Document:

Exhibit 4.01

CUSIP NO. 52517P5U1

ISIN NO. US52517P5U16

	
  REGISTERED

  	
  PRINCIPAL AMOUNT: $12,560,000

  
	
  No. R-1

  	
   

  

 

LEHMAN BROTHERS HOLDINGS INC.

MEDIUM-TERM NOTE, SERIES I

FX-LINKED NOTE
 DUE DECEMBER 20, 2007

THIS NOTE IS A GLOBAL SECURITY WITHIN THE MEANING OF
THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE
DEPOSITORY OR A NOMINEE OF THE DEPOSITORY. 
UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF
THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) TO THE
COMPANY (AS DEFINED BELOW) OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE
OR PAYMENT AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE &
CO. OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY AND ANY PAYMENT IS MADE TO CEDE & CO., ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.

UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART
FOR NOTES IN CERTIFICATED FORM (A “CERTIFICATED NOTE”), THIS GLOBAL SECURITY
MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITORY TO A NOMINEE OF THE
DEPOSITORY OR BY A NOMINEE OF THE DEPOSITORY TO THE DEPOSITORY OR ANOTHER
NOMINEE OF THE DEPOSITORY OR BY THE DEPOSITORY OR ANY SUCH NOMINEE TO A
SUCCESSOR DEPOSITORY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITORY.

 

LEHMAN BROTHERS HOLDINGS INC., a corporation duly organized and
existing under the laws of the State of Delaware (herein called the “Company,”
which term includes any successor corporation under the Indenture referred to
on the reverse hereof), for value received, hereby promises to pay to CEDE
& Co., or registered assigns, on the Maturity Date, an amount equal to the Redemption Amount.

The “Maturity Date” is December 20, 2007, or
if such day is not a Business Day, on the next following Business Day.

The “Redemption Amount” is the amount equal to the sum of the principal
amount of the Notes plus the Additional Amount, if any.

The “Additional Amount” is a single U.S. dollar amount equal the
principal amount of the Notes multiplied by the product of 2.00% and a
quotient, the numerator of which is n and the denominator of which is N.

“n” is the number of consecutive Valuation Business Days during the
Accrual Period from and including the Accrual Start Date to and including the
earlier of (a) the Valuation Date and (b) the Valuation Business Day
immediately preceding the first Valuation Business Day on which the Daily Exchange
Rate is outside the Reference Range.

“N” is the total number of Valuation Business Days in the Accrual
Period.

The “Reference Currency” is the Mexican Peso
(MXN).

The “Daily
Exchange Rate” is, for any Valuation Business Day within the Accrual Period,
the Reference Exchange Rate on such Valuation Business Day, determined in
accordance with the Settlement Rate Option (subject to the occurrence of a
Disruption Event).

The “Reference
Exchange Rate” is the spot exchange rate for the Reference Currency quoted
against the U.S. dollar expressed as the number of currency units per USD 1.

The “Reference
Range” is the range from and including the Range Lower Boundary to and
including the Range Upper Boundary.

The “Range
Lower Boundary” is 10.8000.

The “Range
Lower Boundary” is 11.1600.

The “Accrual
Period” is the period from and including the Accrual Start Date to and
including the Valuation Date.

The “Accrual
Start Date” is September 17, 2007.

The “Valuation
Date” is December 13, 2007.

The “Issue
Date” is September 20, 2007.

If the
Calculation Agent determines that a Disruption Event is in effect on any
Valuation Business Day during the Accrual Period to and including the earlier
of (a) the Valuation Date and (b) the first Valuation Business Day on which the
Daily Exchange Rate is

outside the Reference Range, the
Calculation Agent will determine the Daily Exchange Rate for such Valuation
Business Day in accordance with the Fallback Rate Observation Methodology

A “Disruption
Event” means any of the
following events as determined in good faith by the Calculation Agent:

(A)                              the occurrence and/or existence of an event on any
Valuation Business Day that has the effect of preventing or making impossible
(x) the delivery of USD from accounts inside Mexico to accounts outside Mexico;
or (y) the conversion of the Reference Currency into USD through customary
legal channels;

(B)                                the occurrence of any
event causing the Reference Exchange Rate to be split into dual or multiple
currency exchange rates; or

(C)                                the Daily Exchange Rate being unavailable for the
Reference Currency, or the occurrence of an event (i) in Mexico that materially
disrupts the market for the Reference Currency or (ii) that generally makes it
impossible to obtain the Settlement Rate for the Reference Currency, on any
Valuation Business Day.

“Valuation Business Day”  is New York and Mexico City.

The “Settlement Rate Option”
is the Mexican Peso/U.S. Dollar fixing rate, expressed as the amount of Mexican
Pesos per one U.S. Dollar, for settlement in two New York and Mexico City
business days reported by the Federal Reserve Bank of New York which appears on
Reuters Screen 1FEE to the right of the caption ‘‘MXN’’ at approximately 12.00
p.m., New York time on the relevant day.

The screen or time of observation
indicated in relation to any Settlement Rate Option above shall be deemed to
refer to such screen or time of observation as modified or amended from time to
time, or to any substitute screen thereto.

The “Fallback
Rate Observation Methodology” means
that the reference exchange rate, Settlement Rate or other rate, as specified
in the applicable pricing supplement, in respect of a reference currency will
equal the noon buying rate in New York for cable transfers in foreign
currencies as announced by the Federal Reserve Bank of New York for customs
purposes (the “Noon Buying Rate”) on the relevant Valuation Date or such other
date specified in the applicable pricing supplement. If the Noon Buying Rate is
not announced on that date, the Reference Exchange Rate, Settlement Rate or
other rate for such Reference Currency will be calculated on the basis of the
arithmetic mean of the applicable spot quotations received by the Calculation
Agent at approximately 10:00 a.m., New York City time, on the Valuation
Business Day next succeeding the Valuation Date or such other date specified in
the applicable pricing supplement, for the purchase or sale for deposits in the
reference currency by the New York offices of three leading banks engaged in
the interbank market (selected in the sole discretion of the Calculation Agent)
(the “Reference Banks”). If fewer than three Reference Banks provide spot
quotations, then the Reference Exchange Rate, Settlement Rate or other rate, as
applicable, will be calculated on the basis of the arithmetic mean of the
applicable spot quotations received by the Calculation Agent at approximately
10:00 a.m., New York City time, on the relevant date from two Reference
Banks (selected in the sole discretion of the Calculation Agent), for the

 

purchase or sale for deposits in the Reference Currency. If
these spot quotations are available from only one Reference Bank, then the
Calculation Agent, in its sole discretion, will determine whether that
quotation is reasonable to be used. If no spot quotation is available, then the
Reference Exchange Rate, Settlement Rate or other rate, as applicable, for such
Reference Currency will be determined by the Calculation Agent in good faith
and in a commercially reasonable manner.

A “Business Day”,
notwithstanding any provision in the Indenture, is any day that is not is not a
Saturday or Sunday and that is not a day on which banking institutions in New
York City generally are authorized or obligated by law or executive order to be
closed.

The “Calculation Agent” means
Lehman Brothers Inc.

Except as provided below, the Redemption Amount may, at the option of
the Company, be made by check mailed to the person entitled thereto at such
person’s address as it appears on the registry books of the Company.

Payment of the Redemption Amount will be made in immediately available
funds in accordance with the normal procedures of the Trustee (or any duly
appointed Paying Agent).

The Company will pay any administrative costs imposed by banks
in making payments in immediately available funds, but any tax, assessment or
governmental charge imposed upon payments hereunder, including, without
limitation, any withholding tax, will be borne by the Holder hereof.

References herein to “U.S. dollars” or “U.S.$” or “$”
or “USD” are to the coin or currency of the United States as at the time of
payment is legal tender for the payment of public and private debts.

REFERENCE
IS HEREBY MADE TO THE FURTHER PROVISIONS OF THIS NOTE SET FORTH ON THE REVERSE
HEREOF.  SUCH FURTHER PROVISIONS SHALL
FOR ALL PURPOSES HAVE THE SAME EFFECT AS IF SET FORTH AT THIS PLACE.

This Note shall not be
valid or become obligatory for any purpose until the certificate of
authentication hereon shall have been signed by the Trustee under the
Indenture.

 

IN WITNESS
WHEREOF, Lehman Brothers Holdings Inc. has caused this instrument to be signed
by its Chairman of the Board, its President, its Vice Chairman, its Chief
Financial Officer, one of its Vice Presidents or its Treasurer, by manual or
facsimile signature under its corporate seal, attested by its Secretary or one
of its Assistant Secretaries by manual or facsimile signature.

Dated:  September 20, 2007

	
  [SEAL]

  	
   

  	
  LEHMAN BROTHERS HOLDINGS INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  	
  Name:

  	
  Andrew Yeung

  
	
   

  	
   

  	
   

  	
  Title:

  	
  Vice President

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Attest:

  	
   

  
	
   

  	
   

  	
   

  	
  Name:

  	
  Cindy Buckholz

  
	
   

  	
   

  	
   

  	
  Title:

  	
  Assistant Secretary

  
	
   

  	
   

  	
   

  	
   

  	
   

  

 

TRUSTEE’S
CERTIFICATE OF AUTHENTICATION

This is one of the
Securities of the series designated herein referred to in the within-mentioned
Indenture.

CITIBANK, N.A.
   as Trustee

	
  By:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Authorized Officer

  	
   

  

 

 

[REVERSE
OF NOTE]

LEHMAN BROTHERS
HOLDINGS INC.

MEDIUM-TERM NOTES, SERIES I
 FX-LINKED NOTE
 DUE DECEMBER 20, 2007

Section 1.  General.  This Note is one of a duly authorized series
of Notes of the Company designated as the Medium-Term Notes, Series I, FX-Linked Note (herein called the “Notes”).  The
Notes are one of an indefinite number of series of debt securities of the
Company (collectively, the “Securities”) issued or issuable under and pursuant
to an indenture dated as of September 1, 1987, as amended and supplemented (the
“Indenture”), duly executed and delivered by the Company and Citibank, N.A., as
Trustee (herein called the “Trustee”), to which Indenture and all indentures
supplemental thereto reference is hereby made for a description of the rights,
limitations of rights, obligations, duties and immunities thereunder of the
Trustee, the Company and the holders of the Securities.  The separate series of Securities may be
issued in various aggregate principal amounts, may mature at different times,
may bear interest (if any) at different rates, may be subject to different
redemption provisions or repurchase rights (if any), may be subject to different
sinking, purchase or analogous funds (if any), may be subject to different
covenants and Events of Default and may otherwise vary as in the Indenture
provided.

Section 2.  Principal
Amount for Indenture Purposes.  For
the purpose of determining whether Holders of the requisite amount of Notes of
this series outstanding under the Indenture have made a demand, given a notice
or waiver or taken any other action, the principal amount of this Note will be
deemed to be the principal amount of this Note then outstanding.

Section 3.  Modification
and Waivers.  The Indenture contains
provisions permitting the Company and the Trustee, with the consent of the
Holders of not less than 66-2/3% in aggregate principal amount of each series
of the Securities at the time Outstanding to be affected, evidenced as in the
Indenture provided, to execute supplemental indentures adding any provisions to
or changing in any manner or eliminating any of the provisions of the Indenture
or of any supplemental indenture or modifying in any manner the rights of the
holders of the Securities of all such series; provided, however, that no such
supplemental indenture shall, among other things, (i) change the fixed maturity
of any Security, or reduce the Additional Amount or the principal amount
thereof, or reduce the rate or extend the time of payment of interest thereon
or reduce any premium or other amount payable on redemption, or make the
Additional Amount or the principal amount thereof, premium or other amount
payable, if any, or interest thereon payable in any coin or currency other than
that herein above provided, without the consent of the Holder of each Security
so affected, or (ii) change the place of payment on any Security, or impair the
right to institute suit for payment on any Security, or reduce the aforesaid
percentage of Securities, the holders of which are required to consent to any
such supplemental indenture, without the consent of the holders of each
Security so affected.  It is also
provided in the Indenture that, prior to any declaration accelerating the
maturity of any series of Securities, the holders of a majority in aggregate
principal amount of the Securities of such series Outstanding may on behalf of
the holders of all the Securities of such series waive any past default or
Event of Default under the Indenture with respect to such series and its
consequences,

 

except a default in the payment of interest, if any,
on the Additional Amount or the principal amount, or premium, if any, on any of
the Securities of such series, or in the payment of any sinking fund
installment or analogous obligation with respect to Securities of such
series.  Any such consent or waiver by
the Holder of this Note shall be conclusive and binding upon such Holder and
upon all future holders and owners of this Note and any Notes of this series
which may be issued in exchange or substitution herefor, irrespective of
whether or not any notation thereof is made upon this Note or such other Notes
of this series.

Section 4.  Obligations
Unconditional.  No reference herein
to the Indenture and no provisions of this Note or of the Indenture shall alter
or impair the obligation of the Company, which is absolute and unconditional,
to pay the Additional Amount or the principal amount on this Note at the place,
at the respective times, at the rate, and in the coin or currency herein
prescribed.

Section 5.  Defeasance.  The Indenture contains provisions for the
discharge of the Indenture and defeasance at any time of the indebtedness on
this Note upon compliance by the Company with certain conditions set forth
therein, which provisions apply to this Note.

Section 6.  Authorized
Form and Denominations.  The Notes of
this series are issuable in registered form, without coupons.  Each Note will be issued initially as either
a Global Security or a Certificated Note, at the option of the Company, in
denominations of $1,000 or whole multiples of $1,000, either at the office or
agency to be designated and maintained by the Company for such purpose in the Borough
of Manhattan, New York City, pursuant to the provisions of the Indenture or at
any of such other offices or agencies as may be designated and maintained by
the Company for such purpose pursuant to the provisions of the Indenture, and
in the manner and subject to the limitations provided in the Indenture, but
without the payment of any service charge, except for any tax or other
governmental charges imposed in connection therewith.  Notes of this series are exchangeable for a
like aggregate principal amount of Notes of this series of a different
authorized denomination, except that Global Securities will not be exchangeable
for Certificated Notes of this series.

Section 7.  Registration
of Transfer.  As provided in the
Indenture and subject to certain limitations as therein set forth, the transfer
of this Note is registrable in the Security Register, upon surrender of this
Note for registration of transfer, at the Corporate Trust Office or agency in a
Place of Payment for this Note, duly endorsed by, or accompanied by a written
instrument of transfer in form satisfactory to the Company and the Security
Registrar requiring such written instrument of transfer duly executed by, the
Holder hereof or his attorney duly authorized in writing, and thereupon one or
more new Notes of this series, of authorized denominations and for the same
aggregate principal amount, will be issued to the designated transferee or
transferees.

If at any time the Depository notifies the Company
that it is unwilling or unable to continue as Depository or if at any time the
Depository shall no longer be eligible under the Indenture, the Company shall
appoint a successor Depository.  If a
successor Depository for the Notes of this series is not appointed by the
Company within 90 days after the Company receives such notice or becomes aware
of such ineligibility, the Company will issue, and the Trustee will
authenticate and deliver, Notes of this series in definitive form in an
aggregate principal amount equal to the principal amount of this Note.

 

No service charge shall
be made for any such registration of transfer or exchange, but the Company may
require payment of a sum sufficient to cover any tax or other governmental
charge that may be imposed in connection therewith.

Prior to due presentment of this Note for registration
of transfer, the Company, the Trustee and any agent of the Company or the
Trustee may treat the person in whose name this Note is registered as the owner
hereof for all purposes, and neither the Company nor the Trustee nor any agent
of the Company or of the Trustee shall be affected by any notice to the
contrary.

Section 8.  Events
of Default.  If an Event of Default
with respect to Notes of this series shall occur and be continuing, the amount
that may be declared due and payable upon any acceleration of the notes will be
determined by the Calculation Agent for the period from and including the Issue
Date to but excluding the date of early repayment and will equal, for each
note, the Redemption Amount, calculated as the date of early repayment were the
Maturity Date. If a bankruptcy proceeding is commenced in respect of Lehman
Brothers Holdings, the claim of the beneficial owner of a note for the period
from and including the Issue Date to but excluding the date of early repayment
will be capped at the Redemption Amount, calculated as though the date of the
commencement of the proceeding were the Maturity Date.

Section 9.  No
Recourse Against Certain Persons.  No
recourse for the payment of the Additional Amount or for any claim based hereon
or otherwise in respect hereof, and no recourse under or upon any obligation,
covenant or agreement of the Company in the Indenture or any Indenture
supplemental thereto or in any Note, or because of the creation of any
indebtedness represented thereby, shall be had against any incorporator,
stockholder, officer or director, as such, past, present or future, of the
Company or of any successor corporation, either directly or through the Company
or any successor corporation, whether by virtue of any constitution, statute or
rule of law or by the enforcement of any assessment or penalty or otherwise,
all such liability being, by the acceptance hereof and as part of the
consideration for the issue hereof, expressly waived and released.

Section 10.  Defined
Terms.  All terms used but not
defined in this Note are used herein as defined in the Indenture.

Section 11.  GOVERNING LAW.  THIS NOTE SHALL BE
GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.Exhibit 4.1

Execution Version

 

 

 

 

CNH EQUIPMENT TRUST 2007-B

INDENTURE

between

CNH EQUIPMENT TRUST 2007-B

and

THE BANK OF NEW YORK TRUST COMPANY, N.A.

as Indenture Trustee.

Dated as of September 1, 2007

 

 

TABLE OF CONTENTS

	
  

  	
   

  	
   

  	
   

  	
  Page

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE I

  	
   

  	
  Definitions and Incorporation by Reference

  	
   

  	
  2

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 1.1.

  	
   

  	
  Definitions

  	
   

  	
  2

  
	
  Section 1.2.

  	
   

  	
  Incorporation by
  Reference of Trust Indenture Act

  	
   

  	
  2

  
	
  Section 1.3.

  	
   

  	
  Other
  Definitional Provisions

  	
   

  	
  3

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE II

  	
   

  	
  The Notes

  	
   

  	
  3

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 2.1.

  	
   

  	
  Form

  	
   

  	
  3

  
	
  Section 2.2.

  	
   

  	
  Execution,
  Authentication and Delivery

  	
   

  	
  4

  
	
  Section 2.3.

  	
   

  	
  Temporary Notes

  	
   

  	
  4

  
	
  Section 2.4.

  	
   

  	
  Registration;
  Registration of Transfer and Exchange

  	
   

  	
  5

  
	
  Section 2.5.

  	
   

  	
  Mutilated,
  Destroyed, Lost or Stolen Notes

  	
   

  	
  6

  
	
  Section 2.6.

  	
   

  	
  Persons Deemed
  Owner

  	
   

  	
  7

  
	
  Section 2.7.

  	
   

  	
  Payment of
  Principal and Interest; Defaulted Interest

  	
   

  	
  7

  
	
  Section 2.8.

  	
   

  	
  Cancellation

  	
   

  	
  8

  
	
  Section 2.9.

  	
   

  	
  Release of
  Collateral

  	
   

  	
  8

  
	
  Section 2.10.

  	
   

  	
  Book-Entry Notes

  	
   

  	
  9

  
	
  Section 2.11.

  	
   

  	
  Notices to
  Clearing Agency

  	
   

  	
  9

  
	
  Section 2.12.

  	
   

  	
  Definitive Notes

  	
   

  	
  9

  
	
  Section 2.13.

  	
   

  	
  Tax Treatment

  	
   

  	
  10

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE III

  	
   

  	
  Covenants

  	
   

  	
  10

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 3.1.

  	
   

  	
  Payment of
  Principal and Interest

  	
   

  	
  10

  
	
  Section 3.2.

  	
   

  	
  Maintenance of
  Office or Agency

  	
   

  	
  10

  
	
  Section 3.3.

  	
   

  	
  Money for
  Payments To Be Held in Trust

  	
   

  	
  10

  
	
  Section 3.4.

  	
   

  	
  Existence

  	
   

  	
  12

  
	
  Section 3.5.

  	
   

  	
  Protection of
  the Trust Estate

  	
   

  	
  12

  
	
  Section 3.6.

  	
   

  	
  Opinions as to
  the Trust Estate

  	
   

  	
  13

  
	
  Section 3.7.

  	
   

  	
  Performance of
  Obligations; Servicing of Receivables

  	
   

  	
  13

  
	
  Section 3.8.

  	
   

  	
  Negative
  Covenants

  	
   

  	
  15

  
	
  Section 3.9.

  	
   

  	
  Annual Statement
  as to Compliance

  	
   

  	
  15

  
	
  Section 3.10.

  	
   

  	
  Issuing Entity
  May Consolidate, etc., Only on Certain Terms

  	
   

  	
  15

  
	
  Section 3.11.

  	
   

  	
  Successor or
  Transferee

  	
   

  	
  17

  
	
  Section 3.12.

  	
   

  	
  No Other Business

  	
   

  	
  17

  
	
  Section 3.13.

  	
   

  	
  No Borrowing

  	
   

  	
  17

  
	
  Section 3.14.

  	
   

  	
  Servicer’s
  Obligations

  	
   

  	
  17

  
	
  Section 3.15.

  	
   

  	
  Guarantees,
  Loans, Advances and Other Liabilities

  	
   

  	
  17

  
	
  Section 3.16.

  	
   

  	
  Capital
  Expenditures

  	
   

  	
  18

  
	
  Section 3.17.

  	
   

  	
  Removal of
  Administrator

  	
   

  	
  18

  
	
  Section 3.18.

  	
   

  	
  Restricted
  Payments

  	
   

  	
  18

  

 

 i
 

 

	
  Section 3.19.

  	
   

  	
  Notice of Events
  of Default

  	
   

  	
  18

  
	
  Section 3.20.

  	
   

  	
  Further
  Instruments and Acts

  	
   

  	
  18

  
	
  Section 3.21.

  	
   

  	
  Perfection
  Representation

  	
   

  	
  18

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE IV

  	
   

  	
  Satisfaction and Discharge

  	
   

  	
  18

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 4.1.

  	
   

  	
  Satisfaction and
  Discharge of Indenture

  	
   

  	
  18

  
	
  Section 4.2.

  	
   

  	
  Application of
  Trust Money

  	
   

  	
  20

  
	
  Section 4.3.

  	
   

  	
  Repayment of
  Monies Held by Paying Agent

  	
   

  	
  20

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE V

  	
   

  	
  Remedies

  	
   

  	
  20

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 5.1.

  	
   

  	
  Events of
  Default

  	
   

  	
  20

  
	
  Section 5.2.

  	
   

  	
  Acceleration of
  Maturity; Rescission and Annulment

  	
   

  	
  21

  
	
  Section 5.3.

  	
   

  	
  Collection of
  Indebtedness and Suits for Enforcement by Indenture Trustee

  	
   

  	
  22

  
	
  Section 5.4.

  	
   

  	
  Remedies;
  Priorities

  	
   

  	
  24

  
	
  Section 5.5.

  	
   

  	
  Optional
  Preservation of the Receivables

  	
   

  	
  26

  
	
  Section 5.6.

  	
   

  	
  Limitation of
  Suits

  	
   

  	
  26

  
	
  Section 5.7.

  	
   

  	
  Unconditional
  Rights of Noteholders To Receive Principal and Interest

  	
   

  	
  26

  
	
  Section 5.8.

  	
   

  	
  Restoration of
  Rights and Remedies

  	
   

  	
  27

  
	
  Section 5.9.

  	
   

  	
  Rights and
  Remedies Cumulative

  	
   

  	
  27

  
	
  Section 5.10.

  	
   

  	
  Delay or
  Omission Not a Waiver

  	
   

  	
  27

  
	
  Section 5.11.

  	
   

  	
  Control by
  Noteholders

  	
   

  	
  27

  
	
  Section 5.12.

  	
   

  	
  Waiver of Past
  Defaults

  	
   

  	
  28

  
	
  Section 5.13.

  	
   

  	
  Undertaking for
  Costs

  	
   

  	
  28

  
	
  Section 5.14.

  	
   

  	
  Waiver of Stay
  or Extension Laws

  	
   

  	
  28

  
	
  Section 5.15.

  	
   

  	
  Action on Notes

  	
   

  	
  29

  
	
  Section 5.16.

  	
   

  	
  Performance and
  Enforcement of Certain Obligations

  	
   

  	
  29

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE VI

  	
   

  	
  The Indenture Trustee

  	
   

  	
  30

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 6.1.

  	
   

  	
  Duties of the
  Indenture Trustee

  	
   

  	
  30

  
	
  Section 6.2.

  	
   

  	
  Rights of
  Indenture Trustee

  	
   

  	
  31

  
	
  Section 6.3.

  	
   

  	
  Individual
  Rights of the Indenture Trustee

  	
   

  	
  32

  
	
  Section 6.4.

  	
   

  	
  Indenture
  Trustee’s Disclaimer

  	
   

  	
  32

  
	
  Section 6.5.

  	
   

  	
  Notice of
  Defaults

  	
   

  	
  32

  
	
  Section 6.6.

  	
   

  	
  Reports by
  Indenture Trustee to the Holders

  	
   

  	
  32

  
	
  Section 6.7.

  	
   

  	
  Compensation and
  Indemnity

  	
   

  	
  33

  
	
  Section 6.8.

  	
   

  	
  Replacement of
  the Indenture Trustee

  	
   

  	
  33

  
	
  Section 6.9.

  	
   

  	
  Successor
  Indenture Trustee by Merger

  	
   

  	
  34

  
	
  Section 6.10.

  	
   

  	
  Appointment of
  Co-Trustee or Separate Trustee

  	
   

  	
  35

  
	
  Section 6.11.

  	
   

  	
  Eligibility;
  Disqualification

  	
   

  	
  36

  
	
  Section 6.12.

  	
   

  	
  Preferential
  Collection of Claims Against the Issuing Entity

  	
   

  	
  37

  
	
  Section 6.13.

  	
   

  	
  Information to
  Be Provided by the Indenture Trustee

  	
   

  	
  37

  
	
  Section 6.14.

  	
   

  	
  Representations
  and Warranties

  	
   

  	
  37

  

 

 ii
 

 

	
  ARTICLE VII

  	
  Noteholders’ Lists and Reports

  	
   

  	
  38

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 7.1.

  	
   

  	
  Issuing Entity
  To Furnish Indenture Trustee Names and Addresses of Noteholders

  	
   

  	
  38

  
	
  Section 7.2.

  	
   

  	
  Preservation of
  Information; Communications to Noteholders

  	
   

  	
  38

  
	
  Section 7.3.

  	
   

  	
  Reports by
  Issuing Entity

  	
   

  	
  38

  
	
  Section 7.4.

  	
   

  	
  Required Filings

  	
   

  	
  39

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE VIII

  	
  Accounts, Disbursements and Releases

  	
   

  	
  39

  
	
   

  	
   

  	
   

  	
   

  
	
  Section 8.1.

  	
   

  	
  Collection of
  Money

  	
   

  	
  39

  
	
  Section 8.2.

  	
   

  	
  Trust Accounts

  	
   

  	
  39

  
	
  Section 8.3.

  	
   

  	
  General
  Provisions Regarding Accounts

  	
   

  	
  42

  
	
  Section 8.4.

  	
   

  	
  Release of Trust
  Estate

  	
   

  	
  43

  
	
  Section 8.5.

  	
   

  	
  Opinion of
  Counsel

  	
   

  	
  44

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE IX

  	
   

  	
  Supplemental Indentures

  	
   

  	
  44

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 9.1.

  	
   

  	
  Supplemental
  Indentures Without Consent of Noteholders

  	
   

  	
  44

  
	
  Section 9.2.

  	
   

  	
  Supplemental
  Indentures With Consent of Noteholders

  	
   

  	
  45

  
	
  Section 9.3.

  	
   

  	
  Execution of
  Supplemental Indentures

  	
   

  	
  47

  
	
  Section 9.4.

  	
   

  	
  Effect of
  Supplemental Indenture

  	
   

  	
  47

  
	
  Section 9.5.

  	
   

  	
  Conformity with
  Trust Indenture Act

  	
   

  	
  47

  
	
  Section 9.6.

  	
   

  	
  Reference in
  Notes to Supplemental Indentures

  	
   

  	
  47

  
	
  Section 9.7.

  	
   

  	
  Amendment
  without Consent

  	
   

  	
  48

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE X

  	
   

  	
  Redemption of Notes

  	
   

  	
  48

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 10.1.

  	
   

  	
  Redemption

  	
   

  	
  48

  
	
  Section 10.2.

  	
   

  	
  Form of
  Redemption Notice

  	
   

  	
  48

  
	
  Section 10.3.

  	
   

  	
  Notes Payable on
  Redemption Date

  	
   

  	
  49

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE XI

  	
   

  	
  Miscellaneous

  	
   

  	
  49

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 11.1.

  	
   

  	
  Compliance
  Certificates and Opinions, etc.

  	
   

  	
  49

  
	
  Section 11.2.

  	
   

  	
  Form of
  Documents Delivered to Indenture Trustee

  	
   

  	
  51

  
	
  Section 11.3.

  	
   

  	
  Acts of
  Noteholders

  	
   

  	
  51

  
	
  Section 11.4.

  	
   

  	
  Notices, etc.,
  to the Indenture Trustee, Issuing Entity, Counterparties and Rating Agencies

  	
   

  	
  52

  
	
  Section 11.5.

  	
   

  	
  Notices to
  Noteholders; Waiver

  	
   

  	
  53

  
	
  Section 11.6.

  	
   

  	
  Alternate
  Payment and Notice Provisions

  	
   

  	
  53

  
	
  Section 11.7.

  	
   

  	
  Conflict with
  Trust Indenture Act

  	
   

  	
  53

  
	
  Section 11.8.

  	
   

  	
  Effect of
  Headings and Table of Contents

  	
   

  	
  54

  
	
  Section 11.9.

  	
   

  	
  Successors and
  Assigns

  	
   

  	
  54

  
	
  Section 11.10.

  	
  Severability

  	
   

  	
  54

  
	
  Section 11.11.

  	
  Benefits of
  Indenture

  	
   

  	
  54

  
	
  Section 11.12.

  	
  Legal Holidays

  	
   

  	
  54

  
	
  Section 11.13.

  	
  Governing Law

  	
   

  	
  54

  
						

 

 iii
 

 

	
  Section 11.14.

  	
  Counterparts

  	
   

  	
  54

  
	
  Section 11.15.

  	
  Recording of
  Indenture

  	
   

  	
  54

  
	
  Section 11.16.

  	
  Trust Obligation

  	
   

  	
  55

  
	
  Section 11.17.

  	
  No Petition

  	
   

  	
  55

  
	
  Section 11.18.

  	
  Inspection

  	
   

  	
  55

  
	
  Section 11.19.

  	
  Subordination

  	
   

  	
  56

  
	
  Section 11.20.

  	
  Information
  Requests

  	
   

  	
  56

  

 

 iv
 

EXHIBITS

	
  EXHIBIT A-1

  	
  Form of A-1 Notes

  
	
   

  	
   

  
	
  EXHIBIT A-2a

  	
  Form of A-2a Notes

  
	
   

  	
   

  
	
  EXHIBIT A-2b

  	
  Form of A-2b Notes

  
	
   

  	
   

  
	
  EXHIBIT A-3a

  	
  Form of A-3a Notes

  
	
   

  	
   

  
	
  EXHIBIT A-3b

  	
  Form of A-3b Notes

  
	
   

  	
   

  
	
  EXHIBIT A-4

  	
  Form of A-4 Notes

  
	
   

  	
   

  
	
  EXHIBIT A-5

  	
  Form of Class B Notes

  
	
   

  	
   

  
	
  EXHIBIT B

  	
  Form of Section 3.9 Officer’s Certificate

  

 

SCHEDULES

 

	
  SCHEDULE P

  	
  Perfection Representations & Warranties

  

 

 v

INDENTURE dated as of
September 1, 2007 between CNH EQUIPMENT TRUST 2007-B, a Delaware statutory
trust (the “Issuing Entity”), and THE BANK OF NEW
YORK TRUST COMPANY, N.A., a national banking association (“BNYTC”),
as trustee and not in its individual capacity (the “Indenture
Trustee”).

Each party agrees as
follows for the benefit of the other party and for the equal and ratable
benefit of the Holders of the Issuing Entity’s 5.81638% Class A-1 Asset Backed
Notes (each an “A-1 Note”), 5.46% Class A-2a
Asset Backed Notes (each an “A-2a Note”),
Floating Rate Class A-2b Asset Backed Notes (each an “A-2b Note”),
5.40% Class A-3a Asset Backed Notes (each an “A-3a Note”),
Floating Rate Class A-3b Asset Backed Notes (each an “A-3b Note”),
Floating Rate Class A-4 Asset Backed Notes (each an “A-4 Note”)
and the 6.38% Class B Asset Backed Notes (each a “Class B Note”;
and together with the A-1 Notes, the A-2a Notes, the A-2b Notes, the A-3a
Notes, the A-3b Notes and the A-4 Notes, the “Notes”).

GRANTING CLAUSE

The Issuing Entity hereby
Grants to BNYTC at the Closing Date, as Indenture Trustee for the benefit of
the Holders of the Notes and the Counterparties, all of the Issuing Entity’s
right, title and interest in, to and under the following, whether now existing
or hereafter arising or acquired (collectively, the “Collateral”):

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

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

(c)           any
proceeds with respect to the Receivables from claims on insurance policies
covering Financed Equipment or Obligors (to the extent not used to purchase
Substitute Equipment);

(d)           any
proceeds from recourse to Dealers with respect to the Receivables;

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

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

(g)           the
Sale and Servicing Agreement (including all rights of the Seller under the
Liquidity Receivables Purchase Agreement and the Purchase Agreement assigned to
the Issuing Entity pursuant to the Sale and Servicing Agreement);

(h)           all
rights of the Issuing Entity under the Interest Rate Swap Agreements; and

(i)            all
present and future claims, demands, causes and choses in action in respect of
any or all of the foregoing and all payments on or under and all proceeds of
every kind and nature whatsoever in respect of any or all of the foregoing,
including all proceeds of the conversion, voluntary or involuntary, into cash
or other liquid property, all cash proceeds, accounts, accounts receivable,
notes, drafts, acceptances, chattel paper, checks, deposit accounts, insurance
proceeds (to the extent not used to purchase Substitute Equipment),
condemnation awards, rights to payment of any and every kind and other forms of
obligations and receivables, instruments and other property that at any time
constitute all or part of or are included in the proceeds of any and all of the
foregoing.

The foregoing Grant is
made in trust to secure (x) first, the payment of principal of and interest on,
and any other amounts owing in respect of (including the amounts owed in
connection with the Interest Rate Swap Agreements), the Class A Notes, equally
and ratably without prejudice, priority or distinction, and (y) second, the
payment of principal of and interest on, and any other amounts owing in respect
of, the Class B Notes, equally and ratably without prejudice, priority or
distinction, and to secure compliance with this Indenture.

BNYTC, as Indenture
Trustee on behalf of the Noteholders and the Counterparties, (1) acknowledges
such Grant, and (2) accepts the trusts under this Indenture in accordance with
this Indenture and agrees to perform its duties required in this Indenture and
the other Basic Documents to which it is a party in accordance with their
terms.

ARTICLE I

Definitions and Incorporation by Reference

SECTION 1.1.        Definitions.  Capitalized terms used but not otherwise
defined herein are defined in Appendix A hereto.

SECTION 1.2.        Incorporation
by Reference of Trust Indenture Act.  Whenever this Indenture refers to a provision
of the TIA, the provision is incorporated by reference in and made a part of
this Indenture. The following terms, where used in the TIA, shall have the
following meanings for the purposes hereof:

“Commission” means the
Securities and Exchange Commission.

“indenture securities”
means the Notes.

“indenture security
holder” means a Noteholder.

“indenture to be
qualified” means this Indenture.

“indenture trustee” or “institutional
trustee” means the Indenture Trustee.

 2
 

“obligor” on the
indenture securities means the Issuing Entity and any other obligor on the
indenture securities.

All other TIA terms used
in this Indenture that are defined by the TIA, defined by TIA reference to
another statute or defined by Commission rule have the meaning assigned to them
by such definitions.

SECTION 1.3.        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.

(e)           References to any law
or regulation refer to that law or regulation as amended from time to time and
include any successor law or regulation.

(f)            References to any
agreement refer to that agreement as from time to time amended or supplemented
or as the terms of such agreement are waived or modified in accordance with its
terms.

(g)           References to any
Person include that Person’s successors and assigns.

ARTICLE II

The Notes

SECTION 2.1.        Form.  The A-1 Notes, A-2a Notes, A-2b Notes, A-3a
Notes, A-3b Notes, A-4 Notes and Class B Notes, together with the Indenture
Trustee’s certificate of authentication, shall be in substantially the forms
set forth in Exhibits A-1, A-2a, A-2b, A-3a, A-3b, A-4
and A-5 respectively, with such appropriate insertions, omissions,
substitutions and other variations as are required or permitted by this
Indenture, and may have such letters, numbers or

 3
 

other marks of
identification and such legends or endorsements placed thereon, as may,
consistently herewith, be determined by the officers executing such Notes, as
evidenced by their execution of the Notes. 
Any portion of the text of any Note may be set forth on the reverse
thereof, with an appropriate reference thereto on the face of the Note.

The Definitive Notes
shall be typewritten, printed, lithographed or engraved or produced by any
combination of these methods (with or without steel engraved borders), all as
determined by the officers executing such Notes, as evidenced by their
execution of such Notes.

Each Note shall be dated
the date of its authentication.  The
terms of the Notes set forth in Exhibits A-1, A-2a, A-2b,
A-3a, A-3b, A-4 and A-5 are part
of the terms of this Indenture.

SECTION 2.2.        Execution,
Authentication and Delivery. 
The Notes shall be executed on behalf of the Issuing Entity by any of
its Authorized Officers.  The signature
of any such Authorized Officer on the Notes may be manual or facsimile.

Notes bearing the manual
or facsimile signature of individuals who were at the time of signature
Authorized Officers of the Issuing Entity shall bind the Issuing Entity,
notwithstanding that such individuals or any of them have ceased to hold such
offices prior to the authentication and delivery of such Notes or did not hold
such offices at the date of such Notes.

The Indenture Trustee
shall upon Issuing Entity Order authenticate and deliver A-1 Notes, A-2a Notes,
A-2b Notes, A-3a Notes, A-3b Notes, A-4 Notes and Class B Notes for original
issue in an aggregate principal amount of $122,000,000, $181,000,000,
$80,000,000, $76,000,000, $99,000,000, $173,250,000 and $18,750,000,
respectively.  The Outstanding Amount of
A-1 Notes, A-2a Notes, A-2b Notes, A-3a Notes, A-3b Notes, A-4 Notes and Class
B Notes at any time may not exceed such respective amounts except as provided
in Section 2.5.

Each Note shall be dated
the date of its authentication.  The
Notes shall be issuable as registered Notes in the minimum denomination of
$1,000 and in greater whole-dollar denominations in excess thereof.

No Note shall be entitled
to any benefit under this Indenture or be valid or obligatory for any purpose,
unless there appears on such Note a certificate of authentication substantially
in the form provided for herein executed by the Indenture Trustee by the manual
signature of one of its authorized signatories, and such certificate of
authentication shall be conclusive evidence, and the only evidence, that such
Note has been duly authenticated and delivered hereunder.

SECTION 2.3.        Temporary
Notes.  Pending the
preparation of Definitive Notes, the Issuing Entity may execute, and upon
receipt of an Issuing Entity Order, the Indenture Trustee shall authenticate
and deliver, temporary Notes that are printed, lithographed, typewritten,
mimeographed or otherwise produced, of the tenor of the Definitive Notes in
lieu of which they are issued and with such variations not inconsistent with
this Indenture as the Authorized Officers executing such Notes may determine,
as evidenced by their execution of such Notes.

If temporary Notes are
issued, the Issuing Entity will cause Definitive Notes to be prepared without
unreasonable delay.  After the
preparation of Definitive Notes, the temporary

 4
 

Notes shall be
exchangeable for Definitive Notes upon surrender of the temporary Notes at the
office or agency of the Issuing Entity to be maintained as provided in Section
3.2, without charge to the Holder.  Upon
surrender for cancellation of any one or more temporary Notes, the Issuing
Entity shall execute and the Indenture Trustee shall authenticate and deliver
in exchange therefor a like principal amount of Definitive Notes of authorized
denominations.  Until so exchanged, the
temporary Notes shall in all respects be entitled to the same benefits under
this Indenture as if they were Definitive Notes.

SECTION 2.4.        Registration;
Registration of Transfer and Exchange.  The Issuing Entity shall cause to be kept a
register (the “Note Register”) in which, subject
to such reasonable regulations as it may prescribe, the Issuing Entity shall
provide for the registration of Notes and the registration of transfers of
Notes.  The Indenture Trustee shall be
the “Note Registrar” for the purpose of
registering Notes and transfers of Notes as herein provided.  Upon any resignation of any Note Registrar,
the Issuing Entity shall promptly appoint a successor or, if it elects not to
make such an appointment, assume the duties of the Note Registrar.

If a Person other than
the Indenture Trustee is appointed by the Issuing Entity as the Note Registrar,
the Issuing Entity will give the Indenture Trustee prompt written notice of the
appointment of such Note Registrar and of the location, and any change in the
location, of the Note Register, and the Indenture Trustee shall have the right
to inspect the Note Register at all reasonable times, to obtain copies thereof
and to rely upon a certificate executed on behalf of the Note Registrar by an
Executive Officer thereof as to the names and addresses of the Holders of the
Notes and the principal amounts and number of such Notes.

Upon surrender for
registration of transfer of any Note at the office or agency of the Issuing
Entity to be maintained as provided in Section 3.2, if the requirements of
Section 8-401(a) of the UCC are met, the Issuing Entity shall execute, the
Indenture Trustee shall authenticate and the Noteholder shall obtain from the
Indenture Trustee, in the name of the designated transferee or transferees, one
or more new Notes in any authorized denominations of a like aggregate principal
amount.

At the option of the
Holder, Notes may be exchanged for other new Notes of the same Class in any
authorized denominations of a like aggregate principal amount, upon surrender
of the Notes to be exchanged at such office or agency.  Whenever any Notes are so surrendered for
exchange, if the requirements of Section 8-401(a) of the UCC are met, the
Issuing Entity shall execute, the Indenture Trustee shall authenticate and the
Noteholder shall obtain from the Indenture Trustee, the Notes that the
Noteholder making the exchange is entitled to receive.

