Document:

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                         CNH EQUIPMENT TRUST 2001-A

                          CASE PURCHASE AGREEMENT

                                  between

                          CASE CREDIT CORPORATION

                                    and

                        CNH CAPITAL RECEIVABLES INC.

                          Dated as of May 1, 2001

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                             TABLE OF CONTENTS

                                                                          Page

ARTICLE I   Certain Definitions.............................................2

         SECTION 1.1.   Definitions.........................................2

         SECTION 1.2.   Other Definitional Provisions.......................2

ARTICLE II  Conveyance of Case Receivables..................................2

         SECTION 2.1.   Conveyance of Case Purchased Contracts..............2

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

         SECTION 2.3.   Intention of the Parties............................4

         SECTION 2.4.   The Closing.........................................4

         SECTION 2.5.   Payment of the Purchase Price.......................4

ARTICLE III  Representations and Warranties.................................5

         SECTION 3.1.   Representations and Warranties of CNHCR.............5

         SECTION 3.2.   Representations and Warranties of Case Credit.......6

ARTICLE IV  Conditions.....................................................12

         SECTION 4.1.   Conditions to Obligation of CNHCR..................12

         SECTION 4.2.   Conditions to Obligation of Case Credit............14

ARTICLE V  Covenants of Case Credit........................................15

         SECTION 5.1.   Protection of Right, Title and Interest............15

         SECTION 5.2.   Other Liens or Interests...........................15

         SECTION 5.3.   Chief Executive Office.............................16

         SECTION 5.4.   Costs and Expenses.................................16

         SECTION 5.5.   Indemnification....................................16

         SECTION 5.6.   Transfer of Subsequent Case Receivables............16

ARTICLE VI  Miscellaneous Provisions.......................................16

         SECTION 6.1.   Obligations of Case Credit.........................16

         SECTION 6.2.   Repurchase Event...................................16

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         SECTION 6.3.   CNHCR Assignment of Repurchased Receivables........17

         SECTION 6.4.   Trust..............................................17

         SECTION 6.5.   Amendment..........................................17

         SECTION 6.6.   Accountants' Letters...............................18

         SECTION 6.7.   Waiver.............................................18

         SECTION 6.8.   Notices............................................18

         SECTION 6.9.   Costs and Expenses.................................18

         SECTION 6.10.  Representations of Case Credit and CNHCR...........18

         SECTION 6.11.  Confidential Information...........................18

         SECTION 6.12.  Headings and Cross-References......................19

         SECTION 6.13.  Governing Law......................................19

         SECTION 6.14.  Counterparts.......................................19

         SECTION 6.15.  Severability.......................................19

                                  EXHIBITS

EXHIBIT A         Form of Case Assignment
EXHIBIT B         Form of Case Subsequent Transfer Assignment

                                   ii
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         CASE PURCHASE AGREEMENT (as amended or supplemented from time to
time, this "Agreement") dated as of May 1, 2001 between CASE CREDIT
CORPORATION, a Delaware corporation ("Case Credit"), and CNH CAPITAL
RECEIVABLES Inc., a Delaware corporation ("CNHCR").

                                  RECITALS

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

         WHEREAS, in the regular course of its business, Case Credit
purchases from Case Corporation certain Contracts originated by Case
Corporation in the ordinary course of business; and

         WHEREAS, Case Credit and CNHCR wish to set forth the terms
pursuant to which: (1) Contracts having an aggregate Contract Value of
approximately $140,238,443.16 (the "Case Purchased Contracts") as of
Initial Cutoff Date and Case Credit's right, title and interest in any True
Lease Equipment related to such Contracts are to be sold by Case Credit to
CNHCR on the date hereof and (2) certain Subsequent Case Receivables and
Case Credit's right, title and interest in any True Lease Equipment related
to such Subsequent Case Receivables are to be sold by Case Credit to CNHCR
from time to time on each Subsequent Transfer Date; and

         WHEREAS, CNHCR, as of the Initial Cutoff Date, owned Contracts
previously purchased from Case Credit pursuant to an Amended and Restated
Receivables Purchase Agreement dated as of December 15, 2000 (as amended
from time to time, the "Case Liquidity Receivables Purchase Agreement")
between Case Credit and CNHCR, having an aggregate Contract Value of
approximately $250,769,757.41 (the "Case Owned Contracts", and together
with the Case Purchased Contracts, the "Initial Case Receivables"); and

         WHEREAS, the Initial Case Receivables and the Subsequent Case
Receivables (collectively, the "Case Receivables"), the NH Receivables and
any True Lease Equipment related to such Case Receivables or NH Receivables
will be transferred by CNHCR, pursuant to the Sale and Servicing Agreement,
to CNH Equipment Trust 2001-A (the "Trust"), which Trust will issue 5.73%
Asset Backed Certificates representing fractional undivided interests in,
and 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 collateralized by,
the Receivables and the other property of the Trust; and

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

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

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                                ARTICLE I.
                            Certain Definitions

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

         (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 Case Receivables

         SECTION 2.1. Conveyance of Case Purchased Contracts. In consideration
of CNHCR's payment of $140,238,443.16 (the "Initial Case Purchase Price")
in the manner set out in Section 2.5(a), Case Credit does hereby sell,
transfer, assign, set over and otherwise convey to CNHCR, without recourse
(subject to the obligations herein), all of its right, title, interest and,
with respect to any Contracts that are Leases, obligations in, to and under
(collectively, the "Initial Case Assets"):

              (i)  the Case Purchased Contracts, 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;

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

             (iii)  any proceeds with respect to the Case Purchased Contracts
         from claims on insurance policies covering Financed Equipment or
         Obligors;

              (iv)  any proceeds from recourse to Dealers with respect to the
         Case Purchased Contracts other than any interest in the Dealers'
         reserve accounts maintained with Case Credit;

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

              (vi)  any True Lease Equipment that is subject to any Case
         Purchased Contract; and

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

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

              (i)  the Subsequent Case Receivables listed on Schedule A to the
         related Case 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 Case Receivables and any
         other interest of Case Credit in such Financed Equipment;

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

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

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

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

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

         SECTION 2.3. Intention of the Parties. The parties to this Agreement
intend that the transactions contemplated hereby shall be, and shall be treated
as, a purchase by CNHCR and a sale by Case Credit of the Case Purchased
Contracts and the Subsequent Case Receivables and any True Lease Equipment
related to such Case Purchased Contracts or Subsequent Case Receivables, as
the case may be, and not as a lending transaction. The foregoing sale,
assignment, transfer and conveyance does not constitute, and is not
intended to result in a creation or assumption by CNHCR of, any obligation
or liability with respect to any Case Purchased Contract or any Subsequent
Case Receivable, nor shall CNHCR be obligated to perform or otherwise be
responsible for any obligation of Case Credit or any other Person in
connection with the Case Purchased Contracts or the Subsequent Case
Receivables or under any agreement or instrument relating thereto,
including any contract or any other obligation to any Obligor, except that
CNHCR accepts any Contracts that are Leases subject to (and assumes) the
covenants benefitting the Obligors under such Leases.

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

         SECTION 2.4. The Closing. The sale and purchase of the Case Purchased
Contracts shall take place at a closing at the offices of Mayer, Brown &
Platt, 190 South LaSalle Street, Chicago, Illinois 60603 on the Closing
Date, simultaneously with the closings under: (a) the NH Purchase
Agreement, (b) the Sale and Servicing Agreement, (c) the Trust Agreement,
(d) the Administration Agreement and (e) the Indenture.

         SECTION 2.5.  Payment of the Purchase Price.

         (a) Case Purchased Contracts. The Initial Case Purchase Price is
payable as follows: (i) $118,381,127.94 in cash on the Closing Date, (ii)
$21,857,315.22 in cash, which comprises a portion of the subordinated note
dated May 22, 2001, payable by CNHCR to Case Credit in an amount of
$20,250,000.00 and (iii) the remainder, if any, shall be deemed to have
been paid by CNHCR to Case Credit and returned by Case Credit to CNHCR as a
contribution to capital.

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         (b) Subsequent Case Receivables. As consideration for the conveyance of
Subsequent Case Receivables pursuant to Section 2.2, CNHCR shall pay or
cause to be paid to Case Credit on each Subsequent Transfer Date an amount
(a "Subsequent Case Purchase Price") equal to the aggregate Contract Value
of the Subsequent Case Receivables as of the related Subsequent Cutoff
Date, plus any premium or minus any discount agreed upon by Case Credit and
CNHCR. Any Subsequent Case Purchase Price shall be payable as follows: (i)
cash in the amount released to CNHCR in respect of the Subsequent Case
Receivables from the Pre-Funding Account pursuant to Section 5.7(a) of the
Sale and Servicing Agreement shall be paid to Case Credit on the related
Subsequent Transfer Date; and (ii) the balance shall be paid in cash as and
when amounts are released to, or otherwise realized by, CNHCR from the
Spread Account, the Negative Carry Account, and the Principal Supplement
Account in accordance with the Sale and Servicing Agreement, or otherwise
are available for such purpose.

                                ARTICLE III
                       Representations and Warranties

         SECTION 3.1. Representations and Warranties of CNHCR. CNHCR hereby
represents and warrants to Case Credit as of the date hereof and as of the
Closing Date:

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

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

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

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

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

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

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

             (ii)  Due Qualification. Case Credit 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.

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

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

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

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              (vi)  No Proceedings. There are no proceedings or investigations
         pending, or to Case Credit's best knowledge, threatened, before
         any court, regulatory body, administrative agency or other
         governmental instrumentality having jurisdiction over Case Credit
         or its properties: (A) asserting the invalidity of this Agreement,
         (B) seeking to prevent the consummation of any of the transactions
         contemplated by this Agreement, or (C) seeking any determination
         or ruling that could reasonably be expected to materially and
         adversely affect the performance by Case Credit of its obligations
         under, or the validity or enforceability of, this Agreement.

