Document:

Exhibit 4.10

EXECUTION COPY

Trust Swap

Class A-4 Notes

CONFIRMATION FOR U.S. DOLLAR
INTEREST RATE SWAP

TRANSACTION UNDER 1992 MASTER AGREEMENT

	
  TO:

  	
   

  	
  CNH Equipment Trust 2007-B

  
	
   

  	
   

  	
  Dorri Wolhar

  
	
   

  	
   

  	
  Financial Services Officer

  
	
   

  	
   

  	
  Corporate Trust/ABS

  
	
   

  	
   

  	
  Wilmington Trust Company, as Trustee

  
	
   

  	
   

  	
  1100 North Market Street

  
	
   

  	
   

  	
  Rodney Square North

  
	
   

  	
   

  	
  Wilmington, Delaware 19890

  
	
   

  	
   

  	
  (302) 636-6194 (direct)

  
	
   

  	
   

  	
  (302) 636-4140 (fax)

  
	
   

  	
   

  	
   

  
	
  FROM:

  	
   

  	
  ABN AMRO BANK N.V.

  
	
   

  	
   

  	
  199 Bishopsgate,

  
	
   

  	
   

  	
  London EC2M 3XW,

  
	
   

  	
   

  	
  United Kingdom

  
	
   

  	
   

  	
  Attention: Fixed Income Derivatives Documentation

  
	
   

  	
   

  	
  Telex: 887366 Answerback: ABNALN G

  
	
   

  	
   

  	
  Fax: 44 20 7857 9428

  
	
   

  	
   

  	
  Telephone: 44 20 7678 3311

  
	
   

  	
   

  	
  Electronic Messaging System Details: Swift ABNA GB
  2L

  
	
   

  	
   

  	
   

  
	
  DATE:

  	
   

  	
  September 12, 2007

  

 

Our Reference Numbers: 7617632

The
purpose of this letter agreement is to confirm the terms and conditions of the
Swap Transaction entered into between ABN AMRO BANK N.V. (“Party A”) and CNH
Equipment Trust 2007-B (“Party B”) on the Trade Date specified below (the “Swap
Transaction” or the “Transaction”).  This
letter agreement constitutes a “Confirmation” as referred to in the Master
Agreement specified below.

1.                                       The
definitions and provisions contained in (i) the 2000 ISDA Definitions (as
published by the International Swaps and Derivatives Association, Inc., the “Definitions”)
and (ii) Appendix A to the Indenture dated as of September 1, 2007 (as
amended, modified or supplemented from time to time in accordance with its
terms, the “Indenture”) between Party B and The Bank of New York Trust Company,
N.A., as indenture trustee (the “Indenture Trustee”), are incorporated into
this Confirmation.  In the event of any
inconsistency between the Definitions and this Confirmation, this Confirmation
will govern.  Each party represents and
warrants to the other that (a) it is duly authorized to enter into this 

Swap Transaction and to
perform its obligations hereunder, (b) the Swap Transaction and the performance
of its obligations hereunder do not violate any material obligation of such
party, and (c) the person executing this Confirmation is duly authorized to
execute and deliver it.

This Confirmation
supplements, forms part of, and is subject to, the ISDA Master Agreement
between Party A and Party B dated as of September 20, 2007, as amended and
supplemented from time to time (the “Agreement”).  This Confirmation shall supplement, form part
of, and be subject to that Agreement, and all provisions contained or
incorporated by reference in the Agreement shall govern this Confirmation
except as expressly modified below.

2.                                       The
terms of the particular Transaction to which this Confirmation relates are as
follows:

	
  Trade Date:

  	
   

  	
  September 12, 2007

  
	
   

  	
   

  	
   

  
	
  Effective Date:

  	
   

  	
  September 20, 2007

  
	
   

  	
   

  	
   

  
	
  Termination Date:

  	
   

  	
  The earliest of (i) March 17, 2014 and (ii) when the
  Notional Amount hereunder has been reduced to zero, subject to adjustment in
  accordance with the Following Business Day Convention and subject to early
  termination in accordance with the terms of the Agreement.

  
	
   

  	
   

  	
   

  
	
  Calculation Periods:

  	
   

  	
  For each Fixed Rate Payer Payment Date, the period
  from and including the immediately preceding Fixed Rate Payer Period End Date
  to, but excluding, the next Fixed Rate Payer Period End Date, during the Term
  of this Swap Transaction, except that (a) the initial Fixed Rate Calculation
  Period will commence on, and include, the Effective Date, and (b) the final
  Fixed Rate Calculation Period will end on, but exclude, the Termination Date
  (without regard to any Business Day adjustment in the case of the final Fixed
  Rate Calculation Period) (“Fixed Rate Calculation Period”).

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  For each Floating Rate Payer Payment Date, the
  period from and including the immediately preceding Floating Rate Payer
  Payment Date to, but excluding, such Floating Rate Payer Payment Date, during
  the Term of this Swap Transaction, except that (a) the initial Floating Rate
  Calculation Period will commence on, and include, the Effective Date, 

  

 

 2
 

 

	
  

  	
   

  	
  and (b) the final Floating Rate Calculation Period
  will end on, but exclude, the Termination Date (“Floating Rate Calculation
  Period”). Floating Rate Calculation Periods correspond to “Interest Periods”
  under the Indenture dated as of September 1, 2007, between Party B and the
  Indenture Trustee (the “Indenture”).

  
	
   

  	
   

  	
   

  
	
  Notional Amount:

  	
   

  	
  For the Initial Calculation Period, the Notional
  Amount shall be equal to USD 173,250,000. For each subsequent Calculation
  Period, the Notional Amount shall be equal to the first Outstanding Amount of
  the Class A-4 Notes on the first day of such Calculation Period. With respect
  to any Payment Date, the Outstanding Amount of the Class A-4 Notes will be
  determined by using the Servicer’s Certificate issued on or about the first
  day of the related Calculation Period (giving effect to any reductions of the
  Outstanding Amount of the Class A-4 Notes reflected in such Servicer’s
  Certificate).

  
	
  Fixed Amounts:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Fixed Rate Payer:

  	
   

  	
  Party B

  
	
   

  	
   

  	
   

  
	
  Fixed Rate Payer

  	
   

  	
   

  
	
  Payment
  Dates:

  	
   

  	
  The 15th day of
  each month, commencing October 15, 2007, subject to adjustment in
  accordance with the Following Business Day Convention.

  
	
  Fixed Rate Payer

  	
   

  	
   

  
	
  Period End Date:

  	
   

  	
  The 15th day of
  each month, commencing October 15, 2007, without adjustment.

  
	
   

  	
   

  	
   

  
	
  Fixed Rate:

  	
   

  	
  4.681% per cent

  
	
   

  	
   

  	
   

  
	
  Fixed Rate

  	
   

  	
   

  
	
  Day Count Fraction:

  	
   

  	
  30/360

  
	
   

  	
   

  	
   

  
	
  Floating Amounts:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Floating Rate Payer:

  	
   

  	
  Party A

  

 

 3
 

 

	
  Floating Rate Payer

  	
   

  	
   

  
	
  Payment
  Dates:

  	
   

  	
  The 15th day of
  each month, commencing October 15, 2007, subject to adjustment in
  accordance with the Following Business Day Convention.

  
	
   

  	
   

  	
   

  
	
  Floating Rate Option:

  	
   

  	
  USD-LIBOR-BBA (set two London Banking Days prior to
  the first day of each Floating Rate Calculation Period).

  
	
   

  	
   

  	
   

  
	
  Designated Maturity:

  	
   

  	
  One month

  
	
   

  	
   

  	
   

  
	
  Initial Floating Rate:

  	
   

  	
  5.49625%

  
	
   

  	
   

  	
   

  
	
  Spread:

  	
   

  	
  None

  
	
   

  	
   

  	
   

  
	
  Floating Rate

  	
   

  	
   

  
	
  Day Count Fraction:

  	
   

  	
  Actual/360

  
	
   

  	
   

  	
   

  
	
  Reset Dates:

  	
   

  	
  Other than in connection with the Initial Floating
  Rate, the first day of each Calculation Period.

