Document:

<PAGE>   1
                                                                     Exhibit 4.6

                       FORM OF SERIES 2000-___ CERTIFICATE

             [Form of the face of the Series 2000-___ Certificates]

                                                                    Initial
REGISTERED                                                 Invested Amount:

Certificate No. R-__

                                                        CUSIP NO. _________

Unless this Certificate is presented by an authorized representative of The
Depository Trust Company, a New York corporation ("DTC"), to the issuer or its
agent for registration of transfer, exchange, or payment, and any certificate
issued is registered in the name of Cede & Co. or in such other name as is
requested by an authorized representative of DTC (and any payment is made to
Cede & Co. or to such other entity as is requested by an authorized
representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner
hereof, Cede & Co., has an interest herein.

                            DEALER NOTE MASTER TRUST

                            FLOATING RATE DEALER NOTE
                   ASSET BACKED CERTIFICATES, SERIES 2000-___

       evidencing a fractional undivided interest in certain assets of the

                  NAVISTAR FINANCIAL DEALER NOTE MASTER TRUST,

the corpus of which consists primarily of certain promissory notes acquired by
Navistar Financial Corporation ("NFC") to finance certain vehicles purchased by
a dealer (the "Dealer Notes") and other property related thereto. This
certificate (a "Series 2000-___ Certificate") does not represent an interest in
or obligation of Navistar Financial Securities Corporation ("NFSC" or the
"Seller"), NFC, Navistar International Corporation, a Delaware corporation,
Navistar International Transportation Corp. ("NITC"), a Delaware corporation, or
any affiliate thereof.

<PAGE>   2

     Unless the certificate of authentication hereon has been executed by or on
behalf of the Master Trust Trustee, by manual signature, this Series 2000-___
Certificate shall not be entitled to any benefit under the Pooling and Servicing
Agreement or be valid for any purpose.

     THIS SERIES 2000-___ CERTIFICATE SHALL BE CONSTRUED IN ACCORDANCE WITH THE
LAWS OF THE STATE OF ILLINOIS, 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.

                                      -2-
<PAGE>   3

IN WITNESS WHEREOF, the Seller has caused this Certificate to be duly executed.

                                     NAVISTAR FINANCIAL
                                     SECURITIES CORPORATION

                                     By: __________________________________
                                              Name:
                                              Title:
Dated:

                     TRUSTEE'S CERTIFICATE OF AUTHENTICATION

This is one of the Certificates described in the within-mentioned Pooling and
Servicing Agreement.

THE BANK OF NEW YORK,
as Master Trust Trustee

By:  ___________________________
        Authorized Signatory

                                      -3-
<PAGE>   4

          [Form of the reverse of the Series 2000-___ Certificates]

     This certifies that _________ (the "Series 2000-___ Certificateholder"), is
the registered owner of a fractional undivided interest in certain assets of the
NAVISTAR FINANCIAL DEALER NOTE MASTER TRUST (the "Master Trust") created
pursuant to a Pooling and Servicing Agreement dated as of June 8, 1995 (and as
amended and supplemented from time to time, the "P&S"), by and among NFC, as
Servicer, NFSC, as Seller, The Chase Manhattan Bank, as 1990 Trustee, and the
Master Trust Trustee, as supplemented by the Series 2000-___ Supplement dated as
of __________ (the "Series Supplement") among the Seller, NFC and the Master
Trust Trustee, that are allocated to the Series 2000-___ Certificateholders'
Interest pursuant to the P&S and the Series Supplement. The P&S and the Series
Supplement are hereinafter collectively referred to as the "Pooling and
Servicing Agreement." The corpus of the Master Trust will include:

          (a) the Seller's right, title, and interest in and to all available
     Eligible Dealer Notes existing on each Business Day and owned by the
     Seller, all monies due (including accrued finance charges) or to become due
     with respect thereto and all proceeds (as defined in Section 9-306 of the
     UCC) of such Dealer Notes, the Seller's interest in the security interests
     in the Financed Vehicles related to such Dealer Notes granted by Dealers
     pursuant to the Dealer Agreements and any accessions to such security
     interests, the Seller's interest in the Insurance Proceeds;

          (b) any Enhancements; and

          (c) all other assets and interests constituting the Master Trust.

