Document:

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

                         CNH EQUIPMENT TRUST 2001-A

                              TRUST AGREEMENT

                                  between

                        CNH Capital Receivables Inc.

                                    and

                           The Bank of New York,
                                 as Trustee

                          Dated as of May 1, 2001

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

<PAGE>

                             Table of Contents

                                 ARTICLE I
                                Definitions

SECTION 1.1.   Definitions...................................................1
SECTION 1.2.   Other Definitional Provisions...........................,.....1

                                 ARTICLE II
                                Organization

SECTION 2.1.   Name..........................................................2
SECTION 2.2.   Office........................................................2
SECTION 2.3.   Purposes and Powers...........................................2
SECTION 2.4.   Appointment of Trustee........................................3
SECTION 2.5.   Initial Capital Contribution of Trust Estate..................3
SECTION 2.6.   Declaration of Trust..........................................3
SECTION 2.7.   Liability of the Certificateholders...........................4
SECTION 2.8.   Title to Trust Property.......................................4
SECTION 2.9.   Situs of Trust................................................4
SECTION 2.10.  Representations and Warranties of the Depositor...............4
SECTION 2.11.  Federal Income Tax Allocations; Tax Treatment.................5

                                ARTICLE III
                Trust Certificates and Transfer of Interests

SECTION 3.1.   Initial Ownership.............................................7
SECTION 3.2.   The Trust Certificates........................................7
SECTION 3.3.   Authentication of Trust Certificates..........................7
SECTION 3.4.   Registration of Transfer and Exchange of Trust Certificates...8
SECTION 3.5.   Mutilated, Destroyed, Lost or Stolen Trust Certificates.......9
SECTION 3.6.   Persons Deemed Certificateholders............................10
SECTION 3.7.   Access to List of Certificateholders' Names and Addresses....10
SECTION 3.8.   Maintenance of Office or Agency..............................10
SECTION 3.9.   Appointment of Paying Agent..................................11

                                 ARTICLE IV
                             Actions by Trustee

SECTION 4.1.   Prior Notice to Certificateholders with Respect to Certain
               Matters......................................................11
SECTION 4.2.   Action by Certificateholders with Respect to Certain
               Matters......................................................12
SECTION 4.3.   Action by Certificateholders with Respect to Bankruptcy......12
SECTION 4.4.   Restrictions on Certificateholders' Power....................13
SECTION 4.5.   Majority Control.............................................13

                                        i
<PAGE>

                                 ARTICLE V
                 Application of Trust Funds; Certain Duties

SECTION 5.1.   Establishment of Trust Account...............................13
SECTION 5.2.   Applications of Trust Funds..................................14
SECTION 5.3.   Method of Payment............................................14
SECTION 5.4.   No Segregation of Moneys; No Interest........................15
SECTION 5.5.   Accounting and Reports to the Noteholders, Certificateholders,
               the Internal Revenue Service and Others......................15
SECTION 5.6.   Signature on Returns; Tax Matters Partner....................15

                                 ARTICLE VI
                      Authority and Duties of Trustee

SECTION 6.1.   General Authority............................................16
SECTION 6.2.   General Duties...............................................16
SECTION 6.3.   Action upon Instruction......................................16
SECTION 6.4.   No Duties Except as Specified in this Agreement or in
               Instructions.................................................17
SECTION 6.5.   No Action Except Under Specified Documents or Instructions...18
SECTION 6.6.   Restrictions.................................................18

                                ARTICLE VII
                           Concerning the Trustee

SECTION 7.1.   Acceptance of Trusts and Duties..............................18
SECTION 7.2.   Furnishing of Documents......................................20
SECTION 7.3.   Representations and Warranties...............................20
SECTION 7.4.   Reliance; Advice of Counsel..................................21
SECTION 7.5.   Not Acting in Individual Capacity............................21
SECTION 7.6.   Trustee Not Liable for Trust Certificates or Receivables.....22
SECTION 7.7.   Trustee May Not Own Notes....................................22

                                      ii
<PAGE>

                                ARTICLE VIII
                          Compensation of Trustee

SECTION 8.1.   Trustee's Fees and Expenses..................................22
SECTION 8.2.   Indemnification..............................................23
SECTION 8.3.   Payments to the Trustee......................................23

                                 ARTICLE IX
                       Termination of Trust Agreement

SECTION 9.1.  Termination of Trust Agreement................................23

                                 ARTICLE X
                 Successor Trustees and Additional Trustees

SECTION 10.1.  Eligibility Requirements for Trustee.........................25
SECTION 10.2.  Resignation or Removal of Trustee............................25
SECTION 10.3.  Successor Trustee............................................26
SECTION 10.4.  Merger or Consolidation of Trustee...........................27
SECTION 10.5.  Appointment of Co-Trustee or Separate Trustee................27

                                 ARTICLE XI
                               Miscellaneous

SECTION 11.1.  Supplements and Amendments...................................28
SECTION 11.2.  No Legal Title to Trust Estate in Certificateholders.........30
SECTION 11.3.  Limitations on Rights of Others..............................30
SECTION 11.4.  Notices......................................................30
SECTION 11.5.  Severability.................................................31
SECTION 11.6.  Separate Counterparts........................................31
SECTION 11.7.  Successors and Assigns.......................................31
SECTION 11.8.  Covenants of the Depositor...................................31
SECTION 11.9.  No Petition..................................................31
SECTION 11.10. No Recourse..................................................32
SECTION 11.11. Headings.....................................................32
SECTION 11.12. Governing Law................................................32
SECTION 11.13. Administrator................................................32

                                  EXHIBITS

EXHIBIT A      Form of Trust Certificate
EXHIBIT B      Form of Certificate of Trust

                                    iii
<PAGE>

         TRUST AGREEMENT (as amended or supplemented from time to time,
this "Agreement") dated as of May 1, 2001 between CNH Capital Receivables
Inc., a Delaware corporation, as Depositor, and The Bank of New York, a New
York banking corporation, as Trustee.

                                 ARTICLE I
                                Definitions

         SECTION 1.1. Definitions. Capitalized terms used herein and not
otherwise defined herein are defined in Appendix A to the Indenture dated as of
the date hereof between CNH Equipment Trust 2001-A and Bank One, National
Association.

         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.

               (a)  As used in this Agreement and in any certificate or other
         document made or delivered pursuant hereto or thereto, 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 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.

               (b)  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 and Exhibit references contained in this
         Agreement are references to Sections and Exhibits in or to this
         Agreement unless otherwise specified; and the term "including"
         shall mean "including without limitation".

               (c)  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.

<PAGE>

                                 ARTICLE II
                                Organization

         SECTION 2.1. Name. The Trust created hereby shall be known as "CNH
Equipment Trust 2001-A", in which name the Trustee may conduct the business
of the Trust, make and execute contracts and other instruments on behalf of
the Trust and sue and be sued.

         SECTION 2.2. Office. The office of the Trust shall be in care of the
Trustee at the Corporate Trust Office or at such other address in Delaware as
the Trustee may designate by written notice to the Certificateholders and the
 Depositor.

         SECTION 2.3  Purposes and Powers. The purpose of the Trust is, and the
Trust shall have the power and authority to, engage in the following activities:

              (a)  to issue the Notes pursuant to the Indenture and the Trust
         Certificates pursuant to this Agreement and to sell the Notes and the
         Trust Certificates in one or more transactions;

              (b)  with the proceeds of the sale of the Notes and the Trust
         Certificates, to fund the Pre-Funding Account and to purchase the
         Receivables pursuant to the Sale and Servicing Agreement;

              (c)  to assign, grant, transfer, pledge, mortgage and convey the
         Trust Estate pursuant to the Indenture and to hold, manage and
         distribute to the Certificateholders pursuant to the Sale and
         Servicing Agreement any portion of the Trust Estate released from
         the Lien of, and remitted to the Trust pursuant to, the Indenture;

              (d)  to enter into and perform its obligations under the Basic
         Documents to which it is to be a party;

              (e)  to engage in those activities, including entering into
         agreements, that are necessary, suitable or convenient to
         accomplish the foregoing or are incidental thereto or connected
         therewith; and

              (f)  subject to compliance with the Basic Documents, to engage in
         such other activities as may be required in connection with
         conservation of the Trust Estate and the making of distributions
         to the Certificateholders and the Noteholders.

                                     2
<PAGE>

         The Trust shall not engage in any activity other than in connection
with the foregoing or other than as required or authorized by this Agreement or
the Basic Documents.

         SECTION 2.4. Appointment of Trustee. The Depositor hereby appoints the
Trustee as trustee of the Trust effective as of the date hereof, to have all
the rights, powers and duties set forth herein. Pursuant to a Co-Trustee
Agreement dated as of the date hereof (the "Co-Trustee Agreement"), the
Depositor shall appoint The Bank of New York (Delaware) to serve as the trustee
(the "Delaware Trustee") of the Trust in the State of Delaware for the sole
purpose of satisfying the requirement of Section 3807 of the Trust Statute that
the Trust have at least one trustee with a principal place of business in
Delaware. The Delaware Trustee shall have none of the rights, duties or
liabilities of the Trustee. The rights, duties and liabilities of the Delaware
Trustee shall be limited to those expressly set forth in the Co-Trustee
Agreement. To the extent that, at law or in equity, the Delaware Trustee has
rights, duties (including fiduciary duties) and liabilities relating to the
Trust or the Certificateholders, such rights, duties and liabilities are
replaced by the rights, duties and liabilities of the Delaware Trustee
expressly set forth in the Co-Trustee Agreement.

         SECTION 2.5. Initial Capital Contribution of Trust Estate. The
Depositor hereby contributes to the Trustee, as of the date hereof, the sum of
$1.00. The Trustee hereby acknowledges receipt in trust from the Depositor, as
of the date hereof, of the foregoing contribution, which shall constitute the
initial Trust Estate and shall be deposited in the Certificate Distribution
Account. The Depositor shall pay organizational expenses of the Trust as
they may arise or shall, upon the request of the Trustee, promptly
reimburse the Trustee for any such expenses paid by the Trustee. The
Depositor may also take steps necessary, including the execution and filing
of any necessary filings, to ensure that the Trust is in compliance with
any applicable state securities law.

         SECTION 2.6. Declaration of Trust. The Trustee hereby declares that it
will hold the Trust Estate in trust upon and subject to the conditions set
forth herein for the use and benefit of the Certificateholders, subject to the
obligations of the Trust under the Basic Documents. It is the intention of
the parties hereto that the Trust constitute a business trust under the
Trust Statute and that this Agreement and the Co-Trustee Agreement (as
defined in Section 2.4) constitute the governing instrument of such
business trust. It is the intention of the parties hereto that, solely for
income and franchise tax purposes, until the Certificates are held by more
than one Person, the Trust be disregarded as an entity separate from its
Owner and the Notes be treated as debt of the Depositor. At such time that
the Certificates are held by more than one person, it is the intention of
the parties hereto that, solely for income and franchise tax purposes, the
Trust be treated as a partnership, with the assets of the partnership being
the Receivables and other assets held by the Trust, the partners of the
partnership being the Certificateholders (including the Depositor (or its
successor in interest) in its capacity as recipient of distributions from
the Spread Account), and the Notes being debt of the partnership. The
parties agree that, unless otherwise required by appropriate tax
authorities, until the Certificates are held by more than one Person the
Trust will not file or cause to be filed annual or other necessary returns,
reports and other forms consistent with the characterization of the Trust
as an entity separate from its Owner. Effective as of the date hereof, the
Trustee shall have all rights, powers and duties set forth herein and in
the Trust Statute with respect to accomplishing the purposes of the Trust.

                                     3
<PAGE>

         SECTION 2.7.  Liability of the Certificateholders. No Certificateholder
shall have any personal liability for any liability or obligation of the Trust.

         SECTION 2.8. Title to Trust Property. Subject to the Lien granted in
the Indenture, legal title to all the Trust Estate shall be vested at all times
in the Trust as a separate legal entity except where applicable law in any
jurisdiction requires title to any part of the Trust Estate to be vested in
a trustee or trustees, in which case title shall be deemed to be vested in
the Trustee, a co-trustee and/or a separate trustee, as the case may be.

         SECTION 2.9. Situs of Trust. The Trust will be located and
administered in the State of New York. All bank accounts maintained by the
Trustee on behalf of the Trust shall be located in the State of Delaware or the
State of New York. The Trust shall not have any employees in any state other
than New York; provided, however, that nothing herein shall restrict or prohibit
the Trustee from having employees within or without the State of Delaware.
Payments will be received by the Trust only in Delaware or New York, and
payments will be made by the Trust only from Delaware or New York.

         SECTION 2.10.  Representations and Warranties of the Depositor. The
Depositor hereby represents and warrants to the Trustee that:

              (a)  The Depositor is duly organized and validly existing as a
         corporation in good standing under the laws of the State of
         Delaware, with power and authority to own its properties and to
         conduct its business as such properties are currently owned and
         such business is presently conducted.

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

              (c)  The Depositor has the power and authority to execute and
         deliver this Agreement and to carry out its terms; the Depositor
         has full power and authority to sell and assign the property to be
         sold and assigned to and deposited with the Trust and the
         Depositor has duly authorized such sale and assignment and deposit
         to the Trust by all necessary corporate action; and the execution,
         delivery and performance of this Agreement have been duly
         authorized by the Depositor by all necessary corporate action.

              (d)  The consummation of the transactions contemplated by this
         Agreement and the fulfillment of the terms hereof do not conflict
         with, result in any breach of any of the terms and provisions of,
         or constitute (with or without notice or lapse of time) a default
         under, the certificate of incorporation or by-laws of the
         Depositor, or any indenture, agreement or other instrument to
         which the Depositor 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 pursuant to the Basic Documents);
         or violate any law or, to the best of the Depositor's knowledge,
         any order, rule or regulation applicable to the Depositor of any
         court or of any Federal or State regulatory body, administrative
         agency or other governmental instrumentality having jurisdiction
         over the Depositor or its properties.

              (e) The Depositor has duly executed and delivered this
         Agreement, and this Agreement constitutes a legal, valid and
         binding obligation of the Depositor, enforceable in accordance
         with its terms, except as enforceability may be subject to or
         limited by bankruptcy, insolvency, reorganization or other similar
         laws affecting the enforcement of creditors' rights generally and
         by general principles of equity (regardless of whether such
         enforcement is considered in a proceeding in equity or at law).

                                     4
<PAGE>

         SECTION 2.11. Federal Income Tax Allocations; Tax Treatment. If
Certificates are held by more than one Person, interest payments on the
Certificates at the Pass-Through Rate (including interest on amounts
previously due on the Certificates but not yet distributed) shall be
treated as "guaranteed payments" under Section 707(c) of the Code. Net
income of the Trust for any month as determined for Federal income tax
purposes (and each item of income, gain, loss and deduction entering into
the computation thereof) shall be allocated:

              (1)  among the Certificateholders as of the close of business on
         the last day of such month, in proportion to their ownership of
         principal amount of Trust Certificates on such date, an amount of
         net income up to the sum of: (i) the portion of the market
         discount on the Receivables accrued during such month that is
         allocable to the excess, if any, of the Initial Certificate
         Balance over their initial aggregate issue price, and (ii) any
         other amounts of income payable to the Certificateholders for such
         month; and such sum of amounts specified in clauses (i) and (ii)
         of this sentence shall be reduced by any amortization by the Trust
         of premium on Receivables that corresponds to any excess of the
         issue price of Trust Certificates over their principal amount; and

              (2)  to the Depositor, and other holders of interests in the
         Spread Account, to the extent of any remaining net income, in
         accordance with their respective interests therein.

If the net income of the Trust for any month is insufficient for the
allocations described in clause (1), subsequent net income shall first be
allocated to make up such shortfall before being allocated as provided in
the preceding sentence. Net losses of the Trust, if any, for any month as
determined for Federal income tax purposes (and each item of income, gain,
loss and deduction entering into the computation thereof) shall be
allocated to the Depositor (or other holders of interests in the Spread
Account) to the extent the Depositor (or such holders) are reasonably
expected to bear the economic burden of such net losses, and any remaining
net losses shall be allocated among the remaining Certificateholders as of
the close of business on the last day of such month in proportion to their
ownership of principal amount of Trust Certificates on such day. The
Depositor is authorized to modify the allocations in this paragraph if
necessary or appropriate, in its sole discretion, for the allocations to
fairly reflect the economic income, gain or loss to the Depositor (or other
holders of interests in the Spread Account) or to the Certificateholders,
or as otherwise required by the Code. Notwithstanding anything provided in
this Section 2.11, if the Certificates are held solely by the Depositor,
the application of this Section 2.11 shall be disregarded.

                                     5
<PAGE>

                                ARTICLE III
                Trust Certificates and Transfer of Interests

         SECTION 3.1.  Initial Ownership. Upon the formation of the Trust by
the contribution by the Depositor pursuant to Section 2.5, and until the
issuance of the Trust  Certificates,  the Depositor shall
be the sole beneficiary of the Trust.

