Document:

Exhibit 4.8

EXECUTION COPY

Trust Swap

Class A-2b Notes

CONFIRMATION FOR U.S. DOLLAR
INTEREST RATE SWAP

TRANSACTION UNDER 1992 MASTER AGREEMENT

	
  TO:

  	
   

  	
  CNH Equipment Trust 2007-B

  
	
   

  	
   

  	
  Dorri Wolhar

  
	
   

  	
   

  	
  Financial Services Officer

  
	
   

  	
   

  	
  Corporate Trust/ABS

  
	
   

  	
   

  	
  Wilmington Trust Company, as Trustee

  
	
   

  	
   

  	
  1100 North Market Street

  
	
   

  	
   

  	
  Rodney Square North

  
	
   

  	
   

  	
  Wilmington, Delaware 19890

  
	
   

  	
   

  	
  (302) 636-6194 (direct)

  
	
   

  	
   

  	
  (302) 636-4140 (fax)

  
	
   

  	
   

  	
   

  
	
  FROM:

  	
   

  	
  ABN AMRO BANK N.V.

  
	
   

  	
   

  	
  199 Bishopsgate,

  
	
   

  	
   

  	
  London EC2M 3XW,

  
	
   

  	
   

  	
  United Kingdom

  
	
   

  	
   

  	
  Attention: Fixed Income Derivatives Documentation

  
	
   

  	
   

  	
  Telex: 887366 Answerback: ABNALN G

  
	
   

  	
   

  	
  Fax: 44 20 7857 9428

  
	
   

  	
   

  	
  Telephone: 44 20 7678 3311

  
	
   

  	
   

  	
  Electronic Messaging System Details: Swift ABNA GB
  2L

  
	
   

  	
   

  	
   

  
	
  DATE:

  	
   

  	
  September 12, 2007

  

 

Our Reference Numbers: 7617626

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

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

   
 

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

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

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

	
  Trade Date:

  	
   

  	
  September 12, 2007

  
	
   

  	
   

  	
   

  
	
  Effective Date:

  	
   

  	
  September 20, 2007

  
	
   

  	
   

  	
   

  
	
  Termination Date:

  	
   

  	
  The earliest of (i) June 15, 2010 and (ii) when the
  Notional Amount hereunder has been reduced to zero, subject to adjustment in
  accordance with the Following Business Day Convention and subject to early
  termination in accordance with the terms of the Agreement.

  
	
   

  	
   

  	
   

  
	
  Calculation Periods:

  	
   

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

   

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

  

 

 2
 

 

	
  

  	
   

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

  
	
   

  	
   

  	
   

  
	
  Notional Amount:

  	
   

  	
  For the Initial Calculation Period, the Notional
  Amount shall be equal to USD 80,000,000. For each subsequent Calculation
  Period, the Notional Amount shall be equal to the first Outstanding Amount of
  the Class A-2b Notes on the first day of such Calculation Period. With
  respect to any Payment Date, the Outstanding Amount of the Class A-2b Notes
  will be determined by using the Servicer’s Certificate issued on or about the
  first day of the related Calculation Period (giving effect to any reductions
  of the Outstanding Amount of the Class A-2b Notes reflected in such
  Servicer’s Certificate).

  
	
   

  	
   

  	
   

  
	
  Fixed Amounts:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Fixed Rate Payer:

  	
   

  	
  Party B

  
	
   

  	
   

  	
   

  
	
  Fixed Rate Payer

  	
   

  	
   

  
	
  Payment
  Dates:

  	
   

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

  
	
   

  	
   

  	
   

  
	
  Fixed Rate Payer

  	
   

  	
   

  
	
  Period End Date:

  	
   

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

  
	
   

  	
   

  	
   

  
	
  Fixed Rate:

  	
   

  	
  4.9515% per cent

  
	
   

  	
   

  	
   

  
	
  Fixed Rate

  	
   

  	
   

  
	
  Day Count Fraction:

  	
   

  	
  30/360

  
	
   

  	
   

  	
   

  
	
  Floating Amounts:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Floating Rate Payer:

  	
   

  	
  Party A

  

 

 3
 

 

	
  Floating Rate Payer

  	
   

  	
   

  
	
  Payment
  Dates:

  	
   

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

  
	
   

  	
   

  	
   

  
	
  Floating Rate Option:

  	
   

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

  
	
   

  	
   

  	
   

  
	
  Designated Maturity:

  	
   

  	
  One month

  
	
   

  	
   

  	
   

  
	
  Initial Floating Rate:

  	
   

  	
  5.49625%

  
	
   

  	
   

  	
   

  
	
  Spread:

  	
   

  	
  None

  
	
   

  	
   

  	
   

  
	
  Floating Rate

  	
   

  	
   

  
	
  Day Count Fraction:

  	
   

  	
  Actual/360

  
	
   

  	
   

  	
   

  
	
  Reset Dates:

  	
   

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

  
	
   

  	
   

  	
   

  
	
  Compounding:

  	
   

  	
  Inapplicable

  
	
   

  	
   

  	
   

  
	
  Business Days:

  	
   

  	
  New York

  
	
   

  	
   

  	
   

  
	
  Business Day
  Convention:

  	
   

  	
  Following.

