Document:

Exhibit 10.3

     

     

    EXHIBIT
      10.3

    
      

      

    

    

     

     

    CUSTODIAL
      AGREEMENT

     

     

    among

     

     

    CATERPILLAR
      FINANCIAL SERVICES CORPORATION 

     

     

    Originator
      and Servicer

     

     

    CATERPILLAR
      FINANCIAL FUNDING CORPORATION

     

     

    Depositor

     

     

    CATERPILLAR
      FINANCIAL ASSET TRUST 2006-A

     

     

    Issuer

     

     

    and

     

     

    U.S.
      BANK NATIONAL ASSOCIATION

     

     

    Indenture
      Trustee and Custodian

     

     

    Dated
      as
      of June 1, 2006

     

     

    

     

    
      

      

    

    

     

     

    

    
      
        
           

        

        
        

      

      
        
        

        
          

        

      

      
        
        

        
          

        

      

    

    
 

    TABLE
      OF CONTENTS

    ARTICLE
      I     DEFINITIONS........................................................................................................................................................................2

     

    Section
      1.1. 
Definitions.................................................................................................................................................................2

     

    Section
      1.2.  Interpretation of the
      Agreement............................................................................................................................2

     

    ARTICLE
      II     CUSTODIAL
      ARRANGEMENT........................................................................................................................................2

     

    Section
      2.1.  Appointment as
      Custodian.....................................................................................................................................2

     

    Section
      2.2.  Maintenance of
      Office.............................................................................................................................................3

     

    ARTICLE
      III     CUSTODIAL
      ARRANGEMENT......................................................................................................................................3

     

    Section
      3.1.  Transfer of Receivables; Delivery of
      Documents...............................................................................................3

     

    Section
      3.2. 
Certification..............................................................................................................................................................4

     

    Section
      3.3.  Release of Receivable
      Files...................................................................................................................................4

     

    Section
      3.4.  Purchase; Payment In
      Full.....................................................................................................................................5

     

    Section
      3.5.  Other Duties of
      Custodian....................................................................................................................................5

     

    Section
      3.6.  Access to
      Records.................................................................................................................................................5

     

    Section
      3.7.  Instructions; Authority to
      Act............................................................................................................................5

     

    ARTICLE
      IV     OWNERSHIP
      AND TRANSFER OF
      RECEIVABLES...................................................................................................6

     

    Section
      4.1.  Transfer of
      Receivables.........................................................................................................................................6

     

    Section
      4.2.  Substitution and Purchase of
      Receivables........................................................................................................6

     

    Section
      4.3.  No Service Charge for Transfer of
      Receivables.................................................................................................7

     

    Section
      4.4. 
Defeasance...............................................................................................................................................................7

     

    ARTICLE
      V     CUSTODIAN.......................................................................................................................................................................7

     

    Section
      5.1.  Representations, Warranties and Covenants of
      Custodian............................................................................7

     

    Section
      5.2.  Charges and
      Expenses..........................................................................................................................................8

     

    Section
      5.3.  No Adverse
      Interests...........................................................................................................................................9

     

    Section
      5.4. 
Inspections.............................................................................................................................................................9

     

    Section
      5.5. 
Insurance.................................................................................................................................................................9

     

    Section
      5.6.  Limitation of
      Liability.............................................................................................................................................9

     

    Section
      5.7. 
Indemnification.......................................................................................................................................................9

     

    Section
      5.8.  Further Rights of
      Custodian...............................................................................................................................10

     

    
      
        
        

      

      
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    TABLE
      OF CONTENTS

    (continued)

     

    ARTICLE
      VI     MISCELLANEOUS
      PROVISIONS.................................................................................................................................10

     

    Section
      6.1. 
Amendment............................................................................................................................................................10

     

    Section
      6.2.  Governing
      Law......................................................................................................................................................10

     

    Section
      6.3. 
Notices....................................................................................................................................................................11

     

    Section
      6.4.  Severability of
      Provisions....................................................................................................................................11

     

    Section
      6.5.  No
      Partnership........................................................................................................................................................11

     

    Section
      6.6.  Termination of
      Agreement....................................................................................................................................11

     

    Section
      6.7. 
Counterparts...........................................................................................................................................................11

     

    Section
      6.8. 
Assignment.............................................................................................................................................................12

     

    Section
      6.9. 
Headings..................................................................................................................................................................12

     

    Section
      6.10. Advice of
      Counsel.................................................................................................................................................12

     

    Section
      6.11. No
      Petition..............................................................................................................................................................12

     

    Section
      6.12. Resignation of
      Custodian.....................................................................................................................................12

     

    Section
      6.13. Limitation of Liability of Indenture Trustee and Owner
      Trustee....................................................................12

     

    ARTICLE
      VII     REGULATION
      AB
      COMPLIANCE................................................................................................................................13

     

    Section
      7.1.  Additional Representations and Warranties of
      Custodian..............................................................................13

     

    Section
      7.2.  Additional Representations and Warranties of
      Custodian..............................................................................14

     

    Section
      7.3.  Report on Assessment of Compliance and
      Attestation...................................................................................14

     

    Section
      7.4.  Indemnification By
      Custodian..............................................................................................................................14

     

    Section
      7.5.   Indemnification of
      Custodian...............................................................................................................................15

     

    EXHIBIT
      A  CUSTODIAN
      CERTIFICATION.........................................................................................................................................A-1

     

    EXHIBIT
      B  REQUEST
      FOR RELEASE OF
      DOCUMENTS....................................................................................................................B-1

     

    EXHIBIT
      C  TRANSFER
      CERTIFICATE..................................................................................................................................................C-1

     

    APPLICABLE
      SERVICING
      CRITERIA.....................................................................................................................................................D-1

     

    

    
      
        
           

        

        
        

      

      
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    CUSTODIAL
      AGREEMENT

     

    THIS
      CUSTODIAL AGREEMENT is made as of June 1, 2006 (as amended, modified or
      supplemented from time to time, this "Agreement"), by and among CATERPILLAR
      FINANCIAL SERVICES CORPORATION, as originator and as servicer (the "Originator"
      and the "Servicer", respectively), CATERPILLAR FINANCIAL FUNDING CORPORATION,
      as
      depositor (the "Depositor"), CATERPILLAR FINANCIAL ASSET TRUST 2006-A (the
      "Issuing Entity"), U.S. BANK NATIONAL ASSOCIATION, as trustee (the "Indenture
      Trustee"), and U.S. BANK NATIONAL ASSOCIATION, as custodian (the
      "Custodian").

     

    RECITALS

     

    WHEREAS,
      before the Closing Date the Originator is the owner of the
      Receivables;

     

    WHEREAS,
      pursuant to the Purchase Agreement, the Originator will sell the Receivables
      to
      the Depositor;

     

    WHEREAS,
      pursuant to the Sale and Servicing Agreement, the Depositor will sell the
      Receivables acquired pursuant to the Purchase Agreement to the Issuing
      Entity;

     

    WHEREAS,
      pursuant to the Indenture, the Issuing Entity will Grant to the Indenture
      Trustee all of the Issuing Entity's right, title and interest in, to and under
      the Receivables and the other assets of the Issuing Entity;

     

    WHEREAS,
      during such time as the Originator, the Depositor, the Issuing Entity or the
      Indenture Trustee owns or has an interest in the Receivables, such Person or
      Persons shall be referred to herein as the "Receivables Holder," and the
      Custodian shall hold all Receivables for the benefit of the Originator, the
      Depositor, the Issuing Entity and the Indenture Trustee during such time as
      such
      Person is a Receivables Holder;

     

    WHEREAS,
      in connection with the foregoing, the parties hereto desire to provide for
      the
      custody and management of the Receivables transferred pursuant to the Purchase
      Agreement, the Sale and Servicing Agreement and the Indenture (each, a
      "Transfer");

     

    WHEREAS,
      the Custodian is a financial institution regulated by the Comptroller of the
      Currency of the United States;

     

    WHEREAS,
      the Originator, the Depositor, the Issuing Entity and the Indenture Trustee,
      during such time as each such Person is a Receivables Holder, desire to have
      the
      Custodian (i) hold the Receivables as custodian for each such party,
      (ii) take possession of the Contracts and the Receivable Files related to
      the Receivables, along with certain other documents specified in this Agreement,
      as the custodian for such Receivables Holder in accordance with the terms and
      conditions of this Agreement and (iii) retain possession of the Contracts
      and Receivable Files and such other documents as custodian for the applicable
      Receivables Holder; and the Custodian is willing and able to perform the duties
      and obligations of a custodian as set forth herein; and

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    WHEREAS,
      the Servicer will act as servicer of the Receivables pursuant to the Sale and
      Servicing Agreement.

     

    NOW,
      THEREFORE, in consideration of the premises and the mutual agreements
      hereinafter set forth, the Originator, the Servicer, the Depositor, the Issuing
      Entity, the Indenture Trustee and the Custodian hereby agree as
      follows:

     

      

    ARTICLE
      I

     

    DEFINITIONS

     

    Section
      1.1.  Definitions.
      Certain
      capitalized terms used in this Agreement and not otherwise defined herein shall
      have the respective meanings assigned them in the Sale and Servicing Agreement,
      dated as of June 1, 2006 (as amended, modified or supplemented from time to
      time, the "Sale and Servicing Agreement"), among the Issuing Entity, the
      Depositor and the Servicer or in the Indenture, dated as of June 1, 2006 (as
      amended, modified or supplemented from time to time, the "Indenture"), between
      the Issuing Entity and the Indenture Trustee. All references in this Agreement
      to Articles, Sections, Subsections and Exhibits are to the same contained in
      or
      attached to this Agreement unless otherwise specified. All terms defined in
      this
      Agreement shall have the defined meanings when used in any certificate, notice
      or other document made or delivered pursuant hereto unless otherwise defined
      therein. As used in this Agreement and in any certificate or other document
      made
      or delivered pursuant hereto, accounting terms not defined in this Agreement
      or
      in any such certificate or other document, and accounting terms partly defined
      in this Agreement or in any such certificate or other document to the extent
      not
      defined, shall have the respective meanings given to them under generally
      accepted accounting principles. To the extent that the definitions of accounting
      terms in this Agreement or in any such certificate or other document are
      inconsistent with the meanings of such terms under generally accepted accounting
      principles, the definitions contained in this Agreement or in any such
      certificate or other document shall control. The words "hereof," "herein,"
      "hereunder," and words of similar import when used in this Agreement shall
      refer
      to this Agreement as a whole and not to any particular provision of this
      Agreement; the term "including" shall mean "including without limitation";
      and
      the term "or" is not exclusive. The definitions contained in this Agreement
      are
      applicable to the singular as well as the plural forms of such terms and to
      the
      masculine as well as to the feminine and neuter genders of such terms. Terms
      used herein that are defined in the New York UCC and not otherwise defined
      herein shall have the meanings set forth in the New York UCC unless the context
      requires otherwise.

     

    Section
      1.2.  Interpretation
      of the Agreement.
      In
      interpreting any mistake or ambiguity contained herein, the parties hereto
      agree
      to resolve any such mistakes or ambiguities in favor of the Indenture
      Trustee.

     

     

     

    ARTICLE
      II

     

    CUSTODIAL
      ARRANGEMENT

     

    Section
      2.1.  Appointment
      as Custodian.
      Subject
      to the terms and conditions hereof, the Originator, the Depositor, the Issuing
      Entity and the Indenture Trustee, as their interests may appear, hereby appoint
      U.S. Bank National Association, and U.S. Bank National Association hereby
      accepts such appointment, as Custodian to maintain custody of the Receivables,
      the Contracts and the Receivable Files during such time as each such Person
      is a
      Receivables Holder.