         (b) Case Credit makes the following representations and warranties as
to the Receivables on which CNHCR relies in accepting the Initial Receivables
and the Subsequent Receivables and in transferring the Receivables to the
Trust. 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 CNHCR and the subsequent
assignment and transfer of such Receivables to the Trust pursuant to the
Sale and Servicing Agreement and pursuant to the Indenture:

              (i)  Characteristics of Case Receivables. Each Case
          Receivable: (A) (1) (i) was originated in the United States of
          America by a Dealer in connection with the retail sale or lease
          of Financed Equipment in the ordinary course of such Dealer's
          business, and (ii) was purchased by Case Credit from a Dealer and
          validly assigned by such Dealer to Case Credit in accordance with
          its terms, or (2) was originated in the United States of America
          by Case Credit in connection with the financing or lease of
          Financed Equipment in the ordinary course of Case Credit's
          business and, in either case, was fully and properly executed by
          the parties thereto, (B) has created a valid, subsisting and
          enforceable first priority security interest in the Financed
          Equipment in favor of Case Credit that, as of the Closing Date,
          has been assigned by Case Credit to CNHCR, by CNHCR to the Issuer
          and by the Issuer to the Indenture Trustee, except that (x) no
          security interest against the Obligor is created in True Lease
          Equipment, and (y) Case Credit makes no representation or
          warranty as to any such security interest granted by any Dealer
          to secure the Dealer's obligations to make payments in respect of
          Termination Values, (C) contains customary and enforceable
          provisions such that the rights and remedies of the holder
          thereof are adequate for realization against the collateral of
          the benefits of the security, and (D) (i) in the case of Retail
          Installment Contracts, provides for fixed payments on a periodic
          basis that fully amortize the Amount Financed by maturity and
          yield interest at the Annual Percentage Rate, and (ii) in the
          case of any Contracts sold, or to be sold, hereunder that are
          Leases, provides for fixed payments on a periodic basis that
          fully amortize the Amount Financed by maturity and yield interest
          at the Annual Percentage Rate, except that any Contracts sold, or
          to be sold, hereunder that are Leases also provide for payments
          of the related Termination Values.

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              (ii)  Schedule of Case Receivables. The information set forth
          on Schedule A to the Case Assignment delivered on the Closing Date
          is true and correct in all material respects as of
          the opening of business on the Initial Cutoff Date and the
          information set forth on Schedule A to the related Case
          Subsequent Transfer Assignment will be true and correct on each
          Subsequent Transfer Date related to such Case Subsequent Transfer
          Assignment and no selection procedures believed by Case Credit to
          be adverse to the interests of the Trust, the Noteholders or the
          Certificateholders were or will be utilized in selecting the Case
          Receivables. The computer tape regarding the Case Receivables
          made available to CNHCR and its assigns is true and correct in
          all respects.

              (iii)  Compliance with Law. Each Case Receivable and the sale
          or lease of the related Financed Equipment complied in all
          material respects at the time it was originated or made and at
          the execution of this Agreement and each Case Subsequent Transfer
          Assignment complies in all material respects with all
          requirements of applicable Federal, State and local laws and
          regulations thereunder, including usury law, the Federal
          Truth-in-Lending Act, the Equal Credit Opportunity Act, the Fair
          Credit Reporting Act, the Fair Debt Collection Practices Act, the
          Federal Trade Commission Act, the Magnuson-Moss Warranty Act, the
          Federal Reserve Board's Regulations B and Z, the Wisconsin
          Consumer Act and State adaptations of the National Consumer Act
          and of the Uniform Consumer Credit Code, and other consumer
          credit laws and equal credit opportunity and disclosure laws.

              (iv)  Binding Obligation. Each Case Receivable represents the
          genuine, legal, valid and binding payment obligation in writing
          of the Obligor, enforceable by the holder thereof in accordance
          with its terms.

              (v)  No Government Obligor. None of the Case Receivables is due
         from the United States of America or any State or from any agency,
         department or instrumentality of the United States of America or any
         State.

             (vi)  Security Interest in Financed Equipment. Immediately
         prior to the sale, assignment and transfer thereof, each Case
         Receivable shall be secured by a validly perfected first priority
         security interest in the Financed Equipment in favor of Case
         Credit as secured party or all necessary and appropriate actions
         have been commenced that would result in the valid perfection of
         a first priority security interest in the Financed Equipment in
         favor of Case Credit as secured party, except that (A) no
         security interest against the Obligor is created in True Lease
         Equipment and (B) Case Credit makes no representation or warranty
         as to any security interest granted by any Dealer to secure the
         Dealer's obligations to make payments in respect of Termination
         Values.

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             (vii)  Case Receivables in Force. No Case Receivable has been
         satisfied, subordinated or rescinded, nor has any Financed
         Equipment been released from the Lien granted by the related Case
         Receivable in whole or in part.

             (viii) No Amendment or Waiver. No provision of a Case Receivable
         has been waived, altered or modified in any respect, except pursuant
         to a document, instrument or writing included in the Receivable Files
         and no such amendment, waiver, alteration or modification causes
         such Case Receivable not to conform to the other warranties
         contained in this Section.

              (ix)  No Defenses.  No right of rescission, setoff, counterclaim
         or defense has been asserted or threatened or exists with respect to
         any Case Receivable.

              (x)  No Liens. To the best of Case Credit's knowledge, no Liens or
         claims, including claims for work, labor or materials, relating to
         any of the Financed Equipment have been filed that are Liens prior
         to, or equal or coordinate with, the security interest in the
         Financed Equipment granted by any Case Receivable, except those
         pursuant to the Basic Documents.

             (xi)  No Default. No Case Receivable is a non-performing Receivable
         or has a payment that is more than 90 days overdue as of the Initial
         Cutoff Date or Subsequent Cutoff Date, as applicable, and, except
         for a payment default continuing for a period of not more than 90
         days, no default, breach, violation or event permitting
         acceleration under the terms of any Case Receivable has occurred
         and is continuing; and no continuing condition that with notice or
         the lapse of time would constitute such a default, breach,
         violation or event permitting acceleration under the terms of any
         Case Receivable has arisen; and Case Credit has not waived and
         shall not waive any of the foregoing.

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

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

              (xiv)  All Filings Made. All filings (including UCC filings)
         necessary in any jurisdiction to give CNHCR a first priority perfected
         ownership interest in the Case Receivables have been made.

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              (xv)  One Original. There is only one original executed copy of
         each Case Receivable.

             (xvi)  Maturity of Receivables. Each Receivable has a remaining
         term to maturity of not more than 72 months, in the case of the Initial
         Receivables, and 72 months, in the case of the Subsequent
         Receivables; the weighted average remaining term of the Initial
         Receivables is approximately 48.21 months as of the Initial Cutoff
         Date; the weighted average original term of the Receivables,
         including as of each Subsequent Transfer Date all Subsequent
         Receivables previously transferred to CNHCR, will not be greater
         than 55.0 months.

           (xvii)  Scheduled Payments and APR. No Receivable has a final
         scheduled payment date later than six months preceding the Final
         Scheduled Maturity Date; each Receivable provides for payments
         that fully amortize the Amount Financed over the original term of
         the Receivable, except that Leases also provide for payments of
         the related Termination Values, and is either a Precomputed
         Receivable or a Simple Interest Receivable; each Receivable has an
         APR of at least 3.0%; as of each Subsequent Cutoff Date, the
         weighted average of the Initial Cutoff Date APR and each
         Subsequent Cutoff Date APR (weighted on the basis of the
         respective aggregate Contract Values of the Receivables for which
         each such APR is used to calculate the Contract Value) will not be
         less than the sum of the weighted average of the Interest Rates
         for the Class A Notes and Class B Notes plus the Servicing Fee.

             (xviii) Insurance. The Obligor on each Case Receivable is required
         to maintain physical damage insurance covering the Financed Equipment
         and, in the case of any Lease, public liability insurance relating
         to the use of such Financed Equipment, in each case in accordance
         with Case Credit's normal requirements.

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

              (xx)  Financing. Approximately 48.40% of the aggregate
         Statistical Contract Value of the Initial Receivables,
         constituting 47.22% of the number of Initial Receivables as of the
         Initial Cutoff Date, were secured by or constitute leases of
         equipment that was new at the time the related Initial Receivable
         was originated; the remainder of the Initial Receivables represent
         financing or leases of used equipment; approximately 67.54% of the
         aggregate Statistical Contract Value of the Initial Receivables,
         constituting 70.33% of the number of Initial Receivables as of the
         Initial Cutoff Date, represent financing or leases of agricultural
         equipment; the remainder of the Initial Receivables represent
         financing or leases of construction equipment. The aggregate
         Statistical Contract Value of the Receivables for the purposes of
         the above calculations as of the Initial Cutoff Date is
         $572,124,426.33. Additionally, not more than 50% of the aggregate
         Contract Value of the Receivables, including, as of each
         Subsequent Transfer Date, all Subsequent Receivables previously
         transferred to CNHCR, will represent Contracts for the financing
         or lease of construction equipment. No Subsequent Receivable will
         represent the financing of truck equipment.

             (xxi)  No Bankruptcies. No Obligor on any Case Receivable as of the
         Initial Cutoff Date or the Subsequent Cutoff Date, as applicable,
         was noted in the related Receivable File as being the subject of a
         bankruptcy proceeding.

                                    10
<PAGE>

            (xxii)  No Repossessions. None of the Financed Equipment
         securing any Case Receivable is in repossession status.

            (xxiii) Chattel Paper. Each Case Receivable constitutes
         "chattel paper" as defined in the UCC of the State the law of
         which governs the perfection of the interest granted in it.

