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                           CNH EQUIPMENT TRUST 2000-A

                                    INDENTURE

                                     between

                           CNH EQUIPMENT TRUST 2000-A

                                       and

                         HARRIS TRUST AND SAVINGS BANK,
                              as Indenture Trustee.

                            Dated as of March 1, 2000

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                                TABLE OF CONTENTS

                                                                            Page

                                    ARTICLE I1
                   DEFINITIONS AND INCORPORATION BY REFERENCE

SECTION 1.1.   Definitions.....................................................3
SECTION 1.2.   Incorporation by Reference of Trust Indenture Act...............3
SECTION 1.3.   Rules of Construction...........................................3

                                   ARTICLE II
                                    THE NOTES

SECTION 2.1.   Form............................................................4
SECTION 2.2.   Execution, Authentication and Delivery..........................4
SECTION 2.3.   Temporary Notes.................................................5
SECTION 2.4.   Registration; Registration of Transfer and Exchange.............5
SECTION 2.5.   Mutilated, Destroyed, Lost or Stolen Notes......................7
SECTION 2.6.   Persons Deemed Owner............................................8
SECTION 2.7.   Payment of Principal and Interest; Defaulted Interest...........8
SECTION 2.8.   Cancellation....................................................9
SECTION 2.9.   Release of Collateral...........................................9
SECTION 2.10.  Book-Entry Notes...............................................10
SECTION 2.11.  Notices to Clearing Agency.....................................10
SECTION 2.12.  Definitive Notes...............................................11

                                   ARTICLE III
                                    COVENANTS

SECTION 3.1.   Payment of Principal and Interest..............................11
SECTION 3.2.   Maintenance of Office or Agency................................12
SECTION 3.3.   Money for Payments To Be Held in Trust.........................12
SECTION 3.4.   Existence......................................................14
SECTION 3.5.   Protection of the Trust Estate.................................14
SECTION 3.6.   Opinions as to the Trust Estate................................15
SECTION 3.7.   Performance of Obligations; Servicing of Receivables...........15
SECTION 3.8.   Negative Covenants.............................................18
SECTION 3.9.   Annual Statement as to Compliance..............................18
SECTION 3.10.  Issuer May Consolidate, etc., Only on Certain Terms............19
SECTION 3.11.  Successor or Transferee........................................21
SECTION 3.12.  No Other Business..............................................21
SECTION 3.13.  No Borrowing...................................................21
SECTION 3.14.  Servicer's Obligations.........................................21

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SECTION 3.15.  Guarantees, Loans, Advances and Other Liabilities..............21
SECTION 3.16.  Capital Expenditures...........................................22
SECTION 3.17.  Removal of Administrator.......................................22
SECTION 3.18.  Restricted Payments............................................22
SECTION 3.19.  Notice of Events of Default....................................22
SECTION 3.20.  Further Instruments and Acts...................................22

                                   ARTICLE IV
                           SATISFACTION AND DISCHARGE

SECTION 4.1.   Satisfaction and Discharge of Indenture........................22
SECTION 4.2.   Application of Trust Money.....................................24
SECTION 4.3.   Repayment of Moneys Held by Paying Agent.......................24

                                    ARTICLE V
                                    REMEDIES

SECTION 5.1.   Events of Default..............................................24
SECTION 5.2.   Acceleration of Maturity; Rescission and Annulment.............26
SECTION 5.3.   Collection of Indebtedness and Suits for Enforcement
               by Indenture Trustee...........................................27
SECTION 5.4.   Remedies; Priorities...........................................29
SECTION 5.5.   Optional Preservation of the Receivables.......................31
SECTION 5.6.   Limitation of Suits............................................31
SECTION 5.7.   Unconditional Rights of Noteholders To Receive Principal
               and Interest...................................................32
SECTION 5.8.   Restoration of Rights and Remedies.............................32
SECTION 5.9.   Rights and Remedies Cumulative.................................32
SECTION 5.10.  Delay or Omission Not a Waiver.................................33
SECTION 5.11.  Control by Noteholders.........................................33
SECTION 5.12.  Waiver of Past Defaults........................................34
SECTION 5.13.  Undertaking for Costs..........................................34
SECTION 5.14.  Waiver of Stay or Extension Laws...............................34
SECTION 5.15.  Action on Notes................................................35
SECTION 5.16.  Performance and Enforcement of Certain Obligations.............35

                                   ARTICLE VI
                              THE INDENTURE TRUSTEE

SECTION 6.1.   Duties of the Indenture Trustee................................36
SECTION 6.2.   Rights of Indenture Trustee....................................38
SECTION 6.3.   Individual Rights of the Indenture Trustee.....................39
SECTION 6.4.   Indenture Trustee's Disclaimer.................................39
SECTION 6.5.   Notice of Defaults.............................................39
SECTION 6.6.   Reports by Indenture Trustee to the Holders....................39

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SECTION 6.7.   Compensation and Indemnity.....................................39
SECTION 6.8.   Replacement of the Indenture Trustee...........................40
SECTION 6.9.   Successor Indenture Trustee by Merger..........................41
SECTION 6.10.  Appointment of Co-Trustee or Separate Trustee..................42
SECTION 6.11.  Eligibility; Disqualification..................................43
SECTION 6.12.  Preferential Collection of Claims Against the Issuer...........44
SECTION 6.13.  Representations and Warranties.................................44

                                   ARTICLE VII
                         NOTEHOLDERS' LISTS AND REPORTS

SECTION 7.1.   Issuer To Furnish Indenture Trustee Names and
               Addresses of Noteholders.......................................45
SECTION 7.2.   Preservation of Information; Communications to Noteholders.....46
SECTION 7.3.   Reports by Issuer..............................................46

                                  ARTICLE VIII
                      ACCOUNTS, DISBURSEMENTS AND RELEASES

SECTION 8.1.   Collection of Money............................................47
SECTION 8.2.   Trust Accounts.................................................47
SECTION 8.3.   General Provisions Regarding Accounts..........................48
SECTION 8.4.   Release of Trust Estate........................................49
SECTION 8.5.   Opinion of Counsel.............................................49

                                   ARTICLE IX
                             SUPPLEMENTAL INDENTURES

SECTION 9.1.   Supplemental Indentures Without Consent of Noteholders.........50
SECTION 9.2.   Supplemental Indentures With Consent of Noteholders............51
SECTION 9.3.   Execution of Supplemental Indentures...........................53
SECTION 9.4.   Effect of Supplemental Indenture...............................53
SECTION 9.5.   Conformity with Trust Indenture Act............................54
SECTION 9.6.   Reference in Notes to Supplemental Indentures..................54

                                    ARTICLE X
                               REDEMPTION OF NOTES

SECTION 10.1.  Redemption.....................................................54
SECTION 10.2.  Form of Redemption Notice......................................54
SECTION 10.3.  Notes Payable on Redemption Date...............................55

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                                   ARTICLE XI
                                  MISCELLANEOUS

SECTION 11.1.  Compliance Certificates and Opinions, etc......................55
SECTION 11.2.  Form of Documents Delivered to Indenture Trustee...............57
SECTION 11.3.  Acts of Noteholders............................................58
SECTION 11.4.  Notices, etc., to the Indenture Trustee, Issuer and Rating
               Agencies.......................................................59
SECTION 11.5.  Notices to Noteholders; Waiver.................................60
SECTION 11.6.  Alternate Payment and Notice Provisions........................60
SECTION 11.7.  Conflict with Trust Indenture Act..............................61
SECTION 11.8.  Effect of Headings and Table of Contents.......................61
SECTION 11.9.  Successors and Assigns.........................................61
SECTION 11.10. Severability...................................................61
SECTION 11.11. Benefits of Indenture..........................................61
SECTION 11.12. Legal Holidays.................................................61
SECTION 11.13. Governing Law..................................................61
SECTION 11.14. Counterparts...................................................62
SECTION 11.15. Recording of Indenture.........................................62
SECTION 11.16. Trust Obligation...............................................62
SECTION 11.17. No Petition....................................................62
SECTION 11.18. Inspection.....................................................63
SECTION 11.19  Subordination..................................................63
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                                    EXHIBITS

EXHIBIT A-1       Form of A-1 Notes
EXHIBIT A-2       Form of A-2 Notes
EXHIBIT A-3       Form of A-3 Notes
EXHIBIT A-4       Form of A-4 Notes
EXHIBIT A-5       Form of Class B Notes
EXHIBIT B         Form of Section 3.9 Officers' Certificate

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     INDENTURE, dated as of March 1, 2000, between CNH EQUIPMENT TRUST 2000-A, a
Delaware  business trust (the  "ISSUER"),  and HARRIS TRUST AND SAVINGS BANK, an
Illinois banking  corporation  ("HARRIS"),  as trustee and not in its individual
capacity (the "INDENTURE TRUSTEE").

     Each party  agrees as follows for the benefit of the other  party,  for the
equal and ratable  benefit of the Holders of the Issuer's 6.178% Class A-1 Asset
Backed Notes (each an "A-1  NOTE"),  6.80% Class A-2 Asset Backed Notes (each an
"A-2 NOTE"),  7.14% Class A-3 Asset  Backed  Notes (each an "A-3  NOTE"),  7.34%
Class A-4 Asset  Backed Notes (each an "A-4 NOTE") and 7.32% Class B Notes (each
a "CLASS B NOTE"; and together with the A-1 Notes, the A-2 Notes, the A-3 Notes,
and the A-4 Notes, the "NOTES").

                                 GRANTING CLAUSE

     The  Issuer  hereby  Grants to Harris at the  Closing  Date,  as  Indenture
Trustee for the benefit of the Holders of the Notes,  all of the Issuer'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 moneys 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 Issuer in the
Financed Equipment;

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

          (d) the Liquidity Receivables Purchase Agreement (only with respect to
Owned  Contracts  included  in the  Receivables)  and  the  Purchase  Agreement,
including the right of the Issuer to cause Case Credit to repurchase Receivables
from the Seller under the circumstances described therein;

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

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

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

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

          (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,  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; and

          (j) any True Lease Equipment that is subject to any Receivable.

     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, 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.

     Harris, as Indenture Trustee on behalf of the Noteholders, (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 to
the best of its ability to the end that the interests of the  Noteholders may be
adequately and effectively protected.

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                                    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.

         "obligor" on the indenture securities means the Issuer 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. RULES OF CONSTRUCTION.  Unless the context otherwise requires:
(i) a term has the meaning assigned to it; (ii) an accounting term not otherwise
defined has the meaning  assigned to it in accordance  with  generally  accepted
accounting  principles  as in  effect  on the  date  hereof;  (iii)  "or" is not
exclusive; (iv) "including" means "including, without limitation"; and (v) words
in the singular include the plural and words in the plural include the singular.

                                   ARTICLE II
                                    THE NOTES

     SECTION 2.1. FORM. The A-1 Notes, A-2 Notes, A-3 Notes, A-4 Notes and Class
B Notes, together with the Indenture Trustee's certificate of

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authentication,  shall be in substantially  the forms set forth in Exhibits A-1,
A-2, A-3, 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 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-2, A-3, 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  Issuer  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 Issuer shall bind the Issuer,
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 Issuer Order  authenticate and deliver A-1
Notes,  A-2 Notes,  A-3 Notes, A-4 Notes and Class B Notes for original issue in
an  aggregate  principal  amount of  $150,000,000,  $360,000,000,  $260,000,000,
$311,000,000 and $46,000,000, respectively. The Outstanding Amount of A-1 Notes,
A-2  Notes,  A-3  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,

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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 Issuer may  execute,  and upon  receipt of an Issuer  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 officers  executing such Notes may
determine, as evidenced by their execution of such Notes.

     If temporary Notes are issued, the Issuer will cause Definitive Notes to be
prepared without  unreasonable delay. After the preparation of Definitive Notes,
the temporary Notes shall be exchangeable for Definitive Notes upon surrender of
the  temporary  Notes at the office or agency of the Issuer 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 Issuer 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
Issuer shall cause to be kept a register (the "NOTE REGISTER") in which, subject
to such reasonable regulations as it may prescribe, the Issuer 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 Issuer 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 Issuer as
the Note  Registrar,  the Issuer 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  Issuer to be  maintained  as  provided  in  Section  3.2,  if the
requirements  of Section  8-401(1) of the UCC are met, the Issuer shall execute,
the Indenture  Trustee shall  authenticate  and the Noteholder shall obtain from
the

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<PAGE>

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(1) of the UCC are met, the Issuer 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.