     

    
      
        
        

      

      
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    Section
      2.2.  Maintenance
      of Office.
      The
      Custodian agrees to maintain each Receivable File identified in Section 3.03
      of the
      Sale and Servicing Agreement and Section 2.04
      of the
      Purchase Agreement at its office located at 4040 S. Eastern Avenue, Suite 346,
      Las Vegas, Nevada 89119, or at such of its other offices in Nevada as Custodian
      shall designate from time to time after giving the Originator, the Depositor,
      the Issuing Entity, each of the Rating Agencies and the Indenture Trustee prior
      written notice, which office shall be maintained separate from the offices
      of
      the Originator, the Depositor and the Servicer and shall be at all times under
      the exclusive dominion and control of the Custodian. None of the Custodian's
      employees shall be employees of the Originator, the Depositor, the Servicer
      or
      any of the Servicer's Affiliates.

     

      

     

    ARTICLE
      III

     

    CUSTODIAL
      ARRANGEMENT

     

    Section
      3.1.  Transfer
      of Receivables; Delivery of Documents.
      Within
      30 days of the Closing Date, the Originator shall deliver, or cause to be
      delivered, to the Custodian, the Receivable Files, including the Original
      Contract evidencing each Receivable.

     

    On
      the
      date on which the Originator delivers the Receivable Files to the Custodian
      (the
      "Delivery
      Date"),
      the
      Originator shall deliver to the Custodian a transfer certificate in form of
      Exhibit
      C
      (a
      "Transfer
      Certificate"),
      acknowledging the Transfer of the Receivables from the Originator to the
      Depositor pursuant to the Purchase Agreement. Upon its receipt of such Transfer
      Certificate, the Custodian shall acknowledge such Transfer Certificate (as
      provided thereon) and deliver to the Depositor a Custodian Certification (as
      defined in Section
      3.2)
      (the
      "Depositor's
      Custodian Certification")
      certifying that it is holding the Receivable Files delivered to it by the
      Originator on behalf of the Depositor.

     

    Upon
      receipt of the Depositor's Custodian Certification, the Depositor shall deliver
      to the Custodian a Transfer Certificate acknowledging the Transfer of the
      Receivables from the Depositor to the Issuing Entity pursuant to the Sale and
      Servicing Agreement. Upon its receipt of such Transfer Certificate, the
      Custodian shall acknowledge such Transfer Certificate as provided thereon and
      deliver to the Issuing Entity a Custodian Certification (the "Issuing
      Entity's Custodian Certification")
      certifying that it is holding the Receivable Files delivered to it by the
      Originator on behalf of the Issuing Entity.

     

    Upon
      receipt of the Issuing Entity's Custodian Certification, the Issuing Entity
      shall deliver to the Custodian a Transfer Certificate acknowledging the Transfer
      of the Receivables from the Issuing Entity to the Indenture Trustee pursuant
      to
      the Indenture. Upon its receipt of such Transfer Certificate, the Custodian
      shall acknowledge such Transfer Certificate as provided thereon and deliver
      to
      the Indenture Trustee a Custodian Certification (the "Trustee's
      Custodian Certification")
      certifying that it is holding the Receivable Files delivered to it by the
      Originator on behalf of the Indenture Trustee.

     

    
      
        
        

      

      
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    Custodian
      hereby acknowledges receipt of the Purchase Agreement, the Sale and Servicing
      Agreement and the Indenture. Custodian further acknowledges that, on the
      Delivery Date and pursuant to this Agreement, the Purchase Agreement, the Sale
      and Servicing Agreement and the Indenture, Custodian will be given possession
      of
      the Receivable Files relating to the Receivables constituting a portion of
      the
      Collateral, each of which Receivables will be described specifically on Schedule
      A to each of the Purchase Agreement and the Sale and Servicing Agreement, a
      copy
      of which will be delivered to Custodian simultaneously with the delivery of
      the
      Receivable Files relating thereto. On and after the Delivery Date and the
      completion of the Transfers described above, and so long as this Agreement
      shall
      remain in effect, Custodian shall hold the Receivable Files now and thereafter,
      from time to time, in its sole custody and control as custodian for the
      Indenture Trustee, unless and until released from the lien of the Indenture
      and
      otherwise in accordance with the Sale and Servicing Agreement, in which event,
      Custodian shall hold the Receivables and the Receivable Files as custodian
      for
      the benefit of the applicable Receivables Holder.

     

    Section
      3.2.  Certification.
      Custodian shall hold all documents in each Receivable File on behalf of the
      applicable Receivables Holder pursuant to this Agreement. Upon consummation
      of a
      Transfer in accordance with terms hereof, Custodian shall, with respect to
      the
      Receivables transferred to a Receivables Holder in connection with a Transfer,
      number, execute and deliver to the applicable Receivables Holder (with a copy
      to
      the Servicer) one or more certifications (each, a "Custodian
      Certification")
      in the
      form attached as Exhibit A.
      Upon
      issuance of a Custodian Certification with respect to any Transfer, the
      Custodian Certification relating to such Receivable previously delivered shall
      be deemed and marked cancelled with respect to such Receivable.

     

    Section
      3.3.  Release
      of Receivable Files.
      From
      time to time and as provided in the Sale and Servicing Agreement, Custodian
      is
      hereby authorized, upon written request of Servicer (with the approval of the
      Indenture Trustee, which approval shall not be unreasonably withheld) in the
      form annexed as Exhibit B,
      to
      release to the Servicer the Receivable File related to any Receivable or the
      specific documents identified in such request by the Servicer. All documents
      so
      released to the Servicer shall be held by it in trust for the benefit of the
      Indenture Trustee. Servicer shall return the Receivable File, or such other
      documents which have been released to Servicer, to Custodian when Servicer's
      need therefor in connection with a foreclosure, modification, termination or
      repossession no longer exists, unless the Receivable shall be satisfied in
      full
      or liquidated, in which case, upon receipt of a certification to such effect
      from Servicer to Custodian in the form annexed as Exhibit B,
      the
      related Receivable File shall be released by Custodian to Servicer, and
      Custodian shall thereupon reflect any such liquidation of the related
      Receivable. Pursuant to Section 4.07
      of the
      Sale and Servicing Agreement, (i) the Servicer shall return a Receivable
      File released to it within five Business Days of such release and (ii) if
      such Receivable File has not been returned to the Custodian within such five
      Business Day period, the Servicer shall repurchase the related
      Receivable.

     

    Notwithstanding
      anything herein or in any other Basic Document to the contrary, (i) the
      Servicer shall return any Receivable File released to it in connection with
      a
      modification or extension of a Receivable to the Custodian on the same day
      such
      file is released and (ii) the Custodian shall not release a Receivable File
      to the Servicer in connection with a modification or extension of a Receivable
      if, after giving effect to the release of such Receivable File, the number
      of
      Receivables having released Receivable Files in connection with modifications
      and extensions exceeds four (4).

     

    
      
        
           

        

      

      
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    Section
      3.4.  Purchase;
      Payment In Full.
      Upon
      the purchase of any Receivable pursuant to Section 3.02,
      3.05
      or
4.07
      of the
      Sale and Servicing Agreement or Section 6.02
      of the
      Purchase Agreement, or upon the payment in full of any Receivable, which shall
      be evidenced by Custodian's receipt of the request for release in the form
      annexed hereto as Exhibit B,
      Custodian shall promptly release the related Receivable File to Servicer and
      the
      security interest in such Receivable and related Receivable File granted by
      the
      Issuing Entity to the Indenture Trustee pursuant to the Indenture shall
      terminate without any further action by the Custodian, the Originator, the
      Depositor or the Indenture Trustee.

     

    Section
      3.5.  Other
      Duties of Custodian.
      The
      Custodian shall have and perform the other following powers and
      duties:

     

    (a)  Safekeeping.
      To
      segregate the Receivables and Receivable Files from all other receivables,
      leases and installment sale contracts and similar records in its possession,
      to
      identify the Receivable Files as being held and to hold the Receivable Files
      for
      and on behalf of the applicable Receivables Holder (which, on and after the
      delivery of the appropriate Transfer Certificate on the Delivery Date, shall
      be
      the Indenture Trustee, until such time as the Indenture Trustee releases the
      lien of the Indenture), to maintain accurate records pertaining to each Contract
      and Receivable in the Receivable Files, to provide monthly a list of all
      Receivable Files held by it, together with a current exception report, and
      to
      provide such information as is necessary to enable the Servicer to deliver
      the
      reports and notifications required by Section 4.09
      of the
      Sale and Servicing Agreement. Custodian will promptly report to the Indenture
      Trustee any failure on its part to hold the Receivable Files as herein provided
      and promptly take appropriate action to remedy any such failure.

     

    (b)  Administration;
      Reports.
      In
      general, to attend to all non-discretionary details in connection with
      maintaining custody of the Receivable Files on behalf of the applicable
      Receivables Holder as may be expressly provided herein or as may be required
      or
      customary for a custodian. In addition, Custodian shall assist the Indenture
      Trustee and the Servicer (at Servicer's cost) generally in the preparation
      of
      reports to holders or to regulatory bodies to the extent necessitated by
      Custodian's custody of the Receivable Files.

     

    Section
      3.6.  Access
      to Records.
      Custodian shall permit the Indenture Trustee and its duly authorized agents,
      attorneys or auditors to inspect the Receivable Files and the books and records
      maintained by the Custodian pursuant hereto at such reasonable times as they
      may
      reasonably request, subject only to compliance with the terms of the Sale and
      Servicing Agreement.

     

    Section
      3.7.  Instructions;
      Authority to Act.
      The
      Custodian shall be deemed to have received proper instructions with respect
      to
      the Receivable Files upon its receipt of written instructions signed by a
      Responsible Officer of the Indenture Trustee (so long as it is the Receivables
      Holder) and may conclusively rely on such instructions. In addition, the
      Custodian may conclusively rely upon any release request delivered to it in
      the
      form attached as Exhibit B
      duly
      executed by an authorized representative of the Servicer as set forth on Annex
      1
      to Exhibit B and, if required by the terms thereof, by the Indenture
      Trustee.

     

    
      
        
        

      

      
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    ARTICLE
      IV

     

    OWNERSHIP
      AND TRANSFER OF RECEIVABLES

     

    Section
      4.1.  Transfer
      of Receivables.
      The
      delivery of Receivables in connection with any Transfer shall occur in the
      following manner:

     

    (i)  Upon
      receipt of a Transfer Certificate, Custodian shall deliver a Custodian
      Certification certifying that it is holding the Receivable Files delivered
      to it
      on behalf of the transferee referred to in such Transfer
      Certificate;

     

    (ii)  Custodian
      shall within 15 days of its receipt of the delivery of the Receivable
      Files:

     

    (a)  determine
      whether each Receivable File listed on the Schedule of Receivables has been
      delivered to Custodian, and whether Custodian is able to deliver a Custodian
      Certification certifying that it is in possession of each Receivable
      File;

     

    (b)  promptly
      advise the applicable Receivables Holder, the Indenture Trustee, the Originator,
      the Servicer, the Depositor and each of the Rating Agencies by telephone or
      by
      facsimile transmission if it determines that any Receivable File referred to
      in
      clause (a) above has not been so delivered and take no further action under
      this
Section 4.1
      until it
      determines that such Receivable File has been so delivered; and

     

    (c)  upon
      determining that such Receivable File has been so delivered, Custodian shall
      issue and deliver to applicable Receivables Holder a Custodian Certification
      certifying that it is in possession of each Receivable File.