             (xxiv)  U.S. Obligors. None of the Case Receivables is
         denominated and payable in any currency other than United States
         Dollars or is due from any Person that does not have a mailing
         address in the United States of America.

              (xxv)  Payment Frequency. As of the Initial Cutoff Date and as
         shown on the books of Case Credit: (A) Initial Receivables having
         an aggregate Statistical Contract Value equal to 46.06% of the
         Initial Aggregate Statistical Contract Value had annual scheduled
         payments, (B) Initial Receivables having an aggregate Statistical
         Contract Value equal to 3.61% of the Initial Aggregate Statistical
         Contract Value had semi-annual scheduled payments, (C) Initial
         Receivables having an aggregate Statistical Contract Value equal
         to 0.71% of the Initial Aggregate Statistical Contract Value had
         quarterly scheduled payments, (D) Initial Receivables having an
         aggregate Statistical Contract Value equal to 44.41% of the
         Initial Aggregate Statistical Contract Value had monthly scheduled
         payments, and (E) Initial Receivables having an aggregate
         Statistical Contract Value equal to 5.21% of the Initial Aggregate
         Statistical Contract Value had irregularly scheduled payments.

             (xxvi)  First Payment. As of the Initial Cutoff Date, Obligors had
         not yet made the first payment in respect of Initial Receivables
         representing less than 60.08% of the Initial Pool Balance.

            (xxvii)  Interest Accruing. Each Case Receivable, other than those
         Case Receivables consisting of Contracts that contain interest waivers
         for a specified period of time, is, as of the Closing Date or
         Subsequent Transfer Date, as applicable, accruing interest; no
         Case Receivable contains an interest waiver extending more than 12
         months after the Initial Cutoff Date.

            (xxviii) Leases. Each Lease included in the Initial Case
         Receivables or the Subsequent Case Receivables has a Termination Value
         less than or equal to 10% of the purchase price of the equipment
         subject to such Lease and is a "lease intended as security" (rather
         than a true lease) within the meaning of Section 1-201(37) of the UCC.

            (xxix) Case Credit's Representations. The representations and
         warranties of Case Credit contained in Section 3.2(a) are true and
         correct.

                                    11
<PAGE>

             (xxx)  Case Credit's Obligations. Case Credit has no
         obligations under any Contract, other than the covenant of quiet
         enjoyment benefiting the Obligors under any Contracts that are
         Leases.

             (xxxi) No Either/or Leases. No Lease included in the Initial Case
         Receivables or the Subsequent Case Receivables is a Either/or
         Lease, and no Financed Equipment transferred to CNHCR on the
         Closing Date or any Subsequent Transfer Date, as the case may be,
         constitutes True Lease Equipment.

            (xxxii)  No Leases Notwithstanding anything to the contrary in the
         Basic Documents, none of the Initial Case Receivables or the Subsequent
         Case Receivables shall be Leases.

                                ARTICLE IV
                                 Conditions

         SECTION 4.1.  Conditions to Obligation of CNHCR.

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

              (i)  Representations and Warranties True. The representations and
         warranties of Case Credit hereunder shall be true and correct on
         the Closing Date and Case Credit shall have performed all
         obligations to be performed by it hereunder on or prior to the
         Closing Date.

              (ii)  Computer Files Marked. Case Credit shall, at its own
         expense, on or prior to the Closing Date, indicate in its computer
         files that Case Receivables created in connection with the Case
         Purchased Contracts have been sold to CNHCR pursuant to this Agreement
         and deliver to CNHCR the Schedule of Case Receivables certified by the
         Chairman, the President, a Vice President or the Treasurer of Case
         Credit to be true, correct and complete.

            (iii) Documents To Be Delivered by Case Credit on the Closing Date.

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

                                    12
<PAGE>

                   (B)  Evidence of UCC Filing. On or prior to the Closing Date
              (but only if the Contract Value of the Case Purchased Contracts is
              greater  than zero), Case Credit shall execute and file, at its
              own expense, a UCC financing statement in each jurisdiction in
              which such action is required by applicable law to fully perfect
              CNHCR's right, title and interest  in the Case Purchased Contracts
              and the other property sold  hereunder, executed by Case Credit,
              as seller or debtor, and naming CNHCR, as purchaser or secured
              party, describing the Case Purchased Contracts and the other
              property sold hereunder, meeting the requirements of the laws of
              each such jurisdiction and in such manner as is necessary to
              perfect the sale, transfer, assignment and conveyance of such
              Case Purchased Contracts and such other property to CNHCR. It is
              understood and agreed, however, that no filings will be made to
              perfect any security interest of CNHCR in Case Credit's interests
              in Financed Equipment. Case Credit shall deliver (or cause to be
              delivered) a file-stamped copy, or other evidence satisfactory to
              CNHCR of such filing, to CNHCR on or prior to the Closing Date.

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

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

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

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

              (ii) Case Credit shall, to the extent required by Section 5.2 of
         the Sale and Servicing Agreement, have delivered to CNHCR for deposit
         in the Collection Account all collections in respect of the
         Subsequent Case Receivables;

             (iii)  as of such Subsequent Transfer Date: (A) Case Credit was
         not insolvent and will not become insolvent as a result of the
         transfer of Subsequent Case Receivables on such Subsequent
         Transfer Date, (B) Case Credit did not intend to incur or believe
         that it would incur debts that would be beyond Case Credit'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 Case Credit did not constitute unreasonably
         small capital to carry out its business as conducted;

                                    13
<PAGE>

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

              (v)  the Funding Period shall not have terminated;

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

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

             (viii) Case Credit shall have taken any action required to give
         CNHCR a first priority perfected ownership interest in the Subsequent
         Case Receivables;

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

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

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

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

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

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

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

         (b) Receivables Purchase Price. On the Closing Date or the applicable
Subsequent Transfer Date, CNHCR shall have delivered to Case Credit the
portion of the Initial Case Purchase Price or the Subsequent Case Purchase
Price, as the case may be, payable on the Closing Date or such Subsequent
Transfer Date pursuant to Section 2.5.

                                    14
<PAGE>

                                 ARTICLE V
                          Covenants of Case Credit

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

         SECTION 5.1. Protection of Right, Title and Interest. (a) Filings. Case
Credit shall cause all financing statements and continuation statements and
any other necessary documents covering the right, title and interest of
CNHCR in and to the Case Receivables and the other property included in the
Trust Estate to be promptly filed, and at all times to be kept recorded,
registered and filed, all in such manner and in such places as may be
required by law fully to preserve and protect the right, title and interest
of CNHCR hereunder to the Case Receivables and the other property sold
hereunder. It is understood and agreed, however, that no filings will be
made to perfect any security interest of CNHCR in Case Credit's interests
in Financed Equipment. Case Credit shall deliver (or cause to be delivered)
to CNHCR file-stamped copies of, or filing receipts for, any document
recorded, registered or filed as provided above as soon as available
following such recordation, registration or filing. CNHCR shall cooperate
fully with Case Credit in connection with the obligations set forth above
and will execute any and all documents reasonably required to fulfill the
intent of this paragraph.

         (b) Name Change. Within 15 days after Case Credit makes any change in
its name, identity or corporate structure 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 or any title statute, Case Credit shall give CNHCR notice of any such
change, and no later than five days after the effective date thereof, shall
file such financing statements or amendments as may be necessary to
continue the perfection of CNHCR's interest in the property included in the
Trust Estate.

         SECTION 5.2. Other Liens or Interests. Except for the conveyances
hereunder and pursuant to the Case Liquidity Receivables Purchase Agreement,
the Sale and Servicing Agreement, the Indenture and the other Basic Documents,
Case Credit: (a) will not sell, pledge, assign or transfer to any Person, or
grant, create, incur, assume or suffer to exist any Lien on, any interest
in, to and under the Case Receivables, and (b) shall defend the right,
title and interest of CNHCR in, to and under the Case Receivables against
all claims of third parties claiming through or under Case Credit;
provided, however, that Case Credit's obligations under this Section shall
terminate upon the termination of the Trust pursuant to the Trust
Agreement.

         SECTION 5.3.  Chief Executive Office. During the term of the Case
Receivables, Case Credit will maintain its chief executive office in one of the
States.

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

                                    15
<PAGE>

         SECTION 5.5. Indemnification. Case Credit shall indemnify, defend and
hold harmless CNHCR for any liability as a result of the failure of a Case
Receivable to be originated in compliance with all requirements of law and
for any breach of any of its representations and warranties contained
herein. These indemnity obligations shall be in addition to any obligation
that Case Credit may otherwise have. Case Credit shall indemnify, defend
and hold harmless CNHCR, the Issuer, the Trustee and the Indenture Trustee
(and their respective officers, directors, employees and agents) from and
against any taxes that may at any time be asserted against such Person with
respect to the sale of the Case Receivables to CNHCR hereunder or the sale
of the Case Receivables to the Issuer by CNHCR or the issuance and original
sale of the Certificates and the Notes, including any sales, gross
receipts, general corporation, tangible personal property, privilege or
license taxes (but, in the case of CNHCR and the Issuer, not including any
taxes asserted with respect to ownership of the Case Receivables on Federal
or other income taxes arising out of the transactions contemplated by this
Agreement) and costs and expenses in defending against the same.

         SECTION 5.6. Transfer of Subsequent Case Receivables. Case Credit
covenants to transfer to CNHCR, pursuant to Section 2.2, Subsequent Case
Receivables with an aggregate Contract Value approximately equal to
$334,913,958.08 minus the aggregate Contract Value of any Receivables sold to
CNHCR by NH Credit pursuant to Section 5.6 of the NH Purchase Agreement, subject
only to the availability of such Subsequent Case Receivables.