     All Notes  issued  upon any  registration  of transfer or exchange of Notes
shall be the  valid  obligations  of the  Issuer,  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 Issuer 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 Section 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 Issuer to hold the
Indenture Trustee and the Issuer,  respectively,  harmless, then, in the absence
of notice to the Issuer,  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 Issuer shall execute,  and
upon its request the  Indenture  Trustee  shall  authenticate  and  deliver,  in
exchange for or in lieu of any

                                        6
<PAGE>

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 Issuer 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 Issuer 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 Issuer or the Indenture Trustee in
connection therewith.

     Upon the issuance of any  replacement  Note under this Section,  the Issuer
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 Issuer, 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 Issuer,  the Indenture Trustee and any
agent of the Issuer 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 of and interest, if any,
on such Note and for all other purposes whatsoever,  whether or not such Note be
overdue,  and  neither the Issuer,  the  Indenture  Trustee nor any agent of the
Issuer or the Indenture Trustee shall be affected by notice to the contrary.

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<PAGE>

     SECTION 2.7. PAYMENT OF PRINCIPAL AND INTEREST; DEFAULTED INTEREST. (a) The
A-1  Notes,  A-2  Notes,  A-3 Notes,  A-4 Notes and Class B Notes  shall  accrue
interest  at the A-1 Note Rate,  the A-2 Note Rate,  the A-3 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 Issuer 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.  Notwithstanding the foregoing,  the
entire Outstanding Amount shall be due and payable,  ratably to all Noteholders,
on:  (A) the  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,
and (B) if any Notes remain Outstanding,  on and after the February 2007 Payment
Date. In all other circumstances,  all principal payments on each Class of Notes
shall be made pro rata to the Noteholders of such Class entitled thereto.

          (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 Issuer 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 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 Issuer  defaults  in a payment  of  interest  on the Notes,  the
Issuer shall pay, in any lawful  manner,  defaulted  interest  (PLUS interest on
such defaulted

                                        8
<PAGE>

interest to the extent lawful) at the applicable  interest rate from the Payment
Date for which such  payment is in  default.  The Issuer 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 Issuer 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 Issuer may at any time deliver
to the Indenture Trustee for cancellation any Notes previously authenticated and
delivered  hereunder that the Issuer 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  Issuer  shall  direct  by an Issuer  Order  that  they be  returned  to it;
PROVIDED,  that  such  Issuer  Order  is  timely  and the  Notes  have  not been
previously disposed of by the Indenture Trustee.

     SECTION 2.9.  RELEASE OF COLLATERAL.  Subject to Section 11.1 and the Basic
Documents,  the Indenture  Trustee shall release  property from the Lien of this
Indenture  only upon receipt of an Issuer  Request  accompanied  by an Officers'
Certificate,  an Opinion of Counsel and  Independent  Certificates in accordance
with TIA Secs.  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 (the initial Clearing Agency),  or its
custodian,  by, or on behalf  of, the  Issuer.  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;

                                        9
<PAGE>

          (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.  If: (i) the  Administrator  advises the
Indenture  Trustee in writing that the Clearing  Agency is no longer  willing or
able to properly discharge its  responsibilities  with respect to the Notes, and
the  Administrator  is  unable  to  locate  a  qualified  successor,   (ii)  the
Administrator  at its option  advises the  Indenture  Trustee in writing that it
elects to terminate the book entry system through the Clearing  Agency or (iii)
after the occurrence of an Event of Default or a Servicer  Default,  Note Owners
representing  beneficial  interests  aggregating  at  least  a  majority  of the
Outstanding  Amount of the Notes advise the Clearing  Agency in writing that the
continuation of a book-entry  system through the Clearing Agency is no longer in
the best interests of the Note Owners,  then the Clearing  Agency has undertaken
to notify all Note Owners and the  Indenture  Trustee of the  occurrence  of any
such  event  and of the  availability  of  Definitive

                                       10
<PAGE>

Notes to Note  Owners  requesting  the same.  Upon  surrender  to the  Indenture
Trustee  of the  typewritten  Notes  representing  the  Book-Entry  Notes by the
Clearing  Agency,  accompanied by  registration  instructions,  the Issuer shall
execute,  and the Indenture Trustee shall authenticate,  the Definitive Notes in
accordance with the instructions of the Clearing Agency. None of the Issuer, 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
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,  the Notes
will 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.

                                   ARTICLE III
                                    Covenants

     SECTION 3.1.  PAYMENT OF PRINCIPAL AND  INTEREST.  The Issuer 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  Section 8.2(c),  the Issuer will cause to be distributed 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  to
Holders of the Notes. 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  Issuer  to such
Noteholder for all purposes of this Indenture.

     SECTION 3.2.  Maintenance of Office or Agency.  The Issuer 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 Issuer in respect of the Notes and this Indenture may
be served.  The Issuer hereby initially  appoints the Indenture Trustee to serve
as its agent for the  foregoing  purposes.  The Issuer will give prompt  written
notice  to the  Indenture  Trustee  of the  location,  and of any  change in the
location,  of any such office or agency. If at any time the Issuer shall fail to
maintain  any such  office or  agency or shall  fail to  furnish  the  Indenture
Trustee with the address thereof,  such  surrenders,  notices and demands may be
made or
                                       11

<PAGE>

served at the  Corporate  Trust  Office,  and the  Issuer  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 Section
8.2(a) and (b),  all  payments of amounts due and  payable  with  respect to any
Notes that are to be made from amounts withdrawn from the Collection Account and
the Note Distribution Account pursuant to Section 8.2(c) shall be made on behalf
of the  Issuer 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  Issuer  except  as
provided in this Section.

     On or before  each  Payment  Date and  Redemption  Date,  the Issuer  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 Issuer  Order with written  notice
thereof to the Indenture Trustee. Any Paying Agent appointed by the Issuer shall
be a Person who would be eligible to be Indenture  Trustee hereunder as provided
in Section  6.11.  The Issuer shall not appoint any Paying Agent (other than the
Indenture  Trustee) which is not, at the time of such appointment,  a depository
institution  or trust  company,  including  the Indenture  Trustee,  that (a) is
incorporated  under  the laws of the  United  States  of  America  or any  State
thereof,  (b) is  subject to  supervision  and  examination  by federal or state
banking authorities and (c) has outstanding  unsecured commercial paper or other
short-  term  unsecured  debt  obligations  that are rated  "A-1+" by Standard &
Poor's or "Prime-1" by Moody's (or its equivalent).

     The Issuer 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 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;

                                       12
<PAGE>

          (ii) give the  Indenture  Trustee  notice of any default by the Issuer
     (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 Issuer may at any time,  for the purpose of obtaining the  satisfaction
and  discharge of this  Indenture  or for any other  purpose,  by Issuer  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 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  Issuer  on Issuer  Request;  and the  Holder of such Note  shall
thereafter,  as an  unsecured  general  creditor,  look only to the  Issuer  for
payment  thereof  (but only to the extent of the amounts so paid to the Issuer),
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 Issuer 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 Issuer. The Indenture
Trustee  shall also adopt and employ,  at the  expense of the Issuer,  any other
reasonable  means

                                       13
<PAGE>

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 moneys 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 Issuer will keep in full effect its existence,
rights and franchises as a business 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 Issuer 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.

The Issuer 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
Issuer  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  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

                                       14
<PAGE>

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,  the Issuer 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
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
Issuer 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 Issuer 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 Officers'  Certificate  of the Issuer
shall be deemed to be action  taken by the  Issuer.  Initially,  the  Issuer has
contracted  with the  Servicer  and the  Administrator  to assist  the Issuer in
performing its duties under this Indenture.

     (c) The Issuer 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 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 Issuer shall not waive,
amend,  modify,  supplement  or terminate  any Basic  Document or any  provision
thereof

                                       15
<PAGE>

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 Issuer  shall have  knowledge  of the  occurrence  of a Servicer
Default,  the Issuer shall promptly notify the Indenture  Trustee and the Rating
Agencies  thereof,  and shall  specify in such  notice the action,  if any,  the
Issuer 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
Issuer 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 Issuer shall appoint a successor servicer (the
"SUCCESSOR SERVICER"),  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
the  Successor  Servicer.  The  Indenture  Trustee may resign as the Servicer by
giving written  notice of such  resignation to the Issuer and in such event will
be released from such duties and  obligations,  such release not to be effective
until the date a Successor  Servicer enters into a servicing  agreement with the
Issuer as provided  below.  Upon delivery of any such notice to the Issuer,  the
Issuer shall obtain a new servicer as the Successor  Servicer under the Sale and
Servicing  Agreement.  Any Successor  Servicer other than the Indenture  Trustee
shall:  (i) be an established  financial  institution  having a net worth of not
less than  $50,000,000  and whose  regular  business  includes the  servicing of
receivables  and (ii) enter into a servicing  agreement  with the Issuer  having
substantially  the same  provisions as the  provisions of the Sale and Servicing
Agreement  applicable to the  Servicer.  If within 30 days after the delivery of
the  notice  referred  to  above,  the  Issuer  shall not have  obtained  such a
Successor  Servicer,  the Indenture Trustee may appoint, or may petition a court
of competent  jurisdiction to appoint, a Successor Servicer.  In connection with
any such  appointment,  the Indenture Trustee may make such arrangements for the
compensation of such Successor  Servicer as it and such Successor Servicer shall
agree,  subject to the limitations set forth below and in the Sale and Servicing
Agreement,  and  in  accordance  with  Section  8.2 of the  Sale  and  Servicing
Agreement, the Issuer 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

                                       16
<PAGE>

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 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.

     (f) Upon any  termination of the Servicer's  rights and powers  pursuant to
the Sale and Servicing Agreement, the Issuer shall promptly notify the Indenture
Trustee.  As soon as a Successor Servicer is appointed,  the Issuer shall notify
the Indenture  Trustee of such  appointment,  specifying in such notice the name
and address of such Successor Servicer.

     (g) Without  derogating from the absolute nature of the assignment  Granted
to the  Indenture  Trustee  under this  Indenture or the rights of the Indenture
Trustee hereunder, the Issuer agrees that it will not, without the prior written
consent of the  Indenture  Trustee or the  Holders of at least a majority of the
Outstanding Amount, amend, modify, waive, supplement, terminate or surrender, or
agree  to  any  amendment,  modification,  supplement,  termination,  waiver  or
surrender  of,  the terms of any  Collateral  (except  to the  extent  otherwise
provided in the Sale and Servicing  Agreement) or the Basic Documents,  or waive
timely  performance  or  observance by the Servicer or the Seller under the Sale
and Servicing Agreement or Case Credit under the Purchase  Agreement;  PROVIDED,
HOWEVER,  that no such amendment shall: (i) increase or reduce in any manner the
amount of, or accelerate or delay the timing of, distributions that are required
to be made for the  benefit of the  Noteholders,  or (ii)  reduce the  aforesaid
percentage of the Notes that are required to consent to any such  amendment,  in
either case without the consent of the Holders of all the Outstanding  Notes. If
any such amendment, modification,  supplement or waiver shall be so consented to
by the Indenture Trustee or such Holders, the Issuer agrees,  promptly following
a request by the Indenture Trustee to do so, to execute and deliver,  in its own
name and at its own expense,  such agreements,  instruments,  consents and other
documents as the  Indenture  Trustee may deem  necessary or  appropriate  in the
circumstances.

     SECTION 3.8. NEGATIVE COVENANTS. So long as any Notes are Outstanding,  the
Issuer 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  Issuer,
     including  those included in the Trust Estate,  unless directed to do so by
     the Indenture Trustee;

                                       17
<PAGE>

          (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 Issuer will deliver to
the Indenture Trustee,  within 120 days after the end of each fiscal year of the
Issuer  (commencing  with the  fiscal  year  2000),  an  Officers'  Certificate,
substantially in the form of Exhibit B, stating that:

          (i) a review of the  activities  of the Issuer during such year and of
     performance  under  this  Indenture  has been made  under  such  Authorized
     Officers' supervision; and

          (ii) to the best of such Authorized Officers' knowledge, based on such
     review,  the Issuer 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 Officers and the nature and status thereof.

