Document:

Exhibit 4.2 

EXECUTION COPY

AMENDED AND RESTATED

TRUST AGREEMENT

by and between

CIT FUNDING COMPANY, LLC

as Depositor,

and

DEUTSCHE BANK TRUST COMPANY DELAWARE

as Owner Trustee

Dated as of April 1, 2008

CIT EQUIPMENT COLLATERAL 2008-VT1

TABLE OF CONTENTS

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Page

	
 

	
 

	
 

	
 

	

	
 

	
 

	
 

	
 

	
ARTICLE I

	
DEFINITIONS

	
1

	
 

	
 

	
 

	
 

	
 

	
Section 1.01

	
Defined
 Terms Generally

	
1

	
 

	
Section 1.02

	
Specific
 Defined Terms

	
1

	
 

	
Section 1.03

	
Usage of
 Terms

	
4

	
 

	
Section 1.04

	
Section
 References

	
4

	
 

	
Section 1.05

	
Accounting
 Terms

	
5

	
 

	
 

	
 

	
 

	
ARTICLE II 

	
ORGANIZATION
 AND ESTABLISHMENT OF TRUST

	
5

	
 

	
 

	
 

	
 

	
 

	
Section 2.01

	
Establishment
 of Trust; Name

	
5

	
 

	
Section 2.02

	
Office

	
5

	
 

	
Section 2.03

	
Purposes and
 Powers

	
5

	
 

	
Section 2.04

	
Appointment
 of Owner Trustee

	
6

	
 

	
Section 2.05

	
Organizational
 Expenses

	
6

	
 

	
Section 2.06

	
Declaration
 of Trust

	
6

	
 

	
Section 2.07

	
No Liability
 of Equity Certificateholder

	
6

	
 

	
Section 2.08

	
Title to
 Trust Property

	
6

	
 

	
Section 2.09

	
Situs of
 Trust

	
6

	
 

	
Section 2.10

	
Representations
 and Warranties of the Depositor

	
7

	
 

	
Section 2.11

	
Federal
 Income Tax Treatment

	
8

	
 

	
 

	
 

	
 

	
ARTICLE III

	
EQUITY
 CERTIFICATE AND TRANSFERS OF INTERESTS THEREIN

	
8

	
 

	
 

	
 

	
 

	
Section 3.01

	
Initial
 Ownership

	
8

	
 

	
Section 3.02

	
The Equity
 Certificate

	
9

	
 

	
Section 3.03

	
Authentication
 and Delivery of Equity Certificate

	
9

	
 

	
Section 3.04

	
Registration
 of Transfer and Exchange of the Equity Certificate

	
9

	
 

	
Section 3.05

	
Mutilated,
 Destroyed, Lost or Stolen Trust Equity Certificate

	
10

	
 

	
Section 3.06

	
Persons
 Deemed Equity Certificateholders

	
10

	
 

	
Section 3.07

	
Access to
 Equity Certificateholder’s Name and Addresses

	
10

	
 

	
Section 3.08

	
Maintenance
 of Office or Agency

	
11

	
 

	
Section 3.09

	
Ownership by
 Depositor of Equity Certificate

	
11

	
 

	
 

	
 

	
 

	
ARTICLE IV

	
ACTIONS BY
 OWNER TRUSTEE

	
11

	
 

	
 

	
 

	
 

	
Section 4.01

	
Prior Notice
 to Equity Certificateholder with Respect to Certain Matters

	
11

	
 

	
Section 4.02

	
Action by
 Equity Certificateholder with Respect to Certain Matters

	
12

	
 

	
Section 4.03

	
Action by
 Equity Certificateholder with Respect to Bankruptcy

	
12

	
 

	
Section 4.04

	
Restrictions
 on Owner’s Power

	
12

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Page

	
 

	
 

	
 

	
 

	

	
 

	
 

	
 

	
 

	
 

	
ARTICLE V

	
APPLICATION
 AND DISTRIBUTION OF TRUST FUNDS; CERTAIN DUTIES

	
13

	
 

	
 

	
 

	
 

	
Section 5.01

	
Reports

	
13

	
 

	
Section 5.02

	
Taxes

	
13

	
 

	
Section 5.03

	
Method of
 Payment

	
13

	
 

	
Section 5.04

	
No
 Segregation of Moneys; No Interest

	
13

	
 

	
Section 5.05

	
Accounting
 and Reports to the Equity Certificateholder, the Internal Revenue Service and
 Others

	
13

	
 

	
Section 5.06

	
Signature on
 Returns; Tax Matters Partner

	
14

	
 

	
 

	
 

	
 

	
ARTICLE VI

	
AUTHORITY
 AND DUTIES OF OWNER TRUSTEE

	
14

	
 

	
 

	
 

	
 

	
Section 6.01

	
General
 Authority

	
14

	
 

	
Section 6.02

	
General
 Duties

	
14

	
 

	
Section 6.03

	
Action Upon
 Instruction

	
15

	
 

	
Section 6.04

	
No Duties
 Except as Specified in This Agreement or in Instructions

	
16

	
 

	
Section 6.05

	
No Action
 Except Under Specified Documents or Instructions

	
16

	
 

	
Section 6.06

	
Restrictions

	
16

	
 

	
Section 6.07

	
Administration
 Agreement

	
17

	
 

	
 

	
 

	
 

	
ARTICLE VII

	
CONCERNING
 THE OWNER TRUSTEE

	
17

	
 

	
 

	
 

	
 

	
Section 7.01

	
Acceptance
 of Trusts and Duties

	
17

	
 

	
Section 7.02

	
Furnishing
 of Documents

	
19

	
 

	
Section 7.03

	
Representations
 and Warranties of the Owner Trustee

	
19

	
 

	
Section 7.04

	
Reliance;
 Advice of Counsel

	
19

	
 

	
Section 7.05

	
Not Acting
 in Individual Capacity

	
20

	
 

	
Section 7.06

	
Owner
 Trustee Not Liable for Notes, Equity Certificate or Contracts

	
20

	
 

	
Section 7.07

	
Owner
 Trustee May Own Notes

	
21

	
 

	
 

	
 

	
 

	
ARTICLE VIII

	
COMPENSATION
 OF OWNER TRUSTEE

	
21

	
 

	
 

	
 

	
 

	
 

	
Section 8.01

	
Owner
 Trustee’s Fees and Expenses

	
21

	
 

	
Section 8.02

	
Indemnification

	
21

	
 

	
Section 8.03

	
Non-recourse
 Obligations

	
22

	
 

	
 

	
 

	
 

	
ARTICLE IX

	
TERMINATION
 OF TRUST

	
22

	
 

	
 

	
 

	
 

	
 

	
Section 9.01

	
Termination
 of Trust

	
22

	
 

	
Section 9.02

	
Dissolution
 upon Bankruptcy of Depositor

	
23

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ARTICLE X

	
SUCCESSOR
 OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES

	
24

	
 

	
 

	
 

	
 

	
Section
 10.01

	
Eligibility
 Requirements for Owner Trustee

	
24

	
 

	
Section
 10.02

	
Resignation
 or Removal of Owner Trustee

	
24

	
 

	
Section
 10.03

	
Successor
 Owner Trustee

	
25

	
 

	
Section 10.04

	
Merger or
 Consolidation of Owner Trustee

	
25

	
 

	
Section
 10.05

	
Appointment
 of Co-Trustee or Separate Trustee

	
25

	
 

	
 

	
 

	
 

	
ARTICLE XI

	
MISCELLANEOUS

	
27

	
 

	
 

	
 

	
 

	
Section
 11.01

	
Supplements
 and Amendments

	
27

	
 

	
Section
 11.02

	
Limitations
 on Rights of Others

	
28

	
 

	
Section
 11.03

	
Notices

	
28

	
 

	
Section
 11.04

	
Severability
 of Provisions

	
29

	
 

	
Section
 11.05

	
Counterparts

	
29

	
 

	
Section
 11.06

	
Successors
 and Assigns

	
30

	
 

	
Section
 11.07

	
No Petition

	
30

	
 

	
Section
 11.08

	
No Recourse

	
30

	
 

	
Section
 11.09

	
Headings

	
30

	
 

	
Section
 11.10

	
Governing
 Law

	
30

	
 

	
Section
 11.11

	
Certain Servicer
 Payment Obligations

	
30

	
 

	
Section
 11.12

	
JURISDICTION

	
31

	
 

	
Section
 11.13

	
WAIVER OF
 JURY TRIAL

	
31

	
 

	
Section
 11.14

	
Tax
 Characterization

	
31

	
 

	
 

	
 

	
 

	
EXHIBITS

	
 

	
 

	
 

	
 

	
 

	
Exhibit A –
 Section 3.01 Certificate

	
A-1

	
Exhibit B –
 Form of Equity Certificate

	
B-1

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                    This
AMENDED AND RESTATED TRUST AGREEMENT dated as of April 1, 2008 is made by and
between CIT Funding Company, LLC, a Delaware limited liability company, as
Depositor (the “Depositor”), and Deutsche Bank Trust Company Delaware, a Delaware
banking corporation, as owner trustee (the “Owner Trustee”). 

                    Whereas,
the parties hereto wish to amend and restate the Trust Agreement dated as of
November 9, 2007 (the “Original Trust Agreement”), by and between the Depositor
and the Owner Trustee. 

                    Whereas,
in connection herewith the Depositor is willing to assume certain obligations
pursuant hereto; 

                    Whereas,
in connection herewith the Owner Trustee is willing to assume certain
obligations pursuant hereto; and 

                    Whereas,
in connection herewith the Depositor is willing to purchase the Equity
Certificate (as defined herein) to be issued pursuant to this Agreement and to
assume certain obligations pursuant hereto. 

                    NOW,
THEREFORE, in consideration of the mutual agreements herein contained, and for
other good and valuable consideration, the receipt and adequacy of which are
acknowledged, the parties hereto agree that the Original Trust Agreement shall
be amended and restated in its entirety as follows: 

ARTICLE I

DEFINITIONS

                    Section
1.01 Defined Terms Generally. Capitalized terms used that are not
otherwise specifically defined herein shall have the same meaning given to such
terms when used in the Pooling Agreement (as defined in Section 1.02 below). 

                    Section
1.02 Specific Defined Terms. Whenever used in this Agreement, the
following words and phrases, unless otherwise specified or the context
otherwise requires, shall have the following meanings: 

                    “Administration
Agreement” means the Administration Agreement, dated as of the date hereof,
among the Trust, the Depositor, the Indenture Trustee, and CFUSA as
Administrator, as the same may be amended, supplemented or restated from time
to time. 

                    “Administrator”
has the meaning given such term in the Administration Agreement. 

                    “Agreement”
means this Amended and Restated Trust Agreement, as the same may be amended,
supplemented or restated from time to time. 

                    “Benefit
Plan” means (i) an employee benefit plan (as such term is defined in Section
3(3) of ERISA) that is subject to the provisions of Title I of ERISA, (ii) a
plan or other 

retirement arrangement
that is subject to Section 406 of ERISA or Section 4975 of the Code or any
substantially similar law or (iii) any entity whose underlying assets include
plan assets by reason of a plan’s investment in such entity. 

                    “Business
Day” means any day other than a Saturday, Sunday or other day on which banking
institutions in the cities of Livingston, New Jersey or New York, New York are
authorized or obligated by law, executive order or governmental decree to be
closed. 

                    “Certificate
of Trust” means the Certificate of Trust filed for the Trust with the Secretary
of State of the State of Delaware on November 9, 2007. 

                    “Certificate
Register” and “Certificate Registrar” mean the register maintained and the
registrar (or any successor thereto) appointed pursuant to Section 3.04. 

                    “CFUSA”
means CIT Financial USA, Inc., a Delaware corporation.

                    “Closing
Date” means May 14, 2008. 

                    “Code”
means the Internal Revenue Code of 1986, as amended. 

                    “Delaware
Statutory Trust Act” means Chapter 38 of Title 12 of the Delaware Code, 12 Del.
Code § 3801 et seq., as the same may be amended from time to time. 

                    “Depositor”
means CIT Funding Company, LLC, in its capacity as Depositor hereunder and as
set forth in the Pooling Agreement, and its successors and assigns. 

                    “Equity
Certificate” means the trust certificate evidencing the beneficial interest of
the Equity Certificateholder in the Trust Assets, substantially in the form of
Exhibit B hereto. 

                    “Equity
Certificateholder” means the Person in whose name the Equity Certificate is
registered in the Certificate Register. 

                    “ERISA”
means the Employee Retirement Income Security Act of 1974, as amended. 

                    “Exchange
Act” means the Securities Exchange Act of 1934, as amended. 

                    “Expenses”
shall have the meaning assigned to such term in Section 8.02. 

                    “Foreign
Person” means any Person other than (i) a citizen or resident of the United
States, (ii) a corporation, partnership or other entity organized in or under
the laws of the United States or any political subdivision thereof, (iii) an
estate, the income of which is subject to U.S. federal income taxation
regardless of its source, or (iv) a trust whose administration is subject to
the primary supervision of a court within the United States and which has one
or more U.S. fiduciaries who have authority to control all substantial
decisions of the Trust. 

                    “Holder”
means a Noteholder or the Equity Certificateholder, as applicable. 

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                    “Indemnified
Parties” shall have the meaning assigned to such term in Section 8.02. 

                    “Indenture”
means the Indenture, dated as of the date of this Agreement, by and between the
Trust and Manufacturers and Traders Trust Company, as Indenture Trustee, as the
same may be amended, supplemented or restated from time to time. 

                    “Indenture
Trustee Corporate Trust Office” means the office of the Indenture Trustee at
which its corporate trust business shall be administered which initially shall
be 25 S. Charles Street, 16th Floor, Baltimore, Maryland 21201, Attention:
Corporate Trust Services, or such other office at such other address as the
Indenture Trustee may designate from time to time by written notice to the
Equity Certificateholder, the Servicer, the Owner Trustee, and the Depositor. 

                    “Information
Agreement” means the Information Agreement, dated as of April 1, 2008, by and
among DFS-SPV L.L.C. (“DFS-SPV”), Dell Financial Services L.L.C. (“DFS”), the
Trust and CFUSA. 

                    “Note
Depository Agreement” means the Agreement dated as of the Closing Date among
the Trust, the Indenture Trustee, the Administrator and DTC, as the Clearing
Agency, relating to the Notes, as the same may be amended, supplemented, or
restated from time to time. 

                    “Notes”
means the Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes, the Class
B Notes, the Class C Notes and the Class D Notes in each case issued pursuant
to the Indenture. 

                    “Noteholders”
means each Person in whose name a Note is registered in the Note Register
maintained by the Indenture Trustee. 

                    “Owner
Trustee” means Deutsche Bank Trust Company Delaware, not in its individual
capacity but solely as owner trustee under this Agreement, and any successor
Owner Trustee hereunder. 

                    “Owner
Trustee Corporate Trust Office” means the corporate trust office of the Owner
Trustee in the State of Delaware, which office initially shall be located at
1011 Centre Road, Suite 200, Wilmington, Delaware 19805, or such other office
at such other address in the State of Delaware as the Owner Trustee may
designate from time to time by written notice to the Equity Certificateholder,
the Servicer, the Indenture Trustee, and the Depositor. 

                    “Paying
Agent” shall have the meaning assigned to such term in the Pooling Agreement. 

                    “Payment
Date” shall have the meaning assigned to such term in the Pooling Agreement. 

                    “Person”
means any individual, corporation, estate, partnership, joint venture,
association, limited liability company, joint stock company, trust (including
any beneficiary 

- 3 -

thereof),
unincorporated organization or government or any agency or political
subdivision thereof. 

                    “Pooling
Agreement” means the Pooling and Servicing Agreement, dated as of April 1,
2008, among the Trust, the Depositor, CFUSA, in its individual capacity, and
CFUSA, in its capacity as Servicer thereunder, as the same may be amended,
supplemented or restated from time to time.

                    “Required
Holders” has the meaning given such term in the Pooling Agreement. 

                    “Related
Documents” has the meaning assigned to such term in Section 7.03(a). 

                    “Secretary
of State” means the Secretary of State of the State of Delaware. 

                    “Treasury
Regulations” means regulations, including proposed or temporary regulations,
promulgated under the Code. References herein to specific provisions of
proposed or temporary regulations shall include analogous provisions of final
Treasury Regulations or other successor Treasury Regulations. 

                    “Trust”
means the trust continued and governed by this Agreement, the estate of which
consists of the Trust Assets. 

                    “Trust
Agreement Transaction Documents” means the Transaction Documents as defined in
the Pooling Agreement, together with, for the purposes of this Agreement only,
the Information Agreement. 

                    “Trust
Assets” or “Trust Estate” means all right, title and interest of the Trust in
and to the property, proceeds and rights assigned to the Trust pursuant to
Article II of the Pooling Agreement, all funds on deposit from time to time in
the Trust Accounts (including all investments therein and proceeds and income
therefrom), and all other property of the Trust from time to time, including
any rights of the Owner Trustee (except for any rights of the Owner Trustee in
its individual capacity) and the Trust pursuant to the Pooling Agreement and
the Administration Agreement, but not including any of such property which has
been released and reconveyed from the Trust in accordance with and pursuant to
the Pooling Agreement. 

                    Section
1.03 Usage of Terms. With respect to all terms in this Agreement, the
singular includes the plural and the plural the singular; words importing one
gender include each other gender; references to “writing” include printing,
typing, lithography and other means of reproducing words in a visible form;
references to agreements and other contractual instruments include all
amendments, modifications and supplements thereto or any changes therein
entered into in accordance with their respective terms and not prohibited by
this Agreement; references to Persons include their permitted successors and
assigns; and the term “including” means “including without limitation”. 

                    Section
1.04 Section References. All section references, unless otherwise indicated,
shall be to Sections in this Agreement. 

- 4 -

                    Section
1.05 Accounting Terms. All accounting terms used but not specifically
defined herein shall be construed in accordance with generally accepted
accounting principles in the United States. 

ARTICLE II

ORGANIZATION AND ESTABLISHMENT OF TRUST

                    Section
2.01 Establishment of Trust; Name. The Trust shall be known as “CIT
Equipment Collateral 2008-VT1”, in which name the Owner Trustee may conduct the
activities of the Trust, make and execute contracts and other instruments on
behalf of the Trust and sue and be sued on behalf of the Trust. 

                    Section
2.02 Office. The office of the Trust shall be at the Owner Trustee
Corporate Trust Office. 

                    Section
2.03 Purposes and Powers. 

                              (a)
The sole purpose of the Trust is to manage the Trust Assets, and collect and
disburse the periodic income therefrom for the use and benefit of the Equity
Certificateholder, and in furtherance of such purpose the Trust shall have the
power and authority to engage in the following activities: 

                                        (i)
to issue the Notes pursuant to the Indenture and the Equity Certificate
pursuant to this Agreement; 

                                        (ii)
with the proceeds of the sale of the Notes and the Equity Certificate, to
purchase the Contracts and other Trust Assets, and to pay organizational,
start-up and transactional expenses of the Trust (to the extent not paid by the
Depositor, the Servicer, or Administrator); and to pay the balance to the
Equity Certificateholder from time to time pursuant to the Pooling Agreement; 

                                        (iii)
to acquire, hold, manage, distribute, dispose of, release or convey, to or at
the direction of the Equity Certificateholder pursuant to the Pooling
Agreement, any portion of the Trust Assets in the manner described in and
pursuant to the Pooling Agreement; 

                                        (iv)
to enter into, execute, deliver and perform its obligations under the Note
Depositary Agreement, the Swap Agreement and the Trust Agreement Transaction
Documents to which it is or becomes a party; 

                                        (v)
to engage in those activities, including entering into, executing, delivering,
and performing agreements, that are necessary, suitable or convenient to
accomplish the foregoing or are incidental thereto or connected therewith; and 

                                        (vi)
subject to compliance with the Trust Agreement Transaction Documents, to engage
in such other activities as may be required in connection with 

- 5 -

conservation
of the Trust Assets and the making of distributions to the Equity Certificateholder
and the Noteholders. 

                              (b)
The Owner Trustee is hereby authorized to engage in the foregoing activities on
behalf of the Trust. The Trust shall not engage in any activities other than in
connection with the foregoing. Nothing contained herein shall be deemed to
authorize the Trust to engage in any business operations or any activities
other than those set forth in this Section 2.03. Specifically, the Trust shall
have no authority to engage in any business operations, or acquire any assets
other than those specifically included in the Trust Assets, or otherwise vary
the assets held by the Trust. 

                    Section
2.04 Appointment of Owner Trustee. The Depositor hereby appoints the
Owner Trustee as a trustee of the Trust effective as of the date hereof, and as
of the date hereof the Owner Trustee shall have all the rights, powers and
duties set forth herein and in the Delaware Statutory Trust Act, and the Owner
Trustee hereby accepts such appointment. 

                    Section
2.05 Organizational Expenses. The Depositor shall pay or provide for the
payment of organizational expenses of the Trust as they may arise or shall,
upon the request of the Owner Trustee, promptly reimburse or provide for the
reimbursement of the Owner Trustee for any such expenses paid by the Owner
Trustee. 

                    Section
2.06 Declaration of Trust. The Owner Trustee hereby declares that it
will hold the Trust Assets in trust upon and subject to the conditions set forth
herein for the sole purpose of conserving the Trust Assets and collecting and
disbursing the periodic income therefrom for the use and benefit of the Equity
Certificateholder, subject to the obligations of the Trust under the Trust
Agreement Transaction Documents. It is the intention of the parties hereto that
the Trust constitute a statutory trust under the Delaware Statutory Trust Act
and that this Agreement constitute the governing instrument of such statutory
trust. Effective as of the date hereof, the Owner Trustee shall have all
rights, powers and duties set forth herein and in the Delaware Statutory Trust
Act for the sole purpose and to the extent necessary to accomplish the purposes
of this Trust as set forth in Section 2.03. 

                    Section
2.07 No Liability of Equity Certificateholder. No Equity
Certificateholder shall have any personal liability for any liability or
obligation of the Trust or by reason of any action taken by the parties to this
Agreement pursuant to any provisions of this Agreement or any other Trust
Agreement Transaction Document. 

                    Section
2.08 Title to Trust Property. Legal title to the Trust Assets shall be
vested at all times in the Trust as a separate legal entity except where
applicable law in any jurisdiction requires title to any part of the Trust
Assets to be vested in an owner trustee or owner trustees, in which case title
shall be deemed to be vested in the Owner Trustee, a co-trustee and/or a
separate trustee, as the case may be. 

                    Section
2.09 Situs of Trust. The Trust will be located and administered in the
State of Delaware, the State of New York or the State of New Jersey. All bank
accounts maintained by the Owner Trustee on behalf of the Trust shall be
located in the State of New Jersey, the State of New York or the State of
Delaware. The Trust shall not have any employees 

- 6 -

in any state
other than Delaware; provided, however, that nothing herein shall restrict or
prohibit the Owner Trustee, the Servicer, the Depositor, the Administrator or
any agent of the Trust from having employees within or without the State of
Delaware. Payments will be received by the Trust only in the State of Delaware,
the State of New York or the State of New Jersey and payments will be made by
the Trust only from the State of Delaware, the State of New York or the State
of New Jersey. The only office of the Trust will be at the Owner Trustee
Corporate Trust Office. 

                    Section
2.10 Representations and Warranties of the Depositor. 

                    The
Depositor hereby represents and warrants to the Owner Trustee that: 

                                        (i)
The Depositor is duly organized and validly existing as a limited liability
company organized and existing, and in good standing, under the laws of the
State of Delaware, with power and authority to own its properties and to
conduct its business and had at all relevant times, and has, power, authority
and legal right to acquire, convey and own the assets conveyed and to be
conveyed by it to the Trust from time to time. 

                                        (ii)
The Depositor is duly qualified to do business as a foreign limited liability
company in good standing and has obtained all necessary licenses and approvals
in all jurisdictions in which the ownership or lease of property or the conduct
of its business requires such qualifications. 

                                        (iii)
The Depositor has the power and authority to execute and deliver this Agreement
and to carry out its terms; the Depositor has full power and authority to sell
and assign the property to be sold and assigned from time to time and deposited
with the Owner Trustee on behalf of the Trust as part of the Trust Assets and
has or will have duly authorized such sale and assignment and deposit with the
Owner Trustee on behalf of the Trust by all necessary entity action; the
execution, delivery and performance of this Agreement have been duly authorized
by the Depositor by all necessary entity action; and this Agreement constitutes
the legal, valid and binding obligation of the Depositor, enforceable against
the Depositor in accordance with its terms, except as such enforcement may be
limited by bankruptcy, insolvency or similar laws affecting the enforcement of
creditors’ rights generally, by any applicable law imposing limitations upon,
or otherwise affecting, the availability or enforcement of rights to
indemnification hereunder and by the availability of equitable remedies. 

                                        (iv)
The consummation of the transactions contemplated by this Agreement and the
fulfillment of the terms hereof do not conflict with, result in any breach of
any of the terms and provisions of, nor constitute (with or without notice or
lapse of time) a default under, the certificate of formation or limited
liability company agreement of the Depositor, or any indenture, agreement or
other instrument to which the Depositor is a party or by which it is bound; nor
result in the creation or imposition of any Lien upon any of the properties of
the Depositor pursuant to the terms of any such indenture, agreement or other
instrument (other than pursuant to the Trust Agreement Transaction Documents);
nor violate any law or any order, rule or regulation applicable to the
Depositor of any court or of any federal or state regulatory body,
administrative agency or other governmental instrumentality having jurisdiction
over the Depositor or its properties. 

- 7 -

                                        (v)
All approvals, authorizations, consents, orders or other actions of any Person
or any governmental entity required in connection with the execution and
delivery of this Agreement and the fulfillment of the terms hereof have been
obtained. 

                                        (vi)
There are no proceedings or investigations pending, or to the Depositor’s
knowledge threatened, before any court, regulatory body, administrative agency
or other governmental instrumentality having jurisdiction over the Depositor or
its properties: (A) asserting the invalidity of this Agreement or any of the
other Trust Agreement Transaction Documents, (B) seeking to prevent the
issuance of the Equity Certificate or the consummation of any of the
transactions contemplated by this Agreement or any other Trust Agreement
Transaction Documents, (C) seeking any determination or ruling that might
materially and adversely affect the performance by the Depositor of its
obligations under, or the validity or enforceability of, this Agreement, the
Equity Certificate or any other Trust Agreement Transaction Document, or (D)
involving the Depositor and which might adversely affect the federal income tax
or other federal, state or local tax attributes of the Equity Certificate. 

                    Section
2.11 Federal Income Tax Treatment. It is the intention of the Depositor
that the Trust be disregarded as a separate entity for federal income tax
purposes pursuant to Treasury Regulations Section 301.7701-3(b)(1)(ii) as in
effect for periods after January 1, 1997. The Equity Certificate constitutes
the sole equity interest in the Trust and must at all times be held by either
the Depositor or its transferee as the sole Equity Certificateholder. Because
for federal income tax purposes the Trust will be disregarded as a separate
entity, Trust items of income, gain, loss and deduction for any month as
determined for federal income tax purposes shall be allocated entirely to the
Equity Certificateholder; provided, that this sentence shall not limit or
otherwise affect the provisions of the Trust Agreement Transaction Documents
pertaining to distributions of Trust Assets or proceeds thereof to Persons
other than the Depositor. 

ARTICLE III

EQUITY CERTIFICATE AND TRANSFERS OF INTERESTS
THEREIN

                    Section
3.01 Initial Ownership. 

                              (a)
Upon the formation of the Trust and until the issuance of the Equity Certificate,
the Depositor shall be the sole beneficiary of the Trust. The Equity
Certificate must at all times be held by either the Depositor or its transferee
(to the extent permitted under Section 3.01(b)) as sole owner. 

                              (b)
No transfer of the Equity Certificate shall be made unless such transfer is
made in a transaction which does not require registration or qualification
under the Securities Act or qualification under any state securities or “Blue
Sky” laws. Neither the Owner Trustee nor the Certificate Registrar shall effect
the registration of any transfer of the Equity Certificate unless, prior to
such transfer the Owner Trustee shall have received (i) a Tax Opinion, and (ii)
a certificate from the proposed transferee substantially in the form of Exhibit
A hereto, certifying that (A) following such transfer, there would be no more
than one holder of the Equity Certificate and the holder of the Equity
Certificate would not be a Foreign Person, a partnership, 

- 8 -

Subchapter S
corporation or grantor trust, (B) such transfer complies with and does not
violate any state securities laws, any Blue Sky laws or the Securities Act, (C)
such transferee is not acquiring such Equity Certificate for, or with the
assets of, a Benefit Plan. 

                    Section
3.02 The Equity Certificate. On the Closing Date, the Equity Certificate
shall be issued to the Depositor, substantially in the form of Exhibit B
hereto. Upon receipt of a written order by the Owner Trustee from the Depositor
to execute and authenticate the Equity Certificate, the Equity Certificate
shall be executed by the Owner Trustee on behalf of the Trust by manual or
facsimile signature of an authorized officer of the Owner Trustee and
authenticated pursuant to Section 3.03 and, when so executed and authenticated
shall be deemed to have been validly issued and shall be entitled to the
benefits of this Agreement. The Equity Certificate bearing the manual or
facsimile signature of individuals who were, at the time when such signatures
were affixed, authorized to sign on behalf of the Owner Trustee shall be a valid
and binding obligation of the Trust, notwithstanding that such individuals or
any of them have ceased to be so authorized prior to the authentication and
delivery of such Equity Certificate or did not hold such offices at the date of
the authentication and delivery of the Equity Certificate. The Equity
Certificate shall be dated the date of its authentication. 

                    Section
3.03 Authentication and Delivery of Equity Certificate. The Equity
Certificate shall not entitle its holder to any benefit under this Agreement,
or be valid for any purpose, unless there shall appear on such Equity
Certificate a certificate of authentication substantially in the form set forth
in Exhibit B executed by the Owner Trustee or by the Indenture Trustee as its
authenticating agent, by manual signature; such authentication shall constitute
conclusive evidence that the Equity Certificate shall have been duly
authenticated and delivered hereunder. 

                    Section
3.04 Registration of Transfer and Exchange of the Equity Certificate. 

                              (a)
The Certificate Registrar shall maintain or cause to be maintained, at the
office or agency maintained pursuant to Section 3.08, a Certificate Register in
which, subject to such reasonable regulations as it may prescribe, it shall
provide for the registration of the Equity Certificate and of transfers and
exchanges of the Equity Certificate as provided in this Agreement. The
Indenture Trustee is hereby initially appointed Certificate Registrar for the
purpose of registering the Equity Certificate and transfers and exchanges of
the Equity Certificate as provided in this Agreement. In the event that the
Indenture Trustee notifies the Administrator that it is unable to act as
Certificate Registrar, the Administrator shall appoint another bank or trust
company agreeing to act in accordance with the provisions of this Agreement
applicable to it, and otherwise acceptable to the Owner Trustee, to act as
successor Certificate Registrar hereunder. 

                              (b)
Upon surrender for registration of transfer of the Equity Certificate otherwise
permitted to be transferred in accordance herewith at the office or agency
maintained pursuant to Section 3.08, the Owner Trustee shall (subject to
Section 3.01(b)) execute, authenticate and deliver (or shall cause its
authenticating agent to authenticate and deliver) pursuant to Section 3.03, in
the name of the designated transferee, one new Equity Certificate. 

- 9 -

                              (c)
Every Equity Certificate presented or surrendered for registration of transfer
shall be accompanied by a written instrument of transfer in form reasonably
satisfactory to the Owner Trustee and the Certificate Registrar duly executed
by the Holder thereof or his attorney duly authorized in writing. 

                              (d)
No service charge shall be made for any registration of transfer or exchange of
the Equity Certificate, but the Owner Trustee or Certificate Registrar may
require payment of a sum sufficient to cover any tax or governmental charge
that may be imposed in connection with any transfer of the Equity Certificate. 

                              (e)
All Equity Certificates surrendered for registration of transfer or exchange
shall be canceled and subsequently destroyed by the Owner Trustee or
Certificate Registrar in accordance with its customary practice, unless the
trust directs that they be returned to it provided that such direction is
timely and such Equity Certificates have not been previously destroyed by the
Owner Trust or Registrar. 

                              (f)
The Indenture Trustee shall be the Paying Agent for the Equity Certificate. 

                    Section
3.05 Mutilated, Destroyed, Lost or Stolen Trust Equity Certificate. If
(a) any mutilated Equity Certificate is surrendered to the Certificate
Registrar, or the Certificate Registrar receives evidence to its satisfaction
of the destruction, loss or theft of any Equity Certificate, and (b) in the
case of any destroyed, lost, or stolen Equity Certificate, there is delivered
to the Certificate Registrar and the Owner Trustee such security or indemnity
as may be required by them to save each of them harmless, then, in the absence
of notice that such Equity Certificate has been acquired by a bona fide or
protected purchaser, the Owner Trustee on behalf of the Trust shall execute in
accordance with Section 3.02 and the Owner Trustee or its authenticating agent
shall authenticate and deliver in accordance with Section 3.03, in exchange for
or in lieu of any such mutilated, destroyed, lost or stolen Equity Certificate,
a replacement Equity Certificate of like tenor. In connection with the issuance
of any replacement Equity Certificate under this Section 3.05, the Owner
Trustee or Certificate Registrar may require the payment of a sum sufficient to
cover any tax or other governmental charge that may be imposed in relation
thereto and any other reasonable expenses (including the reasonable fees and
expenses of the Owner Trustee and the Certificate Registrar) connected
therewith. Any replacement Equity Certificate issued pursuant to this Section
3.05 shall constitute conclusive evidence of beneficial ownership in the Trust,
as if originally issued, whether or not the lost, stolen or destroyed Equity
Certificate shall be found at any time. 

                    Section
3.06 Persons Deemed Equity Certificateholders. Prior to due presentation
of an Equity Certificate for registration of transfer, the Owner Trustee, the
Certificate Registrar and any of their respective agents may treat the Person
in whose name the Equity Certificate is registered in the Certificate Register
as the owner of the Equity Certificate for all purposes whatsoever, and none of
the Owner Trustee, the Certificate Registrar or any of their respective agents
shall be affected by any notice of the contrary. 

                    Section
3.07 Access to Equity Certificateholder’s Name and Addresses. The Owner
Trustee or Certificate Registrar shall furnish or cause to be furnished to the
Servicer, the 

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Administrator,
the Indenture Trustee and the Depositor within 15 days after receipt by the
Owner Trustee or Certificate Registrar of a written request therefor from the
Servicer, the Administrator, the Indenture Trustee or the Depositor, the name
and address of the Equity Certificateholder as of the most recent Record Date
in such form as the Servicer, the Administrator, the Indenture Trustee or the
Depositor may reasonably require. The Equity Certificateholder, by receiving
and holding the Equity Certificate, agrees that neither the Servicer, the
Administrator, the Depositor nor the Owner Trustee, nor any agent thereof,
shall be held accountable by reason of the disclosure of any such information
as to the name and address of the Equity Certificateholder hereunder,
regardless of the source from which such information was derived. 

                    Section
3.08 Maintenance of Office or Agency. The Certificate Registrar shall
maintain an office or offices or agency or agencies where an Equity Certificate
may be surrendered for registration of transfer or exchange and where notices
and demands to or upon the Certificate Registrar in respect of the Equity
Certificate and any Trust Agreement Transaction Documents may be served. The
Certificate Registrar initially designates the Indenture Trustee Corporate
Trust Office as its office for such purposes. The Certificate Registrar shall
give prompt written notice to the Depositor, the Servicer, the Administrator
and the Equity Certificateholder of any change in the location of the
Certificate Register or any such office or agency. 

                    Section
3.09 Ownership by Depositor of Equity Certificate. The Depositor shall
on the Closing Date purchase from the Trust the Equity Certificate. 

ARTICLE IV

ACTIONS BY OWNER TRUSTEE 

                    Section
4.01 Prior Notice to Equity Certificateholder with Respect to Certain
Matters. Subject to the provisions and limitations of Section 4.04, with
respect to the following matters, the Owner Trustee shall not take action
unless at least 30 days before the taking of such action, the Owner Trustee
shall have notified the Equity Certificateholder in writing of the proposed
action, the Indenture Trustee (acting at the direction of the Required Holders
if required) shall have consented to such action in the event any Notes are
outstanding, and the Equity Certificateholder shall not have notified the Owner
Trustee in writing prior to the 30th day after such notice is given that such
Equity Certificateholder has withheld consent or provided alternative
direction: 

                              (a)
the initiation of any claim or lawsuit by the Trust (except claims or lawsuits
brought in connection with the collection of Trust Assets) and the compromise
of any action, claim or lawsuit brought by or against the Trust (except with
respect to the aforementioned claims or lawsuits for collection of Trust
Assets); 

                              (b)
the election by the Trust to file an amendment to the Certificate of Trust
(unless such amendment is required to be filed under the Delaware Statutory
Trust Act); 

                              (c)
the amendment of the Indenture by a supplemental indenture if required in
circumstances where the consent of any Noteholder is required; 

- 11 -

                              (d)
the amendment of the Indenture by a supplemental indenture if required in
circumstances where the consent of any Noteholder is not required and such
amendment materially and adversely affects the interest of the Equity
Certificateholder; 

                              (e)
the amendment, change or modification of the Administration Agreement, except
to cure any ambiguity or to amend or supplement any provision in a manner or
add any provision that would not materially and adversely affect the interest
of the Equity Certificateholder; or 

                              (f)
the appointment pursuant to the Indenture of a successor Note Registrar, Paying
Agent or Indenture Trustee or pursuant to this Agreement of a successor
Certificate Registrar, or the consent to the assignment by the Note Registrar,
Paying Agent, Indenture Trustee or Certificate Registrar of its obligations
under the Indenture or this Agreement, as applicable. 

                    Section
4.02 Action by Equity Certificateholder with Respect to Certain Matters.
Subject to the provisions and limitations of Section 4.04, the Owner Trustee
shall not have the power, except upon the direction of the Equity
Certificateholder, to (a) remove the Administrator pursuant to Section 8 of the
Administration Agreement, (b) appoint a successor Administrator pursuant to
Section 8 of the Administration Agreement, (c) remove the Servicer pursuant to
Article VIII of the Pooling Agreement, (d) except as otherwise expressly
provided in the relevant Trust Agreement Transaction Documents, release or
convey from the Trust any Trust Assets or (e) authorize the merger or
consolidation of the Trust with or into any other statutory trust or entity
(other than in accordance with applicable restrictions or conditions thereon
contained in the relevant Trust Agreement Transaction Document). Except to the
extent otherwise provided in clauses (d) and (e) above, the Owner Trustee shall
take the actions referred to in the preceding sentence upon (and only upon)
written instructions signed by the Equity Certificateholder. 

                    Section
4.03 Action by Equity Certificateholder with Respect to Bankruptcy. The
Owner Trustee shall not have the power to commence a voluntary proceeding in a
bankruptcy relating to the Trust without the prior approval of the Equity
Certificateholder and the delivery to the Owner Trustee by such Equity
Certificateholder of a certificate certifying that such Equity
Certificateholder reasonably believes that the Trust is no longer Solvent. 

                    Section
4.04 Restrictions on Owner’s Power. Neither the Administrator nor the
Equity Certificateholder shall direct the Owner Trustee to take or to refrain
from taking any action if such action or inaction would be contrary to any
obligation of the Trust or the Owner Trustee under this Agreement or any of the
other Trust Agreement Transaction Documents, or would be contrary to the
purpose of this Trust as set forth in Section 2.03, nor shall the Owner Trustee
be obligated to follow any such direction, if given, or to determine whether
any such direction violates this Section 4.04. 

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ARTICLE V

APPLICATION AND DISTRIBUTION OF TRUST FUNDS;
CERTAIN DUTIES

                    Section
5.01 Reports. On each Payment Date, the Paying Agent shall send or cause
to be sent to the Equity Certificateholder the statement or statements received
by the Paying Agent from the Servicer pursuant to Section 9.01 of the Pooling
Agreement with respect to such Payment Date. 

                    Section
5.02 Taxes. In the event that any withholding tax is imposed on the
Trust’s payment (or allocation of income) to the Equity Certificateholder, such
tax shall reduce the amount otherwise distributable to the Equity
Certificateholder in accordance with this Section 5.02. The Paying Agent is
hereby authorized and directed to retain from amounts otherwise distributable
to the Equity Certificateholder sufficient funds for the payment of any tax
that is legally owed by the Equity Certificateholder of which the Paying Agent
has actual knowledge (but such authorization shall not prevent the Paying Agent
from contesting any such tax in appropriate proceedings, and withholding
payment of such tax, if permitted by law, pending the outcome of such
proceedings). The amount of any withholding tax imposed with respect to the
Equity Certificateholder shall be treated as cash distributed to such Equity
Certificateholder at the time it is withheld by the Trust and remitted to the
appropriate taxing authority. If there is a possibility that withholding tax is
payable with respect to a distribution the Paying Agent may in its sole
discretion withhold such amounts in accordance with this Section 5.02. In the
event that the Equity Certificateholder wishes to apply for a refund of any
such withholding tax, the Paying Agent shall reasonably cooperate with the
Equity Certificateholder in making such claim so long as the Equity
Certificateholder agrees to reimburse the Paying Agent for any reasonable
out-of-pocket expenses incurred in connection therewith. 

                    Section
5.03 Method of Payment. Subject to Section 9.01(c), distributions
required to be made to the Equity Certificateholder on any Payment Date shall
be made to the Equity Certificateholder of record on the preceding Record Date
by wire transfer, in immediately available funds, to the account of the Equity
Certificateholder at a bank or other entity having appropriate facilities
therefor, which the Equity Certificateholder shall have designated to the
Certificate Registrar, with appropriate written wire transfer instructions, at
least three Business Days prior to such Payment Date. In the absence of such
designation, such distributions shall be made by check mailed to the Equity
Certificateholder at the address of such Holder appearing in the Certificate
Register. 

                    Section
5.04 No Segregation of Moneys; No Interest. Moneys received by the Owner
Trustee hereunder need not be segregated in any manner except to the extent
required by law, and may be deposited under such general conditions as may be
prescribed by law, and the Owner Trustee shall not be liable for any interest
thereon. 

                    Section
5.05 Accounting and Reports to the Equity Certificateholder, the Internal
Revenue Service and Others. The Administrator shall (a) maintain (or cause
to be maintained) the books of the Trust on a calendar year basis and the
accrual method of accounting, (b) deliver or cause to be delivered to the
Equity Certificateholder, as may be 

- 13 -

required by
the Code and applicable Treasury Regulations, such information as may be
required (including Form 1099 or Schedule K-1) to enable the Equity Certificateholder
to prepare its federal and state income tax returns, (c) file or cause to be
filed such tax returns relating to the Trust and make such elections as from
time to time may be required or appropriate under any applicable state or
federal statute or any rule or regulation thereunder so as to maintain the
federal income tax treatment for the Trust as set forth in Section 2.11, (d)
cause such tax returns to be signed in the manner required by law and (e)
collect or cause to be collected any withholding tax as described in and in
accordance with Section 5.02 with respect to income or distributions to the
Equity Certificateholder. The Trust shall elect under Section 1278 of the Code
to include in income currently any market discount that accrues with respect to
Contracts becoming part of the Contract Pool. If applicable, the Trust shall
not make the election provided under Section 754 or Section 761 of the Code. 

                    Section
5.06 Signature on Returns; Tax Matters Partner. 

                              (a)
The Equity Certificateholder shall sign on behalf of the Trust the tax returns
of the Trust, if any. 

                              (b)
If Subchapter K of the Code should be applicable to the Trust, the Equity
Certificateholder shall be designated the “tax matters partner” of the Trust
pursuant to Section 6231 (a)(7)(A) of the Code and applicable Treasury
Regulations. 

ARTICLE VI

AUTHORITY AND DUTIES OF OWNER TRUSTEE

                    Section
6.01 General Authority. Subject to the provisions and limitations of
Sections 2.03 and 2.06, the Owner Trustee is authorized and directed to execute
and deliver on behalf of the Trust from time to time the Trust Agreement
Transaction Documents to which the Trust is or becomes a party and each
certificate and other document attached as an exhibit to or contemplated by
such Trust Agreement Transaction Documents and any amendment or other agreement
relating thereto (in each case, in such form as is furnished to the Owner
Trustee from time to time by or on behalf of the Depositor or Equity
Certificateholder or their respective counsel). In addition to the foregoing,
the Owner Trustee is authorized, but shall not be obligated, to take all
actions required of the Trust pursuant to the Trust Agreement Transaction
Documents. The Owner Trustee is further authorized from time to time to take
such action as the Administrator or Equity Certificateholder directs or
recommends in writing with respect to the Trust Agreement Transaction
Documents. 

                    Section
6.02 General Duties. It shall be the duty of the Owner Trustee to
discharge (or cause to be discharged through the Administrator or such other
agents as shall be appointed) all of its responsibilities pursuant to the terms
of this Agreement and the Trust Agreement Transaction Documents to which the
Trust is a party and to administer the Trust in the interest of the Equity
Certificateholder, subject to the Trust Agreement Transaction Documents and in
accordance with the provisions of this Agreement. Notwithstanding the
foregoing, the Owner Trustee shall be deemed to have discharged its duties and
responsibilities hereunder and under the other Trust Agreement Transaction
Documents to the extent the 

- 14 -

Administrator
has agreed in the Administration Agreement to perform any act or to discharge
any duty of the Owner Trustee or the Trust hereunder or under any such Trust
Agreement Transaction Document, and the Owner Trustee shall not be held liable
for the default or failure of the Administrator to carry out its obligations
under the Administration Agreement. 

                    Section
6.03 Action Upon Instruction.

                              (a)
Subject to Article IV, and in all events subject to the terms of the applicable
Trust Agreement Transaction Documents, the Equity Certificateholder may by
written instruction direct the Owner Trustee in the management of the Trust. 

                              (b)
The Owner Trustee shall not be required to take any action hereunder or under
any other Trust Agreement Transaction Document if the Owner Trustee shall have
reasonably determined, or shall have been advised by counsel, that such action
is likely to result in liability on the part of the Owner Trustee or is
contrary to the terms hereof or of any other applicable Trust Agreement
Transaction Document or is otherwise contrary to law. The Owner Trustee shall
not be liable for the failure to take any action pursuant to this paragraph
(b). 

                              (c)
Whenever the Owner Trustee is unable to decide between alternative courses of
action permitted or required by the terms of this Agreement or under any other
Trust Agreement Transaction Document, the Owner Trustee shall promptly give
notice (in such form as it deems appropriate under the circumstances) to the
Equity Certificateholder requesting instruction as to the course of action to
be adopted, and to the extent the Owner Trustee acts in good faith in
accordance with any written instruction received from the Equity
Certificateholder, the Owner Trustee shall not be liable on account of such
action to any Person. Until the Owner Trustee shall have received the requested
instruction it may, but shall be under no duty to, take or refrain from taking
such action, as it shall deem to be in the best interests of the Equity
Certificateholder, and shall have no liability to any Person for such action or
inaction. 

                              (d)
In the event that the Owner Trustee is unsure as to the applicability of any
provision of this Agreement or any other Trust Agreement Transaction Document
or believes any such provision is ambiguous as to its application, or is, or
appears to be, in conflict with any other applicable provision, or in the event
that this Agreement permits any determination by the Owner Trustee or is silent
or incomplete as to the course of action that the Owner Trustee is required to
take with respect to a particular set of facts, the Owner Trustee may give
notice (in such form as it deems appropriate under the circumstances) to the
Equity Certificateholder requesting instruction and, to the extent that the
Owner Trustee acts or refrains from acting in good faith in accordance with any
such instruction received from the Equity Certificateholder, the Owner Trustee
shall not be liable, on account of such action or inaction, to any Person.
Until the Owner Trustee shall have received the requested instruction it may,
but shall be under no duty to, take or refrain from taking such action, as it
shall deem to be in the best interests of the Equity Certificateholder, and
shall have no liability to any Person for such action or inaction. 

                              (e)
Notwithstanding anything contained herein to the contrary, the Owner Trustee
shall not be required to take any action in any jurisdiction other than in the
State of Delaware if the taking of such action will (i) require the
registration with, licensing by or the 

- 15 -

taking of any
other similar action in respect of, any state or other governmental authority
or agency of any jurisdiction other than the State of Delaware by or with
respect to the Owner Trustee; (ii) result in any fee, tax or other governmental
charge under the laws of any jurisdiction or any political subdivisions thereof
in existence on the date hereof other than the State of Delaware being payable
by the Owner Trustee; or (iii) subject the Owner Trustee to personal
jurisdiction in any jurisdiction other than the State of Delaware for causes of
action arising from acts unrelated to the consummation of the transactions by
the Owner Trustee contemplated in this Agreement. In the event that the Owner
Trustee has determined that any action will result in the consequences set
forth in clauses (i)-(iii), the Administrator and the Owner Trustee shall appoint
one or more Persons to act as co-trustee pursuant to Section 10.05. 