By its acquisition of a Note
or any interest therein, each purchaser or transferee shall be deemed to
represent and warrant that either (a) it is not an “employee benefit plan”
within the meaning of Section 3(3) of the Employee Retirement Income Security
Act of 1974, as amended (“ERISA”), that
is subject to Title I of ERISA, a “plan” as defined in Section 4975 of the
Internal Revenue Code of 1986, as amended (the “Code”),
an entity deemed to hold “plan assets” of any of the foregoing or a “governmental
plan” as defined in Section 3(32) of ERISA that is subject to any law
substantially similar to ERISA or Section 4975 of the Code or (b) the
acquisition and holding of the Note or any interest therein will not result in
a non-exempt prohibited transaction

 5
 

under Section 406 of
ERISA, Section 4975 of the Code or any substantially similar applicable law.

All Notes issued upon any
registration of transfer or exchange of Notes shall be the valid obligations of
the Issuing Entity, evidencing the same debt and entitled to the same benefits
under this Indenture as the Notes surrendered upon such registration of
transfer or exchange.

Every Note presented or
surrendered for registration of transfer or exchange shall be duly endorsed by,
or be accompanied by a written instrument of transfer in form satisfactory to
the Indenture Trustee duly executed by, the Holder thereof or such Holder’s
attorney duly authorized in writing, with such signature guaranteed by an “eligible
guarantor institution” meeting the requirements of the Note Registrar, which requirements
include membership or participation in the Securities Transfer Agent’s
Medallion Program (“STAMP”) or such
other “signature guarantee program” as may be determined by the Note Registrar
in addition to, or in substitution for, STAMP, all in accordance with the
Exchange Act.

No service charge shall
be made to a Holder for any registration of transfer or exchange of Notes, but
the Issuing Entity may require payment of a sum sufficient to cover any tax or
other governmental charge that may be imposed in connection with any
registration of transfer or exchange of Notes, other than exchanges pursuant to
Sections 2.3 or 9.6 not involving any transfer.

SECTION 2.5.        Mutilated,
Destroyed, Lost or Stolen Notes. 
If: (i) any mutilated Note is surrendered to the Indenture Trustee, or
the Indenture Trustee receives evidence to its satisfaction of the destruction,
loss or theft of any Note, and (ii) there is delivered to the Indenture Trustee
such security or indemnity as may be required by the Indenture Trustee and the
Issuing Entity to hold the Indenture Trustee and the Issuing Entity,
respectively, harmless, then, in the absence of notice to the Issuing Entity,
the Note Registrar or the Indenture Trustee that such Note has been acquired by
a bona fide purchaser, and provided that the requirements of Section 8-405 of
the UCC are met, the Issuing Entity shall execute, and upon its request the
Indenture Trustee shall authenticate and deliver, in exchange for or in lieu of
any such mutilated, destroyed, lost or stolen Note, a replacement Note of the
same Class; provided, however,
that if any such destroyed, lost or stolen Note, but not a mutilated Note,
shall have become, or within seven days shall be, due and payable, or shall
have been called for redemption, instead of issuing a replacement Note, the
Issuing Entity may pay such destroyed, lost or stolen Note when so due or
payable or upon the Redemption Date without surrender thereof.  If, after the delivery of such replacement
Note (or payment of a destroyed, lost or stolen Note pursuant to the proviso to
the preceding sentence), a bona fide purchaser of the original Note in lieu of
which such replacement Note was issued presents for payment such original Note,
the Issuing Entity and the Indenture Trustee shall be entitled to recover such
replacement Note (or such payment) from the Person to whom it was delivered or
any Person taking such replacement Note from such Person to whom such
replacement Note was delivered (or payment made) or any assignee of such Person,
except a bona fide purchaser, and shall be entitled to recover upon the
security or indemnity provided therefor to the extent of any loss, damage, cost
or expense incurred by the Issuing Entity or the Indenture Trustee in
connection therewith.

 6
 

Upon the issuance of any
replacement Note under this Section, the Issuing Entity may require the payment
by the Holder of such Note of a sum sufficient to cover any tax or other
governmental charge that may be imposed in relation thereto and any other
reasonable expenses (including the fees and expenses of the Indenture Trustee)
connected therewith.

Every replacement Note
issued pursuant to this Section in replacement of any mutilated, destroyed,
lost or stolen Note shall constitute an original additional contractual obligation
of the Issuing Entity, whether or not the mutilated, destroyed, lost or stolen
Note shall be at any time enforceable by anyone, and shall be entitled to all
the benefits of this Indenture equally and proportionately with any and all
other Notes duly issued hereunder.

The provisions of this
Section are exclusive and shall preclude (to the extent lawful) all other
rights and remedies with respect to the replacement or payment of mutilated,
destroyed, lost or stolen Notes.

SECTION 2.6.        Persons
Deemed Owner.  Prior to
due presentment for registration of transfer of any Note, the Issuing Entity,
the Indenture Trustee and any agent of the Issuing Entity or the Indenture
Trustee may treat the Person in whose name any Note is registered (as of the
day of determination) as the owner of such Note for the purpose of receiving
payments of principal and interest, if any, on such Note and for all other
purposes whatsoever, whether or not such Note be overdue, and neither the
Issuing Entity, the Indenture Trustee nor any agent of the Issuing Entity or
the Indenture Trustee shall be affected by notice to the contrary.

SECTION 2.7.        Payment
of Principal and Interest; Defaulted Interest.  (a) 
The A-1 Notes, A-2a Notes, A-2b Notes, A-3a Notes, A-3b Notes, A-4 Notes
and Class B Notes shall accrue interest at the A-1 Note Rate, the A-2a Note
Rate, the A-2b Note Rate, the A-3a Note Rate, the A-3b Note Rate, the A-4 Note
Rate and the Class B Note Rate, respectively, and such interest shall be
payable on each Payment Date, subject to Section 3.1.  Any installment of interest or principal, if
any, payable on any Note that is punctually paid or duly provided for by the
Issuing Entity on the applicable Payment Date shall be paid to the Person in
whose name such Note (or one or more Predecessor Notes) is registered on the
Record Date by check mailed first-class, postage prepaid, to such Person’s
address as it appears on the Note Register on such Record Date.  However, unless Definitive Notes have been
issued, with respect to Notes registered on the Record Date in the name of the
nominee of the Clearing Agency (initially, such nominee to be Cede & Co.),
payment will be made by wire transfer in immediately available funds to the
account designated by such nominee. Notwithstanding the above, the final
installment of principal payable with respect to such Note (and except for the
Redemption Price for any Note called for redemption pursuant to Section
10.1(a)) shall be payable as provided in clause (b)(ii).  The funds represented by any such checks
returned undelivered shall be held in accordance with Section 3.3.

(b)           (i)  The principal of each Note shall be payable
in installments on each Payment Date as provided in this Indenture, and except
as provided below each such installment shall be due and payable only to the
extent that there are funds available to make the payment in accordance with
the Basic Documents.  Notwithstanding the
foregoing:  (A) the entire Outstanding
Amount of each Class of Notes shall be due and payable on the related Class
Final

 7
 

Scheduled Maturity Date,
and (B) the entire Outstanding Amount of all Classes of Notes shall be due and
payable, ratably to all Noteholders, on any date on which an Event of Default
shall have occurred and be continuing if the Indenture Trustee or the Holders
of Notes representing not less than a majority of the Outstanding Amount of the
Notes have declared the Notes to be immediately due and payable in the manner
provided in Section 5.2.  All principal
payments on the Class A-1 Notes shall be made pro rata to the Noteholders of
the Class A-1 Notes.  All principal
payments on the Class A-2 Notes shall be made pro rata to the Noteholders of
the Class A-2 Notes. All principal payments on the Class A-3 Notes shall be
made pro rata to the Noteholders of the Class A-3 Notes.  All principal payments on the Class A-4 Notes
shall be made pro rata to the Noteholders of the Class A-4 Notes.  All principal payments on the Class B Notes
shall be made pro rata to the Noteholders of the Class B Notes.

(ii)           The
Indenture Trustee shall notify the Person in whose name a Note is registered at
the close of business on the Record Date preceding the Payment Date on which
the Issuing Entity expects that the final installment of principal of and
interest on such Note will be paid. Such notice shall be mailed no later than
five Business Days prior to such final Payment Date and shall specify that such
final installment will be payable only upon presentation and surrender of such
Note and shall specify the place where such Note may be presented and
surrendered for payment of such installment. Notices in connection with
redemptions of Notes shall be mailed to Noteholders as provided in Section
10.2.

(c)           If the Issuing Entity
defaults in a payment of interest on the Notes, the Issuing Entity shall pay,
in any lawful manner, defaulted interest (plus interest on such defaulted
interest to the extent lawful) at the applicable interest rate from the Payment
Date for which such payment is in default. 
The Issuing Entity may pay such defaulted interest to the Persons who
are Noteholders on a subsequent special record date, which date shall be at
least five Business Days prior to the special payment date.  The Issuing Entity shall fix or cause to be
fixed any such special record date and special payment date, and, at least 15
days before any such special record date, shall mail to each Noteholder a
notice that states the special record date, the special payment date and the
amount of defaulted interest to be paid.

SECTION 2.8.        Cancellation.  All Notes surrendered for payment,
registration of transfer, exchange or redemption shall, if surrendered to any
Person other than the Indenture Trustee, be delivered to the Indenture Trustee
and shall be promptly canceled by the Indenture Trustee.  The Issuing Entity may at any time deliver to
the Indenture Trustee for cancellation any Notes previously authenticated and
delivered hereunder that the Issuing Entity may have acquired in any manner
whatsoever, and all Notes so delivered shall be promptly canceled by the
Indenture Trustee.  No Notes shall be
authenticated in lieu of or in exchange for any Notes canceled as provided in
this Section except as expressly permitted by this Indenture.  All canceled Notes may be held or disposed of
by the Indenture Trustee in accordance with its standard retention or disposal
policy as in effect at the time unless the Issuing Entity shall direct by an
Issuing Entity Order that they be returned to it; provided, that such Issuing
Entity Order is timely and the Notes have not been previously disposed of by
the Indenture Trustee.

SECTION 2.9.        Release
of Collateral.  Subject to
Sections 8.4 and 11.1 and the Basic Documents, the Indenture Trustee shall
release property from the Lien of this Indenture

 8
 

only upon receipt
of an Issuing Entity Request accompanied by an Officer’s Certificate, an
Opinion of Counsel and Independent Certificates in accordance with TIA §§314(c)
and 314(d)(l), or an Opinion of Counsel in lieu of such Independent
Certificates to the effect that the TIA does not require any such Independent
Certificates.

SECTION 2.10.      Book-Entry
Notes.  The Notes, upon
original issuance, will be issued in the form of typewritten Notes representing
the Book-Entry Notes, to be delivered to The Depository Trust Company (“DTC”) (the initial Clearing Agency), or its custodian, by,
or on behalf of, the Issuing Entity. Such Notes shall initially be registered
on the Note Register in the name of Cede & Co., the nominee of the initial
Clearing Agency, and no Note Owner of such Note will receive a Definitive Note
representing such Note Owner’s interest in such Note, except as provided in
Section 2.12.  Unless and until
definitive, fully registered Notes (the “Definitive Notes”)
representing Notes have been issued to Note Owners:

(i)            this
Section shall be in full force and effect;

(ii)           the
Note Registrar and the Indenture Trustee may deal with the Clearing Agency for
all purposes (including the payment of principal of and interest on the Notes)
as the authorized representative of the Note Owners;

(iii)          to the extent that this Section conflicts
with any other provisions of this Indenture, this Section shall control;

(iv)          the
rights of Note Owners shall be exercised only through the Clearing Agency and
shall be limited to those established by law and agreements between such Note
Owners and the Clearing Agency and/or the Clearing Agency Participants pursuant
to the Note Depository Agreement.  Unless
and until Definitive Notes are issued, the Clearing Agency will make book-entry
transfers among the Clearing Agency Participants and receive and transmit
payments of principal of and interest on the Notes to such Clearing Agency
Participants; and

(v)           whenever
this Indenture requires or permits actions to be taken based upon instructions
or directions of Holders of Notes evidencing a specified percentage of the
Outstanding Amount of the Notes (or a Class of Notes), the Clearing Agency
shall be deemed to represent such percentage only to the extent that it has
received instructions to such effect from Note Owners and/or Clearing Agency
Participants owning or representing, respectively, such required percentage of
the beneficial interest in the Notes (or Class of Notes) and has delivered such
instructions to the Indenture Trustee.

SECTION 2.11.      Notices
to Clearing Agency. 
Whenever a notice or other communication to the Noteholders is required
under this Indenture, unless and until Definitive Notes have been issued to
Note Owners, the Indenture Trustee shall give all such notices and communications
to the Clearing Agency.

SECTION 2.12.      Definitive
Notes.  Notes initially
cleared through a clearing agency may be issued in definitive, fully registered
certificated form to Noteholders if requested by the DTC participants to whom
the Notes are credited and in accordance with DTC’s rules and procedures.  Upon any surrender to the Indenture Trustee
of the typewritten Notes representing

 9
 

the Book-Entry
Notes by the Clearing Agency, accompanied by registration instructions, the
Issuing Entity shall execute, and the Indenture Trustee shall authenticate, the
Definitive Notes in accordance with the instructions of the Clearing
Agency.  None of the Issuing Entity, the
Note Registrar or the Indenture Trustee shall be liable for any delay in
delivery of such instructions and may conclusively rely on, and shall be fully
protected in relying on, such instructions. 
Upon the issuance of Definitive Notes, the Indenture Trustee shall
recognize the Holders of the Definitive Notes as Noteholders.

SECTION 2.13.      Tax Treatment.  It is the intent of the Seller, the Servicer,
the Noteholders and the Note Owners that, for purposes of federal and State
income tax and any other tax measured in whole or in part by income, until the
Certificates are held by other than the Seller, the Trust be disregarded as an
entity separate from the Seller and the Notes be treated as debt of the
Seller.  At such time that the
Certificates are held by more than one Person, it is the intent of the Seller,
the Servicer, the Noteholders and the Note Owners that, for such tax purposes,
the Trust be treated as a partnership and the Notes be treated as debt of the
Trust.  Each Noteholder or Note Owner, by
acceptance of a Note, or, in the case of a Note Owner, a beneficial interest in
a Note, agrees to treat, and to take no action inconsistent with the treatment
of, the Notes for such tax purposes as provided in this Section 2.13.

ARTICLE III

Covenants

SECTION 3.1.        Payment
of Principal and Interest. 
The Issuing Entity will duly and punctually pay the principal and
interest, if any, on the Notes in accordance with the terms of the Notes and
this Indenture.  Without limiting the
foregoing, subject to Sections 8.2(c) and (e), the Issuing Entity will cause to
be distributed to Holders of the Notes all amounts on deposit in the Note
Distribution Account on a Payment Date deposited therein for the benefit of the
Notes pursuant to the Sale and Servicing Agreement.  Amounts properly withheld under the Code or
any applicable State law by any Person from a payment to any Noteholder of
interest and/or principal shall be considered as having been paid by the
Issuing Entity to such Noteholder for all purposes of this Indenture.

SECTION 3.2.        Maintenance
of Office or Agency.  The
Issuing Entity will maintain in the Borough of Manhattan, The City of New York,
an office or agency where Notes may be surrendered for registration of transfer
or exchange, and where notices and demands to or upon the Issuing Entity in
respect of the Notes and this Indenture may be served.  The Issuing Entity hereby initially appoints
the Indenture Trustee to serve as its agent for the foregoing purposes.  The Issuing Entity will give prompt written
notice to the Indenture Trustee and the Counterparties of the location, and of
any change in the location, of any such office or agency.  If at any time the Issuing Entity shall fail
to maintain any such office or agency or shall fail to furnish the Indenture
Trustee and the Counterparties with the address thereof, such surrenders,
notices and demands may be made or served at the Corporate Trust Office, and
the Issuing Entity hereby appoints the Indenture Trustee as its agent to
receive all such surrenders, notices and demands.

SECTION 3.3.        Money for
Payments To Be Held in Trust. 
As provided in Sections 8.2(a) and (b), all payments of amounts due and
payable with respect to any Notes that

 10
 

are to be made
from amounts withdrawn from the Collection Account and the Note Distribution
Account pursuant to Section 8.2(c) or Section 8.2(e), as applicable, shall be
made on behalf of the Issuing Entity by the Indenture Trustee or by another
Paying Agent, and no amounts so withdrawn from the Collection Account and the
Note Distribution Account for payments of Notes shall be paid over to the
Issuing Entity except as provided in this Section.

One Business Day prior to
each Payment Date and Redemption Date, the Issuing Entity shall deposit or
cause to be deposited in the Note Distribution Account an aggregate sum
sufficient to pay the amounts then becoming due under the Notes, such sum to be
held in trust for the benefit of the Persons entitled thereto and (unless the
Paying Agent is the Indenture Trustee) shall promptly notify the Indenture
Trustee of its action or failure so to act.

Any Paying Agent shall be
appointed by Issuing Entity Order with written notice thereof to the Indenture
Trustee.  Any Paying Agent appointed by
the Issuing Entity shall be a Person who would be eligible to be Indenture
Trustee hereunder as provided in Section 6.11.

The Issuing Entity will cause
each Paying Agent other than the Indenture Trustee to execute and deliver to
the Indenture Trustee an instrument in which such Paying Agent shall agree with
the Indenture Trustee (and if the Indenture Trustee acts as Paying Agent, it
hereby so agrees), subject to the provisions of this Section, that such Paying
Agent will:

(i)            hold
in trust all sums held by it for the payment of amounts due with respect to the
Notes in trust for the benefit of the Persons entitled thereto until such sums
shall be paid to such Persons or otherwise disposed of as herein provided and
pay such sums to such Persons as herein provided;

(ii)           give
the Indenture Trustee and the Counterparties notice of any default by the
Issuing Entity (or any other obligor upon the Notes) of which it has actual
knowledge in the making of any payment required to be made with respect to the
Notes;

(iii)          at any time during the continuance of any
such default, upon the written request of the Indenture Trustee, forthwith pay
to the Indenture Trustee all sums so held in trust by such Paying Agent;

(iv)          immediately
resign as a Paying Agent and forthwith pay to the Indenture Trustee all sums
held by it in trust for the payment of Notes if at any time it ceases to meet
the standards required to be met by a Paying Agent; and

(v)           comply
with all requirements of the Code and any applicable State law with respect to
the withholding from any payments made by it on any Notes of any applicable
withholding taxes imposed thereon and with respect to any applicable reporting
requirements in connection therewith.

The Issuing Entity may at
any time, for the purpose of obtaining the satisfaction and discharge of this
Indenture or for any other purpose, by Issuing Entity Order, direct any Paying
Agent to pay to the Indenture Trustee all sums held in trust by such Paying
Agent, such sums to be held by the Indenture Trustee upon the same trusts as
those upon which the sums were held by

 11
 

such Paying Agent; and
upon such payment by any Paying Agent to the Indenture Trustee, such Paying
Agent shall be released from all further liability with respect to such money.

Subject to applicable
laws with respect to escheat of funds, any money held by the Indenture Trustee
or any Paying Agent in trust for the payment of any amount due with respect to
any Note and remaining unclaimed for two years after such amount has become due
and payable shall be discharged from such trust and be paid to the Issuing
Entity on Issuing Entity Order; and the Holder of such Note shall thereafter,
as an unsecured general creditor, look only to the Issuing Entity for payment
thereof (but only to the extent of the amounts so paid to the Issuing Entity),
and all liability of the Indenture Trustee or such Paying Agent with respect to
such trust money shall thereupon cease; provided, however, that the Indenture Trustee or such Paying Agent,
before being required to make any such repayment, shall at the expense and
direction of the Issuing Entity cause to be published once, in a newspaper
published in the English language, customarily published on each Business Day
and of general circulation in the City of New York, notice that such money
remains unclaimed and that, after a date specified therein, which shall not be
less than 30 days from the date of such publication, any unclaimed balance of
such money then remaining will be repaid to the Issuing Entity.  The Indenture Trustee shall also adopt and
employ, at the expense of the Issuing Entity, any other reasonable means of
notification of such repayment (including mailing notice of such repayment to
Holders whose Notes have been called but have not been surrendered for
redemption or whose right to or interest in monies due and payable but not
claimed is determinable from the records of the Indenture Trustee or of any Paying
Agent, at the last address of record for each such Holder).

SECTION 3.4.        Existence.  The Issuing Entity will keep in full effect
its existence, rights and franchises as a statutory trust under the laws of the
jurisdiction of its organization and will obtain and preserve its qualification
to do business in each jurisdiction in which such qualification is or shall be
necessary to protect the validity and enforceability of this Indenture, the
Notes, the Collateral and each other instrument or agreement included in the
Trust Estate.

SECTION 3.5.        Protection
of the Trust Estate.  The
Issuing Entity will from time to time execute and deliver all such supplements
and amendments hereto and all such financing statements, continuation
statements, instruments of further assurance and other instruments, and will
take such other action necessary or advisable to:

(i)            maintain
or preserve the Lien and security interest (and the priority thereof) of this
Indenture or carry out more effectively the purposes hereof;

(ii)           perfect,
publish notice of or protect the validity of any Grant made or to be made by
this Indenture;

(iii)          enforce any of the Collateral; or

(iv)          preserve
and defend title to the Trust Estate and the rights of the Indenture Trustee
and the Noteholders in such Trust Estate against the claims of all Persons.

 12
 

The Issuing Entity hereby
designates the Indenture Trustee as its agent and attorney-in-fact to execute
any financing statement, continuation statement, instrument of further
assurance or other instrument required to be executed to accomplish the
foregoing.

SECTION 3.6.        Opinions
as to the Trust Estate.  (a)  On the Closing Date, the Issuing Entity shall
furnish to the Indenture Trustee an Opinion of Counsel either stating that, in
the opinion of such counsel, such action has been taken or will be taken with
respect to the recording and filing of this Indenture, any indentures
supplemental hereto and any other requisite documents, and with respect to the
execution and filing of any financing statements and continuation statements,
as are necessary to perfect and make effective the Lien and security interest
created by this Indenture and reciting the details of such action, or stating
that, in the opinion of such counsel, no such action is necessary to make such
Lien and security interest effective.

(b)           On or before April 30
in each calendar year commencing in the calendar year 2008 the Issuing Entity
shall furnish to the Indenture Trustee an Opinion of Counsel either stating
that, in the opinion of such counsel, such action has been taken with respect
to the recording, filing, re-recording and refiling of this Indenture, any
indentures supplemental hereto and any other requisite documents, and with
respect to the execution and filing of any financing statements and
continuation statements, as is necessary to maintain the Lien and security
interest of this Indenture and reciting the details of such action, or stating
that in the opinion of such counsel no such action is necessary to maintain
such Lien and security interest.  Such
Opinion of Counsel shall also describe the recording, filing, re-recording and
refiling of this Indenture, any indentures supplemental hereto and any other
requisite documents, and the execution and filing of any financing statements,
amendments to financing statements and continuation statements, that will, in
the opinion of such counsel, be required to maintain the Lien and security
interest of this Indenture until April 30 in the following calendar year.

SECTION 3.7.        Performance
of Obligations; Servicing of Receivables.  (a) 
The Issuing Entity will not take any action and will use its best
efforts not to permit any action to be taken by others that would release any
Person from any material covenants or obligations under any instrument or
agreement included in the Trust Estate or that would result in the amendment,
hypothecation, subordination, termination or discharge of, or impair the
validity or effectiveness of, any such instrument or agreement, except as
expressly provided in this Indenture, the Sale and Servicing Agreement or such
other instrument or agreement.

(b)           The Issuing Entity may
contract with other Persons to assist it in performing its duties under this
Indenture, and any performance of such duties by a Person identified to the
Indenture Trustee in an Officer’s Certificate of the Issuing Entity shall be
deemed to be action taken by the Issuing Entity.  Initially, the Issuing Entity has contracted
with the Servicer and the Administrator to assist the Issuing Entity in performing
its duties under this Indenture.

(c)           The Issuing Entity will
punctually perform and observe all of its obligations and agreements contained
in this Indenture, the other Basic Documents and in the instruments and
agreements included in the Trust Estate, including filing or causing to be
filed all UCC financing statements and continuation statements required to be
filed by this Indenture

 13
 

and the Sale and
Servicing Agreement in accordance with and within the time periods provided for
herein and therein.  Except as otherwise
expressly provided therein, the Issuing Entity shall not waive, amend, modify,
supplement or terminate any Basic Document or any provision thereof without the
consent of the Indenture Trustee or the Holders of at least a majority of the
Outstanding Amount of the Notes.

(d)           If the Issuing Entity
shall have knowledge of the occurrence of a Servicer Default, the Issuing
Entity shall promptly notify the Indenture Trustee, the Counterparties and the
Rating Agencies thereof, and shall specify in such notice the action, if any,
the Issuing Entity is taking with respect to such default.  If a Servicer Default shall arise from the
failure of the Servicer to perform any of its duties or obligations under the
Sale and Servicing Agreement with respect to the Receivables, the Issuing
Entity shall take all reasonable steps available to it to remedy such failure.

(e)           As promptly as possible
after the giving of notice of termination to the Servicer of the Servicer’s
rights and powers pursuant to Section 8.1 of the Sale and Servicing Agreement,
the Backup Servicer shall become the successor servicer (the “Successor Servicer”) (or if there is no Backup Servicer on
such date, then the Issuing Entity shall appoint a Successor Servicer
acceptable to the Indenture Trustee), and such Successor Servicer shall accept
its appointment by a written assumption in a form acceptable to the Indenture
Trustee.  In the event that a Successor
Servicer has not been appointed and accepted its appointment at the time when
the previous Servicer ceases to act as Servicer, the Indenture Trustee without
further action shall automatically be appointed as the Successor Servicer.  Notwithstanding the above, the Indenture
Trustee shall, if it is unable to so act, (i) notify the Issuing Entity of its
resignation as Successor Servicer and (ii) appoint or petition a court of
competent jurisdiction to appoint any established institution, having a net
worth of not less than $50,000,000 and whose regular business shall include the
servicing of equipment receivables as the successor to the Servicer under the
Sale and Servicing Agreement.  In
accordance with Section 8.2 of the Sale and Servicing Agreement, the Issuing
Entity shall enter into an agreement with such Successor Servicer for the servicing
of the Receivables (such agreement to be in form and substance satisfactory to
the Indenture Trustee).  If the Indenture
Trustee shall succeed to the previous Servicer’s duties as servicer of the
Receivables as provided herein, it shall do so
in its individual capacity and not in its capacity as Indenture Trustee and,
accordingly, the provisions of Article VI shall be inapplicable to the
Indenture Trustee in its duties as the Successor Servicer and the servicing of
the Receivables.  In case the Indenture
Trustee shall become the Successor Servicer under the Sale and Servicing
Agreement, the Indenture Trustee shall be entitled to act through or appoint as
Servicer any one of its Affiliates; provided, that it shall be fully liable for
the actions and omissions of such Affiliate in its capacity as Successor
Servicer.  Notwithstanding anything else
herein to the contrary, in no event shall the Indenture Trustee be liable for
any servicing fee or for any differential in the amount of the Servicing Fee
paid hereunder and the amount necessary to induce any successor Servicer to act
as Successor Servicer under this Indenture and the transactions set forth or
provided for herein, or be liable for or be required to make any servicer
advances.

(f)            Upon any termination
of the Servicer’s rights and powers pursuant to the Sale and Servicing
Agreement, the Issuing Entity shall promptly notify the Indenture Trustee and
the Counterparties.  As soon as a
Successor Servicer is appointed, the Issuing Entity shall notify

 14
 

the Indenture Trustee and
the Counterparties of such appointment, specifying in such notice the name and
address of such Successor Servicer.

SECTION 3.8.        Negative
Covenants.  So long as any
Notes are Outstanding, the Issuing Entity shall not:

(i)            except
as expressly permitted by this Indenture, the Purchase Agreement or the Sale
and Servicing Agreement, sell, transfer, exchange or otherwise dispose of any
of the properties or assets of the Issuing Entity, including those included in
the Trust Estate, unless directed to do so by the Indenture Trustee;

(ii)           claim
any credit on, or make any deduction from the principal or interest payable in
respect of, the Notes (other than amounts properly withheld from such payments
under the Code or applicable State law) or assert any claim against any present
or former Noteholder by reason of the payment of the taxes levied or assessed
upon any part of the Trust Estate; or

(iii)          (A) permit the validity or effectiveness of
this Indenture to be impaired, or permit the Lien of this Indenture to be
amended, hypothecated, subordinated, terminated or discharged, or permit any
Person to be released from any covenants or obligations with respect to the
Notes under this Indenture except as may be expressly permitted hereby, (B)
permit any Lien (other than the Lien of this Indenture) to be created on or
extend to or otherwise arise upon or burden the Trust Estate or any part
thereof or any interest therein or the proceeds thereof or (C) permit the Lien
of this Indenture not to constitute a valid first priority (other than with
respect to any tax lien, mechanics’ lien or other lien not considered a Lien)
security interest in the Trust Estate.

SECTION 3.9.        Annual
Statement as to Compliance. 
The Issuing Entity will deliver to the Indenture Trustee, within 120
days after the end of each fiscal year of the Issuing Entity, an Officer’s
Certificate, substantially in the form of Exhibit B, stating that:

(i)            a
review of the activities of the Issuing Entity during such year and of
performance under this Indenture has been made under such Authorized Officer’s
supervision; and

(ii)           to
the best of such Authorized Officer’s knowledge, based on such review, the
Issuing Entity has complied with all conditions and covenants under this
Indenture throughout such year or, if there has been a default in the
compliance of any such condition or covenant, specifying each such default
known to such Authorized Officer and the nature and status thereof.

SECTION 3.10.      Issuing
Entity May Consolidate, etc., Only on
Certain Terms.  (a)  The Issuing Entity shall not consolidate or
merge with or into any other Person, unless:

(i)            the
Person (if other than the Issuing Entity) formed by or surviving such
consolidation or merger shall be a Person organized and existing under the laws
of the United States of America or any State and shall expressly assume, by an
indenture supplemental hereto, executed and delivered to the Indenture Trustee,
in form satisfactory

 15
 

to the Indenture Trustee, the due and punctual payment of the principal
of and interest on all Notes and the performance or observance of every
agreement and covenant of this Indenture on the part of the Issuing Entity to
be performed or observed, all as provided herein;

(ii)           immediately
after giving effect to such transaction, no Default or Event of Default shall
have occurred and be continuing;

(iii)          the Rating Agency Condition shall have been
satisfied with respect to such transaction;

(iv)          the
Issuing Entity shall have received an Opinion of Counsel (and shall have delivered
copies thereof to the Indenture Trustee) to the effect that such transaction
will not have any material adverse tax consequence to the Issuing Entity, any
Noteholder or any Certificateholder;

(v)           any
action that is necessary to maintain the Lien and security interest created by
this Indenture shall have been taken; and

(vi)          the
Issuing Entity shall have delivered to the Indenture Trustee an Officer’s
Certificate and an Opinion of Counsel each stating that such consolidation or
merger and such supplemental indenture comply with this Article III and that
all conditions precedent herein provided for relating to such transaction have
been complied with (including any filing required by the Exchange Act).

(b)           Except as permitted by
the Basic Documents, the Issuing Entity shall not convey or transfer any of its
properties or assets, substantially as an entirety, including those included in
the Trust Estate, to any Person, unless:

(i)            the
Person that acquires by conveyance or transfer the properties and assets of the
Issuing Entity the conveyance or transfer of which is hereby restricted
shall:  (A) be a United States citizen or
a Person organized and existing under the laws of the United States of America
or any State, (B) expressly assumes, by an indenture supplemental hereto,
executed and delivered to the Indenture Trustee, in form satisfactory to the
Indenture Trustee, the due and punctual payment of the principal of and
interest on all Notes and the performance or observance of every agreement and
covenant of this Indenture and the other Basic Documents on the part of the
Issuing Entity to be performed or observed, all as provided herein, (C)
expressly agrees by means of such supplemental indenture that all right, title
and interest so conveyed or transferred shall be subject and subordinate to the
rights of Holders of the Notes and the Counterparties, (D) unless otherwise
provided in such supplemental indenture, expressly agrees to indemnify, defend
and hold harmless the Issuing Entity against and from any loss, liability or
expense arising under or related to this Indenture and the Notes and (E)
expressly agrees by means of such supplemental indenture that such Person (or
if a group of Persons, then one specified Person) shall make all filings with
the Commission (and any other appropriate Person) required by the Exchange Act
in connection with the Notes;

 16
 

(ii)           immediately
after giving effect to such transaction, no Default or Event of Default shall
have occurred and be continuing;

(iii)          the Rating Agency Condition shall have been
satisfied with respect to such transaction;

(iv)          the
Issuing Entity shall have received an Opinion of Counsel (and shall have
delivered copies thereof to the Indenture Trustee) to the effect that such
transaction will not have any material adverse tax consequence to the Issuing
Entity, any Noteholder or any Certificateholder;

(v)           any
action that is necessary to maintain the Lien and security interest created by
this Indenture shall have been taken; and

(vi)          the
Issuing Entity shall have delivered to the Indenture Trustee an Officer’s
Certificate and an Opinion of Counsel each stating that such conveyance or
transfer and such supplemental indenture comply with this Article III and that
all conditions precedent herein provided for relating to such transaction have
been complied with (including any filing required by the Exchange Act).

SECTION 3.11.      Successor
or Transferee.  (a)  Upon any consolidation or merger of the
Issuing Entity in accordance with Section 3.10(a), the Person formed by or
surviving such consolidation or merger (if other than the Issuing Entity) shall
succeed to, and be substituted for, and may exercise every right and power of,
the Issuing Entity under this Indenture with the same effect as if such Person
had been named as the Issuing Entity herein.

(b)           Upon a conveyance or
transfer of all the assets and properties of the Issuing Entity pursuant to
Section 3.10(b), the Issuing Entity will be released from every covenant and
agreement of this Indenture to be observed or performed on the part of the
Issuing Entity with respect to the Notes immediately upon the delivery of
written notice to the Indenture Trustee and the Counterparties stating that the
Issuing Entity is to be so released.

SECTION 3.12.      No Other
Business.  The Issuing
Entity shall not engage in any business other than as permitted in Section 2.3
of the Trust Agreement

SECTION 3.13.      No
Borrowing.  The Issuing
Entity shall not issue, incur, assume, guarantee or otherwise become liable,
directly or indirectly, for any indebtedness except for the Notes.

SECTION 3.14.      Servicer’s
Obligations.  The Issuing
Entity shall cause the Servicer to comply with Sections
4.8, 4.9, 4.10, 4.11 and 5.11 of the
Sale and Servicing Agreement.

SECTION 3.15.      Guarantees,
Loans, Advances and Other Liabilities.  Except as contemplated by the Sale and
Servicing Agreement or this Indenture, the Issuing Entity shall not make any
loan or advance or credit to, or guarantee (directly or indirectly or by an
instrument having the effect of assuring another’s payment or performance on
any obligation or capability of so doing or otherwise), endorse or otherwise
become contingently liable, directly or indirectly,

 17
 

in connection with
the obligations, stocks or dividends of, or own, purchase, repurchase or
acquire (or agree contingently to do so) any stock, obligations, assets or
securities of, or any other interest in, or make any capital contribution to,
any other Person.

SECTION 3.16.      Capital
Expenditures.  The Issuing
Entity shall not make any expenditure (by long-term or operating lease or
otherwise) for capital assets (either realty or personalty).

SECTION 3.17.      Removal
of Administrator.  So long
as any Notes are Outstanding, the Issuing Entity shall not remove the
Administrator without cause unless the Rating Agency Condition shall have been
satisfied in connection with such removal.

SECTION 3.18.      Restricted
Payments.  The Issuing
Entity shall not, directly or indirectly: 
(i) pay any dividend or make any distribution (by reduction of capital
or otherwise), whether in cash, property, securities or a combination thereof,
to the Trustee or any owner of a beneficial interest in the Issuing Entity or
otherwise with respect to any ownership or equity interest or security in or of
the Issuing Entity or to the Servicer or the Administrator, (ii) redeem,
purchase, retire or otherwise acquire for value any such ownership or equity
interest or security or (iii) set aside or otherwise segregate any amounts for
any such purpose; provided, however, that the Issuing Entity may make, or cause
to be made, distributions to the Servicer, the Trustee, the Certificateholders
and the Administrator as contemplated by, and to the extent funds are available
for such purpose under, the Sale and Servicing Agreement.  The Issuing Entity will not, directly or
indirectly, make payments to or distributions from the Collection Account
except in accordance with this Indenture and the other Basic Documents.

SECTION 3.19.      Notice of
Events of Default.  The
Issuing Entity shall give the Indenture Trustee, the Counterparties and the
Rating Agencies prompt written notice of each Event of Default hereunder, each
default on the part of the Servicer or the Seller of its obligations under the
Sale and Servicing Agreement and each default on the part of CNHCA of its
obligations under the Purchase Agreement.

SECTION 3.20.      Further
Instruments and Acts. 
Upon request of the Indenture Trustee, the Issuing Entity will execute
and deliver such further instruments and do such further acts as may be reasonably
necessary or proper to carry out more effectively the purpose of this
Indenture.

SECTION 3.21.      Perfection
Representation.  The
Issuing Entity further makes all the representations, warranties and covenants
set forth in Schedule P.

ARTICLE IV

Satisfaction and Discharge

SECTION 4.1.        Satisfaction
and Discharge of Indenture.  This Indenture shall cease to be of further
effect with respect to the Notes except as to: 
(i) rights of registration of transfer and exchange, (ii) substitution
of mutilated, destroyed, lost or stolen Notes, (iii) rights of Noteholders to
receive payments of principal thereof and interest thereon, (iv) rights of the
Counterparties to receive Net Swap Payments (including interest on any overdue
Net Swap Payment) and any Swap Termination Payment owing to such
Counterparties, (v) Sections 3.3,

 18
 

3.4, 3.5,
3.8, 3.10, 3.12 and 3.13, (vi) the
rights, obligations and immunities of the Indenture Trustee hereunder
(including the rights of the Indenture Trustee under Section 6.7
and the obligations of the Indenture Trustee under Section 4.2)
and (vii) the rights of Noteholders and the Counterparties as beneficiaries
hereof with respect to the property so deposited with the Indenture Trustee
payable to all or any of them, and the Indenture Trustee, on demand of and at
the expense of the Issuing Entity, shall execute proper instruments
acknowledging satisfaction and discharge of this Indenture with respect to the
Notes, when:

(A)          either:

(1)           all Notes theretofore
authenticated and delivered (other than: 
(i) Notes that have been destroyed, lost or stolen and that have been
replaced or paid as provided in Section 2.5 and
(ii) Notes for whose payment money has theretofore been deposited in trust or
segregated and held in trust by the Issuing Entity and thereafter repaid to the
Issuing Entity or discharged from such trust, as provided in Section 3.3) have been delivered to the Indenture Trustee
for cancellation; or

(2)           all Notes not
theretofore delivered to the Indenture Trustee for cancellation:

(i)            have
become due and payable,

(ii)           will
become due and payable on the respective Class Final Scheduled Maturity Date
within one year, or

(iii)          are to be called for redemption within one
year under arrangements satisfactory to the Indenture Trustee for the giving of
notice of redemption by the Indenture Trustee in the name, and at the expense,
of the Issuing Entity, and the Issuing Entity, in the case of clause (2)(i), (ii) or (iii), has irrevocably deposited or caused to be irrevocably
deposited with the Indenture Trustee cash or direct obligations of or
obligations guaranteed by the United States of America (which will mature prior
to the date such amounts are payable), in trust for such purpose, in an amount
sufficient to pay and discharge the entire indebtedness on such Notes not
theretofore delivered to the Indenture Trustee for cancellation when due to the
respective Class Final Scheduled Maturity Date or Redemption Date (if Notes
shall have been called for redemption pursuant to Section
10.1(a)), as the case may be;

(B)           the Issuing Entity has
paid or caused to be paid all other sums payable hereunder (including amounts
due and payable under the Interest Rate Swap Agreements) by the Issuing Entity;
and

(C)           the Issuing Entity has
delivered to the Indenture Trustee an Officer’s Certificate, an Opinion of
Counsel and (if required by the TIA) an Independent Certificate from a firm of
certified public accountants, each meeting the applicable requirements of Section 11.1(a) and, subject to Section 11.2,
each

 19
 

stating that all
conditions precedent herein provided for relating to the satisfaction and
discharge of this Indenture have been complied with.

SECTION 4.2.        Application
of Trust Money.  All
monies deposited with the Indenture Trustee pursuant to Section 4.1
shall be held in trust and applied by it, in accordance with the provisions of
the Notes and this Indenture, to the payment, either directly or through any
Paying Agent, as the Indenture Trustee may determine, to the Holders of the
particular Notes for the payment or redemption of which such monies have been
deposited with the Indenture Trustee, of all sums due and to become due thereon
for principal and interest; but such monies need not be segregated from other
funds except to the extent required herein or in the Sale and Servicing
Agreement or as required by law.

SECTION 4.3.        Repayment
of Monies Held by Paying Agent. 
In connection with the satisfaction and discharge of this Indenture with
respect to the Notes, all monies then held by any Paying Agent other than the
Indenture Trustee under this Indenture with respect to such Notes shall, upon
demand of the Issuing Entity, be paid to the Indenture Trustee to be held and
applied according to Section 3.3,
and thereupon such Paying Agent shall be released from all further liability
with respect to such monies.