     SECTION 3.10. ISSUER MAY CONSOLIDATE,  ETC., ONLY ON CERTAIN TERMS. (a) The
Issuer shall not consolidate or merge with or into any other Person, unless:

          (i) the Person (if other than the Issuer)  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 to the Indenture Trustee,  the due
     and punctual payment of the principal of and interest on all Notes and the
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<PAGE>

     the  performance  or  observance  of every  agreement  and covenant of this
     Indenture on the part of the Issuer 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 Issuer  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
     Issuer, 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  Issuer  shall have  delivered  to the  Indenture  Trustee an
     Officers'  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) The  Issuer  shall not  convey or  transfer  any of its  properties  or
assets, 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  Issuer 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  on the part of the Issuer 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, (D)
     unless otherwise provided in such supplemental indenture,  expressly agrees
     to  indemnify,  defend and hold  harmless  the Issuer  against and from any
     loss,  liability or expense  arising under or related to this Indenture and

                                       19
<PAGE>

     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;

          (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 Issuer  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
     Issuer, 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  Issuer  shall have  delivered  to the  Indenture  Trustee an
     Officers'  Certificate  and an Opinion of Counsel  each  stating  that such
     conveyance  or transfer and such  supplemental  indenture  comply with this
     Article 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 Issuer in  accordance  with  Section  3.10(a),  the  Person  formed by or
surviving such  consolidation or merger (if other than the Issuer) shall succeed
to, and be  substituted  for,  and may  exercise  every  right and power of, the
Issuer  under this  Indenture  with the same  effect as if such  Person had been
named as the Issuer herein.

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

     SECTION  3.12.  NO OTHER  BUSINESS.  The  Issuer  shall  not  engage in any
business other than financing,  purchasing,  owning, selling and managing of the
Receivables in the manner contemplated by this Indenture and the Basic Documents
and activities incidental thereto.

                                       20
<PAGE>

     SECTION  3.13.  NO BORROWING.  The Issuer 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 Issuer shall cause the Servicer
to comply with Sections 4.8, 4.9,  4.10,  4.11 and 5.9 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 Issuer
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,  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  Issuer  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 Issuer 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 Issuer  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 Issuer or
otherwise with respect to any ownership or equity  interest or security in or of
the Issuer 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  Issuer  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 Issuer will not, directly
or indirectly,  make payments to or  distributions  from the Collection  Account
except in accordance with this Indenture and the Basic Documents.

     SECTION  3.19.  NOTICE OF EVENTS OF  DEFAULT.  The  Issuer  shall  give the
Indenture Trustee and the Rating Agencies prompt written notice of each Event of

                                       21
<PAGE>

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 Case Credit of its obligations under the Purchase Agreement.

     SECTION 3.20.  FURTHER  INSTRUMENTS AND ACTS. Upon request of the Indenture
Trustee,  the Issuer 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.

                                   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)  Sections 3.3, 3.4, 3.5, 3.8,
3.10, 3.12 and 3.13, (v) 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 (vi) the
rights of  Noteholders 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 Issuer,  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
Issuer and  thereafter  repaid to the Issuer 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,

                                       22
<PAGE>

               (ii) will become due and payable on the 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 Issuer,

and  the  Issuer,  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 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  Issuer  has paid or  caused  to be paid  all  other  sums  payable
hereunder by the Issuer; and

     (C)  the  Issuer  has  delivered  to the  Indenture  Trustee  an  Officers'
Certificate,  an Opinion of Counsel and (if required by the TIA or the Indenture
Trustee) 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 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 moneys  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 moneys have been deposited with the Indenture  Trustee,
of all sums due and to become due thereon for principal  and interest;  but such
moneys 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 MONEYS HELD BY PAYING AGENT.  In connection with
the  satisfaction and discharge of this Indenture with respect to the Notes, all
moneys then held by any Paying Agent other than the Indenture Trustee under this
Indenture with respect to such Notes shall,  upon demand of the Issuer,

                                       23
<PAGE>

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 moneys.

                                    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 Issuer 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 Issuer 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 Issuer by the Indenture Trustee or to the Issuer 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
     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 Issuer 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,

                                       24
<PAGE>

     custodian,  trustee,sequestrator  or similar  official of the Issuer or for
     any  substantial  part of the Trust Estate,  or ordering the  winding-up or
     liquidation of the Issuer'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  Issuer 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 Issuer to the entry of an
     order for relief in an involuntary  case under any such law, or the consent
     by the  Issuer to the  appointment  or  taking  possession  by a  receiver,
     liquidator,  assignee, custodian, trustee, sequestrator or similar official
     of the  Issuer  or for any  substantial  part of the Trust  Estate,  or the
     making  by  the  Issuer  of any  general  assignment  for  the  benefit  of
     creditors,  or the failure by the Issuer generally to pay its debts as such
     debts become due, or the taking of action by the Issuer in  furtherance  of
     any of the foregoing.

     The Issuer shall deliver to the Indenture  Trustee,  within five days after
the Issuer or the Administrator obtains actual knowledge thereof, written notice
in the form of an Officers'  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 Issuer 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 Issuer (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 Issuer and the Indenture  Trustee,  may rescind
and annul such declaration and its consequences if:

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

               (A) all  payments of  principal  of and interest on all Notes and
          all other amounts that would then be due hereunder or upon such Notes

                                       25
<PAGE>

          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 thereto.

     SECTION  5.3.  COLLECTION  OF  INDEBTEDNESS  AND SUITS FOR  ENFORCEMENT  BY
INDENTURE  TRUSTEE.  (a) The  Issuer  covenants  that  if an  Event  of  Default
described in Section 5.1(i) or (ii) occurs,  the Issuer 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 Issuer  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 Issuer or other obligor upon such Notes and collect
in the manner provided by law out of the property of the Issuer or other obligor
upon such  Notes,  wherever  situated,  the  moneys  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,  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.

                                       26
<PAGE>

     (d) In case there  shall be  pending,  relative  to the Issuer 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  bankruptcy  or  reorganization,
liquidator,  sequestrator  or similar  official shall have been appointed for or
taken  possession of the Issuer or its property or such other obligor or Person,
or in case of any other comparable judicial  Proceedings  relative to the Issuer
or other  obligor upon the Notes,  or to the creditors or property of the Issuer
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 moneys 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 Issuer, 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

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<PAGE>

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 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.

     (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 an Event of Default shall have
occurred  and be  continuing,  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 or under
     this Indenture with respect  thereto,  whether by declaration or otherwise,
     enforce any  judgment  obtained,  and collect from the Issuer and any other
     obligor upon such Notes moneys adjudged due;

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

          (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 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  are  sufficient  to discharge in full all amounts then due and
unpaid upon such Notes for principal  and interest 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 payable, and the Indenture
Trustee obtains the consent of Holders of 66-2/3% of the Outstanding  Amount. 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.

         (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 the Indenture Trustee for amounts due under Section 6.7;

          SECOND: to Class A Noteholders for amounts due and unpaid on the Class
     A Notes for interest,  ratably, without preference or priority of any kind,
     according to the amounts due and payable on the Class A Notes for interest;

          THIRD:  to Class B Noteholders for amounts due and unpaid on the Class
     B Notes for interest,  ratably, without preference or priority of any kind,
     according to the amounts due and payable on the Class B Notes for interest;

          FOURTH: to Class A Noteholders for amounts due and unpaid on the Class
     A Notes for principal, ratably, without preference or priority of any kind,

                                       29
<PAGE>

     according  to the  amounts  due  and  payable  on the  Class  A  Notes  for
     principal;

          FIFTH:  to Class B Noteholders for amounts due and unpaid on the Class
     B Notes for principal, ratably, without preference or priority of any kind,
     according  to the  amounts  due  and  payable  on the  Class  B  Notes  for
     principal; and

          SIXTH: to the Issuer 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 Issuer shall mail to each  Noteholder and
the Indenture  Trustee a notice that states the special record date, the special
payment date and the amount to be paid.

     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;

                                       30
<PAGE>

          (iii) such Holder(s) have offered to the Indenture Trustee  reasonable
     indemnity  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  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 Issuer,  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.

                                       31
<PAGE>

     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

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

PROVIDED,  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.

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<PAGE>

     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 Issuer, 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 Issuer  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 Issuer (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

                                       33
<PAGE>

and  permit  the  execution  of every  such power as though no such law had been
enacted.

     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 Issuer 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 Issuer.  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 Issuer  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 Issuer 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 Issuer 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 Issuer
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 Issuer  thereunder  and to give any consent,  request,
notice,  direction,  approval,  extension or waiver under the Sale and Servicing
Agreement, and any right of the Issuer 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,

                                       34
<PAGE>

exercise  all  rights,  remedies,  powers,  privileges  and claims of the Seller
against  Case  Credit  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 Case Credit 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.

                                   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 wilful misconduct,
except that:

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

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<PAGE>

          (ii) the  Indenture  Trustee  shall  not be  liable  for any  error of
     judgment  made in good faith by a Responsible  Officer  unless it is proved
     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 Issuer,  the Trustee,  the Seller or the Servicer,  nor
     shall it have any liability in connection  with  malfeasance or nonfeasance
     by the Issuer,  the  Trustee,  the Seller or the  Servicer.  The  Indenture
     Trustee  shall have no  liability  in  connection  with  compliance  of the
     Issuer,  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
Issuer.

     (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 repayments
of such  funds or  adequate  indemnity  satisfactory  to it  against  any  loss,
liability or expense is not reasonably assured to it.

                                               36
<PAGE>

     (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
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 Officers' 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 Officers' 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 wilful misconduct, negligence or bad faith.

     (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 Issuer 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,

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<PAGE>

become the owner of Notes or  otherwise  extend  credit to the Issuer.  The
Indenture  Trustee may otherwise deal with the Issuer 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
Issuer's use of the proceeds from the Notes;  and shall not be  responsible  for
any  statement  of the Issuer 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 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.

     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, the Indenture  Trustee shall mail to each
Noteholder a brief report as of such  December 31 that complies with TIA Section
313(a) (if required by said section).

     SECTION 6.7.  COMPENSATION AND INDEMNITY.  The Issuer shall, or shall cause
the  Servicer  to, pay to the  Indenture  Trustee  from time to time  reasonable
compensation for its services. The Indenture Trustee's compensation shall not be
limited by any law on compensation of a trustee of an express trust.  The Issuer
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 Issuer 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) incurred by them in connection
with  the  administration  of this  trust  and  the  performance  of its  duties
hereunder.  The  Indenture  Trustee  shall  notify the  Issuer and the  Servicer
promptly  of any  claim

                                       38
<PAGE>

for which it may seek indemnity.  Failure by the Indenture  Trustee to so notify
the Issuer and the Servicer  shall not relieve the Issuer or the Servicer of its
obligations hereunder.  The Issuer shall, or shall cause the Servicer to, defend
the claim and the  Indenture  Trustee may have  separate  counsel and the Issuer
shall,  or shall  cause  the  Servicer  to,  pay the fees and  expenses  of such
counsel.  Neither  the Issuer 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 Issuer's payment  obligations to the Indenture Trustee pursuant to this
Section  shall  survive the  discharge  of this  Indenture.  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 Issuer 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 Issuer 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.

     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 Issuer
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 Issuer.  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

                                       39
<PAGE>

the Indenture  Trustee under this  Indenture.  The successor  Indenture  Trustee
shall mail a notice of its  succession to  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  Issuer  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 Issuer'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 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 and the Issuer prior written notice of
any such  transaction;  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   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  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.

     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

                                       40
<PAGE>

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,

                                       41
<PAGE>

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. 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 Section 310(a) and 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 Section 310(b),  including the optional
provision  permitted by the second sentence of TIA Section 310(b)(9);  PROVIDED,
HOWEVER,  that  there  shall be  excluded  from  the  operation  of TIA  Section
310(b)(1)  any  indenture(s)  under  which  other  securities  of the Issuer are
outstanding  if the  requirements  for such  exclusion  set forth in TIA Section
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
the Class A Notes and the Class B Notes, a successor  Indenture Trustee shall be
appointed  for one or  both of such  Classes,  so that  there  will be  separate
Indenture  Trustees  for the Class A Notes and the Class B Notes.  No such event
shall alter the voting rights of the Class A Noteholders  or 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 share 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,  all
rights to exercise  remedies  under the Indenture will transfer to the Indenture
Trustee for the Class B Notes.

                                       42
<PAGE>

     In the case of the appointment  hereunder of a successor  Indenture Trustee
with respect to any Class of Notes, the Issuer,  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  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 ISSUER.  The
Indenture  Trustee shall comply with TIA Section 311(a),  excluding any creditor
relationship listed in TIA Section 311(b). An Indenture Trustee who has resigned
or been removed shall be subject to TIA Section 311(a) to the extent indicated.