  
	
   

  	
   

  	
   

  
	
  Compounding:

  	
   

  	
  Inapplicable

  
	
   

  	
   

  	
   

  
	
  Business Days:

  	
   

  	
  New York

  
	
   

  	
   

  	
   

  
	
  Business Day
  Convention:

  	
   

  	
  Following.

  
	
   

  	
   

  	
   

  
	
  Calculation Agent:

  	
   

  	
  Party A

  
	
   

  	
   

  	
   

  
	
  3.

  	
  Account Details:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Payments to Party A:

  	
   

  	
  ABN AMRO Bank N.V., New York, ABNAUS33

  
	
   

  	
   

  	
   

  	
  CHIPS 007535

  
	
   

  	
   

  	
   

  	
  ABA No. 026009580

  
	
   

  	
   

  	
   

  	
  A/C Name: ABN Amro Bank N.V., London

  
	
   

  	
   

  	
   

  	
  A/C No. /661001036741

  
	
   

  	
   

  	
   

  	
  Ref. DCM

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Payments to Party B:

  	
   

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

  
	
   

  	
   

  	
   

  	
  ABA #021000018

  
	
   

  	
   

  	
   

  	
  For credit to GLA #211705

  

 

 4
 

 

	
  

  	
   

  	
   

  	
  For final credit to #775900

  
	
   

  	
   

  	
   

  	
  Ref: CNH 2007-B Swap Payment

  
	
   

  	
   

  	
   

  	
  Attn: Keith Richardson

  
	
   

  	
   

  	
   

  	
  Tel: (312) 827-8572

  

 

 5
 

Please confirm
that the foregoing correctly sets forth the terms and conditions of our
agreement by responding within three (3) Business Days by returning via
telecopier an executed copy of this Confirmation to the attention of Jessie
Kelley, Derivative Operations.

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

 

	
  ABN AMRO BANK N.V.

  	
   

  	
  Accepted and confirmed as of the date first

  
	
   

  	
   

  	
  written:

  
	
  By:

  	
  /s/ Michaela Tomkins

  	
   

  	
   

  	
   

  
	
  Name: Michaela Tomkins

  	
   

  	
  CNH Equipment Trust 2007-B

  
	
  Title: Authorised Signature

  	
   

  	
   

  
	
   

  	
   

  	
  By: Wilmington Trust Company, not in its

  individual capacity but solely as Trustee

  
	
  By:

  	
  /s/ Stuart Ware-Lane

  	
   

  	
   

  	
   

  
	
  Name: Stuart Ware-Lane

  	
   

  	
   

  
	
  Title: Authorised Signature

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Dorri E. Wolhar

  	
   

  
	
   

  	
   

  	
  Name: Dorri E. Wolhar

  
	
   

  	
   

  	
  Title: Financial Services Officer

  
									

 

 6Exhibit
4.11

EXECUTION COPY

SCHEDULE

to the

ISDA MASTER AGREEMENT

(Multicurrency-Cross
Border)

dated as of September 12,
2007

between

ABN AMRO Bank N.V.   (“Party
A”)

and

CNH
Equipment Trust 2007-B, a statutory trust

organized under
the laws of Delaware

(“Party B”)

Part 1. Definitions

Capitalized terms used
herein and not otherwise defined shall have the meaning specified in that
certain Indenture, dated as of September 1, 2007 (the “Indenture”), between CNH
Equipment Trust 2007-B, as Issuer, and, The Bank of New York Trust Company,
N.A., as indenture trustee (“Indenture Trustee”).

Termination Provisions

In this Agreement:-

(a)                                  “Specified Entity” means in relation to
Party A for the purpose of:-

Section 5(a)(v),     Not Applicable

Section 5(a)(vi),    Not Applicable

Section 5(a)(vii),   Not Applicable

Section 5(b)(iv),    Not Applicable

in relation to Party B
for the purpose of:-

Section 5(a)(v),     Not Applicable

Section 5(a)(vi),    Not Applicable

Section 5(a)(vii),   Not Applicable

Section 5(b)(iv),    Not Applicable

(b)                                 “Specified Transaction” will have the
meaning specified in Section 14 of this Agreement.

(c)                                  Certain Events of Default. 
The following Events of Default will apply to the parties as specified
below, and the definition of “Event of Default” in Section 14 is deemed to be
modified accordingly:

Section 5(a)(i)
(Failure to Pay or Deliver) will apply to Party A and Party B.

Section 5(a)(ii) (Breach
of Agreement) will apply to Party A and will not apply to Party B.

Section 5(a)(iii)
(Credit Support Default) will apply to Party A and will not apply to
Party B; except that Section 5(a)(iii)(1) will apply in respect of Party B’s
obligations under Paragraph 3(b) of any Credit Support Document.

Section 5(a)(iv) (Misrepresentation)
will apply to Party A and will not apply to Party B.

Section 5(a)(v) (Default
under Specified Transaction) will not apply to Party A or Party B.

Section 5(a)(vi) (Cross
Default) will not apply to Party B and will apply to Party A with a
Threshold Amount equal to three percent of its total shareholders equity as
specified from time  to time in the most
recent Annual Report of ABN AMRO Holding N.V. containing consolidated financial
statements, prepared in  accordance with
accounting principles that are generally accepted for  institutions of its type in the jurisdiction
of its organization and certified by independent public accountants, or its
equivalent in any other currency.

“Relevant
Entity” means Party A and any guarantor under an Eligible
Guarantee in respect of all of Party A’s present and future obligations under
this Agreement.

Section 5(a)(vii)
(Bankruptcy) will apply to Party A and Party B; provided that
clauses (2), (7) and (9) thereof shall not apply to Party B; provided
further that clause (4) thereof shall not apply to Party B with respect to
proceedings or petitions instituted or presented by Party A or any Affiliate of
Party A; provided further that clause (6) shall not apply to Party B to
the extent that it refers to (i) any appointment that is contemplated or
effected by the Trust Agreement (as defined below) or (ii) any appointment to
which Party B has not become subject; and provided further that clause
(8) shall not apply to Party B to the extent that clause (8) relates to clauses
(2), (4), (6) and (7) (except to the extent that such provisions are not
disapplied to Party B).

Section 5(a)(viii)
(Merger without Assumption) will apply to Party A and Party B.

Notwithstanding
Sections 5(a)(i) and 5(a)(iii) of this Agreement, any failure by Party A to
comply with or perform any obligation to be complied with or performed by Party
A under the Credit Support Document shall not be an Event of Default unless (A)
(i) the

Moody’s Second
Rating Trigger Requirements apply and at least 30 Local Business Days have
elapsed since the last time the Moody’s Second Rating Trigger Requirements did
not apply and (ii) such failure is not remedied on or before the third Local
Business Day after notice of such failure is given to Party A, (B) (i) a
Ratings Event has occurred and is continuing and at least 30 calendar days have
elapsed since the date a Ratings Event occurred and (ii) such failure is not
remedied on or before the third Local Business Day after notice of such failure
is given to Party A, or (C) (i) the S&P Rating Second Trigger Requirements
apply and at least 10 local Business Days have elapsed since the last time the
S&P Rating Second Trigger Requirements did not apply and (ii) such failure
is not remedied on or before the third Local Business Day after notice of such
failure is given to Party A.

(d)                                 Termination Events.  The
following Termination Events will apply to the parties as specified below:

Section
5(b)(i) (Illegality) will apply to Party A and Party B.

