Document:

efc8-0866_6628487ex41.htm

    
      EXHIBIT
4.1

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      AMENDMENT NO. 1

      Dated as of May 16,
2008

       

      to

       

      POOLING AND SERVICING AGREEMENT

      Dated as of February 1, 2006

      among

      CWMBS, INC.,

      Depositor

       

      COUNTRYWIDE HOME LOANS, INC.,

      Seller

      PARK GRANADA LLC,

      Seller

      PARK MONACO INC.,

      Seller

      PARK SIENNA LLC,

      Seller

      COUNTRYWIDE HOME LOANS SERVICING LP,

      Master Servicer

      and

      THE BANK OF NEW YORK,

      Trustee

      CHL MORTGAGE PASS-THROUGH  TRUST
2006-OA4

      
        MORTGAGE PASS-THROUGH CERTIFICATES, SERIES
2006-OA4

         

      

       

    

    
          

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

       

       

      THIS AMENDMENT
NO. 1, dated as of May 16, 2008 (the “Amendment”), to the
Pooling and Servicing Agreement (as defined below), is among CWMBS, INC., as
depositor (the “Depositor”),
COUNTRYWIDE HOME LOANS, INC. (“Countrywide”), as a
seller (a “Seller”), PARK GRANADA
LLC (“Park Granada”), as a
seller (a “Seller”), PARK MONACO
INC. (“Park Monaco”), as a
seller (a “Seller”), PARK SIENNA
LLC (“Park Sienna”), as a
seller (a “Seller”), COUNTRYWIDE
HOME LOANS SERVICING LP, as master servicer (the “Master Servicer”), and
THE BANK OF NEW YORK, as trustee (the “Trustee”).

       

      W I T N E S S E T H

       

          WHEREAS, the Depositor, Countrywide, as a Seller, Park Granada, as
a Seller, Park Monaco, as a Seller, Park Sienna, as a Seller, the Master Servicer, and
Trustee entered into a Pooling and Servicing Agreement, dated as of February 1,
2006 (the “Pooling and Servicing
Agreement”), providing for the issuance of the CHL Mortgage
Pass-Through Trust 2006-OA4, Mortgage Pass-Through Certificates, Series
2006-OA4;

       

          WHEREAS, the
transaction evidenced by the Pooling and Servicing Agreement closed on February
28, 2006 (the “Closing
Date”);

       

          WHEREAS, the parties
to the transaction wish to amend the Pooling and Servicing Agreement as of the
Closing Date by: (1) adding the definition of “Adjusted Cap Rate” to Article I,
(2) replacing the definitions of “Certificate Balance,” “Current Interest” and
“Stated Principal Balance” in Article I with definitions that include the
concept of Net Deferred Interest and (3) adding Section 4.03 (collectively, such
amendments, the “Amendment”) so as to provide for the allocation of Net Deferred
Interest to the Certificate Balances of the Certificates;

       

          WHEREAS, subject to
the satisfaction of certain conditions provided therein, Section 10.01 of the
Pooling and Servicing Agreement provides that the Pooling and Servicing
Agreement may be amended by the parties thereto without the consent of any
Certificateholders to conform to the Prospectus and Prospectus Supplement
provided to investors in connection with the initial offering of the
Certificates;

       

          WHEREAS, the parties
to the Pooling and Servicing Agreement wish to amend the Pooling and Servicing
Agreement to conform to the Prospectus Supplement as described in the third
recital of this Amendment;

       

          WHEREAS, the
Depositor and the Master Servicer have concluded that no consent of any Class of
Certificates is required for the adoption of the Amendment; and

       

          WHEREAS, the
Depositor has delivered to the Trustee an Opinion of Counsel in accordance with
the provisions of the Pooling and Servicing Agreement; 

       

          NOW, THEREFORE, the
parties hereto agree as follows:

       

       

      
        
          
          

        

        
          1

          
            

          

        

        
          
          

        

      

       

      Section 1.   Defined
terms.

       

         For purposes of this
Amendment, unless the context clearly requires otherwise, all capitalized terms
which are used but not otherwise defined herein shall have the respective
meanings assigned to such terms in the Pooling and Servicing
Agreement.

       

      Section 2.  Amendment.

       

         (1) As of the Closing Date,
the following definition is added to Article I of the Pooling and Servicing
Agreement:

      Adjusted Cap
Rate:  For any Distribution Date and any
Class of Certificates, the excess of (A) the weighted average Adjusted Net
Mortgage Rate for the Mortgage Loans for that Distribution Date over (B) a
fraction (expressed as a percentage) the numerator of which is the product of
(i) the Net Deferred Interest, if any, on the Mortgage Loans for that
Distribution Date and (ii) 12, and the denominator of which is the aggregate
Stated Principal Balance of the Mortgage Loans as of the Due Date occurring in
the month of that Distribution Date (after giving effect to Principal
Prepayments, the principal portion of Liquidation Proceeds and Subsequent
Recoveries received in the related Prepayment Period).  With respect to the
LIBOR Certificates, the Adjusted Cap Rate will be multiplied by a fraction, the
numerator of which is 30, and the denominator of which is the actual number of
days that elapsed in the Interest Accrual Period.

       

      (2)  As
of the Closing Date, the definitions of “Certificate Balance,” “Current
Interest” and “Stated Principal Balance” as set forth in Article I of the
Pooling and Servicing Agreement are hereby deleted and replaced with the
following, respectively:

       

      Certificate
Balance:  With respect to any Certificate (other than the Class C
Certificates) at any date, the maximum dollar amount of principal to which the
Holder thereof is then entitled under this Agreement, such amount being equal to
the Denomination of that Certificate (A) plus, (i) the amount of Net Deferred
Interest allocated to such Class of Certificates pursuant to Section 4.03 and
(ii) with respect to the Subordinated Certificates, any increase to the
Certificate Balance of such Certificate pursuant to Section 4.02 due to the
receipt of Subsequent Recoveries and (B) minus the sum of (i) all
distributions of principal previously made with respect to that Certificate and
(ii) with respect to the Subordinated Certificates, any Applied Realized
Loss Amounts allocated to such Certificate on previous Distribution Dates
pursuant to Section 4.02 without duplication.

       

      Current Interest: 
With respect to each Class of Offered Certificates and each Distribution Date,
(x) the interest accrued at the applicable Pass-Through Rate for the applicable
Interest Accrual Period on the Class Certificate Balance of such Class
immediately prior to such Distribution Date minus (y) the Net Deferred Interest,
if any, allocated to that Class for such Distribution Date.

       

      Stated Principal
Balance:  As to any Mortgage Loan and Due Date, the unpaid principal
balance of such Mortgage Loan as of such Due Date, as specified in the
amortization schedule at the time relating thereto (before any adjustment to
such amortization schedule by reason of any 

       

       

      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

      

       

       

       

      moratorium or similar waiver or grace period) after giving effect to the
sum of: (i) any previous partial Principal Prepayments and the payment of
principal due on such Due Date, irrespective of any delinquency in payment by
the related Mortgagor, (ii) Liquidation Proceeds allocable to principal (other
than with respect to any Liquidated Mortgage Loan) received in the prior
calendar month and Principal Prepayments received through the last day of the
related Prepayment Period, in each case, with respect to that Mortgage Loan and
(iii) any Deferred Interest added to the principal balance of that Mortgage Loan
pursuant to the terms of the related Mortgage Note on or prior to that Due
Date.

       

      (3)  As
of the Closing Date, the following section is added as Section 4.03 to the
Pooling and Servicing Agreement:

       

      Section
4.03.  Allocation of
Net Deferred Interest

      (a)  For any Distribution Date,
the Net Deferred Interest allocated to a Class of Certificates shall be an
amount equal to the excess, if any, of (i) the amount of interest that accrued
on such Class of Certificates at the applicable Pass-Through Rate during the
Interest Accrual Period related to that Distribution Date over (ii) the amount
of interest that accrued on such Class of Certificates at the related Adjusted
Cap Rate during the Interest Accrual Period related to that Distribution
Date.  

       

      (b)  Any
Net Deferred Interest allocated to a Class of Certificates will be added to the
Class Certificate Balance of such Class of Certificates.

      Section 3.  Effect Of
Amendment.

       

      Upon execution
of this Amendment, the Pooling and Servicing Agreement shall be, and be deemed
to be, modified and amended in accordance herewith and the respective rights,
limitations, obligations, duties, liabilities and immunities of the Depositor,
the Sellers, the Master Servicer and the Trustee shall hereafter be determined,
exercised and enforced subject in all respects to such modifications and
amendments, and all the terms and conditions of this Amendment shall be and be
deemed to be part of the terms and conditions of the Pooling and Servicing
Agreement for any and all purposes.  Except as modified and expressly
amended by this Amendment, the Pooling and Servicing Agreement is in all
respects ratified and confirmed, and all the terms, provisions and conditions
thereof shall be and remain in full force and effect.

      Section 4.   Binding
Effect.

       

      The provisions
of this Amendment shall be binding upon and inure to the benefit of the
respective successors and assigns of the parties hereto, and all such provisions
shall inure to the benefit of the Trustee and the related
Certificateholders.

      Section 5.   Governing
Law.

       

      THIS AMENDMENT
SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE SUBSTANTIVE LAWS OF
THE STATE OF NEW YORK 

       

      
        
          
          

        

        
          3

          
            

          

        

        
          
          

        

      

       

      APPLICABLE TO
AGREEMENTS MADE AND TO BE PERFORMED IN THE STATE OF NEW YORK AND THE
OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HERETO AND THE
CERTIFICATEHOLDERS SHALL BE DETERMINED IN ACCORDANCE WITH SUCH
LAWS.

      Section 6.  Severability of
Provisions.

       

      If any one or
more of the provisions or terms of this Amendment shall be for any reason
whatsoever held invalid, then such provisions or terms shall be deemed severable
from the remaining provisions or terms of this Amendment and shall in no way
affect the validity or enforceability of the other provisions or terms of this
Amendment or of the Certificates or the rights of the Holders
thereof.

      Section 7.  Section
Headings.

       

      The section
headings herein are for convenience of reference only, and shall not limit or
otherwise affect the meaning hereof.

      Section 8.  Counterparts.

       

      This Amendment
may be executed in several counterparts, each of which shall be an original and
all of which shall constitute but one and the same instrument.

       

       

      
        
          
          

        

        
          4

          
            

          

        

        
          
          

        

      

       

       

       

      IN WITNESS WHEREOF, the Depositor,
the Sellers, the Master Servicer and the Trustee have caused this Amendment to
be duly executed by their respective officers thereunto duly authorized, all as
of the day and year first above written.

    

     

    

      
        	 
      	
                CWMBS,
      INC.,

                  as
      Depositor

              
	 
      	 
      
	 
      	
                By:

              	
                
                  /s/
      Darren Bigby

                

              
	 
      	 
      	
                Name:  Darren
      Bigby

                Title:  Executive
      Vice President

              
	 
      	 
      
	 
      	
                THE
      BANK OF NEW YORK,

                  as
      Trustee

              
	 
      	 
      
	 
      	
                By:

              	
                
                  /s/
      Michelle Penson

                

              
	 
      	 
      	
                Name:  Michelle
      Penson

                Title:  Vice
      President

              
	 
      	 
      
	 
      	
                COUNTRYWIDE
      HOME LOANS, INC.,

                  as
      a Seller

              
	 
      	 
      
	 
      	
                By:

              	
                
                  /s/
      Darren Bigby

                

              
	 
      	 
      	
                Name:  Darren
      Bigby

                Title:  Executive
      Vice President

              
	 
      	 
      
	 
      	
                PARK
      GRANADA LLC,

                  as
      a Seller

              
	 
      	 
      
	 
      	
                By:

              	
                
                  /s/
      Darren Bigby

                

              
	 
      	 
      	
                Name:  Darren
      Bigby

                Title:  Executive
      Vice President

              
	 
      	 
      
	 
      	
                PARK
      MONACO INC.,

                  as
      a Seller

              
	 
      	 
      
	 
      	
                By:

              	
                
                  /s/
      Darren Bigby

                

              
	 
      	 
      	
                Name:  Darren
      Bigby

                Title:  Executive
      Vice President

              
	 
      	 
      

      

     

     

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

     

    

      
        	 
      	
                PARK
      SIENNA LLC,

                  as
      a Seller

              
	 
      	 
      
	 
      	
                By:

              	
                
                  /s/
      Darren Bigby

                

              
	 
      	 
      	
                Name:  Darren
      Bigby

                Title:  Executive
      Vice President

              
	 
      	 
      
	 
      	
                COUNTRYWIDE
      HOME LOANS SERVICING LP,

                  as
      Master Servicer

              
	 
      	 
      
	 
      	
                By:  COUNTRYWIDE
      GP, INC.

              
	 
      	 
      
	 
      	
                By:

              	
                
                  /s/
      Darren Bigby

                

              
	 
      	 
      	
                Name:  Darren
      Bigby

                Title:  Executive
      Vice President

              
	 
      	 
      

      

     

    6Exhibit 4.1

EXECUTION COPY

CIT EQUIPMENT COLLATERAL 2008-VT1,

as Issuer,

and

MANUFACTURERS AND TRADERS TRUST COMPANY

not in its individual capacity but solely in its capacity

as Indenture Trustee

INDENTURE

Dated as of April 1, 2008

	
 

	
 

	
 

	
 

	
 

	
 

	
$

	
197,000,000

	
 

	
2.82620%

	
 

	
Class A-1
 Receivable-Backed Notes

	
$

	
105,000,000

	
 

	
4.76%

	
 

	
Class A-2A
 Receivable-Backed Notes

	
$

	
47,000,000

	
 

	
Floating
 Rate

	
 

	
Class A-2B
 Receivable-Backed Notes

	
$

	
199,035,000

	
 

	
6.59%

	
 

	
Class A-3
 Receivable-Backed Notes

	
$

	
18,676,000

	
 

	
6.51%

	
 

	
Class B Receivable-Backed
 Notes

	
$

	
26,636,000

	
 

	
7.00%

	
 

	
Class C
 Receivable-Backed Notes

	
$

	
18,982,039

	
 

	
7.48%

	
 

	
Class D
 Receivable-Backed Notes

TABLE OF CONTENTS

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Page

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
ARTICLE ONE

	
 

	
DEFINITIONS
 AND INCORPORATION BY REFERENCE

	
 

	
2

	
 

	
 

	
 

	
 

	
 

	
 

	
Section 1.01

	
 

	
 

	
Definitions

	
 

	
2

	
 

	
Section 1.02

	
 

	
 

	
Incorporation
 by Reference of Trust Indenture Act

	
 

	
9

	
 

	
Section 1.03

	
 

	
 

	
Rules of
 Construction

	
 

	
10

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
ARTICLE TWO

	
 

	
THE NOTES

	
 

	
10

	
 

	
 

	
 

	
 

	
 

	
 

	
Section 2.01

	
 

	
 

	
Form

	
 

	
10

	
 

	
Section 2.02

	
 

	
 

	
Execution,
 Authentication and Delivery

	
 

	
11

	
 

	
Section 2.03

	
 

	
 

	
Temporary
 Notes

	
 

	
11

	
 

	
Section 2.04

	
 

	
 

	
Registration;
 Registration of Transfer and Exchange

	
 

	
12

	
 

	
Section 2.05

	
 

	
 

	
Mutilated,
 Destroyed, Lost or Stolen Notes

	
 

	
13

	
 

	
Section 2.06

	
 

	
 

	
Persons
 Deemed Owner

	
 

	
14

	
 

	
Section 2.07

	
 

	
 

	
Payment of
 Principal and Interest; Defaulted Interest

	
 

	
14

	
 

	
Section 2.08

	
 

	
 

	
Cancellation

	
 

	
15

	
 

	
Section 2.09

	
 

	
 

	
Book-Entry
 Notes

	
 

	
15

	
 

	
Section 2.10

	
 

	
 

	
Notices to
 Clearing Agency

	
 

	
16

	
 

	
Section 2.11

	
 

	
 

	
Definitive
 Notes

	
 

	
16

	
 

	
Section 2.12

	
 

	
 

	
Release of
 Collateral

	
 

	
17

	
 

	
Section 2.13

	
 

	
 

	
Tax
 Treatment

	
 

	
17

	
 

	
 

	
 

	
 

	
 

	
ARTICLE
 THREE

	
 

	
COVENANTS; REPRESENTATIONS AND WARRANTIES

	
 

	
17

	
 

	
 

	
 

	
 

	
 

	
 

	
Section 3.01

	
 

	
 

	
Payment of
 Principal and Interest

	
 

	
17

	
 

	
Section 3.02

	
 

	
 

	
Maintenance
 of Office or Agency

	
 

	
18

	
 

	
Section 3.03

	
 

	
 

	
Money for
 Payments to be Held in Trust

	
 

	
18

	
 

	
Section 3.04

	
 

	
 

	
Existence

	
 

	
19

	
 

	
Section 3.05

	
 

	
 

	
Protection
 of Collateral

	
 

	
19

	
 

	
Section 3.06

	
 

	
 

	
Performance
 of Obligations; Servicing of Contracts

	
 

	
20

	
 

	
Section 3.07

	
 

	
 

	
Negative
 Covenants

	
 

	
21

	
 

	
Section 3.08

	
 

	
 

	
Issuer May
 Consolidate, etc., only on Certain Terms

	
 

	
22

	
 

	
Section 3.09

	
 

	
 

	
Successor or
 Transferee

	
 

	
24

	
 

	
Section 3.10

	
 

	
 

	
No Other
 Business

	
 

	
24

	
 

	
Section 3.11

	
 

	
 

	
No Borrowing

	
 

	
24

	
 

	
Section 3.12

	
 

	
 

	
Notice of
 Events of Default

	
 

	
24

	
 

	
Section 3.13

	
 

	
 

	
Further
 Instruments and Acts

	
 

	
24

	
 

	
Section 3.14

	
 

	
 

	
Compliance
 with Laws

	
 

	
24

	
 

	
Section 3.15

	
 

	
 

	
Amendments
 of Trust Agreement

	
 

	
24

	
 

	
Section 3.16

	
 

	
 

	
Removal of
 Administrator

	
 

	
25

	
 

	
Section 3.17

	
 

	
 

	
Representations
 and Warranties of Issuer

	
 

	
25

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
ARTICLE FOUR

	
 

	
SATISFACTION
 AND DISCHARGE

	
 

	
26

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Section 4.01

	
 

	
 

	
Satisfaction
 and Discharge of Indenture

	
 

	
26

	
 

	
Section 4.02

	
 

	
 

	
Application
 of Trust Money

	
 

	
27

(i)

TABLE OF CONTENTS
(continued)

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Page

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Section 4.03

	
 

	
 

	
Repayment of
 Moneys Held by Paying Agent

	
 

	
27

	
 

	
Section 4.04

	
 

	
 

	
Release of
 Collateral

	
 

	
27

	
 

	
 

	
 

	
 

	
 

	
ARTICLE FIVE

	
 

	
REMEDIES

	
 

	
27

	
 

	
 

	
 

	
 

	
 

	
 

	
Section 5.01

	
 

	
 

	
Events of
 Default

	
 

	
27

	
 

	
Section 5.02

	
 

	
 

	
Rights Upon
 Event of Default; Notice

	
 

	
28

	
 

	
Section 5.03

	
 

	
 

	
Collection
 of Indebtedness and Suits for Enforcement by Indenture Trustee; Authority of
 Indenture Trustee

	
 

	
29

	
 

	
Section 5.04

	
 

	
 

	
Remedies

	
 

	
31

	
 

	
Section 5.05

	
 

	
 

	
Optional
 Preservation of the Contracts

	
 

	
32

	
 

	
Section 5.06

	
 

	
 

	
Priorities

	
 

	
32

	
 

	
Section 5.07

	
 

	
 

	
Limitation
 of Suits

	
 

	
32

	
 

	
Section 5.08

	
 

	
 

	
Unconditional
 Rights of Noteholders to Receive Principal and Interest

	
 

	
33

	
 

	
Section 5.09

	
 

	
 

	
Restoration
 of Rights and Remedies

	
 

	
33

	
 

	
Section 5.10

	
 

	
 

	
Rights and
 Remedies Cumulative

	
 

	
34

	
 

	
Section 5.11

	
 

	
 

	
Delay or
 Omission Not a Waiver

	
 

	
34

	
 

	
Section 5.12

	
 

	
 

	
Control by
 Noteholders

	
 

	
34

	
 

	
Section 5.13

	
 

	
 

	
Waiver of
 Past Defaults

	
 

	
34

	
 

	
Section 5.14

	
 

	
 

	
Undertaking
 for Costs

	
 

	
35

	
 

	
Section 5.15

	
 

	
 

	
Waiver of
 Stay or Extension Laws

	
 

	
35

	
 

	
Section 5.16

	
 

	
 

	
Action on
 Notes

	
 

	
35

	
 

	
Section 5.17

	
 

	
 

	
Performance
 and Enforcement of Certain Obligations

	
 

	
35

	
 

	
 

	
 

	
 

	
 

	
ARTICLE SIX

	
 

	
THE
 INDENTURE TRUSTEE

	
 

	
36

	
 

	
 

	
 

	
 

	
 

	
 

	
Section 6.01

	
 

	
 

	
Duties of
 Indenture Trustee

	
 

	
36

	
 

	
Section 6.02

	
 

	
 

	
Rights of
 Indenture Trustee

	
 

	
38

	
 

	
Section 6.03

	
 

	
 

	
Individual
 Rights of Indenture Trustee

	
 

	
39

	
 

	
Section 6.04

	
 

	
 

	
Indenture
 Trustee’s Disclaimer

	
 

	
39

	
 

	
Section 6.05

	
 

	
 

	
Notice of
 Defaults

	
 

	
40

	
 

	
Section 6.06

	
 

	
 

	
Reports by
 Indenture Trustee to Holders

	
 

	
40

	
 

	
Section 6.07

	
 

	
 

	
Compensation
 and Indemnity

	
 

	
40

	
 

	
Section 6.08

	
 

	
 

	
Replacement
 of Indenture Trustee

	
 

	
41

	
 

	
Section 6.09

	
 

	
 

	
Successor
 Indenture Trustee by Merger

	
 

	
42

	
 

	
Section 6.10

	
 

	
 

	
Appointment
 of Co-Indenture Trustee or Separate Indenture Trustee

	
 

	
43

	
 

	
Section 6.11

	
 

	
 

	
Eligibility

	
 

	
44

	
 

	
Section 6.12

	
 

	
 

	
Preferential
 Collection of Claims Against Issuer

	
 

	
44

	
 

	
Section 6.13

	
 

	
 

	
Representations
 and Warranties of Indenture Trustee

	
 

	
44

	
 

	
Section 6.14

	
 

	
 

	
Execution of
 Transaction Documents

	
 

	
45

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
ARTICLE
 SEVEN

	
 

	
NOTEHOLDERS’
 LISTS AND REPORTS

	
 

	
45

(ii)

TABLE OF CONTENTS
(continued)

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Page

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Section 7.01

	
 

	
 

	
Issuer to
 Furnish Indenture Trustee Names and Addresses of Noteholders

	
 

	
45

	
 

	
Section 7.02

	
 

	
 

	
Preservation
 of Information; Communication to Noteholders

	
 

	
46

	
 

	
Section 7.03

	
 

	
 

	
Reports by
 Issuer

	
 

	
46

	
 

	
Section 7.04

	
 

	
 

	
Reports by
 Indenture Trustee

	
 

	
47

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
ARTICLE
 EIGHT

	
 

	
ACCOUNTS,
 DISBURSEMENTS AND RELEASES

	
 

	
47

	
 

	
 

	
 

	
 

	
 

	
 

	
Section 8.01

	
 

	
 

	
Collection
 of Money

	
 

	
47

	
 

	
Section 8.02

	
 

	
 

	
Trust
 Accounts

	
 

	
47

	
 

	
Section 8.03

	
 

	
 

	
General
 Provisions Regarding Accounts

	
 

	
48

	
 

	
Section 8.04

	
 

	
 

	
Release of
 Collateral

	
 

	
48

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
ARTICLE NINE

	
 

	
SUPPLEMENTAL
 INDENTURES

	
 

	
49

	
 

	
 

	
 

	
 

	
 

	
 

	
Section 9.01

	
 

	
 

	
Supplemental
 Indentures Without Consent of Noteholders

	
 

	
49

	
 

	
Section 9.02

	
 

	
 

	
Supplemental
 Indentures With Consent of Noteholders

	
 

	
50

	
 

	
Section 9.03

	
 

	
 

	
Execution of
 Supplemental Indentures

	
 

	
52

	
 

	
Section 9.04

	
 

	
 

	
Effect of
 Supplemental Indenture

	
 

	
52

	
 

	
Section 9.05

	
 

	
 

	
Conformity
 With Trust Indenture Act

	
 

	
52

	
 

	
Section 9.06

	
 

	
 

	
Reference in
 Notes to Supplemental Indentures

	
 

	
52

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
ARTICLE TEN

	
 

	
REDEMPTION

	
 

	
52

	
 

	
 

	
 

	
 

	
 

	
 

	
Section
 10.01

	
 

	
 

	
Redemption

	
 

	
52

	
 

	
Section
 10.02

	
 

	
 

	
Form of
 Redemption Notice

	
 

	
53

	
 

	
Section
 10.03

	
 

	
 

	
Notes
 Payable on Redemption Date

	
 

	
53

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
ARTICLE
 ELEVEN

	
 

	
MISCELLANEOUS

	
 

	
54

	
 

	
 

	
 

	
 

	
 

	
 

	
Section
 11.01

	
 

	
 

	
Compliance
 Certificates and Opinions, Etc

	
 

	
54

	
 

	
Section
 11.02

	
 

	
 

	
Form of
 Documents Delivered to Indenture Trustee

	
 

	
54

	
 

	
Section
 11.03

	
 

	
 

	
Acts of
 Noteholders

	
 

	
55

	
 

	
Section
 11.04

	
 

	
 

	
Notices

	
 

	
55

	
 

	
Section
 11.05

	
 

	
 

	
Notices to
 Noteholders; Waiver

	
 

	
56

	
 

	
Section
 11.06

	
 

	
 

	
Alternate
 Payment and Notice Provisions

	
 

	
56

	
 

	
Section
 11.07

	
 

	
 

	
Effect of
 Headings and Table of Contents

	
 

	
57

	
 

	
Section
 11.08

	
 

	
 

	
Successors
 and Assigns

	
 

	
57

	
 

	
Section
 11.09

	
 

	
 

	
Separability

	
 

	
57

	
 

	
Section
 11.10

	
 

	
 

	
Benefits of
 Indenture

	
 

	
57

	
 

	
Section 11.11

	
 

	
 

	
Legal
 Holidays

	
 

	
57

	
 

	
Section
 11.12

	
 

	
 

	
Governing
 Law

	
 

	
57

	
 

	
Section
 11.13

	
 

	
 

	
Counterparts

	
 

	
57

	
 

	
Section
 11.14

	
 

	
 

	
Recording of
 Indenture

	
 

	
57

	
 

	
Section
 11.15

	
 

	
 

	
Trust
 Obligation

	
 

	
57

(iii)

TABLE OF CONTENTS
(continued)

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Page

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Section
 11.16

	
 

	
 

	
No Petition

	
 

	
58

	
 

	
Section
 11.17

	
 

	
 

	
Inspection

	
 

	
58

	
 

	
Section
 11.18

	
 

	
 

	
Conflict
 with Trust Indenture Act

	
 

	
58

	
 

	
Section
 11.19

	
 

	
 

	
Communication
 by Noteholders With Other Noteholders

	
 

	
58

	
 

	
Section
 11.20

	
 

	
 

	
Trust
 Indenture Act Controls

	
 

	
59

	
 

	
Section
 11.21

	
 

	
 

	
Limited
 Recourse

	
 

	
59

	
 

	
Section
 11.22

	
 

	
 

	
Waiver of
 Jury Trial

	
 

	
59

	
 

	
Section
 11.23

	
 

	
 

	
Force
 Majeure

	
 

	
59

	
 

	
Section
 11.24

	
 

	
 

	
Registration
 of the Class B Notes, the Class C Notes and the Class D Notes

	
 

	
59

	
 

	
Section
 11.25

	
 

	
 

	
US Patriot
 Act

	
 

	
60

	
 

	
 

	
 

	
Schedule A

	
 

	
List of
 Contracts

	
 

	
 

	
 

	
 

	
 

	
EXHIBITS

	
 

	
 

	
 

	
 

	
 

	
Exhibit A-1

	
 

	
Form of
 Class A-1 Note

	
 

	
A-1-1

	
Exhibit A-2A

	
 

	
Form of
 Class A-2A Note

	
 

	
A-2A-1

	
Exhibit A-2B

	
 

	
Form of
 Class A-2B Note

	
 

	
A-2B-1

	
Exhibit A-3

	
 

	
Form of
 Class A-3 Note

	
 

	
A-3-1

	
Exhibit B

	
 

	
Form of
 Class B Note

	
 

	
B-1

	
Exhibit C

	
 

	
Form of
 Class C Note

	
 

	
C-1

	
Exhibit D

	
 

	
Form of
 Class D Note

	
 

	
D-1

(iv)

CROSS REFERENCE TABLE

	
 

	
 

	
 

	
Trust
Indenture

Act of 1939

Section 

	
 

	
Indenture

Section 

	

	
 

	

	
310(a)

	
 

	
6.11

	
310(b)

	
 

	
6.11

	
310(c)

	
 

	
N.A.

	
311(a)

	
 

	
6.12

	
311(b)

	
 

	
6.12

	
311(c)

	
 

	
N.A.

	
312(a)

	
 

	
7.01, 7.02

	
312(b)

	
 

	
7.02, 11.19

	
312(c)

	
 

	
7.02

	
313(a)

	
 

	
7.04

	
313(b)

	
 

	
7.04

	
313(c)

	
 

	
7.04

	
314(a)

	
 

	
7.03

	
314(b)

	
 

	
3.05, 7.03

	
314(c)

	
 

	
11.01

	
314(d)

	
 

	
11.01

	
314(e)

	
 

	
11.01

	
314(f)

	
 

	
N.A.

	
315(a)

	
 

	
6.01

	
315(b)

	
 

	
6.05

	
315(c)

	
 

	
6.01

	
315(d)

	
 

	
6.01

	
315(e)

	
 

	
5.14

	
316(a)

	
 

	
2.07, 5.04

	
316(b)

	
 

	
9.02

	
316(c)

	
 

	
N.A.

	
317(a)

	
 

	
5.03

	
317(b)

	
 

	
3.03

	
318(a)

	
 

	
11.18

(v)

                    This
Indenture, dated as of April 1, 2008 (this “Indenture”), is between CIT
EQUIPMENT COLLATERAL 2008-VT1, a Delaware statutory trust (the “Issuer”) and
Manufacturers and Traders Trust Company, in its capacity as indenture trustee
(the “Indenture Trustee”) and not in its individual capacity. 

                    Each
party agrees as follows for the benefit of the other parties and for the equal
and ratable benefit of the Holders of the Issuer’s 2.82620% Class A-1
Receivable-Backed Notes (the “Class A-1 Notes”), 4.76% Class A-2A
Receivable-Backed Notes (the “Class A-2A Fixed Rate Notes”), the Floating Rate
Class A-2B Receivable Backed Notes (the “Class A-2B Floating Rate Notes”,
together with the Class A-2A Fixed Rate Notes, “the Class A-2 Notes”), 6.59%
Class A-3 Receivable-Backed Notes (the “Class A-3 Notes”), 6.51% Class B
Receivable-Backed Notes (the “Class B Notes”), 7.00% Class C Receivable-Backed
Notes (the “Class C Notes”) and 7.48% Class D Receivable-Backed Notes (the
“Class D Notes” and, together with the Class A-1 Notes, Class A-2 Notes, Class
A-3 Notes, Class B Notes and Class C Notes, the “Notes”). 

GRANTING CLAUSE

                    The
Issuer hereby Grants, transfers, assigns and otherwise conveys to the Indenture
Trustee on the Closing Date, on behalf of and for the benefit of the Holders of
the Notes and the Swap Counterparty, without recourse, all of the Issuer’s
right, title and interest, now existing or hereafter arising or acquired, in
and to (i) the Contracts and the related Transferred Assets, (ii) all general
intangibles, accounts and tangible chattel paper relating thereto, (iii) the
rights of the Issuer under the Pooling and Servicing Agreement, (iv) the
Collection Account, the Reserve Account and any other security or deposit
account maintained by the Issuer with the Indenture Trustee or any Qualified
Institution, including, without limitation, all cash and cash equivalents,
investment property, Financial Assets, Security Entitlements, or other Eligible
Investments and all other securities and other assets now or hereafter
deposited in or credited to any such account, and all income from the
investment of the funds in such accounts, together with any successor or
replacement accounts, (v) all Security Entitlements of the Issuer in any and
all of the foregoing, (vi) all rights, remedies, claims, powers and privileges
of the Issuer under or with respect to the Swap and the Swap Documents
(including all rights or security interests with respect to any guarantees
thereof or collateral pledged to the Issuer thereunder), and (vii) all present
and future claims, demands, causes and choses in action in respect of any or
all of the foregoing and all payments on or under and all proceeds of every
kind and nature whatsoever in respect of any or all of the foregoing,
including, without limitation, all proceeds of the conversion of any of the
foregoing, voluntary or involuntary, into cash or other property, all cash
proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel
paper, checks, deposit accounts, insurance proceeds, condemnation awards,
rights to payment of any and every kind and other forms of obligations and
receivables, instruments and other property which at any time constitute all or
part of or are included in the proceeds of any and all proceeds of the
foregoing (collectively, the “Collateral”). 

                    The
foregoing Grant is made in trust to secure the payment of principal of and
interest on, and any other amounts owing in respect of, the Notes, equally and
ratably without prejudice, priority or distinction and all other sums owing by
the Issuer hereunder or under any other Transaction Document, and to secure
compliance with the provisions of this Indenture, and subject to the priorities
of allocations as to interest and principal payments, all as provided in this 

Indenture and
the Pooling and Servicing Agreement. This Indenture shall be deemed to be and
hereby is a security agreement within the meaning of the UCC. 

                    The
Indenture Trustee, as Indenture Trustee on behalf of the Holders of the Notes,
acknowledges such Grant, accepts the trust under this Indenture in accordance
with the provisions of this Indenture and agrees to perform its duties required
in this Indenture to the best of its ability to the end that the interests of
the Holders of the Notes may be adequately and effectively protected. 

ARTICLE ONE

DEFINITIONS AND INCORPORATION BY REFERENCE

          Section
1.01 Definitions. 

                    (a)
Except as otherwise specified herein or as the context may otherwise require,
the following terms have the respective meanings set forth below for all
purposes of this Indenture. 

                    “Act”
shall have the meaning specified in Section 11.03(a). 

                    “Administration
Agreement” means the Administration Agreement, dated as of April 1, 2008,
among the Administrator, the Issuer, the Depositor and the Indenture Trustee,
as amended, restated, supplemented or otherwise modified from time to time. 

                    “Aggregate
Principal Amount” shall have the meaning ascribed thereto in the Pooling
and Servicing Agreement. 

                    “Administrator”
means CIT Financial USA, Inc., a Delaware corporation, or any successor
Administrator under the Administration Agreement. 

