Document:

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                                                                     Exhibit 4.4

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                                 TRUST AGREEMENT

                         CNH WHOLESALE MASTER NOTE TRUST

                                 TRUST AGREEMENT

                          dated as of September 1, 2003

                                     between

                         CNH WHOLESALE RECEIVABLES INC.,
                                 as Transferor,

                                       and

                              THE BANK OF NEW YORK,
                                as Owner Trustee

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                                                                 TRUST AGREEMENT

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                                TABLE OF CONTENTS

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

     Section 1.01   Definitions....................................................................................1

     Section 1.02   Generic Terms..................................................................................3

ARTICLE II      ORGANIZATION; DECLARATION OF TRUST BY THE OWNER TRUSTEE............................................4

     Section 2.01   Formation of Trust; Name.......................................................................4

     Section 2.02   Transfer of Property to Trust; Initial Capital Contribution of Trust Estate....................4

     Section 2.03   Purposes and Powers; Trust To Operate as a Single Purpose Entity...............................4

     Section 2.04   Appointment of Owner Trustee...................................................................5

     Section 2.05   Declaration of Trust...........................................................................5

     Section 2.06   Title to Trust Estate..........................................................................6

     Section 2.07   Nature of Interest in the Trust Estate.........................................................6

     Section 2.08   Creation of Trust; Principal Office of Owner Trustee...........................................6

     Section 2.09   Tax Matters....................................................................................6

     Section 2.10   Fiscal Year....................................................................................6

     Section 2.11   Protection of Trust Estate.....................................................................6

     Section 2.12   Assignment to Indenture Trustee................................................................7

     Section 2.13   Merger or Consolidation of, or Assumption of the Obligations of, Transferor....................7

     Section 2.14   Limitation on Liability of Transferor and Others...............................................8

ARTICLE III     REPRESENTATIONS AND WARRANTIES OF THE TRANSFEROR...................................................8

     Section 3.01   Representations and Warranties of the Transferor...............................................8

ARTICLE IV      DISTRIBUTIONS OF FUNDS.............................................................................9

     Section 4.01   Distribution of Funds..........................................................................9

     Section 4.02   Payments from Trust Estate Only................................................................9

     Section 4.03   Method of Payment.............................................................................10

ARTICLE V       AUTHORITY AND DUTIES OF THE OWNER TRUSTEE.........................................................10
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                                       -i-                       TRUST AGREEMENT
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                                TABLE OF CONTENTS
                                   (continued)

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                                                                                                                PAGE
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     Section 5.01   General Authority.............................................................................10

     Section 5.02   General Duties................................................................................10

     Section 5.03   Action Upon Instruction.......................................................................10

     Section 5.04   No Duties Except as Specified in this Agreement or in Instructions............................11

     Section 5.05   No Action Except under Transaction Documents or Instructions..................................12

     Section 5.06   Restrictions..................................................................................12

     Section 5.07   Nonpetition Covenants.........................................................................12

     Section 5.08   Tax Returns...................................................................................12

ARTICLE VI      CONCERNING THE TRUSTEE BANK.......................................................................13

     Section 6.01   Acceptance of Trust and Duties................................................................13

     Section 6.02   Furnishing of Documents.......................................................................14

     Section 6.03   Representations and Warranties as to the Trust Estate.........................................14

     Section 6.04   Signature of Returns..........................................................................14

     Section 6.05   Reliance; Advice of Counsel...................................................................14

     Section 6.06   Not Acting in Individual Capacity.............................................................15

     Section 6.07   Representations and Warranties................................................................15

ARTICLE VII     TERMINATION OF TRUST AGREEMENT....................................................................16

     Section 7.01   Termination of Trust Agreement................................................................16

ARTICLE VIII    SUCCESSOR OWNER TRUSTEES, CO-TRUSTEES AND SEPARATE OWNER TRUSTEES.................................16

     Section 8.01   Resignation and Removal of the Owner Trustee; Appointment of Successors.......................16

     Section 8.02   Transfer Procedures...........................................................................17

     Section 8.03   Qualification of Owner Trustee................................................................17

     Section 8.04   Co-trustees and Separate Owner Trustees.......................................................17

ARTICLE IX      AMENDMENTS........................................................................................18

     Section 9.01   Supplements and Amendments....................................................................18

ARTICLE X       BENEFICIAL INTERESTS..............................................................................19
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                                      -ii-                       TRUST AGREEMENT
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                                TABLE OF CONTENTS
                                   (continued)

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     Section 10.01  Initial Ownership.............................................................................19

     Section 10.02  Transferor Interest...........................................................................19

     Section 10.03  Form of Transferor Interest...................................................................19

     Section 10.04  Restrictions on Transfer; Issuance of Supplemental Interests..................................19

ARTICLE XI      COMPENSATION OF TRUSTEE BANK AND INDEMNIFICATION..................................................20

     Section 11.01  Trustee Bank Fees and Expenses................................................................20

     Section 11.02  Indemnification...............................................................................20

ARTICLE XII     MISCELLANEOUS.....................................................................................21

     Section 12.01  Conveyance by the Owner Trustee is Binding....................................................21

     Section 12.02  Instructions; Notices.........................................................................22

     Section 12.03  Severability..................................................................................22

     Section 12.04  Limitation of Liability.......................................................................22

     Section 12.05  Separate Counterparts.........................................................................23

     Section 12.06  Successors and Assigns........................................................................23

     Section 12.07  Headings.......................................... ...........................................23

     Section 12.08  Governing Law.......................................... ......................................23

     Section 12.09  No Recourse.......................................... ........................................23
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                                      -iii-                      TRUST AGREEMENT
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     TRUST AGREEMENT dated as of September 1, 2003, between CNH WHOLESALE
RECEIVABLES INC. ("CWRI"), a Delaware corporation, as Transferor, and The Bank
of New York, a New York banking corporation, as owner trustee (the "Owner
Trustee").

     In consideration of the mutual agreements herein contained and other good
and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto, intending to be legally bound hereby, agree as
follows:

                                    ARTICLE I

                                   DEFINITIONS

     Section 1.01 DEFINITIONS. Capitalized terms used herein and not defined
herein have the meaning assigned to them in the Indenture or the Transfer and
Servicing Agreement. For purposes of this Agreement, the following terms have
the following meanings:

     "Administrator" means Case Credit Corporation, as administrator of the
Trust pursuant to the terms of the Administration Agreement.

     "Agreement" means this Trust Agreement, as the same may be amended,
modified or supplemented from time to time.

     "Beneficiary" means the holder of the Transferor Interest.

     "Certificate of Trust" shall mean the Certificate of Trust in the form
attached hereto as Exhibit A which has been filed for the Trust pursuant to
Section 3810(a) of the Delaware Statutory Trust Act.

     "Code" means the Internal Revenue Code of 1986, as it may be amended from
time to time.

     "Delaware Statutory Trust Act" means the Delaware Statutory Trust Act, 12
Del. C. ss. ss. 3801, et seq., as amended from time to time, and any successor
statute thereto.

     "Deliveries" is defined in Section 12.02.

     "Disqualification Event" with respect to the Owner Trustee means (a) the
bankruptcy, insolvency or dissolution of the Owner Trustee, (b) the occurrence
of the date of resignation of the Owner Trustee, as set forth in a notice of
resignation given pursuant to Section 8.01, (c) the delivery to the Owner
Trustee of the instrument or instruments of removal referred to in Section 8.01
(or, if such instruments specify a later effective date of removal, the
occurrence of such later date), or (d) failure of the Owner Trustee to qualify
under the requirements of Section 8.03.

     "ERISA" means the Employee Retirement Income Securities Act of 1974, as the
same may be amended from time to time.

                                        1                        TRUST AGREEMENT
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     "Governmental Authority" means the United States of America, any state or
other political subdivision thereof and any entity exercising executive,
legislative, judicial, regulatory or administrative functions of or pertaining
to government.

     "Indemnified Person" is defined in Section 11.02.

     "Indenture" means the Indenture, dated as of September 1, 2003, between the
Trust and the Indenture Trustee, which by its terms is identified as being the
Indenture referred to herein, as amended, restated, supplemented or otherwise
modified from time to time.

     "Indenture Trustee" means JPMorgan Chase Bank as trustee under the
Indenture, and each successor trustee under the Indenture.

     "Note" is defined in the Indenture.

     "Noteholder" is defined in the Indenture.

     "Owner Trustee" means The Bank of New York, a New York banking corporation,
not in its individual capacity but solely in its capacity as owner trustee
hereunder, and each successor trustee under Article VIII, in its capacity as
owner trustee hereunder, and each co-trustee under and to the extent provided in
Section 8.04, in its capacity as owner trustee hereunder.

     "Person" means any legal person, including any individual, corporation,
partnership (general or limited), limited liability company, joint venture,
association, joint-stock company, trust, unincorporated organization,
governmental entity or other entity of similar nature.

     "Periodic Filing" means any filing or submission that the Trust is required
to make with any federal, state or local authority or regulatory agency.

     "Rating Agency" is defined in the Indenture.

     "Requirements of Law" shall mean, for any Person, the certificate of
incorporation or articles of association and by-laws or other organizational or
governing documents of such Person, and any law, treaty, rule or regulation, or
determination of an arbitrator or Governmental Authority, in each case
applicable to or binding upon such Person or to which such Person is subject,
whether federal, state or local (including without limitation, usury laws, the
Federal Truth in Lending Act and Regulation Z and Regulation B of the Board of
Governors of the Federal Reserve System).

     "Secretary of State" means the Office of the Secretary of State of the
State of Delaware.

     "Securities Act" means the Securities Act of 1933, as amended.

     "Supplemental Interest" is defined in Section 10.04.

                                        2                        TRUST AGREEMENT
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     "Transfer and Servicing Agreement" means the Transfer and Servicing
Agreement, dated as of September 1, 2003, among CWRI, as Transferor, Case
Credit, as Servicer, and the Trust, as amended, restated, supplemented or
otherwise modified from time to time.

     "Transferor" means CNH Wholesale Receivables Inc., a Delaware corporation,
and its successors and assigns.

     "Transferor Interest" is defined in the Indenture.

     "Trust" means the trust created by this Agreement and the filing of the
Certificate of Trust with the Secretary of State.

     "Trust Estate" means all right, title and interest of the Trust in and to
the property and rights assigned to the Issuer pursuant to Section 2.01 and
Section 2.02 of the Transfer and Servicing Agreement, all monies, investment
property, instruments and other property on deposit from time to time in the
Collection Account, the Series Accounts and the Excess Funding Account and all
other property of the Trust from time to time, including any rights of the Owner
Trustee and the Trust pursuant to the Transaction Documents.

     "Trust Termination Date" is defined in Section 7.01(a).

     "Trustee Bank" means The Bank of New York in its individual capacity, each
bank appointed as successor Owner Trustee under Article VIII in its individual
capacity and each bank appointed as co-trustee under and to the extent provided
in Section 8.04 in its individual capacity.

     "UCC" means the Uniform Commercial Code as in effect in the State of
Delaware.

     Section 1.02 GENERIC TERMS. (a) The terms "hereby," "hereof," "hereto,"
"herein," "hereunder" and any similar terms shall refer to this Agreement.

          (a)  Unless otherwise indicated in context, the terms "Section,"
"Exhibit" or "Schedule" shall refer to a Section of, or an Exhibit or Schedule
to, this Agreement.

          (b)  Words of the masculine, feminine or neuter gender mean and
include the correlative words of other genders, and words importing the singular
number mean and include the plural number and vice versa.

          (c)  The terms "include," "including" and similar terms shall be
construed as if followed by the phrase "without limitation."

          (d)  All terms defined in this Agreement shall have the defined
meanings when used in any certificate or other document made or delivered
pursuant hereto or in connection herewith unless otherwise defined therein.

          (e)  Any agreement, instrument or statute defined or referred to
herein or in any certificate or other document made or delivered pursuant hereto
or in connection herewith

                                        3                        TRUST AGREEMENT
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means such agreement, instrument or statute as from time to time amended,
modified or supplemented and includes (in the case of agreements or instruments)
references to all attachments thereto and instruments incorporated therein;
references to a Person are also to its permitted successors and assigns.

                                   ARTICLE II

             ORGANIZATION; DECLARATION OF TRUST BY THE OWNER TRUSTEE

     Section 2.01 FORMATION OF TRUST; NAME. The Trust is hereby created, to be
named "CNH Wholesale Master Note Trust", under which name the Trust or the Owner
Trustee, on its behalf, may conduct any activities and business of the Trust
contemplated hereby, execute contracts and other instruments on behalf of the
Trust and sue and be sued on behalf of the Trust.

     Section 2.02 TRANSFER OF PROPERTY TO TRUST; INITIAL CAPITAL CONTRIBUTION OF
TRUST ESTATE. The Beneficiary hereby sells, assigns, grants and transfers, over
to the Owner Trustee, as of the date hereof, $1.00. The Owner Trustee hereby
acknowledges receipt in trust from the Beneficiary, as of the date hereof, of
the foregoing contribution, which shall constitute the initial Trust Estate.

     Section 2.03 PURPOSES AND POWERS; TRUST TO OPERATE AS A SINGLE PURPOSE
ENTITY. (a) The purpose of the Trust is to engage in the activities set forth in
this Section 2.03. The Trust shall have power and authority and is hereby
authorized and empowered, without the need for further action on the part of the
Trust, and Owner Trustee shall have power and authority, and is hereby
authorized and empowered, in the name and on behalf of the Trust, to do or cause
to be done all acts and things necessary, appropriate or convenient to cause the
Trust, to engage in the activities set forth in this Section 2.03 as follows:

               (i)    to execute, deliver and issue the Notes pursuant to the
     Indenture, to issue the Transferor Interest and to issue the Supplemental
     Interests, if any, pursuant to this Agreement;

               (ii)   to acquire the Trust Estate and to pay Transferor the
     amounts owed pursuant to Section 2.01 of the Transfer and Servicing
     Agreement;

               (iii)  to assign, grant, pledge and mortgage the Collateral
     pursuant to the Indenture and to hold, manage and distribute to the holder
     of the Transferor Interest pursuant to the terms of this Agreement and the
     Transaction Documents any portion of the Collateral released from the lien
     of, and remitted to the Trust pursuant to, the Indenture;

               (iv)   to enter into, execute, deliver and perform the
     Transaction Documents to which it is to be a party;

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

                                        4                        TRUST AGREEMENT
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               (vi)   subject to compliance with the Transaction Documents, to
     engage in such other activities as may be required in connection with
     conservation of the Trust Estate and the making of payments to the
     Noteholders and distributions to the holder of the Transferor Interest; and

               (vii)  from time to time perform such obligations and exercise
     and enforce such rights and pursue such remedies as may be appropriate by
     virtue of the Trust being party to any of the agreements contemplated in
     clauses (i) through (vi) above.

     The Trust shall not have power, authority or authorization to, and shall
not, engage in any activity other than in connection with the foregoing or other
than as required or authorized by the Transaction Documents. The Trust shall
have no power to hold any derivative financial instrument unless such derivative
financial instrument complies with the requirements of paragraph 40 of Statement
of Financial Accounting Standards No. 140 issued by the Financial Accounting
Standards Board for "qualified special purpose entities", including any
interpretations thereof or any successor standard issued by the Financial
Accounting Standards Board.

     In connection with any of the foregoing, the Trust may (x) execute and
deliver, and/or accept, such instruments, agreements, certificates, Uniform
Commercial Code financing statements and other documents, and create such
security interests, as may be necessary or desirable in connection therewith,
and (y) subject to the terms of this Agreement, take such other action as may be
necessary, helpful or incidental to the foregoing.

          (b)  The Owner Trustee and the Transferor (or the Administrator on its
behalf) shall at all times maintain the books, records and accounts of the Trust
separate and apart from those of any other Person, and shall cause the Trust to
hold itself out as being a Person separate and apart from any other Person.

          (c)  The Trust shall not engage in any business or own any assets
unrelated to the purposes of the Trust.

     Section 2.04 APPOINTMENT OF OWNER TRUSTEE. The Transferor hereby appoints
The Bank of New York as Owner Trustee of the Trust effective as of the date
hereof, to have all the rights, powers and duties set forth herein and in the
Delaware Statutory Trust Act.

     Section 2.05 DECLARATION OF TRUST. Owner Trustee hereby declares that it
shall hold the Trust Estate in trust upon and subject to the conditions set
forth herein for the use and benefit of Transferor, subject to the obligations
of the Trust under the Transaction Documents to which it is a party. It is the
intention of the parties hereto that the Trust constitute a statutory trust
under the Delaware Statutory Trust Act and that this Agreement constitute the
governing instrument of such trust. It is the intention of the parties hereto
that, for income tax purposes, the Trust shall be treated as a security device
and not as an entity separate from Transferor and its assets shall be treated as
owned in whole by Transferor. The parties hereto agree that they shall take no
action contrary to the foregoing intention. Effective as of the date hereof,
Owner Trustee shall have all

                                        5                        TRUST AGREEMENT
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rights, powers and authority set forth herein and, to the extent not
inconsistent herewith, in the Delaware Statutory Trust Act with respect to
accomplishing the purposes of the Trust.

     Section 2.06 TITLE TO TRUST ESTATE. Title to all of the Trust Estate shall
be vested in the Trust as a separate legal entity until this Agreement
terminates pursuant to Article VII; provided, however, that if the laws of any
jurisdiction require that title to any part of the Trust Estate be vested in the
trustees of a trust, then title to that part of the Trust Estate shall be deemed
to be vested in the Owner Trustee or any co-trustee or separate trustee, as the
case may be, appointed pursuant to Article VIII.

     Section 2.07 NATURE OF INTEREST IN THE TRUST ESTATE. The Transferor shall
not have any legal title to or right to possession of any part of the Trust
Estate.

     Section 2.08 CREATION OF TRUST; PRINCIPAL OFFICE OF OWNER TRUSTEE. The
Owner Trustee shall file a certificate of trust relating to the Trust with the
Secretary of State and maintain the Owner Trustee's principal office in the
State of Delaware. However, nothing herein shall restrict or prohibit the Owner
Trustee from having employees within or without the State of Delaware. Payments
shall be received by the Trust only in Delaware or New York, and payments shall
be made by the Trust only from Delaware or New York. The Trust shall be located
and administered in the State of Delaware.

     Section 2.09 TAX MATTERS. The parties hereto intend that, for income and
franchise tax purposes, the Trust shall be treated as a security device and
disregarded as an entity and its assets shall be treated as owned in whole by
the Transferor, and the parties hereto shall file all their tax returns in a
manner consistent with that intent unless otherwise required by a taxing
authority. Except as otherwise expressly provided herein, any tax elections
required or permitted to be made by the Trust under the Code or otherwise shall
be made by the Transferor. The Trust shall not elect to be treated as a
corporation for any tax purpose.

     Section 2.10 FISCAL YEAR. The fiscal year of the Trust shall end on the
last day of December of each year.

     Section 2.11 PROTECTION OF TRUST ESTATE.

          (a)  The Transferor shall take all actions necessary, and the Issuer
shall cooperate with the Transferor, if applicable, to perfect, and maintain
perfection of, the interests of the Issuer in the Trust Estate. The Transferor
shall execute and file and cause to be executed and filed such financing
statements and continuation statements, all in such manner and in such places as
may be required by law fully to perfect, maintain, and protect the interest of
the Issuer in the Trust Estate and in the proceeds thereof and the interest of
the Indenture Trustee in the Trust Estate and the proceeds thereof. The
Transferor shall deliver (or cause to be delivered) to the Owner Trustee and the
Indenture Trustee file-stamped copies of, or filing receipts for, any document
filed as provided above, as soon as available following such filing.

          (b)  Within 30 days after the Transferor makes any change to its name,
identity or corporate structure or the jurisdiction of its organization in any
manner that would make any

                                        6                        TRUST AGREEMENT
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financing statement or continuation statement filed in accordance with paragraph
(a) above seriously misleading within the meaning of Section 9-506 of the UCC,
the Transferor shall give the Owner Trustee and the Indenture Trustee notice of
any such change and shall file such financing statement or amendments as may be
necessary to continue the perfection of Issuer's and Indenture Trustee's
security interest in the Receivables, the Collateral Security and the proceeds
thereof.

          (c)  The Transferor shall have an obligation to give the Owner Trustee
and the Indenture Trustee prompt written notice of any change in the
jurisdiction of its organization or any relocation of its chief executive office
or other change in location if, as a result of such relocation, the applicable
provisions of the UCC would require the filing of any amendment of any
previously filed financing or continuation statement or of any new financing
statement and shall file such financing statements or amendments as may be
necessary to perfect or to continue the perfection of the Issuer's security
interest in the Receivables and the proceeds thereof. The Transferor and the
Servicer will at all times maintain each office from which it services
Receivables and its principal executive office within the United States of
America and shall at all times be organized under the laws of the States of the
United Sates of America.

          (d)  The Owner Trustee shall permit the Indenture Trustee and its
agents at any time following reasonable notice and during normal business hours
to inspect, audit and make copies of and abstracts from the Owner Trustee's
records regarding the Trust Estate.

     Section 2.12 ASSIGNMENT TO INDENTURE TRUSTEE. The Transferor hereby
acknowledges and consents to any mortgage, pledge, assignment and grant of a
security interest by the Issuer to the Indenture Trustee pursuant to the
Indenture for the benefit of the Noteholders and any Enhancement Provider of all
right, title and interest of the Issuer in, to and under all property
constituting the Trust Estate and/or the assignment of any or all of the
Issuer's rights and obligations hereunder to the Indenture Trustee.

     Section 2.13 MERGER OR CONSOLIDATION OF, OR ASSUMPTION OF THE OBLIGATIONS
OF, TRANSFEROR. Any Person (a) into which the Transferor may be merged or
consolidated, (b) which may result from any merger or consolidation to which the
Transferor shall be a party or (c) which may succeed to the properties and
assets of the Transferor substantially as a whole, which Person in any of the
foregoing cases executes an agreement of assumption to perform every obligation
of the Transferor under this Agreement, shall be the successor to the Transferor
hereunder without the execution or filing of any other document or any further
act by any of the parties to this Agreement; provided, however, that (i) the
Transferor shall have delivered to the Owner Trustee and the Indenture Trustee
an Officers' Certificate (as defined in the Indenture) and an Opinion of Counsel
(as defined in the Indenture) each stating that such consolidation, merger or
succession and such agreement of assumption comply with this Section 2.13 and
that all conditions precedent provided for in this Agreement relating to such
transaction have been complied with, (ii) written confirmation from the Rating
Agency (as defined in the Indenture) that such transaction shall not result in
any Rating Agency reducing or withdrawing its then existing rating of the Notes
and (iii) the Transferor shall have delivered to the Owner Trustee and the
Indenture Trustee an Opinion of Counsel either (A) stating that, in the opinion
of such counsel, all actions necessary to perfect the interests of the Owner
Trustee and the Indenture

                                        7                        TRUST AGREEMENT
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Trustee have been taken, including that all financing statements and
continuation statements and amendments thereto have been executed and filed that
are necessary fully to preserve and protect the interest of the Owner Trustee
and Indenture Trustee, respectively, in the Trust Estate and reciting the
details of such filings, or (B) stating that, in the opinion of such counsel, no
such action shall be necessary to preserve and protect such interests. Following
the effectiveness of the succession provided for in this Section 2.13, the
predecessor Transferor shall be released from any obligations and liabilities
provided for under the Transaction Documents other than any obligations or
liabilities incurred by such predecessor Transferor prior to the effectiveness
of such succession.

     Section 2.14 LIMITATION ON LIABILITY OF TRANSFEROR AND OTHERS. The
Transferor and any director or officer or employee or agent of the Transferor
may rely in good faith on the advice of counsel or on any document of any kind,
prima facie properly executed and submitted by any Person respecting any matters
arising hereunder. The Transferor, in its capacity as such, shall not be under
any obligation to appear in, prosecute or defend any legal action that shall not
be incidental to its obligations under this Agreement, and that in its opinion
may involve it in any expense or liability. The holders of the Transferor
Interest, including the holders of Supplemental Interests, if any, shall be
entitled to the same limitation of personal liability extended to stockholders
of private corporations for profit organized under the General Corporation Law
of the State of Delaware.

                                   ARTICLE III

                REPRESENTATIONS AND WARRANTIES OF THE TRANSFEROR

     Section 3.01 REPRESENTATIONS AND WARRANTIES OF THE TRANSFEROR. The
Transferor hereby represents and warrants to the Owner Trustee as of the date of
this Agreement that:

          (a)  The Transferor is corporation duly organized, validly existing
and in good standing under the laws of the State of Delaware and has corporate
power, authority and legal right conduct its business and such business is
presently conducted, and to execute, deliver and perform its obligations under
this Agreement.

          (b)  The Transferor is duly qualified to do business and is in good
standing (or is exempt from such requirement) in any state required in order to
conduct its business, and has obtained all necessary licenses and approvals with
respect to the Transferor, in each jurisdiction in which failure to so qualify
or to obtain such licenses and approvals would have a material adverse effect on
the interests of the Noteholders hereunder or under the Indenture; provided,
however, that no representation or warranty is made with respect to any
qualifications, licenses or approvals which the Owner Trustee or the Indenture
Trustee has or may be required at any time to obtain, if any, in connection with
the transactions contemplated hereby or by any other Transaction Document to
which the Owner Trustee or the Indenture Trustee, as the case may be, is a
party.