                                ARTICLE VI
                          Miscellaneous Provisions

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

         SECTION 6.2. Repurchase Events. Case Credit hereby covenants and
agrees with CNHCR for the benefit of CNHCR, the Indenture Trustee, the
Noteholders, the Trustee and the Certificateholders that the occurrence of
a breach of any of Case Credit's representations and warranties contained
in Section 3.2(b), shall constitute events obligating Case Credit to
repurchase any Case Receivable and, with respect to a breach of any of Case
Credit's representations and warranties contained in Sections 3.2(b)(xvi),
(xvii), (xix), (xx), (xxv) and (xxvi), any NH Receivable materially and
adversely affected by any such breach ("Repurchase Events") at the Purchase
Amount from CNHCR or from the Trust. Except as set forth in Section 5.5,
the repurchase obligation of Case Credit shall constitute the sole remedy
of CNHCR, the Indenture Trustee, the Noteholders, the Trust, the Trustee or
the Certificateholders against Case Credit with respect to any Repurchase
Event.

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

         SECTION 6.4. Trust. Case Credit acknowledges and agrees that: (a)
CNHCR will, pursuant to the Sale and Servicing Agreement, sell the Case
Receivables to the Trust and assign its rights under this Agreement to the
Trust, (b) the Trust will, pursuant to the Indenture, assign such Case
Receivables and such rights to the Indenture Trustee and (c) the
representations, warranties and covenants contained in this Agreement and
the rights of CNHCR under this Agreement, including under Section 6.2, are
intended to benefit the Trust, the Certificateholders and the Noteholders.
Case Credit hereby consents to all such sales and assignments and agrees
that enforcement of a right or remedy hereunder by the Indenture Trustee
shall have the same force and effect as if the right or remedy had been
enforced or executed by CNHCR.

                                    16
<PAGE>

         SECTION 6.5. Amendment. This Agreement may be amended from time to
time, with prior written notice to the Rating Agencies, by a written amendment
duly executed and delivered by Case Credit and CNHCR, without the consent
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 of this Agreement or of modifying in any manner the rights
of the Noteholders or the Certificateholders; provided, however, that such
amendment will not in the Opinion of Counsel, materially and adversely
affect the interest of any Noteholder or Certificateholder.

         This Agreement may also be amended from time to time by Case
Credit and CNHCR, with prior written notice to the Rating Agencies, with
the written consent of (x) Noteholders holding Notes evidencing at least a
majority of the Note Balance and (y) the Holders of Certificates evidencing
at least 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 may: (i) increase or reduce in any manner the amount of, or
accelerate or delay the timing of, collections of payments on Case
Receivables or distributions that are required to be made for the benefit
of the Noteholders or the Certificateholders or (ii) reduce the aforesaid
percentage of the Notes and Certificates that are required to consent to
any such amendment, without the consent of the holders of all the
outstanding Notes and Certificates.

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

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

         SECTION 6.7. Waivers. No failure or delay on the part of CNHCR in
exercising any power, right or remedy under this Agreement, the Case
Assignment or any Case Subsequent Transfer Assignment shall operate as a
waiver thereof, nor shall any single or partial exercise of any such power,
right or remedy preclude any other or further exercise thereof or the
exercise of any other power, right or remedy.

         SECTION 6.8. Notices. All demands, notices and communications under
this Agreement shall be in writing, personally delivered or mailed by certified
mail, return receipt requested, and shall be deemed to have been duly given
upon receipt: (a) in the case of Case Credit, to Case Credit Corporation,
233 Lake Avenue, Racine, Wisconsin 53403, Attention: Treasurer (telephone
(262) 636-6011); (b) in the case of CNHCR, to CNH Capital Receivables Inc.,
100 South Saunders Road, Lake Forest, Illinois 60045, Attention: Treasurer
(telephone (847) 735-9200); (c) in the case of the Rating Agencies, at
their respective addresses set forth in Section 10.3 of the Sale and
Servicing Agreement; or, as to each of the foregoing, at such other address
as shall be designated by written notice to the other parties.

                                    17
<PAGE>

         SECTION 6.9. Costs and Expenses. Case Credit will pay all expenses
incident to the performance of its obligations under this Agreement and Case
Credit agrees to pay all reasonable out-of-pocket costs and expenses of CNHCR,
excluding fees and expenses of counsel, in connection with the perfection
as against third parties of CNHCR's right, title and interest in, to and
under the Case Receivables and the enforcement of any obligation of Case
Credit hereunder.

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

         SECTION 6.11. Confidential Information. CNHCR agrees that it will
neither use nor disclose to any Person the names and addresses of the Obligors,
except in connection with the enforcement of CNHCR's rights hereunder,
under the Case Receivables, under the Sale and Servicing Agreement or the
Indenture or any other Basic Document or as required by any of the
foregoing or by law.

         SECTION 6.12. Headings and Cross-References. The various headings in
this Agreement are included for convenience only and shall not affect the
meaning or interpretation of any provision of this Agreement. References in
this Agreement to Section names or numbers are to such Sections of this
Agreement unless otherwise expressly indicated.

         SECTION 6.13. Governing Law. This Agreement, the Case Assignment, and
each Case Subsequent Transfer Assignment 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 or thereunder shall be determined in accordance with such laws.

         SECTION 6.14.  Counterparts. This Agreement may be executed in two or
more counterparts and by different parties on separate counterparts, each of
which shall be an original, but all of which together shall constitute
but one and the same instrument.

         SECTION 6.15. Severability. Any provision of this Agreement that is
prohibited or unenforceable in any jurisdiction shall, as to such
jurisdiction, be ineffective to the extent of such prohibition or
unenforceability without invalidating the remaining provisions hereof, and
any such prohibition or unenforceability in any jurisdiction shall not
invalidate or render unenforceable such provision in any other
jurisdiction.

                          (signature pages follow)

                                    18
<PAGE>

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

                        CNH CAPITAL RECEIVABLES INC.

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

                        CASE CREDIT CORPORATION

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

                                  S-1               Case Purchase Agreement

<PAGE>

                                                                     EXHIBIT A
                                                    to Case Purchase Agreement

                                  FORM OF
                              CASE ASSIGNMENT

         For value received, in accordance with and subject to the Case
Purchase Agreement dated as of May 1, 2001 (the "Case Purchase Agreement"),
between the undersigned and CNH Capital Receivables Inc. ("CNHCR"), the
undersigned does hereby sell, assign, transfer, set over and otherwise
convey unto CNHCR, without recourse, all of its right, title, interest and,
with respect to any Contracts that are Leases, obligations in, to and
under: (a) the Case Purchased Contracts, which are listed on Schedule A
hereto, including all documents constituting chattel paper included
therewith, and all obligations of the Obligors thereunder, including all
moneys paid thereunder on or after the Initial Cutoff Date, (b) the
security interests in the Financed Equipment granted by Obligors pursuant
to the Case Purchased Contracts and any other interest of the undersigned
in such Financed Equipment, (c) any proceeds with respect to the Case
Purchased Contracts from claims on insurance policies covering Financed
Equipment or Obligors, (d) any proceeds from recourse to Dealers with
respect to the Case Purchased Contracts other than any interest in the
Dealers' reserve accounts maintained with Case Credit Corporation, (e) any
Financed Equipment that shall have secured the Case Purchased Contracts and
that shall have been acquired by or on behalf of CNHCR, (f) any True Lease
Equipment that is subject to any Case Purchased Contract, and (g) the
proceeds of any and all of the foregoing. The foregoing sale does not
constitute and is not intended to result in any assumption by CNHCR of any
obligation (other than the covenant of quiet enjoyment benefitting the
Obligors under any Contracts that are Leases) of the undersigned to the
Obligors, insurers or any other person in connection with the Case
Purchased Contracts, Receivables Files, any insurance policies or any
agreement or instrument relating to any of them.

         This Case Assignment is made pursuant to and upon the
representations, warranties and agreements on the part of the undersigned
contained in the Case Purchase Agreement and is to be governed in all
respects by the Case Purchase Agreement.

         Capitalized terms used herein and not otherwise defined shall have
the meanings assigned to them in the Case Purchase Agreement.

                                      A-1
<PAGE>

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

                          CASE CREDIT CORPORATION

                          By:  ________________________________________________
                                 Name:
                                 Title:

                                  A-2
<PAGE>

                                                                     EXHIBIT B
                                                    to Case Purchase Agreement

                                  FORM OF
                    CASE SUBSEQUENT TRANSFER ASSIGNMENT

         For value received, in accordance with and subject to the Case
Purchase Agreement dated as of May 1, 2001 (the "Case Purchase Agreement"),
between Case Credit Corporation, a Delaware corporation ("Case Credit"),
and CNH Capital Receivables Inc., a Delaware corporation ("CNHCR"), Case
Credit does hereby sell, transfer, assign, set over and otherwise convey to
CNHCR, without recourse, all of its right, title, interest and, with
respect to any Contracts that are Leases, obligations in, to and under: (a)
the Subsequent Case 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 Case Receivables
and any other interest of Case Credit in such Financed Equipment, (c) any
proceeds with respect to such Subsequent Case Receivables from claims on
insurance policies covering Financed Equipment or Obligors, (d) any
proceeds from recourse to Dealers with respect to such Subsequent Case
Receivables other than any interest in the Dealers' reserve accounts
maintained with Case Credit, (e) any Financed Equipment that shall have
secured any such Subsequent Case Receivables and that shall have been
acquired by or on behalf of CNHCR, (f) any True Lease Equipment that is
subject to any Subsequent Case Receivable, and (g) the proceeds of any and
all of the foregoing. The foregoing sale does not constitute and is not
intended to result in any assumption by CNHCR of any obligation (other than
the covenant of quiet enjoyment benefitting the Obligors under any
Contracts that are Leases) of Case Credit to the Obligors, insurers or any
other person in connection with such Subsequent Case Receivables,
Receivable Files, any insurance policies or any agreement or instrument
relating to any of them.

