.

(e)                                  Upon
the Administrator’s receipt of notice of termination, pursuant to Sections 8(c)
or (d), or the Administrator’s resignation in accordance with this Agreement,
the predecessor Administrator shall continue to perform its functions as
Administrator 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 later of: (x) the date 45 days from the delivery to the
Issuing Entity, the Counterparties, the Trustee, the Indenture Trustee and the
Servicer 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 Administrator shall become unable to act as Administrator, as
specified in the notice of resignation and accompanying Opinion of Counsel. In
the event of the Administrator’s termination hereunder, the Issuing Entity
shall appoint a successor Administrator acceptable to the Indenture Trustee,
and the successor Administrator shall accept its appointment by a written
assumption in form acceptable to the Indenture Trustee. In the event that a
successor Administrator has not been appointed at the time when the predecessor
Administrator has ceased to act as Administrator in accordance with this
Section, and if the 

 8
 

Backup Servicer is
serving as the Successor Servicer under the Transaction Documents, the
Indenture Trustee without further action shall automatically be appointed the
successor Administrator and the Indenture Trustee shall be entitled to the
compensation specified in  Section
3.  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 performance of functions similar to those of the Administrator, as the
successor to the Administrator under this Agreement.

(f)                                    Upon
appointment, the successor Administrator (including the Indenture Trustee
acting as successor Administrator) shall be the successor in all respects to
the predecessor Administrator and shall be subject to all the responsibilities,
duties and liabilities arising thereafter relating thereto placed on the
predecessor Administrator and shall be entitled to the compensation specified
in  Section 3  and all the rights granted to the predecessor
Administrator by the terms and provisions of this Agreement.

(g)                                 Except
when and if the Indenture Trustee is appointed successor Administrator, the
Administrator 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. No resignation or removal of the Administrator pursuant to
this Section shall be effective until: (i) a successor Administrator shall have
been appointed by the Issuing Entity and (ii) such successor Administrator
shall have agreed in writing to be bound by the terms of this Agreement in the
same manner as the Administrator is bound hereunder.

(h)                                 The
appointment of any successor Administrator shall be effective only after
satisfaction of the Rating Agency Condition with respect to the proposed
appointment.

9.                                      Action upon Termination, Resignation or Removal.  Promptly upon the effective date of
termination of this Agreement pursuant to Section 8(a), or the resignation or
removal of the Administrator pursuant to Section 8(b) or (c), respectively, the
Administrator shall be entitled to be paid all fees and reimbursable expenses
accruing to it to the date of such termination, resignation or removal. The
Administrator shall forthwith upon such termination pursuant to Section 8(a)
deliver to the Issuing Entity all property and documents of or relating to the
Collateral then in the custody of the Administrator. In the event of the
resignation or removal of the Administrator pursuant to Section 8(b) or (c),
respectively, the Administrator shall cooperate with the Issuing Entity and the
Indenture Trustee and take all reasonable steps requested to assist the Issuing
Entity and the Indenture Trustee in making an orderly transfer of the duties of
the Administrator.

10.                               Notices.  Any notice, report or other communication
given hereunder shall be in writing and addressed and personally delivered,
mailed or sent by facsimile transmission as follows:

 9
 

(a)                                  if
to the Issuing Entity or the Trustee, to:

CNH Equipment Trust 2007-B

c/o Wilmington Trust Company

Rodney Square North

1100 North Market Street

Wilmington, Delaware  19890-0001

Attention: Corporate Trust Administrator

Facsimile: (302) 636-4140

(b)                                 if
to the Administrator, to:

New Holland Credit Company, LLC

33 South Railroad Avenue

New Holland, Pennsylvania  17557

Attention: Finance Manager

Facsimile: (630) 887-5448

with a copy to:

New Holland Credit Company, LLC

6900 Veterans Boulevard

Burr Ridge, Illinois  60527

Attention: Assistant Treasurer

Facsimile: (630) 887-5448

(c)                                  if
to the Indenture Trustee, to:

The Bank of New York Trust Company, N.A.

2 North LaSalle Street

Suite 1020

Chicago, Illinois 60602

Attention: Structured Finance-ABS

Facsimile: (312) 827-8562

(d)                                 if
to the Counterparties, to:

Barclays Bank PLC

5 The North Colonnade

Canary Wharf

London E14 4BB

Facsimile: 44(20) 777 36461

ABN AMRO Bank N.V.

