Exhibit 10.4

FORM OF
COLLATERAL AGENT AGREEMENT

          THIS COLLATERAL AGENT AGREEMENT (this “Agreement”) is made and entered
into as of the 7th day of February 2005 by and among PREMIER TRUST, INC., a
Nevada corporation (the “Collateral Agent”), VENDINGDATA CORPORATION, a Nevada
corporation (“Debtor”), and the parties identified on Schedule A hereto (the
“Lenders”) who hold or have subscribed for Debtor’s 10% Senior Secured Notes due
January 31, 2005 (the “Notes”).

WITNESSETH:

          WHEREAS, Debtor is conducting a private placement (the
“Private Placement”) of the Notes exempt from the registration requirements of
the Securities Act of 1933, as amended (the “Securities Act”), where said Notes
shall consist be issued in increments of Fifty Thousand Dollars ($50,000);

          WHEREAS, Debtor proposes to sell through the Private Placement a
minimum of Six Million Two Hundred Fifty Thousand Dollars ($6,250,000) and a
maximum of Ten Million Dollars ($10,000,000) in Notes;

          WHEREAS, the Lenders are making loans to the Company to be secured by
certain Collateral (as defined below); and

          WHEREAS, it is desirable to provide for the orderly administration of
such Collateral by requiring each Lender to appoint the Collateral Agent, and
the Collateral Agent has agreed to accept such appointment and to receive, hold
and deliver such Collateral, all upon the terms and subject to the conditions
hereinafter set forth; and

          WHEREAS, it is desirable to allocate the enforcement of certain rights
of the Lenders under the Notes for the orderly administration thereof.

          NOW, THEREFORE, for and in consideration of the promises and mutual
covenants, agreements, understandings, undertakings, representations, warranties
and promises, and subject to the conditions hereinafter set forth, and intending
to be legally bound thereby, the parties do hereby covenant and agree that the
recitals set forth above are true and accurate and are hereby incorporated in
and made a part of this Agreement, and further covenant and agree as follows:

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1. COLLATERAL

          1.1. Security Agreement. Contemporaneously with the execution and
delivery of this Agreement by the Collateral Agent and the Lenders: (1) the
Collateral Agent has or will have executed an acknowledgement of the terms and
conditions of the that certain Security Agreement between the Company and the
Lenders (the “Security Agreement”), regarding the grant of a security interest
in and lien on assets owned by the Company (such assets are referred to herein
as the “Collateral”) to the Collateral Agent, for the benefit of the Lenders;
and (2) the Company has or will have issued the Notes to the Lenders. For
purposes solely of perfection of the security interests granted to the
Collateral Agent, as agent on behalf of the Lenders, and on its own behalf under
the Security Agreement, the Collateral Agent hereby acknowledges that any
Collateral held by the Collateral Agent is held for the benefit of the Lenders
in accordance with this Agreement and the Security Agreement. No reference to
the Security Agreement or any other instrument or document shall be deemed to
incorporate any term or provision thereof into this Agreement unless expressly
so provided.

          1.2. Powers of the Collateral Agent. The Lenders hereby appoint the
Collateral Agent (and the Collateral Agent hereby accepts such appointment) to
take any action upon the occurrence of a default (as defined in the Notes or the
Security Agreement) (an “Event of Default”) that is not cured, including,
without limitation, the application of any cash collateral received by the
Collateral Agent to the payment of the Obligations and the exercise of any
remedies given to the Collateral Agent pursuant to the Security Agreement that
the Collateral Agent deems necessary or proper for the administration of the
Collateral pursuant to the Security Agreement. Upon disposition of the
Collateral in accordance with the Security Agreement, the Collateral Agent shall
promptly distribute any cash or Collateral in accordance with Section 6.4 of the
Security Agreement.

          1.3. Distribution of Proceeds. The Collateral Agent is to distribute
in accordance with the Security Agreement any proceeds received from the
Collateral which are distributable to the Lenders in proportion to their
respective interests in the Obligations (as defined in the Security Agreement).

2. FEES AND EXPENSES; APPOINTMENT OF THE COLLATERAL AGENT.

          2.1. Fees. The Company shall pay the Collateral Agent an initial fee
of Two Thousand Dollars ($2,000) and a recurring annual fee of One Thousand
Dollars ($1,000) payable within thirty (30) days after such fees are due. Upon
the occurrence of an Event of Default, the Collateral Agent will charge an
hourly rate for performing extraordinary services in addition to the services
covered by its administration fee.