                    “Authorized
Officer” means, with respect to the Issuer, (i) the Administrator or (ii)
any officer of the Owner Trustee who is authorized to act for the Owner Trustee
in matters relating to the Issuer and who is identified on the list of
Authorized Officers delivered by the Owner Trustee to the Indenture Trustee on
the Closing Date (as such list may be modified or supplemented from time to
time thereafter) and, so long as the Administration Agreement is in effect, any
Vice President or more senior officer of the Administrator who is authorized to
act for the Administrator in matters relating to the Issuer and to be acted
upon by the Administrator pursuant to the Administration Agreement and who is identified
on the list of Authorized Officers delivered by the Administrator to the
Indenture Trustee on the Closing Date (as such list may be modified or
supplemented from time to time thereafter). 

                    “Book
Entry Notes” means a beneficial interest in the Notes, ownership and
transfers of which shall be made through book entries by a Clearing Agency as
described in Section 2.09. 

2

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

                    “Certificate
Registrar” shall have the meaning ascribed thereto in the Trust Agreement. 

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

                    “Class”
means all Notes whose form is identical except for variation in denomination,
principal amount or owner. 

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

                    “Class
A Noteholder” means a Holder of a Class A-1 Note, Class A-2 Note or Class
A-3 Note, as applicable. 

                    “Class
A-1 Noteholder” means a Holder of a Class A-1 Note. 

                    “Class
A-2 Noteholder” means a Class A-2A Noteholder or a Class A-2B Noteholder,
as applicable. 

                    “Class
A-2 Notes” means the Class A-2A Notes and the Class A-2B Notes. 

                    “Class A-2A
Noteholder” means a Holder of a Class A-2A Note. 

                    “Class A-2B Noteholder” means
a Holder of a Class A-2B Note. 

                    “Class B Noteholder” means a Holder of a Class B
Note.  

                    “Class C Noteholder” means a Holder of a Class C
Note.  

                    “Class D
Noteholder” means a Holder of a Class D Note.  

                    “Clearing
Agency” means an organization registered as a “clearing agency” pursuant to
Section 17A of the Exchange Act. 

                    “Clearing
Agency Participant” means a broker, dealer, bank, other financial
institution or other Person for whom from time to time a Clearing Agency
effects book-entry transfers and pledges of securities deposited with the
Clearing Agency. 

                    “Collateral”
means the Collateral as defined in the Granting Clause hereof. 

                    “Corporate
Trust Office” means the principal office of the Indenture Trustee at which
at any particular time its corporate trust business shall be administered which
office as of the date of the execution of this Indenture is located at: 25 S.
Charles Street, 16th Floor, Baltimore, Maryland 21201, Attention: Corporate
Trust Services; or at such other address as the Indenture Trustee may designate
from time to time by notice to the Noteholders and the Issuer, 

3

or the principal
corporate trust office of any successor Indenture Trustee (the address of which
the successor Indenture Trustee will notify the Noteholders and the Issuer). 

                    “Default”
means any occurrence that is, or with notice or the lapse of time or both would
become, an Event of Default. 

                    “Definitive
Notes” means any Class of Notes issued in definitive, fully registered,
form. 

                    “Depositor”
means CIT Funding Company, LLC, a Delaware limited liability company. 

                    “DTC”
means The Depository Trust Company, and its successors. 

                    “Eligible
Deposit Account” means either (a) a segregated account with a Qualified
Institution, or (b) a segregated trust account with the corporate trust
department of a depository institution organized under the laws of the United
States of America or any one of the States thereof, including the District of
Columbia (or any domestic branch of a foreign bank), and acting as a trustee
for funds deposited in such account, so long as any of the securities of such
depository institution shall have a credit rating from each Rating Agency in
one of its short-term credit rating categories which signifies investment
grade. 

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

                    “Event
of Default” shall have the meaning specified in Section 5.01. 

                    “Executive
Officer” means, with respect to any corporation, the Chief Executive
Officer, Chief Operating Officer, Chief Financial Officer, President, Executive
Vice President, any Vice President, the Secretary or the Treasurer of such
corporation; and with respect to any partnership, any general partner thereof. 

                    “Financial
Asset” has the meaning specified in Section 8-102(a)(9) of the UCC. 

                    “Grant”
means to mortgage, pledge, bargain, sell, warrant, alienate, remise, release,
convey, assign, transfer, create and grant a lien upon and a security interest
in and right of set-off against, deposit, set over and confirm, pursuant to
this Indenture. A Grant of the Collateral or of any other agreement or
instrument shall (subject to the provisions of this Indenture) include all
rights, powers and options (but none of the obligations) of the granting party
thereunder, including the immediate and continuing right to claim for, collect,
receive and give receipt for principal and interest payments in respect of the
Collateral and all other moneys payable thereunder, to give and receive notices
and other communications, to make waivers or other agreements, to exercise all
rights and options, to bring Proceedings in the name of the granting party or
otherwise and generally to do and receive anything that the granting party is
or may be entitled to do or receive thereunder or with respect thereto. 

                    “Holder”
means, with respect to a Book-Entry Note, the Person who is the owner of such
Book-Entry Note, as reflected on the books of the Clearing Agency, or on the
books of a 

4

Person
maintaining an account with such Clearing Agency (directly as a Clearing Agency
participant or as an indirect participant, in each case in accordance with the
rules of such Clearing Agency) and with respect to a Definitive Note the Person
in whose name a Note is registered on the Note Register. 

                    “Indenture
Trustee” means Manufacturers and Traders Trust Company, as Indenture
Trustee under this Indenture, or any successor Indenture Trustee under this
Indenture. 

                    “Indenture
Trustee Documents” shall have the meaning ascribed to such term in Section
6.13(a) hereof. 

                    “Independent”
means, when used with respect to any specified Person, that the Person (i) is
in fact independent of the Issuer, any other obligor upon the Notes, the
Depositor, CFUSA and any of their respective Affiliates, (ii) does not have any
direct financial interest or any material indirect financial interest in the
Issuer, any such other obligor, CFUSA or any of their respective Affiliates,
and (iii) is not connected with the Issuer, any such other obligor, CFUSA or
any Affiliate of any of the foregoing Persons as an officer, employee,
promoter, underwriter, trustee, partner, director or person performing similar
functions. 

                    “Independent
Certificate” means a certificate or opinion to be delivered to the
Indenture Trustee under the circumstances described in, and otherwise complying
with, the applicable requirements of Section 11.01, made by an Independent
appraiser or other expert appointed by an Issuer Order and such opinion or
certificate shall state that the signer has read the definition of
“Independent” in this Indenture and that the signer is Independent within the
meaning thereof. 

                    “Interest
Rate” means, as the context may require, the Class A-1 Interest Rate, the
Class A-2A Interest Rate, the Class A-2B Interest Rate, the Class A-3 Interest
Rate, the Class B Interest Rate, the Class C Interest Rate, the Class D
Interest Rate or any of them, in each case as defined in the Pooling and
Servicing Agreement. 

                    “Issuer”
means CIT Equipment Collateral 2008-VT1, a Delaware statutory owner trust. 

                    “Issuer
Documents” shall have the meaning ascribed to such term in Section 3.17(a)
hereof. 

                    “Issuer
Order” and “Issuer Request” means a written order or request signed in the
name of the Issuer by any one of its Authorized Officers and delivered to the
Indenture Trustee.  

                    “Majority
in Interest” has the same meaning given to the term “Required Holders” in
the Pooling and Servicing Agreement. 

                    “Note
Depository Agreement” means the agreement dated as of the Closing Date,
among the Issuer, the Administrator, the Indenture Trustee and DTC, as the
initial Clearing Agency, relating to the Notes. 

5

                    “Note
Register” and “Note Registrar” have the respective meanings
specified in Section 2.04. 

                    “Noteholder”
means, with respect to a Book-Entry Note, the Person who is the owner of such
Book-Entry Note, as reflected on the books of the Clearing Agency, or on the
books of a Person maintaining an account with such Clearing Agency (directly as
a Clearing Agency participant or as an indirect participant, in each case in
accordance with the rules of such Clearing Agency) and with respect to a
Definitive Note the Person in whose name a Note is registered on the Note
Register. 

                    “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. 

                    “Officer’s
Certificate” means a certificate signed by any Authorized Officer of the
Issuer, under the circumstances described in, and otherwise complying with, the
applicable requirements of Section 11.01, and delivered to, the Indenture
Trustee. Unless otherwise specified, any reference in this Indenture to an
Officer’s Certificate shall be to an Officer’s Certificate of any Authorized
Officer of the Issuer. 

                    “Opinion
of Counsel” means one or more written opinions of counsel who may, except
as otherwise expressly provided in this Indenture, be employees of or counsel
to the Issuer and which shall comply with any applicable requirements of
Section 11.01. 

                    “Outstanding”
means, as of the date of determination, all Notes theretofore authenticated and
delivered under this Indenture except: 

                               (i)
Notes theretofore canceled by the Note Registrar or delivered to the Note
Registrar for cancellation; 

                              
(ii) Notes or portions thereof the payment for which money in the necessary
amount has been theretofore deposited with the Indenture Trustee or any Paying
Agent in trust for the Holders of such Notes (provided, however, that if such
Notes are to be redeemed, notice of such redemption has been duly given
pursuant to this Indenture or provision for such notice satisfactory to the
Indenture Trustee has been made); and 

                              
(iii) Notes in exchange for or in lieu of other Notes which have been authenticated
and delivered pursuant to this Indenture unless proof satisfactory to the
Indenture Trustee is presented that any such Notes are held by a bona fide
purchaser; 

provided,
however, that in determining whether the Holders of the requisite Outstanding
Amount have given any request, demand, authorization, direction, notice,
consent or waiver hereunder or under any other Transaction Document, Notes
owned by the Issuer, any other obligor upon the Notes, the Depositor, CFUSA or
any of their respective Affiliates shall be disregarded and deemed not to be
Outstanding, except that, in determining whether the Indenture Trustee shall be
protected in relying upon any such request, demand, authorization, direction,
notice, consent or waiver, only Notes that a Responsible Officer of the
Indenture Trustee knows to be so owned shall be so disregarded. Notes so owned
that have been pledged in good faith may be regarded as Outstanding if the
pledgee establishes to the satisfaction of the Indenture Trustee the pledgee’s 

6

right so to
act with respect to such Notes and that the pledgee is not the Issuer, any
other obligor upon the Notes, the Depositor, CFUSA or any of their respective
Affiliates. 

                    “Outstanding
Amount” means the Aggregate Principal Amount of all Notes of one Class or
of all Classes, as the case may be, Outstanding at the date of determination. 

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

                    “Ownership
Interest” mean, with respect to any Note, any ownership or security
interest in such Note, including any interest in such Notes as the Holder
thereof and any other interest therein, whether direct or indirect, legal or
beneficial. 

                    “Paying
Agent” means the Indenture Trustee or any other Person that meets the
eligibility standards for the Indenture Trustee specified in Section 6.11 and
is authorized by the Issuer to make the distributions in accordance with the
terms of the Pooling and Servicing Agreement. 

                    “Payment
Date” means the twentieth (20th) day (or if any such date is not a Business
Day, then on the next succeeding Business Day) of each calendar month
commencing June 20, 2008. 

                    “Plan”
shall mean (i) the employee benefit plan (within the meaning of Section 3(3) of
ERISA) that is subject to Title I of ERISA or (ii) a plan (within the meaning
of Section 4975(e)(2) of the Code) that is subject to Section 4975 of the Code.

                    “Pooling
and Servicing Agreement” means the Pooling and Servicing Agreement, dated
as of the date hereof, among the Issuer, the Depositor, CFUSA and the Servicer,
as amended, restated, supplemented or otherwise modified from time to time. 

                    “Predecessor
Note” means, with respect to any particular Note, every previous Note
evidencing all or a portion of the same debt as that evidenced by such
particular Note; and for the purpose of this definition, any Note authenticated
and delivered under Section 2.05 in lieu of a mutilated, lost, destroyed or
stolen Note shall be deemed to evidence the same debt as the mutilated, lost,
destroyed or stolen Note. 

                    “Proceeding”
means any suit in equity, action at law or other judicial or administrative
proceeding. 

                    “Record
Date” means, with respect to any Payment Date, the Business Day immediately
preceding such Payment Date; provided, however, that with respect to any
Definitive Note the Record Date shall be the last Business Day of the month
preceding the month in which such Payment Date occurs. 

                    “Redemption
Date” means, in the case of a redemption of the Notes pursuant to Section
10.01(a) or a payment to Noteholders pursuant to Section 10.01(b), the Payment
Date 

7

specified by
the Servicer or the Issuer pursuant to Section 10.01(a) or 10.01(b), as the
case may be. 

                    “Redemption
Date Amount” means (i) in the case of a redemption of the Notes pursuant to
Section 10.01(a), an amount equal to the unpaid principal amount of the Notes
redeemed plus accrued and unpaid interest thereon at the applicable Interest
Rate for each Class of Notes being so redeemed to but excluding the Redemption
Date, or (ii) in the case of a payment made to Noteholders pursuant to Section
10.01(b), the amount on deposit in the Collection Account, but not in excess of
the amount specified in clause (i) above. The Redemption Date Amount shall
include all amounts owed to the Swap Counterparty, including Swap Termination
Payments. 

                    “Registered
Holder” means the Person in whose name a Note is registered on the Note
Register on the applicable Record Date. 

                    “Responsible
Officer” means, with respect to the Indenture Trustee, any officer within
the Corporate Trust Office (or any successor group of the Indenture Trustee),
including any Vice President, or other officer or assistant officer of the
Indenture Trustee customarily performing functions similar to those performed
by the people who at such time shall be officers, respectively, or to whom any
corporate trust matter is referred at the Corporate Trust Office of the
Indenture Trustee because of his knowledge of and familiarity with the
particular subject and, in each case, having direct responsibility for the
administration of the Indenture. 

                    “Securities
Act” shall mean the Securities Act of 1933, as amended. 

                    “Securities
Intermediary” has the meaning specified in Section 8-102(a)(14) of the UCC.

                    “Security
Entitlement” has the meaning specified in Section 8-102(a)(17) of the UCC. 

                    “State”
means any one of the 50 states of the United States of America, or the District
of Columbia or any of its territories. 

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

                    “Swap
Documents” 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 Class A-2B Floating Rate Note Interest Rate Swap. 

                    “Swap
Counterparty” means Barclays Bank PLC. 

                    “Termination
Date” means the date on which the Indenture Trustee shall have received
payment and performance of all amounts and obligations which the Issuer may owe
to 

8

or on behalf
of the Indenture Trustee for the benefit of the Noteholders under this
Indenture or the Notes. 

                    “Transfer”
means any direct or indirect transfer or sale of any Ownership Interest in a
Note. 

                    “Transferred
Assets” shall have the meaning ascribed thereto in the Pooling and
Servicing Agreement. 

                    “Transferee”
means any Person who is acquiring by Transfer any Ownership Interest in a Note.

                    “Trust
Agreement” means the Amended and Restated Trust Agreement, dated as of
April 1, 2008, between the Depositor and the Owner Trustee, as amended,
restated, supplemented or otherwise modified from time to time. 

                    “Trust
Certificate” means the Equity Certificate of the Issuer substantially in
the form of Exhibit B to the Trust Agreement. 

                    “Trust
Indenture Act” or “TIA” means the Trust Indenture Act of 1939, as
amended. 

                    “UCC”
means, unless the context otherwise requires, the Uniform Commercial Code, as
in effect in the relevant jurisdiction, as amended from time to time. 

                    (b)
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 Pooling and Servicing Agreement. 

          Section
1.02 Incorporation by Reference of Trust Indenture Act. Whenever this
Indenture refers to a provision of the TIA, the provision is incorporated by
reference in and made a part of this Indenture. The following TIA terms used in
this Indenture have the following meanings: 

                    “Commission”
means the Securities and Exchange Commission. 

                    “indenture
securities” means the Notes.

                    “indenture
security holder” means a Noteholder. 

                    “indenture
to be qualified” means this Indenture. 

                    “indenture
trustee” or “institutional trustee” means the Indenture Trustee. 

                    
“obligor” on the indenture securities means the Issuer and any other
obligor on the indenture securities. 

9

                    All
other TIA terms used in this Indenture that are defined by the TIA, defined by
TIA reference to another statute or defined by Commission rule have the meaning
assigned to them by such definitions. 

          Section
1.03 Rules of Construction. Unless the context otherwise requires: 

	
 

	
 

	
 

	
                              (A)
 an accounting term not otherwise defined has the meaning assigned to it in
 accordance with generally accepted accounting principles as in effect from
 time to time in the United States of America; 

	
 

	
 

	
 

	
                              (B)
 “or” is not exclusive; 

	
 

	
 

	
 

	
                              (C)
 “including” means including without limitation; 

	
 

	
 

	
 

	
                              (D)
 words in the singular include the plural and words in the plural include the
 singular and references to any gender shall mean and include each other
 gender; 

	
 

	
 

	
 

	
                              (E)
 any agreement, instrument or statute defined or referred to herein or in any
 instrument or certificate delivered in connection herewith means such
 agreement, instrument or statute as from time to time amended, amended and
 restated, modified or supplemented and includes (in the case of agreements or
 instruments) references to all attachments thereto and instruments
 incorporated therein; references to a Person are also to its permitted
 successors and assigns; and 

	
 

	
 

	
 

	
                              (F)
 the words “hereof,” “herein” and “hereunder” and words of similar import when
 used in this Indenture shall refer to this Indenture as a whole and not to
 any particular provision of this Indenture; Section, subsection and Schedule
 references contained in this Indenture are references to Sections,
 subsections and Schedules in or to this Indenture unless otherwise specified.
 

ARTICLE TWO

THE NOTES 

          Section
2.01 Form. The Notes, in each case together with the Indenture Trustee’s
certificate of authentication, shall be in substantially the forms set forth as
Exhibits to this Indenture with such appropriate insertions, omissions,
substitutions and other variations as are required or permitted by this Indenture
and may have such letters, numbers or other marks of identification and such
legends or endorsements placed thereon as may, consistently herewith, be
determined by the officers executing such Notes, as evidenced by their
execution of the Notes. Any portion of the text of any Note may be set forth on
the reverse thereof, with an appropriate reference thereto on the face of the
Note. 

                    Each
of the Notes shall be dated the date of its authentication. The terms of the
Notes set forth in Exhibits hereto are part of the terms of this Indenture. 

10

          Section
2.02 Execution, Authentication and Delivery. The Notes shall be executed
on behalf of the Issuer by any of its Authorized Officers. The signature of any
such Authorized Officer on the Notes may be manual or facsimile. Notes bearing
the manual or facsimile signature of individuals who were at any time
Authorized Officers of the Issuer shall bind the Issuer, notwithstanding that
such individuals or any of them have ceased to hold such offices prior to the
authentication and delivery of such Notes or did not hold such offices at the
date of such Notes. 

                    The
Indenture Trustee shall, upon receipt of an Issuer Order, authenticate and
deliver for original issue (i) Class A-1 Notes in an Aggregate Principal Amount
of $197,000,000, (ii) Class A-2A Fixed Rate Notes in an Aggregate Principal
Amount of $105,000,000, (iii) Class A-2B Floating Rate Notes in an Aggregate
Principal Amount of $47,000,000, (iv) Class A-3 Notes in an Aggregate Principal
Amount of $199,035,000, (v) Class B Notes in an Aggregate Principal Amount of
$18,676,000, (vi) Class C Notes in an Aggregate Principal Amount of
$26,636,000, and (vii) Class D Notes in an Aggregate Principal Amount of
$18,982,039. The Aggregate Principal Amount of such Classes of Notes
Outstanding at any time may not exceed such respective amounts, except as
otherwise provided in Section 2.05. 

                    The
Notes shall be issuable as registered Notes in the minimum denomination of
$1,000 and in integral multiples of $1.00 in excess thereof. 

                    No
Note shall be entitled to any benefit under this Indenture or be valid or
obligatory for any purpose, unless there appears on such Note a certificate of
authentication substantially in the form provided for herein by the Indenture
Trustee by the manual signature of one of its Responsible Officers, and such
certificate upon any Note shall be conclusive evidence, and the only evidence,
that such Note has been duly authenticated and delivered hereunder. 

          Section
2.03 Temporary Notes. Pending the preparation of Book-Entry Notes or
Definitive Notes, the Issuer may execute, and upon receipt of an Issuer Order,
the Indenture Trustee shall authenticate and deliver, temporary Notes that are
printed, lithographed, typewritten or otherwise produced, of the tenor of the
Notes in lieu of which they are issued and with such variations not
inconsistent with the terms of this Indenture as the officers executing such Notes
may determine, as evidenced by their execution of such Notes. 

                    If
temporary Notes are issued, the Issuer will cause Book-Entry Notes or
Definitive Notes to be prepared without unreasonable delay. After the
preparation of Book-Entry Notes or Definitive Notes, the temporary Notes shall
be exchangeable for Book-Entry Notes or Definitive Notes upon surrender of the
temporary Notes at the office or agency of the Issuer to be maintained as
provided in Section 3.02, without charge to the Holder. Upon surrender for
cancellation of any one or more Temporary Notes, the Issuer shall execute and,
upon receipt of an Issuer Order, the Indenture Trustee shall authenticate and
deliver in exchange therefor a like tenor and principal amount of Book-Entry
Notes or Definitive Notes of authorized denominations. Until so exchanged, the
temporary Notes shall in all respects be entitled to the same benefits under
this Indenture as Book-Entry Notes or Definitive Notes. 

11

          Section
2.04 Registration; Registration of Transfer and Exchange. 

                    (a)
The Issuer shall cause to be kept a register (the “Note Register”) in which,
subject to such reasonable regulations as it may prescribe, the Issuer shall
provide for the registration of Notes and the registration of transfers of
Notes. The Indenture Trustee shall be “Note Registrar” for the purpose of
registering Notes and transfers of Notes as herein provided. Upon any
resignation of any Note Registrar, the Issuer shall promptly appoint a successor
or, if it elects not to make such an appointment, assume the duties of Note
Registrar. 

                    If
a Person other than the Indenture Trustee is appointed by the Issuer as Note
Registrar, the Issuer will give the Indenture Trustee prompt written notice of
the appointment of such Note Registrar and of the location, and any change in
the location, of the Note Register, and the Indenture Trustee shall have the
right to inspect the Note Register at all reasonable times and to obtain copies
thereof, and the Indenture Trustee shall have the right to rely upon a
certificate executed on behalf of the Note Registrar by an Executive Officer
thereof as to the names and addresses of the Holders of the Notes and the
principal amounts and number of such Notes. 

                   
(b) Upon surrender for registration of transfer of any Note at the office or
agency of the Issuer to be maintained as provided in Section 3.02, the Issuer
shall execute and, upon receipt of an Issuer Order, the Indenture Trustee shall
authenticate and the Noteholder shall obtain from the Indenture Trustee, in the
name of the designated transferee or transferees (and, if applicable, such
Noteholder), one or more new Notes of the same Class in any authorized
denominations, of a like Aggregate Principal Amount. 

                    At
the option of the Holder, Notes may be exchanged for other Notes of the same
Class in any authorized denominations, of a like Aggregate Principal Amount,
upon surrender of the Notes to be exchanged at the office or agency of the
Issuer to be maintained as provided under Section 3.02. Whenever any Notes are
so surrendered for exchange, the Issuer shall execute and, upon receipt of an
Issuer Order, the Indenture Trustee shall authenticate and the Noteholder shall
obtain from the Indenture Trustee, the Notes which the Noteholder making the
exchange is entitled to receive. 

                    All
Notes issued in accordance with this Section 2.04(b) upon any registration of
transfer or exchange of Notes shall be the valid obligations of the Issuer,
evidencing the same debt, and entitled to the same benefits under this
Indenture, as the Notes surrendered upon such registration of transfer or
exchange. 

                    Every
Note presented or surrendered for registration of transfer or exchange shall be
duly endorsed by, or be accompanied by a written instrument of transfer in form
satisfactory to the Indenture Trustee duly executed by, the Holder thereof or
such Holder’s attorney duly authorized in writing, with such signature
guaranteed by a commercial bank or trust company located, or having a
correspondent located in the city in which the Corporate Trust Office is
located, or by a member firm of a national securities exchange, and such other
documents as the Indenture Trustee may require. 

                    No
service charge shall be made to a Holder for any registration of transfer or
exchange of Notes, but the Issuer or the Indenture Trustee may require payment
of a sum 

12

sufficient to
cover any tax or other governmental charge that may be imposed in connection
with any registration of transfer or exchange of Notes, other than exchanges
pursuant to Section 2.03 not involving any transfer. 

                    The
preceding provisions of this Section notwithstanding, the Issuer shall not be
required to make and the Note Registrar need not register transfers or
exchanges of Notes selected for redemption or of any Note for a period of 15
days preceding the due date for any payment with respect to such Note. 

                    Neither
the Indenture Trustee nor the Note Registrar shall have any responsibility to
monitor or restrict the transfer of beneficial ownership in any Note an
interest in which is transferable through the facilities of the Clearing Agency.
By purchasing a Note, the initial holder and any transferee thereof will be
deemed to represent that the acquisition and holding of such Note will not
constitute a prohibited transaction in violation of Section 406 of ERISA or
Section 4975 of the Code which is not covered by (i) prohibited transaction
class exemption (“PTCE”) 84-14, PTCE 90-1, PTCE 91-38, PTCE 95-60, PTCE 96-23,
(ii) the statutory exemption that may be available under Section 408(b)(17) of
ERISA and Section 4975(d)(20) of the Code to a party in interest that is a
service provider to a plan investing in the Notes for adequate consideration
(as determined in good faith by the plan fiduciary pursuant to regulations
that, as of the date of this Indenture, are to be promulgated by the U.S.
Department of Labor), provided such service provider is not (A) the fiduciary
with respect to the plan’s assets used to acquire the Notes or an affiliate of
such fiduciary or (B) an affiliate of the employer sponsoring the plan or (iii)
some other applicable class or individual exemption (or, in the case of a
governmental or church plan, any similar federal, state or local law, does not
cause a non-exempt violation of any substantially similar law). 

          Section
2.05 Mutilated, Destroyed, Lost or Stolen Notes. If (i) any mutilated
Note is surrendered to the Indenture Trustee, or the Indenture Trustee receives
evidence to its satisfaction of the destruction, loss or theft of any Note, and
(ii) in the case of any Note that has been destroyed, lost or stolen, there is
delivered to the Indenture Trustee such security or indemnity as may be
required by it to hold the Issuer and the Indenture Trustee harmless, then, in
the absence of notice to the Issuer, the Note Registrar or the Indenture
Trustee that such Note has been acquired by a bona fide purchaser, the Issuer
shall execute and, upon the receipt of an Issuer Order, the Indenture Trustee
shall authenticate and deliver, in exchange for or in lieu of any such
mutilated, destroyed, lost or stolen Note, a replacement Note of the same
Class; provided, however, that if any such destroyed, lost or stolen Note, but
not a mutilated Note, shall have become or within seven days shall be due and
payable, or shall have been called for redemption, instead of issuing a
replacement Note, the Issuer may pay such destroyed, lost or stolen Note when
so due or payable or upon the Redemption Date without surrender thereof. If,
after the delivery of such replacement Note or payment of a destroyed, lost or
stolen Note pursuant to the proviso to the preceding sentence, a bona fide
purchaser of the original Note in lieu of which such replacement Note was
issued presents for payment such original Note, the Issuer and the Indenture
Trustee shall be entitled to recover such replacement Note (or such payment)
from the Person to whom it was delivered or any Person taking such replacement
Note from such Person to whom such replacement Note was delivered or any
assignee of such Person, except a bona fide purchaser, and shall be entitled to
recover upon the security or indemnity 

13

provided
therefor to the extent of any loss, damage, cost or expense incurred by the
Issuer or the Indenture Trustee in connection therewith. 

                    Upon
the issuance of any replacement Note under this Section, the Issuer or the
Indenture Trustee may require the payment by the Holder of such Note 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 fees and
expenses of the Indenture Trustee or the Note Registrar) connected therewith. 

                    Every
replacement Note issued pursuant to this Section in replacement of any
mutilated, destroyed, lost or stolen Note shall (subject to the final sentence
of the initial paragraph of this Section 2.05 and the definition of
“Predecessor Note” herein) constitute an original additional contractual
obligation of the Issuer, whether or not the mutilated, destroyed, lost or
stolen Note shall be at any time enforceable by anyone, and shall be entitled
to all the benefits of this Indenture equally and proportionately with any and
all other Notes duly issued hereunder. 

                    The
provisions of this Section are exclusive and shall preclude (to the extent
lawful) all other rights and remedies with respect to the replacement or
payment of mutilated, destroyed, lost or stolen Notes. 

          Section
2.06 Persons Deemed Owner. Prior to due presentment for registration of
transfer of any Note, the Issuer, the Indenture Trustee, and any of their
respective agents may treat the Person in whose name any Note is registered (as
of the day of determination) as the owner of such Note for the purpose of
receiving payments of principal of and interest, if any, on such Note and for
all other purposes whatsoever, whether or not such Note is overdue, and none of
the Issuer, the Indenture Trustee nor any of their respective agents shall be
affected by notice to the contrary. 

          Section
2.07 Payment of Principal and Interest; Defaulted Interest. 

                    
(a) Each Class of Notes shall accrue interest at the related Interest Rate, and
such interest shall be payable on each Payment Date in accordance with the
terms of the Pooling and Servicing Agreement, subject to Section 3.01. Any
installment of interest or principal, if any, payable on any Note which is
punctually paid or duly provided for by the Issuer on the applicable Payment
Date shall be paid to the Person in whose name such Note is registered on the
Record Date, by check mailed first-class, postage prepaid to such Person’s
address as it appears on the Note Register on such Record Date; provided,
however, that, unless and until Definitive Notes have been issued pursuant to
Section 2.11(b), with respect to Class A Notes registered on the applicable
Record Date in the name of the nominee of the Clearing Agency (initially, Cede
& Co.), payment shall be made by wire transfer in immediately available
funds to the account designated by such nominee. 

                    
(b) The principal of each Note shall be payable on each Payment Date in
accordance with the terms of the Pooling and Servicing Agreement.
Notwithstanding the foregoing, the entire unpaid principal amount of the Notes
shall be due and payable, if not previously paid on the Payment Date, following
the date on which an Event of Default shall have 

14

occurred and
be continuing in accordance with the terms of this Indenture, unless the
Required Holders have waived such Event of Default in the manner provided in
Section 5.02. All principal payments on each Class of Notes shall be made pro
rata to the Noteholders of such Class entitled thereto. The Indenture Trustee
shall, to the extent practicable, notify the Person in whose name a Note is
registered at the close of business on the Record Date preceding the Payment
Date on which the Issuer expects that the final installment of principal of and
interest on such Note will be paid. Such notice shall be mailed within five
Business Days of receipt of notice of termination of the Trust pursuant to
Section 9.01(c) of the Trust Agreement and shall specify that such final
installment will be payable only upon presentation and surrender of such Note
and shall specify the place where such Note may be presented and surrendered
for payment of such installment. Notices in connection with redemptions of
Notes shall be mailed to Noteholders as provided in Section 10.02. 

                    
(c) If the Issuer defaults in a payment of interest on the Notes, the Issuer
shall pay defaulted interest at the applicable Interest Rate to the extent
lawful. The Issuer may pay such defaulted interest to the Persons who are
Noteholders on any Payment Date in the manner and to the extent provided in the
Pooling and Servicing Agreement. 

                    
(d) All payments to be made by the Issuer under this Indenture shall be made
only from the income and proceeds from the Collateral and only to the extent
that the Issuer shall have sufficient income or proceeds from the Collateral to
enable the Issuer to make payments in accordance with the terms hereof. The
Indenture Trustee is not personally liable for any amounts payable under this
Indenture, except as expressly provided herein. 

          Section
2.08 Cancellation. All Notes surrendered for payment, registration of
transfer, exchange or redemption shall, if surrendered to any Person other than
the Indenture Trustee, be delivered to the Indenture Trustee and shall be
promptly canceled by the Indenture Trustee. The Issuer may at any time deliver
to the Indenture Trustee for cancellation any Notes previously authenticated
and delivered hereunder which the Issuer may have acquired in any manner
whatsoever, and all Notes so delivered shall be promptly canceled by the Indenture
Trustee. No Notes shall be authenticated in lieu of or in exchange for any
Notes canceled as provided in this Section, except as expressly permitted by
this Indenture. All canceled Notes may be held or disposed of by the Indenture
Trustee in accordance with its standard retention or disposal policy as in
effect at the time unless the Issuer shall direct by an Issuer Order that they
be returned to it; provided that such Issuer Order is timely and the Notes have
not been previously disposed of by the Indenture Trustee. 

          Section
2.09 Book-Entry Notes. The Class A Notes, upon original issuance, will
be issued in the form of a typewritten Note or Notes representing the
Book-Entry Notes to be delivered to DTC, the initial Clearing Agency, by, or on
behalf of, the Issuer. Such Class A Notes shall initially be registered on the
Note Register in the name of Cede & Co., the nominee of the initial
Clearing Agency, and no Noteholder of such Class A Notes will receive a
Definitive Note representing such Noteholder’s interest in such Class A Note,
except as provided in Section 2.11. Unless and until Definitive Notes have been
issued to Class A Noteholders pursuant to Section 2.11: 

                    
(a) the provisions of this Section shall be in full force and effect; 

15

                     (b)
the Note Registrar and the Indenture Trustee shall be entitled to deal with the
Clearing Agency for all purposes of this Indenture (including the payment of
principal of and interest on the Class A Notes and the giving of instructions
or directions hereunder) as the sole holder of the Class A Notes, and shall
have no obligation to the Class A Noteholders; 

                    
(c) to the extent that the provisions of this Section conflict with any other
provisions of this Indenture, the provisions of this Section shall control; 

                    
(d) the rights of the Class A Noteholders shall be exercised only through the
Clearing Agency and shall be limited to those established by law and agreements
between such Class A Noteholders and the Clearing Agency and/or the Clearing
Agency Participants. Pursuant to the Note Depository Agreement, unless and
until Definitive Notes are issued pursuant to Section 2.11, the Clearing Agency
will make book-entry transfers among the Clearing Agency Participants and
receive and transmit payments of principal of and interest on the Class A Notes
to such Clearing Agency Participants; and 

                    
(e) whenever this Indenture requires or permits actions to be taken based upon
instructions or directions of Noteholders evidencing a specified percentage of
the Outstanding Amount, the Clearing Agency shall be deemed to represent such
percentage only to the extent that it has received instructions to such effect
from Noteholders and/or Clearing Agency Participants owning or representing,
respectively, such required percentage of the beneficial interest in the Notes
and has delivered such instructions to the Indenture Trustee in a form
reasonably acceptable to the Indenture Trustee. 

          Section
2.10 Notices to Clearing Agency. Whenever a notice or other
communication to the Noteholders is required under this Indenture, unless and
until Definitive Notes shall have been issued to the Class A Noteholders
pursuant to Section 2.11, the Indenture Trustee shall give all such notices and
communications specified herein to be given to Class A Noteholders to the
Clearing Agency, and shall have no obligation to the Class A Noteholders. 

          Section
2.11 Definitive Notes. 

                    
(a) The Class B Notes, Class C Notes, and Class D Notes, upon original
issuance, will be issued in the form of Definitive Notes to be delivered by the
Issuer. 