ARTICLE V

Remedies

SECTION 5.1.        Events of
Default.  “Event of
Default”, wherever used herein, means any one of the following events (whatever
the reason for such Event of Default and whether it shall be voluntary or
involuntary or be effected by operation of law or pursuant to any judgment,
decree or order of any court or any order, rule or regulation of any
administrative or governmental body):

(i)            default
in the payment of any interest on any Note when the same becomes due and
payable, and such default shall continue for a period of five days;

(ii)           default
in the payment of the principal of any Note when the same becomes due and
payable;

(iii)          default in the observance or performance of
any covenant or agreement of the Issuing Entity made in this Indenture (other
than a covenant or agreement a default in the observance or performance of
which is elsewhere in this Section specifically dealt with), or any
representation or warranty of the Issuing Entity made in this Indenture or in
any certificate or other writing delivered pursuant hereto or in connection
herewith proving to have been incorrect in any material respect as of the time
when the same shall have been made, and such default shall continue or not be cured,
or the circumstance or condition in respect of which such misrepresentation or
warranty was incorrect shall not have been eliminated or otherwise cured, for a
period of 30 days after there shall have been given, by registered or certified
mail, to the Issuing Entity by the Indenture Trustee or to the Issuing Entity
and the Indenture Trustee by the Holders of at least 25% of the Outstanding
Amount of the Notes, a written notice specifying such default or incorrect

 20
 

representation or warranty and requiring it to be remedied and stating
that such notice is a notice of Default hereunder;

(iv)          the
filing of a decree or order for relief by a court having jurisdiction in the
premises in respect of the Issuing Entity or any substantial part of the Trust
Estate in an involuntary case under any applicable federal or State bankruptcy,
insolvency or other similar law now or hereafter in effect, or appointing a
receiver, liquidator, assignee, custodian, trustee, sequestrator or similar
official of the Issuing Entity or for any substantial part of the Trust Estate,
or ordering the winding-up or liquidation of the Issuing Entity’s affairs, and
such decree or order shall remain unstayed and in effect for a period of 60
consecutive days; or

(v)           the
commencement by the Issuing Entity of a voluntary case under any applicable
federal or State bankruptcy, insolvency or other similar law now or hereafter
in effect, or the consent by the Issuing Entity to the entry of an order for
relief in an involuntary case under any such law, or the consent by the Issuing
Entity to the appointment or taking possession by a receiver, liquidator,
assignee, custodian, trustee, sequestrator or similar official of the Issuing
Entity or for any substantial part of the Trust Estate, or the making by the
Issuing Entity of any general assignment for the benefit of creditors, or the
failure by the Issuing Entity generally to pay its debts as such debts become
due, or the taking of action by the Issuing Entity in furtherance of any of the
foregoing.

The Issuing Entity shall
deliver to the Indenture Trustee and the Counterparties, within five days after
the Issuing Entity or the Administrator obtains actual knowledge thereof,
written notice in the form of an Officer’s Certificate of any event that, with
the giving of notice or the lapse of time or both, would become an Event of
Default under clause  (iii),
its status and what action the Issuing Entity is taking or proposes to take
with respect thereto.

SECTION 5.2.        Acceleration
of Maturity; Rescission and Annulment.  If an Event of Default should occur and be
continuing, then and in every such case the Indenture Trustee or the Holders of
Notes representing not less than a majority of the Outstanding Amount may
declare all the Notes to be immediately due and payable, by a notice in writing
to the Issuing Entity (and to the Indenture Trustee if given by Noteholders),
and upon any such declaration the Outstanding Amount, together with accrued and
unpaid interest thereon through the date of acceleration, shall become
immediately due and payable.

At any time after such
declaration of acceleration of maturity has been made and before a judgment or
decree for payment of the money due has been obtained by the Indenture Trustee
as hereinafter in this Article V provided, the Holders of Notes representing
not less than a majority of the Outstanding Amount, by written notice to the
Issuing Entity, the Counterparties and the Indenture Trustee, may rescind and
annul such declaration and its consequences if:

(i)            the
Issuing Entity has paid or deposited with the Indenture Trustee a sum
sufficient to pay:

 21

(A)          all amounts owed to the Counterparties
under the Interest Rate Swap Agreements, payments of principal of and interest
on all Notes and all other amounts, in each case, that would then be due
hereunder if the Event of Default giving rise to such acceleration had not
occurred; and

(B)           all sums paid or advanced by the
Indenture Trustee hereunder and the reasonable compensation, expenses,
disbursements and advances of the Indenture Trustee and its agents and counsel;
and

(ii)           all
Events of Default, other than the nonpayment of the principal of the Notes that
has become due solely by such acceleration, have been cured or waived as
provided in Section 5.12.

No such rescission shall
affect any subsequent default or impair any right consequent to such default.

SECTION 5.3.        Collection of Indebtedness
and Suits for Enforcement by
Indenture Trustee.  (a)  The Issuing Entity covenants that if an Event
of Default described in Section 5.1(i)
or (ii) occurs, the Issuing Entity will,
upon demand of the Indenture Trustee, pay to it, for the benefit of the Holders
of Notes, the whole amount then due and payable on such Notes for principal and
interest, with interest upon the overdue principal at the applicable interest
rate, and, to the extent payment at such rate of interest shall be legally
enforceable, upon overdue installments of interest, at the applicable interest
rate, and in addition thereto such further amount as shall be sufficient to
cover the costs and expenses of collection, including the reasonable compensation,
expenses, disbursements and advances of the Indenture Trustee and its agents
and counsel.

(b)           In case the Issuing Entity shall fail
forthwith to pay such amounts upon such demand, the Indenture Trustee, in its
own name and as trustee of an express trust, may institute a Proceeding for the
collection of the sums so due and unpaid, and may prosecute such Proceeding to
judgment or final decree, and may enforce the same against the Issuing Entity
or other obligor upon such Notes and collect in the manner provided by law out
of the property of the Issuing Entity or other obligor upon such Notes,
wherever situated, the monies adjudged or decreed to be payable.

(c)           In case an Event of Default occurs
and is continuing, the Indenture Trustee may, as more particularly provided in Section 5.4, in its discretion, proceed to protect and
enforce its rights and the rights of the Noteholders and the Counterparties, by
such appropriate Proceedings as the Indenture Trustee shall deem most effective
to protect and enforce any such rights, whether for the specific enforcement of
any covenant or agreement in this Indenture or in aid of the exercise of any
power granted herein, or to enforce any other proper remedy or legal or
equitable right vested in the Indenture Trustee by this Indenture or by law.

(d)           In case there shall be pending,
relative to the Issuing Entity or any other obligor upon the Notes or any
Person having or claiming an ownership interest in the Trust Estate,
Proceedings under Title 11 of the United States Code or any other applicable
federal or State bankruptcy, insolvency or other similar law, or in case a
receiver, assignee, trustee in

 22
 

bankruptcy or
reorganization, liquidator, sequestrator or similar official shall have been
appointed for or taken possession of the Issuing Entity or its property or such
other obligor or Person, or in case of any other comparable judicial
Proceedings relative to the Issuing Entity or other obligor upon the Notes, or
to the creditors or property of the Issuing Entity or such other obligor, the
Indenture Trustee, irrespective of whether the principal of any Notes shall
then be due and payable as therein expressed or by declaration or otherwise and
irrespective of whether the Indenture Trustee shall have made any demand
pursuant to this Section, shall be entitled and empowered, by intervention in
such Proceedings or otherwise:

(i)            to
file and prove a claim or claims for the whole amount of principal and interest
owing and unpaid in respect of the Notes and to file such other papers or
documents as may be necessary or advisable in order to have the claims of the
Indenture Trustee (including any claim for reasonable compensation to the
Indenture Trustee and each predecessor Indenture Trustee, and their respective
agents, attorneys and counsel, and for reimbursement of all expenses and
liabilities incurred, and all advances made, by the Indenture Trustee and each
predecessor Indenture Trustee, except as a result of negligence or bad faith)
and of the Noteholders allowed in such Proceedings;

(ii)           unless
prohibited by applicable law or regulations, to vote on behalf of the Holders
of the Notes in any election of a trustee, a standby trustee or any Person
performing similar functions in any such Proceedings;

(iii)          to
collect and receive any monies or other property payable or deliverable on any
such claims and to distribute all amounts received with respect to the claims
of the Noteholders and of the Indenture Trustee on their behalf; and

(iv)          to
file such proofs of claim and other papers or documents as may be necessary or
advisable in order to have the claims of the Indenture Trustee or the Holders
of Notes allowed in any judicial Proceedings relative to the Issuing Entity,
its creditors and its property;

and any trustee,
receiver, liquidator, assignee, custodian, sequestrator or other similar
official in any such Proceeding is hereby authorized by each of such
Noteholders to make payments to the Indenture Trustee, and, in the event that
the Indenture Trustee shall consent to the making of payments directly to such
Noteholders, to pay to the Indenture Trustee such amounts as shall be
sufficient to cover reasonable compensation to the Indenture Trustee, each
predecessor Indenture Trustee and their respective agents, attorneys and
counsel, and all other reasonable expenses and liabilities incurred, and all
advances made, by the Indenture Trustee and each predecessor Indenture Trustee
except as a result of negligence or bad faith.

(e)           Nothing herein contained shall be
deemed to authorize the Indenture Trustee to authorize or consent to or vote
for or accept or adopt on behalf of any Noteholder any plan of reorganization,
arrangement, adjustment or composition affecting the Notes or the rights of any
Holder thereof or to authorize the Indenture Trustee to vote in respect of the
claim of any Noteholder in any such proceeding except, as aforesaid, to vote
for the election of a trustee in bankruptcy or similar Person.

 23
 

(f)            All rights of action and of
asserting claims under this Indenture, or under any of the Notes, may be
enforced by the Indenture Trustee without the possession of any of the Notes or
the production thereof in any trial or other Proceedings relative thereto, and
any such action or Proceedings instituted by the Indenture Trustee shall be brought
in its own name and as trustee of an express trust, and any recovery of
judgment, subject to the payment of the expenses, disbursements and
compensation of the Indenture Trustee, each predecessor Indenture Trustee and
their respective agents and attorneys, shall be for the ratable benefit of the
Holders of the Notes.

(g)           In any Proceedings brought by the
Indenture Trustee (and also any Proceedings involving the interpretation of any
provision of this Indenture to which the Indenture Trustee shall be a party),
the Indenture Trustee shall be held to represent all the Holders of the Notes,
and it shall not be necessary to make any Noteholder a party to any such
Proceedings.

SECTION 5.4.        Remedies; Priorities.  (a)  If
the Notes have been declared to be due and payable under Section 5.2
following an Event of Default, the Indenture Trustee may do one or more of the
following (subject to Section 5.5):

(i)            institute
Proceedings in its own name and as trustee of an express trust for the
collection of all amounts then payable on the Notes and to the Counterparties
or under this Indenture with respect thereto, whether by declaration or
otherwise, enforce any judgment obtained, and collect from the Issuing Entity
and any other obligor upon such Notes monies adjudged due;

(ii)           institute
Proceedings from time to time for the complete or partial foreclosure of this
Indenture with respect to the Trust Estate;

(iii)          exercise
any remedies of a secured party under the UCC and take any other appropriate
action to protect and enforce the rights and remedies of the Indenture Trustee,
the Counterparties and the Holders of the Notes;

(iv)          sell
the Trust Estate, or any portion thereof or rights or interest therein, at one
or more public or private sales called and conducted in any manner permitted by
law; and

(v)           make
demand upon the Servicer, by written notice, that the Servicer deliver to the
Indenture Trustee all Receivable Files;

provided, however, that the Indenture Trustee may not sell or
otherwise liquidate the Trust Estate following an Event of Default, other than
an Event of Default described in Section 5.1(i)
or (ii), unless:  (A) all the Noteholders consent thereto, (B)
the proceeds of such sale or liquidation distributable to the Noteholders and
the Counterparties are sufficient to discharge in full all amounts then due and
unpaid upon such Notes for principal and interest and under the Interest Rate
Swap Agreements for any Net Swap Payments (including interest on any overdue
Net Swap Payments) and any Swap Termination Payments or (C) the Indenture
Trustee determines that the Trust Estate will not continue to provide
sufficient funds for the payment of principal of and interest on the Notes as
they would have become due if the Notes had not been declared due and

 24
 

payable, and the
Indenture Trustee obtains the consent of Holders of 66 2/3% of the Outstanding
Amount of the Notes. In determining such sufficiency or insufficiency with
respect to clauses (B) and (C),
the Indenture Trustee may, but need not, obtain and rely upon an opinion of an
Independent investment banking or accounting firm of national reputation as to
the feasibility of such proposed action and as to the sufficiency of the Trust
Estate for such purpose.  The Indenture Trustee
shall incur no liability as a result of the sale of the Trust Estate or any
part thereof at any sale pursuant to this Section 5.4
conducted in a commercially reasonable manner. 
Each of the Issuing Entity and Holders hereby waives any claims against
the Indenture Trustee arising by reason of the fact that the price at which the
Trust Estate may have been sold at such sale was less than the price that might
have been obtained, even if the Indenture Trustee accepts the first offer
received and does not offer the Trust Estate to more than one offeree, so long
as such sale is conducted in a commercially reasonable manner.

(b)           If the Indenture Trustee collects any
money or property pursuant to this Article V, it shall pay out such money or
property in the following order:

FIRST:  to pay the Backup Servicer its accrued and
unpaid Backup Servicer Fees;

SECOND:  to pay the Servicer its accrued and unpaid
Servicing Fee;

THIRD:  to the Indenture Trustee for amounts due
under Section 6.7 and to the Trustee for
amounts due under Section 8.1 of the Trust
Agreement;

FOURTH:  to the Administrator its accrued and unpaid
Administration Fees;

FIFTH:  to the Note Distribution Account for
distribution pursuant to Section 8.2(e)
to the extent of all amounts payable under such Section, other than any amounts
that would be deposited into the Certificate Distribution Account under such
Section;

SIXTH:  first, to the Backup Servicer, to cover any
accrued and unpaid reimbursable expenses (including the Backup Servicer
Expenses) to the extent unreimbursed after application of Section 4.12
of the Sale and Servicing Agreement and second to the Servicer, to cover any
accrued and unpaid reimbursable expenses;

SEVENTH:  to the Trustee for amounts due to the Trustee
under Article VIII of the Trust Agreement to
the extent not paid under clause THIRD above;
and

EIGHTH:  to the Issuing Entity for distribution to the
Certificateholders.

The Indenture Trustee may
fix a special record date and special payment date for any payment to
Noteholders pursuant to this Section.  At
least 15 days before such special record date, the Issuing Entity shall mail to
each Noteholder, the Counterparties and the Indenture Trustee a notice that
states the special record date, the special payment date and the amount to be
paid.

 25
 

SECTION 5.5.        Optional Preservation of
the Receivables.  If the
Notes have been declared to be due and payable under Section 5.2
following an Event of Default, and such declaration and its consequences have
not been rescinded and annulled, the Indenture Trustee may, but need not, elect
to maintain possession of the Trust Estate. 
It is the desire of the parties hereto and the Noteholders that there be
at all times sufficient funds for the payment of principal of and interest on
the Notes, and the Indenture Trustee shall take such desire into account when
determining whether or not to maintain possession of the Trust Estate.  In determining whether to maintain possession
of the Trust Estate, the Indenture Trustee may, but need not, obtain and rely
upon an opinion of an Independent investment banking or accounting firm of
national reputation as to the feasibility of such proposed action and as to the
sufficiency of the Trust Estate for such purpose.

SECTION 5.6.        Limitation of Suits.  No Holder of any Note shall have any right to
institute any Proceeding, judicial or otherwise, with respect to this
Indenture, or for the appointment of a receiver or trustee, or for any other
remedy hereunder, unless:

(i)            such
Holder has previously given written notice to the Indenture Trustee of a continuing
Event of Default;

(ii)           the
Holder(s) of not less than 25% of the Outstanding Amount of the Notes have made
written request to the Indenture Trustee to institute such Proceeding in
respect of such Event of Default in its own name as Indenture Trustee hereunder;

(iii)          such
Holder(s) have offered to the Indenture Trustee indemnity satisfactory to it
against the costs, expenses and liabilities to be incurred in complying with
such request;

(iv)          the
Indenture Trustee for 60 days after its receipt of such notice, request and
offer of indemnity has failed to institute such Proceeding; and

(v)           no
direction inconsistent with such written request has been given to the
Indenture Trustee during such 60-day period by the Holders of a majority of the
Outstanding Amount of the Notes;

it being understood and
intended that no one or more Holder(s) of Notes shall have any right in any
manner whatever by virtue of, or by availing of, any provision of this
Indenture to affect, disturb or prejudice the rights of any other Holder(s) of
Notes or to obtain or to seek to obtain priority or preference over any other
Holder(s) or to enforce any right under this Indenture, except in the manner
herein provided.

In the event the
Indenture Trustee shall receive conflicting or inconsistent requests and
indemnity from two or more groups of Noteholders, each representing less than a
majority of the Outstanding Amount of the Notes, the Indenture Trustee in its
sole discretion may determine what action, if any, shall be taken, notwithstanding
any other provisions of this Indenture.

SECTION 5.7.        Unconditional Rights of
Noteholders To Receive Principal and Interest.  Notwithstanding any other provisions in this
Indenture, the Holder of any Note shall have the right, which is absolute and
unconditional, to receive payment of the principal of and

 26
 

interest, if any,
on such Note on or after the respective due dates thereof expressed in such
Note or in this Indenture (or, in the case of redemption, on or after the
Redemption Date) and to institute suit for the enforcement of any such payment,
and such right shall not be impaired without the consent of such Holder.

SECTION 5.8.        Restoration of Rights and Remedies.  If the
Indenture Trustee or any Noteholder has instituted any Proceeding to enforce
any right or remedy under this Indenture and such Proceeding has been
discontinued or abandoned for any reason or has been determined adversely to
the Indenture Trustee or to such Noteholder, then and in every such case the
Issuing Entity, the Indenture Trustee and the Noteholders shall, subject to any
determination in such Proceeding, be restored severally and respectively to
their former positions hereunder, and thereafter all rights and remedies of the
Indenture Trustee and the Noteholders shall continue as though no such
Proceeding had been instituted.

SECTION 5.9.        Rights and Remedies Cumulative. 
No right or remedy herein conferred upon or reserved to the Indenture
Trustee or to the Noteholders is intended to be exclusive of any other right or
remedy, and every right and remedy shall, to the extent permitted by law, be
cumulative and in addition to every other right and remedy given hereunder or
now or hereafter existing at law or in equity or otherwise.  The assertion or employment of any right or
remedy hereunder, or otherwise, shall not prevent the concurrent assertion or
employment of any other appropriate right or remedy.

SECTION 5.10.      Delay or Omission Not a
Waiver.  No delay or
omission of the Indenture Trustee or any Holder of Notes to exercise any right
or remedy accruing upon any Default or Event of Default shall impair any such
right or remedy or constitute a waiver of any such Default or Event of Default
or an acquiescence therein.  Every right
and remedy given by this Article or by law to the Indenture Trustee or to the
Noteholders may be exercised from time to time, and as often as may be deemed
expedient, by the Indenture Trustee or by the Noteholders, as the case may be.

SECTION 5.11.      Control by Noteholders.  The Holders of not less than a majority of
the Outstanding Amount of the Notes shall have the right to direct the time,
method and place of conducting any Proceeding for any remedy available to the
Indenture Trustee with respect to the Notes or exercising any trust or power
conferred on the Indenture Trustee; provided, that:

(i)            such
direction shall not be in conflict with any rule of law or with this Indenture;

(ii)           subject
to the express terms of Section
5.4, any direction to the Indenture Trustee to sell or liquidate the
Trust Estate shall be by all the Noteholders;

(iii)          if
the conditions set forth in Section 5.5 have been satisfied and the Indenture Trustee
elects to retain the Trust Estate pursuant to such Section, then any direction
to the Indenture Trustee by Holders of Notes representing less than 100% of the
Outstanding Amount of the Notes to sell or liquidate the Trust Estate shall be
of no force and effect; and

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(iv)          the
Indenture Trustee may take any other action deemed proper by the Indenture
Trustee that is not inconsistent with such direction;

provided further, however, that, subject to Section 6.1, the
Indenture Trustee need not take any action that it determines might involve it
in liability or might materially adversely affect the rights of any
Noteholder(s) not consenting to such action.

SECTION 5.12.      Waiver of Past Defaults.  Prior to the time a judgment or decree for
payment of money due has been obtained as described in Section 5.3,
the Holders of Notes of not less than a majority of the Outstanding Amount of
the Notes may waive any past Default or Event of Default and its consequences
except a Default:  (a) in payment of
principal of or interest on any of the Notes or (b) in respect of a covenant or
provision hereof that cannot be modified or amended without the consent of the
Holder of each Note.  In the case of any
such waiver, the Issuing Entity, the Indenture Trustee and the Holders of the
Notes shall be restored to their former positions and rights hereunder,
respectively; but no such waiver shall extend to any subsequent or other
Default or Event of Default or impair any right consequent thereto.

Upon any such waiver,
such Default shall cease to exist and be deemed to have been cured and not to
have occurred, and any Event of Default arising therefrom shall be deemed to
have been cured and not to have occurred, for every purpose of this Indenture;
but no such waiver shall extend to any subsequent or other Default or impair
any right consequent thereto.

SECTION 5.13.      Undertaking for Costs.  All parties to this Indenture agree, and each
Holder of any Note by such Holder’s acceptance thereof shall be deemed to have
agreed, that any court may in its discretion require, in any suit for the
enforcement of any right or remedy under this Indenture, or in any suit against
the Indenture Trustee for any action taken, suffered or omitted by it as
Indenture Trustee, the filing by any party litigant in such suit of an
undertaking to pay the costs of such suit, and that such court may in its
discretion assess reasonable costs, including reasonable attorney’s fees,
against any party litigant in such suit, having due regard to the merits and
good faith of the claims or defenses made by such party litigant; but the
provisions of this Section shall not apply to: 
(a) any suit instituted by the Indenture Trustee, (b) any suit
instituted by any Noteholder(s) holding in the aggregate more than 10% of the
Outstanding Amount of the Notes or (c) any suit instituted by any Noteholder
for the enforcement of the payment of principal of or interest on any Note on
or after the respective due dates expressed in such Note and in this Indenture
(or, in the case of redemption, on or after the Redemption Date).

SECTION 5.14.      Waiver of Stay or
Extension Laws.  The
Issuing Entity covenants (to the extent that it may lawfully do so) that it
will not at any time insist upon, or plead or in any manner whatsoever, claim
or take the benefit or advantage of, any stay or extension law wherever
enacted, now or at any time hereafter in force, that may affect the covenants
or the performance of this Indenture; and the Issuing Entity (to the extent
that it may lawfully do so) hereby expressly waives all benefit or advantage of
any such law, and covenants that it will not hinder, delay or impede the
execution of any power herein granted to the Indenture Trustee, but will suffer
and permit the execution of every such power as though no such law had been
enacted.

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SECTION 5.15.      Action on Notes.  The Indenture Trustee’s right to seek and
recover judgment on the Notes or under this Indenture shall not be affected by
the seeking, obtaining or application of any other relief under or with respect
to this Indenture.  Neither the Lien of
this Indenture nor any rights or remedies of the Indenture Trustee or the
Noteholders shall be impaired by the recovery of any judgment by the Indenture
Trustee against the Issuing Entity or by the levy of any execution under such
judgment upon any portion of the Trust Estate or upon any of the assets of the
Issuing Entity. Any money or property collected by the Indenture Trustee shall
be applied in accordance with Section 5.4(b).

SECTION 5.16.      Performance and Enforcement of Certain Obligations.  (a) 
Promptly following a request from the Indenture Trustee to do so and at
the Administrator’s expense, the Issuing Entity shall take all such lawful
action as the Indenture Trustee may request to compel or secure the performance
and observance by the Seller and the Servicer, as applicable, of each of their
obligations to the Issuing Entity under or in connection with the Sale and
Servicing Agreement or to the Seller under or in connection with the Purchase
Agreement in accordance with the terms thereof, and to exercise any and all
rights, remedies, powers and privileges lawfully available to the Issuing Entity
under or in connection with the Sale and Servicing Agreement (or the Seller
under or in connection with the Purchase Agreement) to the extent and in the
manner directed by the Indenture Trustee, including the transmission of notices
of default on the part of the Seller or the Servicer thereunder and the
institution of legal or administrative actions or proceedings to compel or
secure performance by the Seller or the Servicer of each of their obligations
under the Sale and Servicing Agreement or the Purchase Agreement.

(b)           If an Event of Default has occurred
and is continuing, the Indenture Trustee may, and at the direction (which
direction shall be in writing) of the Holders of not less than 66 2/3% of the
Outstanding Amount of the Notes shall, exercise all rights, remedies, powers,
privileges and claims of the Issuing Entity against the Seller or the Servicer
under or in connection with the Sale and Servicing Agreement, including the
right or power to take any action to compel or secure performance or observance
by the Seller or the Servicer of each of their obligations to the Issuing
Entity thereunder and to give any consent, request, notice, direction,
approval, extension or waiver under the Sale and Servicing Agreement, and any
right of the Issuing Entity to take such action shall be suspended.

(c)           If an Event of Default has occurred
and is continuing, the Indenture Trustee may, and at the direction (which
direction shall be in writing) of the Holders of not less than 66 2/3% of the
Outstanding Amount of the Notes shall, exercise all rights, remedies, powers,
privileges and claims of the Seller against CNHCA under or in connection with
the Purchase Agreement, including the right or power to take any action to
compel or secure performance or observance by CNHCA, of each of its obligations
to the Seller thereunder and to give any consent, request, notice, direction,
approval, extension or waiver under the Purchase Agreement, and any right of
the Seller to take such action shall be suspended.

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ARTICLE VI

The Indenture Trustee

SECTION 6.1.        Duties of the Indenture
Trustee.  (a)  If an Event of Default has occurred and is
continuing, the Indenture Trustee shall exercise the rights and powers vested
in it by this Indenture and use the same degree of care and skill in their
exercise as a prudent person would exercise or use under the circumstances in
the conduct of such person’s own affairs.

(b)           Except during the continuance of an
Event of Default actually known to a Responsible Officer:

(i)            the
Indenture Trustee undertakes to perform such duties and only such duties as are
specifically set forth in this Indenture and no implied covenants or
obligations shall be read into this Indenture against the Indenture Trustee;
and

(ii)           in
the absence of bad faith on its part, the Indenture Trustee may conclusively
rely, as to the truth of the statements and the correctness of the opinions
expressed therein, upon certificates or opinions furnished to the Indenture
Trustee and conforming to the requirements of this Indenture; provided, however, in the
case of any such certificates or opinions that by any provision hereof are
specifically required to be furnished to the Indenture Trustee, the Indenture
Trustee shall examine the certificates and opinions to determine whether or not
they conform to the requirements of this Indenture.

(c)           The Indenture Trustee may not be
relieved from liability for its own negligent action, its own negligent failure
to act or its own willful misconduct, except that:

(i)            this
clause (c) does not limit the effect of clause (b) of this Section;

(ii)           the
Indenture Trustee shall not be liable for any error of judgment made in good
faith by a Responsible Officer unless it is conclusively determined by a court
of competent jurisdiction that the Indenture Trustee was negligent in
ascertaining the pertinent facts;

(iii)          the
Indenture Trustee shall not be liable with respect to any action it takes or
omits to take in good faith in accordance with a direction received by it
pursuant to the Indenture;

(iv)          the
Indenture Trustee shall not be charged with knowledge of an Event of Default or
Servicer Default unless a Responsible Officer obtains actual knowledge of such
event or the Indenture Trustee receives written notice of such event from the
Seller, Servicer or Note Owners owning Notes aggregating not less than 10% of
the Outstanding Amount of the Notes; and

(v)           the
Indenture Trustee shall have no duty to monitor the performance of the Issuing
Entity, the Trustee, the Seller or the Servicer, nor shall it have any liability
in connection with malfeasance or nonfeasance by the Issuing Entity, the
Trustee, the Seller or the Servicer.  The
Indenture Trustee shall have no liability in connection with

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compliance of the Issuing Entity, the Trustee, the Seller or the
Servicer with statutory or regulatory requirements related to the
Receivables.  The Indenture Trustee shall
not make or be deemed to have made any representations or warranties with
respect to the Receivables or the validity or sufficiency of any assignment of
the Receivables to the Trust Estate or the Indenture Trustee.

(d)           Every provision of this Indenture
that in any way relates to the Indenture Trustee is subject to clauses (a), (b), (c) and (g).

(e)           The Indenture Trustee shall not be
liable for interest on any money received by it except as the Indenture Trustee
may agree in writing with the Issuing Entity.

(f)            Money held in trust by the Indenture
Trustee need not be segregated from other funds except to the extent required
by law, this Indenture or the Sale and Servicing Agreement.

(g)           No provision of this Indenture shall
require the Indenture Trustee to expend or risk its own funds or otherwise
incur financial liability in the performance of any of its duties hereunder or
in the exercise of any of its rights or powers if it shall have reasonable
grounds to believe that repayment of such funds or adequate indemnity
satisfactory to it against any loss, liability or expense is not reasonably
assured to it.

(h)           Every provision of this Indenture
relating to the conduct or affecting the liability of or affording protection
to the Indenture Trustee shall be subject to this Section and the TIA.

SECTION 6.2.        Rights of Indenture
Trustee.  (a)  The Indenture Trustee may conclusively rely
and shall be fully protected in acting on any document reasonably believed by
it to be genuine and to have been signed or presented by the proper
Person.  The Indenture Trustee need not
investigate any fact or matter stated in any such document.

(b)           Before the Indenture Trustee acts or
refrains from acting, it may require an Officer’s Certificate or an Opinion of
Counsel.  The Indenture Trustee shall not
be liable for any action it takes or omits to take in good faith in reliance on
the Officer’s Certificate or Opinion of Counsel.

(c)           The Indenture Trustee may execute any
of the trusts or powers hereunder or perform any duties hereunder either
directly or by or through agents, attorneys, a custodian or a nominee, and the
Indenture Trustee shall not be responsible for any misconduct or negligence on
the part of, or for the supervision of, any such agent, attorney, custodian or
nominee appointed with due care by it.

(d)           The Indenture Trustee shall not be
liable for any action it takes or omits to take in good faith that it believes
to be authorized or within its rights or powers; provided, however, that the
Indenture Trustee’s conduct does not constitute willful misconduct, negligence
or bad faith.

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(e)           The Indenture Trustee may consult
with counsel, and the advice or opinion of counsel with respect to legal
matters relating to this Indenture and the Notes shall be full and complete
authorization and protection from liability in respect to any action taken,
omitted or suffered by it hereunder in good faith and in accordance with the
advice or opinion of such counsel.

(f)            The Indenture Trustee shall not be
required to make any initial or periodic examination of any files or records
related to the Receivables for the purpose of establishing the presence or
absence of defects, the compliance by the Issuing Entity with its
representations and warranties or for any other purpose.

(g)           In the event that the Indenture
Trustee is also acting as Paying Agent or Note Registrar hereunder, the rights
and protections afforded to the Indenture Trustee pursuant to this Article VI shall also be afforded to the Indenture Trustee
in its capacity as such Paying Agent or Note Registrar.

SECTION 6.3.        Individual Rights of the
Indenture Trustee.  The
Indenture Trustee shall not, in its individual capacity, but may in a fiduciary
capacity, become the owner of Notes or otherwise extend credit to the Issuing
Entity.  The Indenture Trustee may
otherwise deal with the Issuing Entity or its Affiliates with the same rights
it would have if it were not the Indenture Trustee.  Any Paying Agent, Note Registrar,
co-registrar or co-paying agent may do the same with like rights. However, the
Indenture Trustee must comply with Sections 6.11
and 6.12.

SECTION 6.4.        Indenture Trustee’s
Disclaimer.  The Indenture
Trustee shall not be responsible for, and makes no representation as to the
validity or adequacy of, this Indenture or the Notes; shall not be accountable
for the Issuing Entity’s use of the proceeds from the Notes; and shall not be
responsible for any statement of the Issuing Entity in this Indenture or in any
document issued in connection with the sale of the Notes or in the Notes other
than the Indenture Trustee’s certificate of authentication.

SECTION 6.5.        Notice of Defaults.  If a Default occurs and is continuing and is
known to a Responsible Officer, the Indenture Trustee shall mail to the
Counterparties and each Noteholder notice of the Default within 90 days after
it occurs.  Except in the case of a
Default in payment of principal of or interest on any Note (including payments
pursuant to the mandatory redemption provisions of such Note), the Indenture
Trustee may withhold the notice if and so long as a committee of its
Responsible Officers in good faith determines that withholding the notice is in
the interests of Noteholders and the Counterparties.

SECTION 6.6.        Reports by Indenture
Trustee to the Holders. 
The Indenture Trustee shall deliver to each Noteholder such information
as may be required to enable such Holder to prepare its federal, State and
other income tax returns.  Within 60 days
after each December 31, starting with December 31, 2007, the Indenture Trustee
shall mail to each Noteholder a brief report as of such December 31 that
complies with TIA § 313(a) (if required by said section).

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SECTION 6.7.        Compensation and Indemnity.  The Issuing Entity shall, or shall cause the
Servicer to, pay to the Indenture Trustee from time to time reasonable
compensation for its services as agreed to between the Issuing Entity and the
Indenture Trustee in writing.  The
Indenture Trustee’s compensation shall not be limited by any law on
compensation of a trustee of an express trust. 
The Issuing Entity shall, or shall cause the Servicer to, reimburse the
Indenture Trustee for all reasonable out-of-pocket expenses incurred or made by
it, including costs of collection, in addition to the compensation for its
services. Such expenses shall include the reasonable compensation and expenses,
disbursements and advances of the Indenture Trustee’s agents, counsel,
accountants and experts.  The Issuing
Entity shall or shall cause the Servicer to indemnify the Indenture Trustee and
its officers, directors, employees and agents against any and all loss,
liability or expense (including attorneys’ fees and expenses) incurred by them
in connection with the administration of this trust and the performance of its
duties hereunder.  The Indenture Trustee
shall notify the Issuing Entity and the Servicer promptly of any claim for
which it may seek indemnity.  Failure by
the Indenture Trustee to so notify the Issuing Entity and the Servicer shall
not relieve the Issuing Entity or the Servicer of its respective obligations
hereunder.  The Issuing Entity shall, or
shall cause the Servicer to, defend the claim and the Indenture Trustee may
have separate counsel and the Issuing Entity shall, or shall cause the Servicer
to, pay the reasonable fees and expenses of such counsel.  Notwithstanding anything to the contrary
contained herein, neither the Issuing Entity nor the Servicer need reimburse
any expense or indemnify against any loss, liability or expense incurred by the
Indenture Trustee through the Indenture Trustee’s own willful misconduct,
negligence or bad faith.

The Issuing Entity’s
payment obligations to the Indenture Trustee pursuant to this Section shall
survive the discharge of this Indenture or the earlier resignation or removal
of the Indenture Trustee.  When the
Indenture Trustee incurs expenses after the occurrence of a Default specified
in Section 5.1(iv) or (v),
the expenses are intended to constitute expenses of administration under Title
11 of the United States Code or any other applicable federal or State
bankruptcy, insolvency or similar law.

SECTION 6.8.        Replacement of the
Indenture Trustee.  No
resignation or removal of the Indenture Trustee and no appointment of a
successor Indenture Trustee shall become effective until the acceptance of
appointment by the successor Indenture Trustee pursuant to this Section 6.8.  The
Indenture Trustee may resign at any time by so notifying the Issuing Entity in
writing.  The Holders of not less than a
majority of the Outstanding Amount of the Notes may remove the Indenture
Trustee by so notifying the Indenture Trustee in writing and may appoint a
successor Indenture Trustee.  The Issuing
Entity shall remove the Indenture Trustee if:

(i)            the
Indenture Trustee fails to comply with Section 6.11;

(ii)           the
Indenture Trustee is adjudged a bankrupt or insolvent;

(iii)          a
receiver or other public officer takes charge of the Indenture Trustee or its
property; or

(iv)          the
Indenture Trustee otherwise becomes incapable of acting.

 33
 

If the Indenture Trustee
resigns or is removed or if a vacancy exists in the office of Indenture Trustee
for any reason (the Indenture Trustee in such event being referred to herein as
the retiring Indenture Trustee), the Issuing Entity shall promptly appoint a
successor Indenture Trustee.

A successor Indenture
Trustee shall deliver a written acceptance of its appointment to the retiring
Indenture Trustee and to the Issuing Entity. 
Thereupon the resignation or removal of the retiring Indenture Trustee
shall become effective, and the successor Indenture Trustee shall have all the
rights, powers and duties of the Indenture Trustee under this Indenture.  The successor Indenture Trustee shall mail a
notice of its succession to the Counterparties and the Noteholders. The
retiring Indenture Trustee shall promptly transfer all property held by it as
Indenture Trustee to the successor Indenture Trustee.

If a successor Indenture
Trustee does not take office within 60 days after the retiring Indenture
Trustee resigns or is removed, the retiring Indenture Trustee, the Issuing
Entity or the Holders of not less than a majority of the Outstanding Amount of
the Notes may petition any court of competent jurisdiction for the appointment
of a successor Indenture Trustee.

If the Indenture Trustee
fails to comply with Section 6.11,
any Noteholder may petition any court of competent jurisdiction for the removal
of the Indenture Trustee and the appointment of a successor Indenture Trustee.

Notwithstanding the
replacement of the Indenture Trustee pursuant to this Section, the Issuing
Entity’s and the Administrator’s obligations under Section 6.7
shall continue for the benefit of the retiring Indenture Trustee.  The retiring Indenture Trustee shall have no
liability for any act or omission by any successor Indenture Trustee other than
itself, serving again as Indenture Trustee.

SECTION 6.9.        Successor Indenture
Trustee by Merger.  If the
Indenture Trustee consolidates with, merges or converts into, or transfers all
or substantially all its corporate trust business or assets to, another
corporation or banking association, the resulting, surviving or transferee
corporation without any further act shall be the successor Indenture Trustee.  The Indenture Trustee shall provide the
Rating Agencies, the Counterparties and the Issuing Entity prompt written
notice of any such transaction following the consummation thereof; provided,
that such corporation or banking association shall be otherwise qualified and
eligible under Section 6.11.

In case at the time such
successor(s) by merger, conversion or consolidation to the Indenture Trustee
shall succeed to the trusts created by this Indenture any of the Notes shall
have been authenticated but not delivered, any such successor to the Indenture
Trustee may adopt the certificate of authentication of any predecessor
Indenture Trustee, and deliver such Notes so authenticated; and in case at that
time any of the Notes shall not have been authenticated, any successor to the
Indenture Trustee may authenticate such Notes either in the name of any
predecessor Indenture Trustee hereunder or in the name of the successor to the
Indenture Trustee; and in all such cases such certificates of authentication
shall have the full force and effect to the same extent given to the
certificate of authentication of the Indenture Trustee anywhere in the Notes or
in this Indenture.

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SECTION 6.10.      Appointment of Co-Trustee
or Separate Trustee.  (a)  Notwithstanding any other provisions of this
Indenture, at any time, for the purpose of meeting any legal requirement of any
jurisdiction in which any part of the Trust Estate may at the time be located,
the Indenture Trustee shall have the power and may execute and deliver all
instruments to appoint one or more Person(s) to act as co-trustee(s), or
separate trustee(s), of all or any part of the Trust Estate, and to vest in
such Person(s), in such capacity and for the benefit of the Noteholders, such
title to the Trust Estate, or any part thereof, and, subject to the other
provisions of this Section, such powers, duties, obligations, rights and trusts
as the Indenture Trustee may consider necessary or desirable.  No co-trustee or separate trustee hereunder
shall be required to meet the terms of eligibility as a successor trustee under
Section 6.11 and no notice to
Noteholders of the appointment of any co-trustee or separate trustee shall be
required under Section 6.8.

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

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

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

(iii)          the
Indenture Trustee may at any time accept the resignation of or remove, in its
sole discretion, any separate trustee or co-trustee.

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

(d)           Any separate trustee or co-trustee
may at any time constitute the Indenture Trustee as its agent or
attorney-in-fact with full power and authority, to the extent not prohibited by
law, to do any lawful act under or in respect of this Agreement on its behalf
and in its name. 

 35
 

If any separate trustee
or co-trustee shall die, become incapable of acting, resign or be removed, all
of its estates, properties, rights, remedies and trusts shall vest in and be
exercised by the Indenture Trustee, to the extent permitted by law, without the
appointment of a new or successor trustee.

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

SECTION 6.11.      Eligibility;
Disqualification.  The
Indenture Trustee shall at all times satisfy the requirements of TIA § 310(a)
and, upon Issuing Entity Order, Section 26(a)(1) of the Investment Company Act
of 1940, as amended.  The Indenture
Trustee shall have a combined capital and surplus of at least $50,000,000 as
set forth in its most recent published annual report of condition and it shall
have a long term senior, unsecured debt rating of “Baa3” or better by Moody’s
(or, if not rated by Moody’s, a comparable rating by another statistical rating
agency).  The Indenture Trustee shall
comply with TIA § 310(b), including the optional provision permitted by the
second sentence of TIA § 310(b)(9); provided, however, that there shall be excluded from the operation of
TIA § 310(b)(1) any indenture(s) under which other securities of the Issuing
Entity are outstanding if the requirements for such exclusion set forth in TIA
§ 310(b)(1) are met.

If a default occurs under
this Indenture, and the Indenture Trustee is deemed to have a conflicting
interest as a result of acting as trustee for both (1) the Class A Notes and
(2) the Class B Notes, a successor Indenture Trustee shall be appointed for one
or more of such Classes, so that there will be separate Indenture Trustees for
the Class A Notes and the Class B Notes, respectively.  No such event shall alter the voting rights
of the Class A Noteholders or the Class B Noteholders under this Indenture or
any other Basic Document.  However, so
long as any amounts remain unpaid with respect to the Class A Notes, only the
Indenture Trustee for the Class A Noteholders will have the right to exercise
remedies under this Indenture (but subject to the express provisions of Section 5.4 and to the right of the Class B Noteholders to
receive their respective shares of any proceeds of enforcement, subject to the
subordination of the Class B Notes to the Class A Notes as described
herein).  Upon repayment of the Class A
Notes in full, but so long as any amounts remain unpaid with respect to the
Class B Notes, only the Indenture Trustee for the Class B Noteholders will have
the right to exercise remedies under this Indenture (but subject to the express
provisions of Section 5.4).