          2.2. Expenses. The Company shall pay any and all costs and expenses
incurred by the Collateral Agent in connection with the transactions
contemplated hereby, including, without limitation, any and all costs and
expenses arising from or in connection with: (1) the preparation of this
Agreement and all waivers, releases, discharges, satisfactions, modifications
and amendments of this Agreement; (2) the administration and holding of the
Collateral; (3) insurance expenses; and (4) the enforcement, protection and
adjudication of the parties’ rights hereunder by the Collateral Agent,
including, without limitation, the reasonable disbursements, expenses and fees
of the attorneys the Collateral Agent may retain, if any.

3. ACTION BY THE MAJORITY IN INTEREST.

          3.1. Certain Actions. Each of the Lenders covenants and agrees that
only a Majority in Interest shall have the right, but not the obligation, to
undertake the following actions (it being expressly understood that less than a
Majority in Interest hereby expressly waive the following rights that they may
otherwise have under the Notes, but only insofar as such waiver affects their
right to receive proceeds from the Collateral):

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            3.1.1. Acceleration. If an Event of Default occurs, after the
expiration of any applicable grace and/or cure period, a Majority in Interest
may, on behalf of all the Lenders, instruct the Collateral Agent to provide to
the Company notice to cure such default and/or declare the unpaid principal
amount of the Notes to be due and payable, together with any and all accrued
interest thereon and all costs payable pursuant to such Notes;

            3.1.2. Enforcement. Upon the occurrence of any Event of Default
after the expiration of any applicable grace and/or cure period during which
such period the Company fails to cure such Event of Default, a Majority in
Interest may instruct the Collateral Agent to proceed to protect, exercise and
enforce against the Company, on behalf of all the Lenders, their rights and
remedies under the Notes, and such other rights and remedies as are provided by
law or equity;

            3.1.3. Waiver of Past Defaults. A Majority in Interest may instruct
the Collateral Agent to waive any Event of Default by written notice to the
Company, and the other Lenders; and

            3.1.4. Amendment. A Majority in Interest may instruct the Collateral
Agent to waive, amend, supplement or modify any term, condition or other
provision in the Notes or Security Agreement in accordance with the terms of the
Notes or Security Agreement so long as such waiver, amendment, supplement or
modification is made with respect to all of the Notes and with the same force
and effect with respect to each of the Notes.

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          3.2. Further Actions. A Majority in Interest may instruct the
Collateral Agent to take any action that it may take under this Agreement by
instructing the Collateral Agent in writing to take such action on behalf of all
the Lenders.

          3.3. Majority in Interest. For so long as any obligations remain
outstanding on the Notes, Majority in Interest shall mean Lenders who hold not
less than fifty percent (50%) of the principal amount outstanding under the
Notes.

          3.4. Limitation. Notwithstanding the foregoing, a Majority in Interest
cannot agree to amend the Notes to change the interest rate, maturity date or
priority of the security interest without the consent of each of the Lenders.

4. POWER OF ATTORNEY.

          4.1. Appointment. To effectuate the terms and provisions hereof, the
Lenders hereby appoint the Collateral Agent as their attorney-in-fact (and the
Collateral Agent hereby accepts such appointment) for the purpose of carrying
out the provisions of this Agreement including, without limitation, taking any
action on behalf of, or at the instruction of, the Majority in Interest at the
written direction of the Majority in Interest and executing any consent
authorized pursuant to this Agreement and taking any action and executing any
instrument that the Collateral Agent may deem necessary or advisable (and
lawful) to accomplish the purposes hereof.

          4.2. No Liability. All acts done under the foregoing authorization are
hereby ratified and approved and neither the Collateral Agent nor any designee
nor agent thereof shall be liable for any acts of commission or omission, for
any error of judgment, for any mistake of fact or law except for acts of gross
negligence or willful misconduct as determined by a court of competent
jurisdiction.

          4.3. Irrevocable. This power of attorney, being coupled with an
interest, is irrevocable while this Agreement remains in effect.

5. RELIANCE ON DOCUMENTS AND EXPERTS.

          The Collateral Agent shall be entitled to rely upon any notice,
consent, certificate, affidavit, statement, paper, document, writing or
communication (which may be by telegram, cable, telex, telecopier, or telephone)
reasonably believed by it to be genuine and to have been signed, sent or made by
the proper person or persons, and upon opinions and advice of its own legal
counsel, independent public accountants and other experts selected by the
Collateral Agent.

