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