         This Case Subsequent Transfer Assignment is made pursuant to and
upon the representations, warranties and agreements on the part of Case
Credit contained in the Case Purchase Agreement (including the Officers'
Certificate of Case Credit accompanying this Agreement) and is to be
governed in all respects by the Case Purchase Agreement.

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

                                      B-1
<PAGE>

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

                          CASE CREDIT CORPORATION

                          By:  ________________________________________________
                                  Name:
                                  Title:

                                   B-2
<PAGE>

                                                                    SCHEDULE A
                                        to Case Subsequent Transfer Assignment

                  SCHEDULE OF SUBSEQUENT CASE RECEIVABLES

                            [See attached list]

<PAGE>

                                                                       ANNEX A
                                        to Case Subsequent Transfer Assignment

                           OFFICERS' CERTIFICATE

         We, the undersigned officers of Case Credit Corporation (the
"Company"), do hereby certify, pursuant to Section 4.1(b)(xiii) of the Case
Purchase Agreement dated as of May 1, 2001, among the Company, and CNH
Capital Receivables Inc. (the "Case Purchase Agreement"), that (i) all of
the conditions precedent to the transfer to CNHCR of the Subsequent Case
Receivables listed on Schedule A to the Case Subsequent Transfer Assignment
delivered herewith, and the other property and rights related to such
Subsequent Case Receivables as described in Section 2.2 of the Case
Purchase 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 Case Receivables shall be true
and correct as of the date hereof with respect to the Subsequent Case
Receivables listed on the aforementioned Schedule A.

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

         IN WITNESS  WHEREOF,  the  undersigned  have caused this  certificate
to be duly executed this ___ day of __________, _______.

                            By: _______________________________________________
                                Name:__________________________________________
                                Title:_________________________________________

                            By: _______________________________________________
                                Name:__________________________________________
                                Title:_________________________________________===============================================================================

                         CNH EQUIPMENT TRUST 2001-A

                           NH PURCHASE AGREEMENT

                                  between

                      NEW HOLLAND CREDIT COMPANY, LLC

                                    and

                        CNH CAPITAL RECEIVABLES INC.

                          Dated as of May 1, 2001

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

<PAGE>
                             TABLE OF CONTENTS

                                                                          Page
ARTICLE I
         Certain Definitions
         SECTION 1.1    Definitions..........................................2
         SECTION 1.2    Other Definitional Provisions........................2

ARTICLE II
         Conveyance of NH Receivables
         SECTION 2.1    Conveyance of NH Purchased Contracts.................2
         SECTION 2.2    Conveyance of Subsequent NH Receivables..............3
         SECTION 2.3    Intention of the Parties.............................4
         SECTION 2.4    The Closing..........................................4
         SECTION 2.5    Payment of the Purchase Price........................5

ARTICLE III
         Representations and Warranties
         SECTION 3.1    Representations and Warranties of CNHCR..............5
         SECTION 3.2    Representations and Warranties of NH Credit..........6

ARTICLE IV
         Conditions
         SECTION 4.1    Conditions to Obligation of CNHCR...................12
         SECTION 4.2    Conditions to Obligation of NH Credit...............14

ARTICLE V
         Covenants of NH Credit
         SECTION 5.1    Protection of Right, Title and Interest.............15
         SECTION 5.2    Other Liens or Interests............................15
         SECTION 5.3    Chief Executive Office..............................16
         SECTION 5.4    Costs and Expenses..................................16
         SECTION 5.5    Indemnification.....................................16
         SECTION 5.6    Transfer of Subsequent NH Receivables...............16

ARTICLE VI
         Miscellaneous Provisions
         SECTION 6.1    Obligations of NH Credit............................16
         SECTION 6.2    Repurchase Events...................................16
         SECTION 6.3    CNHCR Assignment of Repurchased Receivables.........17
         SECTION 6.4    Trust...............................................17
         SECTION 6.5    Amendment...........................................17
         SECTION 6.6    Accountants' Letters................................18
         SECTION 6.7    Waivers.............................................18
         SECTION 6.8    Notices.............................................18
         SECTION 6.9    Costs and Expenses..................................18
         SECTION 6.10   Representations of NH Credit and CNHCR..............19
         SECTION 6.11   Confidential Information............................19
         SECTION 6.12   Headings and Cross-References.......................19
         SECTION 6.13   Governing Law.......................................19
         SECTION 6.14   Counterparts........................................19
         SECTION 6.15   Severability........................................19

                                  EXHIBITS

EXHIBIT A         Form of NH Assignment
EXHIBIT B         Form of NH Subsequent Transfer Assignment

                                      ii
<PAGE>

         NH PURCHASE AGREEMENT (as amended or supplemented from time to
time, this "Agreement") dated as of May 1, 2001 between NEW HOLLAND CREDIT
COMPANY, LLC, a Delaware limited liability company ("NH Credit"), and CNH
CAPITAL RECEIVABLES INC., a Delaware corporation ("CNHCR").

                                  RECITALS

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

         WHEREAS, NH Credit and CNHCR wish to set forth the terms pursuant
to which: (1) Contracts having an aggregate Contract Value of approximately
$51,511,649.07 (the "NH Purchased Contracts") as of Initial Cutoff Date and
NH Credit's right, title and interest in any True Lease Equipment related
to such Contracts are to be sold by NH Credit to CNHCR on the date hereof
and (2) certain Subsequent NH Receivables and NH Credit's right, title and
interest in any True Lease Equipment related to such Subsequent NH
Receivables are to be sold by NH Credit to CNHCR from time to time on each
Subsequent Transfer Date; and

         WHEREAS, CNHCR as of the Initial Cutoff Date, owned Contracts
previously purchased from NH Credit pursuant to a Receivables Purchase
Agreement dated as of December 15, 2000 (as amended from time to time, the
"NH Liquidity Receivables Purchase Agreement"), between NH Credit and
CNHCR, having an aggregate Contract Value of approximately $122,566,192.28
(the "NH Owned Contracts", and together with the NH Purchased Contracts,
the "Initial NH Receivables"); and

         WHEREAS, the Initial NH Receivables and the Subsequent NH
Receivables (collectively, the "NH Receivables"), the Case Receivables and
any True Lease Equipment related to such NH Receivables or Case Receivables
will be transferred by CNHCR, pursuant to the Sale and Servicing Agreement,
to CNH Equipment Trust 2001-A (the "Trust"), which Trust will issue 5.73%
Asset Backed Certificates representing fractional undivided interests in,
and 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 collateralized by,
the Receivables and the other property of the Trust; and

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

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

<PAGE>

                                 ARTICLE I
                            Certain Definitions

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

         (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 NH Receivables

         SECTION 2.1  Conveyance of NH Purchased Contracts. In consideration of
CNHCR's payment of $51,511,649.07 (the "Initial NH Purchase Price") in the
manner set out in Section 2.5(a), NH Credit does hereby sell, transfer,
assign, set over and otherwise convey to CNHCR, without recourse (subject
to the obligations herein), all of its right, title, interest and, with
respect to any Contracts that are Leases, obligations in, to and under
(collectively, the "Initial NH Assets"):

                                     2
<PAGE>

              (i)  the NH Purchased Contracts, 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;

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

              (iii)  any proceeds with respect to the NH Purchased Contracts
         from claims on insurance policies covering Financed Equipment or
         Obligors;

              (iv)  any proceeds from recourse to Dealers with respect to the
         NH Purchased Contracts other than any interest in the Dealers'
         reserve accounts maintained with NH Credit;

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

              (vi)  any True Lease Equipment that is subject to any NH
         Purchased Contract; and

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

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

              (i)  the Subsequent NH Receivables listed on Schedule A to the
         related NH 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 NH Receivables and any other
         interest of NH Credit in such Financed Equipment;

                                     3
<PAGE>

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

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

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

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

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

         SECTION 2.3 Intention of the Parties. The parties to this Agreement
intend that the transactions contemplated hereby shall be, and shall be treated
as, a purchase by CNHCR and a sale by NH Credit of the NH Purchased
Contracts and the Subsequent NH Receivables and any True Lease Equipment
related to such NH Purchased Contracts or Subsequent NH Receivables, as the
case may be, and not as a lending transaction. The foregoing sale,
assignment, transfer and conveyance does not constitute, and is not
intended to result in a creation or assumption by CNHCR of, any obligation
or liability with respect to any NH Purchased Contract or any Subsequent NH
Receivable, nor shall CNHCR be obligated to perform or otherwise be
responsible for any obligation of NH Credit or any other Person in
connection with the NH Purchased Contracts or the Subsequent NH Receivables
or under any agreement or instrument relating thereto, including any
contract or any other obligation to any Obligor, except that CNHCR accepts
any Contracts that are Leases subject to (and assumes) the covenants
benefiting the Obligors under such Leases.

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

                                     4
<PAGE>

         SECTION 2.4 The Closing. The sale and purchase of the NH Purchased
Contracts shall take place at a closing at the offices of Mayer, Brown &
Platt, 190 South LaSalle Street, Chicago, Illinois 60603 on the Closing
Date, simultaneously with the closings under: (a) the Case Purchase
Agreement, (b) the Sale and Servicing Agreement, (c) the Trust Agreement,
(d) the Administration Agreement and (e) the Indenture.

SECTION 2.5  Payment of the Purchase Price.
             -----------------------------

              (a)  NH Purchased Contracts.  The Initial NH Purchase Price is
         payable as  $51,511,649.07  in cash on the Closing Date.

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

                                ARTICLE III
                       Representations and Warranties

         SECTION 3.1 Representations and Warranties of CNHCR. CNHCR hereby
represents and warrants to NH Credit as of the date hereof and as of the
Closing Date:

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

              (b)  Due Qualification. CNHCR 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.