In the case of the
appointment hereunder of a successor Indenture Trustee with respect to any
Class of Notes, the Issuing Entity, the retiring Indenture Trustee and the
successor Indenture Trustee with respect to such Class of Notes shall execute
and deliver an indenture supplemental hereto wherein the each successor
Indenture Trustee shall accept such appointment and which (i) shall contain
such provisions as shall be necessary or desirable to transfer and confirm to,
and to vest in, the successor Indenture Trustee all the rights, powers, trusts
and duties of the retiring Indenture Trustee with respect to the Notes of the
Class to which the appointment of such successor Indenture Trustee relates,
(ii) if the retiring Indenture Trustee is not retiring with respect to all
Classes of Notes, shall contain such provisions as shall be deemed necessary or
desirable to confirm that all the rights, powers, trusts and duties of the
retiring Indenture Trustee with respect to the Notes of each Class as to which
the retiring Indenture Trustee is not retiring

 36
 

shall continue to be
vested in the retiring Indenture Trustee, and (iii) shall add to or change any
of the provisions of this Indenture as shall be necessary to provide for or
facilitate the administration of the trusts hereunder by more than one
Indenture Trustee, it being understood that nothing herein or in such
supplemental indenture shall constitute such Indenture Trustees co-trustees of
the same trust and that each such Indenture Trustee shall be trustee of a trust
or trusts hereunder separate and apart from any trust or trusts hereunder
administered by any other such Indenture Trustee; and upon the execution and
delivery of such supplemental indenture the resignation or removal of the
retiring Indenture Trustee shall become effective to the extent provided
therein.

SECTION 6.12.      Preferential Collection of
Claims Against the Issuing Entity.  The Indenture Trustee shall comply with TIA §
311(a), excluding any creditor relationship listed in TIA § 311(b).  An Indenture Trustee who has resigned or been
removed shall be subject to TIA § 311(a) to the extent indicated.

SECTION 6.13.      Information to Be Provided
by the Indenture Trustee. 
At any time when the Issuing Entity’s reporting obligations under Section 15(d) of the Exchange Act are not suspended, the
Indenture Trustee shall notify the Servicer promptly after the Indenture
Trustee becomes aware of (a) the initiation of any legal proceedings against
the Indenture Trustee, or of which any property of the Indenture Trustee is
subject, that are material to the Noteholders, (b) any developments in any such
proceedings that are material to the Noteholders and (c) any such material
proceedings that are contemplated by any governmental authority against the
Indenture Trustee.

SECTION 6.14.      Representations and
Warranties.  The Indenture
Trustee hereby represents that:

(a)           the Indenture Trustee is duly
organized and validly existing as a national banking corporation in good
standing under the laws of the United States with power and authority to own
its properties and to conduct its business as such properties are currently
owned and such business is presently conducted;

(b)           the Indenture Trustee has the power
and authority to execute and deliver this Indenture and to carry out its terms;
and the execution, delivery and performance of this Indenture have been duly
authorized by the Indenture Trustee by all necessary corporate action;

(c)           the consummation of the transactions
contemplated by this Indenture 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
articles of association or bylaws of the Indenture Trustee or any material
agreement or other instrument to which the Indenture Trustee is a party or by
which it is bound;

(d)           to best of the Indenture Trustee’s
knowledge, there are no proceedings or investigations pending or threatened
before any court, regulatory body, administrative agency or other governmental
instrumentality having jurisdiction over the Indenture Trustee or its
properties:  (i) asserting the invalidity
of this Indenture, (ii) seeking to prevent the consummation of any of the
transactions contemplated by this Indenture or (iii) seeking any determination
or

 37
 

ruling that might
materially and adversely affect the performance by the Indenture Trustee of its
obligations under, or the validity or enforceability of, this Indenture; and

(e)           as of the date of the Underwriting
Agreement, the Preliminary Prospectus Date, the Prospectus Date and the Closing
Date, there are no legal proceedings pending against the Indenture Trustee, or
of which any property of the Indenture Trustee is subject, that are material to
the Noteholders, and no such legal proceedings are known to the Indenture
Trustee to be contemplated by any governmental authority against the Indenture
Trustee that are material to the Noteholders.

ARTICLE VII

Noteholders’ Lists and Reports

SECTION 7.1.        Issuing Entity To Furnish
Indenture Trustee Names and Addresses of Noteholders.  The Issuing Entity will furnish or cause to
be furnished to the Indenture Trustee: 
(a) not more than five days after the earlier of:  (i) each Record Date and (ii) three months
after the last Record Date, a list, in such form as the Indenture Trustee may
reasonably require, of the names and addresses of the Holders of Notes as of
such Record Date, and (b) at such other times as the Indenture Trustee may
request in writing, within 30 days after receipt by the Issuing Entity of any
such request, a list of similar form and content as of a date not more than 10
days prior to the time such list is furnished; provided, however, that so long
as the Indenture Trustee is the Note Registrar, no such list shall be required
to be furnished.

SECTION 7.2.        Preservation of
Information; Communications to Noteholders.  (a) 
The Indenture Trustee shall preserve, in as current a form as is
reasonably practicable, the names and addresses of the Holders of Notes
contained in the most recent list furnished to the Indenture Trustee as
provided in Section 7.1 and the names and addresses
of Holders of Notes received by the Indenture Trustee in its capacity as Note
Registrar. The Indenture Trustee may destroy any list furnished to it as
provided in Section 7.1 upon receipt of a new list
so furnished.

(b)           Three or more Noteholders, or one or
more Holder(s) of Notes evidencing at least 25% of the Outstanding Amount of
the Notes, may communicate pursuant to TIA § 312(b) with other Noteholders with
respect to their rights under this Indenture or under the Notes.

(c)           The Issuing Entity, the Indenture
Trustee and the Note Registrar shall have the protection of TIA § 312(c).

SECTION 7.3.        Reports by Issuing Entity.  (a) 
The Issuing Entity shall:

(i)            file
with the Indenture Trustee, within 15 days after the Issuing Entity is required
to file the same with the Commission, copies of the annual reports and of the
information, documents and other reports (or copies of such portions of any of
the foregoing as the Commission may from time to time by rules and regulations
prescribe) that the Issuing Entity may be required to file with the Commission
pursuant to Section 13 or 15(d) of the Exchange Act;

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(ii)           file
with the Commission, in accordance with the rules and regulations prescribed
from time to time by the Commission, such additional information, documents and
reports with respect to compliance by the Issuing Entity with the conditions
and covenants of this Indenture (with a copy of any such filings being
delivered promptly to the Indenture Trustee); and

(iii)          supply
to the Indenture Trustee (and the Indenture Trustee shall transmit by mail to
all Noteholders described in TIA § 313(c)) such summaries of any information,
documents and reports required to be filed by the Issuing Entity pursuant to clauses (i) and (ii) as may be
required by the rules and regulations prescribed from time to time by the
Commission.

(b)           Unless the Issuing Entity otherwise
determines, the fiscal year of the Issuing Entity shall end on December 31 of
each year.

SECTION 7.4.        Required Filings.  In no event shall the Indenture Trustee or
any agent of the Indenture Trustee be obligated or responsible for preparing,
executing, filing or delivering in respect of the Trust Estate or on behalf of
another person, either (A) any report or filing required or permitted by the
SEC to be prepared, executed, filed or delivered by or in respect of the Trust
Estate or another person, or (B) any certification in respect of any such report
or filing; in either case, other than as required expressly herein or in the
other Basic Documents.

ARTICLE VIII

Accounts, Disbursements and Releases

SECTION 8.1.        Collection of Money.  Except as otherwise expressly provided
herein, the Indenture Trustee may demand payment or delivery of, and shall
receive and collect, directly and without intervention or assistance of any
fiscal agent or other intermediary, all money and other property payable to or
receivable by the Indenture Trustee pursuant to this Indenture.  The Indenture Trustee shall apply all such
money received by it as provided in this Indenture. Except as otherwise
expressly provided in this Indenture, if any default occurs in the making of
any payment or performance under any agreement or instrument that is part of
the Collateral and the Trust Estate, the Indenture Trustee may take such action
as may be appropriate to enforce such payment or performance, including the
institution and prosecution of appropriate Proceedings.  Any such action shall be without prejudice to
any right to claim a Default or Event of Default under this Indenture and any
right to proceed thereafter as provided in Article V.

SECTION 8.2.        Trust Accounts.  (a)  On
or prior to the Closing Date, the Issuing Entity shall cause the Servicer to
establish and maintain, in the name of the Indenture Trustee, for the benefit
of the Noteholders, the Certificateholders and the Counterparties, the Trust
Accounts as provided in Section 5.1 of
the Sale and Servicing Agreement.

(b)           On or before each Payment Date, the
Total Distribution Amount with respect to the preceding Collection Period will
be deposited in the Collection Account as provided in Section 5.2
of the Sale and Servicing Agreement.  On
or before each Payment Date, the First Principal Payment Amount and Noteholders’
Distributable Amount with respect to the

 39
 

preceding Collection
Period will be transferred to the Note Distribution Account as provided in Sections 5.5 and 5.6 of the Sale
and Servicing Agreement.

(c)           On each Payment Date and Redemption
Date prior to an Event of Default and acceleration of the Notes, the Indenture
Trustee shall deposit or distribute all amounts on deposit in the Note
Distribution Account to the Noteholders and the Counterparties in the following
amounts and in the following order of priority:

(i)            to
the Counterparties for any due and unpaid Net Swap Payments due to them under
the Interest Rate Swap Agreements (including interest on any overdue Net Swap
Payments), if any, ratably, without preference or priority of any kind,
according to the amount due under each Interest Rate Swap Agreement as Net Swap
Payments (including interest on any overdue Net Swap Payments);

(ii)           with
the same priority and ratably in proportion to the Outstanding Amount of the
Class A Notes and the amounts due under clause (y) of
this Section 8.2(c)(ii), to (x) the Class A
Noteholders, the Class Interest Amount for each Class of Class A Notes;
provided, that if there are not sufficient funds in the Note Distribution
Account to pay the entire amount of accrued and unpaid interest then due on
such Notes, the amount in the Note Distribution Account shall be applied to the
payment of such interest on such Notes pro rata on the basis of the total such
interest due on such Notes, and (y) the Counterparties, any Priority Swap
Termination Payments due to them under the Class A Swap Agreements, ratably,
without preference or priority of any kind, according to the amounts due to
each as Priority Swap Termination Payments under the Class A Swap Agreements;
provided, that if any money or property remains after making the payments
required by the immediately preceding clause (x) or (y), such money or property shall be used to pay any
remaining amounts due and payable under this Section
8.2(c)(ii) before any such money or property shall be distributed
pursuant to Sections 8.2(c)(iii) through (viii);

(iii)          to
the Class A Noteholders, an amount equal to the First Principal Payment Amount
in the following order of priority:

(A)          to the A-1 Noteholders, until the
Outstanding principal balance of the A-1 Notes is reduced to zero;

(B)           to the A-2a Noteholders and the A-2b
Noteholders, pro rata based upon the Outstanding principal balance of the A-2a
Notes and the A-2b Notes, until the Outstanding principal balance of the A-2a
Notes and the A-2b Notes are reduced to zero;

(C)           to the A-3a Noteholders and the A-3b
Noteholders, pro rata based upon the Outstanding principal balance of the A-3a
Notes and the A-3b Notes, until the Outstanding principal balance of the A-3a
Notes and the A-3b Notes are reduced to zero;

(D)          to the A-4 Noteholders, until the
Outstanding principal balance of the A-4 Notes is reduced to zero;

 40
 

(iv)          to
the Class B Noteholders, the Class Interest Amount for the Class B Notes;

(v)           to
the Class A Noteholders, for payment of principal, in the following order of
priority:

(A)          to the A-1 Noteholders, until the
Outstanding principal balance of the A-1 Notes is reduced to zero;

(B)           to the A-2a Noteholders and the A-2b
Noteholders, pro rata based on the Outstanding principal balance of the A-2a
Notes and the A-2b Notes, until the Outstanding principal balance of the A-2a
Notes and the A-2b Notes are reduced to zero;

(C)           to the A-3a Noteholders and the A-3b
Noteholders, pro rata based on the Outstanding principal balance of the A-3a
Notes and the A-3b Notes, until the Outstanding principal balance of the A-3a
Notes and the A-3b Notes are reduced to zero;

(D)          to the A-4 Noteholders, until the
Outstanding principal balance of the A-4 Notes is reduced to zero;

(vi)          to
the Class B Noteholders, for payment of principal, until the Outstanding
principal balance of the Class B Notes is reduced to zero;

(vii)         to
the Counterparties, any Swap Termination Payments due to them under the Class A
Swap Agreements to the extent not paid pursuant to clause (ii)
above, ratably, without preference or priority of any kind, according to the
amounts due to each as Class A Swap Termination Payments under the Class A Swap
Agreements; and

(viii)        thereafter,
any excess shall be deposited in the Certificate Distribution Account.

(d)           On the A-1 Note Final Scheduled
Maturity Date, the Indenture Trustee shall distribute to the Class A-1
Noteholders, from the amount available in the Note Distribution Account, an
amount equal to the sum of (i) the aggregate accrued and unpaid interest on the
Class A-1 Notes as of the A-1 Note Final Scheduled Maturity Date, and (ii) the
amount necessary to reduce the outstanding principal amount of the Class A-1
Notes to zero.

(e)           On each Payment Date and Redemption
Date, after an Event of Default and acceleration of the Notes (and, if any
Notes remain outstanding after the Final Scheduled Maturity Date), the
Indenture Trustee shall distribute all amounts on deposit in the Note
Distribution Account to the Noteholders and the Counterparties in the following
amounts and in the following order of priority:

(i)            to
the Counterparties for any due and unpaid Net Swap Payments due to them under
the Interest Rate Swap Agreements (including interest on any overdue Net Swap
Payments), if any, ratably, without preference or priority of any kind,
according to

 41

the amount due under each Interest Rate Swap Agreement as Net Swap
Payments (including interest on any overdue Net Swap Payments);

(ii)           with
the same priority and ratably in proportion to the Outstanding Amount of the
Class A Notes and the amounts due under clause
(y) of this Section 8.2(e)(ii),
to (x) Class A Noteholders, the Class Interest Amount for each Class of Class A
Notes;  provided , that if there are not
sufficient funds in the Note Distribution Account to pay the entire amount of
accrued and unpaid interest then due on such Notes, the amount in the Note
Distribution Account shall be applied to the payment of such interest on such
Notes pro rata on the basis of the total such interest due on such Notes and
(y) the Counterparties, any Priority Swap Termination Payments due to them
under the Class A Swap Agreements, ratably, without preference or priority of
any kind, according to the amounts due to each as Priority Swap Termination
Payments under the Class A Swap Agreements; provided, that if any money or
property remains after making the payments required by the immediately
preceding clause (x), such money
or property shall be used to pay any remaining Priority Swap Termination
Payments due and payable under the Class A Swap Agreements before any such
money or property shall be distributed pursuant to Sections
8.2(e)(iii) through (vii);

(iii)          to
the Class A Noteholders, for payment of principal, ratably, according to the
amounts due and payable on each Class of Class A Notes for principal, without
preference or priority of any kind, until the Outstanding principal balance of
each Class of Class A Notes has been reduced to zero;

(iv)          to
the Class B Noteholders, the Class Interest Amount for the Class B Notes;

(v)           to
the Class B Noteholders, for payment of principal, until the Outstanding
principal balance of the Class B Notes is reduced to zero;

(vi)          to
the Counterparties, any Swap Termination Payments due to them under the Class A
Swap Agreements to the extent not paid pursuant to clause (ii)
above, ratably, without preference or priority of any kind, according to the
amounts due to each as Class A Swap Termination Payments under the Class A Swap
Agreements; and

(vii)         thereafter,
any excess shall be deposited in the Certificate Distribution Account.

SECTION 8.3.        General Provisions
Regarding Accounts.  (a)  So long as no Default or Event of Default
shall have occurred and be continuing, all or a portion of the funds in the
Trust Accounts shall be invested in Eligible Investments and reinvested by the
Indenture Trustee upon Issuing Entity Order, subject to the provisions of Section 5.1(b) of the Sale and Servicing Agreement.  All income or other gain from investments of
monies deposited in the Trust Accounts shall be deposited by the Indenture
Trustee in the Collection Account, and any loss or expenses resulting from such
investments shall be charged to such account. 
The Issuing Entity will not direct the Indenture Trustee to make any
investment of any funds or to sell any investment held in any of the Trust
Accounts unless the security interest granted and perfected in

 42
 

such account will
continue to be perfected in such investment or the proceeds of such sale, in
either case without any further action by any Person, and, in connection with
any direction to the Indenture Trustee to make any such investment or sale, if
requested by the Indenture Trustee, the Issuing Entity shall deliver to the
Indenture Trustee an Opinion of Counsel to such effect.

(b)           Subject to Section
6.1(c), the Indenture Trustee shall not in any way be held liable
for the selection of Eligible Investments or by reason of any insufficiency in
any of the Trust Accounts resulting from any loss on any Eligible Investment
included therein, except for losses attributable to the Indenture Trustee’s
failure to make payments on such Eligible Investments issued by the Indenture
Trustee, in its commercial capacity as principal obligor and not as trustee, in
accordance with their terms; provided, however, that the limitation to the
Indenture Trustee’s liability does not extend to any actions constituting
willful misconduct, negligence or bad faith.

(c)           If (i) the Issuing Entity shall have
failed to give investment directions for any funds on deposit in the Trust
Accounts to the Indenture Trustee by 11:00 a.m. (New York City time) (or such
other time as may be agreed by the Issuing Entity and the Indenture Trustee) on
any Business Day; or (ii) a Default or Event of Default shall have occurred and
be continuing with respect to the Notes but the Notes shall not have been
declared due and payable pursuant to Section 5.2,
or, if such Notes shall have been declared due and payable following an Event
of Default, but amounts collected or receivable from the Trust Estate are being
applied in accordance with Section 5.4(b)
as if there had not been such a declaration; then the Indenture Trustee shall,
to the fullest extent practicable, invest and reinvest funds in the Trust
Accounts in the Eligible Investments identified in clause (d)
of the definition of Eligible Investments.

SECTION 8.4.        Release of Trust Estate.  (a) 
Subject to the payment of its fees and expenses pursuant to Section 6.7, the Indenture Trustee may, and when required by
this Indenture shall, execute instruments to release property from the Lien of
this Indenture, or convey the Indenture Trustee’s interest in the same, in a
manner and under circumstances that are not inconsistent with this
Indenture.  No party relying upon an
instrument executed by the Indenture Trustee as provided in this Article shall
be bound to ascertain the Indenture Trustee’s authority, inquire into the
satisfaction of any conditions precedent or see to the application of any
monies.

(b)           The Indenture Trustee shall, at such
time as there are no Notes Outstanding and all sums due to the Indenture
Trustee pursuant to Section 6.7 and
the Counterparties under the Interest Rate Swap Agreements have been paid,
release any remaining portion of the Trust Estate that secured the Notes from
the Lien of this Indenture and release to the Issuing Entity or any other
Person entitled thereto any funds then on deposit in the Trust Accounts.  The Indenture Trustee shall release property
from the Lien of this Indenture pursuant to this paragraph only upon receipt of
an Issuing Entity Request accompanied by an Officer’s Certificate, an Opinion
of Counsel, and (if required by the TIA) Independent Certificates in accordance
with TIA §§ 314(c) and 314(d)(1) meeting the applicable requirements of Section 11.1 or an Opinion of Counsel in lieu of such Independent
Certificates to the effect that the TIA does not require any such Independent
Certificates.

 43
 

SECTION 8.5.        Opinion of Counsel.  The Indenture Trustee shall receive at least
seven days’ notice when requested by the Issuing Entity to take any action pursuant
to Section 8.4(a), accompanied by copies of
any instruments involved, and the Indenture Trustee shall also require, as a
condition to such action, an Opinion of Counsel stating the legal effect of any
such action, outlining the steps required to complete the same, and concluding
that all conditions precedent to the taking of such action have been complied
with and such action will not materially and adversely impair the security for
the Notes or the rights of the Noteholders in contravention of this Indenture; provided, however, that
such Opinion of Counsel shall not be required to express an opinion as to the
fair value of the Trust Estate.  Counsel
rendering any such opinion may rely, without independent investigation, on the
accuracy and validity of any certificate or other instrument delivered to the
Indenture Trustee in connection with any such action.  Notwithstanding anything herein to the
contrary, any such Opinion of Counsel shall include each Counterparty as an
addressee thereof.

ARTICLE IX

Supplemental Indentures

SECTION 9.1.        Supplemental Indentures Without Consent of Noteholders.

(a)           Without the consent of the Holders of
Notes but with prior written notice to the Rating Agencies, the Issuing Entity,
the Counterparties and the Indenture Trustee, when authorized by an Issuing
Entity Order, at any time and from time to time, may enter into one or more
indentures supplemental hereto (which shall conform to the TIA as in force at
the date of the execution thereof), in form satisfactory to the Indenture
Trustee, for any of the following purposes:

(i)            to
correct or amplify the description of any property at any time subject to the
Lien of this Indenture, or better to assure, convey and confirm unto the
Indenture Trustee any property subject or required to be subjected to the Lien
of this Indenture, or to subject to the Lien of this Indenture additional
property;

(ii)           to
evidence the succession, in compliance with the applicable provisions hereof,
of another Person to the Issuing Entity, and the assumption by any such
successor of the covenants of the Issuing Entity herein and in the Notes;

(iii)          to
add to the covenants of the Issuing Entity, for the benefit of the Holders of
Notes, or to surrender any right or power herein conferred upon the Issuing Entity;

(iv)          to
convey, transfer, assign, mortgage or pledge any property to or with the
Indenture Trustee;

(v)           to
replace the Spread Account with another form of credit enhancement; provided, the Rating Agency Condition is satisfied;

(vi)          to
cure any ambiguity, to correct or supplement any provision herein or in any
supplemental indenture that may be inconsistent with any other provision herein
or in any supplemental indenture or to make any other provisions with respect
to matters or

 44
 

questions arising under this Indenture or in any supplemental
indenture; provided, that such action shall not materially adversely affect the
interests of the Holders of Notes;

(vii)         to
evidence and provide for the acceptance of the appointment hereunder by a
successor or additional trustee with respect to the Notes or any class thereof
and to add to or change any of the provisions of this Indenture as shall be
necessary to facilitate the administration of the trusts hereunder by more than
one trustee, pursuant to the requirements of Article VI; or

(viii)        to
modify, eliminate or add to the provisions of this Indenture to such extent as
shall be necessary to effect the qualification of this Indenture under the TIA
or under any similar federal statute hereafter enacted and to add to this
Indenture such other provisions as may be expressly required by the TIA.

The Trustee is hereby
authorized to join in the execution of any such supplemental indenture and to
make any further appropriate agreements and stipulations that may be therein contained.

(b)           The Issuing Entity and the Indenture
Trustee, when authorized by an Issuing Entity Order, may, without the consent
of any of the Holders of Notes but with prior written notice to the Rating
Agencies and the Counterparties, enter into an indenture or indentures
supplemental hereto to cure any ambiguity, to correct or supplement any
provisions in this Indenture or for the purpose of adding any provisions to or
changing in any manner or eliminating any of the provisions of this Indenture
or of modifying in any manner the rights of the Holders of Notes under this
Indenture; provided, however,
that such action shall not, as evidenced by an Officer’s Certificate of the
Seller, adversely affect in any material respect the interests of any
Noteholder.  A supplemental indenture
shall be deemed not to adversely affect in any material respect the interests
of any Class of Notes if the Rating Agency Condition has been satisfied with
respect to such supplemental indenture for such Class of Notes.

(c)           With respect to any amendment
pursuant to this Section 9.1(c), if any amendment
or supplement would either: (1) materially and adversely affect any of the
Counterparties’ rights or obligations under an Interest Rate Swap Agreement or
any other Basic Document; or (b) materially and adversely modify the
obligations of, or materially and adversely impact the ability of, the Trust to
fully perform any of the Trust’s obligations under an Interest Rate Swap
Agreement, the Trust and the Indenture Trustee shall be required to first
obtain the written consent of the applicable Counterparties to the affected
Interest Rate Swap Agreements before entering into any such amendment or
supplement (which consent shall not be unreasonably withheld).

SECTION 9.2.        Supplemental Indentures
With Consent of Noteholders. 
The Issuing Entity and the Indenture Trustee, when authorized by an
Issuing Entity Order, may, with prior written notice to the Rating Agencies and
the Counterparties and with the consent of the Holders of Notes evidencing not
less than a majority of the Outstanding Amount of the Notes, by Act of such
Holders delivered to the Issuing Entity and the Indenture Trustee, enter into
an indenture or indentures supplemental hereto for the purpose of adding any
provisions to or changing in any manner or eliminating any of the provisions of
this Indenture or of modifying in

 45
 

any manner the
rights of the Holders of Notes under this Indenture; provided,
however, that no such supplemental
indenture shall, without the consent of the Holder of each Outstanding Note
affected thereby:

(i)            delay
the Class Final Scheduled Maturity Date of any Note, or reduce the principal
amount thereof, the interest rate thereon or the Redemption Price with respect
thereto or change any place of payment where, or the coin or currency in which,
any Note or the interest thereon is payable, or impair the right to institute
suit for the enforcement of the provisions of this Indenture requiring the
application of funds available therefor, as provided in Article V, to the
payment of any such amount due on or after the respective due dates thereof
(or, in the case of redemption, on or after the Redemption Date);

(ii)           reduce
the percentage of the Outstanding Amount, the consent of the Holders of which
is required for any such supplemental indenture, or the consent of the Holders
of which is required for any waiver of compliance with certain provisions of
this Indenture or certain defaults hereunder and their consequences provided
for in this Indenture;

(iii)          modify
or alter the provisions of the proviso to the definition of “Outstanding”;

(iv)          reduce
the percentage of the Outstanding Amount required to direct the Indenture
Trustee to direct the Issuing Entity to sell or liquidate the Trust Estate
pursuant to Section 5.4;

(v)           modify
any provision of this Section except to increase any percentage specified
herein or to provide that certain additional provisions of this Indenture or
the Basic Documents cannot be modified or waived without the consent of the
Holder of each Outstanding Note affected thereby;

(vi)          modify
any of the provisions of this Indenture in such manner as to affect the
calculation of the amount of any payment of interest or principal due on any
Note on any Payment Date (including the calculation of any of the individual
components of such calculation) or to affect the rights of the Holders of Notes
to the benefit of any provisions for the mandatory redemption of the Notes
contained herein; or

(vii)         permit
the creation of any Lien ranking prior to or on a parity with the Lien of this
Indenture with respect to any part of the Trust Estate or, except as otherwise
permitted or contemplated herein, terminate the Lien of this Indenture on any
property at any time subject hereto or deprive any Holder of Notes of the
security provided by the Lien of this Indenture.

It shall not be necessary
for any Act of the Noteholders under this Section to approve the particular
form of any proposed supplemental indenture, but it shall be sufficient if such
Act shall approve the substance thereof. 
The manner of obtaining such consents (and any other consents of
Noteholders provided for in this Indenture or in any other Basic Document) and
of evidencing the authorization of the execution thereof by Noteholders shall
be subject to such reasonable requirements as the Indenture Trustee may
provide.

 46
 

Promptly after the
execution by the Issuing Entity and the Indenture Trustee of any supplemental
indenture pursuant to this Section, the Indenture Trustee shall mail to the
Holders of the Notes to which such amendment or supplemental indenture relates
a notice setting forth in general terms the substance of such supplemental
indenture.  Any failure of the Indenture
Trustee to mail such notice, or any defect therein, shall not, however, in any
way impair or affect the validity of any such supplemental indenture.

With respect to any
amendment pursuant to this Section 9.2, if
any amendment or supplement would either: (1) materially and adversely affect
any of the Counterparties’ rights or obligations under an Interest Rate Swap
Agreement or any other Basic Document; or (b) materially and adversely modify
the obligations of, or materially and adversely impact the ability of, the
Trust to fully perform any of the Trust’s obligations under an Interest Rate
Swap Agreement, the Administrator shall be required to first obtain the written
consent of the applicable Counterparties to the affected Interest Rate Swap
Agreements before entering into any such amendment or supplement (which consent
shall not be unreasonably withheld).

SECTION 9.3.        Execution of Supplemental
Indentures.  In executing,
or permitting the additional trusts created by, any supplemental indenture
permitted by this Article IX or the modifications
thereby of the trusts created by this Indenture, the Indenture Trustee shall be
entitled to receive, and, subject to Sections 6.1
and 6.2, shall be fully protected in relying
upon, an Opinion of Counsel stating that the execution of such supplemental
indenture is authorized or permitted by this Indenture.  The Indenture Trustee may, but shall not be
obligated to, enter into any such supplemental indenture that affects the
Indenture Trustee’s own rights, duties, liabilities or immunities under this
Indenture or otherwise.

SECTION 9.4.        Effect of Supplemental
Indenture.  Upon the
execution of any supplemental indenture pursuant to the provisions hereof, this
Indenture shall be and be deemed to be modified and amended in accordance
therewith with respect to the Notes affected thereby, and the respective
rights, limitations of rights, obligations, duties, liabilities and immunities
under this Indenture of the Indenture Trustee, the Issuing Entity and the
Holders of the Notes shall thereafter be determined, exercised and enforced
hereunder subject in all respects to such modifications and amendments, and all
the terms and conditions of any such supplemental indenture shall be and be
deemed to be part of the terms and conditions of this Indenture for any and all
purposes.

SECTION 9.5.        Conformity with Trust
Indenture Act.  Every
amendment of this Indenture and every supplemental indenture executed pursuant
to this Article IX shall conform to the
requirements of the TIA as then in effect so long as this Indenture shall then
be qualified under the TIA.

SECTION 9.6.        Reference in Notes to
Supplemental Indentures. 
Notes authenticated and delivered after the execution of any
supplemental indenture pursuant to this Article may, and if required by the
Indenture Trustee shall, bear a notation in form approved by the Indenture
Trustee as to any matter provided for in such supplemental indenture.  If the Issuing Entity or the Indenture
Trustee shall so determine, new Notes so modified as to conform, in the opinion
of the Indenture Trustee and the Issuing Entity, to any such supplemental

 47
 

indenture may be
prepared and executed by the Issuing Entity and authenticated and delivered by
the Indenture Trustee in exchange for Outstanding Notes.

SECTION 9.7.        Amendment without Consent.  Notwithstanding anything herein to the contrary
(other than as provided in Section 9.1(c)
and Section 9.2), any term or provision of
this Agreement may be amended by the Issuing Entity and the Indenture Trustee
without the consent of the Noteholders or any other Person to add, modify or
eliminate any provisions as may be necessary or advisable in order to comply
with or obtain more favorable treatment under or with respect to any law or
regulation or any accounting rule or principle (whether now or in the future in
effect); it being a condition to any such amendment that the Rating Agency
Condition shall have been satisfied.

ARTICLE X

Redemption of Notes

SECTION 10.1.      Redemption.  (a) 
The Notes are subject to redemption in whole, but not in part, at the
direction of CNHCA pursuant to Section 9.1(a)
of the Sale and Servicing Agreement, on any Payment Date on which CNHCA
exercises its option to purchase the Trust Estate pursuant to said Section 9.1(a), for a purchase price equal to the Redemption
Price.  The Servicer or the Issuing
Entity shall furnish the Rating Agencies and the Counterparties notice of such
redemption.  If such Notes are to be
redeemed pursuant to this Section 10.1,
CNHCA or the Issuing Entity shall furnish notice of such election to the
Indenture Trustee not later than 25 days prior to the Redemption Date and the
Issuing Entity shall deposit with the Indenture Trustee in the Note
Distribution Account the Redemption Price of the Notes to be redeemed.

(b)           Reserved.

SECTION 10.2.      Form of Redemption Notice.  Notice of redemption under Section 10.1 shall be given by the Indenture Trustee by
first-class mail, postage prepaid, mailed not less than five Business Days
prior to the applicable Redemption Date to each Holder of Notes, as of the
close of business on the Record Date preceding the applicable Redemption Date,
at such Holder’s address appearing in the Note Register.

All notices of redemption
shall state:

(i)            the
Redemption Date;

(ii)           the
Redemption Price;

(iii)          the
place where such Notes are to be surrendered for payment of the Redemption
Price (which shall be the office or agency of the Issuing Entity to be
maintained as provided in Section 3.2);
and

(iv)          the
CUSIP numbers of the affected Notes.

Notice of redemption of
the Notes shall be given by the Indenture Trustee in the name and at the
expense of the Issuing Entity.  Failure
to give notice of redemption, or any defect

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therein, to any Holder of
any Note shall not impair or affect the validity of the redemption of any other
Note.

SECTION 10.3.      Notes Payable on
Redemption Date.  The Notes
to be redeemed shall, following notice of redemption pursuant to this Article,
become due and payable on the Redemption Date at the Redemption Price and
(unless the Issuing Entity shall default in the payment of the Redemption
Price) no interest shall accrue on the Redemption Price for any period after
the date to which accrued interest is calculated for purposes of calculating
the Redemption Price.

ARTICLE XI

Miscellaneous

SECTION 11.1.      Compliance Certificates and Opinions, etc.  (a)  Upon any application or request by the
Issuing Entity to the Indenture Trustee to take any action under this
Indenture, the Issuing Entity shall furnish to the Indenture Trustee:  (i) an Officer’s Certificate stating that all
conditions precedent, if any, provided for in this Indenture relating to the
proposed action have been complied with, (ii) an Opinion of Counsel stating
that in the opinion of such counsel all such conditions precedent, if any, have
been complied with and (iii) (if required by the TIA) an Independent
Certificate from a firm of certified public accountants meeting the applicable
requirements of this Section, except that, in the case of any such application
or request as to which the furnishing of such documents is specifically
required by this Indenture, no additional certificate or opinion need be
furnished.

Every certificate or
opinion with respect to compliance with a condition or covenant provided for in
this Indenture shall include:

(w)                               a
statement that each signatory of such certificate or opinion has read or has
caused to be read such covenant or condition and the definitions herein
relating thereto;

(x)                                   a
brief statement as to the nature and scope of the examination or investigation
upon which the statements or opinions contained in such certificate or opinion
are based;

(y)                                 a
statement that, in the opinion of each such signatory, such signatory has made
(or has caused to be made) such examination or investigation as is necessary to
enable such signatory to express an informed opinion as to whether or not such
covenant or condition has been complied with; and

(z)                                   a
statement as to whether, in the opinion of each such signatory, such condition
or covenant has been complied with.

(b)                                 (i)  Prior to the deposit of any Collateral or
other property or securities with the Indenture Trustee that is to be made the
basis for the release of any property or securities subject to the Lien of this
Indenture, the Issuing Entity shall, in addition to any obligation imposed in Section 11.1(a) or elsewhere in this Indenture, furnish to
the Indenture Trustee an Officer’s Certificate certifying or stating the
opinion of each person signing such

 49
 

certificate as to the
fair value (within 90 days after such deposit) to the Issuing Entity of the
Collateral or other property or securities to be so deposited.

(ii)           Whenever
the Issuing Entity is required to furnish to the Indenture Trustee an Officer’s
Certificate described in clause (i), the
Issuing Entity shall also deliver to the Indenture Trustee an Independent
Certificate as to the same matters, if the fair value to the Issuing Entity of
the Collateral or other property or securities to be so deposited and of all
other such Collateral or other property or securities made the basis of any
such withdrawal or release since the commencement of the then-current fiscal
year of the Issuing Entity, as set forth in the certificates delivered pursuant
to clause (i) and this clause (ii),
is 10% or more of the Outstanding Amount of the Notes, but such a certificate
need not be furnished with respect to any Collateral or other property or
securities so deposited if the fair value thereof to the Issuing Entity as set
forth in the related Officer’s Certificate is (A) less than $25,000 or (B) less
than one percent of the then Outstanding Amount of the Notes.

(iii)          Other
than with respect to property as contemplated by clause (v),
whenever any Collateral or other property or securities are to be released from
the Lien of this Indenture, the Issuing Entity shall also furnish to the
Indenture Trustee an Officer’s Certificate certifying or stating the opinion of
each person signing such certificate as to the fair value (within 90 days after
such release) of the Collateral or other property or securities proposed to be
released and stating that in the opinion of such person the proposed release
will not impair the security under this Indenture in contravention of the
provisions hereof.

(iv)          Whenever
the Issuing Entity is required to furnish to the Indenture Trustee an Officer’s
Certificate certifying or stating the opinion of any signer thereof as to the
matters described in clause (iii),
the Issuing Entity shall also furnish to the Indenture Trustee an Independent
Certificate as to the same matters if the fair value to the Issuing Entity of
the Collateral or other property or securities and of all other property, other
than property as contemplated by clause (v), or
securities released from the Lien of this Indenture since the commencement of
the then-current fiscal year, as set forth in the certificates required by clause (iii) and this clause (iv),
equals 10% or more of the Outstanding Amount of the Notes, but such certificate
need not be furnished in the case of any release of Collateral or other
property or securities if the fair value thereof to the Issuing Entity as set
forth in the related Officer’s Certificate is (A) less than $25,000 or (B) less
than one percent of the then Outstanding Amount of the Notes.

(v)           Notwithstanding
Section 2.9 or any other provision of
this Section, the Issuing Entity may, without compliance with the requirements
of the other provisions of this Section: 
(A) collect, liquidate, sell or otherwise dispose of Receivables and
Financed Equipment as and to the extent permitted or required by the Basic
Documents and (B) make cash payments out of the Trust Accounts as and to the
extent permitted or required by the Basic Documents so long as the Issuing
Entity shall deliver to the Indenture Trustee every six months, commencing
March 1, 2008, an Officer’s Certificate of the Issuing Entity stating that all
such dispositions of Collateral that occurred since the execution of the
previous such Officer’s Certificate (or for the first such Officer’s

 50
 

Certificate, since the Closing Date) were in the ordinary course of the
Issuing Entity’s business and that the proceeds thereof were applied in
accordance with the Basic Documents.

SECTION 11.2.      Form of Documents
Delivered to Indenture Trustee. 
In any case where several matters are required to be certified by, or
covered by an opinion of, any specified Person, it is not necessary that all
such matters be certified by, or covered by the opinion of, only one such
Person, or that they be so certified or covered by only one document, but one
such Person may certify or give an opinion with respect to some matters and one
or more other such Persons as to other matters, and any such Person may certify
or give an opinion as to such matters in one or several documents.

Any certificate or
opinion of an Authorized Officer of the Issuing Entity may be based, insofar as
it relates to legal matters, upon a certificate or opinion of, or
representations by, counsel, unless such officer knows, or in the exercise of
reasonable care should know, that the certificate, opinion or representations
with respect to the matters upon which his certificate or opinion is based
is/are erroneous.  Any such certificate
of an Authorized Officer or Opinion of Counsel may be based, insofar as it
relates to factual matters, upon a certificate or opinion of, or
representations by, an officer or officers of the Servicer, the Seller, the
Issuing Entity or the Administrator, stating that the information with respect
to such factual matters is in the possession of the Servicer, the Seller, the
Issuing Entity or the Administrator, as applicable, unless such Authorized
Officer or counsel knows, or in the exercise of reasonable care should know,
that the certificate, opinion or representations with respect to such matters
is/are erroneous.

Where any Person is
required or permitted to make, give or execute two or more applications,
requests, consents, certificates, statements, opinions or other instruments
under this Indenture, they may, but need not, be consolidated and form one
instrument.

Whenever in this
Indenture, in connection with any application, certificate or report to the
Indenture Trustee, it is provided that the Issuing Entity shall deliver any
document as a condition of the granting of such application, or as evidence of
the Issuing Entity’s compliance with any term hereof, it is intended that the
truth and accuracy, at the time of the granting of such application or at the
effective date of such certificate or report (as the case may be), of the facts
and opinions stated in such document shall in such case be conditions precedent
to the right of the Issuing Entity to have such application granted or to the
sufficiency of such certificate or report. The foregoing shall not, however, be
construed to affect the Indenture Trustee’s right to rely upon the truth and
accuracy of any statement or opinion contained in any such document as provided
in Article VI.

SECTION 11.3.      Acts of Noteholders.  (a) 
Any request, demand, authorization, direction, notice, consent, waiver
or other action provided by this Indenture to be given or taken by Noteholders
may be embodied in and evidenced by one or more instrument(s) of substantially
similar tenor signed by such Noteholders in person or by agents duly appointed
in writing; and except as herein otherwise expressly provided, such action
shall become effective when such instrument(s) are delivered to the Indenture
Trustee, and, where it is hereby expressly required, to the Issuing
Entity.  Such instrument(s) (and the
action embodied therein and evidenced

 51
 

thereby) are
herein sometimes referred to as the “Act” of the Noteholders signing such
instrument(s).  Proof of execution of any
such instrument or of a writing appointing any such agent shall be sufficient
for any purpose of this Indenture and (subject to Section 6.1)
conclusive in favor of the Indenture Trustee and the Issuing Entity, if made in
the manner provided in this Section.

(b)           The fact and date of the execution by
any Person of any such instrument or writing may be proved in any manner that
the Indenture Trustee deems sufficient.

(c)           The ownership of Notes shall be
proved by the Note Register.

(d)           Any request, demand, authorization,
direction, notice, consent, waiver or Act by the Holder of any Notes shall bind
the Holder of every Note issued upon the registration thereof, in exchange therefor
or in lieu thereof, in respect of anything done, omitted or suffered to be done
by the Indenture Trustee or the Issuing Entity in reliance thereon, whether or
not notation of such action is made upon such Note.