     SECTION 6.13.  REPRESENTATIONS AND WARRANTIES. The Indenture Trustee hereby
represents that:

     (a) the  Indenture  Trustee is duly  organized  and validly  existing as an
Illinois  banking  corporation  in good standing under the laws of Illinois 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;

                                       43
<PAGE>

     (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  organization  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; and

     (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 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.

                                   ARTICLE VII
                         NOTEHOLDERS' LISTS AND REPORTS

     SECTION 7.1.  ISSUER TO FURNISH  INDENTURE  TRUSTEE  NAMES AND ADDRESSES OF
NOTEHOLDERS.  The Issuer 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
Issuer 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

                                       44
<PAGE>

communicate  pursuant to TIA Section 312(b) with other  Noteholders with respect
to their rights under this Indenture or under the Notes.

     (c) The Issuer, the Indenture Trustee and the Note Registrar shall have the
protection of TIA Section 312(c).

     SECTION 7.3. REPORTS BY ISSUER. (a) The Issuer shall:

          (i) file with the Indenture  Trustee,  within 15 days after the Issuer
     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 Issuer may be required to
     file with the  Commission  pursuant to Section 13 or 15(d) of the  Exchange
     Act;
          (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 Issuer
     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 Section 313(c)) such
     summaries of any information, documents and reports required to be filed by
     the Issuer 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 Issuer otherwise  determines,  the fiscal year of the Issuer
shall end on December 31 of each year.

                                  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

                                       45
<PAGE>

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
Issuer shall cause the Servicer to establish  and  maintain,  in the name of the
Indenture   Trustee,    for   the   benefit   of   the   Noteholders   and   the
Certificateholders,  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 Noteholders'  Distributable Amount with respect to
the 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, the Indenture  Trustee shall
distribute  all  amounts  on  deposit  in  the  Note  Distribution   Account  to
Noteholders  to the extent of amounts due and unpaid on the Notes for  principal
and interest in the  following  amounts and in the  following  order of priority
(except as otherwise provided in Section 5.4(b)):

          (i) 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;

          (ii) the Class B Noteholders' Class Interest Amount;

          (iii) the Class Principal Distributable Amount for each Class of Class
     A Notes in the following priority:  A-1 Notes, A-2 Notes, A-3 Notes and A-4
     Notes  (provided  that after an Event of Default  and  acceleration  of the
     Notes  (and,  if any  Notes  remain  outstanding,  on and  after  the Final
     Scheduled  Maturity Date),  amounts available for distribution  pursuant to
     this  clause  (iv) shall be paid to all  Holders  of Class A Notes  ratably
     according to the amounts due and payable on the Class A Notes for principal
     until paid in full);

                                       46

<PAGE>

          (iv) the Class B Noteholders' Monthly Principal  Distributable Amount;
     and

          (v)  thereafter,  any excess  shall be  deposited  to 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.

     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 Issuer Order,  subject
to the  provisions of Section  5.1(b) of the Sale and Servicing  Agreement.  All
income or other gain from  investments of moneys 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 Issuer 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 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 Issuer 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.

     (c) If: (i) the Issuer 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 Issuer 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,

                                       47
<PAGE>

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 moneys.

     (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
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 Issuer 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 Issuer Request accompanied by
an  Officers'  Certificate,  an Opinion of Counsel and (if  required by the TIA)
Independent  Certificates  in accordance  with TIA Sections 314(c) and 314(d)(1)
meeting the applicable requirements of Section 11.1.

     SECTION 8.5.  OPINION OF COUNSEL.  The  Indenture  Trustee shall receive at
least  seven  days'  notice  when  requested  by the  Issuer 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.

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                                   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 Issuer and the Indenture  Trustee,  when authorized by an
Issuer  Order,  at any time and from time to time,  may  enter  into one or more
indentures  supplemental  hereto (which shall conform to the Trust Indenture Act
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 Issuer,  and the assumption by
     any such successor of the covenants of the Issuer herein and in the Notes;

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

          (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 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

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     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 Issuer and the  Indenture  Trustee,  when  authorized  by an Issuer
Order,  may,  without  the consent of any of the Holders of Notes but with prior
written  notice to the Rating  Agencies,  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
Opinion of Counsel,  adversely  affect in any material  respect the interests of
any Noteholder.

     SECTION  9.2.  Supplemental  Indentures  With Consent of  Noteholders.  The
Issuer and the Indenture Trustee,  when authorized by an Issuer Order, may, with
prior written notice to the Rating  Agencies 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 Issuer 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 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) change the date of payment of any  installment  of principal of or
     interest on any Note, or reduce the principal amount thereof,  the interest
     rate  thereon or the  Redemption  Price with  respect  thereto,  change the
     provisions of this Indenture relating to the application of collections on,
     or the  proceeds  of the  sale of,  the  Trust  Estate  to the  payment  of
     principal  of or  interest  on the  Notes,  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

                                       50
<PAGE>

     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 Issuer 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

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<PAGE>

authorization of the execution  thereof by Noteholders  shall be subject to such
reasonable requirements as the Indenture Trustee may provide.

     Promptly after the execution by the Issuer 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.

     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 Issuer 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 Trust Indenture Act as then in effect
so long as this Indenture shall then be qualified under the Trust Indenture Act.

     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 Issuer or the  Indenture
Trustee shall so determine,  new Notes so modified as to conform, in the opinion
of the Indenture Trustee and the Issuer, to any such supplemental indenture may

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<PAGE>

be prepared  andexecuted  by the Issuer and  authenticated  and delivered by the
Indenture Trustee in exchange for Outstanding Notes.

                                    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 the Servicer  pursuant to Section 9.1(a) of
the Sale and  Servicing  Agreement,  on any Payment  Date on which the  Servicer
exercises   its  option  to  purchase   the  Trust   Estate   pursuant  to  said
Section 9.1(a),  for a purchase price equal to the Redemption  Price;  PROVIDED,
HOWEVER,  that the Issuer has available  funds  sufficient to pay the Redemption
Price.  The Servicer or the Issuer shall furnish the Rating  Agencies  notice of
such redemption. If such Notes are to be redeemed pursuant to this Section 10.1,
the  Servicer  or the  Issuer  shall  furnish  notice  of such  election  to the
Indenture  Trustee not later than 25 days prior to the  Redemption  Date and the
Issuer 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 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 Issuer to
     be maintained as provided in Section 3.2); and

          (iv) CUSIP numbers.

    Notice of redemption  of the Notes shall be given by the Indenture  Trustee
in the  name  and at the  expense  of the  Issuer.  Failure  to give  notice  of
redemption,

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<PAGE>

or any defect 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 or portions
thereof 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 Issuer 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 Issuer to the Indenture Trustee to take any action
under this Indenture,  the Issuer shall furnish to the Indenture Trustee: (i) an
Officers'  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

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<PAGE>

          (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
Issuer  shall,  in  addition  to any  obligation  imposed in Section  11.1(a) or
elsewhere  in this  Indenture,  furnish to the  Indenture  Trustee an  Officers'
Certificate  certifying  or stating  the  opinion of each  person  signing  such
certificate  as to the fair value (within 90 days of such deposit) to the Issuer
of the Collateral or other property or securities to be so deposited.

          (ii)  Whenever  the Issuer is  required  to  furnish to the  Indenture
     Trustee an Officers'  Certificate described in clause (i), the Issuer shall
     also deliver to the Indenture Trustee an Independent  Certificate as to the
     same  matters,  if the fair value to the Issuer 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
     Issuer, 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 Issuer as set forth in the related Officers'  Certificate is
     less than $25,000 or 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 Issuer shall also furnish to
     the Indenture  Trustee an Officers'  Certificate  certifying or stating the
     opinion  of each  person  signing  such  certificate  as to the fair  value
     (within 90 days of 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 Issuer is  required  to  furnish to the  Indenture
     Trustee an Officers'  Certificate  certifying or stating the opinion of any
     signer  thereof as to the matters  described  in clause  (iii),  the Issuer
     shall also furnish to the Indenture  Trustee an Independent  Certificate as
     to the same  matters if the fair value to the Issuer 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
                                       55
<PAGE>

     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 Issuer as
     set forth in the related Officers' Certificate is less than $25,000 or 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 Issuer 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  Issuer  shall  deliver  to the  Indenture
     Trustee  every  six  months,   commencing   October,   2000,  an  Officers'
     Certificate of the Issuer stating that all such  dispositions of Collateral
     that  occurred   since  the  execution  of  the  previous  such   Officers'
     Certificate (or for the first such Officers' Certificate, since the Closing
     Date) were in the  ordinary  course of the  Issuer'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 Issuer 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  Issuer  or the  Administrator,  stating  that  the
information  with respect to such factual  matters is in the  possession  of the
Servicer,  the Seller,  the Issuer 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.

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<PAGE>

     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 Issuer shall deliver
any document as a condition of the granting of such application,  or as evidence
of the Issuer'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  Issuer  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 Issuer. Such instrument(s) (and the action embodied therein and
evidenced  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 Issuer,  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

                                       57
<PAGE>

     Trustee or the Issuer in reliance thereon,  whether or not notation of such
action is made upon such Note.

     SECTION 11.4.  NOTICES,  ETC., TO THE INDENTURE TRUSTEE,  ISSUER 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 Issuer, 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 Issuer 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 Issuer addressed to: CNH Equipment Trust 2000-A, in care
of The Bank of New York,  101  Barclay  Street,  Floor 12E,  New York,  New York
10286,  Attention:  Corporate Trust  Administration - Asset Backed Finance Unit,
and to Case Credit  Corporation,  as  Administrator,  233 Lake  Avenue,  Racine,
Wisconsin  53403,  Attention:  Treasurer,  or at any  other  address  previously
furnished   in  writing  to  the   Indenture   Trustee  by  the  Issuer  or  the
Administrator. The Issuer shall promptly transmit any notice received by it from
the Noteholders to the Indenture Trustee.

     Notices  required to be given to the Rating  Agencies  by the  Issuer,  the
Indenture  Trustee or the Trustee shall be in writing,  personally  delivered or
mailed  by  certified  mail,  return  receipt  requested,  to  their  respective
addresses 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

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<PAGE>

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 Issuer 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 Issuer 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  Trust  Indenture  Act,  such  required
provision shall control.

     The  provisions  of TIA Sections 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.

                                       59
<PAGE>

     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 Issuer  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,  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,  without  reference  to its
conflict of law  provisions,  and the  obligations,  rights and  remedies of the
parties hereunder shall be determined in accordance with such laws.

     SECTION 11.14.  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 Issuer 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.

     SECTION  11.16.  TRUST  OBLIGATION.  No recourse may be taken,  directly or
indirectly,  with respect to the  obligations of the Issuer,  the Trustee or the
Indenture
                                       60
<PAGE>

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 Issuer 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 Issuer,  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 Issuer  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 Issuer,  or
join in any  institution  against  the Seller or the Issuer 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 Issuer by any
Person other than the Indenture Trustee.

     SECTION  11.18.  INSPECTION.  The Issuer agrees that,  on reasonable  prior
notice, it will permit any representative of the Indenture  Trustee,  during the
Issuer's normal  business  hours, to examine all the books of account,  records,
reports and other papers of the Issuer,  to make copies and extracts  therefrom,
to cause such books to be audited by Independent  certified public  accountants,
and to discuss the Issuer's  affairs,  finances  and accounts  with the Issuer'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
know, or information  obtained by the Indenture  Trustee from sources other than
the Issuer 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

                                       61
<PAGE>

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 Issuer
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,  (iii)  any  other  disclosure  authorized  by the  Issuer  or the
Servicer  or  (iv)   disclosure  to  the  other  parties  to  the   transactions
contemplated by the Basic Documents.

     SECTION 11.19 SUBORDINATION. Issuer and each Noteholder by accepting a Note
acknowledge and agree that such Note represents  indebtedness of Issuer and does
not  represent an interest in any assets  (other than the Trust  Estate) of CNHR
(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 CNHR enters
into other  securitization  transactions,  Issuer 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 CNHR 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,  Issuer or any Noteholder either (i)
asserts an interest or claim to, or benefit from, Other Assets, whether asserted
against or through CNHR or any other Person owned by CNHR,  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  Federal
Bankruptcy  Code or any  successor  provision  having  similar  effect under the
Bankruptcy  Code),  and whether deemed  asserted  against or through CNHR or any
other Person owned by CNHR,  then Issuer and each Noteholder by accepting a Note
further  acknowledges and agrees 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 CNHR 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 CNHR or any other Person owned by CNHR), including, the
payment of  post-petition  interest on such other  obligations and  liabilities.
This subordination agreement shall be deemed a

                                       62
<PAGE>

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.