Section
5(b)(ii) (Tax Event) will apply to Party A and Party B; provided
that Section 5(b)(ii) shall be amended by
deleting the words “(x) any action taken by a taxing authority, or
brought in a court of competent jurisdiction, on or after the date on which a
Transaction is entered into (regardless of whether such action is taken or
brought with respect to a party to this Agreement) or (y).”

Section
5(b)(iii) (Tax Event upon Merger) will apply to Party A and Party B; provided
that Party A shall not be entitled to designate an Early Termination Date by
reason of a Tax Event upon Merger in respect of which it is the Affected Party.

Section
5(b)(iv) (Credit Event upon Merger) will not apply to Party A or Party
B.

(e)                                  The “Automatic
Early Termination” provision of Section 6(a) will not apply to
either Party A or to Party B.

(f)                                    Payments on Early Termination. For the purpose of Section 6(e) of this
Agreement:-

(i)                                     Market
Quotation will apply.

(ii)                                  The Second Method
will apply.

(g)                                 “Termination Currency” means United States
Dollars.

(h)                                 Additional Termination Events will apply. Each of the following shall constitute as
an Additional Termination Event:

(i)                                     Acceleration of the Notes or
Liquidation of the Trust Estate. It shall be an Additional
Termination Event with Party B the sole Affected Party and with Party A and
Party B having the right to elect to terminate any Transaction (1) following an
“Event of Default” under Section 5.1(i) and (ii) of the Indenture, and

relating to a failure to pay any Class A Note, which
event has resulted in an acceleration of any of the Class A Notes; provided such acceleration has not been
rescinded and annulled pursuant to the Indenture, or (2) upon a liquidation of
the Trust Estate (or any partial liquidation thereof) pursuant to Section 5.4
of the Indenture.  In such event, either
Party A or Party B may, by not more than 20 days notice to the other party and
provided such Additional Termination Event is continuing, designate a day not
earlier than the day such notice is effective as an Early Termination Date in
respect of all Affected Transactions.  If
an event or circumstance which would constitute an Event of Default by Party A
under this Agreement gives rise to an “Event of Default” under the Indenture,
it will be treated as an Event of Default by Party A and not an Additional
Termination Event.  If an “Event of
Default” under the Indenture occurs while an Event of Default occurs with
respect to Party B as the Defaulting Party hereunder, then such event will be
treated as an Event of Default by Party B hereunder, with Party B as the
Defaulting Party, and not as an Additional Termination Event.

(ii)                                  Amendments Made Without Consent of
Party A.  It shall be an
Additional Termination Event if any amendment and/or supplement to the
Indenture (or any other Basic Document) is made without the prior written
consent of Party A (such consent not to be unreasonably withheld), if such amendment and/or supplement would:
(a) materially and adversely affect any of Party A’s rights or obligations
under this Agreement; or (b) materially and adversely modify the obligations
of, or materially and adversely impact the ability of, Party B to fully perform
any of Party B’s obligations under this Agreement.  In connection with such Additional
Termination Event, Party B shall be the sole Affected Party.

(iii)                               Moody’s
First Rating Trigger Collateral. Party
A has failed to comply with or perform any obligation to be complied with or
performed by Party A in accordance with the Credit Support Document and either
(A) the Moody’s Second Rating Trigger Requirements do not apply or (B) less
than 30 Local Business Days have elapsed since the last time the Moody’s Second
Rating Trigger Requirements (as defined below) did not apply.

(iv)                              Moody’s Second Rating Trigger Replacement.  (A) The Moody’s Second Rating
Trigger Requirements apply and 30 or more Local Business Days have elapsed
since the last time the  Moody’s Second
Rating Trigger Requirements did not apply and (B) (i) at least one Eligible
Replacement has made a Firm Offer (which remains capable of becoming legally
binding upon acceptance) to be the transferee of a transfer to be made in
accordance with Part 5(14)(ii) below and/or (ii) at least one entity with the
Moody’s First Trigger Required Ratings and/or the Moody’s Second Trigger
Required Ratings has made a Firm Offer (which remains capable of becoming
legally binding upon acceptance by the offeree) to provide an Eligible
Guarantee in respect of all of Party A’s present and future obligations under
this Agreement.

a.               The “Moody’s Second Rating Trigger Requirements”
applies when no Relevant Entity has credit ratings at least equal to the
Moody’s Second Trigger Required Ratings.

b.              “Firm Offer” means an offer which, when made, was
capable of becoming legally binding upon acceptance.

(v)                                 S&P Rating Trigger Collateral.  (A) The S&P Rating First Trigger
Requirements apply and more than 10 Local Business Days have elapsed since the
last time the S&P Rating First Trigger Requirements did not apply and (B)
Party A fails to comply with or perform any obligation to be complied with or
performed by Party A in accordance with the Credit Support Document.

(vi)                              S&P Rating Trigger Replacement.  The S&P Rating Second Trigger Requirements
apply and 60 or more calendar days have elapsed since the last time the S&P
Rating Second Trigger Requirements did not apply.

(vii)                           Ratings
Event.  Party A fails to
comply with the downgrade provisions as set forth in Part 5(18)(v), after
giving effect to the relevant time frame specified therein, and (i) at least
one Eligible Replacement has made a Firm Offer (which remains capable of
becoming legally binding upon acceptance) to be the transferee of a transfer to
be made in accordance with Part 5(14(ii) below and/or (ii) at least one entity
with the Hedge Counterparty Ratings Requirement has made a Firm Offer (which
remains capable of becoming legally binding upon acceptance by the offeree) to
provide an Eligible Guarantee in respect of all of Party A’s present and future
obligations under this Agreement.

(viii)                        Failure to Comply with Regulation AB Requirements.  If Party A fails to satisfy its obligations
under Section 3 of that certain Indemnification  Agreement (as defined
below) an Additional Termination Event shall have occurred with respect to
Party A and Party A shall be the sole Affected Party with respect to such
Additional Termination Event. .

Part 2.  Tax Representations

(a)                                  Payer Representations. 
For the purpose of Section 3(e) of this Agreement, Party A
and Party B make the following representation:

It is not required by any
applicable law, as modified by the practice of any relevant governmental
revenue authority, of any Relevant Jurisdiction to make any deduction or
withholding for or on account of any Tax from any payment (other than interest
under Section 2(e), 6(d)(ii) or 6(e) of this Agreement) to be made by it to the
other party under this Agreement.  In
making this representation, it may rely on:

(1)                                  the
accuracy of any representations made by the other party pursuant to Section
3(f) of this Agreement;

(2)                                  the
satisfaction of the agreement contained in Sections 4(a)(i) and 4(a)(iii) of
this Agreement and the accuracy and effectiveness of any document provided by
the other party pursuant to Sections 4(a)(i) and 4(a)(iii) of this Agreement;
and

(3) the satisfaction of the agreement of the other
party contained in Section 4(d) of this Agreement, provided that it shall not
be a breach of this representation where reliance is

placed on clause (ii) and the other party does not
deliver a form or document under Section 4(a)(iii) of this Agreement by reason
of material prejudice to its legal or commercial position.

(b)                                 Gross Up.  Section
2(d)(i)(4) shall not apply to Party B as X, and Section 2(d)(ii) shall not
apply to Party B as Y, in each case such that Party B shall not be required to
pay any additional amounts referred to therein.

(c)                                  Indemnifiable Tax. 
The definition of “Indemnifiable Tax” in Section 14 is deleted in its
entirety and replaced with the following:

“Indemnifiable Tax”
means, in relation to payments by Party A, any Tax and, in relation to payments
by Party B, no Tax.

(d)                                 Payee Representations.  For the purpose of Section 3(f) of this
Agreement, Party A and Party B make the following representations:-

(i)                                     The
following representation applies to Party A:

(A)                           It is a
resident of The Netherlands for the purpose of the application of the existing
tax treaties between The Netherlands and those countries where offices of Party
B are located.