199 Bishopsgate

London EC2M 3XW

United Kingdom

Attention: Fixed Income Derivatives Documentation

Facsimile: 44 20 7857 9428

 10
 

or to such other address or
facsimile number as any party shall have provided to the other parties in
writing. Any notice required to be in writing hereunder shall be deemed given
if such notice is mailed by certified mail, postage prepaid, or hand-delivered
to the address of such party as provided above.

11.                               Amendments.  Any term or provision of this Agreement may
be amended by the Issuing Entity, Administrator, Indenture Trustee and the
Trustee without the consent of any Noteholder, any Certificateholder, any
Counterparty or any other Person subject to the satisfaction of one of the
following conditions:

(i)                                     the
Administrator delivers an Opinion of Counsel to the Indenture Trustee to the
effect that such amendment will not materially and adversely affect the
interests of the Noteholders or the Certificateholders; or

(ii)                                  the
Administrator delivers an Officer’s Certificate of the Administrator to the
Indenture Trustee to the effect that such amendment will not materially or
adversely affect the interests of the Noteholders or the Certificateholders.

An amendment shall be deemed
not to adversely affect in any material respect the interests of any
Noteholders of a Class of Notes if the Rating Agency Condition has been
satisfied with respect to such amendment for such Class of Notes.

This Agreement
may also be amended from time to time by the Issuing Entity, the Administrator
and the Indenture Trustee with the written consent of (w) the Trustee, (x)
Noteholders holding Notes evidencing not less than a majority of the Note
Balance and (y) the Certificateholders holding in the aggregate more than 50%
of the beneficial interest in the Issuing Entity at the time of such amendment,
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: (i) reduce the interest rate or
principal of any Note, or delay the Class Final Maturity Date of any Note or
(ii) reduce the aforesaid percentage of the Holders of 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. Notwithstanding the
foregoing, the Administrator may not amend this Agreement without the
permission of the Depositor, which permission shall not be unreasonably
withheld.

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

It shall not
be necessary for the consent of the 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.

Notwithstanding
anything herein to the contrary (other than as provided in the following
paragraph), any term or provision of this Agreement may be amended by the
Administrator 

 11
 

without the
consent of the Certificateholders, the Noteholders or any other Person to add,
modify or eliminate any provisions as may be necessary or advisable in order to
comply with or obtain more favorable treatment under or with respect to any law
or regulation or any accounting rule or principle (whether now or in the future
in effect); it being a condition to any such amendment that the Rating Agency
Condition shall have been satisfied.

With respect
to any amendment pursuant to this Section 11, if any amendment or supplement
would either: (a) materially and adversely affect any of the Counterparties’
rights or obligations under an Interest Rate Swap Agreement or any other Basic
Document; or (b) materially and adversely modify the obligations of, or
materially and adversely impact the ability of, the Trust to fully perform any
of the Trust’s obligations under an Interest Rate Swap Agreement, the Trust and
the Indenture Trustee shall be required to first obtain the written consent of
the applicable Counterparties to the affected Interest Rate Swap Agreements
before entering into any such amendment or supplement (which consent shall not
be unreasonably withheld).

12.                               Successors and Assigns.  This Agreement may not be assigned by the
Administrator unless such assignment is previously consented to in writing by
the Issuing Entity, the Indenture Trustee and the Trustee and subject to the
satisfaction of the Rating Agency Condition in respect thereof. An assignment
with such consent and satisfaction, if accepted by the assignee, shall bind the
assignee hereunder in the same manner as the Administrator is bound
hereunder.  Notwithstanding the
foregoing, this Agreement may be assigned by the Administrator without the
consent of the Issuing Entity, the Indenture Trustee or the Trustee to a
corporation or other organization that is a successor (by merger, consolidation
or purchase of assets) to, or Affiliate of, the Administrator, provided that
such successor organization executes and delivers to the Issuing Entity, the
Trustee and the Indenture Trustee an agreement in which such corporation or
other organization agrees to be bound hereunder by the terms of said assignment
in the same manner as the Administrator is bound hereunder.  Subject to the foregoing, this Agreement
shall bind any successors or assigns of the parties hereto.

13.                               Governing Law.  This Agreement shall be construed in
accordance with the laws of the State of New York, and the obligations, rights
and remedies of the parties hereunder shall be determined in accordance with
such laws.

14.                               Headings.  The section headings hereof have been
inserted for convenience of reference only and shall not be construed to affect
the meaning, construction or effect of this Agreement.

15.                               Counterparts.  This Agreement may be executed in
counterparts, all of which when so executed shall together constitute but one
and the same agreement.