                                       63
<PAGE>

     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 2000-A;

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

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

                           HARRIS TRUST AND SAVINGS BANK,
                             not in its individual capacity but solely
                             as Indenture Trustee

                                 /s/ Rory Nowakowski
                             By:_______________________
                                 Name:  Rory Nowakowski
                                 Title:    Assistant Vice President

                                       64
<PAGE>

                                                                     EXHIBIT A-1
                                                                    to Indenture

                                FORM OF A-1 NOTES

REGISTERED                                                     $______________1/
No. R-___                                           CUSIP NO. __________________

     Unless  this  Note is  presented  by an  authorized  representative  of The
Depository Trust Company, a New York corporation  ("DTC"),  to the Issuer 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 2000-A

                       6.178% CLASS A-1 ASSET BACKED NOTES

     CNH Equipment  Trust 2000-A,  a trust organized and existing under the laws
of the State of Delaware  (including  any successor,  the  "ISSUER"),  for value
received,  hereby  promises to pay to CEDE & CO.,  or  registered  assigns,  the
principal sum of  _________________________  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 April 9, 2001  Payment  Date and the  Redemption  Date,  if any,
pursuant to Section  10.1(a) of the  Indenture.  The Issuer will pay interest on
this Note at the rate per annum  shown  above,  on each  Payment  Date

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

<PAGE>

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  actual  days
elapsed. 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 Issuer
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.

     IN WITNESS  WHEREOF,  the Issuer has caused this  instrument  to be signed,
manually or in facsimile, by its Authorized Officer.

Dated:  March ___, 2000

                           CNH EQUIPMENT TRUST 2000-A

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

                            By:_______________________________
                                Name:_________________________
                                Title:________________________

<PAGE>

                     TRUSTEE'S CERTIFICATE OF AUTHENTICATION

     This is one of the Notes  designated  above and  referred to in the within-
mentioned Indenture.

Dated:  March ___, 2000

                           HARRIS TRUST AND SAVINGS BANK, not in its
                           individual capacity but solely as Indenture Trustee

                           By:_________________________________
                                   Authorized Signatory

<PAGE>

                                [REVERSE OF NOTE]

     This  Note  is one of a duly  authorized  issue  of  Notes  of the  Issuer,
designated  as its 6.178% Class A-1 Asset Backed Notes  (herein  called the "A-1
NOTES" or the "NOTES"),  all issued under an Indenture dated as of March 1, 2000
(such Indenture,  as supplemented or amended, is herein called the "INDENTURE"),
between the Issuer and Harris  Trust and  Savings  Bank,  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  Issuer,  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 Issuer  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 Issuer 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  Issuer  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  Issuer,  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
entity.

     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 will qualify as  indebtedness
of the Trust. Each Noteholder or Note Owner, by acceptance of a Note, or, in the

<PAGE>

case of a Note Owner,  a  beneficial  interest in a Note,  agrees to treat,  and
totake 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 Issuer,  or join in any  institution
against  the  Seller  or  the  Issuer  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.

     This Note and the Indenture  shall be construed in accordance with the laws
of the State of New York,  without  reference to its conflict of law provisions,
and the obligations, rights and remedies of the parties hereunder 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  Issuer,  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 Harris Trust and Savings Bank, in its
individual  capacity,  any owner of a beneficial interest in the Issuer, 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  Issuer.  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 Issuer for any and all  liabilities,  obligations and undertakings
contained in the Indenture or in this Note.

<PAGE>

                                   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.

<PAGE>

                                                                     EXHIBIT A-2
                                                                    to Indenture

                                FORM OF A-2 NOTES

REGISTERED                                                    $_______________2/
No. R-___                                          CUSIP NO. ___________________

     Unless  this  Note is  presented  by an  authorized  representative  of The
Depository Trust Company, a New York corporation  ("DTC"),  to the Issuer 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 2000-A

                               6.80% CLASS A-2 ASSET BACKED NOTES

     CNH Equipment  Trust 2000-A,  a trust organized and existing under the laws
of the State of Delaware  (including  any successor,  the  "ISSUER"),  for value
received,  hereby  promises to pay to CEDE & CO.,  or  registered  assigns,  the
principal sum of  _________________________  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-2
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  August  2003  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 until the  principal  of the A-1 Notes has been

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

                                        1
<PAGE>

paid in full.  The Issuer  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
madeavailable  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
of twelve 30-day  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 Issuer
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.

     IN WITNESS  WHEREOF,  the Issuer has caused this  instrument  to be signed,
manually or in facsimile, by its Authorized Officer.

Dated:  March ___, 2000

                           CNH EQUIPMENT TRUST 2000-A

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

                            By:___________________________________
                                   Name:__________________________
                                   Title:_________________________

                                        2
<PAGE>

                             TRUSTEE'S CERTIFICATE OF AUTHENTICATION

     This is one of the Notes  designated  above and  referred to in the within-
mentioned Indenture.

Dated:  March ____, 2000

                           HARRIS TRUST AND SAVINGS BANK, not in its
                           individual capacity but solely as Indenture Trustee

                           By:____________________________________
                                   Authorized Signatory

                                        3
<PAGE>

                                [REVERSE OF NOTE]

     This  Note  is one of a duly  authorized  issue  of  Notes  of the  Issuer,
designated  as its 6.80% Class A-2 Asset  Backed Notes  (herein  called the "A-2
NOTES" or the "NOTES"),  all issued under an Indenture dated as of March 1, 2000
(such Indenture,  as supplemented or amended, is herein called the "INDENTURE"),
between the Issuer and Harris  Trust and  Savings  Bank,  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  Issuer,  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-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 Issuer  shall pay interest on overdue  installments  of interest at the
A-2 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 Issuer 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  Issuer  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  Issuer,  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
entity.

     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 will qualify as  indebtedness
of the Trust. Each Noteholder or Note Owner, by acceptance of a Note, or, in the

                                        1
<PAGE>

case of a Note Owner,  a  beneficial  interest in a Note,  agrees to treat,  and
totake 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 Issuer,  or join in any  institution
against  the  Seller  or  the  Issuer  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.

     This Note and the Indenture  shall be construed in accordance with the laws
of the State of New York,  without  reference to its conflict of law provisions,
and the obligations, rights and remedies of the parties hereunder 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  Issuer,  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 Harris Trust and Savings Bank, in its
individual  capacity,  any owner of a beneficial interest in the Issuer, 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  Issuer.  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 Issuer for any and all  liabilities,  obligations and undertakings
contained in the Indenture or in this Note.

                                        2
<PAGE>

                                   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.

<PAGE>

                                                                     EXHIBIT A-3
                                                                    to Indenture

                                FORM OF A-3 NOTES

REGISTERED                                                   $________________3/
No. R-___                                          CUSIP NO. ___________________

     Unless  this  Note is  presented  by an  authorized  representative  of The
Depository Trust Company, a New York corporation  ("DTC"),  to the Issuer 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 2000-A

                       7.14% CLASS A-3 ASSET BACKED NOTES

     CNH Equipment  Trust 2000-A,  a trust organized and existing under the laws
of the State of Delaware  (including  any successor,  the  "ISSUER"),  for value
received,  hereby  promises to pay to CEDE & CO.,  or  registered  assigns,  the
principal sum of  _________________________  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-3
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  August  2004  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 until the  principal  of the A-1 Notes and the

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

<PAGE>

A-2 Notes has been paid in full.  The Issuer  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 of twelve 30-day  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 Issuer
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.

     IN WITNESS  WHEREOF,  the Issuer has caused this  instrument  to be signed,
manually or in facsimile, by its Authorized Officer.

Dated:  March ___, 2000

                           CNH EQUIPMENT TRUST 2000-A

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

                            By:______________________________
                                Name:________________________
                                Title:_______________________

<PAGE>

                             TRUSTEE'S CERTIFICATE OF AUTHENTICATION

     This is one of the Notes  designated  above and  referred to in the within-
mentioned Indenture.

Dated:  March ___, 2000

                           HARRIS TRUST AND SAVINGS BANK, not in its
                           individual capacity but solely as Indenture Trustee

                           By:___________________________________
                                   Authorized Signatory

<PAGE>

                                [REVERSE OF NOTE]

     This  Note  is one of a duly  authorized  issue  of  Notes  of the  Issuer,
designated  as its 7.14% Class A-3 Asset  Backed Notes  (herein  called the "A-3
NOTES" or the "NOTES"),  all issued under an Indenture dated as of March 1, 2000
(such Indenture,  as supplemented or amended, is herein called the "INDENTURE"),
between the Issuer and Harris  Trust and  Savings  Bank,  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  Issuer,  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-4 Notes are and will be
equally and ratably  secured by the collateral  pledged as security  therefor as
provided in the Indenture.

     The Issuer  shall pay interest on overdue  installments  of interest at the
A-3 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 Issuer 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  Issuer  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  Issuer,  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
entity.

     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 will qualify as  indebtedness
of the Trust. Each Noteholder or Note Owner, by acceptance of a Note, or, in the

<PAGE>

case of a Note Owner,  a  beneficial  interest in a Note,  agrees to treat,  and
totake 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 Issuer,  or join in any  institution
against  the  Seller  or  the  Issuer  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.

     This Note and the Indenture  shall be construed in accordance with the laws
of the State of New York,  without  reference to its conflict of law provisions,
and the obligations, rights and remedies of the parties hereunder 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  Issuer,  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 Harris Trust and Savings Bank, in its
individual  capacity,  any owner of a beneficial interest in the Issuer, 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  Issuer.  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 Issuer for any and all  liabilities,  obligations and undertakings
contained in the Indenture or in this Note.

<PAGE>

                                   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.

<PAGE>

                                                                     EXHIBIT A-4
                                                                    to Indenture

                                FORM OF A-4 NOTES

REGISTERED                                                  $_________________4/
No. R-___                                         CUSIP NO. ____________________

     Unless  this  Note is  presented  by an  authorized  representative  of The
Depository Trust Company, a New York corporation  ("DTC"),  to the Issuer 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 2000-A

                       7.34% CLASS A-4 ASSET BACKED NOTES

     CNH Equipment  Trust 2000-A,  a trust organized and existing under the laws
of the State of Delaware  (including  any successor,  the  "ISSUER"),  for value
received,  hereby  promises to pay to CEDE & CO.,  or  registered  assigns,  the
principal sum of  _________________________  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  February  2007  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 until the  principal of the A-1 Notes,  the A-2

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

<PAGE>

Notes and the A-3 Notes has been paid in full.  The Issuer will pay  interest on
this Note at the rate per annum  shown  above,  on each  Payment  Date until the
principal of thisNote 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 of twelve 30-day 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 Issuer
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.

     IN WITNESS  WHEREOF,  the Issuer has caused this  instrument  to be signed,
manually or in facsimile, by its Authorized Officer.

Dated:  March ___, 2000

                           CNH EQUIPMENT TRUST 2000-A

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

                            By:________________________________
                                Name:__________________________
                                Title:_________________________

<PAGE>

                     TRUSTEE'S CERTIFICATE OF AUTHENTICATION

     This is one of the Notes  designated  above and  referred to in the within-
mentioned Indenture.

Dated:  March ___, 2000

                           HARRIS TRUST AND SAVINGS BANK, not in its
                           individual capacity but solely as Indenture Trustee

                           By:_______________________________
                                   Authorized Signatory

<PAGE>

                                [REVERSE OF NOTE]

     This  Note  is one of a duly  authorized  issue  of  Notes  of the  Issuer,
designated  as its 7.34% Class A-4 Asset  Backed Notes  (herein  called the "A-4
NOTES" or the "NOTES"),  all issued under an Indenture dated as of March 1, 2000
(such Indenture,  as supplemented or amended, is herein called the "Indenture"),
between the Issuer and Harris  Trust and  Savings  Bank,  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  Issuer,  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 Issuer  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 Issuer 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  Issuer  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  Issuer,  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
entity.

     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 will qualify as  indebtedness
of the Trust. Each Noteholder or Note Owner, by acceptance of a Note, or, in the

<PAGE>

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 Issuer,  or join in any  institution
against  the  Seller  or  the  Issuer  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.