  
	
   

  	
   

  	
   

  
	
  Calculation Agent:

  	
   

  	
  Party A

  
	
   

  	
   

  	
   

  
	
  3.

  	
  Account Details:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Payments to Party A:

  	
   

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

  
	
   

  	
   

  	
   

  	
  CHIPS 007535

  
	
   

  	
   

  	
   

  	
  ABA No. 026009580

  
	
   

  	
   

  	
   

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

  
	
   

  	
   

  	
   

  	
  A/C No. /661001036741

  
	
   

  	
   

  	
   

  	
  Ref. DCM

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Payments to Party B:

  	
   

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

  
	
   

  	
   

  	
   

  	
  ABA #021000018

  
	
   

  	
   

  	
   

  	
  For credit to GLA #211705

  

 

 4
 

 

	
  

  	
   

  	
   

  	
   For final
  credit to #775900

  
	
   

  	
   

  	
   

  	
  Ref: CNH 2007-B Swap Payment

  
	
   

  	
   

  	
   

  	
  Attn: Keith Richardson

  
	
   

  	
   

  	
   

  	
  Tel: (312) 827-8572

  

 

 5
 

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

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

 

	
  ABN AMRO BANK N.V.

  	
   

  	
  Accepted and confirmed as of the date first

  
	
   

  	
   

  	
  written:

  
	
  By:

  	
  /s/ Michaela Tomkins

  	
   

  	
   

  	
   

  
	
  Name: Michaela Tomkins

  	
   

  	
  CNH Equipment Trust 2007-B

  
	
  Title: Authorised Signature

  	
   

  	
   

  
	
   

  	
   

  	
  By: Wilmington Trust Company, not in its

  individual capacity but solely as Trustee

  
	
  By:

  	
  /s/ Stuart Ware-Lane

  	
   

  	
   

  	
   

  
	
  Name: Stuart Ware-Lane

  	
   

  	
   

  
	
  Title: Authorised Signature

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Dorri E. Wolhar

  	
   

  
	
   

  	
   

  	
  Name: Dorri E. Wolhar

  
	
   

  	
   

  	
  Title: Financial Services Officer

  
									

 

 6Exhibit 4.9

EXECUTION COPY

Trust Swap

Class A-3b Notes

CONFIRMATION FOR U.S. DOLLAR
INTEREST RATE SWAP

TRANSACTION UNDER 1992 MASTER AGREEMENT

	
  TO:

  	
  CNH Equipment Trust 2007-B

  
	
   

  	
  Dorri Wolhar

  
	
   

  	
  Financial Services Officer

  
	
   

  	
  Corporate Trust/ABS

  
	
   

  	
  Wilmington Trust Company, as Trustee

  
	
   

  	
  1100 North Market Street

  
	
   

  	
  Rodney Square North

  
	
   

  	
  Wilmington, Delaware 19890

  
	
   

  	
  (302) 636-6194 (direct)

  
	
   

  	
  (302) 636-4140 (fax)

  
	
   

  	
   

  
	
  FROM:

  	
  ABN AMRO BANK N.V.

  
	
   

  	
  199 Bishopsgate,

  
	
   

  	
  London EC2M 3XW,

  
	
   

  	
  United Kingdom

  
	
   

  	
  Attention: Fixed Income Derivatives Documentation

  
	
   

  	
  Telex: 887366 Answerback: ABNALN G

  
	
   

  	
  Fax: 44 20 7857 9428

  
	
   

  	
  Telephone: 44 20 7678 3311

  
	
   

  	
  Electronic Messaging System Details: Swift ABNA GB
  2L

  
	
   

  	
   

  
	
  DATE:

  	
  September 12, 2007

  

 

Our Reference Numbers: 7617629

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

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

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

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

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

	
  Trade Date:

  	
   

  	
  September 12, 2007

  
	
   

  	
   

  	
   

  
	
  Effective Date:

  	
   

  	
  September 20, 2007

  
	
   

  	
   

  	
   

  
	
  Termination Date:

  	
   

  	
  The earliest of (i) October 17, 2011 and (ii) when
  the Notional Amount hereunder has been reduced to zero, subject to adjustment
  in accordance with the Following Business Day Convention and subject to early
  termination in accordance with the terms of the Agreement.

