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                                                                     EXHIBIT 4.4

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                           CNH EQUIPMENT TRUST 2003-B

                             CASE PURCHASE AGREEMENT

                                     between

                             CASE CREDIT CORPORATION

                                       and

                          CNH CAPITAL RECEIVABLES INC.

                          Dated as of November 1, 2003

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                                TABLE OF CONTENTS

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ARTICLE I     CERTAIN DEFINITIONS..................................................2

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

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

ARTICLE II    CONVEYANCE OF CASE RECEIVABLES.......................................3

     SECTION 2.1.     Conveyance of Case Purchased Contracts.......................3

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

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

     SECTION 2.4.     The Closing..................................................5

     SECTION 2.5.     Payment of the Purchase Price................................5

     SECTION 2.6.     Cross-Collateralization......................................6

ARTICLE III   REPRESENTATIONS AND WARRANTIES.......................................6

     SECTION 3.1.     Representations and Warranties of CNHCR......................6

     SECTION 3.2.     Representations and Warranties of Case Credit................7

ARTICLE IV    CONDITIONS..........................................................13

     SECTION 4.1.     Conditions to Obligation of CNHCR...........................13

     SECTION 4.2.     Conditions to Obligation of Case Credit.....................16

ARTICLE V     COVENANTS OF CASE CREDIT............................................16

     SECTION 5.1.     Protection of Right, Title and Interest.....................17

     SECTION 5.2.     Other Liens or Interests....................................17

     SECTION 5.3.     Jurisdiction of Organization................................18

     SECTION 5.4.     Costs and Expenses..........................................18

     SECTION 5.5.     Indemnification.............................................18

     SECTION 5.6.     Transfer of Subsequent Case Receivables.....................18

     SECTION 5.7.     Cross-Collateralization.....................................18

ARTICLE VI    MISCELLANEOUS PROVISIONS............................................19

     SECTION 6.1.     Obligations of Case Credit..................................19

     SECTION 6.2.     Repurchase Events...........................................19

     SECTION 6.3.     CNHCR Assignment of Repurchased Receivables.................19

     SECTION 6.4.     Trust.......................................................19
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     SECTION 6.5.     Amendment...................................................19

     SECTION 6.6.     Accountants' Letters........................................20

     SECTION 6.7.     Waivers.....................................................20

     SECTION 6.8.     Notices.....................................................21

     SECTION 6.9.     Costs and Expenses..........................................21

     SECTION 6.10.    Representations of Case Credit and CNHCR....................21

     SECTION 6.11.    Confidential Information....................................21

     SECTION 6.12.    Headings and Cross-References...............................21

     SECTION 6.13.    Governing Law...............................................21

     SECTION 6.14.    Counterparts................................................21

     SECTION 6.15.    Severability................................................22
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EXHIBITS
EXHIBIT A     Form of Case Assignment
EXHIBIT B     Form of Case Subsequent Transfer Assignment

                                    SCHEDULES

SCHEDULE P    Perfection Representation and Warranties

                                       ii
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          CASE PURCHASE AGREEMENT (as amended or supplemented from time to time,
     this "AGREEMENT") dated as of November 1, 2003 between CASE CREDIT
     CORPORATION, a Delaware corporation ("CASE CREDIT"), and CNH CAPITAL
     RECEIVABLES INC., a Delaware corporation ("CNHCR").

                                    RECITALS

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

          WHEREAS, in the regular course of its business, Case Credit purchases
     from Case, LLC (f/k/a Case Corporation) certain Contracts originated by
     Case, LLC (f/k/a Case Corporation) in the ordinary course of business; and

          WHEREAS, Case Credit and CNHCR wish to set forth the terms pursuant to
     which: (1) Contracts having an aggregate Contract Value of approximately
     $122,451,508.02 (the "CASE PURCHASED CONTRACTS") as of the Initial Cutoff
     Date and Case Credit's right, title and interest in any True Lease
     Equipment related to such Contracts are to be sold by Case Credit to CNHCR
     on the date hereof and (2) certain Subsequent Case Receivables and Case
     Credit's right, title and interest in any True Lease Equipment related to
     such Subsequent Case Receivables are to be sold by Case Credit to CNHCR
     from time to time on each Subsequent Transfer Date; and

          WHEREAS, CNHCR, as of the Initial Cutoff Date, owned Contracts
     previously purchased from Case Credit pursuant to an Amended and Restated
     Receivables Purchase Agreement dated as of December 15, 2000 (as amended
     from time to time, the "CASE LIQUIDITY RECEIVABLES PURCHASE AGREEMENT")
     between Case Credit and CNHCR, having an aggregate Contract Value of
     approximately $278,975,617.46 (the "CASE OWNED CONTRACTS", and together
     with the Case Purchased Contracts, the "INITIAL CASE RECEIVABLES"); and

          WHEREAS, the Initial Case Receivables and the Subsequent Case
     Receivables (collectively, the "CASE RECEIVABLES"), the NH Receivables and
     any True Lease Equipment related to such Case Receivables or NH Receivables
     will be transferred by CNHCR, pursuant to the Sale and Servicing Agreement,
     to CNH Equipment Trust 2003-B (the "TRUST"), which Trust will issue Asset
     Backed Certificates representing non-assessable, fully paid, undivided
     interests in, and 1.230% Class A-1 Asset Backed Notes, 1.710% Class A-2
     Asset Backed Notes, Floating Rate Class A-3a Asset Backed Notes, 2.470%
     Class A-3b Asset Backed Notes, Floating Rate Class A-4a Asset Backed Notes,
     3.380% Class A-4b Asset Backed Notes and 3.350% Class B Asset Backed Notes
     collateralized by, the Receivables and the other property of the Trust; and

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

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

                                    ARTICLE I
                               CERTAIN DEFINITIONS

     SECTION 1.1. DEFINITIONS. Capitalized terms used herein and not otherwise
     defined herein are defined in Appendix A to the Indenture dated as of the
     date hereof between CNH Equipment Trust 2003-B and JPMorgan Chase Bank as
     Indenture Trustee.

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

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

     (c)  The words "hereof", "herein", "hereunder" and words of similar import
     when used in this Agreement shall refer to this Agreement as a whole and
     not to any particular provision of this Agreement; Section, Schedule and
     Exhibit references contained in this Agreement are references to Sections,
     Schedules and Exhibits in or to this Agreement unless otherwise specified;
     and the term "including" shall mean "including, without limitation,".

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

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                                   ARTICLE II
                         CONVEYANCE OF CASE RECEIVABLES

     SECTION 2.1. CONVEYANCE OF CASE PURCHASED CONTRACTS. In consideration of
     CNHCR's payment of $401,427,125.48 (the "INITIAL CASE PURCHASE PRICE") in
     the manner set out in SECTION 2.5(a), Case Credit does hereby sell,
     transfer, assign, set over and otherwise convey to CNHCR, without recourse
     (subject to the obligations herein), all of its right, title, interest and,
     with respect to any Contracts that are Leases, obligations in, to and under
     (collectively, the "INITIAL CASE ASSETS"):

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

     SECTION 2.3. INTENTION OF THE PARTIES. The parties to this Agreement intend
     that the transactions contemplated hereby shall be, and shall be treated
     as, a purchase by CNHCR and a sale by Case Credit of the Case Purchased
     Contracts and the Subsequent Case Receivables and any True Lease Equipment
     related to such Case Purchased Contracts or Subsequent Case Receivables, as
     the case may be, and not as a lending transaction, such that in the event
     of a filing of a petition for relief by or against Case Credit under the
     Bankruptcy Code, such Case Purchased Contracts, Subsequent Case Receivables
     and True Lease Equipment would not be property of Case Credit's bankruptcy
     estate under Section 541 of the Bankruptcy Code, (ii) the bankruptcy court
     would not compel the turnover of such Case Purchased Contracts, Subsequent
     Case Receivables and True Lease Equipment or collections thereon by CNHCR
     to Case Credit under Section 542 of the Bankruptcy Code, and (iii) the
     bankruptcy court would determine that payments on such Case Purchased
     Contracts, Subsequent Case Receivables and True Lease Equipment not in the
     possession of Case Credit would not be subject to the automatic stay
     provisions of Section 362(a) of the Bankruptcy Code imposed upon the
     commencement of Case Credit's bankruptcy case. The foregoing sale,
     assignment, transfer and conveyance does not constitute, and is not
     intended to result in a creation or assumption by CNHCR of, any obligation
     or liability with

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     respect to any Case Purchased Contract or any Subsequent Case Receivables,
     nor shall CNHCR be obligated to perform or otherwise be responsible for any
     obligation of Case Credit or any other Person in connection with the Case
     Purchased Contracts or the Subsequent Case Receivables or under any
     agreement or instrument relating thereto, including any contract or any
     other obligation to any Obligor, except that CNHCR accepts any Contracts
     that are Leases subject to (and assumes) the covenants benefiting the
     Obligors under such Leases.