                                     5
<PAGE>

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

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

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

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

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

              (i)  Organization and Good Standing. NH Credit has been duly
         organized and is validly existing as a limited liability company in
         good standing under the laws of the State of Delaware, with the power
         and authority to own its properties and to conduct its business as
         such properties are currently owned and such business is presently
         conducted, and had at all relevant times, and has, the power and
         authority to acquire, own and sell the NH Receivables.

                                     6
<PAGE>

              (ii)  Due Qualification. NH Credit is duly qualified to do
         business as a foreign limited liability company in good standing, and
         has obtained all necessary licenses and approvals, in all
         jurisdictions in which the ownership or lease of property or the
         conduct of its business shall require such qualifications.

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

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

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

              (vi)  No Proceedings. There are no proceedings or investigations
         pending, or to NH Credit's best knowledge, threatened, before any
         court, regulatory body, administrative agency or other
         governmental instrumentality having jurisdiction over NH Credit or
         its properties: (A) asserting the invalidity of this Agreement,
         (B) seeking to prevent the consummation of any of the transactions
         contemplated by this Agreement, or (C) seeking any determination
         or ruling that could reasonably be expected to materially and
         adversely affect the performance by NH Credit of its obligations
         under, or the validity or enforceability of, this Agreement.

                                     7
<PAGE>

         (b) NH Credit makes the following representations and warranties as to
the NH Receivables on which CNHCR relies in accepting the Initial NH
Receivables and the Subsequent NH Receivables and in transferring the NH
Receivables to the Trust. 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 NH Receivables, and as of the applicable Subsequent
Transfer Date, in the case of the Subsequent NH Receivables, but shall
survive the sale, transfer and assignment of the NH Receivables to CNHCR
and the subsequent assignment and transfer of such NH Receivables to the
Trust pursuant to the Sale and Servicing Agreement and pursuant to the
Indenture:

              (i)  Characteristics of NH Receivables. Each NH Receivable: (A)
         (1) (i) was originated in the United States of America by a Dealer
         in connection with the retail sale or lease of Financed Equipment
         in the ordinary course of such Dealer's business, and (ii) was
         purchased by NH Credit from a Dealer and validly assigned by such
         Dealer to NH Credit in accordance with its terms, or (2) was
         originated in the United States of America by NH Credit in
         connection with the financing or lease of Financed Equipment in
         the ordinary course of NH Credit's business and, in either case,
         was fully and properly executed by the parties thereto, (B) has
         created a valid, subsisting and enforceable first priority
         security interest in the Financed Equipment in favor of NH Credit
         that, as of the Closing Date, has been assigned by NH Credit to
         CNHCR, by CNHCR to the Issuer and by the Issuer to the Indenture
         Trustee, except that (x) no security interest against the Obligor
         is created in True Lease Equipment, and (y) NH Credit makes no
         representation or warranty as to any such security interest
         granted by any Dealer to secure the Dealer's obligations to make
         payments in respect of Termination Values, (C) contains customary
         and enforceable provisions such that the rights and remedies of
         the holder thereof are adequate for realization against the
         collateral of the benefits of the security, and (D) (i) in the
         case of Retail Installment Contracts, provides for fixed payments
         on a periodic basis that fully amortize the Amount Financed by
         maturity and yield interest at the Annual Percentage Rate, and
         (ii) in the case of any Contracts sold, or to be sold, hereunder
         that are Leases, provides for fixed payments on a periodic basis
         that fully amortize the Amount Financed by maturity and yield
         interest at the Annual Percentage Rate, except that any Contracts
         sold, or to be sold, hereunder that are Leases also provide for
         payments of the related Termination Values.

              (ii)  Schedule of NH Receivables. The information set forth on
         Schedule A to the NH Assignment delivered on the Closing Date is
         true and correct in all material respects as of the opening of
         business on the Initial Cutoff Date and the information set forth
         on Schedule A to the related NH Subsequent Transfer Assignment
         will be true and correct on each Subsequent Transfer Date related
         to such NH Subsequent Transfer Assignment and no selection
         procedures believed by NH Credit to be adverse to the interests of
         the Trust, the Noteholders or the Certificateholders were or will
         be utilized in selecting the NH Receivables. The computer tape
         regarding the NH Receivables made available to CNHCR and its
         assigns is true and correct in all respects.

                                     8
<PAGE>

              (iii)  Compliance with Law. Each NH Receivable and the sale or
         lease of the related Financed Equipment complied in all material
         respects at the time it was originated or made and at the
         execution of this Agreement and each NH Subsequent Transfer
         Assignment complies in all material respects with all requirements
         of applicable Federal, State and local laws and regulations
         thereunder, including usury law, the Federal Truth-in-Lending Act,
         the Equal Credit Opportunity Act, the Fair Credit Reporting Act,
         the Fair Debt Collection Practices Act, the Federal Trade
         Commission Act, the Magnuson-Moss Warranty Act, the Federal
         Reserve Board's Regulations B and Z, State adaptations of the
         National Consumer Act and of the Uniform Consumer Credit Code, and
         other consumer credit laws and equal credit opportunity and
         disclosure laws.

              (iv)  Binding Obligation. Each NH Receivable represents the
         genuine, legal, valid and binding payment obligation in writing of the
         Obligor, enforceable by the holder  thereof in accordance with its
         terms.

              (v)  No Government Obligor. None of the NH Receivables is due
         from the United States of America or any State or from any agency,
         department or  instrumentality  of the United States of America or
         any State.

              (vi)  Security Interest in Financed Equipment. Immediately prior
         to the sale, assignment and transfer thereof, each NH Receivable
         shall be secured by a validly perfected first priority security
         interest in the Financed Equipment in favor of NH Credit as
         secured party or all necessary and appropriate actions have been
         commenced that would result in the valid perfection of a first
         priority security interest in the Financed Equipment in favor of
         NH Credit as secured party, except that (A) no security interest
         against the Obligor is created in True Lease Equipment and (B) NH
         Credit makes no representation or warranty as to any security
         interest granted by any Dealer to secure the Dealer's obligations
         to make payments in respect of Termination Values.

              (vii)  NH Receivables in Force. No NH Receivable has been
         satisfied, subordinated or rescinded, nor has any Financed Equipment
         been released from the Lien granted by the related NH Receivable in
         whole or in part.

                                     9
<PAGE>

            (viii)  No Amendment or Waiver. No provision of a NH Receivable has
         been waived, altered or modified in any respect, except pursuant to a
         document, instrument or writing included in the Receivable Files
         and no such amendment, waiver, alteration or modification causes
         such NH Receivable not to conform to the other warranties
         contained in this Section.

              (ix)  No Defenses. No right of rescission, setoff, counterclaim or
         defense has been asserted or threatened or exists with respect to
         any NH Receivable.

              (x)  No Liens. To the best of NH Credit's knowledge, no Liens or
         claims, including claims for work, labor or materials, relating to
         any of the Financed Equipment have been filed that are Liens prior
         to, or equal or coordinate with, the security interest in the
         Financed Equipment granted by any NH Receivable, except those
         pursuant to the Basic Documents.

              (xi)  No Default. No NH Receivable is a non-performing Receivable
         or has a payment that is more than 90 days overdue as of the
         Initial Cutoff Date or Subsequent Cutoff Date, as applicable, and,
         except for a payment default continuing for a period of not more
         than 90 days, no default, breach, violation or event permitting
         acceleration under the terms of any NH Receivable has occurred and
         is continuing; and no continuing condition that with notice or the
         lapse of time would constitute such a default, breach, violation
         or event permitting acceleration under the terms of any NH
         Receivable has arisen; and NH Credit has not waived and shall not
         waive any of the foregoing.

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

                                    10
<PAGE>

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

              (xiv)  All Filings Made. All filings (including UCC filings)
         necessary in any jurisdiction to give CNHCR a first priority perfected
         ownership interest in the NH Receivables have been made.

              (xv)  One Original. There is only one original executed copy of
         each NH Receivable.

              (xvi) Insurance. The Obligor on each NH Receivable is required to
         maintain physical damage insurance covering the Financed Equipment
         and, in the case of any Lease, public liability insurance relating
         to the use of such Financed Equipment, in each case in accordance
         with NH Credit's normal requirements.

              (xvii) No Bankruptcies. No Obligor on any NH Receivable as of the
         Initial Cutoff Date or the Subsequent Cutoff Date, as applicable, was
         noted in the related Receivable File as being the subject of a
         bankruptcy proceeding.

             (xviii) No Repossessions.  None of the Financed Equipment securing
         any NH Receivable is in repossession status.

              (xix)  Chattel Paper. Each NH Receivable constitutes "chattel
         paper" as defined in the UCC of the State the law of which governs
         the perfection of the interest granted in it.

              (xx)  U.S. Obligors. None of the NH Receivables is denominated and
         payable in any currency other than United States Dollars or is due
         from any Person that does not have a mailing address in the United
         States of America.

              (xxi)  Interest Accruing. Each NH Receivable, other than those NH
         Receivables consisting of Contracts that contain interest waivers
         for a specified period of time, is, as of the Closing Date or
         Subsequent Transfer Date, as applicable, accruing interest; no NH
         Receivable contains an interest waiver extending more than 12
         months after the Initial Cutoff Date.

             (xxii)  Leases. Each Lease included in the Initial NH Receivables
         or the Subsequent NH Receivables has a Termination Value less than or
         equal to 10% of the purchase price of the equipment subject to
         such Lease and is a "lease intended as security" (rather than a
         true lease) within the meaning of Section 1-201(37) of the UCC.

                                    11
<PAGE>

            (xxiii)  NH Credit's Representations. The representations and
         warranties of NH Credit contained in Section 3.2(a) are true and
         correct.