     

    Section
      4.2.  Substitution
      and Purchase of Receivables.
      The
      purchase of Receivables pursuant to Section 6.02
      of the
      Purchase Agreement and Section 3.02,
      Section 3.05(b)
      or
Section 4.07
      of the
      Sale and Servicing Agreement shall occur in the following manner:

     

    (i)  On
      or
      before the date of such purchase, the Servicer shall send the Indenture Trustee
      notice, with a copy to Custodian, indicating the Receivables to be purchased
      and
      the aggregate purchase prices to be paid on such date.

     

    (ii)  Upon
      receiving written confirmation in the form annexed as Exhibit B
      from the
      Servicer that it has received the applicable Purchase Amount, or that payment
      in
      full will be escrowed in a manner customary for such purpose, Custodian shall
      return to the applicable party (as identified to Custodian by the Indenture
      Trustee (so long as it is the Receivables Holder)) Receivable Files related
      to
      the Receivables purchased on such date.

     

    
      
        
        

      

      
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    Section
      4.3.  No
      Service Charge for Transfer of Receivables.
      No
      service charge shall be made for any transfer of Receivables, but Custodian
      may
      require payment from the relevant transferor (other than the Indenture Trustee)
      of a sum sufficient to cover any tax or governmental charge that may be imposed
      in connection with any transfer of Receivables.

     

    Section
      4.4.  Defeasance.
      When a
      Receivable is purchased by the Servicer, the Depositor or the Originator
      pursuant to the terms of the Purchase Agreement and the Sale and Servicing
      Agreement, the applicable Receivables Holder's interest in such Receivable
      and
      all Collateral with respect to such Receivable shall terminate, such Receivable
      and related Collateral shall be conveyed to the Servicer, the Depositor or
      the
      Originator, as applicable, and the Receivables Holder's rights, title and
      interest therein shall cease, and the Indenture Trustee shall execute such
      instruments acknowledging termination and discharge of the lien of the Indenture
      as are required by applicable law.

     

      

     

    ARTICLE
      V

     

    CUSTODIAN

     

    Section
      5.1.  Representations,
      Warranties and Covenants of Custodian.
      Custodian hereby represents and warrants to, and covenants with, the Originator,
      the Depositor, the Servicer, the Issuing Entity and the Indenture Trustee,
      that
      as of the date of each Custodian Certification:

     

    (i)  Custodian
      is duly organized, validly existing and in good standing under the laws of
      the
      United States;

     

    (ii)  Custodian
      has the full power and authority to hold each Receivable as custodian on behalf
      of the applicable Receivables Holder, and to execute, deliver and perform,
      and
      to enter into and consummate all transactions contemplated by this Agreement,
      has duly authorized the execution, delivery and performance of this Agreement,
      has duly executed and delivered this Agreement, and this Agreement constitutes
      a
      legal, valid and binding obligation of Custodian, enforceable against it in
      accordance with its terms, except as enforcement of such terms may be limited
      by
      bankruptcy, insolvency or similar laws affecting the enforcement of creditors'
      rights generally and by the availability of equitable remedies;

     

    (iii)  Neither
      the execution and delivery of this Agreement, the delivery of Receivables to
      Custodian, the issuance of the Custodian Certifications, the consummation of
      the
      transactions contemplated hereby or thereby, nor the fulfillment of or
      compliance with the terms and conditions of this Agreement will conflict with
      or
      result in a breach of any of the terms, conditions or provisions of Custodian's
      charter or bylaws or any agreement or instrument to which Custodian is now
      a
      party or by which it is bound, or constitute a default or result in an
      acceleration under any of the foregoing, or result in the violation of any
      law,
      rule, regulation, order, judgment or decree to which Custodian or its property
      is subject;

     

    
      
        
        

      

      
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    (iv)  Custodian
      does not believe, nor does it have any reason or cause to believe, that it
      cannot perform each and every covenant contained in this Agreement;

     

    (v)  To
      Custodian's knowledge after due inquiry, there is no litigation pending or
      threatened, which if determined adversely to Custodian, would adversely affect
      the execution, delivery or enforceability of this Agreement, or any of the
      duties or obligations of Custodian hereunder, or which would have a material
      adverse effect on the financial condition of Custodian;

     

    (vi)  No
      consent, approval, authorization or order of any court or governmental agency
      or
      body is required for the execution, delivery and performance by Custodian of
      or
      compliance by Custodian with this Agreement or the consummation of the
      transactions contemplated hereby;

     

    (vii)  Upon
      written request of the applicable Receivables Holder, Custodian shall take
      such
      steps as requested by the applicable Receivables Holder to protect or maintain
      any interest in any Receivable; and

     

    (viii)  The
      Custodian has not been notified by any party other than the Originator, the
      Depositor, the Issuing Entity and the Indenture Trustee that any such third
      party claims an interest in the Receivables or the Receivable Files nor is
      any
      such party requesting the Custodian to act as a bailee or custodian with respect
      to the Receivables or the Receivable Files.

     

    Custodian
      makes no representations or warranties as to the validity, legality,
      sufficiency, enforceability, perfection, genuineness or prior recorded status
      of
      any of the documents contained in each Receivable File or the collectability,
      insurability, effectiveness or suitability of any Receivable.

     

    Section
      5.2.  Charges
      and Expenses.
      The
      Depositor will pay all fees of Custodian in connection with the performance
      of
      its duties hereunder in accordance with written agreements to be entered into
      from time to time between the Depositor and Custodian, including fees and
      expenses of counsel incurred by Custodian in the performance of its duties
      hereunder; provided, however, that (i) Custodian shall in no event acquire
      any lien upon any Receivable or Receivable File held under this Agreement or
      the
      Purchase Agreement or the Sale and Servicing Agreement, or any claim against
      any
      Receivables Holder by reason of the failure of the Depositor to pay any of
      such
      charges or expenses and (ii) in the event the Depositor fails to pay the
      fees and expenses of Custodian as set forth in such written agreements,
      Custodian shall have no obligation to take actions or incur costs in connection
      with this Agreement unless the Depositor or another Person has made adequate
      provision for payment of Custodian's fees and expenses. The Depositor shall
      indemnify Custodian against payment of any documentary stamp taxes, intangible
      taxes and other similar taxes, penalties and interest incurred in connection
      with the Receivables and the transactions contemplated hereby.

     

    
      
        
        

      

      
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    Section
      5.3.  No
      Adverse Interests.
      Custodian covenants and warrants to the Originator, the Depositor, the Servicer,
      the Issuing Entity and the Indenture Trustee, that as of the date of each
      Custodian Certification: (i) it holds no adverse interest, by way of
      security or otherwise, in any Receivable; and (ii) the execution of this
      Agreement and the creation of the custodial relationship hereunder does not
      create any interest, by way of security or otherwise, of Custodian in or to
      any
      Receivable or any Receivable File, other than Custodian's rights as custodian
      hereunder.

     

    Section
      5.4.  Inspections.
      Upon
      reasonable prior written notice to Custodian, the Servicer, the Depositor,
      the
      Indenture Trustee, the Issuing Entity and such Person's agents, accountants,
      attorneys and auditors will be permitted during normal business hours to examine
      Custodian's documents, records and other papers in possession of or under the
      control of Custodian relating to the Receivables.

     

    Section
      5.5.  Insurance.
      Custodian shall, at its own expense, maintain at all times during the existence
      of this Agreement and keep in full force and effect, (1) fidelity
      insurance, (2) theft of documents insurance, and (3) forgery insurance
      subject to deductibles, all as is customary for amounts and with insurance
      companies reasonably acceptable to the Servicer and the Indenture Trustee.
      A
      certificate of the respective insurer as to each such policy or a blanket policy
      for such coverage shall be furnished to the Servicer or the Indenture Trustee,
      upon request, containing the insurer's statement or endorsement that such
      insurance shall not terminate prior to receipt by such party, by registered
      mail, of 10 days advance notice thereof.

     

    Section
      5.6.  Limitation
      of Liability.
      Custodian assumes no obligation, and shall be subject to no liability, under
      this Agreement, except for its negligence or willful misconduct in the
      performance of the obligations and duties as are specifically set forth herein.
      Custodian shall not be liable for any action or non-action by it in reliance
      on
      advice of counsel believed by it in good faith to be competent to give such
      advice. Custodian may rely and shall be protected in acting upon any written
      notice, order, request, direction or other document believed by it to be genuine
      and to have been signed or presented by the proper party or parties. Except
      with
      respect to the willful misconduct of the Custodian, neither the Custodian nor
      its directors, officers and agents shall be held liable for any indirect or
      consequential damages resulting from any action taken or omitted to be taken
      by
      it or them under or in connection with this Agreement, even if advised of the
      possibility of such damages. The provisions of this Section 5.6 shall survive
      the termination of this Agreement.

     

    Section
      5.7.  Indemnification.
      Servicer agrees to indemnify Custodian against, and to hold it harmless from,
      any liabilities, and any related out-of-pocket expenses, which it may incur
      in
      connection with this Agreement, the Sale and Servicing Agreement, the Purchase
      Agreement or the Custodian Certifications, other than any liabilities and
      expenses arising out of Custodian's negligence or willful misconduct. The
      Custodian agrees to indemnify, defend and hold harmless the Indenture Trustee
      against any liability to Noteholders or Certificateholder arising out of the
      negligence or willful misconduct of the Custodian (a) in the preparation or
      execution of any Custodian Certification or (b) resulting in the loss of
      Receivable Files in the custody of the Custodian. This indemnity shall include
      indemnification as to reasonable attorneys' fees and costs, whether or not
      suit
      be brought, and including such fees and costs on appeal. The Indenture Trustee
      shall give prompt written notice to Custodian of any claim for which indemnity
      is or may be sought and shall afford to Custodian the opportunity to defend
      such
      claim.

     

    
      
        
        

      

      
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    Section
      5.8.  Further
      Rights of Custodian.
      

     

    (a)   If
      Custodian is at any time uncertain of its obligations hereunder, Custodian,
      upon
      prior written notice to the Indenture Trustee, the Issuing Entity, the
      Originator, the Depositor and the Servicer, may refrain from taking any action
      with respect to such matter until such uncertainty is removed. If conflicting
      demands are made on Custodian with respect to any matter, the Indenture
      Trustee's demand shall control, except during the period prior to the issuance
      of the Trustee's Custodian Certification pursuant to Section 3.1 hereof,
      when the applicable Receivables Holder's demand shall control and Custodian
      shall have the right to rely on such controlling demand. Custodian shall have
      the right in any such case to interplead any or all of the documents contained
      in the Receivable Files in a court of competent jurisdiction and, upon delivery
      thereof, shall have no further obligations thereunder with respect to such
      documents.

     

    (b)  The
      obligations of Custodian shall be determined solely by the express provisions
      of
      this Agreement. No representation, warranty, covenant or obligation of Custodian
      shall be implied with respect to this Agreement or Custodian's service
      hereunder. Without limiting the generality of the foregoing statement, except
      as
      specifically required herein, Custodian shall be under no obligation to inspect,
      review or examine the Receivable Files to determine that the contents thereof
      are complete, genuine, enforceable or appropriate for the represented purpose
      or
      that they have been actually recorded or filed in required offices or that
      they
      are other than what they purport to be on their face.

     

    (c)  No
      provision of this Agreement shall require Custodian to spend or risk its own
      funds or otherwise incur financial liability in performance of its duties under
      this Agreement unless, pursuant to Section 5.2 hereof, adequate provision
      has been made for the reimbursement of Custodian's expenses
      hereunder.