     This Note and the Indenture  shall be construed in accordance with the laws
of the State of New York,  without  reference to its conflict of law provisions,
and the obligations, rights and remedies of the parties hereunder 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  Issuer,  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 Harris Trust and Savings Bank, in its
individual  capacity,  any owner of a beneficial interest in the Issuer, 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  Issuer.  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 Issuer for any and all  liabilities,  obligations and undertakings
contained in the Indenture or in this Note.

<PAGE>

                                   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.

<PAGE>

                                                                     EXHIBIT A-5
                                                                    to Indenture

                              FORM OF CLASS B NOTES

REGISTERED                                                       $____________5/
No. R-___                                                  CUSIP NO. ___________

     Unless  this  Note is  presented  by an  authorized  representative  of The
Depository Trust Company, a New York corporation  ("DTC"),  to the Issuer 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 2000-A

                        7.32% CLASS B ASSET BACKED NOTES

     CNH Equipment  Trust 2000-A,  a trust organized and existing under the laws
of the State of Delaware  (including  any successor,  the  "ISSUER"),  for value
received,  hereby  promises to pay to CEDE & CO.,  or  registered  assigns,  the
principal sum of __________________ 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 February  2007 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 until the  principal of the A-1 Notes,  A-2 Notes,  A-3 Notes

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

<PAGE>

and A-4 Notes has been paid in full.  The Issuer 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 of twelve  30-day  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 Issuer
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.

     IN WITNESS  WHEREOF,  the Issuer has caused this  instrument  to be signed,
manually or in facsimile, by its Authorized Officer.

Dated:  March ___, 2000

                           CNH EQUIPMENT TRUST 2000-A

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

                           By:___________________________________________
                                Name:____________________________________
                                Title:___________________________________

<PAGE>

                             TRUSTEE'S CERTIFICATE OF AUTHENTICATION

     This is one of the Notes  designated  above and  referred to in the within-
mentioned Indenture.

Dated:  March ___, 2000

                           HARRIS TRUST AND SAVINGS BANK, not in its
                           individual capacity but solely as Indenture Trustee

                           By:_________________________________
                                   Authorized Signatory

<PAGE>

                                [REVERSE OF NOTE]

     This  Note  is one of a duly  authorized  issue  of  Notes  of the  Issuer,
designated as its 7.32% Class B Asset Backed Notes  (herein  called the "CLASS B
NOTES" or the "NOTES"),  all issued under an Indenture dated as of March 1, 2000
(such Indenture,  as supplemented or amended, is herein called the "INDENTURE"),
between the Issuer and Harris  Trust and  Savings  Bank,  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  Issuer,  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 Issuer  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 Issuer 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  Issuer  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  Issuer,  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
entity.

     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 will qualify as  indebtedness
of

<PAGE>

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
totake 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 Issuer,  or join in any  institution
against  the  Seller  or  the  Issuer  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.

     This Note and the Indenture  shall be construed in accordance with the laws
of the State of New York,  without  reference to its conflict of law provisions,
and the obligations, rights and remedies of the parties hereunder 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  Issuer,  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 Harris Trust and Savings Bank, in its
individual  capacity,  any owner of a beneficial interest in the Issuer, 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  Issuer.  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 Issuer for any and all  liabilities,  obligations and undertakings
contained in the Indenture or in this Note.

<PAGE>

                                   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.

<PAGE>

                                                                       EXHIBIT B
                                                                    to Indenture

                    FORM OF SECTION 3.9 OFFICERS' CERTIFICATE

____________, _____

Harris Trust and Savings Bank
311 West Monroe, 12th Floor
Chicago, Illinois 60603
Attention: Indenture Trust Administration

     Pursuant  to Section 3.9 of the  Indenture,  dated as of March 1, 2000 (the
"INDENTURE"), between CNH Equipment Trust 2000-A (the "Issuer") and Harris Trust
and Savings Bank, as Indenture Trustee, the undersigned hereby certify that:

     (a) a review of the  activities  of the Issuer  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
Issuer 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 2000-A

                                       By:___________________________________
                                          Name:______________________________
                                          Title:_____________________________

                                       By:___________________________________
                                          Name:______________________________
                                          Title:_____________________________Execution Copy

       -----------------------------------------------------------------

                           CNH EQUIPMENT TRUST 2000-A

                                 TRUST AGREEMENT

                                     between

                              CNH RECEIVABLES INC.

                                       and

                              THE BANK OF NEW YORK,
                                   as Trustee

                            Dated as of March 1, 2000

       -----------------------------------------------------------------

<PAGE>

                                Table of Contents

                                                                           Page

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

SECTION 1.1.  DEFINITIONS.....................................................1
SECTION 1.2.  OTHER DEFINITIONAL PROVISIONS...................................1

                                   ARTICLE II
                                  ORGANIZATION................................2

SECTION 2.1.   NAME...........................................................2
SECTION 2.2.   OFFICE.........................................................2
SECTION 2.3.   PURPOSES AND POWERS............................................2
SECTION 2.4.   APPOINTMENT OF TRUSTEE.........................................3
SECTION 2.5.   INITIAL CAPITAL CONTRIBUTION OF TRUST ESTATE...................3
SECTION 2.6.   DECLARATION OF TRUST...........................................3
SECTION 2.7    LIABILITY OF THE CERTIFICATEHOLDERS............................4
SECTION 2.8.   TITLE TO TRUST PROPERTY........................................4
SECTION 2.9.   SITUS OF TRUST.................................................4
SECTION 2.10.  REPRESENTATIONS AND WARRANTIES OF THE DEPOSITOR................4
SECTION 2.11.  FEDERAL INCOME TAX ALLOCATIONS.................................5

                                   ARTICLE III
                   TRUST CERTIFICATES AND TRANSFER OF INTERESTS...............6

SECTION 3.1.  INITIAL OWNERSHIP...............................................6
SECTION 3.2.  THE TRUST CERTIFICATES..........................................6
SECTION 3.3.  AUTHENTICATION OF TRUST CERTIFICATES............................7
SECTION 3.4.  REGISTRATION OF TRANSFER AND EXCHANGE OF TRUST CERTIFICATES.....7
SECTION 3.5.  MUTILATED, DESTROYED, LOST OR STOLEN TRUST CERTIFICATES.........8
SECTION 3.6.  PERSONS DEEMED CERTIFICATEHOLDERS...............................9
SECTION 3.7.  ACCESS TO LIST OF CERTIFICATEHOLDERS' NAMES AND ADDRESSES.......9
SECTION 3.8.  MAINTENANCE OF OFFICE OR AGENCY.................................9
SECTION 3.9.  APPOINTMENT OF PAYING AGENT....................................10

                                   ARTICLE IV
                               ACTIONS BY TRUSTEE............................10

SECTION 4.1.  PRIOR NOTICE TO CERTIFICATEHOLDERS WITH RESPECT
                      TO CERTAIN MATTERS.....................................10
SECTION 4.2.  ACTION BY CERTIFICATEHOLDERS WITH RESPECT TO CERTAIN MATTERS...11

                                        i

<PAGE>

                                                                            Page

SECTION 4.3.  ACTION BY CERTIFICATEHOLDERS WITH RESPECT TO BANKRUPTCY........11
SECTION 4.4.  RESTRICTIONS ON CERTIFICATEHOLDERS' POWER......................11
SECTION 4.5.  MAJORITY CONTROL...............................................12

                                    ARTICLE V
                         APPLICATION OF TRUST FUNDS; CERTAIN DUTIES..........12

SECTION 5.1.  ESTABLISHMENT OF TRUST ACCOUNT.................................12
SECTION 5.2.  APPLICATIONS OF TRUST FUNDS....................................12
SECTION 5.3.  METHOD OF PAYMENT..............................................13
SECTION 5.4.  NO SEGREGATION OF MONEYS; NO INTEREST..........................13
SECTION 5.5.  ACCOUNTING AND REPORTS TO THE NOTEHOLDERS,
                  CERTIFICATEHOLDERS, THE INTERNAL REVENUE
                  SERVICE AND OTHERS.........................................13
SECTION 5.6.  SIGNATURE ON RETURNS; TAX MATTERS PARTNER......................14

                                   ARTICLE VI
                         AUTHORITY AND DUTIES OF TRUSTEE.....................14

SECTION 6.1.  GENERAL AUTHORITY..............................................14
SECTION 6.2.  GENERAL DUTIES.................................................14
SECTION 6.3.  ACTION UPON INSTRUCTION........................................14
SECTION 6.4.  NO DUTIES EXCEPT AS SPECIFIED IN THIS AGREEMENT OR
                 IN INSTRUCTIONS.............................................15
SECTION 6.5.  NO ACTION EXCEPT UNDER SPECIFIED DOCUMENTS OR INSTRUCTIONS.....16
SECTION 6.6.  RESTRICTIONS...................................................16

                                   ARTICLE VII
                               CONCERNING THE TRUSTEE........................16

SECTION 7.1.  ACCEPTANCE OF TRUSTS AND DUTIES................................16
SECTION 7.2.  FURNISHING OF DOCUMENTS........................................18
SECTION 7.3.  REPRESENTATIONS AND WARRANTIES.................................18
SECTION 7.4.  RELIANCE; ADVICE OF COUNSEL....................................18
SECTION 7.5.  NOT ACTING IN INDIVIDUAL CAPACITY..............................19
SECTION 7.6.  TRUSTEE NOT LIABLE FOR TRUST CERTIFICATES OR RECEIVABLES.......19
SECTION 7.7.  TRUSTEE MAY NOT OWN NOTES......................................19

                                       ii

<PAGE>

                                                                           Page

                                  ARTICLE VIII
                             COMPENSATION OF TRUSTEE.........................20

SECTION 8.1.  TRUSTEE'S FEES AND EXPENSES....................................20
SECTION 8.2.  INDEMNIFICATION................................................20
SECTION 8.3.  PAYMENTS TO THE TRUSTEE........................................20

                                   ARTICLE IX
                            TERMINATION OF TRUST AGREEMENT...................21

SECTION 9.1.  TERMINATION OF TRUST AGREEMENT.................................21

                                    ARTICLE X
                       SUCCESSOR TRUSTEES AND ADDITIONAL TRUSTEES............22

SECTION 10.1.  ELIGIBILITY REQUIREMENTS FOR TRUSTEE..........................22
SECTION 10.2.  RESIGNATION OR REMOVAL OF TRUSTEE.............................22
SECTION 10.3.  SUCCESSOR TRUSTEE.............................................23
SECTION 10.4.  MERGER OR CONSOLIDATION OF TRUSTEE............................23
SECTION 10.5.  APPOINTMENT OF CO-TRUSTEE OR SEPARATE TRUSTEE.................24

                                   ARTICLE XI
                                  MISCELLANEOUS..............................25

SECTION 11.1.   SUPPLEMENTS AND AMENDMENTS...................................25
SECTION 11.2.   NO LEGAL TITLE TO TRUST ESTATE IN CERTIFICATEHOLDERS.........26
SECTION 11.3.   LIMITATIONS ON RIGHTS OF OTHERS..............................26
SECTION 11.4.   NOTICES......................................................26
SECTION 11.5.   SEVERABILITY.................................................27
SECTION 11.6.   SEPARATE COUNTERPARTS........................................27
SECTION 11.7.   SUCCESSORS AND ASSIGNS.......................................27
SECTION 11.8.   COVENANTS OF THE DEPOSITOR...................................27
SECTION 11.9.   NO PETITION..................................................28
SECTION 11.10.  NO RECOURSE..................................................28
SECTION 11.11.  HEADINGS.....................................................28
SECTION 11.12.  GOVERNING LAW................................................28
SECTION 11.13.  ADMINISTRATOR................................................28

                                       iii

<PAGE>

                                    EXHIBITS

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

                                       iv

<PAGE>

          TRUST  AGREEMENT (as amended or  supplemented  from time to time, this
"AGREEMENT") dated as of March 1, 2000, between CNH RECEIVABLES INC., a Delaware
corporation,  as  Depositor,  and  THE  BANK OF NEW  YORK,  a New  York  banking
corporation, as Trustee.

                                    ARTICLE I
                                   DEFINITIONS

          SECTION  1.1.  DEFINITIONS.  Capitalized  terms  used  herein  and not
otherwise defined herein are defined in Appendix A to the Indenture, dated as of
the date hereof, between CNH Equipment Trust 2000-A and Harris Trust and Savings
Bank.

         SECTION 1.2. OTHER  DEFINITIONAL  PROVISIONS.  (a) All terms defined in
this Agreement  shall have the defined  meanings when used in any certificate or
other  document  made or delivered  pursuant  hereto  unless  otherwise  defined
therein.