In addition to the Investor Certificates, the Master Trust Seller's Certificate
issued pursuant to the Pooling and Servicing Agreement represents the Master
Trust Seller's Interest in the Master Trust. The Master Trust Seller's
Certificate represents the interest in the Master Trust's assets not represented
by the Investor Certificates.

     The Dealer Notes consist of promissory notes acquired by NFC to finance the
purchase by certain dealers and manufacturers and other persons having
agreements with NITC to sell certain new and used medium or heavy-duty trucks
and trailers manufactured by NITC or other manufacturers. Generally, the
principal amount of a Dealer Note is equal to the wholesale purchase price of
such vehicles and, subject to certain exceptions, is due upon the retail sale of
the vehicle.

     Subject to the terms and conditions of the Pooling and Servicing Agreement,
the Seller may from time to time direct the Master Trust Trustee, on behalf of
the Master Trust, to issue one or more new Series of Investor Certificates,
which will represent fractional undivided interests in certain of the Master
Trust's assets.

                                      -4-
<PAGE>   5

     This Certificate is issued under and is subject to the terms, provisions
and conditions of the Pooling and Servicing Agreement to which, as amended and
supplemented from time to time, the Series 2000-___ Certificateholder by virtue
of the acceptance hereof assents and is bound. Although a summary of certain
provisions of the Pooling and Servicing Agreement is set forth below, this
Certificate does not purport to summarize the Pooling and Servicing Agreement
and reference is made to the Pooling and Servicing Agreement for information
with respect to the interest, rights, benefits, obligations, proceeds and duties
evidenced hereby and the rights, duties and obligations of the Master Trust
Trustee. A copy of the Pooling and Servicing Agreement (without schedules and
exhibits) may be requested from the Master Trust Trustee by writing to the
Master Trust Trustee at The Bank of New York, Corporate Trust Office, 101
Barclay Street, New York, New York 10286, Attention: Corporation Trust
Department. To the extent not defined herein, the capitalized terms used herein,
have the meanings ascribed to them in the Pooling and Servicing Agreement.

     The Seller has structured the Pooling and Servicing Agreement and the
Investor Certificates with the intention that the Investor Certificates will
qualify under applicable federal, state, local and foreign tax law as
indebtedness. Except to the extent expressly specified to the contrary in the
Series Supplement, the Seller, the Servicer, the Holders of the Master Trust
Seller's Certificates and each Investor Certificateholder agree to treat and to
take no action inconsistent with the treatment of the Investor Certificates (or
beneficial interest therein) as indebtedness for purposes of federal, state,
local and foreign income or franchise taxes and any other tax imposed on or
measured by income. Each Investor Certificateholder, by acceptance of its
Certificate, agrees to be bound hereby.

     On each Distribution Date, the Master Trust Trustee shall distribute to
each Series 2000-___ Certificateholder of record at the close of business on the
Business Day preceding the Distribution Date for the related Due Period (each a
"Record Date") such Certificateholder's pro rata share (based on the aggregate
fractional undivided interest represented by the Series 2000-___ Certificates
held by such Certificateholder, except as otherwise provided in the Pooling and
Servicing Agreement) of such amounts on deposit in any Series Account as are
payable in respect of the Series 2000-___ Certificates pursuant to the Pooling
and Servicing Agreement. Distributions with respect to this Certificate will be
made by the Master Trust Trustee to the Certificateholder of record appearing in
the Certificate Register without the presentation or surrender of this
Certificate or the making of any notation thereon (except for the final
distribution in respect of this Certificate) by wire transfer of immediately
available funds to the account specified by the Certificateholder. Final payment
of this Certificate will be made only upon presentation and surrender of this
Certificate at the office or agency specified in the notice of final
distribution delivered by the Master Trust Trustee to the Certificateholder in
accordance with the Pooling and Servicing Agreement.

     This Certificate does not represent an obligation of, or an interest in,
the Seller, the Servicer, or any affiliate of any of them and is not insured or
guaranteed by any governmental agency or instrumentality. This Certificate is
limited in right of payment to certain Collections with respect to the the
Dealer Notes and certain other amounts, all as more specifically set forth
herein and in the Pooling and Servicing Agreement.