(B)                             With
respect to its non-U.S. branches, it is fully eligible for the benefits of the
“Business Profits” or “Industrial and Commercial Profits” provision, as the
case may be, the “Interest” provision or the “Other Income” provision (if any)
of the Specified Treaty with respect to any payment described in such
provisions and received or to be received by it in connection with this
Agreement and no such payment is attributable to a trade or business carried on
by it through a permanent establishment in the Specified Jurisdiction.  With respect to Party A, Specified Treaty
means the income tax treaty between the United States and The Netherlands;  Specified Jurisdiction means the United
States.

(C)                             With
respect to its U.S. branches, each payment received or to be received by it in
connection with this Agreement will be effectively connected with its conduct
of a trade or business in the United States.

(ii)                                  The
following representation applies to Party B:

Party B is a statutory trust organized under the laws
of Delaware.

Part 3.  Agreement to Deliver Documents

For the purpose of
Section 4(a)(i) and (ii) of this Agreement, each Party agrees to deliver the
following documents as applicable:-

(a)                                  Tax
forms, documents or certificates to be delivered are:-

 

	
  Party
  Required to deliver

  Document

  	
   

  	
  Form/Document/Certificate

  	
   

  	
  Date by which to Delivered

  
	
  Party A and
  Party B

  	
   

  	
  An executed U.S. Internal Revenue Service Form W-9
  (or any successor thereto), or Form W-8BEN, as applicable and any other
  statements as are required by the instructions to such US Internal Revenue
  Forms.

  	
   

  	
  (i) Before the first Payment Date under this
  Agreement, (ii) promptly upon reasonable demand by Party A and (iii) promptly
  upon learning that any such form previously provided to Party A has become
  obsolete or incorrect.

  

 

(b)                                 Other
documents to be delivered are:

	
  Party
  Required to

  deliver Document

  	
   

  	
  Form/Document/Certificate

  	
   

  	
  Date by which to be

  Delivered

  	
   

  	
  Covered by Section 3(d)

  Representation

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Party A and Party B

  	
   

  	
  Credit Support Document specified in Part 4 of the
  Schedule, such Credit Support Document being duly executed.

  	
   

  	
  Concurrently with the execution of this Agreement.

  	
   

  	
  Yes

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Party A/Party B

  	
   

  	
  Incumbency certificate or other documents evidencing
  the authority of the party entering into this Agreement or any other document
  executed in connection with this Agreement.

  	
   

  	
  Concurrently with the execution of this Agreement or
  of any other documents executed in connection with this Agreement.

  	
   

  	
  Yes

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Party B

  	
   

  	
  Certified copy of each report delivered under the
  Indenture and/or any other Basic Document.

  	
   

  	
  Upon availability.

  	
   

  	
  Yes

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Party A and Party B

  	
   

  	
  Legal opinion(s) from counsel for Party A and Party
  B (or other acceptable counsel(s)) concerning enforceability and related
  matters, acceptable to the other party.

  	
   

  	
  Concurrently with the execution of this Agreement.

  	
   

  	
  No

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Party A and Party B

  	
   

  	
  Any documents required by the receiving party to
  evidence the authority of the delivering party or its Credit Support
  Provider, if any, for it to execute and deliver this Agreement, any
  Confirmation,

  	
   

  	
  Upon execution and delivery of this Agreement and
  Confirmation.

  	
   

  	
  Yes

  

 

 

	
  Party
  Required to

  deliver Document

  	
   

  	
  Form/Document/Certificate

  	
   

  	
  Date by which to be

  Delivered

  	
   

  	
  Covered by Section 3(d)

  Representation

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  and any Credit Support Documents to which it is a
  party, and to evidence the authority of the delivering party or its Credit
  Support Provider to perform its obligations under this Agreement, such
  Confirmation and/or Credit Support Document, as the case may be.

  	
   

  	
   

  	
   

  	
   

  

 

Part 4.  Miscellaneous

(a)                                  Addresses for Notices: For the purpose of Section 12(a) of this
Agreement:-

(i)                                    Addresses
for notices or communications to Party A: -

(A)                              For
the purposes of Sections 5, 6 and 7 under this Agreement:

ABN
AMRO Bank N.V., Chicago Branch

Global Documentation Unit

540 W. Madison Street, 22nd Floor

Chicago, IL   60661

Attention:      Treasury
Documentation

Telephone:    312-904-5214

Fax:               312-904-0392

(B)                                For
all other purposes to the Office through which Party A is acting for the
purposes of the relevant Transactions:

ABN AMRO
Bank N.V., Amsterdam Head Office

P.O. Box 283

1000 AE  Amsterdam

The Netherlands

Attention:       Operations
Derivatives Markets

Forex
Options

Telephone:     31-20-6292654

Telefax:                      31-20-6284832

Swaps

Telephone:     31-20-6284448

Telefax:                      31-20-6281679

Interest Related Products

Telephone      31-20-3831226

Telefax:                      31-20-6282462

Credit Derivatives

Telephone:     31-20-3831230

Telefax:                     31-20-3832299

Electronic Messaging System Details: Swift ABNA NL 2A

ABN AMRO Bank, N.V., Chicago Branch

540 West Madison Avenue, Suite 2132

Chicago, IL 
60661

Attention:      
 Treasury Operations

Facsimile No.: 312-855-5852

Telephone No.:             312-992-5816

Electronic Messaging
System Details:    ABNA US 33a XXX

ABN AMRO Bank N.V., London Branch

199 Bishopsgate,

London EC2M 3XW,

United Kingdom

Attention:                      Fixed
Income Derivatives Documentation

Fax:                               44
20 7857 9428

Telephone:                    44
20 7678 3311

Electronic Messaging System
Details: Swift ABNA GB 2L

(ii)                                  Address
for notices or communications to Party B:-

Address:   c/o
The Bank of New York, 101 Barclay Street, Floor 12E, New York, NY 10286

Attention: Corporate
Trust Administration - Asset Backed Finance Unit

With a copy to:

Address:           CNH
Capital America LLC

100 South Saunders Road

Lake Forest, Illinois 60045

Attention:           Financial Risk Management/Treasury

Facsimile
no.:   847-955-3996

Telephone no.: 847-955-3945

(For all
purposes).

(b)                                 Process Agent.  For the purpose of Section 13(c):-

Party A appoints as its Process Agent:           Not
Applicable.

Party B appoints as its Process Agent:           Not
Applicable.

(c)                               Offices. 
The provisions of Section 10(a) will apply to this Agreement.

(d)                              Multibranch Party.  For the purpose of Section 10(c) of this
Agreement:-

Party A is a Multibranch Party and may act through the following
Offices: Amsterdam, Chicago and London.

Party B is not a Multibranch Party.

(e)                               Calculation Agent. The Calculation Agent is
Party A an Event of Default has occurred with respect to Party A in which case
the Calculation Agent shall be a leading Reference Market-Maker selected by
Party B and reasonably acceptable to Party A.

(f)                                 Credit Support Document. Details of any Credit Support Document:-

Credit Support Document means in relation to
Party A:      The Credit Support Annex between
Party A and Party B dated as of the date hereof.

Credit Support Document means in relation to
Party B:      The Indenture and the Credit
Support Annex.

(g)                              Credit Support Provider.

Credit Support Provider means in relation to Party A,
Not Applicable.

Credit Support Provider means in relation to Party B,
Not Applicable.

(h)                              Governing Law. This Agreement will be
governed by and construed in accordance with the laws of the State of New York
without reference to the conflict of laws provisions thereof (excepting for the
avoidance of doubt Sections 5-1401 and 5-1402 of the New York General
Obligations Law).

(i)                                  Jurisdiction.  Section 13(b) is hereby amended by: (i)
deleting in the second line of subparagraph (i) thereof the word “non-”, (ii)
deleting “; and” from the end of subparagraph 1 and inserting “.” in lieu
thereof, and (iii) deleting the final paragraph thereof.