6. DUTIES OF THE COLLATERAL AGENT; STANDARD OF CARE.

          6.1. Duties. The Collateral Agent’s duties are only those expressly
set forth in this Agreement, and the Collateral Agent hereby is authorized to
perform those duties in accordance with commercially reasonable practices. The
Collateral Agent shall have no duty or responsibility to: (1) determine whether
the Collateral is sufficient to secure the Company’s liabilities under the
Notes, or (2) inquire as to the provisions of any other agreement or instrument.
The Collateral Agent may be liable only for its own gross negligence or willful
misconduct, when a court of competent jurisdiction determines that the
Collateral Agent has acted in such manner. The Collateral Agent may exercise or
otherwise enforce any of its rights, powers, privileges, remedies and interests
under this Agreement and applicable law or perform any of its duties under this
Agreement by or through its officers, employees, attorneys, or agents.

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          6.2. Standard of Care. The Collateral Agent shall act in good faith
and with that degree of care that an ordinarily prudent person in a like
position would use under similar circumstances. Any funds held by the Collateral
Agent hereunder need not be segregated from other funds except to the extent
required by law. The Collateral Agent shall be under no liability for interest
on any funds received by it hereunder.

          6.3. Reliance. In performing its duties under this Agreement, the
Collateral Agent:

            6.3.1. May rely upon any notice, instruction, request or other
instrument, not only as to its due execution, validity and effectiveness, but
also as to the truth and accuracy of any information contained therein, which
the Collateral Agent shall believe to be genuine and to have been signed or
presented by the person or parties purporting to sign the same, including,
without limitation, instructions given by letter, facsimile transmission,
telegram, teletype, cablegram, or electronic media, such instructions appear on
their face to have been signed, sent or presented by the proper party or
parties;

            6.3.2. May confer with counsel of its own choice in relation to
matters arising under this Agreement and shall have full and complete
authorization from the other parties hereunder for any action taken or suffered
by it under this Agreement or under any transaction contemplated hereby in good
faith and in accordance with opinion of such counsel;

            6.3.3. May, in its sole discretion, comply with orders issued or
process entered by any court with respect to the Collateral, without
determination by the Collateral Agent of such court’s jurisdiction in the
matter; and

            6.3.4. Shall not incur any liability to anyone resulting from
actions taken by the Collateral Agent in reliance in good faith on such
instructions.

          6.4. Limitation. Notwithstanding anything contained herein to the
contrary, no provision of this Agreement shall require the Collateral Agent to
take any action which, in the Collateral Agent’s reasonable judgment, would
result in: (1) any violation of this Agreement or any provision of law; or (2)
any potential liability to the Collateral Agent. The Collateral Agent shall not
be charged with knowledge or notice of any fact or circumstance not specifically
set forth herein. In no event shall Collateral Agent be liable for incidental,
indirect, special, consequential or punitive damages (including, but not limited
to lost profits), even if the Collateral Agent has been advised of the
likelihood of such loss or damage and regardless of the form of action. The
Collateral Agent shall not be obligated to take any legal action or commence any
proceeding in connection with the Collateral, any account in which Collateral is
deposited, this Agreement, the Notes or the Security Agreement, or to appear in,
prosecute or defend any such legal action or proceeding.

          6.5. Review for Own Purposes. Any review by the Collateral Agent of
the Notes, the Security Agreement or any separate undertaking between the
Company and the Lenders shall be solely for the Collateral Agent’s own purposes.
THE COLLATERAL AGENT HAS NO RESPONSIBILITY RELATIVE TO THE TERMS OF ANY NOTE,
SECURITY AGREEMENT, OR SEPARATE UNDERTAKING, MAKES NO REPRESENTATION AS TO THE
EFFECT OR ADEQUACY THEREOF AND SHALL HAVE NO OBLIGATION TO ENSURE THAT THIS
AGREEMENT OR ANY ACTION RELATIVE TO THIS AGREEMENT CONFORMS THEREWITH.

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7. RESIGNATION.