                                      -5-
<PAGE>   6

     The Pooling and Servicing Agreement may be amended from time to time
(including in connection with the issuance of a Supplemental Certificate) by the
Servicer, the Seller and the Master Trust Trustee, without the consent of any of
the Series 2000-___ Certificateholders, so long as any such action shall not, as
evidenced by an Officer's Certificate, adversely affect in any material respect
the interests of the Series 2000-___ Certificateholders or the
certificateholders of any other outstanding Series. The Master Trust Trustee
may, but shall not be obligated to, enter into any such amendment which affects
the Master Trust Trustee's rights, duties or immunities under the Pooling and
Servicing Agreement or otherwise.

     The Pooling and Servicing Agreement may also be amended from time to time
(including in connection with the issuance of a Supplemental Certificate) by the
Servicer, the Seller and the Master Trust Trustee with the consent of the
Holders of Investor Certificates evidencing not less than 66-2/3% of the
aggregate unpaid principal amount of the Investor Certificates 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 the Pooling and Servicing
Agreement or of modifying in any manner the rights of the Investor
Certificateholders; provided, however, that no such amendment to the Pooling and
Servicing Agreement shall (i) reduce in any manner the amount of or delay the
timing of distributions to be made to Investor Certificateholders or deposits of
amounts to be so distributed without the consent of such each affected Investor
Certificateholder; (ii) change the definition or the manner of calculating the
interest of any Investor Certificateholder or the amount available under any
Enhancement without the consent of each affected Investor Certificateholder;
(iii) reduce the percentage required to consent to any amendment without the
consent of each Investor Certificateholder; or (iv) adversely affect the rating
of any Series or Class by each Rating Agency without the consent of the Holders
of Investor Certificates of such Series or Class evidencing not less than
66-2/3% of the aggregate unpaid principal amount of the Investor Certificates of
such Series or Class.

     As provided in the Pooling and Servicing Agreement and subject to certain
limitations therein set forth, the transfer of this Certificate is registrable
in the Certificate Register of the Master Trust Trustee upon surrender of this
Certificate for registration of transfer at the office or agency maintained by
the Master Trust Trustee in New York, New York, accompanied by a written
instrument of transfer in form satisfactory to the Master Trust Trustee duly
executed by the Holder hereof or such Holder's attorney duly authorized, and
thereupon one or more new Series 2000-___ Certificates of authorized
denominations evidencing the same aggregate fractional undivided interest will
be issued to the designated transferee or transferees.

     The Certificates are issuable only as registered Certificates without
coupons in denominations specified in the Pooling and Servicing Agreement.

     As provided in the Pooling and Servicing Agreement and subject to certain
limitations therein set forth, Series 2000-___ Certificates are exchangeable for
new Series 2000-___ Certificates evidencing like aggregate fractional undivided
interests as requested by the Certificateholder surrendering such Certificates.
No service charge may be imposed for any such exchange but the Master Trust
Trustee may require payment of a sum sufficient to cover any tax or other
governmental charge that may be imposed in connection therewith.

                                      -6-
<PAGE>   7

     The Servicer, the Master Trust Trustee, the Transfer Agent and any agent of
any of them, may treat the Person in whose name this Certificate is registered
as the owner hereof for all purposes, and neither the Servicer nor the Master
Trust Trustee, the Transfer Agent, nor any agent of any of them, shall be
affected by notice to the contrary except in certain circumstances described in
the Pooling and Servicing Agreement.

                                      -7-
<PAGE>   8

                                   ASSIGNMENT

Social Security or other identifying number of assignee
------------------

     FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers
unto
    ---------------------------------------------------
                (name and address of assignee)
the within certificate and all rights thereunder, and hereby irrevocably
constitutes and appoints __________, attorney, to transfer said certificate on
the books kept for registration thereof, with full power of substitution in the
premises.

Dated: __________________  ________________________ (1)
                              Signature Guaranteed:

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

--------
  1 NOTE: The signature of this assignment must correspond with the name of the
registered owner as it appears on the reverse of the within Certificate in every
particular, without alteration, enlargement or any change whatsoever.

                                      -8-<PAGE>   1
                                                                    Exhibit 10.3

                           INTEREST DEPOSIT AGREEMENT

     THIS INTEREST DEPOSIT AGREEMENT (this "Agreement") is made and entered into
this 8th day of June, 1995 by and among Navistar International Transportation
Corp., a Delaware corporation ("NITC"), Navistar Financial Corporation, a
Delaware corporation ("NFC"), as Servicer (the "Servicer") and The Bank of New
York, a New York banking corporation, as Master Trust Trustee (the "Master Trust
Trustee").