                    Section
6.04 No Duties Except as Specified in This Agreement or in Instructions.
The Owner Trustee shall not have any duty or obligation to manage, make any
payment with respect to, register, record, sell, dispose of or otherwise deal
with the Trust Assets, or to otherwise take or refrain from taking any action
under, or in connection with, any document contemplated hereby to which the
Owner Trustee is a party, except as expressly provided by the terms of this
Agreement (including Section 6.02) or any document or written instruction
received by the Owner Trustee pursuant to Article IV, the last sentence of
Section 6.01 or Section 6.03; and no implied duties or obligations shall be
read into this Agreement or any other Trust Agreement Transaction Document
against the Owner Trustee. The Owner Trustee shall have no responsibility for
filing any financing or continuation statement in any public office at any time
or to otherwise perfect or maintain the perfection of any security interest or
lien granted to it hereunder or to prepare, execute or file any securities law
filing (including any filings required by the Sarbanes-Oxley Act of 2002) for
the Trust or to record this Agreement or any other Trust Agreement Transaction
Document. The Owner Trustee nevertheless agrees that it will, at its own cost
and expense, promptly take all action as may be necessary to discharge any
liens on any part of the Trust Assets that result from actions by, or claims
against, the Owner Trustee, in its individual capacity, that are not related to
the ownership or the administration of the Trust Assets or the transactions
contemplated by the Trust Agreement Transaction Documents. 

                    Section
6.05 No Action Except Under Specified Documents or Instructions. The
Owner Trustee shall not manage, control, use, sell, dispose of or otherwise
deal with any part of the Trust Assets except (i) in accordance with the powers
granted to and the authority conferred upon the Owner Trustee pursuant to this
Agreement, (ii) in accordance with the Trust Agreement Transaction Documents,
or (iii) in accordance with any document or instruction delivered to the Owner
Trustee pursuant to Article IV, the last sentence of Section 6.01 or Section
6.03. 

                    Section
6.06 Restrictions. The Owner Trustee shall not take any action (i) that
is inconsistent with the purposes of the Trust set forth in Section 2.03 or
(ii) that, to the actual knowledge of a Responsible Officer of the Owner
Trustee, would result in the Trust’s becoming taxable as a corporation for
federal or state income tax purposes. Neither the Administrator nor the Equity
Certificateholder shall direct the Owner Trustee to take actions that would
violate the provisions of this Section 6.06 or any Trust Agreement Transaction
Document. 

- 16 -

                    Section
6.07 Administration Agreement.

                              (a)
The Administrator, as agent of the Trust pursuant to Section 3806(b)(7) of the
Delaware Statutory Trust Act, is authorized to execute on behalf of the Trust
all documents, reports, filings, instruments and opinions as it shall be the
duty of the Trust to prepare, file or deliver pursuant to the Trust Agreement
Transaction Documents. Pursuant to the Administration Agreement, the Owner
Trustee shall execute and deliver to the Administrator a power of attorney
appointing the Administrator as agent and attorney-in-fact of the Trust to
execute all such documents, reports, filings, instruments and opinions on
behalf of the Trust.

                              (b)
If the Administrator shall resign or be removed pursuant to the terms of the
Administration Agreement, the Owner Trustee may, at the written direction of
the Equity Certificateholder, appoint or consent to the appointment of a
successor Administrator pursuant to the Administration Agreement.

                              (c)
If the Administration Agreement is terminated, the Owner Trustee may, and is
hereby authorized and empowered to, at the written direction of the Equity
Certificateholder, appoint or consent to the appointment of a Person to perform
substantially the same duties as are assigned to the Administrator in the
Administration Agreement pursuant to an agreement containing substantially the
same provisions as are contained in the Administration Agreement.

                              (d)
The Owner Trustee shall promptly notify the Equity Certificateholder of any
default by or misconduct of the Administrator under the Administration
Agreement of which the Owner Trustee has received written notice or of which a
Responsible Officer of the Owner Trustee has actual knowledge.

ARTICLE VII

CONCERNING THE OWNER TRUSTEE

                    Section
7.01 Acceptance of Trusts and Duties. The Owner Trustee accepts the
trust hereby created and agrees to perform its duties hereunder with respect to
such trust but only upon the terms of this Agreement. The Owner Trustee also
agrees to disburse all moneys actually received by it constituting part of the
Trust Assets upon the terms of the Trust Agreement Transaction Documents and
this Agreement. The Owner Trustee shall not be answerable or accountable
hereunder or under any other Trust Agreement Transaction Document under any
circumstances, except that the foregoing limitation shall not limit the
liability, if any, that the Owner Trustee may have to the Equity
Certificateholder (i) for the Owner Trustee’s own willful misconduct, bad
faith, or negligence, (ii) in the case of the inaccuracy of any representation
or warranty contained in Section 7.03 expressly made by the Owner Trustee in
its individual capacity, (iii) for liabilities arising from the failure of the
Owner Trustee to perform obligations expressly undertaken by it in the last
sentence of Section 6.04 hereof, (iv) for any investments issued by the Owner
Trustee or any branch or affiliate thereof in its commercial capacity, or (v)
for taxes, fees or other charges on, based on or measured by, any fees,
commissions or compensation received by the Owner Trustee in connection with
any of the transactions contemplated by this Agreement or any other Trust
Agreement Transaction 

- 17 -

Document. In
particular, but not by way of limitation (and subject to the exceptions set
forth in the preceding sentence):

                              (a)
the Owner Trustee shall not be liable for any error of judgment made in good
faith by a Responsible Officer of the Owner Trustee, as applicable, which did
not result from willful misconduct, bad faith or negligence on the part of such
Responsible Officer;

                              (b)
the Owner Trustee shall not be liable with respect to any action taken or
omitted to be taken by it in accordance with the instructions of the
Administrator, the Required Holders or the Equity Certificateholder;

                              (c)
no provision of this Agreement or any other Trust Agreement Transaction
Document shall require the Owner Trustee to expend or risk funds or otherwise
incur any financial liability in the performance of any of its rights or powers
hereunder or under any other Trust Agreement Transaction Document if the Owner
Trustee has reasonable grounds for believing that repayment of such funds or
adequate indemnity against such risk or liability is not reasonably assured or
provided to it;

                              (d)
under no circumstances shall the Owner Trustee be liable for indebtedness
evidenced by or arising under any of the Trust Agreement Transaction Documents,
including the principal of and interest on the Notes;

                              (e)
the Owner Trustee shall not be responsible for or in respect of the validity or
sufficiency of this Agreement or for the due execution hereof by the Depositor
or for the form, character, genuineness, sufficiency, value or validity of any
of the Trust Assets, or for or in respect of the validity or sufficiency of any
Trust Agreement Transaction Documents, other than its signature on behalf of
the Trust on, and the certificate of authentication on, the Equity Certificate,
and the Owner Trustee shall in no event assume or incur any liability, duty, or
obligation to any Noteholder or, other than as expressly provided for herein,
to the Equity Certificateholder;

                              (f)
the Owner Trustee shall not be liable for the default or misconduct of the
Administrator, the Depositor, the Indenture Trustee or the Servicer under any
of the Trust Agreement Transaction Documents or otherwise and the Owner Trustee
shall have no obligation or liability to perform or monitor the performance of
the obligations of the Trust under this Agreement or the other Trust Agreement
Transaction Documents that are required to be performed by the Administrator
under this Agreement or the Administration Agreement, by the Indenture Trustee
under this Agreement or the Indenture or by the Servicer or the Depositor under
any Trust Agreement Transaction Document; and

                              (g)
the Owner Trustee shall not be under any obligation to exercise any of the
rights or powers vested in it by this Agreement, or to institute, conduct or
defend any litigation under this Agreement or otherwise or in relation to this
Agreement or any other Trust Agreement Transaction Document, at the request,
order or direction of the Equity Certificateholder, unless the Equity
Certificateholder has offered to the Owner Trustee security or indemnity
reasonably satisfactory to it against the costs, expenses and liabilities that
may be incurred by the Owner Trustee therein or thereby. The right of the Owner
Trustee to perform 

- 18 -

any
discretionary act enumerated in this Agreement or in any other Trust Agreement
Transaction Document shall not be construed as a duty, and, except as otherwise
provided in the third sentence of this Section 7.01, the Owner Trustee shall
not be answerable for the performance of any such act.

                    Section
7.02 Furnishing of Documents. The Owner Trustee shall furnish to the
Equity Certificateholder promptly upon receipt of a written request therefor
from such Equity Certificateholder, duplicates or copies of all reports,
notices, requests, demands, financial statements and any other instruments
furnished to the Owner Trustee under the Trust Agreement Transaction Documents.

                    Section
7.03 Representations and Warranties of the Owner Trustee. The Owner
Trustee hereby represents and warrants to the Depositor and the Equity
Certificateholder that:

                              (a)
It is a Delaware banking corporation duly organized and validly existing in
good standing under the laws of the State of Delaware. It has all requisite
corporate power and authority to execute, deliver and perform its obligations
under this Agreement and to execute and deliver on behalf of the Trust each
other Trust Agreement Transaction Document to which the Trust is a party (“Related
Documents”).

                              (b)
It has taken all corporate action necessary to authorize the execution and
delivery by it of this Agreement and, on behalf of the Trust, the Related
Documents, and this Agreement and each Related Document will be executed and
delivered by one of its officers who is duly authorized to execute and deliver
the same on its behalf, and upon such execution and delivery of this Agreement,
this Agreement shall constitute the legal, valid and binding obligation of the
Owner Trustee, enforceable against the Owner Trustee in accordance with its
terms, except as the enforcement thereof may be subject to the effect of any
applicable bankruptcy, insolvency, reorganization, moratorium or similar laws
affecting creditors’ rights generally and general principles of equity
(regardless of whether enforcement is sought in equity or at law).

                              (c)
Neither the execution nor the delivery by it of this Agreement or, on behalf of
the Trust, any Related Document, nor the consummation by it of the transactions
contemplated hereby nor compliance by it with any of the terms or provisions
hereof will contravene any federal or State law, governmental rule or
regulation governing the trust powers of the Owner Trustee or any judgment or
order binding on it, or constitute any default under its charter documents or
bylaws or any indenture, mortgage, contract, agreement or instrument to which
it is a party or by which any of its properties may be bound or result in the
creation or imposition of any lien, charge or encumbrance on the Trust Assets
resulting from actions by or claims against the Owner Trustee individually
which are unrelated to this Agreement or the other Trust Agreement Transaction
Documents. 

                    Section
7.04 Reliance; Advice of Counsel.

                              (a)
The Owner Trustee shall incur no liability to anyone in acting upon any
signature, instrument, notice, resolution, request, consent, order,
certificate, report, opinion, bond or other document or paper reasonably
believed by it to be genuine and to be signed by the 

- 19 -

proper party
or parties. The Owner Trustee may accept a certified copy of a resolution of
the board of directors or other governing body of any party as conclusive
evidence that such resolution has been duly adopted by such body and that the
same is in full force and effect. As to any fact or matter the method of
determination of which is not specifically prescribed herein, the Owner Trustee
may for all purposes hereof rely on a certificate, signed by the president or
any vice president or by the treasurer or any other authorized officer of the
relevant party, as to such fact or matter and such certificate shall constitute
full protection to the Owner Trustee for any action taken or omitted to be
taken by it in good faith in reliance thereon.

                              (b)
In the exercise or administration of the trusts hereunder and in the performance
of its duties and obligations under this Agreement or the other Trust Agreement
Transaction Documents, the Owner Trustee, (i) may act directly or through its
agents or attorneys pursuant to agreements entered into by any of them, and the
Owner Trustee shall not be liable for the conduct or misconduct of such agents
or attorneys as shall have been selected by the Owner Trustee with reasonable
care, and (ii) may consult with counsel, accountants and other skilled persons
to be selected with reasonable care and employed by it. The Owner Trustee shall
not be liable for anything done, suffered or omitted in good faith by it in
accordance with the written opinion or advice of any such counsel, accountants
or other such persons, provided that such actions do not violate the express
terms of the Trust Agreement Transaction Documents.

                    Section
7.05 Not Acting in Individual Capacity. Except as otherwise expressly
provided in this Article VII, in accepting the trusts hereby created, Deutsche
Bank Trust Company Delaware, acts solely as Owner Trustee hereunder and not in
its individual capacity, and all Persons having any claim against the Owner
Trustee by reason of the transactions contemplated by this Agreement or any
other Trust Agreement Transaction Document shall look only to the Trust Assets
for payment or satisfaction thereof.

                    Section
7.06 Owner Trustee Not Liable for Notes, Equity Certificate or Contracts.
The recitals contained herein and in the Equity Certificate (other than the
signature of the Owner Trustee on behalf of the Trust, and the certificate of
authentication, on the Equity Certificate) shall be taken as the statements of
the Depositor, and the Owner Trustee assumes no responsibility for the
correctness thereof. The Owner Trustee makes no representations as to the
validity or sufficiency of this Agreement, any other Trust Agreement
Transaction Document or the Equity Certificate (other than the signature of the
Owner Trustee and the certificate of authentication on the Equity
Certificates), or of any Contract or related documents or assets. The Owner
Trustee shall at no time have any responsibility or liability for or with
respect to the legality, validity and enforceability of any Contract, or the
perfection and priority of any security interest created by any Contract in any
related Equipment or the maintenance of any such perfection and priority, or
for or with respect to the sufficiency of the Trust Assets or the ability of
such Trust Assets to generate the payments to be distributed to the Equity
Certificateholder under this Agreement or the Noteholders under the Indenture,
including, without limitation, the existence, condition and ownership of any
Equipment; the existence and enforceability of any insurance thereon; the
existence and contents of any Contract or any computer or other record thereof;
the validity of the assignment of any Contract to the Trust or of any
intervening assignment; the completeness of any Contract; the performance or
enforcement of any Contract; the compliance by the Depositor, CFUSA, the
Financing Originator or the Servicer with any warranty or representation made
under any Trust Agreement Transaction Document or in any 

- 20 -

related
document or the accuracy of any such warranty or representation; or any action
of the Administrator, the Indenture Trustee or the Servicer or any subservicer
taken in the name of the Owner Trustee or the Trust.

                    Section
7.07 Owner Trustee May Own Notes. The Owner Trustee in its individual or
any other capacity may become the owner or pledgee of Notes or the Equity
Certificate and may deal with the Depositor, the Administrator, the Indenture
Trustee, the Servicer and Affiliates thereof in banking transactions with the
same rights as it would have if it were not Owner Trustee.

ARTICLE VIII

COMPENSATION OF OWNER TRUSTEE

                    Section
8.01 Owner Trustee’s Fees and Expenses. The Owner Trustee shall receive
as compensation for its services hereunder, such fees as have been separately
agreed upon between the Owner Trustee and the Servicer, which shall be paid
consistent with Section 5.19 of the Pooling Agreement. Additionally, the Owner
Trustee shall be entitled to be reimbursed by the Depositor or Servicer for its
other reasonable expenses hereunder, as applicable, including the reasonable
compensation, expenses and disbursements of such agents, representatives,
experts and counsel as the Owner Trustee may employ in connection with the
exercise and performance of its rights and its duties hereunder; provided,
however, that the Owner Trustee shall only be entitled to reimbursement for
expenses hereunder to the extent such expenses (i) are fees and expenses of
outside counsel engaged by the Owner Trustee in respect of the performance of
its obligations hereunder, or (ii) relate to the performance of its obligations
hereunder.

                    Section
8.02 Indemnification. The Depositor shall be liable as primary obligor
for, and hereby indemnifies and holds harmless the Owner Trustee (including in
its individual capacity) and its successors, assigns and servants
(collectively, the “Indemnified Parties”) from and against, any and all
liabilities, obligations, losses, damages, taxes, claims, actions and suits,
and any and all reasonable costs, expenses and disbursements (including reasonable
legal fees and expenses) of any kind and nature whatsoever (collectively,
“Expenses”) which may at any time be imposed on, incurred by or asserted
against the Owner Trustee, or any other Indemnified Party in any way relating
to or arising out of this Agreement, any other Trust Agreement Transaction
Document, the Trust Assets, the administration of the Trust Assets or the
action or inaction of the Owner Trustee hereunder; provided, however, the
Depositor shall not be liable for or required to indemnify an Indemnified Party
from and against Expenses arising or resulting from any of the matters
described in the third sentence of Section 7.01; provided, further, that the
liability of the Depositor under this Section shall be limited to the assets of
the Depositor and any indemnity payments to be made pursuant to this Section
8.02 shall not be made from the Trust Assets and such indemnity payments, if
unpaid, do not constitute a general recourse claim against the Trust. The
indemnities contained in this Section
shall survive the resignation, removal or termination of the Owner Trustee or
the termination of this Agreement or the Trust. In the event of any claim,
action or proceeding for which indemnity will be sought pursuant to this
Section 8.02, the Owner Trustee’s choice of legal counsel shall be subject to
the approval of the Depositor, which approval shall not be unreasonably
withheld. The indemnities contained in

- 21 -

 this Section 8.02 shall be in addition
to the indemnities provided by the Servicer pursuant to the Pooling Agreement
and the Administrator pursuant to the Administration Agreement. The Depositor
hereby agrees to advance the Expenses (including reasonable fees and expenses
of counsel) to each Indemnified Party, in defending any claim, demand, action,
suit or proceeding prior to the final disposition of such claim, demand,
action, suit or proceeding upon receipt by the Depositor of an undertaking
reasonably satisfactory to it, by or on behalf of such Indemnified Party, to
repay such amount if it shall be determined that such Indemnified Party is not
entitled to be indemnified therefor under this Section 8.02. Notwithstanding
any provision in this Agreement or any other Trust Agreement Transaction
Document to the contrary, the obligations of the Depositor under this Section
8.02 and shall survive the resignation or removal of any trustee of the Trust,
shall survive the termination of this Agreement and the termination of the
Trust.

                    Section
8.03 Non-recourse Obligations. Notwithstanding anything in this
Agreement or any other Trust Agreement Transaction Document, but without
limiting the rights of the Owner Trustee, or any other Indemnified Party under
Section 8.02, the Owner Trustee agrees in its individual capacity and in its
capacity as Owner Trustee, for the Trust that all obligations of the Trust to
the Owner Trustee individually or as Owner Trustee, for the Trust shall be
recourse to the Trust Assets only and specifically shall not be recourse to the
assets of the Equity Certificateholder.

ARTICLE IX

TERMINATION OF TRUST

                    Section
9.01 Termination of Trust.

                              (a)
The Trust created by this Agreement shall dissolve upon the earliest of (i) the
maturity or other liquidation of the last Contract and related Transferred
Assets, and the subsequent distribution of amounts in respect of such
Transferred Assets as provided in the Trust Agreement Transaction Documents, or
(ii) the payment to the Noteholders and any other party entitled thereto of the
entire outstanding principal balance of the Notes, together with accrued and
unpaid interest thereon to the date of repayment, and all other amounts
required to be paid to such parties or to which such parties are entitled
pursuant to this Agreement, the Pooling Agreement and the other Trust Agreement
Transaction Documents, or (iii) at the time provided in Section 9.02 below;
provided that the rights to indemnification under Section 8.02 shall survive
the dissolution and termination of the Trust. The Servicer shall promptly
notify the Owner Trustee and the Administrative Agent of any prospective
dissolution pursuant to this Section 9.01. Except as provided in Section 9.02,
the bankruptcy, liquidation, dissolution, termination, resignation, expulsion,
withdrawal, death or incapacity of the Equity Certificateholder, shall not (x)
operate to terminate this Agreement or the Trust, or (y) entitle such Equity
Certificateholder’s legal representatives or heirs to claim an accounting or to
take any action or proceeding in any court for a partition or winding up of all
or any part of the Trust or Trust Assets, or (z) otherwise affect the rights,
obligations and liabilities of the parties hereto.

                              (b)
Except as provided in Section 9.01(a), neither the Depositor nor the Equity
Certificateholder shall be entitled to revoke or terminate the Trust.

- 22 -

                              (c)
Promptly upon receipt of notice of final distribution on the Equity Certificate
from the Servicer given pursuant to Section 10.01 of the Pooling Agreement, the
Paying Agent shall mail written notice to the Equity Certificateholder
specifying (i) the Payment Date upon which final payment of the Equity
Certificate shall be made upon presentation and surrender of Equity Certificate
at the office of the Paying Agent as therein specified, (ii) the amount of any
such final payment, and (iii) that the Record Date otherwise applicable to such
Payment Date is not applicable, payments being made only upon presentation and
surrender of the Equity Certificate at the office of the Paying Agent therein
specified. The Paying Agent shall give such notice to the Owner Trustee and the
Certificate Registrar (if other than the Owner Trustee) at the time such notice
is given to Equity Certificateholder. Upon presentation and surrender of the
Equity Certificate to the Certificate Registrar, the Paying Agent shall direct
the Indenture Trustee, subject to any payments required pursuant to Section
3808(e) of the Delaware Statutory Trust Act, to distribute to the Equity
Certificateholder amounts distributable on such Payment Date.

                              (d)
In the event that the Equity Certificateholder shall not surrender the Equity
Certificate for cancellation within six months after the date specified in the
abovementioned written notice, the Paying Agent shall give a second written
notice to the Equity Certificateholder to surrender the Equity Certificates for
cancellation and receive the final distribution with respect thereto. If within
one year after the second notice the Equity Certificate shall not have been
surrendered for cancellation, the Paying Agent may take appropriate steps, or
may appoint an agent to take appropriate steps, to contact the Equity Certificateholder
concerning surrender of the Equity Certificate, and the cost thereof shall be
paid out of the funds and other assets that remain subject to this Agreement.
Any funds which are payable to the Equity Certificateholder remaining in the
Trust after exhaustion of such remedies shall be distributed by the Owner
Trustee to the Depositor.

                              (e)
Upon the completion of winding up of the Trust by the Administrator in
accordance with the Delaware Statutory Trust Act following its dissolution
including Section 3808(e) thereof, the Owner Trustee shall at the direction and
expense of the Administrator cause the Certificate of Trust to be canceled by
filing a certificate of cancellation with the Secretary of State in accordance
with the provisions of Section 3810 of the Delaware Statutory Trust Act, and
upon the effectiveness thereof, this Agreement and the Trust shall be
terminated.

                    Section
9.02 Dissolution upon Bankruptcy of Depositor. In the event that an
Insolvency Event shall occur with respect to the Depositor, then the Trust
shall be dissolved in accordance with Section 9.01 ninety days after the date
of such event, unless within such ninety day period, the Owner Trustee shall
have received written instructions from the Required Holders not to dissolve or
terminate the Trust. Promptly after the occurrence of an Insolvency Event with
respect to the Depositor, (i) the Depositor shall give the Indenture Trustee
and Owner Trustee written notice thereof, and (ii) the Indenture Trustee shall
give prompt written notice to the Noteholders thereof. Upon a dissolution
pursuant to this Section 9.02, the Issuer shall request the Administrator
promptly to sell the Trust Assets in a commercially reasonable manner and on
commercially reasonable terms. The proceeds of such a sale shall be treated,
allocated and distributed as Available Funds in accordance with the Pooling
Agreement.

- 23 -

ARTICLE X

SUCCESSOR OWNER TRUSTEES AND ADDITIONAL OWNER
TRUSTEES

                    Section
10.01 Eligibility Requirements for Owner Trustee. 

                              The
Owner Trustee shall at all times be a Person (i) satisfying the provisions of
Section 3807(a) of the Delaware Statutory Trust Act; (ii) authorized to
exercise corporate trust powers and subject to supervision or examination by
federal or state authorities; (iii) having (or having a parent which has) a
combined capital and surplus of at least $50,000,000; (iv) having (or having a
parent which has) a rating of at least Baa3 by Moody’s and at least BBB by
Standard & Poor’s; (v) which is not an Affiliate of the Trust, the
Depositor, or the Financing Originator, and (vi) does not offer or provide
credit or credit enhancement to the Issuer or the Depositor. If such
corporation shall publish reports of condition at least annually, pursuant to
law or to the requirements of the aforesaid supervising or examining authority,
then for the purpose of this Section 10.01, the combined capital and surplus of
such corporation shall be deemed to be its combined capital and surplus as set
forth in its most recent report of condition so published. In case at any time
the Owner Trustee shall cease to be eligible in accordance with the provisions
of this Section 10.01, the Owner Trustee shall resign immediately in the manner
and with the effect specified in Section 10.02.

                    Section
10.02 Resignation or Removal of Owner Trustee. The Owner Trustee may at
any time resign and be discharged from the trusts hereby created by giving
written notice thereof to the Depositor and the Servicer at least 30 days
before the date specified in such instrument. Upon receiving such notice of
resignation, the Administrator shall promptly appoint a successor Owner
Trustee, meeting the qualifications set forth in Section 10.01 by written
instrument, in duplicate, one copy of which instrument shall be delivered to
the resigning Owner Trustee and one copy to the successor Owner Trustee. If no
successor Owner Trustee shall have been so appointed and have accepted
appointment within 30 days after the giving of such notice of resignation, the
resigning Owner Trustee may petition any court of competent jurisdiction for
the appointment of a successor Owner Trustee. 

                    If
at any time the Owner Trustee shall cease to be eligible in accordance with the
provisions of Section 10.01 and shall fail to resign after written request
therefor by the Administrator or if at any time the Owner Trustee shall be legally
unable to act as such, or shall be adjudged bankrupt or insolvent, or a
receiver of the Owner Trustee or of its property shall be appointed, or any
public officer shall take charge or control of the Owner Trustee or of its
property or affairs for the purpose of rehabilitation, conservation or
liquidation, then the Administrator may remove the Owner Trustee. If the
Administrator shall remove the Owner Trustee under the authority of the
immediately preceding sentence, the Administrator shall promptly appoint a
successor Owner Trustee meeting the qualification requirements of Section 10.01
by written instrument, in duplicate, one copy of which instrument shall be
delivered to the outgoing Owner Trustee so removed and one copy to the
successor Owner Trustee together with payment of all fees owed to the outgoing
Owner Trustee.

                    Any
resignation or removal of the Owner Trustee and appointment of a successor
Owner Trustee pursuant to any of the provisions of this Section 10.02 shall not
become effective

- 24 -

until all fees
and expenses, including any indemnity payments, due to the outgoing Owner
Trustee have been paid and until acceptance of appointment by the successor
Owner Trustee, pursuant to Section 10.03.

                    Section
10.03 Successor Owner Trustee. Any successor Owner Trustee appointed
pursuant to Section 10.02 shall execute, acknowledge and deliver to the
Depositor and to its predecessor Owner Trustee, an instrument accepting such
appointment under this Agreement, and thereupon the resignation or removal of
the predecessor Owner Trustee shall become effective and such successor Owner
Trustee without any further act, deed or conveyance, shall become fully vested
with all the rights, powers, duties, and obligations of its predecessor under
this Agreement, with like effect as if originally named as Owner Trustee. The
predecessor Owner Trustee, shall, upon receipt of fees, expenses and indemnity
due and owing to the Owner Trustee pursuant hereto deliver to the successor
Owner Trustee all documents and statements and monies held by it under this
Agreement; and the Depositor and the predecessor Owner Trustee shall execute
and deliver such instruments and do such other things as may reasonably be
required for fully and certainly vesting and confirming in the successor Owner
Trustee all such rights, powers, duties, and obligations.

                    No
successor Owner Trustee shall accept appointment as provided in this Section 10.03
unless at the time of such acceptance such successor Owner Trustee shall be
eligible pursuant to Section 10.01.

                    Upon
acceptance of appointment by a successor Owner Trustee pursuant to this Section
10.03, the Administrator shall mail notice thereof to the Equity
Certificateholder, the Indenture Trustee, the Noteholders and each Rating
Agency. If the Administrator shall fail to mail such notice within 10 days
after acceptance of appointment by the successor Owner Trustee, the successor
Owner Trustee shall cause such notice to be mailed at the expense of the
Depositor.

                    Any
successor Owner Trustee appointed pursuant to this Section 10.03 shall file an
amendment to the Certificate of Trust with the Delaware Secretary of State
identifying the name and principal place of business of such successor in the
State of Delaware.

                    Section
10.04 Merger or Consolidation of Owner Trustee. Any Person into which
the Owner Trustee may be merged or converted or with which it may be
consolidated, or any Person resulting from any merger, conversion or
consolidation to which the Owner Trustee shall be a party, or any Person
succeeding to all or substantially all of the corporate trust business of the
Owner Trustee shall be the successor of the Owner Trustee hereunder, provided
such Person shall be eligible pursuant to Section 10.01 without the execution
or filing of any instrument or any further act on the part of any of the
parties hereto. Notwithstanding anything contained herein to the contrary, the
successor Owner Trustee under this Section 10.04 shall file an amendment to the
Certificate of Trust with the Delaware Secretary of State identifying the name
and principal place of business of such successor in the State of Delaware.

                    Section
10.05 Appointment of Co-Trustee or Separate Trustee. Notwithstanding any
other provisions of this Agreement, at any time, for the purpose of meeting any
legal requirements of any jurisdiction in which any part of the Trust Assets
may at the time be located,

- 25 -

the Owner
Trustee shall have the power and, at the request of the Depositor, shall
execute and deliver all instruments to appoint one or more Persons approved by
the Owner Trustee to act as co-trustee, jointly with the Owner Trustee, or
separate trustee or separate trustees, of all or any part of the Trust Assets,
and to vest in such Person, in such capacity, such title to the Trust Assets,
or any part thereof, and, subject to the other provisions of this Section 10.05,
such powers, duties, obligations, rights and trusts as the Owner Trustee may
consider necessary or desirable. No co-trustee or separate trustee under this
Agreement shall be required to meet the terms of eligibility as a successor
trustee pursuant to Section 10.01 and no notice of the appointment of any
co-trustee or separate trustee shall be required pursuant to Section 10.01.

                    Each
separate trustee and co-trustee shall, to the extent permitted by law, be
appointed and act subject to the following provisions and conditions:

                              (a)
all rights, powers, duties, and obligations conferred or imposed upon the Owner
Trustee shall be conferred upon and exercised or performed by the Owner Trustee
and such separate trustee or co-trustee jointly (it being understood that such
separate trustee or co-trustee is not authorized to act separately without the
Owner Trustee joining in such act), except to the extent that under any law of
any jurisdiction in which any particular act or acts are to be performed the
Owner Trustee shall be incompetent or unqualified to perform such act or acts,
in which event such rights, powers, duties, and obligations (including the
holding of title to the Trust Assets or any portion thereof in any such
jurisdiction) shall be exercised and performed singly by such separate trustee
or co-trustee, but solely at the direction of the Owner Trustee;

                              (b)
no trustee under this Agreement shall be personally liable by reason of any act
or omission of any other trustee under this Agreement; and

                              (c)
the Owner Trustee may at any time accept the resignation of or remove any
separate trustee or co-trustee.

                    Any
notice, request or other writing given to the Owner Trustee shall be deemed to
have been given to each of the then separate trustees and co-trustees, as
effectively as if given to each of them. Every instrument appointing any
separate trustee or co-trustee shall refer to this Agreement and the conditions
of this Article X. Each separate trustee and co-trustee, upon its acceptance of
the trusts conferred, shall be vested with the estates or property specified in
its instrument of appointment, either jointly with the Owner Trustee or
separately, as may be provided therein, subject to all the provisions of this
Agreement, specifically including every provision of this Agreement relating to
the conduct of, affecting the liability of, or affording protection to, the
Owner Trustee. Each such instrument shall be filed with the Owner Trustee.

                    Any
separate trustee or co-trustee may at any time appoint the Owner Trustee, its
agent or attorney-in-fact with full power and authority, to the extent not
prohibited by law, to do any lawful act under or in respect of this Agreement
on its behalf and in its name. If any separate trustee or co-trustee shall die,
become incapable of acting, resign or be removed, all of its estates,
properties, rights, remedies and trusts shall vest in and be exercised by the
Owner Trustee, to the extent permitted by law, without the appointment of a new
or successor trustee.

- 26 -

ARTICLE XI

MISCELLANEOUS

                    Section
11.01 Supplements and Amendments.

                              (a)
This Agreement may be amended by the Depositor, and the Owner Trustee, without
the consent of any of the Noteholders or the Equity Certificateholder, to cure
any ambiguity, to correct or supplement any provisions in this Agreement or to
add any other provisions with respect to matters or questions arising under
this Agreement that shall not be inconsistent with the provisions of this
Agreement; provided, however, that any such action shall not, as evidenced by
an Opinion of Counsel, adversely affect in any material respect the interest of
any Noteholder or the Equity Certificateholder; 

                              (b)
This Agreement may also be amended from time to time by the Depositor, and the
Owner Trustee, with the consent of the Required Holders and the Equity
Certificateholder, for the purpose of adding any provisions to or changing in
any manner or eliminating any of the provisions of this Agreement, or of
modifying in any manner the rights of the Noteholders or the Equity
Certificateholder; provided, however, that no such amendment shall increase or
reduce in any manner the amount of, or accelerate or delay the timing of, (i)
collections of payments on Contracts or distributions that shall be required to
be made for the benefit of the Noteholders or the Equity Certificateholder, or
(ii) change in any manner the Noteholder or Equity Certificateholder consent
required for any such amendment, without the consent of the Holders of all
outstanding Notes and the Equity Certificate; and provided further that, in no
event shall this Agreement be modified pursuant to this Section 11.01(b) without
the satisfaction of the Rating Agency Condition.

                              (c)
Prior to the execution of any such amendment or consent, the Depositor shall
furnish written notification of the substance of such amendment or consent,
together with a copy thereof, to the Indenture Trustee and the Administrator.

                              (d)
Promptly after the execution of any such amendment or consent, the Owner
Trustee shall furnish written notification of the substance of such amendment
or consent to the Equity Certificateholder and the Rating Agencies. It shall
not be necessary for the consent of the Equity Certificateholder, Noteholders
or the Indenture Trustee pursuant to this Section 11.01 to approve the
particular form of any proposed amendment or consent, but it shall be
sufficient if such consent shall approve the substance thereof. The manner of
obtaining such consents (and any other consents of the Equity Certificateholder
provided for in this Agreement or in any other Trust Agreement Transaction
Document) and of evidencing the authorization of the execution thereof by the
Equity Certificateholder, the Noteholders, or the Indenture Trustee shall be
subject to such reasonable requirements as the Owner Trustee may prescribe.

                              (e)
Promptly after the execution of any amendment to the Certificate of Trust, the
Owner Trustee shall cause the filing of such amendment with the Secretary of
State.

                              (f)
Prior to the execution of any amendment or supplement to this Agreement or the
Certificate of Trust, the Owner Trustee shall be entitled to receive and rely

- 27 -

upon an
Opinion of Counsel stating that the execution of such amendment is authorized
or permitted by this Agreement and the other Trust Agreement Transaction
Documents, and that all conditions precedent to the execution and delivery of
such amendment as set forth in the applicable Trust Agreement Transaction
Documents have been satisfied. The Owner Trustee may, but shall not be
obligated to, enter into any such amendment that affects the Owner Trustee’s
own rights, duties or immunities under this Agreement or otherwise.

                              (g)
Notwithstanding anything to the contrary in the foregoing provisions of this
Section 11.01, this Agreement shall not be amended without the written
consent of the Swap Counterparty if such amendment would have a material
adverse effect on the Swap Counterparty.

                    Section
11.02 Limitations on Rights of Others. Except for Section 2.07, the
provisions of this Agreement are solely for the benefit of the Owner Trustee
(individually and in its capacity as such), the Depositor, the Equity
Certificateholder, the Administrator and, to the extent expressly provided herein,
the Indenture Trustee, the Noteholders and the Swap Counterparty and nothing in
this Agreement (other than Section 2.07), whether express or implied, shall be
construed to give to any other Person any legal or equitable right, remedy or
claim in the Trust Assets or under or in respect of this Agreement or any
covenants, conditions or provisions contained herein.

                    Notwithstanding
anything contained herein to the contrary, with respect to the Noteholders and
the Swap Counterparty, the Owner Trustee undertakes to perform or observe only
such of the covenants and obligations of the Owner Trustee as are expressly set
forth in this Agreement, and no implied covenants or obligations with respect
to the Noteholders or the Swap Counterparty shall be read into this Agreement
against the Owner Trustee. The Owner Trustee shall
not be deemed to owe any fiduciary duty to the Noteholders or the Swap
Counterparty, and shall not be liable to any such person other than as
expressly set forth in the third sentence of Section 7.01.

                    Section
11.03 Notices. All notices, demands, requests and communications
hereunder (“notices”) shall be in writing and shall be effective (a) upon
receipt when sent through the U.S. mails, registered or certified mail, return
receipt requested, postage prepaid, with such receipt to be effective the date
of delivery indicated on the return receipt, or (b) one Business Day after
delivery to an overnight courier (specifying one (1) Business Day’s delivery),
or (c) on the date personally delivered to an authorized officer of the party
to which sent, or (d) on the date transmitted by legible telefax transmission
with a confirmation of receipt, in all cases addressed to the recipient as
follows:

	
 

	
 

	
(i)

	
If to the
 initial Servicer/Administrator:

	
 

	
 

	
 

	
CIT
 Financial USA, Inc.

 1 CIT Drive

 Livingston, New Jersey 07039

- 28 -

	
 

	
 

	
 

	
Attention:
 Treasury – Securitization

 Fax No.: (973) 535-5900

 Telephone No.: (973) 740-5058

	
 

	
 

	
(ii)

	
If to the
 Depositor:

	
 

	
 

	
 

	
CIT Funding
 Company, LLC

 c/o CIT Group Inc.

 1 CIT Drive

 Livingston, New Jersey 07039

	
 

	
 

	
 

	
Attention:
 Treasury – Securitization

 Fax No.: (973) 535-5900

 Telephone No.: (973) 740-5058

	
 

	
 

	
(iii)

	
If to the
 Owner Trustee:

	
 

	
 

	
 

	
Deutsche
 Bank Trust Company Delaware

 c/o Deutsche Bank Trust Company Americas

 Structure Finance Services 

 60 Wall Street 26th Floor, Mail Stop NYC60-2606

 New York, New York 10005

	
 

	
 

	
 

	
Attention: Irene
 Siegel

 Fax No.: (212) 553-2460

 Telephone: (212) 250-2946

	
 

	
 

	
(iv)

	
If to the
 Indenture Trustee:

	
 

	
 

	
 

	
Manufacturers
 and Traders Trust Company

 25 S. Charles Street, 16th Floor

 Baltimore, Maryland 21201

	
 

	
 

	
 

	
Attention: Corporate
 Trust Services

 Fax No.: (410) 244-4236

 Telephone: (800) 624-4116

                    Each
party hereto may, by notice given in accordance herewith to each of the other
parties hereto, designate any further or different address to which subsequent
notices shall be sent.

                    Section
11.04 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 or unenforceable, then such covenants, agreements,
provisions or terms shall be deemed 

- 29 -

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 provisions
of this Agreement or the Equity Certificate or the rights of the Equity
Certificateholder in respect thereof.

                    Section
11.05 Counterparts. This Agreement may be executed in several
counterparts including by telefax or electronic imaging transmission thereof
(and by different parties on separate counterparts), each of which shall be an
original and all of which shall constitute but one and the same instrument.

                    Section
11.06 Successors and Assigns. All covenants and agreements contained
herein shall be binding upon, and inure to the benefit of, each of the
Depositor, the Owner Trustee, and their respective successors and permitted
assigns and the Equity Certificateholder and its successors and permitted
assigns, all as herein provided. Any request, notice, direction, consent,
waiver or other instrument or action by the Equity Certificateholder shall bind
the successors and assigns of such Equity Certificateholder.

                    Section
11.07 No Petition.

                              (a)
The Depositor will not at any time institute against (or solicit or cooperate
with or encourage any Person to institute against) the Trust, or join in any
institution against the Trust of, any bankruptcy proceedings under any United
States federal or state bankruptcy or similar law.

                              (b)
The Owner Trustee, by entering into this Agreement, and the Equity
Certificateholder, by accepting the Equity Certificate, and the Indenture
Trustee and each Noteholder, by accepting the benefits of this Agreement,
hereby covenant and agree that they will not at any time institute against (or
solicit or cooperate with or encourage any Person to institute against) the
Depositor or the Trust, or join in any institution against the Depositor or the
Trust of, any bankruptcy proceedings under any United States federal or state
bankruptcy or similar law.

                              (c)
The Owner Trustee and the Depositor agree that the obligations of this Section
11.07 shall survive termination of this Agreement.

                    Section
11.08 No Recourse. The Equity Certificateholder by accepting the Equity
Certificate acknowledges that the Equity Certificateholder’s Equity Certificate
represents beneficial interests in the Trust only and does not represent
interests in or obligations of the Depositor, the Servicer, the Financing
Originator, the Administrator, the Owner Trustee, the Indenture Trustee or any
of their respective Affiliates and no recourse may be had against such parties
or their assets, except as may be expressly set forth or contemplated in this
Agreement, the Equity Certificate or the other applicable Trust Agreement
Transaction Documents.

                    Section
11.09 Headings. The headings of the various Articles and Sections herein
are for convenience of reference only and shall not define or limit any of the
terms or provisions hereof.

                    Section
11.10 Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED
IN ACCORDANCE WITH THE LAWS OF THE STATE OF

- 30 -

DELAWARE,
WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS,
RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE
WITH SUCH LAWS.

                    Section
11.11 Certain Servicer Payment Obligations. It is understood that the
Servicer shall be responsible for payment of the Administrator’s compensation
pursuant to Section 3 of the Administration Agreement and shall reimburse the
Administrator for all expenses and liabilities of the Administrator incurred
thereunder, consistent with the provisions of Section 5.19 of the Pooling
Agreement. The parties hereto agree that any such payments, if unpaid, do not
constitute a general recourse claim against the Trust or the Trust Assets.

                    Section
11.12 JURISDICTION. EACH OF THE PARTIES TO THIS AGREEMENT HEREBY AGREES
TO THE NONEXCLUSIVE JURISDICTION OF THE UNITED STATES DISTRICT COURT FOR THE
SOUTHERN DISTRICT OF NEW YORK AND ANY APPELLATE COURT HAVING JURISDICTION TO
REVIEW THE JUDGMENTS THEREOF. EACH OF THE PARTIES HEREBY WAIVES ANY OBJECTION BASED
ON FORUM NON CONVENIENS AND ANY OBJECTION TO VENUE OF ANY ACTION INSTITUTED
HEREUNDER IN ANY OF THE AFOREMENTIONED COURTS.

                    Section
11.13 WAIVER OF JURY TRIAL. EACH PARTY TO THIS AGREEMENT WAIVES ITS
RESPECTIVE RIGHTS TO A TRIAL BY JURY OF ANY CLAIM OR CAUSE OF ACTION BASED UPON
OR ARISING OUT OF OR RELATED TO THIS AGREEMENT OR ANY OTHER TRUST AGREEMENT
TRANSACTION DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY, IN ANY
ACTION, PROCEEDING OR OTHER LITIGATION OF ANY TYPE BROUGHT BY ANY OF THE
PARTIES AGAINST ANY OTHER PARTY, WHETHER WITH RESPECT TO CONTRACT CLAIMS, TORT
CLAIMS, OR OTHERWISE. THE PARTIES HERETO EACH AGREE THAT ANY SUCH CLAIM OR
CAUSE OF ACTION SHALL BE TRIED BY A COURT TRIAL WITHOUT A JURY. WITHOUT
LIMITING THE FOREGOING, EACH OF THE PARTIES HERETO FURTHER AGREES THAT ITS
RESPECTIVE RIGHT TO A TRIAL BY JURY IS WAIVED BY OPERATION OF THIS SECTION 11.13
AS TO ANY ACTION, COUNTERCLAIM OR OTHER PROCEEDING WHICH SEEKS, IN WHOLE OR IN
PART, TO CHALLENGE THE VALIDITY OF THIS AGREEMENT OR ANY TRUST AGREEMENT
TRANSACTION DOCUMENT OR ANY PROVISION HEREOF OR THEREOF. THIS WAIVER SHALL
APPLY TO ANY SUBSEQUENT AMENDMENTS, AMENDMENTS AND RESTATEMENTS, OR
MODIFICATIONS TO THIS AGREEMENT OR ANY OTHER TRUST AGREEMENT TRANSACTION
DOCUMENT.

                    Section
11.14 Tax Characterization. Notwithstanding the provisions of Section
2.01 of the Pooling Agreement, the Depositor and the Owner Trustee agree that
pursuant to Treasury Regulations Section 301.7701-3(b)(1)(ii), the Trust is to
be disregarded as a separate entity from the Depositor for federal income tax
purposes.

[signature page follows]

- 31 -

                    IN
WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly
executed by their respective officers hereunto duly authorized, as of the day
and year first above written.

	
 
	
 
	
 
	
 

	
 
	
CIT FUNDING
 COMPANY, LLC

 as Depositor

	
 
	
 
	
 
	
 

	
 
	
By: 
	
/s/ Usama F. Ashraf

	
 
	
 
	

	
 
	
 
	
Name:
	
Usama F. Ashraf

	
 
	
 
	
Title: 
	
Senior Vice President and Assistant Treasurer

	
 
	
 

	
 
	
DEUTSCHE
 BANK TRUST COMPANY

 DELAWARE, as Owner Trustee

	
 
	
 

	
 
	
By: 
	
/s/ Irene Siegel

	
 
	
 
	

	
 
	
 
	
Name:
	
Irene Siegel

	
 
	
 
	
Title:
	
Attorney-in-fact

	
 
	
 
	
 
	
 

	
 
	
By:
	
/s/ Aranka R. Paul

	
 
	
 
	

	
 
	
 
	
Name: 
	
Aranka R. Paul

	
 
	
 
	
Title: 
	
Attorney-in-fact

	
 
	
 

	
Acknowledged
 and Agreed:

	
 
	
 

	
MANUFACTURERS
 AND TRADERS TRUST COMPANY

 As Paying Agent and Certificate Registrar

	
 
	
 

	
By: 
	
/s/ Dante M. Monakil

	
 
	

	
 
	
Name:
	Dante M. Monakil
	
 
	
Title:
	Vice President
	
 
	
 

	
By: 
	
/s/ David L. Williams

	
 
	

	
 
	
Name:
	David L. Williams
	
 
	
Title:
	Vice President

EXHIBIT A 

Section 3.01 Certificate

                    The
undersigned, a duly authorized officer of [__________________________], hereby certifies, in
connection with its purchase of the Equity Certificate, that:

                    (A)
following such transfer, there would be no more than one holder of the Equity
Certificate and the holder of the Equity Certificate would not be a Foreign
Person, a partnership, Subchapter S corporation or grantor trust,

                    (B)
such transfer complies with and does not violate any state securities laws, any
Blue Sky laws or the Securities Act, and

                    (C)
such transferee is not acquiring such Equity Certificate for, or with the
assets of, a Benefit Plan.

	
 

	
 

	
 

	
 

	
[Transferee]

	
 

	
 

	
 

	
 

	
By: 

	
 

	
 

	
 

	

	
 

	
 

	
Name:

	
 

	
 

	
Title:

A-1

EXHIBIT B

Form of Equity Certificate

THIS
CERTIFICATE IS SUBORDINATED IN RIGHT OF PAYMENT TO NOTES TO THE EXTENT
DESCRIBED IN THE POOLING AGREEMENT REFERRED TO HEREIN.

THIS
CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR AN INTEREST IN CIT FUNDING
COMPANY, LLC, CIT GROUP INC., CIT FINANCIAL USA, INC., OR ANY AFFILIATE
THEREOF, OTHER THAN CIT EQUIPMENT COLLATERAL 2008-VT1. THIS CERTIFICATE HAS NOT
BEEN REGISTERED UNDER THE SECURITIES ACT (AS DEFINED BELOW) OR ANY STATE
SECURITIES LAWS AND MAY NOT BE SOLD, TRANSFERRED OR PLEDGED UNLESS THE CONDITIONS
SET FORTH IN SECTION 3.01 AND SECTION 3.04 OF THE TRUST AGREEMENT HAVE BEEN
COMPLIED WITH.

THIS
CERTIFICATE IS TRANSFERABLE ONLY IN WHOLE AND NOT IN PART.

THIS
CERTIFICATE (OR ITS PREDECESSOR) WAS ORIGINALLY ISSUED IN A TRANSACTION EXEMPT
FROM REGISTRATION UNDER SECTION 5 OF THE UNITED STATES SECURITIES ACT OF 1933,
AS AMENDED (THE “SECURITIES ACT”), AND THIS CERTIFICATE MAY NOT BE OFFERED,
SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN
APPLICABLE EXEMPTION THEREFROM.

CIT EQUIPMENT COLLATERAL 2008-VT1

EQUITY CERTIFICATE

	
 

	
 

	
NO. 1

	
Equity Certificate

                    THIS
CERTIFIES THAT CIT Funding Company, LLC is the registered owner of a beneficial
interest in the assets of CIT Equipment Collateral 2008-VT1 trust (the “Trust”)
formed by CIT Funding Company, LLC, a Delaware limited liability company (the “Depositor”).

                    The
Trust is governed by an Amended and Restated Trust Agreement dated as of April
1, 2008 (as amended, restated, supplemented and/or otherwise modified from time
to time, the “Trust Agreement”), among CIT Funding Company, LLC, as Depositor
(the “Depositor”) and Deutsche Bank Trust Company Delaware, as Owner Trustee
(the “Owner Trustee”), a summary of certain of the pertinent provisions of
which is set forth below. In the event of any conflict or inconsistency between
this Certificate and the Trust Agreement (or the Pooling Agreement, as the case
may be), the Trust Agreement (or the Pooling Agreement, as the case may be)
shall govern. To the extent not otherwise defined herein, the capitalized terms
used herein have the meanings which would be given to them if used in the Trust
Agreement.