(j)                                  Netting of Payments. Subparagraph (ii) of
Section 2(c) of this Agreement will apply.

(k)                               “Affiliate” will have the meaning specified
in Section 14 of this Agreement.

Part 5.  Other Provisions

(a)                               Representations. Section 3(a)(iii) is
hereby amended by inserting the words “or investment policies, or guidelines,
procedures, or restrictions” immediately following the word “documents”.

(b)                                 Additional Representations.  For purposes of Section 3, the following
shall be added, immediately following paragraph (f) thereto:

(g)                              It
is an “eligible contract participant” within the meaning of Section 1(a)(12) of
the Commodity Exchange Act, as amended.

(h)          It
has entered into this Agreement (including each Transaction evidenced hereby)
in conjunction with its line of business (including financial intermediation
services) or the financing of its business.

(i)           It
is entering into this Agreement, any Credit Support Document to which it is a
party, each Transaction and any other documentation relating to this Agreement
or any Transaction as principal (and not as agent or in any other capacity,
fiduciary or otherwise).

In addition, the parties each represent (which representations will be
deemed to be repeated on each date on which a Transaction is entered into)
that:

(j)           Non-Reliance.  Each party represents to the other party
(which representation will be deemed to be repeated by each party on each date
on which a Transaction is entered into or amended, extended or otherwise
modified) that it is acting for its own account, and has made its own
independent decisions to enter into this Agreement and any Transaction
hereunder and as to whether this Agreement and any Transaction hereunder is
appropriate or proper for it based on its own judgment and upon advice from
such advisors as it has deemed necessary. 
It is not relying on any communication (written or oral) of the other
party as investment advice or as a recommendation to enter into this Agreement
or any Transaction hereunder, it being understood that information and
explanations related to the terms and conditions of this Agreement and any
Transaction hereunder shall not be considered investment advice or a
recommendation to enter into this Agreement or any Transaction hereunder.  No communication (written or oral) received
from the other party shall be deemed to be an assurance or guarantee as to the
expected results of any Transaction hereunder. 
It is capable of assessing the merits of and understanding (on its own
behalf or through independent professional advice), and understands and
accepts, the terms, conditions and risks of any Transaction hereunder.  It is also capable of assuming, and assumes,
the risks of any Transaction hereunder.

(c)                               Method of Notice.  Section 12(a)(ii) of this Agreement is
deleted in its entirety.

(d)                              Set-off.  Without affecting the
provisions of this Agreement requiring the calculation of certain net payment
amounts, as a result of an Event of Default or Additional Termination Event or
otherwise, all payments under this Agreement will be made without setoff or
counterclaim.

(e)                               Escrow. 
If by reason of the time difference between the cities in which payments
are to be made, it is not possible for simultaneous payments to be made on any
date on which both parties are required to make payments hereunder, either
party may, at its option and in its sole discretion, notify the other party
that payments on that date are to be made in escrow.  In this case, deposit of the payment due
earlier on that date shall be

made by 2:00 p.m. (local time at the place for the
earlier payment) on that date with an escrow agent selected by the notifying
party, accompanied by irrevocable payment instruction (i) to release the
deposited payment to the intended recipient upon receipt by the escrow agent of
the required deposit of the corresponding payment from the other party on the
same date accompanied by irrevocable payment instructions to the same effect or
(ii) if the required deposit of the corresponding payment is not made on that
same date, to return the payment deposited to the party that paid it in escrow.  The party that elects to have payments made
in escrow shall pay the costs of the escrow arrangements and shall cause those
arrangements to provide that the intended recipient of the payment due to be
deposited first shall be entitled to interest on that deposited payment for
each day in the period of its deposit at the rate offered by the escrow agent
for that day for overnight deposits in the relevant currency in the office
where it holds that deposited payment (at 11:00 a.m. local time on that day) if
that payment is not released by 5:00 p.m. local time on the date it is
deposited for any reason, other than the intended recipient’s failure to make
the escrow deposit it is required to make hereunder in a timely fashion.

(f)                                    Telephone Recording.  Each party consents to the recording of the
telephone conversations of trading and marketing personnel of the parties and
their Affiliates in connection with this Agreement or any potential
Transaction.

(g)                              Waiver of Jury Trial.  Each Party
hereby irrevocably waives any and all right to trial by jury with respect to
any legal proceeding arising out of or relating to this Agreement or any
Transaction contemplated hereunder.

(h)                              Definitions.  Capitalized terms used within this Agreement
or in the Confirmations to the Transaction but not defined herein or therein
shall have the meanings assigned to such terms in the Indenture.

(10)                         Additional Acknowledgments and Agreements of the
Parties.

(a)                                  No Amendment without Prior Confirmation by Rating
Agencies.  Section 9(b) of this
Agreement is hereby amended by adding the following at the end of such
Section:  “, and unless the Rating
Agencies confirm that such amendment will not cause the reduction, suspension
or withdrawal of the then current rating on any of the Notes, unless such
amendment clarifies any term or provision, corrects any inconsistency, cures
any ambiguity, or corrects any typographical error in the Agreement (in which
case copies of such proposed amendment will be provided to the Rating Agencies
prior to the effectiveness of such amendment).”

(b)                                 Consent by Party A to Amendments to Certain Documents.  Notwithstanding anything to the contrary in
any Basic Document, before any amendment or supplement is made to the
Indenture, the Sale and Servicing Agreement and/or any other Basic Document
which would materially and adversely affect any of Party A’s rights or
obligations under this Agreement (or materially and adversely modify the
obligations of, or materially and adversely impair the ability of, Party B to
fully perform any of Party B’s obligations under this Agreement) Party B shall
provide Party A with a copy of the proposed amendment or supplement and shall
obtain the written consent of Party A (which consent shall not be

unreasonably withheld) to such amendment or supplement
prior to its adoption, as well as satisfaction of the Rating Agency Condition.

(11)                            Limited Transactions.  Party A and Party B each agrees and
acknowledges that the only Transaction that is or will be governed by this
Agreement is the Transaction evidenced by the Confirmation dated the date
hereof.

(12)                            Notices to Noteholders.  Party B shall provide Party A with copies of
all notices given to the holders of the Notes, and upon request, shall provide
Party A with any other notices which could be requested by the holders of the
Notes.

(13)                            Further Representations of Party B:

(a)                                  The
Class A-2b, Class A-3b and Class A-4b Notes are rated “Aaa” by Moody’s, “AAA”
by S&P and “AAA” by Fitch as to the timely payment of interest and
principal and without regard to third party credit enhancement.

(b)                                 Party
B is a statutory trust validly existing under the laws of Delaware.

(c)                                  All
conditions precedent to the issuance of the Notes under the Indenture have been
satisfied.

(d)                                 Each
of the Basic Documents to which it is a party has been duly authorized,
executed and delivered by it.

(e)                                  Assuming
the due authorization, execution and delivery thereof by the other parties
thereto, each of the Indenture and the other Basic Documents to which Party B
is a party constitutes the legal, valid and binding obligations of Party B,
enforceable against Party B in accordance with the terms thereof, subject to
applicable bankruptcy, insolvency and similar laws or legal principles
affecting creditors’ rights generally, and subject, as to enforceability, to
general principles of equity regardless of whether enforcement is sought in a
proceeding in equity or at law.

(f)                                    The
Indenture and the other Basic Documents to which Party B is a party are in full
force and effect on the date hereof and there have been no amendments or
waivers or modifications of any of the terms thereof since the original
execution and delivery of the Indenture and the other Basic Documents to which
Party B is a party, except such as may have been delivered to Party B.

(g)                                 To
the best of its knowledge, no event of default (or event which would, with the
passage of time or the giving of notice (or both) constitute an event of
default) has occurred and is continuing under any of the Basic Documents to
which Party B is a party.

(14)                            Transfer.