                                    RECITALS

     A. The Servicer, Navistar Financial Securities Corporation, a Delaware
corporation (the "Seller") and the Master Trust Trustee are parties to a Pooling
and Servicing Agreement of even date herewith (the "Pooling and Servicing
Agreement"). Capitalized terms used herein and not otherwise defined shall have
the meanings assigned to those terms in the Pooling and Servicing Agreement.

     B. The Pooling and Servicing Agreement provides that, after the 1990 Trust
Termination Date (the "Effective Date"), the Seller will convey Dealer Notes,
which were initially issued to NFC by Dealers to finance, among other things,
the Dealers' purchases of Navistar Vehicles, to a Master Trust to be formed
pursuant to the Pooling and Servicing Agreement.

     C. In order to promote the sale of Navistar Vehicles, NITC periodically
grants interest credits to Dealers and implements programs pursuant to which
NITC undertakes to pay on behalf of the Dealers interest owing on the Dealer
Notes.

     D. NITC, the Servicer and the Master Trust Trustee desire to enter into an
agreement pursuant to which NITC shall make weekly deposits into an account
owned by the Master Trust in an amount equal to the amount of interest NITC has
undertaken to pay on behalf of the Dealers to insure that the amount of such
interest owed to the Master Trust will be available.

     E. NITC, NFC, as servicer, and Chemical Bank (as successor to Manufacturers
Hanover Trust Company), as trustee (the "1990 Trust Trustee"), are parties to an
Interest Deposit Agreement dated as of December 1, 1990 (the "1990 Interest
Deposit Agreement"), pursuant to which NITC has agreed to deposit certain
amounts in an account (the "1990 Interest Deposit Account") maintained by the
1990 Trust Trustee in its capacity as such under the Pooling And Servicing
Agreement dated as of December 1, 1990 (the "1990 Pooling and Servicing
Agreement") among the Seller, NFC, as servicer and the 1990 Trust Trustee. Upon
the termination of the trust formed by the 1990 Pooling and Servicing Agreement
(the "1990 Trust"), the 1990 Trust Trustee is required pursuant to the 1990
Interest Deposit Agreement to distribute all amounts on deposit in the 1990
Interest Deposit Account to NITC. NITC desires to cause such funds to be
deposited in the Interest Deposit Account on the 1990 Trust Termination Date.

<PAGE>   2

     NOW, THEREFORE, IN CONSIDERATION of these promises and the mutual and
dependent promises hereinafter set forth, the parties agree as follows:

     1. Establishment and Administration of Interest Deposit Account.

     (a) The Master Trust Trustee, for the benefit of the Certificateholders and
the other Beneficiaries, shall cause to be established and maintained in the
name of the Master Trust, a non-interest bearing Eligible Deposit Account (the
"Interest Deposit Account") bearing a designation clearly indicating that the
funds deposited therein are held for the benefit of the Certificateholders and
the other Beneficiaries. Unless such power is revoked by the Master Trust
Trustee and subject to the provisions of the Pooling and Servicing Agreement,
the Servicer shall have the revocable power to instruct the Master Trust Trustee
to withdraw funds from the Interest Deposit Account for the purpose of carrying
out the duties of the Servicer hereunder and under the Pooling and Servicing
Agreement. The Servicer at all times shall maintain accurate records reflecting
each transaction in the Interest Deposit Account.

     (b) Funds on deposit in the Interest Deposit Account overnight or for a
longer period shall at all times be invested by the Master Trust Trustee in
Eligible Investments selected by the Servicer at the direction of the Servicer
or its agent, subject to the restrictions set forth below. The Master Trust
Trustee, acting in accordance with instructions from the Servicer, shall take
all necessary actions to perfect its Security Interest in Eligible Investments.
Any Eligible Investment with a stated maturity shall mature no later than two
Business Days after the end of each Due Period.