  
	
   

  	
   

  	
   

  
	
  Calculation Periods:

  	
   

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

   

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

  

 

 2
 

 

	
  

  	
   

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

  
	
   

  	
   

  	
   

  
	
  Notional Amount:

  	
   

  	
  For the Initial Calculation Period, the Notional
  Amount shall be equal to USD 99,000,000. For each subsequent Calculation
  Period, the Notional Amount shall be equal to the first Outstanding Amount of
  the Class A-3b Notes on the first day of such Calculation Period. With
  respect to any Payment Date, the Outstanding Amount of the Class A-3b Notes
  will be determined by using the Servicer’s Certificate issued on or about the
  first day of the related Calculation Period (giving effect to any reductions
  of the Outstanding Amount of the Class A-3b Notes reflected in such
  Servicer’s Certificate).

  
	
   

  	
   

  	
   

  
	
  Fixed Amounts:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Fixed Rate Payer:

  	
   

  	
  Party B

  
	
   

  	
   

  	
   

  
	
  Fixed Rate Payer

  	
   

  	
   

  
	
  Payment
  Dates:

  	
   

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

  
	
   

  	
   

  	
   

  
	
  Fixed Rate Payer

  	
   

  	
   

  
	
  Period End Date:

  	
   

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

  
	
   

  	
   

  	
   

  
	
  Fixed Rate:

  	
   

  	
  4.69% per cent

  
	
   

  	
   

  	
   

  
	
  Fixed Rate

  	
   

  	
   

  
	
  Day Count Fraction:

  	
   

  	
  30/360

  
	
   

  	
   

  	
   

  
	
  Floating Amounts:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Floating Rate Payer:

  	
   

  	
  Party A

  

 

 3
 

 

	
  Floating Rate Payer

  	
   

  	
   

  
	
  Payment
  Dates:

  	
   

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

  
	
   

  	
   

  	
   

  
	
  Floating Rate Option:

  	
   

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

  
	
   

  	
   

  	
   

  
	
  Designated Maturity:

  	
   

  	
  One month

  
	
   

  	
   

  	
   

  
	
  Initial Floating Rate:

  	
   

  	
  5.49625%

  
	
   

  	
   

  	
   

  
	
  Spread:

  	
   

  	
  None

  
	
   

  	
   

  	
   

  
	
  Floating Rate

  	
   

  	
   

  
	
  Day Count Fraction:

  	
   

  	
  Actual/360

  
	
   

  	
   

  	
   

  
	
  Reset Dates:

  	
   

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

  
	
   

  	
   

  	
   

  
	
  Compounding:

  	
   

  	
  Inapplicable

  
	
   

  	
   

  	
   

  
	
  Business Days:

  	
   

  	
  New York

  
	
   

  	
   

  	
   

  
	
  Business Day
  Convention:

  	
   

  	
  Following.

  
	
   

  	
   

  	
   

  
	
  Calculation Agent:

  	
   

  	
  Party A

  
	
   

  	
   

  	
   

  
	
  3.

  	
  Account Details:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Payments to Party A:

  	
   

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

  
	
   

  	
   

  	
   

  	
  CHIPS 007535

  
	
   

  	
   

  	
   

  	
  ABA No. 026009580

  
	
   

  	
   

  	
   

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

  
	
   

  	
   

  	
   

  	
  A/C No. /661001036741

  
	
   

  	
   

  	
   

  	
  Ref. DCM

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Payments to Party B:

  	
   

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

  
	
   

  	
   

  	
   

  	
  ABA #021000018

  
	
   

  	
   

  	
   

  	
  For credit to GLA #211705

  

 

 4
 

 

	
  

  	
   

  	
   

  	
  For final credit to #775900

  
	
   

  	
   

  	
   

  	
  Ref: CNH 2007-B Swap Payment

  
	
   

  	
   

  	
   

  	
  Attn: Keith Richardson

  
	
   

  	
   

  	
   

  	
  Tel: (312) 827-8572

  

 

 5
 

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

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

 

	
  ABN AMRO BANK N.V.

  	
   

  	
  Accepted and confirmed as of the date first

  
	
   

  	
   

  	
  written:

  
	
  By:

  	
  /s/ Michaela Tomkins

  	
   

  	
   

  	
   

  
	
  Name: Michaela Tomkins

  	
   

  	
  CNH Equipment Trust 2007-B

  
	
  Title: Authorised Signature

  	
   

  	
   

  
	
   

  	
   

  	
  By: Wilmington Trust Company, not in its

  individual capacity but solely as Trustee

  
	
  By:

  	
  /s/ Stuart Ware-Lane

  	
   

  	
   

  	
   

  
	
  Name: Stuart Ware-Lane

  	
   

  	
   

  
	
  Title: Authorised Signature

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Dorri E. Wolhar

  	
   

  
	
   

  	
   

  	
  Name: Dorri E. Wolhar

  
	
   

  	
   

  	
  Title: Financial Services Officer

  
									

 

 6

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