SECTION 11.4.      Notices, etc., to the Indenture
Trustee, Issuing Entity, Counterparties and Rating Agencies.  Any request, demand, authorization,
direction, notice, consent, waiver or Act of Noteholders, or other documents
provided or permitted by this Indenture, shall be in writing and, if such request,
demand, authorization, direction, notice, consent, waiver or Act of Noteholders
is to be made upon, given or furnished to or filed with:

(a)           the
Indenture Trustee by any Noteholder or by the Issuing Entity, shall be
sufficient for every purpose hereunder if made, given, furnished or filed in
writing to or with the Indenture Trustee at its Corporate Trust Office, or

(b)           the
Issuing Entity by the Indenture Trustee or by any Noteholder, shall be
sufficient for every purpose hereunder if in writing and mailed, first-class,
postage prepaid, to the Issuing Entity addressed to:  CNH Equipment Trust 2007-B, in care of
Wilmington Trust Company, Rodney Square North, 1100 North Market Street,
Wilmington, Delaware 19890, Attention: Corporate Trust Administration,
(facsimile: (302) 636-4140), and to New Holland Credit Company, LLC, as
Administrator, 33 South Railroad Avenue, New Holland Pennsylvania, 17557,
Attention: Finance Manager, (facsimile: (630) 887-5448); with a copy to: New
Holland Credit Company, LLC, 6900 Veterans Boulevard, Burr Ridge, Illinois
60527, Attention: Assistant Treasurer, (facsimile: (630) 887-5448), or at any
other address or facsimile number previously furnished in writing to the
Indenture Trustee by the Issuing Entity or the Administrator.  The Issuing Entity shall promptly transmit
any notice received by it from the Noteholders to the Indenture Trustee and the
Counterparties, or

(c)           the
Counterparties by the Issuing Entity or the Indenture Trustee, shall be
sufficient for every purpose hereunder if in writing and mailed, first-class
postage prepaid, hand delivered or sent by overnight courier service or by
telecopy in legible form to the Counterparties addressed to: Barclays Bank PLC,
5 The North Colonnade, Canary Wharf, London E14 4BB, (facsimile: 44(20) 777
36461); ABN AMRO Bank N.V., 199 Bishopsgate, London EC2M 3XW, United Kingdom,
Attention: Fixed Income

 52
 

Derivatives
Documentation, (facsimile: 44 20 7857 9428); or at any other address or
facsimile number previously furnished in writing to the Issuing Entity or the
Indenture Trustee by the applicable Counterparty.

Notices required to be
given to the Rating Agencies by the Issuing Entity, the Counterparties, the
Indenture Trustee or the Trustee shall be in writing, personally delivered or mailed
by certified mail, return receipt requested, or by facsimile to their
respective addresses or facsimile numbers set forth above or, to the extent not
set forth there, as set forth in Section 10.3 of
the Sale and Servicing Agreement.

SECTION 11.5.      Notices to Noteholders;
Waiver.  Where this
Indenture provides for notice to Noteholders of any event, such notice shall be
sufficiently given (unless otherwise herein expressly provided) if in writing
and mailed, first-class, postage prepaid to each Noteholder affected by such
event, at his address as it appears on the Note Register, not later than the
latest date, and not earlier than the earliest date, prescribed for the giving
of such notice.  In any case where notice
to Noteholders is given by mail, neither the failure to mail such notice nor
any defect in any notice so mailed to any particular Noteholder shall affect
the sufficiency of such notice with respect to other Noteholders, and any
notice that is mailed in the manner herein provided shall conclusively be
presumed to have been duly given.

Where this Indenture
provides for notice in any manner, such notice may be waived in writing by any
Person entitled to receive such notice, either before or after the event, and
such waiver shall be the equivalent of such notice.  Waivers of notice by Noteholders shall be
filed with the Indenture Trustee but such filing shall not be a condition
precedent to the validity of any action taken in reliance upon such a waiver.

In case, by reason of the
suspension of regular mail service, it shall be impractical to mail notice of
any event to Noteholders when such notice is required to be given pursuant to
this Indenture, then any manner of giving such notice as shall be satisfactory
to the Indenture Trustee shall be deemed to be a sufficient giving of such
notice.

Where this Indenture
provides for notice to the Rating Agencies, failure to give such notice shall
not affect any other rights or obligations created hereunder, and shall not
under any circumstance constitute a Default or Event of Default.

SECTION 11.6.      Alternate Payment and Notice Provisions. 
Notwithstanding any provision of this Indenture or any of the Notes to
the contrary, the Issuing Entity may enter into any agreement with any Holder
of a Note providing for a method of payment, or notice by the Indenture Trustee
or any Paying Agent to such Holder, that is different from the methods provided
for in this Indenture or the Notes for such payments or notices.  The Issuing Entity will furnish to the
Indenture Trustee a copy of each such agreement and the Indenture Trustee will
cause payments to be made and notices to be given in accordance with such
agreements.

SECTION 11.7.      Conflict with Trust
Indenture Act.  If any
provision hereof limits, qualifies or conflicts with another provision hereof
that is required to be included in this Indenture by the TIA, such required
provision shall control.

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The provisions of TIA §§
310 through 317 that impose duties on any Person (including the provisions
automatically deemed included herein unless expressly excluded by this
Indenture) are a part of and govern this Indenture, whether or not physically
contained herein.

SECTION 11.8.      Effect of Headings and Table of Contents. 
The Article and Section headings herein and the Table of Contents are
for convenience only and shall not affect the construction hereof.

SECTION 11.9.      Successors and Assigns.  All
covenants and agreements in this Indenture and the Notes by the Issuing Entity
shall bind its successors and assigns, whether so expressed or not.  All agreements of the Indenture Trustee in
this Indenture shall bind its successors, co-trustees and agents of the
Indenture Trustee.

SECTION 11.10.    Severability.  Any provision of this Indenture or the Notes
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 or of the
Notes, as applicable, and any such prohibition or unenforceability in any
jurisdiction shall not invalidate or render unenforceable such provision in any
other jurisdiction.

SECTION 11.11.    Benefits of Indenture.  Nothing in this Indenture or in the Notes,
express or implied, shall give to any Person, other than the parties hereto and
their successors hereunder, the Noteholders, the Counterparties, the Trustee,
any other party secured hereunder and any other Person with an ownership
interest in any part of the Trust Estate, any benefit or any legal or equitable
right, remedy or claim under this Indenture.

SECTION 11.12.    Legal Holidays.  In any case where the date on which any
payment is due shall not be a Business Day, then (notwithstanding any other
provision of the Notes or this Indenture) payment need not be made on such date,
but may be made on the next Business Day with the same force and effect as if
made on the date on which nominally due, and no interest shall accrue for the
period from and after any such nominal date.

SECTION 11.13.    Governing Law.  This Indenture shall be construed in
accordance with the laws of the State of New York, and the obligations, rights
and remedies of the parties hereunder shall be determined in accordance with
such laws.

SECTION 11.14.    Counterparts.  This Indenture may be executed in any number
of counterparts, each of which when so executed shall be deemed to be an
original, but all such counterparts shall together constitute but one and the
same instrument.

SECTION 11.15.    Recording of Indenture.  If this Indenture is subject to recording in
any public recording offices, such recording is to be effected by the Issuing
Entity and, at its expense, accompanied by an Opinion of Counsel (which may be
counsel to the Indenture Trustee or any other counsel reasonably acceptable to
the Indenture Trustee) to the effect that such recording is necessary either
for the protection of the Noteholders or any other Person secured hereunder or
for the enforcement of any right or remedy granted to the Indenture Trustee
under this Indenture.

 54
 

SECTION 11.16.    Trust Obligation.  No recourse may be taken, directly or
indirectly, with respect to the obligations of the Issuing Entity, the Trustee
or the Indenture Trustee on the Notes or under this Indenture or any
certificate or other writing delivered in connection herewith or therewith,
against:  (i) the Indenture Trustee or
the Trustee in their individual capacities, (ii) any owner of a beneficial
interest in the Issuing Entity or (iii) any partner, owner, beneficiary,
officer, director, employee or agent of: 
(a) the Indenture Trustee or the Trustee in their individual capacities,
(b) any owner of a beneficial interest in the Issuing Entity, the Trustee or
the Indenture Trustee or (c) of any successor or assign of the Indenture
Trustee or the Trustee in their individual capacities, except as any such
Person may have expressly agreed (it being understood that the Indenture
Trustee and the Trustee have no such obligations in their individual
capacities) and except that any such partner, owner or beneficiary shall be fully
liable, to the extent provided by applicable law, for any unpaid consideration
for stock, unpaid capital contribution or failure to pay any installment or
call owing to such entity. For all purposes of this Indenture, in the
performance of any duties or obligations of the Issuing Entity hereunder, the
Trustee shall be subject to, and entitled to the benefits of, Articles VI, VII
and VIII of the Trust Agreement.

SECTION 11.17.    No Petition.  The Indenture Trustee, by entering into this
Indenture, and each Noteholder, by accepting a Note, hereby covenant and agree
that they will not at any time institute against the Seller or the Issuing
Entity, or solicit or join or cooperate with or encourage any institution
against the Seller or the Issuing Entity of, any bankruptcy, reorganization,
arrangement, insolvency or liquidation proceedings, or other proceedings under
any United States federal or State bankruptcy or similar law in connection with
any obligations relating to the Notes, this Indenture or any of the Basic
Documents.  The foregoing shall not limit
the rights of the Indenture Trustee to file any claim in or otherwise take any
action with respect to any insolvency proceeding that was instituted against
the Issuing Entity by any Person other than the Indenture Trustee.

SECTION 11.18.    Inspection.  The Issuing Entity agrees that, on reasonable
prior notice, it will permit any representative of the Indenture Trustee,
during the Issuing Entity’s normal business hours, to examine all the books of
account, records, reports and other papers of the Issuing Entity, to make
copies and extracts therefrom, to cause such books to be audited by Independent
certified public accountants, and to discuss the Issuing Entity’s affairs,
finances and accounts with the Issuing Entity’s officers, employees and
Independent certified public accountants, all at such reasonable times and as
often as may be reasonably requested. 
The Indenture Trustee shall and shall cause its representatives to hold
in confidence all such information; provided,
however, that the foregoing shall
not be construed to prohibit:  (i)
disclosure of any and all information that is or becomes publicly known, or
information obtained by the Indenture Trustee from sources other than the Issuing
Entity or Servicer, (ii) disclosure of any and all information:  (A) if required to do so by any applicable
statute, law, rule or regulation, (B) to any government agency or regulatory or
self-regulatory body having or claiming authority to regulate or oversee any
aspects of the Indenture Trustee’s business or that of its Affiliates, (C)
pursuant to any subpoena, civil investigative demand or similar demand or
request of any court, regulatory authority, arbitrator or arbitration to which
the Indenture Trustee or an Affiliate or any officer, director, employee or
shareholder thereof is subject, (D) in any preliminary or final offering
circular, registration statement or contract or other document pertaining to
the transactions contemplated by the Indenture and approved in advance by the

 55
 

Issuing Entity or
(E) to any Affiliate, independent or internal auditor, agent, employee or
attorney of the Indenture Trustee having a need to know the same; provided, that the Indenture Trustee
advises such recipient of the confidential nature of the information being
disclosed and such recipient agrees to keep such information confidential, and provided further, that the Indenture
Trustee promptly notifies the Issuing Entity of any disclosure of such
information that it is required to make pursuant to the preceding clause (A), (B) or (C) so that the Issuing Entity may seek
appropriate protective orders or restrictions on the disclosure of the
information involved; (iii) any other disclosure authorized by the Issuing
Entity or the Servicer or (iv) disclosure to the other parties to the
transactions contemplated by the Basic Documents.

SECTION 11.19.    Subordination.  Issuing Entity and each Noteholder by
accepting a Note acknowledge and agree that such Note represents indebtedness
of Issuing Entity and does not represent an interest in any assets (other than
the Trust Estate) of CNHCR (including by virtue of any deficiency claim in
respect of obligations not paid or otherwise satisfied from the Trust Estate
and proceeds thereof).  In furtherance of
and not in derogation of the foregoing, to the extent CNHCR enters into other
securitization transactions, the Issuing Entity as well as each Noteholder by
accepting a Note acknowledge and agree that it shall have no right, title or
interest in or to any assets (or interests therein) (other than Trust Estate)
conveyed or purported to be conveyed by CNHCR to another securitization trust
or other Person or Persons in connection therewith (whether by way of a sale,
capital contribution or by virtue of the granting of a lien) (“Other Assets”).  To the extent that, notwithstanding the
agreements and provisions contained in the preceding sentences of this
subsection, the Issuing Entity or any Noteholder either (i) asserts an interest
or claim to, or benefit from, Other Assets, whether asserted against or through
CNHCR or any other Person owned by CNHCR, or (ii) is deemed to have any such
interest, claim or benefit in or from Other Assets, whether by operation of
law, legal process, pursuant to applicable provisions of insolvency laws or
otherwise (including by virtue of Section
1111(b) of the Bankruptcy Code or any successor provision having
similar effect under the Bankruptcy Code), and whether deemed asserted against
or through CNHCR or any other Person owned by CNHCR, then the Issuing Entity
and each Noteholder by accepting a Note further acknowledge and agree that any
such interest, claim or benefit in or from Other Assets is and shall be
expressly subordinated to the indefeasible payment in full of all obligations
and liabilities of CNHCR which, under the terms of the relevant documents
relating to the securitization of such Other Assets, are entitled to be paid
from, entitled to the benefits of, or otherwise secured by such Other Assets
(whether or not any such entitlement or security interest is legally perfected
or otherwise entitled to a priority of distribution or application under
applicable law, including insolvency laws, and whether asserted against CNHCR
or any other Person owned by CNHCR), including, the payment of post-petition
interest on such other obligations and liabilities.  This subordination agreement shall be deemed
a subordination agreement within the meaning of Section 510(a) of the Bankruptcy Code.  Each Noteholder further acknowledges and agrees
that no adequate remedy at law exists for a breach of this Section 11.19 and the terms of this Section 11.19 may be enforced by an action
for specific performance.

SECTION 11.20.    Information Requests.  The parties hereto shall provide any
information reasonably requested by the Issuing Entity, Seller or any of their
Affiliates, at the expense of the Issuing Entity, Seller or any of their
Affiliates, as applicable, in order to comply

 56
 

with or obtain
more favorable treatment under any current or future law, rule, regulation,
accounting rule or principle.

[the remainder of this
page intentionally left blank]

 57

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

	
  

  	
  CNH EQUIPMENT TRUST 2007-B

  
	
   

  	
   

  
	
   

  	
  By:

  	
  Wilmington Trust Company,

  
	
   

  	
   

  	
  not in its individual capacity but solely

  
	
   

  	
   

  	
  as Trustee

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Dorri E. Wolhar

  	
   

  
	
   

  	
   

  	
  Name: Dorri E. Wolhar

  
	
   

  	
   

  	
  Title:   Financial Services Officer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  THE BANK OF NEW
  YORK TRUST

  COMPANY, N.A.

  
	
   

  	
  not in its
  individual capacity but solely

  
	
   

  	
  as Indenture
  Trustee

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Keith Richardson

  	
   

  
	
   

  	
   

  	
  Name:  Keith Richardson

  	
   

  
	
   

  	
   

  	
  Title:   Vice President

  	
   

  
					

 

APPENDIX A

Definitions

“180-Day Receivable” with respect
to any calendar month means any Receivable as to which a scheduled payment is
180 days or more past due by the last day of such calendar month and which has
not become a Liquidated Receivable or a Repossessed Receivable; provided that a
Receivable shall cease to be a 180-Day Receivable if the Servicer subsequently
receives payment in full of each scheduled payment that was previously 180-days
or more past due.

“A-1 Note” means any of the
Issuing Entity’s 5.81638% Class A-1 Asset Backed Notes.

“A-1 Note Final Scheduled Maturity Date”
means October 9, 2008.

“A-1 Note Rate” means 5.81638% per
annum, computed on the basis of the actual number of days in that Interest
Period and a year of 360 days.

“A-1 Noteholders” means the
holders of record of the A-1 Notes.

“A-2 Notes”
means, collectively, the A-2a Notes and the A-2b Notes.

“A-2 Noteholders” means the
holders of record of the A-2 Notes.

“A-2a Note” means any of the
Issuing Entity’s 5.46% Class A-2a Asset Backed Notes.

“A-2a Note Final Scheduled Maturity Date”
means the June 15, 2010 Payment Date.

“A-2a Note Rate” means 5.46% per
annum, computed on the basis of a 360-day year of twelve 30-day months.

“A-2a Noteholders” means the
holders of record of the A-2a Notes.

“A-2b Note” means any of the
Issuing Entity’s Floating Rate Class A-2b Asset Backed Notes.

“A-2b Note Final Scheduled Maturity Date”
means the June 15, 2010 Payment Date.

“A-2b Note Rate” means, for each
Interest Period, a rate per annum equal to One-Month LIBOR for that Interest
Period plus 0.50% per annum, computed on the basis of the actual number of days
in that Interest Period and a year of 360 days.

“A-2b Noteholders” means the
holders of record of the A-2b Notes.

“A-3 Notes”
means, collectively, the A-3a Notes and the A-3b Notes.

“A-3 Noteholders” means the
holders of record of the A-3 Notes.

“A-3a Note” means any of the
Issuing Entity’s 5.40% Class A-3a Asset Backed Notes.

“A-3a Note Final Scheduled Maturity Date”
means the October 17, 2011 Payment Date.

 1
 

“A-3a Note Rate” means 5.40% per
annum, computed on the basis of a 360-day year of twelve 30-day months.

“A-3a Noteholders” means the
holders of record of the A-3a Notes.

“A-3b Note” means any of the
Issuing Entity’s Floating Rate Class A-3b Asset Backed Notes.

“A-3b Note Final Scheduled Maturity Date”
means the October 17, 2011 Payment Date.

“A-3b Note Rate” means, for each
Interest Period, a rate per annum equal to One-Month LIBOR for that Interest
Period plus 0.60% per annum, computed on the basis of the actual number of days
in that Interest Period and a year of 360 days.

“A-3b Noteholders” means the
holders of record of the A-3b Notes.

“A-4 Noteholders” means the
holders of record of the A-4 Notes.

“A-4 Note” means any of the
Issuing Entity’s Floating Rate Class A-4 Asset Backed Notes.

“A-4 Note Final Scheduled Maturity Date”
means the March 17, 2014 Payment Date.

“A-4 Note Rate” means, for each
Interest Period, a rate per annum equal to One-Month LIBOR for that Interest
Period plus 0.70% per annum, computed on the basis of the actual number of days
in that Interest Period and a year of 360 days.

“Act” is defined in Section 11.3(a) of the Indenture.

“Administration Agreement” means
the Administration Agreement dated as of September 1, 2007 among the
Administrator, the Issuing Entity, the Indenture Trustee and the Trustee.

“Administration Fee” means the fee
payable to the Administrator pursuant to Section
3 of the Administration Agreement.

“Administrator” means NH Credit,
or any successor Administrator under the Administration Agreement.

“Affiliate” means, with respect to
any specified Person, any other Person controlling or controlled by or under
common control with such specified Person. 
For the purposes of this definition, “control” when used with respect to
any specified Person means the power to direct the management and policies of
such Person, directly or indirectly, whether through the ownership of voting
securities, by contract or otherwise; and the terms “controlling” and “controlled”
have meanings correlative to the foregoing. 
The term “Affiliated” has a correlative meaning.

“Amount Financed” with respect to
a Receivable means the amount advanced under such Receivable toward the
purchase price of the Financed Equipment, or, in the case of any retail

 2
 

installment loan or
consumer installment loan, the amount advanced to the related Obligor that is
secured by Financed Equipment, and any related costs, including any insurance
financed thereby.

“Annual Percentage Rate” or “APR”
of a Receivable means the annual rate of finance charges in effect from time to
time under the related Contract.

“Asset Balance” means, for any
Payment Date, the sum of the Pool Balance and any amounts on deposit in the
Pre-Funding Account, in each case as of the beginning of the current Collection
Period.  For purposes of the calculation
of any amount on deposit in the Pre-Funding Account, any amount in the
Pre-Funding Account that is to be paid as principal on the Notes on the Payment
Date falling in that Collection Period in connection with the end of the
Pre-Funding Period shall be deemed to have been withdrawn from the Pre-Funding
Account as of the end of  the immediately
preceding Collection Period.

“Assets” is defined in Section 2.2 of the Purchase Agreement.

“Assignment” is defined in Section 2.1 of the Sale and Servicing
Agreement.

“Authorized Officer” means, with
respect to the Issuing Entity, any officer of the Trustee who is authorized to
act for the Trustee in matters relating to the Issuing Entity and who is
identified on the list of Authorized Officers delivered by the Trustee to the
Indenture Trustee on the Closing Date (as such list may be modified or
supplemented from time to time thereafter) and, so long as the Administration
Agreement is in effect, any Vice President, Assistant Treasurer, Assistant
Secretary, or more senior officer of the Administrator who is authorized to act
for the Administrator in matters relating to the Issuing Entity and to be acted
upon by the Administrator pursuant to the Administration Agreement and who is
identified on the list of Authorized Officers delivered by the Administrator to
the Indenture Trustee on the Closing Date (in each case as such list may be
modified or supplemented from time to time thereafter).

“Average Delinquency Ratio” on any
Payment Date means the average of the Delinquency Ratios for the preceding
three calendar months.

“Average Delinquency Ratio Test”
for the Payment Date occurring in, or following, a month specified below will
be met if the Average Delinquency Ratio for such Payment Date is less than the
percentage specified opposite such Payment Date:

	
  Payment Date

  	
   

  	
  Percentage

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  March 2009

  	
   

  	
  1.75%

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  September 2009

  	
   

  	
  2.50%

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  March 2010

  	
   

  	
  3.00%

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  September 2010

  	
   

  	
  3.50%

  	
   

  

 

“Backup Servicer” means Systems
& Services Technologies, Inc., a Delaware corporation, and its successors
and assigns.

 3
 

“Backup Servicer Account” means
the account designated as such, established and maintained pursuant to Section 5.1(a)(vii) of the Sale and
Servicing Agreement.

“Backup Servicer Account Initial Deposit”
means $150,000.

“Backup Servicer Account Property”
means the Backup Servicer Account, all amounts and investments held from time
to time in the Backup Servicer Account (whether in the form of deposit accounts,
physical property, book-entry securities, uncertificated securities or
otherwise), and all proceeds of the foregoing.

“Backup Servicer Account Required Amount”
means, initially, the Backup Servicer Account Initial Deposit; provided,
however , the Backup Servicer Account Required Amount may be reduced by the
Servicer if (a) Moody’s provides written confirmation that such reduction will
not result in a downgrade or withdrawal by Moody’s of its then current rating
of any Outstanding Class of the Notes, (b) SST is no longer acting as Backup
Servicer or has otherwise consented to such reduction (such consent shall not
be unreasonably withheld) and (c) SST as Backup Servicer has been paid any
accrued and unpaid amounts due to it.

“Backup Servicer Account Shortfall Amount”
is defined in Section 4.12 of the
Sale and Servicing Agreement.

“Backup Servicer Expenses” is
defined in Section 4.12 of the
Sale and Servicing Agreement.

“Backup Servicer Fees” means the
fees payable to the Backup Servicer pursuant to the Backup Servicing Agreement,
the Sale and Servicing Agreement and the Indenture.

“Backup Servicing Agreement” means
the Backup Servicing Agreement entered into by the Issuing Entity, the Seller,
the Servicer and the Backup Servicer.

“Bankruptcy Code” means the United
States Bankruptcy Code, Title 11 of the United States Code, as amended.

“Basic Documents” means the
Certificate of Trust, the Trust Agreement, the Purchase Agreement, the Sale and
Servicing Agreement, the Indenture, the Administration Agreement, the Interest
Rate Swap Agreements, the Backup Servicing Agreement and other documents and
certificates delivered in connection therewith.

“Benefit Plan” is defined in Section 3.4 of the Trust Agreement.

“Book-Entry Notes” means a
beneficial interest in the Notes of a particular Class, ownership and transfers
of which shall be made through book entries by a Clearing Agency as described
in Section 2.10 of the Indenture.

“Business Day” means any day other
than a Saturday, a Sunday or a day on which banking institutions or trust
companies in The City of New York, New York, Wilmington, Delaware, Chicago,
Illinois, New Holland, Pennsylvania, St. Joseph, Missouri and Racine, Wisconsin
are authorized or obligated by law, regulation or executive order to remain closed.

 4
 

“Certificate Distribution Account”
is defined in Section 5.1 of the
Trust Agreement.

“Certificate of Trust” means the
Certificate of Trust substantially in the form of Exhibit B to the Trust
Agreement filed for the Trust pursuant to Section
3810(a) of the Trust Statute.

“Certificate Register” and “Certificate Registrar” means the register
mentioned and the registrar appointed pursuant to Section 3.4 of the Trust Agreement.

“Certificated Security” has the
meaning assigned thereto in Section
8-102(a)(4) of the UCC.

“Certificateholder” means a Person
in whose name a Trust Certificate is registered.

“Certificates” means the Trust
Certificates (as defined in the Trust Agreement).

“CIT Bank” means CIT Bank, an
industrial bank organized under the laws of the State of Utah.

“Class” means any class of Notes.

“Class A Noteholder” means any
holder of a Class A Note.

“Class A Notes” means the A-1
Notes, the A-2a Notes, the A-2b Notes, the A-3a Notes, the A-3b Notes and the
A-4 Notes.

“Class A Swap Agreements” means, collectively,
the Class A-2b Swap Agreement, the Class A-3b Swap Agreement and the Class A-4
Swap Agreement, and each is a “Class A Swap Agreement”.

“Class A Swap Termination Payments”
or “Swap Termination Payments”
means, collectively, the Class A-2b Swap Termination Payment, the Class A-3b
Swap Termination Payment and the Class A-4 Swap Termination Payment, and each
is a “Class A Swap Termination Payment” or a “Swap Termination Payment”.

“Class A-2b Counterparty” means
ABN AMRO Bank N.V. and any other counterparty under the Class A-2b Swap Agreement or any successor
agreement to the Class A-2b Swap Agreement.

“Class A-2b Net Swap Payment”
means, for any Payment Date, the net amount payable by the Issuing Entity under
the Class A-2b Swap Agreement (excluding any Class A-2b Swap Termination
Payment).

“Class A-2b Net Swap Receipt”
means, for any Payment Date, the net amount payable by the Class A-2b
Counterparty under the Class A-2b Swap Agreement (excluding any Class A-2b Swap
Termination Payment).

“Class A-2b Reference Banks” means
four major banks in the London interbank market selected by the Class A-2b
Counterparty.

 5
 

“Class A-2b Representative Amount”
means, on any LIBOR Determination Date, an amount equal to the outstanding
principal amount of the A-2b Notes on the immediately preceding Payment Date or
the Closing Date, as applicable.

“Class A-2b Swap Agreement” means
an interest rate swap agreement between the Trust and the Class A-2b
Counterparty substantially in the form of Exhibit G to the Sale and Servicing
Agreement or such other form as shall have satisfied the Rating Agency
Condition.

“Class A-2b Swap Termination Payment”
means any termination payment due under the terms of the Class A-2b Swap
Agreement.

“Class A-2b USD-LIBOR Reference Banks Rate”
means, for each Interest Period, the rate determined on the basis of the rates
at which deposits in U.S. Dollars are offered by the Class A-2b Reference Banks
at approximately 11:00 a.m., London time, on the related LIBOR Determination
Date to prime banks in the London interbank market for a period of one month
commencing on the first day of the Interest Period for which such rate is being
determined and in a Class A-2b Representative Amount.  The Class A-2b Counterparty (in its capacity
as calculation agent under the Class A-2b Swap Agreement) will request the
principal London office of each of the Class A-2b Reference Banks to provide a
quotation of its rate.  If at least two
such quotations are provided, the rate for that Interest Period will be the
arithmetic mean of the quotations.  If
fewer than two quotations are provided as requested, the rate for that Interest
Period will be the arithmetic mean of the rates quoted by major banks in New
York City, selected by the Class A-2b Counterparty, at approximately 11:00
a.m., New York time, on the related LIBOR Determination Date for loans in U.S.
Dollars to leading European banks for a period for which such rate is being
determined and in a Class A-2b Representative Amount.

“Class A-3b Counterparty” means
ABN AMRO Bank N.V. and any other counterparty under the Class A-3b Swap
Agreement or any successor agreement to the Class A-3b Swap Agreement.

“Class A-3b Net Swap Payment”
means, for any Payment Date, the net amount payable by the Issuing Entity under
the Class A-3b Swap Agreement (excluding any Class A-3b Swap Termination
Payment).

“Class A-3b Net Swap Receipt”
means, for any Payment Date, the net amount payable by the Class A-3b
Counterparty under the Class A-3b Swap Agreement (excluding any Class A-3b Swap
Termination Payment).

“Class A-3b Reference Banks” means
four major banks in the London interbank market selected by the Class A-3b
Counterparty.

“Class A-3b Representative Amount”
means, on any LIBOR Determination Date, an amount equal to the outstanding principal
amount of the A-3b Notes on the immediately preceding Payment Date or the
Closing Date, as applicable.

“Class A-3b Swap Agreement” means
an interest rate swap agreement between the Trust and the Class A-3b
Counterparty substantially in the form of Exhibit G to the Sale and Servicing
Agreement or such other form as shall have satisfied the Rating Agency
Condition.

 6
 

“Class A-3b Swap Termination Payment”
means any termination payment due under the terms of the Class A-3b Swap
Agreement.

“Class A-3b USD-LIBOR Reference Banks Rate”
means, for each Interest Period, the rate determined on the basis of the rates
at which deposits in U.S. Dollars are offered by the Class A-3b Reference Banks
at approximately 11:00 a.m., London time, on the related LIBOR Determination
Date to prime banks in the London interbank market for a period of one month
commencing on the first day of the Interest Period for which such rate is being
determined and in a Class A-3b Representative Amount.  The Class A-3b Counterparty (in its capacity
as calculation agent under the Class A-3b Swap Agreement) will request the
principal London office of each of the Class A-3b Reference Banks to provide a
quotation of its rate.  If at least two
such quotations are provided, the rate for that Interest Period will be the
arithmetic mean of the quotations.  If
fewer than two quotations are provided as requested, the rate for that Interest
Period will be the arithmetic mean of the rates quoted by major banks in New
York City, selected by the Class A-3b Counterparty, at approximately 11:00
a.m., New York time, on the related LIBOR Determination Date for loans in U.S.
Dollars to leading European banks for a period for which such rate is being
determined and in a Class A-3b Representative Amount.

“Class A-4 Counterparty” means ABN
AMRO Bank N.V. and any other counterparty under the Class A-4 Swap Agreement or
any successor agreement to the Class A-4 Swap Agreement.

“Class A-4 Net Swap Payment”
means, for any Payment Date, the net amount payable by the Issuing Entity under
the Class A-4 Swap Agreement (excluding any Class A-4 Swap Termination
Payment).

“Class A-4 Net Swap Receipt”
means, for any Payment Date, the net amount payable by the Class A-4
Counterparty under the Class A-4 Swap Agreement (excluding any Class A-4 Swap
Termination Payment).

“Class A-4 Reference Banks” means
four major banks in the London interbank market selected by the Class A-4
Counterparty.

“Class A-4 Representative Amount”
means, on any LIBOR Determination Date, an amount equal to the outstanding
principal amount of the A-4 Notes on the immediately preceding Payment Date or
the Closing Date, as applicable.

“Class A-4 Swap Agreement” means
an interest rate swap agreement between the Trust and the Class A-4
Counterparty substantially in the form of Exhibit G to the Sale and Servicing
Agreement or such other form as shall have satisfied the Rating Agency
Condition.

“Class A-4 Swap Termination Payment”
means any termination payment due under the terms of the Class A-4 Swap
Agreement.

“Class A-4 USD-LIBOR Reference Banks Rate”
means, for each Interest Period, the rate determined on the basis of the rates
at which deposits in U.S. Dollars are offered by the Class A-4 Reference Banks
at approximately 11:00 a.m., London time, on the related LIBOR Determination
Date to prime banks in the London interbank market for a period of one month

 7
 

commencing on the first
day of the Interest Period for which such rate is being determined and in a
Class A-4 Representative Amount.  The
Class A-4 Counterparty (in its capacity as calculation agent under the Class
A-4 Swap Agreement) will request the principal London office of each of the
Class A-4 Reference Banks to provide a quotation of its rate.  If at least two such quotations are provided,
the rate for that Interest Period will be the arithmetic mean of the
quotations.  If fewer than two quotations
are provided as requested, the rate for that Interest Period will be the
arithmetic mean of the rates quoted by major banks in New York City, selected
by the Class A-4 Counterparty, at approximately 11:00 a.m., New York time, on
the related LIBOR Determination Date for loans in U.S. Dollars to leading
European banks for a period for which such rate is being determined and in a
Class A-4 Representative Amount.

“Class B Note” means any of the
Issuing Entity’s 6.38% Class B Asset Backed Notes.

“Class B Note Final Scheduled Maturity Date”
means the April 15, 2014 Payment Date.

“Class B Note Rate” means 6.38%
per annum, computed on the basis of a 360-day year of consisting of twelve
30-day months.

“Class B Noteholder” means any
holder of a Class B Note.

“Class Final Scheduled Maturity Date”
means, as to any Class of Notes, the final scheduled maturity date for that
Class, as designated by the defined term that begins with the designation of
that Class and ends with the phrase “Final Scheduled Maturity Date.”  For instance, the Class Final Scheduled
Maturity Date for the A-1 Notes is the A-1 Note Final Scheduled Maturity Date.

“Class Interest Amount” means,
with respect to any Payment Date (the “current Payment Date”) and any Class of
Notes, an amount equal to the sum of (a) the aggregate amount of interest
accrued on that Class of Notes at the applicable Interest Rate from and
including the preceding Payment Date (or, in the case of the initial Payment
Date, from and including the Closing Date) to but excluding the current Payment
Date plus (b) the Class Interest Shortfall for that Class of Notes and the
current Payment Date.

“Class Interest Shortfall” means,
with respect to any Payment Date (the “current Payment Date”) and any Class of
Notes, the excess of the Class Interest Amount for the preceding Payment Date
over the amount in respect of interest on that Class of Notes that was actually
deposited in the Note Distribution Account on such preceding Payment Date, plus
interest on such excess, to the extent permitted by law, at a rate per annum
equal to the Interest Rate on that Class of Notes, from such preceding Payment
Date to but excluding the current Payment Date.

“Clearing Agency” means an
organization registered as a “clearing agency” pursuant to Section 17A of the Exchange Act that has
been designated as the “Clearing Agency” for purposes of the Indenture.

“Clearing Agency Participant”
means a broker, dealer, bank, other financial institution or other Person for
whom from time to time a Clearing Agency effects book-entry transfers and
pledges of securities deposited with the Clearing Agency.

 8
 

“Closing Date” means September 20,
2007.

“CNH America” means CNH America
LLC, a Delaware limited liability company, and its successors and assigns.

“CNH Global” means CNH Global
N.V., a company organized in the Kingdom of The Netherlands, and its successors
and assigns.

“CNHCA” means CNH Capital America
LLC, a Delaware limited liability company, and its successors and assigns.

“CNHCA Assignment” means the
document of assignment attached to the Purchase Agreement as Exhibit A.

“CNHCA Subsequent Transfer Assignment”
is defined in Section 4.1(b)(i)
of the Purchase Agreement.

“CNHCR” means CNH Capital
Receivables LLC, a Delaware limited liability company, and its successors in
interest to the extent permitted hereunder.

“CNHCR Assets” is defined in Section 2.2 of the Sale and Servicing
Agreement.

“Code” means the Internal Revenue
Code of 1986, as amended from time to time, and Treasury Regulations
promulgated thereunder.

“Collateral” is defined in the
Granting Clause of the Indenture.

“Collection Account” means the
account designated as such, established and maintained pursuant to Section 5.1(a) of the Sale and Servicing
Agreement.

“Collection Period” means, with
respect to any Payment Date, the period from and including the end of the
preceding Collection Period (or, if for the first Payment Date, the day after
the Initial Cutoff Date) to and including the last day of the calendar month
preceding the calendar month in which the Payment Date occurs.

“Commission” means the Securities
and Exchange Commission.

“Contract” means a Retail
Installment Contract.

“Contract Value” means, with
respect to any day (including the Initial Cutoff Date or any Subsequent Cutoff
Date), the sum of (a) the present value of the future Scheduled Payments
discounted monthly at an annual rate equal to the Specified Discount Factor;
plus (b) the amount of any past due payments.

“Control” with respect to any
Federal Book Entry Security, the Indenture Trustee shall have obtained control
if:

(i)            the Indenture Trustee is a
participant in the book entry system maintained by the Federal Reserve Bank
that is acting as fiscal agent for

 9
 

the Issuing Entity
of such Federal Book Entry Security, and such Federal Reserve Bank has
indicated by book entry that such Federal Book Entry Security has been credited
to the Indenture Trustee’s securities account in such book entry system; or

(ii)           the Indenture Trustee (1) is
registered on the records of a Securities Intermediary as the person having a
Securities Entitlement in respect of such Federal Book Entry Security against
such Securities Intermediary; or (2) has obtained the agreement, in writing, of
the Securities Intermediary for such Securities Entitlement that such
Securities Intermediary will comply with Entitlement Orders of the Indenture
Trustee without further consent of any other Person; and (b) the Securities
Intermediary is a participant in the book entry system maintained by the
Federal Reserve Bank that is acting as fiscal agent for the Issuing Entity of
such Federal Book Entry Security; and (c) such Federal Reserve Bank has
indicated by book entry that such Federal Book Entry Security has been credited
to the Securities Intermediary’s securities account in such book entry system.

“Corporate Trust Office” means,
(a) with respect to the Indenture Trustee, the office of the Indenture Trustee
in Illinois at which at any particular time its corporate trust business shall
be administered, and all notices to the Indenture Trustee shall be directed to
the Indenture Trustee’s office located at 2 North LaSalle Street, Suite 1020,
Chicago, Illinois 60602, Attention Structured Finance-ABS, facsimile no. (312)
827-8562; or at such other address as the Indenture Trustee may designate from
time to time by notice to the Noteholders and the Seller, or the principal
corporate trust office of any successor Indenture Trustee (the address of which
the successor Indenture Trustee will notify the Noteholders and the Seller),
and (b) with respect to the Trustee, the principal corporate trust office of
the Trustee located at Rodney Square North, 1100 North Market Street,
Wilmington, Delaware 19890, Attention: Corporate Trust Administration; or at
such other address as the Trustee may designate from time to time by notice to
the Certificateholders and the Depositor, or the principal corporate trust
office of any successor Trustee (the address of which the successor Trustee
will notify the Certificateholders and the Depositor).

“Counterparties”
or “Counterparty”
means the Class A-2b Counterparty, the Class A-3b Counterparty and/or the Class
A-4 Counterparty.

“Cumulative Net Loss Ratio” on any
Payment Date means the ratio, expressed as a percentage, of (a) the aggregate
Measured Losses on the Receivables since their respective Cutoff Dates through
the last day of the related Collection Period, to (b) the sum of (i) the Pool
Balance as of the Initial Cutoff Date and (ii) the sum of the Contract Values
of all Receivables purchased with amounts on deposit in the Pre-Funding
Account, each as of the related Cutoff Date for the related Receivable.

“Cumulative Net Loss Ratio Test”
for the Payment Date occurring in, or following, a month specified below will
be met if the Cumulative Net Loss Ratio for such Payment Date is less than the
percentage specified opposite such Payment Date:

 10
 

 

	
  Payment Date

  	
   

  	
  Percentage

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  March 2009

  	
   

  	
  0.40%

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  September 2009

  	
   

  	
  0.55%

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  March 2010

  	
   

  	
  0.65%

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  September 2010

  	
   

  	
  0.75%

  	
   

  

 

“Cutoff Date” means, (a) with
respect to any Initial Receivable, the Initial Cutoff Date, and (b) with
respect to any Subsequent Receivable, the applicable Subsequent Cutoff Date.

“Dealer” means the dealer (which
may include retail outlets owned in whole or in part by CNH America LLC) or
other third-party that (i) originated and assigned the respective Receivable to
CNHCA or NH Credit, as applicable, under a Dealer Agreement or (ii) coordinated
the origination of a Receivable through a program with CIT Bank, pursuant to
which CIT Bank funds installment loans to consumers to enable the consumers to
purchase products distributed by such party.

“Dealer Agreement” means the
retail financing agreement, warranty agreement or other agreement between the
applicable Dealer and CNHCA or NH Credit, as applicable, which governs the
terms of sales of Receivables from that Dealer to CNHCA or NH Credit, as
applicable.

“Default” means any occurrence
that is, or with notice or the lapse of time or both would become, an Event of
Default.

“Definitive Notes” is defined in Section 2.10 of the Indenture.

“Delinquency Ratio” for any
calendar month means the ratio, expressed as a percentage, of (a) the sum, for
all of the Receivables, of all scheduled payments that are 60 days or more past
due (other than Purchased Receivables and Liquidated Receivables) as of the end
of such month, determined in accordance with the Servicer’s then-current
practices, to (b) the Pool Balance as of the last day of such month.

“Delivery” means, when used with
respect to Trust Account Property:

(i)            with respect to a Certificated
Security, transfer of such Certificated Security to the Indenture Trustee or
its nominee or custodian by physical delivery to the Indenture Trustee or its
nominee or custodian, endorsed to, or registered in the name of, the Indenture
Trustee or its nominee or custodian or endorsed in blank; and

(ii)           with respect to any such Trust
Account Property that constitutes an Uncertificated Security (including any
investments in money market mutual funds, but excluding any Federal Book Entry
Security), (A) registration of the Indenture Trustee as the registered owner by
the Issuing Entity,

 11
 

or (B)
satisfaction of the requirements for obtaining “control” pursuant to Section 8-106(c)(2) of the UCC.

“Depositor” means the Seller in
its capacity as Depositor under the Trust Agreement.

“Derivative
Agreement” means the applicable Interest Rate Swap Agreement between
the related Counterparty and the Trust, including any schedule, confirmations,
credit support annex or other credit support document relating thereto, which
agreement provides for Net Swap Payments and Swap Termination Payments to be
paid, as provided therein, together with any schedules, confirmations, or other
agreements relating thereto.

“Determination Date” means, with
respect to any Transfer Date, the second Business Day prior to such Transfer
Date.

“Eligible Deposit Account” means
either:  (a) a segregated account with an
Eligible Institution or any other segregated account, the deposit of funds in
which satisfies the Rating Agency Condition or (b) a segregated trust account
with the corporate trust department of a depository institution organized under
the laws of the United States of America or any State (or any domestic branch
of a foreign bank), having corporate trust powers and acting as trustee for
funds deposited in such account, so long as any of the securities of such
depository institution have a credit rating from each Rating Agency in one of
its generic rating categories that signifies investment grade.

“Eligible Institution” means:  (a) the corporate trust department of the
Indenture Trustee or the Trustee or (b) a depository institution organized
under the laws of the United States of America or any State (or any domestic
branch of a foreign bank), which:  (i)
has either a long-term or short-term senior unsecured debt rating or
certificate of deposit rating acceptable to the Rating Agencies and (ii) whose
deposits are insured by the FDIC.