     (c) Notwithstanding anything in the 1990 Interest Deposit Agreement to the
contrary, NITC hereby assigns to the Master Trust Trustee the right to receive,
on the 1990 Trust Termination Date, all amounts payable to NITC on such date
pursuant to Section 4(b) of the 1990 Trust Agreement. On the date hereof, NITC
shall execute and the Servicer shall file a UCC-1 financing statement showing
NITC as debtor and the Master Trust Trustee as secured party reflecting the
assignment contemplated hereby. Such amounts shall be paid to the Master Trust
Trustee pursuant to the terms of Section 2.02(b)(v) of the Pooling and Servicing
Agreement, and upon the Master Trust Trustee's receipt thereof, shall be
deposited in the Interest Deposit Account.

     2. Calculation of NITC Interest Amount. As of the close of business on
Friday (or the immediately preceding Business Day if such Friday is not a
Business Day) of each week (beginning with the week in which the 1990 Trust
Termination Date occurs) and as of the close of business on the last day of each
Due Period thereafter and prior to the Final Master Trust Termination Date (each
such day, a "Calculation Day"), NITC and the Servicer shall calculate the NITC
Interest Amount as of such date. The "NITC Interest Amount" shall equal the sum
of (a) the amount of Up-Front Interest Credit granted by NITC during the current
Due Period, (b) the amount of Aggregate NITC Earned Interest accrued during the
current Due Period and (c) the amount of Aggregate NITC Future Due Interest as
of such Calculation Day.

     3. Deposit in Interest Deposit Account; Refund to NITC.

                                      -2-
<PAGE>   3

     (a) If on any Calculation Day the amount on deposit in the Interest Deposit
Account, including any interest earned thereon (the "Deposit Amount"), is less
than the NITC Interest Amount, NITC shall deposit the amount of such deficiency
in the Interest Deposit Account by wire transfer of immediately available funds
on the Business Day immediately following such Calculation Day (the "NITC
Payment Day").

     (b) If on any Calculation Day the Deposit Amount exceeds the NITC Interest
Amount, the Servicer shall direct the Master Trust Trustee to withdraw the
amount of such excess from the Interest Deposit Account on the related NITC
Payment Date and refund that amount to NITC by wire transfer of immediately
available funds.

     (c) If on the Calculation Day the Deposit Amount is equal to the NITC
Interest Amount, no payment or refund shall be made on the related NITC Payment
Date.

     4. Payments from the Interest Deposit Account. In addition to the payments
described in paragraph 3 above, the Master Trust Trustee shall be authorized to
make the following payments from the Interest Deposit Account:

     (a) On a Business Day no earlier than the second Business Day following the
end of a Due Period but no later than the fifth Business Day following the end
of a Due Period (the "NITC Interest Transfer Date"), the Servicer shall direct
the Master Trust Trustee to withdraw from the Interest Deposit Account and
transfer to the Collections Account an amount equal to the NITC Finance Charges
for such Due Period, as provided in Section 4.03(b) of the Pooling and Servicing
Agreement.

     (b) Upon termination of the Master Trust pursuant to Section 12.01 of the
Pooling and Servicing Agreement, the Master Trust Trustee shall pay to NITC any
amounts remaining in the Interest Deposit Account.

     5. Successor Servicer. If a Successor Servicer is appointed pursuant to
Section 10.02 of the Pooling and Servicing Agreement, all references in this
Agreement to the Servicer shall be deemed to refer to the Successor Servicer.

     6. Effective Date. Notwithstanding any provision herein to the contrary,
the rights of the Master Trust Trustee and the obligations of NITC (other than
those set forth in paragraph 1(c), which shall be effective upon NITC's
execution hereof) and the Servicer hereunder shall not become effective until
the Effective Date and this Agreement shall have no force and effect until the
Effective Date (other than the provisions of paragraph 1(c), which shall be
effective upon NITC's execution hereof).

     7. Termination. This Agreement shall terminate after the payment to NITC of
any amounts remaining in the Interest Deposit Account pursuant to paragraph 4(b)
hereof.

                                      -3-
<PAGE>   4

     8. Amendment.

     (a) This Agreement may be amended from time to time by NITC, the Servicer
and the Master Trust Trustee to cure any ambiguity or to correct or supplement
any defective or inconsistent provision herein or to add any other provisions
with respect to matters or questions arising under this Agreement which shall
not be inconsistent with the provisions of this Agreement; provided, however,
such action shall not adversely affect in any material respect the interests of
the Certificateholders under the Pooling and Servicing Agreement and no
amendments shall be effected until written notice thereof shall have been
delivered to the Rating Agencies. The Master Trust Trustee may, but shall not be
obligated to, enter into any such amendment which affects the Master Trust
Trustee's rights, duties or immunities under this Agreement or otherwise.