     

     

     

    ARTICLE
      VI

     

    MISCELLANEOUS
      PROVISIONS

     

    Section
      6.1.  Amendment.
      This
      Agreement may be amended from time to time by Custodian, the Originator, the
      Depositor, the Servicer, the Issuing Entity and the Indenture Trustee by written
      agreement signed by such parties and upon satisfaction of the Rating Agency
      Condition.

     

    Section
      6.2.  Governing
      Law.
      THIS
      AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF
      THE
      STATE OF NEW YORK, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS (OTHER
      THAN SECTION 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS OF LAW), AND THE
      OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED
      IN
      ACCORDANCE WITH SUCH LAWS.

     

    
      
        
        

      

      
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    Section
      6.3.  Notices.
      All
      demands, notices and communication hereunder shall be in writing and shall
      be
      deemed to have been duly given if personally delivered at or mailed by overnight
      mail, certified mail return receipt requested, postage prepaid, to (i) in
      the case of the Servicer and the Originator, Caterpillar Financial Services
      Corporation, 2120 West End Avenue, Nashville, Tennessee 37203-0001, (ii) in
      the case of the Depositor, Caterpillar Financial Funding Corporation, 4040
      S.
      Eastern Avenue, Suite 344, Las Vegas, Nevada 89119, (iii) in the case of
      the Issuing Entity, c/o Chase Bank USA, National Association, as Owner Trustee,
      c/o JPMorgan Chase, N.A., 500 Stanton Christiana Road, OPS4, 3rd Floor, Newark,
      Delaware 19713, with a copy to the Administrator, Caterpillar Financial Services
      Corporation, 2120 West End Avenue, Nashville, Tennessee 37203-0001, (iv) in
      the case of the Indenture Trustee, U.S. Bank National Association, 209 South
      LaSalle Street, Suite 300, Chicago, Illinois 60604, (v) in the case of the
      Custodian, U.S. Bank National Association, 209 South LaSalle Street, Suite
      300,
      Chicago, Illinois 60604, and (vi) in the case of the Rating Agencies, at their
      respective addresses set forth in the Sale and Servicing Agreement, and, in
      each
      such case, at such other addresses as may hereafter be furnished to each party
      hereto in writing.

     

    Section
      6.4.  Severability
      of Provisions.
      If any
      one or more of the covenants, agreements, provisions or terms of this Agreement
      shall be for any reason whatsoever held invalid, then such 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 covenants, agreements,
      provisions or terms of this Agreement.

     

    Section
      6.5.  No
      Partnership.
      Nothing
      herein contained shall be deemed or construed to create a co-partnership or
      joint venture between Custodian and the other parties hereto.

     

    Section
      6.6.  Termination
      of Agreement.
      This
      Agreement shall be terminated upon termination of the Sale and Servicing
      Agreement or at the option of Indenture Trustee on 30 days written notice to
      Custodian, the Servicer, the Depositor, the Issuing Entity and the Originator.
      Concurrently with, or as soon as practicable after, the termination of this
      Agreement, Custodian shall redeliver the Receivable Files to the Indenture
      Trustee at such place as the Indenture Trustee may reasonably designate and
      until such redelivery, Custodian shall hold such Receivable Files in its sole
      custody and control as custodian for and bailee of the Indenture Trustee. In
      connection with the administration of this Agreement, Custodian and the
      Indenture Trustee may agree from time to time upon the interpretation of the
      provisions of this Agreement, as such interpretation may in their opinion be
      consistent with the general tenor and purposes of this Agreement, any such
      interpretation to be signed and annexed hereto.

     

    Section
      6.7.  Counterparts.
      This
      Agreement may be executed simultaneously in any number of counterparts, each
      of
      which counterparts shall be deemed to be an original, and such counterparts
      shall constitute but one and the same instrument.

     

    
      
        
        

      

      
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    Section
      6.8.  Assignment.
      No
      party hereto shall sell, pledge, assign or otherwise transfer this Agreement
      without the prior written consent of the other parties hereto and satisfaction
      of the Rating Agency Condition.

     

    Section
      6.9.  Headings.
      Section
      headings are for reference purposes only and shall not be construed as a part
      of
      this Agreement.

     

    Section
      6.10.  Advice
      of Counsel.
      Custodian shall be entitled to rely and act upon advice of counsel with respect
      to its performance hereunder as Custodian and shall be without liability for
      any
      action reasonably taken pursuant to such advice, provided that such action
      is
      not in violation of application federal or state law. This paragraph shall
      not
      negate Custodian's obligations under Section 5.7.

     

    Section
      6.11.  No
      Petition.
      Custodian, by entering into this Agreement, hereby covenants and agrees that
      it
      will not at any time (whether or not this Agreement has been terminated)
      institute against the Depositor or the Issuing Entity, or join in any
      institution against the Depositor or the Issuing Entity of, any bankruptcy,
      reorganization, arrangement, insolvency or liquidation proceedings, or other
      proceedings under any United States federal or state bankruptcy or similar
      law.

     

    Section
      6.12.  Resignation
      of Custodian.
      

     

    (a)   Custodian
      may at any time resign and terminate its obligations under this Agreement upon
      at least 90 days' prior written notice to the Servicer and the Indenture
      Trustee. Custodian may be removed at any time at the written request of the
      Indenture Trustee. In the event of such resignation or removal, the Indenture
      Trustee shall appoint a successor custodian acceptable to the Servicer, which
      appointment must satisfy the Rating Agency Condition. If the Indenture Trustee
      fails to appoint a successor custodian within 30 days, the Servicer shall
      appoint a successor custodian. In no event shall the resignation of Custodian
      be
      effective until a successor custodian is duly appointed hereunder. One original
      counterpart of such instrument of appointment shall be delivered to each of
      the
      Servicer, Custodian and the successor custodian. The Servicer shall notify
      the
      Rating Agencies of any such resignation or removal and the appointment of a
      successor custodian.

     

    (b)  In
      the
      event of any resignation, Custodian shall promptly transfer to the successor
      custodian (or to the Indenture Trustee if no successor custodian has been
      appointed) all of the Receivables (including the Receivable Files) in its
      possession under this Agreement and take such other action as may be requested
      by the Indenture Trustee to effect the transfer of Custodian's Receivable Files
      to the successor custodian, which shall provide a written receipt for all such
      transferred documents and instruments. On completion of such transfer, Custodian
      shall be relieved of all further responsibilities and obligations
      hereunder.

     

    Section
      6.13.  Limitation
      of Liability of Indenture Trustee and Owner Trustee.
      

     

    (a)   Notwithstanding
      anything contained herein to the contrary, in no event shall U.S. Bank National
      Association in its individual capacity have any liability for the
      representations, warranties, covenants, agreements or other obligations of
      the
      Issuing Entity hereunder or in any of the certificates, notices or agreements
      delivered pursuant hereto, as to all of which recourse shall be had solely
      to
      the assets of the Issuing Entity.

     

    
      
        
        

      

      
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    (b)  Notwithstanding
      anything contained herein to the contrary, this instrument has been
      countersigned by Chase Bank USA, National Association, not in its individual
      capacity but solely as Owner Trustee, and in no event shall Chase Bank USA,
      National Association have any liability for the representations, warranties,
      covenants, agreements or other obligations of the Issuing Entity hereunder
      or in
      any of the certificates, notices or agreements delivered pursuant hereto, as
      to
      all of which recourse shall be had solely to the assets of the Issuing Entity.
      For all purposes of this Agreement, in the performance of any duties or
      obligations of the Issuing Entity hereunder, the Owner Trustee shall be subject
      to, and entitled to the benefits of, the terms and provisions of
      Article VI, VII and VIII of the Trust Agreement.

     

      

     

    ARTICLE
      VII

     

    REGULATION
      AB COMPLIANCE

     

    Section
      7.1.  Additional
      Representations and Warranties of Custodian.
      

     

    (a)  
      Custodian shall be deemed to represent and warrant as of the date hereof and
      on
      each date on which information is provided under Section 7.2 that, except
      as disclosed in writing to the Servicer prior to such date: (i) there are no
      aspects of its financial condition that could have a material adverse effect
      on
      the performance by it of its Custodian obligations under this Agreement; (ii)
      there are no legal or governmental proceedings pending (or known to be
      contemplated) against it that would be material to holders of the Notes; and
      (iii) there are no affiliations, relationships or transactions relating to
      Custodian with respect to any Transaction Party (other than the Indenture
      Trustee if Custodian is also the Indenture Trustee) required to be disclosed
      under Item 1119 of Regulation AB. The Servicer shall notify Custodian of any
      change in the identity of a Transaction Party known to it after the Closing
      Date. 

     

    (b)  
      If so
      requested by the Servicer or the Depositor on any date following the Closing
      Date, Custodian shall, within five Business Days following such request, confirm
      in writing the accuracy of the representations and warranties set forth in
      paragraph (b) of this Section or, if any such representation and warranty is
      not
      accurate as of the date of such confirmation, provide reasonably adequate
      disclosure of the pertinent facts, in writing, to the requesting party. Any
      such
      request from the Servicer or the Depositor shall not be made more than once
      each
      calendar quarter, unless such party shall have a reasonable basis for a
      determination that any of the representations and warranties may not be
      accurate.

     

    
      
        
        

      

      
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    Section
      7.2.  Additional
      Representations and Warranties of Custodian
      . For
      the purpose of satisfying the Depositor's reporting obligation under the
      Exchange Act with respect to any class of Notes, Custodian shall (a) notify
      the
      Servicer in writing of any material litigation or governmental proceedings
      pending or known to be contemplated against Custodian that would be material
      to
      Noteholders, and (b) provide to the Servicer a written description of such
      proceedings. As of the date the Servicer files each Report on Form 10-D or
      Form
      10-K with respect to the Notes, Custodian will be deemed to represent that
      any
      information previously provided under this Article VII is materially correct
      and
      does not have any material omissions unless Custodian has provided an update
      to
      such information. The Servicer, the Issuing Entity and the Depositor will allow
      Custodian to review any disclosure relating to material litigation against
      Custodian prior to filing such disclosure with the Commission to the extent
      the
      Servicer, the Issuing Entity or the Depositor changes the information provided
      by Custodian.

     

    Section
      7.3.  Report
      on Assessment of Compliance and Attestation 

     

    On
      or
      before March 15 of each calendar year in which a Form 10-K is required to be
      filed in connection with the Notes, Custodian shall:

    

    (a)  
      deliver
      to the Servicer a report (in form and substance reasonably satisfactory to
      the
      Servicer) regarding Custodian's assessment of compliance with the applicable
      Servicing Criteria during the immediately preceding calendar year, as required
      under Rules 13a-18 and 15d-18 of the Exchange Act and Item 1122 of Regulation
      AB. Such report shall (i) be addressed to the Servicer, the Issuing Entity
      and
      the Depositor, (ii) signed by an authorized officer of Custodian and (iii)
      address each of the Servicing Criteria specified on Exhibit D; and

     

    (b)  
      deliver
      to the Servicer a report of a nationally recognized registered public accounting
      firm that satisfies the requirements of Rule 2-01 of Regulation S-X under the
      Securities Act and the Exchange Act that attests to, and reports on, the
      assessment of compliance made by Custodian and delivered pursuant to the
      preceding paragraph. Such attestation shall be in accordance with Rules
      1-02(a)(3) and 2-02(g) of Regulation S-X under the Securities Act and the
      Exchange Act.