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

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

     SECTION 2.5. PAYMENT OF THE PURCHASE PRICE.

     (a)  CASE PURCHASED CONTRACTS. The Initial Case Purchase Price is payable
     as follows: (i) partially in cash on the Closing Date, and (ii) the
     remainder shall be deemed to have been paid by CNHCR to Case Credit and
     returned by Case Credit to CNHCR as a contribution to capital.

     (b)  SUBSEQUENT CASE RECEIVABLES. As consideration for the conveyance of
     Subsequent Case Receivables pursuant to SECTION 2.2, CNHCR shall pay or
     cause to be paid to Case Credit on each Subsequent Transfer Date an amount
     (a "SUBSEQUENT CASE PURCHASE PRICE") equal to the aggregate Contract Value
     of the Subsequent Case Receivables as of the related Subsequent Cutoff
     Date, plus any premium or minus any discount agreed upon by Case Credit and
     CNHCR. Any Subsequent Case Purchase Price shall be payable as follows: (i)
     cash in the amount released to CNHCR in respect of the Subsequent Case
     Receivables from the Pre-Funding Account pursuant to Section 5.8(a) of the
     Sale and Servicing Agreement shall be paid to Case Credit on the related
     Subsequent Transfer Date;

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     and (ii) the balance shall be paid in cash as and when amounts are released
     to, or otherwise realized by, CNHCR from the Spread Account, the Negative
     Carry Account, and the Principal Supplement Account in accordance with the
     Sale and Servicing Agreement, or otherwise are available for such purpose.

     SECTION 2.6. CROSS-COLLATERALIZATION. To the extent Case Credit retains any
     interest in any item of Financed Equipment securing the repayment of any
     Case Receivable, as a result of the related Obligor agreeing to
     cross-collateralize all obligations owed by such Obligor to Case Credit or
     otherwise, Case Credit acknowledges and agrees that its interest in the
     Financed Equipment shall be expressly subordinate and junior in priority to
     the repayment of all amounts outstanding under such Case Receivable prior
     to becoming available to pay any amount outstanding under any other
     obligation owed by such Obligor to Case Credit.

                                   ARTICLE III
                         REPRESENTATIONS AND WARRANTIES

     SECTION 3.1. REPRESENTATIONS AND WARRANTIES OF CNHCR. CNHCR hereby
     represents and warrants to Case Credit as of the date hereof and as of the
     Closing Date:

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

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

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

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

     (e)  NO VIOLATION. The consummation of the transactions contemplated by
     this Agreement and the fulfillment of the terms hereof do not conflict
     with, result in any breach of any of the terms and provisions of, or
     constitute (with or without notice or lapse of time) a default under, the
     certificate of incorporation or by-laws of CNHCR, or any indenture,
     agreement or other instrument to which CNHCR is

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     a party or by which it is bound; or result in the creation or imposition of
     any Lien upon any of its properties pursuant to the terms of any such
     indenture, agreement or other instrument (other than the Sale and Servicing
     Agreement and the Indenture); or violate any law or, to the best of CNHCR's
     knowledge, any order, rule or regulation applicable to CNHCR of any court
     or of any federal or state regulatory body, administrative agency or other
     governmental instrumentality having jurisdiction over CNHCR or its
     properties.

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

     SECTION 3.2. REPRESENTATIONS AND WARRANTIES OF CASE CREDIT. (a) Case Credit
     hereby represents and warrants to CNHCR as of the date hereof and as of the
     Closing Date:

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

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

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

     (iv)      BINDING OBLIGATION. This Agreement constitutes, and each Case
     Subsequent Transfer Assignment when executed and delivered by Case Credit

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     will constitute, a legal, valid and binding obligation of Case Credit
     enforceable against Case Credit in accordance with their terms.

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

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

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

     (i)       CHARACTERISTICS OF CASE RECEIVABLES. Each Case Receivable: (A)
     (1) (i) was originated in the United States of America by a Dealer in
     connection with the retail sale or lease of Financed Equipment in the
     ordinary course of such Dealer's business, and (ii) was purchased by Case
     Credit from a Dealer and validly assigned by such Dealer to Case Credit in
     accordance with its terms, or (2) was originated in the United States of
     America by Case Credit in connection with the financing or lease of
     Financed Equipment in the ordinary course of Case Credit's business and, in
     either case, was fully and properly executed by the parties thereto, (B)
     has created a valid, subsisting and enforceable first priority

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     security interest in the Financed Equipment in favor of Case Credit (except
     to the extent that such security interest has been assigned by Case Credit
     to CNHCR, by CNHCR to the Issuer and by the Issuer to the Indenture
     Trustee), except that (x) no security interest against the Obligor is
     created in True Lease Equipment, and (y) Case Credit makes no
     representation or warranty as to any such security interest granted by any
     Dealer to secure the Dealer's obligations to make payments in respect of
     Termination Values, (C) contains customary and enforceable provisions such
     that the rights and remedies of the holder thereof are adequate for
     realization against the collateral of the benefits of the security, and (D)
     (i) in the case of Retail Installment Contracts, provides for fixed
     payments on a periodic basis that fully amortize the Amount Financed by
     maturity and yield interest at the Annual Percentage Rate, and (ii) in the
     case of any Contracts sold, or to be sold, hereunder that are Leases,
     provides for fixed payments on a periodic basis that fully amortize the
     Amount Financed by maturity and yield interest at the Annual Percentage
     Rate, except that any Contracts sold, or to be sold, hereunder that are
     Leases also provide for payments of the related Termination Values.

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

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

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

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     (v)       NO GOVERNMENT OBLIGOR. None of the Case Receivables is due from
     the United States of America or any state or from any agency, department or
     instrumentality of the United States of America or any state.

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

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

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

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

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

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

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

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

     (xiv)     ALL FILINGS MADE. All filings (including UCC filings) necessary
     in any jurisdiction to give CNHCR a first priority perfected ownership
     interest in the Case Receivables will be made on or prior to the Closing
     Date.

     (xv)      ONE ORIGINAL. There is only one original executed copy of each
     Case Receivable.

     (xvi)     MATURITY OF RECEIVABLES. Each Receivable has a remaining term to
     maturity of not more than 72 months, in the case of the Initial
     Receivables, and 72 months, in the case of the Subsequent Receivables; the
     weighted average remaining term of the Initial Receivables is approximately
     48.80 months as of the Initial Cutoff Date; the weighted average original
     term of the Receivables, including as of each Subsequent Transfer Date all
     Subsequent Receivables previously transferred to CNHCR, will not be greater
     than 55 months.

     (xvii)    SCHEDULED PAYMENTS. No Receivable has a final scheduled payment
     date later than six months preceding the Final Scheduled Maturity Date;
     each Receivable provides for payments that fully amortize the Amount
     Financed over the original term of the Receivable, and is either a
     Precomputed Receivable or a Simple Interest Receivable.

     (xviii)   INSURANCE. The Obligor on each Case Receivable is required to
     maintain physical damage insurance covering the Financed Equipment and, in
     the

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<Page>

     case of any Lease, public liability insurance relating to the use of such
     Financed Equipment, in each case in accordance with Case Credit's normal
     requirements.