         SECTION 3.2. The Trust Certificates. The Trust Certificates shall be
issued in denominations of $1,000 or in greater whole-dollar denominations in
excess thereof. The Trust Certificates shall be executed on behalf of the
Trust by manual or facsimile signature of an authorized officer of the
Trustee. Trust Certificates bearing the manual or facsimile signatures of
individuals who were, at the time when such signatures shall have been
affixed, authorized to sign on behalf of the Trust, shall be, when
authenticated pursuant to Section 3.3, validly issued and entitled to the
benefits of this Agreement, notwithstanding that such individuals or any of
them shall have ceased to be so authorized prior to the authentication and
delivery of such Trust Certificates or did not hold such offices at the
date of authentication and delivery of such Trust Certificates.

         SECTION 3.3. Authentication of Trust Certificates. Concurrently with
the sale of the Receivables to the Trust pursuant to the Sale and Servicing
Agreement, the Trustee shall cause the Trust Certificates in an aggregate
principal amount equal to the Initial Certificate Balance to be executed on
behalf of the Trust, authenticated and delivered to or upon the written
order of the Depositor, signed by its chairman of the board, its president
or any vice president, without further corporate action by the Depositor,
in authorized denominations. No Trust Certificate shall entitle its Holder
to any benefit under this Agreement, or shall be valid for any purpose,
unless there shall appear on such Trust Certificate a certificate of
authentication substantially in the form set forth in Exhibit A, executed
by the Trustee by the manual signature of one of its authorized
signatories; such certificate of authentication shall constitute conclusive
evidence, and the only evidence, that such Trust Certificate shall have
been duly authenticated and delivered hereunder. All Trust Certificates
shall be dated the date of their authentication. No further Trust
Certificates shall be issued except pursuant to Section 3.4 or 3.5
hereunder.

         SECTION 3.4. Registration of Transfer and Exchange of Trust
Certificates. The Trust shall keep or cause to be kept, at the office or agency
maintained pursuant to Section 3.8, a register (the "Certificate Register")
in which, subject to such reasonable regulations as it may prescribe, the
Issuer shall provide for the registration of Trust Certificates and of
transfers and exchanges of Trust Certificates. The Paying Agent shall be
the "Certificate Registrar" for the purpose of registering Trust
Certificates and the transfers of Trust Certificates as herein provided.
Upon any resignation of any Certificate Registrar, the Depositor shall
promptly appoint a successor or, if it elects not to make such an
appointment, assume the duties of the Certificate Registrar.

                                     6
<PAGE>

         Upon surrender for registration of transfer of any Trust
Certificate at the office or agency maintained pursuant to Section 3.8, if
the requirements of Section 8-401(a) of the UCC are met, the Trustee shall
execute, authenticate and deliver, in the name of the designated transferee
or transferees, one or more new Trust Certificates in authorized
denominations of a like aggregate principal amount.

         At the option of a Holder, Trust Certificates may be exchanged for
other Trust Certificates of authorized denominations, of a like aggregate
principal amount, upon surrender of the Trust Certificates to be exchanged
at the office or agency maintained pursuant to Section 3.8. Whenever any
Trust Certificates are so surrendered for exchange, if the requirements of
Section 8-401(a) of the UCC are met, the Trustee shall execute,
authenticate and deliver the Trust Certificates that the Certificateholder
making the exchange is entitled to receive.

         All Trust Certificates issued upon any registration of transfer or
exchange of Trust Certificates shall be entitled to the same benefits under
this Agreement as the Trust Certificates surrendered upon such registration
of transfer or exchange.

         Every Trust Certificate presented or surrendered for registration
of transfer or exchange shall be duly endorsed by, or be accompanied by a
written instrument of transfer in form satisfactory to the Trustee and the
Certificate Registrar duly executed by, the Holder thereof or his attorney
duly authorized in writing. No transfer of a Trust Certificate shall be
registered unless the transferee shall have provided (i) an opinion of
counsel that no registration is required under the Securities Act of 1933,
as amended, or applicable state laws, and (ii) an Officer's Certificate as
to compliance with Section 6.6 of the Sale and Servicing Agreement. Each
Trust Certificate surrendered for registration of transfer or exchange
shall be canceled and subsequently disposed of by the Trustee in accordance
with its customary practice.

         No service charge shall be made to a Certificateholder for any
registration of transfer or exchange of Trust Certificates, but the Trustee
or the Certificate Registrar may require payment of a sum sufficient to
cover any tax or other governmental charge that may be imposed in
connection with any registration of transfer or exchange of Trust
Certificates.

         The Trust Certificates and any beneficial interest in such Trust
Certificates may not be acquired by: (a) an employee benefit plan (as
defined in Section 3(3) of ERISA) that is subject to the provisions of
Title I of ERISA, (b) a plan described in Section 4975(e)(1) of the Code or
(c) any entity whose underlying assets include plan assets by reason of a
plan's investment in the entity (each a "Benefit Plan"). By accepting and
holding a Trust Certificate or an interest therein, the Holder thereof
shall be deemed to have represented and warranted that it is not a Benefit
Plan. The Trustee shall have no obligation to determine whether or not a
Holder of a Trust Certificate is or is not a Benefit Plan.

                                     7
<PAGE>

         SECTION 3.5. Mutilated, Destroyed, Lost or Stolen Trust Certificates.
If: (a) any mutilated Trust Certificate shall be surrendered to the Certificate
Registrar, or if the Certificate Registrar shall receive evidence to its
satisfaction of the destruction, loss or theft of any Trust Certificate
(provided, that the Trustee shall not be required to verify the evidence
provided to it), and (b) there shall be delivered to the Certificate
Registrar and the Trustee such security or indemnity as may be required by
them to hold each of them harmless, then, in the absence of notice that
such Trust Certificate shall have been acquired by a bona fide purchaser,
and provided that the requirements of Section 8-405 of the UCC are met, the
Trustee on behalf of the Trust shall execute, authenticate and deliver, in
exchange for or in lieu of any such mutilated, destroyed, lost or stolen
Trust Certificate, a replacement Trust Certificate of like tenor and
denomination.

         In connection with the issuance of any replacement Trust
Certificate under this Section, the Trustee and the Certificate Registrar
may require the payment by the Certificateholder of a sum sufficient to
cover any tax or other governmental charge that may be imposed in
connection therewith.

         Any replacement Trust Certificate issued pursuant to this Section
in replacement of any mutilated, destroyed, lost or stolen Trust
Certificate shall constitute conclusive evidence of ownership in the Trust,
as if originally issued, whether or not the mutilated, lost, stolen or
destroyed Trust Certificate shall be found at any time, and shall be
entitled to all the benefits of this Agreement.

         SECTION 3.6. Persons Deemed Certificateholders. Prior to due
presentation of a Trust Certificate for registration of transfer of any Trust
Certificate, the Trustee or the Certificate Registrar may treat the Person
in whose name any Trust Certificate shall be registered in the Certificate
Register (as of the day of determination) as the owner of such Trust
Certificate for the purpose of receiving distributions pursuant to Section
5.2 and for all other purposes whatsoever, and neither the Trustee nor the
Certificate Registrar shall be bound by any notice to the contrary.

         SECTION 3.7. Access to List of Certificateholders' Names and Addresses.
The Trustee shall furnish or cause to be furnished to the Servicer and the
Depositor, within 15 days after receipt by the Trustee of a request
therefor from the Servicer or the Depositor in writing, a list, in such
form as the Servicer or the Depositor may reasonably require, of the names
and addresses of the Certificateholders as of the most recent Record Date.
If three or more Certificateholders or one or more Holder(s) of Trust
Certificates evidencing not less than 25% of the Certificate Balance apply
in writing to the Trustee, and such application states that the applicants
desire to communicate with other Certificateholders with respect to their
rights under this Agreement or under the Trust Certificates and such
application shall be accompanied by a copy of the communication that such
applicants propose to transmit, then the Trustee shall, within five
Business Days after the receipt of such application, afford such applicants
access during normal business hours to the current list of
Certificateholders. Each Holder, by receiving and holding a Trust
Certificate, shall be deemed to have agreed not to hold any of the
Depositor, the Certificate Registrar or the Trustee accountable by reason
of the disclosure of its name and address, regardless of the source from
which such information was derived.

                                     8
<PAGE>

         SECTION 3.8. Maintenance of Office or Agency. The Trustee shall
maintain in the Borough of Manhattan, City of New York an office or offices or
agency or agencies where Trust Certificates may be surrendered for registration
of transfer or exchange and where notices and demands to or upon the Trustee
in respect of the Trust Certificates and the Basic Documents may be served.
The Trustee initially designated The Bank of New York, 101 Barclay Street,
Floor 12E, New York, New York 10286, Attention: Corporate Trust
Administration - Asset Backed Finance Unit, as its principal corporate
trust office for such purposes. The Trustee shall give prompt written
notice to the Depositor and to the Certificateholders of any change in the
location of the Certificate Register or any such office or agency.

         SECTION 3.9. Appointment of Paying Agent. The Paying Agent shall make
distributions to Certificateholders from the Certificate Distribution
Account pursuant to Section 5.2 and shall report the amounts of such
distributions to the Trustee. Any Paying Agent shall have the revocable
power to withdraw funds from the Certificate Distribution Account for the
purpose of making the distributions referred to above. The Trustee may
revoke such power and remove the Paying Agent if the Trustee determines in
its sole discretion that the Paying Agent shall have failed to perform its
obligations under this Agreement in any material respect. The Paying Agent
shall initially be the Trustee, and any co-paying agent chosen by and
acceptable to the Trustee. The Paying Agent shall be permitted to resign as
Paying Agent upon 30 days' written notice to the Trustee. In the event that
the Trustee shall not be the Paying Agent, the Trustee shall appoint a
successor to act as Paying Agent (which shall be a bank or trust company).
The Trustee shall cause such successor Paying Agent or any additional
Paying Agent appointed by the Trustee to execute and deliver to the Trustee
an instrument in which such successor Paying Agent or additional Paying
Agent shall agree with the Trustee that as Paying Agent, such successor
Paying Agent or additional Paying Agent will hold all sums, if any, held by
it for payment to the Certificateholders in trust for the benefit of the
Certificateholders entitled thereto until such sums shall be paid to such
Certificateholders. The Paying Agent shall return all unclaimed funds to
the Trustee and upon removal of a Paying Agent such Paying Agent shall also
return all funds in its possession to the Trustee. The provisions of
Sections 7.1, 7.3, 7.4 and 8.1 shall apply to the Trustee also in its role
as Paying Agent, for so long as the Trustee shall act as Paying Agent and,
to the extent applicable, to any other paying agent appointed hereunder.
Any reference in this Agreement to the Paying Agent shall include any
co-paying agent unless the context requires otherwise.

                                ARTICLE IV
                             Actions by Trustee

         SECTION 4.1. Prior Notice to Certificateholders with Respect to Certain
Matters. With respect to the following matters, the Trustee shall not take
action unless, at least 30 days before the taking of such action, the
Trustee shall have notified the Certificateholders in writing of the
proposed action and the Certificateholders shall not have notified the
Trustee in writing prior to the 30th day after such notice is given that
such Certificateholders have withheld consent or shall not have provided
alternative direction:

                                     9
<PAGE>

              (a)  the initiation of any claim or lawsuit by the Trust (except
         claims or lawsuits brought in connection with the collection of
         the Receivables) and the compromise of any action, claim or
         lawsuit brought by or against the Trust (except with respect to
         the aforementioned claims or lawsuits for collection of
         Receivables);

              (b)  the election by the Trust to file an amendment to the
         Certificate of Trust;

              (c)  the amendment of the Indenture in circumstances where the
         consent of any Noteholder is required;

              (d)  the amendment of the Indenture in circumstances where the
         consent of any Noteholder is not required and such amendment
         materially adversely affects the interest of the
         Certificateholders;

              (e)  the amendment, change or modification of the Administration
         Agreement, except to cure any ambiguity or to amend or supplement
         any provision in a manner, or add any provision, that would not
         materially adversely affect the interests of the
         Certificateholders; or

              (f)  the appointment pursuant to the Indenture of a successor Note
         Registrar, Paying Agent or Indenture Trustee, or pursuant to this
         Agreement of a successor Certificate Registrar, or the consent to
         the assignment by the Note Registrar, Paying Agent or Indenture
         Trustee or Certificate Registrar of its obligations under the
         Indenture or this Agreement, as applicable.

         SECTION 4.2. Action by Certificateholders with Respect to Certain
Matters.  The Trustee shall not have the power, except upon the direction of
the Certificateholders, to: (a) remove the Administrator under the
Administration Agreement, (b) appoint a successor Administrator, (c) remove
the Servicer under the Sale and Servicing Agreement or (d) except as
expressly provided in the Basic Documents, sell the Receivables after the
termination of the Indenture. The Trustee shall take the actions referred
to in the preceding sentence only upon written instructions signed by the
Certificateholders.

         SECTION 4.3. Action by Certificateholders with Respect to Bankruptcy.
The Trustee shall not have the power to commence a voluntary proceeding in
bankruptcy relating to the Trust without the unanimous prior approval of
all Certificateholders and the delivery to the Trustee by each such
Certificateholder of a certificate certifying that such Certificateholder
reasonably believes that the Trust is insolvent.

                                    10
<PAGE>

         SECTION 4.4. Restrictions on Certificateholders' Power. The
Certificateholders shall not direct the Trustee to take or refrain from
taking any action if such action or inaction would be contrary to any
obligation of the Trust or the Trustee under this Agreement or any of the
Basic Documents or would be contrary to Section 2.3, nor shall the Trustee
be obligated to follow any such direction, if given.

         SECTION 4.5. Majority Control. Except as expressly provided herein,
any action that may be taken by the Certificateholders under this Agreement may
be taken by the Holders of Trust Certificates evidencing not less than a
majority of the Certificate Balance. Except as expressly provided herein,
any written notice of the Certificateholders delivered pursuant to this
Agreement shall be effective if signed by Holders of Trust Certificates
evidencing not less than a majority of the Certificate Balance at the time
of the delivery of such notice.

                                 ARTICLE V
                 Application of Trust Funds; Certain Duties

         SECTION 5.1. Establishment of Trust Account. The Trustee, for the
benefit of the Certificateholders, shall establish and maintain in the name of
the Trust an Eligible Deposit Account (the "Certificate Distribution Account"),
bearing a designation clearly indicating that the funds deposited therein
are held for the benefit of the Certificateholders.

         The Trust shall possess all right, title and interest in all funds
on deposit from time to time in the Certificate Distribution Account and in
all proceeds thereof. Except as otherwise expressly provided herein, the
Certificate Distribution Account shall be under the sole dominion and
control of the Trustee for the benefit of the Certificateholders. If, at
any time, the Certificate Distribution Account ceases to be an Eligible
Deposit Account, the Trustee (or the Depositor on behalf of the Trustee, if
the Certificate Distribution Account is not then held by the Trustee or an
affiliate thereof) shall, within 10 Business Days (or such longer period,
not to exceed 30 calendar days, as to which the Rating Agency Condition
shall be satisfied), establish a new Certificate Distribution Account as an
Eligible Deposit Account and shall transfer any cash and/or any investments
to such new Certificate Distribution Account.

         SECTION 5.2.  Applications of Trust Funds. (a) On each Payment Date,
the Trustee will distribute to Certificateholders, on a pro rata basis, amounts
deposited in the Certificate Distribution Account pursuant to Sections 5.5, 5.6
and 5.7 of the Sale and Servicing Agreement.

              (b)  On each Payment Date, the Trustee shall send to each
         Certificateholder the statement provided to the Trustee by the
         Servicer pursuant to Section 5.10 of the Sale and Servicing
         Agreement.

                                    11
<PAGE>

              (c)  In the event that any withholding tax is imposed on the
         Trust's payment (or allocations of income) to a Certificateholder,
         such tax shall reduce the amount otherwise distributable to the
         Certificateholder in accordance with this Section. The Trustee is
         hereby authorized and directed to retain from amounts otherwise
         distributable to the Certificateholders sufficient funds for the
         payment of any tax that is legally owed by the Trust (but such
         authorization shall not prevent the Trustee from contesting any
         such tax in appropriate proceedings, and withholding payment of
         such tax, if permitted by law, pending the outcome of such
         proceedings). The amount of any withholding tax imposed with
         respect to a Certificateholder shall be treated as cash
         distributed to such Certificateholder at the time it is withheld
         by the Trust. If there is a possibility that withholding tax is
         payable with respect to a distribution (such as a distribution to
         a non-U.S. Certificateholder), the Trustee may, in its sole
         discretion, withhold such amounts in accordance with this
         paragraph (c). In the event that a Certificateholder wishes to
         apply for a refund of any such withholding tax, the Trustee shall
         reasonably cooperate with such Certificateholder in making such
         claim so long as such Certificateholder agrees to reimburse the
         Trustee for any out-of-pocket expenses incurred.

         SECTION 5.3. Method of Payment. Subject to Section 9.1(c),
distributions required to be made to Certificateholders on any Payment Date
shall be made to each Certificateholder of record on the preceding Record Date
either by wire transfer, in immediately available funds, to the account of such
Holder at a bank or other entity having appropriate facilities therefor, if
such Certificateholder shall have provided to the Certificate Registrar
appropriate written instructions at least five Business Days prior to such
Payment Date and such Holder's Trust Certificates aggregate not less than
$1,000,000, or, if not, by check mailed to such Certificateholder at the
address of such Holder appearing in the Certificate Register.

         SECTION 5.4. No Segregation of Moneys; No Interest. Subject to
Sections 5.1 and 5.2, moneys received by the Trustee hereunder need not be
segregated in any manner except to the extent required by law or the Sale and
Servicing Agreement and may be deposited under such general conditions as may be
prescribed by law, and the Trustee shall not be liable for any interest
thereon.