                    This
Certificate is the duly authorized Equity Certificate issued under and is
subject to the terms, provisions and conditions of the Trust Agreement, to
which Trust Agreement the Holder of this Certificate by virtue of its
acceptance hereof assents and by which such Holder is bound. The Trust has also
issued Notes in right of payment to which this Equity Certificate is
subordinate. The property of the Trust includes, among other things, all the
right, 

B-1

title and
interest of the Depositor in and to the Transferred Assets identified in one or
more related Transfer Agreements delivered from time to time on related
Transfer Dates.

                    The
amount to be distributed to the Holder of this Certificate on each Payment Date
will be determined pursuant to the Pooling Agreement.

                    The
Holder of this Certificate, by its acceptance hereof, acknowledges and agrees
that its rights to receive distributions in respect of this Certificate are
subordinated to the rights of Noteholders to the extent described in the Trust
Agreement and the Pooling Agreement.

                    It
is the intent of the Financing Originators, the Servicer, the Administrator,
the Depositor, the Owner Trustee, and the Equity Certificateholder that, for
purposes of federal income, state and local income and single business tax and
any other income taxes, the Trust will be disregarded as a separate entity for
federal income tax purposes pursuant to Treasury Regulations Section
301.7701-3(b)(1)(ii) and that all items of income, deduction, gain, loss or
credit of the Trust will be treated as such items of the Equity
Certificateholder. The Depositor and the Equity Certificateholder, by
acceptance of this Certificate, agrees to treat, and to take no action
inconsistent with such treatment of, the Trust in the manner provided in this
paragraph for federal income tax purposes.

                    The
Equity Certificateholder, by its acceptance of this Certificate or a beneficial
interest in the Trust evidenced by this Certificate, covenants and agrees that
such Equity Certificateholder will not at any time institute against (or
solicit or cooperate with or encourage any Person to institute against) the
Trust or the Depositor, or join in any institution against the Trust or the
Depositor of, any bankruptcy, reorganization, arrangement, insolvency or
liquidation proceedings, or other proceedings under any United States federal
or state bankruptcy or similar law.

                    Distributions
on this Certificate from or in respect of Trust Assets will be made as provided
in the Trust Agreement and the Pooling Agreement, by the Indenture Trustee or
its agent, as Paying Agent, by wire transfer or check mailed to the Equity
Certificateholder of record in the Certificate Register without the
presentation or surrender of this Certificate or the making of any notation
hereon. Except as otherwise provided in the Trust Agreement and notwithstanding
the above, the final distribution on this Certificate will be made after due
notice by the Paying Agent of the pendency of such distribution and only upon
presentation and surrender of this Certificate at the office or agency
maintained for that purpose by the Paying Agent.

                    Reference
is hereby made to the further provisions of this Certificate set forth
hereinbelow, which further provisions shall for all purposes have the same
effect as if set forth herein.

                    Unless
the certificate of authentication hereon shall have been executed by an
authorized officer of the Owner Trustee or by the Indenture Trustee as its
authenticating agent, by manual signature, this Certificate shall not entitle
the holder hereof to any benefit under the Trust Agreement or any other
Transaction Document or be valid for any purpose.

B-2

                    This
Certificate may only be transferred in accordance with the requirements of
Article III of the Trust Agreement. Any transferee of the Certificate must
certify, among other things, that it is not acquiring the Certificate for, or
with the assets of, a Benefit Plan.

                    THIS
CERTIFICATE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF
THE STATE OF DELAWARE, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS, AND
THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE
DETERMINED IN ACCORDANCE WITH SUCH LAWS.

B-3

                    This
Certificate does not represent an obligation of, or an interest in, the
Depositor, CIT Group Inc., CIT Financial USA, Inc., the Owner Trustee, or any
of their respective Affiliates (other than the Trust) and no recourse may be
had against such parties or their assets, except as expressly set forth or
contemplated herein or in the Trust Agreement or the other Transaction
Documents. In addition, this Certificate is not guaranteed by any governmental
agency or instrumentality and is limited in right of payment to certain
collections and recoveries with respect to the Trust Assets and certain other
amounts, in each case as more specifically set forth in the Trust Agreement and
in the Pooling Agreement. A copy of each of the Pooling Agreement and the Trust
Agreement may be examined by any Equity Certificateholder upon written request
during normal business hours at the principal office of the Depositor and at
such other places, if any, designated by the Depositor.

                    The
Trust Agreement permits, with certain exceptions therein provided, the
amendment thereof and the modification of the rights and obligations of the
Depositor and the rights of the Equity Certificateholder under the Trust
Agreement at any time by the Depositor and the Owner Trustee, with the consent
of the parties described therein. Any such consent shall be conclusive and
binding on the Equity Certificateholder and on all future Holders of this
Certificate and of any Certificate issued upon the registration of transfer
hereof or in exchange herefor or in lieu hereof, whether or not notation of
such consent is made upon this or such Certificate.

                    As
provided in the Trust Agreement and subject to certain limitations therein set
forth, the transfer of this Certificate is registrable in the Certificate
Register upon surrender of this Certificate for registration of transfer at the
offices or agencies of the Certificate Registrar, accompanied by a written
instrument of transfer in form satisfactory to the Owner Trustee and the
Certificate Registrar executed by the Equity Certificateholder hereof or such
Equity Certificateholder’s attorney duly authorized in writing, and thereupon a
new Certificate evidencing the same beneficial interest in the Trust will be
issued to the designated transferee. The initial Certificate Registrar
appointed under the Trust Agreement is the Indenture Trustee.

                    Except
as provided in the Trust Agreement, this Certificate is issuable only as a
registered Equity Certificate without coupons. No service charge will be made
for any registration of transfer of this Certificate, but the Owner Trustee or
the Certificate Registrar may require payment of a sum sufficient to cover any
tax or governmental charge payable in connection therewith.

                    The
Owner Trustee, the Certificate Registrar and any of their respective agents may
treat the Person in whose name this Certificate is registered in the
Certificate Register as the owner hereof for all purposes, and none of the
Owner Trustee, the Certificate Registrar or any such agent shall be affected by
any notice to the contrary.

                    The
obligations and responsibilities created by the Trust Agreement and the Trust
created thereby shall terminate upon the payment to the Equity
Certificateholder of all amounts required to be paid to such Equity Certificateholder
pursuant to the Trust Agreement and the 

B-4

Pooling
Agreement and the disposition in accordance with any applicable Transaction
Document of all property held as part of the Trust Assets.

                    This
Certificate may not be acquired by a Benefit Plan. By accepting and holding
this Certificate, the Holder hereof shall be deemed to have represented and
warranted that it is not a Benefit Plan and is not acquiring this Certificate
for the account of such an entity.

                    IN
WITNESS WHEREOF, the Trust has caused this Certificate to be duly executed.

	
 

	
 

	
 

	
 

	
Dated: May
 14, 2008

	
 

	
CIT
 EQUIPMENT COLLATERAL 2008-VT1

	
 

	
 

	
 

	
 

	
 

	
 

	
By:

	
Deutsche
 Bank Trust Company Delaware, not in its individual capacity but solely as
 Owner Trustee

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	
 

	

	
 

	
 

	
 

	
Authorized Signatory

CERTIFICATE OF AUTHENTICATION

                    This
is the Equity Certificate referred to in the within-mentioned Trust Agreement.

	
 

	
 

	
 

	
 

	
MANUFACTURERS
 AND TRADERS TRUST COMPANY, as authenticating agent

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	

	
 

	
 

	
Authorized Signatory

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	

	
 

	
 

	
Authorized Signatory

B-5

ASSIGNMENT

                    FOR
VALUE RECEIVED the undersigned hereby sells, assigns and transfers unto

PLEASE INSERT
SOCIAL SECURITY OR 

OTHER IDENTIFYING NUMBER OF ASSIGNEE

	
 

	
 

	
 

	
(Please
 print or type name and address, including postal zip code, of assignee)

	
 

	
 

	
 

	

	
the within
 Certificate, and all rights thereunder, hereby irrevocably constituting and
 appointing

	
 

	
 

	
 

	

	
to transfer
 said Certificate on the books of the Certificate Registrar, with full power
 of substitution in the premises.

	
 

	
 

	
Dated:

	
 

	
 

	

	
 

	
Signature
Guaranteed: 

	
 

	
 

	
 

	

	
 

	

	
NOTICE:
 Signature(s) must be guaranteed by an eligible guarantor institution.

	
 

	
NOTICE: The
 signature to this assignment must correspond with the name of the registered
 owner as it appears on the face of the within Certificate in every
 particular, without alteration or enlargement or any change whatsoever.

B-6Exhibit 4.3 

EXECUTION COPY 

	
 

	

POOLING AND SERVICING AGREEMENT

among

CIT EQUIPMENT COLLATERAL 2008-VT1, 

as Trust,

CIT FUNDING COMPANY, LLC,

as Depositor, and

CIT FINANCIAL USA, INC.,

in its individual capacity, and as Servicer

Dated as of April 1, 2008

	
 

	

TABLE OF CONTENTS

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Page

	
 

	
ARTICLE I 

	
DEFINITIONS

	
1

	
 

	
 

	
 

	
 

	
Section 1.01

	
 

	
Definitions

	
1

	
 

	
Section 1.02

	
 

	
Usage of
 Terms

	
38

	
 

	
Section 1.03

	
 

	
Section
 References

	
39

	
 

	
Section 1.04

	
 

	
Accounting
 Terms

	
39

	
 

	
Section 1.05

	
 

	
Undefined
 Capitalized Terms

	
39

	
 

	
 

	
 

	
 

	
 

	
ARTICLE II

	
FUNDINGS OF
 TRUST; TRANSFERS OF CONTRACTS

	
39

	
 

	
 

	
 

	
 

	
 

	
 

	
Section 2.01

	
 

	
Creation and
 Funding of Trust; Transfer of Transferred Assets to Trust

	
39

	
 

	
Section 2.02

	
 

	
Acceptance
 by Trust

	
40

	
 

	
Section 2.03

	
 

	
Conveyance
 of Substitute Contracts

	
41

	
 

	
Section 2.04

	
 

	
Release of
 Excluded Amounts

	
42

	
 

	
Section 2.05

	
 

	
Waiver

	
42

	
 

	
ARTICLE III

	
REPRESENTATIONS
 AND WARRANTIES

	
43

	
 

	
 

	
 

	
Section 3.01

	
 

	
Representations
 and Warranties of CFUSA

	
43

	
 

	
Section 3.02

	
 

	
Representations
 and Warranties of the Depositor

	
43

	
 

	
Section 3.03

	
 

	
Representations
 and Warranties of the Servicer

	
46

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
ARTICLE IV

	
PERFECTION
 OF TRANSFERS AND PROTECTION OF SECURITY
 INTERESTS

	
48

	
 

	
 

	
 

	
 

	
 

	
 

	
Section 4.01

	
 

	
Custody of
 Contracts

	
48

	
 

	
Section 4.02

	
 

	
Filings

	
49

	
 

	
Section 4.03

	
 

	
Name Change
 or Relocation

	
49

	
 

	
 

	
 

	
 

	
 

	
ARTICLE V

	
SERVICING OF
 CONTRACTS

	
50

	
 

	
 

	
 

	
Section 5.01

	
 

	
Initial
 Servicer’s Appointment and Acceptance; Responsibility for Contract
 Administration

	
50

	
 

	
Section 5.02

	
 

	
General
 Duties

	
50

	
 

	
Section 5.03

	
 

	
Assignment
 or Replacement

	
51

	
 

	
Section 5.04

	
 

	
Disposition
 Upon Termination of Contract

	
51

	
 

	
Section 5.05

	
 

	
Subservicers

	
51

	
 

	
Section 5.06

	
 

	
Further
 Assurance

	
52

	
 

	
Section 5.07

	
 

	
Notice to
 Obligors

	
52

	
 

	
Section 5.08

	
 

	
Collection
 Efforts; Modification of Contracts

	
52

	
 

	
Section 5.09

	
 

	
Prepayments
 of Certain Contracts

	
53

	
 

	
Section 5.10

	
 

	
Certain
 Extensions; Acceleration

	
53

	
 

	
Section 5.11

	
 

	
Taxes and
 Other Amounts

	
54

	
 

	
Section 5.12

	
 

	
Suits by
 Servicer

	
54

-i-

TABLE OF CONTENTS
(continued)

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Page

	
 

	
 

	
 

	
 

	
 

	
 

	
Section 5.13

	
 

	
Remittances

	
54

	
 

	
Section 5.14

	
 

	
Servicer
 Advances

	
54

	
 

	
Section 5.15

	
 

	
Realization
 Upon Defaulted Contract

	
54

	
 

	
Section 5.16

	
 

	
Maintenance
 of Insurance Policies

	
54

	
 

	
Section 5.17

	
 

	
Certain
 Other Duties With Respect to Trust

	
55

	
 

	
Section 5.18

	
 

	
Servicing
 Compensation

	
55

	
 

	
Section 5.19

	
 

	
Payment of
 Certain Expenses by Servicer

	
55

	
 

	
Section 5.20

	
 

	
Records

	
55

	
 

	
Section 5.21

	
 

	
Inspection

	
56

	
 

	
Section 5.22

	
 

	
Trust To
 Cooperate in Releases

	
56

	
 

	
Section 5.23

	
 

	
Separate
 Entity Existence

	
56

	
 

	
Section 5.24

	
 

	
Assignment
 of Servicing

	
56

	
 

	
Section 5.25

	
 

	
Optional Repurchase
 of Defaulted Contracts

	
57

	
 

	
 

	
 

	
 

	
 

	
ARTICLE VI

	
COVENANTS OF
 THE DEPOSITOR

	
57

	
 

	
 

	
 

	
Section 6.01

	
 

	
LLC
 Existence

	
57

	
 

	
Section 6.02

	
 

	
Contracts
 Not to be Evidenced by Promissory Notes

	
57

	
 

	
Section 6.03

	
 

	
Security
 Interests

	
57

	
 

	
Section 6.04

	
 

	
Delivery of Collections

	
57

	
 

	
Section 6.05

	
 

	
Regulatory
 Filings

	
58

	
 

	
Section 6.06

	
 

	
Compliance
 With Law

	
58

	
 

	
Section 6.07

	
 

	
Activities

	
58

	
 

	
Section 6.08

	
 

	
Indebtedness

	
58

	
 

	
Section 6.09

	
 

	
Guarantees

	
58

	
 

	
Section 6.10

	
 

	
Investments

	
58

	
 

	
Section 6.11

	
 

	
Merger;
 Transfers

	
59

	
 

	
Section 6.12

	
 

	
Payments

	
59

	
 

	
Section 6.13

	
 

	
Other
 Agreements

	
59

	
 

	
Section 6.14

	
 

	
Separate
 Entity Existence

	
59

	
 

	
Section 6.15

	
 

	
Location;
 Records

	
61

	
 

	
Section 6.16

	
 

	
Liability of
 Depositor; Indemnities

	
61

	
 

	
Section 6.17

	
 

	
Bankruptcy
 Limitations

	
62

	
 

	
Section 6.18

	
 

	
Limitation
 on Liability of Depositor and Others

	
63

	
 

	
 

	
 

	
 

	
 

	
ARTICLE VII

	
ESTABLISHMENT
 OF ACCOUNTS; PAYMENTS

	
63

	
 

	
 

	
 

	
Section 7.01

	
 

	
Trust
 Accounts; Collections

	
63

	
 

	
Section 7.02

	
 

	
Reserve
 Account

	
64

	
 

	
Section 7.03

	
 

	
Trust
 Account Procedures

	
65

	
 

	
Section 7.04

	
 

	
Securityholder
 Payments

	
66

	
 

	
Section 7.05

	
 

	
Allocations
 and Payments

	
66

	
 

	
Section 7.06

	
 

	
Repurchases
 of, or Substitution for, Contracts for Breach of Representations and
 Warranties

	
71

-ii-

TABLE OF CONTENTS
(continued) 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Page

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Section 7.07

	
 

	
Reassignment
 of Repurchased or Substituted Contracts

	
71

	
 

	
Section 7.08

	
 

	
The
 Servicer’s Purchase Option

	
72

	
 

	
 

	
 

	
 

	
 

	
ARTICLE VIII

	
SERVICER
 DEFAULTS; SERVICING TRANSFER

	
72

	
 

	
 

	
 

	
Section 8.01

	
 

	
Servicer
 Default

	
72

	
 

	
Section 8.02

	
 

	
Servicing
 Transfer

	
73

	
 

	
Section 8.03

	
 

	
Appointment
 of Successor Servicer; Reconveyance; Successor Servicer to Act

	
74

	
 

	
Section 8.04

	
 

	
Notifications
 to Noteholders and the Equity Certificateholders

	
75

	
 

	
Section 8.05

	
 

	
Effect of
 Transfer

	
75

	
 

	
Section 8.06

	
 

	
Database
 File

	
76

	
 

	
Section 8.07

	
 

	
Successor
 Servicer Indemnification

	
76

	
 

	
Section 8.08

	
 

	
Responsibilities
 of the Successor Servicer

	
76

	
 

	
Section 8.09

	
 

	
Servicer Not
 to Resign

	
77

	
 

	
 

	
 

	
 

	
 

	
ARTICLE IX

	
SERVICER
 REPORTING

	
77

	
 

	
 

	
 

	
Section 9.01

	
 

	
Monthly
 Servicer’s Reports

	
77

	
 

	
Section 9.02

	
 

	
Officer’s
 Certificate

	
77

	
 

	
Section 9.03

	
 

	
Other Data

	
77

	
 

	
Section 9.04

	
 

	
Annual
 Reporting; Evidence as to Compliance

	
78

	
 

	
Section 9.05

	
 

	
Annual
 Statement of Compliance from Servicer

	
78

	
 

	
Section 9.06

	
 

	
Reports to
 the Commission

	
79

	
 

	
 

	
 

	
 

	
 

	
ARTICLE X

	
TERMINATION

	
79

	
 

	
 

	
 

	
Section
 10.01

	
 

	
Sale of
 Trust Assets

	
79

	
 

	
 

	
 

	
 

	
 

	
ARTICLE XI

	
MISCELLANEOUS

	
79

	
 

	
 

	
 

	
Section
 11.01

	
 

	
Amendments

	
79

	
 

	
Section
 11.02

	
 

	
Governing
 Law

	
81

	
 

	
Section
 11.03

	
 

	
Notices

	
81

	
 

	
Section
 11.04

	
 

	
Severability
 of Provisions

	
84

	
 

	
Section
 11.05

	
 

	
Third Party
 Beneficiaries

	
84

	
 

	
Section
 11.06

	
 

	
Counterparts

	
84

	
 

	
Section
 11.07

	
 

	
Headings

	
84

	
 

	
Section
 11.08

	
 

	
No
 Bankruptcy Petition; Disclaimer and Subordination

	
84

	
 

	
Section
 11.09

	
 

	
Jurisdiction

	
86

	
 

	
Section
 11.10

	
 

	
Servicer
 Indemnity

	
86

	
 

	
Section
 11.11

	
 

	
Limitation
 of Liability of Owner Trustee

	
86

	
 

	
Section
 11.12

	
 

	
WAIVER OF
 JURY TRIAL

	
86

-iii-

TABLE OF CONTENTS
(continued)

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Page

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
EXHIBITS

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Exhibit A

	
 

	
Form of VFC
 Assignment

	
A-1

	
 

	
Exhibit B

	
 

	
Initial
 Schedule of Contracts

	
B-1

	
 

	
Exhibit C

	
 

	
Form of
 Monthly Servicer’s Report

	
C-1

	
 

	
Exhibit D

	
 

	
Form of
 Substitution Transfer Agreement

	
D-1

	
 

	
Exhibit E

	
 

	
Schedule of
 Representations and Warranties

	
E-1

	
 

	
Exhibit F

	
 

	
Minimum
 Value Filing Exceptions

	
F-1

-iv-

                    This
POOLING AND SERVICING AGREEMENT dated as of April 1, 2008, is among CIT
Equipment Collateral 2008-VT1, a Delaware statutory trust (together with its
successors and assigns, the “Trust”), CIT Funding Company, LLC, a Delaware
limited liability company (together with its successors and assigns, the
“Depositor”) and CIT Financial USA, Inc., a Delaware corporation (together with
its successors and assigns, “CFUSA” and in its capacity as servicer hereunder
the “Servicer”). 

                    WHEREAS
the Depositor desires to fund the Trust by selling, conveying and assigning
from time to time, pursuant hereto or pursuant to Substitution Transfer
Agreements hereunder, designated Contracts or pools of Contracts together with
certain related security therefor and other related rights and property as
further described herein, which Contracts were originated by one or more
Financing Originators, or acquired by purchase and assignment by a Financing
Originator from the prior owner thereof, and subsequently conveyed (i) by the
Financing Originators to CFUSA; (ii) by CFUSA to the Depositor, with respect to
Contracts and related assets acquired by CFUSA from Financing Originators as
described in clause (i) above; (iii) in the case of the VFC Contracts, by the
Depositor to the VFC Trust (as defined herein); and (iv) in the case of the VFC
Contracts warehoused in the VFC Trust, by the VFC Trust back to the Depositor;

                    WHEREAS
the Trust is willing to purchase and accept assignment of such Contracts and
related assets; and 

                    WHEREAS
the Servicer is willing to service such Contracts and related assets for the
benefit and account of the Trust and the Holders pursuant to the terms hereof. 

                    NOW,
THEREFORE, in consideration of the premises and the mutual covenants herein
contained, the parties hereto agree as follows: 

ARTICLE I

DEFINITIONS

                    Section
1.01 Definitions. Whenever used in this Agreement, the following words
and phrases, unless the context otherwise requires, shall have the following
meanings: 

                    “Accounting
Date” means, with respect to a Payment Date, the last day of the preceding
calendar month. 

                    “Accountant’s
Report” has the meaning specified in Section 9.04. 

                    “Accrual
Period” means, with respect to any Payment Date, with respect to the Class A-1
Notes, the period from and including the immediately preceding Payment Date to
but excluding such Payment Date (or, in the case of the initial Accrual Period,
from and including the Closing Date to but excluding the first Payment Date
following the Closing Date), and with respect to each other Class of Notes, the
period from and including the 20th day of the immediately preceding calendar
month to but excluding the 20th day of the related calendar month, provided,
that in each case, the initial Accrual Period following the Closing Date shall
be the period from and including the Closing Date to but excluding June 20,
2008. 

1

                    “Addition
Notice” means, with respect to any transfer of Subsequent Contracts to the
Trust pursuant to Section 2.03 (and the Depositor’s corresponding prior
purchase of such Contracts from CFUSA), a notice, which shall be given at least
five days prior to the related Subsequent Transfer Date, identifying the
Subsequent Contracts to be transferred, the Contract Principal Balance of such
Subsequent Contracts and the related Substitution Event (with respect to an
identified Contract or Contracts then in the Contract Pool) to which such
Subsequent Contract relates, with such notice to be signed both by the
Depositor and CFUSA. 

                    “Administration
Agreement” means the Administration Agreement dated as of April 1, 2008 (as amended,
restated, supplemented, or otherwise modified from time to time in accordance
with the terms thereof) by and among the Trust, CFUSA, the Depositor and the
Indenture Trustee. 

                    “Administrator”
shall be the party named as such under the Administration Agreement. 

                    “Affiliate”
of any specified Person means any other Person controlling or controlled by, or
under common control with, such specified Person. For the purposes of this
definition, “control” when used with respect to any specified Person means the
power to direct the management and policies of such Person, directly or
indirectly, whether through the ownership of voting securities, by contract or
otherwise; and the terms “controlling” or “controlled” have meanings
correlative to the foregoing. 

                    “Aggregate
Principal Amount” means, with respect to any group of Notes of any Class, at
any date of determination, the sum of the Principal Amounts of such Notes on
such date of determination. 

                    “Agreement”
means this Pooling and Servicing Agreement, as amended, restated, supplemented
or otherwise modified from time to time in accordance with the terms hereof. 

                    “Allocation
Criteria” means, with respect to the allocation of Insurance Proceeds or
Liquidation Proceeds between the Trust (for inclusion as Collections) and the
Depositor, as contemplated in the definition of Available Funds, that Insurance
Proceeds or Liquidation Proceeds with respect to the Contracts consisting of
Leases are allocable pro rata between inclusion as Available Funds in respect
of the Contract Pool, on the one hand, and directly to the Depositor, on the
other hand, based upon (i) for allocation to Available Funds, the Required
Payoff Amount for such Lease (determined as of the last day of the Collection
Period during which such Lease became a Liquidated Contract), and (ii) for
allocation to the Depositor, the Book Value of the related Equipment; provided,
that in the event the Insurance Proceeds or Liquidation Proceeds in respect of
a particular Lease exceed the sum of such Required Payoff Amount for such Lease
plus the Book Value of the related Equipment, any such excess shall be
allocated solely to the Depositor.  

                    “Applicable
Security” means, with respect to a Vendor Loan, any (i) Secondary Contract
securing such Vendor Loan and (ii) Equipment securing such Vendor Loan or a
related Secondary Contract. 

2

                    “Available
Funds” means, as to any Payment Date, the sum of (i) the Related Collection
Period Collections for such Payment Date, (ii) any Servicer Advances on deposit
in the Collection Account as of the immediately preceding Deposit Date, (iii)
any Swap Counterparty Payments made by the Swap Counterparty in connection with
the Class A-2B Floating Rate Notes and (iv) to the extent necessary to pay
interest, amounts of the type described in clause (i) above that the Trust
received after the end of the related Collection Period; provided, however,
that Available Funds shall not include any amount allocable to the Depositor as
representing Excluded Residual Investments. 

                    “Available
Reserve Amount” means, with respect to a Payment Date, the amount of funds
equal to the lesser of (i) the amount on deposit in the Reserve Account
(determined (a) exclusive of any Investment Earnings thereon and (b) before
giving effect to any deposit to be made or withdrawals from the Reserve Account
with respect to such Payment Date), and (ii) the Specified Reserve Account
Balance. 

                    “Bankruptcy
Code” means the United States Bankruptcy Code, Title 11 et seq., of the United
States Code, as amended from time to time. 

                    “Book
Value” means, with respect to any Equipment subject to a Lease, the value of
such Equipment as shown on the accounting books and records of the applicable
Financing Originator (or the Depositor, in the case of Equipment relating to
Contracts being transferred pursuant to the VFC Assignment), as of the Cut-Off
Date for the related Lease (it being understood that Book Value constitutes a
measure of the lessor’s residual interest in the Equipment as shown on its
books and records as of such date, net of the financial asset shown on such
books and records represented by the discounted Scheduled Payments owing on the
Lease). 

                    “Business
Day” means any day which is neither a Saturday nor a Sunday, nor another day on
which banking institutions in the states of New Jersey, Maryland, New York,
Florida or Texas are authorized or obligated by law, executive order, or
governmental decree to be closed. 

                    “Casualty
Loss” means, with respect to any item of Equipment, the loss, theft, damage
beyond repair or governmental condemnation or seizure of such item of
Equipment. 

                    “Certificate
of Formation” means the limited liability company Certificate of Formation of
the Depositor. 

                    “Certificate
of Trust” has the meaning given such term in the Trust Agreement.

                     “Certificate
Register” has the meaning specified in the Trust Agreement. 

                    “CFUSA” means CIT
Financial USA, Inc., a Delaware corporation. 

                    “CFUSA
Contract” means a Contract originated or acquired by CFUSA, but which is not a
VFC Contract. 

                    “Class”
means any of the group of Notes, or the Equity Certificate identified herein as
the Class A-1 Notes, the Class A-2A Fixed Rate Notes, the Class A-2B Floating
Rate 

3

Notes, the
Class A-3 Notes, the Class B Notes, the Class C Notes and the Class D Notes or
the Equity Certificate, as applicable. 

                    “Class
A Notes” means the Class A-1 Notes, the Class A-2 Notes and the Class A-3
Notes. 

                    “Class
A Percentage” means 89.50%. 

                    “Class
A Principal Payment Amount” means: (a) with respect to any Payment Date on or
prior to the Payment Date on which the Principal Amount of the Class A-1 Notes
has been reduced to zero, the greater of (i) the excess, of (1) the Principal
Amount of the Class A-1 Notes over (2) the Class A-1 Scheduled Principal
Balance and (ii) the excess, of (1) the sum of the Principal Amount of the
Class A-1, Class A-2, and Class A-3 over (2) the Class A Target Principal
Amount; and (b) with respect to any Payment Date thereafter, the excess of (i)
the sum of the Principal Amount of the Class A-2 and Class A-3 Notes over (ii)
the Class A Target Principal Amount.  

                    “Class
A Target Principal Amount” means, with respect to any Payment Date, the product
of (i) the Class A Percentage and (ii) the Contract Pool Principal Balance as
of the related Accounting Date. 

                    “Class
A-1 Interest Carryover Shortfall” means, with respect to any Payment Date, the
excess, if any, of the Class A-1 Interest Payment Amount for the preceding
Payment Date over the amount that was actually paid in respect of interest on
the Class A-1 Notes on such preceding Payment Date, plus, to the extent
permitted by law, an amount equal to the product of (i) the Class A-1 Interest
Rate, (ii) such excess, and (iii) a fraction equal to the number of days in the
related Accrual Period divided by 360.  

                    “Class
A-1 Interest Payment Amount” means, with respect to any Payment Date, the sum
of the Class A-1 Monthly Interest Payment Amount and the Class A-1 Interest
Carryover Shortfall for such Payment Date. 

                    “Class
A-1 Interest Rate” means 2.82620% per annum. 

                    “Class
A-1 Maturity Date” means May 20, 2009 (or, if such day is not a Business Day,
the next succeeding Business Day). 

                    “Class
A-1 Monthly Interest Payment Amount” means (a) with respect to the first
Accrual Period and the related Payment Date, an amount equal to the product of
(i) the Class A-1 Interest Rate, (ii) the Initial Class A-1 Principal Amount,
and (iii) a fraction equal to the number of days in such Accrual Period divided
by 360, and (b) with respect to each subsequent Accrual Period and the related
Payment Date, an amount equal to the product of (i) the Class A-1 Interest
Rate, (ii) the Principal Amount of the Class A-1 Notes on the immediately
preceding Payment Date, after giving effect to all payments of principal to
Class A-1 Noteholders on or prior to such immediately preceding Payment Date,
and (iii) a fraction equal to the number of days in such Accrual Period divided
by 360. 

4

                    “Class
A-1 Notes” means the 2.82620% Class A-1 Receivable-Backed Notes in the
Aggregate Principal Amount of $197,000,000, issued pursuant to the Indenture. 

                    “Class
A-1 Scheduled Principal Balance” means, with respect to each Payment Date, the
balance for such Payment Date as set forth in the following table. 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	

	

	

	

	
Payment Date

	
 

	
Class A-1
  Scheduled Principal Balance

	
 

	

	

	

	

	
June 2008

	
 

	
 

	
$

	
166,585,374.38

	
 

	
 

	
July 2008

	
 

	
 

	
$

	
150,640,763.26

	
 

	
 

	
August 2008

	
 

	
 

	
$

	
133,464,866.96

	
 

	
 

	
September
  2008

	
 

	
 

	
$

	
116,794,364.42

	
 

	
 

	
October 2008

	
 

	
 

	
$

	
100,425,047.22

	
 

	
 

	
November
  2008

	
 

	
 

	
$

	
83,293,329.52

	
 

	
 

	
December
  2008

	
 

	
 

	
$

	
66,526,254.52

	
 

	
 

	
January 2009

	
 

	
 

	
$

	
49,884,738.75

	
 

	
 

	
February
  2009

	
 

	
 

	
$

	
32,345,646.64

	
 

	
 

	
March 2009

	
 

	
 

	
$

	
15,695,133.43

	
 

	
 

	
April 2009

	
 

	
 

	
$

	
0.00

	
 

	
 

                    “Class
A-2 Notes” means the Class A-2A Fixed Rate Notes and the Class A-2B Floating
Rate Notes collectively. 

                    “Class
A-2A Fixed Rate Notes” means the 4.76% Class A-2A Receivable-Backed Notes in
the Aggregate Principal Amount of $105,000,000, issued pursuant to the
Indenture. 

                    “Class
A-2A Interest Carryover Shortfall” means, with respect to any Payment Date, the
excess, if any, of the Class A-2A Interest Payment Amount for the preceding
Payment Date over the amount that was actually paid in respect of interest on
the Class A-2A Notes on such preceding Payment Date, plus, to the extent
permitted by law, an amount equal to the product of (i) the Class A-2A Interest
Rate, (ii) such excess, and (iii) a fraction equal to one-twelfth.  

                    “Class
A-2 Maturity Date” means October 20, 2010 (or, if such day is not a Business
Day, the next succeeding Business Day thereafter). 

                    “Class
A-2A Interest Payment Amount” means, with respect to any Payment Date, the sum
of the Class A-2A Monthly Interest Payment Amount and the Class A-2A Interest
Carryover Shortfall for such Payment Date. 

                    “Class
A-2A Interest Rate” means 4.76% per annum. 

                    “Class
A-2A Monthly Interest Payment Amount” means (a) with respect to the first
Accrual Period and the related Payment Date, an amount equal to the product of
(i) the Class A-2A Interest Rate, (ii) the Initial Class A-2A Principal Amount,
and (iii) a fraction equal to the number of days in such Accrual Period divided
by 360, and (b) with respect to each subsequent Accrual Period and the related
Payment Date, an amount equal to the product of (i) the Class A-2A Interest
Rate, (ii) the Principal Amount of the Class A-2A Notes on the 

5

immediately
preceding Payment Date, after giving effect to all payments of principal to
Class A-2A Noteholders on or prior to such immediately preceding Payment Date,
and (iii) a fraction equal to one-twelfth. 

                    “Class
A-2B Floating Rate Notes” means the Floating Rate Class A-2B Receivable Backed
Notes in the Aggregate Principal Amount of $47,000,000, issued pursuant to the
Indenture. 

                    “Class
A-2B Interest Carryover Shortfall” means, with respect to any Payment Date, the
excess, if any, of the Class A-2B Interest Payment Amount for the preceding
Payment Date over the amount that was actually paid in respect of interest on
the Class A-2B Notes on such preceding Payment Date, plus, to the extent
permitted by law, an amount equal to the product of (i) the Class A-2B Interest
Rate, (ii) such excess, and (iii) a fraction equal to the number of days in the
related Accrual Period divided by 360.  

                    “Class
A-2B Interest Payment Amount” means, with respect to any Payment Date, the sum
of the Class A-2B Monthly Interest Payment Amount and the Class A-2B Interest
Carryover Shortfall for such Payment Date. 

                    “Class
A-2B Interest Rate” means a floating rate of interest per annum based on
One-Month LIBOR plus 2.00%.  

                    “Class
A-2B Monthly Interest Payment Amount” means (a) with respect to the first
Accrual Period and the related Payment Date, an amount equal to the product of
(i) the Class A-2B Interest Rate, (ii) the Initial Class A-2B Principal Amount
with respect to the Class A-2B Notes, and (iii) a fraction equal to the number
of days in such Accrual Period divided by 360, and (b) with respect to each
subsequent Accrual Period and the related Payment Date, an amount equal to the
product of (i) the Class A-2B Interest Rate, (ii) the Principal Amount of the
Class A-2B Notes on the immediately preceding Payment Date, after giving effect
to all payments of principal to Class A-2B Noteholders on or prior to such
immediately preceding Payment Date, and (iii) a fraction equal to the number of
days in such Accrual Period divided by 360. 

                    
“Class A-2B Net Swap Payment” means, with respect to the Swap, any payment made
by the Trust to the Swap Counterparty with respect to the excess, if any, of
the fixed swap rate of 4.889% per annum over One-Month LIBOR plus 2.00% and
other amounts, if any, due under the Swap Agreement (other than any amounts
payable upon a termination thereof).  

                    
“Class A-3 Interest Carryover Shortfall” means, with respect to any Payment
Date, the excess, if any, of the Class A-3 Interest Payment Amount for the
preceding Payment Date over the amount that was actually paid in respect of
interest on the Class A-3 Notes on such preceding Payment Date, plus, to the
extent permitted by law, an amount equal to the product of (i) the Class A-3
Interest Rate, (ii) such excess, and (iii) a fraction equal to one-twelfth.  

                    
“Class A-3 Interest Payment Amount” means, with respect to any Payment Date,
the sum of the Class A-3 Monthly Interest Payment Amount and the Class A-3 Interest
Carryover Shortfall for such Payment Date. 

                    
“Class A-3 Interest Rate” means 6.59% per annum. 

6

                    
“Class A-3 Maturity Date” means December 22, 2014 (or, if such day is not a
Business Day, the next succeeding Business Day thereafter). 

                    
“Class A-3 Monthly Interest Payment Amount” means (a) with respect to the first
Accrual Period and the related Payment Date, an amount equal to the product of
(i) the Class A-3 Interest Rate, (ii) the Initial Class A-3 Principal Amount,
and (iii) a fraction equal to the number of days in such Accrual Period divided
by 360, and (b) with respect to each subsequent Accrual Period and the related
Payment Date, an amount equal to the product of (i) the Class A-3 Interest
Rate, (ii) the Principal Amount of the Class A-3 Notes on the immediately
preceding Payment Date, after giving effect to all payments of principal to
Class A-3 Noteholders on or prior to such immediately preceding Payment Date,
and (iii) a fraction equal to one-twelfth. 

                    
“Class A-3 Notes” means the 6.59% Class A-3 Receivable-Backed Notes in the
Aggregate Principal Amount of $199,035,000, issued pursuant to the Indenture. 

                    
“Class B Floor” means, with respect to any Payment Date, an amount equal to (i)
3.00% of the Initial Contract Pool Principal Balance, plus (ii) the Unfunded
Loss Amount, if any, for such Payment Date, minus (iii) the sum of the
Principal Amount of the Class C Notes and the Principal Amount of the Class D
Notes (prior to giving effect to any payments of principal on the Class C Notes
or the Class D Notes on such Payment Date) and the amount on deposit in the
Reserve Account (after giving effect to withdrawals and releases to be made on
such Payment Date); provided, however, that in no event will the Class B Floor
be greater than the Principal Amount of the Class B Notes immediately prior to
such Payment Date or less than zero.  

                    
“Class B Interest Carryover Shortfall” means, with respect to any Payment Date,
the excess, if any, of the Class B Interest Payment Amount for the preceding
Payment Date over the amount that was actually paid in respect of interest on
the Class B Notes on such preceding Payment Date, plus, to the extent permitted
by law, an amount equal to the product of (i) the Class B Interest Rate, (ii)
such excess, and (iii) a fraction equal to one-twelfth.  

                    
“Class B Interest Payment Amount” means, with respect to any Payment Date, the
sum of the Class B Monthly Interest Payment Amount and the Class B Interest
Carryover Shortfall for such Payment Date. 

                    
“Class B Interest Rate” means 6.51% per annum. 

                    
“Class B Maturity Date” means December 22, 2014 or, if such day is not a
Business Day, the next succeeding Business Day thereafter). 

                    
“Class B Monthly Interest Payment Amount” means (a) with respect to the first
Accrual Period and the related Payment Date, an amount equal to the product of
(i) the Class B Interest Rate, (ii) the Initial Class B Principal Amount, and
(iii) a fraction equal to the number of days in such Accrual Period divided by
360, and (b) with respect to each subsequent Accrual Period and the related
Payment Date, an amount equal to the product of (i) the Class B Interest Rate,
(ii) the Principal Amount of the Class B Notes on the immediately preceding
Payment Date, after giving effect to all payments of principal to Class B
Noteholders on or prior to such immediately preceding Payment Date, and (iii) a
fraction equal to one-twelfth. 

7

                    
“Class B Notes” means the 6.51% Class B Receivable-Backed Notes in the
Aggregate Principal Amount of $18,676,000, issued pursuant to the Indenture. 

                    
“Class B Percentage” means 3.05%. 

                    
“Class B Principal Payment Amount” means the lesser of (a) the excess, if any,
of (i) the Total Principal Payment Amount over (ii) the Class A Principal
Payment Amount and (b) the excess, if any, of (i) the Principal Amount of the
Class B Notes over (ii) the greater of (1) the Class B Target Principal Amount
and (2) the Class B Floor; provided, however, that in no event will the Class B
Principal Payment Amount exceed the Principal Amount of the Class B Notes. 

                    
“Class B Target Principal Amount” means, with respect to any Payment Date, the
product of (i) the Class B Percentage and (ii) the Contract Pool Principal
Balance as of the related Accounting Date. 

                    
“Class C Floor” means, with respect to any Payment Date, an amount equal to (i)
2.3125% of the Initial Contract Pool Principal Balance, plus (ii) the Unfunded
Loss Amount, if any, for such Payment Date, minus (iii) the sum of the
Principal Amount of the Class D Notes (prior to giving effect to any payments
of principal on the Class D Notes on such Payment Date) and the amount on
deposit in the Reserve Account (after giving effect to withdrawals and releases
to be made on such Payment Date); provided, however, that in no event will the
Class C Floor be greater than the Principal Amount of the Class C Notes
immediately prior to such Payment Date or less than zero; provided, further,
that if the Principal Amount of the Class B Notes immediately prior to any Payment
Date is less than or equal to the Class B Floor for such Payment Date, the
Class C Floor with respect to such Payment Date will equal the Principal Amount
of the Class C Notes immediately prior to such Payment Date.  

                    “Class
C Interest Carryover Shortfall” means, with respect to any Payment Date, the
excess, if any, of the Class C Interest Payment Amount for the preceding
Payment Date over the amount that was actually paid in respect of interest on
the Class C Notes on such preceding Payment Date, plus, to the extent permitted
by law, an amount equal to the product of (i) the Class C Interest Rate, (ii)
such excess, and (iii) a fraction equal to one-twelfth.  

                    
“Class C Interest Payment Amount” means, with respect to any Payment Date, the
sum of the Class C Monthly Interest Payment Amount and the Class C Interest
Carryover Shortfall for such Payment Date. 

                    
“Class C Interest Rate” means 7.00% per annum. 

                    
“Class C Maturity Date” means December 22, 2014 (or, if such day is not a
Business Day, the next succeeding Business Day thereafter). 

                    
“Class C Monthly Interest Payment Amount” means (a) with respect to the first
Accrual Period and the related Payment Date, an amount equal to the product of
(i) the Class C Interest Rate, (ii) the Initial Class C Principal Amount, and
(iii) a fraction equal to the number of days in such Accrual Period divided by
360, and (b) with respect to each subsequent Accrual Period and the related
Payment Date, an amount equal to the product of (i) the Class C Interest 

8

Rate, (ii) the
Principal Amount of the Class C Notes on the immediately preceding Payment
Date, after giving effect to all payments of principal to Class C Noteholders
on or prior to such immediately preceding Payment Date, and (iii) a fraction
equal to one-twelfth. 

                    
“Class C Notes” means the 7.00% Class C Receivable-Backed Notes in the
Aggregate Principal Amount of $26,636,000 issued pursuant to the Indenture. 

                    
“Class C Percentage” means 4.35%. 

                    
“Class C Principal Payment Amount” means the lesser of (a) the excess, if any,
of (i) the Total Principal Payment Amount over (ii) the sum of the Class A
Principal Payment Amount and the Class B Principal Payment Amount and (b) the
excess, if any, of (i) the Principal Amount of the Class C Notes over (ii) the
greater of (1) the Class C Target Principal Amount and (2) the Class C Floor;
provided, however, that in no event will the Class C Principal Payment Amount
exceed the Principal Amount of the Class C Notes. 

                    
“Class C Target Principal Amount” means, with respect to any Payment Date, the
product of (i) the Class C Percentage and (ii) the Contract Pool Principal
Balance as of the related Accounting Date. 

                    
“Class D Floor” means, with respect to any Payment Date, an amount equal to (i)
1.5625% of the Initial Contract Pool Principal Balance, plus (ii) the Unfunded
Loss Amount, if any, for such Payment Date, minus (iii) the amount on deposit
in the Reserve Account (after giving effect to withdrawals and releases to be
made on such Payment Date); provided, however, that in no event will the Class
D Floor be greater than the Principal Amount of the Class D Notes immediately
prior to such Payment Date or less than zero; provided, further, that if the
Principal Amount of the Class C Notes immediately prior to any Payment Date is
less than or equal to the Class C Floor for such Payment Date, the Class D
Floor with respect to such Payment Date will equal the Principal Amount of the
Class D Notes immediately prior to such Payment Date.  

                    
“Class D Interest Carryover Shortfall” means, with respect to any Payment Date,
the excess, if any, of the Class D Interest Payment Amount for the preceding
Payment Date over the amount that was actually paid in respect of interest on
the Class D Notes on such preceding Payment Date, plus, to the extent permitted
by law, an amount equal to the product of (i) the Class D Interest Rate, (ii)
such excess, and (iii) a fraction equal to one-twelfth.  

                    
“Class D Interest Payment Amount” means, with respect to any Payment Date, the
sum of the Class D Monthly Interest Payment Amount and the Class D Interest
Carryover Shortfall for such Payment Date. 

                    
“Class D Interest Rate” means 7.48% per annum. 

                    
“Class D Maturity Date” means December 22, 2014 (or, if such day is not a
Business Day, the next succeeding Business Day thereafter). 

                    
“Class D Monthly Interest Payment Amount” means (a) with respect to the first
Accrual Period and the related Payment Date, an amount equal to the product of
(i) the Class D Interest Rate, (ii) the Initial Class D Principal Amount, and
(iii) a fraction equal to the number of 

9

days in such
Accrual Period divided by 360, and (b) with respect to each subsequent Accrual
Period and the related Payment Date, an amount equal to the product of (i) the
Class D Interest Rate, (ii) the Principal Amount of the Class D Notes on the
immediately preceding Payment Date, after giving effect to all payments of
principal to Class D Noteholders on or prior to such immediately preceding
Payment Date, and (iii) a fraction equal to one-twelfth 

                    
“Class D Notes” means the 7.48% Class D Receivable-Backed Notes in the
Aggregate Principal Amount of $18,982,039 issued pursuant to the Indenture. 

                    
“Class D Percentage” means 3.10%. 

                    
“Class D Principal Payment Amount” means the lesser of (a) the excess, if any,
of (i) the Total Principal Payment Amount over (ii) the sum of the Class A
Principal Payment Amount, the Class B Principal Payment Amount and the Class C
Principal Payment Amount and (b) the excess, if any, of (i) the Principal
Amount of the Class D Notes over (ii) the greater of (1) the Class D Target
Principal Amount and (2) the Class D Floor; provided, however, that in no event
will the Class D Principal Payment Amount exceed the Principal Amount of the
Class D Notes. 

                    
“Class D Target Principal Amount” means, with respect to any Payment Date, the
product of (i) the Class D Percentage and (ii) the Contract Pool Principal
Balance as of the related Accounting Date. 

                    
“Closing Date” means May 14, 2008. 

                    
“Code” means the Internal Revenue Code of 1986, as amended. 

                    
“Collection Account” means the account so designated established pursuant to
Section 7.01. 

                    
“Collection Account Property” means the Collection Account, all amounts and
investments held from time to time in the Collection Account (whether in the
form of deposit accounts, physical property, book-entry securities,
uncertificated securities or otherwise), and all proceeds of the foregoing. 

                    
“Collection Period” means a period beginning on the first day of a calendar
month and ending on, but not including, the first day of the next calendar
month, provided that the first Collection Period shall be the two calendar
months preceding the month in which the first Payment Date occurs. 

                    
“Collections” means the sum of (i) all Scheduled Payments on the Contracts,
including (without duplication) Scheduled Payments on Defaulted Contracts,
received on or after the Cut-Off Date (excluding the Excluded Amounts); (ii)
any Prepayments received on the Contracts on or after the Cut-Off Date (other
than (a) in the case of a Lease, any Excluded Residual Investment which shall
be allocated to the Depositor, or (b) in the case of a Prepaid Contract for
which a substitution has been made in accordance with Section 2.03 of this
Agreement, that portion thereof to which the Depositor is entitled pursuant to
Section 2.03); (iii) the Purchase Amount of any Contracts purchased by CFUSA in
accordance with Section 7.06 of 

10

this Agreement
(other than any portion thereof attributable in the case of a Lease to the
Excluded Residual Investments); (iv) the amount paid by CFUSA or the Depositor
to purchase the Contracts pursuant to Section 7.08 of this Agreement; (v) that
portion of the Liquidation Proceeds received in respect of any Contracts and
the disposition of the related Equipment on or after the Cut-Off Date allocated
to the Trust; and any earnings on the investment of amounts credited to amounts
on deposit in the Collection Account; provided that, Collections shall not
include any amounts received with respect to any Excluded Residual Investment.

                    
“Commission” means the United States Securities and Exchange Commission. 

                    
“Computer Disk” means the computer disk generated by the Servicer (or any
subservicer under Section 5.05), which provides information relating to
Contracts in the Contract Pool and which was used by such party in selecting
the related Contracts for conveyance and inclusion in such Contract Pool, and
includes the master file and the history file as well as servicing information
with respect to such Contracts. 

                    
“Contract” means each End-User Contract and each Vendor Loan listed on any
Schedule of Contracts but, unless otherwise specified herein, shall not refer
to any Secondary Contract. 