          (c)  The execution and delivery of this Agreement and the consummation
of the transactions provided for in this Agreement and in the other Transaction
Documents to which

                                        8                        TRUST AGREEMENT
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the Transferor is a party have been duly authorized by the Transferor by all
necessary corporate action on its part and each of this Agreement and the other
Transaction Documents to which the Transferor is a party shall remain, from the
time of its execution, an official record of the Transferor; the Transferor has
the power and authority to assign the property to be assigned to and deposited
with the Trust.

          (d)  The execution and delivery of this Agreement, the performance of
the transactions contemplated by this Agreement and the fulfillment of the terms
hereof shall not conflict with, result in any breach of any of the material
terms and provisions of, or constitute (with or without notice or lapse of time
or both) a material default under, any indenture, contract, agreement, mortgage,
deed of trust, or other instrument to which the Transferor is a party or by
which it or any of its properties are bound (other than violations of such
indentures, contracts, agreements, mortgages, deeds of trust or other
instruments which, individually or in the aggregate, would not have a material
adverse effect on the Transferor's ability to perform its obligation under this
Agreement).

          (e)  The execution and delivery of this Agreement, the performance of
the transactions contemplated by this Agreement and the fulfillment of the terms
hereof shall not conflict with or violate any material Requirements of Law
applicable to the Transferor.

          (f)  There are no proceedings or investigations pending or threatened
against the Transferor before any court, regulatory body, administrative agency,
or other tribunal or governmental instrumentality having jurisdiction over the
Transferor (i) asserting the invalidity of this Agreement or any of the
Transaction Documents, (ii) seeking to prevent the consummation of any of the
transactions contemplated by this Agreement or any of the Transaction Documents,
(iii) seeking any determination or ruling that, in the reasonable judgment of
the Transferor, would materially and adversely affect the performance by the
Transferor of its obligations under this Agreement or the Transaction Documents,
or (iv) seeking any determination or ruling that would materially and adversely
affect the validity or enforceability of this Agreement or the Transaction
Documents.

                                   ARTICLE IV

                             DISTRIBUTIONS OF FUNDS

     Section 4.01 DISTRIBUTION OF FUNDS. All funds received by the Trust to the
extent not encumbered by the Indenture and otherwise available for distribution
(or if encumbered by the Indenture, which have been released by the relevant
parties benefiting from such encumbrance) shall be distributed to the holders of
the Transferor Interest.

     Section 4.02 PAYMENTS FROM TRUST ESTATE ONLY. All payments to be made by
the Owner Trustee on behalf of the Trust under this Agreement shall be made only
from the income and the capital proceeds derived from the Trust Estate and only
to the extent that the Owner Trustee on behalf of the Trust shall have received
income or capital proceeds from the Trust Estate. The Transferor agrees that it
shall look solely to the income and capital proceeds derived from the Trust
Estate (to the extent available for payment as herein provided) and that, except
as

                                        9                        TRUST AGREEMENT
<Page>

specifically provided herein, the Owner Trustee shall not be subject to any
liability in its individual capacity under this Agreement to the Transferor or
to any other Person.

     Section 4.03 METHOD OF PAYMENT. All amounts payable to the Transferor
pursuant to this Agreement shall be paid by the Owner Trustee on behalf of the
Trust to the Transferor or a nominee therefor in such manner as the Transferor
may from time to time designate in written instructions to the Owner Trustee.
All funds received by the Owner Trustee on behalf of the Trust not later than
2:00 p.m. (New York City time) on a Business Day shall be applied by the Owner
Trustee on that Business Day. Funds received after that time shall be applied on
the next following Business Day.

                                    ARTICLE V

                    AUTHORITY AND DUTIES OF THE OWNER TRUSTEE

     Section 5.01 GENERAL AUTHORITY. Each of the Trust and Owner Trustee in the
name and on behalf of the Trust shall have power and authority, and is hereby
authorized and empowered, to execute and deliver the Transaction Documents to
which the Trust is to be a party and each certificate or other document attached
as an exhibit to or contemplated by the Transaction Documents to which the Trust
is to be a party, or any amendment thereto or other agreement, in each case, in
such form as Transferor shall approve as evidenced conclusively by Owner
Trustee's execution thereof and Transferor's execution of the related documents.
In addition to the foregoing, Owner Trustee in the name and on behalf of the
Trust shall also have power and authority and is hereby authorized and
empowered, but shall not be obligated, to take all actions required of the Trust
pursuant to the Transaction Documents. Owner Trustee in the name and on behalf
of the Trust shall also have power and authority and is hereby authorized and
empowered from time to time to take such action as Transferor or Administrator
directs in writing with respect to the Transaction Documents.

     Section 5.02 GENERAL DUTIES. It shall be the duty of Owner Trustee to
discharge (or cause to be discharged) all of its responsibilities pursuant to
the terms of this Agreement and the other Transaction Documents to which the
Trust is a party and to administer the Trust in the interest of Transferor,
subject to the Transaction Documents and in accordance with the provisions of
this Agreement. Notwithstanding the foregoing, Owner Trustee shall be deemed to
have discharged its duties and responsibilities hereunder and under the other
Transaction Documents to the extent Administrator has agreed in the
Administration Agreement or another Transaction Document to perform any act or
to discharge any duty of Owner Trustee or the Trust under any Transaction
Document, and Owner Trustee shall not be personally liable for the default or
failure of Administrator to carry out its obligations under the Administration
Agreement.

     Section 5.03 ACTION UPON INSTRUCTION.

          (a)  Owner Trustee shall not be required to take any action hereunder
or under any other Transaction Document if Owner Trustee shall have reasonably
determined, or shall have been advised by counsel, that such action is likely to
result in personal liability on the part

                                       10                        TRUST AGREEMENT
<Page>

of Owner Trustee or is contrary to the terms of any Transaction Document or is
otherwise contrary to law. In such circumstances, Owner Trustee shall issue an
Officer's Certificate stating that it is refraining from acting under the
conditions outlined in this Section 5.03(a).

          (b)  Whenever Owner Trustee is unable to decide between alternative
courses of action permitted or required by the terms of any Transaction
Document, Owner Trustee shall promptly give notice (in such form as shall be
appropriate under the circumstances) to Transferor requesting instruction as to
the course of action to be adopted, and to the extent Owner Trustee acts or
refrains from acting in good faith in accordance with any such instruction of
Transferor received, Owner Trustee shall not be personally liable on account of
such action or inaction to any Person. If Owner Trustee shall not have received
appropriate instruction within ten (10) days of such notice (or within such
shorter period of time as reasonably may be specified in such notice or may be
necessary under the circumstances) it may, but shall be under no duty to, take
or refrain from taking such action, not in violation of the Transaction
Documents, as it shall deem to be in the best interest of Transferor, and shall
have no personal liability to any Person for such action or inaction.

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

          (d)  The Administrator and the Transferor may, by written instruction,
direct the Owner Trustee in the administration of the Trust to the extent
permitted by this Agreement and the Administration Agreement.

     Section 5.04 NO DUTIES EXCEPT AS SPECIFIED IN THIS AGREEMENT OR IN
INSTRUCTIONS. Owner Trustee shall not have any duty or obligation to manage,
make any payment with respect to, register, record, sell, dispose of, or
otherwise deal with the Trust or the Trust Estate, or to otherwise take or
refrain from taking any action under, or in connection with, this Agreement or
any document contemplated hereby to which the Trust is a party, except as
expressly provided by the terms of this Agreement or in any document or written
instruction received by Owner Trustee pursuant to Section 5.03; and no implied
duties or obligations shall be read into any Transaction Document against Owner
Trustee. Owner Trustee shall have no responsibility for any filing or recording,
including filing any financing or continuation statement in any public office at
any time or to otherwise perfect or maintain the perfection of any security
interest or lien granted to it

                                       11                        TRUST AGREEMENT
<Page>

or the Trust hereunder or to prepare or file any Commission filing for the
Trust, or to prepare any tax forms, returns or reports or to record any
Transaction Document. Owner Trustee in its individual capacity nevertheless
agrees that it shall, at its own cost and expense, promptly take all action as
may be necessary to discharge any liens on any part of the Trust Estate that
result from actions by, or claims against, Owner Trustee in its individual
capacity that are not related to the ownership or the administration of the
Trust Estate or the transactions contemplated by the Transaction Documents.

     Section 5.05 NO ACTION EXCEPT UNDER TRANSACTION DOCUMENTS OR INSTRUCTIONS.
Owner Trustee shall not manage, control, use, sell, dispose of or otherwise deal
with any part of the Trust Estate except (i) in accordance with the powers
granted to and the authority conferred upon Owner Trustee pursuant to this
Agreement, (ii) in accordance with the Transaction Documents and (iii) in
accordance with any document or instruction delivered to Owner Trustee pursuant
to Section 5.03.

     Section 5.06 RESTRICTIONS. Owner Trustee shall not take any action (a)
that, to the actual knowledge of a Responsible Officer of Owner Trustee, would
violate the purposes of the Trust set forth in Section 2.03 or (b) that, to the
actual knowledge of a Responsible Officer of Owner Trustee, would result in the
Trust's becoming taxable as a corporation for federal income tax purposes.
Transferor shall not direct Owner Trustee to take action that would violate the
provisions of this Section 5.06

     Section 5.07 NONPETITION COVENANTS. Notwithstanding any prior termination
of the Trust or this Agreement, each of the Owner Trustee and the Transferor
covenants and agrees that it shall not at any time with respect to the Trust
acquiesce, petition or otherwise invoke or cause the Trust to invoke the process
of any court or government authority for the purpose of commencing or sustaining
a case against the Trust under any federal or state bankruptcy, insolvency or
similar law or appointing a receiver, conservator, liquidator, assignee,
trustee, custodian, sequestrator or other similar official of the Trust or any
substantial part of its property, or ordering the winding up or liquidation of
the affairs of the Trust; provided, however, that this Section 5.07 shall not
preclude any remedy described in Article VII of the Indenture.

     Section 5.08 TAX RETURNS. In the event the Trust shall be required to file
tax returns, Administrator shall prepare or shall cause to be prepared such tax
returns and shall provide such tax returns to Owner Trustee for signature at
least five (5) days before such tax returns are due to be filed. Administrator,
in accordance with the terms of each Indenture Supplement, shall also prepare or
shall cause to be prepared all tax information required by law to be distributed
to Noteholders and shall deliver such information to Owner Trustee at least five
(5) days prior to the date it is required by law to be distributed to
Noteholders. Owner Trustee, upon request, shall furnish Administrator with all
such information known to Owner Trustee as may be reasonably required in
connection with the preparation of all tax returns of the Trust, and shall, upon
request, execute such returns. In no event shall Owner Trustee or Indenture
Trustee be liable for any liabilities, costs or expenses of the Trust or any
Noteholder arising under any tax law, including federal, state or local income
or excise taxes or any other tax imposed on or measured by income (or any
interest or penalty with respect thereto arising from a failure to comply
therewith).

                                       12                        TRUST AGREEMENT
<Page>

                                   ARTICLE VI

                           CONCERNING THE TRUSTEE BANK

     Section 6.01 ACCEPTANCE OF TRUST AND DUTIES. The Trustee Bank accepts the
trust hereby created and agrees to perform the same but only upon the terms of
this Agreement. The Trustee Bank also agrees to disburse all moneys actually
received by it constituting part of the Trust Estate in accordance with the
terms of this Agreement. The Trustee Bank shall not be answerable or accountable
under any circumstances in its individual capacity, except (i) for its own
willful misconduct, bad faith or negligence, (ii) in the case of the inaccuracy
of any representation or warranty contained in Section 6.07, (iii) for the
failure by the Owner Trustee to perform obligations expressly undertaken by it
in the last sentence of subsection 5.04(a), or (iv) for taxes, fees or other
charges on, based on or measured by, any fees, commissions or other compensation
earned by the Trustee Bank for acting as trustee hereunder. In particular, but
not by way of limitation:

          (a)  The Trustee Bank shall not be personally liable for any error of
judgment made in good faith by an authorized officer of the Owner Trustee so
long as the same shall not constitute negligence, bad faith or willful
misconduct;

          (b)  The Trustee Bank shall not be personally liable with respect to
any action taken or omitted to be taken by the Owner Trustee in good faith in
accordance with the instructions of the Administrator or Transferor;

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

          (d)  Under no circumstance shall the Trustee Bank be personally liable
for the accuracy or performance of any representation, warranty, covenant,
agreement or other obligation, including any indebtedness, of the Trust;

          (e)  The Trustee Bank shall not be personally responsible or liable
for or in respect of the validity or sufficiency of this Agreement or for the
due execution hereof by the Transferor or with respect to any agreement entered
into by the Trust;

          (f)  The Trustee Bank shall not be personally liable for the default
or misconduct of, and shall have no duty to monitor the performance of,
Transferor, Servicer, Administrator or Indenture Trustee or any other Person
under any of the Transaction Documents or otherwise, and Trustee Bank shall have
no obligation or personal liability to perform the obligations of the Trust
under the Transaction Documents, including those that are required to be
performed by Administrator under the Administration Agreement, Indenture Trustee
under the Indenture or Servicer under the Transfer and Servicing Agreement;

                                       13                        TRUST AGREEMENT
<Page>

          (g)  In no event shall the Trustee Bank be personally liable for
special, consequential or punitive damages unless such damages result from its
willful misconduct or gross negligence, for the acts or omissions of its
nominees, correspondents, clearing agencies or securities depositories, for the
acts or omissions of brokers or dealers, and for any losses due to forces beyond
the control of the Trustee Bank, including strikes, work stoppages, acts of war
or terrorism, insurrection, revolution, nuclear or natural catastrophes or acts
of God and interruptions, loss or malfunctions of utilities, communications or
computer (software and hardware) services. The Trustee Bank shall have no
responsibility for the accuracy of any information provided to the Transferor or
any other Person that has been obtained from, or provided to the Trustee Bank
by, any other Person; and

          (h)  Trustee Bank shall be under no obligation to exercise any of the
rights or powers vested in it by this Agreement, or to institute, conduct or
defend any litigation under this Agreement or otherwise or in relation to any
Transaction Document, at the request, order or direction of Transferor, unless
the Transferor has offered to Trustee Bank (as such and in its individual
capacity) security or indemnity satisfactory to it against the costs, expenses
and liabilities that may be incurred by Trustee Bank therein or thereby. The
right of Trustee Bank to perform any discretionary act enumerated in any
Transaction Document shall not be construed as a duty, and Trustee Bank shall
not be answerable or personally liable to any Person for any such act other than
liability to the Trust and the beneficial owners of the Trust for its own gross
negligence, bad faith or willful misconduct in the performance of any such act
or the omission to perform any such action.

     Section 6.02 FURNISHING OF DOCUMENTS. The Owner Trustee shall furnish to
the Transferor and the Indenture Trustee, within a reasonable time under the
circumstances after receipt thereof, duplicates or copies of all reports,
notices, requests, demands, certificates, financial statements and any other
instruments furnished to the Owner Trustee under the Transaction Documents.

     Section 6.03 REPRESENTATIONS AND WARRANTIES AS TO THE TRUST ESTATE. The
Owner Trustee makes no representation or warranty as to, and shall not be liable
for, the title, value, condition, design, operation, merchantability or fitness
for use of the Trust Estate (or any part thereof) or any other representation or
warranty, express or implied, whatsoever with respect to the Trust Estate (or
any part thereof) except that the Owner Trustee, in its individual capacity,
hereby represents and warrants to the Transferor that it shall comply with the
last sentence of subsection 5.03(a).

     Section 6.04 SIGNATURE OF RETURNS. At the written direction of the
Transferor, the Owner Trustee shall sign on behalf of the Trust any Periodic
Filings of the Trust or other documents relating to the Trust prepared by, or on
behalf of, the Transferor.

     Section 6.05 RELIANCE; ADVICE OF COUNSEL. The Owner Trustee shall incur no
liability to anyone in acting upon any signature, instrument, notice,
resolution, request, consent, order, certificate, report, opinion, bond or other
document or paper believed by it to be genuine and believed by it to be signed
by the proper party or parties. The Owner Trustee may accept a certified copy of
a resolution of the board of directors or other governing body of any entity as

                                       14                        TRUST AGREEMENT
<Page>

conclusive evidence that such resolution has been duly adopted by such body and
that the same is in full force and effect. As to any fact or matter the manner
of ascertainment of which is not specifically prescribed herein, the Owner
Trustee may for all purposes rely on an officer's certificate of the relevant
party, as to such fact or matter, and such officer's certificate shall
constitute full protection to the Owner Trustee for any action taken or omitted
to be taken by it in good faith in reliance thereon. In the administration of
the Trust, the Owner Trustee may, at the expense of the Trust (i) execute the
trust or any of the powers hereof and perform its powers and duties hereunder
directly or through agents or attorneys, and the Owner Trustee shall not be
liable for the default or misconduct of any agent or attorney selected by the
Owner Trustee with reasonable care; and (ii) consult with counsel, accountants
and other skilled persons to be selected with reasonable care and employed by
it, and the Owner Trustee shall not be liable for anything done, suffered or
omitted in good faith by it in accordance with the advice or opinion of any such
counsel, accountants or other skilled persons.

     Section 6.06 NOT ACTING IN INDIVIDUAL CAPACITY. Except as provided in this
Article VI, in accepting the trust hereby created the Trustee Bank acts solely
as Owner Trustee hereunder and not in its individual capacity; and all Persons
having any claim against the Trust or the Owner Trustee, whether by reason of
the transactions contemplated by this Agreement or otherwise, shall look only to
the Trust Estate (or a part thereof, as the case may be) for payment or
satisfaction thereof, except as specifically provided in this Article VI.

     Section 6.07 REPRESENTATIONS AND WARRANTIES. The Trustee Bank, other than a
Trustee Bank appointed as a co-trustee, hereby represents and warrants to the
Transferor that:

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

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

          (c)  Neither the execution nor the delivery by it of this Agreement,
nor the consummation by it of the transactions contemplated hereby nor
compliance by the Trustee Bank with any of the terms or provisions hereof shall
contravene any federal or Delaware law, governmental rule or regulation
governing the banking or trust powers of the Owner Trustee or any judgment or
order binding on the Trustee Bank, or constitute any default under its charter
documents or by-laws or any indenture, mortgage, contract, agreement or
instrument to which the Trustee Bank is a party or by which any of the Trustee
Bank's properties may be bound.

                                       15                        TRUST AGREEMENT
<Page>

                                   ARTICLE VII

                         TERMINATION OF TRUST AGREEMENT

     Section 7.01 TERMINATION OF TRUST AGREEMENT.

          (a)  The Trust shall dissolve upon the date specified by Transferor
(the "Trust Termination Date", written notice of which shall be provided to
Owner Trustee), provided that the Trust Termination Date shall not be earlier
than the day on which the rights of all Series of Notes to receive payments from
the Trust have terminated. After satisfaction of liabilities of the Trust as
provided by applicable law, any money or other property held as part of the
Trust Estate following such distribution shall be distributed to Transferor. The
bankruptcy, liquidation, dissolution, termination, death or incapacity of
Transferor shall not (x) operate to terminate this Agreement or annul, dissolve
or terminate the Trust, or (y) entitle Transferor's legal representatives or
heirs to claim an accounting or to take any action or proceeding in any court
for a partition or winding up of all or any part of the Trust or Trust Estate or
(z) otherwise affect the rights, obligations and liabilities of the parties
hereto.

          (b)  Except as provided in subsection 7.01(a), neither the Transferor
any holder of the Transferor Interest shall be entitled to revoke or terminate
the Trust.

          (c)  Upon the winding up of the Trust in accordance with the Delaware
Statutory Trust Act, the Owner Trustee shall cause the Certificate of Trust to
be canceled by filing a certificate of cancellation with the Secretary of State
in accordance with the provisions of Section 3810 of the Delaware Statutory
Trust Act and therefore the Trust and this Agreement (other than Article XI)
shall terminate.

                                  ARTICLE VIII

                      SUCCESSOR OWNER TRUSTEES, CO-TRUSTEES
                           AND SEPARATE OWNER TRUSTEES

     Section 8.01 RESIGNATION AND REMOVAL OF THE OWNER TRUSTEE; APPOINTMENT OF
SUCCESSORS. Upon the occurrence of a Disqualification Event with respect to the
Owner Trustee, the Transferor may appoint a successor Owner Trustee by an
instrument signed by the Transferor. If a successor Owner Trustee has not been
appointed within 30 days after the giving of written notice of such resignation
or the delivery of the written instrument with respect to such removal, the
Owner Trustee or the Transferor may apply to any court of competent jurisdiction
to appoint a successor Owner Trustee to act until such time, if any, as a
successor Owner Trustee has been appointed as above provided. Any successor
Owner Trustee so appointed by such court shall immediately and without further
act be superseded by any successor Owner Trustee appointed as above provided
within one year from the date of the appointment by such court. The Owner
Trustee may resign at any time without cause by giving at least 30 days' prior
written notice to the Transferor. No such removal or resignation shall become
effective until a successor Owner Trustee, however appointed, becomes vested as
Owner Trustee hereunder pursuant to

                                       16                        TRUST AGREEMENT
<Page>

Section 8.02. The Transferor shall notify the Rating Agencies promptly after the
resignation or removal of the Owner Trustee and promptly after the appointment
of a successor Owner Trustee.

     Section 8.02 TRANSFER PROCEDURES. Any successor Owner Trustee, however
appointed, shall execute and deliver to the predecessor Owner Trustee an
instrument accepting such appointment, and such other documents of transfer as
may be necessary, and thereupon such successor Owner Trustee, without further
act, shall become vested with all the estates, properties, rights, powers,
duties and trust of the predecessor Owner Trustee in the trust hereunder with
like effect as if originally named an Owner Trustee herein and the predecessor
Owner Trustee shall be fully discharged of its duties and obligations to serve
as Owner Trustee hereunder. The predecessor Owner Trustee shall promptly deliver
to the successor Owner Trustee all documents, statements and monies held by it
under this Agreement. The successor Owner Trustee shall promptly file an
amendment to the Certificate of Trust with the Secretary of State identifying
the name and principal place of business of such successor Owner Trustee in the
State of Delaware.

     Section 8.03 QUALIFICATION OF OWNER TRUSTEE. Any Owner Trustee shall at all
times (i) be a trust company or a banking corporation under the laws of its
state of incorporation or a national banking association, having all corporate
powers and all material governmental licenses, authorizations, consents and
approvals required to carry on a trust business in the State of Delaware and
(ii) have a combined capital and surplus of not less than $50,000,000 (or have
its obligations and liabilities irrevocably and unconditionally guaranteed by an
affiliated Person having a combined capital and surplus of at least $50,000,000)
and (iv) have (or have a parent which has) a rating of at least Baa3 by Moody's,
at least BBB- by Standard & Poor's, at least BBB of Fitch or, if not rated,
otherwise satisfactory to each Rating Agency. At all time, at least one Owner
Trustee of the Trust shall satisfy the requirements of Section 3807(a) of the
Delaware Statutory Trust Act.

     Section 8.04 CO-TRUSTEES AND SEPARATE OWNER TRUSTEES. Whenever the Owner
Trustee or the Transferor shall deem it necessary or prudent in order either to
conform to any law of any jurisdiction in which all or any part of the Trust
Estate shall be situated or to make any claim or bring any suit with respect to
the Trust Estate, or whenever the Owner Trustee or the Transferor shall be
advised by counsel satisfactory to them that such action is necessary or
prudent, the Owner Trustee and the Transferor shall execute and deliver an
agreement supplemental hereto and all other instruments and agreements, and
shall take all other actions, necessary or proper to appoint one or more Persons
either as co-trustee or co-trustees jointly with the Owner Trustee of all or any
part of the Trust Estate, or as a separate trustee or separate trustees of all
or any part of the Trust Estate, and to vest in such Persons, in such capacity,
such title to the Trust Estate or any part thereof, and such rights or duties,
as may be necessary or desirable, all for such period and under such terms and
conditions as are satisfactory to the Owner Trustee and the Transferor. In case
a Disqualification Event shall occur with respect to any such co-trustee or
separate trustee, the title to the Trust Estate and all rights and duties of
such co-trustee or separate trustee shall, so far as permitted by law, vest in
and be exercised by the Owner Trustee, without the appointment of a successor to
such co-trustee or separate trustee.

                                       17                        TRUST AGREEMENT
<Page>

                                   ARTICLE IX

                                   AMENDMENTS

     Section 9.01 SUPPLEMENTS AND AMENDMENTS.

          (a)  This Agreement may be amended from time to time, by a written
amendment duly executed and delivered by Transferor and Owner Trustee, without
the consent of any of the Noteholders, to cure any ambiguity, to correct or
supplement any provisions in this Agreement or to add any other provisions with
respect to matters or questions raised under this Agreement which shall not be
inconsistent with the provisions of this Agreement; provided, however, that each
of the Issuer and the Transferor shall deliver to the Indenture Trustee and the
Owner Trustee an Officer's Certificate (as defined in the Indenture) to the
effect that the Issuer or the Transferor, as the case may be, reasonably
believes that such amendment shall not have an Adverse Effect (as defined in the
Indenture) and is not reasonably expected to have an Adverse Effect at any time
in the future.