         SECTION 5.5. Accounting and Reports to the Noteholders,
Certificateholders, the Internal Revenue Service and Others. The Depositor or,
if any Certificates are held by any Person other than the Depositor, the
Trustee, shall: (a) maintain (or cause to be maintained) the books of the Trust
on a calendar year basis on the accrual method of accounting, (b) deliver to
each Certificateholder, as may be required by the Code and applicable
Treasury Regulations, such information as may be required (including
Schedule K-1) to enable each Certificateholder to prepare its Federal,
State and local income tax returns, (c) file such tax returns relating to
the Trust (including a partnership information return on Internal Revenue
Service Form 1065 or its successor), and make such elections as may from
time to time be required or appropriate under any applicable State or
Federal statute or rule or regulation thereunder so as to maintain the
Trust's characterization as a partnership for Federal income tax purposes,
(d) cause such tax returns to be signed in the manner required by law and
(e) collect or cause to be collected any withholding tax as described in
and in accordance with Section 5.2(c) with respect to income or
distributions to Certificateholders. The Trustee shall elect under Section
1278 of the Code to include in income currently any market discount that
accrues with respect to the Receivables and shall elect under Section 171
of the Code to amortize any bond premium with respect to the Receivables.
The Trustee shall not make the election provided under Section 754 of the
Code.

                                    12
<PAGE>

         SECTION 5.6.  Signature on Returns; Tax Matters Partner.

              (a)  The Depositor, or if any Certificates are held by any Person
         other than the Depositor, the Trustee shall sign on behalf of the
         Trust the tax returns of the Trust, unless applicable law requires a
         Certificateholder to sign such documents, in which case such
         documents shall be signed by the Depositor.

              (b)  The Depositor shall be designated the "tax matters partner"
         of the Trust pursuant to Section 6231(a)(7)(A) of the Code and
         applicable Treasury Regulations.

                                ARTICLE VI
                      Authority and Duties of Trustee

         SECTION 6.1. General Authority. The Trustee is authorized and directed
to execute and deliver the Basic Documents to which the Trust is to be a party
and each certificate or other document attached as an exhibit to or
contemplated by the Basic Documents to which the Trust is to be a party, in
each case in such form as the Depositor shall approve as evidenced
conclusively by the Trustee's execution thereof, and, on behalf of the
Trust, to direct the Indenture Trustee to authenticate and deliver the
Notes in the aggregate principal amount specified in a letter of
instruction from the Depositor to the Trustee. In addition to the
foregoing, the Trustee is authorized, but shall not be obligated, to take
all actions required of the Trust pursuant to the Basic Documents. The
Trustee is further authorized from time to time to take such action as the
Administrator recommends with respect to the Basic Documents.

         SECTION 6.2. General Duties. It shall be the duty of the Trustee to
discharge (or cause to be discharged) all of its responsibilities pursuant
to this Agreement and the Basic Documents to which the Trust is a party and
to administer the Trust in the interest of the Certificateholders, subject
to the Basic Documents and in accordance with this Agreement.
Notwithstanding the foregoing, the Trustee shall be deemed to have
discharged its duties and responsibilities hereunder and under the Basic
Documents to the extent the Administrator has agreed in the Administration
Agreement to perform any act or to discharge any duty of the Trustee
hereunder or under any Basic Document, and the Trustee shall not be held
liable for the default or failure of the Administrator to carry out its
obligations under the Administration Agreement.

         SECTION 6.3.  Action  upon  Instruction.  (a) Subject to Article IV
and in accordance with the Basic Documents, the Certificateholders may by
written instruction direct the Trustee in the management of the Trust.  Such
direction may be exercised at any time by written instruction of the
Certificateholders pursuant to Article IV.

              (b)  The Trustee shall not be required to take any action
         hereunder or under any Basic Document if the Trustee shall have
         reasonably determined, or shall have been advised by counsel, that
         such action is likely to result in liability on the part of the
         Trustee or is contrary to the terms hereof or of any Basic Document or
         is otherwise contrary to law.

                                    13
<PAGE>

              (c)  Whenever the Trustee is unable to decide between alternative
         courses of action permitted or required by this Agreement or any
         Basic Document, the Trustee shall promptly give notice (in such
         form as shall be appropriate under the circumstances) to the
         Certificateholders requesting instruction as to the course of
         action to be adopted, and to the extent the Trustee acts in good
         faith in accordance with any written instruction of the
         Certificateholders received, the Trustee shall not be liable on
         account of such action to any Person. If the Trustee shall not
         have received appropriate instruction within 10 days of such
         notice (or within such shorter period of time as reasonably may be
         specified in such notice or may be necessary under the
         circumstances) it may, but shall be under no duty to, take or
         refrain from taking such action, not inconsistent with this
         Agreement or the Basic Documents, as it shall deem to be in the
         best interests of the Certificateholders, and shall have no
         liability to any Person for such action or inaction.

              (d)  In the event that the Trustee is unsure as to the
         application of any provision of this Agreement or any Basic
         Document or any such provision is ambiguous as to its application,
         or is, or appears to be, in conflict with any other applicable
         provision, or in the event that this Agreement permits any
         determination by the Trustee or is silent or is incomplete as to
         the course of action that the Trustee is required to take with
         respect to a particular set of facts, the Trustee may give notice
         (in such form as shall be appropriate under the circumstances) to
         the Certificateholders requesting instruction and, to the extent
         that the Trustee acts or refrains from acting in good faith in
         accordance with any such instruction received, the Trustee shall
         not be liable, on account of such action or inaction, to any
         Person. If the Trustee shall not have received appropriate
         instruction within 10 days of such notice (or within such shorter
         period of time as reasonably may be specified in such notice or
         may be necessary under the circumstances) it may, but shall be
         under no duty to, take or refrain from taking such action, not
         inconsistent with this Agreement or the Basic Documents, as it
         shall deem to be in the best interests of the Certificateholders,
         and shall have no liability to any Person for such action or
         inaction.

               SECTION 6.4. No Duties Except as Specified in this Agreement
or in Instructions. The Trustee shall not have any duty or obligation to manage,
make any payment with respect to, register, record, sell, dispose of or
otherwise deal with the Trust Estate, or to otherwise take or refrain from
taking any action under, or in connection with, any document contemplated
hereby to which the Trustee is a party, except as expressly provided by this
Agreement or in any document or written instruction received by the Trustee
pursuant to Section 6.3; and no implied duties or obligations shall be read
into this Agreement or any Basic Document against the Trustee. The Trustee
shall have no responsibility for filing any financing or continuation statement
in any public office at any time or to otherwise perfect or maintain the
perfection of any security interest or Lien granted to it hereunder or to
prepare or file any Securities and Exchange Commission filing for the Trust
or to record this Agreement or any Basic Document. The Trustee nevertheless
agrees that it will, at its own cost and expense, promptly take all action as
may be necessary to discharge any Liens on any part of the Trust Estate that
result from the negligence or willful misconduct of the Trustee.

                                    14
<PAGE>

         SECTION 6.5. No Action Except Under Specified Documents or
Instructions.  The Trustee shall not manage, control, use, sell, dispose of or
otherwise deal with any part of the Trust Estate except: (i) in accordance with
the powers granted to and the authority conferred upon the Trustee pursuant to
this Agreement, (ii) in accordance with the Basic Documents and (iii) in
accordance with any document or instruction delivered to the Trustee
pursuant to Section 6.3.

SECTION 6.6. Restrictions. The Trustee shall not take any action: (a) that
is inconsistent with the purposes of the Trust set forth in Section 2.3 or
(b) that, to the actual knowledge of the Trustee, would result in the
Trust's becoming taxable as a corporation for Federal income tax purposes.
The Certificateholders shall not direct the Trustee to take action that
would violate this Section.

                                ARTICLE VII
                           Concerning the Trustee

         SECTION 7.1. Acceptance of Trusts and Duties. The Trustee accepts the
trusts hereby created and agrees to perform its duties hereunder with
respect to such trusts but only upon the terms of this Agreement. The
Trustee also agrees to disburse all moneys actually received by it
constituting part of the Trust Estate upon the terms of the Basic Documents
and this Agreement. The Trustee shall not be answerable or accountable
hereunder or under any Basic Document under any circumstances, except: (i)
for its own willful misconduct or negligence or (ii) in the case of the
inaccuracy of any representation or warranty contained in Section 7.3
expressly made by the Trustee. In particular, but not by way of limitation
(and subject to the exceptions set forth in the preceding sentence):

              (a)  the Trustee shall not be liable for any error of judgment
         made in good faith by a responsible officer of the Trustee unless
         it is proved that the Trustee was negligent in ascertaining the
         pertinent facts;

              (b)  the Trustee shall not be liable with respect to any action
         taken or omitted to be taken by it in accordance with the
         instructions of the Administrator, the Servicer or any
         Certificateholder;

              (c)  no provision of this Agreement or any Basic Document shall
         require the Trustee to expend or risk funds or otherwise incur any
         financial liability in the performance of any of its rights or
         powers hereunder or under any Basic Document, if the Trustee shall
         have reasonable grounds for believing that repayment of such funds
         or adequate indemnity against such risk or liability is not
         reasonably assured or provided to it;

                                    15
<PAGE>

              (d)  under no circumstances shall the Trustee be liable for
         indebtedness evidenced by or arising under any of the Basic
         Documents, including the principal of and interest on the Notes;

               (e) the Trustee shall not be responsible for or in respect
         of the validity or sufficiency of this Agreement or for the due
         execution hereof by the Depositor or for the form, character,
         genuineness, sufficiency, value or validity of any of the Trust
         Estate or for or in respect of the validity or sufficiency of the
         Basic Documents, other than the certificate of authentication on
         the Trust Certificates, and the Trustee shall in no event assume
         or incur any liability, duty or obligation to any Noteholder or to
         any Certificateholder, other than as expressly provided for herein
         and in the Basic Documents;

              (f)  the Trustee shall not be liable for the default or
         misconduct of the Administrator, the Depositor, the Indenture
         Trustee or the Servicer under any of the Basic Documents or
         otherwise and the Trustee shall have no obligation or liability to
         perform the obligations of the Trust under this Agreement or the
         Basic Documents that are required to be performed by the
         Administrator under the Administration Agreement, the Indenture
         Trustee under the Indenture or the Servicer under the Sale and
         Servicing Agreement; and

              (g)  the Trustee shall be under no obligation to exercise any of
         the rights or powers vested in it by this Agreement, or to
         institute, conduct or defend any litigation under this Agreement
         or otherwise or in relation to this Agreement or any Basic
         Document, at the request, order or direction of any of the
         Certificateholders unless such Certificateholders have offered to
         the Trustee security or indemnity satisfactory to it against the
         costs, expenses and liabilities that may be incurred by the
         Trustee therein or thereby. The right of the Trustee to perform
         any discretionary act enumerated in this Agreement or in any Basic
         Document shall not be construed as a duty, and the Trustee shall
         not be answerable for other than its negligence or willful
         misconduct in the performance of any such act.

         SECTION 7.2. Furnishing of Documents. The Trustee shall furnish to the
Certificateholders promptly upon receipt of a written request therefor, and
at the expense of the Certificateholders, duplicates or copies of all
reports, notices, requests, demands, certificates, financial statements and
any other instruments furnished to the Trustee under the Basic Documents.

                                    16
<PAGE>

         SECTION 7.3. Representations and Warranties. The Trustee hereby
represents and warrants to the Depositor, for the benefit of the
Certificateholders, that:

              (a)  banking corporation duly organized and validly existing in
         good standing under the laws of New York, with the requisite
         corporate power and authority to execute, deliver and perform its
         obligations under this Agreement,

              (b)  it has taken all corporate action necessary to authorize the
         execution and delivery by it of this Agreement, and this Agreement
         will be executed and delivered by one of its officers who is duly
         authorized to execute and deliver this Agreement on its behalf,

              (c)  the execution and delivery of this Agreement, the
         consummation of the transactions contemplated by this Agreement
         and the fulfillment of the terms hereof do not conflict with,
         result in any breach of any of the terms and provisions of, or
         constitute (with or without notice or lapse of time) a default
         under, the certificate of incorporation or by-laws of the Trustee,
         or to the best of its knowledge without independent investigation
         any indenture, agreement or other instrument to which the Trustee
         is a party or by which it is bound; or violate any Federal or
         state law governing the banking or trust powers of the Trustee;
         or, to the best of the Trustee's knowledge, violate any order,
         rule or regulation applicable to the Trustee of any court or of
         any Federal or state regulatory body, administrative agency or
         other governmental instrumentality having jurisdiction over the
         Trustee or its properties, and

               (d)  this Agreement, assuming due authorization, execution
         and delivery by the Depositor, constitutes a valid, legal and
         binding obligation of the Trustee, enforceable against it in
         accordance with the terms hereof subject to applicable bankruptcy,
         insolvency, reorganization, moratorium and other laws affecting
         the enforcement of creditors' rights generally and to general
         principles of equity, regardless of whether such enforcement is
         considered in a proceeding in equity or at law.

                                    17
<PAGE>

         SECTION 7.4. Reliance; Advice of Counsel. (a) Except to the extent
otherwise provided in Section 7.1, the Trustee shall incur no liability to
anyone in acting upon any signature, instrument, notice, resolution,
request, consent, order, certificate, report, opinion, bond or other
document or paper (whether in its original or facsimile form believed by it
to be genuine and believed by it to be signed by the proper party or
parties. The Trustee may accept a certified copy of a resolution of the
board of directors or other governing body of any party as conclusive
evidence that such resolution has been duly adopted by such body and that
the same is in full force and effect. As to any fact or matter the method
of the determination of which is not specifically prescribed herein, the
Trustee may for all purposes hereof rely on a certificate, signed by the
president, any vice president, the treasurer or other authorized officers
of the relevant party as to such fact or matter, and such certificate shall
constitute full protection to the Trustee for any action taken or omitted
to be taken by it in good faith in reliance thereon.

              (b)  In the exercise or administration of the trusts hereunder
         and in the performance of its duties and obligations under this
         Agreement or the Basic Documents, the Trustee: (i) may act
         directly or through its agents or attorneys pursuant to agreements
         entered into with any of them, and the Trustee shall not be liable
         for the conduct or misconduct of such agents or attorneys if such
         agents or attorneys shall have been selected by the Trustee with
         reasonable care, and (ii) may consult with counsel, accountants
         and other skilled Persons to be selected with reasonable care and
         employed by it. The Trustee shall not be liable for anything done,
         suffered or omitted in good faith by it in accordance with the
         written opinion or advice of any such counsel, accountants or
         other such Persons and which opinion or advice states that such
         action is not contrary to this Agreement or any Basic Document.

         SECTION 7.5. Not Acting in Individual Capacity. Except as provided in
this Article VII, in accepting the trusts hereby created The Bank of New York
acts solely as Trustee hereunder and not in its individual capacity and all
Persons having any claim against the Trustee by reason of the transactions
contemplated by this Agreement or any Basic Document shall look only to the
Trust Estate for payment or satisfaction thereof.

         SECTION 7.6. Trustee Not Liable for Trust Certificates or Receivables.
The recitals contained herein and in the Certificates (other than the signature
and counter-signature of the Trustee on the Trust Certificates) shall be
taken as the statements of the Depositor, and the Trustee assumes no
responsibility for the correctness thereof. The Trustee makes no
representations as to the validity or sufficiency of this Agreement, of any
Basic Document, of the Trust Certificates (other than the signature and
countersignature, if any, of the Trustee on the Trust Certificates) or of
the Notes, or of any Receivable or related documents. The Trustee shall at
no time have any responsibility or liability for or with respect to the
legality, validity and enforceability of any Receivable, or the perfection
and priority of any security interest created by any Receivable in any of
the Financed Equipment or the maintenance of any such perfection and
priority, or for or with respect to the sufficiency of the Trust Estate or
its ability to generate the payments to be distributed to
Certificateholders under this Agreement or the Noteholders under the
Indenture, including: (a) the existence, condition and ownership of any
Financed Equipment, (b) the existence and enforceability of any insurance
thereon, (c) the existence and contents of any Receivable on any computer
or other record thereof, (d) the validity of the assignment of any
Receivable to the Trust or of any intervening assignment, (e) the
completeness of any Receivable, (f) the performance or enforcement of any
Receivable, and (g) the compliance by the Depositor or the Servicer with
any warranty or representation made under any Basic Document or in any
related document or the accuracy of any such warranty or representation or
any action of the Administrator, the Indenture Trustee or the Servicer or
any subservicer taken in the name of the Trustee.

                                    18
<PAGE>

         SECTION 7.7. Trustee May Not Own Notes. The Trustee shall not, in its
individual capacity, but may in a fiduciary capacity, become the owner or
pledgee of Notes or otherwise extend credit to the Issuer. The Trustee may
otherwise deal with the Depositor, the Administrator, the Indenture Trustee
and the Servicer with the same rights as it would have if it were not the
Trustee.