     

    Section
      7.4.  Indemnification
      By Custodian.
      Custodian shall indemnify the Originator, the Servicer, the Depositor, the
      Issuing Entity and each affiliate of such parties and each Person who controls
      any of such parties (within the meaning of Section 15 of the Securities Act
      and
      Section 20 of the Exchange Act), and the respective present and former
      directors, officers, employees and agents of each of the foregoing, and shall
      hold each of them harmless from and against any losses, damages, penalties,
      fines, forfeitures, legal fees and expenses and related costs, judgments, and
      any other costs, fees and expenses that any of them may sustain arising out
      of
      or based upon:

     

    (a)  
      (i) any
      untrue statement of a material fact contained or alleged to be contained in
      any
      information, report, certification, accountants' attestation or other material
      provided under this Article VII by or on behalf of Custodian (collectively,
      the
      "Custodian Information"), or (ii) the omission or alleged omission to state
      in
      the Custodian Information a material fact required to be stated in the Custodian
      Information or necessary in order to make the statements therein, in the light
      of the circumstances under which they were made, not misleading; provided,
      by
      way of clarification, that clause (ii) of this paragraph shall be construed
      solely by reference to the Custodian Information and not to any other
      information communicated in connection with a sale or purchase of securities,
      without regard to whether the Custodian Information or any portion thereof
      is
      presented together with or separately from such other information;
      or

     

    
      
        
        

      

      
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    (b)  
      any
      failure by Custodian to deliver any information, report, certification, or
      other
      material when and as required under this Article VII, other than a failure
      by
      Custodian to deliver the accountants’ attestation.

     

    (c)  
      In the
      case of any failure of performance described in clause (b) of this Section,
      other than a failure to deliver an accountants' attestation, Custodian shall
      promptly reimburse the Servicer, the Issuing Entity, and the Depositor, as
      applicable, and each Person responsible for the preparation, execution or filing
      of any report required to be filed with the Commission with respect to the
      Notes, or for execution of a certification pursuant to Rule 13a-14(d) or Rule
      15d-14(d) under the Exchange Act with respect to the Notes, for all costs
      reasonably incurred by each such party in order to obtain the information,
      report, certification or other material not delivered as required by
      Custodian.

     

    Section
      7.5.   Indemnification
      of Custodian.
      The
      Issuing Entity, the Originator, the Servicer and the Depositor shall indemnify
      Custodian, each affiliate of Custodian and the respective present and former
      directors, officers, employees and agents of Custodian, and shall hold each
      of
      them harmless from and against any losses, damages, penalties, fines,
      forfeitures, legal fees and expenses and related costs, judgments, and any
      other
      costs, fees and expenses that any of them may sustain arising out of or based
      upon (i) any untrue statement of a material fact contained or alleged to be
      contained in any information provided under this Agreement by or on behalf
      of
      the Issuing Entity or the Depositor for inclusion in any report filed with
      the
      Commission under the Exchange Act (collectively, the “Depositor Information”),
      or (ii) the omission or alleged omission to state in the Depositor Information
      a
      material fact required to be stated in the Depositor Information or necessary
      in
      order to make the statements therein, in the light of the circumstances under
      which they were made, not misleading; provided, that clause (ii) of this
      paragraph shall be construed solely by reference to the Depositor Information
      and not to any other information communicated in connection with the sale or
      purchase of securities, without regard to whether the Depositor Information
      or
      any portion thereof is presented together with or separately form such other
      information; provided, however, that the Issuing Entity may provide
      indemnification hereunder only after payments required under
      Sections 5.04(b)(i) through 5.04(b)(ix) of the Sale and Servicing Agreement
      have been paid.

     

    [Signature
      Pages Follow]

     

    

    
      
        
           

        

        
        

      

      
        15

        
          

        

      

      
        
        

        
          

        

      

    

    IN
      WITNESS WHEREOF, the parties hereto have caused their names to be signed hereto
      by their respective officers thereunto duly authorized, all as of the date
      first
      above written.

     

    ORIGINATOR

    

    CATERPILLAR
      FINANCIAL SERVICES 

    CORPORATION

    

    

    

    By:  /s/
      James A. Duensing 

    Name: James
      A.
      Duensing

                                                                                                           
      Title: Treasurer

     

    SERVICER

    

    CATERPILLAR
      FINANCIAL SERVICES 

    CORPORATION,
      as Servicer

    

    

    

    By:  /s/
      James A. Duensing 

    Name: James
      A.
      Duensing

                                                                                                           
      Title: Treasurer

     

    DEPOSITOR

    

    CATERPILLAR
      FINANCIAL FUNDING 

    CORPORATION,
      as Depositor

    

    

    

    By:  /s/
      James A. Duensing 

    Name: James
      A.
      Duensing

                                                                                                           
      Title: Treasurer

     

    
      
        Custodial
          Agreement

         

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ISSUING
      ENTITY

    

    CATERPILLAR
      FINANCIAL ASSET TRUST 2006-A

    

    
      	 	
              By:

            	
              CHASE
                BANK USA, NATIONAL ASSOCIATION, not in its individual capacity but
                solely
                as Owner Trustee under the Trust
                Agreement

            

    

    

    

    

    By:  /s/
      Diane P. Ledger 

    Name: Diane
      P.
      Ledger

                                                                                                           
      Title: Assistant
      Vice President

     

    INDENTURE
      TRUSTEE

    

    U.S.
      BANK
      NATIONAL ASSOCIATION, 

    as
      Indenture Trustee

    

    

    

    By:
      /s/
      Melissa A. Rosal

    Name: Melissa
      A. Rosal

                                                                                                           
      Title: Vice
      President

     

    CUSTODIAN

    

    U.S.
      BANK
      NATIONAL ASSOCIATION, 

    as
      Custodian

    

    

    

    By: /s/
      Melissa A. Rosal 

    Name: Melissa
      A. Rosal

                                                                                                           
      Title: Vice
      President

     

    

     

    

    
      
        
          Custodial
            Agreement

           

        

        
        

      

      
        
        

        
          

        

      

      
        
        

        
          

        

      

    

    EXHIBIT
      A  

     

    CUSTODIAN
      CERTIFICATION

     

    Certification
      No._____

     

    [DATE]

     

    
      	
              To:

            	
              [DEPOSITOR]

              [ISSUING
                ENTITY]

              
                [INDENTURE
                  TRUSTEE]

              

            

    

     

    
      	 	
              Re:

            	
              Custodial
                Agreement, dated as of June 1, 2006 (the "Custodial
                Agreement"),
                by and among Caterpillar Financial Services Corporation (the
                "Originator"), Caterpillar Financial Services Corporation, as Servicer
                (the "Servicer"), Caterpillar Financial Funding Corporation (the
                "Depositor"), Caterpillar Financial Asset Trust 2006-A (the "Issuing
                Entity"), U.S. Bank National Association, as Indenture Trustee (the
                "Indenture Trustee") and U.S. Bank National Association, as Custodian
                (the
                "Custodian")

            

    

     

    Gentlemen:

     

    [In
      accordance with the provisions of Section 4.1
      of the
      above-referenced Custodial Agreement, Custodian hereby certifies (i) that it
      has
      received the Receivable Files delivered to it by the Originator, and (ii) that
      as to each Receivable, Custodian holds such Receivable and the other documents
      in the related Receivable File in its name as custodian solely on behalf of
      and
      for the benefit of [the Depositor] [the Issuing Entity] [the Indenture Trustee],
      without written notice (a) of any adverse claims, liens or encumbrances, (b)
      that any Receivable was overdue or has been dishonored, (c) of evidence on
      the
      face of any Receivable or other document in the Receivable File of any security
      interest therein, or (d) of any defense against or claim to the Receivable
      by
      any other party.] [In accordance with the provisions of Section 4.1
      of the
      above-referenced Custodial Agreement, Custodian hereby certifies that it has
      received all of the Receivable Files identified on the Receivable Schedule
      (the
      "Receivable Schedule") attached hereto dated as of [June 1, 2006]. The
      undersigned, as Custodian, confirms that the Receivable number in each
      Receivable File conforms to the respective Receivable number listed on the
      Receivable Schedule.] Capitalized terms used herein without definition shall
      have the meanings ascribed to them in the Custodial Agreement.

     

    Custodian
      makes no representations or warranties as to the validity, legality,
      sufficiency, enforceability, genuineness or prior recorded status of any of
      the
      documents contained in each Receivable File or the collectability, insurability,
      effectiveness or suitability of any Receivable.

     

    
      
        
        

      

      
        A-1

        
          

        

      

      
        
        

      

    

    [Upon
      repurchase of the Receivables to which this Custodian Certification relates
      and
      payment of the applicable repurchase price, the Receivables to which this
      Custodian Certification relates shall be returned and released by Custodian
      to
      the Person paying such repurchase price, and this Custodian Certification shall
      be and be deemed to be canceled by Custodian and of no force and
      effect.]

     

    __________________________________________

    as
      Custodian

    

    

    

    By_______________________________________

         Name:

         Title:

     

    

    
      
        
           

        

        
        

      

      
        A-2

        
          

        

      

      
        
        

        
          

        

      

    

    EXHIBIT
      B  

     

    REQUEST
      FOR RELEASE OF DOCUMENTS

     

    [DATE]

     

    
      	
              To:

            	
              [Custodian]

            

    

     

    
      	 	
              Re:

            	
              Custodial
                Agreement, dated as of June 1, 2006, by and among Caterpillar Financial
                Services Corporation (the "Originator"), Caterpillar Financial Services
                Corporation, as Servicer (the "Servicer"), Caterpillar Financial
                Funding
                Corporation (the "Depositor"), Caterpillar Financial Asset Trust
                2006-A
                (the "Issuing Entity"), U.S. Bank National Association, as Indenture
                Trustee (the "Indenture Trustee") and U.S. Bank National Association,
                as
                Custodian ("Custodian")

            

    

     

    In
      connection with the administration of the Receivables held by you as Custodian
      under the above-referenced Custodial Agreement, [_________], on behalf of
      [________], requests the release, and acknowledges receipt, of the following
      for
      the Receivable described below, for the reason indicated:

     

    A. Documents
      Released

     

    _____
      1a. Installment
      Sale Contract or Lease b. Principal
      Balance ______

     

    _____
      2. Other
      documents:_______________________________

                                                    
      _______________________________

                                                    
      _______________________________

                                                    
      _______________________________

     

    B. Obligor's
      Name, Address & Zip Code:

     

    C. Receivable
      Number:

     

    D. Reason
      for Requesting Documents
      (check
      one)

     

    _____
      1. Receivable
      Paid in Full or Payment to be Escrowed in Connection with Payment in
      Full.

     

    _____
      2. Receivable
      Repurchased Pursuant to the Purchase Agreement or the Sale and Servicing
      Agreement.

     

    _____
      3. Receivable
      Liquidated.

     

    _____
      4. Receivable
      in Foreclosure or Repossession Proceedings.

     

    _____
      5. Receivable
      to be modified or extended.

     

    If
      box 1,
      2 or 3 above is checked, and if all or part of Receivable File was previously
      released to us, please release to us our previous receipt on file with you,
      as
      well as any additional documents in your possession relating to the above
      specified Receivable.

     

    
      
        
        

      

      
        B-1

        
          

        

      

      
        
        

      

    

    If
      box 4
      or 5 above is checked, upon our return of all of the above documents to you
      as
      Custodian, please acknowledge your receipt by signing in the space indicated
      below, and returning this form.

     

    If
      box 5
      above is checked, after giving effect to such release, the aggregate Principal
      Balance of all Receivables released in connection with modifications and
      extensions shall not exceed $[__________]. In addition, upon return of the
      Receivable File, we are deemed to certify that the Receivable File as returned
      contains the related Receivable as so modified and extended.

     

    If
      box 1,
      2 or 3 above is checked, this request is only valid if also executed by the
      Depositor and the Indenture Trustee.

     

    Documents
      released hereby in connection with a modification or extension must be returned
      to the Custodian on the same Business Day of release.