          The Collateral Agent may resign and be discharged of its duties
hereunder at any time by giving written notice of such resignation to the other
parties hereto, stating the date such resignation is to take effect. Within 15
days of the giving of such notice, a successor collateral agent shall be
appointed by the Majority in Interest; provided, however, that if the Lenders
are unable so to agree upon a successor within such time period, the successor
collateral agent may be a person designated by the Collateral Agent, and any and
all fees of such successor collateral agent shall be the joint and several
obligation of the Lenders. The Collateral Agent shall continue to serve until
the effective date of the resignation or until its successor accepts the
appointment and receives the Collateral held by the Collateral Agent but shall
not be obligated to take any action hereunder. The Collateral Agent may deposit
any Collateral with any court in New York that accepts such Collateral.

8. EXCULPATION.

          The Collateral Agent and its officers, employees, attorneys and
agents, shall not incur any liability whatsoever for the holding or delivery of
documents or the taking of any other action in accordance with the terms and
provisions of this Agreement, for any mistake or error in judgment, for
compliance with instructions of the Majority in Interest and any applicable law
or any attachment, order or other directive of any court or other authority
(irrespective of any conflicting term or provision of this Agreement), or for
any act or omission of any other person engaged by the Collateral Agent in
connection with this Agreement, unless occasioned by the exculpated person’s
gross negligence or willful misconduct, when a court of competent jurisdiction
determines that the exculpated party has acted in such manner; and each party
hereto hereby waives any and all claims and actions whatsoever against the
Collateral Agent and its officers, employees, attorneys and agents, arising out
of or related directly or indirectly to any or all of the foregoing acts,
omissions and circumstances.

9. INDEMNIFICATION.

          The Lenders hereby agree to indemnify, reimburse and hold harmless the
Collateral Agent and its directors, officers, employees, attorneys and agents,
jointly and severally, from and against any and all claims, liabilities, losses
and expenses that may be imposed upon, incurred by, or asserted against any of
them, arising out of or related directly or indirectly to this Agreement or the
Collateral, including, without limitation: (1) any loss, liability, costs or
expenses arising out of or in connection with the status of the Collateral
Agent; (2) the reasonable fees and expenses of counsel of the Collateral Agent;
and (3) any circumstance relating to any insurance, tax or other laws or
regulations of any jurisdiction pertaining to the Collateral or the other
parties hereto, except such as are occasioned by the indemnified person’s own
gross negligence or willful misconduct, as determined by a court of competent
jurisdiction. The Lenders hereby acknowledge that the foregoing indemnities
shall survive the resignation or removal of the Collateral Agent or the
termination of this Agreement.

10. MISCELLANEOUS

          10.1. Governing Law; Venue. This Agreement shall be governed by, and
construed in accordance with, the laws of the State of Nevada. The parties
hereto submit to the exclusive jurisdiction of the courts located in Clark
County, Nevada, with respect to any dispute arising under this Agreement and the
transactions contemplated hereby.

          10.2. Entire Agreement. This Agreement, the Subscription Agreement,
the Note, the Security Agreement and the Exchange Agreement contain the entire
agreement between the Collateral, the Company and the Lenders with regard to the
subject matter hereof and may not be modified or waived except in a writing
signed by the Collateral, the Company and the Lenders.

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          10.3. Headings. The headings of this Agreement are for convenience and
reference only, and shall not limit or otherwise affect the interpretation of
any term or provision hereof.

          10.4. Binding Effect. This Agreement and the rights, powers, and
duties set forth herein shall, except as otherwise expressly provided herein, be
binding upon and inure to the benefit of, the heirs, executors, administrators,
legal representatives, successors, and assigns of the parties hereto.

          10.5. Amendments and Modification; Additional Lender. No provision
hereof shall be modified, altered, waived or limited except by written
instrument expressly referring to this Agreement and to such provision, and
executed by the parties hereto. Any transferee of a Note who acquires a Note
after the date hereof will become a party hereto by signing the signature page
and sending an executed copy of this Agreement to the Collateral Agent.

          10.6. Attorneys’ Fees. If any legal action or any arbitration or other
proceeding is brought for the enforcement of this Agreement, or because of an
alleged dispute, breach, default, or misrepresentation in connection with any of
the provisions of this Agreement, the successful or prevailing party or parties
shall be entitled to recover reasonable attorneys’ fees and other costs incurred
in that action or proceeding, in addition to any other relief to which it may be
entitled.