                               ARTICLE VIII
                          Compensation of Trustee

         SECTION 8.1. Trustee's Fees and Expenses. The Trustee shall receive as
compensation for its services hereunder such fees as have been separately
agreed upon before the date hereof between the Depositor and the Trustee,
and the Trustee shall be entitled to be reimbursed by the Depositor for its
other reasonable expenses hereunder, including the reasonable compensation,
expenses and disbursements of such agents, representatives, experts and
counsel as the Trustee may employ in connection with the exercise and
performance of its rights and its duties hereunder.

         SECTION 8.2. Indemnification. The Depositor shall be liable as primary
obligor for, and shall indemnify the Trustee and its successors, assigns,
agents and servants (collectively, the "Indemnified Parties") from and
against, any and all liabilities, obligations, losses, damages, taxes,
claims, actions and suits, and any and all reasonable costs, expenses and
disbursements (including reasonable legal fees and expenses) of any kind
and nature whatsoever (collectively, "Expenses"), which may at any time be
imposed on, incurred by or asserted against the Trustee or any other
Indemnified Party in any way relating to or arising out of this Agreement,
the Basic Documents, the Trust Estate, the administration of the Trust
Estate or the action or inaction of the Trustee hereunder, except only that
the Depositor shall not be liable for or required to indemnify an
Indemnified Party from and against Expenses arising or resulting from: (a)
such Indemnified Party's willful misconduct or negligence or (b) with
respect to the Trustee, the inaccuracy of any representation or warranty
contained in Section 7.3 expressly made by the Trustee. The indemnities
contained in this Section shall survive the resignation or termination of
the Trustee or the termination of this Agreement. In any event of any
claim, action or proceeding for which indemnity will be sought pursuant to
this Section, the Trustee's choice of legal counsel shall be subject to the
approval of the Depositor, which approval shall not be unreasonably
withheld.

         SECTION 8.3. Payments to the Trustee. Any amounts paid to the Trustee
pursuant to this Article VIII shall be deemed not to be a part of the Trust
Estate immediately after such payment. The Trustee shall also be entitled
to interest on all advances at a rate equal to: (a) the rate publicly
announced by The Bank of New York, as its prime rate from time to time plus
(b) 3.5%.

                                    19
<PAGE>

                                ARTICLE IX
                       Termination of Trust Agreement

         SECTION 9.1. Termination of Trust Agreement. (a) The Trust shall
dissolve upon the final distribution by the Trustee of all moneys or other
property or proceeds of the Trust Estate in accordance with the Indenture, the
Sale and Servicing Agreement and Article V. The bankruptcy, liquidation,
dissolution, death or incapacity of any Certificateholder shall not: (x)
operate to dissolve or terminate this Agreement or the Trust, (y) entitle
such Certificateholder's legal representatives or heirs to claim an
accounting or to take any action or proceeding in any court for a partition
or winding up of all or any part of the Trust or Trust Estate or (z)
otherwise affect the rights, obligations and liabilities of the parties
hereto.

              (b)  Except as provided in Section 9.1(a), neither the Depositor
         nor any Certificateholder shall be entitled to dissolve, revoke or
         terminate the Trust.

              (c)  Notice of any dissolution of the Trust, specifying the
         Payment Date upon which the Certificateholders shall surrender
         their Trust Certificates to the Paying Agent for payment of the
         final distribution and cancellation, shall be given promptly by
         the Trustee by letter to Certificateholders mailed within five
         Business Days of receipt of notice of such dissolution from the
         Servicer given pursuant to Section 9.1(c) of the Sale and
         Servicing Agreement stating: (i) the Payment Date upon which final
         payment of the Trust Certificates shall be made upon presentation
         and surrender of the Trust Certificates at the office of the
         Paying Agent therein designated, (ii) the amount of any such final
         payment and (iii) that the Record Date otherwise applicable to
         such Payment Date is not applicable, payments being made only upon
         presentation and surrender of the Trust Certificates at the office
         of the Paying Agent therein specified. The Trustee shall give such
         notice to the Certificate Registrar (if other than the Trustee)
         and the Paying Agent at the time such notice is given to
         Certificateholders. Upon presentation and surrender of the Trust
         Certificates, the Paying Agent shall cause to be distributed to
         Certificateholders amounts distributable on such Payment Date
         pursuant to Section 5.2.

         In the event that all of the Certificateholders shall not surrender
their Trust Certificates for cancellation within six months after the
date specified in the above mentioned written notice, the Trustee shall give a
second written notice to the remaining Certificateholders to surrender their
Trust Certificates for cancellation and to receive the final distribution with
respect thereto. If within one year after the second notice all the Trust
Certificates shall not have been surrendered for cancellation, the Trustee may
take appropriate steps, or may appoint an agent to take appropriate steps, to
contact the remaining Certificateholders concerning surrender of their Trust
Certificates, and the cost thereof shall be paid out of the funds and other
assets that shall remain subject to this Agreement. Any funds remaining in the
Trust after exhaustion of such remedies shall be distributed by the Trustee to
the Depositor.

                                    20
<PAGE>

              (d)  Upon the dissolution of the Trust and the payment of all
         liabilities of the Trust in accordance with applicable law, the
         Trustee shall cause the Certificate of Trust to be canceled by
         filing a certificate of cancellation with the Secretary of State
         in accordance with the provisions of Section 3810 (or successor
         section) of the Trust Statute, at which time the Trust and this
         Agreement (other than Article VIII) shall terminate.

                                 ARTICLE X
                 Successor Trustees and Additional Trustees

         SECTION 10.1. Eligibility Requirements for Trustee. The Trustee shall
at all times: (a) be a corporation satisfying the provisions of Section
26(a)(1) of the Investment Company Act of 1940, as amended, (b) be
authorized to exercise corporate trust powers, (c) have a combined capital
and surplus of at least $50,000,000 and be subject to supervision or
examination by Federal or State authorities, and (d) have (or have a parent
that has) a rating of at least "Baa3" by Moody's. If such corporation shall
publish reports of condition at least annually, pursuant to law or the
requirements of the aforesaid supervising or examining authority, then for
the purpose of this Section, the combined capital and surplus of such
corporation shall be deemed to be its combined capital and surplus as set
forth in its most recent report of condition so published. At all times, at
least one Trustee of the Trust shall satisfy the requirements of Section
3807(a) of the Trust Statute. In case at any time the Trustee shall cease
to be eligible in accordance with this Section, the Trustee shall resign
immediately in the manner and with the effect specified in Section 10.2.

         SECTION 10.2. Resignation or Removal of Trustee. The Trustee may at
any time resign and be discharged from the trusts hereby created by giving
written notice thereof to the Administrator. Upon receiving such notice of
resignation, the Administrator shall promptly appoint a successor Trustee
by written instrument, in duplicate, one copy of which instrument shall be
delivered to the resigning Trustee and one copy to the successor Trustee.
If no successor Trustee shall have been so appointed and have accepted
appointment within 30 days after the giving of such notice of resignation,
the resigning Trustee may petition at the expense of the Administrator any
court of competent jurisdiction for the appointment of a successor Trustee.

         If at any time the Trustee shall cease to be eligible in
accordance with Section 10.1 and shall fail to resign after written request
therefor by the Administrator, or if at any time the Trustee shall be
legally unable to act, or shall be adjudged bankrupt or insolvent, or a
receiver of the Trustee or of its property shall be appointed, or any
public officer shall take charge or control of the Trustee or of its
property or affairs for the purpose of rehabilitation, conservation or
liquidation, then the Administrator may remove the Trustee. If the
Administrator shall remove the Trustee under the authority of the preceding
sentence, the Administrator shall promptly appoint a successor Trustee by
written instrument, in duplicate, one copy of which instrument shall be
delivered to the outgoing Trustee so removed and one copy to the successor
Trustee, and pay all fees owed to the outgoing Trustee.

         Any resignation or removal of the Trustee and appointment of a
successor Trustee pursuant to this Section shall not become effective until
acceptance of appointment by the successor Trustee pursuant to Section 10.3
and payment of all fees and expenses owed to the outgoing Trustee. The
Administrator shall provide notice of such resignation or removal of the
Trustee to each of the Rating Agencies.

                                    21
<PAGE>

         SECTION 10.3. Successor Trustee. Any successor Trustee appointed
pursuant to Section 10.2 shall execute, acknowledge and deliver to the
Administrator and to its predecessor Trustee an instrument accepting such
appointment under this Agreement, and thereupon the resignation or removal of
the predecessor Trustee shall become effective and such successor Trustee,
without any further act, deed or conveyance, shall become fully vested with
all the rights, powers, duties, and obligations of its predecessor under
this Agreement, with like effect as if originally named as the Trustee. The
predecessor Trustee shall upon payment of its fees and expenses deliver to
the successor Trustee all documents and statements and monies held by it
under this Agreement; and the Administrator and the predecessor Trustee
shall execute and deliver such instruments and do such other things as may
reasonably be required for fully and certainly vesting and confirming in
the successor Trustee all such rights, powers, duties and obligations.

         No successor Trustee shall accept appointment as provided in this
Section unless at the time of such acceptance such successor Trustee shall
be eligible pursuant to Section 10.1.

         Upon acceptance of appointment by a successor Trustee pursuant to
this Section, the Administrator shall mail notice of such appointment to
all Certificateholders, the Indenture Trustee, the Noteholders and the
Rating Agencies. If the Administrator shall fail to mail such notice within
10 days after acceptance of appointment by the successor Trustee, the
successor Trustee shall cause such notice to be mailed at the expense of
the Administrator.

         SECTION 10.4. Merger or Consolidation of Trustee. Any corporation or
other entity into which the Trustee may be merged or converted or with which
it may be consolidated, or any corporation resulting from any merger,
conversion or consolidation to which the Trustee shall be a party, or any
corporation succeeding to all or substantially all of the corporate trust
business of the Trustee, shall be the successor of the Trustee hereunder;
provided, such corporation shall be eligible pursuant to Section 10.1,
without the execution or filing of any instrument or any further act on the
part of any of the parties hereto, anything herein to the contrary
notwithstanding; and provided further, that the Trustee shall mail notice
of such merger or consolidation to the Rating Agencies.

                                    22
<PAGE>

         SECTION 10.5. Appointment of Co-Trustee or Separate Trustee.
Notwithstanding any other provisions of this Agreement, at any time, for
the purpose of meeting any legal requirements of any jurisdiction in which
any part of the Trust or any Financed Equipment may at the time be located,
the Administrator and the Trustee acting jointly shall have the power and
may execute and deliver all instruments to appoint one or more Person(s)
approved by the Trustee to act as co-trustee(s), jointly with the Trustee,
or separate trustee(s), of all or any part of the Trust Estate, and to vest
in such Person(s), in such capacity and for the benefit of the
Certificateholders, such title to the Trust Estate, or any part thereof,
and, subject to the other provisions of this Section, such powers, duties,
obligations, rights and trusts as the Administrator and the Trustee may
consider necessary or desirable. If the Administrator shall not have joined
in such appointment within 15 days after the receipt by it of a request so
to do, the Trustee alone shall have the power to make such appointment. No
co-trustee or separate trustee under this Agreement shall be required to
meet the terms of eligibility as a successor trustee pursuant to Section
10.1 and no notice of the appointment of any co-trustee or separate trustee
shall be required pursuant to Section 10.3.

         Each separate trustee and co-trustee shall, to the extent
permitted by law, be appointed and act subject to the following provisions
and conditions:

              (i)  all rights, powers, duties and obligations conferred or
         imposed upon the Trustee shall be conferred or imposed upon and
         exercised or performed by the Trustee and such separate trustee or
         co-trustee jointly (it being understood that such separate trustee
         or co-trustee is not authorized to act separately without the
         Trustee joining in such act), except to the extent that under any
         law of any jurisdiction in which any particular act(s) are to be
         performed, the Trustee shall be incompetent or unqualified to
         perform such act(s), in which event such rights, powers, duties
         and obligations (including the holding of title to the Trust
         Estate or any portion thereof in any such jurisdiction) shall be
         exercised and performed singly by such separate trustee or
         co-trustee, but solely at the direction of the Trustee;

              (ii)  no trustee under this Agreement shall be personally liable
         by reason of any act or omission of
         any other trustee under this Agreement; and

              (iii) the Administrator and the Trustee acting jointly may at any
         time accept the resignation of or remove any separate trustee or
         co-trustee.

                                    23
<PAGE>

         Any notice, request or other writing given to the Trustee shall be
deemed to have been given to each of the then separate trustees and
co-trustees, as effectively as if given to each of them. Every instrument
appointing any separate trustee or co-trustee shall refer to this Agreement
and the conditions of this Article. Each separate trustee and co-trustee,
upon its acceptance of the trusts conferred, shall be vested with the
estates or property specified in its instrument of appointment, either
jointly with the Trustee or separately, as may be provided therein, subject
to all the provisions of this Agreement, specifically including every
provision of this Agreement relating to the conduct of, affecting the
liability of, or affording protection to, the Trustee. Each such instrument
shall be filed with the Trustee and a copy thereof given to the
Administrator.

         Any separate trustee or co-trustee may at any time appoint the
Trustee as its agent or attorney-in-fact with full power and authority, to
the extent not prohibited by law, to do any lawful act under or in respect
of this Agreement on its behalf and in its name. If any separate trustee or
co-trustee shall die, become incapable of acting, resign or be removed, all
of its estates, properties, rights, remedies and trusts shall vest in and
be exercised by the Trustee, to the extent permitted by law, without the
appointment of a new or successor trustee.

         The Trustee shall have no obligation to determine whether a
co-trustee or separate trustee is legally required in any jurisdiction in
which any part of the Trust Estate may be located.

                                ARTICLE XI
                               Miscellaneous

         SECTION 11.1. Supplements and Amendments. This Agreement may be amended
from time to time by a written amendment duly executed and delivered by the
Depositor and the Trustee, with prior written notice to the Rating
Agencies, without the consent of any of the Noteholders or the
Certificateholders, to cure any ambiguity, to correct or supplement any
provisions in this Agreement or for the purpose of adding any provisions to
or changing in any manner or eliminating any of the provisions in this
Agreement or of modifying in any manner the rights of the Noteholders or
the Certificateholders; provided, however, that such action shall not, as
evidenced by an Opinion of Counsel, adversely affect in any material
respect the interests of any Noteholder or Certificateholder.

                                    24
<PAGE>

         This Agreement may also be amended from time to time by the
Depositor and the Trustee, with prior written notice to the Rating
Agencies, with the written consent of (x) Noteholders holding Notes
evidencing not less than a majority of the Note Balance and (y) the Holders
of Certificates evidencing not less than a majority of the Certificate
Balance, for the purpose of adding any provisions to or changing in any
manner or eliminating any of the provisions of this Agreement or of
modifying in any manner the rights of the Noteholders or the
Certificateholders; provided, however, that no such amendment shall: (a)
increase or reduce in any manner the amount of, or accelerate or delay the
timing of, collections of payments on Receivables or distributions that
shall be required to be made for the benefit of the Noteholders or the
Certificateholders or (b) reduce the aforesaid percentage of the
Outstanding Amount and the Certificate Balance required to consent to any
such amendment, without the consent of the holders of all the outstanding
Notes and Certificates.

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

         It shall not be necessary for the consent of Certificateholders,
the Noteholders or the Indenture Trustee 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.
The manner of obtaining such consents (and any other consents of
Certificateholders provided for in this Agreement or in any other Basic
Document) and of evidencing the authorization of the execution thereof by
Certificateholders shall be subject to such reasonable requirements as the
Trustee may prescribe.

         Promptly after the execution of any amendment to the Certificate
of Trust, the Trustee shall cause the filing of such amendment with the
Secretary of State.

         Prior to the execution of any amendment to this Agreement or the
Certificate of Trust, the Trustee shall be entitled to receive and rely
upon an Opinion of Counsel stating that the execution of such amendment is
authorized or permitted by this Agreement and that all conditions precedent
to the execution and delivery of such amendment have been satisfied. The
Trustee may, but shall not be obligated to, enter into any such amendment
that affects the Trustee's own rights, duties or immunities under this
Agreement or otherwise.

                                    25
<PAGE>

         SECTION 11.2. No Legal Title to Trust Estate in Certificateholders.
The Certificateholders shall not have legal title to any part of the Trust
Estate. The Certificateholders shall be entitled to receive distributions
with respect to their undivided ownership interest therein only in
accordance with Articles V and IX. No transfer, by operation of law or
otherwise, of any right, title or interest of the Certificateholders in, to
and under their ownership interest in the Trust Estate shall operate to
terminate this Agreement or the trusts hereunder or entitle any transferee
to an accounting or to the transfer to it of legal title to any part of the
Trust Estate.

         SECTION 11.3. Limitations on Rights of Others. The provisions of this
Agreement are solely for the benefit of the Trustee, the Depositor, the
Certificateholders, the Administrator and, to the extent expressly provided
herein, the Indenture Trustee and the Noteholders, and nothing in this
Agreement, whether express or implied, shall be construed to give to any
other Person any legal or equitable right, remedy or claim in the Trust
Estate or under or in respect of this Agreement or any covenants,
conditions or provisions contained herein.

         SECTION 11.4. Notices. (a) Unless otherwise expressly specified or
permitted by the terms hereof, all notices shall be in writing, personally
delivered or mailed by certified mail, postage prepaid and return receipt
requested, and shall be deemed to have been duly given upon receipt: (i) if
to the Trustee or the Paying Agent, addressed to the Corporate Trust
Office, and (ii) if to the Depositor, addressed to CNH Capital Receivables
Inc., 100 South Saunders Road, Lake Forest, Illinois 60045, Attention:
Corporate Secretary; or, as to each party, at such other address as shall
be designated by such party in a written notice to the other party.