          (b)  This Agreement may also be amended from time to time, by a
written instrument executed by the Owner Trustee and the Transferor, with prior
written notice to each Rating Agency, with the consent of the Indenture Trustee
and not less than 66 2/3% in Outstanding Dollar Principal Amount of the
Outstanding Notes affected by such amendment and upon issuance of a Tax Opinion;
provided, however, that, without the consent of the Holders of all of the Notes
then outstanding, no such amendment shall (a) increase or reduce in any manner
the amount of, or accelerate or delay the timing of, collections of payments in
respect of the Receivables or distributions that are required to be made for the
benefit of the Noteholders or (b) reduce the aforesaid percentage of the
Outstanding Amount (as defined in the Indenture) of the Notes, the Holders of
which are required to consent to any such amendment.

          (c)  Notwithstanding Sections 9.01(a) and 9.01(b) above, the permitted
activities of the Issuer set forth in Section 2.03 may not be significantly
amended without the consent of Noteholders, other than the Seller and its
Affiliates as Noteholders, evidencing not less than a majority of the
Outstanding Dollar Principal Amount of the Notes held by parties exclusive of
the Transferor and its Affiliates.

          (d)  Promptly after the execution of any such amendment or consent,
the Issuer shall furnish written notification of the substance of such amendment
or consent to the Indenture Trustee and each Rating Agency.

          (e)  It shall not be necessary for the consent of the 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.

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

                                       18                        TRUST AGREEMENT
<Page>

          (g)  The Owner Trustee shall be entitled to receive, and shall be
fully protected in relying upon, an Officer's Certificate of the Issuer to the
effect that the conditions to such amendment have been satisfied. The Owner
Trustee may, but shall not be obligated to, enter into any such amendment which
affects the Owner Trustee's own rights, duties or immunities under this
Agreement or otherwise.

                                    ARTICLE X

                              BENEFICIAL INTERESTS

     Section 10.01 INITIAL OWNERSHIP. Transferor, as the holder of the
Transferor Interest (i) shall initially be the only beneficial owner of the
Trust and (ii) shall be bound by the provisions of this Trust Agreement.

     Section 10.02 TRANSFEROR INTEREST. The Transferor Interest shall represent
an undivided beneficial interest in the Trust Estate subject to the lien of the
Notes created pursuant to the Indenture, including the right to receive
Collections with respect to the Receivables and other amounts at the times and
in the amounts specified in the Indenture and any Indenture Supplement to be
paid to the holder of the Transferor Interest.

     Section 10.03 FORM OF TRANSFEROR INTEREST. The Transferor Interest
initially shall be an uncertificated interest in the Trust.

     Section 10.04 RESTRICTIONS ON TRANSFER; ISSUANCE OF SUPPLEMENTAL INTERESTS.
(a) Transferor may from time to time transfer a portion of the Transferor
Interest by causing the issuance of one or more additional interests (each a
"Supplemental Interest"), which shall be in uncertificated form. The form and
terms of any Supplemental Interest shall be defined in a supplement to this
Agreement (which supplement shall be subject to Section 10.9 to the extent that
it amends any of the terms of this Agreement) to be delivered to or upon the
order of Transferor (or the holder of a Supplemental Interest, in the case of
the transfer or exchange thereof, as provided below). The issuance of any such
Supplemental Interest to any Person shall be subject to satisfaction of the
following conditions:

               (i)    the Rating Agency Condition shall have been satisfied with
     respect to such action; and

               (ii)   Transferor shall have delivered to Owner Trustee,
     Indenture Trustee and each Rating Agency a Tax Opinion, dated the date of
     such action (or transfer, exchange or other disposition provided below),
     with respect to such action and an Opinion of Counsel to the effect that
     such action, assignment, participation, pledge or other disposition does
     not require registration of the interest under the Securities Act or any
     state securities law except for any such registration that has been duly
     completed and become effective.

     A Supplemental Interest may be transferred or exchanged, and the Transferor
Interest may be pledged, only upon satisfaction of the conditions set forth in
clause (ii). No

                                       19                        TRUST AGREEMENT
<Page>

Supplemental Interest (nor any interest therein) may be transferred to an
"employee benefit plan" as defined in Section 3(3) of ERISA, which is subject to
Title I of ERISA, a "plan" as defined in Section 4975 of the Code, or an entity
deemed to hold the plan assets of any of the foregoing by reason of investment
by an employee benefit plan or plan in such entity (including, without
limitation, insurance company general accounts).

          (b)  Subject to clause (c) below, the Transferor Interest may be
transferred in its entirety to a Person which is a member of the "affiliated
group" as defined in Section 1504(a) of the Code of which Transferor is a member
without the consent or approval of the Noteholders, provided that (i) the Rating
Agency Condition shall have been satisfied with respect to such transfer, (ii)
Transferor shall have delivered to Owner Trustee, Indenture Trustee and each
Rating Agency a Tax Opinion and an Opinion of Counsel of the type described in
Section 3.4(a)(ii), dated the date of such transfer, with respect thereto and
(iii) Transferor shall have delivered to Indenture Trustee an Officer's
Certificate stating that Transferor Amount shall not be less than the Trust
Available Subordinate Amount. In connection with any such transfer, the Person
to whom the Transferor Interest is transferred shall, by its acquisition and
holding of an interest in the Transferor Interest, assume all of the rights and
obligations of Transferor as described in this Agreement, each Transaction
Document and in any supplement or amendment thereto (including the right under
this paragraph (b) with respect to subsequent transfers of an interest in the
Transferor Interest).

          (c)  No Transferor Interest (nor any interest therein) may be
transferred to an "employee benefit plan" as defined in Section 3(3) of ERISA,
which is subject to Title I of ERISA, a "plan" as defined in Section 4975 of the
Code, or an entity deemed to hold the plan assets of any of the foregoing by
reason of investment by an employee benefit plan or plan in such entity
(including, without limitation, insurance company general accounts).

                                   ARTICLE XI

                COMPENSATION OF TRUSTEE BANK AND INDEMNIFICATION

     Section 11.01 TRUSTEE BANK FEES AND EXPENSES. The Transferor shall pay to
the Trustee Bank all fees and other charges described in a separate fee
agreement dated as of the date hereof between the Trust and the Trustee Bank
promptly when due thereunder and reimburse the Trustee Bank for all other
reasonable out-of-pocket costs and expenses (including reasonable fees and
expenses of counsel) incurred by it in connection with its acting as Owner
Trustee of the Trust.

     Section 11.02 INDEMNIFICATION. To the fullest extent permitted by law, the
Transferor hereby agrees, whether or not any of the transactions contemplated by
this Agreement shall be consummated, to assume liability for, and hereby
indemnifies, protects, saves and keeps harmless the Trustee Bank and its
officers, directors, successors, assigns, legal representatives, agents and
servants (each an "Indemnified Person"), from and against any and all
liabilities, obligations, losses, damages, penalties, taxes, claims, actions,
investigations, proceedings, costs, expenses or disbursements (including
reasonable legal fees and expenses) of any kind and nature whatsoever which may
be imposed on or incurred by at any time against an Indemnified Person

                                       20                        TRUST AGREEMENT
<Page>

(whether or not also indemnified against by any other person) in any way
relating to or arising out of this Agreement or any other related documents or
the enforcement of any of the terms of any thereof, the administration of the
Trust Estate or the action or inaction of the Owner Trustee, or the Trustee Bank
under this Agreement, and the manufacture, purchase, acceptance, nonacceptance,
rejection, ownership, delivery, lease, possession, use, operation, condition,
sale, return or other disposition of any property (including any strict
liability, any liability without fault and any latent and other defects, whether
or not discoverable), except, in any such case, to the extent that any such
liabilities, obligations, losses, damages, penalties, taxes, claims, actions,
investigations, proceedings, costs, expenses and disbursements are the result of
any of the matters described in the third sentence of Section 6.01; provided,
however, that the Transferor shall not be liable for or required to indemnify an
Indemnified Person from and against expenses arising or resulting from (i) the
Indemnified Party's own willful misconduct, bad faith or negligence, or (ii) the
inaccuracy of any representation or warranty contained in Section 6.07 made by
the Indemnified Person.

     In case any such action, investigation or proceeding shall be brought
involving an Indemnified Person, the Transferor shall assume the defense
thereof, including the employment of counsel and the payment of all expenses.
The Trustee Bank shall have the right to employ separate counsel in any such
action, investigation or proceeding and to participate in the defense thereof
and the reasonable counsel fees and expenses of such counsel shall be paid by
the Transferor. In the event of any claim, action or proceeding for which
indemnity shall be sought pursuant to this Section, the Trustee Bank's choice of
legal counsel shall be subject to the approval of the Transferor, which approval
shall not be unreasonably withheld.

     Any amount payable pursuant to this Article XI shall only be from (i) the
excess of the Transferor Amount for any date of determination over the greater
of (A) the Required Pool Balance as of such date or (B) the Trust Available
Subordinated Amount as of such date and (ii) any other assets of the Transferor
not pledged to third parties or otherwise encumbered in a manner permitted by
the Transferor's Certificate of Incorporation and shall only be made after
payment in full of any amounts that the Transferor is obligated to deposit in
the Collection Account pursuant to the Transfer and Services Agreement. The
indemnification set forth herein shall survive the termination of this Agreement
and the resignation or removal of the Trustee Bank.

                                   ARTICLE XII

                                  MISCELLANEOUS

     Section 12.01 CONVEYANCE BY THE OWNER TRUSTEE IS BINDING. Any sale or other
conveyance of any part of the Trust Estate by the Owner Trustee made pursuant to
the terms of this Agreement shall bind the Transferor and shall be effective to
transfer or convey all beneficial interest of the Owner Trustee and Transferor
in and to such part of the Trust Estate, as the case may be. No purchaser or
other grantee shall be required to inquire as to the authorization, necessity,
expediency or regularity of such sale or conveyance or as to the application of
any sale or other proceeds with respect thereto by the Owner Trustee or the
officers.

                                       21                        TRUST AGREEMENT
<Page>

     Section 12.02 INSTRUCTIONS; NOTICES. All instructions, notices, requests or
other communications ("Deliveries") desired or required to be given under this
Agreement shall be in writing and shall be sent by (a) certified or registered
mail, return receipt requested, postage prepaid, (b) national prepaid overnight
delivery service, (c) telecopy or other facsimile transmission (with hard copy
following immediately by U.S. mail, postage prepaid) or (d) personal delivery,
with receipt acknowledged in writing, to the following addresses:

               (i)    if to CNH Wholesale Receivables Inc.:
                      100 South Saunders Road
                      Lake Forest, Illinois 60045
                      Attention: Treasurer

               (ii)   if to the Owner Trustee:
                      The Bank of New York
                      101 Barclay Street, Floor 8W
                      New York, New York 10296
                      Attention: Corporate Trust Administration-Asset Backed
                      Finance Unit

     All Deliveries shall be deemed given when actually received or refused by
the party to whom the same is directed (except to the extent sent by certified
or registered mail, return receipt requested, postage prepaid, in which event
such Deliveries shall be deemed given three days after the date of mailing and
except to the extent sent by telecopy or other facsimile transmission, in which
event such Deliveries shall be deemed given when answer back is received).
Either party may designate a change of address or supplemental address by notice
to the other party, given at least 15 days before such change of address is to
become effective.

     Section 12.03 SEVERABILITY. Any provision of this Agreement which 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 any provision hereof in any other jurisdiction.

     Section 12.04 LIMITATION OF LIABILITY. (a) Neither the Transferor nor any
officer, director, employee, agent, partner, shareholder, trustee or principal
of the Transferor, the Trust or any Person owning, directly or indirectly, any
legal or beneficial interest in the Transferor, shall have any liability or
obligation with respect to the Trust or the performance of this Agreement or any
other agreement, document or instrument executed by the Trust, and the creditors
of the Trust and all other Persons shall look solely to the Trust Estate for the
satisfaction of any claims with respect thereto. The foregoing limitation of
liability is subject to Section 12.06 and is in addition to, and not exclusive
of, any limitation of liability applicable to the Persons referred to above by
operation of law.

                                       22                        TRUST AGREEMENT
<Page>

          (a)  All agreements entered into by the Trust under which the Trust
would have any material liability shall contain an exculpatory provision
substantially to the following effect:

     Neither any trustee nor any beneficiary of CNH Wholesale Master Note Trust
nor any of their respective officers, directors, employers or agents shall have
any liability with respect to this agreement, and recourse may be had solely to
the assets of CNH Wholesale Master Note Trust with respect thereto.

     Section 12.05 SEPARATE COUNTERPARTS. This Agreement may be executed by the
parties hereto in separate counterparts, each of which when so executed and
delivered shall be an original, but all such counterparts shall together
constitute but one and the same instrument.

     Section 12.06 SUCCESSORS AND ASSIGNS. All covenants and agreements
contained herein shall be binding upon, and inure to the benefit of, the Owner
Trustee and its successors and permitted assigns and the Transferor and its
successors and permitted assigns, all as herein provided. Any request, notice,
direction, consent, waiver or other instrument or action by the Transferor shall
bind the successors and assigns of the Transferor.

     Section 12.07 HEADINGS. The headings of the various Sections herein are for
convenience of reference only and shall not limit any of the terms or provisions
herein.

     Section 12.08 GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY, AND
CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF DELAWARE WITHOUT REGARD
TO CONFLICTS OF LAW PRINCIPLES OF SUCH STATE.

     Section 12.09 NO RECOURSE. Each Person holding or owning the Transferor
Interest (or any interest therein), by accepting the Transferor Interest (or its
interest therein), acknowledges that the Transferor Interest does not represent
an interest in or obligation of Servicer, Owner Trustee (as such or in its
individual capacity), Indenture Trustee or any Affiliate thereof (other than the
Trust), and no recourse may be had against such parties or their assets, or
against the assets pledged under the Indenture, except as expressly provided in
the Transaction Documents.

                           [Signature Page to Follow]

                                       23                        TRUST AGREEMENT
<Page>

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

                                        THE BANK OF NEW YORK, as Owner Trustee

                                        By:  /s/ Jon Farber
                                           --------------------------------
                                           Name:  Jon Farber
                                           Title:  Assistant Treasurer

                                        CNH WHOLESALE RECEIVABLES INC., as
                                        Transferor

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

                                       24                        TRUST AGREEMENT
<Page>

                                                                       EXHIBIT A

                             CERTIFICATE OF TRUST OF
                         CNH WHOLESALE MASTER NOTE TRUST

     THIS Certificate of Trust of CNH Wholesale Master Note Trust (the "Trust")
has been duly executed and is being filed by The Bank of New York, a New York
banking corporation, and The Bank of New York (Delaware), a Delaware banking
corporation, as trustees, to create a statutory trust under the Delaware
Statutory Trust Act (12 Del. C., ss. 3801 et seq.).

     1.   Name.  The name of the statutory trust created hereby is CNH Wholesale
Master Note Trust.

     2.   Delaware Trustee.  The name and business address of the trustee of the
Trust in the State of Delaware are The Bank of New York (Delaware), White Clay
Center, Route 273, Newark, Delaware, 19711.

     3.   Effective Date.  This Certificate of Trust shall be effective as of it
filing.

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

                              The Bank of New York,
                                    not in its individual capacity
                                    but solely as trustee under a Trust
                              Agreement dated as of September 1, 2003

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

                              The Bank of New York (Delaware),
                                    not in its individual capacity
                                    but solely as co-trustee under a Co-Trustee
                              Agreement dated as of September 1, 2003

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

                                                                 TRUST AGREEMENT<Page>

                                                                     Exhibit 4.5

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

                         CNH WHOLESALE RECEIVABLES INC.,
                                   Transferor

                            CASE CREDIT CORPORATION,
                                    Servicer

                                       and

                        CNH WHOLESALE MASTER NOTE TRUST,
                                     Issuer

                        TRANSFER AND SERVICING AGREEMENT

                          Dated as of September 1, 2003

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

                                                TRANSFER AND SERVICING AGREEMENT
<Page>

                                TABLE OF CONTENTS

<Table>
<Caption>
                                                                                                                PAGE
<S>                                                                                                               <C>
ARTICLE I      Definitions........................................................................................ 1

     SECTION 1.01     Definitions................................................................................. 1

     SECTION 1.02     Other Definitional Provisions.............................................................. 14

ARTICLE II     Conveyance of Receivables......................................................................... 14

     SECTION 2.01     Conveyance of Receivables.................................................................. 14

     SECTION 2.02     Acceptance by Issuer; Issuance of Notes.................................................... 16

     SECTION 2.03     Representations and Warranties of the Transferor Relating
                      to the Transferor and the Agreement........................................................ 17

     SECTION 2.04     Representations and Warranties of the Transferor Relating
                      to the Receivables......................................................................... 19

     SECTION 2.05     (a) Automatic Additional Accounts.......................................................... 21

     SECTION 2.06     Covenants of the Transferor................................................................ 24

     SECTION 2.07     Removal of Eligible Accounts............................................................... 26

     SECTION 2.08     Sale of Ineligible Receivables............................................................. 28

ARTICLE III    Administration and Servicing of Receivables....................................................... 28

     SECTION 3.01     Acceptance of Appointment and Other Matters Relating to
                      the Servicer............................................................................... 29

     SECTION 3.02     Servicing Compensation..................................................................... 30

     SECTION 3.03     Representations, Warranties and Covenants of the Servicer.................................. 30

     SECTION 3.04     Reports and Records for the Indenture Trustee; Bank
                      Account Statements......................................................................... 33

     SECTION 3.05     Annual Servicer's Certificate.............................................................. 33

     SECTION 3.06     Annual Independent Public Accountants' Servicing Report.................................... 33

     SECTION 3.07     Tax Treatment.............................................................................. 34

     SECTION 3.08     Notices to Case Credit..................................................................... 34

     SECTION 3.09     Adjustments................................................................................ 34

ARTICLE IV     Other Matters Relating to the Transferor.......................................................... 35

     SECTION 4.01     Liability of the Transferor................................................................ 35

     SECTION 4.02     Limitation on Liability of the Transferor.................................................. 35

     SECTION 4.03     Transferor Indemnification of the Issuer, the Indenture
                      Trustee and the Owner Trustee.............................................................. 35
</Table>

                                       -i-      TRANSFER AND SERVICING AGREEMENT
<Page>

                                TABLE OF CONTENTS
                                   (continued)

<Table>
<Caption>
                                                                                                                PAGE
<S>                                                                                                               <C>
     SECTION 4.04     Merger or Consolidation of, or Assumption of the
                      Obligations of the Transferor.............................................................. 36

     SECTION 4.05     Transferor Interest........................................................................ 37

ARTICLE V      Other Matters Relating to the Servicer............................................................ 37

     SECTION 5.01     Liability of the Servicer.................................................................. 37

     SECTION 5.02     Merger or Consolidation of, or Assumption, of the
                      Obligations of the Servicer................................................................ 37

     SECTION 5.03     Limitation on Liability of the Servicer and Others......................................... 38

     SECTION 5.04     Servicer Indemnification of the Issuer, the Indenture
                      Trustee and the Owner Trustee.............................................................. 38

     SECTION 5.05     The Servicer Not To Resign................................................................. 39

     SECTION 5.06     Access to Certain Documentation and Information
                      Regarding the Receivables.................................................................. 39

     SECTION 5.07     Delegation of Duties....................................................................... 39

     SECTION 5.08     Examination of Records..................................................................... 39

ARTICLE VI     Servicer Defaults................................................................................. 40

     SECTION 6.01     Servicer Defaults.......................................................................... 40

     SECTION 6.02     Indenture Trustee to Act; Appointment of Successor......................................... 41

ARTICLE VII    Termination....................................................................................... 43

     SECTION 7.01     Termination of Agreement................................................................... 43

ARTICLE VIII   Miscellaneous Provisions.......................................................................... 43

     SECTION 8.01     Amendment.................................................................................. 43

     SECTION 8.02     Protection of Right, Title and Interest to Receivables and
                      Collateral Security........................................................................ 44

     SECTION 8.03     Actions by Noteholders..................................................................... 45

     SECTION 8.04     No Bankruptcy Petition..................................................................... 45

     SECTION 8.05     Rights of Indenture Trustee................................................................ 45

     SECTION 8.06     Rights of Owner Trustee.................................................................... 46

     SECTION 8.07     Governing Law.............................................................................. 46

     SECTION 8.08     Notices.................................................................................... 46

     SECTION 8.09     Severability of Provisions................................................................. 46

     SECTION 8.10     Assignment................................................................................. 46
</Table>

                                      -ii-      TRANSFER AND SERVICING AGREEMENT
<Page>

                                TABLE OF CONTENTS
                                   (continued)

<Table>
<Caption>
                                                                                                                PAGE
     <S>                                                                                                          <C>
     SECTION 8.11     Further Assurances......................................................................... 46

     SECTION 8.12     No Waiver; Cumulative Remedies............................................................. 46

     SECTION 8.13     Counterparts............................................................................... 47

     SECTION 8.14     Third-Party Beneficiaries.................................................................. 47

     SECTION 8.15     Rule 144A Information...................................................................... 47

     SECTION 8.16     Merger and Integration..................................................................... 47

     SECTION 8.17     Headings................................................................................... 47
</Table>

                                      -iii-     TRANSFER AND SERVICING AGREEMENT
<Page>

     TRANSFER AND SERVICING AGREEMENT dated as of September 1, 2003, among CNH
WHOLESALE RECEIVABLES INC., a Delaware corporation, as Transferor, CASE CREDIT
CORPORATION, a Delaware corporation, as Servicer and CNH WHOLESALE MASTER NOTE
TRUST, a statutory trust organized under the laws of the State of Delaware, as
Issuer.

     In consideration of the mutual agreements herein contained, each party
agrees as follows for the benefit of the other parties and for the benefit of
the Noteholders, any Enhancement Provider and the Beneficiaries to the extent
provided herein, in the Indenture and in any Indenture Supplement:

                                    ARTICLE I

                                   DEFINITIONS

     SECTION 1.01      DEFINITIONS. Capitalized terms used herein but not
otherwise defined shall have the meaning set forth in the Indenture. In
addition, the following words shall have the following meanings:

     "Account" shall mean each Initial Account and, from and after the related
Addition Date, each Additional Account and Automatic Additional Account. The
term "Account" shall not apply to any Removed Accounts reassigned or assigned to
the Transferor or the Servicer in accordance with the terms of this Agreement.

     "Account Schedule" shall have the meaning specified in Section 2.01.

     "Addition Date" shall mean (a) as to Additional Accounts, the date on which
the Receivables in such Additional Accounts are conveyed to the Issuer pursuant
to Section 2.05(b) or (c) of the Transfer and Servicing Agreement, as applicable
and (b) as to Automatic Additional Accounts, the date on which such accounts are
created or otherwise become Automatic Additional Accounts.

     "Addition Notice" shall have the meaning specified in Section 2.05(d).

     "Additional Accounts" shall mean each individual wholesale financing
account established by an Originator with a Dealer pursuant to a Floorplan
Financing Agreement, which account is designated pursuant to Section 2.05(b) to
be included as an Account and is identified in the computer file or microfiche
or written list delivered to the Indenture Trustee by the Transferor pursuant to
Section 2.01 and 2.05(e).

     "Additional Cut-Off Date" shall mean, with respect to Additional Accounts,
the day specified in the Addition Notice delivered with respect to such
Additional Accounts pursuant to Section 2.05(d) and with respect to Automatic
Additional Accounts, the related Addition Date.

     "Adjusted Pool Balance" shall mean as of any Determination Date, (a) the
product of (i) the sum of the Pool Balance as of the end of the immediately
preceding Collection Period and (ii) the result of 1 minus the Reallocated Yield
Percentage on such date, plus (b) the amount then on deposit in the Excess
Funding Account (excluding amounts relating to investment earnings).

                                                TRANSFER AND SERVICING AGREEMENT
<Page>

     "Adjustment Payment" shall have the meaning specified in Section 3.09.

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

     "Agent" shall mean, with respect to any Series, the Person so designated in
the related Indenture Supplement, if any.

     "Agreement" shall mean this Transfer and Servicing Agreement, as the same
may from time to time be amended, modified or otherwise supplemented, including,
with respect to any Series or Class, the related Indenture Supplement.

     "Assignment" shall have the meaning specified in Section 2.05(e).

     "Automatic Addition Suspension Date" shall have the meaning specified in
Section 2.05.

     "Automatic Addition Termination Date" shall have the meaning specified in
Section 2.05.

     "Automatic Additional Accounts" means each individual wholesale financing
account Receivables in which are conveyed to the Issuer pursuant to Section
2.05(a).

     "Available Subordinated Amount" shall mean, with respect to any Series at
any time of determination, an amount equal to the available subordinated amount
specified in the related Indenture Supplement at such time.

     "Business Day" is defined in the Indenture.

     "Case Credit" shall mean Case Credit Corporation, a Delaware corporation.

     "Class" shall mean, with respect to any Series, any one of the classes of
Notes of that Series.

     "Closing Date" shall mean, with respect to any Series, the Closing Date
specified in the related Indenture Supplement.

     "Collateral Amount" shall mean, with respect to any Series and for any
date, an amount equal to the collateral amount specified in the related
Indenture Supplement.