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

     (xx)      FINANCING. Approximately 61.18% of the aggregate Statistical
     Contract Value of the Initial Receivables, were secured by or constitute
     Receivables of equipment that was new at the time the related Initial
     Receivable was originated; the remainder of the Initial Receivables
     represent financing or leases of used equipment; approximately 73.26% of
     the aggregate Statistical Contract Value of the Initial Receivables,
     represent financing or leases of agricultural equipment; the remainder of
     the Initial Receivables represent financing or leases of construction
     equipment. The aggregate Statistical Contract Value of the Receivables for
     the purposes of the above calculations as of the Initial Cutoff Date is
     $687,386,393.54. Additionally, not more than 35% of the aggregate Contract
     Value of the Receivables, including, as of each Subsequent Transfer Date,
     all Subsequent Receivables previously transferred to CNHCR, will represent
     Contracts for the financing or lease of construction equipment. No
     Subsequent Receivable will represent the financing of truck equipment.

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

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

     (xxiii)   CHATTEL PAPER. Each Case Receivable constitutes "chattel paper"
     as defined in the UCC of each State the law of which governs the perfection
     of the interest granted in it and/or the priority of such perfected
     interest.

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

     (xxv)     PAYMENT FREQUENCY. As of the Initial Cutoff Date and as shown on
     the books of Case Credit: (A) Initial Receivables having an aggregate
     Statistical Contract Value equal to 42.78% of the Initial Aggregate
     Statistical Contract Value had annual scheduled payments, (B) Initial
     Receivables having an aggregate Statistical Contract Value equal to 2.80%
     of the Initial Aggregate Statistical Contract Value had semi-annual
     scheduled payments, (C) Initial Receivables having an aggregate Statistical
     Contract Value equal to 0.76% of the Initial

                                       12
<Page>

     Aggregate Statistical Contract Value had quarterly scheduled payments, (D)
     Initial Receivables having an aggregate Statistical Contract Value equal to
     46.51% of the Initial Aggregate Statistical Contract Value had monthly
     scheduled payments, and (E) Initial Receivables having an aggregate
     Statistical Contract Value equal to 7.14% of the Initial Aggregate
     Statistical Contract Value had irregularly scheduled payments.

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

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

     (xxviii)  CASE CREDIT'S REPRESENTATIONS. The representations and warranties
     of Case Credit contained in SECTION 3.2(a) are true and correct.

     (xxix)    CASE CREDIT'S OBLIGATIONS. Case Credit has no obligations under
     any Contract, other than the covenant of quiet enjoyment benefiting the
     Obligors under any Contracts that are Leases.

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

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

     (xxxii)   PERFECTION REPRESENTATIONS. Case Credit further makes all the
     representations, warranties and covenants set forth in Schedule P.

                                   ARTICLE IV
                                   CONDITIONS

     SECTION 4.1. CONDITIONS TO OBLIGATION OF CNHCR.

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

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<Page>

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

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

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

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

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

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

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

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

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<Page>

     (i)       Case Credit shall have delivered to CNHCR a duly executed written
     assignment in substantially the form of EXHIBIT B (the "CASE SUBSEQUENT
     TRANSFER ASSIGNMENT"), which shall include supplements to the Schedule of
     Case Receivables listing the Subsequent Case Receivables;

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

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

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

     (v)       the Funding Period shall not have terminated;

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

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

     (viii)    Case Credit shall take any action required to give CNHCR a first
     priority perfected ownership interest in the Subsequent Case Receivables on
     or prior to the applicable Subsequent Transfer Date;

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

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<Page>

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

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

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

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

     SECTION 4.2. CONDITIONS TO OBLIGATION OF CASE CREDIT. The obligation of
     Case Credit to sell the Case Purchased Contracts and the Subsequent Case
     Receivables to CNHCR is subject to the satisfaction of the following
     conditions:

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

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

                                    ARTICLE V
                            COVENANTS OF CASE CREDIT

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

     SECTION 5.1. PROTECTION OF RIGHT, TITLE AND INTEREST. (a) FILINGS. Case
     Credit shall cause all financing statements and continuation statements and
     any other necessary documents covering the right, title and interest of
     CNHCR in and to the Case Receivables and the other property included in the
     Trust Estate to be promptly filed, and at all times to be kept recorded,
     registered and filed, all in

                                       16
<Page>

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

     (b)  NAME CHANGE. Within 15 days after Case Credit makes any change in its
     name, identity or corporate structure that would, could or might make any
     financing statement or continuation statement filed in accordance with
     PARAGRAPH (a) seriously misleading within the applicable provisions of the
     UCC or any title statute, Case Credit shall give CNHCR notice of any such
     change, and no later than five days after the effective date thereof, shall
     file such financing statements or amendments as may be necessary to
     continue the perfection of CNHCR's interest in the property included in the
     Trust Estate.

     (c)  LOCATION CHANGE. Within 15 days after Case Credit makes any change to
     its "location" as defined in Section 9-307 of the UCC, Case Credit shall
     give CNHCR notice of any such change, and no later than five days after the
     effective date thereof, shall file such financing statements or amendments
     as may be necessary to continue the perfection of CNHCR's interest in the
     property included in the Trust Estate

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

     SECTION 5.3. JURISDICTION OF ORGANIZATION. During the term of the Case
     Receivables, Case Credit will maintain its "location" (as defined in
     Section 9-307 of the UCC) in one of the States.

     SECTION 5.4. COSTS AND EXPENSES. Case Credit agrees to pay all reasonable
     costs and disbursements in connection with the perfection, as against all
     third

                                       17
<Page>

     parties, of CNHCR's right, title and interest in, to and under the Case
     Receivables.

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

     SECTION 5.6. TRANSFER OF SUBSEQUENT CASE RECEIVABLES. Case Credit covenants
     to transfer to CNHCR, pursuant to SECTION 2.2, Subsequent Case Receivables
     with an aggregate Contract Value approximately equal to $485,601,546.66
     minus the aggregate Contract Value of any Receivables sold to CNHCR by NH
     Credit pursuant to Section 5.6 of the NH Purchase Agreement, subject only
     to the availability of such Subsequent Case Receivables.

     SECTION 5.7. CROSS-COLLATERALIZATION. To the extent that Case Credit
     transfers, sells, assigns or otherwise pledges any contract to a third
     party and retains any interest in any item of Financed Equipment securing
     the repayment of any Case Receivable, as a result of the related Obligor
     agreeing to cross-collateralize all obligations owed by such Obligor to
     Case Credit and its assigns or otherwise, Case Credit acknowledges and
     agrees that it shall obtain from such third party an agreement that such
     third party's interest in the Financed Equipment shall be expressly
     subordinate and junior in priority to the repayment of all amounts
     outstanding under such Case Receivable prior to becoming available to pay
     any amount outstanding under any other obligation owed by such Obligor to
     such third party.

                                   ARTICLE VI
                            MISCELLANEOUS PROVISIONS

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

                                       18
<Page>

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

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

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

     SECTION 6.5. AMENDMENT. This Agreement may be amended from time to time,
     with prior written notice to the Rating Agencies, by a written amendment
     duly executed and delivered by Case Credit and CNHCR, without the consent
     of the Noteholders or the Certificateholders, to cure any ambiguity, to
     correct or supplement any provisions in this Agreement or for the purpose
     of adding any provisions to or changing in any manner or eliminating any of
     the provisions of this Agreement or of modifying in any manner the rights
     of the Noteholders or the Certificateholders; PROVIDED, HOWEVER, that such
     amendment will not in the Opinion of Counsel, materially and adversely
     affect the interest of any Noteholder or Certificateholder.

                                       19
<Page>

     This Agreement may also be amended from time to time by Case Credit and
     CNHCR, with prior written notice to the Rating Agencies, with the written
     consent of (x) Noteholders holding Notes evidencing at least a majority of
     the Note Balance and (y) the Holders of Certificates evidencing at least a
     majority of the Certificate Balance, for the purpose of adding any
     provisions to or changing in any manner or eliminating any of the
     provisions of this Agreement or of modifying in any manner the rights of
     the Noteholders or the Certificateholders; PROVIDED, HOWEVER, that no such
     amendment may: (i) increase or reduce in any manner the amount of, or
     accelerate or delay the timing of, collections of payments on Case
     Receivables or distributions that are required to be made for the benefit
     of the Noteholders or the Certificateholders or (ii) reduce the aforesaid
     percentage of the Notes and Certificates that are required to consent to
     any such amendment, without the consent of the holders of all the
     outstanding Notes and Certificates.