     

    CATERPILLAR
      FINANCIAL SERVICES 

    CORPORATION,
      as Servicer

    

    

    By ___________________________________

         
Name:

                                                                                                                  Title:

                                                                                                                 
      Date:

     

    [_______________________________________]

    

    

    By
      ____________________________________

          
Name:

           Title:

           Date:

    Documents
      returned to Custodian:

    

    ____________________________

    as
      Custodian

    

    By_______________________________

    Name:

    Title:

    Date:

    
      
        
        

      

      
        B-2

        
          

        

      

      
        
        

      

    

    ANNEX
      1

     

    Authorized
      Representatives of Servicer

     

    

    
      
        
           

        

        
        

      

      
        B-3

        
          

        

      

      
        
        

        
          

        

      

    

    EXHIBIT
      C  

     

    TRANSFER
      CERTIFICATE

     

    
      	
              U.S.
                Bank National Association,

              as
                Custodian under the

              Custodial
                Agreement (defined below)

              209
                South LaSalle Street, Suite 300,

              Chicago,
                Illinois 60604

            	
              [DATE]

               

            

    

    
      	 	
              Re:

            	
              Custodial
                Agreement, dated as of June 1, 2006 (the "Custodial Agreement"),
                by and
                among Caterpillar Financial Services Corporation (the "Originator"),
                Caterpillar Financial Services Corporation, as Servicer (the "Servicer"),
                Caterpillar Financial Funding Corporation (the "Depositor"), Caterpillar
                Financial Asset Trust 2006-A (the "Issuing Entity"), U.S. Bank National
                Association, as Indenture Trustee (the "Indenture Trustee") and U.S.
                Bank
                National Association, as Custodian
                ("Custodian")

            

    

    

    To
      whom
      it may concern:

     

    Pursuant
      to Sections 3.1 and  4.1 of the above-referenced Custodial Agreement
      (capitalized terms used herein but not otherwise defined shall have the same
      meanings assigned to such terms in the Custodial Agreement), we hereby advise
      you of the Transfer by the undersigned to [the Depositor][the Issuing
      Entity][the Indenture Trustee] of the Receivables identified on the Receivable
      Schedule[s] attached [hereto] [to the [Depositor's Custodian Certification]
      [Issuing Entity's Custodian Certification] with respect to the undersigned
      which
      we are delivering to you for cancellation]. You are instructed to hold such
      Receivables and the related Receivable Files on behalf of and for the benefit
      of
      [the Depositor] [the Issuing Entity] [the Indenture Trustee] and to deliver
      to
      [the Depositor][the Issuing Entity][the Indenture Trustee] a [Depositor's]
      [Issuing Entity's] [Trustee's] Custodian Certification acknowledging that you
      hold such Receivables and the related Receivable Files on behalf of and for
      the
      benefit of such recipient.

     

    Very
      truly yours,

    

    By
      ________________________________________

          
Name:

          
Title:

     

    The
      Custodian hereby acknowledges receipt of the foregoing instructions and agrees
      to hold such Receivables and the related Receivable Files solely on behalf
      of
      and for the benefit of [the Depositor] [the Issuing Entity] [the Indenture
      Trustee] pursuant to the Custodial Agreement.

     

    U.S.
      BANK
      NATIONAL ASSOCIATION

    

    By:
      ________________________________

    Name:

    Title:

    

    

    
      
        
           

        

        
        

      

      
        C-1

        
          

        

      

      
        
        

        
          

        

      

    

    EXHIBIT
      D

     

    APPLICABLE
      SERVICING CRITERIA

     

    The
      assessment of compliance to be delivered by the Custodian shall address, at
      a
      minimum, the criteria identified as below as "Applicable Servicing
      Criteria":

    

    
      	
              Servicing
                Criteria 

            	
              Applicable
                Servicing Criteria

            
	
              Reference

            	
              Criteria

            	
               

            
	
               

            	
              General
                Servicing Considerations

            	
               

            
	
              1122(d)(1)(i)

            	
              Policies
                and procedures are instituted to monitor any performance or other
                triggers
                and events of default in accordance with the transaction
                agreements.

            	 
	
              1122(d)(1)(ii)

            	
              If
                any material servicing activities are outsourced to third parties,
                policies and procedures are instituted to monitor the third party's
                performance and compliance with such servicing activities.

            	 
	
              1122(d)(1)(iii)

            	
              Any
                requirements in the transaction agreements to maintain a back-up
                servicer
                for the pool assets are maintained.

            	 
	
              1122(d)(1)(iv)

            	
              A
                fidelity bond and errors and omissions policy is in effect on the
                party
                participating in the servicing function throughout the reporting
                period in
                the amount of coverage required by and otherwise in accordance with
                the
                terms of the transaction agreements.

            	 
	
               

            	
              Cash
                Collection and Administration

            	 
	
              1122(d)(2)(i)

            	
              Payments
                on pool assets are deposited into the appropriate custodial bank
                accounts
                and related bank clearing accounts no more than two business days
                following receipt, or such other number of days specified in the
                transaction agreements.

            	 
	
              1122(d)(2)(ii)

            	
              Disbursements
                made via wire transfer on behalf of an obligor or to an investor
                are made
                only by authorized personnel.

            	 
	
              1122(d)(2)(iii)

            	
              Advances
                of funds or guarantees regarding collections, cash flows or distributions,
                and any interest or other fees charged for such advances, are made,
                reviewed and approved as specified in the transaction
                agreements.

            	 
	
              1122(d)(2)(iv)

            	
              The
                related accounts for the transaction, such as cash reserve accounts
                or
                accounts established as a form of overcollateralization, are separately
                maintained (e.g., with respect to commingling of cash) as set forth
                in the
                transaction agreements.

            	 
	
              1122(d)(2)(v)

            	
              Each
                custodial account is maintained at a federally insured depository
                institution as set forth in the transaction agreements. For purposes
                of
                this criterion, "federally insured depository institution" with respect
                to
                a foreign financial institution means a foreign financial institution
                that
                meets the requirements of Rule 13k-1(b)(1) of the Securities Exchange
                Act.

            	 
	
              1122(d)(2)(vi)

            	
              Unissued
                checks are safeguarded so as to prevent unauthorized
                access.

            	 
	
              1122(d)(2)(vii)

            	
              Reconciliations
                are prepared on a monthly basis for all asset-backed securities related
                bank accounts, including custodial accounts and related bank clearing
                accounts. These reconciliations are (A) mathematically accurate;
                (B)
                prepared within 30 calendar days after the bank statement cutoff
                date, or
                such other number of days specified in the transaction agreements;
                (C)
                reviewed and approved by someone other than the person who prepared
                the
                reconciliation; and (D) contain explanations for reconciling items.
                These
                reconciling items are resolved within 90 calendar days of their original
                identification, or such other number of days specified in the transaction
                agreements.

            	 
	
               

            	
              Investor
                Remittances and Reporting

            	 
	
              1122(d)(3)(i)

            	
              Reports
                to investors, including those to be filed with the Commission, are
                maintained in accordance with the transaction agreements and applicable
                Commission requirements. Specifically, such reports (A) are prepared
                in
                accordance with timeframes and other terms set forth in the transaction
                agreements; (B) provide information calculated in accordance with
                the
                terms specified in the transaction agreements; (C) are filed with
                the
                Commission as required by its rules and regulations; and (D) agree
                with
                investors' or the trustee's records as to the total unpaid principal
                balance and number of pool assets serviced by the
                Servicer.

            	 
	
              1122(d)(3)(ii)

            	
              Amounts
                due to investors are allocated and remitted in accordance with timeframes,
                distribution priority and other terms set forth in the transaction
                agreements.

            	 
	
              1122(d)(3)(iii)

            	
              Disbursements
                made to an investor are posted within two business days to the Servicer's
                investor records, or such other number of days specified in the
                transaction agreements.

            	 
	
              1122(d)(3)(iv)

            	
              Amounts
                remitted to investors per the investor reports agree with cancelled
                checks, or other form of payment, or custodial bank
                statements.

            	 
	
               

            	
              Pool
                Asset Administration

            	 
	
              1122(d)(4)(i)

            	
              Collateral
                or security on pool assets is maintained as required by the transaction
                agreements or related asset pool documents.

            	
              ü

            
	
              1122(d)(4)(ii)

            	
              Pool
                asset and related documents are safeguarded as required by the transaction
                agreements

            	
              ü

            
	
              1122(d)(4)(iii)

            	
              Any
                additions, removals or substitutions to the asset pool are made,
                reviewed
                and approved in accordance with any conditions or requirements in
                the
                transaction agreements.

            	 
	
              1122(d)(4)(iv)

            	
              Payments
                on pool assets, including any payoffs, made in accordance with the
                related
                pool asset documents are posted to the Servicer's obligor records
                maintained no more than two business days after receipt, or such
                other
                number of days specified in the transaction agreements, and allocated
                to
                principal, interest or other items (e.g., escrow) in accordance with
                the
                related asset pool documents.

            	 
	
              1122(d)(4)(v)

            	
              The
                Servicer's records regarding the pool assets agree with the Servicer's
                records with respect to an obligor's unpaid principal
                balance.

            	 
	
              1122(d)(4)(vi)

            	
              Changes
                with respect to the terms or status of an obligor's pool asset (e.g.,
                loan
                modifications or re-agings) are made, reviewed and approved by authorized
                personnel in accordance with the transaction agreements and related
                pool
                asset documents.

            	 
	
              1122(d)(4)(vii)

            	
              Loss
                mitigation or recovery actions (e.g., forbearance plans, modifications
                and
                deeds in lieu of foreclosure, foreclosures and repossessions, as
                applicable) are initiated, conducted and concluded in accordance
                with the
                timeframes or other requirements established by the transaction
                agreements.

            	 
	
              1122(d)(4)(viii)

            	
              Records
                documenting collection efforts are maintained during the period a
                pool
                asset is delinquent in accordance with the transaction agreements.
                Such
                records are maintained on at least a monthly basis, or such other
                period
                specified in the transaction agreements, and describe the entity's
                activities in monitoring delinquent pool assets including, for example,
                phone calls, letters and payment rescheduling plans in cases where
                delinquency is deemed temporary (e.g., illness or
                unemployment).

            	 
	
              1122(d)(4)(ix)

            	
              Adjustments
                to interest rates or rates of return for pool assets with variable
                rates
                are computed based on the related pool asset documents.

            	 
	
              1122(d)(4)(x)

            	
              Regarding
                any funds held in trust for an obligor (such as escrow accounts):
                (A) such
                funds are analyzed, in accordance with the obligor's pool asset documents,
                on at least an annual basis, or such other period specified in the
                transaction agreements; (B) interest on such funds is paid, or credited,
                to obligors in accordance with applicable pool asset documents and
                state
                laws; and (C) such funds are returned to the obligor within 30 calendar
                days of full repayment of the related pool assets, or such other
                number of
                days specified in the transaction agreements.

            	 
	
              1122(d)(4)(xi)

            	
              Payments
                made on behalf of an obligor (such as tax or insurance payments)
                are made
                on or before the related penalty or expiration dates, as indicated
                on the
                appropriate bills or notices for such payments, provided that such
                support
                has been received by the servicer at least 30 calendar days prior
                to these
                dates, or such other number of days specified in the transaction
                agreements.

            	 
	
              1122(d)(4)(xii)

            	
              Any
                late payment penalties in connection with any payment to be made
                on behalf
                of an obligor are paid from the servicer's funds and not charged
                to the
                obligor, unless the late payment was due to the obligor's error or
                omission.