     "Collateral Security" shall mean, with respect to any Receivable, (a) a
security interest in the Equipment, (b) any other collateral provided by the
applicable Dealer or any other party and (c) any personal or corporate guarantee
supporting the Receivables, which may also support other obligations to other
parties and/or unrelated to the Receivables.

                                        2       TRANSFER AND SERVICING AGREEMENT
<Page>

     "Collection Account" shall have the meaning specified in the Indenture.

     "Collection Period" shall mean, with respect to any Payment Date, the
calendar month preceding the month in which such Payment Date occurs.

     "Collections" shall mean, without duplication, all payments by or on behalf
of Dealers received by the Servicer in respect of the Receivables, in the form
of cash, checks, wire transfers or any other form of payment. Collections of
Non-Principal Receivables shall include all Recoveries.

     "Cut-Off Date" shall mean August 31, 2003.

     "CWRI" means CNH Wholesale Receivables Inc., a Delaware corporation.

     "Date of Processing" shall mean in respect of any Receivables, the date on
which the Servicer receives Collections on such Receivables.

     "Dealer" shall mean a Person engaged generally in the business of
purchasing Equipment and holding such Equipment for sale, lease or rental in the
ordinary course of business.

     "Dealer Overconcentrations" on any Payment Date shall mean, with respect to
any Main Dealer, the excess, if any, of (x) the aggregate of all amounts of
Principal Receivables due from the Main Dealer on the last day of the Collection
Period immediately preceding such Payment Date over (a) 2.25% of the Pool
Balance on the last day of such immediately preceding Collection Period, with
respect to any three Main Dealers that have Accounts with the highest
outstanding principal balances, or (b) 2.00% of the Pool Balance on the last day
of such immediately preceding Collection Period, with respect to any other
single Main Dealer.

     "Dealer Termination Status " shall mean, with respect to an Account, that
the related Dealer been classified as a "terminated dealer" in accordance with
the Floorplan Financing Guidelines.

     "Defaulted Amount" for any Collection Period shall mean an amount (which
shall not be less than zero) equal to (a) the sum for all the Accounts of the
amount of Principal Receivables which became Defaulted Receivables during the
immediately preceding Collection Period minus (b) the full amount of any such
Defaulted Receivables which are subject to reassignment or assignment to the
Transferor or the Servicer in accordance with the terms of this Agreement;
provided, however, that, if an Insolvency Event occurs with respect to the
Transferor, the amounts of such Defaulted Receivables which are subject to
reassignment to the Transferor shall not be added to the sum so subtracted and,
if an Insolvency Event occurs with respect to the Servicer, the amount of such
Defaulted Receivables which are subject to assignment to the Servicer shall not
be added to the sum so subtracted.

     "Defaulted Receivables" on any Determination Date shall mean all
Receivables in an Account which are charged off as uncollectible in respect of
the immediately preceding Collection Period in accordance with the Servicer's
customary and usual servicing procedures for servicing Dealer floorplan
receivables comparable to the Receivables which have not been sold to third
parties.

                                        3       TRANSFER AND SERVICING AGREEMENT
<Page>

     "Derivative Agreement" means any currency, interest rate or other swap,
cap, collar, guaranteed investment contract or other derivative agreement.

     "Derivative Counterparty" means any party to any Derivative Agreement other
than the Issuer or the Indenture Trustee.

     "Designated Account" shall have the meaning specified in Section 2.07(b).

     "Designated Receivables" shall have the meaning specified in Section
2.07(b).

     "Determination Date" with respect to any Payment Date shall mean the day
that is two Business Days prior to such Payment Date.

     "Early Amortization Event" is defined in the Indenture.

     "Eligible Account" shall mean each individual wholesale financing account
or line of credit established by an Originator, with a Dealer pursuant to a
Floorplan Financing Agreement in the ordinary course of business, which, as of
the date of determination with respect thereto: (a) is in favor of a Dealer
which is an Eligible Dealer, (b) is in existence and maintained and serviced by
the related Originator and (c) is an Account in respect of which no amounts have
been charged off as uncollectible.

     "Eligible Deposit Account" shall mean either (a) a segregated account with
an Eligible Institution or (b) a segregated trust account with the corporate
trust department of a depository institution organized under the laws of the
United States of America or any one of the states thereof, including the
District of Columbia (or any domestic branch of a foreign bank), having
corporate trust powers and acting as trustee for funds deposited in such
account, so long as any of the securities of such depository institution shall
have a credit rating from each Rating Agency in one of its generic rating
categories which signifies investment grade.

     "Eligible Dealer" shall mean a Dealer, as of the date of determination
thereof, (a) which is located in the United States of America (including its
territories and possessions), (b) which has not been identified by the Servicer
as being the subject of any voluntary or involuntary bankruptcy proceeding or in
voluntary or involuntary liquidation and (c) which is not in Dealer Termination
Status.

     "Eligible Institution" shall mean (a) the corporate trust department of the
Indenture Trustee or (b) a depository institution organized under the laws of
the United States of America or any one of the states thereof, or the District
of Columbia (or any domestic branch of a foreign bank), which at all times (i)
has either (A) a long-term unsecured debt rating of A2 or better by Moody's and
of AA- or better by S&P and of AA- if rated by Fitch or (B) a certificate of
deposit rating of P-1 by Moody's or A-1+ by S&P or F1+ by Fitch and (ii) whose
deposits are insured by the FDIC. If so qualified, the Indenture Trustee may be
considered an Eligible Institution for the purposes of clause (b) this
definition.

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

                                        4       TRANSFER AND SERVICING AGREEMENT
<Page>

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

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

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

     (d)  investments in money market funds having a rating from each of the
Rating Agencies in the highest investment category granted thereby (including
funds for which the Indenture Trustee or any of its Affiliates is investment
manager or advisor);

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

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

     (g)  any other investment permitted by each of the Rating Agencies as set
forth in writing delivered to the Indenture Trustee; provided, that investments
described in clauses (d) and (g) shall be made only so long as making such
investments will not require the Issuer to register as an investment company
under the Investment Company Act of 1940, as amended; provided further, that
such investments shall have original or remaining maturities of 30 days or less,
but in no event occurring later than the Payment Date next succeeding the
Indenture Trustee's acquisition of Eligible Investments, except as otherwise
provided in the related Indenture Supplement.

     "Eligible Receivable" shall mean each Receivable:

     (a)  which was originated by an Originator, in the ordinary course of
business;

     (b)  which arose under an Eligible Account and is payable in United States
dollars;

     (c)  which is owned by an Originator, at the time of sale by that entity to
the Transferor;

                                        5       TRANSFER AND SERVICING AGREEMENT
<Page>

     (d)  which represents the obligation of a Dealer to repay an advance made
to such Dealer to finance the acquisition of Equipment for (i) its floorplan or
parts inventory, (ii) its rental business or (iii) its rent-to-own program;

     (e)  which at the time of creation and at the time of transfer to the
Issuer is secured by, inter alia, a first priority perfected security interest
in the Equipment relating thereto;

     (f)  which was created in compliance in all respects with all Requirements
of Law applicable thereto and pursuant to a Floorplan Financing Agreement which
complies in all respects with all Requirements of Law applicable to any party
thereto;

     (g)  with respect to which all consents, licenses, approvals or
authorizations of, or registrations or declarations with, any Governmental
Authority required to be obtained, effected or given by the Originators or the
Transferor in connection with the creation of such Receivable or the transfer
thereof to the Issuer or the execution, delivery and performance by the
Originators or the Transferor of the Floorplan Financing Agreement pursuant to
which such Receivable was created, have been duly obtained, effected or given
and are in full force and effect;

     (h)  as to which at all times following the transfer of such Receivable to
the Issuer, the Issuer will have good and marketable title thereto free and
clear of all Liens arising prior to the transfer or arising at any time other
than Liens permitted by this Agreement or the related Receivables Purchase
Agreement;

     (i)  which has been the subject of a valid transfer and assignment from the
Transferor to the Issuer of all the Transferor's right, title and interest
therein (including any proceeds thereof);

     (j)  which will at all times be the legal, valid, binding and assignable
payment obligation of the Dealer relating thereto, enforceable against such
Dealer in accordance with its terms, except as such enforceability may be
limited by applicable bankruptcy, insolvency, reorganization, moratorium or
other similar laws, now or hereafter in effect, affecting the enforcement of
creditors' rights in general and except as such enforceability may be limited by
general principles of equity (whether considered in a suit at law or in equity);

     (k)  which at the time of transfer to the Issuer is not subject to any
right of rescission, setoff, counterclaim or any other defense (including
defenses arising out of violations of usury laws) of the Dealer;

     (l)  as to which, at the time of transfer of such Receivable to the Issuer,
the Originators and the Transferor have satisfied all their respective
obligations with respect to such Receivable required to be satisfied at such
time;

     (m)  as to which, at the time of transfer of such Receivable to the Issuer,
neither the applicable Originator nor the Transferor has taken nor failed to
take any action which would impair the rights of the Issuer or the Noteholders
therein;

     (n)  which constitutes "chattel paper," "accounts," "general intangibles"
or "payment intangibles" as defined in Article 9 of the UCC as then in effect in
the State of New York;

                                        6       TRANSFER AND SERVICING AGREEMENT
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     (o)  which, at the time of transfer to the Issuer, is not more than 90 days
past due;

     (p)  with respect to which the representations set forth in Sections
2.04(a)(i) and (ii) were correct as of the Transfer Date with respect thereto;

     (q)  the outstanding principal balance of which, when added to the Pool
Balance, does not cause the aggregate principal balance of all Receivables
relating to Equipment purchased by a Dealer for its rental business, to exceed
12% of the Pool Balance;

     (r)  the outstanding principal balance of which, when added to the Pool
Balance, does not cause the aggregate principal balance of all Receivables
relating to (a) any of the three main dealers that have Accounts with the
highest outstanding principal balances to exceed 2.25% of the Pool Balance or
(b) any other single Dealer to exceed 2% of the aggregate Pool Balance; and

     (s)  the outstanding principal balance of which, when added to the Pool
Balance, does not cause the aggregate principal balance of all Receivables
relating to used Equipment, to 40% of the Pool Balance.

     "Eligible Servicer" shall mean the Indenture Trustee or an entity which, at
the time of its appointment as Servicer, (a) is legally qualified and has the
capacity to service the Accounts, (b) in the sole determination of the Indenture
Trustee, which determination shall be conclusive and binding, has demonstrated
the ability to professionally and competently service a portfolio of similar
accounts in accordance with high standards of skill and care and (c) is
qualified to use the software that is then currently being used to service the
Accounts or obtains the right to use or has its own software which is adequate
to perform its duties under this Agreement.

     "Enhancement" shall mean the rights and benefits provided to the
Noteholders of any Series or Class pursuant to any letter of credit, surety
bond, cash collateral account, spread account, guaranteed rate agreement, swap,
including without limitation currency swaps, or other interest protection
agreement, repurchase obligation, cash deposit, reserve account, yield
supplement account or other similar arrangement. The subordination of any Series
or Class to any other Series or Class or of the Transferor's Interest to any
Series or Class shall be deemed to be an Enhancement.

     "Enhancement Agreement" shall mean any agreement, instrument or document
governing the terms of any Enhancement for a Series or pursuant to which any
Enhancement for such Series is issued or outstanding, including any Derivative
Agreement.

     "Enhancement Provider" shall mean the Person, including any Derivative
Counterparty, providing any Enhancement, other than any Noteholder, the Notes of
which are subordinated to any Series or Class.

     "Excluded Series" shall mean any Series designated as such in the relevant
Indenture Supplement.

     "Equipment" means new or used agricultural and construction equipment and
parts.

                                        7       TRANSFER AND SERVICING AGREEMENT
<Page>

     "FDIC" shall mean the Federal Deposit Insurance Corporation or any
successor entity thereto.

     "Floorplan Financing Agreement" shall mean, collectively, the group of
related agreements between and among an Originator, the Dealer with respect
thereto, pursuant to which (a) an Originator agrees to extend credit to such
Dealer to finance the acquisition of used Equipment and new Equipment, (b) such
Dealer grants to an Originator a security interest in the specific Equipment
financed by an Originator, certain other Equipment, certain other collateral and
the proceeds thereof and (c) such Dealer agrees to repay advances made by an
Originator pursuant to the terms of the related Floorplan Financing Agreement.

     "Floorplan Financing Guidelines" shall mean the Originators' written
policies and procedures, as such policies and procedures may be amended from
time to time, (a) relating to the operation of their respective floorplan
financing business, including the written policies and procedures for
determining the interest rate charged to Dealers, the other terms and conditions
relating to the Originators' wholesale financing accounts, the creditworthiness
of Dealers and the extension of credit to Dealers, and (b) relating to the
maintenance of accounts and collection of receivables.

     "GAAP" shall mean generally accepted accounting principles in the United
States of America in effect from time to time.

     "Governmental Authority" shall mean the United States of America, any state
or other political subdivision thereof and any entity exercising executive,
legislative, judicial, regulatory or administrative functions of or pertaining
to government.

     "Holder" shall mean a Noteholder or a Person in whose name any one of the
Notes is registered.

     "Indenture" shall mean the Indenture, dated as of September 1, 2003, by and
between the Issuer and the Indenture Trustee, as the same may from time to time
be amended, modified or otherwise supplemented.

     "Indenture Supplement" shall mean, with respect to any Series, an Indenture
Supplement to the Indenture, executed and delivered in connection with the
original issuance of the Notes of such Series.

     "Indenture Trustee" shall mean JPMorgan Chase Bank, or its successor in
interest, or any successor trustee appointed as herein provided.

     "Ineligible Account" shall mean an Account that at the time of
determination is not an Eligible Account.

     "Ineligible Amount" on any Determination Date shall mean the amount of
Ineligible Receivables included in the Issuer on such Determination Date
pursuant to Section 2.08.

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     "Ineligible Receivable" shall mean any Receivable that arises in an
Eligible Account, was not an Eligible Receivable at the time of its transfer to
the Issuer and was transferred to the Issuer in accordance with Section 2.08.

     "Initial Account" shall mean each individual wholesale financing account
established by an Originator with a Dealer pursuant to a Floorplan Financing
Agreement which is identified in the computer file or microfiche or written list
delivered to the Indenture Trustee on the Initial Closing Date by the Transferor
pursuant to Section 2.01.

     "Initial Closing Date" shall mean September 30, 2003.

     "Initial Collateral Amount" shall mean, with respect to any Series and for
any date, an amount equal to the initial collateral amount specified in the
related Indenture Supplement. The Initial Collateral Amount for any Series may
be increased or decreased from time to time as specified in the related
Indenture Supplement.

     "Insolvency Event" means, with respect to any Person, that such person
shall consent or fail to object to the appointment of a bankruptcy trustee or
conservator, receiver or liquidator in any bankruptcy proceeding or other
insolvency, readjustment of debt, marshalling of assets and liabilities or
similar proceedings of or relating to such Person or relating to all or
substantially all of such Person's property, or the commencement of an action
seeking a decree or order of a court or agency or supervisory authority having
jurisdiction in the premises for the appointment of a bankruptcy trustee or
conservator, receiver or liquidator in any insolvency, readjustment of debt,
marshalling of assets and liabilities or similar proceedings, or for the
winding-up, insolvency, bankruptcy, reorganization, conservatorship,
receivership or liquidation of such entity's affairs, or notwithstanding an
objection by such Person any such action shall have remained undischarged or
unstayed for a period of sixty (60) days or upon entry of any order or decree
providing for such relief; or such Person shall admit in writing its inability
to pay its debts generally as they become due, file, or consent or fail to
object (or object without dismissal of any such filing within sixty (60) days of
such filing) to the filing of, a petition to take advantage of any applicable
bankruptcy, insolvency or reorganization, receivership or conservatorship
statute, make an assignment for the benefit of its creditors or voluntarily
suspend payment of its obligations.

     "Insurance Proceeds" with respect to an Account shall mean any amounts
received by the Servicer pursuant to any policy of insurance which is required
to be paid to an Originator pursuant to a Floorplan Financing Agreement.

     "Investor Dilution Amount" is defined in Section 3.09.

     "Lien" shall mean any mortgage, deed of trust, pledge, hypothecation,
assignment, deposit arrangement, encumbrance, lien (statutory or other),
preference, participation interest, priority or other security agreement or
preferential arrangement of any kind or nature whatsoever, including any
conditional sale or other title retention agreement and any financing lease
having substantially the same economic effect as any of the foregoing other than
tax liens, mechanics liens and any liens that attach to the related Receivable
by operation of law as a result of any act or omission by the related Dealer.

                                        9       TRANSFER AND SERVICING AGREEMENT
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     "Main Dealer" shall mean any Dealer and its affiliated group of Dealers.

     "Monthly Servicing Fee" shall mean, with respect to any Series, the amount
specified therefor in the related Indenture Supplement.

     "Moody's" shall mean Moody's Investors Service, Inc., or its successor.

     "NH Credit" shall mean New Holland Credit Company, LLC, a Delaware limited
liability company.

     "Non-Principal Receivables" with respect to any Account shall mean all
amounts billed to the related Dealer in respect of interest and all other
non-principal charges, including insurance service fees and handling fees.

     "Notice Date" shall have the meaning specified in Section 2.05(d).

     "Officers' Certificate" with respect to any corporation shall mean, unless
otherwise specified in this Agreement, a certificate signed by the President or
any Vice President, a Treasurer, Assistant Treasurer, Secretary or Assistant
Secretary of such corporation.

     "Opinion of Counsel" shall mean a written opinion of counsel, who may be
counsel of the Transferor or an Originator and who shall be reasonably
acceptable to the Indenture Trustee.

     "Originator" means on the Closing Date, each of Case Credit and NH Credit.

     "Overconcentration Amount" on any Determination Date shall mean the sum of
the Dealer Overconcentrations on such Determination Date.

     "Owner Trustee" shall mean The Bank of New York, or its successor in
interest, or any successor owner trustee appointed pursuant to the terms of the
Transaction Documents.

     "Payment Date" is defined in the applicable Indenture Supplement.

     "Payment Date Statement" shall mean, with respect to any Series, a report
prepared by the Servicer on each Determination Date for the immediately
preceding Collection Period in substantially the form set forth in the related
Indenture Supplement.

     "Permitted Transaction" shall have the meaning specified in Section
2.06(f).

     "Person" shall mean any legal person, including any individual,
corporation, partnership, association, joint-stock company, trust,
unincorporated organization, governmental entity or other entity of similar
nature.

     "Pool Balance" shall mean, as of the time of determination thereof, the
aggregate of Principal Receivables in the Issuer at such time.

     "Prime Rate" shall mean the rate designated as the "prime rate" from time
to time by certain financial institutions selected by an Originator.

                                       10       TRANSFER AND SERVICING AGREEMENT
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     "Principal Collections" shall mean Collections of principal under the
Receivables.

     "Principal Receivables" with respect to an Account shall mean amounts shown
on the Servicer's records as Receivables (other than such amounts which
represent Non-Principal Receivables) payable by the related Dealer.

     "Purchase Price" shall mean, with respect to any Receivable for any date on
which such Receivable is to be purchased pursuant to Section 3.03, (a) an amount
equal to the amount payable by the Dealer in respect thereof as reflected in the
records of the Servicer as of the date of purchase plus (b) interest accrued
from the end of the last Collection Period in respect of which interest on such
Receivable was billed by the Servicer, at a per annum rate equal to the Prime
Rate.

     "Rating Agency" shall mean, with respect to any outstanding Series or
Class, each statistical rating agency selected by the Transferor to rate the
Notes of such Series or Class, as specified in the related Indenture Supplement.

     "Rating Agency Condition" shall mean, with respect to any action, that each
Rating Agency shall have notified the Transferor, the Servicer and the Indenture
Trustee in writing that such action will not result in a reduction or withdrawal
of the rating of any outstanding Series or Class with respect to which it is a
Rating Agency.

     "Reallocated Yield Percentage" means the percentage established from time
to time by the Servicer. The initial Reallocation Percentage shall be 1.50%, and
shall in no event be greater than 9.00% unless the Rating Agency Condition shall
have been satisfied with respect to such greater percentage.

     "Reassignment" shall have the meaning specified in Section 2.07(c).

     "Receivables" shall mean, with respect to an Account, all amounts shown on
the Servicer's records as amounts payable by the related Dealer, from time to
time in respect of advances made by an Originator to such Dealer or advances
made by an Originator to such Dealer and purchased by an Originator, in each
case to finance the acquisition of Equipment by such Dealer, together with the
group of writings evidencing such amounts and the security interest created in
connection therewith. Receivables which become Defaulted Receivables shall not
be shown on the Servicer's records as amounts payable (and will cease to be
included as Receivables) on the day on which they become Defaulted Receivables.
Receivables which an Originator is unable to transfer to the Transferor pursuant
to the Receivables Purchase Agreement or which the Transferor is unable to
transfer to the Issuer as provided in Section 2.06(b) and Receivables which
arise in Designated Accounts from and after the related Removal Commencement
Date shall not be included in calculating the amount of Receivables.

     "Receivables Purchase Agreements" shall mean each of the receivables
purchase agreements between an Originator and the Transferor, in substantially
the form attached hereto as Exhibit I, dated as of the date, hereof, governing
the terms and conditions upon which the Transferor is acquiring the initial
Receivables transferred to the Issuer on the Closing Date and all Receivables
acquired thereafter, as the same may from time to time be amended, modified or
otherwise supplemented.

                                       11       TRANSFER AND SERVICING AGREEMENT
<Page>

     "Recoveries" on any Determination Date shall mean all amounts received,
including Insurance Proceeds, by the Servicer during the Collection Period
immediately preceding such Determination Date with respect to Receivables which
have previously become Defaulted Receivables.

     "Removal and Repurchase Date" shall have the meaning specified in Section
2.07(b).

     "Removal and Repurchase Notice Date" shall have the meaning specified in
Section 2.07(b).

     "Removal Notice" shall have the meaning specified in Section 2.07(b).

     "Rental Overconcentration Amount" on any Payment Date means the excess, if
any, of:

     (a)  the aggregate principal amount of Receivables relating to Equipment
purchased by a Dealer for its rental business on the last day of the Collection
Period immediately preceding that Payment Date; over

     (b)  12% of the Pool Balance on the last day of the immediately preceding
Collection Period.

     "Repurchased Receivables Purchase Price" shall have the meaning specified
in Section 2.07(b).

     "Required Pool Balance" shall mean, at any time of determination, an amount
equal to (a) the sum of the amounts for each Series (other than any Series or
portion thereof which is designated in the relevant Indenture Supplement as
being an Excluded Series until the Collateral Amount of the Series relating to
such Excluded Series is reduced to $0) obtained by multiplying the Required Pool
Percentage for such Series by the Initial Collateral Amount for such Series plus
(b) the Required Subordinated Amount (as defined in the related Indenture
Supplement) for each Series on the immediately preceding Payment Date (after
giving effect to the allocations, distributions, withdrawals and deposits to be
made on such Payment Date).

     "Required Pool Percentage" shall mean, with respect to any Series, the
percentage specified therefor in the related Indenture Supplement.

     "Requirements of Law" for any Person shall mean the certificate of
incorporation and by-laws or other organizational or governing documents of such
Person, and any law, treaty, rule or regulation, or determination of an
arbitrator or Governmental Authority, in each case applicable to or binding upon
such Person or to which such Person is subject, whether federal, state or local
(including usury laws and the federal Truth in Lending Act).

     "Restart Date" shall have the meaning specified in Section 2.05.

     "Series" shall mean any series of Notes.

                                       12       TRANSFER AND SERVICING AGREEMENT
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     "Series Account" shall mean any deposit, trust, escrow, reserve or similar
account maintained for the benefit of the Noteholders of any Series or class, as
specified in any Indenture Supplement.

     "Series Security Amount" with respect to each Series, is defined in the
applicable Indenture Supplement.

     "Servicer Default" shall have the meaning specified in Section 6.01.

     "Service Transfer" shall have the meaning specified in Section 6.01.

     "Servicer" shall initially mean Case Credit, in its capacity as Servicer
under this Agreement, and after any Service Transfer, the Successor Servicer.

     "Servicing Fee" shall have the meaning specified in Section 3.02.

     "S&P" shall mean Standard & Poor's Ratings Services or its successor.

     "Subordinated Note" shall mean each subordinated note of the Transferor the
form of which is attached hereto as Exhibit J.

     "Successor Servicer" shall have the meaning specified in Section 6.02(a).

     "Supplemental Certificate" shall have the meaning specified in Section
6.03.

     "Tax Opinion" shall mean, with respect to any action, an external Opinion
of Counsel to the effect that, for federal income and Illinois state income and
tax purposes, (a) such action will not adversely affect the characterization of
the Notes of any outstanding Series or Class as debt of the Issuer, (b) such
action will not cause or constitute a taxable event with respect to any
Noteholders or the Issuer and (c) in the case of the issuance of any new Series,
the Notes of the new Series will be characterized as debt of the Issuer.

     "Termination Date" shall mean, with respect to any Series, the termination
date specified in the related Indenture Supplement.

     "Transaction Document" shall have the meaning specified in the Indenture.

     "Transferor" shall mean CNH Wholesale Receivables Inc. and its successors
in interest to the extent permitted hereunder

     "Transferor Amount" is defined in the Indenture.