“Eligible Investments” mean
book-entry securities, negotiable instruments or securities represented by
instruments in bearer or registered form that evidence:

(a)           direct obligations of, and
obligations fully guaranteed as to timely payment by, the United States of
America;

(b)           demand deposits, time deposits or
certificates of deposit of any depository institution or trust company
incorporated under the laws of the United States of America or any State (or
any domestic branch of a foreign bank) and subject to supervision and
examination by federal or State banking or depository institution authorities;
provided, however, that at the time of the investment or contractual commitment
to invest therein, the commercial paper or other short-term senior unsecured
debt obligations (other than such obligations the rating of which is based on
the credit of a Person other than such depository institution or trust company)
thereof shall have a credit rating from each of the Rating Agencies in the
highest investment category granted thereby;

 12
 

(c)           commercial paper having, at the time
of the investment or contractual commitment to invest therein, a rating from
each of the Rating Agencies in the highest investment category granted thereby;

(d)           investments in money market funds
having a rating from each of the Rating Agencies in the highest investment
category granted thereby (including funds for which the Indenture Trustee or
the Trustee or any of their respective Affiliates is investment manager or
advisor); provided, that during the Funding Period no investments in money
market funds shall be made with funds in any Trust Account other than the
Collection Account;

(e)           bankers’ acceptances issued by any
depository institution or trust company referred to in clause (b);

(f)            repurchase obligations with respect
to any security that is a direct obligation of, or fully guaranteed as to
timely payment by, the United States of America or any agency or
instrumentality thereof the obligations of which are backed by the full faith
and credit of the United States of America, in either case entered into with a
depository institution or trust company (acting as principal) described in clause (b); and

(g)           any other investment permitted by
each of the Rating Agencies in the highest investment category granted thereby
as set forth in writing delivered to the Indenture Trustee;

provided, that investments
described in clauses (b) through (g) shall be made only so long as making
such investments will not require the Issuing Entity to register as an
investment company under the Investment Company Act of 1940, as amended.

“Entitlement Order” has the
meaning assigned thereto in Section
8-102(a)(8) of the UCC.

“ERISA” means the Employee
Retirement Income Security Act of 1974, as amended from time to time, and the
regulations promulgated thereunder.

“Event of Default” is defined in Section 5.1 of the Indenture.

“Exchange Act” means the
Securities Exchange Act of 1934, as amended.

“Exchange Act Reports” means any
reports on Form 10-D, Form 8-K and Form 10-K filed or to be filed by the Seller
with respect to the Issuing Entity under the Exchange Act.

“Executive Officer” means, with
respect to any corporation or limited liability company, the Chief Executive
Officer, Chief Operating Officer, Chief Financial Officer, President, Executive
Vice President, any Vice President, the Secretary or the Treasurer of such
corporation or limited liability company; and with respect to any partnership,
any general partner thereof.

“Expected Excess Spread” means,
with respect to each Subsequent Cutoff Date, an amount determined by the
Servicer to represent excess cash flows from the Receivables that can

 13
 

reasonably be expected to
be available to cover the amounts described in clause
(a) of the definition of Required Principal Supplement Account
Balance; provided that each
Rating Agency has confirmed that use of such amount determined by the Servicer
in calculating the Required Principal Supplement Account Balance for such
Subsequent Transfer Date will not result in a withdrawal or downgrade of its
rating of any Class of Notes.

“Expenses” is defined in Section 8.2 of the Trust Agreement.

“Federal Book Entry Security”
means an obligation (i) issued by the U.S. Treasury, the Federal Home Loan
Mortgage Corporation or the Federal National Mortgage Association, or any other
direct obligation of, or obligation fully guaranteed as to timely payment of
principal and interest by, the United States of America, that is a book-entry
security held through the Federal Reserve System pursuant to federal book entry
regulations, and (ii) the perfection of a security interest in which is
governed pursuant to federal regulations by Article 8 of the UCC.

“FDIC” means the Federal Deposit
Insurance Corporation or any successor.

“Final Scheduled Maturity Date”
means the latest to occur of the Class Final Scheduled Maturity Dates.

“Financed Equipment” means
property, including any agricultural, construction, forestry or other
equipment, together with all accessions thereto, securing an Obligor’s
indebtedness under a Retail Installment Contract, including any Substitute
Equipment that has been substituted (in accordance with Section 4.14
of the Sale and Servicing Agreement) for a piece of equipment that originally
secured such indebtedness under a Retail Installment Contract (“Replaced
Equipment”).  Following the substitution
of the Substitute Equipment pursuant to Section 4.14 of
the Sale and Servicing Agreement, the Replaced Equipment shall no longer be
considered Financed Equipment for any purposes in the Basic Documents.

“Financial Asset” has the meaning
assigned thereto in Section 8-102(a)(9)
of the UCC.

“First Principal Payment Amount”
has the meaning assigned thereto in Section
5.6(b)(vi) of the Sale and Servicing Agreement.

“Fitch” means Fitch, Inc., or its
successor.

“Floating
Rate Notes” means the Class A-2b, Class A-3b and Class A-4 Notes.

“Form 10-D Disclosure Item” shall
mean with respect to any Person, (a) any legal proceedings pending against such
Person or of which any property of such Person is then subject, or (b) any
governmental proceeding known to be contemplated by governmental authorities
against such Person or of which any property of such Person would be subject,
in each case that would be material to the Noteholders.

“Funding Period” means the period
from and including the Closing Date and ending on the earliest of:  (a) the Determination Date on which the
amount on deposit in the Pre-Funding Account (after giving effect to any
transfers therefrom in connection with the transfer of Subsequent Receivables
to the Issuing Entity on or before such Determination Date) is less than

 14
 

$200,000, (b) the date on
which an Event of Default or a Servicer Default occurs, (c) the date on which
an Insolvency Event occurs with respect to the Seller or the Servicer and (d)
the close of business on the December 2007 Payment Date.

“Grant” means mortgage, pledge,
bargain, sell, warrant, alienate, remise, release, convey, assign, transfer,
create and grant a Lien upon and a security interest in and right of set-off
against, deposit, set over and confirm pursuant to the Indenture, and other
forms of the verb “to Grant” shall have correlative meanings.  A Grant of the Collateral or of any other
agreement or instrument shall include all rights, powers and options (but none
of the obligations) of the Granting party thereunder, including the immediate
and continuing right to claim for, collect, receive and give receipt for
principal and interest payments in respect of the Collateral and all other
monies payable thereunder, to give and receive notices and other
communications, to make waivers or other agreements, to exercise all rights and
options, to bring Proceedings in the name of the Granting party or otherwise
and generally to do and receive anything that the Granting party is or may be
entitled to do or receive thereunder or with respect thereto.

“Holder” means (a) with respect to
a Note, the Person in whose name a Note is registered on the Note Register and
(b) with respect to a Certificate, a Certificateholder, as the context may
require.

“Indemnified Parties” is defined
in Section 8.2 of the Trust
Agreement.

“Indenture” means the Indenture
dated as of September 1, 2007 between the Issuing Entity and the Indenture
Trustee, as the same may be amended and supplemented from time to time.

“Indenture Trustee” means The Bank
of New York Trust Company, N.A., a national banking association, not in its
individual capacity but solely as Indenture Trustee under the Indenture, or any
successor Indenture Trustee under the Indenture.

“Independent” means, when used
with respect to any specified Person, that the Person:  (a) is in fact independent of the Issuing
Entity, any other obligor upon the Notes, the Seller and any Affiliate of any
of the foregoing Persons, (b) does not have any direct financial interest or
any material indirect financial interest in the Issuing Entity, any such other
obligor, the Seller or any Affiliate of any of the foregoing Persons and (c) is
not connected with the Issuing Entity, any such other obligor, the Seller or
any Affiliate of any of the foregoing Persons as an officer, employee,
promoter, underwriter, trustee, partner, director or Person performing similar
functions.

“Independent Certificate” means a
certificate or opinion to be delivered to the Indenture Trustee under the
circumstances described in, and otherwise complying with, the applicable
requirements of Section 11.1 of
the Indenture, made by an Independent appraiser or other expert appointed by an
Issuing Entity Order in the exercise of reasonable care and approved by the
Indenture Trustee, and such opinion or certificate shall State that the signer
has read the definition of “Independent” in the Indenture and that the signer
is Independent within the meaning thereof.

 15

“Initial Aggregate Statistical Contract Value”
means $788,661,453.57, which amount is equal to the aggregate Statistical
Contract Value of all Initial Receivables as of the Initial Cutoff Date.

“Initial Assets” is defined in Section 2.1 of the Sale and Servicing
Agreement.

“Initial CNHCA Assets” is defined
in Section 2.1 of the Purchase
Agreement.

“Initial Cutoff Date” means August
31, 2007.

“Initial Cutoff Date APR” means
4.50%, which is an annual rate that equals the weighted average APR of the
Initial Receivables as of the Initial Cutoff Date.

“Initial Pool Balance” means:  (i) the Pool Balance as of the Initial Cutoff
Date, which is $749,999,999.92 plus (ii) the aggregate Contract Value of all
Subsequent Receivables sold to the Issuing Entity as of their respective
Subsequent Cutoff Dates.

“Initial Purchase Price” is
defined in Section 2.1 of the
Purchase Agreement.

“Initial Receivable” means any
Contract included in the Schedule of Receivables delivered by CNHCA to CNHCR on
the Closing Date or the Schedule of Receivables delivered by the Servicer to
the Trustee on the Closing Date.

“Insolvency Event” means, with
respect to a specified Person:  (a) the
filing of a decree or order for relief by a court having jurisdiction in the
premises in respect of such Person or any substantial part of its property in
an involuntary case under any applicable federal or State bankruptcy,
insolvency or other similar law now or hereafter in effect, or appointing a
receiver, liquidator, assignee, custodian, trustee, sequestrator or similar
official for such Person or for any substantial part of its property, or
ordering the winding-up or liquidation of such Person’s affairs, and such
decree or order shall remain unstayed and in effect for a period of 60
consecutive days, or (b) the commencement by such Person of a voluntary case
under any applicable federal or State bankruptcy, insolvency or other similar
law now or hereafter in effect, or the consent by such Person to the entry of
an order for relief in an involuntary case under any such law, or the consent
by such Person to the appointment of or taking possession by a receiver,
liquidator, assignee, custodian, trustee, sequestrator or similar official for
such Person or for any substantial part of its property, or the making by such
Person of any general assignment for the benefit of creditors, or the failure
by such Person generally to pay its debts as such debts become due, or the
taking of action by such Person in furtherance of any of the foregoing.

“Instrument” has the meaning
assigned thereto in Section 9-102(47)
of the UCC.

“Interest Period” means (a) with
respect to the first Payment Date, the period from and including the Closing
Date to, but excluding, the first Payment Date, and (b) with respect to any
other Payment Date, the period from and including the immediately preceding
Payment Date to, but excluding, that Payment Date.

 16
 

“Interest Rate” means (a) as to
the A-1 Notes, the A-1 Note Rate, (b) as to the A 2 Notes, the A-2 Note Rate,
(c) as to the A-3 Notes, the A-3 Note Rate, (d) as to the A 4 Notes, the A-4
Note Rate and (e) as to the Class B Notes, the Class B Note Rate.

“Interest
Rate Swap Agreements” or “Interest Rate Swap Agreement” means the Class A-2b Swap
Agreement, the Class A-3b Swap Agreement and/or the Class A-4 Swap Agreement.

“Investment Earnings” means, with
respect to any Payment Date, the interest and other investment earnings (net of
losses and investment expenses) on amounts on deposit in the Trust Accounts to
be deposited into the Collection Account on the related Transfer Date pursuant
to Section 5.1(b) of the Sale and
Servicing Agreement.

“Investment Property” is defined
in Section 9-102(49) of the UCC.

“Issuing Entity” means CNH
Equipment Trust 2007-B until a successor replaces it and, thereafter, means the
successor and, for purposes of any provision contained in the Indenture and
required by the TIA, each other obligor on the Notes.

“Issuing Entity Order” and “Issuing Entity Request” means a written
order or request, respectively, signed in the name of the Issuing Entity by any
one of its Authorized Officers and delivered to the Indenture Trustee.

“Item 1119 Party” means the
Seller, CNHCA, the Servicer, the Indenture Trustee, the Trustee, the Backup
Servicer, any underwriter of the Notes, any Counterparty and any other material
transaction party identified by the Seller or CNHCA to the Indenture Trustee or
the Trustee in writing.

“LIBOR Determination Date” means
the day that is two London Banking Days preceding the first day of an Interest
Period and with respect to the first LIBOR Determination Date, the day that is
two London Banking Days preceding the Closing Date.

“Lien” means a security interest,
lien, charge, pledge, equity or encumbrance of any kind, other than (i) tax
liens, mechanics’ liens and any liens that attach to the related Receivable by
operation of law as a result of any act or omission by the related Obligor and
(ii) any lien against the Financed Equipment resulting from a
cross-collateralization provision in the related Contract.

“Liquidated Receivable” means any
Receivable liquidated by the Servicer through the sale or other disposition of
the related Financed Equipment or that the Servicer has, after using all
reasonable efforts to realize upon the Financed Equipment, determined to charge
off without realizing upon the Financed Equipment.

“Liquidation Proceeds” means, with
respect to any Liquidated Receivable, the monies collected in respect thereof
from whatever source (including the proceeds of insurance policies with respect
to the related Financed Equipment (to the extent not used to purchase
Substitute Equipment) or Obligor and payments made by a Dealer pursuant to the
related Dealer Agreement with respect to such Receivable), other than
Recoveries, net of the sum of any amounts expended by the Servicer in
connection with such liquidation and any amounts required by law to be remitted
to the Obligor on such Liquidated Receivable.

 17
 

“Liquidity Receivables Purchase Agreement”
is defined in the Recitals of the Purchase Agreement.

“London Banking Day” means any day
on which dealings in deposits in U.S. Dollars are transacted in the London
interbank market.

“Maximum Negative Carry Amount”
means, for any Payment Date, the product of:

(a)           the weighted average of the Interest
Rate on each class of Notes (assuming LIBOR is equal to the Stated Fixed
Interest Rate Swap Rate for each class of Floating Rate Notes) minus 1.75%;
multiplied by

(b)           the amount on deposit in the
Pre-Funding Account; multiplied by

(c)           the fraction of a year represented by
the number of days until the expected end of the Funding Period, calculated on
the basis of a 360-day year of twelve 30-day months.

“Measured Losses” means, for any
Collection Period, the sum of (a) for each Receivable that became a Liquidated
Receivable during such Collection Period, the difference between (i) the
Principal Balance plus accrued and unpaid interest on such Receivable less the
Write Down Amount for such Receivable (if such receivable was a 180-Day
Receivable or Repossessed Receivable at the time of liquidation), if any, and
(ii) the Liquidation Proceeds received with respect to such Receivable during
such Collection Period, (b) with respect to any Receivable that became a
180-Day Receivable or a Repossessed Receivable during such Collection Period,
the Write Down Amount, if any, for that Receivable and (c) with respect to each
other 180-Day Receivable or Repossessed Receivable, the amount of the
adjustment, if any, to the Write Down Amount for such Receivable for the
related Collection Period.

“Modification
Purchase Event” is defined in Section 4.2 of
the Sale and Servicing Agreement.

“Moody’s” means Moody’s Investors
Service, Inc., or its successor.

“Negative Carry Account” means the
account designated as such, established and maintained pursuant to Section 5.1(a)(v) of the Sale and
Servicing Agreement.

“Negative Carry Account Initial Deposit”
means $0.

“Negative Carry Amount” means an
amount for each Payment Date calculated by the Servicer as the difference (if
positive) between:  (a) the product
of:  (i) the sum of the Class Interest
Amounts for each Class of Notes for such Payment Date multiplied by (ii) the
Pre-Funded Percentage as of the immediately prior Payment Date (or, in the case
of the first Payment Date, the Closing Date) minus (b) the Pre-Funding Account
Investment Earnings.

“Net Swap
Payments” or “Net Swap Payment” means the Class A-2b Net Swap Payment, the
Class A-3b Net Swap Payment and/or the Class A-4 Net Swap Payment.

 18
 

“Net Swap
Receipts” or “Net Swap Receipt” means the Class A-2b Net Swap Receipt, the
Class A-3b Net Swap Receipt and/or the Class A-4 Net Swap Receipt.

“NH Credit” means New Holland
Credit Company, LLC, a Delaware limited liability company, and its successors
and assigns.

“Note Balance” means the aggregate
Outstanding Amount of the Notes from time to time.

“Note Depository Agreement” means
the agreement between the Issuing Entity and The Depository Trust Company, as
the initial Clearing Agency, dated as of the Closing Date.

“Note Distribution Account” means
the account designated as such, established and maintained pursuant to Section 5.1(a)(ii) of the Sale and
Servicing Agreement.

“Note Monthly Principal Distributable Amount”
means, with respect to any Payment Date, the amount necessary to be paid on the
Notes to reduce the Outstanding Amount of the Notes (after giving effect to the
application of the First Principal Payment Amount to reduce such Outstanding
Amount) to an amount equal to the Asset Balance for that Payment Date; provided that the Note Monthly Principal
Distributable Amount shall not exceed the aggregate Outstanding Amount of the
Notes; provided, further, that on the Class Final Scheduled
Maturity Date for each Class of Notes, the Note Monthly Principal Distributable
Amount will at least equal the amount necessary to repay the Outstanding Amount
of that Class of Notes and of any other Class of Notes payable prior to that
Class of Notes. For purposes of this definition only, the A-1 Notes, A-2 Notes,
A-3 Notes and the A-4 Notes shall each be deemed to be a separate Class of
Notes.

“Note Owner” means, with respect
to a Book-Entry Note, the Person who is the owner of such Book-Entry Note, as
reflected on the books of the Clearing Agency, or on the books of a Person
maintaining an account with the Clearing Agency (directly as a Clearing Agency
Participant or as an indirect participant, in each case in accordance with the
rules of the Clearing Agency).

“Note Pool Factor” means, as of
the close of business on any Payment Date with respect to any Class of Notes,
the Outstanding Amount of that Class of Notes divided by the original
Outstanding Amount of that Class of Notes (carried out to the seventh decimal
place). The Note Pool Factor for each Class will be 100% as of the Closing
Date, and, thereafter, will decline to reflect reductions in the Outstanding
Amount of the Notes.

“Note Register” and “Note
Registrar” have the respective meanings specified in Section 2.4 of the Indenture.

“Noteholders” means the Class A
Noteholders and the Class B Noteholders.

“Noteholders’ Distributable Amount”
means, with respect to any Payment Date, the sum of:  (a) the Class Interest Amount for each Class
of Notes and (b) the Note Monthly Principal Distributable Amount.

 19
 

“Notes” means the Class A Notes
and the Class B Notes.

“Obligor” means, with respect to
any Receivable, any Person who owes payments under the Receivable.

“Officer’s Certificate” means a
certificate signed by one of the following: 
the Chairman of the Board, the President, the Vice Chairman of the
Board, an Executive Vice President, any Vice President, a Treasurer, Assistant
Treasurer, Secretary or Assistant Secretary of the Seller, Administrator or
Servicer, as appropriate.

“One-Month LIBOR” means, for each
Interest Period, the rate for deposits in U.S. Dollars for a period of one
month corresponding to such Interest Period which appears on the Reuters Screen
LIBOR01 Page as of 11:00 a.m., London time, on the related LIBOR Determination
Date.  If such rate does not appear on
the Reuters Screen LIBOR01 Page, the rate for that Interest Period will be
determined as if the parties had specified “USD-LIBOR Reference Banks Rate” as
the applicable rate.

“Opinion of Counsel” means a
written opinion of counsel (who may, except as otherwise expressly provided in
this Agreement, be an employee of or counsel to the Seller or the Servicer),
which counsel and opinion shall be reasonably acceptable to the Indenture
Trustee, the Trustee, the Counterparties or the Rating Agencies, as applicable.

“Originator” means CNHCA.

“Outstanding” means, as of the
date of determination, all Notes theretofore authenticated and delivered under
the Indenture except:

(i)            Notes theretofore canceled by the
Note Registrar or delivered to the Note Registrar for cancellation;

(ii)           Notes or portions thereof the payment
for which money in the necessary amount has been theretofore deposited with the
Indenture Trustee or any Paying Agent in trust for the Holders of such Notes (provided, however,
that if such Notes are to be redeemed, notice of such redemption has been duly
given pursuant to the Indenture); and

(iii)          Notes in exchange for or in lieu of
other Notes that have been authenticated and delivered pursuant to the
Indenture unless proof satisfactory to the Indenture Trustee is presented that
any such Notes are held by a bona fide purchaser; provided, that in determining whether the Holders of the
requisite Outstanding Amount of the Notes have given any request, demand,
authorization, direction, notice, consent or waiver hereunder or under any
Basic Document, Notes owned by the Issuing Entity, any other obligor upon the
Notes, the Seller or any Affiliate of any of the foregoing Persons shall be
disregarded and deemed not to be Outstanding, except that, in determining
whether the Indenture Trustee shall be protected in relying upon any such
request, demand, authorization, direction, notice, consent or waiver, only
Notes that a Responsible Officer of the Indenture Trustee actually knows to be
so owned shall be so

 20
 

disregarded. Notes
so owned that have been pledged in good faith may be regarded as Outstanding if
the pledgee establishes to the satisfaction of the Indenture Trustee the
pledgee’s right so to act with respect to such Notes and that the pledgee is
not the Issuing Entity, any other obligor upon the Notes, the Seller or any
Affiliate of any of the foregoing Persons.

“Outstanding Amount” means the
aggregate principal amount of all Notes, or Class of Notes, as applicable,
Outstanding at the date of determination.

“Owned Contracts” is defined in
the Recitals of the Purchase Agreement.

“Paying Agent” means (a) with
respect to the Notes, the Indenture Trustee or any other Person that meets the
eligibility standards for the Indenture Trustee specified in Section 6.11 of the Indenture and is
authorized by the Issuing Entity to make the payments to and distributions from
the Collection Account and the Note Distribution Account, including payment of
principal of or interest on the Notes on behalf of the Issuing Entity, and (b)
with respect to the Certificates, any paying agent or co-paying agent appointed
pursuant to Section 3.9 of the
Trust Agreement, and shall initially be The Bank of New York Trust Company,
N.A.

“Payment Date” means, with respect
to each Collection Period, the fifteenth day of the calendar month following
the end of that Collection Period, or, if such day is not a Business Day, the
next Business Day, commencing on October 15, 2007; provided that if any A-1 Notes remain Outstanding after
giving effect to distributions on the September 2008 Payment Date, October 9,
2008 shall constitute a Payment Date solely with respect to the A-1 Notes.

“Person” means any individual,
corporation, limited liability company, estate, partnership, joint venture,
association, joint stock company, trust (including any beneficiary thereof),
unincorporated organization or government or any agency or political
subdivision thereof.

“Pool Balance” means, at any time,
the sum of the aggregate Contract Values of the Receivables as of the beginning
of a Collection Period (after giving effect to all payments received from
Obligors and Purchase Amounts to be remitted by the Servicer or the Seller, as
the case may be, with respect to the preceding Collection Period and all
Realized Losses on Receivables liquidated during such preceding Collection
Period) less the aggregate Write Down Amount as of the last day of the
preceding Collection Period.

“Posted Date” is defined in Section 5.3 of the Sale and Servicing
Agreement.

“Predecessor Note” means, with
respect to any particular Note, every previous Note evidencing all or a portion
of the same debt as that evidenced by such particular Note; and, for the
purpose of this definition, any Note authenticated and delivered under Section 2.5 of the Indenture in lieu of a mutilated, lost,
destroyed or stolen Note shall be deemed to evidence the same debt as the
mutilated, lost, destroyed or stolen Note.

“Pre-Funded Amount” means, with
respect to any date, the amount on deposit in the Pre-Funding Account on such
date.

 21
 

“Pre-Funded Percentage” means, for
each Payment Date, the quotient (expressed as a percentage) of:  (i) the Pre-Funded Amount as of such Payment
Date divided by (ii) the sum of the Pool Balance and the Pre-Funded Amount,
after taking into account all transfers of Subsequent Receivables during the
related Collection Period.

“Pre-Funding Account” means the
account designated as such, established and maintained pursuant to Section 5.1(a)(iv) of the Sale and
Servicing Agreement.

“Pre-Funding Account Initial Deposit”
means $0.

“Pre-Funding Account Investment Earnings”
means, with respect to any Payment Date, the interest and other investment
earnings (net of losses and investment expenses) on amounts on deposit in the
Pre-Funding Account to be deposited into the Collection Account on the related
Transfer Date pursuant to Section 5.1(b)
of the Sale and Servicing Agreement.

“Preliminary Prospectus” means the
prospectus dated September 11, 2007 and the preliminary prospectus supplement
dated September 11, 2007, relating to the Notes.

“Preliminary Prospectus Date”
means the date of the preliminary prospectus supplement included in the
Preliminary Prospectus.

“Principal Balance” of a
Receivable, as of the close of business on the last day of a Collection Period,
means the Amount Financed minus the sum of: 
(i) that portion of all Scheduled Payments paid on or prior to such day
allocable to principal using the simple interest method, (ii) any refunded
portion of insurance premiums included in the Amount Financed, (iii) any
payment of the Purchase Amount with respect to the Receivable allocable to
principal and (iv) any prepayment in full or any partial prepayments applied to
reduce the Principal Balance of the Receivable.

“Principal Supplement Account”
means the account designated as such, established and maintained pursuant to Section 5.1(a)(vi) of the Sale and
Servicing Agreement.

“Principal Supplement Account Deposit”
means, with respect to each Subsequent Transfer Date, an amount equal to the
Required Principal Supplement Account Balance applicable to such Subsequent
Transfer Date minus any amount then on deposit in the Principal Supplement
Account.

“Prior Securitization” means a
prior securitization by a CNH Equipment Trust.

“Priority Swap Termination Payment”
shall mean any Class A-2b Swap Termination Payment, Class A-3b Swap Termination
Payment or Class A-4 Swap Termination Payment payable by the Issuing Entity
relating to (i) an early termination of the Class A-2b Swap Agreement, Class
A-3b Swap Agreement or Class A-4 Swap Agreement, respectively, following an “Event
of Default” or “Termination Event” for which the applicable Counterparty is not
the “Defaulting Party” or sole “Affected Party” or (ii) an early termination of
the Class A-2b Swap Agreement, Class A-3b Swap Agreement or Class A-4 Swap
Agreement, respectively, as a result of a “Tax Event” or “Illegality” (terms in
quotations in the foregoing definition shall have the

 22
 

respective meanings
assigned to such terms in the Class A-2b Swap Agreement, Class A-3b Swap
Agreement or Class A-4 Swap Agreement, respectively).

“Proceeding” means any suit in
equity, action at law or other judicial or administrative proceeding.

“Prospectus” means the prospectus
dated September 11, 2007 and the prospectus supplement dated September 12,
2007, relating to the Notes.

“Prospectus Date” means the date
of the prospectus supplement included in the Prospectus.

“Purchase Agreement” means the
Purchase Agreement dated as of September 1, 2007 between the Seller and CNHCA,
as the same may be amended and supplemented from time to time, which term shall
also include, as the context requires, the Liquidity Receivables Purchase
Agreement.

“Purchase Amount” means, as of the
close of business on the last day of a Collection Period, an amount equal to
the Contract Value of the applicable Contract, as of the first day of the
immediately following Collection Period (or, with respect to any applicable
Contract that is a Liquidated Receivable, as of the day immediately prior to
such Contract becoming a Liquidated Receivable less any Liquidation Proceeds
actually received by the Issuing Entity) plus interest accrued and unpaid
thereon as of such last day at a rate per annum equal to:  (a) in the case of any Contract transferred
on the Closing Date, the Initial Cutoff Date APR and (b) in the case of any
Contract transferred or a Subsequent Transfer Date, the applicable Subsequent
Cutoff Date APR.

“Purchased Contracts” is defined
in the Recitals of the Purchase Agreement.

“Purchased Receivable” means a
Receivable purchased as of the close of business on the last day of a
Collection Period by the Servicer or CNHCA pursuant to Section 4.6 of the Sale and Servicing
Agreement, by CNHCA pursuant to Section 6.2
of the Purchase Agreement, or by the Seller pursuant to Section 3.2 of the Sale and Servicing
Agreement, or as of the first day of a Collection Period by CNHCA pursuant to Section 9.1(a) of the Sale and Servicing
Agreement and Section 6.2 of the
Purchase Agreement.

“Rating Agency” means each of
Fitch, Moody’s and Standard & Poor’s.

“Rating Agency Condition” means,
with respect to any action, that each Rating Agency shall have notified the
Seller, the Servicer, the Trustee and the Indenture Trustee in writing that
such action will not result in a reduction or withdrawal of the then current
rating of any Class of the Notes.

“Reacquired Receivables” means
Receivables that (i) have been purchased by the Servicer, repurchased by CNHCA
or the Seller, or otherwise transferred to the Servicer, Seller or CNHCA or
their Affiliate pursuant to the terms of the Basic Documents or (ii) are
designated or identified to be purchased by the Servicer, repurchased by CNHCA
or the Seller, or otherwise transferred to the Servicer, Seller or CNHCA or
their Affiliate pursuant to the terms of the Basic

 23
 

Documents; provided
however, with respect to the preceding clause (ii),
such Receivables shall only become Reacquired Receivables  the instant before (x) such purchase,
repurchase or transfer pursuant to the Basic Documents, and (y) the full
amount, if any, required to be paid for such Receivables having been paid
and/or deposited as and when required under the Basic Documents.

“Realized Losses” means, with
respect to any Liquidated Receivable, the excess of the Principal Balance of
such Liquidated Receivable plus accrued but unpaid interest thereon over the
amount of any related Liquidation Proceeds.

“Receivable” means, collectively,
any Contract listed on the Assignment and each Subsequent Transfer Assignment
(other than Reacquired Receivables).

“Receivable Files” means the
documents specified in Section 3.3
of the Sale and Servicing Agreement.

“Record Date” means, with respect
to a Payment Date or Redemption Date, the close of business on the fourteenth
day of the calendar month in which such Payment Date or Redemption Date occurs,
or, if Definitive Notes are issued, the close of business on the last day of
the calendar month preceding the month of such Payment Date, whether or not
such day is a Business Day, or if Definitive Notes were not outstanding on such
date, the date of issuance of the Definitive Note, and with respect to the A-1
Note Final Scheduled Maturity Date, October 8, 2008.

“Recoveries” means, with respect
to any Liquidated Receivable, monies collected in respect thereof, from
whatever source (other than from the sale or other disposition of the Financed
Equipment), after such Receivable became a Liquidated Receivable.

“Redemption Date” means the
Payment Date specified by the Servicer or the Issuing Entity pursuant to Section 10.1(a) of the Indenture.

“Redemption Price” means the
unpaid principal amount of the Notes redeemed, plus accrued and unpaid interest
thereon at the applicable interest rate to but excluding the Redemption Date.

“Registered Holder” means the
Person in whose name a Note is registered on the Note Register on the
applicable Record Date.

“Regulation AB” means Regulation
AB under the Securities Act of 1933, as amended.

“Remaining Pre-Funded Amount” has
the meaning assigned thereto in Section
5.8(b) of the Sale and Servicing Agreement.

“Replaced Equipment” is defined in
“Financed Equipment” above.

“Reportable Event” shall mean any
event required to be reported on Form 8-K, and in any event, the following:

 24
 

(a)           entry into a definitive agreement
related to the Issuing Entity or the Notes or an amendment to a Basic Document,
even if the Seller is not a party to such agreement (e.g., a servicing
agreement with a servicer contemplated by Item 1108(a)(3) of Regulation AB);

(b)           termination of a Basic Document
(other than by expiration of the agreement on its stated termination date or as
a result of all parties completing their obligations under such agreement),
even if the Seller is not a party to such agreement (e.g., a servicing
agreement with a servicer contemplated by Item 1108(a)(3) of Regulation AB);

(c)           with respect to the Servicer only,
the occurrence of a Servicer Default;

(d)           an Event of Default;

(e)           the resignation, removal,
replacement, substitution, of the Indenture Trustee or the Trustee; and

(f)            with respect to the Indenture Trustee
only, a required distribution to holders of the Notes is not made as of the
required Payment Date under the Indenture.

“Repossessed Receivable” with
respect to any calendar month will be any Receivable as to which the Financed
Equipment securing the defaulted Receivable has been repossessed on or prior to
the last day of such calendar month and which has not become a Liquidated
Receivable.

“Required Negative Carry Account Balance”
means, as of any Payment Date, an amount equal to the lesser of:  (a) the Negative Carry Account Initial
Deposit minus all previous withdrawals from the Negative Carry Account and (b)
the Maximum Negative Carry Amount as of such Payment Date.

“Required Principal Supplement Account
Balance” means, with respect to each Subsequent Cutoff Date, the
excess, if any, of (a) an amount equal to the difference (if positive) between
(x) the Contract Value of the Receivables and (y) the aggregate of the
contractual payoff amounts for each Receivable (as specified by the Servicer
for each Receivable in the applicable Schedule of Receivables), in each case,
as of the end of the prior Collection Period (or the applicable Subsequent
Cutoff Date for Subsequent Receivables being transferred on that Subsequent
Transfer Date), over (b) the Expected Excess Spread.

“Responsible Officer” means, with
respect to the Indenture Trustee, any officer within the Corporate Trust Office
of the Indenture Trustee, including any Vice President, Assistant Vice
President, Secretary or Assistant Secretary, or any other officer of the
Indenture Trustee customarily performing functions similar to those performed
by any of the above designated officers and also, with respect to a particular
matter, any other officer to whom such matter is referred because of such
officer’s knowledge of and familiarity with the particular subject.

 25
 

“Retail Installment Contract”
means an equipment retail installment contract or retail installment loan,
including any consumer installment loan, secured by Financed Equipment.

“Reuters
Screen LIBOR01 Page” means the display page currently
so designated on the Reuters Monitor Money Rates Service (or such other page as
may replace that page on that service for the purpose of displaying comparable
rates or prices).

“Sale and Servicing Agreement” means the
Sale and Servicing Agreement, dated as of September 1, 2007 among the Issuing
Entity, the Seller and the Servicer.

“Sale Proceeds” is defined in Section 9.1(b) of the Sale and Servicing
Agreement.

“Schedule of Receivables” means,
collectively, the listings of the Receivables attached to, or incorporated by
reference in, the CNHCA Assignment and the Assignment, and the listing of
Receivables attached to, or incorporated by reference in, each CNHCA Subsequent
Transfer Assignment and Subsequent Transfer Assignment (each of which schedules
may be in the form of a compact disk or any other computer-readable medium).

“Scheduled Payment” on a
Receivable means that portion of the payment required to be made by the Obligor
during any Collection Period sufficient to amortize the Principal Balance under
the simple interest method, in each case, over the term of the Receivable and
to provide interest at the APR.

“Secretary of State” means the
Secretary of State of the State of Delaware.

“Securities Account” has the
meaning assigned thereto in Section 8-501(a)
of the UCC.

“Securities Entitlement” has the
meaning assigned thereto in Section
8-102(a)(17) of the UCC.

“Securities Intermediary” is
defined in Section 8-102(a)(14)
of the UCC.

“Seller” means CNHCR.

“Servicer” means NH Credit, as the
servicer of the Receivables, and any successor to NH Credit (in the same
capacity) pursuant to Section 7.3
or 8.2 of the Sale and Servicing
Agreement.

“Servicer Default” means an event
specified in Section 8.1 of the
Sale and Servicing Agreement.

“Servicer’s Certificate” means an
Officer’s Certificate of the Servicer, substantially in the form of Exhibit C
to the Sale and Servicing Agreement.

“Servicing Criteria” shall mean
the “servicing criteria” set forth in Item 1122(d) of Regulation AB.

 26
 

“Servicing Fee” means, for any
Collection Period, the fee payable to the Servicer for services rendered during
such Collection Period, determined pursuant to Section 4.7
of the Sale and Servicing Agreement.

“Servicing Procedures” is defined
in Section 4.1 of the Sale and
Servicing Agreement.

“Simple Interest Receivable” means
any Receivable under which the portion of a payment allocable to interest and
the portion allocable to principal is determined by allocating a fixed level
payment between principal and interest, such that such payment is allocated
first to the accrued and unpaid interest at the Annual Percentage Rate for such
Receivable on the unpaid principal balance and the remainder of such payment is
allocable to principal.

“Specified Discount Factor” equals
7.25%.

“Specified Spread Account Balance”
means on the Closing Date, 2.35% of the sum of the Pool Balance as of the
Initial Cutoff Date and on any Payment Date thereafter the lesser of, (a) 2.35%
of the sum of (i) the Pool Balance as of the Initial Cutoff Date plus (ii) the
aggregate Contract Value of all Subsequent Receivables sold to the Trust as of
their respective Cutoff Dates and (b) the outstanding principal amount of the
Notes.  However, if (A)
the Specified Spread Account Reduction Trigger is met on the Payment Date in
March 2009 or any Payment Date thereafter, the percentage in clause (a) will be reduced to 2.00% on
such Payment Date and will remain at such percentage for each Payment Date
thereafter unless further reduced on the Payment Dates as provided in the
following clauses (B), (C)
or (D); (B) if the Specified Spread Account
Reduction Trigger is met on the Payment Date in September 2009 or any Payment
Date thereafter, the percentage in clause
(a) of the preceding sentence will be reduced to 1.75% on such
Payment Date (regardless of whether the Specified Spread Account Reduction
Trigger was met on the Payment Date in March 2009 or any Payment Date
thereafter and will remain at such percentage for each Payment Date thereafter
unless further reduced on the Payment Date as provided in the following clause (C); (C)
the Specified Spread Account Reduction Trigger is met on the Payment Date in
March 2010 or any Payment Date thereafter, the percentage in clause (a) of the preceding sentence will
be reduced to 1.50% on such Payment Date (regardless of whether the Specified
Spread Account Reduction Trigger was met on the Payment Dates in March 2009 or
any Payment Date thereafter or September 2009 or any Payment Date thereafter)
and will remain at such percentage for each Payment Date thereafter unless
further reduced on the Payment Date as provided in the following clause (D); and (D) the
Specified Spread Account Reduction Trigger is met on the Payment Date in
September 2010 or any Payment Date thereafter, the percentage in clause (a) of the preceding sentence will be reduced to
1.15% on such Payment Date (regardless of whether the Specified Spread Account
Reduction Trigger was met on the Payment Dates in March 2009 or any Payment
Date thereafter, September 2009 or any Payment Date thereafter or March 2010 or
any Payment Date thereafter) and will remain at such percentage for each
Payment Date thereafter.  The Specified
Spread Account Balance may be reduced or modified without the consent of the
Holders of the Notes if the Rating Agency Condition is satisfied with respect
to such reduction or modification.

“Specified Spread Account Reduction Trigger”
for the Payment Date in March 2009, September 2009, March 2010, or September
2010 or any Payment Date after such Payment

 27
 

Dates will be met if the
Average Delinquency Ratio Test and the Cumulative Net Loss Ratio Test for such
Payment Date are met on such Payment Date or a Payment Date thereafter.

“Spread Account” means the account
designated as such, established and maintained pursuant to Section 5.1(a) of the Sale and Servicing
Agreement.

“Spread Account Initial Deposit”
means, initially, $17,625,000 and, with respect to each Subsequent Transfer
Date, cash or Eligible Investments having a value approximately equal to 2.35%
of the aggregate Contract Value of the Subsequent Receivables conveyed to the
Issuing Entity on such Subsequent Transfer Date.

“SST” means Systems & Services
Technologies, Inc., or its successor.

“Standard & Poor’s” means Standard
& Poor’s Ratings Services, a division of The McGraw-Hill Companies, Inc.,
or its successor.

“State” means any one of the 50
states of the United States of America or the District of Columbia.

“Stated Fixed Interest Rate Swap Rate”
means with respect to the Class A-2b Notes, the Class A-3b Notes and the Class
A-4 Notes, the fixed interest rate of 4.9515%, 4.6900% and 4.6810%,
respectively.

“Statistical Contract Value” of a
Receivable means the current balance of the Receivable on the Servicer’s
records.

“Subsequent Assets” is defined in Section 2.2 of the Sale and Servicing
Agreement.

“Subsequent CNHCA Assets” is
defined in Section 2.2 of the
Purchase Agreement.

“Subsequent CNHCA Receivables”
means the Receivables transferred to CNHCR pursuant to Section 2.2 of the Purchase Agreement,
which shall be listed on Schedule A to the related CNHCA Subsequent Transfer
Assignment.

“Subsequent Cutoff Date” means,
with respect to any Subsequent Receivables, the close of business on the last
day of the calendar month preceding the related Subsequent Transfer Date.

“Subsequent Cutoff Date APR”
means, with respect to any Subsequent Cutoff Date, the Specified Discount
Factor.

“Subsequent Purchase Price” is
defined in Section 2.5(b) of the Purchase
Agreement.

“Subsequent Receivables” means the
Receivables transferred to the Issuing Entity pursuant to Section 2.2 of the Sale and Servicing
Agreement, which shall be listed on Schedule A to the related Subsequent
Transfer Assignment.

 28
 

“Subsequent Transfer Assignment”
has the meaning assigned thereto in Section
2.2(b)(i) of the Sale and Servicing Agreement.

“Subsequent Transfer Date” means
with respect to a Subsequent Receivable, any Business Day during the Funding
Period on which Subsequent Receivables are transferred to the Issuing Entity
and a Subsequent Transfer Assignment is executed and delivered to the Trustee
and the Indenture Trustee pursuant to Section
2.2 of the Sale and Servicing Agreement.

“Substitute Equipment” is defined
in Section 4.14 of the Sale and Servicing Agreement.

“Successor Servicer” is defined in
Section 3.7(e) of the Indenture.

“TIA” means the Trust Indenture
Act.