              (b)  Any notice required or permitted to be given to a
         Certificateholder shall be given by first-class mail, postage
         prepaid, at the address of such Holder as shown in the Certificate
         Register. Any notice so mailed within the time prescribed in this
         Agreement shall be conclusively presumed to have been duly given,
         whether or not the Certificateholder receives such notice.

         SECTION 11.5. 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.

                                    26
<PAGE>

         SECTION 11.6. Separate Counterparts. This Agreement may be executed by
the parties hereto in separate counterparts, each of which when so executed and
delivered shall be an original, but all such counterparts shall together
constitute but one and the same instrument.

         SECTION 11.7. Successors and Assigns. All covenants and agreements
contained herein shall be binding upon, and inure to the benefit of, the
Depositor and its successors, the Trustee and its successors and each
Certificateholder and its successors and permitted assigns, all as herein
provided. Any request, notice, direction, consent, waiver or other
instrument or action by an Certificateholder shall bind the successors and
assigns of such Certificateholder.

         SECTION 11.8. Covenants of the Depositor. If: (a) the Certificate
Balance shall be reduced by Realized Losses and (b) any litigation with claims
in excess of $1,000,000 to which the Depositor is a party that shall be
reasonably likely to result in a material judgment against the Depositor
that the Depositor will not be able to satisfy shall be commenced by a
Certificateholder during the period beginning nine months following the
commencement of such litigation and continuing until such litigation is
dismissed or otherwise terminated (and, if such litigation has resulted in
a final judgment against the Depositor, such judgment has been satisfied),
the Depositor shall not pay any dividend to Credit, or make any
distribution on or in respect of its capital stock to Credit, or repay the
principal amount of any indebtedness of the Depositor held by Credit,
unless: (i) after giving effect to such payment, distribution or repayment,
the Depositor's liquid assets shall not be less than the amount of actual
damages claimed in such litigation or (ii) the Rating Agency Condition
shall have been satisfied with respect to any such payment, distribution or
repayment. The Depositor will not at any time institute against the Trust
any bankruptcy proceedings under any United States Federal or State
bankruptcy or similar law in connection with any obligations relating to

                                    27
<PAGE>

the Trust Certificates, the Notes, the Trust Agreement or any of the Basic
Documents.

         SECTION 11.9. No Petition. The Trustee on behalf of the Trust, by
entering into this Agreement, each Certificateholder, by accepting a Trust
Certificate, and the Indenture Trustee and each Noteholder, by accepting
the benefits of this Agreement, hereby covenant and agree that they will
not at any time institute against the Depositor or the Trust, or join in
any institution against the Depositor or the Trust of, any bankruptcy,
reorganization, arrangement, insolvency or liquidation proceedings, or
other proceedings under any Federal or State bankruptcy or similar law in
connection with any obligations relating to the Trust Certificates, the
Notes, this Agreement or any of the Basic Documents.

         SECTION 11.10. No Recourse. Each Certificateholder by accepting a
Trust Certificate acknowledges that such Certificateholder's Trust Certificates
represent beneficial interests in the Trust only and do not represent
interests in or obligations of the Depositor, the Servicer, the
Administrator, the Trustee, the Indenture Trustee or any Affiliate thereof
and no recourse may be had against such parties or their assets, except as
may be expressly set forth or contemplated in this Agreement, the Trust
Certificates or the Basic Documents.

         SECTION 11.11.  Headings. The headings of the various Articles and
Sections herein are for convenience of reference only and shall not define or
limit any of the terms or provisions hereof.

         SECTION 11.12. Governing Law. This Agreement shall be construed in
accordance with the laws of the State of Delaware, without reference to its
conflict of law provisions, and the obligations, rights and remedies of the
parties hereunder shall be determined in accordance with such laws.

         SECTION 11.13. Administrator. The Administrator is authorized to
execute on behalf of the Trust all such documents, reports, filings,
instruments, certificates and opinions as it shall be the duty of the Trust to
prepare, file or deliver pursuant to this Agreement and the Basic Documents.
Upon written request, the Trustee shall execute and deliver to the Administrator
a power of attorney appointing the Administrator its agent and
attorney-in-fact to execute all such documents, reports, filings,
instruments, certificates and opinions.

                                       28
<PAGE>

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

                                    The Bank of New York,
                                            as Trustee

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

                                    CNH Capital Receivables Inc.,
                                            as Depositor

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

                                     S-1
<PAGE>

                                                                  EXHIBIT A
                                                           to Trust Agreement

                         FORM OF TRUST CERTIFICATES

REGISTERED                                                           $_____
NUMBER R-

         THIS CERTIFICATE MAY NOT BE ACQUIRED BY OR FOR THE ACCOUNT OF A
BENEFIT PLAN (AS DEFINED BELOW).

                         CNH EQUIPMENT TRUST 2001-A
                         % ASSET BACKED CERTIFICATE

evidencing a fractional undivided interest in the Trust, as defined below,
the property of which includes a pool of retail installment sale contracts
secured by new and used agricultural and construction equipment and sold to
the Trust by CNH Capital Receivables Inc.

(This Trust Certificate does not represent an interest in or obligation of
CNH Capital Receivables Inc., Case Credit Corporation, New Holland Credit
Company, LLC, CNH Global N.V. or Case Corporation, or any of their
respective affiliates, except to the extent described below.)

THIS CERTIFIES THAT CNH CAPITAL RECEIVABLES INC. is the registered owner of
a DOLLAR ($ ) nonassessable, fully-paid, fractional undivided interest in
the CNH Equipment Trust 2001-A (the "Trust") formed by CNH Capital
Receivables Inc., a Delaware corporation (the "Depositor").

         The Trust was created pursuant to a Trust Agreement dated as of
May 1, 2001 (the "Trust Agreement") between the Depositor and The Bank of
New York, as trustee (the "Trustee"). To the extent not otherwise defined
herein, the capitalized terms used herein have the meanings assigned to
them in the Trust Agreement or the Sale and Servicing Agreement (the "Sale
and Servicing Agreement") dated as of May 1, 2001 among the Trust, the
Depositor and Case Credit Corporation, as servicer (the "Servicer"), as

________________________
1  Denominations of $1,000 and in greater whole-dollar denominations in excess
thereof.

                                   A-1
<PAGE>

applicable. This Trust Certificate is one of the duly authorized
Certificates designated as " % Asset Backed Certificates" (herein called
the "Trust Certificates") issued under and subject to the terms, provisions
and conditions of the Trust Agreement, to which Trust Agreement the holder
of this Trust Certificate by virtue of the acceptance hereof assents and by
which holder is bound.

         Issued under the Indenture dated as of May 1, 2001 between the
Trust and Bank One, National Association, as Indenture Trustee, are notes
designated as " % Class A-1 Asset Backed Notes," "Floating Rate Class A-2
Asset Backed Notes," "Floating Rate Class A-3 Asset Backed Notes," " %
Class A-4 Asset Backed Notes" and " % Class B Asset Backed Notes". Each
Holder of this Trust Certificate acknowledges and agrees that its rights to
receive distributions in respect of this Trust Certificate are subordinated
to the rights of the Noteholders as described in the Sale and Servicing
Agreement and the Indenture.

         It is the intent of the Depositor, Servicer and the
Certificateholders that, for purposes of Federal income, State and local
income and franchise and any other income taxes measured in whole or in
part by income, until the Trust Certificates are held by other than the
Depositor, the Trust be disregarded as an entity separate from its owner.
At such time that the Trust Certificates are held by more than one person,
it is the intent of the Depositor, Servicer and the Certificateholders
that, for purposes of Federal income, State and local income and franchise
and any other income taxes measured in whole or in part by income, the
Trust be treated as a partnership, the assets of which are the assets held
by the Trust, and the Certificateholders (including the Depositor (and its
transferees and assigns) in its capacity as recipient of distributions from
the Spread Account) will be treated as partners in that partnership. The
Depositor and the other Certificateholders, by acceptance of a Trust
Certificate, agree to treat, and to take no action inconsistent with the
treatment of, the Trust Certificates as such for tax purposes.

         Each Certificateholder, by its acceptance of a Trust Certificate,
covenants and agrees that such Certificateholder will not at any time
institute against the Depositor or the Trust, or join in any institution
against the Depositor or the Trust of, any bankruptcy, reorganization,
arrangement, insolvency or liquidation proceedings, or other proceedings
under any United States Federal or State bankruptcy or similar law in
connection with any obligations relating to the Trust Certificates, the
Notes, the Trust Agreement or any of the Basic Documents.

         The Trust Certificates do not represent an obligation of, or an
interest in, the Depositor, the Servicer, Case Credit Corporation, New
Holland Credit Company, LLC, Case Corporation, CNH Global N.V., the Trustee
or any affiliates of any of them and no recourse may be had against such
parties or their assets, except as may be expressly set forth or
contemplated herein or in the Trust Agreement or the Basic Documents.

         The Certificates may not be acquired by or for the account of: (i)
an employee benefit plan (as defined in Section 3(3) of ERISA) that is
subject to the provisions of Title 1 of ERISA, (ii) a plan described in
Section 4975(e)(1) of the Internal Revenue Code of 1986, as amended, or
(iii) any entity whose underlying assets include plan assets by reason of a
plan's investment in the entity (a "Benefit Plan"). By accepting and
holding this Certificate, each of the Holder shall be deemed to have
represented and warranted that it is not a Benefit Plan.

         Unless the certificate of authentication hereon shall have been
executed by an authorized officer of the Trustee, by manual signature, this
Trust Certificate shall not entitle the holder hereof to any benefit under
the Trust Agreement or the Sale and Servicing Agreement or be valid for any
purpose.

         This Trust Certificate shall be construed in accordance with the
laws of the State of Delaware, without reference to its conflict of law
provisions, and the obligations, rights and remedies of the parties
hereunder shall be determined in accordance with such laws.

                                      A-2

<PAGE>

         IN WITNESS WHEREOF, the Trustee on behalf of the Trust and not in
its individual capacity has caused this Trust Certificate to be duly
executed.

                                    CNH Equipment Trust 2001-A

                                    By:  The Bank of New York,
                                            not in its individual capacity, but
                                            solely as Trustee

                                    By: _______________________________________
                                        Name:__________________________________
                                        Title:_________________________________

                                      A-4
<PAGE>

                  TRUSTEE'S CERTIFICATE OF AUTHENTICATION

This is one of the Trust Certificates referred to in the within-mentioned
Trust Agreement.

The Bank of New York,
as Trustee

By: _________________________________________________
                      Authorized Officer

Date: May     , 2001

                                      A-5

<PAGE>

                                 ASSIGNMENT

         FOR VALUE RECEIVED the undersigned hereby sells, assigns and transfers
unto

PLEASE INSERT SOCIAL SECURITY
OR OTHER IDENTIFYING NUMBER OF
ASSIGNEE

-------------------------------------------------------------------------------
(Please print or type name and address, including postal zip code, of assignee)

-------------------------------------------------------------------------------
the within Trust Certificate, and all rights thereunder, hereby irrevocably
constituting and appointing

-------------------------------------------------------------------------------
Attorney to transfer said Trust Certificate on the books of the Certificate
Registrar, with full power of substitution in the premises.

Dated:                     ___________________________________________________*
                                                         Signature Guaranteed:

                           ___________________________________________________*

*NOTICE: The signature to this assignment must correspond with the name as
it appears upon the face of the within Trust Certificate in every
particular, without alteration, enlargement or any change whatever. Such
signature must be guaranteed by a member firm of the New York Stock
Exchange or a commercial bank or trust company.

                                   A-6
<PAGE>

                                                                  EXHIBIT B
                                                            to Trust Agreement

                            Certificate of Trust
                                     of
                         CNH Equipment Trust 2001-A

                  This Certificate of Trust of CNH Equipment Trust 2001-A
(the "Trust"), is being duly executed and filed by The Bank of New York, a
New York banking corporation, and The Bank of New York (Delaware), a
Delaware banking corporation, as trustees, to form a business trust under
the Delaware Business Trust Act (12 Del. C. Section 3801, et seq.).

                  (i) Name.  The name of the business trust being formed hereby
is CNH Equipment Trust 2001-A.

                 (ii) Delaware Trustee. The name and business address of the
trustee of the Trust in the State of Delaware are The Bank of New York
(Delaware), White Clay Center, Route 273, Newark, Delaware 19711.

                (iii) Effective Date.  This Certificate of Trust shall be
effective as of its filing.

                                  B-1
<PAGE>

                  IN WITNESS WHEREOF, the undersigned, being the trustees
of the Trust, have executed this Certificate of Trust in accordance with
Section 3811(a)(1) of the Act.

                            The Bank of New York
                            not in its individual capacity, but solely
                            as trustee under a Trust Agreement dated as
                            of May 1, 2001

                            By:________________________________________________
                                Name:__________________________________________
                                Title:_________________________________________

                            The Bank of New York (Delaware),
                            not in its individual capacity, but solely as
                            co-trustee under a Co-Trustee Agreement
                            dated as of May 1, 2001

                            By:________________________________________________
                                Name:__________________________________________
                                Title:_________________________________________

                                    B-2===============================================================================

                         CNH EQUIPMENT TRUST 2001-A

                        SALE AND SERVICING AGREEMENT

                                   among

                        CNH EQUIPMENT TRUST 2001-A,
                                 as Issuer,

                                    and

                       CNH CAPITAL RECEIVABLES INC.,
                                 as Seller,

                                    and

                          CASE CREDIT CORPORATION,
                                as Servicer.

                          Dated as of May 1, 2001

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

<PAGE>

                             TABLE OF CONTENTS

                                                                            Page

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

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

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

ARTICLE II      CONVEYANCE OF RECEIVABLES......................................2

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

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

ARTICLE III     THE RECEIVABLES................................................7

     SECTION 3.1.    Representations and Warranties of Seller..................7

     SECTION 3.2.    Repurchase upon Breach....................................8

     SECTION 3.3.    Custody of Receivable Files...............................9

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

     SECTION 3.5.    Instructions; Authority To Act...........................10

     SECTION 3.6.    Custodian's Indemnification..............................10

     SECTION 3.7.    Effective Period and Termination.........................11

ARTICLE IV      Administration and Servicing of Receivables...................11

     SECTION 4.1.    Duties of Servicer.......................................11

     SECTION 4.2.    Collection and Allocation of Receivable Payments.........12

     SECTION 4.3.    Realization upon Receivables.............................13

     SECTION 4.4.    Maintenance of Security Interests in Financed Equipment..13

     SECTION 4.5.    Covenants of Servicer....................................13

     SECTION 4.6.    Purchase of Receivables upon Breach......................13

     SECTION 4.7.    Servicing Fee............................................14

     SECTION 4.8.    Servicer's Certificate...................................14

     SECTION 4.9.    Annual Statement as to Compliance; Notice of Default.....14

     SECTION 4.10.   Annual Independent Certified Public Accountants' Report..15

     SECTION 4.11.   Access to Certain Documentation and Information Regarding
                     Receivables..............................................15

<PAGE>

     SECTION 4.12.   Servicer Expenses........................................15

     SECTION 4.13.   Appointment of Subservicer...............................16

ARTICLE V            Distributions: Spread Account; Statements to
                     Certificateholders and Noteholders.......................16

     SECTION 5.1.    Establishment of Trust Accounts..........................16

     SECTION 5.2.    Collections..............................................19

     SECTION 5.3.    Application of Collections...............................19

     SECTION 5.4.    Additional Deposits......................................19

     SECTION 5.5.    Distributions............................................20

     SECTION 5.6.    Spread Account...........................................21

     SECTION 5.7.    Pre-Funding Account......................................22

     SECTION 5.8.    Negative Carry Account...................................23

     SECTION 5.9.    Principal Supplement Account.............................23

     SECTION 5.10.   Statements to Certificateholders and Noteholders.........24

     SECTION 5.11.   Net Deposits.............................................26

ARTICLE VI           The Seller...............................................26

     SECTION 6.1.    Representations of Seller................................26

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

     SECTION 6.3.    Liability of Seller; Indemnities.........................28

     SECTION 6.4.    Merger or Consolidation of, or Assumption of the
                     Obligations of, Seller...................................29

     SECTION 6.5.    Limitation on Liability of Seller and Others.............30

     SECTION 6.6.    Seller May Own Certificates or Notes.....................30

ARTICLE VII          The Servicer.............................................30

     SECTION 7.1.    Representations of Servicer..............................31

     SECTION 7.2.    Indemnities of Servicer..................................32

     SECTION 7.3.    Merger or Consolidation of, or Assumption of the
                     Obligations of, Servicer.................................34

     SECTION 7.4.    Limitation on Liability of Servicer and Others...........35

     SECTION 7.5.    Case Credit Not to Resign as Servicer....................35

     SECTION 7.6.    Servicer to Act as Administrator.........................36

                                       ii

<PAGE>

ARTICLE VIII         Default..................................................36

     SECTION 8.1.    Servicer Default.........................................36

     SECTION 8.2.    Appointment of Successor Servicer........................37

     SECTION 8.3.    Notification to Noteholders and Certificateholders.......39

     SECTION 8.4.    Waiver of Past Defaults..................................39

ARTICLE IX           Termination..............................................40

     SECTION 9.1.    Optional Purchase of All Receivables.....................40

ARTICLE X            Miscellaneous Provisions.................................41

     SECTION 10.1.   Amendment................................................41

     SECTION 10.2.   Protection of Title to Trust.............................43

     SECTION 10.3.   Notices..................................................45

     SECTION 10.4.   Assignment...............................................46

     SECTION 10.5.   Limitations on Rights of Others..........................46

     SECTION 10.6.   Severability.............................................46

     SECTION 10.7.   Separate Counterparts....................................46

     SECTION 10.8.   Headings.................................................46

     SECTION 10.9.   Governing Law............................................46

     SECTION 10.10.  Assignment to Indenture Trustee..........................46

     SECTION 10.11.  Nonpetition Covenants....................................47

     SECTION 10.12.  Limitation of Liability of Trustee and
                     Indenture Trustee........................................47

     SECTION 10.13.  Conditions Precedent to Other Financing
                     Transactions.............................................48

                                      iii

<PAGE>

                                  EXHIBITS

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

EXHIBIT G     Form of Initial Interest Rate Swap Agreement

                                       iv
<PAGE>

                               TABLE OF CONTENTS

         SALE AND SERVICING AGREEMENT (as amended or otherwise modified,
this "Agreement") dated as of May 1, 2001 among CNH EQUIPMENT TRUST 2001-A,
a Delaware business trust (the "Issuer"), CNH CAPITAL RECEIVABLES INC., a
Delaware corporation (the "Seller"), and CASE CREDIT CORPORATION, a
Delaware corporation (the "Servicer").