          (b) As used in this Agreement and in any certificate or other document
made or delivered  pursuant hereto or thereto,  accounting  terms not defined in
this  Agreement or in any such  certificate  or other  document,  and accounting
terms  partly  defined in this  Agreement  or in any such  certificate  or other
document to the extent not defined,  shall have the respective meanings given to
them  under  generally  accepted  accounting  principles  in  effect on the date
hereof. To the extent that the definitions of accounting terms in this Agreement
or in any such certificate or other document are inconsistent  with the meanings
of such terms under generally accepted  accounting  principles,  the definitions
contained in this  Agreement or in any such  certificate or other document shall
control.

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

          (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.

                                        1

<PAGE>

                                   ARTICLE II
                                  ORGANIZATION

          SECTION 2.1.  NAME.  The Trust  created  hereby shall be known as "CNH
Equipment  Trust 2000-A",  in which name the Trustee may conduct the business of
the Trust,  make and execute  contracts and other  instruments  on behalf of the
Trust and sue and be sued.

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

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

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

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

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

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

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

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

                                        2

<PAGE>

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

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

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

         SECTION 2.6.  DECLARATION OF TRUST. The Trustee hereby declares that it
will hold the Trust Estate in trust upon and subject to the conditions set forth
herein  for  the use  and  benefit  of the  Certificateholders,  subject  to the
obligations of the Trust under the Basic  Documents.  It is the intention of the
parties  hereto  that the Trust  constitute  a  business  trust  under the Trust
Statute and that this  Agreement  and the  Co-Trustee  Agreement  (as defined in
Section 2.4)  constitute the governing  instrument of such business trust. It is
the  intention of the parties  hereto that,  solely for income and franchise tax
purposes,  until the Certificates  are held by other than the Seller,  the Trust
will be  disregarded  as an entity  separate  from its Owner and the Notes being
debt of the Seller. At such time that the Certificates are held by more than one
person,  it is the intention of the parties  hereto that,  solely for income and
franchise tax purposes,  the Trust shall be treated as a  partnership,  with the
assets of

                                        3

<PAGE>

the partnership  being the  Receivables and other assets held by the Trust,  the
partners of the partnership being the  Certificateholders  (including the Seller
in its capacity as recipient of distributions from the Spread Account),  and the
Notes being debt of the  partnership.  The parties agree that,  unless otherwise
required by appropriate tax authorities, until the Certificates are held by more
than one  person  the Trust  will not file or cause to be filed  annual or other
necessary returns,  reports and other forms consistent with the characterization
of the Trust as an entity not separate from its Owner.  Effective as of the date
hereof,  the Trustee  shall have all rights,  powers and duties set forth herein
and in the Trust  Statute  with  respect to  accomplishing  the  purposes of the
Trust.

          SECTION 2.7. LIABILITY OF THE CERTIFICATEHOLDERS. No Certificateholder
shall have any personal liability for any liability or obligation of the Trust.

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

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

          SECTION 2.10.  REPRESENTATIONS  AND WARRANTIES OF THE  DEPOSITOR.  The
Depositor hereby represents and warrants to the Trustee that:

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

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

                                        4

<PAGE>

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

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

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

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

                   (1) among the  Certificateholders as of the close of business
          on the last day of such month,  in  proportion  to their  ownership of
          principal amount of Trust  Certificates on such date, an amount of net
          income up to the sum of: (i) the portion of the market discount on the
          Receivables accrued during such

                                        5

<PAGE>

          month that  is  allocable  to  the  excess,  if  any,  of  the Initial
          Certificate Balance over their initial aggregate issue price, and (ii)
          any other amounts of income payable to the Certificateholders for such
          month;  and such sum of amounts  specified  in clauses (i) and (ii) of
          this  sentence  shall be reduced by any  amortization  by the Trust of
          premium on  Receivables  that  corresponds  to any excess of the issue
          price of Trust Certificates over their principal amount; and

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

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

          (b)  It  is  the  intent  of   the   Seller,  the   Servicer  and  the
Certificateholders  that, for purposes of Federal income, State and local income
and franchise and any other income taxes measured in whole or in part by income,
until  the  Trust Certificates are held by other than the Seller, the Trust will
be disregarded as an entity separate from its owner. At such time that the Trust
Certificates are  held by  more than one person, it is the intent of the Seller,
Servicer and  the Certificateholders that, for purposes of Federal income, State
and local  income and  franchise and any other income taxes measured in whole or
in part  by  income,  the  Trust will be treated as a partnership, the assets of
which are  the assets  held by  the Trust, and the Certificateholders (including
the Depositor (and its  transferees and assigns) in its capacity as recipient of
distributions  from  the  Spread  Account)  will  be treated as partners in that
partnership. The Depositor and the other Certificateholders, by

                                        6

<PAGE>

acceptance  of  a  Trust  Certificate,  agree  to  treat,  and to take no action
inconsistent  with  the  treatment  of,  the  Trust Certificates as such for tax
purposes.

                                   ARTICLE III
                  TRUST CERTIFICATES AND TRANSFER OF INTERESTS

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

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

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

                                        7

<PAGE>

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

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

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

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

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

          No  service  charge  shall  be  made  to a  Certificateholder  for any
registration of transfer or exchange of Trust  Certificates,  but the Trustee or
the  Certificate  Registrar

                                        8

<PAGE>

may require  payment of a sum sufficient to cover any tax or other  governmental
charge that may be imposed in connection  with any  registration  of transfer or
exchange of Trust Certificates.

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

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

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

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

          SECTION  3.6.   PERSONS  DEEMED   CERTIFICATEHOLDERS.   Prior  to  due
presentation of a Trust  Certificate  for  registration of transfer of any Trust
Certificate,  the Trustee or the  Certificate  Registrar may treat the Person in
whose name any Trust Certificate shall be registered in the Certificate Register
(as of the day of  determination) as the owner of such Trust Certificate for the
purpose of  receiving  distributions  pursuant

                                        9

<PAGE>

to Section 5.2 and for all other  purposes  whatsoever,  and neither the Trustee
nor the Certificate Registrar shall be bound by any notice to the contrary.

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

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

          SECTION 3.9.  APPOINTMENT OF PAYING AGENT. The Paying Agent shall make
distributions to  Certificateholders  from the Certificate  Distribution Account
pursuant to Section 5.2 and shall  report the amounts of such  distributions  to
the Trustee.  Any Paying Agent shall have the revocable  power to withdraw funds
from  the  Certificate  Distribution  Account  for the  purpose  of  making  the
distributions  referred  to above.  The Trustee may revoke such power and remove
the Paying  Agent if the  Trustee  determines  in its sole  discretion  that the
Paying Agent shall have failed to perform its  obligations  under this Agreement
in any material  respect.  The Paying Agent shall initially be the Trustee,  and
any co-paying  agent chosen by and  acceptable to the Trustee.  The Paying Agent
shall be permitted to resign as Paying Agent upon 30 days' written notice to the
Trustee.  In the event  that the  Trustee  shall not be the

                                       10

<PAGE>

Paying  Agent,  the Trustee  shall  appoint a successor  to act as Paying  Agent
(which shall be a bank or trust company). The Trustee shall cause such successor
Paying Agent or any additional  Paying Agent appointed by the Trustee to execute
and deliver to the Trustee an instrument in which such successor Paying Agent or
additional  Paying Agent shall agree with the Trustee that as Paying Agent, such
successor  Paying Agent or  additional  Paying Agent will hold all sums, if any,
held by it for payment to the Certificateholders in trust for the benefit of the
Certificateholders  entitled  thereto  until  such  sums  shall  be paid to such
Certificateholders.  The Paying  Agent shall return all  unclaimed  funds to the
Trustee and upon  removal of a Paying  Agent such Paying Agent shall also return
all funds in its possession to the Trustee. The provisions of Sections 7.1, 7.3,
7.4 and 8.1 shall apply to the Trustee also in its role as Paying Agent,  for so
long as the Trustee shall act as Paying Agent and, to the extent applicable,  to
any other paying agent appointed  hereunder.  Any reference in this Agreement to
the Paying Agent shall include any co-paying  agent unless the context  requires
otherwise.

                                   ARTICLE IV
                               ACTIONS BY TRUSTEE

          SECTION  4.1.  PRIOR  NOTICE TO  CERTIFICATEHOLDERS  WITH  RESPECT  TO
CERTAIN MATTERS.  With respect to the following  matters,  the Trustee shall not
take  action  unless,  at least 30 days  before the taking of such  action,  the
Trustee  shall have notified the  Certificateholders  in writing of the proposed
action and the Certificateholders shall not have notified the Trustee in writing
prior to the 30th day after such  notice is given  that such  Certificateholders
have withheld consent or shall not have provided alternative direction:

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

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

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

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

                                       11

<PAGE>

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

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

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

          SECTION 4.3. ACTION BY CERTIFICATEHOLDERS  WITH RESPECT TO BANKRUPTCY.
The  Trustee  shall not have the power to  commence a  voluntary  proceeding  in
bankruptcy  relating to the Trust  without the unanimous  prior  approval of all
Certificateholders   and   the   delivery   to  the   Trustee   by   each   such
Certificateholder  of  a  certificate  certifying  that  such  Certificateholder
reasonably believes that the Trust is insolvent.

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

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

                                       12
<PAGE>

                                    ARTICLE V
                   APPLICATION OF TRUST FUNDS; CERTAIN DUTIES

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

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

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

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

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

                                       13

<PAGE>

in its sole discretion,  withhold such amounts in accordance with this paragraph
(c). In the event that a  Certificateholder  wishes to apply for a refund of any
such  withholding  tax,  the  Trustee  shall  reasonably   cooperate  with  such
Certificateholder in making such claim so long as such Certificateholder  agrees
to reimburse the Trustee for any out-of-pocket expenses incurred.

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

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

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

                                       14

<PAGE>

         SECTION 5.6. SIGNATURE ON RETURNS; TAX MATTERS PARTNER.

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

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

                                   ARTICLE VI
                         AUTHORITY AND DUTIES OF TRUSTEE

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

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

          SECTION 6.3. ACTION UPON INSTRUCTION. (a) Subject to Article IV and in
accordance  with the Basic  Documents,  the  Certificateholders  may by  written
instruction direct the Trustee in the management of the Trust.  Such direction
may be

                                       15

<PAGE>

exercised at any time by written instruction of the Certificateholders  pursuant
to Article IV.

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

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

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

                                       16

<PAGE>

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

          SECTION   6.5.  NO  ACTION   EXCEPT  UNDER   SPECIFIED   DOCUMENTS  OR
INSTRUCTIONS.  The Trustee shall not manage,  control,  use, sell, dispose of or
otherwise deal with any part of the Trust Estate except:  (i) in accordance with
the powers granted to and the authority  conferred upon the Trustee  pursuant to
this  Agreement,  (ii) in  accordance  with the  Basic  Documents  and  (iii) in
accordance with any document or instruction delivered to the Trustee pursuant to
Section 6.3.

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

                                   ARTICLE VII
                             CONCERNING THE TRUSTEE

          SECTION 7.1.  ACCEPTANCE OF TRUSTS AND DUTIES. The Trustee accepts the
trusts hereby created and agrees to perform its duties hereunder with respect to
such trusts but only upon the terms of this  Agreement.  The Trustee also agrees
to disburse all moneys actually  received by it  constituting  part of the Trust
Estate upon the terms of the Basic  Documents  and this  Agreement.  The Trustee
shall not be answerable  or  accountable  hereunder or under any Basic  Document
under  any  circumstances,

                                       17

<PAGE>

except:  (i) for its own willful misconduct or negligence or (ii) in the case of
the  inaccuracy  of any  representation  or  warranty  contained  in Section 7.3
expressly made by the Trustee. In particular,  but not by way of limitation (and
subject to the exceptions set forth in the preceding sentence):

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

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

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

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

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

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

                                       18

<PAGE>

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

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

         SECTION  7.3.  REPRESENTATIONS  AND  WARRANTIES.   The  Trustee  hereby
represents   and   warrants   to  the   Depositor,   for  the   benefit  of  the
Certificateholders, that:

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

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

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

                                       19

<PAGE>

or other governmental  instrumentality  having  jurisdiction over the Trustee or
its properties, and

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

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

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

          SECTION 7.5. NOT ACTING IN INDIVIDUAL CAPACITY.  Except as provided in
this Article VII, in accepting  the trusts  hereby  created The Bank of New York
acts solely as Trustee  hereunder  and not in its  individual  capacity  and all
Persons  having any

                                       20

<PAGE>

claim  against the Trustee by reason of the  transactions  contemplated  by this
Agreement or any Basic  Document shall look only to the Trust Estate for payment
or satisfaction thereof.