     "Transferor Deposit Amount" shall mean, with respect to any Receivable
reassigned or assigned to the Transferor or the Servicer, as applicable,
pursuant to Section 2.04 (c) or Section 3.03, the amounts specified in such
Sections.

     "Trust Assets" shall have the meaning specified in Section 2.01.

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     "Trust Available Subordinated Amount" shall mean, at any time of
determination, the sum of the Available Subordinated Amounts, if any, for all
outstanding Series at such time.

     "Trust Termination Date" shall have the meaning specified in the Trust
Agreement.

     "UCC" shall mean the Uniform Commercial Code, as amended from time to time,
as in effect in any specified jurisdiction.

     "Used Equipment Overconcentration Amount" on any Payment Date means the
excess, if any, of:

     (a)  the aggregate principal amount of Receivables relating to used
Equipment on the last day of the Collection Period immediately preceding that
Payment Date; over

     (b)  40% of the Pool Balance on the last day of the immediately preceding
 Collection Period.

     SECTION 1.02      OTHER DEFINITIONAL PROVISIONS.

     All terms defined directly or by reference in this Agreement shall have the
defined meanings when used in any certificate or other document delivered
pursuant hereto unless otherwise defined therein. For purposes of this Agreement
and all such certificates and other documents, unless the context otherwise
requires: (a) accounting terms not otherwise defined in this Agreement, and
accounting terms partly defined in this Agreement to the extent not defined,
shall have the respective meanings given to them under GAAP; (b) terms defined
in Article 9 of the UCC as in effect in the State of New York and not otherwise
defined in this Agreement are used as defined in that Article; (c) any reference
to each Rating Agency shall only apply to any specific rating agency if such
rating agency is then rating any outstanding Series; (d) references to any
amount as on deposit or outstanding on any particular date means such amount at
the close of business on such day; (e) the words "hereof," "herein" and
"hereunder" and words of similar import refer to this Agreement (or the
certificate or other document in which they are used) as a whole and not to any
particular provision of this Agreement (or such certificate or document); (f)
references to any Section, Schedule or Exhibit are references to Sections,
Schedules and Exhibits in or to this Agreement (or the certificate or other
document in which the reference is made), and references to any paragraph,
Section, clause or other subdivision within any Section or definition refer to
such paragraph, subsection, clause or other subdivision of such Section or
definition; (g) the term "including" means "including without limitation"; (h)
references to any law or regulation refer to that law or regulation as amended
from time to time and include any successor law or regulation; (i) references to
any Person include that Person's successors and assigns; and (j) headings are
for purposes of reference only and shall not otherwise affect the meaning or
interpretation of any provision hereof.

                                   ARTICLE II

                            CONVEYANCE OF RECEIVABLES

     SECTION 2.01      CONVEYANCE OF RECEIVABLES. By execution of this
Agreement, the Transferor does hereby sell, transfer, assign, set over and
otherwise convey, without recourse

                                       14       TRANSFER AND SERVICING AGREEMENT
<Page>

(except as expressly provided herein), to the Issuer on the Initial Closing
Date, in the case of the Initial Accounts, on the date of creation in the case
of Automatic Additional Accounts and on the applicable Addition Date, in the
case of Additional Accounts , (a) all of its right, title and interest in, to
and under the Receivables in each Account and all Collateral Security with
respect thereto owned by the Transferor at the close of business on the Cut-Off
Date, in the case of the Initial Accounts, and on the applicable Additional
Cut-Off Date, in the case of Additional Accounts and Automatic Additional
Accounts, and all monies due or to become due and all amounts received with
respect thereto and all proceeds (including "proceeds" as defined in Section
9-102 of the UCC as in effect in the State of New York and Recoveries) thereof
and (b) all of the Debtor/Seller's rights, remedies, powers, privileges and
interest with respect to such Receivables and Collateral Security under the
applicable Receivables Purchase Agreement. As of each Business Day prior to the
earlier of (i) the occurrence of an Early Amortization Event relating to an
Insolvency Event and (ii) the Trust Termination Date, on which Receivables are
created in the Accounts (a "Transfer Date"), the Transferor does hereby sell,
transfer, assign, set over and otherwise convey, without recourse (except as
expressly provided herein), to the Issuer, all of its right, title and interest
into and under the Receivables in each Account (other than any Receivables
created in any Designated Account from and after the applicable Removal
Commencement Date) and all Collateral Security with respect thereto owned by the
Transferor at the close of business on such Transfer Date and not theretofore
conveyed to the Issuer, and monies due or to become due and all amounts received
with respect thereto and all proceeds (including "proceeds" as defined in
Section 9-102 of the UCC as in effect in the State of New York and Recoveries)
thereof, all created in connection with the Accounts (other than Removed
Accounts) have been sold, and the Collateral Security assigned, to the
Transferor in accordance with the applicable Receivables Purchase Agreement and
sold to the Issuer pursuant to this Agreement; provided, however, upon the
occurrence of an Insolvency Event with respect to the Issuer, Principal
Receivables shall not be conveyed hereunder, but all Principal Receivables, and
Collections thereon, conveyed prior to such Insolvency Event shall remain part
of the Trust Assets (as defined below). Such property, together with all monies
on deposit in, and Eligible Investments credited to, the Collection Account or
any Series Account, any Enhancements and the Collateral Security with respect to
the Receivables shall collectively constitute the assets of the Issuer (the
"Trust Assets").

     The foregoing sale, transfer, assignment, set-over and conveyance and any
subsequent sales, transfers, assignments, set-overs and conveyances do not
constitute, and are not intended to result in, the creation or an assumption by
the Issuer, the Owner Trustee, the Indenture Trustee or any Agent, of any
obligation of the Servicer, the Originators, the Transferor or any other Person
in connection with the Accounts, the Receivables or under any agreement or
instrument relating thereto, including any obligation to any Dealers.

     In connection with such sales, the Transferor agrees to record and file, at
its own expense, a financing statement on form UCC-1 (and continuation
statements when applicable) with respect to the Receivables now existing and
hereafter created for the sale of chattel paper, accounts, general intangibles
and payment intangibles (as defined in Section 9-102 of the UCC) meeting the
requirements of applicable state law in such manner and in such jurisdictions as
are necessary to perfect the sale and assignment of the Receivables and the
Collateral Security to the Issuer, and to deliver a file-stamped copy of such
financing statements or other evidence of such filing to the Indenture Trustee
on or within 10 days of the Initial Closing Date, in the case of the

                                       15       TRANSFER AND SERVICING AGREEMENT
<Page>

Initial Accounts, and (if any additional filing is so necessary) within 10 days
of the applicable Addition Date, in the case of Additional Accounts and
Automatic Additional Accounts. The Indenture Trustee shall be under no
obligation whatsoever to file such financing statement, or a continuation
statement to such financing statement, or to make any other filing under the UCC
in connection with such sales.

     In connection with such sales, the Transferor further agrees, at its own
expense, on or within 10 days of (A) the Initial Closing Date, in the case of
the Initial Accounts, and (B) the applicable Addition Date, in the case of
Automatic Additional Accounts and Additional Accounts, and (C) the applicable
Removal Commencement Date, in the case of Removed Accounts, (a) to indicate in
its computer files and to cause each Originator to indicate in their computer
files as required by the applicable Receivables Purchase Agreement, that the
Receivables created in connection with the Accounts (other than Removed
Accounts) have been sold, and the Collateral Security assigned to the Issuer
pursuant to this Agreement and (b) to deliver to the Indenture Trustee (or cause
Case Credit to do so) a computer file or microfiche or written list containing a
true and complete list of all such Accounts (other than Removed Accounts)
specifying for each such Account, as of the Cut-Off Date, in the case of the
Initial Accounts, and the applicable Additional Cut-Off Date, in the case of
Additional Accounts, (i) its account number, (ii) the aggregate amount of
Receivables outstanding in such Account and (iii) the aggregate amount of
Principal Receivables in such Account (each such computer file or microfiche or
written lists an "Account Schedule"). Such file or list, as supplemented from
time to time to reflect Additional Accounts and Removed Accounts, shall be
marked as Schedule 1 to this Agreement and is hereby incorporated into and made
a part of this Agreement. The Indenture Trustee shall be under no obligation
whatsoever to verify the accuracy or completeness of the information contained
in Schedule 1 from time to time.

     It is the intention of the parties hereto that the conveyances of the
Receivables and other Collateral Security by Transferor to Issuer as provided in
this Section 2.01 be, and be construed as, an absolute sales without recourse
except as explicitly provided herein, of the Receivables and Collateral Security
by Transferor to Issuer. Furthermore, it is not intended that such conveyance be
deemed a pledge of the Receivables and the other Collateral Security by
Transferor to Issuer to secure a debt or other obligation of Transferor. If,
however, notwithstanding the intention of the parties, the conveyance provided
for in this Section 2.01 is determined to be a transfer for security, then this
Agreement shall also be deemed to be a security agreement and Transferor hereby
grants to Issuer a first perfected priority security interest in all of
Transferor's right, title and interest in and to Trust Assets.

     SECTION 2.02      ACCEPTANCE BY ISSUER; ISSUANCE OF NOTES. (a) The Issuer
hereby acknowledges its acceptance of all right, title and interest previously
held by the Transferor to the property, now existing and hereafter created,
conveyed to the Issuer pursuant to Section 2.01. The Indenture Trustee
acknowledges that, prior to or simultaneously with the execution and delivery of
this Agreement, the Transferor delivered to the Indenture Trustee the Account
Schedule relating to the Initial Accounts described in the last paragraph of
Section 2.01.

          (b)    Upon Transferor's request, Issuer shall from time to time issue
a Series of Notes to Transferor or its designee with such terms as specified in
the related Indenture Supplement, so long as (i) such issuance is permitted
under the terms of the Indenture and (ii)

                                       16       TRANSFER AND SERVICING AGREEMENT
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without limiting the generality of the foregoing, after giving effect to each
such issuance (A) the Transferor Amount is not less than the Trust Available
Subordinated Amount and (B) the Adjusted Pool Balance is not less than the
Required Pool Balance.

     SECTION 2.03      REPRESENTATIONS AND WARRANTIES OF THE TRANSFEROR RELATING
TO THE TRANSFEROR AND THE AGREEMENT. The Transferor hereby represents and
warrants to the Issuer as of each Closing Date that:

          (a)    ORGANIZATION AND GOOD STANDING. The Transferor is a corporation
duly organized and validly existing and in good standing under the law of the
State of Delaware and has, in all material respects, full corporate power,
authority and legal right to own its properties and conduct its business as such
properties are presently owned and such business is presently conducted, and to
execute, deliver and perform its obligations under this Agreement and each
Transaction Document to which it is a party.

          (b)    DUE QUALIFICATION. The Transferor is duly qualified to do
business and, where necessary, is in good standing as a foreign corporation (or
is exempt from such requirement) and has obtained all necessary licenses and
approvals in each jurisdiction in which the conduct of its business requires
such qualification except where the failure to so qualify or obtain licenses or
approvals would not have a material adverse effect on its ability to perform its
obligations hereunder.

          (c)    DUE AUTHORIZATION. The execution and delivery of this Agreement
and each Transaction Document to which it is a party and the consummation of the
transactions provided for or contemplated by this Agreement and each Transaction
Document to which it is a party, have been duly authorized by the Transferor by
all necessary corporate action on the part of the Transferor.

          (d)    NO CONFLICT. The execution and delivery of this Agreement and
each Transaction Document to which it is a party, the performance of the
transactions contemplated by this Agreement and each Transaction Document to
which it is a party and the fulfillment of the terms hereof and thereof, will
not conflict with, result in any breach of any of the material terms and
provisions of, or constitute (with or without notice or lapse of time or both) a
material default under, any indenture, contract, agreement, mortgage, deed of
trust, or other instrument to which the Transferor is a party or by which it or
its properties are bound.

          (e)    NO VIOLATION. The execution and delivery of this Agreement, the
applicable Indenture Supplement and the Transaction Documents, the performance
of the transactions contemplated by this Agreement and the applicable Indenture
Supplement and the Transaction Documents and the fulfillment of the terms hereof
and thereof applicable to the Transferor, will not conflict with or violate any
material Requirements of Law applicable to the Transferor.

          (f)    NO PROCEEDINGS. There are no proceedings or, to the best
knowledge of the Transferor, investigations pending or threatened against the
Transferor before any Governmental Authority (i) asserting the invalidity of
this Agreement or any Transaction Document to which it is a party, (ii) seeking
to prevent the issuance of the Notes or the

                                       17       TRANSFER AND SERVICING AGREEMENT
<Page>

consummation of any of the transactions contemplated by this Agreement or any
Transaction Document to which it is a party, (iii) seeking any determination or
ruling that, in the reasonable judgment of the Transferor, would materially and
adversely affect the performance by the Transferor of its obligations under this
Agreement or any Transaction Document to which it is a party, (iv) seeking any
determination or ruling that would materially and adversely affect the validity
or enforceability of this Agreement or any Transaction Document to which it is a
party or (v) seeking to affect adversely the income tax attributes of the Issuer
under the United States Federal or any State income, single business or
franchise tax systems.

          (g)    ALL CONSENTS REQUIRED. All appraisals, authorizations,
consents, orders, approvals or other actions of any Person or of any
governmental body or official required in connection with the execution and
delivery of this Agreement and each Transaction Document to which it is a party,
the performance of the transactions contemplated by this Agreement, and each
Transaction Document to which it is a party, and the fulfillment of the terms
hereof and thereof, have been obtained.

          (h)    ENFORCEABILITY. This Agreement and each Transaction Document to
which it is a party constitutes a legal, valid and binding obligation of the
Transferor enforceable against the Transferor in accordance with its terms,
except as such enforceability may be limited by applicable bankruptcy,
insolvency, reorganization, moratorium or other similar laws now or hereafter in
effect affecting the enforcement of creditors' rights in general and except as
such enforceability may be limited by general principles of equity (whether
considered in a suit at law or in equity).

          (i)    RECORD OF ACCOUNTS. As of the Initial Closing Date, in the case
of the Initial Accounts, as of the applicable Addition Date, in the case of the
Additional Accounts, and, as of the applicable Removal Commencement Date, in the
case of Designated Accounts, Schedule 1 to this Agreement is an accurate and
complete listing in all material respects of all the Accounts as of the Cut-Off
Date, the applicable Additional Cut-Off Date or the applicable Removal
Commencement Date, as the case may be, and the information contained therein
with respect to the identity of such Accounts and the Receivables existing
thereunder is true and correct in all material respects as of the Cut-Off Date,
such applicable Additional Cut-Off Date or such Removal Commencement Date, as
the case may be.

          (j)    VALID TRANSFER. This Agreement or, in the case of Additional
Accounts, the related Assignment constitutes either (a) a valid sale, transfer
and assignment to the Issuer of all right, title and interest of the Transferor
in the Receivables and the Collateral Security and the proceeds thereof and all
of the Transferor's rights, remedies, powers and privileges with respect to the
Receivables under the Receivables Purchase Agreements or (b) a grant of a
security interest in such property to Issuer, and, upon the filing of the
financing statements described in Section 2.01 with the Secretary of State of
the State of Delaware and, in the case of the Receivables hereafter created and
the proceeds thereof, upon the creation thereof, the Issuer shall have a first
priority perfected ownership interest in such property. Except as otherwise
provided in this Agreement and the Trust Agreement, neither the Transferor nor
any Person claiming through or under the Transferor has any claim to or interest
in the Trust Assets.

                                       18       TRANSFER AND SERVICING AGREEMENT
<Page>

     The representations and warranties set forth in this Section 2.03 shall
survive the transfer and assignment of the Receivables to the Issuer. Upon
discovery by the Transferor, the Servicer, any Agent, the Indenture Trustee or
the Owner Trustee of a breach of any of the foregoing representations and
warranties, the party discovering such breach shall give prompt written notice
to the other parties, any Agent and to any Enhancement Providers.

     In the event of any breach of any of the representations and warranties set
forth in this Section 2.03 having a material adverse effect on the interests of
the Noteholders, then the Indenture Trustee as directed by the Holders of Notes
evidencing not less than a majority in aggregate unpaid principal amount of all
outstanding Notes, by notice then given in writing to the Transferor (and to the
Indenture Trustee, any Enhancement Providers and the Servicer), may direct the
Transferor to purchase all Receivables within 60 days of such notice (or within
such longer period as may be specified in such notice), and the Transferor shall
be obligated to make such purchase on a Payment Date occurring within such
60-day period on the terms and conditions set forth below; provided, however,
that no such purchase shall be required to be made if, by the end of such 60-day
period (or such longer period as may be specified), the representations and
warranties set forth in this Section 2.03 shall be satisfied in all material
respects, and any material adverse effect on the interest of the Noteholders
caused thereby shall have been cured.

     The Transferor shall deposit in the Collection Account in immediately
available funds on the Business Day preceding such Payment Date, in payment for
such purchase, an amount equal to the sum of the amounts specified therefor with
respect to each outstanding Series in the related Indenture Supplement.
Notwithstanding anything to the contrary in this Agreement, such amounts shall
be distributed to the Noteholders on such Payment Date in accordance with the
terms of each Indenture Supplement. If the Indenture Trustee or the Noteholders
give notice directing the Transferor to purchase the Receivables as provided
above, the obligation of the Transferor to purchase the Receivables pursuant to
this Section 2.03 shall constitute the sole remedy respecting an event of the
type specified in the first sentence of this Section 2.03 available to the
Noteholders (or the Indenture Trustee on behalf of the Noteholders).

     SECTION 2.04      REPRESENTATIONS AND WARRANTIES OF THE TRANSFEROR RELATING
TO THE RECEIVABLES.

          (a)    REPRESENTATIONS AND WARRANTIES. The Transferor hereby
represents and warrants to the Issuer that:

          (i)    Each Receivable and all Collateral Security existing on the
     Initial Closing Date or, in the case of Additional Accounts, on the
     applicable Addition Date, and on each Transfer Date, has been conveyed to
     the Issuer free and clear of any Lien.

          (ii)   With respect to each Receivable and all Collateral Security
     existing on the Initial Closing Date or, in the case of Additional
     Accounts, on the applicable Addition Date, and on each Transfer Date, all
     consents, licenses, approvals or authorizations of or registrations or
     declarations with any Governmental Authority required to be obtained,
     effected or given by the Transferor in connection with the conveyance of
     such Receivable

                                       19       TRANSFER AND SERVICING AGREEMENT
<Page>

     or Collateral Security to the Issuer have been duly obtained, effected or
     given and are in full force and effect.

          (iii)  On the Cut-Off Date and each Closing Date, each Initial Account
     is an Eligible Account and, in the case of Additional Accounts and
     Automatic Additional Accounts, on the applicable Additional Cut-Off Date
     and each subsequent Closing Date, each such Additional Account is an
     Eligible Account.

          (iv)   On the Initial Closing Date, in the case of the Initial
     Accounts, and, in the case of the Additional Accounts and Automatic
     Additional Accounts; on the applicable Additional Cut-Off Date, and on each
     Transfer Date, each Receivable conveyed to the Issuer on such date is an
     Eligible Receivable or, if such Receivable is not an Eligible Receivable,
     such Receivable is conveyed to the Issuer in accordance with Section 2.08.

          (v)    With respect to each Receivable and all Collateral Security
     existing on the Initial Closing Date, no selection procedures believed by
     the Transferor to be adverse to interests of the Noteholders were utilized
     in selecting the Initial Accounts.

          (vi)   Debtor hereby makes the Perfection Representations and
     Warranties to the Secured Party. For purposes of this Section 2.04(a)(vi)
     Debtor shall mean Transferor, Secured Party shall mean Issuer, and
     Specified Agreement shall mean this Agreement. The rights and remedies with
     respect to any breach of the Perfection Representations and Warranties made
     under this Section 2.04(a)(vi) shall be continuing and shall survive any
     termination of the Specified Agreement. Secured Party shall not waive a
     breach of any Perfection Representation and Warranty. In order to evidence
     the interests of Debtor and Secured Party under the Specified Agreement,
     the Debtor and Servicer shall, from time to time take such action, and
     execute and deliver such instruments (including, without limitation, such
     actions or filings as are requested by the Secured Party and financing
     statements under the UCC as enacted and then in effect in any other
     jurisdiction in which the Debtor is organized, has its principal place of
     business or maintains any books, records, files or other information
     concerning the Receivables) in order to maintain and perfect, as a first
     priority interest, the Secured Party's security interest in the
     Receivables. The Debtor hereby authorizes Servicer to file financing
     statements under the UCC without the Debtor's signature where allowed by
     applicable law.

          (b)    NOTICE OF BREACH. The representations and warranties set forth
in this Section 2.04 shall survive the transfer and assignment of the
Receivables to the Issuer. Upon discovery by the Transferor, the Servicer, any
Agent or the Trustee of a breach of any of the representations and warranties
set forth in this Section 2.04, the party discovering such breach shall give
prompt written notice to the other parties and to any Enhancement Providers.

          (c)    REASSIGNMENT. In the event any representation or warranty under
Section 2.04(a) is not true and correct as of the date specified therein with
respect to any Receivable or Account and such breach has a material adverse
effect on the interests of the Noteholders in any such Receivable or Account,
then, within 60 days (or such longer period as may be agreed to by the Indenture
Trustee) of the earlier to occur of the discovery of any such event by the
Transferor or the Servicer, or receipt by the Transferor or the Servicer of
written notice of any such event

                                       20       TRANSFER AND SERVICING AGREEMENT
<Page>

given by the Indenture Trustee, any Agent or any Enhancement Providers, the
Transferor shall accept a reassignment of such Receivable or, in the case of
such an untrue representation or warranty with respect to an Account, all
Receivables in such Account, on the Determination Date immediately succeeding
the day of such discovery or notice on the terms and conditions set forth in the
next succeeding paragraph; provided, however, that no such reassignment shall be
required to be made with respect to such Receivable if, by the end of such
60-day period (or such longer period as may be agreed to by the Indenture
Trustee), the breached representation or warranty shall then be true and correct
in all material respects and any material adverse effect caused thereby shall
have been cured.

          The Transferor shall accept a reassignment of each such Receivable by
directing the Servicer to deduct, subject to the next sentence, the principal
amount of such Receivables from the Pool Balance on or prior to the end of the
Collection Period in which such reassignment obligation arises. If, following
such deduction, (a) the Adjusted Pool Balance on the last day of a Collection
Period would be less than the Required Pool Balance on the following Payment
Date or (b) the Transferor Amount would be less than the Trust Available
Subordinated Amount on the immediately preceding Determination Date (after
giving effect to the allocations, distributions, withdrawals and deposits to be
made on the Payment Date following such Determination Date), then not later than
12:00 noon on the day on which such reassignment occurs, the Transferor shall
deposit in the Excess Funding Account in immediately available funds the amount
(the "Transferor Deposit Amount") by which (x) the Adjusted Pool Balance would
be less than such Required Pool Balance or (y) the Transferor Amount would be
less than such Trust Available Subordinated Amount (up to the principal amount
of such Receivables); provided that if the Transferor Deposit Amount is not
deposited as required by this sentence, then the principal amounts of such
Receivables shall not be deducted from the Pool Balance and shall not be
reassigned to the Transferor and shall remain part of the Issuer. Upon
reassignment of any such Receivable, but only after payment by the Transferor of
the Transferor Deposit Amount, if any, the Issuer shall automatically and
without further action be deemed to sell, transfer, assign, set over and
otherwise convey to the Transferor, without recourse, representation or
warranty, all the right, title and interest of the Issuer in and to such
Receivable, all Collateral Security and all moneys due or to become due with
respect thereto and all proceeds thereof. The Trustee shall execute such
documents and instruments of transfer or assignment and take such other actions
as shall reasonably be requested by the Transferor to effect the conveyance of
such Receivables pursuant to this Section. The obligation of the Transferor to
accept a reassignment of any such Receivable and to pay any related Transferor
Deposit Amount shall constitute the sole remedy respecting the event giving rise
to such obligation available to the Indenture Trustee on behalf of Noteholders.

     SECTION 2.05      (a)   AUTOMATIC ADDITIONAL ACCOUNTS. Subject to the
limitations specified below in this Section 2.05 and to any further limitations
specified in any Indenture Supplement, new individual wholesale financing
accounts shall be included as Accounts from and after the date upon which they
are created, and all Receivables in Automatic Additional Accounts purchased by
Transferor pursuant to the Receivables Purchase Agreement, whether such
Receivables are then existing or thereafter created, shall be transferred
automatically to the Issuer upon their creation. For all purposes of this
Agreement, all receivables relating to Automatic Additional Accounts shall be
treated as Receivables upon their creation and shall be subject to the
eligibility criteria specified in the definitions of "Eligible Receivable" and

                                       21       TRANSFER AND SERVICING AGREEMENT
<Page>

"Eligible Account." Transferor may elect at any time to terminate the inclusion
in Accounts of new accounts which would otherwise be Automatic Additional
Accounts as of any Business Day (the "Automatic Addition Termination Date"), or
suspend any such inclusion as of any Business Day (an "Automatic Addition
Suspension Date") until a date (the "Restart Date") to be notified in writing by
Transferor to Issuer by delivering to Issuer, Indenture Trustee, Servicer and
each Rating Agency 10 days prior written notice of such election at least 10
days prior to such Automatic Addition Termination Date, Automatic Addition
Suspension Date or Restart Date, as the case may be. Promptly after each of an
Automatic Addition Termination Date, an Automatic Addition Suspension Date and a
Restart Date, Transferor and Issuer agree to execute, and Transferor agrees to
record and file at its own expense, an amendment to the financing statements to
specify the accounts then subject to this Agreement (which specification may
incorporate a list of accounts by reference) and, except in connection with any
such filing made after a Restart Date, to release any security interest in any
accounts created after the Automatic Addition Termination Date or Automatic
Addition Suspension Date.