                    
(b) With respect to the Notes, if (i)(A) the Administrator advises the
Indenture Trustee in writing that the Clearing Agency is no longer willing or
able to properly discharge its responsibilities as described in the Note
Depository Agreement, and (B) the Indenture Trustee or the Administrator is
unable to locate a qualified successor, (ii) the Administrator at its option
advises the Indenture Trustee in writing that it elects to terminate the
book-entry system through the Clearing Agency, or (iii) after the occurrence,
and during the continuance, of an Event of Default, Holders of Notes
representing not less than 66 2/3% of the Outstanding Amount of such Class of
Notes advise the Indenture Trustee and the Clearing Agency through the Clearing
Agency Participants in writing that the continuation of a book-entry system
through the Clearing Agency is no longer in the best interests of the related
Noteholders, then the Indenture Trustee shall notify all Noteholders of the
related Class or Classes of Notes, through the Clearing Agency, of the
occurrence of any such event and of the availability of Definitive Notes of the

16

related Class
of Notes to Noteholders requesting the same. Upon surrender to the Indenture
Trustee of the Note or Notes representing the Book-Entry Notes by the Clearing
Agency, accompanied by registration instructions, the Issuer shall execute and,
upon receipt of an Issuer Order, the Indenture Trustee shall authenticate the
Definitive Notes in accordance with the instructions of the Clearing Agency.
None of the Issuer, the Owner Trustee, the Note Registrar or the Indenture
Trustee shall be liable for any delay in delivery of such instructions and may
conclusively rely on, and shall be protected in relying on, such instructions.
Upon the issuance of Definitive Notes of a Class, the Indenture Trustee shall
recognize the holders of the Definitive Notes as Noteholders hereunder. 

                    The
Indenture Trustee shall not be liable if the Indenture Trustee or the
Administrator is unable to locate a qualified successor Clearing Agency.
Definitive Notes shall be prepared at the expense of the Servicer and shall be
typewritten, printed, lithographed or engraved or produced by any combination
of these methods (with or without steel engraved borders), all as determined by
the officers executing such Notes, as evidenced by their execution of such
Notes. 

          Section
2.12 Release of Collateral. The Indenture Trustee shall release property
from the lien of this Indenture only upon receipt of an Issuer Request stating
that all conditions precedent under the Transaction Documents to such release
and Section 11.01 hereof have been satisfied, accompanied by an Officer’s
Certificate. 

          Section
2.13 Tax Treatment. The Issuer and the purchasers of the Notes intend,
and will take all actions consistent with the intention, that the Notes be
treated as indebtedness which is solely secured by the assets of the Trust for
all federal, state and local income, single business and franchise tax purposes
and that, pursuant to Treasury Regulations Section 301.7701-3(b)(1)(ii) as in
effect for periods after January 1, 1997, the Trust be disregarded as a
separate entity from the Depositor for federal income tax purposes. The Issuer,
by entering into this Indenture, and each Noteholder, by its acceptance of its Note
agrees to treat the Notes for federal, state and local income, single business
and franchise tax purposes as indebtedness. 

ARTICLE THREE

COVENANTS; REPRESENTATIONS AND WARRANTIES

          Section
3.01 Payment of Principal and Interest. The Issuer will duly and
punctually pay the principal of and interest, if any, on the Notes in
accordance with the terms of the Notes, this Indenture and the Pooling and
Servicing Agreement. Without limiting the foregoing, subject to Section
8.02(c), the Issuer will cause to be deposited into the Collection Account
amounts allocated pursuant to Section 7.05 of the Pooling and Servicing
Agreement, and cause to be distributed all such amounts on a Payment Date as
deposited therein (i) for the benefit of the Class A-1 Notes, to the Class A-1
Noteholders, (ii) for the benefit of the Class A-2 Notes, to the Class A-2
Noteholders, (iii) for the benefit of the Class A-3 Notes, to the Class A-3
Noteholders, (iv) for the benefit of the Class B Notes, to the Class B
Noteholders, (v) for the benefit of the Class C Notes, to the Class C
Noteholders, and (vi) for the benefit of the Class D Notes, to the Class D
Noteholders, in each case as further specified therein. Amounts properly
withheld under the Code by any Person from a payment to any Noteholder of
interest and/or principal shall be 

17

considered as
having been paid by the Issuer to such Noteholder for all purposes of this
Indenture. 

          Section
3.02 Maintenance of Office or Agency. The Issuer will maintain (or
designate) in New York, New York, an office or agency where Notes may be
surrendered for registration of transfer or exchange, and where notices and
demands to or upon the Issuer in respect of the Notes and this Indenture may be
served. The Issuer hereby initially appoints the Indenture Trustee to serve as
its agent for the foregoing purposes. The Issuer will give prompt written
notice to the Indenture Trustee of the location, and of any change in the
location, of any such office or agency. If at any time the Issuer shall fail to
furnish the Indenture Trustee with the address thereof, such surrenders,
notices and demands may be made or served at the Corporate Trust Office, and
the Issuer hereby appoints the Indenture Trustee as its agent to receive all
such surrenders, notices and demands. 

          Section
3.03 Money for Payments to be Held in Trust. As provided in Section
8.02, all payments of amounts due and payable with respect to any Notes that
are to be made from amounts withdrawn from the Collection Account pursuant to
Section 8.02(d) shall be made on behalf of the Issuer by the Indenture Trustee
or by another Paying Agent (pursuant to the written instructions of the
Servicer), and no amounts so withdrawn from the Collection Account for payments
of Notes shall be paid over to the Issuer, except as provided in the Pooling
and Servicing Agreement. 

                    The
Issuer will cause each Paying Agent other than the Indenture Trustee to execute
and deliver to the Indenture Trustee an instrument in which such Paying Agent
shall agree with the Indenture Trustee (and if the Indenture Trustee acts as
Paying Agent, it hereby so agrees), subject to the provisions of this Section,
that such Paying Agent will: 

                    
(a) hold all sums held by it for the payment of amounts due with respect to the
Notes in trust for the benefit of the Persons entitled thereto until such sums
shall be paid to such Persons or otherwise disposed of as herein provided and
pay such sums to such Persons as herein provided; 

                    
(b) give the Indenture Trustee written notice of any default by the Issuer (or
any other obligor upon the Notes) of which it has actual knowledge in the
making of any payment required to be made with respect to the Notes; 

                    
(c) at any time during the continuance of any such default, upon the written
request of the Indenture Trustee, forthwith pay to the Indenture Trustee all
sums so held in trust by such Paying Agent; 

                    
(d) immediately resign as a Paying Agent and forthwith pay to the Indenture
Trustee all sums held by it in trust for the payment of Notes if at any time it
ceases to meet the standards required to be met by a Paying Agent at the time
of its appointment; and 

                    
(e) comply with all requirements of the Code with respect to the withholding
from any payments made by it on any Notes of any applicable withholding taxes
imposed thereon and with respect to any applicable reporting requirements in
connection therewith. 

18

                    The
Issuer may at any time, for the purpose of obtaining the satisfaction and
discharge of this Indenture or for any other purpose, by Issuer Order direct
any Paying Agent to pay to the Indenture Trustee all sums held in trust by such
Paying Agent, such sums to be held by the Indenture Trustee upon the same
trusts as those upon which the sums were held by such Paying Agent; and upon
such payment by any Paying Agent to the Indenture Trustee, such Paying Agent
shall be released from all further liability with respect to such money. 

                    Subject
to applicable laws with respect to escheat of funds, any money held by the
Indenture Trustee or any Paying Agent in trust for the payment of any amount
due with respect to any Note and remaining unclaimed for two years after such
amount has become due and payable shall be discharged from such trust and upon
receipt of an Issuer Request shall be deposited by the Indenture Trustee in the
Collection Account in contemplation of the ultimate repayment thereof to the
Issuer in accordance with this paragraph; and the Holder of such Note shall
thereafter, as an unsecured general creditor, look only to the Issuer for
payment thereof, and all liability of the Indenture Trustee or such Paying Agent
with respect to such trust money shall thereupon cease; provided, however, that
the Indenture Trustee or such Paying Agent, before being required to make any
such repayment, may at the expense of the Issuer cause to be published once, in
a newspaper published in the English language, customarily published on each
Business Day and of general circulation in The City of New York, notice that
such money remains unclaimed and that, after a date specified therein, which
shall not be less than 30 days from the date of such publication, any unclaimed
balance of such money then remaining will be repaid to or for the account of
the Issuer. The Indenture Trustee may also adopt and employ, at the expense of
the Issuer, any other reasonable means of notification of such repayment
(including, but not limited to, mailing notice of such repayment to Holders
whose Notes have been called but have not been surrendered for redemption or
whose right to or interest in moneys due and payable but not claimed is
determinable from the records of the Indenture Trustee or of any Paying Agent,
at the last address of record for each such Holder). 

          Section
3.04 Existence. The Issuer will keep in full effect its existence,
rights and franchises as a statutory trust under the laws of the State of
Delaware (unless it becomes, or any successor Issuer hereunder is or becomes,
organized under the laws of any other State or of the United States of America,
in which case the Issuer will keep in full effect its existence, rights and
franchises under the laws of such other jurisdiction) 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 Indenture, the Notes, the Collateral and each other
instrument or agreement included in the Collateral. 

          Section
3.05 Protection of Collateral. (a) The Issuer intends the security
interest granted pursuant to this Indenture in favor of the Indenture Trustee
on behalf of the Noteholders to be prior to all other liens (other than
Permitted Liens) in respect of the Collateral, and the Issuer shall take all
actions necessary to obtain and maintain, for the benefit of the Indenture
Trustee on behalf of the Noteholders and the Swap Counterparty, a first lien on
and a first priority, perfected security interest in the Collateral (subject to
Permitted Liens). The Issuer will from time to time execute, deliver and file
(or by written notice authorize the filing of) all such supplements and
amendments hereto and all such financing statements, continuation statements,
instruments of further assurance and other instruments, all as prepared by the
Servicer and delivered to the Issuer, and will take such other action necessary
or advisable to: 

19

	
 

	
 

	
 

	
                    (i)
 Grant more effectively the lien or the security interest created by this
 Indenture in all or any portion of the Collateral; 

	
 

	
 

	
 

	
                    (ii)
 maintain or preserve the lien and security interest (and the priority
 thereof) created by this Indenture, subject to Permitted Liens, or carry out
 more effectively the purposes hereof; 

	
 

	
 

	
 

	
                    (iii)
 perfect, publish notice of or protect the validity of any Grant made or to be
 made by this Indenture; 

	
 

	
 

	
 

	
                    (iv)
 enforce any of the Collateral; 

	
 

	
 

	
 

	
                    (v)
 preserve and defend title to the Collateral and the rights of the Indenture
 Trustee and the Noteholders in such Collateral against the claims of all
 persons and parties, subject to Permitted Liens; and 

	
 

	
 

	
 

	
                   
 (vi) pay all taxes or assessments levied or assessed upon the Collateral when
 due. 

                    (b)
The Issuer hereby designates the Indenture Trustee its agent and attorney-in-fact
to execute all financing statements, continuation statements or other
instruments prepared by and at the expense of the Servicer required to be
executed pursuant to this Section; provided however, that the Issuer shall have
the primary obligation to execute all such documents. 

          Section
3.06 Performance of Obligations; Servicing of Contracts. 

                     (a)
The Issuer will not take any action and will use its reasonable best efforts
not to permit any action to be taken by others that would release any Person
from any such Person’s material covenants or obligations under any instrument
or agreement included in the Collateral or that would result in the amendment,
hypothecation, subordination, termination or discharge of, or impair the
validity or effectiveness of, any such instrument or agreement, except as
expressly provided in the Transaction Documents or such other instrument or
agreement. 

                    
(b) The Issuer may contract with other Persons to assist it in performing its
duties and obligations under this Indenture, and any performance of such duties
by a Person identified to the Indenture Trustee in an Officer’s Certificate
shall be deemed to be action taken by the Issuer. The Indenture Trustee and the
Owner Trustee shall not be responsible for the action or inaction of such
Persons, the Servicer or the Administrator. Initially, the Issuer has
contracted with the Servicer and the Administrator to assist the Issuer in
performing its duties under this Indenture. 

                    
(c) The Issuer will punctually perform and observe all of its obligations and
agreements contained in this Indenture, the other Transaction Documents to which
it is a party and in the instruments and agreements included in the Collateral,
including but not limited to filing or causing to be filed all UCC financing
statements and continuation statements required to be filed by the terms of
this Indenture and the Pooling and Servicing Agreement in accordance with and
within the time periods provided for herein and therein. Except as otherwise
expressly provided therein, the Issuer shall not waive, amend, modify,
supplement or terminate any 

20

Transaction
Document or any provision thereof without the written consent of the Indenture
Trustee, acting, if required by the terms of the Transaction Documents, at the
direction of the Required Holders. 

                    
(d) If the Issuer shall have knowledge of the occurrence of a Servicer Default,
the Issuer shall promptly notify in writing the Indenture Trustee and each
Rating Agency thereof. Upon any termination of the Servicer’s rights and powers
pursuant to the Pooling and Servicing Agreement, the Issuer shall promptly
notify the Indenture Trustee. As soon as a Successor Servicer is appointed, the
Issuer shall notify the Indenture Trustee and the Rating Agencies of such
appointment (to the extent such party has not already been notified pursuant to
the Pooling and Servicing Agreement), specifying in such notice the name and
address of such Successor Servicer. 

                    
(e) The Issuer agrees that it will not waive timely performance or observance
by the Servicer or CFUSA of their respective duties under the Transaction
Documents if the effect thereof would adversely affect the Holders of the
Notes. 

                    
(f) The Issuer shall maintain its computer systems so that, from and after the
time of the Grant under this Indenture of the Contracts and related Transferred
Assets referenced in such Grant, the Issuer’s master computer records shall be
coded to reflect that such Contracts and related Transferred Assets are pledged
by the Issuer to the Indenture Trustee for the benefit of the Holders of the
Notes. The Issuer shall deliver to the Indenture Trustee a computer file, microfiche
list, printed list or electronic list containing a true and complete list of
all Contracts subject to this Indenture. Such file or list shall be marked as
Schedule A to this Indenture, delivered to the Indenture Trustee as
confidential and proprietary, and is hereby incorporated into and made a part
of this Indenture. The Issuer further agrees not to alter the code referenced
in the first sentence of this paragraph during the term of this Indenture.  

          Section
3.07 Negative Covenants. Until the Termination Date, the Issuer shall
not: 

                    
(a) except as expressly permitted by the Transaction Documents, sell, transfer,
exchange or otherwise dispose of any of the properties or assets of the Issuer,
including those included in the Collateral, unless directed to do so by the
Indenture Trustee at the request of the Required Holders; 

                    
(b) claim any credit on, or make any deduction from the principal or interest
payable in respect of, the Notes (other than amounts properly withheld from
such payments under the Code or applicable state law) or assert any claim
against any present or former Noteholder by reason of the payment of the taxes
levied or assessed upon any part of the Collateral; or 

                    
(c) (A) permit the validity or effectiveness of this Indenture to be impaired,
or permit the lien created by this Indenture to be amended, hypothecated,
subordinated, terminated or discharged, or permit any Person to be released
from any covenant; or obligations with respect to the Notes under this
Indenture except as may be expressly permitted hereby, (B) permit any lien,
charge, excise, claim, security interest, mortgage or other encumbrance (other
than the lien of this Indenture) to be created on or extend to or otherwise
arise upon or burden the 

21

Collateral or
any part thereof or any interest therein or the proceeds thereof (other than
Permitted Liens), (C) permit the lien created by this Indenture not to
constitute a valid first priority (other than with respect to Permitted Liens)
security interest in the Collateral, or (D) amend, modify or fail to comply
with the provisions of the Transaction Documents without the prior written
consent of the Indenture Trustee acting at the direction of the Required Holders,
except where the Transaction Documents allow for amendment or modification
without the consent or approval of the Indenture Trustee; or 

                    (d)
except as expressly set forth in the Trust Agreement, dissolve or liquidate in
whole or in part. 

          Section
3.08 Issuer May Consolidate, etc., only on Certain Terms. 

                    (a)
The Issuer shall not consolidate or merge with or into any other Person,
unless: 

	
 

	
 

	
 

	
                              (A)
 the Person (if other than the Issuer) formed by or surviving such
 consolidation or merger shall be a Person organized and existing under the
 laws of the United States of America or any State and shall expressly assume,
 by an indenture supplemental hereto, executed and delivered to the Indenture
 Trustee, in form and substance reasonably satisfactory to the Indenture
 Trustee, the due and punctual payment of the principal of and interest on all
 Notes and the performance or observance of every agreement and covenant of
 this Indenture and each other Transaction Document on the part of the Issuer
 to be performed or observed, all as provided herein; 

	
 

	
 

	
 

	
                              (B)
 immediately after giving effect to such transaction, no Default or Event of
 Default shall have occurred and be continuing; 

	
 

	
 

	
 

	
                              (C)
 the Rating Agency Condition shall have been satisfied with respect to such
 transaction; 

	
 

	
 

	
 

	
                              (D)
 the Issuer shall have received an Opinion of Counsel (which shall not be from
 employees of the Issuer, CFUSA or the Depositor) which shall be delivered to
 and shall be reasonably satisfactory to the Indenture Trustee to the effect
 that such transaction will not have any material adverse tax consequence to
 the Trust, any Noteholder or the Equity Certificateholder; 

	
 

	
 

	
 

	
                              (E)
 any action as is necessary to maintain the lien and security interest created
 by this Indenture shall have been taken; 

	
 

	
 

	
 

	
                              (F)
 the Issuer shall have delivered to the Indenture Trustee an Officer’s Certificate
 and an Opinion of Counsel (which shall describe the actions taken as required
 by clause (E) above or that no such actions will be taken) each stating that
 such consolidation or merger and such supplemental indenture comply with this
 Article Three and that all conditions precedent herein provided for such
 transaction have been complied with; and 

22

	
 

	
 

	
 

	
                              (G)
 the Person (if other than the Issuer) formed by or surviving such
 consolidation or merger has a net worth, immediately after such consolidation
 or merger, that is (A) greater than zero and (B) not less than the net worth
 of the Issuer immediately prior to giving effect to such consolidation or
 merger. 

                    (b)
The Issuer shall not convey or transfer all or substantially all of its
properties or assets, including those included in the Collateral, to any Person
(except as expressly permitted by the Transaction Documents), unless: 

	
 

	
 

	
 

	
                              (A)
 the Person that acquires by conveyance or transfer the properties and assets
 of the Issuer shall (1) be a United States of America citizen or a Person
 organized and existing under the laws of the United States of America or any
 State, (2) expressly assume, by an indenture supplemental hereto, executed
 and delivered to the Indenture Trustee, in form and substance reasonably
 satisfactory to the Indenture Trustee, the due and punctual payment of the
 principal of and interest on all Notes and the performance or observance of
 every agreement and covenant of this Indenture and each other Transaction
 Document on the part of the Issuer to be performed or observed, all as
 provided herein, (3) expressly agree by means of such supplemental indenture
 that all right, title and interest so conveyed or transferred shall be subject
 and subordinate to the rights of Holders of the Notes and (4) unless
 otherwise provided in such supplemental indenture, expressly agree to
 indemnify, defend and hold harmless the Issuer and the Indenture Trustee
 against and from any loss, liability or expense arising under or related to
 this Indenture and the Notes; 

	
 

	
 

	
 

	
                             
 (B) immediately after giving effect to such transaction, no Default or Event
 of Default shall have occurred and be continuing; 

	
 

	
 

	
 

	
                             
 (C) the Rating Agency Condition shall have been satisfied with respect to
 such transaction; 

	
 

	
 

	
 

	
                             
 (D) the Issuer shall have received an Opinion of Counsel (which shall not be
 from an employee of the Issuer, CFUSA or the Depositor) which shall be
 delivered to and shall be reasonably satisfactory to the Indenture Trustee to
 the effect that such transaction will not have any material adverse tax
 consequence to the Trust, any Noteholder or the Equity Certificateholder; 

	
 

	
 

	
 

	
                             
 (E) any action as is necessary to maintain the lien and security interest
 created by this Indenture shall have been taken; 

	
 

	
 

	
 

	
                             
 (F) the Issuer shall have delivered to the Indenture Trustee an Officer’s
 Certificate and an Opinion of Counsel (which shall describe the actions taken
 as required by clause (E) above or that no such actions will be taken) each
 stating that such conveyance or transfer and such supplemental indenture
 comply with this Article Three and that all conditions precedent herein
 provided for such transaction have been complied with (including any filings
 required by the Exchange Act); and 

23

	
 

	
 

	
 

	
                              (G)
 the Issuer has a net worth, immediately after such conveyance or transfer,
 that is (1) greater than zero and (2) not less than the net worth of the
 Issuer immediately prior to giving effect to such conveyance or transfer. 

          Section
3.09 Successor or Transferee. 

                    (a)
Upon any consolidation or merger of the Issuer in accordance with Section
3.08(a), the Person formed by or surviving such consolidation or merger (if
other than the Issuer) shall succeed to, and be substituted for, and may
exercise every right and power of, the Issuer under this Indenture with same
effect as if such Person has been named as the Issuer herein. 

                    
(b) Upon a conveyance or transfer of all or substantially all the assets or
properties of the Issuer in accordance with Section 3.08(b), the Issuer will be
released from every covenant and agreement of this Indenture to be observed or
performed on the part of the Issuer with respect to the Notes immediately upon
the delivery of written notice to the Indenture Trustee stating that the Issuer
is to be so released. 

          Section
3.10 No Other Business. The Issuer shall not engage in any business
other than financing, purchasing, owning, selling and managing the Contracts in
the manner contemplated by this Indenture and the other Transaction Documents
and activities incidental thereto. 

          Section
3.11 No Borrowing. The Issuer shall not issue, incur, assume, guarantee
or otherwise become liable, directly or indirectly, for any Indebtedness except
for (i) the Notes and (ii) any other Indebtedness permitted by or arising under
the other Transaction Documents. The proceeds of the Notes and the Equity
Certificate shall be used exclusively to fund the Issuer’s purchase of the
Contracts and the other assets specified in the Pooling and Servicing
Agreement, to fund the Reserve Account and to pay the transactional expenses of
the Issuer. 

          Section
3.12 Notice of Events of Default. The Issuer agrees to give the
Indenture Trustee and each Rating Agency prompt written notice of each Event of
Default hereunder and of a Servicer Default under the Pooling and Servicing
Agreement, in each case, promptly upon obtaining knowledge thereof. 

          Section
3.13 Further Instruments and Acts. Upon request of the Indenture
Trustee, the Issuer will execute and deliver such further instruments and do
such further acts as may be reasonably necessary or proper to carry out more
effectively the purpose of this Indenture. 

          Section
3.14 Compliance with Laws. The Issuer shall comply with the requirements
of all applicable laws, the non-compliance with which would, individually or in
the aggregate, materially and adversely affect the ability of the Issuer to
perform its obligations under the Notes, this Indenture or any other
Transaction Document to which it is a party. 

          Section
3.15 Amendments of Trust Agreement. The Issuer shall not agree to any
amendment to Section 11.01 of the Trust Agreement to eliminate the requirements
thereunder that the Indenture Trustee and the Holders of the Notes consent to
amendments thereto as provided therein. 

24

          Section
3.16 Removal of Administrator. So long as any Notes are issued and
outstanding, the Issuer shall not remove the Administrator without cause unless
the Rating Agency Condition shall have been satisfied in connection with such removal.

          Section
3.17 Representations and Warranties of Issuer. The Issuer represents and
warrants as follows: 

                    (a)
Power and Authority. It has full power, authority and legal right to
execute, deliver and perform its obligations as Issuer under this Indenture,
the Pooling and Servicing Agreement, the Notes and the Administration Agreement
(the foregoing documents, the “Issuer Documents”). 

                    (b)
Due Authorization; Binding Obligation. The execution and delivery of the
Issuer Documents and the consummation of the transactions provided for therein
have been duly authorized by all necessary action on its part. The Issuer
Documents constitute the legal, valid and binding obligation of the Issuer
enforceable against the Issuer 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, by any
applicable law imposing limitations upon, or otherwise affecting, the
availability or enforcement of rights to indemnification thereunder and by the
availability of equitable remedies. 

                    (c)
No Conflict. The execution and delivery of the Issuer Documents, the
performance of the transactions contemplated thereby and the fulfillment of the
terms thereof will not conflict with, result in any breach of any of the
materials terms and provisions of, or constitute (with or without notice or
lapse of time or both) a default under, any indenture, contract, agreement,
mortgage, deed of trust, or other instrument to which the Issuer is a party or
by which it or any of its property is bound. 

                    (d)
No Violation. The execution and delivery of the Issuer Documents, the
performance of the transactions contemplated thereby and the fulfillment of the
terms thereof will not conflict with or violate, in any material respect, any
Requirements of Law applicable to the Issuer. 

                    (e)
All Consents Required. All approvals, authorizations, consents, orders
or other actions of any Person or any Governmental Authority required in
connection with the execution and delivery of the Issuer Documents, the
performance of the transactions contemplated thereby and the fulfillment of the
terms thereof have been obtained. 

                    (f)
State of Organization. The Issuer is organized under the laws of the
State of Delaware. The Issuer agrees that it will not change its jurisdiction
of organization without (i) at least thirty (30) days prior written notice to
CFUSA, the Servicer, the Indenture Trustee and the Rating Agencies, and (ii)
having taken such action as is necessary to preserve and protect the Indenture
Trustee’s interest in the Collateral. 

25

ARTICLE FOUR

SATISFACTION AND DISCHARGE

          Section
4.01 Satisfaction and Discharge of Indenture. This Indenture shall cease
to be of further effect with respect to the Notes except as to (i) rights of
registration of transfer and exchange, (ii) substitution of mutilated,
destroyed, lost or stolen Notes, (iii) rights of Noteholders to receive
payments of principal thereof and interest thereon, (iv) Sections 3.01, 3.03,
3.04, 3.05, 3.06, 3.07, 3.10, 3.11, 3.12, 3.14 and 3.15, (v) the rights,
obligations and immunities of the Indenture Trustee hereunder (including the
rights of the Indenture Trustee under Article Six and the obligations of the
Indenture Trustee under Section 4.02) and (vi) the rights of Noteholders and
the Swap Counterparty as beneficiaries hereof with respect to the property so
deposited with the Indenture Trustee payable to all or any of them. The
Indenture Trustee, on demand of and at the expense of the Issuer, shall execute
proper instruments provided to it acknowledging satisfaction and discharge of
this Indenture with respect to the Notes, when: 

                    (a)
either 

	
 

	
 

	
 

	
                    (i)
 all Notes theretofore authenticated and delivered (other than (i) Notes that
 have been destroyed, lost or stolen and that have been replaced or paid as
 provided in Section 2.05 and (ii) Notes for whose payment money has
 theretofore been deposited in trust or segregated and held in trust by the
 Issuer and thereafter repaid to the Issuer or discharged from such trust, as
 provided in Section 3.03) have been delivered to the Indenture Trustee for
 cancellation; or 

	
 

	
 

	
 

	
                    (ii)
 (A) all Notes not theretofore delivered to the Indenture Trustee for
 cancellation (i) have become due and payable, or (ii) will become due and
 payable at the applicable Maturity Date within one year, or (iii) are to be
 called for redemption within one year under arrangements satisfactory to the
 Indenture Trustee for the giving of notice of redemption by the Indenture
 Trustee in the name, and at the expense of the Issuer, and (B) the Issuer has
 irrevocably deposited or caused to be irrevocably deposited with the
 Indenture Trustee cash or direct obligations of or obligations guaranteed by
 the United States of America (which will mature prior to the date such
 amounts are payable), in trust in an Eligible Deposit Account (which shall be
 the Collection Account) for such purpose, in an amount sufficient to pay and
 discharge the entire indebtedness on such Notes not theretofore delivered to
 the Indenture Trustee for cancellation when due to the final scheduled
 Payment Date or Redemption Date (if Notes shall have been called for
 redemption pursuant to Section 10.01(a)), as the case may be; 

                    (b)
the Issuer has paid or performed or caused to be paid or performed all amounts
and obligations which the Issuer may owe to or on behalf of the Indenture
Trustee for the benefit of the Noteholders under this Indenture or the Notes;
and has paid or caused to be paid or has made provision for the payment when
due of all amounts owing to the Indenture Trustee for the administration of the
trust, including the disposition of amounts paid by the Issuer pursuant to this
Section 4.01 and all amounts owed to the Swap Counterparty, including all Swap
Termination Payments; or 

26

                    (c)
the Issuer has delivered to the Indenture Trustee an Officer’s Certificate and
an Opinion of Counsel and (if required by the TIA or the Indenture Trustee) an
Independent Certificate from a firm of certified public accountants, each meeting
the applicable requirements of Section 11.01(a) and, subject to Section 11.02,
stating that all conditions precedent herein provided for the satisfaction and
discharge of this Indenture have been complied with and the Rating Agency
Condition has been satisfied. 

          Section
4.02 Application of Trust Money. All moneys deposited with the Indenture
Trustee pursuant to Section 4.01 shall be held in trust and applied by it, in
accordance with the provisions of the Notes and this Indenture, to the payment,
either directly or through any Paying Agent, as the Indenture Trustee may
determine, to the Holders of the particular Notes for the payment or redemption
of which such moneys have been deposited with the Indenture Trustee, of all
sums due and to become due thereon for principal and interest and to the Swap
Counterparty amounts owed pursuant to the Swap Agreement; but such moneys need
not be segregated from other funds, except to the extent required herein or in
the Pooling and Servicing Agreement or required by law. 

          Section
4.03 Repayment of Moneys Held by Paying Agent. In connection with the
satisfaction and discharge of this Indenture with respect to the Notes, all
moneys then held by any Paying Agent other than the Indenture Trustee under the
provisions of this Indenture with respect to such Notes shall, upon demand of
the Issuer, be paid to the Indenture Trustee to be held and applied according
to Section 3.03 and thereupon such Paying Agent shall be released from all
further liability with respect to such moneys. 

          Section
4.04 Release of Collateral. The Indenture Trustee shall release property from
the lien of this Indenture only upon receipt of an Issuer Request accompanied
by an Officer’s Certificate.  

ARTICLE FIVE

REMEDIES 

          Section
5.01 Events of Default. 

                    “Events
of Default,” wherever used herein, means any one of the following events
(whatever the reason for such Event of Default and whether it shall be
voluntary or involuntary or be effected by operation of law or pursuant to any
judgment, decree or order of any court or any order, rule or regulation of any
administrative or governmental body): 

                    (a)
failure to pay on any Payment Date the full amount of accrued interest on any
Note, which failure continues unremedied for five (5) or more calendar days
after such Payment Date; 

                    (b)
failure to pay the then outstanding principal amount of any Note, if any, on
its related Maturity Date; 

                    (c)
failure on the part of the Issuer or the Depositor to observe or perform any
covenants or agreements of such entity set forth in the Pooling and Servicing
Agreement or the 

27

Indenture,
which failure has a material adverse effect on the Noteholders and which
continues unremedied for a period of sixty (60) calendar days after written
notice; 

                    (d)
any representation or warranty made by the Issuer or the Depositor in the
Pooling and Servicing Agreement or the Indenture proves to have been incorrect
in any material respect when made and continues to be incorrect in any material
respect for a period of (sixty) 60 calendar days after written notice and as a
result of which the interests of the Noteholders are materially and adversely
affected; provided, however, that an Event of Default shall not be deemed to
occur thereunder if the related Contracts have been repurchased, or substituted
for, during such period in accordance with the provisions of the Pooling and
Servicing Agreement and the Purchase and Sale Agreements; 

                    
(e) the occurrence of an Insolvency Event relating to the Depositor or the
Issuer; or 

                    
(f) the Issuer becomes an “investment company” within the meaning of the
Investment Company Act of 1940, as amended. 

          Section
5.02 Rights Upon Event of Default; Notice. 

                    If
an Event of Default referred to in subparagraph (e) of Section 5.01 has
occurred and is continuing, then and in every such case the unpaid principal amount
of the Notes, together with interest accrued but unpaid thereon, and all other
amounts due to the Noteholders under the Indenture, shall immediately and
without further act become due and payable. If any other Event of Default has
occurred and is continuing, the Required Holders by written notice to the
Indenture Trustee may require the Indenture Trustee to, or the Indenture
Trustee may without such notice, declare by written notice to the Issuer (with
a copy to the Depositor and each Rating Agency) that the unpaid principal
amount of the Notes, together with interest accrued but unpaid thereon, and all
other amounts due to the Noteholders under the Indenture shall immediately and
without further act become due and payable. 

                    At
any time after such declaration of acceleration of maturity has been made, in
the case of any event described in clause (a), (b), (c), (d) or (f) of Section
5.01, and before a judgment or decree for payment of the money due has been
obtained by the Indenture Trustee as hereinafter provided in this Article Five,
the Required Holders may waive such Event of Default pursuant to a written
notice to the Issuer, Indenture Trustee and the Servicer. In the event a
Responsible Officer of the Indenture Trustee has actual knowledge of an Event
of Default, it shall give written notice thereof to the Depositor, CFUSA, the
Servicer, the Owner Trustee and the Rating Agencies and the Swap Counterparty.
The Indenture Trustee shall not be deemed to have notice of an Event of Default
unless a Responsible Officer of the Indenture Trustee shall have received a
written notice pursuant to this Section 5.02 or has actual knowledge of an
Event of Default. 

                    If
an Insolvency Event relating to the Depositor occurs, pursuant to the Trust
Agreement and the Pooling and Servicing Agreement, on the day of such
Insolvency Event, the Depositor shall promptly give notice in writing to the
Indenture Trustee of the Insolvency Event, the Indenture Trustee shall,
following receipt of such notice, notify the Noteholders in writing of 

28

such
Insolvency Event and the Indenture Trustee shall, unless notified to the
contrary in writing by the Required Holders within 30 days after the Indenture
Trustee’s so notifying them, promptly act pursuant to and in accordance with
the terms thereof to sell, dispose of or otherwise liquidate the Collateral in
a commercially reasonable manner and on commercially reasonable terms. The
proceeds from any such sale, disposition or liquidation of Contracts shall be
deposited in the Collection Account and allocated as described in the Pooling
and Servicing Agreement and herein. 

                    Promptly
following its receipt of notice hereunder or under any other Transaction
Document of any Event of Default, the Indenture Trustee shall send a copy
thereof to the Issuer and each Rating Agency. 

          Section
5.03 Collection of Indebtedness and Suits for Enforcement by Indenture
Trustee; Authority of Indenture Trustee. 

                    (a)
The Issuer covenants that if the Notes are accelerated following the occurrence
of an Event of Default, the Issuer will, upon demand of the Indenture Trustee,
pay to it, for the benefit of the Holders of the Notes, the whole amount then
due and payable on such Notes for principal and interest, with interest upon
the overdue principal, and, to the extent payment at such rate of interest
shall be legally enforceable, upon overdue installments of interest, at the
applicable Interest Rate and in addition thereto such further amount as shall
be sufficient to cover reasonable costs and expenses of collection, including
the reasonable compensation, expenses, disbursements and advances of the
Indenture Trustee and its agents and counsel. 

                    (b)
The Indenture Trustee, following the occurrence and during the continuance of
an Event of Default, shall have full right, power and authority to take, or
defer from taking, any and all acts with respect to the administration,
maintenance or disposition of the Collateral. 