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

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

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

     SECTION 6.8. NOTICES. All demands, notices and communications under this
     Agreement shall be in writing, personally delivered or mailed by certified
     mail, return receipt requested, and shall be deemed to have been duly given
     upon receipt: (a) in the case of Case Credit, to Case Credit Corporation,
     233 Lake Avenue, Racine, Wisconsin 53403, Attention: Treasurer (telephone
     (262) 636-6011);

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<Page>

     (b) in the case of CNHCR, to CNH Capital Receivables Inc., 100 South
     Saunders Road, Lake Forest, Illinois 60045, Attention: Treasurer (telephone
     (847) 735-9200); (c) in the case of the Rating Agencies, at their
     respective addresses set forth in Section 10.3 of the Sale and Servicing
     Agreement; or, as to each of the foregoing, at such other address as shall
     be designated by written notice to the other parties.

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

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

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

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

     SECTION 6.13. GOVERNING LAW. This Agreement, the Case Assignment, and each
     Case Subsequent Transfer Assignment shall be construed in accordance with
     the laws of the State of New York, without reference to its conflict of law
     provisions, and the obligations, rights and remedies of the parties
     hereunder or thereunder shall be determined in accordance with such laws.

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

     SECTION 6.15. SEVERABILITY. Any provision of this Agreement that is
     prohibited or unenforceable in any jurisdiction shall, as to such
     jurisdiction, be ineffective to the extent of such prohibition or
     unenforceability without invalidating the

                                       21
<Page>

     remaining provisions hereof, and any such prohibition or unenforceability
     in any jurisdiction shall not invalidate or render unenforceable such
     provision in any other jurisdiction.

                            (SIGNATURE PAGES FOLLOW)

                                       22
<Page>

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

                                       CNH CAPITAL RECEIVABLES INC.

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

                                       CASE CREDIT CORPORATION

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

                                       S-1               CASE PURCHASE AGREEMENT
<Page>

                                                                       EXHIBIT A
                                                      to Case Purchase Agreement

                                     FORM OF
                                 CASE ASSIGNMENT

     For value received, in accordance with and subject to the Case Purchase
     Agreement dated as of November 1, 2003 (the "CASE PURCHASE AGREEMENT"),
     between the undersigned and CNH Capital Receivables Inc. ("CNHCR"), the
     undersigned does hereby sell, assign, transfer, set over and otherwise
     convey unto CNHCR, without recourse, all of its right, title, interest and,
     with respect to any Contracts that are Leases, obligations in, to and
     under: (a) the Case Purchased Contracts, which are listed on SCHEDULE A
     hereto, including all documents constituting chattel paper included
     therewith, and all obligations of the Obligors thereunder, including all
     moneys paid thereunder on or after the Initial Cutoff Date, (b) the
     security interests in the Financed Equipment granted by Obligors pursuant
     to the Case Purchased Contracts and any other interest of the undersigned
     in such Financed Equipment, (c) any proceeds with respect to the Case
     Purchased Contracts from claims on insurance policies covering Financed
     Equipment or Obligors, (d) any proceeds from recourse to Dealers with
     respect to the Case Purchased Contracts other than any interest in the
     Dealers' reserve accounts maintained with Case Credit Corporation, (e) any
     Financed Equipment that shall have secured the Case Purchased Contracts and
     that shall have been acquired by or on behalf of CNHCR, (f) any True Lease
     Equipment that is subject to any Case Purchased Contract, and (g) the
     proceeds of any and all of the foregoing. The foregoing sale does not
     constitute and is not intended to result in any assumption by CNHCR of any
     obligation (other than the covenant of quiet enjoyment benefiting the
     Obligors under any Contracts that are Leases) of the undersigned to the
     Obligors, insurers or any other person in connection with the Case
     Purchased Contracts, Receivables Files, any insurance policies or any
     agreement or instrument relating to any of them.

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

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

                                       A-1
<Page>

     IN WITNESS WHEREOF, the undersigned has caused this Case Assignment to be
     duly executed as of November 1, 2003.

                                       CASE CREDIT CORPORATION

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

                                       A-2
<Page>

                                                                       EXHIBIT B
                                                      to Case Purchase Agreement

                                     FORM OF
                       CASE SUBSEQUENT TRANSFER ASSIGNMENT

     For value received, in accordance with and subject to the Case Purchase
     Agreement dated as of November 1, 2003 (the "CASE PURCHASE AGREEMENT"),
     between Case Credit Corporation, a Delaware corporation ("CASE CREDIT"),
     and CNH Capital Receivables Inc., a Delaware corporation ("CNHCR"), Case
     Credit does hereby sell, transfer, assign, set over and otherwise convey to
     CNHCR, without recourse, all of its right, title, interest and, with
     respect to any Contracts that are Leases, obligations in, to and under: (a)
     the Subsequent Case Receivables, with an aggregate Contract Value equal to
     $____ , listed on SCHEDULE A hereto, including all documents constituting
     chattel paper included therewith, and all obligations of the Obligors
     thereunder, including all moneys paid thereunder on or after the Subsequent
     Cutoff Date, (b) the security interests in the Financed Equipment granted
     by Obligors pursuant to such Subsequent Case Receivables and any other
     interest of Case Credit in such Financed Equipment, (c) any proceeds with
     respect to such Subsequent Case Receivables from claims on insurance
     policies covering Financed Equipment or Obligors, (d) any proceeds from
     recourse to Dealers with respect to such Subsequent Case Receivables other
     than any interest in the Dealers' reserve accounts maintained with Case
     Credit, (e) any Financed Equipment that shall have secured any such
     Subsequent Case Receivables and that shall have been acquired by or on
     behalf of CNHCR, (f) any True Lease Equipment that is subject to any
     Subsequent Case Receivable, and (g) the proceeds of any and all of the
     foregoing. The foregoing sale does not constitute and is not intended to
     result in any assumption by CNHCR of any obligation (other than the
     covenant of quiet enjoyment benefiting the Obligors under any Contracts
     that are Leases) of Case Credit to the Obligors, insurers or any other
     person in connection with such Subsequent Case Receivables, Receivable
     Files, any insurance policies or any agreement or instrument relating to
     any of them.

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

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

                                       B-1
<Page>

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

     CASE CREDIT CORPORATION

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

                                       B-2
<Page>

                                                                      SCHEDULE A
                                          to Case Subsequent Transfer Assignment

                     SCHEDULE OF SUBSEQUENT CASE RECEIVABLES

                               [SEE ATTACHED LIST]

<Page>

                                                                         ANNEX A
                                          to Case Subsequent Transfer Assignment

                              OFFICER'S CERTIFICATE

     I, the undersigned officer of Case Credit Corporation (the "COMPANY"), do
     hereby certify, pursuant to Section 4.1(b)(xiii) of the Case Purchase
     Agreement dated as of November 1, 2003, among the Company, and CNH Capital
     Receivables Inc. (the "CASE PURCHASE AGREEMENT"), that (i) all of the
     conditions precedent to the transfer to CNHCR of the Subsequent Case
     Receivables listed on Schedule A to the Case Subsequent Transfer Assignment
     delivered herewith, and the other property and rights related to such
     Subsequent Case Receivables as described in Section 2.2 of the Case
     Purchase Agreement, have been satisfied on or prior to the related
     Subsequent Transfer Date and (ii) each statement of fact set forth in any
     officer's certificate executed by an officer of the Company in connection
     with an Opinion of Counsel delivered on the Closing Date with respect to a
     transfer of, or a security interest in, the Case Receivables shall be true
     and correct as of the date hereof with respect to the Subsequent Case
     Receivables listed on the aforementioned Schedule A.

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

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

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

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

<Page>

                                   SCHEDULE P

     1.   GENERAL. The Case Purchase Agreement creates, or with respect to Case
     Receivables that are Subsequent Receivables upon the transfer of such
     Subsequent Receivables pursuant to the Subsequent Transfer Assignment will
     create, a valid and continuing security interest (as defined in the UCC) in
     the Case Receivables in favor of CNHCR, which, (a) is enforceable upon
     execution of the Case Purchase Agreement against creditors of and
     purchasers from Case Credit, as such enforceability may be limited by
     applicable debtor relief laws, now or hereafter in effect, and by general
     principles of equity (whether considered in a suit at law or in equity),
     and (b) upon filing of the financing statements described in clause 4 below
     will be prior to all other Liens (other than Liens permitted pursuant to
     clause 3 below).