                                  RECITALS

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

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

         WHEREAS, Case Credit is willing to service such Contracts.

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

                                    ARTICLE I
                                   Definitions

        SECTION 1.1.    Definitions. Capitalized terms used herein and not
otherwise defined herein are defined in Appendix A to the Indenture, dated
as of the date hereof, between CNH Equipment Trust 2001-A and Bank One,
National Association.

        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,".

<PAGE>

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

                                   ARTICLE II
                            Conveyance of Receivables

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

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

     (b) the security interests in the Financed Equipment granted by Obligors
pursuant to the Initial Receivables and any other interest of the Seller in such
Financed Equipment;

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

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

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

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

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

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

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

The above assignment shall be evidenced by a duly executed written
assignment in substantially the form of Exhibit D (the "Assignment"). The
Purchase Price for the Initial Receivables shall equal $565,086,041.92.

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

                                       2
<PAGE>

                (i) the Subsequent Receivables listed on Schedule A to the
         related Subsequent Transfer Assignment, including all documents
         constituting chattel paper included therewith, and all obligations
         of the Obligors thereunder, including all moneys paid thereunder
         on or after the related Subsequent Cutoff Date;

                (ii) the security interests in the Financed Equipment granted
         by Obligors pursuant to such Subsequent Receivables and any other
         interest of the Seller in such Financed Equipment;

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

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

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

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

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

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

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

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

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

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

                                      3
<PAGE>

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

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

                (vi)  the  Receivables in the Trust,  including the Subsequent
         Receivables to be conveyed to the Trust on such Subsequent  Transfer
         Date,  shall meet the following  criteria:  (A) the weighted average
         original term of the  Receivables in the Trust will not be greater
         than 55.0 months,  and (B) not more than 50% of the aggregate
         Contract  Value of the  Receivables  in the Trust will  represent
         Contracts  for the  financing of  construction  equipment,  (C) not
         more than 5% of the aggregate Contract  Value of the  Receivables  in
         the Trust will  represent  Contracts for the financing of all-terrain
         vehicles,   snowmobiles  or  marine  vessels  collectively,  and  (D)
         none  of  the Receivables  in the Trust  will  represent  Contracts
         originated  through  Case  Credit's  Soris financing program;

                (vii)  the Funding Period shall not have terminated;

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

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

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

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

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

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

                                       4
<PAGE>

                (xiv)  [intentionally omitted]

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

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

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

        (c) The Seller covenants to transfer to the Issuer pursuant to clause
(a) Subsequent Receivables with an aggregate Contract Value equal to
$334,913,958.08 subject only to availability thereof.

                                  ARTICLE III
                                 The Receivables

        SECTION 3.1.  Representations and Warranties of Seller. The Seller
makes the following representations and warranties as to the Receivables on
which the Issuer is deemed to have relied in acquiring the Receivables.
Such representations and warranties speak as of the execution and delivery
of this Agreement and as of the Closing Date, in the case of the Initial
Receivables, and as of the applicable Subsequent Transfer Date, in the case
of the Subsequent Receivables, but shall survive the sale, transfer and
assignment of the Receivables to the Issuer and the pledge thereof to the
Indenture Trustee pursuant to the Indenture.

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

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

                                       5
<PAGE>

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

        SECTION 3.2. Repurchase upon Breach. (a) The Seller, the Servicer or
the Trustee, as the case may be, shall inform the other parties to this
Agreement and the Indenture Trustee promptly, in writing, upon the
discovery of any breach of the Seller's representations and warranties made
pursuant to Section 3.1 or Section 6.1, Case Credit's representations and
warranties made pursuant to Section 3.2(b) of the Case Liquidity
Receivables Purchase Agreement or NH Credit's representations and
warranties made pursuant to Section 3.2(b) of the NH Liquidity Receivables
Purchase Agreement, Case Credit's representations and warranties made
pursuant to Section 3.2(b) of the Case Purchase Agreement or NH Credit's
representations and warranties made pursuant to Section 3.2(b) of the NH
Purchase Agreement. Unless any such breach shall have been cured by the
last day of the second (or, if the Seller elects, the first) Collection
Period after such breach is discovered by the Trustee or in which the
Trustee receives written notice from the Seller or the Servicer of such
breach, the Seller shall be obligated, and, if necessary, the Seller or the
Trustee shall enforce the obligation of Case Credit under the Case
Liquidity Receivables Purchase Agreement, of NH Credit under the NH
Liquidity Receivables Purchase Agreement, of Case Credit under the Case
Purchase Agreement or of NH Credit under the NH Purchase Agreement, as
applicable, to repurchase any Receivable materially and adversely affected
by any such breach as of such last day. As consideration for the repurchase
of the Receivable, the Seller shall remit the Purchase Amount in the manner
specified in Section 5.4; provided, however, that the obligation of the
Seller to repurchase any Receivable arising solely as a result of a breach
of Case Credit's representations and warranties pursuant to Section 3.2(b)
of the Case Liquidity Receivables Purchase Agreement, of NH Credit's
representations and warranties pursuant to Section 3.2(b) of the NH
Liquidity Receivables Purchase Agreement, of Case Credit's representations
and warranties pursuant to Section 3.2(b) of the Case Purchase Agreement or
NH Credit's representations and warranties pursuant to Section 3.2(b) of
the NH Purchase Agreement is subject to the receipt by the Seller of the
Purchase Amount from Case Credit or NH Credit, as applicable. Subject to
the provisions of Section 6.3, the sole remedy of the Issuer, the Trustee,
the Indenture Trustee, the Noteholders or the Certificateholders with
respect to a breach of the representations and warranties pursuant to
Section 3.1 and the agreement contained in this Section shall be to require
the Seller to repurchase Receivables pursuant to this Section, subject to
the conditions contained herein, and to enforce Case Credit's or NH
Credit's obligation to the Seller to repurchase such Receivables pursuant
to the Case Liquidity Receivables Purchase Agreement, NH Liquidity
Receivables Purchase Agreement, the Case Purchase Agreement or the NH
Purchase Agreement, as applicable.

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

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

                                       6
<PAGE>

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

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

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

        SECTION 3.4.  Duties of Servicer as Custodian.

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

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

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

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

                                       7
<PAGE>

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

                                   ARTICLE IV
                   Administration and Servicing of Receivables

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

         Without limiting the generality of the foregoing, the Servicer is
authorized and empowered to execute and deliver, on behalf of itself, the
Issuer, the Trustee, the Indenture Trustee, the Certificateholders, the
Noteholders or any of them, any and all instruments of satisfaction or
cancellation, or partial or full release or discharge, and all other
comparable instruments, with respect to such Receivables or the Financed
Equipment securing such Receivables. If the Servicer shall commence a legal
proceeding to enforce a Receivable, the Issuer shall thereupon be deemed to
have automatically assigned, solely for the purpose of collection, such
Receivable to the Servicer. If in any enforcement suit or legal proceeding
it shall be held that the Servicer may not enforce a Receivable on the
ground that it shall not be a real party in interest or a holder entitled
to enforce such Receivable, the Trustee shall, at the Servicer's expense
and direction, take steps to enforce such Receivable, including bringing
suit in its name or the name of the Trust, the Indenture Trustee, the
Certificateholders or the Noteholders. The Trustee or the Indenture Trustee
shall, upon the written request of the Servicer, furnish the Servicer with
any powers of attorney and other documents reasonably necessary or
appropriate to enable the Servicer to carry out its servicing and
administrative duties hereunder.

                                       8
<PAGE>

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

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

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

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

                                       9
<PAGE>

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

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

        SECTION 4.8. Servicer's Certificate. On each Determination Date the
Servicer shall deliver to the Trustee, the Indenture Trustee and the
Seller, with a copy to the Rating Agencies, a Servicer's Certificate
containing all information necessary to make the distributions pursuant to
Sections 5.5 and 5.6 and the deposits to the Collection Account pursuant to
Section 5.2 for the Collection Period preceding the date of such Servicer's
Certificate. Receivables to be repurchased by the Seller or purchased by
the Servicer shall be identified by the Servicer by account number with
respect to such Receivable (as specified in the schedule of Receivables
delivered on the Closing Date or attached to the applicable Subsequent
Transfer Assignment).

        SECTION 4.9. Annual Statement as to Compliance; Notice of Default. (a)
The Servicer shall deliver to the Trustee and the Indenture Trustee, on or
before April 30th of each year, an Officers' Certificate, dated as of
December 31 of the preceding year, stating that: (i) a review of the
activities of the Servicer during the preceding 12-month period (or, in the
case of the first such certificate, from the Initial Cutoff Date to
December 31, 2001) and of its performance under this Agreement has been
made under such officers' supervision and (ii) to the best of such
officers' knowledge, based on such review, the Servicer has fulfilled all
its obligations under this Agreement throughout such year or, if there has
been a default in the fulfillment of any such obligation, specifying each
such default known to such officers and the nature and status thereof. The
Indenture Trustee shall send a copy of such Certificate and the report
referred to in Section 4.10 to the Rating Agencies. A copy of such
Certificate and report may be obtained by any Certificateholder or
Noteholder by a request in writing to the Trustee addressed to the
Corporate Trust Office. Upon the written request of the Trustee, the
Indenture Trustee will promptly furnish the Trustee a list of Noteholders
as of the date specified by the Trustee.

                                       10
<PAGE>

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

        SECTION 4.10. Annual Independent Certified Public Accountants' Report.
The Servicer shall cause a firm of independent certified public
accountants, which may also render other services to the Servicer, the
Seller or any other Affiliate of CNH Global, to deliver to the Trustee and
the Indenture Trustee on or before April 30 of each year a report,
addressed to the Board of Directors of the Servicer, the Trustee and the
Indenture Trustee, summarizing the results of certain procedures with
respect to certain documents and records relating to the servicing of the
Receivables during the preceding calendar year (or, in the case of the
first such report, during the period from the Initial Cutoff Date to
December 31, 2001). The procedures to be performed and reported upon by the
independent public accountants shall be those agreed to by the Servicer.

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

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

        SECTION 4.11. Access to Certain Documentation and Information Regarding
Receivables. The Servicer shall provide to the Trustee and the Indenture
Trustee access to the Receivable Files in such cases where the Trustee or
the Indenture Trustee shall be required by applicable statutes or
regulations to review such documentation. Access shall be afforded without
charge, but only upon reasonable request and during the normal business
hours at the respective offices of the Servicer (or, in the case of the NH
Receivables, NH Credit). Nothing in this Section shall affect the
obligation of the Servicer to observe any applicable law prohibiting
disclosure of information regarding the Obligors, and the failure of the
Servicer to provide access to information as a result of such obligation
shall not constitute a breach of this Section.

        SECTION 4.12. Servicer Expenses. The Servicer shall be required to pay
all expenses incurred by it in connection with its activities hereunder,
including fees and disbursements of independent accountants, taxes imposed
on the Servicer and expenses incurred in connection with distributions and
reports to Certificateholders and the Noteholders.

        SECTION 4.13. Appointment of Subservicer. The Servicer may at any time
appoint a subservicer to perform all or any portion of its obligations as
Servicer hereunder; provided, however, that the Rating Agency Condition
shall have been satisfied in connection therewith (other than with respect
to the appointment of NH Credit, as subservicer, with respect to the NH
Receivables); and provided further, that the Servicer shall remain
obligated and be liable to the Issuer, the Trustee, the Indenture Trustee,
the Certificateholders and the Noteholders for the servicing and
administering of the Receivables in accordance with the provisions hereof
without diminution of such obligation and liability by virtue of the
appointment of such subservicer and to the same extent and under the same
terms and conditions as if the Servicer alone were servicing and
administering the Receivables. The fees and expenses of the subservicer
shall be as agreed between the Servicer and its subservicer from time to
time and none of the Issuer, the Trustee, the Indenture Trustee, the
Certificateholders or the Noteholders shall have any responsibility
therefor.

                                       11
<PAGE>

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

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

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

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

                (iv)   The Servicer, for the benefit of the Noteholders and the
         Certificateholders, shall establish and maintain in the name of
         the Indenture Trustee an Eligible Deposit Account (the
         "Pre-Funding Account"), bearing a designation clearly indicating
         that the funds deposited therein are held for the benefit of the
         Noteholders and the Certificateholders.

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

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

  (b) Funds on deposit in the Collection Account, the Note Distribution
Account, the Spread Account, the Pre-Funding Account, the Negative Carry
Account and the Principal Supplement Account, (collectively, the "Trust
Accounts") shall be invested or reinvested by the Indenture Trustee in
Eligible Investments selected by and as directed in writing by the Servicer
(which written direction may be in the form of standing instructions);
provided, however, it is understood and agreed that the Indenture Trustee
shall not be liable for the selection of, or any loss arising from such
investment in, Eligible Investments. All such Eligible Investments shall be
held or controlled by the Indenture Trustee for the benefit of the

                                       12
<PAGE>

Noteholders and the Certificateholders or the Noteholders, as applicable
(and for the purposes of Articles 8 and 9 of the UCC, each Eligible
Investment is intended to constitute a Financial Asset, and each of the
Trust Accounts is intended to constitute a Securities Account); provided,
that on each Transfer Date, all Investment Earnings on funds on deposit
therein shall be deposited into the Collection Account and shall be deemed
to constitute a portion of the Total Distribution Amount. Other than as
permitted by the Rating Agencies, funds on deposit in the Trust Accounts
shall be invested in Eligible Investments that will mature so that such
funds will be available at the close of business on the Transfer Date
preceding the following Payment Date; provided, however, that funds on
deposit in Trust Accounts may be invested in Eligible Investments of the
entity serving as Indenture Trustee payable on demand or that mature so
that such funds will be available on the Payment Date. Funds deposited in a
Trust Account on the Transfer Date that precedes a Payment Date upon the
maturity or liquidation of any Eligible Investments are not required to be
invested overnight.

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

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

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

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

                        (C)  any such Trust Account Property that constitutes
                  an  Uncertificated Security (including any investments in
                  money market mutual funds, but excluding any Federal Book
                  Entry Security) shall be delivered to the Indenture
                  Trustee in accordance with paragraph (ii) of the
                  definition of "Delivery" and shall be maintained, pending
                  maturity or disposition, through continued registration
                  of the Indenture Trustee's (or its custodian or
                  nominee's) ownership of such security; and

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

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

                                   13
<PAGE>

        (d) All Trust Accounts will initially be established at the Indenture
Trustee.

        SECTION 5.1.5. Interest Rate Swap Agreements. (a) The Issuer shall on or
prior to the Closing Date enter into the Interest Rate Swap Agreements with
the Counterparties for the benefit of the Noteholders and
Certificateholders, such that the aggregate notional amount under the
Interest Rate Swap Agreements shall, at any time, be equal to the
Outstanding Amount of the Class A-2 and Class A-3 Notes at such time. Net
Swap Receipts shall be deposited by the Indenture Trustee into the
Collection Account on the day received and shall constitute part of the
Total Distribution Amount. On any Payment Date when there shall be a Net
Swap Payment, the Indenture Trustee shall pay such Net Swap Payment from
the Total Distribution Amount.

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

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

        SECTION 5.2. Collections. The Servicer shall, and shall cause any
subservicer to, remit within two Business Days of receipt thereof to the
Collection Account all payments by or on behalf of the Obligors with
respect to the Receivables, and all Liquidation Proceeds, both as collected
during the Collection Period. Notwithstanding the foregoing, for so long
as: (i) Case Credit remains the Servicer, (ii) no Servicer Default shall
have occurred and be continuing and (iii) prior to ceasing daily
remittances, the Rating Agency Condition shall have been satisfied (and any
conditions or limitations imposed by the Rating Agencies in connection
therewith are complied with), the Servicer shall remit such collections
with respect to the related Collection Period to the Collection Account on
the Transfer Date immediately following the end of such Collection Period.
For purposes of this Article V, the phrase "payments by or on behalf of the
Obligors" shall mean payments made with respect to the Receivables by
Persons other than the Servicer or the Seller.