                    (c)
If an Event of Default occurs which is continuing, the Indenture Trustee may in
its discretion (except as provided in Section 5.03(d)), and shall at the
direction of the Required Holders, proceed to protect and enforce its rights
and the rights of the Noteholders, by appropriate Proceedings to protect and
enforce any such rights, whether for the specific enforcement of any covenant
or agreement in this Indenture or in aid of the exercise of any power granted
herein, or to enforce any other proper remedy or legal or equitable right
vested in the Indenture Trustee by this Indenture or by law. 

                    (d)
Notwithstanding anything to the contrary contained in this Indenture if an
Event of Default shall have occurred which is continuing, and if the Issuer
fails to perform its obligations under Section 10.01(b) when and as due, the
Indenture Trustee may in its discretion, and shall at the direction of the
Required Holders, proceed to protect and enforce its rights and the rights of
the Noteholders by such appropriate Proceedings to protect and enforce any such
rights, whether for specific performance of any covenant or agreement in this
Indenture or in aid of the exercise of any power granted herein, or to enforce
any other proper remedy or legal or equitable right vested in the Indenture
Trustee by this Indenture or by law, provided that the Indenture Trustee shall
only be entitled to take any such actions to the extent such actions (i) are 

29

taken only to
enforce the Issuer’s obligations to redeem the principal amount of Notes, and
(ii) are taken only against the Collateral, any investments therein and any
proceeds thereof. 

                    (e)
In case there shall be pending, relative to the Issuer or any other obligor
upon the Notes or any Person having or claiming an ownership interest in the
Collateral, Proceedings under Title 11 of the United States Code or any other
applicable federal or state bankruptcy, insolvency or other similar law, or in
case a receiver, assignee or trustee in bankruptcy or reorganization,
liquidator, sequestrator or similar official shall have been appointed for or
taken possession of the Issuer or its property or such other obligor or Person,
or in case of any other comparable judicial Proceedings relative to the Issuer
or other obligor upon the Notes, or to the creditors or property of the Issuer
or such other obligor, the Indenture Trustee, irrespective of whether the
principal of any Notes shall then be due and payable as therein expressed or by
declaration or otherwise and irrespective of whether the Indenture Trustee
shall have made any demand pursuant to the provisions of this Section, shall be
entitled and empowered, by intervention in such Proceedings or otherwise: 

	
 

	
 

	
 

	
                    (i)
  to file and prove a claim or claims for the whole amount of principal and
  interest owing and unpaid in respect of the Notes and to file such other
  papers or documents as may be necessary or advisable in order to have the
  claims of the Indenture Trustee (including any claim for reasonable
  compensation to the Indenture Trustee and each predecessor Indenture Trustee,
  and their respective agents, attorneys and counsel, and for reimbursement of
  all expenses, indemnities and liabilities incurred, and all advances made, by
  the Indenture Trustee and each predecessor Indenture Trustee, except as
  caused by negligence, willful misconduct or bad faith) and of the Noteholders
  allowed in such Proceedings; 

	
 

	
 

	
 

	
                    (ii)
  unless prohibited by applicable law and regulations, to vote on behalf of the
  Holders of Notes in any election of a trustee, a standby trustee or Person
  performing similar functions in any such Proceedings; 

	
 

	
 

	
 

	
                    (iii)
  to collect and receive any moneys or other property payable or deliverable on
  any such claims and to distribute all amounts received with respect to the
  claims of the Noteholders and of the Indenture Trustee on their behalf in
  accordance with the Pooling and Servicing Agreement and this Indenture; and 

	
 

	
 

	
 

	
                    (iv)
  to file such proofs of claim and other papers or documents as may be
  necessary or advisable in order to have the claims of the Indenture Trustee
  or the Holders of Notes allowed in any judicial Proceedings relative to the
  Issuer, its creditors and its property; 

and any
trustee, receiver, liquidator, custodian or other similar official in any such
Proceeding is hereby authorized by each of such Noteholders to make payments to
the Indenture Trustee, and, in the event that the Indenture Trustee shall
consent to the making of payments directly to such Noteholders, to pay to the
Indenture Trustee such amounts as shall be sufficient to cover reasonable
compensation to the Indenture Trustee, each predecessor Indenture Trustee and
their respective agents, attorneys and counsel, and all other expenses,
indemnities and liabilities 

30

incurred, and
all advances made, by the Indenture Trustee and each predecessor Indenture
Trustee except as a result of negligence, willful misconduct or bad faith. 

                    (f)
Nothing herein contained shall be deemed to authorize the Indenture Trustee to
authorize or consent to or vote for or accept or adopt on behalf of any
Noteholder any plan of reorganization, arrangement, adjustment or compensation
affecting the Notes or the rights of any Holder thereof or to authorize the
Indenture Trustee to vote in respect of the claim of any Noteholder in any such
proceeding except, as aforesaid, to vote for the election of a trustee in
bankruptcy or similar Person. 

                    (g)
All rights of action and of asserting claims under this Indenture or under any
of the Notes, may be enforced by the Indenture Trustee without the possession
of any of the Notes or the production thereof in any trial or other Proceedings
relative thereto, and any such action or Proceedings instituted by the
Indenture Trustee shall be brought in its own name as trustee of an express
trust, and any recovery of judgment, subject to the payment of the expenses,
disbursements and compensation of the Indenture Trustee, each predecessor
Indenture Trustee and their respective agents and attorneys, shall be for the
ratable benefit of the Holders of the Notes. 

                    (h)
In any Proceedings brought by the Indenture Trustee (including any Proceedings
involving the interpretation of any provision of this Indenture), the Indenture
Trustee shall be held to represent all of the Holders of the Notes, and it
shall not be necessary to make any Noteholder a party to any such Proceedings. 

          Section
5.04 Remedies. If an Event of Default shall have occurred and is
continuing the Indenture Trustee (subject to Section 5.05) may, and shall
(subject to Section 6.02) if so directed by the Required Holders in writing: 

                    (a)
institute Proceedings in its own name and as or on behalf of a trustee of an
express trust for the collection of all amounts then payable on the Notes or
under this Indenture with respect thereto, whether by declaration or otherwise,
enforce any judgment obtained, and collect from the Issuer and any other
obligor upon such Notes moneys adjudged due; 

                    (b)
institute Proceedings from time to time for the complete or partial foreclosure
of this Indenture with respect to the Collateral; 

                    (c)
exercise any remedies of a secured party under the UCC and any other remedy
available to the Indenture Trustee and take any other appropriate action to
protect and enforce the rights and remedies of the Indenture Trustee on behalf
of the Noteholders under this Indenture or the Notes; and 

                    (d)
direct the Issuer to sell the Collateral or any portion thereof or rights or
interest therein, at one or more public or private sales called and conducted in
any manner permitted by law; provided, however, that the Indenture Trustee may
not sell or otherwise liquidate the Collateral following an Event of Default,
other than an Event of Default described in Section 5.01(a) or (b), unless (A)
the Holders of 100% of the Outstanding Amount of the Notes consent thereto, or
(B) the proceeds, net of the unpaid fees and expenses of the Indenture Trustee,
of such sale or liquidation distributable to the Noteholders are sufficient to
discharge in 

31

full all
amounts then due and unpaid upon such Notes for principal and interest or (C)
the Indenture Trustee determines that the Collateral will not continue to
provide sufficient funds for the payment of principal of and interest on the
Notes as they would have become due if the Notes had not been declared due and
payable, and the Indenture Trustee provides prior written notice to each Rating
Agency and obtains the consent of the Required Holders. In determining such
sufficiency or insufficiency with respect to clauses (B) and (C), the Indenture
Trustee may, but need not, obtain at the expense of the Servicer and rely upon
an opinion of an Independent investment bank or an Independent Certificate from
an accounting firm of national reputation as to the feasibility of such proposed
action and as to the sufficiency of the Collateral for such purpose; provided,
however, that, upon the occurrence of an Event of Default described in Section
5.01(e), caused solely from an event described in such subparagraph occurring
with respect to the Depositor, the Collateral will be liquidated by the
Indenture Trustee and the Trust will be terminated 90 days after the date of
such Insolvency Event, unless, before the end of such 90-day period, the
Indenture Trustee shall have received written instructions from the Required
Holders, to the effect that such Required Holders disapprove of the liquidation
of such Collateral and termination of such Trust. 

          Section
5.05 Optional Preservation of the Contracts. Following an Event of
Default which is continuing and except as otherwise provided above, the
Indenture Trustee may, but need not, at the expense of the Servicer elect to
maintain possession of the Collateral. It is the desire of the parties hereto
and the Noteholders that there be at all times sufficient funds for the payment
of principal and interest on the Notes. In determining whether to maintain
possession of the Collateral, the Indenture Trustee may, but need not, obtain
at the expense of the Servicer and rely upon an opinion of an Independent
investment bank or Independent Certificate of an accounting firm of national
reputation as to the feasibility of such proposed action and as to the
sufficiency of the Collateral for such purpose. 

          Section
5.06 Priorities. 

                    (a)
Except as set forth in the following sentence, if the Indenture Trustee
collects any money or property pursuant to this Article Five, it shall remit
the money or property in the order and priority set forth in Section 7.05(b) of
the Pooling and Servicing Agreement. If the Indenture Trustee collects any
money or property pursuant to clause (A) or clause (B) of Section 5.04(d), it
shall remit the money or property, net of any unpaid fees or expenses payable
to the Indenture Trustee, in the order and priority set forth in Section
7.05(b) of the Pooling and Servicing Agreement. 

                    (b)
The Indenture Trustee may fix a record date and payment date for any payment to
Noteholders pursuant to this Section. At least 15 days before such record date,
the Issuer shall mail to each Noteholder and the Indenture Trustee a notice
that states the record date, the payment date and the amount to be paid. 

          Section
5.07 Limitation of Suits. No Holder of any Note shall have any right to
institute any Proceeding, judicial or otherwise, with respect to this
Indenture, or for the appointment of a receiver or trustee, or for any other
remedy hereunder, unless (and in all events subject to Section 11.16): 

32

                    (a)
such Holder has previously given written notice to the Indenture Trustee of a
continuing Event of Default; 

                    (b)
the Holders of not less than 25% of the Outstanding Amount of the Notes have
made written request to the Indenture Trustee to institute such Proceeding in
respect of such Event of Default in its own name as Indenture Trustee
hereunder; 

                    (c)
such Holder or Holders have offered to the Indenture Trustee reasonable
indemnity against the costs, expenses and liabilities to be incurred in
complying with such request; 

                    (d)
the Indenture Trustee for sixty (60) days after its receipt of such notice,
request and offer of indemnity has failed to institute such Proceedings; and 

                    (e)
no direction inconsistent with such written request has been given to the
Indenture Trustee during such sixty (60) day period by the Holders of a
majority of the Outstanding Amount of the Notes, voting together as a single
class. 

                    It
is understood and intended that no one or more Holders of Notes shall have any
right in any manner whatever by virtue of, or by availing of, any provision of
this Indenture to affect, disturb or prejudice the rights of any other Holders
of Notes or to obtain or to seek to obtain priority or preference over any
other Holders or to enforce any right under this Indenture, except in the
manner herein provided. 

                    In
the event the Indenture Trustee shall receive conflicting or inconsistent
requests and indemnity from two or more groups of Holders of Notes, each
representing 25% or more but less than a majority of the Outstanding Amount of
the Notes, the Indenture Trustee in its sole discretion may determine what
action, if any, shall be taken, notwithstanding any other provisions of this
Indenture. 

          Section
5.08 Unconditional Rights of Noteholders to Receive Principal and Interest.
Notwithstanding any other provisions in this Indenture, the Holder of any Note
shall have the right, which is absolute and unconditional, to receive payment
of the principal of and interest on such Note on or after the respective due
dates thereof expressed in such Note or in this Indenture (or, in the case of
redemption, on or after the Redemption Date) and to institute suit for the
enforcement of any such payment, and such right shall not be impaired without
the consent of such Holder. 

          Section
5.09 Restoration of Rights and Remedies. If the Indenture Trustee or any
Noteholder has instituted any Proceeding to enforce any right or remedy under
this Indenture and such Proceeding has been discontinued or abandoned for any
reason or has been determined adversely to the Indenture Trustee or to such
Noteholder, then and in every such case the Indenture Trustee and the Noteholders
shall, subject to any determination in such Proceeding, be restored severally
and respectively to their former positions hereunder, and thereafter all rights
and remedies of the Indenture Trustee and the Noteholders shall continue as
though no such Proceeding had been instituted. 

33

          Section
5.10 Rights and Remedies Cumulative. No right or remedy herein conferred
upon or reserved to the Indenture Trustee or to the Noteholders is intended to
be exclusive of any other right or remedy, and every right and remedy shall, to
the extent permitted by law, be cumulative and in addition to every other right
and remedy given hereunder or now or hereafter existing at law or in equity or
otherwise. The assertion or employment of any right or remedy hereunder, or
otherwise, shall not prevent the concurrent assertion or employment of any
other appropriate right or remedy. 

          Section
5.11 Delay or Omission Not a Waiver. No delay or omission of the
Indenture Trustee or any Holder of any Note to exercise any right or remedy
accruing upon any Default or Event of Default shall impair any such right or
remedy or constitute a waiver of any such Default or Event of Default or an
acquiescence therein. Every right and remedy given by this Article Five or by
law to the Indenture Trustee or to the Noteholders may be exercised from time
to time, and as often as may be deemed expedient, by the Indenture Trustee or
by the Noteholders, as the case may be. 

          Section
5.12 Control by Noteholders. The Required Holders shall have the right
to direct the time, method and place of conducting any Proceeding for any
remedy available to the Indenture Trustee with respect to the Notes or
exercising any trust or power conferred on the Indenture Trustee (in all events
subject to Section 6.02(f)); provided that: 

                    (a)
such direction shall not be in conflict with any rule of law or with any other
provision of this Indenture; 

                    (b)
subject to the terms of Section 5.04, any direction to the Indenture Trustee to
sell or liquidate the Collateral shall be by the Holders of Notes representing
not less than 100% of the Outstanding Amount of the Notes; 

                    (c)
if the conditions set forth in Section 5.05 have been satisfied and the
Indenture Trustee elects to retain the Collateral pursuant to such Section,
then any direction to the Indenture Trustee by Holders of Notes representing
less than 100% of the Outstanding Amount of the Notes to sell or liquidate the
Collateral shall be of no force and effect; and 

                    (d)
the Indenture Trustee may take any other action deemed proper by the Indenture
Trustee that is not inconsistent with such direction. 

                    Notwithstanding
the rights of Noteholders set forth in this Section, subject to Section 6.01,
the Indenture Trustee need not take any action that it determines might involve
it in liability. 

          Section
5.13 Waiver of Past Defaults. In the case of any waiver of an Event of
Default, the Issuer, the Indenture Trustee and the Holders of the Notes shall
be restored to their former positions and rights hereunder, respectively; but
no such waiver shall extend to any subsequent or other Event of Default or
impair any right consequent thereto. Upon any such waiver, such Event of
Default shall cease to exist and be deemed to have been cured and not to have
occurred, for every purpose of this Indenture. 

34

          Section
5.14 Undertaking for Costs. All parties to this Indenture agree, and
each Holder of any Note by such Holder’s acceptance thereof shall be deemed to
have agreed, that any court may in its discretion require, in any suit for the
enforcement of any right or remedy under this Indenture, or in any suit against
the Indenture Trustee for any action taken, suffered or omitted by it as
Indenture Trustee, the filing by any party litigant in such suit of an
undertaking to pay the costs of such suit and that such court may in its
discretion assess reasonable costs, including reasonable attorneys’ fees and
expenses, against any party litigant in such suit, having due regard to the
merits and good faith of the claims or defenses made by such party litigant;
but the provisions of this Section shall not apply to (i) any suit instituted
by the Indenture Trustee, (ii) any suit instituted by any Noteholder, or group
of Noteholders, in each case holding in the aggregate more than 10% of the
Outstanding Amount of the Notes or (iii) any suit instituted by any Noteholder
for the enforcement of the payment of principal of or interest on any Note on
or after the respective due dates expressed in such Note and in this Indenture
(or, in the case of redemption, on or after the Redemption Date). 

          Section
5.15 Waiver of Stay or Extension Laws. The Issuer covenants (to the
extent that it may lawfully do so) that it will not at any time insist upon, or
plead or in any manner whatsoever, claim or take the benefit or advantage of,
any stay or extension law wherever enacted, now or at any time hereafter in force,
that may affect the covenants or the performance of this Indenture; and the
Issuer (to the extent that it may lawfully do so) hereby expressly waives all
benefit or advantages of any such law, and covenants that it will not hinder,
delay or impede the execution of any power herein granted to the Indenture
Trustee, but will suffer and permit the execution of every such power as though
no such law had been enacted. 

          Section
5.16 Action on Notes. The Indenture Trustee’s right to seek and recover
judgment on the Notes or under this Indenture shall not be affected by the
seeking, obtaining or application of any other relief under or with respect to
this Indenture. Neither the lien of this Indenture nor any rights or remedies
of the Indenture Trustee or the Noteholders shall be impaired by the recovery
of any judgment by the Indenture Trustee against the Issuer or by the levy of
any execution under such judgment upon any portion of the Collateral or upon
any of the assets of the Issuer. Any money or property collected by the
Indenture Trustee under this Article Five shall be applied in accordance with
Section 7.05(b) of the Pooling and Servicing Agreement. 

          Section
5.17 Performance and Enforcement of Certain Obligations. 

                    (a)
Promptly following a request from the Indenture Trustee to do so and at the
Administrator’s expense, the Issuer shall take all such lawful action as the
Indenture Trustee may reasonably request to compel or secure the performance
and observance by the Depositor and the Servicer as applicable, of each of
their obligations to the Issuer under or in connection with the Pooling and
Servicing Agreement in accordance with the terms thereof, and to exercise any
and all rights, remedies, powers and privileges lawfully available to the
Issuer under or in connection with the Pooling and Servicing Agreement to the
extent and in the manner directed by the Indenture Trustee, including the
transmission of notices of default on the part of the Depositor or the Servicer
thereunder and the institution of legal or administrative actions or
Proceedings to compel or secure performance by the Depositor or the Servicer of
each of their obligations under the Pooling and Servicing Agreement. 

35

                    (b)
If an Event of Default has occurred and is continuing, the Indenture Trustee
may, and at the direction (which direction shall be in writing, including
facsimile with an original thereof to follow) of the Required Holders shall,
exercise all rights, remedies, powers, privileges and claims of the Issuer
against the Depositor or the Servicer under or in connection with the Pooling
and Servicing Agreement, including the right or power to take any action to
compel or secure performance or observance by the Depositor or the Servicer of
each of their obligations to the Issuer thereunder and to give any consent,
request, notice, direction, approval, extension or waiver which may be given by
the Issuer under the Pooling and Servicing Agreement, and any right of the
Issuer to take such action shall be suspended. 

ARTICLE SIX

THE INDENTURE TRUSTEE 

          Section
6.01 Duties of Indenture Trustee. 

                    (a)
If an Event of Default of which a Responsible Officer of the Indenture Trustee
has actual knowledge has occurred and is continuing, the Indenture Trustee
shall exercise the rights and powers vested in it by this Indenture and in the
same degree of care and skill in their exercise as a prudent person would
exercise or use under the circumstances in the conduct of such person’s own
affairs. 

                    (b)
Except upon and after the occurrence, and during the continuance, of an Event
of Default of which a Responsible Officer of the Indenture Trustee has actual
knowledge: 

	
 

	
 

	
 

	
                    (i)
  the Indenture Trustee undertakes to perform such duties and only such duties
  as are specifically set forth in this Indenture and no implied covenants or
  obligations shall be read into this Indenture against the Indenture Trustee;
  and 

	
 

	
 

	
 

	
                    (ii)
  in the absence of bad faith on its part, the Indenture Trustee may
  conclusively rely, as to the truth of the factual statements and the
  correctness of the opinions expressed therein, upon certificates or opinions
  furnished to the Indenture Trustee and conforming to the requirements of this
  Indenture; however, the Indenture Trustee shall examine the certificates and
  opinions to determine whether or not they conform on their face to the
  requirements of this Indenture and the other Transaction Documents to which
  the Indenture Trustee is a party. If any such instrument is found not to
  conform in any material respect to the requirements of this Indenture or the
  other Transaction Documents to which the Indenture Trustee is a party, the
  Indenture Trustee shall notify the Noteholders of such instrument in the
  event that the Indenture Trustee, after so requesting, does not receive a
  satisfactorily corrected instrument. 

                    (c)
The Indenture Trustee may not be relieved from liability for its own negligent
action, its own negligent failure to act, its own bad faith or its own willful
misconduct, except that: 

	
 

	
 

	
 

	
                    (i)
  this paragraph does not limit the effect of Section 6.01(b); 

36

	
 

	
 

	
 

	
                    (ii)
  the Indenture Trustee shall not be liable for any error of judgment made in
  good faith by a Responsible Officer or other officers of the Indenture
  Trustee unless it is proved that the Indenture Trustee was negligent in
  ascertaining the pertinent facts; and

	
 

	
 

	
 

	
                    (iii)
  the Indenture Trustee shall not be liable with respect to any action it takes
  or omits to take in good faith in accordance with a direction received by it
  pursuant to Section 5.12 or any written direction of the Required Holders
  (or, if applicable the Holders of Notes representing 100% of the Outstanding
  Amount of the Notes). 

                    (d)
Every provision of this Indenture that in any way relates to the Indenture
Trustee is subject to paragraphs (a), (b) and (c) of this Section. 

                    (e)
The Indenture Trustee shall not be liable for interest on any money received by
it except as the Indenture Trustee may agree in writing with the Issuer. 

                    (f)
Money held in trust by the Indenture Trustee need not be segregated from other
funds, except to the extent required by law or the terms of this Indenture or
the Pooling and Servicing Agreement. 

                    (g)
No provision of this Indenture shall require the Indenture Trustee to expend or
risk its own funds or otherwise incur financial liability in the performance of
any of its duties hereunder or in the exercise of any of its rights or powers,
if it shall have reasonable grounds to believe that repayment of such funds or
adequate indemnity against such risk or liability is not reasonably assured to
it. 

                    (h)
The Indenture Trustee shall have no discretionary duties other than those
explicitly set forth in this Indenture. 

                    (i)
Every provision of this Indenture relating to the conduct or affecting the
liability of or affording protection to the Indenture Trustee shall be subject
to the provisions of this section and to the provisions of the TIA. 

                    (j)
The Indenture Trustee shall not be required to take notice or be deemed to have
notice or knowledge of any Default or Event of Default unless a Responsible
Officer of the Indenture Trustee shall have received written notice or obtained
actual knowledge thereof. In the absence of receipt of such notice or actual
knowledge, the Indenture Trustee may conclusively assume that there is no
Default or Event of Default. 

                    (k)
The Indenture Trustee may conclusively rely and shall be fully protected in
acting or refraining from acting upon any resolution, Officer’s Certificate,
opinion of counsel, certificate of auditors or any other certificate,
statement, instrument, opinion, report, notice, request, consent, order,
appraisal, bond or other paper or document (whether in original or facsimile form)
believed by it in good faith to be genuine and to have been signed or presented
by the proper party or parties. 

37

                    (l)
The right of the Indenture Trustee to perform any discretionary act enumerated
in this Indenture shall not be construed as a duty, and the Indenture Trustee
shall not be answerable for other than its negligence, bad faith or willful
misconduct in the performance of such act. 

                    (m)
The Indenture Trustee shall not be required to give any bond or surety in
respect of the execution of the trust created hereby or the powers granted
hereunder. 

                    (n)
The Indenture Trustee may execute any of the trusts or powers hereunder or
perform any duties hereunder either directly or by or through agents, attorneys
or custodians, and the Indenture Trustee shall not be responsible for any
misconduct or negligence on the part of any such agent, attorney or custodian
appointed by the Indenture Trustee with due care. 

                    Without
limiting the generality of this Section 6.01, the Indenture Trustee shall have
no duty (A) to see to any recording, filing, or depositing of this Indenture or
any Transaction Document or any financing statement or continuation statement
evidencing a security interest, or to see to the maintenance of any such
recording or filing or depositing or to any rerecording, refiling or
redepositing of any thereof, (B) to see to any insurance, or (C) to see to the
payment or discharge of any tax, assessment, or other governmental charge or
any lien or encumbrance of any kind owing with respect to, assessed or levied
against, any part of the Collateral. 

          Section
6.02 Rights of Indenture Trustee. 

                    (a)
The Indenture Trustee hereby accepts the appointment (i) as the Owner Trustee’s
authenticating agent with respect to the Equity Certificate, (ii) as the
Certificate Registrar and (iii) as the Paying Agent for the Equity Certificate.

                    (b)
The Indenture Trustee may conclusively rely on any document believed by it in
good faith to be genuine and to have been signed or presented by the proper
person. The Indenture Trustee need not investigate any fact or matter stated in
such document. 

                    (c)
Before the Indenture Trustee acts or refrains from acting, it may require an
Officer’s Certificate (with respect to factual matters), advice of counsel or
an Opinion of Counsel, as applicable. The Indenture Trustee shall not be liable
for any action it takes or omits to take in good faith in reliance on such
Officer’s Certificate, advice of counsel or Opinion of Counsel. 

                    (d)
The Indenture Trustee may execute any of the trusts or powers hereunder or
perform any duties hereunder either directly or by or through agents or
attorneys or a custodian or nominee and the Indenture Trustee shall not be
responsible for any misconduct or negligence on the part of any such agent,
attorney or custodian appointed by the Indenture Trustee with due care. 

                    (e)
The Indenture Trustee shall not be liable for any action it takes or omits to
take in good faith which it believes to be authorized or within its rights or
powers; provided, however, that the Indenture Trustee’s conduct does not
constitute willful misconduct, negligence or bad faith. 

38

                    (f)
The Indenture Trustee may consult with counsel, and the advice or opinion of
counsel with respect to legal matters relating to this Indenture and the Notes
shall be full and complete authorization and protection from liability in
respect of any action taken, omitted or suffered by it hereunder in good faith
and in accordance with the advice or opinion of such counsel. 

                    (g)
The Indenture Trustee shall, upon the occurrence of an Event of Default (that
has not been cured or waived), exercise the rights and powers vested in it by
this Indenture in a manner consistent with Section 6.01; provided, however,
that the Indenture Trustee shall be under no obligation to institute, conduct or
defend any litigation under this Indenture or in relation to this Indenture, at
the request, order or direction of any of the Holders of Notes, pursuant to the
provisions of this Indenture, unless such Holders of Notes shall have offered
to the Indenture Trustee reasonable security or indemnity against the costs,
expenses and liabilities that may be incurred therein or thereby. 

                    (h)
The Indenture Trustee shall not be bound to make any investigation into the
facts or matters stated in any resolution, certificate, statement, instrument,
opinion, report, notice, request, consent, order, approval, bond or other paper
or document, unless so requested by the Holders of Notes evidencing not less
than 25% of the Outstanding Amount of the Notes; provided, however, that if the
payment within a reasonable time to the Indenture Trustee of the costs,
expenses or liabilities likely to be incurred by it in the making of such
investigation is, in the opinion of the Indenture Trustee, not reasonably assured
to the Indenture Trustee by the security afforded to it by the terms of this
Indenture or the Pooling and Servicing Agreement, the Indenture Trustee may
require reasonable indemnity against such cost, expense or liability as a
condition to so proceeding; the reasonable expense of every such examination
shall be paid by the Person making such request, or, if paid by the Indenture
Trustee, shall be reimbursed by the Person making such request upon demand. 

                    (i)
The right of the Indenture Trustee to perform any discretionary act enumerated
in this Indenture shall not be construed as a duty, and the Indenture Trustee
shall not be answerable for other than its negligence, bad faith or willful
misconduct in the performance of such act. 

                    (j)
The rights, privileges, protections, immunities and benefits given to the
Indenture Trustee, including, without limitation, its right to be indemnified,
are extended to, and shall be enforceable by, the Indenture Trustee, in each
case, with respect to its capacities hereunder, and each agent, custodian and
other Person employed to act hereunder. 

          Section
6.03 Individual Rights of Indenture Trustee. The Indenture Trustee in
its individual or any other capacity may become the owner or pledgee of Notes
and may otherwise deal with the Issuer or its Affiliates with the same rights
it would have if it were not Indenture Trustee. Any Paying Agent, Note
Registrar, co-registrar or co-paying agent may do the same with like rights.
However, the Indenture Trustee is required to comply with Section 6.11. 

          Section
6.04 Indenture Trustee’s Disclaimer. The Indenture Trustee shall not be
responsible for and makes no representation as to the validity or adequacy of
this Indenture, the Collateral or the Notes, it shall not be accountable for
the Issuer’s use of the proceeds from the 

39

Notes, and it
shall not be responsible for any statement of the Issuer in the Transaction
Documents or in any document issued in connection with the sale of the Notes or
in the Notes other than the Indenture Trustee’s certificate of authentication. 

          Section
6.05 Notice of Defaults. If a Default occurs and if it is known to a
Responsible Officer of the Indenture Trustee, the Indenture Trustee shall mail
to each Noteholder notice of the Default within ninety (90) days after it
occurs. A Default shall be known to a Responsible Officer of the Indenture
Trustee if a Responsible Officer of the Indenture Trustee has actual knowledge
of such Default or has received notice thereof pursuant to Section 5.02. In the
absence of such knowledge or notice, the Indenture Trustee may conclusively
assume that there is no Default. Except in the case of an Event of Default in
payment of principal of or interest on any Note (including payments pursuant to
the redemption of such Notes), the Indenture Trustee may withhold the notice if
and so long as a committee of its Responsible Officers in good faith determines
that withholding the notice is in the interests of Noteholders. 

          Section
6.06 Reports by Indenture Trustee to Holders. The Indenture Trustee
shall deliver to each Noteholder such information, including, without
limitation, IRS Form 1099, as may be required to enable such Holder to prepare
its federal and state income tax returns. 

          Section
6.07 Compensation and Indemnity. The Issuer shall pay or shall cause the
Administrator or Servicer pursuant to the Pooling and Servicing Agreement to
pay to the Indenture Trustee from time to time reasonable compensation for its
services. The Indenture Trustee’s compensation shall not be limited by any law
on compensation of a trustee of an express trust. The Issuer shall or shall
cause the Administrator or Servicer to reimburse the Indenture Trustee for all
reasonable out-of-pocket expenses incurred or made by it, including costs of
collection, in addition to the compensation for its services. Such expenses
shall include the reasonable compensation and expenses, disbursements and
advances of the Indenture Trustee’s agents, counsel, accountants and experts.
The Issuer shall indemnify or shall cause the Administrator or Servicer
pursuant to the Pooling and Servicing Agreement to indemnify the Indenture
Trustee (in its capacity as Indenture Trustee pursuant to this Indenture, as
Certificate Registrar pursuant to the Trust Agreement, and Paying Agent
pursuant to the Pooling and Servicing Agreement) and its officers, directors,
employees and agents against any and all loss, liability or expense (including
reasonable attorneys’ fees and expenses) incurred by it in connection with the
administration of this trust and the performance of its duties hereunder and
under the other Transaction Documents. The Indenture Trustee shall notify the
Issuer, the Servicer and the Administrator promptly of any claim of which a
Responsible Officer has received notice for which it may seek indemnity.
Failure by the Indenture Trustee to so notify the Issuer, the Servicer and the
Administrator shall not relieve the Issuer, the Administrator or the Servicer
of its obligations hereunder. The Issuer shall defend or shall cause the
Administrator or Servicer to defend any such claim, and the Indenture Trustee
may have separate counsel and the Issuer shall pay or shall cause the
Administrator or Servicer to pay the reasonable fees and expenses of such
counsel. Neither the Issuer nor the Administrator or Servicer need reimburse
any expense or indemnify against any loss, liability or expense incurred by the
Indenture Trustee conclusively determined by a court of law of competent
jurisdiction to have been incurred by the Indenture Trustee through the
Indenture Trustee’s own willful misconduct, negligence or bad faith. The
parties hereto agree and acknowledge that, notwithstanding anything to the
contrary, all payments required to be made pursuant to this 

40

Section 6.07
shall not be made from the Trust Assets; provided, however, if an Event of
Default has occurred and is continuing, payments required to be made pursuant
to this Section 6.07, to the extent unpaid, shall be paid in accordance with
Section 5.06; provided, further, that any payments required to be made pursuant
to this Section 6.07, if unpaid, shall not constitute a general recourse claim
against the Issuer. Anything in this Indenture or any other Transaction
Documents to the contrary notwithstanding, in no event shall the Indenture
Trustee be liable for special, indirect or consequential loss or damage of any
kind whatsoever (including but not limited to lost profits), even if the
Indenture Trustee has been advised of the likelihood of such loss or damage and
regardless of the form of action. 

                    The
Issuer’s, Servicer’s and Administrator’s payment obligations to the Indenture
Trustee pursuant to this Section shall survive the resignation and removal of
the Indenture Trustee and the discharge of this Indenture. When the Indenture
Trustee incurs expenses after the occurrence of an Event of Default specified
in Section 5.01(e) with respect to the Issuer, the expenses are intended to
constitute expenses of administration under Title 11 of the United States Code
or any other applicable federal or state bankruptcy, insolvency or similar law.

          Section
6.08 Replacement of Indenture Trustee. The Indenture Trustee may resign
at any time by so notifying the Issuer and the Servicer. The Issuer may remove
the Indenture Trustee if: 

                    (a)
the Indenture Trustee fails to comply with Section 6.11; 

                    (b)
a court having jurisdiction in the premises in respect of the Indenture Trustee
in an involuntary case or proceeding under federal or state banking or
bankruptcy laws, as now or hereafter constituted, or any other applicable
federal or state bankruptcy, insolvency or other similar law, shall have entered
a decree or order granting relief or appointing a receiver, liquidator,
assignee, custodian, trustee, conservator, sequestrator (or similar official)
for the Indenture Trustee or for any substantial part of the Indenture
Trustee’s property, or ordering the winding-up or liquidation of the Indenture
Trustee’s affairs, provided any such decree or order shall have continued
unstayed and in effect for a period of thirty (30) consecutive days; 

                    (c)
the Indenture Trustee commences a voluntary case, or consents to a decree or
order granting relief in any involuntary case or proceeding, under any federal
or state banking or bankruptcy laws, as now or hereafter constituted, or any
other applicable federal or state bankruptcy, insolvency or other similar law,
or consents to the appointment of or taking possession by a receiver,
liquidator, assignee, custodian, trustee, conservator, sequestrator or other
similar official for the Indenture Trustee or for any substantial part of the
Indenture Trustee’s property, or makes any assignment for the benefit of
creditors or fails, or admits in writing its inability, generally to pay its
debts as such debts become due or takes any corporate action in furtherance of
any of the foregoing; or 

                    (d)
the Indenture Trustee otherwise becomes incapable of acting as such; 

provided,
however, that the Indenture Trustee shall not be removed by the Issuer if an
Event of Default shall have occurred and be continuing without the written
concurrence of the Required Holders. 

41

                    If
the Indenture Trustee resigns or is removed, the Issuer shall promptly appoint
a successor Indenture Trustee. 