     Unless each Rating Agency otherwise consents, the number of, or the
aggregate balance of Receivables in, Automatic Additional Accounts designated
during any of the three consecutive Collection Periods beginning in January,
April, July and October of each calendar year may not exceed 5.00% of the number
of, or the aggregate balance of Receivables in, Accounts as of the first day of
the calendar year during which such Collection Periods commence and the number
of, or the aggregate balance of Receivables in, Automatic Additional Accounts
designated during any such calendar year shall not exceed 20.00% of the number
of, or the aggregate balance of Receivables in, Accounts as of the first day of
such calendar year. On or before the first Business Day of each Collection
Period beginning in January, April, July and October of each calendar year, the
Transferor shall have requested and obtained notification from each Rating
Agency of any limitations to the right of the Transferor to designate Eligible
Accounts as Automatic Additional Accounts during any period which includes such
Collection Period. To the extent that Automatic Additional Accounts have been
added to the Issuer during the three consecutive Collection Periods ending in
the calendar month prior to such date, on or before January 31, April 30, July
31, October 31 of each calendar year, the Indenture Trustee shall have received
confirmation from each Rating Agency that the addition of all Automatic
Additional Accounts included as Accounts during the three consecutive Collection
Periods ending in the calendar month prior to such date shall not have resulted
in any applicable Rating Agency reducing or withdrawing its rating of any
outstanding Series or Class of Notes. On or before January 31 and July 31 of
each calendar year, the Transferor shall deliver to the Indenture Trustee, each
Rating Agency and any Enhancement Provider an Opinion of Counsel with respect to
the Automatic Additional Accounts included as Accounts during the preceding
calendar year confirming the validity and perfection of each transfer of the
Receivables in such Automatic Additional Accounts. If such Rating Agency
confirmation or such Opinion of Counsel with respect to any Automatic Additional
Accounts is not so received, such Automatic Additional Accounts will be removed
from the Issuer, in accordance with Section 2.07.

          (b)    REQUIRED ADDITION OF ACCOUNTS. If, as of the close of business
on the last day of any Collection Period, (i) the Adjusted Pool Balance on such
day is less than the Required Pool Balance as of the following Payment Date
(after giving effect to the allocations, distributions,

                                       22       TRANSFER AND SERVICING AGREEMENT
<Page>

withdrawals and deposits to be made on such Payment Date), or (ii) Transferor
Amount as of the following Payment Date (after giving effect to the allocations,
distributions, withdrawals and deposits to be made on such Payment Date), is
less than the Trust Available Subordinated Amount, then the Transferor shall,
within 10 Business Days following the end of such Collection Period, designate
and transfer to the Issuer the Receivables (and the related Collateral Security)
of additional Eligible Accounts of the Transferor to be included as Accounts in
a sufficient amount such that after giving effect to such addition (i) the
Adjusted Pool Balance as of the close of business on the Addition Date is at
least equal to such Required Pool Balance or (ii) such Transferor Amount is at
least equal to the Trust Available Subordinated Amount, as the case may be. The
Transferor shall satisfy the conditions specified in Section 2.05(d) in
designating such Additional Accounts and conveying the related Receivables to
the Issuer. The failure of the Transferor to transfer Receivables to the Issuer
as provided in this paragraph solely as a result of the unavailability of a
sufficient amount of Eligible Receivables shall not constitute a breach of this
Agreement.

          (c)    The Transferor may from time to time, at its sole discretion,
subject to the conditions specified in paragraph (e) below, voluntarily
designate additional Eligible Accounts to be included as Accounts and transfer
to the Issuer the Receivables (and the related Collateral Security) of such
Additional Accounts.

          (d)    Receivables and Collateral Security from such Additional
Accounts shall be sold to the Issuer effective on a date (the "Addition Date")
specified in a written notice provided by the Transferor (or the Servicer on its
behalf) to the Trustee, the Rating Agencies, any Agent and any Enhancement
Providers specifying the Additional Cut-Off Date and the Addition Date for such
Additional Accounts (the "Addition Notice") on or before the fifth Business Day
but not more than the 30th day prior to the related Addition Date (the "Notice
Date").

          (e)    The Transferor shall be permitted to convey to the Issuer the
Receivables and all Collateral Security related thereto in any Additional
Accounts designated by the Transferor as such pursuant to Section 2.05(c) only
upon satisfaction of each of the following conditions on or prior to the related
Addition Date:

          (i)    the Transferor shall have provided the Indenture Trustee, any
     Agent, the Rating Agencies and any Enhancement Providers with a timely
     Addition Notice;

          (ii)   such Additional Accounts shall all be Eligible Accounts;

          (iii)  the Transferor shall have delivered to the Indenture Trustee a
     duly executed written assignment (including an acceptance by the Indenture
     Trustee) in substantially the form of Exhibit B (the "Assignment") and the
     computer file or microfiche or written list required to be delivered
     pursuant to Section 2.01;

          (iv)   the Transferor shall, to the extent required by Section 4.02 of
     the Indenture, have deposited in the Collection Account all Collections
     with respect to such Additional Accounts since the Additional Cut-Off Date;

          (v)    (A) no selection procedures believed by the Transferor to be
     adverse to the interests of the Noteholders or any Enhancement Provider
     were used in selecting such Additional Accounts; (B) the list of Additional
     Accounts delivered pursuant to clause (iii)

                                       23       TRANSFER AND SERVICING AGREEMENT
<Page>

     above is true and correct in all material respects as of the Additional
     Cut-Off Date and (C) as of each of the Notice Date and the Addition Date,
     neither any Originator, nor the Transferor were insolvent nor will any of
     them have been made insolvent by such transfer nor are any of them aware of
     any pending insolvency;

          (vi)   the Rating Agency Condition shall have been satisfied with
     respect to such addition;

          (vii)  the addition of the Receivables arising in such Additional
     Accounts shall not result in the occurrence of an Early Amortization Event;

          (viii) the Transferor shall have delivered to the Indenture Trustee
     and any Enhancement Providers a certificate of a Vice President or more
     senior officer confirming (A) the items set forth in paragraphs (ii)
     through (vii) above and (B) that the Transferor reasonably believes that
     the addition of the Receivables arising in such Additional Accounts will
     not result in the occurrence of an Early Amortization Event; and

          (ix)   on or before each Addition Date, the Transferor shall have
     delivered to the Indenture Trustee and any Enhancement Providers (A) an
     external Opinion of Counsel with respect to the Receivables in the
     Additional Accounts substantially in the form of Exhibit G-2 and (B) except
     in the case of an addition required by Section 2.05(b), a Tax Opinion with
     respect to such addition.

          (f)    The Transferor hereby represents and warrants as of the
applicable Addition Date as to the matters set forth in Section 2.05(e)(v). Upon
discovery by the Transferor, the Servicer, any Agent, the Indenture Trustee or
any Enhancement Providers of a breach of the foregoing representations and
warranties, the party discovering the breach shall give prompt written notice to
the other parties, to any Agent and to any Enhancement Providers.

     SECTION 2.06      COVENANTS OF THE TRANSFEROR. The Transferor hereby
covenants that:

          (a)    NO LIENS. Except for the conveyances hereunder and the grant of
a security interest in the Receivables and Collateral Security pursuant to the
Indenture, the Transferor will not sell, pledge, assign or transfer to any other
Person, or grant, create, incur, assume or suffer to exist any Lien on, any
Receivable or any Collateral Security, whether now existing or hereafter
created, or any interest therein, or the Transferor's rights, remedies, powers
or privileges with respect to the Receivables under the Receivables Purchase
Agreement, or the Transferor's Interest and the Transferor shall defend the
right, title and interest of the Issuer in, to and under the Receivables and the
Collateral Security, whether now existing or hereafter created, and such rights,
remedies, powers and privileges, against all claims of third parties claiming
through or under the Transferor.

          (b)    ACCOUNT ALLOCATIONS. In the event that the Transferor is unable
for any reason to transfer Receivables to the Issuer, then the Transferor agrees
that it shall allocate, after the occurrence of such event, payments on each
Account with respect to the principal balance of such Account first to the
oldest principal balance of such Account and to have such payments

                                       24       TRANSFER AND SERVICING AGREEMENT
<Page>

applied as Collections in accordance with the terms of this Agreement. The
parties hereto agree that Non-Principal Receivables, whenever created, accrued
in respect of Principal Receivables which have been conveyed to the Issuer shall
continue to be a part of the Issuer notwithstanding any cessation of the
transfer of additional Principal Receivables to the Issuer and Collections with
respect thereto shall continue to be allocated and paid in accordance with the
terms of this Agreement.

          (c)    DELIVERY OF COLLECTIONS. In the event that the Transferor, an
Originator or any Affiliate thereof receives payments in respect of Receivables,
the Transferor and each such Originator agree to pay or cause to be paid to the
Servicer or any Successor Servicer all payments received thereby in respect of
the Receivables as soon as practicable after receipt thereof, but in no event
later than two Business Days after the receipt by the Transferor, such
Originator or any Affiliate thereof.

          (d)    NOTICE OF LIENS. The Transferor shall notify the Indenture
Trustee, in writing, promptly after becoming aware of any Lien on any Receivable
other than the conveyances hereunder and the Lien of the Indenture.

          (e)    COMPLIANCE WITH LAW. The Transferor hereby agrees to comply in
all material respects with all material Requirements of Law applicable to the
Transferor.

          (f)    ACTIVITIES OF THE TRANSFEROR. The Transferor will not engage in
any business or activity of any kind or enter into any transaction other than
(x) the businesses, activities and transactions contemplated and authorized by
this Agreement or the Transaction Documents or (y) the business of acquiring,
selling or financing wholesale and retail receivables and related activities and
transactions (such businesses, activities and transactions, collectively,
"Permitted Transactions").

          (g)    INDEBTEDNESS. Except for indebtedness incurred pursuant to the
terms of the Transaction Documents and or the Subordinated Notes, the Transferor
will not create, incur or assume any indebtedness or issue any securities or
sell or transfer any receivables to a trust or other Person which issues
securities in respect of any such receivables, unless (i) any such indebtedness
or securities have no recourse to any assets of the Transferor other than the
specified assets to which such indebtedness or securities relate and (ii) the
Rating Agency Condition shall have been satisfied in connection therewith prior
to the incurrence or issuance thereof.

          (h)    GUARANTEES. The Transferor will not become or remain liable,
directly or contingently, in connection with any indebtedness or other liability
of any other Person, whether by guarantee, endorsement (other than endorsements
of negotiable instruments for deposit or collection in the ordinary course of
business), agreement to purchase or purchase, agreement to supply or advance
funds, or otherwise, except in connection with Permitted Transactions and unless
the Rating Agency Condition shall have been satisfied with respect thereto.

          (i)    INVESTMENTS. The Transferor will not make or suffer to exist
any loans or advances to, or extend any credit to, or make any investments (by
way of transfer of property, contributions to capital purchase of stock or
securities or evidences of indebtedness, acquisition

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of the business or assets, or otherwise) in, any Affiliate, unless prior thereto
the Rating Agency Condition shall have been satisfied with respect thereto;
provided, however, that the Transferor shall not be prohibited under this
Section 2.06(i) from declaring or paying any dividends in respect of its common
stock.

          (j)    STOCK; MERGER. The Transferor will not (i) sell any shares of
any class of its capital stock to any Person (other than Case Credit and its
Affiliates), or enter into any transaction of merger or consolidation unless:
(A) the surviving Person of such merger or consolidation expressly assumes all
of the Transferor's covenants and obligations under this Agreement by execution
of a supplemental agreement; (B) such surviving Person is organized under the
laws of the United States or any one of its states and (x) is a business entity
that may not become a debtor in a proceeding under the bankruptcy code or (y) is
a special-purpose entity, the powers and activities of which are limited to the
performance of the Transferor's obligations under the Transaction Documents; (C)
the Transferor shall have given the Rating Agencies at least 10 days' prior
notice and the Rating Agency Condition shall have been satisfied with respect to
such transaction; (D) such merger or consolidation does not conflict with any
provisions of the certificate of incorporation or other governing documents of
the Transferor, or (ii) terminate, liquidate or dissolve itself (or suffer any
termination, liquidation or dissolution), or (iii) acquire or be acquired by any
Person, or (iv) otherwise make (or suffer) any material change in the
organization of or method of conducting its business; and (E) the Transferor has
delivered to the Indenture Trustee and the Owner Trustee an Officers'
Certificate stating that such consolidation, merger, conveyance or transfer
complies with this Section 2.06(j) and that all conditions precedent herein
provided for relating to such transaction have been complied with, and an
Opinion of Counsel to the effect that the supplemental agreement referred to in
clause (A) above is the legal, valid and binding obligation of the Transferor
and the surviving Person.

          (k)    AGREEMENTS. The Transferor will not become a party to, or
permit any of its properties to be bound by, any indenture, mortgage,
instrument, contract, agreement, lease or other undertaking, except this
Agreement and the other Transaction Documents and any document relating to a
Permitted Transaction, or amend or modify its certificate of incorporation or
other governing documents or cancel, terminate, amend, supplement, modify or
waive any of the provisions of the Receivables Purchase Agreements or any of the
other Transaction Documents or request, consent or agree to or suffer to exist
or permit any such cancellation, termination, amendment, supplement,
modification or waiver unless, in any such case, the Rating Agency Condition
shall have been satisfied with respect thereto.

     SECTION 2.07      REMOVAL OF ELIGIBLE ACCOUNTS. (a) On each Determination
Date the Transferor shall have the right to remove Accounts from the Issuer and,
in connection therewith, repurchase the then existing Receivables in such
Accounts, in the manner prescribed in Section 2.07(b).

          (b)    To remove Accounts and repurchase the then existing Receivables
in such Accounts, the Transferor (or the Servicer on its behalf) shall take the
following actions and make the following determinations:

          (i)    not less than five Business Days prior to the Removal and
     Repurchase Date (the "Removal and Repurchase Notice Date"), furnish to the
     Indenture Trustee, any

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     Agent, any Enhancement Providers and the Rating Agencies a written notice
     (the "Removal Notice") specifying the Designated Accounts which are to be
     removed from the Issuer (the "Designated Accounts"), and the then existing
     Receivables in such Designated Accounts (the "Designated Receivables")
     which are to be repurchased, from the Issuer and the Determination Date
     (which may be the Determination Date on which such notice is given) on
     which the removal of such Designated Accounts and the repurchase of such
     Designated Receivables will occur (a "Removal and Repurchase Date");

          (ii)   on the Removal and Repurchase Date with respect to such
     Designated Accounts, amend Schedule 1 by delivering to the Indenture
     Trustee a computer file or microfiche or written list containing a true and
     complete list of the Removed Accounts specifying for each such Account, as
     of the Removal and Repurchase Notice Date, its account number and the
     aggregate amount of Receivables outstanding in such Account;

          (iii)  on the Removal and Repurchase Date, deposit into the Collection
     Account funds in an amount equal to the aggregate outstanding balance of
     the Repurchased Receivables on such date (the "Repurchased Receivables
     Purchase Price"), which funds, notwithstanding anything in this Agreement
     to the contrary, will not be released from the Collection Account other
     than pursuant to Section 4.02(c) of the Indenture;

          (iv)   represent and warrant that the removal of any such Eligible
     Account and the repurchase of the Receivables then existing in such Account
     on any Removal and Repurchase Date shall not, in the reasonable belief of
     the Transferor, cause an Early Amortization Event to occur or cause the
     Adjusted Pool Balance to be less than the Required Pool Balance or the
     Transferor Amount to be less than the Trust Available Subordinated Amount;

          (v)    represent and warrant that Accounts, or administratively
     convenient groups of Accounts, were chosen for removal randomly or
     otherwise not on a basis intended to select particular Accounts or groups
     of Accounts for any reason other than administrative convenience, that no
     selection procedures believed by the Transferor to be adverse to the
     interests of the Noteholders and any Enhancement Provider were utilized in
     selecting the Designated Accounts; further, represent and warrant that the
     selection procedures were applied so as to randomly select the Designated
     Accounts from the entire population of Accounts;

          (vi)   represent and warrant as of the Removal and Repurchase Date
     that the list of Removed Accounts delivered pursuant to clause (ii) above,
     as of the Removal and Repurchase Date, is true and complete in all material
     respects;

          (vii)  represent and warrant that such removal and repurchase will not
     result in a reduction or withdrawal of the rating of any outstanding Series
     or Class by the applicable Rating Agency;

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          (viii) deliver to the Indenture Trustee, each Rating Agency, any Agent
     and any Enhancement Providers a Tax Opinion, dated the Removal and
     Repurchase Date, with respect to such removal and repurchase; and

          (ix)   on or before the related Removal and Repurchase Date, deliver
     to the Indenture Trustee, any Agent and any Enhancement Providers an
     Officers' Certificate confirming the items set forth in clauses (iv)
     through (vii) above and confirming that the Transferor reasonably believes
     that the removal of the Removed Accounts and the repurchase of the
     Repurchased Receivables will not result in the occurrence of an Early
     Amortization Event; the Indenture Trustee may conclusively rely on such
     Officers' Certificate and shall have no duty to make inquiries with regard
     to the matters set forth therein and shall incur no liability in so
     relying.

          No Designated Accounts shall be so removed and no Designated
Receivables shall be so repurchased unless each Rating Agency shall have
notified the Transferor, the Servicer and the Indenture Trustee in writing that
such removal and repurchase will not result in a reduction or withdrawal of the
rating of any outstanding Series or Class by such Rating Agency.

          (c)    In the case of any removal of Designated Accounts and
repurchase of Designated Receivables pursuant to Section 2.07(b), on the Removal
and Repurchase Date with respect to any such Designated Account and Designated
Receivables, such Designated Account shall be deemed removed, and such
Designated Receivables ("Repurchased Receivables") shall be deemed repurchased,
from the Issuer for all purposes and the Owner Trustee shall, without further
action, be deemed to sell, transfer, assign, set over and otherwise convey to
the Transferor, effective as of the Removal and Repurchase Date, without
recourse, representation or warranty, all the right, title and interest of the
Issuer in and to the Repurchased Receivables, all moneys due and to become due
and all amounts received with respect thereto and all proceeds thereof. Within
five Business Days after the Removal and Repurchase Date, the Owner Trustee
shall execute and deliver (but shall have no duty to prepare) to the Transferor
a reassignment substantially in the form of Exhibit H (a "Reassignment"),
together with appropriate UCC financing statement releases or amendments if
required.

     For the avoidance of doubt, the Transferor shall not remove Accounts from
the Issuer more frequently than once a month.

     SECTION 2.08      SALE OF INELIGIBLE RECEIVABLES. The Transferor shall sell
to the Issuer on each Transfer Date any and all Receivables arising in any
Eligible Accounts that are Ineligible Receivables, provided that (a) on the
Cut-Off Date or, in the case of Receivables arising in Additional Accounts, on
the related Additional Cut-Off Date, and on the applicable Transfer Date, the
Account in which such Receivables arise is an Eligible Account and (b) the
Incremental Subordinated Amount is adjusted in accordance with the definition of
Incremental Subordinated Amount.

                                   ARTICLE III

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                          ADMINISTRATION AND SERVICING
                                 OF RECEIVABLES

     SECTION 3.01      ACCEPTANCE OF APPOINTMENT AND OTHER MATTERS RELATING TO
THE SERVICER. (a) The Servicer shall service and administer the Receivables,
shall collect payments due under the Receivables and shall charge-off as
uncollectible Receivables, all in accordance with its customary and usual
servicing procedures for servicing wholesale receivables comparable to the
Receivables which the Servicer services for its own account and in accordance
with the Floorplan Financing Guidelines. The Servicer shall have full power and
authority, acting alone or through any party properly designated by it
hereunder, to do any and all things in connection with such servicing and
administration which it may deem necessary or desirable. Without limiting the
generality of the foregoing and subject to Section 6.01, the Servicer is hereby
authorized and empowered, unless such power and authority is revoked by the
Indenture Trustee on account of the occurrence of a Servicer Default pursuant to
Section 6.01, (i) to instruct the Indenture Trustee to make withdrawals and
payments from the Collection Account and any Series Account as set forth in this
Agreement, (ii) to instruct the Indenture Trustee to take any action required or
permitted under any Enhancement, (iii) to execute and deliver, on behalf of the
Issuer for the benefit of the Noteholders and any Enhancement Provider, any and
all instruments of satisfaction or cancellation, or of partial or full release
or discharge, and all other comparable instruments, with respect to the
Receivables and, after the delinquency of any Receivable and to the extent
permitted under and in compliance with applicable Requirements of Law, to
commence enforcement proceedings with respect to such Receivables, (iv) to make
any filings, reports, notices, applications, registrations with, and seek any
consents or authorizations from, the Commission and any state securities
authority on behalf of the Issuer as may be necessary or advisable to comply
with any federal or state securities laws or reporting requirement, and (v) to
delegate certain of its servicing, collection, enforcement and administrative
duties hereunder with respect to the Accounts and the Receivables to any Person
who agrees to conduct such duties in accordance with the Floorplan Financing
Guidelines and this Agreement; provided, however, that the Servicer shall notify
the Indenture Trustee, the Rating Agencies, any Agent and any Enhancement
Providers in writing of any such delegation of its duties which is not in the
ordinary course of its business, that no delegation will relieve the Servicer of
its liability and responsibility with respect to such duties and that the Rating
Agency Condition shall have been satisfied with respect to any such delegation.
The Owner Trustee shall furnish the Servicer with any powers of attorney and
other documents necessary or appropriate to enable the Servicer to carry out its
servicing and administrative duties hereunder.

          (b)    In the event that the Transferor is unable for any reason to
transfer Receivables to the Issuer in accordance with the provisions of this
Agreement then, in any such event, the Servicer agrees (i) to give prompt
written notice thereof to any Enhancement Providers, any Agent and each Rating
Agency and (ii) that it shall in any such event allocate after the occurrence of
such event, payments on each Account with respect to the principal balance of
such Account first to the oldest principal balance of such Account, subject to
the proviso set forth in Section 2.06(b), and to have such payments applied as
Collections in accordance with Section 4.02 of the Indenture. The parties hereto
agree that Non-Principal Receivables, whenever created, accrued in respect of
Principal Receivables which have been conveyed to the Issuer shall continue to
be a part of the Issuer notwithstanding any cessation of

                                       29       TRANSFER AND SERVICING AGREEMENT
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the transfer of additional Principal Receivables to the Issuer and Collections
with respect thereto shall continue to be allocated and paid in accordance with
the terms of this Agreement.

          (c)    The Servicer shall not, and any Successor Servicer shall not be
obligated to, use separate servicing procedures, offices, employees or accounts
for servicing the Receivables from the procedures, offices, employees and
accounts used by the Servicer in connection with servicing other wholesale
receivables.

          (d)    The Servicer shall comply with and perform its servicing
obligations with respect to the Accounts and Receivables in accordance with the
Floorplan Financing Agreements relating to the Accounts and the Floorplan
Financing Guidelines, except insofar as any failure to so comply or perform
would not materially and adversely affect the rights of the Issuer or any of the
Beneficiaries. Subject to compliance with all Requirements of Law, the Servicer
(or any Originator) may change the terms and provisions of the Floorplan
Financing Agreements or the Floorplan Financing Guidelines in any respect
(including the calculation of the amount or the timing of charge-offs and the
rate of the finance charge assessed thereon), only if (i) as a result of such
change, in the reasonable judgment of the Servicer no Early Amortization Event
will occur at any time and none of the Enhancement Providers, if any, or the
Noteholders shall be adversely affected and (ii) such change is made applicable
to the comparable segment of wholesale accounts owned or serviced by the
Servicer which have characteristics the same as, or substantially similar to,
the Accounts which are the subject of such change.

     SECTION 3.02      SERVICING COMPENSATION. As full compensation for its
servicing activities hereunder and reimbursement for its expenses as set forth
in the immediately following paragraph, the Servicer shall be entitled to
receive the Servicing Fee on each Payment Date on or prior to the Trust
Termination Date payable in arrears. The "Servicing Fee" shall be the aggregate
of the Monthly Servicing Fees specified in the Indenture Supplements. The
Servicing Fee shall be payable to the Servicer solely to the extent amounts are
available for payment in accordance with the terms of the Indenture Supplements.

     The Servicer's expenses include the amounts due to the Indenture Trustee
and the reasonable fees and disbursements of independent accountants and all
other expenses incurred by the Servicer in connection with its activities
hereunder, and including all other fees and expenses of the Issuer not expressly
stated herein to be for the account of the Noteholders. The Servicer shall be
required to pay such expenses for its own account, and shall not be entitled to
any payment therefor other than the Servicing Fee. The Servicer will be solely
responsible for all fees and expenses incurred by or on behalf of the Servicer
in connection herewith and the Servicer will not be entitled to any fee or other
payment from, or claim on, any of the Trust Assets (other than the Servicing
Fee).

