Document:

EXHIBIT 4.6

                  NAVISTAR FINANCIAL CORPORATION

                                AND

                NAVISTAR INTERNATIONAL CORPORATION

          4.75% SUBORDINATED EXCHANGEABLE NOTES DUE 2009

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                   FIRST SUPPLEMENT TO INDENTURE
                     DATED AS OF JUNE 11, 2004

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                    BNY MIDWEST TRUST COMPANY,
                            AS TRUSTEE

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                   FIRST Supplement to Indenture

      This First Supplement to Indenture (the "First Supplement")
is dated as of June 11, 2004 by and among Navistar Financial
Corporation, a Delaware corporation (the "Company"), Navistar
International Corporation, a Delaware corporation ("Navistar"),
and BNY Midwest Trust Company, an Illinois banking corporation
(the "Trustee"), with respect to the Company's 4.75% Subordinated
Exchangeable Notes due 2009 (the "Exchangeable Notes").
Capitalized terms used but not otherwise defined in this First
Supplement shall have the meanings ascribed to such terms in the
Indenture (hereinafter defined).  To the extent terms defined
herein differ from the Indenture, the terms defined herein shall
govern.

      WHEREAS, the Company, Navistar and the Trustee entered into
that certain Indenture, dated as of March 25, 2002 (as may be
further amended and supplemented from time to time in accordance
with its terms, the "Indenture");

      WHEREAS, Article 13 of the Indenture provides that Navistar
may, at its option, assume the obligations of Company under the
Exchangeable Notes and the Indenture provided that the conditions
outlined in such Section 13.1 of the Indenture are satisfied;

      WHEREAS, Navistar desires to assume the obligations of the
Company under the Exchangeable Notes and the Indenture in
accordance with Article 13 of the Indenture;

      WHEREAS, the conditions set forth in the Indenture for the
execution and delivery of this First Supplement have been
complied with or satisfied;

      WHEREAS, all things necessary to make this First Supplement
a valid agreement of the Company, Navistar and the Trustee, in
accordance with its terms, and a valid supplement to the
Indenture, have been done; and

      NOW, THEREFORE, in consideration of the premises and for
other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereby
agree, for the equal and proportionate benefit of all holders of
the Exchangeable Notes, as follows:

                             ARTICLE I
                     ASSUMPTION OF OBLIGATIONS

      Section 1.1    Assumption of Obligations.  In accordance
with and pursuant to Section 13.1 of the Indenture, Navistar
hereby assumes the obligations of the Company under the
Exchangeable Notes and the Indenture and the performance of each
of the Company's covenants under the Exchangeable Notes and the
Indenture except as provided in Section 13.1 of the Indenture.

      Section 1.2    Effects of Assumption.  Upon the assumption
provided by Section 1.1 of this First Supplement, the
Exchangeable Notes will be general unsecured obligations of
Navistar and will be subordinated in right of payment to all of
Navistar's existing and future senior indebtedness, and Navistar
will succeed to, and be substituted for the Company, and may
exercise the Company's right and power, under the Indenture with
the same effect as if Navistar had been named as the Company in
the Indenture and all references in the Indenture to the Company
shall be to Navistar, except that (1) clauses (1)(b), (2)(b) and
(3)(b) in the definition of Change of Control shall not apply to
Navistar as successor and (2) Navistar, as successor, shall be
permitted to effect a Permitted Joint Venture notwithstanding the
prohibition on the Company from selling, assigning, transferring,
leasing, conveying or otherwise disposing of all or substantially
all of its assets.

      Section 1.3    Release of the Company.  Upon the assumption
provided by Section 1.1 of this First Supplement, the Company
will be relieved of all further obligations and covenants under
the Exchangeable Notes and the Indenture.

                            ARTICLE II
                     MISCELLANEOUS PROVISIONS

      Section 2.1    Instruments to be Read Together.  This First
Supplement is an indenture supplement to and in implementation of
the Indenture, and said Indenture and this First Supplement shall
henceforth be read together.

      Section 2.2    Confirmation.  The Indenture, as amended and
supplemented by this First Supplement, is in all respects
ratified and confirmed, and nothing herein shall affect the
validity or enforceability of the Indenture as amended and
supplemented by this First Supplement.

      Section 2.3    Counterparts.  This First Supplement may be
executed in any number of counterparts, each of which, when so
executed, shall be deemed to be an original, but all of which
shall together constitute one and the same instrument.

      Section 2.4    Effectiveness.  This First Supplement shall
become effective immediately upon its execution by the parties
hereto.

      Section 2.5    GOVERNING LAW.  THIS FIRST SUPPLEMENT SHALL
BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE INTERNAL
LAWS OF THE STATE OF NEW YORK.  THE COMPANY AND NAVISTAR AGREE TO
SUBMIT TO THE JURISDICTION OF THE COURTS OF THE STATE OF NEW
YORK, COUNTY OF NEW YORK, IN ANY ACTION OR PROCEEDING ARISING OUT
OF OR RELATING TO THIS FIRST SUPPLEMENT.

      Section 2.6    Disclaimer of Trustee's Responsibility.  In
executing this First Supplement, the Trustee shall be entitled to
all the privileged and immunities afforded to the Trustee under
the terms and conditions of the Indenture.

      Section 2.7    No Recourse Against Others.  No director,
officer, employee, shareholder or Affiliate, as such, of the
Company or Navistar from time to time shall have any liability
for any obligations of the Company or Navistar under this First
Supplement or for any claim based on, in respect of, or by reason
of such obligations or their creation.  Each of such directors,
officers, employees, shareholders and Affiliates is a third party
beneficiary of this Section 2.7.