                    A
successor Indenture Trustee shall deliver a written acceptance of its appointment
to the retiring Indenture Trustee and to the Issuer. Thereupon the resignation
or removal of the retiring Indenture Trustee shall become effective, and the
successor Indenture Trustee shall have all the rights, powers and duties of the
Indenture Trustee under this Indenture. The Issuer or the successor Indenture
Trustee shall mail a notice of the successor Indenture Trustee’s succession to
Noteholders and the Rating Agencies. The retiring Indenture Trustee shall
promptly transfer all property held by it as Indenture Trustee to the successor
Indenture Trustee. 

                    If
a successor Indenture Trustee does not take office within 60 days after the
retiring Indenture Trustee resigns or is removed, the retiring Indenture
Trustee, the Issuer or the Holders of a majority in Outstanding Amount of the
Notes may petition any court of competent jurisdiction for the appointment of a
successor Indenture Trustee. 

                    If
the Indenture Trustee fails to comply with Section 6.11, any Noteholder may
petition any court of competent jurisdiction for the removal of the Indenture
Trustee and the appointment of a successor Indenture Trustee. 

                    Any
resignation or removal of the Indenture Trustee and appointment of a successor
Indenture Trustee pursuant to any of the provisions of this Section shall not
become effective until acceptance of appointment by the successor Indenture
Trustee pursuant to this Section and payment of all amounts owed to the
outgoing Indenture Trustee. Notwithstanding the replacement of the Indenture
Trustee pursuant to this Section, the retiring Indenture Trustee shall be
entitled to payment or reimbursement of such amounts as such Person is entitled
pursuant to Section 6.07. 

          Section
6.09 Successor Indenture Trustee by Merger. If the Indenture Trustee
consolidates with, merges or converts into, or transfers all or substantially
all its corporate trust business or assets to, another corporation or banking
association, the resulting, surviving or transferee corporation without any
further act shall be the successor Indenture Trustee; provided, that such
corporation or banking association shall be otherwise qualified and eligible
under Section 6.11. 

                    In
case at the time such successor or successors by merger, conversion, transfer
or consolidation to the Indenture Trustee shall succeed to the trusts created
by this Indenture any of the Notes shall have been authenticated but not
delivered, any such successor to the Indenture Trustee may adopt the
certificate of authentication of any predecessor Indenture Trustee, and deliver
such Notes so authenticated; and in case at that time any of the Notes shall
not have been authenticated, any successor to the Indenture Trustee may
authenticate such Notes either in the name of any predecessor hereunder or in
the name of the successor to the Indenture Trustee; and in all such cases such
certificates shall have the full force which it is anywhere in the Notes or in
this Indenture provided that the certificate of the Indenture Trustee shall
have. The Rating Agencies will be notified of any such merger, conversion,
transfer or consolidation. 

42

          Section
6.10 Appointment of Co-Indenture Trustee or Separate Indenture Trustee. 

                    (a)
Notwithstanding any other provision of this Indenture, at any time, for the
purpose of meeting any legal requirement of any jurisdiction in which any part
of the Collateral may at the time be located, the Indenture Trustee and the
Administrator acting jointly shall have the power and may execute and deliver
all instruments to appoint one or more Persons to act as a co-Indenture Trustee
or co-Indenture Trustees, jointly with the Indenture Trustee, or separate
Indenture Trustee or separate Indenture Trustees, of all or any part of the
Trust, and to vest in such Person or Persons, in such capacity and for the
benefit of the Noteholders, such title to the Collateral, or any part hereof,
and, subject to the other provisions of this Section, such powers, duties,
obligations, rights and trusts as the Indenture Trustee and the Administrator
may consider necessary or desirable. If the Administrator shall not have joined
in such appointment within fifteen (15) days after the receipt by it of a
request so to do, the Indenture Trustee alone shall have the power to make such
appointment. No co-Indenture Trustee or separate Indenture Trustee hereunder
shall be required to meet the terms of eligibility of a successor Indenture
Trustee under Section 6.11 and no notice to Noteholders of the appointment of
any co-Indenture Trustee or separate Indenture Trustee shall be required under
Section 6.08. 

                    (b)
Every separate Indenture Trustee and co-Indenture Trustee shall, to the extent
permitted by law, be appointed and act subject to the following provisions and
conditions: 

	
 

	
 

	
 

	
                    (i)
  all rights, powers, duties and obligations conferred or imposed upon the
  Indenture Trustee shall be conferred or imposed upon and exercised or
  performed by the Indenture Trustee and such separate Indenture Trustee or
  co-Indenture Trustee jointly (it being understood that such separate
  Indenture Trustee or co-Indenture Trustee is not authorized to act separately
  without the Indenture 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 Indenture 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 or any portion thereof in any
  such jurisdiction) shall be exercised and performed singly by such separate
  Indenture Trustee or co-Indenture Trustee, but solely at the direction of the
  Indenture Trustee; 

	
 

	
 

	
 

	
                    (ii)
  no Indenture Trustee hereunder shall be personally liable by reason of any
  act or omission of any separate Indenture Trustee or co-Indenture Trustee
  hereunder; and 

	
 

	
 

	
 

	
                    (iii)
  the Indenture Trustee and the Administrator may at any time accept the
  resignation of or remove any separate Indenture Trustee or co-Indenture
  Trustee. 

                    (c)
Any notice, request or other writing given to the Indenture Trustee shall be
deemed to have been given to each of the then separate Indenture Trustees and
co-Indenture Trustees, as effectively as if given to each of them. Every
instrument appointing any separate Indenture Trustee or co-Indenture Trustee
shall refer to this Indenture and the conditions of this Article Six. Each
separate Indenture Trustee and co-Indenture Trustee, upon its acceptance of the
trusts conferred, shall be vested with the estates or property specified in its
instrument of co-

43

appointment,
either jointly with the Indenture Trustee or separately, as may be provided
therein, subject to all the provisions of this Indenture, specifically
including every provision of this Indenture relating to the conduct of,
affecting the liability of or affording protection to, the Indenture Trustee.
Every such instrument shall be filed with the Indenture Trustee and a copy
thereof given to the Administrator. 

                    (d)
Any separate Indenture Trustee or co-Indenture Trustee may at any time
constitute the Indenture 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 Indenture on its behalf and in its name. If any separate
Indenture Trustee or co-Indenture 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 Indenture Trustee, to the
extent permitted by law, without the appointment of a new or successor separate
Indenture Trustee or co-Indenture Trustee. Notwithstanding anything to the
contrary in this Indenture, the appointment of any separate Indenture Trustee
or co-Indenture Trustee shall not relieve the Indenture Trustee of its
obligations and duties under this Indenture. 

          Section
6.11 Eligibility. The Indenture Trustee shall at all times satisfy the
requirements of TIA §310(a). The Indenture Trustee hereunder shall at all times
be a financial institution organized and doing business under the laws of the
United States of America or any State, authorized under such laws to exercise
corporate trust powers, whose long term unsecured debt is rated at least Baa3
by Moody’s and shall have a combined capital and surplus of at least
$50,000,000 or shall be a member of a bank holding system the aggregate
combined capital and surplus of which is $50,000,000 and subject to supervision
or examination by federal or state authority, provided that the Indenture
Trustee’s separate capital and surplus shall at all times be at least the
amount required by Section 310(a)(2) of the TIA. If such Person publishes
reports of condition at least annually, pursuant to law or to the requirements
of a supervising or examining authority, then for the purposes of this Section
6.11, the combined capital and surplus of such Person 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 Indenture Trustee shall cease
to be eligible in accordance with the provisions of this Section 6.11, the
Indenture Trustee shall resign immediately in the manner and with the effect
specified in Section 6.08. The Indenture Trustee shall comply with TIA §310(b);
provided, however, that there shall be excluded from the operation of TIA
§310(b)(1) any indenture or indentures under which other securities of the
Issuer are outstanding if the requirements for such exclusion set forth in TIA
§310(b)(1) are met. 

          Section
6.12 Preferential Collection of Claims Against Issuer. The Indenture
Trustee shall comply with TIA §311(a), excluding any creditor relationship
listed in TIA §311(b). An Indenture Trustee who has resigned or been removed
shall be subject to TIA §311(a) to the extent indicated. 

          Section
6.13 Representations and Warranties of Indenture Trustee. The Indenture
Trustee in its individual capacity and as Indenture Trustee represents and
warrants as follows: 

                    (a)
Organization and Corporate Power. It is a duly organized and validly existing
New York banking corporation in good standing under the laws of each
jurisdiction where its business so requires. It has full corporate power,
authority and legal right to execute,  

44

deliver and
perform its obligations as Indenture Trustee under this Indenture and the
Administration Agreement (the foregoing documents, the “Indenture Trustee
Documents”) and to authenticate the Notes. 

                    (b) Due Authorization. The execution and delivery of the Indenture Trustee
Documents, the consummation of the transactions provided for therein and the
authentication of the Notes have been duly authorized by all necessary
corporate action on its part, either in its individual capacity or as Indenture
Trustee, as the case may be.  

                    (c) No Conflict. The execution and delivery of the Indenture Trustee Documents, the
performance of the transactions contemplated thereby and the fulfillment of the
terms thereof (including the authentication of the Notes), will not conflict
with, result in any breach of any of the material terms and provisions of, or
constitute (with or without notice or lapse of time or both) a default under,
any indenture, contract, agreement, mortgage, deed or trust, or other
instrument to which the Indenture Trustee is a party or by which it or any of
its property is bound.  

                    (d) No Violation. The execution and delivery of the Indenture Trustee Documents,
the performance of the transactions contemplated thereby and the fulfillment of
the terms thereof (including the authentication of the Notes), will not
conflict with or violate, in any material respect, any Requirements of Law
applicable to the Indenture Trustee.  

                    (e) All Consents Required. All approvals, authorizations, consents, orders or other
actions of any Person or any Governmental Authority applicable to the Indenture
Trustee, required in connection with the execution and delivery of the
Indenture Trustee Documents, the performance by the Indenture Trustee of the
transactions contemplated thereby and the fulfillment by the Indenture Trustee
of the terms thereof (including the authentication of the Notes), have been
obtained.  

                    (f) Validity, Etc. Each Indenture Trustee Document constitutes a legal, valid and
binding obligation of the Indenture Trustee, enforceable against the Indenture
Trustee in accordance with its terms, except as such enforceability may be
limited by Insolvency Laws and except as such enforceability may be limited by
general principles of equity (whether considered in a suit at law or in equity)
or by an implied covenant of good faith and fair dealing.  

          Section
6.14 Execution of Transaction Documents. The Issuer hereby requests and
the Indenture Trustee agrees to execute and deliver the Indenture Trustee
Documents. 

ARTICLE SEVEN

NOTEHOLDERS’ LISTS AND REPORTS

          Section
7.01 Issuer to Furnish Indenture Trustee Names and Addresses of Noteholders.
The Issuer will furnish or cause to be furnished to the Indenture Trustee (i)
not more than five days after the earlier of (a) each Record Date and (b) three
months after the last Record Date, a list, in such form as the Indenture
Trustee may reasonably require, of the names and addresses of the Noteholders
as of such Record Date and (ii) at such other times as the Indenture Trustee
may reasonably request in writing, within (thirty) 30 days after receipt by the
Issuer of any such 

45

request, a
list of similar form and content as of a date not more than ten days prior to
the time such list is furnished; provided, however, that so long as the
Indenture Trustee is the Note Registrar, no such list shall be required to be
furnished. 

          Section
7.02 Preservation of Information; Communication to Noteholders. 

                    (a)
The Indenture Trustee shall preserve, in as current a form as is reasonably
practicable, the names and addresses of the Noteholders contained in the most
recent list furnished to the Indenture Trustee as provided in Section 7.01 and
the names and addresses of Noteholders received by the Indenture Trustee in its
capacity as Note Registrar and shall otherwise comply with TIA §312(a). The
Indenture Trustee may destroy any list furnished to it as provided in such
Section 7.01 upon receipt of a new list so furnished. 

                    (b)
Noteholders may communicate pursuant to TIA § 312(b) with other Noteholders
with respect to their rights under this Indenture or under the Notes. 

                    (c)
The Issuer, the Indenture Trustee and the Note Registrar shall have the
protection of TIA § 312(c). 

          Section
7.03 Reports by Issuer. 

                    (a)
The Issuer shall: 

	
 

	
 

	
 

	
                    (i)
  file with the Indenture Trustee, within fifteen (15) days after the Issuer or
  the Depositor is required (if at all) to file the same with the Commission,
  copies of the annual reports and of the information, documents and other
  reports (or copies of such portions of any of the foregoing as the Commission
  may from time to time by rules and regulations prescribe) that the Issuer or
  Depositor may be required to file with the Commission pursuant to Section 13
  or 15(d) of the Exchange Act; 

	
 

	
 

	
 

	
                    (ii)
  file with the Indenture Trustee and the Commission in accordance with rules
  and regulations prescribed from time to time by the Commission such
  additional information, documents and reports with respect to compliance by
  the Issuer with the conditions and covenants of this Indenture as may be
  required from time to time by such rules and regulations; 

	
 

	
 

	
 

	
                    (iii)
  supply to the Indenture Trustee (and the Indenture Trustee shall make
  available to all Noteholders) copies of any information, documents and
  reports required to be filed by the Issuer pursuant to clauses (i) and (ii)
  of this Section 7.03(a) and by rules and regulations prescribed from time to
  time by the Commission; and 

	
 

	
 

	
 

	
                    (iv)
  file with the Indenture Trustee reports and opinions in compliance with TIA
  §314(a) and TIA §314(b). 

                    (b)
Unless the Issuer otherwise determines, the fiscal year of the Issuer shall end
on December 31 of each year. 

46

          Section
7.04 Reports by Indenture Trustee. If required by TIA §313(a), no later
than March 15 of each year beginning with March 15, 2009, the Indenture Trustee
shall mail to each Noteholder as required by TIA §313(c) a brief report dated
as of such date that complies with TIA §313(a). The Indenture Trustee also
shall comply with TIA §313(b). 

                    A
copy of each report described in this Section 7.04 at the time of it being made
available to Noteholders shall be filed by the Indenture Trustee with the
Commission and each stock exchange, if any, on which the Notes are listed. The
Issuer shall notify the Indenture Trustee in writing if and when the Notes are
listed on any stock exchange. 

ARTICLE EIGHT

ACCOUNTS, DISBURSEMENTS AND RELEASES

          Section
8.01 Collection of Money. Except as otherwise expressly provided herein,
the Indenture Trustee may demand payment or delivery of, and shall receive and
collect, directly and without intervention or assistance of any fiscal agent or
other intermediary, all money and other property payable to or receivable by
the Indenture Trustee pursuant to this Indenture and the Pooling and Servicing
Agreement. The Indenture Trustee shall apply all such money received by it as
provided in the Pooling and Servicing Agreement and this Indenture. Except as
otherwise expressly provided in this Indenture, if any default occurs in the
making of any payment or performance under any agreement or instrument that is
part of the Collateral, the Indenture Trustee may take such action as may be
appropriate to enforce such payment or performance, including the institution
and prosecution of appropriate Proceedings. Any such action shall be without
prejudice to any right to claim a Default or Event of Default under this
Indenture and any right to proceed thereafter as provided in Article Five. 

          Section
8.02 Trust Accounts. 

                    (a)
On or prior to the Closing Date, the Indenture Trustee shall establish and
maintain, in the name of the Indenture Trustee, for the benefit of the
Noteholders and the Equity Certificateholder and the Swap Counterparty, the
Trust Accounts as provided in Section 7.01 of the Pooling and Servicing
Agreement. 

                    (b)
The Indenture Trustee shall act as a Securities Intermediary hereunder. 

                    (c)
On or before each Payment Date, the Indenture Trustee shall be in receipt of
all Collections which have been deposited by the Servicer into the Collection
Account pursuant to Section 7.01(a) of the Pooling and Servicing Agreement,
with respect to the preceding Collection Period. 

                    (d)
On each Payment Date, the Indenture Trustee shall pay all amounts on deposit in
the Collection Account to Noteholders in respect of the Notes to the extent of
amounts due and unpaid on the Notes for principal and interest in the order and
priority set forth in Section 7.05(a) or (b), as the case may be, of the
Pooling and Servicing Agreement. 

47

          Section
8.03 General Provisions Regarding Accounts. 

                    (a)
So long as no Default or Event of Default shall have occurred and is
continuing, all or a portion of the funds in the Trust Accounts shall be
invested in accordance with the provisions of Section 7.03 of the Pooling and
Servicing Agreement. Except as otherwise provided in Section 7.03 of the
Pooling and Servicing Agreement, all income or other gain from investments of
moneys deposited in the Collection Account shall be deposited by the Indenture
Trustee in the Collection Account. All income or other gain resulting from
investment of funds deposited in the Reserve Account shall be retained therein
until applied in accordance with the Pooling and Servicing Agreement. Any loss
resulting from such investments shall be charged to the related Trust Account.
The Issuer will not direct the Indenture Trustee to make any investment of any
funds or to sell any investment held in any of the Trust Accounts unless the
security interest granted and perfected in such account will continue to be
perfected in such investment or the proceeds of such sale, in either case
without any further action by any Person. 

                    (b)
Subject to Section 6.01(c), the Indenture Trustee shall not in any way be held
liable by reason of any insufficiency in any of the Trust Accounts resulting
from any loss on any Eligible Investment included therein except for losses
attributable to the Indenture Trustee’s failure to make payments on such
Eligible Investments issued by the Indenture Trustee, in its commercial
capacity as principal obligor and not as Indenture Trustee, in accordance with
their terms. 

                    (c)
If (i) the Issuer shall have failed to give written investment directions for
any funds on deposit in the Trust Accounts to the Indenture Trustee by 11:00
a.m., New York City time (or such other time as may be agreed by the Issuer and
Indenture Trustee), on any Business Day or (ii) a Default or Event of Default
shall have occurred and be continuing with respect to the Notes but the Notes
shall not have been declared due and payable pursuant to Section 5.02 or (iii)
if such Notes shall have been declared due and payable following an Event of
Default, but amounts collected or receivable from the Collateral are being
applied in accordance with Section 5.05 as if there had not been such a
declaration, then the Indenture Trustee shall, to the fullest extent
practicable, invest and reinvest funds in the Trust Accounts in Eligible
Investments described in clause (vi) of the definition thereof in the Pooling
and Servicing Agreement. 

          Section
8.04 Release of Collateral. 

                    (a)
Subject to the payment of its fees, expenses and indemnification pursuant to
Section 6.07, the Indenture Trustee may, and when required by the provisions of
this Indenture or the Pooling and Servicing Agreement shall, authorize by
written notice to the Servicer the filing of instruments to release property
from the lien of this Indenture (and, if such instruments require execution by
the Indenture Trustee, the Indenture Trustee shall execute such instruments),
or convey the Indenture Trustee’s interest in the same, in a manner and under
circumstances that are not inconsistent with the provisions of this Indenture.
No party relying upon an instrument executed by the Indenture Trustee as
provided in this Article shall be bound to ascertain the Indenture Trustee’s
authority, inquire into the satisfaction of any conditions precedent or see to
the application of any moneys. 

48

                    (b)
The Indenture Trustee shall, at such time as there are no Notes Outstanding and
all sums due the Indenture Trustee pursuant to Section 6.07 have been paid,
release any remaining portion of the Collateral that secured the Notes from the
lien of this Indenture and release to the Issuer or any other Person entitled
thereto any funds then on deposit in the Trust Accounts. The Indenture Trustee
shall release property from the lien of this Indenture pursuant to this Section
8.04(b) only upon receipt of an Issuer Request accompanied by an Officer’s
Certificate. 

ARTICLE NINE

SUPPLEMENTAL INDENTURES

          Section
9.01 Supplemental Indentures Without Consent of Noteholders. 

                    Without
the consent of the Holders of any Notes and with prior written notice to each
Rating Agency, the Issuer and the Indenture Trustee, when authorized by an
Issuer Order and upon receipt by the Indenture Trustee of an Opinion of
Counsel, and the other parties hereto at any time from time to time, may enter
into one or more indentures supplemental hereto (which shall conform to the
provisions of the TIA as in force at the date of the execution thereof), in form
reasonably satisfactory to the Indenture Trustee, for any of the following
purposes: 

	
 

	
 

	
 

	
                    (i)
  to correct or amplify the description of any property at any time subject to
  the lien of this Indenture, or better to assure, convey and confirm unto the
  Indenture Trustee any property subject or required to be subjected to the
  lien created by this Indenture, or to subject to the lien created by this
  Indenture additional property; 

	
 

	
 

	
 

	
                    (ii)
  to evidence the succession, in compliance with the applicable provisions
  hereof, of another Person to the Issuer, and the assumption by any such
  successor of the covenants of the Issuer herein and in the Notes contained; 

	
 

	
 

	
 

	
                    (iii)
  to add to the covenants of the Issuer, for the benefit of the Holders of the
  Notes, or to surrender any right or power herein conferred upon the Issuer; 

	
 

	
 

	
 

	
                    (iv)
  to convey, transfer, assign, mortgage or pledge any property to or with the
  Indenture Trustee; 

	
 

	
 

	
 

	
                    (v)
  to cure any ambiguity, to correct or supplement any provision herein or in
  any supplemental indenture which may be inconsistent with any other provision
  herein or in any supplemental indenture or the Transaction Documents or to
  make any other changes or provisions with respect to matters or questions
  arising under this Indenture or in any supplemental indenture; provided that
  such action shall not adversely affect the interests of the Holders of the
  Notes; 

	
 

	
 

	
 

	
                    (vi)
  to evidence and provide for the acceptance of the appointment hereunder by a
  successor Indenture Trustee with respect to the Notes and to add to or change
  any of the provisions of this Indenture as shall be necessary to facilitate
  the administration of the trusts hereunder by more than one Indenture
  Trustee, pursuant to the requirements of Article Six; 

49

	
 

	
 

	
 

	
                    (vii)
  to modify, eliminate or add to the provisions of this Indenture to such
  extent as shall be necessary to effect the qualification of this Indenture
  under the TIA or under any similar federal statute hereafter enacted and to
  add to this Indenture such other provisions as may be expressly required by
  the TIA; and 

	
 

	
 

	
 

	
                    (viii)
  to offer the Class B Notes, the Class C Notes, and the Class D Notes pursuant
  to a public or private offering; 

                    The
Indenture Trustee is hereby authorized to enter into any such supplemental
indenture and to make any further appropriate agreements and stipulations that
may be therein contained. 

                    Notwithstanding
anything to the contrary in the foregoing provisions of this Section 9.01, this
Indenture shall not be amended nor shall the parties hereto enter into
supplemental indentures hereto without the written consent of the Swap
Counterparty if such amendment or supplemental indenture would have a material
adverse effect on the Swap Counterparty. 

          Section
9.02 Supplemental Indentures With Consent of Noteholders. The Issuer and
the Indenture Trustee, when authorized by an Issuer Order, also may, with prior
notice to each Rating Agency, and with the consent of a Majority in Interest,
by Act of such Holders delivered to the Issuer and the Indenture Trustee, enter
into an indenture or indentures supplemental hereto, upon receipt by the
Indenture Trustee of an Opinion of Counsel stating that the execution of such
supplemental indenture is authorized or permitted by this Indenture and that
all the conditions precedent applicable thereto under this Indenture have been
satisfied, for the purpose of adding any provisions to, or changing in any
manner or eliminating any of the provisions of, this Indenture or of modifying
in any manner the rights of the Holders of the Notes under this Indenture; provided,
however, that, no such supplemental indenture shall, without the consent of the
Holder of each Outstanding Note affected thereby: 

	
 

	
 

	
 

	
                    (i)
  change the date of payment of any installment of principal of or interest on
  any Note, or reduce the principal amount thereof, the interest rate thereon
  or the Redemption Date Amount with respect thereto, change the provisions of
  this Indenture relating to the application of Collections on, or the proceeds
  of the sale of, the Collateral to payment of principal of or interest on the
  Notes, or change any place of payment where, or the coin or currency in
  which, any Note or the interest thereon is payable, or impair the right to
  institute suit for the enforcement of the provisions of this Indenture requiring
  the application of funds available therefor, as provided in Article Five, to
  the payment of any such amount due on the Notes on or after the respective
  due dates thereof (or, in the case of redemption, on or after the Redemption
  Date); 

	
 

	
 

	
 

	
                    (ii)
  reduce the percentage of the Outstanding Amount of the Notes, the consent of
  the Holders of which is required for any such supplemental indenture, or the
  consent of the Holders of which is required for any waiver of compliance with
  certain provisions of this Indenture or certain defaults hereunder and their
  consequences provided for in this Indenture; 

50

	
 

	
 

	
 

	
                    (iii)
  modify or alter the provisions of the second proviso to the definition of the
  term “Outstanding”; 

	
 

	
 

	
 

	
                    (iv)
  reduce the percentage of the Outstanding Amount of the Notes required to
  direct the Indenture Trustee to sell or liquidate the Collateral pursuant to
  Section 5.04 or amend the provisions of this Article Nine which specify the
  percentage of the Outstanding Amount of the Notes required to amend this
  Indenture or the other Transaction Documents; 

	
 

	
 

	
 

	
                    (v)
  modify any provision of this Section except to increase any percentage
  specified herein or to provide that certain additional provisions of this
  Indenture or the other Transaction Documents cannot be modified or waived
  without the consent of the Holder of each Outstanding Note affected thereby;
  or 

	
 

	
 

	
 

	
                    (vi)
  permit the creation of any lien (other than Permitted Liens) ranking prior to
  or on a parity with the lien created by this Indenture with respect to any
  part of the Collateral or, except as otherwise permitted or contemplated
  herein, terminate the lien created by this Indenture on any property at any
  time subject hereto or deprive the Holder of any Note of the security
  provided by the lien created by this Indenture. 

                    Neither
the Issuer, the Indenture Trustee nor any of their respective Affiliates shall,
directly or indirectly, pay or cause to be paid any consideration, whether by
way of interest, fee or otherwise, to any Noteholder for or as an inducement to
any consent, waiver or amendment of any of the terms or provisions of this
Indenture, the Pooling and Servicing Agreement or the Notes unless such
consideration is offered to be paid to all Noteholders that so consent, waive
or agree to amend in the time frame set forth in solicitation documents
relating to such consent, waiver or agreement. 

                    The
Indenture Trustee may in its discretion determine whether or not any Notes
would be adversely affected by any supplemental indenture and any such
determination shall be conclusive upon the Holders of the Notes, whether
theretofore or thereafter authenticated and delivered hereunder. The Indenture
Trustee shall not be liable for any such determination made in good faith and
in reliance upon an Opinion of Counsel. 

                    It
shall not be necessary for any Act of Noteholders under this Section to approve
the particular form of any proposed supplemental indenture, but it shall be
sufficient if such Act shall approve the substance thereof. 

                    Promptly
after the execution by the parties hereto of any amendment or supplemental
indenture pursuant to this Section, the Issuer shall mail to the Holders of the
Notes to which such amendment or supplemental indenture relates a notice
setting forth in general terms the substance of such supplemental indenture.
Any failure of the Issuer to mail such notice, or any defect therein, shall
not, however, in any way impair or affect the validity of any such supplemental
indenture. 

                    Notwithstanding
anything to the contrary in the foregoing provisions of this Section 9.02, this
Indenture shall not be amended nor shall the parties hereto enter into
supplemental indentures hereto without the written consent of the Swap
Counterparty if such 

51

amendment or
supplemental indenture would have a material adverse effect on the Swap
Counterparty. 

          Section
9.03 Execution of Supplemental Indentures. In executing, or permitting
the additional trusts created by, any supplemental indenture permitted by this
Article Nine or the modifications thereby of the trusts created by this
Indenture, the Indenture Trustee shall be provided with, and subject to
Sections 6.01 and 6.02 shall be fully protected in relying upon, an Opinion of
Counsel stating that the execution of such supplemental indenture is authorized
or permitted by this Indenture. The Indenture Trustee may, but shall not be
obligated to, enter into any such supplemental indenture that affects the
Indenture Trustee’s own rights, duties, liabilities or immunities under this
Indenture or otherwise. 

          Section
9.04 Effect of Supplemental Indenture. Upon the execution of any
supplemental indenture pursuant to the provisions hereof, this Indenture shall
be and be deemed to be modified and amended in accordance therewith with
respect to the Notes affected thereby, and the respective rights, limitations
of rights, obligations, duties, liabilities and immunities under this Indenture
of the parties hereto and the Holders of the Notes shall thereafter be
determined, exercised and enforced hereunder subject in all respects to such
modifications and amendments, and all the terms and conditions of any such
supplemental indenture shall be and be deemed to be part of the terms and
conditions of this Indenture for any and all purposes. 

          Section
9.05 Conformity With Trust Indenture Act. Every amendment of this
Indenture and every supplemental indenture executed pursuant to this Article
shall conform to the requirements of the Trust Indenture Act as then in effect
so long as this Indenture shall then be qualified under the Trust Indenture Act.

          Section
9.06 Reference in Notes to Supplemental Indentures. Notes authenticated
and delivered after the execution of any supplemental indenture pursuant to
this Article may, and if required by the Indenture Trustee or the Issuer shall,
bear a notation in form approved by the Indenture Trustee as to any matter
provided for in such supplemental indenture. If the Issuer or the Indenture
Trustee shall so determine, new notes so modified as to conform, in the opinion
of the Indenture Trustee and the Issuer, to any such supplemental indenture may
be prepared and executed by the Issuer and authenticated and delivered by the
Indenture Trustee in exchange for Outstanding Notes. 

ARTICLE TEN

REDEMPTION

          Section
10.01 Redemption. 

                    (a)
In the event that the Servicer pursuant to Section 7.08 of the Pooling and
Servicing Agreement, purchases the corpus of the Trust, the Notes are subject
to redemption in whole, but not in part, on the Payment Date on which such
purchase occurs, for a purchase price equal to the Redemption Date Amount;
provided, however, that the Issuer has available funds sufficient to pay such
amounts. The Servicer or the Issuer shall furnish each Rating Agency notice of
such redemption. If the Notes are to be redeemed pursuant to this Section
10.01(a), the 

52

Servicer or
the Issuer shall furnish notice of such election to the Indenture Trustee and
the Swap Counterparty not later than twenty (20) days prior to the Redemption
Date and the Issuer shall deposit with the Indenture Trustee in the Collection
Account no later than one Business Day prior to the Redemption Date the
Redemption Date Amount of the Notes to be redeemed whereupon all such Notes
shall be due and payable on the Redemption Date upon the furnishing of a notice
complying with Section 10.02 to each Holder of the Notes. 

                    (b)
In the event that the assets of the Trust are sold pursuant to Section 9.02 of
the Trust Agreement or Section 5.04(d) of this Indenture, the proceeds of such
sale shall be distributed as provided in Section 5.06. If amounts are to be
paid to Noteholders pursuant to this Section 10.01, the Servicer or the Issuer
shall, to the extent practicable, furnish notice of such event to the Indenture
Trustee not later than twenty (20) days prior to the Redemption Date whereupon
all such amounts shall be payable on the Redemption Date. 

          Section
10.02 Form of Redemption Notice. Notice of redemption under Section
10.01(a) shall be given by the Indenture Trustee by first-class mail, postage
prepaid, mailed not less than five days prior to the applicable Redemption Date
to each Holder of Notes, as of the close of business on the Record Date
preceding the applicable Redemption Date, at such Holder’s address appearing in
the Note Register. 

                    All
notices of redemption shall state: 

	
 

	
 

	
 

	
                    (i)
  the Redemption Date;

	
 

	
 

	
 

	
                    (ii)
  the Redemption Date Amount; and

	
 

	
 

	
 

	
                    (iii)
  the place where such Notes are to be surrendered for payment of the
  Redemption Date Amount (which shall be the office or agency of the Issuer to
  be maintained as provided in Section 3.02). 

                    Notice
of redemption of the Notes shall be given by the Indenture Trustee in the name
and at the expense of the Issuer. Failure to give notice of redemption, or any
defect therein, to any Holder of any Note shall not impair or affect the
validity of the redemption of any other Note. 

          Section
10.03 Notes Payable on Redemption Date. The Notes or portions thereof to
be redeemed shall, following notice of redemption (if any) as required by
Section 10.02, on the Redemption Date become due and payable at the Redemption
Date Amount and (unless the Issuer shall default in the payment of the
Redemption Date Amount) no interest shall accrue on the Redemption Date Amount
for any period after the date to which accrued interest is calculated for
purposes of calculating the Redemption Date Amount. 

53

ARTICLE ELEVEN

MISCELLANEOUS

          Section
11.01 Compliance Certificates and Opinions, Etc.

                    (a)
Upon any application or request by the Issuer to the Indenture Trustee to take
any action under any provision of this Indenture, the Issuer shall furnish to
the Indenture Trustee (i) an Officer’s Certificate stating that all conditions
precedent, if any, provided for in this Indenture relating to the proposed
action have been complied with, and (ii) an Independent Certificate from a firm
of certified public accountants meeting the applicable requirements of this
section and TIA §314(c), except that, in the case of any such application or
request as to which the furnishing of documents is specifically required by any
provision of this Indenture, no additional certificate or opinion need be
furnished. 

                    (b)
Every certificate or opinion with respect to compliance with a condition or
covenant provided for in this Indenture shall include: 

	
 

	
 

	
 

	
                    (i)
  a statement that each signatory of such certificate or opinion has read or
  has caused to be read such covenant or condition and the definitions herein
  relating thereto; 

	
 

	
 

	
 

	
                    (ii)
  a brief statement as to the nature and scope of the examination or
  investigation upon which the statements or opinions contained in such
  certificate or opinion are based; 

	
 

	
 

	
 

	
                    (iii)
  a statement that, in the opinion of each such signatory, such signatory has
  made such examination or investigation as is necessary to enable such
  signatory to express an informed opinion as to whether or not such covenant
  or condition has been complied with; and 

	
 

	
 

	
 

	
                    (iv)
  a statement as to whether, in the opinion of each such signatory, such
  condition or covenant has been complied with. 

          Section
11.02 Form of Documents Delivered to Indenture Trustee. In any case
where several matters are required to be certified by, or covered by an opinion
of, any specified Person, it is not necessary that all such matters be
certified by, or covered by the opinion of, only one such Person, or that they
be so certified or covered by only one document, but one such Person may
certify or give an opinion with respect to some matters and one or more other
such Persons may certify or give an opinion as to other matters, and any such
Person may certify or give an opinion as to such matters in one or several
documents. 

                    Any
certificate or opinion of an Authorized Officer of the Issuer may be based,
insofar as it relates to legal matters, upon a certificate or opinion of, or
representations by, counsel, unless such officer knows, or in the exercise of
reasonable care should know, that the certificate or opinion or representations
with respect to the matters upon which his certificate or opinion is based are
erroneous. Any such certificate of an Authorized Officer or Opinion of Counsel
may be based, insofar as it relates to factual matters, upon a certificate or
opinion of, or 

54

representations
by, an officer or officers of the Servicer, CFUSA or the Issuer, stating that
the information with respect to such factual matters is in the possession of
the Servicer, CFUSA or the Issuer, unless such counsel knows, or in the
exercise of reasonable care should know, that the certificate or opinion or
representations with respect to such matters are erroneous. 

                    Where
any Person is required to make, give or execute two or more applications,
requests, consents, certificates, opinions or other instruments under this
Indenture, they may, but need not, be consolidated and form one instrument. 