                    
“Contract Assets” means, with respect to any Contracts (including Substitute
Contracts) and related assets conveyed or being conveyed to the Depositor
pursuant to a Substitution Assignment Agreement, the VFC Assignment or the
Non-VFC Purchase Agreement, and concurrently conveyed or being conveyed by the
Depositor to the Trust pursuant to this Agreement or a Substitution Transfer
Agreement, all right, title and interest of CFUSA or the VFC Trust, as the case
may be, in, to and under: 

                              (i)
such Contracts, and all monies due or to become due in payment of such
Contracts on and after the relevant Cut-Off Date, and including Scheduled
Payments due but not yet received prior to the relevant Cut-Off Date and all
other Scheduled Payments (including in respect of any Guaranteed Residual
Investment) due or becoming due on or after the relevant Cut-Off Date, any
Prepayments, any payments in respect of a casualty or early termination, any
Liquidation Proceeds received with respect thereto, but excluding any Scheduled
Payments both due and actually received and processed prior to the related
Cut-Off Date and any Excluded Amounts; 

                              
(ii) the Financed Items related to such Contracts and, in the case of any
Vendor Loan, related Applicable Security, including all proceeds from any sale
or other disposition of such Financed Items or applicable Securities (but
subject to the exclusion and release herein of Excluded Amounts) and any
Guaranteed Residual Investment; 

                              
(iii) the related Contract Files; 

                              
(iv) all payments made or to be made in the future with respect to such Contracts
or the Obligor thereunder under any Vendor Agreements with the relevant
Financing Originator and under any guarantee or similar credit enhancement with
respect to such Contracts; 

11

                              
(v) all Insurance Proceeds with respect to each such Contract; and 

                              
(vi) all income from and proceeds of the foregoing. 

                    “Contract
File” means, with respect to each Contract, the fully executed original
counterpart (for UCC purposes) of the Contract, the original certificate of
title or other title document with respect to the related Equipment (if
applicable) or, in each case, if (but only if) such original documents are
intangible documents, the electronic files of such originals, and otherwise
such documents or electronic entries, if any, that the Servicer (or applicable
Financing Originator) keeps on file in accordance with Customary Policies and
Procedures evidencing such Contracts or such ownership of such Equipment (if
applicable), and all other documents originally delivered to the Financing
Originator or held by the Servicer (or subservicer under Section 5.05) with
respect to any Contract. 

                    
“Contract Pool” means, as of any date of determination, the aggregate of the
Contracts which have been conveyed to the Trust and which constitute as of such
date Trust Assets under the terms and provisions hereof. 

                    
“Contract Pool Principal Balance” means with respect to any Payment Date, the
sum of the Contract Principal Balances (computed as of the related Accounting
Date) for all Contracts; provided that, on any Payment Date on which the
Contract Pool Principal Balance is determined to be less than or equal to
$10,000,000, then the Contract Pool Principal Balance will be deemed equal to
$0. 

                    
“Contract Principal Balance” means as of any Accounting Date, with respect to
any Contract, the present value of the unpaid Scheduled Payments due on such
Contract after such Accounting Date (excluding all Scheduled Payments due on or
prior to, but not received as of, such Accounting Date, as well as any
Scheduled Payments due after, but received as of, such Accounting Date), after
giving effect to any Prepayments received on or prior to such Accounting Date,
discounted monthly at the Discount Rate (assuming, for purposes of such
calculation, that each Scheduled Payment is due on the last day of the
applicable Collection Period); provided that, for purposes of computing the
Total Principal Payment Amount, the Unfunded Loss Amount, or the Specified
Reserve Account Balance for a given Payment Date (as well as all Payment Dates
thereafter), the Contract Principal Balance of any Contract, which became a
Defaulted Contract or a Liquidated Contract during the related Collection
Period or was required to be purchased by CFUSA as of the last day of the
related Collection Period in accordance with Section 5.01 of the Purchase and
Sale Agreement, will be deemed to be zero on and after the last day of such
Collection Period. 

                    
“Corporate Trust Office” means the corporate trust office of the Owner Trustee,
which office initially shall be located at 1011 Centre Road, Suite 200,
Wilmington, Delaware 19805, or such other office at such other address as the
Owner Trustee may designate from time to time by notice to the Equity
Certificateholder, the Servicer, the Administrator and the Depositor. 

12

                    “CSA”
means each conditional sales
agreement, including, as applicable, schedules, subschedules, supplements and
amendments to a master conditional sales agreement, pursuant to which specified
assets were conditionally sold to an Obligor at specified monthly, quarterly,
semi-annual or annual payments.

                    “Cumulative
Net Loss Event” means, with respect to any Collection Period, the Cumulative
Net Loss Ratio for such Collection Period exceeds the Cumulative Net Loss
Trigger for such Collection Period. 

                    “Cumulative
Net Loss Ratio” means the ratio of (a) the Cumulative Reported Net Losses
recognized with respect to the Contracts in the Contract Pool since the Initial
Cut-Off Date over (b) the Initial Contract Pool Principal Balance.

                    “Cumulative
Net Loss Trigger” means, for each of the Collection Periods set forth below,
the Cumulative Net Loss Ratio percentage opposite such Collection Period (and
measured on each of the Payment Dates following the Collection Periods
specified below):

	
 

	
 

	
 

	
 

	
 

	
Collection Period

	
 

	
Cumulative
  Net Loss Ratio

	
 

	

	
 

	

	
 

	
 

	
 

	
 

	
 

	
 

	
May 2008

	
 

	
0.50

	
%

	
 

	
June 2008

	
 

	
0.50

	
%

	
 

	
September
  2008

	
 

	
0.75

	
%

	
 

	
October 2008

	
 

	
1.00

	
%

	
 

	
December
  2008

	
 

	
1.40

	
%

	
 

	
January 2009

	
 

	
1.50

	
%

	
 

	
February
  2009

	
 

	
1.75

	
%

	
 

	
March 2009

	
 

	
2.00

	
%

	
 

	
May 2009

	
 

	
2.25

	
%

	
 

	
June 2009

	
 

	
2.50

	
%

	
 

	
August 2009

	
 

	
2.75

	
%

	
 

	
September
  2009

	
 

	
3.00

	
%

	
 

	
November
  2009

	
 

	
3.25

	
%

	
 

	
December
  2009

	
 

	
3.40

	
%

	
 

	
January 2010

	
 

	
3.50

	
%

	
 

	
March 2010

	
 

	
3.75

	
%

	
 

	
June 2010

	
 

	
4.00

	
%

	
 

	
October 2010

	
 

	
4.25

	
%

	
 

	
June 2011
  and each collection period thereafter

	
 

	
4.50

	
%

	
 

                    “Cumulative
Reported Net Losses” means, with respect to any
Collection Period, the aggregate Contract Principal Balances of Defaulted
Contracts (immediately prior to the applicable default) minus the sum of any
subsequent cash collections on Defaulted Contracts, including Liquidation
Proceeds. 

13

                    “Customary
Policies and Procedures” means, with respect to any
Contract Assets, the customary standards, policies and procedures of the
relevant Financing Originator with respect to such Contract Assets in effect at
the time of the Cut-Off Date with respect thereto, as the same may be changed
from time to time (provided that any such change does not materially impair
(i) the collectibility of the related Contract, or (ii) the Servicer’s
ability to perform its obligations under this Agreement with respect thereto).

                    “Cut-Off
Date” means April 1, 2008, and with respect to any
Substitute Contract, the Substitution Cut-Off Date (as the context may
require).

                    “Date
of Processing” means, with respect to any
transaction or Collection, the date on which such transaction or Collection is
first recorded (and, in the case of a transaction or Collection related to a
particular Contract, identified as to such particular Contract as part of
Available Funds) on the related Financing Originator’s or the Servicer’s
computer master file of Contracts (without regard to the effective date of such
recordation).

                    “DFS”
means Dell Financial
Services L.L.C.

                    “Defaulted
Contract” means as to any Collection
Period, any Contract (a) which the Servicer has determined in its sole
discretion, in accordance with Customary Policies and Procedures (and taking
into account any available Vendor recourse), that such Contract is not
collectible; or, (b) the End-User under such Contract (or applicable Vendor, if
such Contract is a Vendor Loan) becomes the subject of an Insolvency Event or,
(c) as to which during the Collection Period 10% or more of a Scheduled Payment
shall have become delinquent 180 days or more.

                    “Delaware
Statutory Trust Act” has the meaning specified in
the Trust Agreement.

                    “Delinquent
Contract” means any Contract as to
which all or a portion of a Scheduled Payment (constituting at least $25 of
such Scheduled Payment due) is more than 60 days delinquent from its
original due date.

                    “Deposit
Date” means the Business Day immediately preceding
each Payment Date.

                    “Depositor”
means the “Depositor” as
defined in the preamble hereto, or any successor entity thereto.

                    “Determination
Date” means, with respect to any
Payment Date, the second Business Day prior to such Payment Date.

                    “Discount
Rate” means 6.606%.

                    “Dollar”
and “$” means lawful currency of the
United States of America.

                    “Eligible
Contract” means each Contract owned
(prior to its conveyance by a Financing Originator to CFUSA under the VFC
Conveyancing Agreement or the Non-VFC 

14

Conveyancing
Agreement, as the case may be; prior to its conveyance by CFUSA to the
Depositor under the VFC Purchase Agreement or the Non-VFC Purchase Agreement,
as the case may be, and prior to its conveyance by the VFC Trust to the
Depositor pursuant to the VFC Assignment, if a VFC Contract) by a Financing
Originator, CFUSA or the VFC Trust, as the case may be, and with respect to
which each of the following is true (to the extent applicable to such type of
Contract) at the time of its conveyance to the Trust on the Closing Date
(or Substitution Transfer Date, as applicable):

                              (a)
the information with respect to the Contract, any Secondary Contract securing
the obligations under such Contract, and the Financed Items related to the
Contract, delivered to the Servicer by or at the direction of CFUSA under the
Series 2008-VT1 VFC Purchase Agreement or the Non-VFC Purchase Agreement, as
the case may be, or by or at the direction of the VFC Trust pursuant to the VFC
Assignment is true and correct in all material respects;

                              (b)
immediately prior to the transfer of such Contract and any related Equipment
(or security interest therein) or Applicable Security to the Depositor (and the
Depositor’s concurrent transfer thereof to the Trust), CFUSA or the VFC Trust
owned and had good and marketable title to (and following the transfer by CFUSA
or the VFC Trust, the Depositor owns and has good and marketable title to) the
Contracts, free and clear of any Liens, other than Permitted Liens; and
immediately prior to the transfer of such Contract and any related Equipment
(or security interest therein) or Applicable Security by the applicable
Financing Originator to CFUSA, such Contract was owned by the applicable
Financing Originator free and clear of any Liens, other than Permitted Liens;

                              (c)
the Contract is neither a Defaulted Contract nor a Delinquent Contract;

                              (d)
no provision of the Contract has been waived, altered or modified in any
material respect, except as indicated in the Contract File;

                              (e)
the Contract is a valid and binding payment obligation of the Obligor and is
enforceable in accordance with its terms (except as may be limited by
applicable Insolvency Laws and the availability of equitable remedies);

                              (f)
the Contract is not subject to litigation, or to rights of rescission, setoff,
counterclaim or defense and, to CFUSA’s or the Servicer’s knowledge, no such
rights have been asserted or threatened with respect to the Contract;

                              (g)
the Contract, at the time it was made, had been originated in compliance (in
all material respects) with applicable law, and did not violate the laws of the
United States of America or any state in any material respect;

                              (h)
(i) the Contract and any related Financed Item or interest therein (other than
Excluded Residual Investments) have not been sold, transferred, assigned or
pledged by the Financing Originator or, CFUSA or the VFC Trust to any other
Person (other than (a) the sale of Contracts and any Financed Item financed or
interest therein to CFUSA or to the Depositor and then the VFC Trust and (b)
the financed sale of Equipment to an End-User 

15

effected
through an End-User Contract), or (ii) if such Contract finances Equipment,
such Contract is secured by a fully perfected lien or ownership interest in
favor of the Financing Originator or, in the case of Equipment relating to the
VFC Contracts, the Depositor, on or in respect of the related Equipment (other
than as contemplated by the Minimum Value Filing Exception), or, if the
Contract is a Vendor Loan, the Vendor Loan is secured by a fully perfected lien
or ownership interest in favor of the Financing Originator or the VFC Trust in
the related Applicable Security;

                              (i)
if the Contract constitutes an “instrument” or “tangible chattel paper” for
purposes of the UCC, there is not more than one “secured party’s original”
counterpart of the Contract and such original counterpart is in the Contract
File;

                              (j)
all filings (including filings of UCC financing statements) necessary (i) in
respect of all Contracts, to evidence or perfect the conveyance or transfer of
the relevant Financing Originator’s ownership interest in the Contract, and the
Financing Originator’s corresponding interest in the related Equipment or
Applicable Security, as applicable, to CFUSA, and (ii) in respect of all
Contracts, to evidence or perfect the conveyance or transfer of CFUSA’s or the
VFC Trust’s ownership interest in the Contract, and CFUSA’s or the VFC Trust’s
corresponding interest in the related Equipment or Applicable Security, as
applicable, to the Depositor (as well as the concurrent conveyance of such
property hereunder, other than ownership interests in Equipment, from the
Depositor to the Trust), have been made or provided for in all appropriate
jurisdictions; provided, that UCC financing statement filings with respect to
Equipment or Applicable Security which name the Financing Originator as secured
party have not been amended to indicate either CFUSA, the Depositor or the
Trust as an assignee (although separate UCC filings were made against the
relevant Financing Originator’s interest in Applicable Security in each
jurisdiction where a related Vendor is located); and provided further, that
only filings in the State of Delaware have been made in favor of the Trust as secured
party against the Depositor as debtor describing as collateral (among other
things) the Depositor’s ownership interest in Equipment, in respect of the
security interest in Equipment owned by the Depositor which has been granted to
the Trust pursuant to Section 2.01 hereof.

                              (k)
the Obligor is not, to CFUSA’s knowledge, subject to bankruptcy or other
insolvency proceedings;

                              (l)
the Obligor’s billing address is in the United States of America or Puerto
Rico, and the Contract is a U.S. dollar-denominated obligation;

                              (m)
the Contract does not require the prior written notification to or consent of
an Obligor or contain any other restriction on the transfer or assignment of
the Contract, or all consents and approvals required by the terms of the
Contract for the sale of the Contract hereunder have been received;

                              (n)
either (x) the obligations of the related Obligor under such Contract are irrevocable
and unconditional and non-cancelable (it being understood that Contracts which
are prepayable in accordance with their terms shall not, by virtue of that fact
alone, be deemed revocable, conditional or cancelable) or, if not irrevocable
and unconditional, have the benefit of a Vendor Guarantee or (y) with respect
to Leases with Lessees that are 

16

governmental
entities or municipalities, if such Lease is canceled in accordance with its
terms, either (1) the Vendor that assigned such Lease to the applicable
Financing Originator is unconditionally obligated to repurchase such lease from
the Financing Originator for a purchase price not less than the Contract
Principal Balance of such Lease (as of the date of cancellation), or (2)
pursuant to the Purchase and Sale Agreements, CFUSA has indemnified the
Depositor against such cancellation in an amount at least equal to the Contract
Principal Balance of such Lease (as of the date of cancellation), less any
amounts paid by the Vendor pursuant to clause (y)(1);

                              (o)
no selection procedure adverse to the interests of the Trust or the Equity
Certificateholder was used in selecting the Contract for the Contract Pool;

                              (p)
the Obligor under the Contract is required to maintain casualty insurance or to
self-insure with respect to the related Equipment in accordance with the
Customary Policies and Procedures;

                              (q)
the Contract constitutes tangible chattel paper, an account, an instrument
or a general intangible, in each case as defined under the UCC;

                              (r)
the Contract is not a “consumer lease” as defined in Section 2A-103(1)(e)
of the UCC;

                              (s)
if such Contract is a Lease, to the best knowledge of the relevant Financing
Originator, the Lessee thereunder has accepted and has had reasonable
opportunity to inspect the related Equipment;

                              (t)
except as provided in clause (n) above, the Contract is not subject to any
guarantee by the relevant Financing Originator, nor has the relevant Financing
Originator established any specific credit reserve with respect to the related
Obligor;

                              (u)
if such Contract is a Lease, such Lease is a “triple net lease” under which the
Obligor is responsible for the maintenance, taxes and insurance with respect to
the related Equipment in accordance with general industry standards applicable
to such item of Equipment;

                              (v)
if such Contract is a Vendor Loan, such Vendor Loan is secured by an Eligible
Secondary Contract having an aggregate Contract Principal Balance for such
Eligible Secondary Contract (determined as of the relevant Cut-Off Date for
such Vendor Loan) not less than the outstanding principal amount of such Vendor
Loan;

                              (w)
such Contract is not an obligation of the United States of America or an
agency, department, or instrumentality of the United States of America;

                              (x)
such Contract contains provisions customary to similar financing agreements for
Financed Items, which provisions are sufficient and enforceable (except as may
be limited by applicable Insolvency Laws and the availability of equitable
remedies) to enable the relevant Financing Originator (or its assignees,
including CFUSA, the VFC Trust, the 

17

Depositor and
the Trust) to realize against the Financed Items related thereto (to the extent
such Financed Items secure or support the payment of the Contract);

                              (y)
if the Obligor in respect of such Contract is a state or local governmental
entity or municipality, the conveyance of such a Contract under and pursuant to
the Transaction Documents does not violate applicable state or municipal laws
or regulations (if any) restricting or prohibiting the assignment of
claims against or obligations of such Obligor; and

                              (z)
such Contract was originated or acquired by the applicable Financing Originator
in accordance with its Customary Policies and Procedures as in effect at the
time of such origination or acquisition.

                    “Eligible
Investments” means any of the following:

                                        (i)
direct obligations of, and obligations fully guaranteed by, the United States
of America, the Federal Home Loan Mortgage Corporation (if then rated “Aaa” by
Moody’s), the Federal National Mortgage Association, or any agency or instrumentality
of the United States of America, the obligations of which are backed by the
full faith and credit of the United States of America and which are
non-callable;

                                        (ii)
demand and time deposits in, certificates of deposit of, bankers’ acceptances
issued by, or federal funds sold by any depository institution or trust company
(including the Trustees or any Affiliate of the Trustees, acting in their
commercial capacity) incorporated under the laws of the United States of
America or any state thereof or the District of Columbia (or any domestic
branch or agency of a foreign bank) and subject to supervision and examination
by federal and/or state authorities, so long as, at the time of such investment
or contractual commitment providing for such investment, the commercial paper
or other short-term debt obligations of such depository institution or trust
company have been rated at least “P-1” or higher from Moody’s, “A-1+” from
Standard & Poor’s and, if rated by Fitch, “F1+” from Fitch; or any other
demand or time deposit or certificate of deposit which is fully insured by the
FDIC and which is rated at least “P-1” by Moody’s or A-1+ from Standard
& Poor’s.

                                        (iii)
repurchase obligations with respect to any security described in either clause
(i) or (ii) above and entered into with any institution whose commercial paper
is rated at least “P-1” from Moody’s, at least “A-1+” by Standard & Poor’s
and, if rated by Fitch, at least “F1+” by Fitch;

                                        (iv)
securities bearing interest or sold at a discount issued by any corporation
incorporated under the laws of the United States of America or any state
thereof which have a credit rating of at least “A2” or “P-1” from Moody’s, at
least “AAA” from Standard & Poor’s and, if rated by Fitch, at least “AAA”
from Fitch, at the time of such investment;

                                        (v)
commercial paper (which may be issued by CIT Group Inc.) having a rating of at
least “P-1” from Moody’s, at least “A-1+” from Standard & Poor’s and, if
rated by Fitch, at least “F1+” from Fitch, at the time of such investment;

18

                                        (vi)
money market funds which are rated “Aaa” by Moody’s, at least “AAAm” or
“AAAm-G” by Standard & Poor’s and, if rated by Fitch, at least “AAA” by
Fitch, including funds which meet such rating requirements for which the
Trustees or an affiliate of the Trustees serves as an investment advisor, administrator,
shareholder servicing agent and/or custodian or subcustodian, notwithstanding
that (i) such Trustee or an affiliate of such Trustee charges and collects fees
and expenses from such funds for services rendered, (ii) such Trustee
charges and collects fees and expenses for services rendered pursuant to this
Agreement, and (iii) services performed for such funds and pursuant to
this Agreement may converge at any time. (The Depositor and the Servicer
specifically authorize such Trustee or an affiliate of such Trustee to charge
and collect all fees and expenses from such funds for services rendered to such
funds, in addition to any fees and expenses such Trustee may charge and collect
for services rendered pursuant to this Agreement); and

                                        (vii)
any other investments that satisfy the Rating Agency Condition.

                    “Eligible
Secondary Contract” shall mean each Secondary
Contract

                                        (i)
that satisfies all the criteria set forth in the definition of “Eligible
Contract” except clauses (b) and (h) (in each case, with respect to ownership
by the Financing Originator, CFUSA, the Depositor, or the VFC Trust of the
Contract) and (w) thereof, and except that the term “Obligor” shall mean
“End-User” in all such criteria;

                                        (ii)
with respect to which Secondary Contract and the proceeds thereof the Financing
Originator (or, in the case of VFC Contracts, the VFC Trust, as assignee) has a
duly perfected first priority lien (subject to Permitted Liens); and

                                        (iii)
with respect to which if such Secondary Contract secures a Vendor Loan
constituting a Contract, the transfer of the applicable Financing Originator’s
security interest in such Secondary Contract and the proceeds thereof to CFUSA,
the transfer of CFUSA’s interest so acquired to the Depositor, and, if
applicable, the Depositor’s transfer of its interest therein to the VFC Trust and
the VFC Trust’s transfer of such interest back to the Depositor, is effective
to create in favor of the Depositor a lien therein and such lien has been duly
perfected.

                    “Eligible
Servicer” means CFUSA or any of its
Affiliates, the Trustees or any other Person qualified to act as Servicer of
the Contracts under applicable federal and state laws and regulations, which
Person services not less than $100,000,000 in outstanding principal amount of
equipment financing contracts.

                    “End-User”
shall mean any party that
uses the Financed Items pursuant to an End-User Contract.

                    “End-User
Contract” shall mean any CSA, Secured
Note, Lease, IPA, or other Financing Agreement covering Financed Items
originated or acquired by an Originator.

                    “Equipment”
means with respect to any
Contract, the tangible assets constituting “goods” within the meaning of the
UCC, in each case financed or leased by an Obligor pursuant 

19

to a Contract,
or which otherwise provide security for the payment of amounts payable
thereunder.

                    “Equity
Certificate” has the meaning specified in
the Trust Agreement.

                    “Equity
Certificateholder” means the Person in whose
name the Equity Certificate is registered in the Certificate Register, which
initially shall be the Depositor.

                    “ERISA”
means the Employee
Retirement Income Security Act of 1974, as amended from time to time.

                    “Event
of Default” has the meaning specified in
the Indenture.

                    “Exchange
Act” means the Securities Exchange Act of 1934, as
amended or supplemented from time to time.

                    “Excluded
Amounts” means (i) any collections on
deposit in the Collection Account or otherwise received by the Servicer on or
with respect to the Contract Pool or related Equipment, which collections are
attributable to any taxes, fees or other charges imposed by any Governmental
Authority, (ii) any collections representing reimbursements of insurance premiums
or payments for services that were not financed by the applicable Originator,
(iii) collections relating to security deposits, and (iv) collections
representing Late Charges, documentation fees, administrative charges or
extension fees on any Contract, or maintenance premiums in respect of related
Equipment.

                    “Excluded
Residual Investments” means Residual Investments,
other than Guaranteed Residual Investments.

                    “FDIC”
shall mean the Federal
Deposit Insurance Corporation, or any successor thereto.

                    “Financed
Items” means Equipment and other property and services
that are permitted to be financed under Contracts in accordance with Customary
Policies and Procedures of the applicable Financing Originator.

                    “Financing
Agreement” means each financing
agreement covering Financed Items, other than a CSA, a Secured Note, a Lease or
an IPA.

                    “Financing
Originator” means CIT Communications
Finance Corporation, CIT Technology Financing Services, Inc., DFS-SPV
L.L.C., and Snap-On Credit, LLC.

                    “Fitch”
means Fitch, Inc., or any
successor thereto.

                    “Governmental
Authority” means the United States of
America, any state or other political subdivision thereof, and any entity
exercising executive, legislative, judicial, regulatory or administrative
functions of, or pertaining to, government.

20

                    “Guaranteed
Residual Investment” means each Residual Investment with respect to which the
applicable Financing Originator has an agreement with either the Vendor or the
related Obligor on an End-User Contract for payment of such Residual
Investment.

                    “Holder”
has the meaning specified in the Indenture.

                    “Indebtedness”
means, with respect to any Person at any date, without duplication, (a) all
indebtedness of such person for borrowed money or for the deferred purchase
price of property or services (other than current liabilities incurred in the
ordinary course of business and payable in accordance with customary trade
practices) or which is evidenced by a note, bond, debenture or similar
instrument, (b) all obligations of such Person under capital leases, (c) all
obligations of such Person in respect of acceptances or letters of credit
issued or created for the account of such Person, (d) all liabilities secured
by any Lien on any property owned by such Person even though such Person has
not assumed or otherwise become liable for the payment thereof, and (e)
obligations of such Person under direct or indirect guaranties in respect of,
and obligations (contingent or otherwise) to purchase or otherwise acquire, or
otherwise to assure a creditor against loss in respect of, indebtedness or
obligations of others of the kinds referred to in clauses (a) through (d)
above.

                    “Indenture”
means the Indenture, dated as of the date hereof, between the Trust and the
Indenture Trustee, as amended, supplemented or otherwise modified from time to
time.

                    “Indenture
Trustee” means the Person acting as Indenture Trustee under the Indenture, its
successors in interest and any successor trustee under the Indenture.

                    “Independent”,
when used with respect to any specified Person, means such a Person who (i) is
in fact independent of the Trust, the Depositor or the Servicer, (ii) is not a
director, officer or employee of any Affiliate of the Trust, the Depositor or
the Servicer, (iii) is not a person related to any officer or director of the
Trust, the Depositor or the Servicer or any of their respective Affiliates,
(iv) is not a holder (directly or indirectly) of more than 10% of any voting
securities of the Trust, the Depositor or the Servicer or any of their
respective Affiliates, and (v) is not connected with the Trust, the Depositor
or the Servicer as an officer, employee, promoter, underwriter, trustee,
partner, director or person performing similar functions.

                    “Independent
Accountants” has the meaning specified in Section 9.04.

                    “Ineligible
Contract” has the meaning specified in Section 7.06.

                    “Initial
Class A 1 Principal Amount” means $197,000,000.

                    “Initial
Class A-2A Principal Amount” means $105,000,000.

                    “Initial
Class A-2B Principal Amount” means $47,000,000.

                    “Initial
Class A-3 Principal Amount” means $199,035,000.

                    “Initial
Class B Principal Amount” means $18,676,000.

21

                    “Initial
Class C Principal Amount” means $26,636,000.

                    “Initial
Class D Principal Amount” means $18,982,039.

                    “Initial
Contract Assets” means those Contract Assets conveyed to the Trust on the
Closing Date.

                    “Initial
Contract Pool Principal Balance” means $612,329,039.

                    “Initial
Contracts” means those Contracts conveyed to the Trust on the Closing Date.

                    “Initial
Principal Amount” means, when used in the context of a reference to an
individual Class of Notes, the initial principal amount applicable to such
Class as defined above.

                    “Insolvency
Event” means, with respect to a specified Person, (a) the filing of a decree or
the entry of an order for relief by a court having jurisdiction in the premises
in respect of such Person or any substantial part of its property in an
involuntary case under any applicable Insolvency Law now or hereafter in
effect, or appointing a receiver, liquidator, assignee, custodian, trustee,
sequestrator or similar official for such Person or for any substantial part of
its property, or ordering the winding-up or liquidation of such Person’s
affairs, and such decree or order shall remain unstayed and in effect for a
period of 60 consecutive days; or (b) the commencement by such Person of a
voluntary case under any applicable Insolvency Law now or hereafter in effect,
or the consent by such Person to the entry of an order for relief in an
involuntary case under such law, taking possession by a receiver, liquidator,
assignee, custodian, trustee, sequestrator or similar official for such Person
or for any substantial part of its property; or (c) the making by such Person
of any general assignment for the benefit of creditors; or (d) the failure
by such Person generally to pay its debts as such debts become due; or (e) the
admission by such Person in writing of its inability generally to pay its debts
when the same become due; or (f) the taking of action by such Person in
furtherance of any of the foregoing.

                    “Insolvency
Laws” means the Bankruptcy Code and all other applicable liquidation,
conservatorship, bankruptcy, moratorium, rearrangement, receivership,
insolvency, reorganization, suspension of payments, or similar debtor relief
laws from time to time in effect affecting the rights of creditors generally.

                    “Insolvency
Proceeds” has the meaning specified in Section 10.01.

                    “Insurance
Policy” means, with respect to any Contract, an insurance policy covering
physical damage to or loss of the related Equipment.

                    “Insurance
Proceeds” means, depending on the context, any amounts payable or any payments
made, to the Servicer (or applicable Financing Originator) under any Insurance
Policy.

                    “Internal
Revenue Code” means the Internal Revenue Code of 1986, as amended from time to
time.

22

                    “Investment
Earnings” means, the investment earnings (net of losses and investment
expenses) on amounts on deposit in the Collection Account and the Reserve
Account.

                    “IPA”
means each installment payment agreement, including as applicable, schedules,
subschedules, supplements and amendments, pursuant to which the relevant
Originator financed the purchase or acquisition of specified assets by an
Obligor for specified monthly, quarterly, semiannual or annual payments.

                    “Late
Charges” means any late payment fees paid by Obligors on Contracts.

                    “Lease”
means each lease agreement granting the use of equipment or other assets for a
specified time in exchange for payments and including, as applicable,
schedules, subschedules, supplements and amendments to a master lease, pursuant
to which the Originator, as lessor, leased specified assets to a Lessee at a
specified monthly, quarterly, semiannual or annual rental. 

                    “Lessee”
means, with respect to any Lease, the Obligor with respect to such Lease.

                    “LIBOR
Determination Date” means for each Accrual Period, the second Business Day preceding
the first day of the Accrual Period.

                    “Lien”
means any mortgage, deed of trust, pledge, hypothecation, assignment, deposit
arrangement, encumbrance, lien (statutory or otherwise), equity interest,
participation interest, preference, priority or other security agreement or
preferential arrangement of any kind or nature whatsoever, including, without
limitation, any conditional transfer or other title retention agreement, and
any financing lease having substantially the same economic effect as any of the
foregoing.

                    “Liquidated
Contract” means, as to any Collection Period, any Contract or Defaulted
Contract (a) which the Servicer has determined is uncollectible in accordance
with the Customary Policies and Procedures, (b) for which the Equipment or any
Applicable Security securing such Contract has been disposed or (c) has been
repurchased by the Servicer pursuant to Section 5.25.

                    “Liquidation
Expenses” means, with respect to any Liquidated Contract, the aggregate amount
of all out-of-pocket expenses reasonably incurred by the Servicer (including
amounts paid to or expenses incurred by any subservicer, other than
subservicing fees, if any) in accordance with Customary Policies and Procedures
in connection with the repossession, refurbishing and disposition of any related
Equipment or any other Applicable Security, and other out-of-pocket costs
related to the liquidation of any such Equipment or such other Applicable
Security, including reasonable attorneys’ fees incurred in the attempted
collection of any amount owing pursuant to such Liquidated Contract, and
including amounts determined by the Servicer in its reasonable discretion as
payable in respect of any sales, use, personal property or other taxes assessed
or to be assessed on repossessed or liquidated Equipment or any other
Applicable Security.

23

                    “Liquidation
Proceeds” means, with respect to a Liquidated Contract, proceeds from the
transfer, lease or re-lease of the related Financed Items or other Applicable
Security, Insurance Proceeds, and any other recoveries with respect to such
Liquidated Contract and the related Financed Items or other Applicable Security
(including, without limitation, amounts received pursuant to a Program
Agreement and Scheduled Payments received on such Defaulted Contracts), but net
of Liquidation Expenses, Late Charges, amounts payable to a Vendor in respect
of (and in amounts not exceeding) amounts previously paid by such Vendor in
respect of such Contract under Vendor recourse provisions, and amounts, if any,
so received that are required to be refunded to the Obligor on such Contract.

                    “Material
Modification” means a termination or release (including pursuant to
prepayment), or an amendment, modification or waiver, or equivalent similar
undertaking or agreement, by the Servicer with respect to a Contract which
would not otherwise be permitted under the standards and criteria set forth in
Sections 5.08, 5.09 and/or 5.10 hereof.

                    “Maturity
Date” means, as applicable, the Class A-1 Maturity Date, Class A-2
Maturity Date, Class A-3 Maturity Date, Class B Maturity Date,
Class C Maturity Date or Class D Maturity Date.

                    “Minimum
Value Filing Exception” means the variation from the relevant Financing
Originator’s normal policies and practices with respect to filing UCC financing
statements against an Obligor describing Equipment which is the subject of a
Contract, in each case as set forth in Exhibit F hereto.

                    “Monthly
Servicer’s Report” has the meaning specified in Section 9.01.

                    “Moody’s”
means Moody’s Investors Service, Inc., or any successor thereto.

                    “Net
Swap Payment” means any payment relating to interest required to be made under
the Swap Agreement.

                    “Nonrecoverable
Advance” means with respect to any Determination Date and any Contract, the
amount, if any, advanced by the Servicer pursuant to Section 5.14 which
the Servicer has as of such Determination Date determined in good faith will
not be ultimately recoverable by the Servicer.

                    “Non-VFC
Contract Assets” means the Contract Assets pertaining to the Non-VFC Contracts.

                    “Non-VFC
Contracts” means Contracts conveyed by CFUSA to the Depositor pursuant to the
Non-VFC Purchase Agreement, as listed in Schedule A to the Non-VFC Purchase
Agreement.

                    “Non-VFC
Conveyancing Agreement” means the Non-VFC Conveyancing Agreement, dated as of
April 1, 2008, by and among CIT Communications Finance Corporation, CIT
Technology Financing Services, Inc. and CFUSA, as the same may be amended,
supplemented, restated or otherwise modified from time to time.

24

                    “Non-VFC
Purchase Agreement” means the Non-VFC Purchase and Sale Agreement, dated April
1, 2008, by and among CFUSA, as the seller, and the Depositor, as purchaser, as
the same may be amended, supplemented, restated or otherwise modified from time
to time. 

                    “Note”
means any one of the notes of the Trust of any Class executed and
authenticated in accordance with the Indenture.

                    “Noteholder”
means any registered holder of a Note.

                    “Note
Register” has the meaning specified in the Indenture.

                    “Notes”
means the Class A-1 Notes, Class A-2 Notes, Class A-3 Notes,
Class B Notes, Class C Notes, and Class D Notes.

                    “Obligor”
means, with respect to any Contract, the Person or Persons obligated to make
payments with respect to such Contract, including any guarantor thereof (and
including, with respect to a Contract consisting of a Vendor Loan, the Vendor
obligated in respect of such Vendor Loan).

                    “Officer’s
Certificate” means, with respect to any Person, a certificate signed by an
authorized officer of such Person and delivered to the party entitled to
receipt thereof under any applicable Transaction Document.

                    “One-Month
LIBOR” means as of any LIBOR Determination Date and with respect to the related
Accrual Period, the rate of interest per annum equal to the London interbank
offered rate for deposits in U.S. dollars having a maturity of one month which
appears on the Reuters screen “LIBOR 01” page (or such other page as may
replace such page on that service or such other service or services as may be
nominated by the British Bankers’ Association for the purpose of displaying
London interbank offered rates for U.S. dollar deposits) as of 11:00 a.m.,
London time, on the LIBOR Determination Date. If the rate does not appear on
the Reuters screen “LIBOR 01” page, One-Month LIBOR for the LIBOR
Determination Date will be determined on the basis of the rates at which
deposits in U.S. dollars having a maturity of one month and in a principal
amount of not less than U.S. $1,000,000, are offered at approximately 11:00
a.m., London time, on the LIBOR Determination Date to prime banks in the London
interbank market by the Reference Banks. The Servicer will request the
principal London office of each of the Reference Banks to provide a quotation
of its rate to the Indenture Trustee. If at least two quotations are provided,
One-Month LIBOR will be the arithmetic mean, rounded, if necessary, to the
nearest .01%, of the offered rates. If fewer than two quotations are provided,
One-Month LIBOR will be the arithmetic mean, rounded, if necessary to the
nearest 0.01%, of the offered rates quoted at approximately 11:00 a.m., New
York City time, on the LIBOR Determination Date to the Indenture Trustee by
three major banks in New York, New York, selected by the Servicer, for loans in
United States dollars to leading European banks having a maturity of one month
and in a principal amount of not less than U.S. $1,000,000. However, if those
banks do not quote a rate to the indenture trustee as described in this
sentence, One-Month LIBOR will be the One-Month LIBOR in effect for the
immediately preceding Accrual Period.

25

                    “Opinion
of Counsel” means a written opinion of counsel, who may be counsel (including
internal counsel) for the Depositor or the Servicer and who shall be reasonably
acceptable to the Trust and the Indenture Trustee.

                    “Originator”
means, with respect to each Contract, the party that is the original lessor or
financing party thereunder.

                    “Outstanding”
has the meaning specified in the Indenture.

                    “Owner
Trustee” means Deutsche Bank Trust Company Delaware, not in its individual
capacity, but solely as Owner Trustee under the Trust Agreement, its successors
in interest and any successor owner trustee under the Trust Agreement. 

                    “Payment
Date” shall mean the twentieth (20th) day of each calendar month or,
if such twentieth (20th) day is not a Business Day, the next succeeding
Business Day, with the first such Payment Date being June 20, 2008.

                    “Paying
Agent” means any Person described as such in Section 7.04(b).

                    “Permitted
Liens” means

                         (a)
with respect to Contracts in the Contract Pool:

                              (i)
Liens for state, municipal or other local taxes if such taxes shall not at the
time be due and payable or if the Depositor shall currently be contesting the
validity thereof in good faith by appropriate proceedings and shall have set
aside on its books adequate reserves with respect thereto;

                              (ii)
Liens in favor of CFUSA created by a Financing Originator, or Liens in favor of
the Depositor created pursuant to the Purchase and Sale Agreements or Liens in
favor of the VFC Trust created pursuant to the VFC Pooling Agreement, in each
case transferred to the Trust pursuant hereto;

                              (iii)
Liens in favor of a
Financing Originator in respect of Contracts which have been transferred to
such Financing Originator or the VFC Trust and pursuant to the Purchase and
Sale Agreements by such Financing Originator or the VFC Trust to the Depositor
(through CFUSA and the VFC Conveyancing Agreement or the Non-VFC Conveyancing
Agreement, as the case may be, in the case of CFUSA Contracts, and through
CFUSA, the Depositor and the VFC Trust and the VFC Assignment in the case of
the VFC Contracts) and in each case transferred to the Trust pursuant hereto;

                              (iv)
Liens created pursuant to this Agreement in favor of the Trust; and

                              (v)
Liens in favor of the Indenture Trustee created pursuant to the Indenture
and/or this Agreement; and

26

                         (b)
with respect to the related Equipment or to any other Applicable Security (to
the extent applicable):

                              (i)
materialmen’s, warehousemen’s, mechanics’ and other liens arising by operation
of law in the ordinary course of business for sums not due;

                              (ii)
Liens for state, municipal or other local taxes if such taxes shall not at the
time be due and payable or if the Depositor shall currently be contesting the
validity thereof in good faith by appropriate proceedings and shall have set
aside on its books adequate reserves with respect thereto;

                              (iii)
Liens in favor of CFUSA created by a Financing Originator, as the case may be,
or Liens in favor of the Depositor created pursuant to the Purchase and Sale
Agreements, in each case transferred to the Trust pursuant hereto or Liens in
favor of the Depositor created pursuant to the VFC Purchase Agreement;

                              (iv)
Liens created pursuant to this Agreement in favor of the Trust;

                              (v)
Liens in favor of an Originator which have been transferred to the applicable
Financing Originator or the VFC Trust and pursuant to the Purchase and Sale Agreements
by such Financing Originator or the
VFC Trust to the Depositor (through CFUSA and the VFC Conveyancing
Agreement or the Non-VFC Conveyancing
Agreement, as the case may be, in the case of CFUSA Contracts, and
through CFUSA, the Depositor and the VFC Trust and the VFC Assignment in the
case of the VFC Contracts) and in each case transferred to the Trust pursuant
hereto;

                              (vi)
Liens in favor of the Indenture Trustee created pursuant to the Indenture
and/or this Agreement;

                              (vii)
Liens created pursuant to the underlying loan documents relative to Contracts;

                              (viii)
interests in favor of (A) Dell Financial Services, L.L.C. (“DFS”) and
which have been transferred by DFS along with the related Contract to its
limited purpose affiliate, DFS-SPV L.L.C. and subsequently transferred by
DFS-SPV L.L.C. to DFS Equipment Holdings L.L.C., (B) Snap-On Credit LLC;
(C) any other Financing Originator; and (D) a Vendor, which, in each case, are
subject to the prior payment of all Obligor obligations in respect of Scheduled
Payments on the related Contract; and

                              (ix)
Liens granted by the End-Users which are subordinated to the interest of the
Trust in such Equipment.

                    “Person”
means any individual, corporation, estate, partnership, limited liability
company, joint venture, association, joint stock company, trust (including any
beneficiary thereof), unincorporated organization or government or any agency
or political subdivision thereof.

27

                    “Prepaid
Contract” means any Contract that has terminated or been prepaid in full prior
to its scheduled expiration date (including because of a Casualty Loss), other
than a Defaulted Contract.

                    “Prepayment”
means with respect to any Collection Period for any Contract, a partial or full
prepayment of amounts due and owing under such Contract.

                    “Principal
Amount” means, with respect to a Class of Notes, the aggregate Initial
Principal Amount thereof reduced by the aggregate amount of any payments
applied in reduction of such principal amount.

                    “Program
Agreement” means each vendor finance program agreement pursuant to which
End-User Contracts originated by a Vendor are assigned to the applicable
Financing Originator.

                    “Purchase
Amount” means, with respect to Ineligible Contracts, on any date of
determination, the aggregate Required Payoff Amount for such Ineligible
Contracts as of the related Accounting Date.

                    “Purchase
and Sale Agreements” means, collectively, the Non-VFC Purchase Agreement, the
VFC Purchase Agreement, and the Series 2008-VT1 VFC Purchase Agreement.

                    “Purchase
Price” means, with respect to any Contract conveyed on the Closing Date (or any
Subsequent Transfer Date, as applicable), an amount equal to the Contract
Principal Balance of such Contract as of the applicable Cut-Off Date.

                    “Qualified
Institution” means (a) the corporate trust department of the Indenture Trustee
or (b) a depository institution organized under the laws of the United States
of America or any one of the states thereof or the District of Columbia (or any
domestic branch of a foreign bank), (i) (A) which has (or the parent
corporation of which has) either (1) a long-term unsecured debt rating
acceptable to the Rating Agencies or (2) a short-term unsecured debt rating or
certificate of deposit rating acceptable to the Rating Agencies or (B) which is
otherwise acceptable to the Rating Agencies and (ii) whose deposits are insured
by the FDIC.

                    “Rating
Agency” as of any date means each of the nationally recognized statistical
rating organizations requested by the Depositor to provide ratings on the Notes
which is rating the Notes on such date.

                    “Rating
Agency Condition” means, with respect to any action or series of related
actions or proposed transaction or series of related proposed transactions,
that each Rating Agency, after being notified in writing of such action or
series of related actions or proposed transaction or series of related proposed
transactions, shall have notified the Depositor, the Owner Trustee and the
Indenture Trustee in writing that such action or series of related actions or
the consummation of such proposed transaction or series of related proposed
transactions will not result in a Ratings Effect. 

                    “Ratings
Effect” means, with respect to any action or series of related actions or
proposed transaction or series of related proposed transactions, a reduction or
withdrawal of the 

28

rating of any
outstanding Class with respect to which a Rating Agency has previously
issued a rating as a result of such action or series of related actions or the
consummation of such proposed transaction or series of related transactions.

                    “Reallocated
Principal” means, with respect to any Payment Date, an amount equal to (a) the
Total Principal Payment Amount, less (b) the sum of the Class A Principal
Payment Amount, the Class B Principal Payment Amount, the Class C Principal
Payment Amount and the Class D Principal Payment Amount.

                    “Receivables
System” means the accounting system administered and utilized by the Servicer,
including all accounting data inputs therein, including those relating to the
accounting for the Contracts. 

                    “Record
Date” means, with respect to any Payment Date, the Business Day immediately
preceding such Payment Date (so long as the Notes are in book-entry form) or
the last day of the prior calendar month (if certificated Notes have been
issued).

                    “Redemption
Date” has the meaning specified in Section 7.08 hereof.

                    “Redemption
Price” has the meaning specified in Section 7.08 hereof.

                    “Reference
Banks” means those certain four leading banks, selected by the Servicer,
engaged in transactions in Eurodollar deposits in the international
Eurocurrency market and having an established place of business in London.

                    “Regulation
AB” means the rule codified at 17 CFR § 229.110 et seq., promulgated by the
Commission for the registration, disclosure and reporting of asset-backed
securities under the Securities Act and the Exchange Act.

                    “Related
Collection Period Collections” means, as of any Payment Date, the amount of
Collections on deposit in the Collection Account as of the Deposit Date which
were received and processed by the Servicer during the related Collection
Period, including all Liquidation Proceeds as to Defaulted or Liquidated
Contracts (other than in respect of an Excluded Residual Investment) so
received but excluding any Purchase Amounts.

                    “Replaced
Assets” has the meaning assigned such term in Section 2.03.

                    “Replaced
Contracts” has the meaning assigned such term in Section 2.03.

                    “Required
Holders” means (i) prior to the payment in full of the Class A-Notes,
Class A-1 Noteholders, Class A-2 Noteholders and/or Class A-3
Noteholders, holding Class A-1 Notes, Class A-2 Notes and/or
Class A-3 Notes, respectively, evidencing more than 66 2/3% of the
Aggregate Principal Amount of all Class A-Notes Outstanding, (ii) from and
after the payment in full of the Class A-Notes, Holders of Class B
Notes holding Class B Notes evidencing more than 66 2/3% of the Aggregate
Principal Amount of all Class B Notes Outstanding, (iii) from and after
the payment in full of the Class B Notes, Holders of Class C Notes
holding Class C Notes evidencing more than 66 2/3% of the Aggregate
Principal Amount of all Class C Notes Outstanding, and (iv) from and after
the payment in full of the Class C 

29

Notes, Holders
of the Class D Notes holding Class D Notes evidencing more than 66
2/3% of the Aggregate Principal Amount of all Class D Notes Outstanding.

                    “Required
Payoff Amount” means (a) with respect to any Collection Period for a Contract
(other than a Defaulted Contract), the sum of (i) the Scheduled Payment due in
such Collection Period, together with any Scheduled Payments due in prior
Collection Periods but not yet received, plus (ii) the Contract
Principal Balance of such Contract (after taking into account the Scheduled
Payment due in such Collection Period and any Scheduled Payments due in prior
Collection Periods whether or not actually received) and, (b) with respect to
Contracts that are Defaulted Contracts, zero.

                    “Requirements
of Law” for any Person means the certificate of incorporation or articles of
association and by-laws or other organizational or governing documents of such
Person, and any law, treaty, rule or regulation, or order or determination of
an arbitrator or Governmental Authority, in each case applicable to or binding
upon such Person or to which such Person is subject, whether Federal, state or
local (including, without limitation, usury laws, the Federal Truth in Lending
Act and Regulation Z and Regulation B of the Board of Governors of the Federal
Reserve System).

                    “Reserve
Account” means the Reserve Account established and maintained pursuant to
Section 7.01 hereof.

                    “Reserve
Account Amount” means, as of any Payment Date, the current amount then on
deposit in the Reserve Account.

                    “Reserve
Account Floor” means 3.00% of the Initial Contract Pool Principal Balance, provided
that, the Reserve Account Floor shall be reduced by an amount equal to 0.25% of
the Initial Contract Pool Principal Balance on each of the Payment Dates
following the Collection Periods below if the Cumulative Net Loss Ratio is less
than the percentage set forth opposite such Collection Period below:

	
 

	
 

	
 

	
 

	
 

	
 

	
Collection Period

	
 

	
Reserve
  Account Cumulative

  Net Loss Trigger

	
 

	
 

	

	
 

	

	
 

	
 

	
 

	
December
  2009

	
 

	
2.50%

	
 

	
 

	
March 2010

	
 

	
2.75%

	
 

	
 

	
September
  2010

	
 

	
3.00%

	
 

                    “Residual
Investment” means, with respect to certain Leases, any funds that the
applicable Financing Originator shall have advanced against all or any portion
of the anticipated residual value of the leased Equipment upon the expiration
of such Lease in accordance with its terms in excess of the Contract Principal
Balance of such Lease. 