“Total Distribution Amount” means,
with respect to any Payment Date, the aggregate amount of collections on or
with respect to the Receivables (including collections received after the end
of the preceding calendar month on any Subsequent Receivables added to the
Trust after the end of that preceding calendar month and on or before that
Payment Date) with respect to the related Collection Period plus the Negative
Carry Amount for such Payment Date. 
Collections on or with respect to the Receivables include all payments
made by or on behalf of the Obligors (including any late fees, prepayment
charges, extension fees and other administrative fees or similar charges
allowed by applicable law with respect to the Receivables), any proceeds from
insurance policies covering the Financed Equipment (to the extent not used to
purchase Substitute Equipment) or related Obligor, Liquidation Proceeds, the Purchase
Amount of each Receivable that became a Purchased Receivable in respect of the
related Collection Period (to the extent deposited into the Collection
Account), Investment Earnings for such Payment Date, payments made by a Dealer
pursuant to the related Dealer Agreement with respect to such Receivable, Net
Swap Receipts and the Remaining Pre-Funded Amount, on the Payment Date
specified in Section 5.8(b) of
the Sale and Servicing Agreement; provided,
however, that the Total
Distribution Amount shall not include: 
(i) all payments or proceeds (including Liquidation Proceeds) of any
Receivables the Purchase Amount of which has been included in the Total
Distribution Amount in a prior Collection Period, (ii) any Recoveries or (iii)
amounts released to the Seller from the Pre-Funding Account.

“Transfer Date” means the Business
Day preceding the fifteenth day of each calendar month.

“Treasury Regulations” means
regulations, including proposed or temporary regulations, promulgated under the
Code. References to specific provisions of proposed or temporary regulations
shall include analogous provisions of final Treasury Regulations or other
successor Treasury Regulations.

“Trust” means the Issuing Entity.

“Trust Account Property” means the
Trust Accounts, all amounts and investments held from time to time in any Trust
Account (whether in the form of deposit accounts, physical property, book-entry
securities, uncertificated securities or otherwise), and all proceeds of the
foregoing.

 29
 

“Trust Accounts” has the meaning
assigned thereto in Section 5.1(b)
of the Sale and Servicing Agreement.

“Trust Agreement” means the Trust
Agreement dated as of September 1, 2007 between the Seller and the Trustee, as
the same may be amended and supplemented from time to time.

“Trust Certificate” means a
certificate evidencing the beneficial interest of a Certificateholder in the
Trust, substantially in the form of Exhibit A to the Trust Agreement.

“Trust Estate” means (a) with
respect to the Indenture, all the money, instruments, rights and other property
that are subject or intended to be subject to the Lien and security interest of
the Indenture for the benefit of the Noteholders (including all property and
interests Granted to the Indenture Trustee), including all proceeds thereof, and
(b) with respect to the Trust Agreement, all right, title and interest of the
Trust in and to the property and rights assigned to the Trust pursuant to
Article II (other than Section 2.1(b))
of the Sale and Servicing Agreement, all funds on deposit from time to time in
the Trust Accounts and the Certificate Distribution Account and all other
property of the Trust from time to time, including any rights of the Trustee
and the Trust pursuant to the Sale and Servicing Agreement and the
Administration Agreement.

“Trust Indenture Act” means the
Trust Indenture Act of 1939, as in force on the date of the Indenture unless
otherwise specifically provided.

“Trust Officer” means, in the case
of the Indenture Trustee, any officer within the Corporate Trust Office of the
Indenture Trustee, including any Vice President, Assistant Vice President,
Secretary, Assistant Secretary or any other officer of the Indenture Trustee
customarily performing functions similar to those performed by any of the above
designated officers and also, with respect to a particular matter, any other
officer to whom such matter is referred because of such officer’s knowledge of
and familiarity with the particular subject and, with respect to the Trustee,
any officer in the Corporate Trustee Administration Department of the Trustee
with direct responsibility for the administration of the Trust Agreement and
the Basic Documents on behalf of the Trustee.

“Trust Statute” means Chapter 38
of Title 12 of the Delaware Code, 12 Del. Code § 3801 et seq., as the same may
be amended from time to time.

“Trustee” means Wilmington Trust
Company, a Delaware banking corporation, not in its individual capacity but
solely as trustee under the Trust Agreement, and any successor Trustee
thereunder.

“Uncertificated Security” has the
meaning assigned thereto in Section
8-102(a)(18) of the UCC.

“UCC” means, unless the context
otherwise requires, the Uniform Commercial Code as in effect in the relevant
jurisdiction, as amended from time to time.

“Underwriting Agreement” means the
Underwriting Agreement dated September 12, 2007 among ABN AMRO Bank, N.V. and
Barclays Capital Inc. as representatives of the several underwriters named
therein, CNHCA and CNHCR.

 30
 

“USD-LIBOR Reference Banks Rate”
means the Class A-2b USD-LIBOR Reference Banks Rate, the Class A-3b USD-LIBOR
Reference Banks Rate or the Class A-4 USD-LIBOR Reference Banks Rate, as
applicable.

“Write Down Amount” for any
Collection Period for any 180-Day Receivable or Repossessed Receivable will be
the excess of (a) the Principal Balance plus accrued and unpaid interest of
such Receivable as of the last day of the Collection Period during which the
Receivable became a 180-Day Receivable or Repossessed Receivable, as
applicable, over (b) the estimated realizable value of the Receivable, as
determined by the Servicer in accordance with its then-current servicing
procedures for the related Collection Period, which amount may be adjusted to
zero by the Servicer in accordance with its normal servicing procedures if the
Receivable has ceased to be a 180-Day Receivable as provided in the definition
of “180-Day Receivable.”

 31

EXHIBIT A-1

to Indenture

FORM OF A-1 NOTES

	
  REGISTERED

  	
   

  	
  [                  ](1)

  
	
  No. R-1

  	
   

  	
  CUSIP NO. [                  ]

  

 

Unless this Note is
presented by an authorized representative of The Depository Trust Company, a
New York corporation (“DTC”),
to the Issuing Entity or its agent for registration of transfer, exchange or
payment, and any Note issued is registered in the name of Cede & Co. or in
such other name as is requested by an authorized representative of DTC (and any
payment is made to Cede & Co. or to such other entity as is requested by an
authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR
VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered
owner hereof, Cede & Co., has an interest herein.

THE PRINCIPAL OF THIS
NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE
OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE
AMOUNT SHOWN ON THE FACE HEREOF.

CNH EQUIPMENT TRUST
2007-B

5.81638%  CLASS
A-1 ASSET BACKED NOTES

CNH Equipment Trust
2007-B, a statutory trust organized and existing under the laws of the State of
Delaware (including any successor, the “Issuing Entity”), for value
received, hereby promises to pay to CEDE & CO., or registered assigns, the
principal sum of [                       ]
MILLION DOLLARS ($[         ]),
partially payable on each Payment Date in an amount equal to the aggregate
amount, if any, payable from the Note Distribution Account in respect of
principal on the A-1 Notes pursuant to Section 3.1 of the Indenture; provided, however,
that the entire unpaid principal amount of this Note shall be due and payable
on the earlier of the October 9, 2008 Payment Date and the Redemption Date, if
any, pursuant to Section
10.1(a) of the Indenture.  The
Issuing Entity will pay interest on this Note at the rate per annum shown
above, on each Payment Date until the principal of this Note is paid or made
available for payment, on the principal amount of this Note outstanding on the
preceding Payment Date (after giving effect to all payments of principal made
on the preceding Payment Date), subject to certain limitations contained in Section 3.1 of
the Indenture.  Interest on this Note
will accrue for each Payment Date from the most recent Payment Date on which
interest has been paid to but excluding the then current Payment Date or, if no
interest has yet been paid, from the date hereof.  Interest will be computed on the basis of a
360-day year and the actual number of days in the applicable Interest
Period.  Such principal of and interest
on this Note shall be paid in the manner specified in the Indenture.

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

 1
 

The principal of and
interest on this Note are payable in such coin or currency of the United States
of America as at the time of payment is legal tender for payment of public and
private debts.  All payments made by the
Issuing Entity with respect to this Note shall be applied first to interest due
and payable on this Note as provided above and then to the unpaid principal of
this Note.

Reference is made to the
further provisions of this Note set forth on the reverse hereof, which shall
have the same effect as though fully set forth on the face of this Note.

Unless the certificate of
authentication hereon has been executed by the Indenture Trustee by manual
signature, this Note shall not be entitled to any benefit under the Indenture
referred to on the reverse hereof, or be valid or obligatory for any purpose.

 2
 

IN WITNESS WHEREOF, the
Issuing Entity has caused this instrument to be signed, manually or in
facsimile, by its Authorized Officer.

Dated:  September      ,
2007

	
  

  	
  CNH EQUIPMENT TRUST 2007B

  
	
   

  	
   

  
	
  

  	
  By:

  	
  Wilmington Trust Company,

  
	
   

  	
   

  	
  not in its
  individual capacity but

  
	
   

  	
   

  	
  solely as
  Trustee under the

  
	
   

  	
   

  	
  Trust Agreement

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  	
   

  
							

 

 3
 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

This is one of the Notes
designated above and referred to in the within-mentioned Indenture.

Dated:  September      ,
2007

	
  

  	
  THE BANK OF NEW
  YORK TRUST

  COMPANY, N.A.

  
	
   

  	
  not in its
  individual capacity but solely

  
	
   

  	
  as Indenture
  Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Authorized
  Signatory

  	
   

  

 

 4
 

[REVERSE OF NOTE]

This Note is one of a
duly authorized issue of Notes of the Issuing Entity, designated as its
5.81638% Class A-1 Asset Backed Notes (herein called the “A-1 Notes” or the “Notes”), all issued under an Indenture
dated as of September 1, 2007 (such Indenture, as supplemented or amended, is
herein called the “Indenture”)
between the Issuing Entity and The Bank of New York Trust Company, N.A., not in
its individual capacity but solely as trustee (the “Indenture Trustee”, which term
includes any successor Indenture Trustee under the Indenture), to which
Indenture and all indentures supplemental thereto reference is hereby made for
a statement of the respective rights and obligations thereunder of the Issuing
Entity, the Indenture Trustee and the Holders of the Notes.  The Notes are subject to all terms of the
Indenture.  All terms used in this Note
that are not otherwise defined herein and that are defined in the Indenture
shall have the meanings assigned to them in or pursuant to the Indenture.

The Notes, the A-2 Notes,
the A-3 Notes and the A-4 Notes are and will be equally and ratably secured by
the collateral pledged as security therefor as provided in the Indenture.

The Issuing Entity shall
pay interest on overdue installments of interest at the A-1 Note Rate to the
extent lawful.

Each Noteholder or Note
Owner, by acceptance of a Note, or, in the case of a Note Owner, a beneficial
interest in the Note, covenants and agrees that no recourse may be taken,
directly or indirectly, with respect to the obligations of the Issuing Entity
or the Indenture Trustee on the Notes or under the Indenture or any certificate
or other writing delivered in connection therewith, against:  (i) the Indenture Trustee or the Trustee in
their individual capacities, (ii) any owner of a beneficial interest in the
Issuing Entity or (iii) any partner, owner, beneficiary, agent, officer,
director or employee of:  (a) the
Indenture Trustee or the Trustee in their individual capacities, (b) any holder
of a beneficial interest in the Issuing Entity, the Trustee or the Indenture
Trustee or of (c) any successor or assign of the Indenture Trustee or the
Trustee in their individual capacities, except as any such Person may have
expressly agreed and except that any such partner, owner or beneficiary shall
be fully liable, to the extent provided by applicable law, for any unpaid
consideration for stock, unpaid capital contribution or failure to pay any
installment or call owing to such partner, owner or beneficiary.

It is the intent of the
Seller, the Servicer, the Noteholders and the Note Owners that, for purposes of
federal and State income tax and any other tax measured in whole or in part by
income, the Notes qualify as indebtedness of the Trust.  Each Noteholder or Note Owner, by acceptance
of a Note, or, in the case of a Note Owner, a beneficial interest in a Note,
agrees to treat, and to take no action inconsistent with the treatment of, the
Notes for such tax purposes as indebtedness of the Trust.

Each Noteholder or Note
Owner, by acceptance of a Note, or, in the case of a Note Owner, a beneficial
interest in a Note, covenants and agrees that by accepting the benefits of the
Indenture that such Noteholder will not at any time institute against the
Seller or the Issuing Entity, or join in any institution against the Seller or
the Issuing Entity of, any bankruptcy, reorganization or arrangement,
insolvency or liquidation proceedings under any United States

 5
 

federal or State
bankruptcy or similar law in connection with any obligations relating to the
Notes, the Indenture or the Basic Documents.

Each Noteholder or Note
Owner, by acceptance of a Note, or in the case of Note Owner, a beneficial
interest in the Note, represents that either (a) it is not (i) an employee benefit
plan (as defined in Section 3(3)
of ERISA) that is subject to the provisions of Title I of ERISA, (ii) a plan
described in Section 4975(e)(1)
of the Code, (iii) any entity whose underlying assets include plan assets of
any of the foregoing (each a “Benefit Plan”),
or (iv) a governmental plan (as defined in Section
3(32) of ERISA) that is subject to any law substantially similar to
ERISA or Section 4975 of the Code
or (b) the purchase and holding of the Note, or a beneficial interest therein,
will not result in a non-exempt prohibited transaction under Section 406 of ERISA, Section 4975 of the Code or any
substantially similar applicable law.

This Note and the
Indenture shall be construed in accordance with the laws of the State of New
York, and the obligations, rights and remedies of the parties hereunder and
thereunder shall be determined in accordance with such laws.

No reference herein to
the Indenture and no provision of this Note or of the Indenture shall alter or
impair the obligation of the Issuing Entity, which is absolute and
unconditional, to pay the principal of and interest on this Note at the times,
place and rate, and in the coin or currency, herein prescribed.

Anything herein to the
contrary notwithstanding, except as expressly provided in the Basic Documents,
neither The Bank of New York Trust Company, N.A., in its individual capacity,
any owner of a beneficial interest in the Issuing Entity, nor any of their
respective partners, beneficiaries, agents, officers, directors, employees, successors
or assigns shall be personally liable for, nor shall recourse be had to any of
them for, the payment of principal of or interest on, or performance of, or
omission to perform, any of the covenants, obligations or indemnifications
contained in this Note or the Indenture, it being expressly understood that
said covenants, obligations and indemnifications have been made by the
Indenture Trustee for the sole purposes of binding the interests of the
Indenture Trustee in the assets of the Issuing Entity.  The Holder of this Note by the acceptance
hereof, and each Note Owner by the acceptance of a beneficial interest herein,
each agrees that, except as expressly provided in the Basic Documents, in the
case of an Event of Default under the Indenture, the Holder and Note Owner
shall have no claim against any of the foregoing for any deficiency, loss or
claim therefrom; provided,
however, that nothing contained herein shall be taken to prevent recourse to,
and enforcement against, the assets of the Issuing Entity for any and all
liabilities, obligations and undertakings contained in the Indenture or in this
Note.

 6
 

ASSIGNMENT

Social Security or
taxpayer I.D. or other identifying number of assignee

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

 

(name and address of assignee)

 

the within Note and all
rights thereunder, and hereby irrevocably constitutes and appoints                                ,
attorney, to transfer said Note on the books kept for registration thereof,
with full power of substitution in the premises.

	
  Dated:

  	
   

  	
   

  	
  *

  	
   

  
	
   

  	
   

  	
  Signature Guaranteed:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Signatures must be guaranteed by an “eligible 

  
	
  

  	
   

  	
  guarantor institution”
  meeting the requirements of the Note Registrar, which requirements include
  membership or participation in STAMP or such other “signature guarantee program” as may be determined
  by the Note Registrar in addition to, or in substitution for, STAMP, all in accordance
  with the Securities Exchange Act of 1934, as amended.

  

 

*                                         NOTE:  The signature to this assignment must
correspond with the name of the registered owner as it appears on the face of
the within Note in every particular without alteration, enlargement or any
change whatsoever.

 7

EXHIBIT
A-2a

to Indenture

FORM OF A-2a NOTES

	
  REGISTERED

  	
  [           ](1)

  
	
  No. R-1

  	
  CUSIP NO. [           ]

  

 

Unless this Note is
presented by an authorized representative of The Depository Trust Company, a
New York corporation (“DTC”), to the
Issuing Entity or its agent for registration of transfer, exchange or payment,
and any Note issued is registered in the name of Cede & Co. or in such
other name as is requested by an authorized representative of DTC (and any
payment is made to Cede & Co. or to such other entity as is requested by an
authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR
VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered
owner hereof, Cede & Co., has an interest herein.

THE PRINCIPAL OF THIS
NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE
OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE
AMOUNT SHOWN ON THE FACE HEREOF.

CNH EQUIPMENT TRUST 2007-B

5.46% CLASS A-2a ASSET BACKED NOTES

CNH Equipment Trust
2007-B, a statutory trust organized and existing under the laws of the State of
Delaware (including any successor, the “Issuing Entity”),
for value received, hereby promises to pay to CEDE & CO., or registered
assigns, the principal sum of [                  ]
MILLION DOLLARS ($[           ]),
partially payable on each Payment Date in an amount equal to the aggregate
amount, if any, payable from the Note Distribution Account in respect of
principal on the A-2a Notes pursuant to Section 3.1 of
the Indenture; provided, however, that the entire unpaid principal
amount of this Note shall be due and payable on the earlier of the June 15,
2010 Payment Date and the Redemption Date, if any, pursuant to Section 10.1(a) of the Indenture. Except as provided in Section 5.4 of the Indenture, no payments of principal of
the Notes will be made until the principal of the A-1 Notes has been paid in
full. The Issuing Entity will pay interest on this Note at the A-2a Note Rate,
on each Payment Date until the principal of this Note is paid or made available
for payment, on the principal amount of this Note outstanding on the preceding
Payment Date (after giving effect to all payments of principal made on the
preceding Payment Date), subject to certain limitations contained in Section 3.1 of the Indenture. Interest on this Note will
accrue for each Payment Date from the most recent Payment Date on which
interest has been paid to but excluding the then current Payment Date or, if no
interest has yet been paid, from the date hereof.  Interest will be computed on the basis of a
360-day year consisting of twelve 30-day months.  Such principal of and interest on this Note
shall be paid in the manner specified in the Indenture.

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

 1
 

The principal of and
interest on this Note are payable in such coin or currency of the United States
of America as at the time of payment is legal tender for payment of public and
private debts.  All payments made by the
Issuing Entity with respect to this Note shall be applied first to interest due
and payable on this Note as provided above and then to the unpaid principal of
this Note.

Reference is made to the
further provisions of this Note set forth on the reverse hereof, which shall
have the same effect as though fully set forth on the face of this Note.

Unless the certificate of
authentication hereon has been executed by the Indenture Trustee by manual
signature, this Note shall not be entitled to any benefit under the Indenture
referred to on the reverse hereof, or be valid or obligatory for any purpose.

 2
 

IN WITNESS WHEREOF, the
Issuing Entity has caused this instrument to be signed, manually or in
facsimile, by its Authorized Officer.

Dated:  September     , 2007

	
  

  	
  CNH EQUIPMENT TRUST 2007-B

  
	
   

  	
   

  
	
  

  	
  By:

  	
  Wilmington Trust Company,

  
	
   

  	
  not in its
  individual capacity

  
	
   

  	
  but solely as
  Trustee

  
	
   

  	
  under the Trust
  Agreement

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  	
   

  
							

 

 3
 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

This is one of the Notes
designated above and referred to in the within-mentioned Indenture.

Dated:  September     , 2007

	
  

  	
  THE BANK OF NEW
  YORK TRUST

  COMPANY, N.A.,

  
	
   

  	
  not in its
  individual capacity but solely

  
	
   

  	
  as Indenture
  Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Authorized
  Signatory

  	
   

  

 

 4
 

[REVERSE OF NOTE]

This Note is one of a
duly authorized issue of the Issuing Entity, designated as its 5.46% Class A-2a
Asset Backed Notes (herein called the “A-2a Notes” or
the “Notes”), all issued under an Indenture dated as of September 1, 2007 (such
Indenture, as supplemented or amended, is herein called the “Indenture”) between the Issuing Entity and The Bank of New
York Trust Company, N.A., not in its individual capacity but solely as trustee
(the “Indenture Trustee”, which term includes
any successor Indenture Trustee under the Indenture), to which Indenture and
all indentures supplemental thereto reference is hereby made for a statement of
the respective rights and obligations thereunder of the Issuing Entity, the
Indenture Trustee and the Holders of the Notes. 
The Notes are subject to all terms of the Indenture.  All terms used in this Note that are not
otherwise defined herein and that are defined in the Indenture shall have the
meanings assigned to them in or pursuant to the Indenture.

The Notes, the A-1 Notes,
the A-2b Notes, the A-3 Notes and the A-4 Notes are and will be equally and
ratably secured by the collateral pledged as security therefor as provided in
the Indenture.

The Issuing Entity shall
pay interest on overdue installments of interest at the A-2a Note Rate to the
extent lawful.

Each Noteholder or Note
Owner, by acceptance of a Note, or, in the case of a Note Owner, a beneficial
interest in the Note, covenants and agrees that no recourse may be taken,
directly or indirectly, with respect to the obligations of the Issuing Entity
or the Indenture Trustee on the Notes or under the Indenture or any certificate
or other writing delivered in connection therewith, against:  (i) the Indenture Trustee or the Trustee in
their individual capacities, (ii) any owner of a beneficial interest in the
Issuing Entity or (iii) any partner, owner, beneficiary, agent, officer,
director or employee of:  (a) the
Indenture Trustee or the Trustee in their individual capacities, (b) any holder
of a beneficial interest in the Issuing Entity, the Trustee or the Indenture
Trustee or of (c) any successor or assign of the Indenture Trustee or the
Trustee in their individual capacities, except as any such Person may have
expressly agreed and except that any such partner, owner or beneficiary shall
be fully liable, to the extent provided by applicable law, for any unpaid
consideration for stock, unpaid capital contribution or failure to pay any
installment or call owing to such partner, owner or beneficiary.

It is the intent of the
Seller, the Servicer, the Noteholders and the Note Owners that, for purposes of
federal and State income tax and any other tax measured in whole or in part by
income, the Notes qualify as indebtedness of the Trust.  Each Noteholder or Note Owner, by acceptance
of a Note, or, in the case of a Note Owner, a beneficial interest in a Note,
agrees to treat, and to take no action inconsistent with the treatment of, the
Notes for such tax purposes as indebtedness of the Trust.

Each Noteholder or Note
Owner, by acceptance of a Note, or, in the case of a Note Owner, a beneficial
interest in a Note, covenants and agrees that by accepting the benefits of the
Indenture that such Noteholder will not at any time institute against the
Seller or the Issuing

 5
 

Entity, or join in any
institution against the Seller or the Issuing Entity of, any bankruptcy,
reorganization or arrangement, insolvency or liquidation proceedings under any
United States federal or State bankruptcy or similar law in connection with any
obligations relating to the Notes, the Indenture or the Basic Documents.

Each Noteholder or Note
Owner, by acceptance of a Note, or in the case of Note Owner, a beneficial
interest in the Note, represents that either (a) it is not (i) an employee
benefit plan (as defined in Section 3(3)
of ERISA) that is subject to the provisions of Title I of ERISA, (ii) a plan
described in Section 4975(e)(1)
of the Code, (iii) any entity whose underlying assets include plan assets of
any of the foregoing (each a “Benefit Plan”),
or (iv) a governmental plan (as defined in Section
3(32) of ERISA) that is subject to any law substantially similar to
ERISA or Section 4975 of the Code
or (b) the purchase and holding of the Note, or a beneficial interest therein,
will not result in a non-exempt prohibited transaction under Section 406 of ERISA, Section 4975 of the Code or any
substantially similar applicable law.

This Note and the
Indenture shall be construed in accordance with the laws of the State of New
York, and the obligations, rights and remedies of the parties hereunder and
thereunder shall be determined in accordance with such laws.

No reference herein to
the Indenture and no provision of this Note or of the Indenture shall alter or
impair the obligation of the Issuing Entity, which is absolute and
unconditional, to pay the principal of and interest on this Note at the times,
place and rate, and in the coin or currency, herein prescribed.

Anything herein to the
contrary notwithstanding, except as expressly provided in the Basic Documents,
neither The Bank of New York Trust Company, N.A., in its individual capacity,
any owner of a beneficial interest in the Issuing Entity, nor any of their
respective partners, beneficiaries, agents, officers, directors, employees,
successors or assigns shall be personally liable for, nor shall recourse be had
to any of them for, the payment of principal of or interest on, or performance
of, or omission to perform, any of the covenants, obligations or
indemnifications contained in this Note or the Indenture, it being expressly
understood that said covenants, obligations and indemnifications have been made
by the Indenture Trustee for the sole purposes of binding the interests of the
Indenture Trustee in the assets of the Issuing Entity.  The Holder of this Note by the acceptance
hereof, and each Note Owner by the acceptance of a beneficial interest herein,
each agrees that, except as expressly provided in the Basic Documents, in the
case of an Event of Default under the Indenture, the Holder and Note Owner
shall have no claim against any of the foregoing for any deficiency, loss or
claim therefrom; provided, however, that nothing
contained herein shall be taken to prevent recourse to, and enforcement
against, the assets of the Issuing Entity for any and all liabilities,
obligations and undertakings contained in the Indenture or in this Note.

 6
 

ASSIGNMENT

Social Security or
taxpayer I.D. or other identifying number of assignee

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

	
   

  
	
  (name and address of assignee)

  

 

the within Note and all
rights thereunder, and hereby irrevocably constitutes and appoints

                                                 ,
attorney, to transfer said Note on the books kept for registration thereof,
with full power of substitution in the premises.

	
  Dated:

  	
   

  	
   

  	
   

  	
  *

  
	
   

  	
   

  	
  Signature Guaranteed:

  
	
   

  	
   

  	
   

  
	
  

  	
   

  	
  Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements
  of the Note Registrar, which requirements include membership or participation
  in STAMP or such other “signature guarantee
  program” as may be determined by the Note Registrar in addition to,
  or in substitution for, STAMP, all in accordance with the Securities Exchange
  Act of 1934, as amended.

  
	
   

  
	
   

  
	
   

  
	
   

  
	
   

  
	
   

  

 

*              NOTE:  The
signature to this assignment must correspond with the name of the registered
owner as it appears on the face of the within Note in every particular without
alteration, enlargement or any change whatsoever.

 7

EXHIBIT A-2b

to Indenture

FORM OF A-2b NOTES

	
  REGISTERED

  	
  [            ](1)

  
	
  No. R-1

  	
  CUSIP NO. [            ]

  

 

Unless this Note is
presented by an authorized representative of The Depository Trust Company, a
New York corporation (“DTC”), to the
Issuing Entity or its agent for registration of transfer, exchange or payment,
and any Note issued is registered in the name of Cede & Co. or in such
other name as is requested by an authorized representative of DTC (and any
payment is made to Cede & Co. or to such other entity as is requested by an
authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR
VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered
owner hereof, Cede & Co., has an interest herein.

THE PRINCIPAL OF THIS
NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE
OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE
AMOUNT SHOWN ON THE FACE HEREOF.

CNH EQUIPMENT TRUST 2007-B

FLOATING
RATE CLASS A-2b ASSET BACKED NOTES

CNH Equipment Trust
2007-B, a statutory trust organized and existing under the laws of the State of
Delaware (including any successor, the “Issuing Entity”),
for value received, hereby promises to pay to CEDE & CO., or registered assigns,
the principal sum of [            ]
MILLION DOLLARS ($[                ]),
partially payable on each Payment Date in an amount equal to the aggregate
amount, if any, payable from the Note Distribution Account in respect of
principal on the A-2b Notes pursuant to Section 3.1 of
the Indenture; provided, however, that the
entire unpaid principal amount of this Note shall be due and payable on the
earlier of the June 15, 2010 Payment Date and the Redemption Date, if any,
pursuant to Section 10.1(a) of the Indenture. Except
as provided in Section 5.4 of the Indenture, no
payments of principal of the Notes will be made until the principal of the A-1
Notes has been paid in full.  The Issuing
Entity will pay interest on this Note at the A-2b Note Rate, on each Payment
Date until the principal of this Note is paid or made available for payment, on
the principal amount of this Note outstanding on the preceding Payment Date
(after giving effect to all payments of principal made on the preceding Payment
Date), subject to certain limitations contained in Section 3.1
of the Indenture.  Interest on this Note
will accrue for each Payment Date from the most recent Payment Date on which
interest has been paid to but excluding the then current Payment Date or, if no
interest has yet been paid, from the date hereof.  Interest will be computed on the basis of a
360-day year and the actual number of days in the applicable Interest
Period.  Such principal of and interest
on this Note shall be paid in the manner specified in the Indenture.

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

 1
 

The principal of and
interest on this Note are payable in such coin or currency of the United States
of America as at the time of payment is legal tender for payment of public and
private debts.  All payments made by the
Issuing Entity with respect to this Note shall be applied first to interest due
and payable on this Note as provided above and then to the unpaid principal of
this Note.

Reference is made to the
further provisions of this Note set forth on the reverse hereof, which shall
have the same effect as though fully set forth on the face of this Note.

Unless the certificate of
authentication hereon has been executed by the Indenture Trustee by manual
signature, this Note shall not be entitled to any benefit under the Indenture
referred to on the reverse hereof, or be valid or obligatory for any purpose.

 2
 

IN WITNESS WHEREOF, the
Issuing Entity has caused this instrument to be signed, manually or in
facsimile, by its Authorized Officer.

Dated:  September     , 2007

	
  

  	
  CNH EQUIPMENT TRUST 2007-B

  
	
   

  	
   

  
	
  

  	
  By:

  	
  Wilmington Trust Company,

  
	
   

  	
   

  	
  not in its
  individual capacity 

  
	
   

  	
   

  	
  but solely as
  Trustee under 

  
	
   

  	
   

  	
  the Trust
  Agreement

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  	
   

  
							

 

 3
 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

This is one of the Notes
designated above and referred to in the within-mentioned Indenture.

Dated:  September     , 2007

	
  

  	
  THE BANK OF NEW
  YORK TRUST

  COMPANY, N.A.

  
	
   

  	
  not in its
  individual capacity but

  
	
   

  	
  solely as
  Indenture Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Authorized
  Signatory

  	
   

  

 

 4
 

[REVERSE OF NOTE]

This Note is one of a
duly authorized issue of Notes of the Issuing Entity, designated as its
Floating Rate Class A-2b Asset Backed Notes (herein called the “A-2b Notes” or the “Notes”), all
issued under an Indenture dated as of September 1, 2007 (such Indenture, as
supplemented or amended, is herein called the “Indenture”)
between the Issuing Entity and The Bank of New York Trust Company, N.A., not in
its individual capacity but solely as trustee (the “Indenture
Trustee”, which term includes any successor Indenture Trustee under
the Indenture), to which Indenture and all indentures supplemental thereto
reference is hereby made for a statement of the respective rights and
obligations thereunder of the Issuing Entity, the Indenture Trustee and the
Holders of the Notes.  The Notes are
subject to all terms of the Indenture. 
All terms used in this Note that are not otherwise defined herein and
that are defined in the Indenture shall have the meanings assigned to them in
or pursuant to the Indenture.

The Notes, the A-1 Notes,
the A-2a Notes, the A-3 Notes and the A-4 Notes are and will be equally and
ratably secured by the collateral pledged as security therefor as provided in
the Indenture.

The Issuing Entity shall
pay interest on overdue installments of interest at the A-2b Note Rate to the
extent lawful.

Each Noteholder or Note
Owner, by acceptance of a Note, or, in the case of a Note Owner, a beneficial
interest in the Note, covenants and agrees that no recourse may be taken,
directly or indirectly, with respect to the obligations of the Issuing Entity
or the Indenture Trustee on the Notes or under the Indenture or any certificate
or other writing delivered in connection therewith, against:  (i) the Indenture Trustee or the Trustee in
their individual capacities, (ii) any owner of a beneficial interest in the
Issuing Entity or (iii) any partner, owner, beneficiary, agent, officer,
director or employee of:  (a) the
Indenture Trustee or the Trustee in their individual capacities, (b) any holder
of a beneficial interest in the Issuing Entity, the Trustee or the Indenture
Trustee or of (c) any successor or assign of the Indenture Trustee or the
Trustee in their individual capacities, except as any such Person may have
expressly agreed and except that any such partner, owner or beneficiary shall
be fully liable, to the extent provided by applicable law, for any unpaid
consideration for stock, unpaid capital contribution or failure to pay any
installment or call owing to such partner, owner or beneficiary.

It is the intent of the
Seller, the Servicer, the Noteholders and the Note Owners that, for purposes of
federal and State income tax and any other tax measured in whole or in part by
income, the Notes qualify as indebtedness of the Trust.  Each Noteholder or Note Owner, by acceptance
of a Note, or, in the case of a Note Owner, a beneficial interest in a Note,
agrees to treat, and to take no action inconsistent with the treatment of, the
Notes for such tax purposes as indebtedness of the Trust.

Each Noteholder or Note
Owner, by acceptance of a Note, or, in the case of a Note Owner, a beneficial
interest in a Note, covenants and agrees that by accepting the benefits of the
Indenture that such Noteholder will not at any time institute against the
Seller or the Issuing Entity, or join in any institution against the Seller or
the Issuing Entity of, any bankruptcy, reorganization or arrangement,
insolvency or liquidation proceedings under any United States

 5
 

federal or State
bankruptcy or similar law in connection with any obligations relating to the
Notes, the Indenture or the Basic Documents.

Each Noteholder or Note
Owner, by acceptance of a Note, or in the case of Note Owner, a beneficial
interest in the Note, represents that either (a) it is not (i) an employee
benefit plan (as defined in Section 3(3)
of ERISA) that is subject to the provisions of Title I of ERISA, (ii) a plan
described in Section 4975(e)(1)
of the Code, (iii) any entity whose underlying assets include plan assets of
any of the foregoing (each a “Benefit Plan”),
or (iv) a governmental plan (as defined in Section
3(32) of ERISA) that is subject to any law substantially similar to
ERISA or Section 4975 of the Code
or (b) the purchase and holding of the Note, or a beneficial interest therein,
will not result in a non-exempt prohibited transaction under Section 406 of ERISA, Section 4975 of the Code or any
substantially similar applicable law.

This Note and the
Indenture shall be construed in accordance with the laws of the State of New
York, and the obligations, rights and remedies of the parties hereunder and
thereunder shall be determined in accordance with such laws.

No reference herein to
the Indenture and no provision of this Note or of the Indenture shall alter or
impair the obligation of the Issuing Entity, which is absolute and
unconditional, to pay the principal of and interest on this Note at the times,
place and rate, and in the coin or currency, herein prescribed.

Anything herein to the
contrary notwithstanding, except as expressly provided in the Basic Documents,
neither The Bank of New York Trust Company, N.A., in its individual capacity,
any owner of a beneficial interest in the Issuing Entity, nor any of their
respective partners, beneficiaries, agents, officers, directors, employees,
successors or assigns shall be personally liable for, nor shall recourse be had
to any of them for, the payment of principal of or interest on, or performance
of, or omission to perform, any of the covenants, obligations or
indemnifications contained in this Note or the Indenture, it being expressly
understood that said covenants, obligations and indemnifications have been made
by the Indenture Trustee for the sole purposes of binding the interests of the
Indenture Trustee in the assets of the Issuing Entity.  The Holder of this Note by the acceptance
hereof, and each Note Owner by the acceptance of a beneficial interest herein,
each agrees that, except as expressly provided in the Basic Documents, in the
case of an Event of Default under the Indenture, the Holder and Note Owner
shall have no claim against any of the foregoing for any deficiency, loss or
claim therefrom; provided,
however, that nothing contained herein shall be taken to prevent recourse to,
and enforcement against, the assets of the Issuing Entity for any and all
liabilities, obligations and undertakings contained in the Indenture or in this
Note.

 6
 

ASSIGNMENT

Social Security or
taxpayer I.D. or other identifying number of assignee

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

 

	
  (name and address of
  assignee)

  

 

the within Note and all
rights thereunder, and hereby irrevocably constitutes and appoints                       ,
attorney, to transfer said Note on the books kept for registration thereof,
with full power of substitution in the premises.

	
  Dated:

  	
   

  	
   

  	
   

  	
  *

  
	
   

  	
   

  	
  Signature Guaranteed:

  
	
   

  	
   

  	
   

  
	
  

  	
   

  	
  Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements
  of the Note Registrar, which requirements include membership or participation
  in STAMP or such other “signature guarantee
  program” as may be determined by the Note Registrar in addition to,
  or in substitution for, STAMP, all in accordance with the Securities Exchange
  Act of 1934, as amended.

  
	
   

  
	
   

  
	
   

  
	
   

  
	
   

  

 

*              NOTE:  The signature to this assignment must
correspond with the name of the registered owner as it appears on the face of
the within Note in every particular without alteration, enlargement or any
change whatsoever.

 7

EXHIBIT
A-3a

to Indenture

FORM OF A-3a NOTES

	
  REGISTERED

  	
  [              ](1)

  
	
  No. R-1

  	
  CUSIP NO. [              ]

  

 

Unless this Note is
presented by an authorized representative of The Depository Trust Company, a
New York corporation (“DTC”), to the
Issuing Entity or its agent for registration of transfer, exchange or payment,
and any Note issued is registered in the name of Cede & Co. or in such
other name as is requested by an authorized representative of DTC (and any
payment is made to Cede & Co. or to such other entity as is requested by an
authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR
VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered
owner hereof, Cede & Co., has an interest herein.

THE PRINCIPAL OF THIS
NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE
OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE
AMOUNT SHOWN ON THE FACE HEREOF.

CNH EQUIPMENT TRUST 2007-B

5.40% CLASS A-3a ASSET BACKED NOTES

CNH Equipment Trust
2007-B, a statutory trust organized and existing under the laws of the State of
Delaware (including any successor, the “Issuing Entity”),
for value received, hereby promises to pay to CEDE & CO., or registered
assigns, the principal sum of [                ]
MILLION DOLLARS ($[            ]),
partially payable on each Payment Date in an amount equal to the aggregate
amount, if any, payable from the Note Distribution Account in respect of
principal on the A-3a Notes pursuant to Section 3.1 of
the Indenture; provided, however, that the entire unpaid principal
amount of this Note shall be due and payable on the earlier of the October 17,
2011 Payment Date and the Redemption Date, if any, pursuant to Section 10.1(a) of the Indenture. Except as provided in Section 5.4 of the Indenture, no payments of principal of
the Notes will be made until the principal of the A-1 Notes and the A-2 Notes
has been paid in full. The Issuing Entity will pay interest on this Note at the
A-3a Note Rate, on each Payment Date until the principal of this Note is paid
or made available for payment, on the principal amount of this Note outstanding
on the preceding Payment Date (after giving effect to all payments of principal
made on the preceding Payment Date), subject to certain limitations contained
in Section 3.1 of the Indenture. Interest
on this Note will accrue for each Payment Date from the most recent Payment
Date on which interest has been paid to but excluding the then current Payment
Date or, if no interest has yet been paid, from the date hereof.  Interest will be computed on the basis of a
360-day year consisting of twelve 30-day months.  Such principal of and interest on this Note
shall be paid in the manner specified in the Indenture.

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

 1
 

The principal of and
interest on this Note are payable in such coin or currency of the United States
of America as at the time of payment is legal tender for payment of public and
private debts.  All payments made by the
Issuing Entity with respect to this Note shall be applied first to interest due
and payable on this Note as provided above and then to the unpaid principal of this
Note.

Reference is made to the
further provisions of this Note set forth on the reverse hereof, which shall
have the same effect as though fully set forth on the face of this Note.

Unless the certificate of
authentication hereon has been executed by the Indenture Trustee by manual
signature, this Note shall not be entitled to any benefit under the Indenture
referred to on the reverse hereof, or be valid or obligatory for any purpose.

 2
 

IN WITNESS WHEREOF, the
Issuing Entity has caused this instrument to be signed, manually or in
facsimile, by its Authorized Officer.

Dated:  September     , 2007

	
  

  	
  CNH EQUIPMENT TRUST 2007-B

  
	
   

  	
   

  
	
  

  	
  By:

  	
  Wilmington Trust Company,

  
	
   

  	
  not in its
  individual capacity

  
	
   

  	
  but solely as
  Trustee

  
	
   

  	
  under the Trust
  Agreement

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  	
   

  
							

 

 3
 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

This is one of the Notes
designated above and referred to in the within-mentioned Indenture.

Dated:  September     , 2007

	
  

  	
  THE BANK OF NEW
  YORK TRUST

  COMPANY, N.A.,

  
	
   

  	
  not in its
  individual capacity but solely

  
	
   

  	
  as Indenture
  Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Authorized
  Signatory

  	
   

  

 

 4
 

[REVERSE OF NOTE]

This Note is one of a
duly authorized issue of the Issuing Entity, designated as its 5.40% Class A-3a
Asset Backed Notes (herein called the “A-3a Notes” or
the “Notes”), all issued under an Indenture dated as of September 1, 2007 (such
Indenture, as supplemented or amended, is herein called the “Indenture”) between the Issuing Entity and The Bank of New
York Trust Company, N.A., not in its individual capacity but solely as trustee
(the “Indenture Trustee”, which term includes
any successor Indenture Trustee under the Indenture), to which Indenture and
all indentures supplemental thereto reference is hereby made for a statement of
the respective rights and obligations thereunder of the Issuing Entity, the
Indenture Trustee and the Holders of the Notes. 
The Notes are subject to all terms of the Indenture.  All terms used in this Note that are not
otherwise defined herein and that are defined in the Indenture shall have the
meanings assigned to them in or pursuant to the Indenture.

The Notes, the A-1 Notes,
the A-2 Notes, the A-3b Notes and the A-4 Notes are and will be equally and
ratably secured by the collateral pledged as security therefor as provided in
the Indenture.

The Issuing Entity shall
pay interest on overdue installments of interest at the A-3a Note Rate to the
extent lawful.

Each Noteholder or Note
Owner, by acceptance of a Note, or, in the case of a Note Owner, a beneficial
interest in the Note, covenants and agrees that no recourse may be taken,
directly or indirectly, with respect to the obligations of the Issuing Entity
or the Indenture Trustee on the Notes or under the Indenture or any certificate
or other writing delivered in connection therewith, against:  (i) the Indenture Trustee or the Trustee in
their individual capacities, (ii) any owner of a beneficial interest in the
Issuing Entity or (iii) any partner, owner, beneficiary, agent, officer,
director or employee of:  (a) the
Indenture Trustee or the Trustee in their individual capacities, (b) any holder
of a beneficial interest in the Issuing Entity, the Trustee or the Indenture
Trustee or of (c) any successor or assign of the Indenture Trustee or the
Trustee in their individual capacities, except as any such Person may have
expressly agreed and except that any such partner, owner or beneficiary shall
be fully liable, to the extent provided by applicable law, for any unpaid
consideration for stock, unpaid capital contribution or failure to pay any
installment or call owing to such partner, owner or beneficiary.