        SECTION 5.3. Application of Collections.  (a) With respect to each
Receivable, all collections for the Collection Period shall be applied to
the related Scheduled Payment.

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

        SECTION 5.4. Additional Deposits. The Servicer and the Seller shall
deposit or cause to be deposited in the Collection Account the aggregate
Purchase Amount with respect to Purchased Receivables on the Transfer Date
related to the Collection Period on the last day of which the purchase
occurs, and the Servicer shall deposit therein all amounts to be paid under
Section 9.1 on the Transfer Date falling in the Collection Period referred
to in Section 9.1. The Servicer shall deposit the aggregate Purchase Amount
with respect to Purchased Receivables when such obligations are due, unless
the Servicer shall not be required to make daily deposits pursuant to
Section 5.2, in which case such deposits shall be made on the Transfer Date
following the related Collection Period.

        SECTION 5.5. Distributions. (a) On each Determination Date, the
Servicer shall calculate all amounts required to determine the amounts to
be deposited in the Note Distribution Account, the Certificate Distribution
Account and the Spread Account.

                                      14

<PAGE>

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

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

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

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

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

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

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

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

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

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

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

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

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

                                       15
<PAGE>

         It is understood and agreed that, with respect to the amounts to
be distributed pursuant to this Section 5.5(c), the Servicer shall, to the
extent necessary (i) deposit into the Collection Account any amounts
received as payments by or on behalf of any Obligor (and not previously
deposited into the Collection Account) on or prior to the A-1 Note Final
Scheduled Maturity Date, (ii) make each calculation that would otherwise be
made on a Determination Date (with appropriate adjustments) in accordance
with Section 4.8 on the Business Day immediately proceeding the A-1 Note
Final Scheduled Maturity Date, (iii) on the Payment Date immediately
succeeding the A-1 Note Final Scheduled Maturity Date, make any adjustments
to the Class Principal Distributable Amount, the Class Interest Amount and
any other amount to be paid on such Payment Date, and (iv) make any other
calculation, adjustment or correction that may be required as a result of
any payment made on the A-1 Note Final Scheduled Maturity Date.

        SECTION 5.6. Spread  Account.  (a) On the Closing  Date and on each
Subsequent Transfer Date, the Seller shall deposit the applicable Spread
Account Initial Deposit into the Spread Account.

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

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

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

                                     16
<PAGE>
        (e) The Seller may at any time, without consent of the Noteholders,
sell, transfer, convey or assign in any manner its rights to and interests in
distributions from the Spread Account, including interest and other
investment earnings thereon; provided, that the Rating Agency Condition is
satisfied.

        SECTION 5.7. Pre-Funding Account. (a) On the Closing Date, the Trustee
will deposit, on behalf of the Seller, in the Pre-Funding Account
$334,913,958.08 from the net proceeds of the sale of the Notes and the
Certificates. On each Subsequent Transfer Date, the Servicer shall instruct
the Indenture Trustee to withdraw from the Pre-Funding Account an amount
equal to: (i) the aggregate Contract Value of the Subsequent Receivables
transferred to the Issuer on such Subsequent Transfer Date less the amounts
described in clause (ii) and clause (iii) below, and distribute such amount
to or upon the order of the Seller upon satisfaction of the conditions set
forth in Section 2.2(b) with respect to such transfer, (ii) the Spread
Account Initial Deposit for such Subsequent Transfer Date and, on behalf of
the Seller, deposit such amount in the Spread Account and (iii) the
Principal Supplement Account Deposit for such Subsequent Transfer Date,
and, on behalf of the Seller, deposit such amount in the Principal
Supplement Account.

        (b) If: (i) the Pre-Funded Amount has not been reduced to zero on the
Payment Date on which the Funding Period ends (or, if the Funding Period
does not end on a Payment Date, on the first Payment Date following the end
of the Funding Period) or (ii) the Pre-Funded Amount has been reduced to
$100,000 or less on any Determination Date, in either case after giving
effect to any reductions in the Pre-Funded Amount on such date pursuant to
paragraph (a), the Servicer shall instruct the Indenture Trustee to
withdraw from the Pre-Funding Account, in the case of clause (i), on such
Payment Date or, in the case of clause (ii), on the Payment Date
immediately succeeding such Determination Date, the amount remaining at the
time in the Pre-Funding Account (such remaining amount being the "Remaining
Pre-Funded Amount") and deposit such amounts in the Collection Account, for
inclusion in the Total Distribution Amount for that Payment Date.

        SECTION 5.8. Negative Carry Account. On the Closing Date, the Seller
shall deposit the Negative Carry Account Initial Deposit into the Negative
Carry Account. On each Payment Date, the Servicer will instruct the
Indenture Trustee to withdraw from the Negative Carry Account and deposit
into the Collection Account an amount equal to the Negative Carry Amount
for such Collection Period. If the amount on deposit in the Negative Carry
Account on any Payment Date (after giving effect to the withdrawal
therefrom of the Negative Carry Amount for such Payment Date) is greater
than the Required Negative Carry Account Balance, the excess will be
released to the Seller.

        SECTION 5.9. Principal Supplement Account. On each Subsequent Transfer
Date the Servicer shall calculate the amount, if any, of the Principal
Supplement Account Deposit applicable to such Subsequent Transfer Date,
and, if such amount is positive, the Seller shall deposit such amount into
the Principal Supplement Account. In the event that the sum of (x) the
Noteholders' Distributable Amount for a Payment Date, (y) the Net Swap
Payments (including interest on any overdue Net Swap Payments) for a
Payment Date, if any, and (z) the Swap Termination Payments payable by the
Issuer, if any, exceeds the amount deposited into the Note Distribution
Account pursuant to Sections 5.5(b)(ii), (iii), (iv), (v) and (vi) on such
Payment Date and Section 5.6(d) on such Payment Date, the Servicer shall
instruct the Indenture Trustee on such Payment Date to withdraw from the
Principal Supplement Account on such Payment Date an amount equal to such
excess, to the extent of funds available therein, and deposit such amount
into the Note Distribution Account. In the event that the Class Principal
Distributable Amount for any Class of Notes for the applicable final
scheduled maturity date for such Class of Notes exceeds the remainder of
the Total Distribution Amount and the amounts available in the Spread
Account pursuant to Section 5.6(e) for that Payment Date after subtracting
the Class Principal Distributable Amount for each Class of Notes having
priority over such Class of Notes, the Servicer shall instruct the
Indenture Trustee on such Payment Date to withdraw from the Principal

                                       17

<PAGE>

Supplement Account on such Payment Date an amount equal to such excess, to
the extent of funds available therein, and deposit such amount into the
Note Distribution Account. Funds on deposit in the Principal Supplement
Account may be withdrawn and paid to the Seller on any day if each Rating
Agency has confirmed that such action will not result in a withdrawal or
downgrade of its rating of any Class of Notes.

        SECTION 5.10. Statements to Certificateholders and Noteholders. (a) On
each Determination Date the Servicer shall provide to the Indenture Trustee
(with a copy to the Rating Agencies), for the Indenture Trustee to make
available to each Noteholder of record, and to the Trustee, for the Trustee
to forward to each Certificateholder of record, a statement substantially
in the form of Exhibits A and B, respectively, setting forth at least the
following information as to each Class of the Notes and the Certificates to
the extent applicable:

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

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

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

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

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

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

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

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

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

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

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

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

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

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

                                       18
<PAGE>

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

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

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

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

         The Indenture Trustee will make the Statement to Noteholders
available each month to Noteholders and other parties to the Basic
Documents via the Indenture Trustee's internet website, which is presently
located at www.abs.bankone.com. Persons who are unable to use the above
website are entitled to have a paper copy mailed to them via first class
mail by calling the Indenture Trustee at (1-800) 524-9472. The Indenture
Trustee shall have the right to change the way the Statement to Noteholders
is distributed in order to make such distribution more convenient and/or
more accessible to the above parties and to the Noteholders. The Indenture
Trustee shall provide timely and adequate notification to all above parties
and to the Noteholders regarding any such change.

        SECTION 5.11. Net Deposits. As an administrative convenience, unless
the Servicer is required to remit collections daily, the Servicer will be
permitted to make the deposit of collections net of distributions, if any,
to be made to the Servicer with respect to the Collection Period. The
Servicer, however, will account to the Trustee, the Indenture Trustee, the
Noteholders and the Certificateholders as if all deposits, distributions
and transfers were made individually.

                                   ARTICLE VI
                                   The Seller

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

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

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

                                       19
<PAGE>

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

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

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

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

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

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

                                       20
<PAGE>

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

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

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

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

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

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

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

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

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

                                       21
<PAGE>

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

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

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

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

                                       22
<PAGE>

                                  ARTICLE VII
                                  The Servicer

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

         (a) Organization and Good Standing. The Servicer is duly organized
and validly existing as a corporation in good standing under the laws of the
state of its incorporation, with the corporate power and authority to own
its properties and to conduct its business as such properties are currently
owned and such business is presently conducted, and had at all relevant
times, and has, the power, authority and legal right to acquire, own, sell
and service the Receivables and to hold the Receivable Files as custodian.

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

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

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

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

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

                                       23
<PAGE>

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

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

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

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

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

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

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

          (b) The Servicer shall indemnify, defend and hold harmless the Trustee
and the Indenture Trustee (and their respective officers, directors,
employees and agents) from and against all costs, expenses, losses, claims,
damages and liabilities arising out of or incurred in connection with the
acceptance or performance of the trusts and duties herein and, in the case
of the Trustee, in the Trust Agreement contained, and, in the case of the
Indenture Trustee, in the Indenture contained, except to the extent that
such cost, expense, loss, claim, damage or liability:

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

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

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

                                       24
<PAGE>

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

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

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

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

        SECTION 7.3. Merger or Consolidation of, or Assumption of the
Obligations of, Servicer. Any Person: (a) into which the Servicer may be
merged or consolidated, (b) that may result from any merger or
consolidation to which the Servicer shall be a party, or (c) that may
succeed to the properties and assets of the Servicer substantially as a
whole, which Person (in any of the foregoing circumstances) executes an
agreement of assumption to perform every obligation of the Servicer
hereunder (or is deemed by law to have assumed such obligations), shall be
the successor to the Servicer under this Agreement without further act on
the part of any of the parties to this Agreement; provided, however, that:
(i) immediately after giving effect to such transaction, no Servicer
Default, and no event that, after notice or lapse of time, or both, would
become a Servicer Default shall have occurred and be continuing, (ii) the
Servicer shall have delivered to the Trustee and Indenture Trustee an
Officers' Certificate and an Opinion of Counsel each stating that such
consolidation, merger or succession and such agreement of assumption comply
with this Section and that all conditions precedent, if any, provided for
in this Agreement relating to such transaction have been complied with,
(iii) the Rating Agencies shall have received at least ten days' prior
written notice of such transaction and (iv) the Servicer shall have
delivered to the Trustee and the Indenture Trustee an Opinion of Counsel
either: (A) stating that, in the opinion of such counsel, all financing
statements, continuation statements and amendments thereto have been
executed and filed that are necessary fully to preserve and protect the
interest of the Trustee and the Indenture Trustee, respectively, in the
Receivables and reciting the details of such filings, or (B) stating that,
in the opinion of such counsel, no such action shall be necessary to
preserve and protect such interests. Notwithstanding anything herein to the
contrary, the execution of the foregoing agreement of assumption and
compliance with clauses (i), (ii), (iii) and (iv) shall be conditions to
the consummation of the transactions referred to in clauses (a), (b) or
(c).

                                       25
<PAGE>

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

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

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

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

                                  ARTICLE VIII
                                     Default

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

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

                                       26
<PAGE>

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

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

then, and in each and every case, so long as the Servicer Default shall not
have been remedied, either the Indenture Trustee, or the Holders of Notes
evidencing not less than 25% of the Outstanding Amount of the Notes, by
notice then given in writing to the Servicer (and to the Indenture Trustee
and the Trustee if given by the Noteholders), may terminate all the rights
and obligations (other than the obligations set forth in Section 7.2) of
the Servicer under this Agreement. On or after the receipt by the Servicer
of such written notice, all authority and power of the Servicer under this
Agreement, whether with respect to the Notes, the Certificates, the
Receivables or otherwise, shall, without further action, pass to and be
vested in the Indenture Trustee or such successor Servicer as may be
appointed under Section 8.2; and, without limitation, the Indenture Trustee
and the Trustee are hereby authorized and empowered to execute and deliver,
on behalf of the predecessor Servicer, as attorney-in-fact or otherwise,
any and all documents and other instruments, and to do or accomplish all
other acts or things necessary or appropriate to effect the purposes of
such notice of termination, whether to complete the transfer and
endorsement of the Receivables and related documents, or otherwise. The
predecessor Servicer shall cooperate with the successor Servicer, the
Indenture Trustee and the Trustee in effecting the termination of the
responsibilities and rights of the predecessor Servicer under this
Agreement, including the transfer to the successor Servicer for
administration by it of: (i) all cash amounts that shall at the time be
held by the predecessor Servicer for deposit, or shall thereafter be
received by it with respect to a Receivable and (ii) all Receivable Files.
All reasonable costs and expenses (including attorneys' fees) incurred in
connection with such transfer, including the costs of transferring the
Receivable Files to the successor Servicer and amending this Agreement to
reflect its succession as Servicer, shall be paid by the predecessor
Servicer upon presentation of reasonable documentation of such costs and
expenses. Upon receipt of notice of the occurrence of a Servicer Default,
the Trustee shall give notice thereof to the Rating Agencies.

        SECTION 8.2. ppointment of Successor Servicer. (a) Upon the
Servicer's receipt of notice of termination, pursuant to Section 8.1, or
the Servicer's resignation in accordance with this Agreement, the
predecessor Servicer shall continue to perform its functions as Servicer
under this Agreement, in the case of termination, only until the date
specified in such termination notice or, if no such date is specified in a
notice of termination, until receipt of such notice and, in the case of
resignation, until the earlier of: (x) the date 45 days from the delivery
to the Trustee and the Indenture Trustee of written notice of such
resignation (or written confirmation of such notice) in accordance with
this Agreement and (y) the date upon which the predecessor Servicer shall
become unable to act as Servicer, as specified in the notice of resignation
and accompanying Opinion of Counsel. In the event of the Servicer's
termination hereunder, the Issuer shall appoint a successor Servicer
acceptable to the Indenture Trustee, and the successor Servicer shall
accept its appointment by a written assumption in form acceptable to the
Indenture Trustee. In the event that a successor Servicer has not been
appointed at the time when the predecessor Servicer has ceased to act as
Servicer in accordance with this Section, the Indenture Trustee without
further action shall automatically be appointed the successor Servicer and
shall be entitled to the Servicing Fee. Notwithstanding the above, the

                                       27
<PAGE>

Indenture Trustee shall, if it shall be unable so to act, appoint or
petition a court of competent jurisdiction to appoint any established
institution, having a net worth of not less than $50,000,000 and whose
regular business shall include the servicing of receivables, as the
successor to the Servicer under this Agreement.

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

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

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

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

                                   ARTICLE IX
                                   Termination

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

                                       29
<PAGE>

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

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

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

                (iii) third, to the Certificate Distribution Account, any
         portion of the Certificateholders' Interest Distributable Amount not
         otherwise deposited into the Certificate Distribution Account on such
         Payment Date; and

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

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

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

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

                                       30
<PAGE>

                                    ARTICLE X
                            Miscellaneous Provisions

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

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

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

         This Agreement may also be amended from time to time by the
Seller, the Servicer and the Issuer, with the written consent of (a) the
Indenture Trustee, (b) Noteholders holding Notes evidencing not less than a
majority of the Note Balance, and (c) the Holders of Certificates
evidencing not less than a majority of the Certificate Balance, for the
purpose of adding any provisions to or changing in any manner or
eliminating any of the provisions of this Agreement or of modifying in any
manner the rights of the Noteholders or the Certificateholders; provided,
however, that no such amendment shall: (a) increase or reduce in any manner
the amount of, or accelerate or delay the timing of, collections of
payments on Receivables or distributions that shall be required to be made
for the benefit of the Noteholders or the Certificateholders or (b) reduce
the aforesaid percentage of the Notes and the Certificates that are
required to consent to any such amendment, without the consent of the
holders of all the outstanding Notes and Certificates.

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

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

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

                                       31
<PAGE>

        SECTION 10.2. Protection of Title to Trust. (a) The Seller shall
execute and file such financing statements, and cause to be executed and
filed such continuation statements, all in such manner and in such places
as may be required by applicable law fully to preserve, maintain and
protect the right, title and interest of the Issuer and the interests of
the Indenture Trustee in the Receivables, the other property sold hereunder
and in the proceeds thereof. The Seller shall deliver (or cause to be
delivered) to the Trustee and the Indenture Trustee file-stamped copies of,
or filing receipts for, any document filed as provided above as soon as
available following such filing. It is understood and agreed, however, that
no filings will be made to perfect any security interest of the Issuer or
the Indenture Trustee in the Seller's interests in True Lease Equipment.
The Issuer and the Indenture Trustee shall cooperate fully with the Seller
in connection with the obligations set forth above and will execute any and
all documents reasonably required to fulfill the intent of this paragraph.