     SECTION 3.03      REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE
SERVICER. (a) Case Credit, as Servicer, hereby makes, and any Successor Servicer
by its appointment hereunder shall make, on each Closing Date (and on the date
of any such appointment) the following representations, warranties and
covenants:

          (i)    ORGANIZATION AND GOOD STANDING. Such party is a corporation or
     other entity duly organized, validly existing and in good standing under
     the applicable laws of

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<Page>

     the state of its formation and has, in all material respects, full
     corporate power, authority and legal rights to own its properties and
     conduct its wholesale receivable servicing business as such properties are
     presently owned and as such business is presently conducted, and to
     execute, deliver and perform its obligations under this Agreement and each
     Transaction Document to which it is a party.

          (ii)   DUE QUALIFICATION. Such party is duly qualified to do business
     and is in good standing as a foreign corporation (or is exempt from such
     requirements) and has obtained all necessary licenses and approvals in each
     jurisdiction in which the servicing of the Receivables as required by this
     Agreement requires such qualification except where the failure to so
     qualify or obtain licenses or approvals would not have a material adverse
     effect on its ability to perform its obligations hereunder.

          (iii)  DUE AUTHORIZATION. The execution, delivery, and performance of
     this Agreement and each Transaction Document to which it is a party has
     been duly authorized by such party by all necessary corporate action on the
     part thereof.

          (iv)   BINDING OBLIGATION. This Agreement and each Transaction
     Document to which it is a party constitutes a legal, valid and binding
     obligation of such party, enforceable in accordance with its terms, except
     as enforceability may be limited by applicable bankruptcy, insolvency,
     reorganization, moratorium or other similar laws now or hereinafter in
     effect, affecting the enforcement of creditors' rights and except as such
     enforceability may be limited by general principles of equity (whether
     considered in a proceeding at law or in equity).

          (v)    NO VIOLATION. The execution and delivery of this Agreement and
     any other Transaction Document to which it is a Party by such party, the
     performance of the transactions contemplated by this Agreement and any
     other Transaction Document to which it is a Party and the fulfillment of
     the terms hereof and thereof applicable to such party will not conflict
     with, violate, result in any breach of any of the material terms and
     provisions of, or constitute (with or without notice or lapse of time or
     both) a material default under, any Requirement of Law applicable to such
     party or any indenture, contract, agreement, mortgage, deed of trust, or
     other instrument to which such party is a party or by which it is bound.

          (vi)   NO PROCEEDINGS. There are no proceedings or, to the best
     knowledge of such party, investigations, pending or threatened against such
     party before any court, regulatory body, administrative agency or other
     tribunal or governmental instrumentality seeking to prevent the
     consummation of any of the transactions contemplated by this Agreement or
     any Transaction Document to which it is a party, seeking any determination
     or ruling that, in the reasonable judgment of such party, would materially
     and adversely affect the performance by such party of its obligations under
     this Agreement and the applicable Indenture Supplement, any other
     Transaction Document, or seeking any determination or ruling that would
     materially and adversely affect the validity or enforceability of this
     Agreement or any other Transaction Document to which it is a Party.

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          (vii)  COMPLIANCE WITH REQUIREMENTS OF LAW. Such party shall duly
     satisfy all obligations on its part to be fulfilled under or in connection
     with the Receivables and the Accounts, will maintain in effect all
     qualifications required under Requirements of Law in order to service
     properly the Receivables and the Accounts and will comply in all material
     respects with all material Requirements of Law in connection with servicing
     the Receivables and the Accounts the failure to comply with which would
     have a material adverse effect on the interests of Noteholders and any
     Enhancement Provider.

          (viii) NO RESCISSION OR CANCELLATION. Such party shall not permit any
     rescission or cancellation of a Receivable except as ordered by a court of
     competent jurisdiction or other Governmental Authority or in the ordinary
     course of its business in accordance with the Floorplan Financing
     Guidelines.

          (ix)   PROTECTION OF NOTEHOLDERS RIGHTS. Such party shall take no
     action, nor omit to take any action, which would materially impair the
     rights of Noteholders in the Receivables nor shall it reschedule, revise or
     defer payments due on any Receivable except in accordance with the
     Floorplan Financing Guidelines.

          (x)    NEGATIVE PLEDGE. The Servicer will not (A) sell, pledge, assign
     or transfer to any other Person, or grant, create, incur, assume or suffer
     to exist any Lien on, any Receivable sold and assigned to the Issuer,
     whether now existing or hereafter created, or any interest therein, and the
     Servicer shall defend the rights, title and interest of the Issuer in, to
     and under any Receivable sold and assigned to the Issuer, whether now
     existing or hereafter created, against all claims of third parties claiming
     through or under the Transferor or the Servicer or (B) reschedule, revise
     or defer payments due on any Receivable except (1) in accordance with its
     Floorplan Financing Guidelines, (2) when converting the existing payment
     schedule to a rent-to-own payment schedule or a payment schedule applicable
     to a Dealer purchase for its rental business and (3) when a Dealer extends
     an unsold Equipment payment schedule pursuant to the Floorplan Financing
     Guidelines.

          (b)    NOTICE OF BREACH. The representations and warranties set forth
in this Section 3.03 shall survive the transfer and assignment of the
Receivables to the Issuer and the pledge of Collateral to the Indenture Trustee.
Upon discovery by the Transferor, the Servicer or the Indenture Trustee of a
breach of any of the representations and warranties set forth in this Section
3.03, the party discovering such breach shall give prompt written notice to the
other parties and to any Enhancement Providers.

          (c)    PURCHASE. In the event any representation or warranty under
Section 3.03(a) (vii), (viii) or (ix) is not true and correct in any material
respect as of the date specified therein with respect to any Receivable or
Account and such breach has a material adverse effect on the interest of the
Noteholders in such Receivable, then, within 60 days (or such longer period as
may be agreed to by the Trustee) of the earlier to occur of the discovery of any
such event by the Transferor or the Servicer, or receipt by the Transferor or
the Servicer of written notice of any such event given by the Indenture Trustee
or any Enhancement Providers, the Servicer shall purchase such Receivable or, in
the case of an untrue representation with respect to an Account, all Receivables
in such Account, on the Determination Date immediately succeeding the

                                       32       TRANSFER AND SERVICING AGREEMENT
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expiration of such 60-day period on the terms and conditions set forth in the
next succeeding paragraph; provided, however, that no such purchase shall be
required to be made with respect to such Receivable if, by the end of such
60-day period (or such longer period as may be agreed to by the Trustee) the
breached representation or warranty shall then be true and correct in all
material respects and any material adverse effect caused thereby shall have been
cured. The Servicer shall effect such purchase by depositing in the Collection
Account in immediately available funds an amount equal to the Purchase Price of
such Receivable. Any such deposit of such Purchase Price into the Collection
Account shall be considered a Transferor Deposit Amount and shall be applied in
accordance with the terms of this Agreement.

     Upon each such payment of such Purchase Price, the Issuer shall
automatically and without further action be deemed to sell, transfer, assign,
set over and otherwise convey to the Servicer, without recourse, representation
or warranty, all right, title and interest of the Issuer in and to such
Receivables, all monies due or to become due with respect thereto and all
proceeds thereof and the related Collateral Security. The Indenture Trustee
shall execute such documents and instruments of transfer or assignment and take
such other actions as shall be reasonably requested by the Servicer to effect
the conveyance of any such Receivables pursuant to this Section. The obligation
of the Servicer to purchase such Receivables, and to make the deposits required
to be made to the Collection Account as provided in the preceding paragraph,
shall constitute the sole remedy respecting the event giving rise to such
obligation available to the Indenture Trustee on behalf of Noteholders.

     SECTION 3.04      REPORTS AND RECORDS FOR THE INDENTURE TRUSTEE; BANK
ACCOUNT STATEMENTS. On or before each Payment Date, with respect to each
outstanding Series, the Servicer shall deliver to any Enhancement Providers, the
Rating Agencies and the Indenture Trustee a Payment Date Statement for such
Payment Date substantially in the form set forth in the related Indenture
Supplement.

     SECTION 3.05      ANNUAL SERVICER'S CERTIFICATE. The Servicer will deliver
to the Rating Agencies, the Trustee, any Agent and any Enhancement Providers on
or before April 30 of each calendar year, beginning with April 30, 200_, an
Officers' Certificate substantially in the form of Exhibit C stating that (a) a
review of the activities of the Servicer during the preceding calendar year and
of its performance under this Agreement was made under the supervision of the
officer signing such certificate and (b) to the best of such officer's
knowledge, based on such review, the Servicer has performed in all material
respects its obligations under this Agreement throughout such year, or, if there
has been a material default in the performance of any such obligation,
specifying each such default known to such officer and the nature and status
thereof.

     SECTION 3.06      ANNUAL INDEPENDENT PUBLIC ACCOUNTANTS' SERVICING REPORT.
The Servicer shall cause a firm of independent certified public accountants,
which may also render other services to the Servicer, the Seller or any other
Affiliate of CNH Global, to deliver to the Trustee and the Indenture Trustee on
or before April 30 of each year a report, addressed to the Board of Directors of
the Servicer, the Owner Trustee, the Indenture Trustee and each Rating Agency
summarizing the results of certain procedures with respect to certain documents
and records relating to the servicing of the Receivables during the preceding
calendar year (or, in the case of the first such report, during the period from
the initial Cutoff Date to December 31,

                                       33       TRANSFER AND SERVICING AGREEMENT
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2004). The procedures to be performed and reported upon by the independent
public accountants shall be those agreed to by the Servicer.

     In the event that such firm requires the Indenture Trustee to agree to the
procedures performed by such firm, the Servicer shall direct the Indenture
Trustee in writing to so agree; it being understood and agreed that the
Indenture Trustee will deliver such letter of agreement in conclusive reliance
upon the direction of the Servicer and the Indenture Trustee makes no
independent inquiry or investigation as to, and shall have no obligation or
liability in respect of, the sufficiency, validity or correctness of such
procedures.

     Such report will also indicate that the firm is independent of the Servicer
within the meaning of the Code of Professional Ethics of the American Institute
of Certified Public Accountants.

     SECTION 3.07      TAX TREATMENT. The Transferor has entered into this
Agreement with the intention that the Notes will qualify under applicable tax
law as indebtedness of the Issuer secured by the Receivables. Each Noteholder,
by the acceptance of its Note, agrees to treat the Notes as indebtedness of the
Issuer secured by the Receivables for federal income taxes, state and local
income and franchise taxes, Illinois state tax and any other taxes imposed on or
measured by income.

     SECTION 3.08      NOTICES TO CASE CREDIT. In the event Case Credit is no
longer acting as Servicer, any Successor Servicer appointed pursuant to Section
6.02 shall deliver or make available to Case Credit, as the case may be, each
certificate and report required to be prepared, forwarded or delivered
thereafter pursuant to Sections 3.04, 3.05 or 3.06.

     SECTION 3.09      ADJUSTMENTS. (a) If the Servicer adjusts downward the
amount of any Principal Receivable because of a rebate, refund, credit
adjustment or billing error to a Dealer, or because such Receivable was created
in respect of Equipment which was refused or returned by a Dealer or because of
buybacks of Equipment from a Dealer upon the termination of a Dealer (each such
amount, an "Investor Dilution Amount") then, in any such case, the Transferor
Amount and Pool Balance will be automatically reduced by the amount of the
adjustment subject to the last sentence of this Section. Furthermore, if
following such a reduction the Transferor Amount would be less than the Trust
Available Subordinated Amount or the Pool Balance would be less than the
Required Pool Balance on the immediately preceding Determination Date (after
giving effect to the allocations, distributions, withdrawals and deposits to be
made on the Payment Date following such Determination Date), then the Transferor
shall be required to pay an amount equal to such deficiency (up to the amount of
such adjustment) into the Excess Funding Account on the Business Day on which
such adjustment or reduction occurs (each such payment an "Adjustment Payment").
If the Transferor shall fail to make any deposit to the Excess Funding with
respect to such Adjustment Payment or portion thereof by the Determination Date
relating to the Collection Period with respect to which such Adjustment Payment
is payable, the amount of such Adjustment Payment or portion thereof shall be
allocated on such related Determination Date in accordance with the Indenture
and the Indenture Supplements.

                                       34       TRANSFER AND SERVICING AGREEMENT
<Page>

          (b)    If (i) the Servicer makes a deposit into the Collection Account
in respect of a Collection of a Receivable and such collection was received by
the Servicer in the form of a check which is not honored for any reason or (ii)
the Servicer makes a mistake with respect to the amount of any Collection and
deposits an amount that is less than or more than the actual amount of such
Collection, the Servicer shall appropriately adjust the amount subsequently
deposited into the Collection Account to reflect such dishonored check or
mistake. Any Receivable in respect of which a dishonored check is received shall
be deemed not to have been paid.

                                   ARTICLE IV

                    OTHER MATTERS RELATING TO THE TRANSFEROR

     SECTION 4.01      LIABILITY OF THE TRANSFEROR. The Transferor shall be
liable for all obligations, covenants, representations and warranties of the
Transferor arising under or related to this Agreement. Except as provided in the
preceding sentence, the Transferor shall be liable only to the extent of the
obligations specifically undertaken by it in its capacity as Transferor
hereunder.

     SECTION 4.02      LIMITATION ON LIABILITY OF THE TRANSFEROR. Subject to
Sections 4.01 and 4.03, neither the Transferor nor any of the directors or
officers or employees or agents of the Transferor in its capacity as Transferor
shall be under any liability to the Issuer, the Indenture Trustee, the Owner
Trustee, the Noteholders or any other Person for any action taken or for
refraining from the taking of any action in the capacity as Transferor pursuant
to this Agreement whether arising from express or implied duties under this
Agreement; provided, however, that this provision shall not protect the
Transferor or any such person against any liability which would otherwise be
imposed by reason of willful misfeasance, bad faith or gross negligence in the
performance of duties or by reason of reckless disregard of obligations and
duties hereunder. The Transferor and any director or officer or employee or
agent of the Transferor may rely in good faith on any document of any kind prima
facie properly executed and submitted by any Person respecting any matters
arising hereunder.

     SECTION 4.03      TRANSFEROR INDEMNIFICATION OF THE ISSUER, THE INDENTURE
TRUSTEE AND THE OWNER TRUSTEE. The Transferor shall indemnify and hold harmless
the Issuer, the Indenture Trustee and the Owner Trustee, from and against any
loss, liability, expense, damage or injury suffered or sustained by reason of
any acts, omissions or alleged acts or omissions arising out of activities of
the Issuer, the Indenture Trustee or the Owner Trustee pursuant to this
Agreement, including any judgment, award, settlement, reasonable attorneys' fees
and other costs or expenses incurred in connection with the defense of any
actual or threatened action, proceeding or claim; provided, however, that the
Transferor shall not indemnify the Issuer, the Indenture Trustee or the Owner
Trustee if such acts, omissions or alleged acts or omissions constitute fraud,
negligence, breach of fiduciary duty or willful misconduct by the Indenture
Trustee or the Owner Trustee, as the case may be; and provided, further, that
the Transferor shall not indemnify the Issuer, the Indenture Trustee or the
Owner Trustee with respect to any federal, state or local income or franchise
taxes (or any interest or penalties with respect thereto) required to be paid by
the Issuer or any Noteholder in connection herewith to any taxing authority.
Subject to Section 6.01, any indemnification pursuant to this Section shall only
be from (i) the excess of the

                                       35       TRANSFER AND SERVICING AGREEMENT
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Transferor Amount for any date of determination over the Required Pool Balance
as of such date and (ii) any other assets of the Transferor not pledged to third
parties or otherwise encumbered in a manner permitted by the Transferor's
Certificate of Incorporation and shall only be made after payment in full of any
amounts that the Transferor is obligated to deposit in the Collection Account
pursuant to this Agreement. Any indemnification under this Article IV shall
survive the termination of this Agreement.

     SECTION 4.04      MERGER OR CONSOLIDATION OF, OR ASSUMPTION OF THE
OBLIGATIONS OF THE TRANSFEROR.

          (a)    Transferor shall not consolidate with or merge into any other
corporation or convey or transfer its properties and assets substantially as an
entirety to any Person unless:

          (i)    the Person formed by such consolidation or into which
     Transferor is merged or the Person which acquires by conveyance or transfer
     the properties and assets of Transferor substantially as an entirety shall
     be, if Transferor is not the surviving entity, an entity organized and
     existing under the laws of the United States of America or any State or the
     District of Columbia, and, if Transferor is not the surviving entity, such
     entity shall expressly assume, by an agreement supplemental hereto,
     executed and delivered to the Indenture Trustee, in form reasonably
     satisfactory to Indenture Trustee, the performance of every covenant and
     obligation of Transferor hereunder;

          (ii)   Transferor has delivered to Indenture Trustee (A) an Officer's
     Certificate stating that such consolidation, merger, conveyance or transfer
     and such supplemental agreement comply with this Section and that all
     conditions precedent herein provided for relating to such transaction have
     been complied with, and (B) an Opinion of Counsel to the effect that such
     supplemental agreement is a valid and binding obligation of such surviving
     entity enforceable against such surviving entity in accordance with its
     terms, except as such enforceability may be limited by applicable
     bankruptcy, insolvency, reorganization, moratorium or other similar laws
     affecting creditors' rights generally from time to time in effect and
     except as such enforceability may be limited by general principles of
     equity (whether considered in a suit at law or in equity);

          (iii)  Transferor shall have delivered to Indenture Trustee and each
     Rating Agency a Tax Opinion, dated the date of such consolidation, merger,
     conveyance or transfer, with respect thereto;

          (iv)   in connection with any merger or consolidation, or any
     conveyance or transfer referred to above, the business entity into which
     Transferor shall merge or consolidate, or to which such conveyance or
     transfer is made, shall be (x) a business entity that may not become a
     debtor in any case, action or other proceeding under Title 11 of the United
     States Code or (y) a special-purpose corporation, the powers and activities
     of which shall be limited to the performance of Transferor's obligations
     under this Agreement and the other Transaction Documents;

                                       36       TRANSFER AND SERVICING AGREEMENT
<Page>

          (v)    if Transferor is not the surviving entity, the surviving entity
     shall file new UCC-1 financing statements with respect to the interest of
     Issuer in the Receivables and, if any; and

          (vi)   the Rating Agency Condition has been satisfied with respect to
     such merger, conveyance or transfer.

          (b)    This Section 4.04 shall not be construed to prohibit or in any
way limit Transferor's ability to effectuate any consolidation or merger
pursuant to which Transferor would be the surviving entity.

          (c)    Transferor shall notify each Rating Agency promptly after any
consolidation, merger, conveyance or transfer effected pursuant to this Section
4.04.

          (d)    The obligations of Transferor hereunder shall not be assignable
nor shall any Person succeed to the obligations of Transferor hereunder except
in each case in accordance with (i) the provisions of the foregoing paragraphs,
(ii) Section 4.05 of this Agreement or Section 10 of the Trust Agreement or
(iii) conveyances, mergers, consolidations, assumptions, sales or transfers to
other entities (1) for which Transferor delivers an Officer's Certificate to
Indenture Trustee indicating that Transferor reasonably believes that such
action will not adversely affect in any material respect the interests of any
Noteholder, (2) which meet the requirements of clause (ii) of paragraph (a) and
(3) for which such purchaser, transferee, pledgee or entity shall expressly
assume, in an agreement supplemental hereto, executed and delivered to Owner
Trustee and Indenture Trustee in writing in form satisfactory to Owner Trustee
and Indenture Trustee, the performance of every covenant and obligation of
Transferor thereby conveyed.

     SECTION 4.05      TRANSFEROR INTEREST. Transferor may designate additional
or substitute Persons to be included as Transferors under this Agreement by an
amendment to this Agreement (which amendment shall be subject to Section 8.01,
any applicable restrictions in the Indenture Supplement for any outstanding
Series and satisfaction of the Rating Agency Condition) and in connection with
such designation, the initial Transferor shall transfer a portion of the
Transferor Interest to such additional Transferor reflecting such additional
Transferor's Interest in the Transferor Interest; provided that prior to any
such designation and issuance the conditions set forth in the Trust Agreement
shall have been satisfied with respect to a transfer of Transferor's Interest.

                                    ARTICLE V

                     OTHER MATTERS RELATING TO THE SERVICER

     SECTION 5.01      LIABILITY OF THE SERVICER. The Servicer shall be liable
under this Article V only to the extent of the obligations specifically
undertaken by the Servicer in its capacity as Servicer.

     SECTION 5.02      MERGER OR CONSOLIDATION OF, OR ASSUMPTION, OF THE
OBLIGATIONS OF THE SERVICER. The Servicer shall not consolidate with or merge
into any other Person or convey or transfer its properties and assets
substantially as an entirety to any Person, unless:

                                       37       TRANSFER AND SERVICING AGREEMENT
<Page>

          (a)    the Person formed by such consolidation or into which the
Servicer is merged or the Person which acquires by conveyance or transfer the
properties and assets of the Servicer substantially as an entirety shall be a
Person organized and existing under the laws of the United States of America or
any State or the District of Columbia and, if the Servicer is not the surviving
entity, such Person shall assume, by execution of a supplemental agreement
hereto, the performance of every covenant and obligation of the Servicer
hereunder;

          (b)    the Servicer shall have given the Rating Agencies at least 10
days prior notice and the Rating Agency Condition shall have been satisfied with
respect to such transaction; and

          (c)    the Servicer has delivered to the Indenture Trustee and the
Owner Trustee an Officers' Certificate stating that such consolidation, merger,
conveyance or transfer complies with this Section 5.02 and that all conditions
precedent herein provided for relating to such transaction have been complied
with, and an Opinion of Counsel to the effect that the supplemental agreement
referred to in clause (a) above is the legal, valid and binding obligation of
the Servicer and the successor Person.

     SECTION 5.03      LIMITATION ON LIABILITY OF THE SERVICER AND OTHERS.
Except as provided in Section 5.04, neither the Servicer nor any of the
directors or officers or employees or agents of the Servicer, shall be under any
liability to the Issuer, the Owner Trustee, the Indenture Trustee, the
Noteholders or any other Person for any action taken or for refraining from the
taking of any action in its capacity as Servicer pursuant to this Agreement;
provided, however, that this provision shall not protect the Servicer or any
such person against any liability which would otherwise be imposed by reason of
willful misfeasance, bad faith or gross negligence in the performance of duties
or by reason of reckless disregard of obligations and duties hereunder. The
Servicer and any director or officer or employee or agent of the Servicer may
rely in good faith on any document of any kind prima facie properly executed and
submitted by any Person respecting any matters arising hereunder. The Servicer
shall not be under any obligation to appear in, prosecute or defend any legal
action which is not incidental to its duties to service the Receivables in
accordance with this Agreement which in its reasonable opinion may involve it in
any expense or liability.

     SECTION 5.04      SERVICER INDEMNIFICATION OF THE ISSUER, THE INDENTURE
TRUSTEE AND THE OWNER TRUSTEE. The Servicer shall indemnify and hold harmless
the Issuer, the Indenture Trustee, and the Owner Trustee, from and against any
loss, liability, expense, damage or injury suffered or sustained by reason of
any acts, omissions or alleged acts or omissions arising out of activities of
the Servicer, the Issuer, the Indenture Trustee or the Owner Trustee pursuant to
this Agreement, including any judgment, award, settlement, reasonable attorneys'
fees and other costs or expenses incurred in connection with the defense of any
actual or threatened action, proceeding or claim; provided, however, that the
Servicer shall not indemnify the Issuer, the Indenture Trustee or the Owner
Trustee if such acts, omissions or alleged acts or omissions constitute fraud,
negligence, breach of fiduciary duty or willful misconduct by the Trustee; and
provided further that the Servicer shall not indemnify the Issuer, the Indenture
Trustee, the Trustee or any Noteholder for any liabilities, cost or expense of
the Issuer with respect to any Federal, state or local income or franchise taxes
(or any interest or penalties with respect thereto) required to be paid by the
Issuer or the Noteholders in connection herewith to any taxing

                                       38       TRANSFER AND SERVICING AGREEMENT
<Page>

authority. Any indemnification under this Article VIII shall survive the
termination of this Agreement and the resignation and removal of the Indenture
Trustee or the Owner Trustee, as the case may be.

     SECTION 5.05      THE SERVICER NOT TO RESIGN. The Servicer shall not resign
from the obligations and duties hereby imposed on it except upon determination
that (a) the performance of its duties hereunder is no longer permissible under
applicable law and (b) there is no reasonable action which the Servicer could
take to make the performance of its duties hereunder permissible under
applicable law. No such resignation shall become effective until the Indenture
Trustee or a Successor Servicer shall have assumed the responsibilities and
obligations of the Servicer in accordance with Section 6.02 hereof. If the
Indenture Trustee is unable within 120 days of the date of such determination to
appoint a Successor Servicer, the Indenture Trustee shall serve as Successor
Servicer hereunder.

