The Bank of New York 28 March 2002
as Trustee for
CNH Equipment Trust 2002-A
0 Xxxx Xxxxx
Xxx Xxxx, XX 00000
-------------------------------------------------------------------------------
Dear Sirs:
The purpose of this letter agreement (this "Confirmation") is to confirm the
terms and conditions of the Transaction entered into between us on the Trade
Date specified below (the "Transaction"). This Confirmation constitutes a
"Confirmation" as referred to in the Agreement specified below.
1. This Confirmation incorporates the definitions and provisions
contained in (i) the 2000 ISDA Definitions, (as published by the
International Swaps and Derivatives Association, Inc.) (the
"Definitions") and (ii) the the Indenture, dated as of 1 March
2002, between CNH Equipment Trust 2002-A (the "Trust") and Bank One,
National Association, as Indenture Trustee (the "Indenture"). In the event
of any inconsistency between the definitions in the Indenture, the
Definitions, and this Confirmation, the definitions in the Indenture will
govern; in the event of any inconsistency between the Definitions and
this Confirmation, this Confirmation will govern. References herein to a
"Transaction" shall be eemed to be references to a "Swap Transaction" for
the purposes of the 2000 ISDA Definitions.
This Confirmation supplements, forms part of, and is subject to, the
1992 ISDA Master Agreement dated as of 28 March 2002 as amended and
supplemented from time to time (the "Agreement"), between you and us.
All provisions contained in the Agreement govern this Confirmation
except as expressly modified below.
In this Confirmation "Party A" means Credit Suisse First Boston
International and "Party B" means the Trust.
2. The terms of the particular Transaction to which this Confirmation
relates are as follows:
Notional Amount: For each Calculation Period, the Outstanding Amount
of the Class C Notes as of the close of business on
the first day of each Floating Rate Calculation
Period.
Trade Date: 20 March 2002
Effective Date: 28 March 2002
Termination Date: The earlier of (i) 15 March 2010 and (ii) the date on
which the outstanding principal balance of the Class C
Notes is reduced to zero.
Fixed Amounts:
Fixed Rate Payer: Party B
Fixed Rate Payer
Payment Dates: Monthly, on the 15th, commencing on 15 April 2002 and
ending on the Termination Date, subject to adjustment
in accordance with the Following Business Day
Convention using No Adjustment of Period End Dates,
corresponding to "Payment Dates" under the Indenture.
Fixed Rate: 4.4675%
Fixed Rate
Day Count
Fraction: 30/360
Floating Amounts:
Floating Rate
Payer: Party A
Floating Rate
Payer Payment
Dates: Monthly, on the 15th, commencing on 15 April 2002 and
ending on the Termination Date, subject to adjustment
in accordance with the Following Business Day
Convention, corresponding to "Payment Dates"
under the Indenture.
Floating Rate
for initial
Calculation
Period: To be determined
Floating Rate
Option: USD-LIBOR-BBA
Designated
Maturity: One month
Spread: None
Floating
Rate
Day Count
Fraction: Actual/360
Reset Dates: The first day of each Calculation Period and
28 March 2002 for the Initial Calculation Period.
Compounding: Inapplicable
Business Days: New York and Chicago
Calculation Agent: Party A
3. Account Details:
Payments to
Party A: Bank of New York
SWIFT XXXXXX0X
for favour Credit Suisse First Boston International,
London
A/c No. 8900360968
Payments to
Party B: Bank One, N.A.
ABA # 000000000
Account # 10-43256
Further Credit To: CNH Equipment Trust 2002-A
Further Credit To Account # 2600039800
Credit Suisse First Boston International is regulated by The Financial
Services Authority and has entered into this transaction as principal. The
time at which the above transaction was executed will be notified to Party B
on request.
-2-
Please confirm that the foregoing correctly sets forth the terms of our
agreement by signing and returning this Confirmation.
Yours faithfully,
CREDIT SUISSE FIRST BOSTON INTERNATIONAL
By its Agent: CREDIT SUISSE FIRST BOSTON CORPORATION
By: /s/ Xxxxx Xxxxxxxx
---------------------------------
Name: Xxxxx Xxxxxxxx
Title: Vice President
Confirmed as of the date first written above:
CNH Equipment Trust 2002-A
By: THE BANK OF NEW YORK
Not in its individual capacity but solely AS TRUSTEE
By: /s/ Xxxxx Xxxxxxx
----------------------------------------
Name: Xxxxx Xxxxxxx
Title: Assistant Treasurer
-3-