It is the intent of the
Seller, the Servicer, the Noteholders and the Note Owners that, for purposes of
federal and State income tax and any other tax measured in whole or in part by
income, the Notes qualify as indebtedness of the Trust.  Each Noteholder or Note Owner, by acceptance
of a Note, or, in the case of a Note Owner, a beneficial interest in a Note,
agrees to treat, and to take no action inconsistent with the treatment of, the
Notes for such tax purposes as indebtedness of the Trust.

Each Noteholder or Note
Owner, by acceptance of a Note, or, in the case of a Note Owner, a beneficial
interest in a Note, covenants and agrees that by accepting the benefits of the
Indenture that such Noteholder will not at any time institute against the
Seller or the Issuing

 5
 

Entity, or join in any
institution against the Seller or the Issuing Entity of, any bankruptcy,
reorganization or arrangement, insolvency or liquidation proceedings under any
United States federal or State bankruptcy or similar law in connection with any
obligations relating to the Notes, the Indenture or the Basic Documents.

Each Noteholder or Note
Owner, by acceptance of a Note, or in the case of Note Owner, a beneficial
interest in the Note, represents that either (a) it is not (i) an employee
benefit plan (as defined in Section 3(3)
of ERISA) that is subject to the provisions of Title I of ERISA, (ii) a plan
described in Section 4975(e)(1)
of the Code, (iii) any entity whose underlying assets include plan assets of
any of the foregoing (each a “Benefit Plan”),
or (iv) a governmental plan (as defined in Section
3(32) of ERISA) that is subject to any law substantially similar to
ERISA or Section 4975 of the Code
or (b) the purchase and holding of the Note, or a beneficial interest therein,
will not result in a non-exempt prohibited transaction under Section 406 of ERISA, Section 4975 of the Code or any
substantially similar applicable law.

This Note and the
Indenture shall be construed in accordance with the laws of the State of New
York, and the obligations, rights and remedies of the parties hereunder and
thereunder shall be determined in accordance with such laws.

No reference herein to
the Indenture and no provision of this Note or of the Indenture shall alter or
impair the obligation of the Issuing Entity, which is absolute and
unconditional, to pay the principal of and interest on this Note at the times,
place and rate, and in the coin or currency, herein prescribed.

Anything herein to the
contrary notwithstanding, except as expressly provided in the Basic Documents,
neither The Bank of New York Trust Company, N.A., in its individual capacity, any
owner of a beneficial interest in the Issuing Entity, nor any of their
respective partners, beneficiaries, agents, officers, directors, employees,
successors or assigns shall be personally liable for, nor shall recourse be had
to any of them for, the payment of principal of or interest on, or performance
of, or omission to perform, any of the covenants, obligations or
indemnifications contained in this Note or the Indenture, it being expressly
understood that said covenants, obligations and indemnifications have been made
by the Indenture Trustee for the sole purposes of binding the interests of the
Indenture Trustee in the assets of the Issuing Entity.  The Holder of this Note by the acceptance
hereof, and each Note Owner by the acceptance of a beneficial interest herein,
each agrees that, except as expressly provided in the Basic Documents, in the
case of an Event of Default under the Indenture, the Holder and Note Owner
shall have no claim against any of the foregoing for any deficiency, loss or
claim therefrom; provided, however, that nothing
contained herein shall be taken to prevent recourse to, and enforcement
against, the assets of the Issuing Entity for any and all liabilities,
obligations and undertakings contained in the Indenture or in this Note.

 6
 

ASSIGNMENT

Social Security or
taxpayer I.D. or other identifying number of assignee

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

	
   

  
	
  (name and address of
  assignee)

  

 

the within Note and all
rights thereunder, and hereby irrevocably constitutes and appoints

                                     ,
attorney, to transfer said Note on the books kept for registration thereof,
with full power of substitution in the premises.

	
  Dated:

  	
   

  	
   

  	
  *

  	
   

  
	
   

  	
   

  	
  Signature Guaranteed:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Signatures must be guaranteed by an “eligible

  
	
  

  	
   

  	
  guarantor institution” meeting
  the

  requirements of the Note Registrar, which

  requirements include membership or

  participation in STAMP or such other

  “signature guarantee program” as may be

  determined by the Note Registrar in addition

  to, or in substitution for, STAMP, all in

  accordance with the Securities Exchange Act

  of 1934, as amended.

  

 

*              NOTE:  The signature to this assignment must
correspond with the name of the registered owner as it appears on the face of
the within Note in every particular without alteration, enlargement or any
change whatsoever.

 7

EXHIBIT
A-3b

to Indenture

FORM OF A-3b NOTES

	
  REGISTERED

  	
  [            ](1)

  
	
  No. R-1

  	
  CUSIP NO. [            ]

  

 

Unless this Note is
presented by an authorized representative of The Depository Trust Company, a
New York corporation (“DTC”), to the
Issuing Entity or its agent for registration of transfer, exchange or payment,
and any Note issued is registered in the name of Cede & Co. or in such
other name as is requested by an authorized representative of DTC (and any
payment is made to Cede & Co. or to such other entity as is requested by an
authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR
VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered
owner hereof, Cede & Co., has an interest herein.

THE PRINCIPAL OF THIS
NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE
OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE
AMOUNT SHOWN ON THE FACE HEREOF.

CNH EQUIPMENT TRUST 2007-B

FLOATING RATE CLASS A-3b ASSET BACKED NOTES

CNH Equipment Trust
2007-B, a statutory trust organized and existing under the laws of the State of
Delaware (including any successor, the “Issuing Entity”),
for value received, hereby promises to pay to CEDE & CO., or registered assigns,
the principal sum of [             ]
MILLION DOLLARS ($[          ])
partially payable on each Payment Date in an amount equal to the aggregate
amount, if any, payable from the Note Distribution Account in respect of
principal on the A-3b Notes pursuant to Section 3.1 of
the Indenture; provided, however, that the
entire unpaid principal amount of this Note shall be due and payable on the
earlier of the October 17, 2011 Payment Date and the Redemption Date, if any,
pursuant to Section 10.1(a) of the Indenture. Except
as provided in Section 5.4 of the Indenture, no
payments of principal of the Notes will be made until the principal of the A-1
Notes and the A-2 Notes has been paid in full. 
The Issuing Entity will pay interest on this Note at the A-3b Note Rate,
on each Payment Date until the principal of this Note is paid or made available
for payment, on the principal amount of this Note outstanding on the preceding
Payment Date (after giving effect to all payments of principal made on the
preceding Payment Date), subject to certain limitations contained in Section 3.1 of the Indenture.  Interest on this Note will accrue for each
Payment Date from the most recent Payment Date on which interest has been paid
to but excluding the then current Payment Date or, if no interest has yet been
paid, from the date hereof.  Interest
will be computed on the basis of a 360-day year and the actual number of days
in the applicable Interest

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

 1
 

Period.  Such principal of and interest on this Note
shall be paid in the manner specified in the Indenture.

The principal of and
interest on this Note are payable in such coin or currency of the United States
of America as at the time of payment is legal tender for payment of public and
private debts.  All payments made by the
Issuing Entity with respect to this Note shall be applied first to interest due
and payable on this Note as provided above and then to the unpaid principal of
this Note.

Reference is made to the
further provisions of this Note set forth on the reverse hereof, which shall
have the same effect as though fully set forth on the face of this Note.

Unless the certificate of
authentication hereon has been executed by the Indenture Trustee by manual
signature, this Note shall not be entitled to any benefit under the Indenture
referred to on the reverse hereof, or be valid or obligatory for any purpose.

 2
 

IN WITNESS WHEREOF, the
Issuing Entity has caused this instrument to be signed, manually or in
facsimile, by its Authorized Officer.

Dated:  September     , 2007

	
  

  	
  CNH EQUIPMENT TRUST 2007-B

  
	
   

  	
   

  
	
  

  	
  By:

  	
  Wilmington Trust Company,

  
	
   

  	
   

  	
  not in its
  individual capacity 

  
	
   

  	
   

  	
  but solely as
  Trustee 

  
	
   

  	
   

  	
  under the Trust
  Agreement

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  	
   

  
							

 

 3
 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

This is one of the Notes
designated above and referred to in the within-mentioned Indenture.

Dated:  September     , 2007

	
  

  	
  THE BANK OF NEW
  YORK TRUST

  COMPANY, N.A.,

  
	
   

  	
  not in its
  individual capacity but solely

  
	
   

  	
  as Indenture
  Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Authorized
  Signatory

  	
   

  

 

 4
 

[REVERSE OF NOTE]

This Note is one of a
duly authorized issue of the Issuing Entity, designated as its Floating Rate
Class A-3b Asset Backed Notes (herein called the “A-3b Notes”
or the “Notes”), all issued under an Indenture
dated as of September 1, 2007 (such Indenture, as supplemented or amended, is
herein called the “Indenture”)
between the Issuing Entity and The Bank of New York Trust Company, N.A., not in
its individual capacity but solely as trustee (the “Indenture
Trustee,” which term includes any successor Indenture Trustee under
the Indenture), to which Indenture and all indentures supplemental thereto
reference is hereby made for a statement of the respective rights and
obligations thereunder of the Issuing Entity, the Indenture Trustee and the
Holders of the Notes. The Notes are subject to all terms of the Indenture.  All terms used in this Note that are not
otherwise defined herein and that are defined in the Indenture shall have the
meanings assigned to them in or pursuant to the Indenture.

The Notes, the A-1 Notes,
the A-2 Notes, the A-3a Notes and the A-4 Notes are and will be equally and
ratably secured by the collateral pledged as security therefor as provided in
the Indenture.

The Issuing Entity shall
pay interest on overdue installments of interest at the A-3b Note Rate to the
extent lawful.

Each Noteholder or Note
Owner, by acceptance of a Note, or, in the case of a Note Owner, a beneficial
interest in the Note, covenants and agrees that no recourse may be taken,
directly or indirectly, with respect to the obligations of the Issuing Entity
or the Indenture Trustee on the Notes or under the Indenture or any certificate
or other writing delivered in connection therewith, against:  (i) the Indenture Trustee or the Trustee in
their individual capacities, (ii) any owner of a beneficial interest in the
Issuing Entity or (iii) any partner, owner, beneficiary, agent, officer,
director or employee of:  (a) the
Indenture Trustee or the Trustee in their individual capacities, (b) any holder
of a beneficial interest in the Issuing Entity, the Trustee or the Indenture
Trustee or of (c) any successor or assign of the Indenture Trustee or the
Trustee in their individual capacities, except as any such Person may have
expressly agreed and except that any such partner, owner or beneficiary shall
be fully liable, to the extent provided by applicable law, for any unpaid
consideration for stock, unpaid capital contribution or failure to pay any
installment or call owing to such partner, owner or beneficiary.

It is the intent of the
Seller, the Servicer, the Noteholders and the Note Owners that, for purposes of
federal and State income tax and any other tax measured in whole or in part by
income, the Notes qualify as indebtedness of the Trust.  Each Noteholder or Note Owner, by acceptance
of a Note, or, in the case of a Note Owner, a beneficial interest in a Note,
agrees to treat, and to take no action inconsistent with the treatment of, the
Notes for such tax purposes as indebtedness of the Trust.

Each Noteholder or Note
Owner, by acceptance of a Note, or, in the case of a Note Owner, a beneficial
interest in a Note, covenants and agrees that by accepting the benefits of the
Indenture that such Noteholder will not at any time institute against the
Seller or the Issuing

 5
 

Entity, or join in any
institution against the Seller or the Issuing Entity of, any bankruptcy,
reorganization or arrangement, insolvency or liquidation proceedings under any
United States federal or State bankruptcy or similar law in connection with any
obligations relating to the Notes, the Indenture or the Basic Documents.

Each Noteholder or Note
Owner, by acceptance of a Note, or in the case of Note Owner, a beneficial
interest in the Note, represents that either (a) it is not (i) an employee
benefit plan (as defined in Section 3(3)
of ERISA) that is subject to the provisions of Title I of ERISA, (ii) a plan
described in Section 4975(e)(1)
of the Code, (iii) any entity whose underlying assets include plan assets of
any of the foregoing (each a “Benefit Plan”),
or (iv) a governmental plan (as defined in Section
3(32) of ERISA) that is subject to any law substantially similar to
ERISA or Section 4975 of the Code
or (b) the purchase and holding of the Note, or a beneficial interest therein,
will not result in a non-exempt prohibited transaction under Section 406 of ERISA, Section 4975 of the Code or any
substantially similar applicable law.

This Note and the
Indenture shall be construed in accordance with the laws of the State of New
York, and the obligations, rights and remedies of the parties hereunder and thereunder
shall be determined in accordance with such laws.

No reference herein to
the Indenture and no provision of this Note or of the Indenture shall alter or
impair the obligation of the Issuing Entity, which is absolute and
unconditional, to pay the principal of and interest on this Note at the times,
place and rate, and in the coin or currency, herein prescribed.

Anything herein to the
contrary notwithstanding, except as expressly provided in the Basic Documents,
neither The Bank of New York Trust Company, N.A., in its individual capacity,
any owner of a beneficial interest in the Issuing Entity, nor any of their
respective partners, beneficiaries, agents, officers, directors, employees,
successors or assigns shall be personally liable for, nor shall recourse be had
to any of them for, the payment of principal of or interest on, or performance
of, or omission to perform, any of the covenants, obligations or
indemnifications contained in this Note or the Indenture, it being expressly
understood that said covenants, obligations and indemnifications have been made
by the Indenture Trustee for the sole purposes of binding the interests of the
Indenture Trustee in the assets of the Issuing Entity.  The Holder of this Note by the acceptance
hereof, and each Note Owner by the acceptance of a beneficial interest herein,
each agrees that, except as expressly provided in the Basic Documents, in the
case of an Event of Default under the Indenture, the Holder and Note Owner
shall have no claim against any of the foregoing for any deficiency, loss or
claim therefrom; provided, however,
that nothing contained herein shall be taken to prevent recourse to, and
enforcement against, the assets of the Issuing Entity for any and all
liabilities, obligations and undertakings contained in the Indenture or in this
Note.

 6
 

ASSIGNMENT

Social Security or
taxpayer I.D. or other identifying number of assignee

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

 

	
  (name and address of assignee)

  

 

the within Note and all
rights thereunder, and hereby irrevocably constitutes and appoints                                ,
attorney, to transfer said Note on the books kept for registration thereof,
with full power of substitution in the premises.

	
  Dated:

  	
   

  	
   

  	
  *

  	
   

  
	
   

  	
   

  	
  Signature Guaranteed:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Signatures must be guaranteed by an “eligible

  
	
  

  	
   

  	
  guarantor institution” meeting
  the

  requirements of the Note Registrar, which

  requirements include membership or

  participation in STAMP or such other

  “signature guarantee program” as may be

  determined by the Note Registrar in addition

  to, or in substitution for, STAMP, all in

  accordance with the Securities Exchange Act

  of 1934, as amended.

  

 

*              NOTE:  The signature to this assignment must
correspond with the name of the registered owner as it appears on the face of
the within Note in every particular without alteration, enlargement or any
change whatsoever.

 7

EXHIBIT A-4

to Indenture

FORM
OF A-4 NOTES

	
  REGISTERED

  	
  [                    ](1)

  
	
  No. R-1

  	
  CUSIP NO.
  [              ]

  

 

Unless this Note is presented by an authorized
representative of The Depository Trust Company, a New York corporation (“DTC”), to the Issuing Entity or its agent for registration
of transfer, exchange or payment, and any Note issued is registered in the name
of Cede & Co. or in such other name as is requested by an authorized
representative of DTC (and any payment is made to Cede & Co. or to such
other entity as is requested by an authorized representative of DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an
interest herein.

THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS
AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE
AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.

CNH EQUIPMENT TRUST
2007-B

FLOATING RATE CLASS A-4
ASSET BACKED NOTES

CNH Equipment Trust 2007-B, a statutory trust
organized and existing under the laws of the State of Delaware (including any
successor, the “Issuing Entity”), for value
received, hereby promises to pay to CEDE & CO., or registered assigns, the
principal sum of [                          ]
MILLION DOLLARS ($[                  ]),
partially payable on each Payment Date in an amount equal to the aggregate
amount, if any, payable from the Note Distribution Account in respect of principal
on the A-4 Notes pursuant to Section 3.1 of
the Indenture; provided, however, that the entire unpaid principal
amount of this Note shall be due and payable on the earlier of the March 17,
2014 Payment Date and the Redemption Date, if any, pursuant to Section 10.1(a) of the Indenture. Except as provided in Section 5.4 of the Indenture, no payments of principal of
the Notes will be made until the principal of the A-1 Notes, the A-2 Notes and
the A-3 Notes has been paid in full. The Issuing Entity will pay interest on
this Note at the A-4 Note Rate, on each Payment Date until the principal of
this Note is paid or made available for payment, on the principal amount of
this Note outstanding on the preceding Payment Date (after giving effect to all
payments of principal made on the preceding Payment Date), subject to certain
limitations contained in Section 3.1 of
the Indenture. Interest on this Note will accrue for each Payment Date from the
most recent Payment Date on which interest has been paid to but excluding the
then current Payment Date or, if no interest has yet been paid, from the date
hereof.  Interest will be computed on the
basis of a 360-day year and the actual number of days in the applicable
Interest

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

 1
 

Period. Such principal of and interest on this Note shall be paid in
the manner specified in the Indenture.

 

The principal of and interest on this Note are payable
in such coin or currency of the United States of America as at the time of
payment is legal tender for payment of public and private debts.  All payments made by the Issuing Entity with
respect to this Note shall be applied first to interest due and payable on this
Note as provided above and then to the unpaid principal of this Note.

Reference is made to the further provisions of this
Note set forth on the reverse hereof, which shall have the same effect as
though fully set forth on the face of this Note.

Unless the certificate of authentication hereon has
been executed by the Indenture Trustee by manual signature, this Note shall not
be entitled to any benefit under the Indenture referred to on the reverse
hereof, or be valid or obligatory for any purpose.

 2
 

IN WITNESS WHEREOF, the Issuing Entity has caused this
instrument to be signed, manually or in facsimile, by its Authorized Officer.

Dated:  September       ,
2007

	
  

  	
  CNH EQUIPMENT TRUST 2007-B

  
	
   

  	
   

  
	
   

  	
  By:

  	
  Wilmington Trust Company,

  
	
   

  	
  not in its individual capacity

  
	
   

  	
  but solely as Trustee

  
	
   

  	
  under the Trust Agreement

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  	
   

  
							

 

 3
 

TRUSTEE’S
CERTIFICATE OF AUTHENTICATION

This is one of the Notes designated above and referred
to in the within-mentioned Indenture.

Dated:  September       ,
2007

	
  

  	
  THE BANK OF NEW YORK TRUST

  COMPANY, N.A.,

  
	
   

  	
  not in its individual capacity but solely

  
	
   

  	
  as Indenture Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Authorized
  Signatory

  	
   

  

 

 4
 

[REVERSE
OF NOTE]

This Note is one of a duly authorized issue of the
Issuing Entity, designated as its Floating Rate Class A-4 Asset Backed Notes
(herein called the “A-4 Notes” or
the “Notes”), all issued under an Indenture dated as of September 1, 2007 (such
Indenture, as supplemented or amended, is herein called the “Indenture”) between the Issuing Entity and The Bank of New
York Trust Company, N.A., not in its individual capacity but solely as trustee
(the “Indenture Trustee”, which term includes
any successor Indenture Trustee under the Indenture), to which Indenture and
all indentures supplemental thereto reference is hereby made for a statement of
the respective rights and obligations thereunder of the Issuing Entity, the
Indenture Trustee and the Holders of the Notes. 
The Notes are subject to all terms of the Indenture.  All terms used in this Note that are not
otherwise defined herein and that are defined in the Indenture shall have the
meanings assigned to them in or pursuant to the Indenture.

The Notes, the A-1 Notes, the A-2 Notes and the A-3
Notes are and will be equally and ratably secured by the collateral pledged as
security therefor as provided in the Indenture.

The Issuing Entity shall pay interest on overdue
installments of interest at the A-4 Note Rate to the extent lawful.

Each Noteholder or Note Owner, by acceptance of a
Note, or, in the case of a Note Owner, a beneficial interest in the Note,
covenants and agrees that no recourse may be taken, directly or indirectly,
with respect to the obligations of the Issuing Entity or the Indenture Trustee
on the Notes or under the Indenture or any certificate or other writing
delivered in connection therewith, against: 
(i) the Indenture Trustee or the Trustee in their individual capacities,
(ii) any owner of a beneficial interest in the Issuing Entity or (iii) any
partner, owner, beneficiary, agent, officer, director or employee of:  (a) the Indenture Trustee or the Trustee in
their individual capacities, (b) any holder of a beneficial interest in the
Issuing Entity, the Trustee or the Indenture Trustee or of (c) any successor or
assign of the Indenture Trustee or the Trustee in their individual capacities,
except as any such Person may have expressly agreed and except that any such
partner, owner or beneficiary shall be fully liable, to the extent provided by
applicable law, for any unpaid consideration for stock, unpaid capital
contribution or failure to pay any installment or call owing to such partner,
owner or beneficiary.

It is the intent of the Seller, the Servicer, the
Noteholders and the Note Owners that, for purposes of federal and State income
tax and any other tax measured in whole or in part by income, the Notes qualify
as indebtedness of the Trust.  Each
Noteholder or Note Owner, by acceptance of a Note, or, in the case of a Note
Owner, a beneficial interest in a Note, agrees to treat, and to take no action
inconsistent with the treatment of, the Notes for such tax purposes as
indebtedness of the Trust.

Each Noteholder or Note Owner, by acceptance of a
Note, or, in the case of a Note Owner, a beneficial interest in a Note,
covenants and agrees that by accepting the benefits of the Indenture that such
Noteholder will not at any time institute against the Seller or the Issuing
Entity, or join in any institution against the Seller or the Issuing Entity of,
any bankruptcy,

 5
 

reorganization or arrangement, insolvency or liquidation proceedings
under any United States federal or State bankruptcy or similar law in
connection with any obligations relating to the Notes, the Indenture or the
Basic Documents.

 

Each Noteholder or Note Owner, by acceptance of a
Note, or in the case of Note Owner, a beneficial interest in the Note,
represents that either (a) it is not (i) an employee benefit plan (as defined
in Section 3(3) of ERISA) that is
subject to the provisions of Title I of ERISA, (ii) a plan described in Section 4975(e)(1) of the Code, (iii) any
entity whose underlying assets include plan assets of any of the foregoing
(each a “Benefit Plan”), or (iv)
a governmental plan (as defined in Section
3(32) of ERISA) that is subject to any law substantially similar to
ERISA or Section 4975 of the Code
or (b) the purchase and holding of the Note, or a beneficial interest therein,
will not result in a non-exempt prohibited transaction under Section 406 of ERISA, Section 4975 of the Code or any
substantially similar applicable law.

This Note and the Indenture shall be construed in
accordance with the laws of the State of New York, and the obligations, rights
and remedies of the parties hereunder and thereunder shall be determined in
accordance with such laws.

No reference herein to the Indenture and no provision
of this Note or of the Indenture shall alter or impair the obligation of the
Issuing Entity, which is absolute and unconditional, to pay the principal of
and interest on this Note at the times, place and rate, and in the coin or
currency, herein prescribed.

Anything herein to the contrary notwithstanding,
except as expressly provided in the Basic Documents, neither The Bank of New
York Trust Company, N.A., in its individual capacity, any owner of a beneficial
interest in the Issuing Entity, nor any of their respective partners,
beneficiaries, agents, officers, directors, employees, successors or assigns
shall be personally liable for, nor shall recourse be had to any of them for,
the payment of principal of or interest on, or performance of, or omission to
perform, any of the covenants, obligations or indemnifications contained in
this Note or the Indenture, it being expressly understood that said covenants,
obligations and indemnifications have been made by the Indenture Trustee for
the sole purposes of binding the interests of the Indenture Trustee in the
assets of the Issuing Entity.  The Holder
of this Note by the acceptance hereof, and each Note Owner by the acceptance of
a beneficial interest herein, each agrees that, except as expressly provided in
the Basic Documents, in the case of an Event of Default under the Indenture,
the Holder and Note Owner shall have no claim against any of the foregoing for
any deficiency, loss or claim therefrom; provided, however,
that nothing contained herein shall be taken to prevent recourse to, and
enforcement against, the assets of the Issuing Entity for any and all
liabilities, obligations and undertakings contained in the Indenture or in this
Note.

 6
 

ASSIGNMENT

Social Security or taxpayer I.D. or other identifying number of
assignee

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

(name and address of
assignee)

the within Note and all rights thereunder, and hereby
irrevocably constitutes and appoints

                                                               ,
attorney, to transfer said Note on the books kept for registration thereof,
with full power of substitution in the premises.

	
  Dated:

  	
   

  	
   

  	
  *

  	
   

  
	
  

  	
  Signature Guaranteed:

  
	
   

  	
   

  
	
   

  	
   

  	
  Signatures must be guaranteed by an “eligible 

  
	
   

  	
  guarantor institution” meeting
  the requirements of the Note Registrar, which requirements include membership
  or participation in STAMP or such other “signature guarantee
  program” as may be determined by the Note Registrar in addition
  to, or in substitution for, STAMP, all in accordance with the Securities
  Exchange Act of 1934, as amended.

  
						

 

 

*              NOTE:  The signature to this assignment must
correspond with the name of the registered owner as it appears on the face of
the within Note in every particular without alteration, enlargement or any
change whatsoever.

 7

EXHIBIT A-5

to Indenture

FORM
OF CLASS B NOTES

	
  REGISTERED

  	
  [                  ](1)

  
	
  No. R-1

  	
  CUSIP NO.
  [                  ]

  

 

Unless this Note is presented by an authorized
representative of The Depository Trust Company, a New York corporation (“DTC”), to the Issuing Entity or its agent for registration
of transfer, exchange or payment, and any Note issued is registered in the name
of Cede & Co. or in such other name as is requested by an authorized
representative of DTC (and any payment is made to Cede & Co. or to such
other entity as is requested by an authorized representative of DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an
interest herein.

THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS
AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE
AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.

CNH EQUIPMENT TRUST
2007-B

6.38% CLASS B ASSET
BACKED NOTES

CNH Equipment Trust 2007-B, a statutory trust
organized and existing under the laws of the State of Delaware (including any
successor, the “Issuing Entity”), for value
received, hereby promises to pay to CEDE & CO., or registered assigns, the
principal sum of [                                        ]
MILLION DOLLARS ($[                  ]),
partially payable on each Payment Date in an amount equal to the aggregate
amount, if any, payable from the Note Distribution Account in respect of
principal on the Class B Notes pursuant to Section 3.1 of
the Indenture; provided, however, that the
entire unpaid principal amount of this Note shall be due and payable on the
earlier of the April 15, 2014 Payment Date and the Redemption Date, if any,
pursuant to Section 10.1(a) of the Indenture.  No payments of principal of the Notes will be
made on any Payment Date until the A-1 Notes, the A-2 Notes, the A-3 Notes and
the A-4 Notes have been paid in full. 
The Issuing Entity will pay interest on this Note at the rate per annum
shown above, on each Payment Date until the principal of this Note is paid or
made available for payment, on the principal amount of this Note outstanding on
the preceding Payment Date (after giving effect to all payments of principal
made on the preceding Payment Date), subject to certain limitations contained
in Section 3.1 of the Indenture.  Interest on this Note will accrue for each
Payment Date from the most recent Payment Date on which interest has been paid
to but excluding the then current Payment Date or, if no interest has yet been
paid, from the date hereof.  Interest
will be computed on the basis of a 360-day year consisting of twelve 30-day

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

 1
 

months.  Such
principal of and interest on this Note shall be paid in the manner specified in
the Indenture.

The principal of and interest on this Note are payable
in such coin or currency of the United States of America as at the time of
payment is legal tender for payment of public and private debts.  All payments made by the Issuing Entity with
respect to this Note shall be applied first to interest due and payable on this
Note as provided above and then to the unpaid principal of this Note.

Reference is made to the further provisions of this
Note set forth on the reverse hereof, which shall have the same effect as
though fully set forth on the face of this Note.

Unless the certificate of authentication hereon has
been executed by the Indenture Trustee by manual signature, this Note shall not
be entitled to any benefit under the Indenture referred to on the reverse
hereof, or be valid or obligatory for any purpose.

 2
 

IN WITNESS WHEREOF, the Issuing Entity has caused this
instrument to be signed, manually or in facsimile, by its Authorized Officer.

Dated:  September       ,
2007

	
  

  	
  CNH EQUIPMENT TRUST 2007-B

  
	
   

  	
  By:

  	
  Wilmington Trust Company,

  
	
   

  	
   

  	
  not in its individual capacity 

  
	
   

  	
   

  	
  but solely as Trustee

  
	
   

  	
   

  	
  under the Trust Agreement

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  	
   

  
							

 

 3
 

TRUSTEE’S
CERTIFICATE OF AUTHENTICATION

This is one of the Notes designated above and referred
to in the within-mentioned Indenture.

Dated:  September         ,
2007

	
  

  	
  THE BANK OF NEW YORK TRUST

  COMPANY, N.A.,

  
	
   

  	
  not in its individual capacity but solely

  
	
   

  	
  as Indenture Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Authorized
  Signatory

  	
   

  

 

 4
 

[REVERSE
OF NOTE]

This Note is one of a duly authorized issue of Notes
of the Issuing Entity, designated as its 6.38% Class B Asset Backed Notes
(herein called the “Class B Notes”
or the “Notes”), all issued under an Indenture
dated as of September 1, 2007 (such Indenture, as supplemented or amended, is
herein called the “Indenture”)
between the Issuing Entity and The Bank of New York Trust Company, N.A., not in
its individual capacity but solely as trustee (the “Indenture
Trustee”, which term includes any successor Indenture Trustee under
the Indenture), to which Indenture and all indentures supplemental thereto
reference is hereby made for a statement of the respective rights and
obligations thereunder of the Issuing Entity, the Indenture Trustee and the
Holders of the Notes.  The Notes are
subject to all terms of the Indenture. 
All terms used in this Note that are not otherwise defined herein and
that are defined in the Indenture shall have the meanings assigned to them in
or pursuant to the Indenture.

The Class B Notes are and will be equally and ratably
secured by the collateral pledged as security therefor as provided in the
Indenture, but the interest of the Class B Noteholders in such collateral is
subordinated and second to the rights of the Class A Noteholders.

The Issuing Entity shall pay interest on overdue
installments of interest at the Class B Note Rate to the extent lawful.

Each Noteholder or Note Owner, by acceptance of a
Note, or, in the case of a Note Owner, a beneficial interest in the Note,
covenants and agrees that no recourse may be taken, directly or indirectly,
with respect to the obligations of the Issuing Entity or the Indenture Trustee
on the Notes or under the Indenture or any certificate or other writing
delivered in connection therewith, against: 
(i) the Indenture Trustee or the Trustee in their individual capacities,
(ii) any owner of a beneficial interest in the Issuing Entity or (iii) any
partner, owner, beneficiary, agent, officer, director or employee of:  (a) the Indenture Trustee or the Trustee in
their individual capacities, (b) any holder of a beneficial interest in the
Issuing Entity, the Trustee or the Indenture Trustee or of (c) any successor or
assign of the Indenture Trustee or the Trustee in their individual capacities,
except as any such Person may have expressly agreed and except that any such
partner, owner or beneficiary shall be fully liable, to the extent provided by
applicable law, for any unpaid consideration for stock, unpaid capital
contribution or failure to pay any installment or call owing to such partner,
owner or beneficiary.

It is the intent of the Seller, the Servicer, the
Noteholders and the Note Owners that, for purposes of federal and State income
tax and any other tax measured in whole or in part by income, the Notes qualify
as indebtedness of the Trust.  Each
Noteholder or Note Owner, by acceptance of a Note, or, in the case of a Note
Owner, a beneficial interest in a Note, agrees to treat, and to take no action
inconsistent with the treatment of, the Notes for such tax purposes as
indebtedness of the Trust.

Each Noteholder or Note Owner, by acceptance of a
Note, or, in the case of a Note Owner, a beneficial interest in a Note,
covenants and agrees that by accepting the benefits of the Indenture that such
Noteholder will not at any time institute against the Seller or the Issuing

 5
 

Entity, or join in any institution against the Seller
or the Issuing Entity of, any bankruptcy, reorganization or arrangement,
insolvency or liquidation proceedings under any United States federal or State
bankruptcy or similar law in connection with any obligations relating to the
Notes, the Indenture or the Basic Documents.

Each Noteholder or Note Owner, by acceptance of a
Note, or in the case of Note Owner, a beneficial interest in the Note,
represents that either (a) it is not (i) an employee benefit plan (as defined
in Section 3(3) of ERISA) that is
subject to the provisions of Title I of ERISA, (ii) a plan described in Section 4975(e)(1) of the Code, (iii) any
entity whose underlying assets include plan assets of any of the foregoing
(each a “Benefit Plan”), or (iv) a governmental
plan (as defined in Section 3(32)
of ERISA) that is subject to any law substantially similar to ERISA or Section 4975 of the Code or (b) the
purchase and holding of the Note, or a beneficial interest therein, will not
result in a non-exempt prohibited transaction under Section 406 of ERISA, Section
4975 of the Code or any substantially similar applicable law.

This Note and the Indenture shall be construed in
accordance with the laws of the State of New York, and the obligations, rights
and remedies of the parties hereunder and thereunder shall be determined in
accordance with such laws.

No reference herein to the Indenture and no provision
of this Note or of the Indenture shall alter or impair the obligation of the
Issuing Entity, which is absolute and unconditional, to pay the principal of
and interest on this Note at the times, place and rate, and in the coin or
currency, herein prescribed.

Anything herein to the contrary notwithstanding,
except as expressly provided in the Basic Documents, neither The Bank of New
York Trust Company, N.A., in its individual capacity, any owner of a beneficial
interest in the Issuing Entity, nor any of their respective partners,
beneficiaries, agents, officers, directors, employees, successors or assigns
shall be personally liable for, nor shall recourse be had to any of them for,
the payment of principal of or interest on, or performance of, or omission to
perform, any of the covenants, obligations or indemnifications contained in
this Note or the Indenture, it being expressly understood that said covenants,
obligations and indemnifications have been made by the Indenture Trustee for
the sole purposes of binding the interests of the Indenture Trustee in the
assets of the Issuing Entity.  The Holder
of this Note by the acceptance hereof, and each Note Owner by the acceptance of
a beneficial interest herein, each agrees that, except as expressly provided in
the Basic Documents, in the case of an Event of Default under the Indenture,
the Holder and Note Owner shall have no claim against any of the foregoing for
any deficiency, loss or claim therefrom; provided, however,
that nothing contained herein shall be taken to prevent recourse to, and
enforcement against, the assets of the Issuing Entity for any and all
liabilities, obligations and undertakings contained in the Indenture or in this
Note.

 6
 

ASSIGNMENT

Social Security or taxpayer I.D. or other identifying number of
assignee

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

(name and address of
assignee)

the within Note and all rights thereunder, and hereby irrevocably
constitutes and appoints                                           ,
attorney, to transfer said Note on the books kept for registration thereof,
with full power of substitution in the premises.

 

	
  Dated:

  	
   

  	
   

  	
  *

  	
   

  
	
  

  	
  Signature Guaranteed:

  
	
   

  	
   

  
	
   

  	
   

  	
  Signatures must be guaranteed by an “eligible 

  
	
   

  	
  guarantor institution” meeting
  the requirements of the Note Registrar, which requirements include membership
  or participation in STAMP or such other “signature guarantee
  program” as may be determined by the Note Registrar in addition
  to, or in substitution for, STAMP, all in accordance with the Securities
  Exchange Act of 1934, as amended.

  
						

 

 

*              NOTE:  The
signature to this assignment must correspond with the name of the registered
owner as it appears on the face of the within Note in every particular without
alteration, enlargement or any change whatsoever.

 7

EXHIBIT B

to Indenture

FORM
OF SECTION 3.9 OFFICER’S CERTIFICATE

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

2 North LaSalle Street, Suite 1020

Chicago, Illinois 60602

Pursuant to Section
3.9 of the Indenture, dated as of September 1, 2007 (the “Indenture”) between CNH Equipment Trust 2007-B (the “Issuing Entity”) and The Bank of New York Trust Company,
N.A., as Indenture Trustee, the undersigned hereby certifies that:

(a)           a
review of the activities of the Issuing Entity during the previous fiscal year
and of performance under the Indenture has been made under the supervision of
the undersigned; and

(b)           to
the best knowledge of the undersigned, based on such review, the Issuing Entity
has complied with all conditions and covenants under the Indenture throughout
such year. [or, if there has been a default in the compliance of any such
condition or covenant, this certificate is to specify each such default known
to the undersigned and the nature and status thereof]

	
  

  	
  CNH EQUIPMENT TRUST 2007-B

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  	
   

  
						

 

 1

Schedule P

1.             General.  The Indenture creates, or with respect to the
Receivables that are Subsequent Receivables upon the transfer of such
Subsequent Receivables pursuant to the Subsequent Transfer Assignment will
create, a valid and continuing security interest (as defined in the applicable
UCC) in all of the Issuing Entity’s right, title and interest in, to and under
(i) the Receivables, (ii) the Liquidity Receivables Purchase Agreement (only
with respect to Owned Contracts), (iii) the Sale and Servicing Agreement
(including all rights of the Seller under the Liquidity Receivables Purchase
Agreements and the Purchase Agreement assigned to the Issuing Entity pursuant
to the Sale and Servicing Agreement), and (iv) the Interest Rate Swap
Agreements, in each case, in favor of the Indenture Trustee, which, (a)
security interest is enforceable upon execution of the Indenture against
creditors of and purchasers from the Issuing Entity as such enforceability may
be limited by applicable Debtor Relief Laws, now or hereafter in effect, and by
general principles of equity (whether considered in a suit at law or in
equity), and (b) upon filing of the financing statements described in clause 4 below will be prior to all other
Liens.

2.             Characterization.  The Receivables constitute “tangible chattel
paper” within the meaning of UCC Section
9-102.  The rights granted
under the agreements described in clause 1(ii)
through (iv) constitute “general intangibles”
within the meaning of UCC Section 9-102.  The Issuing Entity has taken or will take all
steps necessary to perfect its security interest in the property securing the
Receivables within 10 days of the Closing Date.

3.             Creation.  Immediately prior to the grant to the
Indenture Trustee pursuant to the Indenture, the Issuing Entity owns and has
good and marketable title to, or has a valid security interest in, the
Receivables free and clear of any Lien, claim or encumbrance of any Person.

4.             Perfection.  The Issuing Entity has caused or will have
caused, within ten days of the Closing Date, the filing of all appropriate
financing statements in the proper filing office in the appropriate
jurisdictions under applicable law in order to perfect the security interest
granted to the Indenture Trustee under the Indenture in the Receivables.  With respect to the Collateral that
constitutes tangible chattel paper, the Servicer or a Subservicer, as
custodian, received possession of such tangible chattel paper after the
Indenture Trustee received a written acknowledgment (which is contained in the
Sale and Servicing Agreement) from such custodian that it is acting solely as
agent of the Indenture Trustee.  All
financing statements filed under this clause 4
contain a statement that “A purchase of or security interest in any collateral
described in this financing statement will violate the rights of the Secured
Party”.

5.             Priority.  Other than the security interest granted to
the Indenture Trustee pursuant to the Indenture, the Issuing Entity has not
pledged, assigned, sold, granted a security interest in, or otherwise conveyed
any of the Collateral.  The Issuing
Entity has not authorized the filing of and is not aware of any financing
statements against the Issuing Entity that include a description of collateral
covering the Collateral other than any financing statement (i) relating to the
security interest granted to the Indenture Trustee under the Indenture, (ii)
that has been terminated or relating to a security interest which has been
released, or (iii) that has been granted pursuant to 

 1
 

the terms of the Basic Documents.  None of the tangible chattel paper that
constitutes or evidences the Collateral has any marks or notations indicating
that they have pledged, assigned or otherwise conveyed to any Person other than
the Indenture Trustee.  The Issuing
Entity is not aware of any judgment, ERISA or tax lien filings against it.

6.             Survival
of Perfection Representations. 
Notwithstanding any other provision of the Indenture or any other Basic
Document, the Perfection Representations contained in this Schedule P shall be
continuing, and remain in full force and effect (other than with respect to
Reacquired Receivables);

7.             No
Waiver.  The parties to the
Indenture:  (i) shall not, without
obtaining a confirmation of the then-current rating of the Notes, waive a
material breach of any of the representations and warranties in this Schedule P
(the “Perfection Representations”); (ii) shall
provide the Ratings Agencies with prompt written notice of any material breach
of the Perfection Representations, and shall not, without obtaining a
confirmation of the then-current rating of the Notes (as determined after any
adjustment or withdrawal of the ratings following notice of such breach) waive
a material breach of any of the Perfection Representations.

8.             Servicer
to Maintain Perfection and Priority. 
The Servicer covenants that, in order to evidence the interests of
Issuing Entity and the Indenture Trustee under this Agreement, Servicer shall
take such action, or execute and deliver such instruments as may be necessary
or advisable (including, without limitation, such actions as are requested by
Issuing Entity) to maintain and perfect, as a first priority interest, the
Indenture Trustee’s security interest in the Receivables.  Servicer shall, from time to time and within
the time limits established by law, prepare and present to the Indenture
Trustee for the Indenture Trustee to authorize the Servicer to file, all
financing statements, amendments, continuations, initial financing statements
in lieu of a continuation statement, terminations, partial terminations,
releases or partial releases, or any other filings necessary or advisable to
continue, maintain and perfect the Indenture Trustee’s security interest in the
Receivables as a first-priority interest (each a “Filing”).  Issuing Entity shall promptly authorize in
writing Servicer to, and Servicer shall, effect such Filing under the Uniform
Commercial Code without the signature of the Indenture Trustee or Issuing
Entity where allowed by applicable law.

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