            	 
	
              1122(d)(4)(xiii)

            	
              Disbursements
                made on behalf of an obligor are posted within two business days
                to the
                obligor's records maintained by the servicer, or such other number
                of days
                specified in the transaction agreements.

            	 
	
              1122(d)(4)(xiv)

            	
              Delinquencies,
                charge-offs and uncollectible accounts are recognized and recorded
                in
                accordance with the transaction agreements.

            	 
	
              1122(d)(4)(xv)

            	
              Any
                external enhancement or other support, identified in Item 1114(a)(1)
                through (3) or Item 1115 of Regulation AB, is maintained as set forth
                in
                the transaction agreements.

            	 

    

    

    

    
      
        
        

      

      
        D-1EX-10.1

 

Exhibit 10.1

THE GOLDMAN SACHS AMENDED AND RESTATED

STOCK INCENTIVE PLAN
DISCOUNT STOCK PROGRAM AWARD

This Award Agreement sets forth the terms and conditions of the award of RSUs under the
Discount Stock Program (“DSP RSUs”) granted to you under The Goldman Sachs Amended and Restated
Stock Incentive Plan (the “Plan”).

1. The Plan. This Award is made pursuant to the Plan, the terms of which are
incorporated in this Award Agreement. Capitalized terms used in this Award Agreement that are not
defined in this Award Agreement have the meanings as used or defined in the Plan. References in
this Award Agreement to any specific Plan provision shall not be construed as limiting the
applicability of any other Plan provision.

2. Award.

(a) Form of Award. The number of DSP RSUs subject to this Award is set forth in the
Award Statement delivered to you. The Award Statement shall designate your DSP RSUs as either
“Base RSUs” or “Discount RSUs.” An RSU is an unfunded and unsecured promise to deliver (or cause
to be delivered) to you, subject to the terms and conditions of this Award Agreement, a share of
Common Stock (a “Share”) on the Delivery Date or as otherwise provided herein. Until such
delivery, you have only the rights of a general unsecured creditor, and no rights as a shareholder
of GS Inc.

(b) Certain Conditions Precedent. Your DSP RSU award is expressly conditioned on:
(i) your being a participant in the Goldman Sachs Partner Compensation Plan or the Goldman
Sachs Restricted Partner Compensation Plan on the Date of Grant and your executing any agreement
required in connection with such participation; and (ii) your executing the related
signature card and returning it to the address designated on the signature card and/or by the
method designated on the signature card by the date specified. unless otherwise determined by the
Committee, your failure to meet these conditions will result in the cancellation of your DSP Award.
Your DSP Award is subject to all terms, conditions and provisions of the Plan and this Award
Agreement, including, without limitation, the arbitration and choice of forum provisions set forth
in Paragraph 13. By executing the related signature card you will have confirmed your
acceptance of all of the terms and conditions of this Award Agreement.

(c) Status under Shareholders’ Agreement. The Shares delivered with respect to this
Award will be subject to the Goldman Sachs Shareholders’ Agreement to which you are a party, as
amended from time to time (the “Shareholders’ Agreement”), except those Shares will not be
considered “Covered Shares” as defined in that Agreement. Shares underlying your Base RSUs will
not count toward satisfying your transfer restriction requirements under Section 2.1 of the
Shareholders’ Agreement until the Transfer Restrictions described in Paragraph 3(b)(i)(B) are
removed.

3. Vesting, Delivery and Transfer Restrictions.

(a) Vesting.

(i) Base RSUs. Except as provided in Paragraph 2(b), you shall be fully Vested in all
of your Outstanding Base RSUs on the Date of Grant, and, subject to Paragraph 10, neither such Base
RSUs, nor the Shares underlying them, shall be forfeitable for any reason.

 

 

(ii) Discount RSUs. Except as provided in this Paragraph 3 and in Paragraphs 4, 7, 8,
10, 11 and 16, on each Vesting Date you shall become Vested in the number or percentage of your
Outstanding Discount RSUs specified next to such Vesting Date on the Award Statement (which may be
rounded to avoid fractional Shares). While continued active Employment is not required in order to
receive delivery of the Shares underlying your Discount RSUs that are or become Vested, all other
terms and conditions of this Award Agreement shall continue to apply, and failure to meet such
terms and conditions may result in the termination of some or all of your Discount RSUs (as a
result of which no Shares underlying such Discount RSUs would be delivered).

(b) Delivery and Transfer Restrictions.

(i) Base RSUs.

(A) Delivery Date. The Delivery Date with respect to your Base RSUs shall be the date
specified as such on your Award Statement, if that date is during a Window Period or, if that date
is not during a Window Period, the first Trading Day of the first Window Period beginning after
such date. For purposes of this Agreement, a “Trading Day” is a day on which Shares trade regular
way on the New York Stock Exchange. Except as provided in this Paragraph 3 and Paragraphs 2, 8,
10, 11 and 16, in accordance with Section 3.23 of the Plan, reasonably promptly (but in no case
more than thirty (30) Business Days) after the date specified as the Delivery Date, Shares
underlying your Base RSUs (“Base Shares”) shall be delivered to a brokerage or custody account
approved by the Firm.

(B) Transfer Restrictions on Base Shares. Except as provided in Paragraphs 3(c),
4(a), 8, or 10, until the date specified on your Award Statement as the “Transferability Date:”
(I) your Base Shares shall not be permitted to be sold, exchanged, transferred, assigned, pledged,
hypothecated, fractionalized, hedged or otherwise disposed of (including through the use of any
cash-settled instrument), whether voluntarily or involuntarily by you (collectively referred to as
the “Transfer Restrictions”) and any purported sale, exchange, transfer, assignment, pledge,
hypothecation, fractionalization, hedge or other disposition in violation of the Transfer
Restrictions shall be void; and (II) if and to the extent your Base Shares are certificated, the
certificates representing your Base Shares are subject to the restrictions in this Paragraph
3(b)(i)(B) and GS Inc. shall advise its transfer agent to place a stop order against your Base
Shares. Within 30 Business Days after the Transferability Date (or any other date described herein
the Transfer Restrictions are removed), GS Inc. shall take, or shall cause to be taken, such steps
as may be necessary to remove the Transfer Restrictions.

(C) Escrow. Pending receipt of any consents deemed necessary or appropriate by the
Firm, Shares in respect of your DSP Award initially may be delivered into an escrow account meeting
such terms and conditions as determined by the Firm. Any such escrow arrangement shall, unless
otherwise determined by the Firm, provide that (i) the escrow agent shall have the exclusive
authority to vote such Shares while held in escrow and (ii) dividends paid on such Shares held in
escrow may be accumulated and shall be paid as determined by GS Inc. in its discretion. By
accepting your DSP Award, you have agreed to execute such documents and take such steps as may be
deemed necessary or appropriate by the Firm to establish and maintain any such escrow account.

(ii) Discount RSUs. The Delivery Date with respect to your Outstanding Vested
Discount RSUs shall be the date specified as such on your Award Statement, if that date is during a
Window Period or, if that date is not during a Window Period, the first Trading Day of the first
Window Period beginning after such date. Except as provided in this Paragraph 3 and in Paragraphs
2, 4(b), 5, 6, 7, 8, 10, 11 and 16, in accordance with Section 3.23 of the Plan, reasonably
promptly (but in no case more than thirty (30) Business Days) after any date specified as the
Delivery Date (or any other date delivery of Shares is called for hereunder), Shares underlying the
number or percentage of your then Outstanding Discount RSUs with respect to which the Delivery Date
(or other date) has occurred (which number of Shares may be rounded to avoid fractional shares)
shall be delivered to a brokerage or custody account approved by the Firm.

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(iii) Certain “Covered Employees.” Notwithstanding the foregoing, if you are or
become considered by GS Inc. to be one of its “covered employees” within the meaning of Section
162(m) of the Code, then you shall be subject to Section 3.21.3 of the Plan, as a result of which
delivery of your Shares may be delayed.

(iv) Right to Deliver Cash or Other Property. In accordance with Section 1.3.2(i) of
the Plan, in the discretion of the Committee, in lieu of all or any portion of the Shares otherwise
deliverable in respect of all or any portion of your DSP RSUs, the Firm may deliver cash, other
securities, other Awards or other property, and all references in this Award Agreement to
deliveries of Shares shall include such deliveries of cash, other securities, other Awards or other
property.

(c) Death. Notwithstanding any other provision of this Award Agreement, if you die
prior to the Delivery Date with respect to your DSP RSUs and/or the Transferability Restrictions
with respect to your Base Shares, as soon as practicable after the date of death and after such
documentation as may be requested by the Committee is provided to the Committee: (i) your Base
Shares and the Shares underlying all of your then Outstanding DSP RSUs shall be delivered to the
representative of your estate; and (ii) the Transfer Restrictions then applicable to your Base
Shares shall be removed.

4. Termination of Employment

(a) Base Shares. Unless the Committee determines otherwise, if your Employment
terminates for any reason or you otherwise are no longer actively employed with the Firm (other
than by reason of Extended Absence or solely as a result of “downsizing” as provided in Paragraph
7(b)), the Transfer Restrictions will be removed as soon as practicable after the date your
Employment so terminates. If your Employment terminates by reason of Extended Absence or solely by
reason of a “downsizing” as provided in Paragraph 7(b), the Transfer Restrictions shall continue to
apply to your Base Shares until the Transferability Date in accordance with Paragraph 3(b)(i)(B)
hereof.

(b) Discount RSUs. Unless the Committee determines otherwise, except as provided in
Paragraphs 3(c), 7, 8 and 10(g), if your Employment terminates for any reason or you otherwise are
no longer actively employed with the Firm, your rights in respect of your Discount RSUs (but not
your Base RSUs) that were Outstanding, but that had not yet become Vested, immediately prior to
your termination of Employment immediately shall terminate, such Discount RSUs shall cease to be
Outstanding, and no Shares shall be delivered in respect thereof.

5. Termination of Discount RSUs and Non-Delivery of Shares. Unless the Committee
determines otherwise, and except as provided in Paragraphs 7 and 8, your rights in respect of all
of your Outstanding Discount RSUs (whether or not Vested), immediately shall terminate, such
Discount RSUs shall cease to be Outstanding, and no Shares shall be delivered in respect thereof
if:

(a) you attempt to have any dispute under the Plan or this Award Agreement resolved in any
manner that is not provided for by Paragraph 13 or Section 3.17 of the Plan;

(b) any event that constitutes Cause has occurred;

(c) you, in any manner, directly or indirectly, (A) Solicit any Client to transact business
with a Competitive Enterprise or to reduce or refrain from doing any business with the Firm, (B)
interfere with or damage (or attempt to interfere with or damage) any relationship between the Firm
and any Client, (C) Solicit any person who is an employee of the Firm to resign from the Firm or to
apply for or accept employment with any Competitive Enterprise or (D) on behalf of yourself or any
person or Competitive Enterprise hire, or participate in the hiring of, any Selected Firm
Personnel, or identify, or participate in the identification of, Selected Firm Personnel for
potential hiring, whether as an employee or consultant or otherwise;

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(d) you fail to certify to GS Inc., in accordance with procedures established by the
Committee, that you have complied, or the Committee determines that you in fact have failed to
comply, with all the terms and conditions of the Plan and this Award Agreement. By accepting the
delivery of Shares under this Award Agreement, you shall be deemed to have represented and
certified at such time that you have complied with all the terms and conditions of the Plan and
this Award Agreement;

(e) the Committee determines that you failed to meet, in any respect, any obligation you may
have under any agreement between you and the Firm, or any agreement entered into in connection with
your Employment with the Firm, including, without limitation, any offer letter, employment
agreement, the Shareholders’ Agreement, or any other shareholders’ agreement to which other
similarly situated employees of the Firm are a party; or

(f) as a result of any action brought by you, it is determined that any of the terms or
conditions of this Award Agreement are invalid.