                    “Responsible
Officer” means, with respect to the Owner Trustee, any officer in its Corporate
Trust Administration Department (or any similar group of a successor Owner
Trustee) who has primary responsibility for administering the Trust or the
Trust Agreement, or to whom a 

30

corporate
trust matter is referred because of knowledge of, familiarity with, and
authority to act with respect to a particular matter.

                    “Reuters
Screen “LIBOR 01” Page” means the display page so designated on the telerate
service (or another page replacing that page on that service for the purpose of
displaying comparable rates or prices).

                    “Scheduled
Payment” means, with respect to any Contract, the monthly or quarterly or
semi-annual or annual rent or financing (whether principal or principal and
interest) payment or other payment scheduled to be made by the related Obligor
under the terms of such Contract; it being understood that Scheduled Payments
do not include any Excluded Amount or Excluded Residual
Investment.

                    “Schedule
of Contracts” means the schedule of Contracts which are conveyed to the Trust
pursuant to this Agreement, executed and delivered on the Closing Date, which
schedule shall identify by any reasonable means or designation the applicable
Financing Originator with respect to each Contract identified in such Schedule,
and which includes the Contracts listed on Exhibit B hereto (which may
be in electronic form rather than as an exhibit hereto). Such Schedule shall be
supplemented from time to time (a) by each subsequent Substitution Schedule of
Contracts with respect to each Substitution Transfer Agreement and related
Substitute Contracts, which Schedules of Contracts shall be deemed incorporated
and made a part of the original Schedule of Contracts on Exhibit B hereto;
and (b) by the Servicer from time to time to reflect the release by and removal
from the Trust Assets of (i) Contracts released in connection with (A) in
respect of a Contract becoming a Prepaid Contract in accordance herewith or
having its final Scheduled Payment paid in full in accordance with the
Contract, or (B) in respect of a repurchase from the Trust through payment of a
Purchase Amount, and (ii) Replaced Contracts. The Schedule of Contracts is to
be maintained by the Servicer (with copies thereof, as the same shall be supplemented
or amended as described above, to be provided promptly to the Trust). 

                    “Schedule
of Representations” means the Schedule of Representations and Warranties set
forth on Exhibit E hereto.

                    “Secondary
Contract” shall mean, with respect to a Vendor Loan, each End-User Contract
securing such Vendor Loan.

                    “Secured
Note” means each promissory note with a related security interest evidenced by
written agreement, pursuant to which the purchase of specified assets by an
Obligor or End-User is financed for specified monthly, quarterly, semiannual or
annual payments.

                    “Securities”
means the Notes and the Equity Certificate, or any of them.

                    “Securities
Act” means the Securities Act of 1933, as amended from time to time.

                    “Securityholders”
means the Holders of the Notes or the Equity Certificate.

31

                     “Senior
Swap Termination Payment” means any Swap Termination Payment other than a
Subordinate Swap Termination Payment. 

                    
“Series 2008-VT1 VFC Purchase Agreement” means the Series 2008-VT1 VFC Purchase
and Sale Agreement, dated as of April 1, 2008, among CFUSA and the Depositor,
as the same may be amended, supplemented, restated or otherwise modified from
time to time. 

                    
“Servicer” means initially CFUSA, until any Successor Servicer is appointed pursuant
to Article VIII hereof, and thereafter, means the Successor Servicer so
appointed. 

                    
“Servicer Advance” means, with respect to any Payment Date, the amounts, if
any, deposited by the Servicer in the Collection Account for such Payment Date
in respect of Scheduled Payments pursuant to Section 5.14 hereof. 

                    
“Servicer Default” has the meaning given such term in Section 8.01. 

                    
“Servicer Letter of Credit” has the meaning given such term in Section
7.01(b)(ii)(B) hereof. 

                    
“Services “ means, in connection with the financing of Software by an
Originator, the support and consulting services related to such Software, the
procurement of which was also financed by such Originator pursuant to a
Contract. 

                    
“Servicing Fee” has the meaning specified in Section 5.18 hereof. 

                    
“Servicing Fee Percentage” means 0.75%. 

                    
“Servicing Officer” means any officer of the Servicer involved in, or
responsible for, the administration and servicing of Contracts. 

                    
“Servicing Standard” means, with respect to the servicing and collection
activities of the Servicer concerning the Contract Assets, the conduct of such
activities with reasonable care, using that degree of skill and attention that
the relevant Financing Originator for such Contract Assets exercises with
respect to all comparable contracts and related assets that it services for
itself or others, and in accordance with Customary Policies and Procedures and
applicable law. 

                    
“Servicing Transfer” is defined in Section 8.02(b). 

                    
“Software” means the telephone switching or networking systems operating
software financed or leased by an Obligor pursuant to a Contract. 

                    
“Solvent” means, as to any Person at any time, that (a) the fair value of the
property of such Person is greater than the amount of such Person’s liabilities
(including disputed, contingent and unliquidated liabilities) as such value is
established or such liabilities evaluated for purposes of Section 101(32) of
the Bankruptcy Code; (b) the present fair saleable value of the property of
such Person in an orderly liquidation of such Person is not less than the
amount that will be required to pay the probable liability of such Person on
its debts as they 

32

become
absolute and matured; (c) such Person is able to realize upon its property and
pay its debts and other liabilities (including disputed, contingent and
unliquidated liabilities) as they mature in the normal course of business; (d)
such Person does not intend to, and does not believe that it will, incur debts
or liabilities beyond such Person’s ability to pay as such debts and
liabilities mature; and (e) such Person is not engaged in business or a
transaction, and is not about to engage in a business or a transaction, for
which such Person’s property would constitute unreasonably small capital. 

                    
“Specified Reserve Account Balance” means with respect to any Payment Date, an
amount equal to the greater of (a) the sum of (i) an amount equal to 7.25% of
the Contract Pool Principal Balance as of the related Accounting Date plus (ii)
the excess, if any, of (A) the sum of the Principal Amounts of the Notes, after
giving effect to all payments of principal on such Payment Date, over (B) the
Contract Pool Principal Balance as of the related Accounting Date, and (b) the
Reserve Account Floor. 

                    
“Standard & Poor’s” means Standard & Poor’s Ratings Service, a division
of The McGraw-Hill Companies, or any successor thereto. 

                    
“Subordinate Swap Termination Payment” means any Swap Termination Payment
resulting from a Swap Termination where the Swap Counterparty is the Defaulting
Party (as defined in the Swap Agreement) or sole Affected Party (as defined in
the Swap Agreement) (other than with respect to Tax Event and Illegality each
as defined in the Swap Agreement). 

                    
“Subsidiary” means with respect to a Person, any corporation or other entity of
which securities or other ownership interests (whether directly or indirectly
in connection with contract rights) having ordinary voting power to elect a
majority of the board of directors or other persons performing similar
functions are at the time directly or indirectly owned by such Person. 

                    
“Substitute Contract” means any Contract conveyed, assigned and transferred by
the Depositor or CFUSA to the Trust pursuant to Section 2.03. 

                    
“Substitute Contract Assets” means Contract Assets relating to Substitute
Contracts. 

                    
“Substitute Contract Qualification Conditions” means, with respect to any
Substitute Contract being transferred to the Trust pursuant to Section 2.03,
the accuracy of each of the following statements as of the related Cut-Off Date
for such Contract: (a) the Contract Principal Balance of such Substitute
Contract is not less than that of the related Replaced Contract(s); (b) no
adverse selection procedure shall have been employed in the selection of such
Substitute Contract from the applicable Financing Originator’s portfolio; and
(c) each such Substitute Contract satisfied the criteria set forth in the
definition of Eligible Contract herein (to the extent applicable thereto). 

                    With
respect to any such Substitute Contract which is replacing a Replaced Contract
of the type described in clause (a) of the definition of Substitution Event,
the condition that after giving effect to such transfer, the Contract Pool
Principal Balance of all Substitute 

33

Contracts
transferred to the Trust since the Closing Date in respect of Replaced
Contracts of the same type shall not exceed 10% of the Initial Contract Pool
Principal Balance. 

                    
“Substitute Transferred Assets” has the meaning assigned such term in Section
2.03. 

                    
“Substitution Assignment Agreement” means, with respect to any Substitute
Contracts, the agreement between CFUSA and the Depositor pursuant to which
CFUSA transfers the identified Substitute Contracts to the Depositor pursuant
to the Non-VFC Purchase Agreement or the Series 2008-VT1 VFC Purchase
Agreement, as the case may be. 

                    
“Substitution Cut-Off Date” means the date specified as such for the relevant
Substitute Contracts, in the related Substitution Transfer Agreement. 

                    
“Substitution Event” means, with respect to any transfer of a related
Substitute Contract to the Trust under Section 2.03, the occurrence of any of
the following: (a) one or more Contracts identified in the related Substitution
Notice as being an intended Replaced Contract with respect to such Substitute
Contract, has become a Defaulted Contract, (b) one or more Contracts identified
in the related Substitution Notice as being an intended Replaced Contract with
respect to such Substitute Contract, has been subjected to a Material
Modification, (c) one or more Contracts identified in the related Substitution
Notice as being an intended Replaced Contract with respect to such Substitute
Contract, has become an Ineligible Contract, or (d) one or more Contracts
identified in the related Substitution Notice as being an intended Replaced
Contract with respect to such Substitute Contract, has become a Prepaid
Contract and the Trust has not yet received the related Prepayment. 

                    
“Substitution Notice” means, with respect to any transfer of Substitute
Contracts to the Trust pursuant to Section 2.03 (and the applicable Financing
Originator’s corresponding conveyance and assignment of such Substitute
Contracts), a notice, which shall be given at least five days prior to the
related Substitution Transfer Date, identifying the Substitute Contracts to be
transferred, the Contract Principal Balance of such Substitute Contracts and
the related Substitution Event (with respect to an identified Contract or
Contracts then in the Contract Pool, which will upon such substitution become a
Replaced Contract) to which such Substitute Contract relates, with such notice
to be signed both by the Depositor and the applicable Financing Originator(s). 

                    
“Substitution Schedule of Contracts” means a schedule or list, substantially in
the form of the initial Schedule of Contracts delivered on the Closing Date,
but listing each Substitute Contract being transferred to the Trust pursuant to
a related Substitution Transfer Agreement, as well as the related Replaced
Contracts being removed from the existing Contract Pool by virtue of such
substitution. 

                    
“Substitution Transfer Agreement” means the agreement identified as such in
Section 2.03(b)(iv) hereof. 

                    
“Substitution Transfer Date” means any date on which Substitute Contracts are
transferred to the Trust. 

34

                     “Successor
Servicer” has the meaning given such term in Section 8.02(b). 

                    
“Swap” means that certain interest rate swap transaction, relating to the Class
A-2B Floating Rate Notes, governed by the Swap Agreement. 

                    
“Swap Agreement” means the ISDA Master Agreement between the Issuer and Swap
Counterparty, including the schedule thereto, the related credit support annex
and the confirmation thereunder each dated May 14, 2008, as the same may be
amended from time to time as permitted therein and herein, in each case to the
extent relating to the Swap. 

                    
“Swap Counterparty” means Barclays Bank PLC. 

                    
“Swap Counterparty Payment” means any payment made by the Swap Counterparty
under the Swap Agreement. 

                    
“Swap Termination Payment” means, with respect to the Class A-2B Floating Rate
Notes, the termination payment that the Issuing Entity or the Swap Counterparty
is liable to make to the other upon the occurrence of a Swap Termination (as
defined in the Swap Agreement). 

                    
“Tax Opinion” means, with respect to any action, an Opinion of Counsel to the
effect that, for federal income tax purposes, (i) following such action the
Trust will not be deemed to be an association (or publicly traded partnership)
taxable as a corporation, (ii) following such action the Trust will be
disregarded as a separate entity from the Depositor, and (iii) such action will
not affect the tax characterization as debt of Notes of any outstanding Class
issued by the Trust for which an Opinion of Counsel has been provided that such
Notes are debt. 

                    
“Third Party Source” means any affiliate of CFUSA, Vendor or other
manufacturer, dealer, lender or intermediary from which CFUSA purchased a
Contract. 

                    
“Total Principal Payment Amount” means, with respect to any Payment Date, the
difference between (a) the aggregate Principal Amount of all Classes of Notes
immediately prior to that Payment Date and (b) the Contract Pool Principal
Balance as of the related Accounting Date. 

                    
“Transaction Documents” means this Agreement, any Substitution Transfer
Agreement, the VFC Conveyancing Agreement, the VFC Purchase Agreement, the VFC
Assignment, the VFC Pooling Agreement, the Non-VFC Conveyancing Agreement, the
Non-VFC Purchase Agreement, the Series 2008-VT1 VFC Purchase Agreement, the
Trust Agreement, the Administration Agreement, the Indenture, the Swap
Agreement and any other agreements contemplated herein or therein. 

                    
“Transferred Assets” means with respect to any Contracts (including Substitute
Contracts) conveyed or being conveyed to the Trust pursuant to this Agreement,
all right and interest of the Depositor in, to and under the following: 

35

                                        
(i) such Contracts and other related Contract Assets (subject to the proviso
below); 

                                        
(ii) related rights of the Depositor under the Purchase and Sale Agreements and
Substitution Assignment Agreement (if any) and the VFC Assignment, including,
without limitation, in respect of the obligation of CFUSA to repurchase or
substitute for such Contracts under certain circumstances as specified therein;

                                        
(iii) rights under this Agreement and each Substitution Transfer Agreement; and

                                        
(iv) all income from and proceeds of the foregoing; 

provided, that
Transferred Assets shall not include any title to or ownership interest (other
than any Guaranteed Residual Investment) in the Equipment related to such
Contracts (although security interests in such Equipment established pursuant
to the related Contract, and proceeds thereof, shall constitute Transferred
Assets), and provided further, that the security interest granted by the
Depositor pursuant to Section 2.01 hereof in related Equipment owned by it,
shall constitute part of Transferred Assets. 

                    “Trust”
means the trust governed by the Trust Agreement, the assets and property of
which consists of the Trust Assets. 

                    
“Trust Account Property” means the Trust Accounts, all amounts and investments
held from time to time in any Trust Account (whether in the form of deposit
accounts, physical property, book-entry securities, uncertificated securities
or otherwise), and all proceeds of the foregoing. 

                    
“Trust Accounts” means, collectively, the Collection Account and the Reserve
Account, or either of them. 

                    
“Trust Agreement” means the Amended and Restated Trust Agreement, dated as of
the date hereof, between the Depositor and the Owner Trustee, as amended,
restated, supplemented or otherwise modified from time to time. 

                    
“Trust Assets” has the meaning given to such term in the Trust Agreement. 

                    
“Trust Estate” has the meaning given to such term in the Trust Agreement. 

                    
“Trustees” means the Owner Trustee and the Indenture Trustee, or any of them
individually as the context may require. 

                    
“UCC” means the Uniform Commercial Code as enacted from time to time in the
State of New York. 

                    
“Unfunded Loss Amount” means, for any Payment Date, an amount equal to any
excess of: (a) the Aggregate Principal Amount of the Notes, prior to giving
effect to the payment of principal on the Notes on that Payment Date (or as of
the Closing Date, in the case of the first 

36

Payment Date),
minus (b) the lesser of (i) the Contract Pool Principal Balance as of the last
day of the Collection Period immediately preceding the preceding Payment Date
(or as of the Closing Date, in the case of the first Payment Date), minus the
Contract Pool Principal Balance as of the last day of the Collection Period
immediately preceding the current Payment Date; or (ii) the Available Funds
remaining after payment of amounts owing to the Servicer and interest due on
the Notes on the Payment Date plus any withdrawal from the Reserve Account for
payment of principal on the Notes on the Payment Date, minus (c) the Contract
Pool Principal Balance as of the last day of the related Collection Period. 

                    
“Unreimbursed Servicer Advances” means, at any time, the amount of all previous
Servicer Advances (or portions thereof) as to which the Servicer has not been
reimbursed as of such time pursuant to Section 7.05 and which the Servicer has
determined in its sole discretion are Nonrecoverable Advances, and with respect
to which the Servicer has given a written certification to such effect to the
Trust (which certification may take the form of an entry on a Monthly
Servicer’s Report identifying Unreimbursed Servicer Advances). 

                    
“Vendor” means, with respect to a Contract, the equipment manufacturer, dealer
or distributor, or software licensor or distributor, or other Person that
provided financing under such Contract in connection with the acquisition or
use by an End-User of such party’s Equipment, Software, Services or other
products. 

                    
“Vendor Agreements” means, collectively, Vendor Assignments and Program
Agreements. 

                    
“Vendor Assignment” means each assignment agreement pursuant to which an
individual End-User Contract originated by a Vendor is assigned by such Vendor
to a Financing Originator. 

                    
“Vendor Guarantee” means the irrevocable obligation of a Vendor to pay to a
Financing Originator the aggregate outstanding principal amount of a Contract
which has been canceled by the related Obligor pursuant to the terms of such
Contract. 

                    
“Vendor Loan” means a limited recourse loan agreement payable by a Vendor and
secured by the Vendor’s interest in Secondary Contracts and by the Equipment,
if any, related thereto. 

                    
“VFC Assignment” means the Release and Assignment instrument dated the Closing
Date, substantially in the form attached hereto as Exhibit A, executed by the
VFC Trust conveying, assigning and releasing the VFC Contract Assets to the
Depositor.  

                    
“VFC Contract Assets” means the Contract Assets pertaining to the VFC
Contracts. 

                    
“VFC Contracts” means Contracts conveyed by the VFC Trust to the Depositor
pursuant to the VFC Assignment, as listed in the Schedule of Contracts attached
to the VFC Assignment. 

37

                    
“VFC Conveyancing Agreement” means the Amended and Restated Conveyancing
Agreement dated as of March 2, 1999, as amended and restated as of June 29,
2000 among the TCC Financing Originators (as defined therein) and CFUSA, as the
same has been or may be amended, supplemented, restated or otherwise modified
from time to time. 

                    
“VFC Pooling Agreement” means the Second Amended and Restated Pooling and
Servicing Agreement dated as of March 2, 1999, as amended and restated as of
June 29, 2000, as further amended and restated as of August 21, 2006, as
amended on April 30, 2007, by and among the VFC Trust, the Depositor and Capita
Corporation, as the same has been or may be amended, supplemented, restated or
otherwise modified from time to time. 

                    
“VFC Purchase Agreement” means the Amended and Restated Sale and Contribution
Agreement dated as of March 2, 1999, as amended and restated as of June 29,
2000, by and among CFUSA, Capita Corporation, and the Depositor, as the same
has been or may be amended, supplemented, restated or otherwise modified from
time to time. 

                    
“VFC Trust” means the CIT Equipment Trust – VFC Series created and existing
pursuant to the Trust Agreement dated as of February 25, 1999, as amended by
Amendment No. 1 dated as of June 27, 2000, by and between the Depositor and The
Bank of New York (Delaware), as owner trustee, as the same has been or may be
amended, supplemented, restated or otherwise modified from time to time. 

                    
“Vice President” of any Person means any vice president of such Person, whether
or not designated by a number or words before or after the title “Vice
President,” who is a duly elected officer of such Person. 

                    
“Voting Power” means, with respect to any outstanding membership interest of
the Depositor, the power (expressed as a percentage) represented by such
membership interest of the aggregate voting power of all outstanding membership
interests of the Depositor having ordinary voting power, including the power to
vote for election of members of the Board of Directors (and, if any class
thereof has power to designate members of the Board of Directors or any special
committee thereof, the power so to designate). 

                    Section
1.02 Usage of Terms. With respect to all terms in this Agreement, the
singular includes the plural and the plural the singular; words importing any
gender include each other gender; references to “writing” include printing,
typing, lithography and other means of reproducing words in a visible form;
references to agreements and other contractual instruments include all
amendments, modifications and supplements thereto or any changes therein
entered into in accordance with their respective terms and not prohibited by
this Agreement; references to Persons include their permitted successors and
assigns; and the term “including” means “including without limitation.” 

                    Section
1.03 Section References. All section references, unless otherwise
indicated, shall be to Sections in this Agreement. 

                    Section
1.04 Accounting Terms. All accounting terms used but not specifically
defined herein shall be construed in accordance with generally accepted
accounting principles in the United States of America. 

38

                    Section
1.05 Undefined Capitalized Terms. Except as otherwise specified herein
or as the context may otherwise require, capitalized terms used herein that are
not otherwise defined shall have the meanings ascribed thereto in the
Indenture. 

ARTICLE II

FUNDINGS OF TRUST; TRANSFERS OF CONTRACTS

                    Section
2.01 Creation and Funding of Trust; Transfer of Transferred Assets to Trust.
(a) The Trust has been created (i) pursuant to an initial trust agreement as
amended and restated by the Trust Agreement, and (ii) by the filing by the
Owner Trustee of an appropriately completed Certificate of Trust under the
Delaware Statutory Trust Act. The Depositor, as settlor of the Trust, shall
fund and convey assets to the Trust pursuant to the terms and provisions
hereof. The Trust shall be administered pursuant to the provisions of this
Agreement, the Administration Agreement and the Trust Agreement for the benefit
of the Noteholders and the Equity Certificateholder. Each of the Owner Trustee
and the Administrator is hereby specifically recognized by the parties hereto
as empowered to conduct business dealings on behalf of the Trust in accordance
with the terms hereof and of the Trust Agreement and Administration Agreement. 

                               (b)
Subject to the terms and conditions set forth herein, the Depositor, in
consideration of the purchase price of the Contracts and the related
Transferred Assets and the retention of the Equity Certificate, does hereby
transfer, assign, set over and otherwise convey to the Trust, on the Closing
Date, by execution of this Agreement, without recourse (other than as expressly
provided herein), (i) all the right, title and interest of the Depositor in and
to the Contracts and the related Transferred Assets identified in this
Agreement, and (ii) all income from and proceeds of the foregoing. The
“purchase price” for the Contracts and the related Transferred Assets shall be
an amount equal to $546,906,232.13. Such purchase price shall be payable in
immediately available funds on the Closing Date. 

                              
(c) The parties hereto hereby agree and acknowledge that title to or ownership
of any related Equipment shall not be transferred to the Trust upon such
conveyance and that the Depositor shall retain its ownership interest (to the
extent the same has been so conveyed to the Depositor pursuant to the VFC
Purchase Agreement, the Non-VFC Purchase Agreement, the Series 2008-VT1 VFC
Purchase Agreement and the VFC Assignment) in such Equipment (provided, that
the parties agree and intend that any mere security interest, as opposed to
title or ownership interest, in the related Equipment which secures the
Contract pursuant to the terms thereof, is being assigned and conveyed as part
of the Transferred Assets in accordance with the definition thereof). The
Depositor and the Trust further intend and agree that, except as described in
the preceding sentence with respect to ownership interests in related
Equipment, any such transfer is intended to be a conveyance and transfer of
ownership of the Contracts and the related Transferred Assets (or Substitute
Transferred Assets conveyed as described in Section 2.03 below) and that such
Contracts and the related Transferred Assets shall not be part of the Depositor’s
estate in the event of the filing of a bankruptcy petition by or against the
Depositor under any bankruptcy law. In the event, however, that notwithstanding
such intent and agreement, a transfer and assignment contemplated hereby (or
Substitution Transfer Agreement, as applicable) is determined not to be a
conveyance of ownership, the Depositor 

39

hereby grants
to the Trust a first priority perfected security interest in (i) the right,
title, and interest of the Depositor in and to such Contracts and the related
Transferred Assets identified herein (or Substitution Transfer Agreement, as
applicable), and (ii) all income from and proceeds of the foregoing, and this
Agreement (or Substitution Transfer Agreement, as applicable), collectively, shall
constitute a security agreement under applicable law, securing the related
obligations of the Trust to the Noteholders and the Equity Certificateholder,
in the order and priorities, and subject to the other terms and conditions of,
this Agreement and the other Transaction Documents, together with such other
obligations or interests as may arise hereunder and thereunder with respect to
such Contracts and the related Transferred Assets in favor of the parties
hereto and thereto. 

                              
(d) In furtherance of and not in limitation of any of the foregoing, the
Depositor with respect to each item of Equipment owned by it as described
above, by execution and delivery of this Agreement (or Substitution Transfer
Agreement, as applicable), hereby on and as of the Closing Date (or
Substitution Transfer Date, as applicable) grants to the Trust and the
Indenture Trustee a first priority perfected security interest in the right,
title, and interest of the Depositor in and to such item of owned Equipment,
securing in each case an amount payable by the Trust in respect of the Notes
corresponding to the Contract Principal Balance from time to time of the
related Contract; it being understood, however, that (i) recourse to such
Equipment in realization of the benefits of such security interest shall only
occur if the related Contract has become a Liquidated Contract, and (ii) the
application of Liquidation Proceeds realized therefrom shall be governed in
accordance with the provisions hereof generally applicable to such Collections
and allocated in accordance with the Allocation Criteria. 

                              
(e) The Depositor, by execution and delivery of this Agreement (or Substitution
Transfer Agreement, as applicable) authorizes the Trust to file UCC financing
statements naming the Depositor as Debtor, the Trust as Secured Party and the
Indenture Trustee as Assignee in each jurisdiction that the Depositor deems
necessary in order to protect its security interests in the Contracts and Equipment.

                    Section
2.02 Acceptance by Trust. On the Closing Date the Trust shall issue, and
the Owner Trustee, or the Indenture Trustee as its authenticating agent under
the Trust Agreement, shall authenticate, to, or upon the order of, the
Depositor and in accordance with the Trust Agreement, the Equity Certificate
representing ownership of a beneficial interest in 100% of the Trust and the
Trust shall issue, and the Indenture Trustee shall authenticate, to, or upon
the order of, the Depositor in accordance with the terms of the Indenture the
Notes secured by the Collateral. The Trust hereby acknowledges its acceptance
of the Trust Assets, and declares that it shall maintain such right and
interest in the Trust Assets in accordance with the terms of this Agreement and
the Trust Agreement upon the trust herein and therein set forth. 

                    Section
2.03 Conveyance of Substitute Contracts. (a) Subject to the limitations
set forth in (and the other terms and conditions of) this Section 2.03, the
Depositor may substitute other Contracts and related assets for Contracts and
related Transferred Assets previously conveyed to the Trust and in the Contract
Pool, by conveying such other Contracts and related assets to the Trust
pursuant to all procedures and documentation specified below. Upon the
effectiveness of such substitution, such other Contracts and related assets
(such Contracts, “Substitute Contracts”, and collectively, “Substitute
Transferred Assets”) shall, for all 

40

purposes of
this Agreement and the Trust Agreement, constitute and be considered as part of
the Trust Assets, and the Contracts already in the Contract Pool and related
Transferred Assets for which the Substitute Contract Assets have been
substituted (such Contracts, “Replaced Contracts”, and collectively, “Replaced
Assets”) shall no longer constitute Trust Assets. Upon consummation of such
substitution, the Trust shall be deemed to have assigned to the Depositor all
of the Trust’s right, title and interest in and to the Replaced Assets, without
recourse, representation or warranty. 

                    In
addition, the parties hereto intend and agree that any conveyance described in
this Section 2.03 is made with the intent and effect described in subsection
(c) of Section 2.01 above. 

                              (b)
Subject to the conditions set forth in this subsection (b), and pursuant to one
or more related Substitution Transfer Agreements, the Depositor shall transfer,
assign, set over and otherwise convey to the Trust, without recourse (other
than as expressly provided herein), (i) all the right and interest of the
Depositor in and to the Substitute Contracts listed on the related Substitution
Schedule of Contracts, and (ii) all other rights and property interests
consisting of Transferred Assets related to such Substitute Contracts,
provided, that the Depositor may not (x) make substitutions for Prepaid
Contracts until the Class A-1 Notes have been paid in full, (y) make
substitution for Prepaid Contracts or Defaulted Contracts in excess of 10% of
the Initial Contract Pool Principal Balance and (z) make substitutions for
Prepaid Contracts or Defaulted Contracts after May 14, 2011. The Depositor
shall effect such transfers only upon the satisfaction of each of the following
conditions on or prior to the related Substitution Transfer Date (and the
delivery of a related Substitution Notice by the Depositor shall be deemed a
representation and warranty by the Depositor that such conditions have been or
will be, as of the related Substitution Transfer Date, satisfied): 

                                        
(i) at least five days prior to the related Substitution Transfer Date, the
Depositor shall have provided the Owner Trustee on behalf of the Trust and the
Indenture Trustee with a Substitution Notice complying with the definition
thereof contained herein; 

                                        
(ii) there shall have occurred, with respect to each such Substitute Contract,
a corresponding Substitution Event with respect to one or more intended
Replaced Contracts then constituting Contracts in the Contract Pool; 

                                        
(iii) the Substitute Contract(s) being conveyed to the Trust, satisfy the
Substitute Contract Qualification Conditions; 

                                        
(iv) the Depositor shall have delivered to the Owner Trustee on behalf of the
Trust a duly executed written assignment agreement in substantially the form of
Exhibit D hereto (a “Substitution Transfer Agreement”), which shall include a
Substitution Schedule of Contracts identifying the Substitute Contracts and the
related Replaced Contracts; 

                                        
(v) CFUSA shall have delivered to the Depositor and the Owner Trustee on behalf
of the Trust a duly executed Substitution Assignment Agreement with respect to
such conveyance; 

41

                                        
(vi) no selection procedures adverse to the interests of either the Trust, the
Noteholders or the Equity Certificateholder shall have been utilized in
selecting the Substitute Contracts; 

                                        
(vii) each of the representations and warranties made by CFUSA pursuant to
Article III of the Series 2008-VT1 VFC Purchase Agreement or Non-VFC Purchase
Agreement, as the case may be, shall be true and correct as of the related
Substitution Transfer Date (including the representation made as to compliance
with the UCC filing criteria set forth in clause (j) of the definition of
Eligible Contract), and CFUSA shall have performed in all material respects all
obligations to be performed by it under the Series 2008-VT1 VFC Purchase
Agreement or Non-VFC Purchase Agreement, as the case may be, on or prior to
such Substitution Transfer Date; and 

                                        
(viii) the Servicer and CFUSA and the applicable Financing Originator shall, at
their own expense, on or prior to the Substitution Transfer Date, have
indicated in their respective computer files that the Substitute Contracts
identified on the Substitution Schedule of Contracts attached to the related
Substitution Transfer Agreement have been assigned and conveyed to the Trust
through the Depositor pursuant to this Agreement and the Series 2008-VT1 VFC
Purchase Agreement or Non-VFC Purchase Agreement, as the case may be. 

                    The
failure to satisfy any of the foregoing conditions to transfer or to obtain a
waiver thereof shall not be deemed to adversely affect the validity of any such
transfer. 

                    Section
2.04 Release of Excluded Amounts. The Trust hereby agrees to release to
the Servicer, an amount equal to the Excluded Amounts immediately upon
identification thereof, which release shall be automatic and shall require no
further act by the Trust, provided that the Trust shall execute and deliver
such instruments of release and assignment, or otherwise confirm the foregoing
release, as may reasonably be requested in writing by the Servicer. Upon such
release, such Excluded Amounts shall not constitute and shall not be included
in the Trust Assets. 

                    Section
2.05 Waiver. The Trust hereby waives, releases and terminates (i) any
rights it may have in any equipment (other than the Equipment financed by any
Contract) as security for any obligations owing to it under the Contracts, (ii)
any rights it may have in any property as security for any Contract other than
the rights relating to the related Equipment which secures such Contract and
the proceeds thereof and (iii) any rights it may have to apply moneys received
under a receivable that was not sold to the Trust pursuant to Section 2.01.
Notwithstanding anything to the contrary contained herein, the foregoing in no
way constitutes a waiver, release or termination of any of the rights of the
Trust with respect to the Equipment financed by any Contract and the rights
related to such Equipment. 

42

ARTICLE III

REPRESENTATIONS AND WARRANTIES

                    Section
3.01 Representations and Warranties of CFUSA. Under the Purchase and
Sale Agreements, CFUSA has made, and upon execution of each Substitution
Assignment Agreement is deemed to make with respect to the relevant Contract
Assets conveyed by the Non-VFC Purchase Agreement, or the Series 2008-VT1 VFC
Purchase Agreement, each of the representations and warranties set forth in the
Schedule of Representations, and has consented (in consideration of the
Depositor’s purchase of the Contracts) to the assignment by the Depositor to
the Trust of the Depositor’s rights with respect thereto. Such representations
speak as of the Closing Date in the case of the Initial Contracts, and as of
the applicable Substitution Transfer Date in the case of the Substitute
Contracts, but shall survive the transfer and assignment of the related
Contracts to the Trust. Pursuant to Section 2.01 of this Agreement, the
Depositor has sold, assigned, transferred and conveyed to the Trust as part of
the Transferred Assets its rights under the Purchase and Sale Agreements,
including without limitation, the representations and warranties of CFUSA
therein as set forth in the Schedule of Representations, together with all
rights of the Depositor with respect to any breach thereof including any right
to require CFUSA to repurchase or substitute for any Contract in accordance
with the Purchase and Sale Agreements. It is understood and agreed that the
representations and warranties set forth or referred to in this Section shall
survive delivery of the Contract Files to the Trust or any custodian. 

                    The
Depositor hereby confirms to the Trust that it has entered into the Purchase
and Sale Agreements with CFUSA, that CFUSA has made the representations and
warranties in the Schedule of Representations, that such representations and
warranties run to and are for the benefit of the Trust, and that pursuant to
Section 2.01 of this Agreement the Depositor has transferred and assigned to
the Trust all rights of the Depositor to cause CFUSA under the Purchase and
Sale Agreements to repurchase or substitute for Contracts conveyed thereunder
in the event of a breach of such representations and warranties applicable to
such Contract. 

                    Section
3.02 Representations and Warranties of the Depositor. By its execution
of this Agreement, and each Substitution Transfer Agreement, the Depositor
represents and warrants to the Trust, the Owner Trustee, the Indenture Trustee,
the Noteholders and the Equity Certificateholder that, as of the Closing Date
and Substitution Transfer Date (and, with respect to the representation set
forth in subsection (k) of this Section 3.02 below, as of the date the
certificate, written report or written statement referred to in such subsection
is furnished): 

                              (a)
Organization and Good Standing. The Depositor is a limited liability
company duly organized, validly existing and in good standing under the laws of
the State of Delaware and has the requisite power to own its assets and to
transact the business in which it is currently engaged. The Depositor is duly
qualified to do business and is in good standing in each jurisdiction in which
the character of the business transacted by it, or properties owned or leased
by it, requires such qualification and in which the failure so to qualify would
have a material adverse effect on the business, properties, assets, or
condition (financial or otherwise) of the Depositor or the Trust. 

43

                              
(b) Authorization; Valid Transfer; Binding Obligations. The Depositor
has the power and authority to make, execute, deliver and perform this
Agreement and the other Transaction Documents to which it is a party and all of
the transactions contemplated under this Agreement and the other Transaction
Documents to which it is a party, and to create the Trust and cause it to make,
execute, deliver and perform its obligations under this Agreement and the other
Transaction Documents to which it is a party and has taken all necessary action
to authorize the due execution, delivery and performance of this Agreement and
the other Transaction Documents to which it is a party and to cause the Trust
to be created. This Agreement and any Substitution Transfer Agreement shall
effect a valid transfer and assignment of the right, title, and interest of the
Depositor in and to relevant Transferred Assets, enforceable against the
Depositor and creditors of and purchasers from the Depositor. This Agreement
and the other Transaction Documents to which the Depositor is a party have been
duly executed and delivered by the Depositor and constitute the legal, valid
and binding obligation of the Depositor enforceable against the Depositor in
accordance with their terms, except as enforcement of such terms may be limited
by bankruptcy, insolvency or similar laws affecting the enforcement of
creditors’ rights generally, any applicable law imposing limitations upon, or
otherwise affecting, the availability or enforcement of rights to
indemnification hereunder and by the availability of equitable remedies. The
Depositor is selling the Transferred Assets to the Trust with the intention of
removing the Transferred Assets from the estate of the Depositor pursuant to
the applicable provisions of the Bankruptcy Code. 

                              
(c) No Consent Required. The Depositor is not required to obtain the
consent of any other Person or any consent, license, approval or authorization
from, or registration or declaration with, any Governmental Authority in
connection with the execution, delivery, performance, validity or
enforceability of this Agreement or the other Transaction Documents to which it
is a party. 

                              
(d) No Violations. The execution, delivery and performance of this
Agreement and the other Transaction Documents to which it is a party by the
Depositor, and the consummation of the transactions contemplated hereby and
thereby, will not violate any Requirements of Law applicable to the Depositor,
or constitute a material breach of any mortgage, indenture, contract or other
agreement to which the Depositor is a party or by which the Depositor or any of
the Depositor’s properties may be bound, or result in the creation or
imposition of any security interest, lien, charge, pledge, preference, equity
or encumbrance of any kind upon any of its properties pursuant to the terms of
any such mortgage, indenture, contract or other agreement, other than as
contemplated by the Transaction Documents. 

                              
(e) Litigation. No litigation or administrative proceeding of or before
any court, tribunal or governmental body is currently pending, or to the
knowledge of the Depositor threatened, against the Depositor or any of its
properties or with respect to this Agreement or the other Transaction Documents
to which it is a party (1) which, if adversely determined, would in the
reasonable judgment of the Depositor have a material adverse effect on the
business, properties, assets or condition (financial or otherwise) of the
Depositor or the Trust or the transactions contemplated by this Agreement or
the other Transaction Documents to which the Depositor is a party or (2)
seeking to adversely affect the federal income tax or other federal, state or
local tax attributes of the Notes. 

44

                              
(f) Taxes. The Depositor has filed or caused to be filed all material
tax returns which, to its knowledge, are required to be filed and has paid all
taxes shown to be due and payable on such returns or on any material
assessments made against it or any of its property and all other material
taxes, fees or other charges imposed on it or any of its property by any
Governmental Authority (other than any amount of tax due, the validity of which
is currently being contested in good faith by appropriate proceedings and with respect
to which reserves in accordance with generally accepted accounting principles
have been provided on the books of the Depositor); no tax lien has been filed
and, to the Depositor’s knowledge, no claim is being asserted, with respect to
any such tax, fee or other charge. 

                              
(g) Schedule of Representations. The representations and warranties set
forth on the Schedule of Representations are true and correct as of the Closing
Date (or Substitution Transfer Date, as applicable) with respect to the
Transferred Assets being conveyed to the Trust on such date. 

                              
(h) Solvency. The Depositor, at the time of and after giving effect to
each conveyance made hereunder, is Solvent on and as of the date thereof. 

                              
(i) Domicile; Name Changes. The Depositor’s state of organization has
not been changed within the four months preceding the Closing Date and any
Substitution Transfer Date (or if so changed, all necessary actions in connection
with such change have been or are being timely taken in accordance with Section
4.03 hereof). The Depositor has not changed its name, whether by amendment of
its certificate of formation, by reorganization or otherwise, within the four
months preceding such date (or if so changed, all necessary actions in
connection with such change have been or are being timely taken in accordance
with Section 4.03 hereof). 

                              
(j) Not an Investment Company. The Depositor is not an “investment
company” (and does not control, and is not under the control of, an investment
company) within the meaning of the Investment Company Act of 1940, as amended
(or the Depositor is exempt from all provisions of such Act). 

                              
(k) Accuracy of Information. No certificate, written report or written
statement furnished by the Depositor to the Servicer, the Trust, the Owner
Trustee, any Securityholder or the Administrator in connection with this
Agreement or any other Transaction Document was inaccurate in any material
respect as of the date it was dated or (except as otherwise disclosed to the
Servicer, the Trust, the Owner Trustee, such Securityholder or the
Administrator, as the case may be, at such time) as of the date so furnished. 

                              
(l) Security Interest. This Agreement creates a valid and continuing
security interest (as defined in the UCC) in the Contracts in favor of the
Trust, which security interest is prior to all other Liens (other than Permitted
Liens), and is enforceable as such as against creditors of and purchasers from
the Depositor. The Depositor has caused, or will have caused within ten days
after the Closing Date, the filing of all appropriate UCC financing statements
in the proper filing office in the appropriate jurisdictions under applicable
law in order to perfect the security interest in the Contracts granted to the
Trust hereunder. All UCC financing statements filed or to be filed against the
Depositor in favor of the Trust in connection 

45

herewith
describing the Contracts contain or will contain a statement to the effect that
a purchase of or security interest in any Contracts described in such financing
statement will violate the rights of the Trust. 

                              
(m) Priority. Other than the security interest granted to the Trust
pursuant to this Agreement, the Depositor has not pledged, assigned, sold,
granted a security interest in, or otherwise conveyed any of the Contracts
(other than to the VFC Trust, which Contracts were reconveyed to the Depositor
pursuant to the VFC Assignment). The Depositor has not authorized the filing of
and is not aware of any financing statements against the Depositor that include
a description of collateral covering the Contracts other than any financing
statement relating to the security interest granted to the Trust hereunder or
that has been terminated (other than to the VFC Trust, which security interests
were reconveyed to the Depositor pursuant to UCC-1 or UCC-3 Assignments). The
Depositor is not aware of any judgment or tax lien filings against it. 

                              
(n) The Depositor, or the Servicer, on behalf of the Depositor, will at its own
expense on or shortly after the Closing Date, indicate in its computer records
that the Transferred Assets have been conveyed to the Trust pursuant to this
Agreement. 

                              
(o) The Depositor or the Servicer, on behalf of the Depositor, will provide the
Owner Trustee on behalf of the Trust, a statement or computer disk listing the
Contract Pool Principal Balance on the Closing Date of the Contracts being
transferred on the Closing Date. 

Such
representations (except to the extent expressly stated by their terms to speak
as of a different date or time) speak as of the Closing Date and each
Substitution Transfer Date, if any, but shall survive the transfer and
assignment of the Contracts to the Trust. 

                    Section
3.03 Representations and Warranties of the Servicer. The Servicer represents
and warrants to the Trust, the Owner Trustee, the Indenture Trustee, the
Noteholders and the Equity Certificateholder that, as of the date of the
execution and delivery of this Agreement and as of the Closing Date and each
Substitution Transfer Date: 

                              
(a) Organization and Good Standing. The Servicer is a corporation duly
organized, validly existing and in good standing under the laws of its
jurisdiction of incorporation and has the corporate power to own its assets and
to transact the business in which it is currently engaged. The Servicer is duly
qualified to do business as a foreign corporation and is in good standing in
each jurisdiction in which the character of the business transacted by it or
properties owned or leased by it requires such qualification and in which the
failure so to qualify would have a material adverse effect on the business,
properties, assets, or condition (financial or otherwise) of the Servicer or
the Trust. The Servicer (or any permitted subservicer hereunder with respect to
affected Contracts, if the Servicer is not so licensed) is properly licensed in
each jurisdiction to the extent required by the laws of such jurisdiction to
service the Contracts in accordance with the terms hereof. 

                              
(b) Authorization; Binding Obligations. The Servicer has the power and
authority to make, execute, deliver and perform this Agreement and the other
Transaction 

46

Documents to
which the Servicer is a party and all of the transactions contemplated under
this Agreement and the other Transaction Documents to which the Servicer is a
party, and has taken all necessary corporate action to authorize the due
execution, delivery and performance of this Agreement and the other Transaction
Documents to which the Servicer is a party. This Agreement and the other
Transaction Documents to which the Servicer is a party have been duly executed
and delivered by the Servicer and constitute the legal, valid and binding
obligation of the Servicer enforceable against the Servicer in accordance with
their terms, except as enforcement of such terms may be limited by bankruptcy,
insolvency or similar laws affecting the enforcement of creditors’ rights
generally, any applicable law imposing limitations upon, or otherwise
affecting, the availability or enforcement of rights to indemnification
hereunder and by the availability of equitable remedies. 

                              
(c) No Consent Required. The Servicer is not required to obtain the
consent of any other Person or any consent, license, approval or authorization
from, or registration or declaration with, any Governmental Authority in
connection with the execution, delivery, performance, validity or
enforceability of this Agreement and the other Transaction Documents to which
the Servicer is a party. 

                              
(d) No Violations. The execution, delivery and performance of this
Agreement and the other Transaction Documents to which the Servicer is a party
by the Servicer will not violate any Requirements of Law applicable to the
Servicer, or constitute a material breach of any mortgage, indenture, contract
or other agreement to which the Servicer is a party or by which the Servicer or
any of the Servicer’s properties may be bound, or result in the creation of or
imposition of any security interest, lien, pledge, preference, equity or
encumbrance of any kind upon any of its properties pursuant to the terms of any
such mortgage, indenture, contract or other agreement, other than as contemplated
by the Transaction Documents. 

                              
(e) Litigation. No litigation or administrative proceeding of or before
any court, tribunal or governmental body is currently pending, or to the
knowledge of the Servicer threatened, against the Servicer or any of its
properties or with respect to this Agreement, or any other Transaction Document
to which the Servicer is a party which, if adversely determined, would in the
reasonable judgment of the Servicer have a material adverse effect on the
business, properties, assets or condition (financial or otherwise) of the
Servicer or the Trust or the transactions contemplated by this Agreement or any
other Transaction Document to which the Servicer is a party. 

                              
(f) Accuracy of Information. No certificate, written report or written
statement, furnished by the Servicer to the Depositor, the Trust, the Owner
Trustee, any Securityholder or the Administrator in connection with this
Agreement or any other Transaction Document was inaccurate in any material
respect as of the date it was dated or (except as otherwise disclosed to the
Depositor, the Trust, the Owner Trustee, such Securityholder or the
Administrator, as the case may be, at such time) as of the date so furnished.
Each financial statement furnished pursuant to clause (i) of Section 9.04 is
complete and correct in all material respects and fairly presents the financial
condition of the Servicer (or its parent entity, if the Servicer is a
wholly-owned subsidiary of another entity), as of the reporting date specified
therein, and the results of operations of the Servicer (or such parent entity,
as applicable) for the 

47

period then
ended, all in accordance with generally accepted accounting principles as in effect
in the jurisdiction of the entity for which such financial statement is
furnished. 

                              
(g) No Servicer Default. No event has occurred and is continuing and no
condition exists which constitutes a Servicer Default. 

ARTICLE IV

PERFECTION OF TRANSFERS AND PROTECTION OF
SECURITY INTERESTS

                    Section
4.01 Custody of Contracts. (a) Subject to the terms and conditions of
this Section 4.01, the contents of each Contract File shall be held in the
custody of the Servicer (including through any subservicer contemplated under
Section 5.05), for the benefit of, and as agent for, the Noteholders, the
Equity Certificateholder, the Indenture Trustee and the Trust, as the owner
thereof. 

                              
(b) The Servicer agrees to maintain the Contract Files at its offices (or at
the offices of any subservicer contemplated under Section 5.05) where they are
currently maintained, or at such other offices of the Servicer (or a
subservicer contemplated under Section 5.05) as shall from time to time be
established by the Servicer or such subservicer (or in certain instances at
offsite storage facilities in the same general geographic area as an office of
the Servicer or subservicer, pursuant to contractual agreement between the
Servicer or subservicer and the Person owning or maintaining such offsite
facility). The Servicer may temporarily move individual Contract Files or any
portion thereof without notice or other such compliance, as necessary to
conduct collection and other servicing activities in accordance with the
Servicing Standard; provided, however, that the Servicer will take all action
necessary to maintain the perfection of the Trust’s interest in the Trust
Assets and the proceeds thereof. It is intended that by the Servicer’s
agreement pursuant to Section 4.01(a) above and this Section 4.01(b), the Trust
and the Owner Trustee for the benefit of the Trust shall be deemed to have
possession of the Contract Files for purposes of Section 9-301 of the Uniform Commercial
Code of the State in which the Contract Files are located. 

                              
(c) As custodian, the Servicer shall have and perform the following powers and
duties: 

                                         (i)
hold the Contract Files on behalf of the Noteholders and the Equity
Certificateholder and the Trust; maintain accurate records pertaining to each
Contract to enable it to comply with the terms and conditions of this
Agreement; and maintain a current inventory thereof, 

                                        
(ii) maintain and comply with Customary Policies and Procedures with respect to
Persons authorized to have access to the Contract Files; 

                                        
(iii) attend to all details in connection with maintaining custody of the
Contract Files on behalf of the Noteholder and the Equity Certificateholder and
the Trust; and 

48

                                        
(iv) indicate in the appropriate computer records that the Contracts as of the
Closing Date (or Substitution Transfer Date, as the case may be) have been
conveyed to the Trust. 

                              (d)
In performing its duties under this Section 4.01, the Servicer agrees to act in
accordance with the applicable Servicing Standard. In acting as custodian of
the Contract Files, the Servicer further agrees not to assert any legal or
beneficial ownership interest in the Contracts or the Contract Files, except as
provided in Section 5.02. 

                              
(e) The Servicer agrees to indemnify the Noteholders, the Owner Trustee, the
Indenture Trustee and the Trust for any and all liabilities, obligations,
losses, damages, payments, costs, or expenses of any kind whatsoever which may
be imposed on, incurred by or asserted against any of such parties as the
result of any act or omission by the Servicer relating to the maintenance and
custody of the Contract Files or any other breach or noncompliance of the
Servicer in the performance of its duties and obligations as Servicer hereunder;
provided, however, that the Servicer will not be liable to any such party for
any portion of any such amount resulting from the gross negligence, willful
misconduct or bad faith of such party. 

