Confirmation of U.S. Dollar Interest Rate Swap Transaction between Deutsche Bank AG and CNH Equipment Trust 2003-B

Summary

This agreement confirms the terms of a U.S. dollar interest rate swap between Deutsche Bank AG, New York Branch (Party A), and CNH Equipment Trust 2003-B, represented by The Bank of New York as Trustee (Party B). Under this swap, Party B pays a fixed interest rate and Party A pays a floating rate based on USD-LIBOR, with monthly payments and a termination date no later than February 15, 2011. The agreement outlines calculation methods, payment schedules, and account details for both parties.

EX-4.8 11 a2124414zex-4_8.txt EXHIBIT 4.8 Exhibit 4.8 REVISED AS OF NOVEMBER 25, 2003 CONFIRMATION FOR U.S. DOLLAR INTEREST RATE SWAP TRANSACTION UNDER 1992 MASTER AGREEMENT TO: CNH Equipment Trust 2003-B ("Party B") ABS Unit The Bank of New York, as Trustee 101 Barclay St., 8W New York, NY 10286 Tel: 212 ###-###-#### Fax: 212 ###-###-#### FROM: Deutsche Bank AG, New York Branch ("Party A") DATE: November 25, 2003 OUR REFERENCE NOS: N267838N - THIS CONFIRMATION SUPERSEDES AND REPLACES ALL PRIOR COMMUNICATION BETWEEN THE PARTIES HERETO WITH RESPECT TO THE TRANSACTION DESCRIBED BELOW The purpose of this letter agreement is to confirm the terms and conditions of the Swap Transaction entered into between us on the Trade Date specified below (the "Swap Transaction"). This letter agreement constitutes a "Confirmation" as referred to in the Master Agreement specified below. 1. The definitions and provisions contained in the 2000 ISDA Definitions (as published by the International Swaps and Derivatives Association, Inc., the "Definitions") are incorporated into this Confirmation. In the event of any inconsistency between the Definitions and this Confirmation, this Confirmation will govern. Each party represents and warrants to the other that (a) it is duly authorized to enter into this Swap Transaction and to perform its obligations hereunder, (b) the Swap Transaction and the performance of its obligations hereunder do not violate any material obligation of such party, and (c) the person executing this Confirmation is duly authorized to execute and deliver it. This Confirmation supplements, forms part of, and is subject to, the ISDA Master Agreement between us dated as of November 25, 2003 (the "Agreement"). This Confirmation shall supplement, form part of, and be subject to that Agreement, and all provisions contained or incorporated by reference in the Agreement shall govern this Confirmation except as expressly modified below. 2. The terms of the particular Swap Transaction to which this Confirmation related are as follows: ~~Trade Date: NOVEMBER 25, 2003 Effective Date: November 25, 2003~~

Termination Date: The earliest of (i) February 15, 2011 or (ii) when the Notional Amount hereunder has been reduced to zero, subject to early termination in accordance with the terms of the Agreement. Calculation Periods: For each Payment Date, the period from and including the immediately preceding Payment Date to, but excluding, such Payment Date (without regard to any Business Day adjustment in respect of Payment Dates, in the case of Fixed Rate Calculation Periods), during the Term of this Swap Transaction, except that (a) the initial Calculation Period will commence on, and include, the Effective Date, and (b) the final Calculation Period will end on, but exclude, the Termination Date (without regard to any Business Day adjustment in the case of the final Fixed Rate Calculation Period). Floating Rate Calculation Periods correspond to "Interest Periods" under the Indenture dated as of November 1, 2003, between Party B, as issuer, and JPMorgan Chase Bank, as indenture trustee (the "Indenture"). NotionalAmounts: For each Calculation Period, the Outstanding Amount of the Class A-4a Notes as of the close of business on the first day of each Floating Rate Calculation Period. "Outstanding Amount" and "Class A-4a Notes" each has the meaning specified in Appendix A to the Indenture. Payment Dates: The 15th day of each month, subject to the Following Business Day Convention, corresponding to "Payment Dates" under the Indenture. FIXED AMOUNTS: Fixed Rate Payer: Party B Fixed Rate Payer Payment Dates: The 15th day of each month, commencing December 15, 2003, subject to the Following Business Day Convention, with No Adjustment to Period End Dates.

2 Fixed Rate: 3.145% Fixed Rate Day Count Fraction: 30/360 Fixed Rate Payer Payment Amounts: For each Payment Date, in respect of a Calculation Period, the product of (a) the Fixed Rate, (b) the Fixed Rate Day Count Fraction and (c) the Notional Amount for such Calculation Period. FLOATING AMOUNTS: Floating Rate Payer: Party A Floating Rate Payer Payment Dates: The 15th day of each month, commencing December 15, 2003, subject to the Modified Following Business Day Convention. Floating Rate: USD-LIBOR-BBA (set two London Banking Days prior to the first day of each Calculation Period). Designated Maturity: One month. Initial Floating Rate: 1.10738% Spread: None Floating Rate Day Count Fraction: Actual/360 Floating Rate Payer Payment Amounts: For each Payment Date in respect of a Calculation Period, the product of (a) the Floating Rate, (b) the Floating Rate Day Count Fraction, and (c) the Notional Amount. Reset Dates: Other than in connection with the Initial Floating Rate, on each Payment Date beginning with the December Payment Date, the Floating Rate (as determined two London Banking Days prior to each such Payment Date) will reset for the Floating Rate Calculation Period commencing on each such Payment Date. Compounding: Inapplicable Business Days: New York and London

3 Calculation Agent: Party A 3. Market Quotation. For the avoidance of doubt, any Market Quotations obtained shall be made on the basis of a hypothetical transaction of like terms but with a notional amortization ("Amortization A1") as set forth on Schedule A hereto and an option by the Non-Defaulting or non-Affected Party to reduce the notional to a substantially faster amortization ("Faster Amortization") as set forth therein. 4. Account Details. Payments to Party A: Name: Deutsche Bank AG New York ABA#: ABA ###-###-#### Account: 100440170004 Attn: Swaps Administration Payments to Party B: Name: JP Morgan Chase Bank ABA#: 021-000-021 Account: 507947541 Ref: CNH Equipment Trust 2003-B Attn: Joe Costantino Please confirm that the foregoing correctly sets forth the terms and conditions of our agreement by responding within three (3) Business Days by either returning this Confirmation in person or via telecopier to the attention of Derivative Documentation, Fax No. 44 ###-###-####; Telephone No. 44 ###-###-####. Failure to respond within such period shall not affect the validity or enforceability of this Swap Transaction, and shall be deemed to be an affirmation of the terms and conditions contained herein, absent manifest error. Yours sincerely, Deutsche Bank AG By: /s/ Bianca Mueller ----------------------------------------- Name: Bianca Mueller Authorized Signatory By: /s/ Jamie Hunt ----------------------------------------- Name: Jamie Hunt Authorized Signatory 4 Confirmed as stated above: CNH EQUIPMENT TRUST 2003-B By: The Bank of New York, not in its individual capacity but solely as Trustee By: /s/ Jonathan Farber --------------------------------------------------------- Name: Jonathan Farber Title: Assistant Treasurer 5