(i)                      Section 7 of
this Agreement shall not apply to Party A and, subject to Section 6(b)(ii)
(provided that to the extent Party A makes a transfer pursuant to Section
6(b)(ii) it will provide a prior written notice to the Rating Agencies of such
transfer) and Part 5(14)(ii) below, Party A may not transfer (whether by way of
security or otherwise)

any interest or obligation in or under this Agreement
without first satisfying the Rating Agency Condition and without the prior written
consent of Party B, except that Party A may make such transfer pursuant to a
consolidation or amalgamation with, or merger with or into, or transfer of all
or substantially all its assets to another entity.

(ii)               Party A may (at its
own cost and using commercially reasonable efforts) transfer all or
substantially all of its rights and obligations with respect to this Agreement
to any other entity (a “Transferee”)
that is an Eligible Replacement through a novation or other assignment and
assumption agreement or similar agreement in form and substance reasonably
satisfactory to Party B; provided that (A) Party B shall determine in its
sole discretion, using commercially reasonable efforts, whether or not a
transfer relates to all or substantially all of Party A’s rights and
obligations under this Agreement, (B) as of the date of such transfer the
Transferee will not be required to withhold or deduct on account of a Tax from
any payments under this Agreement unless the Transferee will be required to
make payments of additional amounts pursuant to Section 2(d)(i)(4) of this
Agreement in respect of such Tax, (C) a Termination Event or Event of Default
does not occur under this Agreement as a result of such transfer and (D) Party
A receives confirmation from each Rating Agency (other than Moody’s) that
transfer to the Transferee does not violate the Rating Agency Condition.  Following such transfer, all references to
Party A shall be deemed to be references to the Transferee.

(iii)            If an entity has made
a Firm Offer (which remains capable of becoming legally binding upon
acceptance) to be the transferee of a transfer to be made in accordance with
Part 5(14)(ii) above, Party B shall (at Party A’s cost) at Party A’s written
request, take any reasonable steps required to be taken by it to effect such
transfer.

(iv)           Except as specified
otherwise in the documentation evidencing a transfer, a transfer of all the
obligations of Party A made in compliance with this Part 5(14) will constitute
an acceptance and assumption of such obligations (and any related interests so
transferred) by the Transferee, a novation of the transferee in place of Party
A with respect to such obligations (and any related interests so transferred),
and a release and discharge by Party B of Party A from, and an agreement by
Party B not to make any claim for payment, liability, or otherwise against
Party A with respect to, such obligations from and after the effective date of
the transfer.

(15)                           Non-Petition.  Party A hereby agrees that it will not, prior
to the date which is one year and one day after all Class A Notes issued by
Party B pursuant to the Indenture have been paid in full, acquiesce, petition
or otherwise invoke or cause Party B to invoke the process of any court or
governmental authority for the purpose of commencing or sustaining a case
against Party B under any federal or state bankruptcy, insolvency or similar
law or for the purpose of appointing a receiver, liquidator, assignee, trustee,
custodian, sequestrator or other similar official for Party B or any
substantial part of the property of Party B, or for the purpose of ordering the
winding up or liquidation of the affairs of Party B.  Nothing herein shall prevent Party A from
participating in any such proceeding once commenced.

(16)                            Limited Recourse.  (a) The obligations of Party B under this
Agreement are limited recourse obligations of Party B, payable solely from the
Trust Estate (as such term is defined in the Indenture), subject to and in
accordance with the terms of the Indenture, and, following realization of the
Trust Estate, any claims of Party A against Party B shall be extinguished.  It is understood that the foregoing
provisions shall not (i) prevent recourse to the Trust Estate for the sums due
or to become due under any security, instrument or agreement which is part of
the Trust Estate (subject to the priority of payments set forth in the
Indenture) or (ii) constitute a waiver, release or discharge of any obligation
of Party B arising under this Agreement until the Trust Estate have been
realized and the proceeds applied in accordance with the Indenture, whereupon
any outstanding obligation of Party B under this Agreement shall be
extinguished.  Notwithstanding the
foregoing (or anything to the contrary in this Agreement), Party B shall be
liable for its own negligence, willful misconduct and/or fraud.

(b)  It is expressly understood
and agreed by the parties hereto that (i) this Agreement and each Transaction
entered into pursuant to this Agreement is entered into by Wilmington Trust
Company, not individually or personally but solely as Trustee of the CNH
Equipment Trust 2007-B (the “Trust”) (the “Trustee”) in the exercise of the
powers and authority conferred and vested in it, (ii) the representations,
undertakings and agreements herein made on the part of the Trust are made and
intended not as personal representations, undertakings and agreements by the
Trustee, but are made and intended for the purpose of binding only the Trust,
(iii) nothing herein contained shall be construed as creating any liability on
the Trustee on the part of the Trust, individually or personally, to perform
any covenant either expressed or implied herein, all such liability, if any,
being expressly waived by the parties who are signatories to this Agreement and
by any Persons claiming by, through or under such parties, and (iv) under no
circumstances shall the Trustee be personally liable for the payment of any
indebtedness or expenses of the Trust or be liable for the breach or failure of
any obligation, representation, warranty or covenant made or undertaken by the
Trust under this Agreement; provided,
however, that in each case the Trustee shall be liable in its
individual capacity for its own willful misconduct, fraud and/or negligence.

(17)         Calculations.  Notwithstanding Section 6 of this Agreement,
so long as Party A is (A) the sole Affected Party in respect of an Additional
Termination Event or a Tax Event Upon Merger or (B) the Defaulting Party in
respect of any Event of Default, paragraphs (a) to (f) below shall apply:

a)              The definition of “Market Quotation” shall be deleted
in its entirety and replaced with the following:

“Market Quotation” means, with respect to one or
more Terminated Transactions, a Firm Offer which is (1) made by a Reference
Market-maker that is an Eligible Replacement, (2) for an amount that would be
paid to Party B (expressed as a negative number) or by Party B (expressed as a
positive number) in consideration of an agreement between Party B and such
Reference Market-maker to enter into a transaction (the “Replacement
Transaction”) that would have the effect of preserving for such party the
economic equivalent of any payment or delivery (whether the underlying
obligation was absolute or contingent and assuming the satisfaction of each
applicable condition

precedent) by the parties under Section 2(a)(i) in respect of such
Terminated Transactions or group of Terminated Transactions that would, but for
the occurrence of the relevant Early Termination Date, have been required after
that Date, (3) made on the basis that Unpaid Amounts in respect of the
Terminated Transaction or group of Transactions are to be excluded but, without
limitation, any payment or delivery that would, but for the relevant Early
Termination Date, have been required (assuming satisfaction of each applicable
condition precedent) after that Early Termination Date is to be included and
(4) made in respect of a Replacement Transaction with terms substantially the
same as those of this Agreement (save for the exclusion of provisions relating
to Transactions that are not Terminated Transactions).

b)             The definition of “Settlement Amount” shall be
deleted in its entirety and replaced with the following:

“Settlement Amount” means,
with respect to any Early Termination Date, an amount (as determined by Party
B) equal to the Termination Currency Equivalent of the amount (whether positive
or negative) of any Market Quotation for the relevant Terminated Transaction or
group of Terminated Transactions that is accepted by Party B so as to become
legally binding; provided that:

i.      If,
on the day falling ten Local Business Days after the day on which the Early
Termination Date is designated or such later day as Party B may specify in
writing to Party A (but in either case no later than the Early Termination
Date) (such day the “Latest Settlement Amount Determination Day”), no Market
Quotation for the relevant Terminated Transaction or group of Terminated
Transactions has been accepted by Party B so as to become legally binding and
one or more Market Quotations have been made and remain capable of becoming
legally binding upon acceptance, the Settlement Amount shall equal the
Termination Currency Equivalent of the amount (whether positive or negative) of
the lowest of such Market Quotations (for the avoidance of doubt, the lowest
negative number shall equal the largest absolute value such that, for example,
negative 3 shall be lower than negative 2); or

ii.   If,
on the Latest Settlement Amount Determination Day, no Market Quotation for the
relevant Terminated Transaction or group of Terminated Transactions is accepted
by Party B so as to become legally binding and no Market Quotations have been
made and remain capable of becoming legally binding upon acceptance, the
Settlement Amount shall equal Party B’s Loss (whether positive or negative and
without reference to any Unpaid amounts) for the relevant Terminated
Transaction or group of Terminated Transactions.