                    Whenever
in this Indenture, in connection with any application or certificate or report
to the Indenture Trustee, it is provided that the Issuer shall deliver any
document as a condition of the granting of such application, or as evidence of
the Issuer’s compliance with any term hereof, it is intended that the truth and
accuracy, at the time of the granting of such application or at the effective
date of such certificate or report (as the case may be), of the facts and
opinions stated in such document shall in such case be conditions precedent to
the right of the Issuer to have such application granted or to the sufficiency
of such certificate or report. The foregoing shall not, however, be construed
to affect the Indenture Trustee’s right to rely upon the truth and accuracy of
any statement or opinion contained in any such document as provided in Article
Six. 

          Section
11.03 Acts of Noteholders. 

                    (a)
Any request, demand, authorization, direction, notice, consent, waiver or other
action provided by this Indenture to be given or taken (manually or by
facsimile) by Noteholders may be embodied in and evidenced by one or more
instruments of substantially similar tenor signed by such Noteholders in person
or by agents duly appointed in writing; and, except as herein otherwise
expressly provided, such action shall become effective when such instrument or
instruments are delivered to the Indenture Trustee, and, where it is hereby
expressly required, to the Issuer. Such instrument or instruments (and the
action embodied therein and evidenced thereby) are herein sometimes referred to
as the “Act” of the Noteholders signing such instrument or instruments. Proof
of execution of any such instrument or of a writing appointing any such agent
shall be sufficient for any purpose of this Indenture and (subject to Section
6.01) conclusive in favor of the Indenture Trustee and the Issuer, if made in
the manner provided in this Section. 

                    (b)
The fact and date of the execution by any person of any such instrument or
writing may be proved in any manner that the Indenture Trustee deems
sufficient. 

                    (c)
The ownership of Notes shall be proved by the Note Register. 

                    (d)
Any request, demand, authorization, direction, notice, consent, waiver or other
action by the Holder of any Notes shall bind the Holder of every Note issued
upon the registration thereof or in exchange therefor or in lieu thereof, in
respect of anything done, omitted or suffered to be done by the Indenture
Trustee or the Issuer in reliance thereon, whether or not notation of such
action is made upon such Note. 

          Section
11.04 Notices. All notices, demands, certificates, requests and
communications hereunder (“Notices”) shall be in writing and shall be effective
(a) upon receipt when sent 

55

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 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 telecopier transmission with a confirmation of
receipt, in all cases addressed to the recipient at the address specified in
the Pooling and Servicing Agreement for such recipient. 

                    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
11.05 Notices to Noteholders; Waiver. Where this Indenture provides for
Notice to Noteholders of any event, such Notice shall be sufficiently given
(unless otherwise herein expressly provided) if in writing and mailed,
first-class, postage prepaid to each Noteholder affected by such event, at his
address as it appears on the Note Register, not later than the latest date, and
not earlier than the earliest date, prescribed for the giving of such Notice.
In any case where Notice to Noteholders is given by mail, neither the failure
to mail such Notice nor any defect in any Notice so mailed to any particular
Noteholder shall affect the sufficiency of such Notice with respect to other
Noteholders, and any Notice that is mailed in the manner herein provided shall
conclusively be presumed to have been duly given. 

                    Where
this Indenture provides for Notice in any manner, such Notice may be waived in
writing by any Person entitled to receive such Notice, either before or after
the event, and such waiver shall be the equivalent of such Notice. Waivers of
Notice by Noteholders shall be filed with the Indenture Trustee but such filing
shall not be a condition precedent to the validity of any action taken in
reliance upon such a waiver. 

                    In
case, by reason of the suspension of regular mail service as a result of a
strike, work stoppage or similar activity, it shall be impractical to mail
notice of any event to Noteholders when such notice is required to be given
pursuant to any provision of this Indenture, then any manner of giving such
notice as shall be satisfactory to the Indenture Trustee shall be deemed to be
a sufficient giving of such notice. 

                    Where
this Indenture provides for notice to the Rating Agencies, failure to give such
notice shall not affect any other rights or obligations created hereunder, and
shall not under any circumstance constitute a Default or Event of Default. 

          Section
11.06 Alternate Payment and Notice Provisions. Notwithstanding any provisions
of this Indenture or any of the Notes to the contrary, the Issuer may enter
into any agreement with any Holder of a Note providing, at the sole expense of
the Issuer or the Holder, for a method of payment, or notice by the Indenture
Trustee or any Paying Agent to such Holder, that is different from the methods
provided for in this Indenture for such payments or notices. The Issuer will
furnish to the Indenture Trustee a copy of each such agreement and the
Indenture Trustee will cause payments to be made and notices to be given in
accordance with such agreements. 

56

          Section
11.07 Effect of Headings and Table of Contents. The Article and Section
headings herein and the Table of Contents are for convenience only and shall
not affect the construction hereof. 

          Section
11.08 Successors and Assigns. All covenants and agreements in this
Indenture and the Notes by the Issuer shall bind its successors and assigns,
whether so expressed or not. All agreements of the Indenture Trustee in this Indenture
shall bind its successors, co-Indenture Trustees, separate Indenture Trustees
and agents. 

          Section
11.09 Separability. In case any provision in this Indenture or in the
Notes shall be invalid, illegal or unenforceable, the validity, legality and
enforceability of the remaining provisions shall not in any way be affected or
impaired thereby. 

          Section
11.10 Benefits of Indenture. Nothing in this Indenture or in the Notes,
express or implied, shall give to any Person, other than the parties hereto and
their successors hereunder, the Noteholders and the Swap Counterparty as a
third party beneficiary, and any other party secured hereunder, and any other
Person with an ownership or security interest in any part of the Collateral, any
benefit or any legal or equitable right, remedy or claim under this Indenture. 

          Section
11.11 Legal Holidays. In any case where the date on which any payment is
due, any action is required to be taken or any document, instrument or other
paper is required to be delivered, shall not be a Business Day, then
(notwithstanding any other provision of the Notes or this Indenture) payment
need not be made on such date, but may be made on the next succeeding Business
Day with the same force and effect as if made on the date on which nominally
due, and (with respect to any payment which may be due) no interest shall
accrue for the period from and after any such nominal date. 

          Section
11.12 Governing Law. THIS INDENTURE 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 INDENTURE SHALL BE DETERMINED IN ACCORDANCE
WITH SUCH LAWS. 

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

          Section
11.14 Recording of Indenture. If this Indenture is subject to recording
in any appropriate public recording offices, such recording is to be effected
by the Issuer and at its expense accompanied by an Opinion of Counsel (which
may be counsel to the Issuer or any other counsel) to the effect that such
recording is necessary either for the protection of the Noteholders or any
other Person secured hereunder or for the enforcement of any right or remedy
granted to the Indenture Trustee under this Indenture. 

          Section
11.15 Trust Obligation. No recourse may be taken, directly or
indirectly, with respect to the obligations of the Issuer, the Owner Trustee or
the Indenture Trustee on the Notes or under the Indenture or any certificate or
other writing delivered in connection herewith or therewith, against (i) the Indenture
Trustee or the Owner Trustee in its individual capacity, (ii) any owner of a
beneficial interest in the Issuer or (iii) any partner, owner, beneficiary,
agent, 

57

officer,
director or employee of the Indenture Trustee or the Owner Trustee in their
individual capacities, the Issuer, any successor or assign of the Indenture
Trustee or the Owner Trustee in their individual capacities or the Issuer,
except as any such Person may have expressly agreed (it being understood that
the Indenture Trustee and the Owner Trustee have no such obligations in their
individual capacities) and except that any such partner, owner or beneficiary
shall be fully liable, to the extent provided by applicable law, for any unpaid
consideration for stock, unpaid capital contribution or failure to pay any
installment or call owing to such entity. For all purposes of this Indenture,
in the performance of any duties or obligations of the Issuer hereunder, the
Owner Trustee shall be subject to, and entitled to the benefits of, the terms
and provisions of Article Six, Seven and Eight of the Trust Agreement. 

          Section
11.16 No Petition. The parties hereto, by entering into this Indenture,
and each Noteholder, by accepting a Note or a beneficial interest in a Note,
hereby covenant and agree that they will not at any time institute against
CFUSA, the Depositor or the Issuer, or join in any institution against CFUSA,
the Depositor or the Issuer, of any bankruptcy, reorganization, arrangement,
insolvency or liquidation proceedings, or other proceedings under any United
States federal or state bankruptcy or similar law. The parties hereto further
covenant and agree that the obligations of this Section 11.16 shall survive
termination of this Agreement. 

          Section
11.17 Inspection. The Issuer agrees that, on reasonable prior notice, it
will permit any representative of the Indenture Trustee, during the Issuer’s
normal business hours, to examine all the books of account, records, reports
and other papers of the Issuer, to make copies and extracts therefrom, to cause
such books to be audited by independent certified public accountants, and to
discuss the Issuer’s affairs, finances and accounts with the Issuer’s officers,
employees and independent certified public accountants, all at such reasonable
times and as often as may be reasonably requested. The Indenture Trustee shall
and shall cause its representatives to hold in confidence all such information
except to the extent disclosure may be required by law (and all reasonable applications
for confidential treatment are unavailing) and except to the extent that the
Indenture Trustee may reasonably determine that such disclosure is consistent
with its obligations hereunder. 

          Section
11.18 Conflict with Trust Indenture Act. If any provision hereof limits,
qualifies or conflicts with another provision hereof that is required to be
included in this Indenture by any of the provisions of the Trust Indenture Act,
such required provision shall control. 

          Section
11.19 Communication by Noteholders With Other Noteholders. Noteholders
may communicate with other Noteholders with respect to their rights under this
Indenture or the Notes pursuant to Section 312(b) of the TIA. Every Noteholder,
by receiving and holding a Note, agrees with the Issuer and the Indenture
Trustee that none of the Issuer and the Indenture Trustee nor any agent of the
Issuer and the Indenture Trustee shall be deemed to be in violation of any
existing law, or any law hereafter enacted which does not specifically refer to
Section 312 of the TIA, by reason of the disclosure of any information as to
the names and addresses of the Noteholders in accordance with Section 312 of
the TIA, regardless of the source from which such information was derived, and
that the Indenture Trustee shall not be held accountable by reason of mailing
any material pursuant to a request made under Section 312(b) of the TIA. 

58

          Section
11.20 Trust Indenture Act Controls. Notwithstanding any provision or
term contained in this Indenture to the contrary, if any provision of this
Indenture, in whole or in part, limits, restricts, mitigates, lessens,
circumscribes, qualifies, or conflicts with, any of the duties, obligations or
responsibilities imposed by operation of the Trust Indenture Act, the duties,
obligations, and responsibilities imposed by the Trust Indenture Act shall
control, apply and govern in all respects. 

          Section
11.21 Limited Recourse. The Indenture Trustee, by entering into this
Agreement, hereby covenants and agrees that it shall only have recourse against
the Issuer to the extent of the funds on hand and the assets of the Issuer and
such recourse will extend only to amounts in excess of amounts necessary to
make payments of the Notes. 

          Section
11.22 Waiver of Jury Trial. EACH OF THE ISSUER AND INDENTURE TRUSTEE
HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW,
ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR
RELATING TO THIS INDENTURE, THE NOTES OR THE TRANSACTIONS CONTEMPLATED HEREBY. 

          Section
11.23 Force Majeure. In no event shall the Indenture Trustee be
responsible or liable for any failure or delay in the performance of its
obligations hereunder arising out of or caused by, directly or indirectly,
forces beyond its control, including, without limitation, strikes, work
stoppages, accidents, acts of war or terrorism, civil or military disturbances,
nuclear or natural catastrophes, or other similar catastrophic acts, and interruptions,
loss or malfunctions of utilities, communications or computer (software and
hardware) services; it being understood that the Indenture Trustee shall use
reasonable efforts which are consistent with accepted practices in the banking
industry to resume performance as soon as practicable under the circumstances. 

          Section
11.24 Registration of the Class B Notes, the Class C Notes and the Class D
Notes. 

                    As
of the Closing Date, the Class B Notes, the Class C Notes and the Class D Notes
have not been registered under the Securities Act, or any state securities or
“blue sky” laws. The Class B Notes, the Class C Notes and the Class D Notes may
not be offered, sold, pledged or otherwise transferred unless (i) the Class B Notes,
the Class C Notes and the Class D Notes have been registered under the
Securities Act or (ii) such offer, sale, pledge or other transfer is exempt
from registration under the Securities Act and made in compliance with the
Securities Act. 

                    The
Class B Notes, the Class C Notes and the Class D Notes may be purchased by or
transferred to a Plan, provided that at the time of the transaction a
determination is made that the Class B Notes, the Class C Notes and the Class D
Notes will be treated as debt for ERISA purposes. Provided such a determination
is made, each purchaser or transferee of a Class B Note, a Class C Note and a
Class D Note that is a Plan or a person acting on behalf of or investing the
assets of a Plan shall be deemed to represent that its purchase and continued
holding of the Class B Notes, the Class C Notes and the Class D Notes will be
covered by a U.S. Department of Labor prohibited transaction class exemption or
a statutory exemption under ERISA. 

59

          Section
11.25 US Patriot Act. The parties hereto acknowledge that in accordance
with Section 326 of the USA Patriot Act Manufacturers and Traders Trust
Company, is required to obtain, verify, and record information that identifies
each person or legal entity that establishes a relationship or opens an
account. The parties to this Indenture agree that they will provide
Manufacturers and Traders Trust Company with such information as it may request
in order for Manufacturers and Traders Trust Company to satisfy the
requirements of the USA Patriot Act. 

60

                    IN
WITNESS WHEREOF, the parties hereto have caused this Indenture to be duly
executed and delivered 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 on behalf of the Issuer

 as Owner Trustee under the Trust

 Agreement

	
 
	
 
	
 

	
 
	
By:
	
  /s/   Irene Siegel

	
 
	
 
	

	
 
	
 
	
  Name:
	Irene Siegel
	
 
	
 
	
  Title:
	Attorney-in-fact
	
 
	
 
	
 

	
 
	
By:
	
  /s/   Aranka R. Paul

	
 
	
 
	

	
 
	
 
	
  Name:
	Aranka R. Paul
	
 
	
 
	
  Title:
	Attorney-in-fact
	
 
	
 
	
 

	
 
	
MANUFACTURERS
 AND TRADERS TRUST

 COMPANY, not in its individual capacity but

 solely as Indenture Trustee

	
 
	
 
	
 

	
 
	
By:
	
  /s/   Dante M. Monakil

	
 
	
 
	

	
 
	
 
	
  Name:
	Dante M. Monakil
	
 
	
 
	
  Title:
	Vice President
	
 
	
 
	
 

	
 
	
By:
	
/s/   David L. Williams

	
 
	
 
	

	
 
	
 
	
  Name:
	David L. Williams
	
 
	
 
	
  Title:
	Vice President

61

SCHEDULE A

LIST OF CONTRACTS

[On file with McDermott Will & Emery LLP]

EXHIBIT A-1 

FORM OF CLASS A-1 NOTE

                    UNLESS
THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST
COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUER OR ITS AGENT FOR
REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS
REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF
DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO
ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
HAS AN INTEREST HEREIN. 

                    THIS
SECURITY IS NOT A SAVINGS ACCOUNT OR DEPOSIT AND IT IS NOT INSURED BY THE
UNITED STATES OF AMERICA OR ANY AGENCY OR FUND OF THE UNITED STATES OF AMERICA.

                    THE
PRINCIPAL OF THIS NOTE IS PAYABLE IN FULL ON THE DATE SET FORTH HEREIN AND MAY
BE PREPAID TO THE EXTENT OF FUNDS AVAILABLE FOR SUCH PURPOSE ON EACH PAYMENT
DATE. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME
MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF. 

CIT EQUIPMENT COLLATERAL 2008-VT1

2.82620% CLASS A-1 RECEIVABLE-BACKED NOTES

	
 

	
 

	
REGISTERED

	
$[______] 

	
 

	
 

	
No. A-1-1

	
CUSIP NO. [______] 

                    THIS
NOTE DOES NOT REPRESENT AN OBLIGATION OF OR AN INTEREST IN CIT FUNDING COMPANY,
LLC, CIT FINANCIAL USA, INC., CIT GROUP INC. OR ANY AFFILIATE THEREOF. 

                    CIT
Equipment Collateral 2008-VT1, a statutory trust organized and existing under
the laws of the State of Delaware (herein referred to as the “Issuer”), for
value received, hereby promises to pay to Cede & Co., or its registered
assigns, the principal sum of [______] Dollars ($[________]) payable on the
earlier of May 20, 2009 (the “Class A-1 Maturity Date”) and the Redemption
Date, if any, pursuant to the Indenture referred to hereinbelow. 

                    The
Issuer will pay interest on this Note at the rate per annum shown above on each
Payment Date until the principal of this Note is paid or made available for
payment, on the principal amount of this Note outstanding on the preceding
Payment Date (after giving effect to all payments of principal made on the
preceding Payment Date), subject to certain limitations contained in the
Indenture. Interest on this Note will accrue for each Payment Date from, and 

A-1-1

including, the
most recent Payment Date on which interest has been paid to but excluding such
Payment Date or, if no interest has yet been paid, from, and including, the
Closing Date. Interest will be computed on the basis of a 360-day year and
actual days elapsed. Such principal of and interest on this Note shall be paid
in the manner specified hereinbelow. 

                    The
principal of and interest on this Note are payable in such coin or currency of
the United States of America as at the time of payment is legal tender for
payment of public and private debts. All payments made by the Issuer with
respect to this Note shall be applied first to interest due and payable on this
Note as provided above and then to the unpaid principal of this Note. 

                    Unless
the certificate of authentication hereon has been executed by the Indenture
Trustee whose name appears below by manual signature, this Note shall not be
entitled to any benefit under the Indenture referred to hereinbelow, or be
valid or obligatory for any purpose. 

                    This
Note is one of a duly authorized issue of Notes of the Issuer, designated as
its 2.82620% Class A-1 Receivable-Backed Notes (the “Class A-1 Notes”), all
issued under an Indenture, dated as of April 1, 2008 (the “Indenture”), between
the Issuer and Manufacturers and Traders Trust Company, as Indenture Trustee
(the “Indenture Trustee”), to which Indenture and all indentures supplemental
thereto reference is hereby made for a statement of the respective rights and
obligations thereunder of the Issuer, the Indenture Trustee and the Holders of
the Notes. The Class A-1 Notes are subject to all terms of the Indenture. All
terms used in this Note that are defined in the Indenture, as supplemented or
amended, shall have the meanings assigned to them in or pursuant to the
Indenture, as so supplemented or amended. All terms used in this Note that are
defined in the Pooling and Servicing Agreement dated as of April 1, 2008 by and
among CIT Funding Company, LLC, CIT Financial USA, Inc., and the Issuer (the
“Pooling and Servicing Agreement”) shall have the meanings assigned to them
therein. 

                    The
Class A-1 Notes and the other Notes described in the Indenture (collectively,
the “Notes”) are and will be equally and ratably secured by the collateral
pledged as security therefor as provided in the Indenture, subject to the
priorities of allocations as to interest and principal payments as described
therein and in the Pooling and Servicing Agreement. 

                    Principal
of the Class A-1 Notes will be payable on the earlier of the Class A-1 Maturity
Date and the Redemption Date, if any, selected pursuant to the Indenture.
Notwithstanding the foregoing, the entire unpaid principal amount of the Class
A-1 Notes shall be due and payable as and to the extent provided in the
Indenture if an Event of Default shall have occurred and be continuing, unless
the Required Holders have waived such Event of Default. 

                    Payments
of interest on this Note due and payable on each Payment Date shall be made by
check mailed to the Person whose name appears as the Registered Holder of this
Note on the Note Register as of the close of business on each Record Date
immediately preceding the related Payment Date, except that with respect to
Notes registered on the applicable Record Date in the name of a nominee of the
Clearing Agency (initially, such nominee to be Cede & Co.), payments will
be made by wire transfer in immediately available funds to the account
designated by such nominee. Such checks shall be mailed to the Person entitled
thereto at the address of 

A-1-2

such Person as
it appears on the Note Register as of the applicable Record Date without
requiring that this Note be submitted for notation of payment. Any reduction in
the principal amount of this Note affected by any payments made on any Payment
Date shall be binding upon all future Holders of this Note and of any Note
issued upon the registration of transfer hereof or in exchange hereof or in
lieu hereof, whether or not noted hereon or thereon. If funds are expected to
be available, as provided in the Indenture, for payment in full of the then
remaining unpaid principal amount of this Note on a Payment Date, then the
Indenture Trustee, in the name of and on behalf of the Issuer, will notify the
Person who was the Registered Holder hereof as of the Record Date preceding
such Payment Date by notice mailed within five (5) Business Days of such
Payment Date and the amount then due and payable shall be payable only upon
presentation and surrender of this Note at the Corporate Trust Office of the
Indenture Trustee or at the office of the Indenture Trustee’s agent appointed
for such purposes located in New York City. 

                    As
provided in the Indenture, the Notes may be redeemed pursuant to the Indenture,
in whole, but not in part, at the option of the Servicer, on any Payment Date
on or after the date on which the Aggregate Principal Amount of the Notes
outstanding is less than 10% of the Initial Contract Pool Principal Balance. 

                    As
provided in the Indenture and subject to certain limitations set forth therein,
the transfer of this Note may be registered on the Note Register upon surrender
of this Note for registration of transfer at the office or agency designated by
the Issuer pursuant to the Indenture, duly endorsed by, or accompanied by a
written instrument of transfer in form satisfactory to the Indenture Trustee
duly executed by, the Holder hereof or his attorney duly authorized in writing,
with such signature guaranteed by an eligible guarantor institution which is a
participant in the Securities Transfer Agent’s Medallion Program (STAMP) or
similar signature guarantee program, and such other documents as the Indenture
Trustee may require, and thereupon one or more new Class A-1 Notes of
authorized denominations and in the same Aggregate Principal Amount will be
issued to the designated transferee or transferees (and, if applicable, such
Holder). No service charge will be charged for any registration of transfer or
exchange of this Note, but the transferor may be required to pay a sum
sufficient to cover any tax or other governmental charge that may be imposed in
connection with any such registration of transfer or exchange. 

                    Each
Noteholder, by acceptance of a Note or a beneficial interest in a Note,
covenants and agrees that no recourse may be taken, directly or indirectly,
with respect to the obligations of the Issuer, the Owner Trustee or the
Indenture Trustee on the Notes or under the Indenture or any certificate or
other writing delivered in connection therewith, against (i) the Indenture
Trustee or the Owner Trustee in their individual capacities, (ii) any owner of
a beneficial interest in the Issuer or (iii) any partner, owner, beneficiary,
agent, officer, director or employee of the Indenture Trustee or the Owner
Trustee in their individual capacities, the Issuer or any successor or assign
of the Indenture Trustee or the Owner Trustee in their individual capacities or
the Issuer, except as any such Person may have expressly agreed (it being
understood that the Indenture Trustee and the Owner Trustee have no such
obligations in their individual capacities) and except that any such partner,
owner or beneficiary shall be fully liable, to the extent provided by
applicable law, for any unpaid consideration for stock, unpaid capital
contribution or failure to pay any installment or call owing to such entity. 

A-1-3

                    Each
Noteholder, by acceptance of a Note or a beneficial interest in a Note,
covenants and agrees that by accepting the benefits of the Indenture and such
Note that such Noteholder will not at any time institute against CFUSA, the
Depositor or the Issuer, or join in any institution against CFUSA, the
Depositor or the Issuer of, any bankruptcy, reorganization, arrangement,
insolvency or liquidation proceedings under any United States federal or state
bankruptcy or similar law. 

                    The
Issuer has entered into the Indenture, and this Note is issued with the
intention that, for federal, state and local income, single business and
franchise tax purposes, the Notes will qualify as indebtedness which is solely
secured by the Collateral and that the Trust will be disregarded as a separate
entity for federal income tax purposes pursuant to Treasury Regulations Section
301.7701-3 (b)(l)(ii). Each Noteholder, by acceptance of a Note or of a
beneficial interest in a Note, agrees to treat the Notes for federal, state and
local income, single business and franchise tax purposes as indebtedness. 

                    Prior
to the due presentment for registration of transfer of this Note, the Issuer
and the Indenture Trustee and any agent of the Issuer and the Indenture Trustee
may treat the Person in whose name this Note (as of the day of determination or
as of such other date as may be specified in the Indenture) is registered as
the owner hereof for all purposes, whether or not this Note may be overdue, and
neither the Issuer, the Indenture Trustee nor any such agent shall be affected
by notice to the contrary. 

                    By
purchasing this Note, the holder is deemed to represent that the acquisition
and holding of this Note will not constitute a prohibited transaction in
violation of Section 406 of ERISA or Section 4975 of the Code which is not
covered by (i) prohibited transaction class exemption (“PTCE”) 84-14, PTCE
90-1, PTCE 91-38, PTCE 95-60, PTCE 96-23, (ii) the statutory exemption that may
be available under Section 408(b)(17) of ERISA and Section 4975(d)(20) of the
Code to a party in interest that is a service provider to a plan investing in
the Notes for adequate consideration (as determined in good faith by the plan
fiduciary pursuant to regulations that, as of the date of the Indenture, are to
be promulgated by the U.S. Department of Labor), provided such service provider
is not (A) the fiduciary with respect to the plan’s assets used to acquire the
Notes or an affiliate of such fiduciary or (B) an affiliate of the employer
sponsoring the plan or (iii) some other applicable class or individual
exemption (or, in the case of a governmental or church plan, any similar
federal, state or local law, does not cause a non-exempt violation of any
substantially similar law). 

                    The
Indenture permits, with certain exceptions as therein provided, the amendment
thereof and the modification of the rights and obligations of the Issuer and
the rights of the Noteholders under the Indenture at any time by the Issuer
with the consent of the Majority in Interest of the Notes. The Indenture also
contains provisions permitting the Noteholders representing specified percentages
of the Outstanding Amount of the Notes, on behalf of the Noteholders, to waive
compliance by the Issuer with certain provisions of the Indenture and certain
defaults under the Indenture and their consequences. Any such consent or waiver
by the Noteholders shall be conclusive and binding upon such Holders and upon
all future Holders of any Note issued upon the registration of transfer hereof
or in exchange hereof or in lieu hereof whether or not notation of such consent
or waiver is made upon this or such Note. The Indenture 

A-1-4

also permits
the Issuer and the Indenture Trustee to amend or waive certain terms and
conditions set forth in the Indenture without the consent of Noteholders. 

                    The
Notes are issuable only in registered form in denominations as provided in the
Indenture, subject to certain limitations therein set forth. 

                    This
Note and the Indenture shall be construed in accordance with the laws of the
State of New York, and the obligations, rights and remedies of the parties
hereunder and thereunder shall be determined in accordance with such laws. 

                    No
reference herein to the Indenture and no provision of this Note or of the
Indenture shall alter or impair the obligation of the Issuer, which is absolute
and unconditional, to pay the principal of and interest on this Note at the
times, place, and rate, and in the coin or currency herein prescribed. 

A-1-5

                    IN
WITNESS WHEREOF, the Issuer has caused this instrument to be signed, manually
or in facsimile, by an Authorized Officer, as of the date set forth below. 

	
 

	
 

	
 

	
 

	
 

	
Date: May
 [__], 2008

	
CIT
 EQUIPMENT COLLATERAL 2008-VT1

	
 

	
 

	
 

	
By:

	
DEUTSCHE
 BANK TRUST

 COMPANY DELAWARE, not in its

 individual capacity but solely on behalf

 of the Issuer as Owner Trustee under the

 Trust Agreement

	
 

	
 

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	
 

	
 

	

	
 

	
 

	
Name:

	
 

	
 

	
 

	
 

	
 

	
 

	

	
 

	
 

	
Title:

	
 

	
 

	
 

	
 

	
 

	

	
 

	
 

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	
 

	
 

	

	
 

	
 

	
Name:

	
 

	
 

	
 

	
 

	
 

	
 

	

	
 

	
 

	
Title:

	
 

	
 

	
 

	
 

	
 

	

A-1-6

INDENTURE
TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

                    This
is one of the Notes designated above and referred to in the within-mentioned
Indenture. 

	
 

	
 

	
 

	
 

	
 

	
 

	
MANUFACTURERS
 AND TRADERS TRUST

 COMPANY, not in its individual capacity but

 solely as Indenture Trustee

	
 

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	
 

	

	
 

	
 

	
 

	
Authorized Signatory

A-1-7

FORM OF NOTE 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
 Note, and all rights thereunder, hereby irrevocably constituting and
 appointing 

	
 

	

	
to transfer
 said Note on the books kept for registration thereof, with full power of
 substitution in the premises. 

	
 

	
 

	
Dated:

	
 

	
 

	

	
 

	
Signature
Guaranteed: 

	
 

	
 

	
 

	

	
 

	

	
Signature
 must be guaranteed by an eligible guarantor institution which is a
 participant in the Securities Transfer Agent’s Medallion Program (STAMP) or
 similar signature guarantee program

	
 

	
Notice: The
 signature(s) on this assignment must correspond with the name(s) as it
 appears on the face of the within Note in every particular, without
 alteration or enlargement or any change whatsoever

	
 

	
 

	
 

	

	
 

	
 

	
(Authorized
 Officer)

	
 

	
 

A-1-8

EXHIBIT A-2A

FORM OF CLASS A-2 NOTE

                    UNLESS
THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST
COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUER OR ITS AGENT FOR
REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS
REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC),
ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY
PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.

                    THIS
SECURITY IS NOT A SAVINGS ACCOUNT OR DEPOSIT AND IT IS NOT INSURED BY THE
UNITED STATES OF AMERICA OR ANY AGENCY OR FUND OF THE UNITED STATES OF AMERICA.

                    THE
PRINCIPAL OF THIS NOTE IS PAYABLE IN FULL ON THE DATE SET FORTH HEREIN AND MAY
BE PREPAID TO THE EXTENT OF FUNDS AVAILABLE FOR SUCH PURPOSE ON EACH PAYMENT
DATE. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME
MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.

CIT EQUIPMENT COLLATERAL 2008-VT1

4.76% CLASS A-2A RECEIVABLE-BACKED NOTES

	
 

	
 

	
REGISTERED

	
$[______]

	
 

	
No. A-2A-1

	
CUSIP NO. [______]

                    THIS
NOTE DOES NOT REPRESENT AN OBLIGATION OF OR AN INTEREST IN CIT FUNDING COMPANY,
LLC, CIT FINANCIAL USA, INC., CIT GROUP INC. OR ANY AFFILIATE THEREOF.

                    CIT
Equipment Collateral 2008-VT1, a statutory trust organized and existing under
the laws of the State of Delaware (herein referred to as the “Issuer”), for
value received, hereby promises to pay to Cede & Co., or its registered
assigns, the principal sum of [______] Dollars ($[________]) payable on the
earlier of October 20, 2010 (the “Class A-2 Maturity Date”) and the Redemption
Date, if any, pursuant to the Indenture referred to hereinbelow.

                    The
Issuer will pay interest on this Note at the rate per annum shown above on each
Payment Date until the principal of this Note is paid or made available for
payment, on the principal amount of this Note outstanding on the preceding
Payment Date (after giving effect to all payments of principal made on the
preceding Payment Date), subject to certain limitations contained in the
Indenture. Interest on this Note will accrue for each Payment Date from, and 

A-2A-1

including, the
most recent Payment Date on which interest has been paid to but excluding such
Payment Date or, if no interest has yet been paid, from, and including, the
Closing Date. Interest will be computed on the basis of a 360-day year of
twelve 30-day months. Such principal of and interest on this Note shall be paid
in the manner specified hereinbelow.

                    The
principal of and interest on this Note are payable in such coin or currency of
the United States of America as at the time of payment is legal tender for
payment of public and private debts. All payments made by the Issuer with
respect to this Note shall be applied first to interest due and payable on this
Note as provided above and then to the unpaid principal of this Note.

                    The
Payment of interest and principal on the Class A-2A Fixed Rate Notes is subject
to certain prior payment rights of the Holders of Class A-1 Notes, as set forth
in the Indenture.

                    Unless
the certificate of authentication hereon has been executed by the Indenture
Trustee whose name appears below by manual signature, this Note shall not be
entitled to any benefit under the Indenture referred to hereinbelow, or be
valid or obligatory for any purpose.

                    This
Note is one of a duly authorized issue of Notes of the Issuer, designated as
its 4.76% Class A-2A Receivable-Backed Fixed Rate Notes (the “Class A-2A Fixed
Rate Notes”), all issued under an Indenture, dated as of April 1, 2008 (the
“Indenture”), between the Issuer and Manufacturers and Traders Trust Company,
as Indenture Trustee (the “Indenture Trustee”), to which Indenture and all
indentures supplemental thereto reference is hereby made for a statement of the
respective rights and obligations thereunder of the Issuer, the Indenture
Trustee and the Holders of the Notes. The Class A-2A Fixed Rate Notes are
subject to all terms of the Indenture. All terms used in this Note that are
defined in the Indenture, as supplemented or amended, shall have the meanings
assigned to them in or pursuant to the Indenture, as so supplemented or
amended. All terms used in this Note that are defined in the Pooling and
Servicing Agreement dated as of April 1, 2008 by and among CIT Funding Company,
LLC, CIT Financial USA, Inc., and the Issuer (the “Pooling and Servicing
Agreement”) shall have the meanings assigned to them therein.

                    The
Class A-2A Fixed Notes and the other Classes of Notes described in the
Indenture (collectively, the “Notes”) are and will be equally and ratably
secured by the Collateral pledged as security therefor as provided in the
Indenture, subject to the priorities of allocations as to interest and
principal payments as described therein and in the Pooling and Servicing
Agreement.

                    Principal
of the Class A-2A Fixed Rate Notes will be payable on the earlier of the Class
A-2 Maturity Date and the Redemption Date, if any, pursuant to the Indenture.
Notwithstanding the foregoing, the entire unpaid principal amount of the Class
A-2A Fixed Rate Notes shall be due and payable as and to the extent provided in
the Indenture if an Event of Default shall have occurred and be continuing,
unless the Required Holders have waived such Event of Default.

A-2A-2

                    Payments
of interest on this Note due and payable on each Payment Date shall be made by
check mailed to the Person whose name appears as the Registered Holder of this
Note on the Note Register as of the close of business on each Record Date
immediately preceding the related Payment Date, except that with respect to
Notes registered on the applicable Record Date in the name of a nominee of the
Clearing Agency (initially, such nominee to be Cede & Co.), payments will
be made by wire transfer in immediately available funds to the account
designated by such nominee. Such checks shall be mailed to the Person entitled
thereto at the address of such Person as it appears on the Note Register as of
the applicable Record Date without requiring that this Note be submitted for
notation of payment. Any reduction in the principal amount of this Note
affected by any payments made on any Payment Date shall be binding upon all
future Holders of this Note and of any Note issued upon the registration of
transfer hereof or in exchange hereof or in lieu hereof, whether or not noted
hereon or thereon. If funds are expected to be available, as provided in the
Indenture, for payment in full of the then remaining unpaid principal amount of
this Note on a Payment Date, then the Indenture Trustee, in the name of and on
behalf of the Issuer, will notify the Person who was the Registered Holder
hereof as of the Record Date preceding such Payment Date by notice mailed
within five (5) Business Days of such Payment Date and the amount then due and
payable shall be payable only upon presentation and surrender of this Note at
the Corporate Trust Office of the Indenture Trustee or at the office of the
Indenture Trustee’s agent appointed for such purposes located in New York City.