     2.   GENERAL. The Case Receivables constitute "tangible chattel paper"
     within the meaning of UCC Section 9-102. Case Credit has taken all steps
     necessary to perfect its security interest against the Obligor in the
     Financed Equipment securing the Case Receivables.

     3.   CREATION. Immediately prior to the conveyance of the Case Receivables
     pursuant to the Case Purchase Agreement, Case Credit owns and has good and
     marketable title to, or has a valid security interest in, the Case
     Receivables free and clear of any Lien, claim or encumbrance of any Person.

     4.   PERFECTION. Case Credit has caused or will have caused, within ten
     days of the Closing Date, the filing of all appropriate financing
     statements in the proper filing office in the appropriate jurisdictions
     under applicable law in order to perfect the security interest granted to
     CNHCR under the Case Purchase Agreement in the Case Receivables. With
     respect to the Case Receivables that constitute tangible chattel paper,
     Case Credit has in its possession the original copies of such tangible
     chattel paper that constitute or evidence the Case Receivables, and Case
     Credit has caused, or will have caused within ten days of the effective
     date of the Case Purchase Agreement, the filing of financing statements
     against Case Credit and such originator in favor of CNHCR in connection
     herewith describing such Case Receivables and containing a statement that:
     "A purchase of or security interest in any collateral described in this
     financing statement will violate the rights of the Secured Party/Buyer."

     5.   PRIORITY. Other than the security interests granted to CNHCR pursuant
     to the Case Purchase Agreement and the Case Liquidity Receivables Purchase
     Agreement, Case Credit has not pledged, assigned, sold, granted a security
     interest in, or otherwise conveyed any of the Case Receivables. Case Credit
     has not authorized the filing of and is not aware of any financing
     statements against Case Credit that include a description of collateral
     covering the Case Receivables

<Page>

     other than any financing statement (i) relating to the security interests
     granted to CNHCR under the Case Purchase Agreement and the Case Liquidity
     Receivables Purchase Agreement (ii) that has been terminated, or (iii) that
     has been granted pursuant to the terms of the Basic Documents. None of the
     tangible chattel paper that constitutes or evidences the Case Receivables
     has any marks or notations indicating that they have pledged, assigned or
     otherwise conveyed to any Person other than Indenture Trustee.<Page>

                                                                     EXHIBIT 4.5

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

                           CNH EQUIPMENT TRUST 2003-B

                              NH PURCHASE AGREEMENT

                                     between

                         NEW HOLLAND CREDIT COMPANY, LLC

                                       and

                          CNH CAPITAL RECEIVABLES INC.

                          Dated as of November 1, 2003

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

<Page>

                                TABLE OF CONTENTS

<Table>
<Caption>
                                                                                  PAGE
<S>                                                                               <C>
ARTICLE I      CERTAIN DEFINITIONS.................................................2

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

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

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

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

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

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

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

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

     SECTION 2.6    Cross-Collateralization........................................5

ARTICLE III    REPRESENTATIONS AND WARRANTIES......................................5

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

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

ARTICLE IV     CONDITIONS.........................................................11

     SECTION 4.1    Conditions to Obligation of CNHCR.............................11

     SECTION 4.2    Conditions to Obligation of NH Credit.........................13

ARTICLE V      COVENANTS OF NH CREDIT.............................................14

     SECTION 5.1    Protection of Right, Title and Interest.......................14

     SECTION 5.2    Other Liens or Interests......................................14

     SECTION 5.3    Jurisdiction of Organization..................................15

     SECTION 5.4    Costs and Expenses............................................15

     SECTION 5.5    Indemnification...............................................15

     SECTION 5.6    Transfer of Subsequent NH Receivables.........................15

     SECTION 5.7    Cross-Collateralization.......................................15
</Table>

<Page>

                                TABLE OF CONTENTS
                                   (CONTINUED)

<Table>
<Caption>
                                                                                  PAGE
<S>                                                                               <C>
ARTICLE VI     MISCELLANEOUS PROVISIONS...........................................15

     SECTION 6.1    Obligations of NH Credit......................................15

     SECTION 6.2    Repurchase Events.............................................16

     SECTION 6.3    CNHCR Assignment of Repurchased Receivables...................16

     SECTION 6.4    Trust.........................................................16

     SECTION 6.5    Amendment.....................................................16

     SECTION 6.6    Accountants' Letters..........................................17

     SECTION 6.7    Waivers.......................................................17

     SECTION 6.8    Notices.......................................................17

     SECTION 6.9    Costs and Expenses............................................17

     SECTION 6.10   Representations of NH Credit and CNHCR........................17

     SECTION 6.11   Confidential Information......................................17

     SECTION 6.12   Headings and Cross-References.................................18

     SECTION 6.13   Governing Law.................................................18

     SECTION 6.14   Counterparts..................................................18

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

                                    EXHIBITS

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

                                    SCHEDULES

SCHEDULE P      Perfection Representations and Warranties
</Table>

                                       ii
<Page>

     NH PURCHASE AGREEMENT (as amended or supplemented from time to time, this
"AGREEMENT") dated as of November 1, 2003 between NEW HOLLAND CREDIT COMPANY,
LLC, a Delaware limited liability company ("NH CREDIT"), and CNH CAPITAL
RECEIVABLES INC., a Delaware corporation ("CNHCR").

                                    RECITALS

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

     WHEREAS, NH Credit and CNHCR wish to set forth the terms pursuant to which:
(1) Contracts having an aggregate Contract Value of approximately $62,811,280.69
(the "NH PURCHASED CONTRACTS") as of Initial Cutoff Date and NH Credit's right,
title and interest in any True Lease Equipment related to such Contracts are to
be sold by NH Credit to CNHCR on the date hereof and (2) certain Subsequent NH
Receivables and NH Credit's right, title and interest in any True Lease
Equipment related to such Subsequent NH Receivables are to be sold by NH Credit
to CNHCR from time to time on each Subsequent Transfer Date; and

     WHEREAS, CNHCR as of the Initial Cutoff Date, owned Contracts previously
purchased from NH Credit pursuant to a Receivables Purchase Agreement dated as
of December 15, 2000 (as amended from time to time, the "NH LIQUIDITY
RECEIVABLES PURCHASE AGREEMENT"), between NH Credit and CNHCR, having an
aggregate Contract Value of approximately $200,160,047.17 (the "NH OWNED
CONTRACTS", and together with the NH Purchased Contracts, the "INITIAL NH
RECEIVABLES"); and

     WHEREAS, the Initial NH Receivables and the Subsequent NH Receivables
(collectively, the "NH RECEIVABLES"), the Case Receivables and any True Lease
Equipment related to such NH Receivables or Case Receivables will be transferred
by CNHCR, pursuant to the Sale and Servicing Agreement, to CNH Equipment Trust
2003-B (the "TRUST"), which Trust will issue Asset Backed Certificates
representing non-assessable, fully paid, fractional undivided interests in, and
1.230% Class A-1 Asset Backed Notes, 1.710% Class A-2 Asset Backed Notes,
Floating Rate Class A-3a Asset Backed Notes, 2.470% Class A-3b Asset Backed
Notes, Floating Rate Class A-4a Asset Backed Notes, 3.380% Class A-4b Asset
Backed Notes and 3.350% Class B Asset Backed Notes collateralized by, the
Receivables and the other property of the Trust; and

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

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

<Page>

                                    ARTICLE I
                               CERTAIN DEFINITIONS

     SECTION 1.1  DEFINITIONS. Capitalized terms used herein and not otherwise
defined herein are defined in Appendix A to the Indenture dated as of the date
hereof between CNH Equipment Trust 2003-B and JPMorgan Chase Bank, as Indenture
Trustee.

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

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

     (c)  The words "hereof", "herein", "hereunder" and words of similar import
when used in this Agreement shall refer to this Agreement as a whole and not to
any particular provision of this Agreement; Section, Schedule and Exhibit
references contained in this Agreement are references to Sections, Schedules and
Exhibits in or to this Agreement unless otherwise specified; and the term
"including" shall mean "including, without limitation,".