                    Section
4.02 Filings. On or prior to the Closing Date, the Servicer shall cause
UCC financing statement(s) to be filed or provided for, and from time to time
the Servicer shall take and cause to be taken such other actions and execute
such other documents as are necessary to perfect or further perfect and protect
the Trust’s first priority interest (subject to Permitted Liens) in the Trust
Assets against all other Persons. Such additional actions may include without
limitation, the filing of financing statements, amendments thereto and continuation
statements, the execution of transfer instruments and the making of notations
on or taking possession of records or documents of title. 

                    Section
4.03 Name Change or Relocation. (a) During the term of this Agreement,
neither the Servicer nor the Depositor shall change, nor shall the Servicer
permit any Financing Originator which is an Affiliate of the Servicer to
change, (x) its state of organization, name, identity or structure or location
within the meaning of the applicable UCC or (y) the location of the Contract
Files, without first giving at least 30 days’ prior written notice to the
Servicer, the Owner Trustee, and the Indenture Trustee. 

                              
(b) If any change in either the Servicer’s, a Financing Originator’s (in the
case of an Affiliate of the Servicer or, if the Servicer has actual knowledge
of such change, in the case of a Financing Originator which is not an Affiliate
of the Servicer) or the Depositor’s name, identity or structure or other action
would make any financing or continuation statement or notice of lien seriously
misleading within the meaning of applicable provisions of the UCC or any title
statute, the Servicer, no later than four months after the effective date of
such change, shall file such amendments as may be required to preserve and
protect the Trust’s interests in the Trust Assets and the proceeds thereof. In
addition, neither any Financing Originator which is an Affiliate of the
Servicer, the Servicer nor the Depositor shall change its state of organization
or the location of the Contract Files unless it has first taken such action as
is necessary to preserve and protect the Trust’s interest in the Trust Assets. 

49

                    Promptly
after taking any of the foregoing actions (but not later than 20 calendar days
thereafter), the Servicer shall deliver to the Owner Trustee, the Indenture
Trustee and the Rating Agencies an Opinion of Counsel reasonably acceptable to
the Owner Trustee, the Indenture Trustee and the Rating Agencies stating that,
in the opinion of such counsel, all financing statements or amendments
necessary to preserve and protect the interests of the Trust and Indenture
Trustee in the Trust Assets have been filed, and reciting the details of such filing.

ARTICLE V

SERVICING OF CONTRACTS

                    Section
5.01 Initial Servicer’s Appointment and Acceptance; Responsibility for
Contract Administration. CFUSA shall be and is hereby appointed as the
Servicer and custodian (as contemplated in Article IV hereof) pursuant to this
Agreement with respect to the Contract Assets in the Contract Pool. CFUSA
accepts the appointment and agrees to act as the Servicer and custodian
pursuant to this Agreement. 

                    Except
to the extent otherwise specified herein or as contemplated in Section 5.05,
the Servicer will have the sole obligation to manage, administer, service and
make collections on the Contracts and perform or cause to be performed all
contractual and customary undertakings of the Originator of the Contracts to
the Obligor. The Trust, at the written request of a Servicing Officer, shall
furnish the Servicer with any powers of attorney or other documents necessary
or appropriate in the opinion of the Servicer to enable the Servicer to carry
out its servicing and administrative duties hereunder. The Servicer is hereby
appointed the Servicer hereunder until such time as any Servicing Transfer may
be effected pursuant to Article VIII hereof. 

                    Section
5.02 General Duties. The Servicer will service, administer and enforce
the Contracts in the Contract Pool on behalf of the Trust and will have full
power and authority to do any and all things in connection with such servicing
and administration which it deems necessary or desirable and as shall not
contravene the provisions of this Agreement or any other Transaction Document.
The Servicer will manage, service, administer, and make collections on the
Contracts in the Contract Pool in accordance with the Servicing Standard. The
Servicer’s duties will include collection and posting of all payments,
responding to inquiries of Obligors regarding the Contracts in the Contract
Pool, investigating delinquencies, accounting for collections, furnishing
reports with respect to collections and payments as contemplated in Article IX
hereof, making Servicer Advances in accordance with Section 5.14 hereof, and
using its best efforts to maintain the perfected first priority interest of the
Trust in the Trust Assets (subject to Permitted Liens). The Servicer will have
full power and authority, acting alone, to do any and all things in connection
with such managing, servicing, administration, and collection that it deems
necessary or desirable. If the Servicer commences a legal proceeding to enforce
a Defaulted Contract pursuant to Section 5.15 or commences or participates in a
legal proceeding (including a bankruptcy proceeding) relating to or involving a
Contract in the Contract Pool, the Trust will be deemed to have automatically
assigned such Contract to the Servicer solely for purposes of, and to the
extent necessary for, commencing or participating in any such proceeding as a
party or claimant (but in all cases subject to the continuing interest of the
Trust and its assignees in the proceeds and recoveries from such proceedings,
as and to the extent provided in 

50

the
Transaction Documents), and the Servicer is authorized and empowered by the
Trust, pursuant to this Section 5.02, to execute and deliver, on behalf of
itself and the Trust, any and all instruments of satisfaction or cancellation,
or partial or full release or discharge, and all other notices, demands,
claims, complaints, responses, affidavits or other documents or instruments in
connection with any such proceedings. If in any enforcement suit or legal
proceeding it is held that the Servicer may not enforce a Contract on the
grounds that it is not a real party in interest or a holder entitled to enforce
the Contract, then the Trust will, at the Servicer’s expense and written direction,
take steps to enforce the Contract, including bringing suit in the Trust’s
name. 

                    Section
5.03 Assignment or Replacement. At the request of an Obligor, the
Servicer may in its sole discretion consent to the assignment by such Obligor
of its rights under a Contract in the Contract Pool or the sublease of a unit
of the Equipment relating to such a Contract, so long as such Obligor remains
liable for all of its obligations under such Contract; provided, that the
Servicer may release such Obligor from its obligations if the Obligor’s
assignee is determined by the Servicer to be of at least equivalent credit
risk, all in accordance with Customary Policies and Procedures. Upon the
request of any Obligor, the Servicer may, in its sole discretion, provide for
the substitution or replacement of any unit of Equipment for a substantially
similar unit of Equipment, so long as such Obligor remains liable for all of
its obligations under such Contract. 

                    Section
5.04 Disposition Upon Termination of Contract. Upon the termination of a
Contract included in the Contract Pool as a result of a default by the Obligor
thereunder, and upon any such Contract becoming a Defaulted Contract, the
Servicer will use commercially reasonable efforts to dispose of any related
Equipment. Without limiting the generality of the foregoing, if the Servicer
disposes of any such Equipment by purchasing such Equipment or by selling such
Equipment to any of its Affiliates, such disposition shall be for a purchase
price equal to the fair market value thereof (as determined by the Servicer in
its reasonable discretion). The Servicer will deposit any Prepayments and any
Liquidation Proceeds derived from any such disposition in accordance with
Article VII hereof. 

                    Section
5.05 Subservicers. The Servicer may enter into servicing agreements with
one or more subservicers (including any Affiliate of the Servicer) to perform
all or a portion of the servicing functions on behalf of the Servicer; provided
that the Servicer shall remain obligated and be liable to the Trust for
servicing and administering the Contracts in the Contract Pool in accordance
with the provisions of this Agreement without diminution of such obligation and
liability by virtue of the appointment of such subservicer, to the same extent
and under the same terms and conditions as if the Servicer alone were servicing
and administering such Contracts. The fees and expenses of the subservicer (if
any) will be as agreed between the Servicer and its subservicer and neither the
Owner Trustee, the Trust, the Indenture Trustee nor any Noteholder or Equity
Certificateholder will have any responsibility therefor. All actions of a
subservicer taken pursuant to such a sub-servicing agreement will be taken as
an agent of the Servicer with the same force and effect as though performed by
the Servicer. 

                    Section
5.06 Further Assurance. The Trust will execute and deliver to the
Servicer, and the Servicer will prepare and furnish any subservicer with, any
powers of attorney and other documents necessary or appropriate to enable the
Servicer or a subservicer, as 

51

applicable, to
carry out its servicing and administrative duties under this Agreement and the
other Transaction Documents. 

                    Section
5.07 Notice to Obligors. In the event that the Servicer resigns or is
replaced, then if the place for payment pursuant to any Contract is changed,
the Successor Servicer must give each related Obligor prompt written notice of
the appointment of the Successor Servicer and the place to which such Obligor
should make payments pursuant to each such Contract. 

                    Section
5.08 Collection Efforts; Modification of Contracts. (a) The Servicer
will make reasonable efforts to collect all payments called for under the terms
and provisions of the Contracts in the Contract Pool as and when the same
become due, in accordance with the Servicing Standard. The Servicer is
authorized in its discretion to waive any Late Charges, or other administrative
fees, expenses and charges collectible in respect of a Contract in the Contract
Pool, including late payment interest, documentation fees, insurance
administration charges, and extension fees. 

                              (b)
The Servicer also may, subject to Sections 5.09 and 5.10, at the request of an
Obligor and at the Servicer’s option, waive, amend, modify or otherwise vary
any other provision of a Contract in accordance with Customary Policies and
Procedures (it being understood that any modification or amendment of a
Contract resulting from an Insolvency Event with respect to the related Obligor
will not be deemed to have been granted by the Servicer hereunder), including
without limitation: 

                                         (i)
in order to (A) change the Obligor’s regular due date to a date within the same
Collection Period in which such due date occurs, or (B) re-amortize (over the
remainder of the original Contract term) the Scheduled Payments on a Contract
following a partial Prepayment (provided, that the sum of such partial
Prepayment and the Contract Principal Balance of the affected Contract after
re-amortization is at least equal to the Contract Principal Balance for such
Contract prior to giving effect to the partial Prepayment), or 

                                        
(ii) for any other purpose; provided, that no such modification or amendment
shall: 

                                                   (A)
change the amount or the due date of any Scheduled Payment (except as provided
in clauses (i)(A) and (B) above, Section 5.09 and Section 5.10 below); 

                                                  
(B) release the related Equipment from the Contract, unless (1) the release
complies with Section 5.03 above, or (2) the release is pursuant to a partial
Prepayment (which, in the case of a partial Prepayment on a Lease, meets the
requirements of Section 5.09 below) and the ratio of the fair market value
(determined by the Servicer in its reasonable discretion) of the related
Equipment to the Contract Principal Balance of the affected Contract after
giving effect to such Prepayment and release, is at least equal to such ratio
existing prior to such event; 

52

                                                  
(C) except as provided in clause (i)(B) above, result in the Contract Principal
Balance of the Contract being less than it would have been absent such
modification or amendment; or 

                                                  
(D) if such modification or amendment had been in effect on the Closing Date or
the relevant Substitution Transfer Date with respect to the Contract, cause or
have caused the Contract not to constitute an Eligible Contract. 

                    Section
5.09 Prepayments of Certain Contracts. The Servicer may, at its option
and in accordance with Customary Policies and Procedures, agree to permit a
Contract in the Contract Pool that is not otherwise contractually prepayable by
its terms and is not a Defaulted Contract, to become a Prepaid Contract through
a voluntary Prepayment by the Obligor (which shall not be deemed to include
prepayment due to a Casualty Loss); provided, that the Servicer will not permit
the voluntary full or partial Prepayment of such a Contract unless the amount
of such Prepayment (or, in the case of a partial Prepayment, the sum of such
Prepayment and the remaining Contract Principal Balance of the Contract after
application of such Prepayment), together with such additional amounts as are
(i) otherwise available to or supplied by the Servicer for the purpose of
prepaying such Contract, and (ii) deposited in the Collection Account
contemporaneously with the deposit therein of such Prepayment, is at least
equal to the Required Payoff Amount for such Contract determined as of the
beginning of the current Collection Period. 

                    Section
5.10 Certain Extensions; Acceleration. (a) The Servicer may (subject to
subsection (b) below) grant payment extensions on a Contract in the Contract
Pool, consistent with Customary Policies and Procedures (it being understood
that any extensions on a Contract resulting from an Insolvency Event with
respect to the related Obligor will not be deemed to have been granted by the
Servicer hereunder) if the Servicer believes in good faith that such extension
is necessary to avoid a termination and liquidation of such Contract and will
maximize the amount to be received by the Trust with respect to such Contract;
provided, however, that the aggregate period of all extensions granted on a
Contract shall not exceed six months. Nothing in this Section 5.10 shall be
deemed to prevent the Servicer from extending or renewing, or otherwise
accepting the continued performance by the Obligor under, a Contract after
expiration of its stated term. 

                              (b)
The Servicer also, consistent with Customary Policies and Procedures, may
accelerate (or elect not to accelerate) the maturity of all or any Scheduled
Payments under any Contract in the Contract Pool under which a default under
the terms thereof has occurred and is continuing (after the lapse of any
applicable grace period); provided that the Servicer may accelerate the
Scheduled Payments due under any Contract in the Contract Pool (and take other
action in accordance with applicable Customary Policies and Procedures,
including repossessing or otherwise converting the related Equipment, to
realize upon the value of such Contract and the related Equipment) to the
fullest extent permitted by the terms of such Contract, promptly after such
Contract becomes a Defaulted Contract. 

                    Section
5.11 Taxes and Other Amounts. To the extent provided for in any Contract
in the Contract Pool, the Servicer will make reasonable efforts consistent with
the Servicing Standard to collect (or cause to be collected) all payments with
respect to amounts 

53

due for taxes,
assessments and insurance premiums relating to such Contract or the related
Equipment and remit such amounts to the appropriate Governmental Authority or
insurer on or prior to the date such payments are due. 

                    Section
5.12 Suits by Servicer. Notwithstanding anything herein to the contrary,
the Servicer does not have any obligation pursuant to this Agreement to appear
in, prosecute or defend any legal action which is not incidental to its
servicing duties under this Agreement. 

                    Section
5.13 Remittances. The Servicer will remit and service all Collections in
accordance with Article VII hereof. 

                    Section
5.14 Servicer Advances. For any Collection Period, if the Servicer
determines that any Scheduled Payment (or portion thereof) which was due and
payable pursuant to a Contract in the Contract Pool during such Collection
Period was not received prior to the end of such Collection Period, the
Servicer shall make a Servicer Advance in an amount up to the amount of such
delinquent Scheduled Payment (or portion thereof), to the extent that in its
sole discretion it determines that it can recover such amount from subsequent
Collections under the related Contract; provided, however, if a Person other
than an affiliate of CFUSA becomes the Servicer hereunder, such Person shall
not be required to make a Servicer Advance. The Servicer will deposit any Servicer
Advances into the Collection Account on or prior to 11:00 a.m. (New York time)
on the Deposit Date, in immediately available funds. The Servicer will be
entitled to be reimbursed for Servicer Advances pursuant to Article VII hereof.

                    Section
5.15 Realization Upon Defaulted Contract. The Servicer will use its
reasonable best efforts consistent with the Servicing Standard to repossess or
otherwise comparably convert the ownership of any Equipment relating to a
Defaulted Contract and will act as transfer and processing agent for Equipment
or Applicable Security which it repossesses. The Servicer will follow such
other practices and procedures, consistent with the Servicing Standard, in
order to realize upon such Equipment or Applicable Security, which practices
and procedures may include reasonable efforts to enforce all obligations of
Obligors and repossessing and selling such Equipment or Applicable Security at
public or private sale in circumstances other than those described in the preceding
sentence. In any case in which any such Equipment or Applicable Security has
suffered damage, the Servicer will not expend funds in connection with any
repair or toward the repossession of such Equipment or Applicable Security
unless it determines in its discretion that such repair and/or repossession
will increase the Liquidation Proceeds by an amount greater than the amount of
such expenses. The Servicer will remit to the Collection Account the
Liquidation Proceeds received in connection with the transfer or disposition of
Equipment or Applicable Security relating to a Defaulted Contract in accordance
with Article VII hereof. 

                    Section
5.16 Maintenance of Insurance Policies. The Servicer will use reasonable
efforts, consistent with the Servicing Standard, to ensure that each Obligor
complies with applicable insurance requirements set forth in the related
Contract; provided that the Servicer, in accordance with Customary Policies and
Procedures, may allow Obligors to self-insure. If an Obligor fails to maintain
property damage insurance to the extent required under its Contract, the
Servicer may, consistent with Customary Policies and Procedures, purchase and 

54

maintain such
insurance on behalf of, and at the expense of (if the applicable Contract so
provides), the Obligor. In connection with its activities as Servicer of
Contracts in the Contract Pool, the Servicer agrees to present, on behalf of
itself, the Trust and the Noteholders or Equity Certificateholders, claims to the
insurer under each Insurance Policy and any such liability policy, and to
settle, adjust and compromise such claims, in each case, consistent with the
terms of each Contract. 

                    Section
5.17 Certain Other Duties With Respect to Trust. The Servicer shall, and
hereby agrees that it will, monitor the Trust’s compliance with all applicable
provisions of state and federal securities laws, notify the Trust and the
Administrator of any actions to be taken by the Trust necessary for compliance with
such laws and prepare on behalf of the Trust and the Administrator all notices,
filings or other documents or instruments required to be filed under such laws.

                    Section
5.18 Servicing Compensation. As compensation for its servicing activities
with respect to the Contract Pool, and also in consideration of its expenses as
set forth in Section 5.19, the Servicer shall be entitled to receive a
servicing fee in respect of any Collection Period (or portion thereof) (with
respect to each Collection Period, the “Servicing Fee”), equal to the sum of
(i) the product of one-twelfth of the Servicing Fee Percentage per annum
multiplied by the Contract Pool Principal Balance as of the first day of such
Collection Period (except that for the first Collection Period the Servicing
Fee will be the sum of (A) the product of one-twelfth of the Servicing Fee
Percentage per annum multiplied by the Contract Pool Principal Balance as of
April 1, 2008, plus (B) the product of one-twelfth of the Servicing Fee Percentage
per annum multiplied by the Contract Pool Principal Balance as of May 1, 2008
and (ii) collections representing Late Charges, documentation fees,
administrative charges or extension fees on any Contract, or maintenance
premiums in respect of the related Equipment. 

                    Section
5.19 Payment of Certain Expenses by Servicer. The Servicer will be
required to pay all expenses incurred by it in connection with its activities
under this Agreement, including fees and disbursements of independent
accountants, counsel, the Trustees, taxes imposed on the Servicer, expenses
incurred in connection with payments and reports pursuant to this Agreement and
the Administration Agreement, and all other fees and expenses not expressly
stated under this Agreement (including ongoing fees and expenses of the Owner
Trustee) to be for the account of the Trust or the Depositor, but excluding
Liquidation Expenses incurred as a result of activities contemplated by Section
5.15 (which may be netted from Liquidation Proceeds). The Servicer will be
required to pay all reasonable fees and expenses owing to the Owner Trustee or
the Indenture Trustee in connection with the maintenance of the Collection
Account. The Servicer shall be required to pay such expenses for its own
account and shall not be entitled to any payment or reimbursement therefor
other than the Servicing Fee, payable from Collections as provided herein. 

                    Section
5.20 Records. The Servicer shall, during the period it is Servicer hereunder,
maintain such books of account and other records as will enable the Trust or
the Administrator to determine the status of each Contract in the Contract
Pool. 

                    Section
5.21 Inspection. (a) The Servicer shall afford the Trust and the
Indenture Trustee and their respective authorized agents not more frequently
than once during 

55

each calendar
year at the Servicer’s expense, not to exceed $1,000 in expenses and upon
reasonable prior written request, reasonable access during normal business
hours to the Servicer’s records relating to the Contracts in the Contract Pool,
and will cause its personnel to assist in any examination of such records by
any such Person, and allow copies of the same to be made. The examination
referred to in this Section will be conducted in a manner which does not
unreasonably interfere with the Servicer’s normal operations or customer or
employee relations. Without otherwise limiting the scope of the examination,
such examining party may, using generally accepted audit procedures, verify the
status of each such Contract and review the Computer Disk and records relating
thereto for conformity to reports prepared by the Servicer pursuant to Article
IX hereof, and compliance with the standards represented to exist as to each
such Contract in this Agreement and the other Transaction Documents. 

                              (b)
At all times during the term hereof, the Servicer shall keep available a copy
of the Schedule of Contracts at its principal executive office for inspection
by any such party referred to in subsection (a) of this Section 5.21. 

                    Section
5.22 Trust To Cooperate in Releases. At the same time as (i) any Lease
in the Contract Pool terminates and the Equipment related to such Lease is
sold, (ii) any Contract in the Contract Pool becomes a Prepaid Contract and in
connection therewith the Equipment related to such Prepaid Contract is sold,
(iii) the final Scheduled Payment is made in full on a Contract in the Contract
Pool, (iv) a Contract previously in the Contract Pool becomes a Replaced
Contract in accordance with Section 2.03, or is repurchased by deposit of a
Purchase Amount as provided herein, or (v) the Servicer substitutes or replaces
any unit of Equipment as contemplated in Section 5.03, the Trust shall to the
extent requested by the Servicer release the Trust’s interest in the Equipment
relating to such affected Contract or such substituted or replaced Equipment,
as the case may be; provided that such release will not constitute a release of
the Trust’s interest in the proceeds of Equipment the subject of a Contract
still in the Contract Pool (other than with respect to Equipment that is
replaced pursuant to Section 5.03). In connection with any transfer of such
Equipment, the Trust and the Indenture Trustee shall execute and deliver to the
Servicer any assignments, bills of sale, authorizations to file termination
statements and any other releases and instruments as the Servicer may request
and prepare at its expense in order to effect such release and transfer;
provided that neither the Trust nor the Indenture Trustee shall be deemed to
make any representation or warranty, express or implied, with respect to any
such Equipment in connection with such transfer and assignment. Nothing in this
Section 5.22 shall diminish the Servicer’s obligations pursuant to Article VII
with respect to the proceeds of any such transfer. 

                    Section
5.23 Separate Entity Existence. The Servicer is and at all times since
its incorporation has been operated in such a manner that it would not be
substantively consolidated with either the Depositor or the Trust and such that
the separate existence of any of the Servicer, the Depositor or the Trust would
not be disregarded in the event of a bankruptcy or insolvency of the Servicer. 

                    Section
5.24 Assignment of Servicing. The Servicer may sell, transfer, assign or
convey its rights as Servicer to any Eligible Servicer, upon written notice to
the Trustees and the Rating Agencies, without the consent of the
Securityholders or the Trustees, provided that the Rating Agency Condition is
satisfied. No such sale, transfer, assignment or conveyance shall 

56

become
effective until such Eligible Servicer shall have assumed all of the
responsibilities and obligations of the Servicer under the Transaction
Documents. 

                    Section
5.25 Optional Repurchase of Defaulted Contracts. The Servicer may, but
shall have no obligation to, repurchase a Defaulted Contract, which was
originated by DFS, at any time, at a price equal to the Contract Principal
Balance for such Defaulted Contract; provided that the aggregate amount of
repurchases made under this section shall not exceed an amount equal to 15% of
the aggregate Contract Principal Balance of the Contracts originated by DFS as
of the Cut-off Date. 

ARTICLE VI

COVENANTS OF THE DEPOSITOR

                    Section
6.01 LLC Existence. During the term of this Agreement, the Depositor
will keep in full force and effect its existence, rights and franchises as a
limited liability company under the laws of the jurisdiction of its formation
and will obtain and preserve its qualification to do business in each
jurisdiction in which such qualification is or shall be necessary to protect
the validity and enforceability of this Agreement, the other Transaction
Documents and each other instrument or agreement necessary or appropriate to
the proper administration of this Agreement and the transactions contemplated
hereby. In addition, all transactions and dealings between the Depositor and
its Affiliates will be conducted on an arm’s-length basis. 

                    Section
6.02 Contracts Not to be Evidenced by Promissory Notes. The Depositor
will take no action to cause any Contract not originally consisting of or
evidenced by an instrument (except to the extent part of tangible chattel
paper) (as such terms are defined in the UCC), to be evidenced by an
instrument, except in connection with the enforcement or collection of such
Contract. 

                    Section
6.03 Security Interests. The Depositor will not sell, pledge, assign or
transfer to any other Person, or grant, create, incur, assume or suffer to
exist any Lien on any Contract in the Contract Pool or on any other Trust Asset
or on any related Equipment, whether now existing or hereafter transferred to
the Trust, or any interest therein (except for Permitted Liens). The Depositor
will immediately notify the Trust and the Indenture Trustee of the existence of
any Lien (other than Permitted Liens) on any Contract in the Contract Pool or
on any other Trust Assets or on any related Equipment; and the Depositor shall
defend the right and interest of the Trust in, to and under the Contracts in
the Contract Pool and the related Equipment, against all claims of third
parties; provided, however, that nothing in this Section 6.03 shall prevent or
be deemed to prohibit (i) the Depositor from suffering to exist Permitted Liens
upon any of the Contracts in the Contract Pool or any related Equipment, or
(ii) repurchases or substitutions by CFUSA pursuant to the Purchase and Sale
Agreements. 

                    Section
6.04 Delivery of Collections. The Depositor agrees to pay to the
Servicer promptly any misdirected Collections received by the Depositor in
respect of the Contracts in the Contract Pool, for application in accordance
with Article VII. 

57

                    Section
6.05 Regulatory Filings. The Depositor shall make any filings, reports,
notices, applications and registrations with, and seek any consents or
authorizations from, the Commission and any state securities authority on
behalf of the Trust as may be necessary or that the Depositor deems advisable
to comply with any federal or state securities or reporting requirements or
laws. 

                    Section
6.06 Compliance With Law. The Depositor hereby agrees to comply in all
material respects with all Requirements of Law applicable to the Depositor. 

                    Section
6.07 Activities. The Depositor shall not engage in any business or
activity of any kind, or enter into any transaction or indenture, mortgage,
instrument, agreement, contract, lease or other undertaking, which is not
directly related to the transactions contemplated and authorized by this
Agreement or the other Transaction Documents; provided, however, that the
Depositor may purchase and sell (or grant Liens in respect of) contracts and/or
other related assets similar to the Contracts to other Persons in
securitization or other non-recourse financing transactions involving CFUSA or
any of its Affiliates on terms and conditions with respect to the liabilities imposed
upon the Depositor by virtue of such transactions, as well as in respect of
agreements or restrictions concerning activities of the Depositor and its
relations or interactions with CFUSA or a Financing Originator or other
applicable affiliate relevant to “bankruptcy remoteness” or “substantive
consolidation” analysis, in each case substantially similar to such terms and
conditions applicable to the Depositor hereunder. 

                    Section
6.08 Indebtedness. The Depositor shall not create, incur, assume or
suffer to exist any Indebtedness or other liability whatsoever, except (i)
obligations incurred under this Agreement or other Transaction Documents, or
incidental thereto, (ii) liabilities incidental to the maintenance of its
organizational existence in good standing, or (iii) obligations in connection
with transactions described in the proviso to Section 6.07. 

                    Section
6.09 Guarantees. The Depositor shall not become or remain liable,
directly or contingently, in connection with any Indebtedness or other
liability of any other Person, whether by guarantee, endorsement (other than
endorsements of negotiable instruments for deposit or collection in the
ordinary course of business), agreement to purchase or repurchase, agreement to
supply or advance funds, or otherwise, except as contemplated hereby and in
connection with transactions described in the proviso to Section 6.07. 

                    Section
6.10 Investments. The Depositor shall not make or suffer to exist any
loans or advances to, or extend any credit to, or make any investments (by way
of transfer of property, contributions to capital, purchase of stock or
securities or evidences of indebtedness, acquisition of the business or assets,
or otherwise) in, any Person except (i) for purchases or other acquisitions of
Contracts and related Contract Assets pursuant to the Purchase and Sale
Agreements or purchases or other acquisitions of similar contracts and related
assets permitted by the proviso to Section 6.07, (ii) the holding of ownership
interests in Equipment contemplated herein or in transactions permitted by the
proviso to Section 6.07, or (iii) for investments in Eligible Investments in
accordance with the terms of this Agreement or investments in connection with the
transactions permitted by the proviso to Section 6.07. 

58

                    Section
6.11 Merger; Transfers. The Depositor shall not enter into any
transaction of merger or consolidation, or liquidate or dissolve itself (or
suffer any liquidation or dissolution) or acquire or be acquired by any Person,
or convey, sell, lease or otherwise dispose of all or substantially all of its
property or business, except as provided for in this Agreement or in
transactions permitted by the proviso to Section 6.07. 

                    Section
6.12 Payments. The Depositor shall not declare or pay, directly or
indirectly, any dividend or make any other payment (whether in cash or other
property) with respect to the profits, assets or capital of the Depositor or
any Person’s interest therein, or purchase, redeem or otherwise acquire for
value any of its equity ownership interests now or hereafter outstanding,
except that the Depositor may effect payments of its earnings to its members in
each case so long as it would continue to be Solvent after giving effect
thereto, and otherwise in accordance with the Transaction Documents. 

                    Section
6.13 Other Agreements. The Depositor shall not become a party to, or
permit any of its properties to be bound by, any indenture, mortgage,
instrument, contract, agreement, lease or other undertaking, except this
Agreement and the other Transaction Documents to which it is a party and any
agreement relating to another transaction permitted by the proviso to Section 6.07;
nor shall it amend or modify the provisions of its Certificate of Formation or
Limited Liability Company Agreement except in accordance with the Transaction
Documents and with the consent of the Required Holders, or issue any power of
attorney except to the Owner Trustee, the Indenture Trustee or the Servicer
pursuant to the Transaction Documents (or other similar powers of attorney in
connection with transactions permitted by the proviso to Section 6.07). 

                    Section
6.14 Separate Entity Existence. 

                              
(i)
The Depositor shall: 

                                        (A)
Maintain its own deposit account or accounts, separate from those of any
Affiliate, with commercial banking institutions. The funds of the Depositor
will not be diverted to any other Person or for other than authorized uses of
the Depositor. 

                                        (B)
Ensure that, to the extent that it shares the same officers or other employees
as any of its members or Affiliates, the salaries of and the expenses related
to providing benefits to such officers and other employees shall be fairly
allocated among such entities, and each such entity shall bear its fair share
of the salary and benefit costs associated with all such common officers and
employees. 

                                        (C)
Ensure that, to the extent that it jointly contracts with any of its members or
Affiliates to do business with vendors or service providers or to share
overhead expenses, the costs incurred in so doing shall be allocated fairly
among such entities, and each such entity shall bear its fair share of such
costs. To the extent that the Depositor contracts or does business with vendors
or service providers when the goods and services provided are partially for the
benefit of any other Person, the costs incurred in so doing shall be fairly
allocated to or among such entities for whose benefit the goods and services
are provided, 

59

and each such
entity shall bear its fair share of such costs. All material transactions
between Depositor and any of its Affiliates shall be only on an arm’s-length
basis. 

                                        (D)
Ensure that, to the extent that the Depositor and any of its members or
Affiliates have offices in the same location, there shall be a fair and
appropriate allocation of overhead costs among them, and each such entity shall
bear its fair share of such expenses. 

                                        (E)
Conduct its affairs strictly in accordance with its Limited Liability Company
Agreement and its Certificate of Formation, and observe all necessary,
appropriate and customary limited liability company formalities, including, but
not limited to, holding all regular and special members’ and manager/directors’
meetings appropriate to authorize all entity action, keeping separate and
accurate records of such meetings and its actions, passing all resolutions or
consents necessary to authorize actions taken or to be taken, and maintaining
accurate and separate books, records and accounts, including, but not limited
to, payroll and intercompany transaction accounts. 

                              (ii)
The Depositor is and at all times since its organization has been operated in
such a manner that it would not be substantively consolidated with CFUSA or the
Trust and such that the separate existence of any of the Depositor, CFUSA or
the Trust would not be disregarded in the event of a bankruptcy or insolvency
of the Depositor, CFUSA or the Trust, and in such regard: 

                                        (A)
the Depositor shall not (1) dissolve or liquidate, in whole or in part or (2)
merge or consolidate with or into any other entity, or convey or transfer all
or substantially all of its properties and assets to any other entity except in
compliance with this Agreement and the Indenture. 

                                        (B)
the Depositor is not involved in the day-to-day management of CFUSA or the
Trust: 

                                        (C)
the Depositor maintains separate records and books of account from CFUSA and
the Trust and otherwise observes formalities under its charter and as required
by law; 

                                        (D)
the financial statements and books and records of the Depositor will reflect
the separate existence of CFUSA and the Trust except to the extent that the
Depositor’s financial and operating results are consolidated with those of its
ultimate parent company in consolidated financial statements; 

                                        (E)
the Depositor maintains its assets separately from the assets of CFUSA and the
Trust (including through the maintenance of a separate bank account), the
Depositor’s funds and assets, and records relating thereto, have not been and
are not commingled with those of CFUSA and the Trust (except temporarily as
otherwise permitted hereby, transactions between CFUSA and the Depositor are
generally reflective of arm’s length transactions; 

60

                                        (F)
all business correspondence of the Depositor and other communications are
conducted in the Depositor’s own name and on its own stationery (although in
connection with certain advertising and marketing, the Depositor may be identified
as a subsidiary of CIT Group Inc.); and 

                                        (G)
neither CFUSA nor the Trust acts as an agent of the Depositor in any capacity
(except with respect to CFUSA in its capacity as Servicer, as set forth in this
Agreement, or in its capacity as Administrator, as set forth in the
Administration Agreement and in its capacity as servicer in transactions
permitted by the proviso to Section 6.07) and the Depositor does not act as
agent for the Servicer or the Trust, but instead presents itself to the public
as an entity separate from the Servicer and the Trust. 

                    Section
6.15 Location; Records. The Depositor shall not change its state of
organization or move outside the State of New Jersey, the location of its chief
executive office, without thirty (30) days’ prior written notice to the Trust,
the Indenture Trustee and the Servicer, and will promptly take all actions
reasonably required (including, but not limited to, all filings and other acts
necessary or advisable under the UCC of each relevant jurisdiction) in order to
continue the first priority perfected security interest of the Indenture
Trustee in Trust Assets (subject to Permitted Liens). The Depositor will give
the Indenture Trustee, the Trust and the Servicer prompt notice of a change
within the State of New Jersey of the location of its chief executive office. 

                    Section
6.16 Liability of Depositor; Indemnities. The Depositor shall be liable
in accordance herewith only to the extent of the obligations specifically
undertaken by the Depositor under this Agreement. 

                    The
Depositor shall indemnify, defend and hold harmless the Trust, the Trustees
(including in their individual capacities) and the Servicer and any of their
respective officers, directors, employees or agents from and against any taxes
that may at any time be asserted against any such Person with respect to the
transactions contemplated herein and in the other Transaction Documents,
including any sales, gross receipts, general corporation, tangible personal
property, personal property replacement privilege or license taxes (but, in the
case of the Trust, not including any taxes asserted with respect to, and as of
the date of, the transfer of Contracts to the Trust or the issuance and
original sale of the Notes, or asserted with respect to ownership of Contract
Assets, or, in the case of any such person other than the Trust, federal or
other income taxes arising out of payments from Collections on the Trust
Assets) and costs and expenses in defending against the same. 

                    The
Depositor shall indemnify, defend and hold harmless the Trust, the Trustees
(including in their individual capacities), the Servicer and any of their
respective officers, directors, employees or agents and the Securityholders
from and against any loss, liability or expense incurred by reason of the
Depositor’s willful misfeasance, bad faith or negligence (other than errors in
judgment) in the performance of its duties under this Agreement, or by reason
of reckless disregard of its obligations and duties under this Agreement. 

                    The
Depositor shall indemnify, defend and hold harmless the Trust, the Trustees
(including in their individual capacities), and the Servicer and any of their
respective officers, 

61

directors,
employees or agents from and against all costs, expenses, losses, claims,
damages and liabilities arising out of or incurred in connection with the
acceptance or performance (or failure of performance) of the trusts and duties
herein and, in the case of the Owner Trustee, in the Trust Agreement and, in
the case of the Indenture Trustee, in the Indenture, except to the extent that
such cost, expense, loss, claim, damage or liability in the case of (i) the Owner
Trustee shall be due to the willful misfeasance, bad faith or negligence of the
Owner Trustee, or shall arise from the breach by the Owner Trustee of any of
its representations or warranties set forth in Section 7.03 of the Trust
Agreement, or (ii) the Indenture Trustee shall be due to the willful misconduct
or negligence of the Indenture Trustee. 

                    The
Depositor shall indemnify, defend and hold harmless the Trustees (including in
their individual capacities) from and against any loss, liability or expense
incurred by reason of the Depositor’s or Trust’s violation of federal or state
securities laws in connection with the offering and sale of the Notes and the
Equity Certificate. 

                    Indemnification
under this Section shall include, without limitation, reasonable fees and
expenses of counsel and expenses of litigation; provided, however, that the
indemnification under this Section, notwithstanding anything to the contrary,
is limited to the assets of the Depositor (including its rights under Article
VI of the Series 2008-VT1 VFC Purchase Agreement or Article VI of the Non-VFC
Purchase Agreement); provided, further, any indemnity payments to be made
pursuant to this Section shall not be made from the Trust Assets (except to the
extent any of the same have been distributed to the Depositor free and clear of
any interest of the Trust therein and except to the extent CFUSA as co-obligor
is obligated to make such payment pursuant to Article VI of the Series 2008-VT1
VFC Purchase Agreement or Article VI of the Non-VFC Purchase Agreement), and
such indemnity payments, if unpaid, shall not constitute a claim against the
Trust or the Trust Assets (except in respect of rights against CFUSA in respect
of the aforementioned Articles of the Purchase and Sale Agreements). If the
Depositor (or CFUSA pursuant to the aforementioned Articles of the Purchase and
Sale Agreements) shall have made any indemnity payments pursuant to this
Section and the Person to or on behalf of whom such payments are made
thereafter shall collect any of such amounts from others, such Person shall
promptly repay such amounts to the Depositor (or CFUSA, as applicable), without
interest. 

                    Indemnification
under this Section shall survive the resignation or removal of any of the
Trustees, as the case may be, and the termination of the Trust Agreement or
this Agreement. 

                    Section
6.17 Bankruptcy Limitations. The Depositor shall not, without the
affirmative vote of each of the manager/directors of the Depositor (which must
include the affirmative vote of at least one duly appointed Independent
Director as defined in the Certificate of Formation and the Limited Liability
Company Agreement of the Depositor) (A) dissolve or liquidate, in whole or in
part, or institute proceedings to be adjudicated bankrupt or insolvent, (B)
consent to the institution of bankruptcy or insolvency proceedings against it,
(C) file a petition seeking or consent to reorganization or relief under any
applicable federal or state law relating to bankruptcy, (D) consent to the
appointment of a receiver, liquidator, assignee, trustee, sequestrator (or
other similar official) of the Depositor or a substantial part of its property,
(E) make a general assignment for the benefit of creditors, (F) admit in
writing its inability to pay 

62

its debts
generally as they become due, or (G) take any entity action in furtherance of
the actions set forth in clauses (A) through (F) above; provided, however, that
no manager/director may be required by any member of the Depositor to consent
to the institution of bankruptcy or insolvency proceedings against the
Depositor so long as it is Solvent. 

                    Section
6.18 Limitation on Liability of Depositor and Others. The Depositor and
any director or officer or employee or agent of the Depositor may rely in good
faith on any document of any kind, prima facie properly executed and submitted
by any Person respecting any matters arising hereunder. The Depositor shall not
be under any obligation to appear in, prosecute or defend any legal action that
shall not be incidental to its obligations under this Agreement, and that in
its opinion may involve it in any expense or liability. 

ARTICLE VII

ESTABLISHMENT OF ACCOUNTS; PAYMENTS

                    Section
7.01 Trust Accounts; Collections. (a) On or before the Closing Date, the
Depositor (or the Servicer on its behalf) shall cause the Indenture Trustee to
establish the Collection Account (the “Collection Account”) and the Reserve Account
(the “Reserve Account”), each in the name of the Indenture Trustee for the
benefit of the Noteholders and the Equity Certificateholder and the Swap
Counterparty. The Servicer is hereby required to ensure that each of the Trust
Accounts is established and maintained as a segregated corporate trust account
with a Qualified Institution. If any institution with which any of the accounts
established pursuant to this Section 7.01(a) ceases to be a Qualified
Institution, the Servicer shall within 30 days after notice of such event
establish a replacement account at a Qualified Institution, and effect (or
cause to be effected) a concurrent transfer of all amounts in the current
non-qualifying account to the replacement account. 

                              (b)
(i) Subject to subsection 7.01(b)(ii) hereof, the Servicer shall deposit or
cause to be deposited, without deposit into any intervening account, into the
Collection Account as promptly as practical after the Date of Processing (but
in any case not later than the second Business Day following the Date of
Processing thereof), all Collections on deposit with the Servicer in the form
of available funds, and all Collections otherwise received by the Servicer (and
all Investment Earnings from investments of the Collection Account). 

                                    (ii)
Notwithstanding anything in this Agreement to the contrary, if, and only if, 

                  
                      (A)
the Servicer or the direct or indirect parent of the Servicer shall have and
maintain a short-term debt rating of at least “A-1” by Standard & Poor’s
and either a short-term debt rating of at least “P -1 “ or a long-term debt
rating of at least “A2” by Moody’s, or 

                                        (B)
the Servicer obtains a letter of credit, surety bond or insurance policy (the
“Servicer Letter of Credit”) under which demands for payment may be made to
secure timely remittance of monthly collections to the Collection Account and
the Trustees are provided with a letter from each Rating Agency to the effect
that the utilization of 

63

such
alternative remittance schedule and any amendment required to be made to this
Agreement in connection therewith will not result in a qualification, reduction
or withdrawal of its then current rating of the Notes, 

the Servicer
may make the deposits to the Collection Account specified in subsection
7.01(b)(i) hereof on a monthly basis, but not later than the Deposit Date
following the last day of the Collection Period within which such payments were
processed by the Servicer, in an amount equal to the net amount of such
deposits and payments which would have been made to the Collection Account
during such Collection Period but for the provisions of this subsection
7.01(b)(ii). In the event that the Servicer is permitted to make remittances of
collections to the Collection Account pursuant to Section 7.01(b)(ii)(B)
hereof, this Agreement may be modified, to the extent necessary to provide for
the Servicer Letter of Credit, without the consent of any Securityholder. The
Servicer shall notify the Trustees if the Servicer complies with the
requirements set forth in clause (A) or (B) above. 

                              (c)
Subject to Section 7.01(b)(ii), the Servicer shall deposit or cause to be
deposited, on the Closing Date and on each Substitution Transfer Date, in
immediately available funds into the Collection Account, all Collections
received after the applicable Cut-Off Date and through and including the date
which is two Business Days preceding the Closing Date or Substitution Transfer
Date, as the case may be, in respect of Contracts being transferred to the
Trust on such date. 

                              (d)
Notwithstanding Sections 7.01(b) and (c), if (i) the Servicer makes a deposit
into the Collection Account in respect of Collections of a Contract in the
Contract Pool and such Collections were received by the Servicer in the form of
a check which is not honored for any reason, or (ii) the Servicer makes a
mistake with respect to the amount of any Collections and deposits an amount
that is less than or more than the actual amount of such Collection, the
Servicer shall appropriately adjust the amount subsequently deposited into the
Collection Account to reflect such dishonored check or mistake. Any Scheduled
Payment in respect of which a dishonored check is received shall be deemed not
to have been paid. 

                    Section
7.02 Reserve Account. (a) On the Closing Date, the Depositor shall
deposit the sum of $39,801,387.54 into the Reserve Account from the net
proceeds of the sale of the Notes. 

                              (b)
The Indenture Trustee as directed by the Servicer shall use the amounts then
outstanding in the Reserve Account to (i) make payments that shall become due
and payable under Section 7.05(a)(iii) through Section 7.05(a)(xiv) hereof,
(ii) make payments that shall become due and payable under Section 7.05(b)(iii)
through Section 7.05(b)(vi) and, to the extent there is a shortfall in amounts
necessary to reduce the Aggregate Principal Amount of the Notes to the Contract
Pool Principal Balance as of the prior Accounting Date, make payments that
shall become due and payable under Section 7.05(b)(vii) through (xiii), and
(iii) make payments, on any given Payment Date, in amounts equal to the amounts
then outstanding on any Class of the Notes on the respective Maturity Date of
such Class of Notes to the extent that the amount of Available Funds on such
Payment Date, is not sufficient to pay such amounts in accordance with the
priority of payments set forth in Section 7.05. 

64

                              (c)
Subject to Section 7.05, the balance required to be on deposit in the Reserve
Account on any Payment Date (after giving effect to all deposits thereto or
withdrawals therefrom on such Payment Date) shall be an amount equal to the
Specified Reserve Account Balance. 

                              (d)
On each Deposit Date, the Indenture Trustee, as directed by the Servicer, shall
transfer any amounts required to be transferred from the Reserve Account to the
Collection Account pursuant to Section 7.05(e). Prior to each Payment Date, the
Indenture Trustee, as directed by the Servicer, shall transfer from the Reserve
Account to the Depositor the amount specified by the Servicer in the related
Monthly Servicer’s Report representing Investment Earnings on amounts held in
the Reserve Account as of the related Determination Date. On each Payment Date
following the payments made pursuant to Section 7.05, the Indenture Trustee, as
directed by the Servicer, shall transfer to the Depositor any amount in excess
of the Specified Reserve Account Balance. 

                              (e)
Pursuant to Section 7.05(e), on the Payment Date following the occurrence and
continuation of an Event of Default, the Indenture Trustee upon receipt of
written instructions from the Servicer shall pay all amounts on deposit in the
Reserve Account into the Collection Account for application toward payment on
the Notes in the priority as set forth in Section 7.05. 

                              (f)
Upon the satisfaction and discharge of the Indenture or the Trust Agreement, as
applicable, any balance remaining in the Reserve Account, after all obligations
to the Noteholders hereunder have been fully satisfied, shall be paid to
reimburse the Indenture Trustee and the Owner Trustee for any amounts owing to
them arising from the performance of their obligations under this Indenture
and, then, to the Depositor. 

                              (g)
The Depositor may, from time to time, borrow funds for the purpose of making
additional deposits in the Reserve Account (or in the alternative may assign
rights to amounts in the Reserve Account as part of a borrowing arrangement).
In the event of any such deposit, amounts in excess of the Specified Reserve
Account Balance shall be transferred to the Depositor in accordance with
Section 7.02(d). The lender under any such borrowing arrangement shall be
subordinated to the rights of the Noteholders hereunder and shall have no
rights to repayment from amounts on deposit in the Reserve Account except to
the extent they are distributed to the Depositor under Section 7.02(d). 

                    Section
7.03 Trust Account Procedures. If the Servicer so directs in writing
(with a copy to the Owner Trustee and the Indenture Trustee), the Qualified
Institution maintaining any Trust Account shall invest the amounts therein in
Eligible Investments of the type specified in such written direction that
mature not later than one Business Day prior to the next succeeding Payment
Date (or that mature on such earlier Business Day as the Rating Agencies shall
approve, with a copy of such approval provided to the Indenture Trustee). Once
such funds of any Trust Account are invested, the Servicer shall not change or
permit a change in the investment of such funds. Subject to the other
provisions hereof, the Indenture Trustee shall have sole control over each such
investment and the income thereon, and any certificate or other instrument
evidencing any such investment, if any, shall be delivered directly to the
Indenture Trustee or its agent, together with each document of transfer, if
any, necessary to transfer title to 

65

such
investment to the Indenture Trustee in a manner which complies with this
Section 7.03. All Investment Earnings, if any, on investments of funds in the
Collection Account shall be deposited in or maintained within the Collection
Account pursuant to Section 7.01 and paid on the next Payment Date pursuant to Section
7.05. All Investment Earnings in the Reserve Account shall be distributed in
accordance with Section 7.02(d) of this Agreement. The Servicer, the Depositor
and the Trust agree and acknowledge that the Indenture Trustee is to have
“control” (within the meaning of Section 9-106 of the UCC as enacted in New
York) of collateral consisting of “Investment Property” (within the meaning of
Section 9-102 of the UCC as enacted in New York) for all purposes of this
Agreement. In the absence of timely written direction from the Servicer, the
Indenture Trustee shall invest or cause to be invested amounts in the Trust
Accounts in Eligible Investments of the type specified in clause (vi) of the
definition of Eligible Investments herein. The Indenture Trustee shall not be
liable for investment losses in Eligible Investments as directed by the
Servicer. 

                    Section
7.04 Securityholder Payments. (a) On each Payment Date, each Noteholder
and the Equity Certificateholder as of the related Record Date shall be paid
amounts payable on such date pursuant to Section 7.05 below by check mailed to
such Noteholder or the Equity Certificateholder at the address for such
Noteholder or the Equity Certificateholder appearing on the Note Register or
the Certificate Register, or by wire transfer if such Noteholder or the Equity
Certificateholder has provided written instructions for such payment method to
the Indenture Trustee and Owner Trustee, respectively, at least ten days prior
to such Payment Date. 

                              (b)
The Indenture Trustee shall serve as the paying agent (“Paying Agent”)
hereunder and shall make the payments to the Noteholders and the Equity
Certificateholder required hereunder. The Indenture Trustee hereby agrees that
all amounts held by it for payment hereunder will be held in trust for the
benefit of the Noteholders and the Equity Certificateholder, as their interests
may appear. 

                    Section
7.05 Allocations and Payments. 