                    As
provided in the Indenture, the Notes may be redeemed pursuant to the Indenture,
in whole, but not in part, at the option of the Servicer, on any Payment Date
on or after the date on which the Aggregate Principal Amount of the Notes
outstanding is less than 10% of the Initial Contract Pool Principal Balance.

                    As
provided in the Indenture and subject to certain limitations set forth therein,
the transfer of this Note may be registered on the Note Register upon surrender
of this Note for registration of transfer at the office or agency designated by
the Issuer pursuant to the Indenture, duly endorsed by, or accompanied by a
written instrument of transfer in form satisfactory to the Indenture Trustee
duly executed by, the Holder hereof or his attorney duly authorized in writing,
with such signature guaranteed by an eligible guarantor institution which is a
participant in the Securities Transfer Agent’s Medallion Program (STAMP) or
similar signature guarantee program, and such other documents as the Indenture
Trustee may require, and thereupon one or more new Class A-2 Notes of
authorized denominations and in the same Aggregate Principal Amount will be
issued to the designated transferee or transferees(and, if applicable, such
Holder). No service charge will be charged for any registration of transfer or
exchange of this Note, but the transferor may be required to pay a sum
sufficient to cover any tax or other governmental charge that may be imposed in
connection with any such registration of transfer or exchange.

                    Each
Noteholder, by acceptance of a Note or a beneficial interest in a Note,
covenants and agrees that no recourse may be taken, directly or indirectly,
with respect to the obligations of the Issuer, the Owner Trustee or the
Indenture Trustee on the Notes or under the Indenture or any certificate or
other writing delivered in connection therewith, against (i) the Indenture
Trustee or the Owner Trustee in their individual capacities, (ii) any owner of
a beneficial interest in the Issuer or (iii) any partner, owner, beneficiary,
agent, officer, director or employee of the Indenture Trustee or the Owner
Trustee in their individual capacities, the Issuer 

A-2A-3

or any
successor or assign of the Indenture Trustee or the Owner Trustee in their
individual capacities or the Issuer, except as any such Person may have
expressly agreed (it being understood that the Indenture Trustee and the Owner
Trustee have no such obligations in their individual capacities) and except
that any such partner, owner or beneficiary shall be fully liable, to the
extent provided by applicable law, for any unpaid consideration for stock,
unpaid capital contribution or failure to pay any installment or call owing to
such entity.

                    Each
Noteholder, by acceptance of a Note or a beneficial interest in a Note,
covenants and agrees that by accepting the benefits of the Indenture and such
Note that such Noteholder will not at any time institute against CFUSA, the
Depositor or the Issuer, or join in any institution against CFUSA, the
Depositor or the Issuer of, any bankruptcy, reorganization, arrangement,
insolvency or liquidation proceedings under any United States federal or state
bankruptcy or similar law.

                    The
Issuer has entered into the Indenture, and this Note is issued with the
intention that, for federal, state and local income, single business and
franchise tax purposes, the Notes will qualify as indebtedness which is solely
secured by the Collateral and that 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). Each Noteholder, by acceptance of a Note or of a
beneficial interest in a Note, agrees to treat the Notes for federal, state and
local income, single business and franchise tax purposes as indebtedness.

                    Prior
to the due presentment for registration of transfer of this Note, the Issuer
and the Indenture Trustee and any agent of the Issuer and the Indenture Trustee
may treat the Person in whose name this Note (as of the day of determination or
as of such other date as may be specified in the Indenture) is registered as
the owner hereof for all purposes, whether or not this Note may be overdue, and
neither the Issuer, the Indenture Trustee nor any such agent shall be affected
by notice to the contrary.

                    By
purchasing this Note, the holder is deemed to represent that the acquisition
and holding of this Note will not constitute a prohibited transaction in
violation of Section 406 of ERISA or Section 4975 of the Code which is not
covered by (i) prohibited transaction class exemption (“PTCE”) 84-14, PTCE
90-1, PTCE 91-38, PTCE 95-60, PTCE 96-23, (ii) the statutory exemption that may
be available under Section 408(b)(17) of ERISA and Section 4975(d)(20) of the
Code to a party in interest that is a service provider to a plan investing in
the Notes for adequate consideration (as determined in good faith by the plan
fiduciary pursuant to regulations that, as of the date of the Indenture, are to
be promulgated by the U.S. Department of Labor), provided such service provider
is not (A) the fiduciary with respect to the plan’s assets used to acquire the
Notes or an affiliate of such fiduciary or (B) an affiliate of the employer
sponsoring the plan or (iii) some other applicable class or individual
exemption (or, in the case of a governmental or church plan, any similar
federal, state or local law, does not cause a non-exempt violation of any
substantially similar law).

                    The
Indenture permits, with certain exceptions as therein provided, the amendment
thereof and the modification of the rights and obligations of the Issuer and
the rights of the Noteholders under the Indenture at any time by the Issuer
with the consent of the Majority in Interest of the Notes. The Indenture also
contains provisions permitting the Noteholders 

A-2A-4

representing
specified percentages of the Outstanding Amount of the Notes, on behalf of the
Noteholders, to waive compliance by the Issuer with certain provisions of the
Indenture and certain defaults under the Indenture and their consequences. Any
such consent or waiver by the Noteholders shall be conclusive and binding upon
such Holders and upon all future Holders of any Note issued upon the
registration of transfer hereof or in exchange hereof or in lieu hereof whether
or not notation of such consent or waiver is made upon this or such Note. The
Indenture also permits the Issuer and the Indenture Trustee to amend or waive
certain terms and conditions set forth in the Indenture without the consent of
Noteholders.

                    The
Notes are issuable only in registered form in denominations as provided in the
Indenture, subject to certain limitations therein set forth.

                    This
Note and the Indenture shall be construed in accordance with the laws of the
State of New York, and the obligations, rights and remedies of the parties
hereunder and thereunder shall be determined in accordance with such laws.

                    No
reference herein to the Indenture and no provision of this Note or of the Indenture
shall alter or impair the obligation of the Issuer, which is absolute and
unconditional, to pay the principal of and interest on this Note at the times,
place, and rate, and in the coin or currency herein prescribed.

A-2A-5

                    IN
WITNESS WHEREOF, the Issuer has caused this instrument to be signed, manually
or in facsimile, by its Authorized Officer.

	
 

	
 

	
 

	
 

	
Date: May
  [__], 2008

	
CIT
  EQUIPMENT COLLATERAL 2008-VT1

	
 

	
 

	
 

	
By:

	
DEUTSCHE
  BANK TRUST COMPANY, DELAWARE not in its individual capacity but solely on
  behalf of the Issuer as Owner Trustee under the Trust Agreement

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	
 

	

	

	
 

	
 

	
Name:

	
 

	
 

	
 

	
 

	

	
 

	
 

	
Title:

	
 

	
 

	
 

	
 

	

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	
 

	

	

	
 

	
 

	
Name:

	
 

	
 

	
 

	
 

	

	
 

	
 

	
Title:

	
 

	
 

	
 

	
 

	

A-2A-6

INDENTURE TRUSTEE’S CERTIFICATE OF
AUTHENTICATION

                    This
is one of the Notes designated above and referred to in the within-mentioned
Indenture.

	
 

	
 

	
 

	
 

	
MANUFACTURERS
  AND TRADERS TRUST COMPANY, not in its individual capacity but solely as
  Indenture Trustee

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	

	
 

	
 

	
Authorized Signatory

A-2A-7

FORM OF NOTE 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
  Note, and all rights thereunder, hereby irrevocably constituting and
  appointing

	
 

	

	
to transfer
  said Note on the books kept for registration thereof, with full power of
  substitution in the premises.

	
 

	
 

	
Dated:

	
 

	
 

	

	
 

	
Signature
  Guaranteed:

	
 

	
 

	
 

	

	
 

	

	
Signature
  must be guaranteed by an eligible guarantor institution which is a
  participant in the Securities Transfer Agent’s Medallion Program (STAMP) or
  similar signature guarantee program

	
 

	
Notice: The
  signature(s) on this assignment must correspond with the name(s) as it
  appears on the face of the within Note in every particular, without
  alteration or enlargement or any change whatsoever

	
 

	

	
 

	
 

	
(Authorized
  Officer)

	
 

	
 

A-2A-8

EXHIBIT A-2B

FORM OF CLASS A-2B FLOATING RATE NOTE

                    UNLESS
THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST
COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUER OR ITS AGENT FOR
REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS
REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF
DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO
ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
HAS AN INTEREST HEREIN.

                    THIS
SECURITY IS NOT A SAVINGS ACCOUNT OR DEPOSIT AND IT IS NOT INSURED BY THE
UNITED STATES OF AMERICA OR ANY AGENCY OR FUND OF THE UNITED STATES OF AMERICA.

                    THE
PRINCIPAL OF THIS NOTE IS PAYABLE IN FULL ON THE DATE SET FORTH HEREIN AND MAY
BE PREPAID TO THE EXTENT OF FUNDS AVAILABLE FOR SUCH PURPOSE ON EACH PAYMENT
DATE. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME
MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.

CIT EQUIPMENT COLLATERAL 2008-VT1

FLOATING RATE CLASS A-2B RECEIVABLE-BACKED
NOTES

	
 

	
 

	
REGISTERED

	
$[______]

	
 

	
 

	
No. A-2B-1

	
CUSIP NO. [______]

                    THIS
NOTE DOES NOT REPRESENT AN OBLIGATION OF OR AN INTEREST IN CIT FUNDING COMPANY,
LLC, CIT FINANCIAL USA, INC., CIT GROUP INC. OR ANY AFFILIATE THEREOF.

                    THIS
NOTE DOES NOT REPRESENT AN OBLIGATION OF OR AN INTEREST IN CIT FUNDING COMPANY,
LLC, CIT FINANCIAL USA, INC., CIT GROUP INC. OR ANY AFFILIATE THEREOF.

                    CIT
Equipment Collateral 2008-VT1, a statutory trust organized and existing under the
laws of the State of Delaware (herein referred to as the “Issuer”), for value
received, hereby promises to pay to Cede & Co., or its registered assigns,
the principal sum of [______] Dollars ($[________]) payable on the earlier of
October 20, 2010 (the “Class A-2 Maturity Date”) and the Redemption Date, if
any, pursuant to the Indenture referred to hereinbelow.

A-2B-1

                    The
Issuer will pay interest on this Note at the rate per annum shown above on each
Payment Date until the principal of this Note is paid or made available for
payment, on the principal amount of this Note outstanding on the preceding
Payment Date (after giving effect to all payments of principal made on the
preceding Payment Date), subject to certain limitations contained in the
Indenture. Interest on this Note will accrue for each Payment Date from, and
including, the most recent Payment Date on which interest has been paid to but
excluding such Payment Date or, if no interest has yet been paid, from, and
including, the Closing Date. Interest will be computed on the basis of a
360-day year of twelve 30-day months. Such principal of and interest on this
Note shall be paid in the manner specified hereinbelow.

                    The
principal of and interest on this Note are payable in such coin or currency of
the United States of America as at the time of payment is legal tender for
payment of public and private debts. All payments made by the Issuer with
respect to this Note shall be applied first to interest due and payable on this
Note as provided above and then to the unpaid principal of this Note.

                    The
Payment of interest and principal on the Class A-2B Floating Rate Notes is
subject to certain prior payment rights of the Holders of Class A-1 Notes, as
set forth in the Indenture.

                    Unless
the certificate of authentication hereon has been executed by the Indenture
Trustee whose name appears below by manual signature, this Note shall not be
entitled to any benefit under the Indenture referred to hereinbelow, or be
valid or obligatory for any purpose.

                    This
Note is one of a duly authorized issue of Notes of the Issuer, designated as
its Floating Rate Class A-2B Receivable-Backed Notes (the “Class A-2B Floating
Rate Notes”), all issued under an Indenture, dated as of April 1, 2008 (the
“Indenture”), between the Issuer and Manufacturers and Traders Trust Company,
as Indenture Trustee (the “Indenture Trustee”), to which Indenture and all
indentures supplemental thereto reference is hereby made for a statement of the
respective rights and obligations thereunder of the Issuer, the Indenture
Trustee and the Holders of the Notes. The Class A-2B Floating Rate Notes are
subject to all terms of the Indenture. All terms used in this Note that are
defined in the Indenture, as supplemented or amended, shall have the meanings
assigned to them in or pursuant to the Indenture, as so supplemented or
amended. All terms used in this Note that are defined in the Pooling and
Servicing Agreement dated as of April 1, 2008 by and among CIT Funding Company,
LLC, CIT Financial USA, Inc., and the Issuer (the “Pooling and Servicing
Agreement”) shall have the meanings assigned to them therein.

                    The
Class A-2B Floating Rate Notes and the other Classes of Notes described in the
Indenture (collectively, the “Notes”) are and will be equally and ratably
secured by the Collateral pledged as security therefor as provided in the
Indenture, subject to the priorities of allocations as to interest and
principal payments as described therein and in the Pooling and Servicing
Agreement.

                    Principal
of the Class A-2B Floating Rate Notes will be payable on the earlier of the
Class A-2 Maturity Date and the Redemption Date, if any, pursuant to the
Indenture. Notwithstanding the foregoing, the entire unpaid principal amount of
the Class A-2B Floating 

A-2B-2

Rate Notes
shall be due and payable as and to the extent provided in the Indenture if an
Event of Default shall have occurred and be continuing, unless the Required
Holders have waived such Event of Default.

                    Payments
of interest on this Note due and payable on each Payment Date shall be made by
check mailed to the Person whose name appears as the Registered Holder of this
Note on the Note Register as of the close of business on each Record Date
immediately preceding the related Payment Date, except that with respect to
Notes registered on the applicable Record Date in the name of a nominee of the
Clearing Agency (initially, such nominee to be Cede & Co.), payments will
be made by wire transfer in immediately available funds to the account
designated by such nominee. Such checks shall be mailed to the Person entitled
thereto at the address of such Person as it appears on the Note Register as of
the applicable Record Date without requiring that this Note be submitted for
notation of payment. Any reduction in the principal amount of this Note
affected by any payments made on any Payment Date shall be binding upon all
future Holders of this Note and of any Note issued upon the registration of
transfer hereof or in exchange hereof or in lieu hereof, whether or not noted
hereon or thereon. If funds are expected to be available, as provided in the
Indenture, for payment in full of the then remaining unpaid principal amount of
this Note on a Payment Date, then the Indenture Trustee, in the name of and on
behalf of the Issuer, will notify the Person who was the Registered Holder
hereof as of the Record Date preceding such Payment Date by notice mailed
within five (5) Business Days of such Payment Date and the amount then due and
payable shall be payable only upon presentation and surrender of this Note at
the Corporate Trust Office of the Indenture Trustee or at the office of the
Indenture Trustee’s agent appointed for such purposes located in New York City.

                    As
provided in the Indenture, the Notes may be redeemed pursuant to the Indenture,
in whole, but not in part, at the option of the Servicer, on any Payment Date
on or after the date on which the Aggregate Principal Amount of the Notes
outstanding is less than 10% of the Initial Contract Pool Principal Balance.

                    As
provided in the Indenture and subject to certain limitations set forth therein,
the transfer of this Note may be registered on the Note Register upon surrender
of this Note for registration of transfer at the office or agency designated by
the Issuer pursuant to the Indenture, duly endorsed by, or accompanied by a
written instrument of transfer in form satisfactory to the Indenture Trustee
duly executed by, the Holder hereof or his attorney duly authorized in writing,
with such signature guaranteed by an eligible guarantor institution which is a
participant in the Securities Transfer Agent’s Medallion Program (STAMP) or
similar signature guarantee program, and such other documents as the Indenture
Trustee may require, and thereupon one or more new Class A-2B Floating Rate
Notes of authorized denominations and in the same Aggregate Principal Amount
will be issued to the designated transferee or transferees(and, if applicable,
such Holder). No service charge will be charged for any registration of
transfer or exchange of this Note, but the transferor may be required to pay a
sum sufficient to cover any tax or other governmental charge that may be
imposed in connection with any such registration of transfer or exchange.

                    Each
Noteholder, by acceptance of a Note or a beneficial interest in a Note,
covenants and agrees that no recourse may be taken, directly or indirectly,
with respect to the obligations of the Issuer, the Owner Trustee or the
Indenture Trustee on the Notes or under the 

A-2B-3

Indenture or
any certificate or other writing delivered in connection therewith, against (i)
the Indenture Trustee or the Owner Trustee in their individual capacities, (ii)
any owner of a beneficial interest in the Issuer or (iii) any partner, owner,
beneficiary, agent, officer, director or employee of the Indenture Trustee or
the Owner Trustee in their individual capacities, the Issuer or any successor
or assign of the Indenture Trustee or the Owner Trustee in their individual
capacities or the Issuer, except as any such Person may have expressly agreed
(it being understood that the Indenture Trustee and the Owner Trustee have no
such obligations in their individual capacities) and except that any such
partner, owner or beneficiary shall be fully liable, to the extent provided by
applicable law, for any unpaid consideration for stock, unpaid capital
contribution or failure to pay any installment or call owing to such entity.

                    Each
Noteholder, by acceptance of a Note or a beneficial interest in a Note,
covenants and agrees that by accepting the benefits of the Indenture and such
Note that such Noteholder will not at any time institute against CFUSA, the
Depositor or the Issuer, or join in any institution against CFUSA, the
Depositor or the Issuer of, any bankruptcy, reorganization, arrangement,
insolvency or liquidation proceedings under any United States federal or state
bankruptcy or similar law.

                    The
Issuer has entered into the Indenture, and this Note is issued with the
intention that, for federal, state and local income, single business and
franchise tax purposes, the Notes will qualify as indebtedness which is solely
secured by the Collateral and that 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). Each Noteholder, by acceptance of a Note or of a
beneficial interest in a Note, agrees to treat the Notes for federal, state and
local income, single business and franchise tax purposes as indebtedness.

                    Prior
to the due presentment for registration of transfer of this Note, the Issuer
and the Indenture Trustee and any agent of the Issuer and the Indenture Trustee
may treat the Person in whose name this Note (as of the day of determination or
as of such other date as may be specified in the Indenture) is registered as
the owner hereof for all purposes, whether or not this Note may be overdue, and
neither the Issuer, the Indenture Trustee nor any such agent shall be affected
by notice to the contrary.

                    By
purchasing this Note, the holder is deemed to represent that the acquisition
and holding of this Note will not constitute a prohibited transaction in
violation of Section 406 of ERISA or Section 4975 of the Code which is not
covered by (i) prohibited transaction class exemption (“PTCE”) 84-14, PTCE
90-1, PTCE 91-38, PTCE 95-60, PTCE 96-23, (ii) the statutory exemption that may
be available under Section 408(b)(17) of ERISA and Section 4975(d)(20) of the
Code to a party in interest that is a service provider to a plan investing in
the Notes for adequate consideration (as determined in good faith by the plan
fiduciary pursuant to regulations that, as of the date of the Indenture, are to
be promulgated by the U.S. Department of Labor), provided such service provider
is not (A) the fiduciary with respect to the plan’s assets used to acquire the
Notes or an affiliate of such fiduciary or (B) an affiliate of the employer
sponsoring the plan or (iii) some other applicable class or individual
exemption (or, in the case of a governmental or church plan, any similar
federal, state or local law, does not cause a non-exempt violation of any
substantially similar law).

A-2B-4

                    The
Indenture permits, with certain exceptions as therein provided, the amendment thereof
and the modification of the rights and obligations of the Issuer and the rights
of the Noteholders under the Indenture at any time by the Issuer with the
consent of the Majority in Interest of the Notes. The Indenture also contains
provisions permitting the Noteholders representing specified percentages of the
Outstanding Amount of the Notes, on behalf of the Noteholders, to waive
compliance by the Issuer with certain provisions of the Indenture and certain
defaults under the Indenture and their consequences. Any such consent or waiver
by the Noteholders shall be conclusive and binding upon such Holders and upon
all future Holders of any Note issued upon the registration of transfer hereof
or in exchange hereof or in lieu hereof whether or not notation of such consent
or waiver is made upon this or such Note. The Indenture also permits the Issuer
and the Indenture Trustee to amend or waive certain terms and conditions set
forth in the Indenture without the consent of Noteholders.

                    The
Notes are issuable only in registered form in denominations as provided in the
Indenture, subject to certain limitations therein set forth.

                    This
Note and the Indenture shall be construed in accordance with the laws of the
State of New York, and the obligations, rights and remedies of the parties
hereunder and thereunder shall be determined in accordance with such laws.

                    No
reference herein to the Indenture and no provision of this Note or of the
Indenture shall alter or impair the obligation of the Issuer, which is absolute
and unconditional, to pay the principal of and interest on this Note at the
times, place, and rate, and in the coin or currency herein prescribed.

A-2B-5

                    IN
WITNESS WHEREOF, the Issuer has caused this instrument to be signed, manually
or in facsimile, by its Authorized Officer.

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Date: May
  [__], 2008

	
CIT
  EQUIPMENT COLLATERAL 2008-VT1

	
 

	
 

	
 

	
 

	
By:

	
DEUTSCHE
  BANK TRUST COMPANY DELAWARE, not in its individual capacity but solely on
  behalf of the Issuer as Owner Trustee under the Trust Agreement

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	

	
 

	
 

	
Name:

	
 

	
 

	
 

	
 

	

	
 

	
 

	
Title:

	
 

	
 

	
 

	
 

	

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	

	
 

	
 

	
Name:

	
 

	
 

	
 

	
 

	

	
 

	
 

	
Title:

	
 

	
 

	
 

	
 

	

	
 

	
 

	
 

A-2B-6

INDENTURE TRUSTEE’S CERTIFICATE OF
AUTHENTICATION

                    This
is one of the Notes designated above and referred to in the within-mentioned
Indenture.

	
 

	
 

	
 

	
 

	
MANUFACTURERS
  AND TRADERS TRUST COMPANY, not in its individual capacity but
  solely as Indenture Trustee

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	

	
 

	
 

	
Authorized Signatory

A-2B-7

FORM OF NOTE 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 Note, and all rights
thereunder,
  hereby irrevocably constituting and appointing

	
 

	

	
to transfer said Note on the
books kept for
  registration thereof, with full power of substitution in the premises.

	
 

	
 

	
Dated:

	
 

	
 

	

	
 

	
 

	
Signature
  Guaranteed:

	
 

	
 

	
 

	

	
 

	

	
Signature
  must be guaranteed by an eligible guarantor institution which is a
  participant in the Securities Transfer Agent’s Medallion Program (STAMP) or
  similar signature guarantee program

	
 

	
Notice: The
  signature(s) on this assignment must correspond with the name(s) as it
  appears on the face of the within Note in every particular, without
  alteration or enlargement or any change whatsoever

	
 

	
 

	
 

	

	
 

	
(Authorized Officer)

	
 

	
 

A-2B-8

EXHIBIT A-3

FORM OF CLASS A-3 NOTE

                    UNLESS
THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST
COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUER OR ITS AGENT FOR
REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS
REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF
DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO
ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
HAS AN INTEREST HEREIN.

                    THIS
SECURITY IS NOT A SAVINGS ACCOUNT OR DEPOSIT AND IT IS NOT INSURED BY THE
UNITED STATES OF AMERICA OR ANY AGENCY OR FUND OF THE UNITED STATES OF AMERICA.

                    THE
PRINCIPAL OF THIS NOTE IS PAYABLE IN FULL ON THE DATE SET FORTH HEREIN AND MAY
BE PREPAID TO THE EXTENT OF FUNDS AVAILABLE FOR SUCH PURPOSE ON EACH PAYMENT
DATE. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME
MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.

CIT EQUIPMENT COLLATERAL 2008-VT1

6.59% CLASS A-3 RECEIVABLE-BACKED NOTES

	
 

	
 

	
REGISTERED

	
$[______]

	
 

	
 

	
No. A-3-1

	
CUSIP NO. [______]

                    THIS
NOTE DOES NOT REPRESENT AN OBLIGATION OF OR AN INTEREST IN CIT FUNDING COMPANY,
LLC, CIT FINANCIAL USA, INC., CIT GROUP INC. OR ANY AFFILIATE THEREOF.

                    CIT
Equipment Collateral 2008-VT1, a statutory trust organized and existing under
the laws of the State of Delaware (herein referred to as the “Issuer”), for
value received, hereby promises to pay to Cede & Co., or its registered
assigns, the principal sum of [______] Dollars ($[________]) payable on the
earlier of December 22, 2014, (the “Class A-3 Maturity Date”) and the
Redemption Date, if any, pursuant to the Indenture referred to hereinbelow.

                    The
Issuer will pay interest on this Note at the rate per annum shown above on each
Payment Date until the principal of this Note is paid or made available for
payment, on the principal amount of this Note outstanding on the preceding
Payment Date (after giving effect to all payments of principal made on the preceding
Payment Date), subject to certain limitations contained in the Indenture.
Interest on this Note will accrue for each Payment Date from, and 

A-3-1

including, the
most recent Payment Date on which interest has been paid to but excluding such
Payment Date or, if no interest has yet been paid, from, and including, the
Closing Date. Interest will be computed on the basis of a 360-day year of
twelve 30-day months. Such principal of and interest on this Note shall be paid
in the manner specified hereinbelow.

                    The
principal of and interest on this Note are payable in such coin or currency of
the United States of America as at the time of payment is legal tender for
payment of public and private debts. All payments made by the Issuer with respect
to this Note shall be applied first to interest due and payable on this Note as
provided above and then to the unpaid principal of this Note.

                    The
Payment of interest and principal on the Class A-3 Notes is subject to certain
prior payment rights of the Holders of Class A-1 Notes and Class A-2 Notes, as
set forth in the Indenture.

                    Unless
the certificate of authentication hereon has been executed by the Indenture
Trustee whose name appears below by manual signature, this Note shall not be
entitled to any benefit under the Indenture referred to hereinbelow, or be
valid or obligatory for any purpose.

                    This
Note is one of a duly authorized issue of Notes of the Issuer, designated as
its 6.59% Class A-3 Receivable-Backed Notes (the “Class A-3 Notes”), all issued
under an Indenture, dated as of April 1, 2008 (the “Indenture”), between the
Issuer and Manufacturers and Traders Trust Company, as Indenture Trustee (the
“Indenture Trustee”), to which Indenture and all indentures supplemental
thereto reference is hereby made for a statement of the respective rights and
obligations thereunder of the Issuer, the Indenture Trustee and the Holders of
the Notes. The Class A-3 Notes are subject to all terms of the Indenture. All
terms used in this Note that are defined in the Indenture, as supplemented or
amended, shall have the meanings assigned to them in or pursuant to the
Indenture, as so supplemented or amended. All terms used in this Note that are
defined in the Pooling and Servicing Agreement dated as of April 1, 2008 by and
among CIT Funding Company, LLC, CIT Financial USA, Inc., and the Issuer (the
“Pooling and Servicing Agreement”) shall have the meanings assigned to them
therein.

                    The
Class A-3 Notes and the other Classes of Notes described in the Indenture
(collectively, the “Notes”) are and will be equally and ratably secured by the
Collateral pledged as security therefor as provided in the Indenture, subject
to the priorities of allocations as to interest and principal payments as
described therein and in the Pooling and Servicing Agreement.

                    Principal
of the Class A-3 Notes will be payable on the earlier of the Class A-3 Maturity
Date and the Redemption Date, if any, pursuant to the Indenture.
Notwithstanding the foregoing, the entire unpaid principal amount of the Class
A-3 Notes shall be due and payable as and to the extent provided in the
Indenture if an Event of Default shall have occurred and be continuing, unless
the Required Holders have waived such Event of Default.

                    Payments
of interest on this Note due and payable on each Payment Date shall be made by
check mailed to the Person whose name appears as the Registered Holder of this
Note on the Note Register as of the close of business on each Record Date
immediately preceding the related Payment Date, except that with respect to
Notes registered on the applicable Record Date 

A-3-2

in the name of
a nominee of the Clearing Agency (initially, such nominee to be Cede &
Co.), payments will be made by wire transfer in immediately available funds to
the account designated by such nominee. Such checks shall be mailed to the
Person entitled thereto at the address of such Person as it appears on the Note
Register as of the applicable Record Date without requiring that this Note be
submitted for notation of payment. Any reduction in the principal amount of
this Note affected by any payments made on any Payment Date shall be binding
upon all future Holders of this Note and of any Note issued upon the
registration of transfer hereof or in exchange hereof or in lieu hereof,
whether or not noted hereon or thereon. If funds are expected to be available,
as provided in the Indenture, for payment in full of the then remaining unpaid
principal amount of this Note on a Payment Date, then the Indenture Trustee, in
the name of and on behalf of the Issuer, will notify the Person who was the
Registered Holder hereof as of the Record Date preceding such Payment Date by notice
mailed within five (5) Business Days of such Payment Date and the amount then
due and payable shall be payable only upon presentation and surrender of this
Note at the Corporate Trust Office of the Indenture Trustee or at the office of
the Indenture Trustee’s agent appointed for such purposes located in New York
City.

                    As
provided in the Indenture, the Notes may be redeemed pursuant to the Indenture,
in whole, but not in part, at the option of the Servicer, on any Payment Date
on or after the date on which the Aggregate Principal Amount of the Notes
outstanding is less than 10% of the Initial Contract Pool Principal Balance.

                    As
provided in the Indenture and subject to certain limitations set forth therein,
the transfer of this Note may be registered on the Note Register upon surrender
of this Note for registration of transfer at the office or agency designated by
the Issuer pursuant to the Indenture, duly endorsed by, or accompanied by a
written instrument of transfer in form satisfactory to the Indenture Trustee
duly executed by, the Holder hereof or his attorney duly authorized in writing,
with such signature guaranteed by an eligible guarantor institution which is a
participant in the Securities Transfer Agent’s Medallion Program (STAMP) or
similar signature guarantee program, and such other documents as the Indenture
Trustee may require, and thereupon one or more new Class A-3 Notes of
authorized denominations and in the same Aggregate Principal Amount will be issued
to the designated transferee or transferees (and, if applicable, such Holder).
No service charge will be charged for any registration of transfer or exchange
of this Note, but the transferor may be required to pay a sum sufficient to
cover any tax or other governmental charge that may be imposed in connection
with any such registration of transfer or exchange.

                    Each
Noteholder, by acceptance of a Note or a beneficial interest in a Note,
covenants and agrees that no recourse may be taken, directly or indirectly,
with respect to the obligations of the Issuer, the Owner Trustee or the
Indenture Trustee on the Notes or under the Indenture or any certificate or
other writing delivered in connection therewith, against (i) the Indenture Trustee
or the Owner Trustee in their individual capacities, (ii) any owner of a
beneficial interest in the Issuer or (iii) any partner, owner, beneficiary,
agent, officer, director or employee of the Indenture Trustee or the Owner
Trustee in their individual capacities, the Issuer or any successor or assign
of the Indenture Trustee or the Owner Trustee in their individual capacities or
the Issuer, except as any such Person may have expressly agreed (it being
understood that the Indenture Trustee and the Owner Trustee have no such
obligations in their individual capacities) and except that any such partner,
owner or beneficiary shall be fully liable,

A-3-3

to the extent
provided by applicable law, for any unpaid consideration for stock, unpaid
capital contribution or failure to pay any installment or call owing to such
entity.

                    Each
Noteholder, by acceptance of a Note or a beneficial interest in a Note,
covenants and agrees that by accepting the benefits of the Indenture and such
Note that such Noteholder will not at any time institute against CFUSA, the
Depositor or the Issuer, or join in any institution against CFUSA, the
Depositor or the Issuer, of any bankruptcy, reorganization, arrangement,
insolvency or liquidation proceedings under any United States federal or state
bankruptcy or similar law.

                    The
Issuer has entered into the Indenture, and this Note is issued with the
intention that, for federal, state and local income, single business and
franchise tax purposes, the Notes will qualify as indebtedness which is solely
secured by the Collateral and that 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). Each Noteholder, by acceptance of a Note or of a
beneficial interest in a Note, agrees to treat the Notes for federal, state and
local income, single business and franchise tax purposes as indebtedness.

                    Prior
to the due presentment for registration of transfer of this Note, the Issuer
and the Indenture Trustee and any agent of the Issuer and the Indenture Trustee
may treat the Person in whose name this Note (as of the day of determination or
as of such other date as may be specified in the Indenture) is registered as
the owner hereof for all purposes, whether or not this Note may be overdue, and
neither the Issuer, the Indenture Trustee nor any such agent shall be affected
by notice to the contrary.

                    By
purchasing this Note, the holder is deemed to represent that the acquisition
and holding of this Note will not constitute a prohibited transaction in
violation of Section 406 of ERISA or Section 4975 of the Code which is not
covered by (i) prohibited transaction class exemption (“PTCE”) 84-14, PTCE
90-1, PTCE 91-38, PTCE 95-60, PTCE 96-23, (ii) the statutory exemption that may
be available under Section 408(b)(17) of ERISA and Section 4975(d)(20) of the
Code to a party in interest that is a service provider to a plan investing in
the Notes for adequate consideration (as determined in good faith by the plan
fiduciary pursuant to regulations that, as of the date of the Indenture, are to
be promulgated by the U.S. Department of Labor), provided such service provider
is not (A) the fiduciary with respect to the plan’s assets used to acquire the
Notes or an affiliate of such fiduciary or (B) an affiliate of the employer
sponsoring the plan or (iii) some other applicable class or individual
exemption (or, in the case of a governmental or church plan, any similar
federal, state or local law, does not cause a non-exempt violation of any
substantially similar law).

                    The
Indenture permits, with certain exceptions as therein provided, the amendment
thereof and the modification of the rights and obligations of the Issuer and
the rights of the Noteholders under the Indenture at any time by the Issuer
with the consent of the Majority in Interest of the Notes. The Indenture also
contains provisions permitting the Noteholders representing specified
percentages of the Outstanding Amount of the Notes, on behalf of the
Noteholders, to waive compliance by the Issuer with certain provisions of the
Indenture and certain defaults under the Indenture and their consequences. Any
such consent or waiver by the Noteholders shall be conclusive and binding upon
such Holders and upon all future Holders of 

A-3-4

any Note
issued upon the registration of transfer hereof or in exchange hereof or in
lieu hereof whether or not notation of such consent or waiver is made upon this
or such Note. The Indenture also permits the Issuer and the Indenture Trustee
to amend or waive certain terms and conditions set forth in the Indenture
without the consent of Noteholders.

                    The
Notes are issuable only in registered form in denominations as provided in the
Indenture, subject to certain limitations therein set forth.

                    This
Note and the Indenture shall be construed in accordance with the laws of the
State of New York, and the obligations, rights and remedies of the parties
hereunder and thereunder shall be determined in accordance with such laws.

                    No
reference herein to the Indenture and no provision of this Note or of the
Indenture shall alter or impair the obligation of the Issuer, which is absolute
and unconditional, to pay the principal of and interest on this Note at the
times, place, and rate, and in the coin or currency herein prescribed.

A-3-5

                    IN
WITNESS WHEREOF, the Issuer has caused this instrument to be signed, manually
or in facsimile, by its Authorized Officer.