              (xxiv)  NH Credit's Obligations. NH Credit has no obligations
         under any Contract, other than the covenant of quiet enjoyment
         benefiting the Obligors under any Contracts that are Leases.

              (xxv)  No Either/or Leases. No Lease included in the Initial NH
         Receivables or the Subsequent NH Receivables is an Either/or
         Lease, and no Financed Equipment transferred to CNHCR on the
         Closing Date or any Subsequent Transfer Date, as the case may be,
         constitutes True Lease Equipment.

            (xxvi)  No Leases. Notwithstanding anything to the contrary in the
         Basic Documents, none of the Initial NH Receivables or the Subsequent
         NH Receivables shall be Leases.

                                ARTICLE IV
                                 Conditions

         SECTION 4.1  Conditions to Obligation of CNHCR.
                      ----------------------------------

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

              (i)  Representations and Warranties True. The representations and
         warranties of NH Credit hereunder shall be true and correct on the
         Closing Date and NH Credit shall have performed all obligations to
         be performed by it hereunder on or prior to the Closing Date.

              (ii)  Computer Files Marked. NH Credit shall, at its own expense,
         on or prior to the Closing Date, indicate in its computer files that
         NH Receivables created in connection with the NH Purchased Contracts
         have been sold to CNHCR pursuant to this Agreement and deliver to
         CNHCR the Schedule of NH Receivables certified by the Chairman,
         the President, a Vice President or the Treasurer of NH Credit to
         be true, correct and complete.

              (iii) Documents To Be Delivered by NH Credit on the Closing Date.

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

                                    12
<PAGE>

                       (B)  Evidence of UCC Filing. On or prior to the Closing
                  Date (but only if the Contract Value of the NH Purchased
                  Contracts is greater than zero), NH Credit shall execute and
                  file, at its own expense, a UCC financing statement in each
                  jurisdiction in which such action is required by applicable
                  law to fully perfect CNHCR's right, title and interest in the
                  NH Purchased Contracts and the other property sold hereunder,
                  executed by NH Credit, as seller or debtor, and naming CNHCR,
                  as CNHCR or secured party, describing the NH Purchased
                  Contracts and the other property sold hereunder, meeting the
                  requirements of the laws of each such jurisdiction and
                  in such manner as is necessary to perfect the sale, transfer,
                  assignment and conveyance of such NH Purchased Contracts and
                  such other property to CNHCR. It is understood and agreed,
                  however, that no filings will be made to perfect any security
                  interest of CNHCR in NH Credit's interests in Financed
                  Equipment. NH Credit shall deliver (or cause to be delivered)
                  a file-stamped copy, or other evidence satisfactory to CNHCR
                  of such filing, to CNHCR on or prior to the Closing Date.

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

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

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

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

              (ii)  NH Credit shall, to the extent required by Section 5.2 of
         the Sale and Servicing Agreement, have delivered to CNHCR for deposit
         in the Collection Account all collections in respect of the
         Subsequent NH Receivables;

                                    13
<PAGE>

             (iii)  as of such Subsequent Transfer Date: (A) NH Credit was not
         insolvent and will not become insolvent as a result of the
         transfer of Subsequent NH Receivables on such Subsequent Transfer
         Date, (B) NH Credit did not intend to incur or believe that it
         would incur debts that would be beyond NH Credit'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 NH Credit did not constitute unreasonably small capital to
         carry out its business as conducted;

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

              (v)  the Funding Period shall not have terminated;

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

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

             (viii) NH Credit shall have taken any action required to give
         CNHCR a first priority perfected ownership interest in the Subsequent
         NH Receivables;

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

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

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

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

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

                                    14
<PAGE>

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

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

              (b)  Receivables Purchase Price. On the Closing Date or the
         applicable Subsequent Transfer Date, CNHCR shall have delivered to NH
         Credit the portion of the Initial NH Purchase Price or the Subsequent
         NH Purchase Price, as the case may be, payable on the Closing Date or
         such Subsequent Transfer Date pursuant to Section 2.5.

                                 ARTICLE V
                           Covenants of NH Credit

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

         SECTION 5.1 Protection of Right, Title and Interest. (a) Filings. NH
Credit shall cause all financing statements and continuation statements and any
other necessary documents covering the right, title and interest of CNHCR
in and to the NH Receivables and the other property included in the Trust
Estate to be promptly filed, and at all times to be kept recorded,
registered and filed, all in such manner and in such places as may be
required by law fully to preserve and protect the right, title and interest
of CNHCR hereunder to the NH Receivables and the other property sold
hereunder. It is understood and agreed, however, that no filings will be
made to perfect any security interest of CNHCR in NH Credit's interests in
Financed Equipment. NH Credit shall deliver (or cause to be delivered) to
CNHCR file-stamped copies of, or filing receipts for, any document
recorded, registered or filed as provided above as soon as available
following such recordation, registration or filing. CNHCR shall cooperate
fully with NH Credit in connection with the obligations set forth above and
will execute any and all documents reasonably required to fulfill the
intent of this paragraph.

                                    15
<PAGE>

         (b) Name Change. Within 15 days after NH Credit makes any change in its
name, identity or limited liability company structure 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 or any title statute, NH Credit shall give CNHCR
notice of any such change, and no later than five days after the effective
date thereof, shall file such financing statements or amendments as may be
necessary to continue the perfection of CNHCR's interest in the property
included in the Trust Estate.

         SECTION 5.2 Other Liens or Interests. Except for the conveyances
hereunder and pursuant to the NH Liquidity Receivables Purchase Agreement, the
Sale and Servicing Agreement, the Indenture and the other Basic Documents, NH
Credit: (a) will not sell, pledge, assign or transfer to any Person, or
grant, create, incur, assume or suffer to exist any Lien on, any interest
in, to and under the NH Receivables, and (b) shall defend the right, title
and interest of CNHCR in, to and under the NH Receivables against all
claims of third parties claiming through or under NH Credit; provided,
however, that NH Credit's obligations under this Section shall terminate
upon the termination of the Trust pursuant to the Trust Agreement.

         SECTION 5.3 Chief Executive Office. During the term of the NH
Receivables, NH Credit will maintain its chief executive office in one of the
States.

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

         SECTION 5.5 Indemnification. NH Credit shall indemnify, defend and
hold harmless CNHCR for any liability as a result of the failure of a NH
Receivable to be originated in compliance with all requirements of law and
for any breach of any of its representations and warranties contained
herein. These indemnity obligations shall be in addition to any obligation
that NH Credit may otherwise have. NH Credit shall indemnify, defend and
hold harmless CNHCR, the Issuer, the Trustee and the Indenture Trustee (and
their respective officers, directors, employees and agents) from and
against any taxes that may at any time be asserted against such Person with
respect to the sale of the NH Receivables to CNHCR hereunder or the sale of
the NH Receivables to the Issuer by CNHCR or the issuance and original sale
of the Certificates and the Notes, including any sales, gross receipts,
general corporation, tangible personal property, privilege or license taxes
(but, in the case of CNHCR and the Issuer, not including any taxes asserted
with respect to ownership of the NH Receivables on Federal or other income
taxes arising out of the transactions contemplated by this Agreement) and
costs and expenses in defending against the same.

         SECTION 5.6 Transfer of Subsequent NH Receivables. NH Credit covenants
to transfer to CNHCR, pursuant to Section 2.2, Subsequent NH Receivables with
an aggregate Contract Value approximately equal to $334,913,958.08 minus
the aggregate Contract Value of any Receivables sold to CNHCR by Case
Credit pursuant to Section 5.6 of the Case Purchase Agreement, subject only
to the availability of such Subsequent NH Receivables.

                                    16
<PAGE>

                                ARTICLE VI
                          Miscellaneous Provisions

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

         SECTION 6.2 Repurchase Events. NH Credit hereby covenants and agrees
with CNHCR for the benefit of CNHCR, the Indenture Trustee, the Noteholders, the
Trustee and the Certificateholders that the occurrence of a breach of any
of NH Credit's representations and warranties contained in Section 3.2(b),
shall constitute events obligating NH Credit to repurchase any NH
Receivable materially and adversely affected by any such breach
("Repurchase Events") at the Purchase Amount from CNHCR or from the Trust.
Except as set forth in Section 5.5, the repurchase obligation of NH Credit
shall constitute the sole remedy of CNHCR, the Indenture Trustee, the
Noteholders, the Trust, the Trustee or the Certificateholders against NH
Credit with respect to any Repurchase Event.

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

         SECTION 6.4 Trust. NH Credit acknowledges and agrees that: (a) CNHCR
will, pursuant to the Sale and Servicing Agreement, sell the NH Receivables to
the Trust and assign its rights under this Agreement to the Trust, (b) the
Trust will, pursuant to the Indenture, assign such NH Receivables and such
rights to the Indenture Trustee and (c) the representations, warranties and
covenants contained in this Agreement and the rights of CNHCR under this
Agreement, including under Section 6.2, are intended to benefit the Trust,
the Certificateholders and the Noteholders. NH Credit hereby consents to
all such sales and assignments and agrees that enforcement of a right or
remedy hereunder by the Indenture Trustee shall have the same force and
effect as if the right or remedy had been enforced or executed by CNHCR.

         SECTION 6.5 Amendment. This Agreement may be amended from time to time,
with prior written notice to the Rating Agencies, by a written amendment
duly executed and delivered by NH Credit and CNHCR, without the consent 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 of this Agreement or of modifying in any manner the rights
of the Noteholders or the Certificateholders; provided, however, that such
amendment will not in the Opinion of Counsel, materially and adversely
affect the interest of any Noteholder or Certificateholder.