c)              For the purpose of
clause (4) of the definition of Market Quotation, Party B shall determine in
its sole discretion, acting in a commercially reasonable manner, whether a Firm
Offer is made in respect of a Replacement Transaction with commercial terms
substantially the same as those of this Agreement (save for the exclusion of
provisions relating to Transactions that are not Terminated Transactions); provided,
however, that notwithstanding the provisions of this Part 5(17)(c),
nothing in this Agreement shall preclude Party A from obtaining Market
Quotations.

d)             At any time on or
before the Latest Settlement Amount Determination Day at which two or more
Market Quotations remain capable of becoming legally binding upon acceptance,
Party B shall be entitled to accept only the lowest of such Market Quotations.

e)              If Party B requests
Party A in writing to obtain Market Quotations, Party A shall use its
reasonable efforts to do so before the Latest Settlement Amount Determination
Day.

f)                If the Settlement
Amount is a negative number, Section 6(e)(i)(3) of this Agreement shall be deleted
in its entirety and replaced with the following:

Second Method and Market Quotation. If Second
Method and Market Quotation apply, (1) Party B shall pay to Party A an amount
equal to the absolute value of the Settlement Amount in respect of the Terminated
Transactions, (2) Party B shall pay to Party A the Termination Currency
Equivalent of the Unpaid Amounts owing to Party A and (3) Party A shall pay to
Party B the Termination Currency Equivalent of the Unpaid Amounts owing to
Party B; provided that, (i) the amounts payable under (2) and (3) shall be
subject to netting in accordance with Section 2(c) of this Agreement and (ii)
notwithstanding any other provision of this Agreement, any amount payable by
Party A under (3) shall not be netted-off against any amount payable by Party B
under (1).

(18)                            Downgrade Provisions.

(i)             Moody’s Second Trigger Failure Condition.  So long as the Moody’s Second Rating Trigger
Requirements apply, Party A shall, at its own expense use commercially
reasonable efforts, as soon as reasonably practicable, to either (i) furnish an
Eligible Guarantee of Party A’s obligations under this Agreement from a
guarantor that maintains the Moody’s First Trigger Required Ratings and/or the
Moody’s Second Trigger Required Ratings or (ii) obtain an Eligible Replacement
pursuant to Part 5(14) below that assumes the obligations of Party A under
this Agreement (through a novation or other assignment and assumption agreement
in form and substance reasonably satisfactory to Party B) or replaces the
outstanding Transactions hereunder with transactions on identical terms, except
that Party A shall be replaced as counterparty.

(ii)          S&P Trigger Failure Condition.  So long as the S&P Rating Second Trigger
Requirements apply, Party A shall, at its own expense, use commercially
reasonable efforts, as soon as reasonably practicable, to either (i) upon
satisfaction of the Rating Agency Condition, furnish an Eligible Guarantee of
Party A’s obligations under this Agreement from a guarantor that maintains the
S&P Second Trigger Required Ratings or (ii) obtain an Eligible Replacement
pursuant to Part 5(14) below that assumes the obligations of Party A under this
Agreement (through a novation or other assignment and assumption agreement in
form and substance reasonably satisfactory to Party B) or replaces the
outstanding Transactions hereunder with transactions on identical terms, except
that Party A shall be replaced as counterparty.

(iii)       Collateralization Event.  It shall be a collateralization event
(“Collateralization Event”) if the unsecured, long-term senior debt obligations
or financial strength ratings of the Relevant Entity are rated below “A” by
Fitch, Inc. (“Fitch”).  For the avoidance
of doubt, the parties hereby acknowledge and agree that notwithstanding the
occurrence of a Collateralization Event, this Agreement and each Transaction
hereunder shall continue to be a Swap Agreement for purposes of the Trust
Agreement.  Within 30 calendar days from
the date a Collateralization Event has occurred and so long as such
Collateralization Event is continuing, Party A shall, at its sole expense,
either (i) post collateral in an amount required to be posted pursuant to terms
of the Credit Support Document (such amount which is the greater of amounts
required to be posted by Moody’s, S&P and Fitch), (ii) upon satisfaction of
the Rating Agency Condition (with respect to Fitch), furnish an Eligible
Guarantee of Party A’s obligations under this Agreement from a guarantor that
satisfies the Hedge Counterparty Ratings Requirement or (iii) obtain an
Eligible Replacement that (x) upon satisfaction of the Rating Agency Condition
(with respect to Fitch), assumes the obligations of Party A under this
Agreement (through an assignment and assumption agreement in form and substance
reasonably satisfactory to Party B) or (y) having provided prior written
notice to Fitch, replaces the outstanding Transactions hereunder with
transactions on identical terms, except that Party A shall be replaced as
counterparty; provided that such Eligible Replacement, as of the date of
such assumption or replacement, will not, as a result thereof, be required to
withhold or deduct on account of tax under the Agreement or the new
Transactions, as applicable, and such assumption or replacement will not lead
to a Termination Event or Event of Default occurring under the Agreement or new
Transactions, as applicable.

(iv)      Ratings Event.  It shall be a ratings event (“Ratings Event”)
if at any time after the date hereof, the Relevant Entity shall fail to satisfy
the Hedge Counterparty Ratings Threshold. 
Within 30 calendar days from the date a Ratings Event has occurred and
so long as such Ratings Event is continuing, Party A shall, at its sole
expense, (i) obtain an Eligible Replacement that (x) upon satisfaction of the
Rating Agency Condition (with respect to Fitch), assumes the obligations of
Party A under this Agreement (through an assignment and assumption
agreement in form and substance reasonably satisfactory to Party B) or (y)
having provided prior written notice to Fitch, replaces the outstanding
Transactions hereunder with transactions on identical terms, except that
Party A shall be replaced as counterparty; provided that such
Eligible Replacement, as of the date of such assumption or replacement, will
not, as a result thereof, be required to withhold or deduct on account of tax
under the Agreement or the new Transactions, as applicable, and such assumption
or replacement will not lead to a Termination Event or Event of Default
occurring under the Agreement or new Transactions, as applicable, or (ii) upon
satisfaction of the Rating Agency Condition (with respect to Fitch), furnish an
Eligible Guarantee of Party A’s obligations under this Agreement from a
guarantor that satisfies the Hedge Counterparty Ratings Requirement and (iii)
upon the occurrence of a Ratings Event, Party A shall immediately be required
to post collateral in an amount required to be posted pursuant to terms of the
Credit Support Document (such

amount which is the greater of amounts required to be posted by
Moody’s, S&P and Fitch).