                              (a)
Allocations and Payments Prior to an Event of Default or the Cumulative Net
Loss Trigger is Exceeded. On each Determination Date prior to (i) an Event
of Default which is continuing or (ii) the Cumulative Loss Trigger is exceeded
and such is continuing, the Servicer, pursuant to written monthly payment
instructions and notification (which shall accompany the Monthly Servicer’s
Report delivered on such Determination Date), shall instruct the Indenture
Trustee to withdraw, and on the succeeding Payment Date the Indenture Trustee
acting in accordance with such written instructions shall withdraw, the amounts
required to be withdrawn from the Collection Account and shall make the
following payments or allocations from Available Funds plus deposits made from
the Reserve Account pursuant to Section 7.05(e) for the related Payment Date,
in the order of priority specified below:  

                                        (i)
pay to the Servicer, the reimbursement for Unreimbursed Servicer Advances and
any amounts specified in Section 2.04 hereof, to the extent the Servicer has
not reimbursed itself in respect of such amounts; 

                                        (ii)
pay to the Servicer, the Servicing Fee for the related Collection Period; 

66

                                        (iii)
pay any Net Swap Payments due to the Swap Counterparty; 

                                        (iv)
(a) pay the Class A-1 Interest Payment Amount, the Class A-2A Interest Payment
Amount, the Class A-2B Interest Payment Amount and the Class A-3 Interest
Payment Amount, to each respective Class A Noteholder, and (b) pay to the Swap
Counterparty, if applicable, any Senior Swap Termination Payment; provided,
that if the amount of Available Funds remaining to be allocated pursuant to
this clause is less than the full amount required to be so paid such Available
Funds shall be paid to the Class A Noteholders and the Swap Counterparty pro
rata based on their respective entitlement pursuant to this clause; 

                                        (v)
pay to the Class B Noteholders, the Class B Interest Payment Amount; provided,
that if the amount of Available Funds remaining to be allocated pursuant to
this clause is less than the full amount required to be so paid, such Available
Funds shall be paid to the Class B Noteholders pro rata based on their
respective entitlement pursuant to this clause; 

                                        (vi)
pay to the Class C Noteholders, the Class C Interest Payment Amount; provided,
that if the amount of Available Funds remaining to be allocated pursuant to
this clause is less than the full amount required to be so paid, such Available
Funds shall be paid to the Class C Noteholders pro rata based on their
respective entitlement pursuant to this clause; 

                                        (vii)
pay to the Class D Noteholders, the Class D Interest Payment Amount; provided,
that if the amount of Available Funds remaining to be allocated pursuant to
this clause is less than the full amount required to be so paid, such Available
Funds shall be paid to the Class D Noteholders pro rata based on their
respective entitlement pursuant to this clause; 

                                        (viii)
pay to the Class A Noteholders, the Class A Principal Payment Amount in the
following priority; 

                                                (A)
to the Class A-1 Noteholders, until the Principal Amount of the Class A-1 Notes
has been reduced to zero; 

                                                (B)
to the Class A-2 Noteholders, until the Principal Amount of the Class A-2 Notes
has been reduced to zero; and 

                                                (C)
to the Class A-3 Noteholders, until the Principal Amount of the Class A-3 Notes
has been reduced to zero; 

                                        (ix)
pay to the Class B Noteholders, the Class B Principal Payment Amount; 

                                        (x)
pay to the Class C Noteholders, the Class C Principal Payment Amount; 

                                        (xi)
pay to the Class D Noteholders, the Class D Principal Payment Amount; 

67

                                        (xii)
pay to the Class A Noteholders, Reallocated Principal in the following
priority; 

                                                (A)
to the Class A-1 Noteholders, until the Principal Amount of the Class A-1 Notes
has been reduced to zero; 

                                                (B)
to the Class A-2 Noteholders, until the Principal Amount of the Class A-2 Notes
has been reduced to zero; and 

                                                (C)
to the Class A-3 Noteholders, until the Principal Amount of the Class A-3 Notes
has been reduced to zero; 

                                        (xiii)
pay to the Class B Noteholders, any remaining Reallocated Principal until the
Principal Amount of the Class B Notes has been reduced to zero; 

                                        (xiv)
pay to the Class C Noteholders, any remaining Reallocated Principal until the
Principal Amount of the Class C Notes has been reduced to zero; 

                                        (xv)
pay to the Class D Noteholders, any remaining Reallocated Principal until the
Principal Amount of the Class D Notes has been reduced to zero; 

                                        (xvi)
transfer to the Reserve Account any amount necessary to increase the Reserve
Account Amount to the Specified Reserve Account Balance; 

                                        (xvii)
pay to the Trustees, concurrently and pro rata, any amounts owing thereto under
the Transaction Documents; 

                                        (xviii)
pay to the Swap Counterparty any other amounts owing to the Swap Counterparty
(including any Subordinate Swap Termination Payments) and not paid to the Swap
Counterparty pursuant to clauses (iii) and (iv) above; and 

                                        (xix)
pay any remaining amounts to the Equity Certificateholder. 

                              (b)
Allocations and Payments After an Event of Default or After the Cumulative
Net Loss Trigger is Exceeded. On each Determination Date after the
occurrence and during the continuance of an Event of Default or on any
Determination Date when the Cumulative Net Loss Trigger is exceeded and such is
continuing, the Servicer, pursuant to written monthly payment instructions and
notification (which shall accompany the Monthly Servicer’s Report delivered on
such Determination Date), shall instruct the Indenture Trustee to withdraw, and
on the succeeding Payment Date the Indenture Trustee acting in accordance with
such written instructions shall withdraw, the amounts required to be withdrawn
from the Collection Account and shall make the following payments or
allocations from Available Funds plus deposits made from the Reserve Account
pursuant to Section 7.05(e) for the related Payment Date, in the order of
priority specified below: 

                                        (i)
pay to the Servicer, the reimbursement for Unreimbursed Servicer Advances and
any amounts specified in Section 2.04 hereof, to the extent the Servicer has
not reimbursed itself in respect of such amounts; 

68

                                        (ii)
pay to the Servicer, the Servicing Fee for the related Collection Period; 

                                        (iii)
pay any Net Swap Payments due to the Swap Counterparty; 

                                        (iv)
(a) pay the Class A-1 Interest Payment Amount, the Class A-2A Interest Payment
Amount, the Class A-2B Interest Payment Amount, and the Class A-3 Interest
Payment Amount, to each respective Class A Noteholder, and (b) pay to the Swap
Counterparty, if applicable, any Senior Swap Termination Payment; provided,
that if the amount of Available Funds remaining to be allocated pursuant to
this clause is less than the full amount required to be so paid such Available
Funds shall be paid to the Class A Noteholders and the Swap Counterparty pro
rata based on their respective entitlement pursuant to this clause; 

                                        (v)
pay to the Class B Noteholders, the Class B Interest Payment Amount; provided,
that if the amount of Available Funds remaining to be allocated pursuant to
this clause is less than the full amount required to be so paid, such Available
Funds shall be paid to the Class B Noteholders pro rata based on their
respective entitlement pursuant to this clause; 

                                        (vi)
pay to the Class C Noteholders, the Class C Interest Payment Amount; provided,
that if the amount of Available Funds remaining to be allocated pursuant to
this clause is less than the full amount required to be so paid, such Available
Funds shall be paid to the Class C Noteholders pro rata based on their
respective entitlement pursuant to this clause; 

                                        (vii)
pay to the Class D Noteholders, the Class D Interest Payment Amount; provided,
that if the amount of Available Funds remaining to be allocated pursuant to
this clause is less than the full amount required to be so paid, such Available
Funds shall be paid to the Class D Noteholders pro rata based on their
respective entitlement pursuant to this clause; 

                                        (viii)
pay to the Class A-1 Noteholders principal, until the Principal Amount of the
Class A-1 Notes has been reduced to zero; 

                                        (ix)
pay to the Class A-2 Noteholders principal, until the Principal Amount of the
Class A-2 Notes has been reduced to zero; 

                                        (x)
pay to the Class A-3 Noteholders principal, until the Principal Amount of the
Class A-3 Notes has been reduced to zero; 

                                        (xi)
pay to the Class B Noteholders principal, until the Principal Amount of the
Class B Notes has been reduced to zero; 

                                        (xii)
pay to the Class C Noteholders principal, until the Principal Amount of the
Class C Notes has been reduced to zero; 

                                        (xiii)
pay to the Class D Noteholders principal, until the Principal Amount of the
Class D Notes has been reduced to zero; 

69

                              (xiv)
pay to the Trustees, concurrently and pro rata, any amounts owing thereto under
the Transaction Documents; 

                              (xv)
pay to the Swap Counterparty any other amounts owing to the Swap Counterparty
(including any Subordinate Swap Termination Payments) and not paid to the Swap
Counterparty pursuant to clauses (iii) and (iv) above; and 

                              (xvi)
pay any remaining amounts to the Equity Certificateholder. 

                    If
either (a) the Event of Default is cured or (b) the Cumulative Net Loss Ratio
does not exceed the Cumulative Net Loss Trigger as of the next Collection
Period, payments on the following Payment Date and on subsequent Payment Dates
shall be made in the priority set forth in Section 7.05(a). 

                         (c)
Payments at Stated Maturity. Notwithstanding Section 7.05(a) or Section
7.05(b), to the extent that following the payments set forth above, any amounts
would remain outstanding on any Class of Notes on the Maturity Date of such
Class of Notes, the Indenture Trustee shall apply all remaining Available Funds
to payment of principal on such Class of Notes prior to making any payment or
allocation set forth above to any Class of Notes which is lower in priority
than payment of interest on such Class of Notes. 

                         (d)
Payments of Outstanding Interest. Following the payment of Available
Funds on any Payment Date in accordance with the priority of payment set forth
above, if any Class A-1 Interest Payment Amount, Class A-2A Interest Payment
Amount, Class A-2B Interest Payment Amount, Class A-3 Interest Payment Amount,
Class B Interest Payment Amount, Class C Interest Payment Amount, or Class D
Interest Payment Amount remains outstanding, the Indenture Trustee shall apply
any other amounts of cash available on deposit in the Collection Account to
satisfy any such interest payment obligations in accordance with the priority
set forth above in Section 7.05(a) or 7.05(b). 

                         (e)
On the Business Day preceding each Payment Date, the Indenture Trustee shall,
in accordance with written directions from the Servicer, withdraw from amounts
on deposit in the Reserve Account, and deposit into the Collection Account, an amount
equal to the lesser of the Available Reserve Amount for such Payment Date and
the sum of the following amounts, if any: 

                              (i)
the amount, if any, by which the Available Funds with respect to such Payment
Date, is less than the amount required to make the payments or allocations set
forth in clauses (iii)-(xiv) of Section 7.05(a); plus

                              (ii)
the amount, if any, by which the Available Funds with respect to such Payment
Date, is less than the amount required to make the payments or allocations set
forth in clauses (iii)-(vi) of Section 7.05(b) plus any shortfall in amounts
necessary to reduce the Aggregate Principal Amount of the Notes to the Contract
Pool Principal Balance as of the prior Accounting Date; plus

70

                              (iii)
on the first Payment Date following an Event of Default which is continuing,
the entirety of the Available Reserve Amount shall be deposited in the
Collection Account. 

                         (f)
All instructions required to be provided by the Servicer are deemed given if
included in the Monthly Servicer’s Report or in a separate writing. 

                         (g)
In the event the Monthly Servicer’s Report shows that, as of any Determination
Date, there are amounts on deposit in the Collection Account which do not
constitute Collections and to which the Depositor is entitled hereunder, the
Servicer shall direct the Indenture Trustee to forthwith pay such amount to or
upon its written order. 

                    Section
7.06 Repurchases of, or Substitution for, Contracts for Breach of
Representations and Warranties. Upon a discovery by the Servicer of an
inaccuracy or breach of a representation or warranty set forth in the Schedule
of Representations which has been made or deemed made with respect to a
Contract in the Contract Pool, which inaccuracy or breach materially adversely
affects the Trust’s or any Noteholder’s or the Equity Certificateholder’s
interest in such Contract (without regard to the benefits of the Reserve
Account, any reserve fund, over-collateralization or other similar enhancement)
or the collectibility thereof (an “Ineligible Contract”), the Servicer shall
promptly notify CFUSA thereof. As provided in the Series 2008-VT1 VFC Purchase
Agreement and the Non-VFC Purchase Agreement and in accordance with this
Section 7.06, CFUSA is obligated to repurchase each such Ineligible Contract,
at a repurchase price equal to the Purchase Amount (determined as of the date
such repurchase is to be funded), not later than the second Deposit Date
following the date the Servicer becomes aware of any such breach or inaccuracy
and which breach or inaccuracy has not otherwise been cured; provided, however,
that if CFUSA is able to effect a substitution for any such Ineligible Contract
in compliance with Section 2.03, CFUSA may, in lieu of repurchasing such
Ineligible Contract, effect a substitution for such Ineligible Contract with a
Substitute Contract not later than the date a repurchase of such Ineligible
Contract would be required hereunder; and provided further, that with respect
to a breach or inaccuracy of any such representations or warranties relating to
the Contract Pool (or all Contracts conveyed on the Closing Date or
Substitution Transfer Date, as the case may be) in the aggregate and not to any
particular Contract, CFUSA (or the Servicer acting on its behalf) may select
Contracts (without adverse selection) to repurchase (or substitute for) such
that had such Contracts not been included as part of the related Transferred
Assets (and, in the case of a substitution, had such Substitute Contract been
included as part of the related Transferred Assets instead of the selected
Ineligible Contract) there would have been no breach or inaccuracy of such
representation or warranty. Notwithstanding any other provision of this
Agreement, the obligation of CFUSA under the Purchase and Sale Agreements and
described in this Section 7.06 shall not terminate or be deemed released by any
party hereto upon a Servicing Transfer pursuant to Article VIII. The right to
enforce the repurchase or substitution obligation described in this Section
shall constitute the sole remedy of the Trust, the Indenture Trustee, the
Depositor, the Noteholders and the Equity Certificateholder with respect to the
inaccuracy or breach related to such Ineligible Contract. The Purchase Amount
shall be allocated in accordance with the Allocation Criteria. 

                    Section
7.07 Reassignment of Repurchased or Substituted Contracts. Upon deposit
into the Collection Account of the Purchase Amount with respect to an
Ineligible 

71

Contract as
described in Section 7.06 (or upon the Substitution Transfer Date related to a
Substitute Contract described in Section 7.06), or of the repurchase price set
forth in Section 7.08, the Indenture Trustee shall release and reassign to
CFUSA all of the Trust’s right and interest in the repurchased or substituted
Contract and related Transferred Assets upon receipt of written instruction
from the Servicer without recourse, representation or warranty, and such
reassigned Contract shall no longer thereafter be included in any calculations
of Contract Principal Balances required to be made hereunder or otherwise be
deemed a part of the Trust Assets. 

                    Section
7.08 The Servicer’s Purchase Option. On written notice to the Indenture
Trustee and the Swap Counterparty at least twenty (20) days prior to a Payment
Date, and provided that the aggregate Principal Amount of Notes outstanding on
such Payment Date is less than 10% of the Initial Contract Pool Principal
Balance, the Servicer may (but is not required to) repurchase from the Trust on
that Payment Date all outstanding Contracts in the Contract Pool at a price
equal to the sum of (a) the aggregate outstanding Principal Amount of the Notes
plus accrued unpaid interest thereon as of such Payment Date, plus (b) the
amount of Unreimbursed Servicer Advances (if any) as well as accrued and unpaid
monthly Servicing Fees to the date of such repurchase, plus (c) fees, expenses
and indemnities owed to the Trustees, as applicable, plus (d) any Net Swap
Payment payable to the Swap Counterparty, if applicable, and any termination
payments relative to the Swap Agreement minus (e) Collections and other
Available Funds on deposit in the Collection Account and available to make such
payments on such Payment Date (collectively the “Redemption Price”). If the
Servicer elects to purchase the outstanding Contracts, the then outstanding
Notes shall be redeemed on the Payment Date on which the purchase by the
Servicer occurs (the “Redemption Date”).  

ARTICLE VIII

SERVICER DEFAULTS; SERVICING TRANSFER

                    Section
8.01 Servicer Default. “Servicer Default” means the occurrence of any of the
following:  

                         (a)
any failure by the Servicer to make any payment, transfer or deposit or to give
instructions or notice to the Owner Trustee or the Indenture Trustee to make
any payment, transfer or deposit, or to deliver the Monthly Servicer’s Report
pursuant to this Agreement, which failure continues unremedied for a period of
five (5) Business Days after the first to occur of (i) the date on which
written notice from the Owner Trustee (with a copy to the Indenture Trustee) or
the Indenture Trustee (with a copy to the Owner Trustee) of such failure shall
have been given to the Servicer, or (ii) the date the Servicer becomes aware
thereof; or 

                         (b)
failure on the part of the Servicer duly to observe or perform any other
covenants or agreements of the Servicer set forth in this Agreement which has a
material adverse effect on the Noteholders, which continues unremedied for a
period of thirty (30) days after the first to occur of (i) the date on which
written notice of such failure requiring the same to be remedied shall have
been given to the Servicer and the Owner Trustee by the Indenture Trustee or to
the Servicer, the Owner Trustee and the Indenture Trustee by the Noteholders,
or the Indenture Trustee on behalf of such Noteholders, of Notes aggregating
not less than 25% of 

72

 the Principal Amount of any Class adversely
affected thereby, and (ii) the date on which the Servicer becomes aware
thereof, and such failure continues to materially adversely affect the Noteholders
for such period; or 

                         (c)
any representation, warranty or certification made by the Servicer in this
Agreement or in any certificate delivered pursuant hereto shall prove to have
been incorrect when made, which has a material adverse effect on the
Noteholders and which continues to be incorrect in any material respect for a
period of thirty (30) days after the first to occur of (i) the date on which
written notice of such incorrectness requiring the same to be remedied shall have
been given to the Servicer and the Owner Trustee by the Indenture Trustee, or
to the Servicer, the Owner Trustee and the Indenture Trustee by Noteholders, or
by the Indenture Trustee on behalf of Noteholders, of Notes aggregating not
less than 25% of the Principal Amount of any Class adversely affected thereby,
and (ii) the date on which the Servicer becomes aware thereof, and such
incorrectness continues to materially adversely affect the Noteholders for such
period; or 

                         (d)
an Insolvency Event shall occur with respect to the Servicer. 

                    Notwithstanding
the foregoing, a delay in or failure of performance referred to under clause
(a) above for a period of five (5) Business Days or referred to under clause
(b) or (c) for a period of sixty (60) days (in addition to any period provided
in (a), (b) or (c)) shall not constitute a Servicer Default until the
expiration of such additional five (5) Business Days or sixty (60) days,
respectively, if such delay or failure could not be prevented by the exercise
of reasonable diligence by the Servicer and such delay or failure was caused by
an act of God or other similar occurrences. Upon the occurrence of any such
event the Servicer shall not be relieved from using its best efforts to perform
its obligations in a timely manner in accordance with the terms of this
Agreement and the Servicer shall provide the Owner Trustee, the Indenture
Trustee and the Depositor prompt notice of such failure or delay by it,
together with a description of its efforts to so perform its obligations. The
Servicer shall promptly notify the Indenture Trustee in writing of any Servicer
Default of which it is aware. 

                    Section
8.02 Servicing Transfer. (a) If a Servicer Default has occurred and is
continuing, the Required Holders or the Indenture Trustee (subject to the right
of the Indenture Trustee to indemnification pursuant to Section 6.02(g) or 6.07
of the Indenture) may and shall at the direction of the Required Holders, by
written notice (a “Termination Notice”) delivered to the parties hereto,
terminate all (but not less than all) of the Servicer’s rights and obligations
under this Agreement with respect to the Trust Assets. 

                         (b)
Upon delivery of the Termination Notice (or, if later, on a date designated
therein), and on the date that a successor Servicer shall have been appointed
pursuant to Section 8.03 (such appointment being herein called a “Servicing
Transfer”), all rights, benefits, fees, indemnities, authority and power of the
Servicer under this Agreement, whether with respect to the Contracts in the
Contract Pool, the Contract Files or otherwise, shall pass to and be vested in
such successor (the “Successor Servicer”) pursuant to and under this Section
8.02; and, without limitation, the Successor Servicer is authorized and
empowered to execute and deliver on behalf of the Servicer, as attorney-in-fact
or otherwise, any and all documents and other instruments, and to do any and
all acts or things necessary or appropriate to 

73

effect the
purposes of such notice of termination. The Servicer agrees to reasonably
cooperate with the Successor Servicer in effecting the termination of the
responsibilities and rights of the Servicer under this Agreement, including,
without limitation, the transfer to the Successor Servicer for administration
by it of all cash amounts which shall at the time be held by the Servicer for
deposit, or have been deposited by the Servicer, in the Collection Account, or
in connection with its services hereafter or thereafter received with respect
to the Contracts in the Contract Pool. The Servicer shall transfer to the
Successor Servicer (i) all records held by the Servicer relating to such
Contracts in such electronic form as the Successor Servicer may reasonably
request and (ii) any related Contract Files in the Servicer’s possession. In
addition, the Servicer shall permit access to its premises and employees
(including all computer records and programs) to the Successor Servicer or its
designee, and shall pay the reasonable transition expenses of the Successor
Servicer. Upon a Servicing Transfer, the Successor Servicer shall thereafter
also be entitled to receive the Servicing Fee for performing the obligations of
the Servicer. 

                    Section
8.03 Appointment of Successor Servicer; Reconveyance; Successor Servicer to
Act. Upon delivery of the Termination Notice (or, if later, on a date
designated therein), the Servicer shall continue to perform all servicing
functions under this Agreement until the date specified in the Termination
Notice or, if no such date is specified, until a date mutually agreed by the
Servicer and the Indenture Trustee. The Indenture Trustee shall as promptly as
possible after the giving of or receipt of a Termination Notice, appoint a
Successor Servicer, and such Successor Servicer shall accept its appointment by
a written assumption and by delivery of an opinion of counsel (which shall not
be at the expense of the Indenture Trustee) to the Successor Servicer relating
to corporate matters and enforceability, in each case in a form acceptable to
the Indenture Trustee and the Owner Trustee. Any Successor Servicer shall be a
financial institution having a net worth of at least $50,000,000 and whose regular
business includes the servicing of contracts similar to the Contracts in the
Contract Pool. 

                    In
the event that a Successor Servicer has not been appointed and has not accepted
its appointment within 60 days of the delivery of a Termination Notice, then
the Indenture Trustee shall offer the Depositor, and the Depositor shall offer
CFUSA, the right to accept retransfer of all the Trust Assets, and such party
may accept retransfer of such Trust Assets in consideration of the Depositor’s
delivery to the Collection Account on or prior to the next upcoming Payment
Date of a sum equal to the Aggregate Principal Amount of all Notes then
outstanding, together with accrued and unpaid interest thereon through such
date of deposit; provided, that the Indenture Trustee, if so directed by the
Required Holders, need not accept and effect such reconveyance in the absence
of evidence (which may include valuations of an investment bank or similar
entity, which shall not be at the expense of the Indenture Trustee) reasonably
acceptable to such Indenture Trustee or Required Holders that such retransfer
would not constitute a fraudulent conveyance of the Depositor or CFUSA;
provided, further, CFUSA may not accept such retransfer unless it shall have delivered
to each Rating Agency, with a copy to the Indenture Trustee, an Opinion of
Counsel (which shall not be an employee of the Trust) that such retransfer
would not constitute a fraudulent conveyance of the Depositor or CFUSA or that
such retransfer would not constitute a preferential payment by the Depositor or
CFUSA. 

                    In
the event that a Successor Servicer has not been appointed and has not accepted
its appointment at the time when the then Servicer has ceased to act as
Servicer, the Indenture 

74

Trustee
without further action shall automatically be appointed the Successor Servicer.
The Indenture Trustee shall be entitled to receive the Servicing Fee while
assuming such duties and shall be entitled to all rights and benefits of the
Servicer (or Successor Servicer) including the indemnity rights under Section
8.07 hereof. Notwithstanding the foregoing, if the Indenture Trustee is legally
unable or prohibited from so acting or is unwilling to so act, it shall
petition a court of competent jurisdiction to appoint any established financial
institution having a net worth of at least $50,000,000 and whose regular
business includes the servicing of contracts similar to the Contracts in the
Contract Pool as the Successor Servicer hereunder. On or after a Servicing
Transfer, the Successor Servicer shall be the successor in all respects to the
Servicer in its capacity as servicer under this Agreement and the transactions
set forth or provided for in this Agreement, and shall be subject to all the
responsibilities, duties and liabilities relating thereto placed on the
Servicer by the terms and provisions hereof, and the terminated Servicer shall
be relieved of such responsibilities, duties and liabilities arising after such
Servicing Transfer; provided, however, that the Successor Servicer shall not be
liable for any acts or omissions of the departing Servicer occurring prior to
such Servicing Transfer or for any breach by the departing Servicer of any of
its representations and warranties contained in this Agreement or in any
related Transaction Document or other agreement. As compensation therefor, the
Successor Servicer shall be entitled to receive the Servicing Fee from and
after the Servicing Transfer. The Trust, the Noteholders and the Equity
Certificateholders, the Indenture Trustee and such successor shall take such
action, consistent with this Agreement, as shall be necessary to effectuate any
such succession. To the extent the terminated Servicer has made Servicer
Advances, it shall be entitled to reimbursement of the same (and any unpaid
Servicing Fees accrued prior to the Servicing Transfer) notwithstanding its
termination hereunder, to the same extent as if it had continued to service the
Trust Assets hereunder. In addition, it is understood and agreed that if
Servicer Default has occurred and is continuing and a Servicer Transfer is
being effected by action of the Indenture Trustee hereunder, any documented
expenses reasonably incurred by the Indenture Trustee in connection with effecting
such Servicer Transfer shall be deemed expenses reimbursable from Available
Funds. 

                    Section
8.04 Notifications to Noteholders and the Equity Certificateholders. (a)
Promptly following the occurrence of any Servicer Default of which it is aware,
the Servicer shall give written notice thereof to the Trustees, the Depositor
and each Rating Agency at the addresses described in Section 11.03 and to the
Noteholders and Equity Certificateholder at their respective addresses
appearing on the Note Register and the Certificate Register, respectively. 

                         (b)
Within ten (10) days following any termination or appointment of a Successor
Servicer pursuant to this Article VIII, the Indenture Trustee shall give
written notice thereof to each Rating Agency and the Depositor at the addresses
described in Section 11.03, and to the Noteholders, at their respective
addresses appearing on the Note Register, and to the Owner Trustee. 

                    Section
8.05 Effect of Transfer. (a) Except as otherwise set forth in this
Agreement, after a Servicing Transfer, the terminated Servicer shall have no
further rights or obligations under this Agreement, including, without
limitation, with respect to the management, administration, servicing, custody
or collection of the Trust Assets, and the Successor Servicer appointed
pursuant to Section 8.03 shall have all of such obligations, except that the
terminated Servicer will transmit or cause to be transmitted directly to the
Successor Servicer for its own 

75

account,
promptly on receipt and in the same form in which received, any amounts or
items (properly endorsed where required for the Successor Servicer to collect
them) received as payments upon or otherwise in connection with the Contracts
in the Contract Pool. 

                         (b)
A Servicing Transfer shall not affect the rights and duties of the parties to
this Agreement (including but not limited to the indemnities of the departing
Servicer) other than those relating to the management, administration,
servicing, custody or collection of the Contracts in the Contract Pool and
related Transferred Assets. 

                    Section
8.06 Database File. The Servicer will provide the Successor Servicer
with a magnetic tape containing the database file for each Contract in the
Contract Pool on and as of the Business Day before the actual commencement of
servicing functions by the Successor Servicer following the occurrence of a
Servicer Default. 

                    Section
8.07 Successor Servicer Indemnification. The departing Servicer shall
defend, indemnify and hold the Successor Servicer and any officers, directors,
employees or agents of the Successor Servicer harmless against any and all
claims, losses, penalties, fines, forfeitures, reasonable legal fees and
related costs, judgments and any other costs, fees, and expenses that the
Successor Servicer may sustain in connection with the claims asserted at any
time by third parties against the Successor Servicer which result from (i) any
willful or grossly negligent act taken or omission by the departing Servicer or
(ii) a breach of any representations of the departing Servicer in Section 3.03.
The indemnification provided by this Section 8.07 shall survive (a) a Servicing
Transfer and/or (b) the termination of this Agreement. 

                    Section
8.08 Responsibilities of the Successor Servicer. The Successor Servicer
will not be responsible for delays attributable to the departing Servicer’s
failure to deliver information, defects in the information supplied by the
departing Servicer or other circumstances beyond the control of the Successor
Servicer. 

                    The
Successor Servicer will make arrangements with the departing Servicer for the
prompt and safe transfer of, and the departing Servicer shall provide to the
Successor Servicer, all necessary servicing files and records, including (as
deemed necessary by the Successor Servicer at such time): (i) microfiche loan
documentation, (ii) servicing system tapes, (iii) Contract payment history,
(iv) collections history and (v) the trial balances, as of the close of
business on the day immediately preceding conversion to the Successor Servicer,
reflecting all applicable Contract Pool information. The departing Servicer shall
be obligated to pay the costs associated with the transfer of the servicing
files and records to the Successor Servicer. 

                    The
Successor Servicer shall have no responsibility and shall not be in default
hereunder or incur any liability for any failure, error, malfunction or any
delay in carrying out any of its duties under this Agreement if any such
failure or delay results from the Successor Servicer acting in accordance with
information prepared or supplied by a Person other than the Successor Servicer
or the failure of any such Person to prepare or provide such information. The
Successor Servicer shall have no responsibility, shall not be in default and
shall incur no liability (i) for any act or failure to act by any third party,
including the departing Servicer, the Depositor or the Trustees or for any
inaccuracy or omission in a notice or communication received by the Successor
Servicer from any third party or (ii) which is due to or results from the
invalidity or 

76

unenforceability
of any Contract under applicable law or the breach or the inaccuracy of any
representation or warranty made with respect to any Contract. 

                    Any
Successor Servicer which assumes the role of Successor Servicer hereunder shall
be entitled to the benefits of (and shall be subject to the provisions of)
Section 5.05 concerning delegation of duties to subservicers. 

                    None
of the provisions contained in this Agreement shall in any event require the
Indenture Trustee to perform, or be responsible for the manner of performance
of, any of the obligations of the Servicer under this Agreement except during
such time, if any, as the Indenture Trustee shall be the successor to, and be
vested with the rights, duties, powers and privileges of, the Servicer in
accordance with the terms of this Agreement. 

                    Section
8.09 Servicer Not to Resign. The Servicer shall not resign from its
obligations and duties under this Agreement except upon determination that the
performance of its duties shall no longer be permissible under applicable law,
compliance with which could not be realized without material adverse impact on
the Servicer’s financial condition. No such resignation shall become effective
until the Indenture Trustee or a successor Servicer shall have assumed the
responsibilities and obligations of the Servicer in accordance with Section
8.03 hereof. 

ARTICLE IX

SERVICER REPORTING

                    Section
9.01 Monthly Servicer’s Reports. With respect to each Payment Date and
the related Collection Period, the Servicer will provide to each Trustee,
Paying Agent and each Rating Agency, on the related Determination Date, a
monthly statement (a “Monthly Servicer’s Report”) substantially in the form of Exhibit
C hereto. The Servicer will make the Monthly Servicer’s Report available
each month to Noteholders and the Rating Agencies via the investor relations
section of CIT Group Inc.’s website at http://www.cit.com. Parties that
are unable to use http://www.cit.com are entitled to have a paper copy
of the Monthly Servicer’s Report mailed to them via first class mail by
requesting such in writing to the Indenture Trustee. The Indenture Trustee
shall have the right to change the way the Monthly Servicer’s Report is distributed
in order to make such distribution more convenient and/or more accessible to
the above parties and the Indenture Trustee shall provide timely and adequate
notification (which notice shall not be less than 30 days) to all above parties
regarding any such changes. The parties hereto acknowledge that the Indenture
Trustee has no obligation to verify the accuracy of the Monthly Servicer’s
Report. The Servicer will file the Monthly Servicer’s Reports with the
Commission to the extent required by the Exchange Act. 

                    Section
9.02 Officer’s Certificate. Each Monthly Servicer’s Report delivered
pursuant to Section 9.01 shall be accompanied by a certificate of a Servicing
Officer certifying the accuracy of the Monthly Servicer’s Report. 

                    Section
9.03 Other Data. The Servicer shall, upon the request of any Trustee or
any Rating Agency, furnish such Trustee or Rating Agency, as the case may be,
such underlying 

77

data used to
generate a Monthly Servicer’s Report as may be reasonably requested. In
addition, the Servicer will communicate with the Swap Counterparty and shall
provide the Swap Counterparty with all necessary information as reasonably
requested relating to the interest scheduled to be paid by the Trust under this
Agreement so that the Swap Counterparty can perform its obligations under the
Swap Agreement. 

                    Section
9.04 Annual Reporting; Evidence as to Compliance. The Servicer shall
cause a firm of nationally recognized independent accountants (the “Independent
Accountants”), who may also render other services to the Servicer or its
Affiliates, to deliver to the Trustees, the Depositor and each Rating Agency,
on or before March 31 of each year, beginning on March 31, 2009, with respect
to the twelve months ended the immediately preceding December 31 or other
applicable date), a report addressed to the Board of Directors of the Servicer
and to the Trustees (the “Accountant’s Report”) to the effect that such
Independent Accountants have, at the request of the Servicer, (i) audited the
financial statements of the Servicer (or, if the Servicer is a wholly owned
subsidiary of another entity, the financial statements of such parent entity)
and issued an opinion thereon and that such audit was made in accordance with
generally accepted auditing standards as in effect in the jurisdiction of the
entity being audited, which require that such Independent Accountants plan and
perform the audit to obtain reasonable assurance as to whether the financial
statements of the Servicer (or its parent, as applicable) are free of material
misstatement, and (ii) examined management’s assertion that the Servicer
maintained effective control over the servicing of its assets based on the
servicing activities that the Servicer performs in accordance with this
Agreement, and providing an attestation report on assessments of compliance
with the servicing criteria with respect to the Servicer during the related
fiscal year in compliance with United States of America securities laws,
including Rule 13(a)-18 or Rule 15(d)-18 of the Exchange Act and Item 1122 of
Regulation AB, as well as confirming that such examination was performed in
accordance with standards established by the American Institute of Certified
Public Accountants. A copy of the Accountant’s Report may be obtained by any
Securityholder by a request in writing to the Indenture Trustee, in the case of
a Noteholder, or in the case of the Equity Certificateholder, by a request in
writing to the Owner Trustee addressed to its Corporate Trust Office. 

                    Section
9.05 Annual Statement of Compliance from Servicer. The Servicer will
deliver to the Trustees, the Depositor and each of the Rating Agencies, on or
before March 31 of each year commencing March 31, 2009, a statement of
compliance required under United States securities laws, including Item 1123 of
Regulation AB, with respect to such fiscal year, which statement will include
an Officer’s Certificate of the Servicer (with appropriate insertions) to the effect
that (a) a review of the activities of the Servicer during the prior calendar
year and of its performance under this Agreement was made under the supervision
of the officer signing such certificate and (b) to the best of such officer’s
knowledge, based on such review, the Servicer has fulfilled all of its
obligations under this Agreement in all material respects throughout such
fiscal year or, if there has been a failure to fulfill any such obligation in
any material respect, specifying each such failure known to such officer and
the nature and status thereof. 

                    A
copy of such certificate may be obtained by any Noteholder or the Equity
Certificateholder by a request in writing to the Indenture Trustee, with
respect to any Noteholder, or to the Owner Trustee, with respect to the Equity
Certificateholder. 

78

                    Section
9.06 Reports to the Commission. (a) The Servicer is hereby authorized
and empowered, at the expense of the Depositor, to make any filings, reports,
notices, applications and registrations with, and to seek any consents or
authorizations from, the Commission and any state securities authority on
behalf of the Trust as may be necessary or advisable to comply with any Federal
or state securities laws or reporting requirements. The Trustees shall furnish,
within a reasonable period of time, the Servicer with any powers of attorney or
other documents necessary or appropriate to enable the Servicer to carry out
its servicing and administrative duties hereunder. 

                         (b)
The Servicer shall, on behalf of the Trust and the expense of the Depositor,
cause to be filed with the Commission any periodic reports required to be filed
under the provisions of the Exchange Act and the rules and regulations of the
Commission thereunder. The Depositor shall, at the expense of the Servicer,
cooperate in any reasonable request of the Servicer in connection with such
filings. 

ARTICLE X

TERMINATION

                    Section
10.01 Sale of Trust Assets. (a) Upon any transfer of Trust Assets
pursuant to Section 9.02 of the Trust Agreement, the Servicer shall instruct
the Indenture Trustee in writing to deposit the proceeds from such transfer
after all payments and reserves therefrom have been made (the “Insolvency
Proceeds”) into the Collection Account. On the Payment Date on which the
Insolvency Proceeds are deposited in such Collection Account (or, if such
proceeds are not so deposited on a Payment Date, on the Payment Date
immediately following such deposit), the Servicer shall instruct the Indenture
Trustee to allocate and apply the Insolvency Proceeds as if (and in the same
order of priority as if) the Insolvency Proceeds were Collections being
allocated and paid on such date pursuant to this Agreement. 

                         (b)
Notice of any termination of the Trust shall be given by the Servicer to the
Owner Trustee, Indenture Trustee and the Swap Counterparty as soon as
practicable after the Servicer has received notice thereof. 

                         (c)
Following the satisfaction and discharge of the Indenture and the payment in
full of the principal of and interest on the Notes, the Equity
Certificateholder will succeed to the rights of the Noteholders hereunder. 

ARTICLE XI

MISCELLANEOUS

                    Section
11.01 Amendments. (a) This Agreement may be amended in writing by CFUSA,
the Servicer and the Trust and the Indenture Trustee without prior notice to or
the consent of any of the Holders, and in the case of clauses (iv), (v) and
(vi), upon satisfaction of the Rating Agency Condition, (i) to correct manifest
error or cure any ambiguity; (ii) to correct or supplement any provisions
herein which may be inconsistent with any other provisions herein; (iii) to add
or amend any provisions as requested by the Rating Agencies in order to
maintain or 

79

improve any
rating of the Notes (it being understood that, after the Closing Date, neither
the Trust, the Owner Trustee, the Indenture Trustee, nor CFUSA is obligated to
maintain or improve such rating); (iv) to add to the covenants, restrictions or
obligations of CFUSA, the Servicer, the Trust or the Indenture Trustee or to
provide for the delivery of or substitution of a Servicer Letter of Credit; (v)
to evidence and provide for the acceptance of the appointment of a successor
trustee with respect to the Trust Estate and add to or change any provisions as
shall be necessary to facilitate the administration of the trusts under the
Trust Agreement by more than one trustee pursuant to Article X of the Trust
Agreement; (vi) to add, change or amend any provision to maintain the trust as
an entity not subject to federal income tax; or (vii) to add, change or
eliminate any other provisions, provided that an amendment pursuant to this
clause (vii), shall not, as evidenced by an Officer’s Certificate for the
Servicer or CFUSA, adversely affect in any material respect the interests of
the Trust, any Noteholder or the Equity Certificateholder. 

                         (b)
This Agreement may also be amended from time to time by the parties signatory
hereto, with the consent of the Required Holders, for the purpose of adding any
provisions to or changing in any manner or eliminating any of the provisions
thereof or of modifying in any manner the rights of the Noteholders or the
Equity Certificateholder; provided, however, that no such amendment shall (i)
increase or reduce in any manner the amount of, or accelerate or delay the
timing of, Collections, payments on the Trust Assets or payments that shall be
required to be made on any Note or the Equity Certificate (including by way of
amendment of related definitions); (ii) change the manner in which the Reserve
Account is applied; (iii) change in any manner (including through amendment of
related definitions) the Noteholders and the Equity Certificateholder which are
required to consent to any such amendment; or (iv) make any Note or the Equity
Certificate payable in money other than Dollars, without the consent of the
Noteholders of all Notes of the relevant affected Class then outstanding and
the Equity Certificateholder, if affected; or (v) change in any manner the
duties of the Indenture Trustee under this Agreement without its written
consent (in any such case). 

                         (c)
Prior to the execution of any such amendment or consent, the Indenture Trustee
shall furnish written notification of the substance of such amendment or
consent, together with a copy thereof, to each Rating Agency. 

                         (d)
Promptly after the execution of any such amendment or consent, the Indenture
Trustee shall furnish written notification of the substance of such amendment
or consent to each Noteholder and the Equity Certificateholder, respectively.
It shall not be necessary for the consent of Noteholders and the Equity
Certificateholder pursuant to Section 11.01(b) to approve the particular form
of any proposed amendment or consent, but it shall be sufficient if such
consent shall approve the substance thereof. The manner of obtaining such
consents and of evidencing the authorization by Noteholders and the Equity
Certificateholder of the execution thereof shall be subject to such reasonable
requirements as the Indenture Trustee may prescribe. 

                         (e)
Each Trustee shall be entitled to receive and rely upon an Opinion of Counsel
stating that the execution of such amendment on behalf of the Trust is
authorized or permitted by this Agreement, and that all conditions precedent to
such execution as set forth herein have been satisfied. A Trustee may, but
shall not be obligated to, enter into any such 

80

amendment
which affects such Trustee’s own rights, duties or immunities under this
Agreement or otherwise. 

                         (f)
Notwithstanding anything to the contrary in the foregoing provisions of this
Section 11.01, the Depositor or the Servicer, acting on behalf of the
Depositor, may request each Rating Agency to approve a formula for determining
the Specified Reserve Account Balance that is different from the formula or result
determined from the current definition thereof contained herein so as to result
in a decrease in the amount of the Specified Reserve Account Balance or the
manner by which such Reserve Account is funded. If each Rating Agency delivers
to the Indenture Trustee and Owner Trustee a written notice or letter
satisfying the Rating Agency Condition in connection with such change, then the
Specified Reserve Account Balance will be thereafter determined in accordance
with such changed formula or manner of funding, and an amendment to this
Agreement effecting such change may be executed without the consent of any
Noteholder and the Equity Certificateholder. 

                         (g)
Notwithstanding anything to the contrary in the foregoing provisions of this
Section 11.01, this Agreement shall not be amended without the written consent
of the Swap Counterparty if such amendment would have a material adverse effect
on the Swap Counterparty. 

                    Section
11.02 Governing Law. THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE
WITH THE LAWS OF THE STATE OF NEW YORK AND THE OBLIGATIONS, RIGHTS, AND
REMEDIES OF THE PARTIES UNDER THIS AGREEMENT SHALL BE DETERMINED IN ACCORDANCE
WITH SUCH LAWS, WITHOUT REGARD TO CONFLICTS OF LAWS PROVISIONS. 

                    Section
11.03 Notices. All notices, demands, certificates, directions, requests
and communications hereunder (“notices”) shall be in writing and shall be
effective (a) upon receipt when sent through the U.S. mails, registered or
certified mail, return receipt requested, postage prepaid, with such receipt to
be effective the date of delivery indicated on the return receipt, or (b) one
(1) Business Day after delivery to an overnight courier (specifying one (1)
Business Day delivery), or (c) on the date personally delivered to an
authorized officer of the party to which sent, or (d) on the date transmitted
by legible telefax transmission with a confirmation of receipt, in all cases
addressed to the recipient as follows: 

	
 

	
 

	
 

	
 

	
(i)

	
If to the
  Servicer: 

	
 

	
 

	
 

	
 

	
 

	
CIT
  Financial USA, Inc. 

  l CIT Drive 

  Livingston, New Jersey 07039 

  Attn: Treasury – Securitization

	
 

	
 

	
 

	
 

	
 

	
Fax No.:
  (973) 535-5900

  Telephone No.: (973) 740-5058

81

	
 

	
 

	
 

	
 

	
 

	
with a copy
  to:

	
 

	
 

	
 

	
 

	
 

	
CIT Group
  Inc.

  1 CIT Drive

  Livingston, New Jersey 07039

  Attn: Treasury - Securitization

	
 

	
 

	
 

	
 

	
 

	
Fax No.:
  (973) 535-5900

  Telephone No.: (973) 740-5058 

	
 

	
 

	
 

	
 

	
(ii)

	
If to the
  Depositor:

	
 

	
 

	
 

	
 

	
 

	
CIT Funding
  Company, LLC 

  1 CIT Drive 

  Livingston, New Jersey 07039 

  Attn: Treasury - Securitization

	
 

	
 

	
 

	
 

	
 

	
Fax No.:
  (973) 535-5900 

  Telephone No.: (973) 740-5058

	
 

	
 

	
 

	
 

	
(iii)

	
If to the
  Indenture Trustee:

	
 

	
 

	
 

	
 

	
 

	
Manufacturers
  and Traders Trust Company 

  25 S. Charles Street, 16th Floor 

  Baltimore, Maryland 21201 

  Attn: Corporate Trust Services

	
 

	
 

	
 

	
 

	
 

	
Fax No.:
  (410) 244-4236

  Telephone No.: (410) 949-3268

	
 

	
 

	
 

	
 

	
 

	
with a copy
  to:

	
 

	
 

	
 

	
 

	
 

	
M&T
  Trust Company of Delaware

  1220 N. Market Street, Suit 200 

  Wilmington, DE 19801

	
 

	
 

	
 

	
 

	
 

	
Fax No.:
  (302) 661-2266

  Telephone No.: (302) 255-4970

	
 

	
 

	
 

	
 

	
(iv)

	
If to CFUSA:

	
 

	
 

	
 

	
 

	
 

	
CIT
  Financial USA, Inc. 

  1 CIT Drive 

  Livingston, New Jersey 07039 

  Attn: Treasury - Securitization

82

	
 

	
 

	
 

	
 

	
 

	
Fax No.:
  (973) 535-5900

  Telephone No.: (973) 740-5058 

	
 

	
 

	
 

	
 

	
(v)

	
If to the
  Trust or the Owner Trustee: 

	
 

	
 

	
 

	
 

	
 

	
Deutsche
  Bank Trust Company Delaware

  c/o Deutsche Bank Trust Company Americas 

  Structure Finance Services 

  60 Wall Street, 26th Floor 

  Mail Stop NYC60-2606 

  New York, New York 10005 

	
 

	
 

	
 

	
 

	
 

	
Fax No.:
  (212) 553-2460 

  Telephone No.: (212) 250-2946 

	
 

	
 

	
 

	
 

	
(vi)

	
if to
  Standard and Poor’s: 

	
 

	
 

	
 

	
 

	
 

	
Standard
  & Poor’s Ratings Services

  55 Water Street 

  New York, New York 10041 

	
 

	
 

	
 

	
 

	
 

	
Fax No.:
  (212) 438-2489

  Telephone No.: (212) 438-2649 

	
 

	
 

	
 

	
 

	
(vii)

	
if to
  Moody’s: 

	
 

	
 

	
 

	
 

	
 

	
Moody’s
  Investors Service, Inc.

  99 Church Street 

  New York, New York 10007 

	
 

	
 

	
 

	
 

	
 

	
Fax No:
  (212) 553-7820

  Telephone No.: (212) 553-3661 

	
 

	
 

	
 

	
 

	
(viii)

	
if to Fitch:
  

	
 

	
 

	
 

	
 

	
 

	
Fitch, Inc. 

  70 West Madison 

  Suite 3500 

  Chicago, Illinois 60602 

  Attention: Asset Backed Monitoring Group

  (Equipment)

	
 

	
 

	
 

	
 

	
 

	
Fax No.:
  (312) 368-2068

  Telephone No.: (312) 368-3100 

	
 

	
 

	
 

	
 

	
(ix)

	
if to the
  Swap Counterparty:

83

	
 

	
 

	
 

	
 

	
 

	
5 The North
  Colonnade 

  Canary Wharf 

  London E14 4BB, England 

  Attention: Swaps Documentation 

  Facsimile No.: 0207-773-6857/6858 

  Telephone No.: 0207-773-6915/6904

	
 

	
 

	
 

	
 

	
 

	
with a copy
  to:

	
 

	
 

	
 

	
 

	
 

	
General
  Counsel’s Office 

  200 Park Avenue 

  New York, NY 10166

                    Each
party hereto may, by notice given in accordance herewith to each of the other
parties hereto, designate any further or different address to which subsequent
notices shall be sent. 

                    Section
11.04 Severability of Provisions. If one or more of the covenants,
agreements, provisions or terms of this Agreement shall be for any reason
whatsoever held invalid or unenforceable, 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 provisions of this Agreement or of
the Securities or the rights of the holders thereof. 

                    Section
11.05 Third Party Beneficiaries. Except as otherwise specifically
provided herein, the parties hereto hereby manifest their intent that no third
party shall be deemed a third party beneficiary of this Agreement, and specifically
that Obligors are not third party beneficiaries of this Agreement; provided,
that (i) the Owner Trustee shall be a third party beneficiary of this Agreement
for purposes of Sections 3.01 and 3.02 and 11.11, and the fee and
indemnification provisions hereof, (ii) the Indenture Trustee shall be a third
party beneficiary of this Agreement for purposes of Section 3.01, 3.02 and 8.03
and the fee and indemnification provisions hereof and (iii) the Swap
Counterparty shall be a third party beneficiary. 

                    Section
11.06 Counterparts. This Agreement may be executed in several
counterparts including by telefax or electronic imaging transmission thereof
(and by different parties on separate counterparts), each of which shall be an
original and all of which shall together constitute but one and the same
instrument. 