16.                               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.

 12
 

17.                               Not Applicable to New Holland Credit Company, LLC
in Other Capacities. 
Nothing in this Agreement shall affect any obligation New Holland Credit
Company, LLC or any successor administrator may have in any other capacity.

18.                               Limitation of Liability of the Trustee and the
Indenture Trustee.

(a)                                  Notwithstanding
anything contained herein to the contrary, this instrument has been
countersigned by Wilmington Trust Company, not in its individual capacity but
solely in its capacity as Trustee of the Issuing Entity, and in no event shall
Wilmington Trust Company, in its individual capacity, or any beneficial owner
of the Issuing Entity have any liability for the representations, warranties, covenants,
agreements or other obligations of the Issuing Entity hereunder, as to all of
which recourse shall be had solely to the assets of the Issuing Entity. For all
purposes of this Agreement, in the performance of any duties or obligations of
the Issuing Entity thereunder, the Trustee shall be subject to, and entitled to
the benefits of, the terms and provisions of Articles VI, VII and VIII of the
Trust Agreement.

(b)                                 Notwithstanding
anything contained herein to the contrary, this Agreement has been countersigned
by The Bank of New York Trust Company, N.A., not in its individual capacity but
solely as Indenture Trustee, and in no event shall The Bank of New York Trust
Company, N.A. have any liability for the representations, warranties,
covenants, agreements or other obligations of the Issuing Entity 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 Issuing
Entity.

19.                               Indemnification.  The Administrator shall indemnify the Trustee
and the Indenture Trustee (and their officers, directors, employees and agents)
for, and hold them harmless against, any losses, liability or expense,
including attorneys’ fees reasonably incurred by them, incurred without
negligence or bad faith on their part, arising out of or in connection with:
(i) actions taken by either of them pursuant to instructions given by the
Administrator pursuant to this Agreement or (ii) the failure of the
Administrator to perform its obligations hereunder. The indemnities contained
in this Section shall survive the termination of this Agreement and the
resignation or removal of the Administrator, the Trustee or the Indenture
Trustee.

20.                               Information Requests.  The parties hereto shall provide any
information reasonably requested by the Administrator or any of its Affiliates,
at the expense of the Administrator or any of its Affiliates, as applicable, in
order to comply with or obtain more favorable treatment under any current or
future law, rule, regulation, accounting rule or principle.

21.                               Limitation of Rights.  All of the rights of each Counterparty in, to
and under this Agreement, if any, shall terminate upon the termination of the
Interest Rate Swap Agreement (to which such Counterparty is a party) in
accordance with the terms thereof and the payment in full of all amounts owing
to such Counterparty under such Interest Rate Swap Agreement.

*   *  
*   *   *

 13

IN WITNESS
WHEREOF, the parties have caused this Agreement to be duly executed and
delivered as of the day and year first above written.

	
  

  	
  CNH EQUIPMENT TRUST 2007-B

  
	
   

  	
   

  
	
   

  	
  By:

  	
  Wilmington Trust Company,

  
	
   

  	
   

  	
  not in its individual capacity but solely as 

  
	
   

  	
   

  	
  Trustee on behalf of the Issuing Entity

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Dorri E. Wolhar

  	
   

  
	
   

  	
   

  	
  Name:   Dorri
  E. Wolhar

  
	
   

  	
   

  	
  Title:   Financial Services Officer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  THE BANK OF NEW
  YORK TRUST 

  
	
   

  	
  COMPANY, N.A.

  
	
   

  	
   

  	
  not in its individual capacity but solely as

  
	
   

  	
   

  	
  Indenture Trustee

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Keith Richardson

  	
   

  
	
   

  	
   

  	
  Name: 

  	
  Keith Richardson

  
	
   

  	
   

  	
  Title: 

  	
  Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  NEW HOLLAND CREDIT COMPANY, LLC.

  
	
   

  	
   

  	
  as Administrator

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Thomas N. Beckmann

  	
   

  
	
   

  	
   

  	
  Name: 

  	
  Thomas N. Beckmann

  
	
   

  	
   

  	
  Title: 

  	
  Assistant Treasurer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  WILMINGTON TRUST COMPANY,

  
	
   

  	
   

  	
  not in its individual capacity but solely as

  
	
   

  	
   

  	
  Trustee under the Trust Agreement

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Dorri E. Wolhar

  	
   

  
	
   

  	
   

  	
  Name:   Dorri E. Wolhar

  
	
   

  	
   

  	
  Title:   Financial Services Officer

  
							

 

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