(v)         Downgrade Definitions.

i.                           “Eligible Counterparty” means, for
purposes of the Credit Support Document, a Relevant Entity with the S&P Second Trigger Required Ratings.

ii.                        “Eligible Guarantee” means an unconditional
and irrevocable guarantee that is provided by a guarantor as principal debtor
rather than surety and is directly enforceable by Party B, where either (A) a
law firm has given a legal opinion confirming that none of the guarantor’s
payments to Party B under such guarantee will be subject to withholding for Tax
or (B) such guarantee provides that, in the event that any of such guarantor’s
payments to Party B are subject to withholding for Tax, such guarantor is
required to pay such additional amount as is necessary to ensure that the net
amount actually received by Party B (free and clear of any withholding tax)
will equal the full amount Party B would have received had no such withholding
been required.

iii.                     “Eligible Replacement” means a
Transferee (as defined in Part 5(14)(ii) herein) (i) (A) with the Moody’s First
Trigger Required Ratings and/or the Moody’s Second Trigger Required Ratings or
(B) whose present and future obligations owing to Party B are guaranteed
pursuant to an Eligible Guarantee provided by a guarantor with the Moody’s
First Trigger Required Ratings and/or the Moody’s Second Trigger Required
Ratings, (ii) with the ratings specified in the definition of Hedge
Counterparty Ratings Requirement below and (iii) with the  S&P
Second Trigger Required Ratings.

iv.                    “Financial Institution” means a
bank, broker/dealer, structured investment vehicle, insurance company or
derivative product company.

v.                       “Ineligible Counterparty” means, for
purposes of the Credit Support Document, a Relevant Entity not having the S&P Second Trigger Required Ratings.

vi.                    “Hedge Counterparty Ratings Threshold”
means either (i) the unsecured, senior debt obligations or financial strength
ratings of Party A (or its Credit Support Provider), are rated at least
“BBB+” by Fitch or (ii) the unsecured, short-term debt obligations (if any) of
Party A , are rated at least “F2” by Fitch.  For the avoidance of all doubts, the parties
hereby acknowledge and agree that notwithstanding the occurrence of a Ratings
Event, this Agreement and each Transaction hereunder shall continue to be a
Swap Agreement for purposes of the Trust Agreement.

vii.                 “Hedge Counterparty Ratings Requirement”
means either (i) the unsecured, long-term senior debt obligations of such
substitute counterparty (or its Credit Support Provider) are rated at least “A”
by Fitch or (ii) the unsecured, short-term debt obligations of such substitute
counterparty (or its Credit Support Provider) are rated at least “F1” by Fitch.
For the purpose of this definition, no direct or indirect recourse against one
or more shareholders of the substitute counterparty (or

against any Person in control of, or controlled by, or under common
control with, any such shareholder) shall be deemed to constitute a guarantee,
security or support of the obligations of the substitute counterparty.

viii.  “Moody’s”
means Moody’s Investors Service, Inc.

ix.     “Moody’s
First Trigger Required Ratings” means with respect to an entity,
either (i) where the entity is the subject of a Moody’s Short-term Rating, such
entity’s Moody’s Short-term Rating is “Prime-1” and the entity’s long-term,
unsecured and unsubordinated debt or counterparty obligations are rated “A2” or
above by Moody’s or (ii) where the entity is not the subject of a Moody’s Short-term
Rating, its long-term, unsecured and unsubordinated debt or counterparty
obligations are rated “A1” or above by Moody’s.

x.      “Moody’s Short-term Rating” means a
rating assigned by Moody’s under its short-term rating scale in respect of an
entity’s short-term, unsecured and unsubordinated debt obligations.

xi.                      A
“Moody’s Second Trigger Failure Condition”
occurs at any time no Relevant Entity maintains the Moody’s Second Trigger
Required Ratings.

xii.    “Moody’s
Second Trigger Required Ratings” means with respect to an entity
(A) either where the entity is the subject of a Moody’s Short-term Rating, such
entity’s Moody’s Short-term Rating is “Prime-2” or above and its long-term,
unsecured and unsubordinated debt or counterparty obligations are rated “A3” or
above by Moody’s, and (B) where such entity is not the subject of a Moody’s
Short-term Rating, if the entity’s long-term, unsecured and unsubordinated debt
or counterparty obligations are rated “A3” or above by Moody’s.

xiii.   “Rating
Agency Condition” shall mean first receiving prior written
confirmation from S&P and Fitch, as applicable, that their then-current
ratings of the rated Certificates will not be downgraded or withdrawn by such
Rating Agency.

xiv.   “S&P”
means Standard & Poor’s Rating Services, a division of The McGraw-Hill
Companies, Inc.

xv.    “S&P
FI Relevant Entity” means a Relevant Entity that meets the
definition of Financial Institution herein.

xvi.   “S&P
First Trigger Required Ratings” means either (i) the unsecured,
short-term debt obligations of the Relevant Entity are rated at least “A-1” by
S&P or (ii) if the Relevant Entity does not have a short-term rating from
S&P, the unsecured, long-term senior debt obligations of such entity are
rated at least “A+” by S&P.

xvii.  “S&P Non-FI Relevant
Entity” means a Relevant Entity that does not meet the
definition of Financial Institution herein.

xviii. The “S&P Rating First
Trigger Requirements” applies when no Relevant Entity has credit
ratings at least equal to the S&P First Trigger Required Ratings.

xix.   The “S&P
Rating Second Trigger Requirements” applies when no Relevant
Entity has credit ratings at least equal to the S&P Second Trigger Required
Ratings.

xx.    “S&P
Second Trigger Required Ratings” means (A) with respect to an
S&P Non-FI Relevant Entity, either (i) the unsecured, short-term debt
obligations of the S&P Non-FI Relevant Entity are rated at least “A-1” by
S&P or (ii) if the S&P Non-FI Relevant Entity does not have a
short-term rating from S&P, the unsecured, long-term senior debt
obligations of such entity are rated at least “A+” by S&P or (B) with
respect to an S&P FI Relevant Entity, either (i) the unsecured, short-term
debt obligations of the S&P FI Relevant Entity are rated at least “A-2” by
S&P or (ii) if the S&P FI Relevant Entity does not have a short-term
rating from S&P, the unsecured, long-term senior debt obligations of such
entity are rated at least “BBB+” by S&P.

xxi.    An “S&P
Trigger Failure Condition” occurs at any time no Relevant Entity
maintains the S&P Second Trigger Required Ratings.

(19)                            Severability.  If any
term, provision, covenant, or condition of this Agreement, or the application
thereof to any party or circumstance, shall be held to be invalid or
unenforceable (in whole or in part) for any reason, the remaining terms,
provisions, covenants, and conditions hereof shall continue in full force and
effect as if this Agreement had been executed with the invalid or unenforceable
portion eliminated, so long as this Agreement as so modified continues to
express, without material change, the original intentions of the parties as to
the subject matter of this Agreement and the deletion of such portion of this
Agreement will not substantially impair the respective benefits or expectations
of the parties.

The parties shall
endeavor to engage in good faith negotiations to replace any invalid or
unenforceable term, provision, covenant or condition with a valid or
enforceable term, provision, covenant or condition, the economic effect of
which comes as close as possible to that of the invalid or unenforceable term,
provision, covenant or condition.

(20)                            Compliance with Regulation AB.  Party A and Party B hereby agree that the terms of the Indemnification and
Disclosure Agreement, dated as of September 20, 2007 (the “Indemnification
Agreement”), between CNH Capital Receivables LLC and Party A shall be
incorporated by reference into this Agreement and Party B shall be an express
third party beneficiary of the Indemnification Agreement. A copy of the
Indemnification Agreement is annexed hereto at Annex B.

IN WITNESS WHEREOF
the parties have executed this document as of the date specified on the first
page of this document.

	
  ABN AMRO BANK N.V.

  	
   

  	
  CNH
  EQUIPMENT TRUST 2007-B

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By: WILMINGTON TRUST COMPANY,

  not in its individual capacity, but solely as

  Trustee under the Trust Agreement

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  /s/ Frederick P.
  Engler

  	
   

  	
   

  	
  /s/ Dorri E. Wolhar

  	
   

  
	
  Name: Frederick
  P. Engler

  	
   

  	
  Name: Dorri E. Wolhar

  
	
  Title: Regional
  Manager Documentation

  North America

  	
   

  	
  Title: Financial Services Officer

  
	
  Date:

  	
   

  	
  Date:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  /s/ Nancy
  Dziewinski

  	
   

  	
   

  	
   

  
	
  Name: Nancy
  Dziewinski

  	
   

  	
   

  
	
  Title: Vice
  President

  	
   

  	
   

  
	
  Date:

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