For purposes of the foregoing, the term “Selected Firm Personnel” means: (i) any Firm employee or
consultant (A) with whom you personally worked while employed by the Firm, or (B) who at any time
during the year immediately preceding your termination of Employment with the Firm, worked in the
same division in which you worked; and (ii) any Managing Director of the Firm.

6. Repayment. The provisions of Section 2.6.3 of the Plan (which requires Award
recipients to repay to the Firm amounts delivered to them if the Committee determines that all
terms and conditions of this Award Agreement in respect of such delivery were not satisfied) shall
apply to your Discount RSUs, but not your Base RSUs or Base Shares.

7. Extended Absence and Downsizing.

(a) Extended Absence.

(i) Notwithstanding any other provision of this Award Agreement, but subject to Paragraph
7(a)(ii), solely with respect to any Discount RSUs that were Outstanding but that had not yet
become Vested prior to your termination of Employment by reason of Extended Absence, the condition
set forth in Paragraph 4(b) shall be waived with respect to any such Discount RSUs (as a result of
which such Discount RSUs shall become Vested), but all other terms and conditions of this Award
Agreement shall continue to apply. Any termination of Employment by reason of Extended Absence
shall not affect your Base RSUs or Base Shares, and the Transfer Restrictions shall continue to
apply until the Transferability Date as provided in Paragraph 3(b)(i)(B).

(ii) Without limiting the application of Paragraph 4(b), your rights in respect of your
Outstanding Discount RSUs that become Vested in accordance with Paragraph 7(a)(i) immediately shall
terminate, such Outstanding Discount RSUs shall cease to be Outstanding, and no Shares shall be
delivered in respect thereof if, prior to the original Vesting Date with respect to such Discount
RSUs, you (i) form, or acquire a 5% or greater equity ownership, voting or profit participation interest in, any Competitive
Enterprise, or (ii) associate in any capacity (including, but not limited to, association as an
officer, employee, partner, director, consultant, agent or advisor) with any Competitive
Enterprise.

(b) Downsizing.

(i) Notwithstanding any other provision of this Award Agreement and subject to your executing
such general waiver and release of claims and an agreement to pay any associated tax liability,
both as may be prescribed by the Firm or its designee, if your Employment is terminated solely by
reason of a “downsizing,” the condition set forth in Paragraph 4(b) shall be waived with respect to
a portion of your Discount RSUs that were Outstanding but that had not yet become Vested prior to
your termination of Employment by reason of “downsizing,” as a result of which you shall become Vested in a portion of such

4

 

Discount RSUs, determined with respect to each remaining Vesting Date
by multiplying the number of Discount RSUs that would become Vested on each remaining Vesting Date
by a fraction, the numerator of which is the number of months from the Date of Grant to the date
your Employment terminated and the denominator of which is the number of months from the Date of
Grant to the applicable Vesting Date, but all other terms and conditions of this Award Agreement
shall continue to apply. Your termination of Employment by reason of “downsizing” shall not affect
your Base Shares, and the Transfer Restrictions shall continue to apply until the Transferability
Date as provided in Paragraph 3(b)(i)(B).

(ii) Whether or not your Employment is terminated solely by reason of a “downsizing” shall
be determined by the Firm in its sole discretion. No termination of Employment initiated by you,
including any termination claimed to be a “constructive termination” or the like or a termination
for good reason, will be solely by reason of a “downsizing.”

8. Change in Control. Notwithstanding anything to the contrary in this Award
Agreement, in the event a Change in Control shall occur and within 18 months thereafter the Firm
terminates your Employment without Cause or you terminate your Employment for Good Reason, all
Shares underlying your then Outstanding DSP RSUs, whether or not Vested, shall be delivered, and
the Transfer Restrictions with respect to your Base Shares shall be removed.

9. Dividend Equivalent Rights. Each of your DSP RSUs shall include a Dividend
Equivalent Right. Accordingly, with respect to each of your Outstanding DSP RSUs, at or after the
time of distribution of any regular cash dividend paid by GS Inc. in respect of a Share the record
date for which occurs on or after the Date of Grant, you shall be entitled to receive an amount
(less applicable withholding) equal to such regular dividend payment as would have been made in
respect of the Share underlying such Outstanding DSP RSU. Payment in respect of a Dividend
Equivalent Right shall be made only with respect to DSP RSUs that are Outstanding on the payment
date. Each Dividend Equivalent Right shall be subject to the provisions of Section 2.8.2 of the
Plan.

10. Certain Additional Terms, Conditions and Agreements. 

(a) The delivery of Shares in respect of your DSP RSUs is conditioned on your satisfaction of
any applicable withholding taxes in accordance with Section 3.2 of the Plan.

(b) Your rights in respect of your Discount RSUs are conditioned on your becoming a party to
any shareholders’ agreement to which other similarly situated employees of the Firm are a party.

(c) Your rights in respect of your DSP RSUs are conditioned on the receipt to the full
satisfaction of the Committee of any required consents (as described in Section 3.3 of the Plan)
that the Committee may determine to be necessary or advisable.

(d) You understand and agree, in accordance with Section 3.3 of the Plan, by accepting this
Award, you have expressly consented to all of the items listed in Section 3.3.3(d) of the Plan,
which are incorporated herein by reference.

(e) You understand and agree, in accordance with Section 3.22 of the Plan, by accepting this
Award you have agreed to be subject to the Firm’s policies in effect from time to time concerning
trading in Shares and hedging or pledging Shares and equity-based compensation or other awards
(including, without limitation, the Firm’s “Policies With Respect to Transactions Involving GS
Shares, Equity Awards and GS Options by Persons Affiliated with GS Inc.”), and confidential or
proprietary information, and to effect sales of Shares delivered to you in respect of your DSP RSUs
in accordance with such rules and procedures as may be adopted from time to time with respect to
sales of such Shares (which may include, without limitation, restrictions relating to the timing of
sale requests, the manner in which sales are executed, pricing method, consolidation or aggregation
of orders and volume limits determined by the Firm). In addition, you understand

5

 

and agree that you shall be responsible for all brokerage costs and other fees or expenses associated with your
Award, including, without limitation, such brokerage costs or other fees or expenses in connection
with the sale of Shares delivered to you hereunder in respect of your DSP RSUs.

(f) GS Inc. may affix to Certificates representing Shares issued pursuant to this Award
Agreement any legend that the Committee determines to be necessary or advisable (including to
reflect any restrictions to which you may be subject under this Award Agreement or under any
separate agreement with GS Inc.). GS Inc. may advise the transfer agent to place a stop order
against any legended Shares.

(g) Without limiting the application of Paragraph 5, if:

(i) your Employment with the Firm terminates solely because
you resigned to accept employment at a governmental agency,
self-regulatory organization, or other employer and as a
result of such new employment the Firm determines that your
continued holding of your Outstanding Base RSUs, Discount
RSUs, or Base Shares would violate standards of ethical
conduct applicable to you (“Conflicted Employment”); or

(ii) following your termination of Employment other than
described in Paragraph 10(g)(i), you notify the Firm that you
have accepted or intend to accept Conflicted Employment at a
time when you continue to hold Outstanding Base RSUs,
Discount RSUs, or Base Shares that are Vested;

then, in the case of Paragraph 10(g)(i) above only the Transfer Restrictions with respect to any
then delivered Base Shares shall be removed, all Base RSUs the Base Shares for which had not then
been delivered shall be cancelled the condition set forth in Paragraph 4(b) shall be waived with
respect to any Discount RSUs you then hold that had not yet become Vested (as a result of which
such Discount RSUs shall become Vested) and, at the sole discretion of the Firm, you shall receive
either a lump sum cash payment or the delivery of the Shares underlying such Base RSUs and in
respect of all of your Discount RSUs; and in the case of Paragraph 10(g)(ii) above, the Transfer
Restrictions with respect to any delivered Base Shares shall be removed, all Base RSUs the Base
Shares for which have not yet been delivered shall be cancelled and, at the sole discretion of the
Firm, you shall receive either a lump sum cash payment or the delivery of the Shares underlying
such cancelled Base RSUs and all of your then Outstanding Vested Discount RSUs, in each case as
soon as practicable after the Committee has received satisfactory documentation relating to your Conflicted Employment.
Notwithstanding anything else herein, Discount RSUs shall become Vested and payment or delivery as
a result of this Paragraph shall be made only at such time and if and to the extent as would not
result in the imposition of any additional tax under Section 409A of the Code;

11. Right of Offset. The obligation to deliver Shares under this Award
Agreement or to remove the Transfer Restrictions is subject to Section 3.4 of the Plan, which
provides for the Firm’s right to offset against such obligation any outstanding amounts you owe to
the Firm and any amounts the Committee deems appropriate pursuant to any tax equalization policy or
agreement.

12. Amendment. The Committee reserves the right at any time to amend the terms and
conditions set forth in this Award Agreement, and the Board may amend the Plan in any respect;
provided that, notwithstanding the foregoing and Sections 1.3.2(f), 1.3.2(g) and 3.1 of the Plan, no such amendment shall

6

 

materially adversely affect your rights and obligations under this Award
Agreement without your consent; and provided further that the Committee expressly reserves its
rights to amend this Award Agreement and the Plan as described in Sections 1.3.2(h)(1), (2) and (4)
of the Plan. Any amendment of this Award Agreement shall be in writing signed by an authorized
member of the Committee or a person or persons designated by the Committee.

13. Arbitration; Choice of Forum. BY ACCEPTING THIS DSP AWARD, YOU UNDERSTAND AND
AGREE THAT THE ARBITRATION AND CHOICE OF FORUM PROVISIONS SET FORTH IN SECTION 3.17 OF THE PLAN,
WHICH ARE EXPRESSLY INCORPORATED HEREIN BY REFERENCE AND WHICH, AMONG OTHER THINGS, PROVIDE THAT
ANY DISPUTE, CONTROVERSY OR CLAIM BETWEEN THE FIRM AND YOU ARISING OUT OF OR RELATING TO OR
CONCERNING THE PLAN OR THIS AWARD AGREEMENT SHALL BE FINALLY SETTLED BY ARBITRATION IN NEW YORK
CITY, PURSUANT TO THE TERMS MORE FULLY SET FORTH IN SECTION 3.17 OF THE PLAN, SHALL APPLY.

14. Non-transferability. Except as otherwise may be provided by the Committee, and
subject to Paragraph 3 hereof, the limitations on transferability set forth in Section 3.5 of the
Plan shall apply to this DSP Award. Any purported transfer or assignment in violation of the
provisions of this Paragraph 14 or Section 3.5 of the Plan shall be void.

15. Governing Law. YOUR DSP RSU AWARD SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO PRINCIPLES OF CONFLICT OF
LAWS.

16. Delay in Payment. To the extent required in order to avoid the imposition of any
interest and additional tax under Section 409A(a)(1)(B) of the Code, any payments or deliveries due
as a result of your termination of Employment with the Firm will be delayed for six months if you
are deemed to be a “specified employee” as defined in Section 409A(a)(2)(i)(B) of the Code.

17. Headings. The headings in this Award Agreement are for the purpose of convenience
only and are not intended to define or limit the construction of the provisions hereof.

IN WITNESS WHEREOF, GS Inc. has caused this Award Agreement to be duly executed and delivered
as of the Date of Grant.

	 	 	 	 	 
	 	THE GOLDMAN SACHS GROUP, INC.

 	 
	 	By:  	
 	 
	 	Name:  	[Name] 	 
	 	Title:  	[Title] 	 
	 

:

7

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