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

                                   ARTICLE II
                          CONVEYANCE OF NH RECEIVABLES

     SECTION 2.1  CONVEYANCE OF NH PURCHASED CONTRACTS. In consideration of
CNHCR's payment of $262,971,327.86 (the "INITIAL NH PURCHASE PRICE") in the
manner set out in SECTION 2.5(a), NH Credit does hereby sell, transfer, assign,
set over and otherwise convey to CNHCR, without recourse (subject to the
obligations herein), all of its right, title, interest and, with respect to any
Contracts that are Leases, obligations in, to and under (collectively, the
"INITIAL NH ASSETS"):

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

                                        2
<Page>

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

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

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

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

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

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

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

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

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

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

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

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

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

                                        3
<Page>

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

     SECTION 2.3  INTENTION OF THE PARTIES. The parties to this Agreement intend
that the transactions contemplated hereby shall be, and shall be treated as, a
purchase by CNHCR and a sale by NH Credit of the NH Purchased Contracts and the
Subsequent NH Receivables and any True Lease Equipment, in each case, related
thereto, as the case may be, and not as a lending transaction, so that in the
event of a filing of a petition for relief by or against NH Credit under the
Bankruptcy Code, (i) such NH Purchased Contracts, Subsequent NH Receivables and
True Lease Equipment would not be property of NH Credit's bankruptcy estate
under Section 541 of the Bankruptcy Code, (ii) the bankruptcy court would not
compel the turnover of such NH Purchased Contracts, Subsequent NH Receivables
and True Lease Equipment by CNHCR to NH Credit under Section 542 of the
Bankruptcy Code, and (iii) the bankruptcy court would determine that payments on
the NH Purchased Contracts, Subsequent NH Receivables and True Lease Equipment
not in the possession of NH Credit would not be subject to the automatic stay
provisions of Section 362(a) of the Bankruptcy Code imposed upon the
commencement of NH Credit's bankruptcy case. The foregoing sale, assignment,
transfer and conveyance does not constitute, and is not intended to result in a
creation or assumption by CNHCR of, any obligation or liability with respect to
any NH Purchased Contract or any Subsequent NH Receivable, nor shall CNHCR be
obligated to perform or otherwise be responsible for any obligation of NH Credit
or any other Person in connection with the NH Purchased Contracts or the
Subsequent NH Receivables or under any agreement or instrument relating thereto,
including any contract or any other obligation to any Obligor, except that CNHCR
accepts any Contracts that are Leases subject to (and assumes) the covenants
benefiting the Obligors under such Leases.

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

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

     SECTION 2.5  PAYMENT OF THE PURCHASE PRICE.

     (a)  NH PURCHASED CONTRACTS. The Initial NH Purchase Price is payable as
$262,971,327.86 in cash on the Closing Date.

                                        4
<Page>

     (b)  SUBSEQUENT NH RECEIVABLES. As consideration for the conveyance of
Subsequent NH Receivables pursuant to SECTION 2.2, CNHCR shall pay or cause to
be paid to NH Credit on each Subsequent Transfer Date an amount (a "SUBSEQUENT
NH PURCHASE PRICE") equal to the aggregate Contract Value of the Subsequent NH
Receivables as of the related Subsequent Cutoff Date, plus any premium or minus
any discount agreed upon by NH Credit and CNHCR. Any Subsequent NH Purchase
Price shall be payable as follows: (i) cash in the amount released to CNHCR in
respect of the Subsequent NH Receivables from the Pre-Funding Account pursuant
to Section 5.8(a) of the Sale and Servicing Agreement shall be paid to NH Credit
on the related Subsequent Transfer Date; and (ii) the balance shall be paid in
cash as and when amounts are released to, or otherwise realized by, CNHCR from
the Spread Account, the Negative Carry Account, and the Principal Supplement
Account in accordance with the Sale and Servicing Agreement, or otherwise are
available for such purpose.

     SECTION 2.6  CROSS-COLLATERALIZATION. To the extent NH Credit retains any
interest in any item of Financed Equipment securing the repayment of any NH
Receivable, as a result of the related Obligor agreeing to cross-collateralize
all obligations owed by such Obligor to NH Credit or otherwise, NH Credit
acknowledges and agrees that its interest in the Financed Equipment shall be
expressly subordinate and junior in priority to the repayment of all amounts
outstanding under such NH Receivable prior to becoming available to pay any
amount outstanding under any other obligation owed by such Obligor to NH Credit.

                                   ARTICLE III
                         REPRESENTATIONS AND WARRANTIES

     SECTION 3.1  REPRESENTATIONS AND WARRANTIES OF CNHCR. CNHCR hereby
represents and warrants to NH Credit as of the date hereof and as of the Closing
Date:

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

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

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

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

                                        5
<Page>

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

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

     SECTION 3.2  REPRESENTATIONS AND WARRANTIES OF NH CREDIT. (a) NH Credit
hereby represents and warrants to CNHCR as of the date hereof and as of the
Closing Date:

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

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

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

          (iv) BINDING OBLIGATION. This Agreement constitutes, and each NH
     Subsequent Transfer Assignment when executed and delivered by NH Credit
     will constitute, a legal,

                                        6
<Page>

     valid and binding obligation of NH Credit enforceable against NH Credit in
     accordance with their terms.

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

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

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

          (i) CHARACTERISTICS OF NH RECEIVABLES. Each NH Receivable: (A) (1) (i)
     was originated in the United States of America by a Dealer in connection
     with the retail sale or lease of Financed Equipment in the ordinary course
     of such Dealer's business, and (ii) was purchased by NH Credit from a
     Dealer and validly assigned by such Dealer to NH Credit in accordance with
     its terms, or (2) was originated in the United States of America by NH
     Credit in connection with the financing or lease of Financed Equipment in
     the ordinary course of NH Credit's business and, in either case, was fully
     and properly executed by the parties thereto, (B) has created a valid,
     subsisting and enforceable first priority security interest in the Financed
     Equipment in favor of NH Credit (except to the extent that such security
     interest has been assigned by NH Credit to CNHCR, by CNHCR to the Issuer
     and by the Issuer to the Indenture Trustee), except that (x) no security
     interest against the Obligor is created in True Lease Equipment, and (y) NH
     Credit makes no representation or warranty as to any such security interest
     granted by any Dealer to

                                        7
<Page>

     secure the Dealer's obligations to make payments in respect of Termination
     Values, (C) contains customary and enforceable provisions such that the
     rights and remedies of the holder thereof are adequate for realization
     against the collateral of the benefits of the security, and (D) (i) in the
     case of Retail Installment Contracts, provides for fixed payments on a
     periodic basis that fully amortize the Amount Financed by maturity and
     yield interest at the Annual Percentage Rate, and (ii) in the case of any
     Contracts sold, or to be sold, hereunder that are Leases, provides for
     fixed payments on a periodic basis that fully amortize the Amount Financed
     by maturity and yield interest at the Annual Percentage Rate, except that
     any Contracts sold, or to be sold, hereunder that are Leases also provide
     for payments of the related Termination Values.

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

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

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

          (v) NO GOVERNMENT OBLIGOR. None of the NH Receivables is due from the
     United States of America or any State or from any agency, department or
     instrumentality of the United States of America or any State.

          (vi) SECURITY INTEREST IN FINANCED EQUIPMENT. Immediately prior to the
     sale, assignment and transfer thereof, each NH Receivable shall be secured
     by a validly perfected first priority security interest in the Financed
     Equipment in favor of NH Credit as secured party or all necessary and
     appropriate actions have been commenced that would result in the valid
     perfection of a first priority security interest in the Financed Equipment
     in favor of NH Credit as secured party, except that (A) no security
     interest against the Obligor is created in True Lease Equipment and (B) NH
     Credit makes no

                                        8
<Page>

     representation or warranty as to any security interest granted by any
     Dealer to secure the Dealer's obligations to make payments in respect of
     Termination Values.

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

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

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

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

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

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

                                        9
<Page>

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

          (xiv) ALL FILINGS MADE. All filings (including UCC filings) necessary
     in any jurisdiction to give CNHCR a first priority perfected ownership
     interest in the NH Receivables will be made on or prior to the Closing
     Date.

          (xv) ONE ORIGINAL. There is only one original executed copy of each NH
     Receivable.

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

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

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

          (xix) CHATTEL PAPER. Each NH Receivable constitutes tangible "chattel
     paper" as defined in the UCC of each State the law of which governs the
     perfection of the interest granted in it and/or the priority of such
     perfected interest.