          10.7. Notices. Unless otherwise provided, any notice required or
permitted under this Agreement shall be given in writing, shall be sent by
facsimile to the party to be notified and shall be deemed effectively given upon
personal delivery to the party to be notified, or four days after deposit with
the United States Post Office, by registered or certified mail, postage prepaid
and addressed to the party to be notified. Any notice to Purchaser shall be sent
to his facsimile number and address set forth on the signature page hereto, or
at such other facsimile number or address as a party may designate by ten (10)
days’ advance written notice to the other party.

  To the Company: VendingData Corporation
Attn: Chief Executive Officer and Chief Financial Officer
6830 Spencer Street
Las Vegas, Nevada 89119
Facsimile: 702-733-7197

  With a copy to: Kummer Kaempfer Bonner & Renshaw
Attn: Michael J. Bonner
3800 Howard Hughes Parkway
Seventh Floor
Las Vegas, Nevada 89109
Facsimile: 702-796-7181

  If to Collateral Agent: Premier Trust of Nevada
Attn: Mark Dreschler
2700 West Sahara, Suite 300
Las Vegas, Nevada 89102
Facsimile: 702-507-0755

  If to a Lender: See address on Schedule A.

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          10.8. Severability. If one or more provisions of this Agreement are
held to be unenforceable under applicable law, such provision shall be excluded
from this Agreement and the balance of the Agreement shall be interpreted as if
such provision were so excluded and shall be enforceable in accordance with its
terms. In addition, if any such provision, or any part thereof, is held to be
unenforceable, the parties agree that the court, regulatory agency or other
governmental body making such determination shall have the power to delete or
add specific words or phrases, so that such provision shall then be enforceable
to the fullest extent permitted by law.

          10.9. Neutral Interpretation. This Agreement shall be construed in
accordance with its intent and without regard to any presumption or any other
rule requiring construction against the party causing the same to be drafted.

          10.10. Waiver. No act, omission or delay by the Collateral Agent shall
constitute a waiver of the Collateral Agent’s rights and remedies hereunder or
otherwise. No single or partial waiver by the Collateral Agent of any default
hereunder or right or remedy that it may have shall operate as a waiver of any
other default, right or remedy or of the same default, right or remedy on a
future occasion.

          10.11. Counterparts. This Agreement may be executed by the parties
hereto individually or in any combination, in one or more counterparts, and by
facsimile signature and transmission, each of which shall be an original and all
of which shall together constitute one and the same agreement.

          IN WITNESS WHEREOF, the parties hereto have caused this Collateral
Agent Agreement to be signed, by their respective duly authorized officers or
directly, as of the date first written above.

“COMPANY”

VENDINGDATA CORPORATION,
     a Nevada corporation

By:  

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Its: Douglass Caszatt
Secretary

“COLLATERAL AGENT”

PREMIER TRUST, INC.,
     a Nevada corporation

By:  

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Its: Mark Dreschler
President

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ACKNOWLEDGEMENT AND CONSENT

          THE UNDERSIGNED hereby acknowledges the foregoing Collateral Agent
Agreement by and among PREMIER TRUST, INC., a Nevada corporation (the
“Collateral Agent”), VENDINGDATA CORPORATION, a Nevada corporation (“Debtor”),
and the parties identified on Schedule A hereto (the “Lenders”) who hold or have
subscribed for Debtor’s 10% Senior Secured Notes due February 2005 (the
“Notes”), and agrees to be bound by the terms and conditions thereof.

“LENDER”

__________________________________________,
     a ___________________________

By:  

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Its: _________________________
_________________________

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SCHEDULE A

LENDERS

NAME

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ADDRESS

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PRINCIPAL AMOUNT

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1.  ______________________________ ______________________________
______________________________
______________________________
Telephone: _____________________
Facsimile: ______________________ $_________________________

2.  ______________________________ ______________________________
______________________________
______________________________
Telephone: _____________________
Facsimile: ______________________ $_________________________

3.  ______________________________ ______________________________
______________________________
______________________________
Telephone: _____________________
Facsimile: ______________________ $_________________________

4.  ______________________________ ______________________________
______________________________
______________________________
Telephone: _____________________
Facsimile: ______________________ $_________________________

5.  ______________________________ ______________________________
______________________________
______________________________
Telephone: _____________________
Facsimile: ______________________ $_________________________

6.  ______________________________ ______________________________
______________________________
______________________________
Telephone: _____________________
Facsimile: ______________________ $_________________________

7.  ______________________________ ______________________________
______________________________
______________________________
Telephone: _____________________
Facsimile: ______________________ $_________________________

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TOTAL           

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