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

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

                                  ARTICLE VIII
                             COMPENSATION OF TRUSTEE

          SECTION 8.1. TRUSTEE'S FEES AND EXPENSES. The Trustee shall receive as
compensation for its services hereunder such fees as have been separately agreed

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<PAGE>

upon  before the date hereof  between the  Depositor  and the  Trustee,  and the
Trustee  shall be  entitled  to be  reimbursed  by the  Depositor  for its other
reasonable expenses hereunder,  including the reasonable compensation,  expenses
and  disbursements of such agents,  representatives,  experts and counsel as the
Trustee may employ in connection with the exercise and performance of its rights
and its duties hereunder.

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

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

                                   ARTICLE IX
                         TERMINATION OF TRUST AGREEMENT

          SECTION  9.1.  TERMINATION  OF TRUST  AGREEMENT.  (a) The Trust  shall
dissolve  upon the final  distribution  by the  Trustee  of all  moneys or other
property or proceeds of the Trust Estate in accordance  with the Indenture,  the
Sale  and  Servicing  Agreement  and  Article  V. The  bankruptcy,  liquidation,
dissolution, death or incapacity of any Certificateholder shall not: (x) operate
to  dissolve  or  terminate  this

                                       22

<PAGE>

Agreement   or  the  Trust,   (y)   entitle   such   Certificateholder's   legal
representatives  or  heirs  to claim an  accounting  or to take  any  action  or
proceeding  in any court for a partition or winding up of all or any part of the
Trust or Trust  Estate or (z)  otherwise  affect  the  rights,  obligations  and
liabilities of the parties hereto.

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

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

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

          (d)  Upon  the  dissolution  of  the  Trust  and  the  payment  of all
liabilities of the Trust in accordance  with  applicable  law, the Trustee shall
cause  the  Certificate  of Trust to be  canceled  by  filing a  certificate  of
cancellation  with the Secretary of State in accordance  with the  provisions of
Section  3810 (or  successor  section) of the Trust

                                       23

<PAGE>

Statute,  at which time the Trust and this  Agreement  (other than Article VIII)
shall terminate.

                                    ARTICLE X
                   SUCCESSOR TRUSTEES AND ADDITIONAL TRUSTEES

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

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

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

                                       24

<PAGE>

successor  Trustee  by  written  instrument,  in  duplicate,  one  copy of which
instrument shall be delivered to the outgoing Trustee so removed and one copy to
the successor Trustee and payment of all fees owed to the outgoing Trustee.

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

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

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

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

          SECTION 10.4.  MERGER OR CONSOLIDATION OF TRUSTEE.  Any corporation or
other  entity into which the Trustee may be merged or converted or with which it
may be consolidated, or any corporation resulting from any merger, conversion or
consolidation  to  which  the  Trustee  shall  be a  party,  or any  corporation
succeeding to all or  substantially  all of the corporate  trust business of the
Trustee,  shall  be the  successor  of the  Trustee  hereunder;  PROVIDED,  such
corporation shall be eligible pursuant to Section 10.1, without the execution or
filing of any  instrument  or any

                                       25

<PAGE>

further act on the part of any of the  parties  hereto,  anything  herein to the
contrary  notwithstanding;  AND PROVIDED  FURTHER,  that the Trustee  shall mail
notice of such merger or consolidation to the Rating Agencies.

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

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

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

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

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

                                       26

<PAGE>

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

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

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

                                   ARTICLE XI
                                  MISCELLANEOUS

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

          This  Agreement may also be amended from time to time by the Depositor
and the Trustee,  with prior  written  notice to the Rating  Agencies,  with the
written  consent of (x)  Noteholders  holding Notes  evidencing  not less than a
majority of the Note Balance and (y) the Holders of Certificates  evidencing not
less than a majority

                                       27

<PAGE>

of the  Certificate  Balance,  for the  purpose of adding any  provisions  to or
changing in any manner or eliminating any of the provisions of this Agreement or
of   modifying   in  any   manner  the   rights  of  the   Noteholders   or  the
Certificateholders;  PROVIDED,  HOWEVER,  that  no  such  amendment  shall:  (a)
increase  or reduce in any  manner the  amount  of, or  accelerate  or delay the
timing of, collections of payments on Receivables or distributions that shall be
required to be made for the benefit of the Noteholders or the Certificateholders
or (b)  reduce  the  aforesaid  percentage  of the  Outstanding  Amount  and the
Certificate  Balance  required  to consent to any such  amendment,  without  the
consent of the holders of all the outstanding Notes and Certificates.

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

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

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

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

          SECTION  11.2.  NO LEGAL TITLE TO TRUST ESTATE IN  CERTIFICATEHOLDERS.
The  Certificateholders  shall  not have  legal  title to any part of the  Trust
Estate. The  Certificateholders  shall be entitled to receive distributions with
respect to their undivided  ownership  interest  therein only in accordance with
Articles V and IX. No transfer, by operation of law or otherwise,  of any right,
title or interest  of the  Certificateholders  in, to and under their  ownership
interest in the Trust Estate shall

                                       28

<PAGE>

operate to  terminate  this  Agreement  or the trusts  hereunder  or entitle any
transferee  to an accounting or to the transfer to it of legal title to any part
of the Trust Estate.

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

          SECTION 11.4.  NOTICES.  (a) Unless otherwise  expressly  specified or
permitted  by the terms  hereof,  all notices  shall be in  writing,  personally
delivered  or mailed by  certified  mail,  postage  prepaid  and return  receipt
requested,  and shall be deemed to have been duly given upon receipt:  (i) if to
the Trustee or the Paying Agent,  addressed to the Corporate  Trust Office,  and
(ii) if to the Depositor,  addressed to CNH Receivables Inc., 475 Half Day Road,
Lincolnshire,  Illinois 60069,  Attention:  Corporate Secretary;  or, as to each
party,  at such other  address as shall be designated by such party in a written
notice to the other party.

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

          SECTION 11.5.  SEVERABILITY.  Any provision of this  Agreement that is
prohibited or unenforceable in any jurisdiction  shall, as to such jurisdiction,
be ineffective to the extent of such  prohibition  or  unenforceability  without
invalidating  the  remaining  provisions  hereof,  and any such  prohibition  or
unenforceability   in  any   jurisdiction   shall  not   invalidate   or  render
unenforceable such provision in any other jurisdiction.

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

          SECTION 11.7.  SUCCESSORS  AND ASSIGNS.  All covenants and  agreements
contained  herein  shall be  binding  upon,  and inure to the  benefit  of,  the
Depositor  and  its  successors,   the  Trustee  and  its  successors  and  each
Certificateholder  and its  successors  and  permitted  assigns,  all as  herein
provided. Any request, notice,

                                       29

<PAGE>

direction, consent, waiver or other instrument or action by an Certificateholder
shall bind the successors and assigns of such Certificateholder.

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

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

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

                                       30

<PAGE>

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

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

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

                                       31

<PAGE>

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

                                     THE BANK OF NEW YORK,
                                       as Trustee

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

                                     CNH RECEIVABLES INC.,
                                       as Depositor

                                     By: /s/ Ralph A. Than
                                        --------------------------------------
                                          Name:        Ralph A. Than
                                          Title:       Vice President and
                                                       Treasurer

                                        S-1

<PAGE>

                                                                      EXHIBIT A
                                                             to Trust Agreement

                           FORM OF TRUST CERTIFICATES

REGISTERED                                                      $___________(1)
NUMBER R-_______

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

                           CNH EQUIPMENT TRUST 2000-A
                         _____% ASSET BACKED CERTIFICATE

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

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

     THIS  CERTIFIES  THAT  CNH  RECEIVABLES  INC. is the  registered owner of a
___________ DOLLAR ($__________) nonassessable, fully-paid, fractional undivided
interest  in  the  CNH  Equipment  Trust  2000-A  (the  "TRUST")  formed  by CNH
Receivables Inc., a Delaware corporation (the "SELLER").

     The Trust was created pursuant to a Trust Agreement dated as of March ____,
2000 (the "TRUST AGREEMENT"),  between  the  Seller and The Bank of New York, as
trustee  (the  "TRUSTEE").   To  the  extent  not  otherwise defined herein, the
capitalized  terms  used  herein have the meanings assigned to them in the Trust
Agreement  or  the  Sale  and  Servicing  Agreement  (the  "SALE  AND  SERVICING
AGREEMENT")  dated  as  of  March __, 2000, among the Trust, the Seller and Case
Credit   Corporation,   as   servicer  (the  "SERVICER"),  as  applicable.  This
Certificate is one of the duly authorized Certificates

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

                                       A-1

<PAGE>

designated  as "______%  Asset Backed  Certificates"  (herein  called the "TRUST
CERTIFICATES").  Issued  under the:  (a)  Indenture  dated as of March __, 2000,
between the Trust and Harris Trust and Savings Bank, as Indenture  Trustee,  are
notes  designated as "______% Class A-1 Asset Backed Notes,"  "______% Class A-2
Asset Backed Notes,"  "______% Class A-3 Asset Backed Notes," "______% Class A-4
Asset Backed Notes" and "______% Class B Asset Backed Notes" (collectively,  the
"NOTES").  This Trust  Certificate  is issued under and is subject to the terms,
provisions and conditions of the Trust  Agreement,  to which Trust Agreement the
holder of this Trust  Certificate by virtue of the acceptance hereof assents and
by which holder is bound.

          Each Holder of this Trust Certificate acknowledges and agrees that its
rights to  receive  distributions  in  respect  of this  Trust  Certificate  are
subordinated  to the  rights of the  Noteholders  as  described  in the Sale and
Servicing Agreement and the Indenture.

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

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

        The Trust Certificates do not represent an obligation of, or an interest
in, the  Seller,  the  Servicer,  Case  Credit  Corporation,  the Trustee or any
affiliates  of any of

                                       A-2

<PAGE>

them and no recourse may be had against such parties or their assets,  except as
may be expressly set forth or  contemplated  herein or in the Trust Agreement or
the Basic Documents.

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

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

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

                                       A-3

<PAGE>

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

                              CNH EQUIPMENT TRUST 2000-A

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

                              By:__________________________________________

                                 Name:_____________________________________

                                 Title:_____________________________________

                                       A-4

<PAGE>

                      TRUSTEE'S CERTIFICATE OF AUTHENTICATION

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

THE BANK OF NEW YORK,
as Trustee

         By:_____________________________________
               Authorized Officer

Date: March  __, 2000

                                        A-5

<PAGE>

                                    ASSIGNMENT

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

PLEASE INSERT SOCIAL SECURITY
OR OTHER IDENTIFYING NUMBER OF
ASSIGNEE

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

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

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

Dated:                                                                        *
                                           ------------------------------------
                                                     Signature Guaranteed:

                                          ------------------------------------*

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

                                       A-6

<PAGE>

                                                                     EXHIBIT B
                                                            to Trust Agreement

                              CERTIFICATE OF TRUST OF
                            CNH EQUIPMENT TRUST 2000-A

        This Certificate of Trust of CNH EQUIPMENT TRUST 2000-A (the "TRUST") is
being  duly  executed  and  filed by The Bank of New  York,  a New York  banking
corporation,   and  The  Bank  of  New  York  (Delaware),   a  Delaware  banking
corporation,  as trustee,  to form a trust under the Delaware Business Trust Act
(12 Del. Code sec. 3801 ET SEQ.) (the "Act").

        1.  NAME.  The name of the trust formed hereby is CNH EQUIPMENT
TRUST 2000-A.

        2. DELAWARE TRUSTEE. The name and business address of the trustee of the
Trust in the State of  Delaware is The Bank of New York  (Delaware),  White Clay
Center, Newark, Delaware 19711.

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

                                    THE BANK OF NEW YORK,
                                    not in its individual capacity, but solely
                                    as  trustee  under a Trust Agreement dated
                                    as of March __, 2000

                                    By: _______________________________________
                                        Name: _________________________________
                                        Title: ________________________________

                                    THE BANK OF NEW YORK (DELAWARE),
                                    not in its individual capacity, but solely
                                    as co-trustee under a Co-Trustee Agreement,
                                    dated as of March __, 2000

                                    By: _______________________________________
                                        Name: _________________________________
                                        Title: ________________________________

                                        A-1

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