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

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

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

          (xxiii) NH CREDIT'S REPRESENTATIONS. The representations and
     warranties of NH Credit contained in SECTION 3.2(a) are true and correct.

                                       10
<Page>

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

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

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

          (xxvii) PERFECTION REPRESENTATIONS. NH Credit further makes all of the
     representations, warranties and covenants set forth in Schedule P.

                                   ARTICLE IV
                                   CONDITIONS

     SECTION 4.1  CONDITIONS TO OBLIGATION OF CNHCR.

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

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

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

          (iii) DOCUMENTS TO BE DELIVERED BY NH CREDIT ON THE CLOSING DATE.

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

                  (B) EVIDENCE OF UCC FILING. On or prior to the Closing Date
          (but only if the Contract Value of the NH Purchased Contracts is
          greater than zero), NH Credit shall authorize and file, at its own
          expense, a UCC financing statement in

                                       11
<Page>

          each jurisdiction in which such action is required by applicable law
          to fully perfect CNHCR's right, title and interest in the NH Purchased
          Contracts and the other property sold hereunder, executed by NH
          Credit, as seller or debtor, and naming CNHCR, as purchaser or secured
          party, describing the NH Purchased Contracts and the other property
          sold hereunder, meeting the requirements of the laws of each such
          jurisdiction and in such manner as is necessary to perfect the sale,
          transfer, assignment and conveyance of such NH Purchased Contracts and
          such other property to CNHCR. It is understood and agreed, however,
          that no filings will be made to perfect any security interest of CNHCR
          in NH Credit's interests in Financed Equipment. NH Credit shall
          deliver (or cause to be delivered) a file-stamped copy, or other
          evidence satisfactory to CNHCR of such filing, to CNHCR promptly upon
          NH Credit's receipt thereof.

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

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

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

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

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

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

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

          (v) the Funding Period shall not have terminated;

          (vi) each of the representations and warranties made by NH Credit
     pursuant to SECTION 3.2(b) with respect to the Subsequent NH Receivables
     shall be true and correct as

                                       12
<Page>

     of such Subsequent Transfer Date, and NH Credit shall have performed all
     obligations to be performed by it hereunder on or prior to such Subsequent
     Transfer Date;

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

          (viii) NH Credit shall take any action required to give CNHCR a first
     priority perfected ownership interest in the Subsequent NH Receivables on
     or prior to the applicable Subsequent Transfer Date;

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

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

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

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

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

     SECTION 4.2  CONDITIONS TO OBLIGATION OF NH CREDIT. The obligation of NH
Credit to sell the NH Purchased Contracts and the Subsequent NH Receivables to
CNHCR is subject to the satisfaction of the following conditions:

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

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

                                       13
<Page>

                                    ARTICLE V
                             COVENANTS OF NH CREDIT

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

     SECTION 5.1  PROTECTION OF RIGHT, TITLE AND INTEREST.

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

     (b)  NAME CHANGE. Within 15 days after NH Credit makes any change in its
name, identity or limited liability company structure that would, could or might
make any financing statement or continuation statement filed in accordance with
PARAGRAPH (a) seriously misleading within the applicable provisions of the UCC
or any title statute, NH Credit shall give CNHCR notice of any such change, and
no later than five days after the effective date thereof, shall file such
financing statements or amendments as may be necessary to continue the
perfection of CNHCR's interest in the property included in the Trust Estate.

     (c)  LOCATION CHANGE. Within 15 days after NH Credit makes any change to
its "location" as defined in Section 9-307 of the UCC, NH Credit shall give
CNHCR notice of any such change, and no later than five days after the effective
date thereof, shall file such financing statements or amendments as may be
necessary to continue the perfection of CNHCR's interest in the property
included in the Trust Estate.

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

                                       14
<Page>

     SECTION 5.3  JURISDICTION OF ORGANIZATION. During the term of the NH
Receivables, NH Credit will maintain its "location" (as defined in Section 9-307
of the UCC) in one of the States.

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

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

     SECTION 5.6  TRANSFER OF SUBSEQUENT NH RECEIVABLES. NH Credit covenants to
transfer to CNHCR, pursuant to SECTION 2.2, Subsequent NH Receivables with an
aggregate Contract Value approximately equal to $485,601,546.66 minus the
aggregate Contract Value of any Receivables sold to CNHCR by Case Credit
pursuant to Section 5.6 of the Case Purchase Agreement, subject only to the
availability of such Subsequent NH Receivables.

     SECTION 5.7  CROSS-COLLATERALIZATION. To the extent that NH Credit
transfers, sells, assigns or otherwise pledges any contract to a third party and
such third party retains any interest in any item of Financed Equipment securing
the repayment of any NH Receivable, as a result of the related Obligor agreeing
to cross-collateralize all obligations owed by such Obligor to NH Credit and its
assigns or otherwise, NH Credit acknowledges and agrees that it shall obtain
from such third party an agreement that such third party's interest in the
Financed Equipment shall be expressly subordinate and junior in priority to the
repayment of all amounts outstanding under such NH Receivable prior to becoming
available to pay any amount outstanding under any other obligation owed by such
Obligor to such third party.

                                   ARTICLE VI
                            MISCELLANEOUS PROVISIONS

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

                                       15
<Page>

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

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

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

     SECTION 6.5  AMENDMENT. This Agreement may be amended from time to time,
with prior written notice to the Rating Agencies, by a written amendment duly
executed and delivered by NH Credit and CNHCR, without the consent of the
Noteholders or the Certificateholders, to cure any ambiguity, to correct or
supplement any provisions in this Agreement or for the purpose of adding any
provisions to or changing in any manner or eliminating any of the provisions of
this Agreement or of modifying in any manner the rights of the Noteholders or
the Certificateholders; PROVIDED, HOWEVER, that such amendment will not, in the
Opinion of Counsel, materially and adversely affect the interest of any
Noteholder or Certificateholder.

     This Agreement may also be amended from time to time by NH Credit and
CNHCR, with prior written notice to the Rating Agencies, with the written
consent of (x) Noteholders holding Notes evidencing at least a majority of the
Note Balance and (y) the Holders of Certificates evidencing at least a majority
of the Certificate Balance, for the purpose of adding any provisions to or
changing in any manner or eliminating any of the provisions of this Agreement or
of modifying in any manner the rights of the Noteholders or the
Certificateholders; PROVIDED, HOWEVER, that no such amendment may: (i) increase
or reduce in any manner the amount of, or accelerate or delay the timing of,
collections of payments on NH Receivables or distributions that are required to
be made for the benefit of the Noteholders or the Certificateholders or (ii)
reduce the aforesaid percentage of the Notes and Certificates that are required
to consent to any such amendment, without the consent of the holders of all the
outstanding Notes and Certificates.

                                       16
<Page>

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

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

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

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

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

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

     SECTION 6.11 CONFIDENTIAL INFORMATION. CNHCR agrees that it will neither
use nor disclose to any Person the names and addresses of the Obligors, except
in connection with the enforcement of CNHCR's rights hereunder, under the NH
Receivables, under the Sale and

                                       17
<Page>

Servicing Agreement or the Indenture or any other Basic Document or as required
by any of the foregoing or by law.

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

     SECTION 6.13 GOVERNING LAW. This Agreement, the NH Assignment, and each NH
Subsequent Transfer Assignment shall be construed in accordance with the laws of
the State of New York, without reference to its conflict of law provisions, and
the obligations, rights and remedies of the parties hereunder or thereunder
shall be determined in accordance with such laws.

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

                                       18
<Page>

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

                            (SIGNATURE PAGE FOLLOWS)

                                       19
<Page>

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

                                       CNH CAPITAL RECEIVABLES INC.