     (b) This Agreement may also be amended from time to time by NITC, the
Servicer and the Master Trust Trustee for the purpose of adding any provisions
to or changing in any manner or eliminating any of the provisions of this
Agreement or of modifying in any manner the rights of the Certificateholders;
provided, however, that the Master Trust Trustee shall not consent to such
amendment unless it has received the consent of the Holders of Investor
Certificates evidencing not less than 66 2/3% of the Series Invested Amounts of
the Investor Certificates of each outstanding Series and no amendments shall be
effected until written notice thereof shall have been delivered to the Rating
Agencies.

     (c) It shall not be necessary for the consent of Certificateholders under
this paragraph 8 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 Certificateholders shall be subject to such reasonable
requirements as the Master Trust Trustee may prescribe.

     9. Governing Law. This Agreement shall be construed in accordance with the
internal laws of the State of Illinois, without reference to its conflict of law
provisions, except that the obligations, rights and remedies of the Master Trust
Trustee shall be determined in accordance with the internal laws of the State of
New York, without reference to its conflict of laws provisions.

     10. Notices. All demands, notices and communications hereunder shall be in
writing and shall be deemed to have been duly given if personally delivered at
or mailed by registered mail, return receipt requested, to (a) in the case of
NITC, Navistar International Transportation Corp., 455 City Front Plaza,
Chicago, IL 60611, Attention: Vice President and Treasurer, (b) in the case of
NFC as Servicer, Navistar Financial Corporation, 2850 West Golf Road, Rolling
Meadows, IL 60008, Attention: Vice President and Treasurer and (c) in the case
of the Master Trust Trustee, the Corporate Trust Office; or, as to each party,
at such other address as shall be designated by such party in a written notice
to each other party.

     11. 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

                                      -4-
<PAGE>   5

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.

     12. No Waiver; Cumulative Remedies. No failure to exercise and no delay in
exercising, on the part of the Master Trust Trustee, any right, remedy, power or
privilege hereunder, shall operate as a waiver thereof; nor shall any single or
partial exercise of any right, remedy, power or privilege hereunder preclude any
other or further exercise thereof or the exercise of any other right, remedy,
power or privilege. The rights, remedies, powers and privileges therein provided
are cumulative and not exhaustive of any rights, remedies, powers and privileges
provided by law.

     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.

     14. Successors and Assigns. This Agreement will inure to the benefit of and
be binding upon the parties hereto and their respective successors and permitted
assigns.

     15. Assignment. This Agreement may not be assigned by NITC or the Servicer
without the express written consent of the Master Trust Trustee, which consent
shall not be granted without the prior consent of Holders of Investor
Certificates evidencing not less than 51% of the Trust Invested Amount. No such
assignment shall be effective until the Servicer shall have given the Rating
Agencies written notice thereof.

     16. Rights and Remedies of Master Trust Trustee. The rights and remedies of
the Master Trust Trustee under the Pooling and Servicing Agreement are expressly
incorporated into this Agreement.

                                      * * *

                                      -5-
<PAGE>   6

     IN WITNESS WHEREOF, the parties hereto have executed this Agreement on the
date first written above.

                          NAVISTAR INTERNATIONAL TRANSPORTATION
                          CORP.

                          By:   /s/ T M Hough
                              --------------------------------------------------
                          Its:  Vice President and Treasurer
                              --------------------------------------------------

                          NAVISTAR FINANCIAL CORPORATION
                           as Servicer

                          By:  /s/ R W Cain
                              --------------------------------------------------
                          Its: Vice President
                              --------------------------------------------------

                          THE BANK OF NEW YORK
                           as Master Trust Trustee

                          By:   /s/ Patricia M. Russo
                              --------------------------------------------------
                          Its:  Assistant Treasurer
                              --------------------------------------------------

Accepted and Agreed

CHEMICAL BANK, as
  1990 Trust Trustee

By:  /s/ illegible
   ------------------------------
Its:  Assistant Vice President
   -------------------------------

                                      -6-

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