      Section 2.8    No Adverse Interpretation of Other
Agreements.  This First Supplement may not be used to interpret
another indenture, loan or debt agreement of the Company or
Navistar or any of their respective subsidiaries.  Any such other
indenture, loan or debt agreement may not be used to interpret
this First Supplement.

      Section 2.9    Successors.  All agreements of the Company
and Navistar in this First Supplement shall bind their respective
successors.  All agreements of the Trustee in this First
Supplement shall bind its successor.

      Section 2.10   Severability.  In case any provision in this
First Supplement shall be invalid, illegal or unenforceable, the
validity, legality and enforceability of the remaining provisions
shall not in any way be affected or impaired thereby.

      Section 2.11   TIA Controls.  If any provisions hereof
limits, qualifies or conflicts with a required or deemed
provision of the TIA, the required or deemed provision in the TIA
shall control.

   IN WITNESS  WHEREOF,  the parties  hereto have caused this First
Supplement  to  be  duly  executed  as  of  the  date  first  above
written.

                               NAVISTAR FINANCIAL CORPORATION

                               By:  /s/ ANDREW J. CEDEROTH
                             Name:      Andrew J. Cederoth
                            Title:      Vice President and Treasurer

                               NAVISTAR INTERNATIONAL CORPORATION

                               By:  /s/ TERRY M. ENDSLEY
                             Name:      Terry M. Endsley
                            Title:      Vice President and Treasurer

                               BNY MIDWEST TRUST COMPANY

                               By:  /s/ Dan Donovan
                             Name:      D.G. Donovan
                             itle:      Vice PresidentEXHIBIT 10.60

                                AMENDMENT NO. 1

                       TO MASTER INTERCOMPANY AGREEMENT

      This is Amendment No. 1 to the Master Intercompany  Agreement dated as of
April 26, 1993 by and between Navistar  International  Transportation Corp. and
Navistar Financial Corporation (the "Agreement").

      WHEREAS,  the parties to the  Agreement  desire to amend the Agreement to
achieve the following three objectives:

1.    To remove certain archaic language from the Agreement which language had
      been required to be carried over from preceding agreements under
      covenants contained in certain NFC indentures relating to publicly
      issued debt which debt has now been repaid and which indentures are no
      longer operative;

2.    To amend the definition of Retail Account to clarify that sales to TEM's
      of NITC New Products are included.

3.    To amend certain definitions to clarify that NFC's retail leasing
      operations through Harco Leasing have been and shall continue to be
      subject to the same NITC repurchase and guarantee provisions under the
      Agreement as are provided to NFC with regard to its retail financing
      business; and

4.    To document  the  procedures  by which Harco  Leasing's  and NFC's retail
      leasing  operations  have been and shall  continue to have the benefit of
      NITC's residual value guarantees.

      NOW  THEREFORE  for good  and  valuable  consideration  the  receipt  and
adequacy of which is hereby  acknowledged  by the parties  hereto,  the parties
agree as follows:

A.    In  order  to  remove  references  to  "Trust  Recipient  Interests"  and
           "Harvester"  paragraph  II.A.1.  is  deleted  in  its  entirety  and
           replaced with the following:

           "A.  Sale and Purchase of Contracts

1.    On each  Business  day NITC agrees to offer to sell to NFC, to endorse or
                     otherwise assign to NFC, without recourse,  and to deliver
                     to  NFC  all  Retail  Contracts  and  Wholesale  Contracts
                     acquired in the  regular  course of NITC's  business,  and
                     existing  on  April  26,  1993 or  coming  into  existence
                     thereafter  all on terms which will (together with charges
                     made to others for financing  services) afford  reasonable
                     compensation  for the financing  services  rendered by NFC
                     to  NITC  and  Dealers  in  respect  of  the  sale  of New
                     International  Products,  New Goods or Used Goods.  NFC in
                     turn  agrees,  to the  extent  that it is able to  finance
                     such  purchases,  to purchase  such Retail  Contracts  and
                     Wholesale  Contracts except those, if any, as to which the
                     risk of loss is unacceptable to NFC."

           B.   The words "and Trust Receipt Interests" are deleted from
                Paragraph II.A.2.

           C.   Page 14 of the Agreement is replaced by Exhibit "A", attached
                hereto and made a part hereof.

           D.   The definition of Retail Account is amended by adding the
                words "and to TEM's" after the word "customers" in line 4.

E.    The definition of Dealer Repossession Loss is amended to add the words:
                "or unrecovered Equipment costs (Harco Leasing)" after Retail
                Contracts in the fourth line.

F.    The definition of NITC Repossession Loss is amended to add the words:
                "or unrecovered Equipment cost (Harco Leasing)" after Retail
                Contracts in the third line.

G.    Article V is deleted in its entirety.

           H.   A new section is added at the end of the Agreement as follows:

                "XI. Residual Guarantee

                     Whenever NITC shall offer a residual guarantee to a Harco
                     Leasing customer in order to fix the value of Equipment
                     at the end of a Harco Leasing lease term (a "NITC
                     Residual Guarantee") NFC shall document such Residual
                     Guarantee in writing to NITC and NITC shall pay such
                     Residual Guarantee to NFC or Harco Leasing at the end of
                     the Harco Leasing lease term on the next Business Day
                     following the delivery of the related Equipment (with
                     properly assigned title)  to NITC."

           This Amendment No. 1 is effective as of September 30, 1996.

                               NAVISTAR INTERNATIONAL
                               TRANSPORTATION CORP.

                               _____________________________
                               By:

                               Title:

                               NAVISTAR FINANCIAL CORPORATION

                               ________________________________________
                               By:

                               Title:

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