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

                                       NEW HOLLAND CREDIT COMPANY, LLC

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

                                       S-1                 NH PURCHASE AGREEMENT
<Page>

                                                                       EXHIBIT A
                                                        to NH Purchase Agreement

                                     FORM OF
                                  NH ASSIGNMENT

     For value received, in accordance with and subject to the NH Purchase
Agreement dated as of November 1, 2003 (the "NH PURCHASE AGREEMENT") between the
undersigned and CNH Capital Receivables Inc. ("CNHCR"), the undersigned does
hereby sell, assign, transfer, set over and otherwise convey unto CNHCR, without
recourse, all of its right, title, interest and, with respect to any Contracts
that are Leases, obligations in, to and under: (a) the NH Purchased Contracts,
which are listed on SCHEDULE A hereto, including all documents constituting
chattel paper included therewith, and all obligations of the Obligors
thereunder, including all moneys paid thereunder on or after the Initial Cutoff
Date, (b) the security interests in the Financed Equipment granted by Obligors
pursuant to the NH Purchased Contracts and any other interest of the undersigned
in such Financed Equipment, (c) any proceeds with respect to the NH Purchased
Contracts from claims on insurance policies covering Financed Equipment or
Obligors, (d) any proceeds from recourse to Dealers with respect to the NH
Purchased Contracts other than any interest in the Dealers' reserve accounts
maintained with NH Credit, (e) any Financed Equipment that shall have secured
the NH Purchased Contracts and that shall have been acquired by or on behalf of
CNHCR, (f) any True Lease Equipment that is subject to any NH Purchased
Contract, and (g) the proceeds of any and all of the foregoing. The foregoing
sale does not constitute and is not intended to result in any assumption by
CNHCR of any obligation (other than the covenant of quiet enjoyment benefiting
the Obligors under any Contracts that are Leases) of the undersigned to the
Obligors, insurers or any other person in connection with the NH Purchased
Contracts, Receivables Files, any insurance policies or any agreement or
instrument relating to any of them.

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

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

                                       A-1
<Page>

     IN WITNESS WHEREOF, the undersigned has caused this NH Assignment to be
duly executed as of November 1, 2003.

                                       NEW HOLLAND CREDIT COMPANY, LLC

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

                                       A-2
<Page>

                                                                       EXHIBIT B
                                                        to NH Purchase Agreement

                                     FORM OF
                        NH SUBSEQUENT TRANSFER ASSIGNMENT

     For value received, in accordance with and subject to the NH Purchase
Agreement dated as of November 1, 2003 (the "NH PURCHASE AGREEMENT") between New
Holland Credit Company LLC, a Delaware limited liability company ("NH CREDIT"),
and CNH Capital Receivables Inc., a Delaware corporation ("CNHCR"), NH Credit
does hereby sell, transfer, assign, set over and otherwise convey to CNHCR,
without recourse, all of its right, title, interest and, with respect to any
Contracts that are Leases, obligations in, to and under: (a) the Subsequent NH
Receivables, with an aggregate Contract Value equal to $______, listed on
SCHEDULE A hereto, including all documents constituting chattel paper included
therewith, and all obligations of the Obligors thereunder, including all moneys
paid thereunder on or after the Subsequent Cutoff Date, (b) the security
interests in the Financed Equipment granted by Obligors pursuant to such
Subsequent NH Receivables and any other interest of NH Credit in such Financed
Equipment, (c) any proceeds with respect to such Subsequent NH Receivables from
claims on insurance policies covering Financed Equipment or Obligors, (d) any
proceeds from recourse to Dealers with respect to such Subsequent NH Receivables
other than any interest in the Dealers' reserve accounts maintained with NH
Credit, (e) any Financed Equipment that shall have secured any such Subsequent
NH Receivables and that shall have been acquired by or on behalf of CNHCR, (f)
any True Lease Equipment that is subject to any Subsequent NH Receivable, and
(g) the proceeds of any and all of the foregoing. The foregoing sale does not
constitute and is not intended to result in any assumption by CNHCR of any
obligation (other than the covenant of quiet enjoyment benefiting the Obligors
under any Contracts that are Leases) of NH Credit to the Obligors, insurers or
any other person in connection with such Subsequent NH Receivables, Receivable
Files, any insurance policies or any agreement or instrument relating to any of
them.

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

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

                                       B-1
<Page>

     IN WITNESS WHEREOF, the undersigned has caused this NH Subsequent Transfer
Assignment to be duly executed as of the __ day of _______, 200_.

                                       NEW HOLLAND CREDIT COMPANY, LLC

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

                                       B-2
<Page>

                                                                      SCHEDULE A
                                            to NH Subsequent Transfer Assignment

                      SCHEDULE OF SUBSEQUENT NH RECEIVABLES

                               [SEE ATTACHED LIST]

<Page>

                                                                         ANNEX A
                                            to NH Subsequent Transfer Assignment

                              OFFICER'S CERTIFICATE

     I, the undersigned officer of New Holland Credit Company, LLC (the
"COMPANY"), do hereby certify, pursuant to Section 4.1(b)(xiii) of the NH
Purchase Agreement dated as of November 1, 2003 among the Company, and CNH
Capital Receivables Inc. (the "NH PURCHASE AGREEMENT"), that (i) all of the
conditions precedent to the transfer to CNHCR of the Subsequent NH Receivables
listed on Schedule A to the NH Subsequent Transfer Assignment delivered
herewith, and the other property and rights related to such Subsequent NH
Receivables as described in Section 2.2 of the NH Purchase Agreement, have been
satisfied on or prior to the related Subsequent Transfer Date and (ii) each
statement of fact set forth in any officer's certificate executed by an officer
of the Company in connection with an Opinion of Counsel delivered on the Closing
Date with respect to a transfer of, or a security interest in, the NH
Receivables shall be true and correct as of the date hereof with respect to the
Subsequent NH Receivables listed on the aforementioned Schedule A.

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

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

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

<Page>

                                   SCHEDULE P

     1.   GENERAL. The NH Purchase Agreement creates, or with respect to the NH
Receivables that are Subsequent Receivables upon the transfer of such Subsequent
Receivables pursuant to the Subsequent Transfer Assignment will create, a valid
and continuing security interest (as defined in the applicable UCC) in the NH
Receivables in favor of CNHCR, which, (a) is enforceable upon execution of the
NH Purchase Agreement against creditors of and purchasers from NH Credit, as
such enforceability may be limited by applicable debtor relief laws, now or
hereafter in effect, and by general principles of equity (whether considered in
a suit at law or in equity), and (b) upon filing of the financing statements
described in clause 4 below will be prior to all other Liens (other than Liens
permitted pursuant to clause 5 below).

     2.   GENERAL. The NH Receivables constitute "tangible chattel paper" within
the meaning of UCC Section 9-102. NH Credit has taken all steps necessary to
perfect its security interest against the Obligor in the Financed Equipment
securing the NH Receivables.

     3.   CREATION. Immediately prior to the conveyance of the NH Receivables
pursuant to the NH Purchase Agreement, NH Credit owns and has good and
marketable title to, or has a valid security interest in, the NH Receivables
free and clear of any Lien, claim or encumbrance of any Person.

     4.   PERFECTION. NH Credit has caused or will have caused, within ten days
of the Closing Date, the filing of all appropriate financing statements in the
proper filing office in the appropriate jurisdictions under applicable law in
order to perfect the security interest granted to CNHCR under the NH Purchase
Agreement in the NH Receivables. With respect to the NH Receivables that
constitute tangible chattel paper, NH Credit has in its possession the original
copies of such tangible chattel paper that constitute or evidence the NH
Receivables, and NH Credit has caused, or will have caused within ten days of
the effective date of the NH Agreement, the filing of financing statements
against NH Credit in favor of CNHCR in connection herewith describing such NH
Receivables and containing a statement that: "A purchase of or security interest
in any collateral described in this financing statement will violate the rights
of the Secured Party/Buyer."

     5.   PRIORITY. Other than the security interests granted to CNHCR pursuant
to the NH Purchase Agreement and the NH Liquidity Receivables Purchase
Agreement, NH Credit has not pledged, assigned, sold, granted a security
interest in, or otherwise conveyed any of the NH Receivables. NH Credit has not
authorized the filing of and is not aware of any financing statements against NH
Credit that include a description of collateral covering the NH Receivables
other than any financing statement (i) relating to the security interests
granted to CNHCR under the NH Purchase Agreement and the NH Liquidity
Receivables Purchase Agreement, (ii) that has been terminated, or (iii) that has
been granted pursuant to the terms of the Basic Documents. None of the tangible
chattel paper that constitutes or evidences the NH Receivables has any marks or
notations indicating that they have pledged, assigned or otherwise conveyed to
any Person other than the Indenture Trustee.

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