        (b) Neither the Seller nor the Servicer shall change its name,
identity or corporate structure in any manner that would, could or might make
any financing statement or continuation statement filed in accordance with
paragraph (a) seriously misleading within the applicable provisions of the
UCC, unless it shall have given the Trustee and the Indenture Trustee at
least five days' prior written notice thereof and shall have promptly filed
appropriate amendments to all previously filed financing statements or
continuation statements.

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

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

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

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

                                       32
<PAGE>

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

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

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

                (1) promptly after the execution and delivery of this Agreement
         and of each amendment hereto, an Opinion of Counsel either: (A) stating
         that, in the opinion of such counsel, all financing statements and
         continuation statements have been executed and filed that are necessary
         fully to preserve and protect the interest of the Trustee and the
         Indenture Trustee in the Receivables, and reciting the details of such
         filings or referring to prior Opinions of Counsel in which such details
         are given, or (B) stating that, in the opinion of such counsel, no such
         action shall be necessary to preserve and protect such interest; and

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

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

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

        SECTION 10.3.   Notices. All demands, notices, directions, instructions
and communications upon or to the Seller, the Servicer, the Issuer, the
Trustee, the Indenture Trustee or the Rating Agencies under this Agreement
shall be in writing, personally delivered or mailed by certified mail,
return receipt requested, and shall be deemed to have been duly given upon
receipt: (a) in the case of the Seller, to CNH Capital Receivables Inc.,
100 South Saunders Road, Lake Forest, Illinois 60045, Attention of:
Treasurer (telephone (847) 735-9200 and facsimile (847) 955-4943, (b) in
the case of the Servicer, to Case Credit Corporation, 233 Lake Avenue,
Racine, Wisconsin 53403, Attention: Treasurer (telephone (262) 636-6011 and
facsimile (262) 636-6284), (c) in the case of the Issuer or the Trustee, at

                                       33
<PAGE>

its Corporate Trust Office, (d) in the case of the Indenture Trustee, at
its Corporate Trust Office, (e) in the case of Moody's, to Moody's
Investors Service, Inc., ABS Monitoring Department, 99 Church Street, New
York, New York 10007, and (f) in the case of Standard & Poor's, to Standard
& Poor's Ratings Services, a division of McGraw-Hill Companies, Inc., 55
Water Street, New York, New York 10041, Attention of Asset Backed
Surveillance Department; or, as to each of the foregoing, at such other
address as shall be designated by written notice to the other parties.

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

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

        SECTION 10.6. Severability. Any provision of this Agreement that is
prohibited or unenforceable in any jurisdiction shall, as to such
jurisdiction, be ineffective to the extent of such prohibition or
unenforceability without invalidating the remaining provisions hereof, and
any such prohibition or unenforceability in any jurisdiction shall not
invalidate or render unenforceable such provision in any other
jurisdiction.

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

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

        SECTION 10.9. Governing Law. This Agreement shall be construed in
accordance with the laws of the State of New York, without reference to its
conflict of law provisions, and the obligations, rights and remedies of the
parties hereunder shall be determined in accordance with such laws.

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

                                       34
<PAGE>

        SECTION 10.11. Nonpetition Covenants. (a) Notwithstanding any prior
termination of this Agreement, the Servicer and the Seller shall not, prior
to the date that is one year and one day after the termination of this
Agreement, with respect to the Issuer, acquiesce, petition or otherwise
invoke or cause the Issuer to invoke the process of any court or
governmental authority for the purpose of commencing or sustaining a case
against the Issuer under any Federal or state bankruptcy, insolvency or
similar law or appointing a receiver, liquidator, assignee, trustee,
custodian, sequestrator or other similar official of the Issuer or any
substantial part of its property5, or ordering the winding up or liquidation
of the affairs of the Issuer. The foregoing shall not limit the right of
the Servicer and the Seller to file any claim in or otherwise take any
action with respect to any such insolvency proceeding that was instituted
against the Issuer by any Person other than the Servicer or the Seller.

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

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

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

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

                          (signature page follows)

                                       35
<PAGE>

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

                    CNH EQUIPMENT TRUST 2001-A

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

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

                    CNH CAPITAL RECEIVABLES INC.,
                    as Seller

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

                    CASE CREDIT CORPORATION,
                    as Servicer

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

Acknowledged and Accepted:

Bank One, National Association,
  not in its individual capacity
  but solely as Indenture Trustee

By:   /s/ Keith R. Richardson
   -----------------------------------
   Name:   Keith R. Richardson
   Title:  Vice President

                                      S-1
<PAGE>

                                                                      EXHIBIT A
                                                   Sale and Servicing Agreement

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

                  Payment Date: ______________________

(i)    Amount of principal being paid on Notes:

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

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

       A-3 Notes:    __________   ($_____ per $1,000 original principal amount)

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

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

(ii)   Amount of interest being paid on Notes:

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

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

         A-3 Notes:   _________   ($_____ per $1,000 original principal amount)

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

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

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

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

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

                                      A-1
<PAGE>

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

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

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

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

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

(ix)    Balance of Spread Account: __________

(x)     Pre-funded Amount: __________

(xi)    Balance of Principal Supplement Account:__________

(xii)   Balance of Negative Carry Account: __________

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

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

                                      A-2
<PAGE>

                                                                      EXHIBIT B
                                                to Sale and Servicing Agreement

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

             Payment Date: ______________________

(i)      Amount of principal being paid or distributed:

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

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

        (c)      Total: __________

(ii)    Amount of interest being paid or distributed:

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

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

        (c)      Total: __________

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

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

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

                                      B-1

<PAGE>

                 (8)      A-3 Note Pool Factor: _____
                 (9)      A-4 Note Pool Factor: _____
                (10)      Class B Note Pool Factor: _____

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

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

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

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

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

(ix)     Balance of Spread Account: __________

(x)      Pre-Funded Amount:__________

(xi)     Balance of Negative Carry Account: __________

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

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

                                      B-2

<PAGE>

                                                                      EXHIBIT C
                                                to Sale and Servicing Agreement

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

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

Bank One, National Association
1 Bank One Plaza, Suite IL1-0126
Chicago, Illinois 60670-0126
Attention: Global Corporate Trust Services

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

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

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

                                      C-1

<PAGE>

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

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

(1)          Total Distribution Amount                             $________

(2)          Servicing Fee                                         $________

(3)          Administration Fee                                    $________

(4)          Net Swap Payments                                     $________

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

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

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

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

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

(8)          Class Principal Distributable Amount                  $________

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

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

             o  Aggregate scheduled principal payments on the Receivables
                received during the Collection Period ($____________)
             o  Outstanding principal balance of the Class A Notes and
                Certificates ($________)
             o  Pool Balance ($_________)

                                      C-2
<PAGE>
             o  Amounts on deposit in the Pre-Funding Account ($__________)
             o  Outstanding amount of Class A Notes ($__________)

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

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

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

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

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

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

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

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

                                      C-3

<PAGE>

 (15)        Certificateholders' Interest Distributable Amount     $________

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

(16)            Certificateholders' Monthly Principal Distributable $_______
                Amount

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

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

(18)         Deposit to Note Distribution Account                  $________

             o  Excess, if any, of Total Distribution Amount (1),
                less the Administration Fee (3), less the Servicing Fee
                (2*)
             o  Withdrawal from Spread Account pursuant to Section 5.6(d)
                (see (25) below)
             o  Withdrawal from Spread Account pursuant to
                5.6(e) (see(26) below)
             o  Withdrawal from Principal Supplement
                Accounts pursuant to Section 5.9
            o   But not greater than the
                Noteholders' Distributable Amount (14)

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

             o  Excess, if any, of Total Distribution Amount (1),
                less the Administration Fee (3), less the Servicing Fee
                (2*), less the Noteholders' Distributable Amount (14)
             o  But not greater than Item (23) below

(20)         Deposit to Certificate Distribution Account           $________

             o  Excess, if any, of Total Distribution Amount (1),
                less the Administration Fee(3), less the Servicing Fee
                (2*), less the Noteholders' Distributable Amount (14),
                less the Deposit to Spread Account (19)
             o  But not greater than the Certificateholders' Distributable
                Amount (17)

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

                                      C-4

<PAGE>

                                 SPREAD ACCOUNT
                                 --------------

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

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

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

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

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

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

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

             o  Excess, if any, of the sum of the Noteholders' Distributable
                Amount (14), the Net Swap Payments (4) and the Swap Termination
                Payments payable by the Issuer(5), less the Total Distribution
                Amount (1), less the Administration Fee(3), less the
                Servicing Fee (2*)
             o  But not Greater than the Spread Account Balance (21)

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

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

                                      C-5

<PAGE>

(27)         Final Spread Account Balance (21) + (19) - (24)       $________
             - (25) - (26)

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

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

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

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

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

                                      C-6
<PAGE>

                                                                      EXHIBIT D
                                                to Sale and Servicing Agreement

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

         For value received, in accordance with and subject to the Sale and
Servicing Agreement dated as of May 1, 2001 (the "Sale and Servicing
Agreement") among the undersigned, Case Credit Corporation ("Case Credit")
and CNH Equipment Trust 2001-A (the "Issuer"), the undersigned does hereby
sell, assign, transfer set over and otherwise convey unto the Issuer,
without recourse, all of its right, title and interest in, to and under:
(a) the Initial Receivables, including all documents constituting chattel
paper included therewith, and all obligations of the Obligors thereunder,
including all moneys paid thereunder on or after the Initial Cutoff Date,
(b) the security interests in the Financed Equipment granted by Obligors
pursuant to the Initial Receivables and any other interest of the
undersigned in such Financed Equipment, (c) any proceeds with respect to
the Initial Receivables from claims on insurance policies covering Financed
Equipment or Obligors, (d) the Liquidity Receivables Purchase Agreements
(only with respect to Case Owned Contracts or NH Owned Contracts included
in the Initial Receivables) and the Purchase Agreements, including the
right of the undersigned to cause Case Credit or NH Credit, as the case may
be, to repurchase Receivables from the undersigned under the circumstances
described therein, (e) any proceeds from recourse to Dealers with respect
to the Initial Receivables other than any interest in the Dealers' reserve
accounts maintained with Case Credit or with NH Credit, (f) any Financed
Equipment that shall have secured an Initial Receivable and that shall have
been acquired by or on behalf of the Trust, (g) all funds on deposit from
time to time in the Trust Accounts, including the Spread Account Initial
Deposit, any Principal Supplement Account Deposit, the Negative Carry
Account Initial Deposit and the Pre-Funded Amount, and in all investments
and proceeds thereof (including all income thereon), (h) any True Lease
Equipment that is subject to any Initial Receivable, and (i) the proceeds
of any and all of the foregoing. The foregoing sale does not constitute and
is not intended to result in any assumption by the Issuer of any obligation
of the undersigned to the Obligors, insurers or any other person in
connection with the Initial Receivables, Receivables Files, any insurance
policies or any agreement or instrument relating to any of them.

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

                                      D-1

<PAGE>

         IN WITNESS WHEREOF, the undersigned has caused this Assignment to
be duly executed as of May 1, 2001.

                              CNH CAPITAL RECEIVABLES INC.,

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

                                      D-2

<PAGE>

                                                                      EXHIBIT E
                                                to Sale and Servicing Agreement

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

         For value received, in accordance with and subject to the Sale and
Servicing Agreement dated as of May 1, 2001 (the "Sale and Servicing
Agreement") among CNH Equipment Trust 2001-A, a Delaware business trust
(the "Issuer"), CNH Capital Receivables Inc., a Delaware corporation (the
"Seller"), and Case Credit Corporation, a Delaware corporation ("Case
Credit"), the Seller does hereby sell, transfer, assign, set over and
otherwise convey to the Issuer, without recourse, all of its right, title
and interest in, to and under: (a) the Subsequent Receivables, with an
aggregate Contract Value equal to $________, listed on Schedule A hereto,
including all documents constituting chattel paper included therewith, and
all obligations of the Obligors thereunder including all moneys paid
thereunder on or after the Subsequent Cutoff Date, (b) the security
interests in the Financed Equipment granted by Obligors pursuant to such
Subsequent Receivables and any other interest of the Seller in such
Financed Equipment, (c) any proceeds with respect to such Subsequent
Receivables from claims on insurance policies covering Financed Equipment
or Obligors, (d) the Liquidity Receivables Purchase Agreements (only with
respect to Subsequent Receivables purchased by the Seller pursuant to those
Agreements) and the Purchase Agreements, including the right of the Seller
to cause Case Credit or NH Credit, as the case may be, to repurchase
Subsequent Receivables from the Seller under the circumstances described
therein, (e) any proceeds from recourse to Dealers with respect to such
Subsequent Receivables other than any interest in the Dealers' reserve
accounts maintained with Case Credit or NH Credit, (f) any Financed
Equipment that shall have secured any such Subsequent Receivables and that
shall have been acquired by or on behalf of the Trust, (g) any True Lease
Equipment that is subject to any Subsequent Receivable, and (h) the
proceeds of any and all of the foregoing. The foregoing sale does not
constitute and is not intended to result in any assumption by the Issuer of
any obligation of the Seller to the Obligors, insurers or any other person
in connection with such Subsequent Receivables, Receivable Files, any
insurance policies or any agreement or instrument relating to any of them.

         This Subsequent Transfer Assignment is made pursuant to and upon
the representations, warranties and agreements on the part of the Seller
contained in the Sale and Servicing Agreement (including the Officers'
Certificate of the Seller accompanying this Agreement) and is to be
governed in all respects by the Sale and Servicing Agreement. Capitalized
terms used but not otherwise defined herein shall have the meanings
assigned to them in the Sale and Servicing Agreement.

                                      E-1
<PAGE>

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

                           CNH CAPITAL RECEIVABLES INC.,

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

                                      E-2

<PAGE>

                                                                     SCHEDULE A
                                              to Subsequent Transfer Assignment

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

                                 [Attached]

<PAGE>

                                                                        ANNEX A
                                              to Subsequent Transfer Assignment

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

         We, the undersigned officers of CNH Capital Receivables Inc. (the
"Company"), do hereby certify, pursuant to Section 2.2(b)(xv) of the Sale
and Servicing Agreement dated as of May 1, 2001 among the Company, CNH
Equipment Trust 2001-A and Case Credit Corporation (the "Agreement"), that
(i) all of the conditions precedent to the transfer to the Issuer of the
Subsequent Receivables listed on Schedule A to the Subsequent Transfer
Assignment delivered herewith, and the other property and rights related to
such Subsequent Receivables as described in Section 2.2(a) of the
Agreement, have been satisfied on or prior to the related Subsequent
Transfer Date and (ii) each statement of fact set forth in any officers'
certificate executed by an officer of the Company in connection with an
Opinion of Counsel delivered on the Closing Date with respect to a transfer
of, or a security interest in, the Receivables shall be true and correct as
of the date hereof with respect to the Subsequent Receivables listed on the
aforementioned Schedule A.

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

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

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

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

<PAGE>

                                                                      EXHIBIT F
                                                to Sale and Servicing Agreement

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

                      [Letterhead of Arthur Andersen]

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

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

NH Equipment Trust 2001-A
700 State Street
Racine, Wisconsin 53404

Chase Securities Inc.
270 Park Avenue
New York, New York 10017

Bank One, National Association
1 Bank One Plaza, Suite IL1-0126
Chicago, Illinois 60670-0126

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

Dear Ladies and Gentlemen:

This letter is issued at the request of CNH Capital Receivables Inc. (the
"Seller") with respect to the sale of certain retail receivables (the
"Subsequent Receivables") to the CNH Equipment Trust 2001-A (the "Trust")
pursuant to the Sale and Servicing Agreement dated as of May 1, 2001 (the
"Sale and Servicing Agreement") among the Trust, the Seller and Case Credit
Corporation (the "Servicer"). The sale of the Subsequent Receivables is
described in the prospectus dated May 7, 2001 and the prospectus supplement
dated May 9, 2001 (together, the "Prospectus"), which relates to the
offering by the Trust of 4.035% Class A-1 Asset Backed Notes, Floating Rate
Class A-2 Asset Backed Notes, Floating Rate Class A-3 Asset Backed Notes,
5.38% Class A-4 Asset Backed Notes and 5.73% Class B Asset Backed Notes
(collectively, the "Notes") and the 5.73% Asset Backed Certificates (the
"Certificates"). Capitalized terms used herein and not otherwise defined
have the meaning described in the Prospectus or the Sale and Servicing
Agreement, as applicable. In connection therewith, we performed or have
previously performed certain agreed upon procedures as specified in the
items below:

<PAGE>

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

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

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

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

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

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

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

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

                                       2
<PAGE>

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

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

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

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

Very truly yours,

ARTHUR ANDERSEN LLP

                                       3
<PAGE>

                                                                     SCHEDULE A
                                                         to Accountant's Letter

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

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

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

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

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

                                       4
<PAGE>

                                                                   SCHEDULE B
                                                       to Accountant's Letter

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

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

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

                                                           Weighted
                           Total Aggregate              Average Original
                           Contract Value                    Term
                           --------------              ------------------

Initial Receivables                $_____               _____ months

Subsequent Receivables             $_____               _____ months

Total Receivables                  $_____               _____ months

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

                                       5

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00026-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00026-of-00352.parquet"}]]