                                    17
<PAGE>

         This Agreement may also be amended from time to time by NH Credit
and CNHCR, with prior written notice to the Rating Agencies, with the
written consent of (x) Noteholders holding Notes evidencing at least a
majority of the Note Balance and (y) the Holders of Certificates evidencing
at least 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 may: (i) increase or reduce in any manner the amount of, or
accelerate or delay the timing of, collections of payments on NH
Receivables or distributions that are required to be made for the benefit
of the Noteholders or the Certificateholders or (ii) reduce the aforesaid
percentage of the Notes and Certificates that are required to consent to
any such amendment, without the consent of the holders of all the
outstanding Notes and Certificates.

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

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

         SECTION 6.7 Waivers. No failure or delay on the part of CNHCR in
exercising any power, right or remedy under this Agreement, the NH Assignment
or any NH Subsequent Transfer Assignment shall operate as a waiver thereof, nor
shall any single or partial exercise of any such power, right or remedy
preclude any other or further exercise thereof or the exercise of any other
power, right or remedy.

         SECTION 6.8 Notices. All demands, notices and communications under this
Agreement shall be in writing, personally delivered or mailed by certified
mail, return receipt requested, and shall be deemed to have been duly given
upon receipt: (a) in the case of NH Credit, to New Holland Credit Company,
LLC, 33 South Railroad Avenue, New Holland, Pennsylvania 17557-1728,
Attention: Finance Manager (telephone (717) 355-3091); with a copy to
Senior Counsel; (b) in the case of CNHCR, to CNH Capital Receivables Inc.,
100 South Saunders Road, Lake Forest, Illinois 60045, Attention: Treasurer
(telephone (847) 735-9200); (c) in the case of the Rating Agencies, at
their respective addresses set forth in Section 10.3 of the Sale and
Servicing Agreement; or, as to each of the foregoing, at such other address
as shall be designated by written notice to the other parties.
[CONFIRM/UPDATE NOTICE INFORMATION]

                                    18
<PAGE>

         SECTION 6.9 Costs and Expenses. NH Credit will pay all expenses
incident to the performance of its obligations under this Agreement and NH
Credit agrees to pay all reasonable out-of-pocket costs and expenses of CNHCR,
excluding fees and expenses of counsel, in connection with the perfection
as against third parties of CNHCR's right, title and interest in, to and
under the NH Receivables and the enforcement of any obligation of NH Credit
hereunder.

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

         SECTION 6.11 Confidential Information. CNHCR agrees that it will
neither use nor disclose to any Person the names and addresses of the Obligors,
except in connection with the enforcement of CNHCR's rights hereunder,
under the NH Receivables, under the Sale and Servicing Agreement or the
Indenture or any other Basic Document or as required by any of the
foregoing or by law.

         SECTION 6.12 Headings and Cross-References. The various headings in
this Agreement are included for convenience only and shall not affect the
meaning or interpretation of any provision of this Agreement. References in
this Agreement to Section names or numbers are to such Sections of this
Agreement unless otherwise expressly indicated.

         SECTION 6.13 Governing Law. This Agreement, the NH Assignment, and
each NH Subsequent Transfer Assignment 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 or thereunder shall be determined in accordance with such laws.

         SECTION 6.14 Counterparts. This Agreement may be executed in two or
more counterparts and by different parties on separate counterparts, each of
which shall be an original, but all of which together shall constitute but
one and the same instrument.

                                    19
<PAGE>

         SECTION 6.15 Severability. Any provision of this Agreement that is
prohibited or unenforceable in any jurisdiction shall, as to such
jurisdiction, be ineffective to the extent of such prohibition or
unenforceability without invalidating the remaining provisions hereof, and
any such prohibition or unenforceability in any jurisdiction shall not
invalidate or render unenforceable such provision in any other
jurisdiction.

                          (signature page follows)

                                    20
<PAGE>

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

                                  CNH CAPITAL RECEIVABLES INC.

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

                                  NEW HOLLAND CREDIT COMPANY, LLC

                                   By: /s/ L. William York
                                       ----------------------------------------
                                       Name:  L. William York
                                       Title: President

                                        S-1               NH Purchase Agreement
<PAGE>

                                                                     EXHIBIT A
                                                      to NH Purchase Agreement

                                  FORM OF
                               NH ASSIGNMENT

         For value received, in accordance with and subject to the NH
Purchase Agreement dated as of May 1, 2001 (the "NH Purchase Agreement")
between the undersigned and CNH Capital Receivables Inc. ("CNHCR"), the
undersigned does hereby sell, assign, transfer, set over and otherwise
convey unto CNHCR, without recourse, all of its right, title, interest and,
with respect to any Contracts that are Leases, obligations in, to and
under: (a) the NH Purchased Contracts, which are listed on Schedule A
hereto, including all documents constituting chattel paper included
therewith, and all obligations of the Obligors thereunder, including all
moneys paid thereunder on or after the Initial Cutoff Date, (b) the
security interests in the Financed Equipment granted by Obligors pursuant
to the NH Purchased Contracts and any other interest of the undersigned in
such Financed Equipment, (c) any proceeds with respect to the NH Purchased
Contracts from claims on insurance policies covering Financed Equipment or
Obligors, (d) any proceeds from recourse to Dealers with respect to the NH
Purchased Contracts other than any interest in the Dealers' reserve
accounts maintained with NH Credit, (e) any Financed Equipment that shall
have secured the NH Purchased Contracts and that shall have been acquired
by or on behalf of CNHCR, (f) any True Lease Equipment that is subject to
any NH Purchased Contract, and (g) the proceeds of any and all of the
foregoing. The foregoing sale does not constitute and is not intended to
result in any assumption by CNHCR of any obligation (other than the
covenant of quiet enjoyment benefiting the Obligors under any Contracts
that are Leases) of the undersigned to the Obligors, insurers or any other
person in connection with the NH Purchased Contracts, Receivables Files,
any insurance policies or any agreement or instrument relating to any of
them.

         This NH Assignment is made pursuant to and upon the
representations, warranties and agreements on the part of the undersigned
contained in the NH Purchase Agreement and is to be governed in all
respects by the NH Purchase Agreement.

         Capitalized terms used herein and not otherwise defined shall have
the meanings assigned to them in the NH Purchase Agreement.

                                     A-1
<PAGE>

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

                                 NEW HOLLAND CREDIT COMPANY, LLC

                                 By: _________________________________________
                                      Name:
                                      Title:

                                     A-2
<PAGE>

                                                                    EXHIBIT B
                                                     to NH Purchase Agreement

                                  FORM OF
                     NH SUBSEQUENT TRANSFER ASSIGNMENT

         For value received, in accordance with and subject to the NH
Purchase Agreement dated as of May 1, 2001 (the "NH Purchase Agreement")
between New Holland Credit Company LLC, a Delaware limited liability
company ("NH Credit"), and CNH Capital Receivables Inc., a Delaware
corporation ("CNHCR"), NH Credit does hereby sell, transfer, assign, set
over and otherwise convey to CNHCR, without recourse, all of its right,
title, interest and, with respect to any Contracts that are Leases,
obligations in, to and under: (a) the Subsequent NH 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 NH Receivables and any other interest of NH Credit in
such Financed Equipment, (c) any proceeds with respect to such Subsequent
NH Receivables from claims on insurance policies covering Financed
Equipment or Obligors, (d) any proceeds from recourse to Dealers with
respect to such Subsequent NH Receivables other than any interest in the
Dealers' reserve accounts maintained with NH Credit, (e) any Financed
Equipment that shall have secured any such Subsequent NH Receivables and
that shall have been acquired by or on behalf of CNHCR, (f) any True Lease
Equipment that is subject to any Subsequent NH Receivable, and (g) the
proceeds of any and all of the foregoing. The foregoing sale does not
constitute and is not intended to result in any assumption by CNHCR of any
obligation (other than the covenant of quiet enjoyment benefiting the
Obligors under any Contracts that are Leases) of NH Credit to the Obligors,
insurers or any other person in connection with such Subsequent NH
Receivables, Receivable Files, any insurance policies or any agreement or
instrument relating to any of them.

         This NH Subsequent Transfer Assignment is made pursuant to and
upon the representations, warranties and agreements on the part of NH
Credit contained in the NH Purchase Agreement (including the Officers'
Certificate of NH Credit accompanying this Agreement) and is to be governed
in all respects by the NH Purchase Agreement.

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

                                    B-1
<PAGE>

         IN WITNESS WHEREOF, the undersigned has caused this NH Subsequent
Transfer Assignment to be duly executed as of the __ day of , 2001.

                                  NEW HOLLAND CREDIT COMPANY, LLC

                                  By:________________________________________
                                     Name:
                                     Title:

                                  B-2
<PAGE>

                                                                    SCHEDULE A
                                          to NH Subsequent Transfer Assignment

                   SCHEDULE OF SUBSEQUENT NH RECEIVABLES

                            [See attached list]

<PAGE>

                                                                      ANNEX A
                                         to NH Subsequent Transfer Assignment

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

         We, the undersigned officers of New Holland Credit Company, LLC
(the "Company"), do hereby certify, pursuant to Section 4.1(b)(xiii) of the
NH Purchase Agreement dated as of May 1, 2001 among the Company, and CNH
Capital Receivables Inc. (the "NH Purchase Agreement"), that (i) all of the
conditions precedent to the transfer to CNHCR of the Subsequent NH
Receivables listed on Schedule A to the NH Subsequent Transfer Assignment
delivered herewith, and the other property and rights related to such
Subsequent NH Receivables as described in Section 2.2 of the NH Purchase
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 NH Receivables shall be true and correct
as of the date hereof with respect to the Subsequent NH Receivables listed
on the aforementioned Schedule A.

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

         IN WITNESS WHEREOF, the undersigned have caused this certificate
to be duly executed this ___ day of ___________, _____.

                                 By: __________________________________________
                                       Name:___________________________________
                                       Title:__________________________________

                                 By: __________________________________________
                                       Name:___________________________________
                                       Title:________ _________________________

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