                    Section
11.07 Headings. The headings of the various Articles and Sections herein
are for convenience of reference only and shall not define or limit any of the
terms or provisions hereof. 

                    Section
11.08 No Bankruptcy Petition; Disclaimer and Subordination. 

                         (a)
Each of the Servicer, the Owner Trustee and each Noteholder and the Equity
Certificateholder (by acceptance of the applicable Notes or the Equity
Certificate) covenants and agrees that it will not institute against the
Depositor, or the Trust, or solicit or join 

84

in or
cooperate with or encourage any other Person in instituting against the
Depositor or the Trust, any bankruptcy, reorganization, arrangement, insolvency
or liquidation proceedings or other similar proceedings under the laws of the
United States of America or any state of the United States of America. The
parties hereto agree that the obligations under this Section 11.08 shall
survive termination of this Agreement.

                              (b)
Consistent with the provisions in Section 2.07 of the Trust Agreement and
Section 6.17 hereof, the Trust, as well as each Noteholder and the Equity
Certificateholder, by accepting a Note or the Equity Certificate, acknowledges
and agrees that such Note or the Equity Certificate, represents a debt instrument
secured by, or a beneficial interest in, the Trust and Trust Assets only and
does not represent an interest in any assets (other than the Trust Assets)
of the Depositor (including by virtue of any deficiency claim in respect of
obligations not paid or otherwise satisfied from the Trust Assets and proceeds
thereof). In furtherance of and not in derogation of the foregoing, to the
extent the Depositor enters into other securitization transactions as
contemplated in Section 6.07, the Trust as well as each Noteholder and the
Equity Certificateholder by accepting a Note or Equity Certificate acknowledges
and agrees that it shall have no right, title or interest in or to any
assets (or interests therein) (other than Trust Assets) conveyed or
purported to be conveyed by the Depositor to another securitization trust
(i.e., other than the Trust) or other Person or Persons in connection therewith
(whether by way of a sale, capital contribution or by virtue of the granting of
a Lien) (“Other Assets”). To the extent that, notwithstanding the
agreements and provisions contained in the preceding sentences of this
subsection, the Trust, or any Noteholder and the Equity Certificateholder,
either (i) asserts an interest in or claim to, or benefit from, Other Assets,
whether asserted against or through the Depositor or any other Person owned by
the Depositor, or (ii) is deemed to have any such interest, claim or benefit in
or from Other Assets, whether by operation of law, legal process, pursuant to
applicable provisions of Insolvency Laws or otherwise (including without
limitation by virtue of Section 1111(b) of the federal Bankruptcy Code or
any successor provision having similar effect under the Bankruptcy Code), and
whether deemed asserted against or through the Depositor or any other Person
owned by the Depositor, then the Trust and each Noteholder and the Equity
Certificateholder by accepting a Note or the Equity Certificate further
acknowledges and agrees that (y) any such interest, claim or benefit in or from
Other Assets is and shall be expressly subordinated to the indefeasible payment
in full of all obligations and liabilities of the Depositor which, under the
terms of the relevant documents relating to the securitization of such Other
Assets, are entitled to be paid from, entitled to the benefits of, or otherwise
secured by such Other Assets (whether or not any such entitlement or security
interest is legally perfected or otherwise entitled to a priority of payment or
application under applicable law, including Insolvency Laws, and whether
asserted against the Depositor or any other Person owned by the Depositor),
including, without limitation, the payment of post-petition interest on such
other obligations and liabilities; and (z) it shall not enforce or collect, or
seek or cause the enforcement or collection of, any rights or remedies with
respect to any such interest, claim or benefit in or from Other Assets at any
time prior to the indefeasible payment in full of all obligations and
liabilities of the Depositor which, under the terms of the relevant documents
relating to the securitization of such Other Assets, are entitled to be paid
from, entitled to the benefits of, or otherwise secured by such Other Assets.
This subordination agreement shall be deemed a subordination agreement within
the meaning of Section 510(a) of the Bankruptcy Code. Each Noteholder and
the Equity Certificateholder, by accepting a Note or Equity Certificate,
further acknowledges and agrees that no adequate remedy at law exists for a 

85

breach of this
Section 11.08 and that the terms and provisions of this Section 11.08 may
be enforced by an action for specific performance.

                              (c)
The provisions of this Section 11.08 shall be for the third party benefit
of those entitled to rely thereon and shall survive the termination of this
Agreement.

                    Section
11.09 Jurisdiction. Any legal action or proceeding with respect to this
Agreement may be brought in the courts of the United States of America for the
Southern District of New York, and by execution and delivery of this Agreement,
each party hereto consents, for itself and in respect of its property, to the
non-exclusive jurisdiction of those courts. Each such party irrevocably waives
any objection, including any objection to the laying of venue or based on the
grounds of forum non conveniens, which it may now or hereafter have to the
bringing of any action or proceeding in such jurisdiction in respect of this
Agreement or any document related hereto.

                    Section
11.10 Servicer Indemnity. The Servicer will indemnify the Depositor, the
Trust, the Noteholders, and the Trustees (including in their respective
individual capacities), and any of their officers, directors, employees or
agents (each an “Indemnified Party”) from and against any and all claims,
losses, penalties, fines, forfeitures, legal fees and related costs, judgments
and any other costs, fees and expenses that any Indemnified Party may sustain
in connection with claims asserted by third parties against such Indemnified
Party which result from any act or omission on the part of the Servicer with
respect to the Trust Assets or its duties and obligations under this Agreement,
except where such claims arise out of any willful misconduct, gross negligence
or bad faith on the part of such Indemnified Party. Indemnification under this
Section shall survive the resignation or removal of the Owner Trustee or
Indenture Trustee, as the case may be, and the termination of the Trust
Agreement or this Agreement.

                    Section
11.11 Limitation of Liability of Owner Trustee. Notwithstanding anything
contained herein to the contrary, this Agreement has been executed on behalf of
the Trust by Deutsche Bank Trust Company Delaware, not in its individual
capacity but solely in its capacity as Owner Trustee of the Trust and in no
event shall Deutsche Bank Trust Company Delaware, in its individual capacity or
any beneficial owner of the Trust have any liability for the representations,
warranties, covenants, agreements or other obligations of the Trust hereunder,
as to all of which recourse shall be had solely to the assets of the Trust. For
all purposes of this Agreement, in the performance of any duties or obligations
of the Trust hereunder, the Owner Trustee shall be subject to, and entitled to
the benefits of, the terms and provisions of the Trust Agreement which apply to
or extend to the benefit of the Owner Trustee.

                    Section
11.12 WAIVER OF JURY TRIAL. EACH PARTY TO THIS AGREEMENT WAIVES ITS
RESPECTIVE RIGHTS TO A TRIAL BY JURY OF ANY CLAIM OR CAUSE OF ACTION BASED UPON
OR ARISING OUT OF OR RELATED TO THIS AGREEMENT OR ANY OTHER TRANSACTION
DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY, IN ANY ACTION,
PROCEEDING OR OTHER LITIGATION OF ANY TYPE BROUGHT BY ANY OF THE PARTIES
AGAINST ANY OTHER PARTY, WHETHER WITH RESPECT TO CONTRACT CLAIMS, TORT CLAIMS,
OR OTHERWISE. THE PARTIES HERETO EACH AGREE THAT ANY SUCH CLAIM OR CAUSE OF
ACTION SHALL BE TRIED BY A COURT 

86

TRIAL WITHOUT
A JURY. WITHOUT LIMITING THE FOREGOING, EACH OF THE PARTIES HERETO FURTHER
AGREES THAT ITS RESPECTIVE RIGHT TO A TRIAL BY JURY IS WAIVED BY OPERATION OF
THIS SECTION AS TO ANY ACTION, COUNTERCLAIM OR OTHER PROCEEDING WHICH SEEKS, IN
WHOLE OR IN PART, TO CHALLENGE THE VALIDITY OF THIS AGREEMENT OR ANY
TRANSACTION DOCUMENT OR ANY PROVISION HEREOF OR THEREOF. THIS WAIVER SHALL
APPLY TO ANY SUBSEQUENT AMENDMENTS, AMENDMENTS AND RESTATEMENTS, OR
MODIFICATIONS TO THIS AGREEMENT OR ANY OTHER TRANSACTION DOCUMENT.

[signature page follows]

87

                    IN
WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly
executed by their respective officers as of the day and year first above
written.

	
 
	
 
	
 
	
 

	
 
	
CIT
 EQUIPMENT COLLATERAL 2008-VT1

	
 
	
 

	
 
	
By:
	
DEUTSCHE
 BANK TRUST COMPANY DELAWARE, not in its individual capacity but solely as
 Owner Trustee on behalf of the Trust

	
 
	
 
	
 

	
 
	
By:
	
/s/ Irene Siegel

	
 
	
 
	

	
 
	
 
	
Name:
	
Irene Siegel

	
 
	
 
	
Title: 
	
Attorney-in-fact

	
 
	
 
	
 
	
 

	
 
	
By:
	
/s/ Aranka R. Paul

	
 
	
 
	

	
 
	
 
	
Name:
	
Aranka R. Paul

	
 
	
 
	
Title: 
	
Attorney-in-fact

	
 
	
 
	
 
	
 

	
 
	
CIT FUNDING
 COMPANY, LLC, as Depositor

	
 
	
 

	
 
	
By:
	
/s/ Usama F. Ashraf

	
 
	
 
	

	
 
	
 
	
Name: 
	
Usama F. Ashraf

	
 
	
 
	
Title: 
	
Senior Vice President and Assistant
    Treasurer

	
 
	
 
	
 
	
 

	
 
	
CIT
 FINANCIAL USA, INC., in its individual capacity and as Servicer

	
 
	
 

	
 
	
By:
	
/s/ Usama F. Ashraf

	
 
	
 
	

	
 
	
 
	
Name:
	
Usama F. Ashraf

	
 
	
 
	
Title: 
	
Senior Vice President and Assistant
    Treasurer

88

Exhibit
A

Form of VFC Assignment

RELEASE AND ASSIGNMENT AGREEMENT

FROM

CIT EQUIPMENT TRUST - VFC SERIES

                    This
RELEASE AND ASSIGNMENT AGREEMENT, dated May __, 2008, is by and between CIT
Equipment Trust - VFC Series, as transferor (the “VFC Trust”), and
CIT Funding Company, LLC (formerly NCT Funding Company, L.L.C.), as Trust
Depositor and transferee with respect to the conveyances provided for herein.

                    WHEREAS,
the parties named above are parties, together with Capita Corporation (formerly
known as AT&T Capital Corporation), as servicer, to the Second Amended and
Restated Pooling and Servicing Agreement dated as of August 21, 2006, amending
and restating in full the Amended and Restated Pooling and Servicing Agreement
dated as of June 29, 2000, as modified by the Omnibus Consent to Pooling and
Servicing Agreement and Second Amended and Restated Pooling and Servicing
Agreement dated as of April 30, 2007 (the “VFC PSA”);

                    WHEREAS,
the Trust Depositor wishes to engage in a Take-Out Securitization (as defined
in the VFC PSA); and

                    WHEREAS,
pursuant to Section 5.22 and Section 7.09 of the VFC PSA, the
VFC Trust wishes to release and convey the Contract Assets which are being
conveyed by the Trust Depositor under and pursuant to, and which are identified
on the Schedule of Contracts attached to the Pooling and Servicing Agreement
(the “New
PSA”), dated as of April 1, 2008 by and among CIT Equipment
Collateral 2008-VT1, as Issuer (the “New
Trust”), the Trust Depositor and CIT Financial USA, Inc., in its
individual capacity and as servicer.

                    NOW,
THEREFORE, in consideration of the premises and the mutual agreements set forth
herein and in the VFC PSA, and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereto
agree as follows:

                    Definitions.
All terms defined in the New PSA (whether directly or by reference to other
documents) shall have such defined meanings when used herein, unless such terms
are otherwise defined herein.

                    Specification
of Cutoff Date. The “Cutoff Date” applicable to the Contracts conveyed
hereby is April 1, 2008.

                    Release
and Conveyance. The VFC Trust hereby releases and sells, transfers,
assigns, sets over and otherwise conveys to the Trust Depositor, without
recourse, the Contracts and related Contract Assets identified on the list
contained in the computer disk or printout attached hereto as Schedule A.

A-1

                    Counterparts.
This Release and Assignment Agreement may be executed in two or more
counterparts including by telefax, Portable Document Format (PDF) or other
electronic transmission thereof (and by different parties on separate
counterparts), each of which shall be an original, but all of which together
shall constitute one and the same instrument.

                    Governing
Law. This Release and Assignment Agreement shall be governed by, and
construed and enforced in accordance with, the internal laws of the State of
New York.

                    Receipt.
The VFC Trust, on behalf of itself and all Certificateholders (as defined in
the VFC PSA), hereby acknowledges (a) receipt by each of the Managing Agents
(as defined in the VFC PSA) of the Securitization Transfer Price (as defined in
the VFC PSA) pertaining to the release and transfer of Contracts and Related
Contract Assets as provided above, and (b) the satisfaction of all conditions
to such release and transfer specified in Section 7.09 of the VFC PSA.

                    Further
Assurances. The VFC Trust will, at any time and from time to time, at the
expense of the Trust Depositor, promptly execute and deliver all further
instruments and documents and take all further action that may be necessary or
desirable or that the Trust Depositor may reasonably request in order to effect
the purposes of this Release and Assignment Agreement, including, without
limitation, executing and filing financing statements, release and termination
statements, or amendments thereto.

                    Limitation
of Liability. It is expressly understood and agreed by the parties hereto
that (a) this Release and Assignment Agreement is executed and delivered by The
Bank of New York (Delaware), not individually or personally but solely as Owner
Trustee of the VFC Trust, in the exercise of the powers and authority conferred
upon and vested in it, (b) each of the representations, undertakings and
agreements herein made on the part of the VFC Trust is made and intended not as
personal representations, undertakings and agreements by The Bank of New York
(Delaware) but is made and intended for the purpose for binding only the VFC
Trust, (c) nothing herein contained shall be construed as creating any
liability on The Bank of New York (Delaware), individually or personally, to
perform any covenant, either expressed or implied, contained herein, all such
liability, if any, being expressly waived by the parties hereto and by any
Person claiming by, through or under the parties hereto, and (d) under no
circumstances shall The Bank of New York (Delaware) be personally liable for
the payment of any indebtedness or expenses of the VFC Trust or be liable for
the breach or failure of any obligation, representation, warranty or covenant
made or undertaken by the VFC Trust under this Release and Assignment
Agreement.

A-2

                    IN
WITNESS WHEREOF, the parties hereto have caused this Release and Assignment
Agreement to be executed by their respective officers thereunto duly authorized
as of the date first written above.

	
 

	
 

	
 

	
 

	
 

	
CIT FUNDING COMPANY, LLC,

	
 

	
CIT EQUIPMENT TRUST - VFC SERIES

	
as Trust Depositor

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
By: The Bank of New York (Delaware), not in its individual capacity
 but solely as Trustee

	
 

	
 

	
 

	
By:

	
 

	
 

	
By: 

	
 

	
 

	

	
 

	
 

	

	
 

	
 

	
 

	
 

	
 

	
Name:

	
 

	
 

	
Name:

	
 

	
 

	

	
 

	
 

	

	
Title:

	
 

	
 

	
Title:

	
 

	
 

	

	
 

	
 

	

A-3

Exhibit
B

Initial Schedule of Contracts

(On File with McDermott Will & Emery LLP)

B-1

Exhibit
C

Form of Monthly Servicer’s Report

CIT Equipment Collateral 2008-VT1

Monthly Servicing Report

	
 

	
 

	
 

	
 

	
Determination
 Date:

	
01/18/00

	
 

	
Collection
 Period:

	
01/01/00
 – 01/31/00

	
 

	
Record
 Date

	
01/19/00

	
 

	
Payment
 Date:

	
01/20/00

	
 

	
 

	
 

	
I.

	
AVAILABLE FUNDS

	
 

	
 

	
 

	
 

	
A.

	
Collections

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
a.

	
Scheduled Payments
 Received

	
 

	
$

	
—

	
 

	
b.

	
Liquidation Proceeds
 A1located to Owner Trust

	
 

	
 

	
0.00

	
 

	
c.

	
Prepayments on Contracts

	
 

	
 

	
0.00

	
 

	
d.

	
Payments on Purchased
 Contracts

	
 

	
 

	
0.00

	
 

	
e.

	
Proceeds of Clean-up Call

	
 

	
 

	
0.00

	
 

	
f.

	
Investment Earnings on
 Collection Account

	
 

	
 

	
0.00

	
 

	
 

	
 

	
 

	

	

	
 

	
 

	
Total
 Collections =

	
 

	
$

	
—

	
 

	
 

	
 

	
 

	
B.

	
Determination of Available Funds

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
a.

	
Total Collections

	
 

	
$

	
—

	
 

	
b.

	
Servicer Advances

	
 

	
 

	
0.00

	
 

	
c.

	
Recoveries of prior
 Servicer Advances

	
 

	
 

	
0.00

	
 

	
d.

	
Withdrawal from Reserve
 Account

	
 

	
 

	
0.00

	
 

	
 

	
 

	
 

	

	

	
 

	
 

	
Total
 Available Funds =

	
 

	
$

	
—

	
 

	
 

	
 

	
II.

	
DISTRIBUTION AMOUNTS

	
 

	
 

	
 

	
 

	
A.

	
Collection Account Distribution

	
 

	
 

	
 

	
 

	
 

	
 

	
1.

	
Servicing Fee

	
 

	
 

	
 

	
 

	
 

	
 

	
2.

	
Net Swap Payment

	
 

	
 

	
 

	
 

	
 

	
 

	
3.

	
Class A-1 Note Interest
 Distribution

	
 

	
 

	
 

	
Class A-1 Note Principal
 Distribution

	
 

	
 

	
 

	
Aggregate Class A-1 distribution

	
 

	
 

	
 

	
 

	
 

	
 

	
4.

	
Class A-2A Note Interest
 Distribution

	
 

	
 

	
 

	
Class A-2A Note Principal
 Distribution

	
 

	
 

	
 

	
Aggregate Class A-2A distribution

	
 

	
 

	
 

	
 

	
 

	
 

	
5.

	
Class A-2B Note Interest
 Distribution

	
 

	
 

	
 

	
Class A-2B Note Principal
 Distribution

	
 

	
 

	
 

	
Aggregate Class A-2B distribution

C-1

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
6.

	
Class A-3 Note Interest
 Distribution

	
 

	
 

	
 

	
Class A-3 Note Principal
 Distribution

	
 

	
 

	
 

	
Aggregate Class A-3 distribution

	
 

	
 

	
 

	
 

	
 

	
 

	
7.

	
Class B Note Interest
 Distribution

	
 

	
 

	
 

	
Class B Note Principal
 Distribution

	
 

	
 

	
 

	
Aggregate Class B distribution

	
 

	
 

	
 

	
 

	
 

	
 

	
8.

	
Class C Note Interest
 Distribution

	
 

	
 

	
 

	
Class C Note Principal
 Distribution

	
 

	
 

	
 

	
Aggregate Class C distribution

	
 

	
 

	
 

	
 

	
 

	
 

	
9.

	
Class D Note Interest
 Distribution

	
 

	
 

	
 

	
Class D Note Principal Distribution

	
 

	
 

	
 

	
Aggregate Class D distribution

	
 

	
 

	
 

	
 

	
 

	
 

	
10.

	
Deposit to the Reserve
 Account

	
 

	
 

	
 

	
 

	
 

	
 

	
11.

	
Trustee Expenses

	
 

	
 

	
 

	
 

	
 

	
 

	
12.

	
Any additional payments to
 swap counterparty

	
 

	
 

	
 

	
 

	
 

	
 

	
13.

	
Remainder to the holder of
 the equity certificate

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	

	
 

	
 

	
 

	
Collection
 Account Distribution
 =               

	
 

	
 

	
 

	
 

	
 

	

	
 

	
 

	
 

	
 

	
 

	
B.

	
Incorrect Deposits to be Returned to CIT Collection Account
 =

	
 

	
 

	
 

	
 

	

	
 

	
 

	
III.

	
INFORMATION REGARDING DISTRIBUTIONS ON THE SECURITIES

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Distribution

 Amounts

	
 

	
Class A-1

 Notes

	
 

	
Class A-2A

 Notes

	
 

	
Class A-2B

 Notes

	
 

	
Class A-3

 Notes

	
 

	
 

	
 

	

	

	

	

	

	

	

	

	
 

	
 

	
1.

	
 

	
Interest
 Due

	
 

	
 

	
0.0

	
 

	
 

	
0.0

	
 

	
 

	
0.0

	
 

	
 

	
0.0

	
 

	
2.

	
 

	
Interest
 Paid

	
 

	
 

	
0.0

	
 

	
 

	
0.0

	
 

	
 

	
0.0

	
 

	
 

	
0.0

	
 

	
3.

	
 

	
Interest
 Shortfall

	
 

	
 

	
0.0

	
 

	
 

	
0.0

	
 

	
 

	
0.0

	
 

	
 

	
0.0

	
 

	
 

	
 

	
((1)
 minus (2))

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
4.

	
 

	
Principal
 Paid

	
 

	
 

	
0.0

	
 

	
 

	
0.0

	
 

	
 

	
0.0

	
 

	
 

	
0.0

	
 

	
 

	
 

	
 

	
 

	
 

	
0.0

	
 

	
 

	
0.0

	
 

	
 

	
0.0

	
 

	
 

	
0.0

	
 

	
5.

	
 

	
Total
 Distribution Amount

	
 

	
 

	
0.0

	
 

	
 

	
0.0

	
 

	
 

	
0.0

	
 

	
 

	
0.0

	
 

	
 

	
 

	
((2)
 plus (4))

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Distribution

 Amounts

	
 

	
Class B

 Notes

	
 

	
Class C

 Notes

	
 

	
Class D

 Notes

	
 

	
Total Offered

 Notes

	
 

	
 

	
 

	

	

	

	

	

	

	

	

	

	
 

	
1.

	
 

	
Interest
 Due

	
 

	
 

	
0.0

	
 

	
 

	
0.0

	
 

	
 

	
0.0

	
 

	
 

	
0.0

	
 

	
2.

	
 

	
Interest
 Paid

	
 

	
 

	
0.0

	
 

	
 

	
0.0

	
 

	
 

	
0.0

	
 

	
 

	
0.0

	
 

	
3.

	
 

	
Interest
 Shortfall

	
 

	
 

	
0.0

	
 

	
 

	
0.0

	
 

	
 

	
0.0

	
 

	
 

	
0.0

	
 

	
 

	
 

	
((1)
 minus (2))

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
4.

	
 

	
Principal
 Paid

	
 

	
 

	
0.0

	
 

	
 

	
0.0

	
 

	
 

	
0.0

	
 

	
 

	
0.0

	
 

	
 

	
 

	
 

	
 

	
 

	
0.0

	
 

	
 

	
0.0

	
 

	
 

	
0.0

	
 

	
 

	
0.0

	
 

	
5.

	
 

	
Total
 Distribution Amount

	
 

	
 

	
0.0

	
 

	
 

	
0.0

	
 

	
 

	
0.0

	
 

	
 

	
0.0

	
 

	
 

	
 

	
((2)
 plus (4))

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

C-2

	
 

	
 

	
 

	
IV.

	
INFORMATION REGARDING THE SECURITIES

	
 

	
 

	
 

	
 

	
A.

	
Summary of Balance Information

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Class

	
 

	
Applicable

 Coupon

 Rate

	
 

	
Principal

 Balance

 Jan-00

 Payment Date

	
 

	
Class Factor

 Jan-00

 Payment Date

	
 

	
Principal

 Balance

 May-00

 Payment Date

	
 

	
Principal

 Balance

 Jun-00

 Payment Date

	
 

	
Class Factor

 Jun-00

 Payment Date

	
 

	

	

	

	

	

	

	

	

	

	

	

	

	

	
a.

	
Class
 A-1 Notes

	
 

	
0.0000

	
%

	
0.0

	
 

	
 

	
0.00000

	
 

	
 

	
0.0

	
 

	
 

	
0.0

	
 

	
 

	
0.00000

	
 

	
b.

	
Class
 A-2A Notes

	
 

	
0.0000

	
%

	
0.0

	
 

	
 

	
0.00000

	
 

	
 

	
0.0

	
 

	
 

	
0.0

	
 

	
 

	
0.00000

	
 

	
c.

	
Class
 A-2B Notes

	
 

	
0.0000

	
%

	
0.0

	
 

	
 

	
0.00000

	
 

	
 

	
0.0

	
 

	
 

	
0.0

	
 

	
 

	
0.00000

	
 

	
d.

	
Class
 A-3 Notes

	
 

	
0.0000

	
%

	
0.0

	
 

	
 

	
0.00000

	
 

	
 

	
0.0

	
 

	
 

	
0.0

	
 

	
 

	
0.00000

	
 

	
e.

	
Class
 B Notes

	
 

	
0.0000

	
%

	
0.0

	
 

	
 

	
0.00000

	
 

	
 

	
0.0

	
 

	
 

	
0.0

	
 

	
 

	
0.00000

	
 

	
f.

	
Class
 C Notes

	
 

	
0.0000

	
%

	
0.0

	
 

	
 

	
0.00000

	
 

	
 

	
0.0

	
 

	
 

	
0.0

	
 

	
 

	
0.00000

	
 

	
g.

	
Class
 D Notes

	
 

	
0.0000

	
%

	
0.0

	
 

	
 

	
0.00000

	
 

	
 

	
0.0

	
 

	
 

	
0.0

	
 

	
 

	
0.00000

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
h.

	
Total
 Offered Notes

	
 

	
 

	
 

	
0.0

	
 

	
 

	
 

	
 

	
 

	
0.0

	
 

	
 

	
0.0

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
B.

	
Other Information

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Class

	
 

	
Scheduled 

 Principal Balance

 Jan-00

 Payment Date

	
 

	
Principal
 Balance

 Jan-00

 Payment Date

	
 

	

	

	

	

	

	
 

	
Class
 A-1 Notes

	
 

	
0.0

	
 

	
0.0

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Class

	
 

	
Class Percentage

	
 

	
Target Principal Amount

 Jan-00

 Payment Date

	
 

	
Class Floor

 Jan-00

 Payment Date

	
 

	
Target Principal

 Amount

 Jan-00

 Payment Date

	
 

	
Class Floor

 Jan-00

 Payment Date

	
 

	

	

	

	

	

	

	

	

	

	

	

	
 

	
Class
 A

	
 

	
0.00

	
%

	
 

	
0.0

	
 

	
 

	
 

	
 

	
 

	
0.0

	
 

	
 

	
 

	
 

	
 

	
Class
 B

	
 

	
0.00

	
%

	
 

	
0.0

	
 

	
 

	
0.00

	
 

	
 

	
0.0

	
 

	
 

	
0.00

	
 

	
 

	
Class
 C

	
 

	
0.00

	
%

	
 

	
0.0

	
 

	
 

	
0.00

	
 

	
 

	
0.0

	
 

	
 

	
0.00

	
 

	
 

	
Class
 D

	
 

	
0.00

	
%

	
 

	
0.0

	
 

	
 

	
0.00

	
 

	
 

	
0.0

	
 

	
 

	
0.00

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
V.

	
PRINCIPAL

	
 

	
 

	
 

	
 

	
 

	
 

	
A.

	
Monthly Principal Amount

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
1.

	
Principal Balance of Notes
 and Equity Certificates

 (End of Prior Collection Period)

	
 

	
 

	
 

	
 

	
2.

	
Contract Pool Principal
 Balance (End of Collection Period)

	

	
 

	
 

	
 

	
 

	
 

	
Total
 monthly principal amount

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
B.

	
Principal Breakdown

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
No. of
 Accounts

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	

	
 

	
 

	
 

	
 

	
 

	
 

	
1.

	
Schedule Principal

	
 

	
0

	
 

	
 

	
 

	
 

	
 

	
 

	
2.

	
Prepaid Contracts

	
 

	
0

	
 

	
 

	
 

	
 

	
 

	
 

	
3.

	
Default Contracts

	
 

	
0

	
 

	
 

	
 

	
 

	
 

	
 

	
4.

	
Contracts purchased by CIT
 Financial USA, Inc.

	
 

	
0

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	

	

	
 

	

	
 

	
 

	
 

	
 

	
 

	
Total
 Principal Breakdown

	
 

	
0

	
 

	
 

	
 

C-3

VI. CONTRACT POOL DATA

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
A. Contract Pool Characteristics

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Original Pool

	
 

	
Mar-04

 Payment Date

	
 

	
Feb-04

 Payment Date

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	

	

	

	

	

	

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
1.

	
a. Contract Pool Balance

	
 

	
 

	
 

	
0.00

	
 

	
0.00

	
 

	
0.00

	
 

	
 

	
b. No. of Contracts

	
 

	
 

	
 

	
0

	
 

	
0

	
 

	
0

	
 

	
 

	
c. Pool Factor

	
 

	
 

	
 

	
0.0000

	
 

	
0.0000

	
 

	
0.0000

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
2.

	
Weighted Average Remaining
 Term

	
 

	
 

	
 

	
0.00

	
 

	
0.00

	
 

	
0.00

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
3.

	
Weighted Average Original
 Term at Cutoff

	
 

	
 

	
 

	
0.00

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
B. Delinquency Information

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
% of Contracts

	
 

	
% of Aggregate

 Required Payoff

 Amount

	
 

	
No. of Accounts

	
 

	
Aggregate

 Required Payoff

 Amounts

	
 

	
 

	
 

	
 

	
 

	

	

	

	

	

	

	

	

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
1.

	
Current

	
 

	
0.00

	
%

	
0.00

	
%

	
0

	
 

	
0.00

	
 

	
 

	
31–60 days

	
 

	
0.00

	
%

	
0.00

	
%

	
0

	
 

	
0.00

	
 

	
 

	
61–90 days

	
 

	
0.00

	
%

	
0.00

	
%

	
0

	
 

	
0.00

	
 

	
 

	
91–120 days

	
 

	
0.00

	
%

	
0.00

	
%

	
0

	
 

	
0.00

	
 

	
 

	
121-150 days

	
 

	
0.00

	
%

	
0.00

	
%

	
0

	
 

	
0.00

	
 

	
 

	
151-180 days

	
 

	
0.00

	
%

	
0.00

	
%

	
0

	
 

	
0.00

	
 

	
 

	
180+ days

	
 

	
0.00

	
%

	
0.00

	
%

	
0

	
 

	
0.00

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Total Delinquency

	
 

	
0.00

	
%

	
0.00

	
%

	
0

	
 

	
0.00

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
2.

	
Delinquent Schedule
 Payments:

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
0.00

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Beginning of Collection
 Period

	
 

	
 

	
 

	
 

	
 

	
0.00

	
 

	
 

	
 

	
 

	
End of Collection Period

	
 

	
 

	
 

	
 

	
 

	
0.00

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Change in Delinquent Scheduled Payments

	
 

	
 

	
 

	
0.00

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
C. Defaulted Contract Information

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
1.

	
Aggregate
 Contract Balance of Defaulted Contracts

	
 

	
0.00

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
2.

	
Liquidation
 Proceeds (or other cash collections on Defaulted Contracts) received

	
 

	
0.00

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
3.

	
Cumulative
 Reported Net Losses

	
 

	
 

	
 

	
 

	
 

	
0.00

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
4.

	
Cumulative
 Net Loss Ratio

	
 

	
 

	
 

	
 

	
 

	
0.000

	
%

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
5.

	
Cumulative
 Net Loss Trigger

	
 

	
 

	
 

	
 

	
 

	
0.000

	
%

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
VII. MISCELLANEOUS INFORMATION

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
        A. Servicer Advance
 Balance

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
1.

	
 

	
Opening
 Servicer Advance Balance

	
 

	
 

	
 

	
 

	
 

	
0.00

	
 

	
 

	
 

	
 

	
2.

	
 

	
Current
 Period Servicer Advance

	
 

	
 

	
 

	
 

	
 

	
0.00

	
 

	
 

	
 

	
 

	
 

	
3.

	
 

	
Recoveries
 of prior Servicer Advances

	
 

	
 

	
 

	
 

	
 

	
0.00

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	

	
 

	
 

	
 

	
 

	
4.

	
 

	
Ending
 Servicer Advance Balance

	
 

	
 

	
 

	
 

	
 

	
0.00

	
 

	
 

	
 

	
 

	
5.

	
 

	
Unreimbursed
 Servicer Advances

	
 

	
 

	
 

	
 

	
 

	
0.00

	
 

	
 

	
 

C-4

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
B. Reserve Account

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 1.

	
Opening Reserve Account

	
 

	
 

	
 

	
 

	
 

	
0.00

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 2.

	
Deposit from the Collection
 Account

	
 

	
 

	
 

	
 

	
 

	
0.00

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 3.

	
Withdrawals from the
 Reserve Account

	
 

	
 

	
 

	
 

	
 

	
0.00

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 4.

	
Investment Earnings

	
 

	
 

	
 

	
 

	
 

	
0.00

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 5.

	
Investment Earnings
 Distributions to the Depositor

	
 

	
 

	
 

	
 

	
 

	
0.00

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 6.

	
Remaining available amount

	
 

	
 

	
 

	
 

	
 

	
0.00

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 7.

	
Specified Reserve Account
 Balance

	
 

	
 

	
 

	
 

	
 

	
0.00

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 8.

	
Reserve Account Surplus/
 (Shortfall)

	
 

	
 

	
 

	
 

	
 

	
0.00

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 9.

	
Distribution of Reserve
 Account Surplus to the Depositor

	
 

	
 

	
 

	
 

	
 

	
0.00

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
10.

	
Ending Reserve Account
 Balance

	
 

	
 

	
 

	
 

	
 

	
0.00

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
11.

	
Reserve Account deficiency

	
 

	
 

	
 

	
 

	
 

	
0.00

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
12.

	
Reserve Account Floor

	
 

	
 

	
 

	
 

	
 

	
0.000

	
%

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
C. Other Related Information

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
1.

	
Discount Rate

	
 

	
 

	
 

	
0.0000

	
%

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
2.

	
Life to Date Prepayment
 (CPR)

	
 

	
 

	
 

	
0.0000

	
%

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
3.

	
Life to Date Substitutions:

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
a. Prepayments

	
 

	
0.00

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
b. Defaults

	
 

	
0.00

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
4.

	
If applicable, Material
 Changes in how delinquencies, charge-offs and uncollectibles are determined:

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
5.

	
Any material modifications,
 extensions or waivers to pool asset terms, fees, penalties or payments:

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
6.

	
Any material breaches of
 pool asset representations or warranties or transaction covenants:

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
7.

	
Information regarding pool
 asset substitutions and repurchases:

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
8.

	
Material changes in the
 solicitation, credit-granting, underwriting, origination, acquisition or pool
 selection criteria or procedures used to originate, acquire, or select new
 pool assets:]

	
 

	
 

	
 

C-5

	
 

	
 

	
 

	
 

	
 

	
 

	
D1. Statement of Priority of Distributions Prior to an Event of Default
 or the Cumulative Net Loss Trigger is    Exceeded

	
 

	
 

	
1.

	
Unreimbursed
 Servicer Advances;

	
 

	
 

	
2.

	
Servicing
 Fee;

	
 

	
 

	
3. 

	
Net Swap
 Payment;

	
 

	
 

	
4.

	
a. 

	
Class A-1
 Note Interest Distribution

	
 

	
 

	
 

	
b. 

	
Class A-2A
 Note Interest Distribution

	
 

	
 

	
 

	
c. 

	
Class A-2B
 Note Interest Distribution

	
 

	
 

	
 

	
d. 

	
Class A-3
 Note Interest Distribution

	
 

	
 

	
5.

	
Class B Note
 Interest Distribution;

	
 

	
 

	
6.

	
Class C Note
 Interest Distribution;

	
 

	
 

	
7.

	
Class D Note
 Interest Distribution;

	
 

	
 

	
8.

	
Class A-1 Note
 Principal Distribution;

	
 

	
 

	
9.

	
Class A-2
 Note Principal Distribution;

	
 

	
 

	
10.

	
Class A-3
 Note Principal Distribution;

	
 

	
 

	
11.

	
Class B Note
 Principal Distribution;

	
 

	
 

	
12.

	
Class C Note
 Principal Distribution;

	
 

	
 

	
13.

	
Class D Note
 Principal Distribution;

	
 

	
 

	
14.

	
Class A-1
 Note Reallocated Principal Distribution

	
 

	
 

	
15.

	
Class A-2
 Note Reallocated Principal Distribution;

	
 

	
 

	
16.

	
Class A-3
 Note Reallocated Principal Distribution;

	
 

	
 

	
17. 

	
Class B Note
 Reallocated Principal Distribution;

	
 

	
 

	
18.

	
Class C Note
 Reallocated Principal Distribution;

	
 

	
 

	
19.

	
Class D Note
 Reallocated Principal Distribution;

	
 

	
 

	
20.

	
Deposit to
 the Reserve Account;

	
 

	
 

	
21.

	
Any amounts
 owing to the Trustees; 

	
 

	
 

	
22. 

	
Any
 additional payments to the Swap Counterparty; and

	
 

	
 

	
23.

	
Remainder to
 the holder of the equity certificate.

	
 

	
 

	
 

	
 

	
 

	
D2. Statement of Priority of Distributions After an Event of Default or
 the Cumulative Net Loss Trigger is    Exceeded

	
 

	
 

	
1.

	
Unreimbursed
 Servicer Advances;

	
 

	
 

	
2.

	
Servicing
 Fee;

	
 

	
 

	
3. 

	
Net Swap
 Payment;

	
 

	
 

	
4.

	
a.

	
Class A-1
 Note Interest Distribution

	
 

	
 

	
 

	
b.

	
Class A-2A
 Note Interest Distribution

	
 

	
 

	
 

	
c.

	
Class A-2B
 Note Interest Distribution

	
 

	
 

	
 

	
d.

	
Class A-3
 Note Interest Distribution

	
 

	
 

	
 

	
e.

	
Senior Swap
 Termination Payment

	
 

	
 

	
5.

	
Class B Note
 Interest Distribution;

	
 

	
 

	
6.

	
Class C Note
 Interest Distribution;

	
 

	
 

	
7.

	
Class D Note
 Interest Distribution;

	
 

	
 

	
8.

	
Class A-1
 Note Principal Distribution;

	
 

	
 

	
9.

	
Class A-2
 Note Principal Distribution;

	
 

	
 

	
10.

	
Class A-3
 Note Principal Distribution;

	
 

	
 

	
11. 

	
Class B Note
 Principal Distribution;

	
 

	
 

	
12.

	
Class C Note
 Principal Distribution;

	
 

	
 

	
13.

	
Class D Note
 Principal Distribution;

	
 

	
 

	
14.

	
Deposit to
 the Reserve Account;

	
 

	
 

	
15.

	
Any amounts
 owing to the Trustees; 

	
 

	
 

	
16.

	
Any
 additional payments to the Swap Counterparty; and

	
 

	
 

	
17.

	
Remainder to the holder of the equity certificate.

C-6

	
 

	
 

	
E.

	
Delinquency, Net Losses and CPR History

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Collection Periods

	
 

	
% of Aggregate

 Required Payoff Amounts

 

 31-60 Days Past 
Due

	
 

	
% of Aggregate

 Required Payoff

 Amounts

 

 61-90 Days Past 
Due

	
 

	
% of Aggregate

 Required Payoff

 Amounts

 

 91-120 Days Past 
Due

	
 

	
% of Aggregate

 Required Payoff

 Amounts

 

 121-150 Days Past 
Due

	
 

	
% of Aggregate

 Required Payoff

 Amounts

 

 151-180 Days Past 
Due

	
 

	
% of Aggregate

 Required Payoff

 Amounts

 

 180+ Days Past 
Due

	

	

	

	

	

	

	

	

	

	

	

	

	

	
01/00/00

	
 

	
0.00%

	
 

	
0.00%

	
 

	
0.00%

	
 

	
0.00%

	
 

	
0.00%

	
 

	
0.00%

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Collection Month

	
 

	
Net Loss
 Percentage

	
 

	
Net Losses

	
 

	
LTD CPR

	

	

	

	

	

	
 

	

	
January-00

	
 

	
0.000%

	
 

	
0.00

	
 

	
0.00%

C-7

Exhibit D

Form of Substitution Transfer Agreement

SUBSTITUTION TRANSFER AGREEMENT

                    This
SUBSTITUTION TRANSFER AGREEMENT, dated [___], 2008, is by and between CIT
Funding Company, LLC, as Depositor and transferor, and CIT Equipment Collateral
2008-VT1, as transferee with respect to the conveyances evidenced hereby. 

                    WHEREAS,
the parties named above are each parties to the Pooling and Servicing Agreement
dated as of April 1, 2008 (as from time to time amended, supplemented or
otherwise modified, the “PSA”); and 

                    WHEREAS,
pursuant to the PSA, the Depositor wishes to effect conveyances of the
Substitute Contracts (together with related Substitute Transferred Assets),
identified on the Substitution Schedule of Contracts attached hereto, in each
case in the manner and to the effect described in Article II of the PSA; and 

                    WHEREAS,
the Servicer has delivered or caused to be delivered a Substitution Notice with
respect to such conveyance as required in the PSA; 

                    NOW,
THEREFORE, in consideration of the premises and the mutual agreements set forth
herein and in the PSA, and for other good and valuable consideration, the
receipt of which is hereby acknowledged, the parties hereto agree as follows: 

                    1.
Definitions. All terms defined in the PSA (whether directly or by
reference to other documents) shall have such defined meanings when used
herein, unless such terms are otherwise defined herein. 

                    2.
Specification of Cut-Off Date. The “Substitution Cut-Off Date”
applicable to the Substitute Contracts conveyed hereby is _______________ __,
____. 

                    3.
Conveyances. Subject to the terms and conditions of the PSA, the
Depositor hereby makes the assignments and conveyances specified in Article II
of the PSA as being effected by execution and delivery of this Substitution
Transfer Agreement, in each case (i) with respect to the Substitute Contracts
(together with related Substitute Transferred Assets) identified on the
Substitution Schedule of Contracts attached hereto, and (ii) in the manner and
to the effect described in Article II of the PSA. 

                    4.
Incorporation of PSA. This Substitution Transfer Agreement is made
pursuant to and upon the representations, warranties and agreements on the part
of the parties hereto contained in the PSA and shall be governed in all
respects by the PSA. 

                    5.
Ratification of PSA. As supplemented by this Substitution Transfer
Agreement, the PSA is in all respects ratified and confirmed by the parties
hereto. 

D-1

                    6.
Counterparts. This Substitution Transfer Agreement may be executed in
two or more counterparts including by telefax or electronic imaging
transmission thereof (and by different parties on separate counterparts), each
of which shall be an original, but all of which together shall constitute one
and the same instrument. 

                    7.
Governing Law. This Substitution Transfer Agreement shall be governed
by, and construed and enforced in accordance with, the internal laws of the
State of New York. 

                    8.
Reaffirmation. As provided in Section 2.03 of the PSA, by delivery of
this Substitution Transfer Agreement, the Depositor confirms that the
conditions to transfer set forth in Section 2.03(b) have been satisfied or
otherwise waived as described therein. 

[signatures follow]

D-2

                    IN
WITNESS WHEREOF, the parties hereto have caused this Substitution Transfer
Agreement to be executed by their respective officers thereunto duly authorized
as of the date first written above. 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
CIT FUNDING
  COMPANY, LLC,

	
 

	
CIT
  EQUIPMENT COLLATERAL 2008-VT1

	
   as Depositor

	
 

	
 

	
 

	
 

	
 

	
 

	
By:

	
 

	
DEUTSCHE
  BANK TRUST

	
By:

	
 

	
 

	
 

	
COMPANY
  DELAWARE, not in its

	
 

	

	
 

	
 

	
 

	
individual
  capacity but solely as Owner

	
 

	
 

	
 

	
 

	
Trustee on
  behalf of the Trust

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	
 

	
 

	

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	
 

	
 

	

D-3

Exhibit E

Schedule of Representations and Warranties

                    (a)
List of Contracts. The information set forth in the Schedule of
Contracts (as the same may be amended or deemed amended in respect of a
conveyance of Substitute Contracts on a Substitution Transfer Date) is true,
complete and correct in all material respects as of the Closing Date (or
Substitution Transfer Date, as applicable).

                    (b)
Eligible Contract. As of its applicable Cut-Off Date, each Contract
satisfied the criteria for the definition of Eligible Contract set forth in
this Agreement, and each Secondary Contract securing a Vendor Loan constituting
a Contract satisfied, as of its applicable Cut-Off Date, the definition of
Eligible Secondary Contract set forth in this Agreement.

                    (c)
Contract Files. As of the Closing Date (or as of the Substitution
Transfer Date, with respect to Substitute Contracts), (i) immediately prior to
such date, CFUSA (or the applicable Financing Originator as custodian for
CFUSA) had possession of each original Contract and the related complete
Contract File, and there were no other custodial agreements relating to the
same in effect (other than offsite storage arrangements described in
Section 4.01(b)); (ii) each of such documents which is required to be
signed by the Obligor has been signed by the Obligor in the appropriate spaces;
and (iii) to the Depositor’s knowledge, the complete Contract File for each
Contract is in the possession of the Servicer or subservicer contemplated under
section 5.05. If the Contract is “tangible chattel paper” as defined in the
UCC, the End-User Contract that constitutes or evidences the Contract does not
have any marks or notations indicating that it has been pledged, assigned or
otherwise conveyed to any other Person besides CFUSA, the VFC Trust (prior to
its conveyance to the Depositor under the VFC Assignment) and the Depositor.

                    (d)
No Material Obligation. No Financing Originator has a material
performance obligation in respect of any Contract in favor of an Obligor or
End-User (it being understood that covenants of quiet enjoyment, purchase
options, obligations to accept return of the property at end of lease term, and
like obligations of a lessor typical of a “triple net” lease, shall not be
deemed “material performance obligations” for purposes of this representation).

                    (e)
Vendor Agreements. The Receivables Purchase Agreement, dated as of
October 31,1998, by and between DFS-SPV L.L.C., a Delaware limited liability
company (“DFS-SPV”) and CFUSA, as amended by (1) the Partial Waiver of
Repurchase Option and Amendment to Receivables Purchase Agreement, dated as of
August 20, 1999, (2) that certain Omnibus Agreement dated as of November 1,
2000, (3) the amendment dated August 15, 2002 and (4) that certain 2004
Extension and Funding Agreement dated as of September 8, 2004 is in full force
and effect and has not been amended since September 8, 2004. The Purchase
Agreement, dated as of October 31, 1998, by and between Dell Financial
Services, L.L.C., a Delaware limited liability company and DFS-SPV as amended
by (1) the Partial Waiver of Repurchase Option and Amendment to Purchase
Agreement, dated as of August 20, 1999, (2) that certain Omnibus Agreement
dated as of November 1, 2000, (3) the Second Amendment to Purchase Agreement
dated February 1, 2004, and (4) that certain 2004 Extension and Funding 

E-1

Agreement
dated as of September 8, 2004, is in full force and effect and has not been
amended since September 8, 2004. The Financial Services Agreement dated as of
March 9, 1998, between Lucent Technologies, Inc., a Delaware corporation, and
The CIT Group, Inc. (now known as CIT Group Inc.), a Delaware corporation (as
assignee of Newcourt Credit Group Inc.), as amended by the Amendment No. 1 to
Financial Services Agreement, dated as of September 30, 1999, is in full force
and effect and has not been amended since September 30, 1999, except that such
agreement was assigned by Lucent Technologies Inc. to Avaya, Inc. pursuant to a
certain Assignment and Assumption Agreement dated as of September 28, 2000. Any
Contracts in which the Vendor is Snap-on Tools were purchased pursuant to the
Funding Agreement (Regarding Lease and Dealer Loan Agreements) between New
Creditcorp SPC, LLC and CIT Financial USA, Inc., dated January 4, 1999 and the
Pooling and Servicing Agreement (Regarding Lease and Dealer Loan Agreements)
between New Creditcorp SPC, LLC and Snap-on Credit LLC dated January 4, 1999
and neither such Funding Agreement nor such Pooling and Servicing Agreement
have been amended since the date thereof.

                    (f)
Instruments. Not more than 0.75% of the Initial Contract Pool Principal
Balance are “Instruments” (within the meaning of Article 9 of the UCC), which
evidence or relate to any Contract conveyed to the Trust on the Closing Date.

                    (g)
Intent to Transfer. CFUSA is selling the Contracts, and on each
Substitution Transfer Date is conveying the Substitute Contracts, to the Depositor
with the intention of removing the Contracts, or the Substitute Contracts, as
the case may be, from the estate of CFUSA pursuant to the applicable provisions
of the Bankruptcy Code.

E-2

Exhibit F

Minimum Value Filing Exceptions

                    No
financing statements are filed against an Obligor located in a particular State
describing Equipment which is the subject of a particular Contract of any
Financing Originator, unless the fair market value of the Equipment (determined
in accordance with its Customary Policies and Procedures) related to such
particular Contract is at least $25,000 (or, in the alternative, at least
$50,000 if such Contract is a Lease with a “fair market value” purchase
option).

F-1

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