     SECTION 5.06      ACCESS TO CERTAIN DOCUMENTATION AND INFORMATION REGARDING
THE RECEIVABLES. The Servicer shall provide to the Indenture Trustee access to
the documentation regarding the Accounts and the Receivables in such cases where
the Indenture Trustee is required in connection with the enforcement of the
rights of the Noteholders, or by applicable statutes or regulations to review
such documentation, such access being afforded without charge but only (a) upon
reasonable request, (b) during normal business hours, (c) subject to the
Servicer's, normal security and confidentiality procedures and (d) at offices
designated by the Servicer. Nothing in this Section 5.06 shall derogate from the
obligation of the Transferor, the Owner Trustee, the Indenture Trustee or the
Servicer to observe any applicable law prohibiting disclosure of information
regarding the Dealers and the failure of the Servicer to provide access as
provided in this Section 5.06 as a result of such obligation shall not
constitute a breach of this Section 5.06.

     SECTION 5.07      DELEGATION OF DUTIES. Subject to Section 3.01, in the
ordinary course of business, the Servicer may at any time delegate any duties
hereunder to any Person who agrees to conduct such duties in accordance with the
Floorplan Financing Guidelines and this Agreement. The Servicer shall give
prompt written notice of any such delegation of a material function to the
Rating Agencies, any Agent and any Enhancement Providers. Such delegation shall
not relieve the Servicer of its liability and responsibility with respect to
such duties, and shall not constitute a resignation within the meaning of
Section 5.05 and the Rating Agency Condition shall have been satisfied with
respect to such delegation prior to such delegation.

     SECTION 5.08      EXAMINATION OF RECORDS. The Transferor, or the Servicer
on its behalf, shall indicate generally in its computer files or other records
that the Receivables arising in the Accounts have been conveyed to the Issuer
pursuant to this Agreement for the benefit of the Noteholders and any
Enhancement Provider. The Transferor and the Servicer shall, prior to the sale
or transfer to a third party of any receivable held in its custody, examine its
computer and other records to determine that such receivable is not a
Receivable.

                                       39       TRANSFER AND SERVICING AGREEMENT
<Page>

                                   ARTICLE VI

                                SERVICER DEFAULTS

     SECTION 6.01      SERVICER DEFAULTS. If any one of the following events (a
"Servicer Default") shall occur and be continuing with respect to the Servicer:

          (a)    any failure by the Servicer to make any payment, transfer or
deposit or to give instructions or to give notice to the Indenture Trustee to
make such payment, transfer or deposit or to give notice to the Indenture
Trustee as to any action to be taken under any Enhancement Agreement on or
before the date occurring five days after the date such payment, transfer or
deposit or such instruction or notice is required to be made or given, as the
case may be, under the terms of this Agreement;

          (b)    failure on the part of the Servicer duly to observe or perform
any other covenants or agreements of the Servicer set forth in this Agreement
which has a material adverse effect on the Noteholders of any Series, which
continues unremedied for a period of 60 days after the date on which written
notice of such failure, requiring the same to be remedied, shall have been given
to the Servicer by the Indenture Trustee;

          (c)    the Servicer shall delegate its duties under this Agreement,
except as permitted by Sections 3.01 and 5.07;

          (d)    any representation, warranty or certification made by the
Servicer in this Agreement or in any certificate delivered pursuant to this
Agreement shall prove to have been incorrect when made, which has a material
adverse effect on the rights of the Noteholders of any Series and which material
adverse effect continues for a period of 60 days after the date on which written
notice thereof, requiring the same to be remedied, shall have been given to the
Servicer by the Indenture Trustee;

          (e)    the Servicer shall consent to the appointment of a conservator
or receiver or liquidator or other similar official in any bankruptcy,
insolvency, readjustment of debt, marshalling of assets and liabilities or
similar proceedings of or relating to the Servicer or of or relating to all or
substantially all of its property, or a decree or order of a court or agency or
supervisory authority having jurisdiction in the premises for the appointment of
a conservator or receiver or liquidator or other similar official in any
insolvency, readjustment of debt, marshalling of assets and liabilities or
similar proceedings, or for the winding up or liquidation of its affairs, shall
have been entered against the Servicer and such decree or order shall have
remained in force undischarged or unstayed; or the Servicer shall admit in
writing its inability to pay its debts generally as they become due, file a
petition to take advantage of any applicable bankruptcy, insolvency or
reorganization statute, make any assignment for the benefit of its creditors or
voluntarily suspend payment of its obligations; then, in the event of any
Servicer Default, so long as the Servicer Default shall not have been remedied,
the Indenture Trustee, by notice then given in writing to the Servicer (a
"Termination Notice"), may terminate all but not less than all of the rights and
obligations (other than its obligations that have accrued up to the time of such
termination) of the Servicer as Servicer under this Agreement and in and to the
Receivables and the proceeds thereof. After receipt by the Servicer of a
Termination Notice, and

                                       40       TRANSFER AND SERVICING AGREEMENT
<Page>

on the date that a Successor Servicer shall have been appointed by the Indenture
Trustee pursuant to Section 6.02, all authority and power of the Servicer under
this Agreement shall pass to and be vested in a Successor Servicer (a "Service
Transfer") and, without limitation, the Indenture Trustee is hereby authorized
and empowered (upon the failure of the Servicer to cooperate) to execute and
deliver, on behalf of the Servicer, as attorney-in-fact or otherwise, all
documents and other instruments upon the failure of the Servicer to execute or
deliver such documents or instruments, and to do and accomplish all other acts
or things necessary or appropriate to effect the purposes of such Service
Transfer. The Servicer agrees to cooperate with the Indenture Trustee and such
Successor Servicer in effecting the termination of the responsibilities and
rights of the Servicer to conduct servicing hereunder, including the transfer to
such Successor Servicer of all authority of the Servicer to service the
Receivables provided for under this Agreement, including all authority over all
Collections which shall on the date of transfer be held by the Servicer for
deposit, or which have been deposited by the Servicer, in the Collection
Account, or which shall thereafter be received with respect to the Receivables,
and in assisting the Successor Servicer. The Servicer shall promptly transfer
its electronic records relating to the Receivables to the Successor Servicer in
such electronic form as the Successor Servicer may reasonably request and shall
promptly transfer to the Successor Servicer all other records, correspondence
and documents necessary for the continued servicing of the Receivables in the
manner and at such times as the Successor Servicer shall reasonably request. To
the extent that compliance with this Section 5.01 shall require the Servicer to
disclose to the Successor Servicer information of any kind which the Servicer
reasonably deems to be confidential, the Successor Servicer shall be required to
enter into such customary licensing and confidentiality agreements as the
Servicer shall deem necessary to protect its interest;

          (f)    failure on the part of the Servicer to engage a back-up
Servicer with 180 days of the Initial Closing Date.

     Notwithstanding the foregoing, a delay in or failure of performance under
Section 6.01(a) for a period of five Business Days, under Section 6.01(b) for a
period of 60 days or under Section 6.01(d) for a period of 60 days, shall not
constitute a Servicer Default if such delay or failure could not be prevented by
the exercise of reasonable diligence by the Servicer and such delay or failure
was caused by an act of God or the public enemy, acts of declares or undeclared
war, public disorder, rebellion or sabotage, epidemics, landslides, lightning,
fire, hurricanes, earthquakes, floods or similar causes. The preceding sentence
shall not relieve the Servicer from using its best efforts to perform its
respective obligations in a timely manner in accordance with the terms of this
Agreement and the Servicer shall provide the Indenture Trustee, any Agents, any
Enhancement Providers and the Transferor with an Officers' Certificate giving
prompt notice of such failure or delay by it, together with a description of its
efforts so to perform its obligations. The Servicer shall immediately notify the
Indenture Trustee, and each Rating Agency in writing of any Servicer Default.

     SECTION 6.02      INDENTURE TRUSTEE TO ACT; APPOINTMENT OF SUCCESSOR.
(a) On and after the receipt by the Servicer of a Termination Notice pursuant to
Section 6.01, the Servicer shall continue to perform all servicing functions
under this Agreement until the date specified in the Termination Notice or
otherwise specified by the Indenture Trustee in writing or, if no such date is
specified in such Termination Notice, or otherwise specified by the Indenture
Trustee, until a date mutually agreed upon by the Servicer and Indenture
Trustee. The Indenture Trustee

                                       41       TRANSFER AND SERVICING AGREEMENT
<Page>

shall as promptly as possible after the giving of a Termination Notice appoint
an Eligible Servicer as a successor servicer (the "Successor Servicer"), subject
to the consent of any Enhancement Providers and any Agents, which consent shall
not be unreasonably withheld, and such Successor Servicer shall accept its
appointment by a written assumption in a form acceptable to the Indenture
Trustee. In the event that a Successor Servicer has not been appointed or has
not accepted its appointment at the time when the Servicer ceases to act as
Servicer, the Indenture Trustee without further action shall automatically be
appointed the Successor Servicer. The Indenture Trustee may delegate any of its
servicing obligations to an affiliate or agent in accordance with sections 3.01
and 5.07. Notwithstanding the above, the Indenture Trustee shall, if it is
legally unable so to act, petition a court of competent jurisdiction to appoint
any established institution having a net worth of not less than $100,000,000 and
whose regular business includes the servicing of wholesale receivables as the
Successor Servicer hereunder. The Indenture Trustee shall immediately give
notice to the Rating Agencies, any Enhancement Providers and any Agents and upon
the appointment of a Successor Servicer.

          (b)    Upon its appointment, the Successor Servicer shall be the
successor in all respects to the Servicer with respect to servicing functions
under this Agreement and shall be subject to all the responsibilities, duties
and liabilities relating thereto placed on the Servicer by the terms and
provisions hereof (except that the Successor Servicer shall not be liable for
any liabilities incurred by the predecessor Servicer), and all references in
this Agreement to the Servicer shall be deemed to refer to the Successor
Servicer. Any Successor Servicer, by its acceptance of its appointment, will
automatically agree to be bound by the terms and provisions of any Enhancement
Agreement.

          (c)    In connection with any Termination Notice, the Trustee will
review any bids which it obtains from Eligible Servicers and shall be permitted
to appoint any Eligible Servicer submitting such a bid as a Successor Servicer
for servicing compensation not in excess of the Servicing Fee (provided that if
all such bids exceed the Servicing Fee the Transferor at its own expense shall
pay when due the amount of any compensation in excess of the Servicing Fee);
provided, however, that the Transferor shall be responsible for payment of all
other amounts in excess of the Monthly Servicing Fee, and that no such monthly
compensation paid out of Collections shall be in excess of the Monthly Servicing
Fee permitted to the Servicer. The holders of the Transferor Interest agree that
if Case Credit (or any Successor Servicer) is terminated as Servicer hereunder,
the portion of Collections to be paid to the Transferor shall be reduced by an
amount sufficient to pay Transferor's share of the compensation of the Successor
Servicer. Notwithstanding anything herein or in the Indenture to the contrary,
in no event shall the Indenture Trustee be liable for any Servicing Fee or for
any differential in the amount of the Servicing Fee paid hereunder and the
amount necessary to induce any Successor Servicer to act as Successor Servicer
under this Agreement and the transactions set forth or provided for therein.

          (d)    All authority and power granted to the Successor Servicer under
this Agreement shall automatically cease and terminate on the Trust Termination
Date, and shall pass to and be vested in the Transferor and, without limitation,
the Transferor is hereby authorized and empowered to execute and deliver, on
behalf of the Successor Servicer, as attorney-in-fact or otherwise, all
documents and other instruments, and to do and accomplish all other acts or
things necessary or appropriate to effect the purposes of such transfer of
servicing rights. The Successor Servicer agrees to cooperate with the Transferor
in effecting the termination of the

                                       42       TRANSFER AND SERVICING AGREEMENT
<Page>

responsibilities and rights of the Successor Servicer to conduct servicing on
the Receivables. The Successor Servicer shall transfer its electronic records
relating to the Receivables to the Transferor in such electronic form as the
Transferor may reasonably request and shall transfer all other records,
correspondence and documents to the Transferor in the manner and at such times
as the Transferor shall reasonably request. To the extent that compliance with
this Section 6.02 shall require the Successor Servicer to disclose to the
Transferor information of any kind which the Successor Servicer deems to be
confidential, the Transferor shall be required to enter into such customary
licensing and confidentiality agreements as the Successor Servicer shall deem
necessary to protect its interests.

                                   ARTICLE VII

                                   TERMINATION

     SECTION 7.01      TERMINATION OF AGREEMENT. This Agreement and the
respective obligations and responsibilities of the Transferor, the Servicer and
the Indenture Trustee created hereby shall terminate, except with respect to the
duties described in Sections 4.03 and 5.04, on the Trust Termination Date.

                                  ARTICLE VIII

                            MISCELLANEOUS PROVISIONS

     SECTION 8.01      AMENDMENT. (a) This Agreement may be amended from time to
time by the Servicer, the Transferor and the Issuer without the consent of any
of the Noteholders, provided that such action shall not, as evidenced by an
Opinion of Counsel for the Transferor, addressed and delivered to the Indenture
Trustee, adversely affect in any material respect the interests of any
Noteholders.

          (b)    This Agreement may also be amended from time to time by the
Servicer, the Transferor and the Issuer, with prior written notice to each
Rating Agency and with the consent of the Noteholders evidencing not less than
66-2/3% of the aggregate unpaid principal amount of the Notes of all adversely
affected Series, for the purpose of adding any provisions to or changing in any
manner or eliminating any of the provisions of this Agreement or any Indenture
Supplement or of modifying in any manner the rights of the Noteholders;
provided, however, that no such amendment shall (i) reduce in any manner the
amount of or delay the timing of any distributions to be made to Noteholders or
deposits of amounts to be so distributed or the amount available under any
Enhancement without the consent of each affected Noteholder, (ii) change the
definition of or the manner of calculating the interest rate without the consent
of each affected Noteholder, (iii) reduce the aforesaid percentage required to
consent to any such amendment without the consent of each Noteholder, (iv)
adversely affect the rating of any Series or Class by each Rating Agency without
the consent of the Noteholders of such Series or Class evidencing not less than
66-2/3% of the aggregate unpaid principal amount of the Notes of such Series or
Class or (v) reduce the percentage of Outstanding Dollar Principal Amount of
Notes the Noteholders of which are required to consent to any amendment without
the consent of each Noteholder. Any amendment to be effected pursuant to this
paragraph shall be deemed to adversely affect all outstanding Series, other than
any Series with respect to which such action

                                       43       TRANSFER AND SERVICING AGREEMENT
<Page>

shall not, as evidenced by an opinion of Counsel for the Transferor, addressed
and delivered to the Indenture Trustee, adversely affect in any material respect
the interests of any Noteholder of such Series.

          (c)    Notwithstanding Sections 8.01(a) and 8.01(b) above, the
permitted activities of the Issuer set forth in Section 2.03 of the Trust
Agreement may not be significantly amended without the consent of Noteholders,
other than the Seller and its Affiliates as Noteholders, evidencing not less
than a majority of the Outstanding Dollar Principal Amount of the Notes held by
parties exclusive of the Transferor and its Affiliates.

          (d)    Promptly after the execution of any such amendment or consent
(other than an amendment pursuant to paragraph (a)), the Indenture Trustee shall
furnish notification of the substance of such amendment to each Noteholder, and
the Servicer shall furnish notification of the substance of such amendment to
each Rating Agency, each Agent and each Enhancement Provider.

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

          (f)    Notwithstanding anything in this Section to the contrary, no
amendment may be made to this Agreement or any Indenture Supplement which would
adversely affect in any material respect the interests of any Enhancement
Provider without the consent of such Enhancement Provider.

     SECTION 8.02      PROTECTION OF RIGHT, TITLE AND INTEREST TO RECEIVABLES
AND COLLATERAL SECURITY. (a) The Servicer shall cause this Agreement, all
amendments hereto and/or all financing statements and continuation statements
and any other necessary documents covering the Issuer's right, title, and
interest in and to the Issuer to be promptly recorded, registered and 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 the Issuer hereunder to all property comprising the
Receivables and Collateral Security. The Servicer shall deliver to the Indenture
Trustee file-stamped copies of, or filing receipts for, any document recorded,
registered or filed as provided above, as soon as available following such
recording, registration or filing. The Transferor shall cooperate fully with the
Servicer in connection with the obligations set forth above and will execute any
and all documents reasonably required to fulfill the intent of this Section
8.02(a).

          (b)    Within 30 days after the Transferor or the Servicer makes any
change in its name, identity or corporate structure which would make any
financing statement or continuation statement filed in accordance with Section
8.02 (a) seriously misleading within the meaning of Section 9-506 of the UCC,
the Transferor or the Servicer, as appropriate, shall give the Indenture Trustee
and any Agent notice of any such change and shall file such financing statements
or amendments as may be necessary to continue the perfection of the Issuer's
security interest in the Receivables, the Collateral Security and the proceeds
thereof.

                                       44       TRANSFER AND SERVICING AGREEMENT
<Page>

          (c)    The Transferor and the Servicer will give the Indenture Trustee
and any Agent prompt written notice of any relocation of any office from which
it services Receivables or keeps records concerning the Receivables or of its
principal executive office and any change in its form of, or jurisdiction of,
organization and whether, as a result of such relocation or change, the
applicable provisions of the UCC would require the filing of any amendment of
any previously filed financing or continuation statement or of any new financing
statement and shall file such financing statements or amendments as may be
necessary to perfect or to continue the perfection of the Issuer's security
interest in the Receivables and the proceeds thereof. The Transferor and the
Servicer will at all times maintain each office from which it services
Receivables and its principal executive office within the United States of
America and shall at all times be organized under the laws of the States of the
United Sates of America.

          (d)    The Servicer will deliver to the Indenture Trustee, any Agent
and any Enhancement Provider: (i) upon the execution and delivery of each
amendment of this Agreement or any Indenture Supplement, an Opinion of Counsel
to the effect specified in Exhibit G-1; (ii) on each Addition Date on which any
Additional Accounts are to be included as the Accounts pursuant to Section
2.05(a) or (b), an Opinion of Counsel substantially in the form of Exhibit G-2.;
and (iii) on or before April 30 of each year, beginning with April 30, 200_, an
opinion of Counsel substantially in the form of Exhibit G-2.

     SECTION 8.03      ACTIONS BY NOTEHOLDERS. (a) Wherever in this Agreement a
provision is made that an action may be taken or a Notice given by Noteholders,
such action or Notice may be taken or given by any Noteholder, unless such
provision requires a specific percentage of Noteholders.

          (b)    Any Notice, request, authorization, direction, consent, waiver
or other act by the Noteholder shall bind such Holder and every subsequent
Holder of such Note and of any Note issued upon the registration of transfer
thereof or in exchange therefor or in lieu thereof in respect of anything done
or omitted to be done by Issuer, Owner Trustee, Transferor or Servicer in
reliance thereon, whether or not notation of such action is made upon such Note.

     SECTION 8.04      NO BANKRUPTCY PETITION. Each of Issuer (with respect to
Transferor only), Servicer, each Enhancement Provider, if any, and Transferor
(with respect to Issuer only) severally and not jointly, hereby covenants and
agrees that it will not at any time institute against, solicit or join or
cooperate with or encourage any institution against Issuer or Transferor of, any
bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings
or other similar proceeding under any United States federal or state bankruptcy
or similar law. Nothing in this SECTION 8.04 shall preclude, or be deemed to
estop, any of the foregoing Persons from taking (to the extent such action is
otherwise permitted to be taken by such Person hereunder) or omitting to take
any action prior to such date in (i) any case or proceeding with respect to
Issuer or Transferor voluntarily filed or commenced by or on behalf of Issuer or
Transferor, respectively, under or pursuant to any such law or (ii) any
involuntary case or proceeding pertaining to Issuer or Transferor, as applicable
under or pursuant to any such law.

     SECTION 8.05      RIGHTS OF INDENTURE TRUSTEE. Indenture Trustee shall have
herein the same rights, protections, indemnities and immunities as specified in
the Indenture.

                                       45       TRANSFER AND SERVICING AGREEMENT
<Page>

     SECTION 8.06      RIGHTS OF OWNER TRUSTEE. Each of the parties hereto
acknowledges and agrees that this Agreement is being executed and delivered by
The Bank of New York not individually but solely and exclusively in its capacity
as Owner Trustee on behalf of CNH Wholesale Master Note Trust for the purpose
and with the intention of binding CNH Wholesale Master Note Trust. No
obligations or liabilities hereunder shall run against The Bank of New York in
its individual capacity or against its properties or assets.

     SECTION 8.07      GOVERNING LAW. THIS AGREEMENT SHALL BE CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS
CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE
PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

     SECTION 8.08      NOTICES. All demands, notices, instructions, directions
and communications (collectively, "Notices") under this Agreement shall be in
writing and shall be deemed to have been duly given if sent via facsimile,
receipt confirmed, or personally delivered at or mailed by registered mail,
return receipt requested, to (i) in the case of CNH Wholesale Receivables Inc.,
100 South Saunders Road, Lake Forest, Illinois 60045, Attention: Treasurer,
facsimile no.: (847) 955-4940, (ii) in the case of Case Credit, 233 Lake Avenue,
Racine, 53403 Wisconsin Attention: Treasurer; facsimile no. (262) 636-6284, and
(iii) in the case of the Owner Trustee, The Bank of New York, 101 Barclay
Street, Floor 8W, New York, New York 10296, Attention: Corporate Trust
Administration-Asset Backed Unit; facsimile no.: (212) 815-2484; or, as to each
party, at such other address as shall be designated by such party in a written
notice to each other party.

     SECTION 8.09      SEVERABILITY OF PROVISIONS. If any one or more of the
covenants, agreements, provisions or terms of this Agreement shall for any
reason whatsoever be held invalid, then such covenants, agreements, provisions
or terms shall be deemed severable from the remaining covenants, agreements,
provisions or terms of this Agreement and shall in no way affect the validity or
enforceability of the other provisions of this Agreement.

     SECTION 8.10      ASSIGNMENT. Notwithstanding anything to the contrary
contained herein, except as provided in Section 5.02, this Agreement may not be
assigned by the Servicer.

     SECTION 8.11      FURTHER ASSURANCES. The Transferor and the Servicer agree
to do and perform, from time to time, any and all acts and to execute any and
all further instruments required or reasonably requested by the Indenture
Trustee more fully to effect the purposes of this Agreement, including the
execution and authorization of any financing statements or continuation
statements relating to the Receivables for filing under the provisions of the
UCC of any applicable jurisdiction.

     SECTION 8.12      NO WAIVER; CUMULATIVE REMEDIES. No failure to exercise
and no delay in exercising, on the part of the Indenture Trustee or the
Noteholders, any right, remedy, power or privilege under this Agreement shall
operate as a waiver thereof; nor shall any single or partial exercise of any
right, remedy, power or privilege under this Agreement preclude any other or
further exercise thereof or the exercise of any other right, remedy, power or
privilege. The

                                       46       TRANSFER AND SERVICING AGREEMENT
<Page>

rights, remedies, powers and privileges provided under this Agreement are
cumulative and not exhaustive of any rights, remedies, powers and privileges
provided by law.

     SECTION 8.13      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 one and
the same instrument.

     SECTION 8.14      THIRD-PARTY BENEFICIARIES. This Agreement will inure to
the benefit of and be binding upon the parties hereto and their respective
successors and permitted assigns. Except as otherwise expressly provided in this
Agreement, no other Person will have any right or obligation hereunder.

     SECTION 8.15      RULE 144A INFORMATION. For so long as any of the Notes of
any Series or Class are "restricted securities" within the meaning of Rule
144(a)(3) under the Act, each of the Transferor, the Indenture Trustee, the
Owner Trustee, the Servicer and any Enhancement Providers agree to cooperate
with each other to provide to any Noteholder of such Series or Class and to any
prospective purchaser of Notes designated by such a Noteholder, upon the request
of such Noteholder or prospective purchaser, any information required to be
provided to such holder or prospective purchaser to satisfy the condition set
forth in Rule 144A(d)(4) under the Act.

     SECTION 8.16      MERGER AND INTEGRATION. Except as specifically stated
otherwise herein, this Agreement sets forth the entire understanding of the
parties relating to the subject matter hereof, and all prior understandings,
written or oral, are superseded by this Agreement. This Agreement may not be
modified, amended, waived, or supplemented except as provided herein.

     SECTION 8.17      HEADINGS. The headings herein are for purposes of
reference only and shall not otherwise affect the meaning or interpretation or
any provision hereof.

                                       47       TRANSFER AND SERVICING AGREEMENT
<Page>

     IN WITNESS WHEREOF, the Transferor, the Servicer, the Indenture Trustee and
the Issuer have caused this Transfer and Servicing Agreement to be duly executed
by their respective officers as of the day and year first above written.

                                 CNH WHOLESALE MASTER NOTE TRUST,
                                 Issuer

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

                                 By:  /s/ Jon Farber
                                    --------------------------------------------
                                    Name:  Jon Farber
                                    Title:  Assistant Treasurer

                                 CNH WHOLESALE RECEIVABLES INC.,
                                 Transferor

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

                                 CASE CREDIT CORPORATION, Servicer

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

Acknowledged and Accepted:

JPMORGAN CHASE BANK, Indenture Trustee

By:  /s/ Joseph M. Costantino
   -----------------------------------
   Name:  Joseph M. Costantino
   Title:  Trust Officer

                                       S-1      TRANSFER AND SERVICING AGREEMENT

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