	
 

	
 

	
 

	
Date: May
  [__], 2008

	
CIT
  EQUIPMENT COLLATERAL 2008-VT1

	
 

	
 

	
 

	
 

	
By:

	
DEUTSCHE
  BANK TRUST COMPANY DELAWARE, not in its individual capacity but solely on
  behalf of the Issuer as Owner Trustee under the Trust Agreement

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	

	
 

	
 

	
Name: 

	
 

	
 

	
Title:

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	

	
 

	
 

	
Name: 

	
 

	
 

	
Title:

A-3-6

INDENTURE TRUSTEE’S CERTIFICATE OF
AUTHENTICATION

                    This
is one of the Notes designated above and referred to in the within-mentioned
Indenture.

	
 

	
 

	
 

	
 

	
MANUFACTURERS
  AND TRADERS TRUST COMPANY, not in its individual capacity but solely as
  Indenture Trustee

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	

	
 

	
 

	
Authorized Signatory

A-3-7

FORM OF NOTE 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 Note, and all rights
thereunder,
  hereby irrevocably constituting and appointing

	
 

	

	
to transfer said Note on the
books kept for
  registration thereof, with full power of substitution in the premises.

	
 

	
 

	
Dated:

	
 

	
 

	

	
 

	
 

	
Signature
  Guaranteed:

	
 

	
 

	
 

	

	
 

	

	
Signature
  must be guaranteed by an eligible guarantor institution which is a
  participant in the Securities Transfer Agent’s Medallion Program (STAMP) or
  similar signature guarantee program

	
 

	
Notice: The
  signature(s) on this assignment must correspond with the name(s) as it
  appears on the face of the within Note in every particular, without
  alteration or enlargement or any change whatsoever

	
 

	
 

	
 

	

	
 

	
 

	
(Authorized Officer)

	
 

	
 

A-3-8

EXHIBIT B

FORM OF CLASS B NOTE

                    THIS
NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
“SECURITIES ACT”). BY ITS ACCEPTANCE HEREOF, EACH PURCHASER REPRESENTS AND
AGREES THAT IT IS ACQUIRING THIS NOTE FOR ITS OWN ACCOUNT (AND NOT FOR THE
ACCOUNT OF OTHERS) AND NOT WITH A VIEW TO, OR FOR SALE IN CONNECTION WITH, THE
PUBLIC DISTRIBUTION HEREOF AND THAT NEITHER THIS NOTE NOR ANY INTEREST HEREIN
MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED, EXCEPT IN COMPLIANCE
WITH THE REGISTRATION PROVISIONS OF THE SECURITIES ACT AND ANY APPLICABLE
PROVISIONS UNDER STATE SECURITIES LAWS OR PURSUANT TO AN AVAILABLE EXEMPTION
FROM SUCH PROVISIONS. THE TRANSFER OF THIS NOTE IS SUBJECT TO CERTAIN
CONDITIONS SET FORTH IN THE INDENTURE REFERRED TO HEREIN, INCLUDING SECTION
11.24 THEREOF.

                    UNLESS
THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST
COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUER OR ITS AGENT FOR
REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS
REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF
DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO
ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
HAS AN INTEREST HEREIN.

                    THIS
SECURITY IS NOT A SAVINGS ACCOUNT OR DEPOSIT AND IT IS NOT INSURED BY THE
UNITED STATES OF AMERICA OR ANY AGENCY OR FUND OF THE UNITED STATES OF AMERICA.

                    THE
PRINCIPAL OF THIS NOTE IS PAYABLE IN FULL ON THE DATE SET FORTH HEREIN AND MAY
BE PREPAID TO THE EXTENT OF FUNDS AVAILABLE FOR SUCH PURPOSE ON EACH PAYMENT
DATE. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME
MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.

CIT EQUIPMENT COLLATERAL 2008-VT1

6.51% CLASS B RECEIVABLE-BACKED NOTES

	
 

	
 

	
REGISTERED

	
$[______]

	
 

	
 

	
No. B-1-1

	
CUSIP NO. [______]

B-1

                    THIS
NOTE DOES NOT REPRESENT AN OBLIGATION OF OR AN INTEREST IN CIT FUNDING COMPANY,
LLC, CIT FINANCIAL USA, INC., CIT GROUP INC. OR ANY AFFILIATE THEREOF.

                    CIT
Equipment Collateral 2008-VT1, a statutory trust organized and existing under
the laws of the State of Delaware (herein referred to as the “Issuer”), for
value received, hereby promises to pay to CIT Funding Company, LLC, or its
registered assigns, the principal sum of [______] Dollars ($[________]) payable
on the earlier of December 22, 2014 (the “Class B Maturity Date”) and the
Redemption Date, if any, pursuant to the Indenture referred to hereinbelow.

                    The
Issuer will pay interest on this Note at the rate per annum shown above on each
Payment Date until the principal of this Note is paid or made available for
payment, on the principal amount of this Note outstanding on the preceding
Payment Date (after giving effect to all payments of principal made on the
preceding Payment Date), subject to certain limitations contained in the
Indenture. Interest on this Note will accrue for each Payment Date from, and
including, the most recent Payment Date on which interest has been paid to but
excluding such Payment Date or, if no interest has yet been paid, from, and
including, the Closing Date. Interest will be computed on the basis of a
360-day year of twelve 30-day months. Such principal of and interest on this
Note shall be paid in the manner specified hereinbelow. 

                    The
principal of and interest on this Note are payable in such coin or currency of
the United States of America as at the time of payment is legal tender for
payment of public and private debts. All payments made by the Issuer with
respect to this Note shall be applied first to interest due and payable on this
Note as provided above and then to the unpaid principal of this Note.

                    The
payment of interest and principal on the Class B Notes is subject to certain
prior payment rights of the Holders of Class A Notes, as set forth in the
Indenture.

                    Unless
the certificate of authentication hereon has been executed by the Indenture
Trustee whose name appears below by manual signature, this Note shall not be
entitled to any benefit under the Indenture referred to hereinbelow, or be
valid or obligatory for any purpose.

                    This
Note is one of a duly authorized issue of Notes of the Issuer, designated as
its 6.51% Class B Receivable-Backed Notes (the “Class B Notes”), all issued
under an Indenture, dated as of April 1, 2008 (the “Indenture”), between the
Issuer and Manufacturers and Traders Trust Company, as Indenture Trustee (the
“Indenture Trustee”), to which Indenture and all indentures supplemental
thereto reference is hereby made for a statement of the respective rights and
obligations thereunder of the Issuer, the Indenture Trustee and the Holders of
the Notes. The Class B Notes are subject to all terms of the Indenture. All
terms used in this Note that are defined in the Indenture, as supplemented or
amended, shall have the meanings assigned to them in or pursuant to the
Indenture, as so supplemented or amended. All terms used in this Note that are
defined in the Pooling and Servicing Agreement dated as of April 1, 2008 by and
among CIT Funding Company, LLC, CIT Financial USA, Inc., and the Issuer (the
“Pooling and Servicing Agreement”) shall have the meanings assigned to them
therein.

B-2

                    The
Class B Notes and the other Classes of Notes described in the Indenture
(collectively, the “Notes”) are and will be equally and ratably secured by the
Collateral pledged as security therefor as provided in the Indenture, subject
to the priorities of allocations as to interest and principal payments as
described therein and in the Pooling and Servicing Agreement.

                    Principal
of the Class B Notes will be payable on the earlier of the Class B Maturity
Date and the Redemption Date, if any, pursuant to the Indenture.
Notwithstanding the foregoing, the entire unpaid principal amount of the Class
B Notes shall be due and payable as and to the extent provided in the Indenture
if an Event of Default shall have occurred and be continuing, unless the
Required Holders have waived such Event of Default.

                    Payments
of interest on this Note due and payable on each Payment Date shall be made by
check mailed to the Person whose name appears as the Registered Holder of this
Note on the Note Register as of the close of business on each Record Date
immediately preceding the related Payment Date, except that with respect to
Notes registered on the applicable Record Date in the name of a nominee of the
Clearing Agency (initially, such nominee to be Cede & Co.), payments will
be made by wire transfer in immediately available funds to the account
designated by such nominee. Such checks shall be mailed to the Person entitled
thereto at the address of such Person as it appears on the Note Register as of
the applicable Record Date without requiring that this Note be submitted for
notation of payment. Any reduction in the principal amount of this Note
affected by any payments made on any Payment Date shall be binding upon all
future Holders of this Note and of any Note issued upon the registration of
transfer hereof or in exchange hereof or in lieu hereof, whether or not noted
hereon or thereon. If funds are expected to be available, as provided in the
Indenture, for payment in full of the then remaining unpaid principal amount of
this Note on a Payment Date, then the Indenture Trustee, in the name of and on
behalf of the Issuer, will notify the Person who was the Registered Holder
hereof as of the Record Date preceding such Payment Date by notice mailed within
five (5) Business Days of such Payment Date and the amount then due and payable
shall be payable only upon presentation and surrender of this Note at the
Corporate Trust Office of the Indenture Trustee or at the office of the
Indenture Trustee’s agent appointed for such purposes located in New York City.

                    As
provided in the Indenture, the Notes may be redeemed pursuant to the Indenture,
in whole, but not in part, at the option of the Servicer, on any Payment Date
on or after the date on which the Aggregate Principal Amount of the Notes
outstanding is less than 10% of the Initial Contract Pool Principal Balance.

                    As
provided in the Indenture and subject to certain limitations set forth therein,
the transfer of this Note may be registered on the Note Register upon surrender
of this Note for registration of transfer at the office or agency designated by
the Issuer pursuant to the Indenture, duly endorsed by, or accompanied by a
written instrument of transfer in form satisfactory to the Indenture Trustee
duly executed by, the Holder hereof or his attorney duly authorized in writing,
with such signature guaranteed by an eligible guarantor institution which is a
participant in the Securities Transfer Agent’s Medallion Program (STAMP) or
similar signature guarantee program, and such other documents as the Indenture
Trustee may require, and thereupon one or more new Class B Notes of authorized
denominations and in the same Aggregate Principal Amount will be issued to the
designated transferee or transferees (and, if applicable, such Holder). No
service charge will be charged for any registration of transfer or exchange of
this 

B-3

Note, but the
transferor may be required to pay a sum sufficient to cover any tax or other governmental
charge that may be imposed in connection with any such registration of transfer
or exchange.

                    Each
Noteholder, by acceptance of a Note or a beneficial interest in a Note,
covenants and agrees that no recourse maybe taken, directly or indirectly, with
respect to the obligations of the Issuer, the Owner Trustee or the Indenture
Trustee on the Notes or under the Indenture or any certificate or other writing
delivered in connection therewith, against (i) the Indenture Trustee or the
Owner Trustee in their individual capacities, (ii) any owner of a beneficial
interest in the Issuer or (iii) any partner, owner, beneficiary, agent,
officer, director or employee of the Indenture Trustee or the Owner Trustee in
their individual capacities, the Issuer or any successor or assign of the
Indenture Trustee or the Owner Trustee in their individual capacities or the
Issuer, except as any such Person may have expressly agreed (it being
understood that the Indenture Trustee and the Owner Trustee have no such
obligations in their individual capacities) and except that any such partner,
owner or beneficiary shall be fully liable, to the extent provided by
applicable law, for any unpaid consideration for stock, unpaid capital
contribution or failure to pay any installment or call owing to such entity.

                    Each
Noteholder, by acceptance of a Note or a beneficial interest in a Note,
covenants and agrees that by accepting the benefits of the Indenture and such
Note that such Noteholder will not at any time institute against CFUSA, the
Depositor or the Issuer, or join in any institution against CFUSA, the
Depositor or the Issuer, of any bankruptcy, reorganization, arrangement,
insolvency or liquidation proceedings under any United States federal or state
bankruptcy or similar law.

                    The
Issuer has entered into the Indenture, and this Note is issued with the
intention that, for federal, state and local income, single business and
franchise tax purposes, the Notes will qualify as indebtedness which is solely
secured by the Collateral and that 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). Each Noteholder, by acceptance of a Note or of a
beneficial interest in a Note, agrees to treat the Notes for federal, state and
local income, single business and franchise tax purposes as indebtedness.

                    Prior
to the due presentment for registration of transfer of this Note, the Issuer
and the Indenture Trustee and any agent of the Issuer and the Indenture Trustee
may treat the Person in whose name this Note (as of the day of determination or
as of such other date as may be specified in the Indenture) is registered as
the owner hereof for all purposes, whether or not this Note may be overdue, and
neither the Issuer, the Indenture Trustee nor any such agent shall be affected
by notice to the contrary.

                    By
purchasing this Note, the holder is deemed to represent that the acquisition
and holding of this Note will not constitute a prohibited transaction in
violation of Section 406 of ERISA or Section 4975 of the Code which is not
covered by (i) prohibited transaction class exemption (“PTCE”) 84-14, PTCE
90-1, PTCE 91-38, PTCE 95-60, PTCE 96-23, (ii) the statutory exemption that may
be available under Section 408(b)(17) of ERISA and Section 4975(d)(20) of the
Code to a party in interest that is a service provider to a plan investing in
the Notes for adequate consideration (as determined in good faith by the plan
fiduciary pursuant to 

B-4

regulations
that, as of the date of the Indenture, are to be promulgated by the U.S.
Department of Labor), provided such service provider is not (A) the fiduciary
with respect to the plan’s assets used to acquire the Notes or an affiliate of
such fiduciary or (B) an affiliate of the employer sponsoring the plan or (iii)
some other applicable class or individual exemption (or, in the case of a
governmental or church plan, any similar federal, state or local law, does not
cause a non-exempt violation of any substantially similar law).

                    The
Indenture permits, with certain exceptions as therein provided, the amendment
thereof and the modification of the rights and obligations of the Issuer and
the rights of the Noteholders under the Indenture at any time by the Issuer
with the consent of the Majority in Interest of the Notes. The Indenture also
contains provisions permitting the Noteholders representing specified percentages
of the Outstanding Amount of the Notes, on behalf of the Noteholders, to waive
compliance by the Issuer with certain provisions of the Indenture and certain
defaults under the Indenture and their consequences. Any such consent or waiver
by the Noteholders shall be conclusive and binding upon such Holders and upon
all future Holders of any Note issued upon the registration of transfer hereof
or in exchange hereof or in lieu hereof whether or not notation of such consent
or waiver is made upon this or such Note. The Indenture also permits the Issuer
and the Indenture Trustee to amend or waive certain terms and conditions set
forth in the Indenture without the consent of Noteholders.

                    The
Notes are issuable only in registered form in denominations as provided in the
Indenture, subject to certain limitations therein set forth.

                    This
Note and the Indenture shall be construed in accordance with the laws of the
State of New York, and the obligations, rights and remedies of the parties
hereunder and thereunder shall be determined in accordance with such laws.

                    No
reference herein to the Indenture and no provision of this Note or of the
Indenture shall alter or impair the obligation of the Issuer, which is absolute
and unconditional, to pay the principal of and interest on this Note at the
times, place, and rate, and in the coin or currency herein prescribed.

B-5

                    IN
WITNESS WHEREOF, the Issuer has caused this instrument to be signed, manually
or in facsimile, by its Authorized Officer.

	
 

	
 

	
 

	
 

	
Date: May
 [__], 2008

	
CIT
 EQUIPMENT COLLATERAL 2008-VT1

	
 

	
 

	
 

	
By:

	
DEUTSCHE
 BANK TRUST COMPANY

	
 

	
 

	
DELAWARE, not
 in its individual capacity but solely on behalf of the Issuer as Owner
 Trustee under the Trust Agreement

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	
 

	

	
 

	
 

	
Name:

	
 

	
 

	
 

	
 

	

	
 

	
 

	
 

	
 

	
 

	
 

	
Title:

	
 

	
 

	
 

	
 

	

	
 

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	
 

	

	
 

	
 

	
Name:

	
 

	
 

	
 

	
 

	

	
 

	
 

	
 

	
 

	
 

	
 

	
Title:

	
 

	
 

	
 

	
 

	

B-6

INDENTURE TRUSTEE’S CERTIFICATE OF
AUTHENTICATION

                    This
is one of the Notes designated above and referred to in the within-mentioned
Indenture.

	
 

	
 

	
 

	
 

	
MANUFACTURERS
 AND TRADERS TRUST COMPANY, not in its individual capacity but solely as
 Indenture Trustee

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	

	
 

	
 

	
Authorized Signatory

B-7

FORM OF NOTE 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
 Note, and all rights thereunder, hereby irrevocably constituting and
 appointing

	
 

	

	
to transfer
 said Note on the books kept for registration thereof, with full power of
 substitution in the premises.

	
 

	
 

	
 

	
 

	
Dated:

	
 

	
 

	
 

	
 

	

	
 

	
 

	
 

	
 

	
 

	
Signature
 Guaranteed:

	
 

	
 

	
 

	
 

	
 

	

	
 

	

	
Signature
 must be guaranteed by an eligible guarantor institution which is a
 participant in the Securities Transfer Agent’s Medallion Program (STAMP) or
 similar signature guarantee program

	
 

	
Notice: The
 signature(s) on this assignment must correspond with the name(s) as it
 appears on the face of the within Note in every particular, without
 alteration or enlargement or any change whatsoever

	
 

	
 

	
 

	

	
 

	
 

	
(Authorized
 Officer)

	
 

	
 

B-8

EXHIBIT C

FORM OF CLASS C NOTE

                    THIS
NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
“SECURITIES ACT”). BY ITS ACCEPTANCE HEREOF, EACH PURCHASER REPRESENTS AND
AGREES THAT IT IS ACQUIRING THIS NOTE FOR ITS OWN ACCOUNT (AND NOT FOR THE
ACCOUNT OF OTHERS) AND NOT WITH A VIEW TO, OR FOR SALE IN CONNECTION WITH, THE
PUBLIC DISTRIBUTION HEREOF AND THAT NEITHER THIS NOTE NOR ANY INTEREST HEREIN
MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED, EXCEPT IN COMPLIANCE
WITH THE REGISTRATION PROVISIONS OF THE SECURITIES ACT AND ANY APPLICABLE
PROVISIONS UNDER STATE SECURITIES LAWS OR PURSUANT TO AN AVAILABLE EXEMPTION
FROM SUCH PROVISIONS. THE TRANSFER OF THIS NOTE IS SUBJECT TO CERTAIN
CONDITIONS SET FORTH IN THE INDENTURE REFERRED TO HEREIN, INCLUDING SECTION
11.24 THEREOF.

                    UNLESS
THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST
COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUER OR ITS AGENT FOR
REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS
REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF
DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO
ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
HAS AN INTEREST HEREIN.

                    THIS
SECURITY IS NOT A SAVINGS ACCOUNT OR DEPOSIT AND IT IS NOT INSURED BY THE
UNITED STATES OF AMERICA OR ANY AGENCY OR FUND OF THE UNITED STATES OF AMERICA.

                    THE
PRINCIPAL OF THIS NOTE IS PAYABLE IN FULL ON THE DATE SET FORTH HEREIN AND MAY
BE PREPAID TO THE EXTENT OF FUNDS AVAILABLE FOR SUCH PURPOSE ON EACH PAYMENT
DATE. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME
MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.

CIT EQUIPMENT COLLATERAL 2008-VT1

7.00% CLASS C RECEIVABLE-BACKED NOTES

	
 

	
 

	
 

	
REGISTERED

	
 

	
$ [________]

	
 

	
 

	
 

	
No. C-1-1

	
CUSIP NO.

	
[________]

C-1

                    THIS
NOTE DOES NOT REPRESENT AN OBLIGATION OF OR AN INTEREST IN CIT FUNDING COMPANY,
LLC, CIT FINANCIAL USA, INC., CIT GROUP INC. OR ANY AFFILIATE THEREOF.

                    CIT
Equipment Collateral 2008-VT1, a statutory trust organized and existing under
the laws of the State of Delaware (herein referred to as the “Issuer”), for value
received, hereby promises to pay to CIT Funding Company, LLC, or its registered
assigns, the principal sum of [______] Dollars ($[________]) payable on the
earlier of December 22, 2014 (the “Class C Maturity Date”) and the Redemption
Date, if any, pursuant to the Indenture referred to hereinbelow.

                    The
Issuer will pay interest on this Note at the rate per annum shown above on each
Payment Date until the principal of this Note is paid or made available for
payment, on the principal amount of this Note outstanding on the preceding
Payment Date (after giving effect to all payments of principal made on the
preceding Payment Date), subject to certain limitations contained in the
Indenture. Interest on this Note will accrue for each Payment Date from, and
including, the most recent Payment Date on which interest has been paid to but
excluding such Payment Date or, if no interest has yet been paid, from, and
including, the Closing Date. Interest will be computed on the basis of a
360-day year of twelve 30-day months. Such principal of and interest on this
Note shall be paid in the manner specified hereinbelow.

                    The
payment of interest and principal on the Class C Notes is subject to certain
prior payment rights of the Holders of Class A Notes and Class B Notes, as set
forth in the Indenture.

                    The
principal of and interest on this Note are payable in such coin or currency of
the United States of America as at the time of payment is legal tender for
payment of public and private debts. All payments made by the Issuer with
respect to this Note shall be applied first to interest due and payable on this
Note as provided above and then to the unpaid principal of this Note.

                    Unless
the certificate of authentication hereon has been executed by the Indenture
Trustee whose name appears below by manual signature, this Note shall not be
entitled to any benefit under the Indenture referred to hereinbelow, or be
valid or obligatory for any purpose.

                    This
Note is one of a duly authorized issue of Notes of the Issuer, designated as
its 7.00% Class C Receivable-Backed Notes (the “Class C Notes”), all issued
under an Indenture, dated as of April 1, 2008 (the “Indenture”), between the
Issuer and Manufacturers and Traders Trust Company, as Indenture Trustee (the
“Indenture Trustee”), to which Indenture and all indentures supplemental
thereto reference is hereby made for a statement of the respective rights and
obligations thereunder of the Issuer, the Indenture Trustee and the Holders of
the Notes. The Class C Notes are subject to all terms of the Indenture. All
terms used in this Note that are defined in the Indenture, as supplemented or
amended, shall have the meanings assigned to them in or pursuant to the
Indenture, as so supplemented or amended. All terms used in this Note that are
defined in the Pooling and Servicing Agreement dated as of April 1, 2008 by and
among CIT Funding Company, LLC, CIT Financial USA, Inc., and the Issuer (the
“Pooling and Servicing Agreement”) shall have the meanings assigned to them
therein.

C-2

                    The
Class C Notes and the other Classes of Notes described in the Indenture
(collectively, the “Notes”) are and will be equally and ratably secured by the
Collateral pledged as security therefor as provided in the Indenture, subject
to the priorities of allocations as to interest and principal payments as
described therein and in the Pooling and Servicing Agreement.

                    Principal
of the Class C Notes will be payable on the earlier of the Class C Maturity
Date and the Redemption Date, if any, pursuant the Indenture. Notwithstanding
the foregoing, the entire unpaid principal amount of the Class C Notes shall be
due and payable as and to the extent provided in the Indenture if an Event of
Default shall have occurred and be continuing, unless the Required Holders have
waived such Event of Default.

                    Payments
of interest on this Note due and payable on each Payment Date shall be made by
check mailed to the Person whose name appears as the Registered Holder of this
Note on the Note Register as of the close of business on each Record Date
immediately preceding the related Payment Date, except that with respect to
Notes registered on the applicable Record Date in the name of a nominee of the
Clearing Agency (initially, such nominee to be Cede & Co.), payments will
be made by wire transfer in immediately available funds to the account
designated by such nominee. Such checks shall be mailed to the Person entitled
thereto at the address of such Person as it appears on the Note Register as of
the applicable Record Date without requiring that this Note be submitted for
notation of payment. Any reduction in the principal amount of this Note
affected by any payments made on any Payment Date shall be binding upon all future
Holders of this Note and of any Note issued upon the registration of transfer
hereof or in exchange hereof or in lieu hereof, whether or not noted hereon or
thereon. If funds are expected to be available, as provided in the Indenture,
for payment in full of the then remaining unpaid principal amount of this Note
on a Payment Date, then the Indenture Trustee, in the name of and on behalf of
the Issuer, will notify the Person who was the Registered Holder hereof as of
the Record Date preceding such Payment Date by notice mailed within five (5)
Business Days of such Payment Date and the amount then due and payable shall be
payable only upon presentation and surrender of this Note at the Corporate
Trust Office of the Indenture Trustee or at the office of the Indenture
Trustee’s agent appointed for such purposes located in New York City.

                    As
provided in the Indenture, the Notes may be redeemed pursuant to the Indenture,
in whole, but not in part, at the option of the Servicer, on any Payment Date
on or after the date on which the Aggregate Principal Amount of the Notes
outstanding is less than 10% of the Initial Contract Pool Principal Balance.

                    As
provided in the Indenture and subject to certain limitations set forth therein,
the transfer of this Note may be registered on the Note Register upon surrender
of this Note for registration of transfer at the office or agency designated by
the Issuer pursuant to the Indenture, duly endorsed by, or accompanied by a
written instrument of transfer in form satisfactory to the Indenture Trustee
duly executed by, the Holder hereof or his attorney duly authorized in writing,
with such signature guaranteed by an eligible guarantor institution which is a
participant in the Securities Transfer Agent’s Medallion Program (STAMP) or
similar signature guarantee program, and such other documents as the Indenture
Trustee may require, and thereupon one or more new Class C Notes of authorized
denominations and in the same Aggregate Principal Amount will be issued to the
designated transferee or transferees (and, if applicable, such Holder). No
service charge will be charged for any registration of transfer or exchange of
this 

C-3

Note, but the
transferor may be required to pay a sum sufficient to cover any tax or other
governmental charge that may be imposed in connection with any such
registration of transfer or exchange.

                    Each
Noteholder, by acceptance of a Note or a beneficial interest in a Note,
covenants and agrees that no recourse may be taken, directly or indirectly,
with respect to the obligations of the Issuer, the Owner Trustee or the
Indenture Trustee on the Notes or under the Indenture or any certificate or
other writing delivered in connection therewith, against (i) the Indenture
Trustee or the Owner Trustee in their individual capacities, (ii) any owner of
a beneficial interest in the Issuer or (iii) any partner, owner, beneficiary,
agent, officer, director or employee of the Indenture Trustee or the Owner
Trustee in their individual capacities, the Issuer or any successor or assign
of the Indenture Trustee or the Owner Trustee in their individual capacities or
the Issuer, except as any such Person may have expressly agreed (it being
understood that the Indenture Trustee and the Owner Trustee have no such
obligations in their individual capacities) and except that any such partner,
owner or beneficiary shall be fully liable, to the extent provided by
applicable law, for any unpaid consideration for stock, unpaid capital
contribution or failure to pay any installment or call owing to such entity.

                    Each
Noteholder, by acceptance of a Note or a beneficial interest in a Note,
covenants and agrees that by accepting the benefits of the Indenture and such
Note that such Noteholder will not at any time institute against CFUSA, the
Depositor or the Issuer, or join in any institution against CFUSA, the
Depositor or the Issuer, of any bankruptcy, reorganization, arrangement,
insolvency or liquidation proceedings under any United States federal or state
bankruptcy or similar law.

                    The
Issuer has entered into the Indenture, and this Note is issued with the
intention that, for federal, state and local income, single business and
franchise tax purposes, the Notes will qualify as indebtedness which is solely
secured by the Collateral and that 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). Each Noteholder, by acceptance of a Note or of a
beneficial interest in a Note, agrees to treat the Notes for federal, state and
local income, single business and franchise tax purposes as indebtedness.

                    Prior
to the due presentment for registration of transfer of this Note, the Issuer
and the Indenture Trustee and any agent of the Issuer and the Indenture Trustee
may treat the Person in whose name this Note (as of the day of determination or
as of such other date as may be specified in the Indenture) is registered as
the owner hereof for all purposes, whether or not this Note may be overdue, and
neither the Issuer, the Indenture Trustee nor any such agent shall be affected
by notice to the contrary.

                    By
purchasing this Note, the holder is deemed to represent that the acquisition
and holding of this Note will not constitute a prohibited transaction in
violation of Section 406 of ERISA or Section 4975 of the Code which is not
covered by (i) prohibited transaction class exemption (“PTCE”) 84-14, PTCE
90-1, PTCE 91-38, PTCE 95-60, PTCE 96-23, (ii) the statutory exemption that may
be available under Section 408(b)(17) of ERISA and Section 4975(d)(20) of the
Code to a party in interest that is a service provider to a plan investing in
the Notes for adequate consideration (as determined in good faith by the plan
fiduciary pursuant to 

C-4

regulations
that, as of the date of the Indenture, are to be promulgated by the U.S.
Department of Labor), provided such service provider is not (A) the fiduciary
with respect to the plan’s assets used to acquire the Notes or an affiliate of
such fiduciary or (B) an affiliate of the employer sponsoring the plan or (iii)
some other applicable class or individual exemption (or, in the case of a
governmental or church plan, any similar federal, state or local law, does not
cause a non-exempt violation of any substantially similar law).

                    The
Indenture permits, with certain exceptions as therein provided, the amendment
thereof and the modification of the rights and obligations of the Issuer and
the rights of the Noteholders under the Indenture at any time by the Issuer
with the consent of the Majority in Interest of the Notes. The Indenture also
contains provisions permitting the Noteholders representing specified
percentages of the Outstanding Amount of the Notes, on behalf of the
Noteholders, to waive compliance by the Issuer with certain provisions of the
Indenture and certain defaults under the Indenture and their consequences. Any
such consent or waiver by the Noteholders shall be conclusive and binding upon
such Holders and upon all future Holders of any Note issued upon the
registration of transfer hereof or in exchange hereof or in lieu hereof whether
or not notation of such consent or waiver is made upon this or such Note. The
Indenture also permits the Issuer and the Indenture Trustee to amend or waive
certain terms and conditions set forth in the Indenture without the consent of
Noteholders.

                    The
Notes are issuable only in registered form in denominations as provided in the
Indenture, subject to certain limitations therein set forth.

                    This
Note and the Indenture shall be construed in accordance with the laws of the
State of New York, and the obligations, rights and remedies of the parties
hereunder and thereunder shall be determined in accordance with such laws.

                    No
reference herein to the Indenture and no provision of this Note or of the
Indenture shall alter or impair the obligation of the Issuer, which is absolute
and unconditional, to pay the principal of and interest on this Note at the
times, place, and rate, and in the coin or currency herein prescribed.

C-5

                    IN
WITNESS WHEREOF, the Issuer has caused this instrument to be signed, manually
or in facsimile, by its Authorized Officer.

	
 

	
 

	
 

	
 

	
Date: May
 [__], 2008

	
CIT
 EQUIPMENT COLLATERAL 2008-VT1

	
 

	
 

	
 

	
By:

	
DEUTSCHE
 BANK TRUST COMPANY DELAWARE, not in its individual capacity but solely on
 behalf of the Issuer as Owner Trustee under the Trust Agreement

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	
 

	

	
 

	
 

	
Name:

	
 

	
 

	
 

	
 

	

	
 

	
 

	
 

	
 

	
 

	
 

	
Title:

	
 

	
 

	
 

	
 

	

	
 

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	
 

	

	
 

	
 

	
Name:

	
 

	
 

	
 

	
 

	

	
 

	
 

	
 

	
 

	
 

	
 

	
Title:

	
 

	
 

	
 

	
 

	

C-6

INDENTURE TRUSTEE’S CERTIFICATE OF
AUTHENTICATION

                    This
is one of the Notes designated above and referred to in the within-mentioned
Indenture.

	
 

	
 

	
 

	
 

	
MANUFACTURERS
 AND TRADERS TRUST COMPANY, not in its individual capacity but solely as
 Indenture Trustee

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	

	
 

	
 

	
Authorized Signatory

C-7

FORM OF NOTE 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
 Note, and all rights thereunder, hereby irrevocably constituting and
 appointing

	
 

	

	
to transfer
 said Note on the books kept for registration thereof, with full power of
 substitution in the premises.

	
 

	
 

	
 

	
 

	
Dated:

	
 

	
 

	
 

	
 

	

	
 

	
 

	
 

	
 

	
 

	
 

	
Signature
 Guaranteed:

	
 

	
 

	
 

	
 

	
 

	
 

	

	
 

	

	
Signature
 must be guaranteed by an eligible guarantor institution which is a
 participant in the Securities Transfer Agent’s Medallion Program (STAMP) or
 similar signature guarantee program

	
 

	
Notice: The
 signature(s) on this assignment must correspond with the name(s) as it
 appears on the face of the within Note in every particular, without
 alteration or enlargement or any change whatsoever

	
 

	
 

	
 

	
 

	

	
 

	
 

	
(Authorized Officer)

	
 

	
 

C-8

EXHIBIT D

FORM OF CLASS D NOTE

                    THIS
NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
“SECURITIES ACT”). BY ITS ACCEPTANCE HEREOF, EACH PURCHASER REPRESENTS AND
AGREES THAT IT IS ACQUIRING THIS NOTE FOR ITS OWN ACCOUNT (AND NOT FOR THE
ACCOUNT OF OTHERS) AND NOT WITH A VIEW TO, OR FOR SALE IN CONNECTION WITH, THE
PUBLIC DISTRIBUTION HEREOF AND THAT NEITHER THIS NOTE NOR ANY INTEREST HEREIN
MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED, EXCEPT IN COMPLIANCE
WITH THE REGISTRATION PROVISIONS OF THE SECURITIES ACT AND ANY APPLICABLE
PROVISIONS UNDER STATE SECURITIES LAWS OR PURSUANT TO AN AVAILABLE EXEMPTION
FROM SUCH PROVISIONS. THE TRANSFER OF THIS NOTE IS SUBJECT TO CERTAIN
CONDITIONS SET FORTH IN THE INDENTURE REFERRED TO HEREIN, INCLUDING SECTION
11.24 THEREOF.

                    UNLESS
THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST
COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUER OR ITS AGENT FOR
REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS
REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF
DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO
ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
HAS AN INTEREST HEREIN.

                    THIS
SECURITY IS NOT A SAVINGS ACCOUNT OR DEPOSIT AND IT IS NOT INSURED BY THE
UNITED STATES OF AMERICA OR ANY AGENCY OR FUND OF THE UNITED STATES OF AMERICA.

                    THE
PRINCIPAL OF THIS NOTE IS PAYABLE IN FULL ON THE DATE SET FORTH HEREIN AND MAY
BE PREPAID TO THE EXTENT OF FUNDS AVAILABLE FOR SUCH PURPOSE ON EACH PAYMENT
DATE. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME
MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.

CIT EQUIPMENT COLLATERAL 2008-VT1

7.48% CLASS D RECEIVABLE-BACKED NOTES

	
 

	
 

	
REGISTERED

	
$[______]

	
 

	
 

	
No. D-1-1

	
CUSIP NO. [______]

D-1

                    THIS
NOTE DOES NOT REPRESENT AN OBLIGATION OF OR AN INTEREST IN CIT FUNDING COMPANY,
LLC, CIT FINANCIAL USA, INC., CIT GROUP INC. OR ANY AFFILIATE THEREOF.

                    CIT
Equipment Collateral 2008-VT1, a statutory trust organized and existing under
the laws of the State of Delaware (herein referred to as the “Issuer”), for
value received, hereby promises to pay to CIT Funding Company, LLC, or its
registered assigns, the principal sum of [______] Dollars ($[________]) payable
on the earlier of December 22, 2014 (the “Class D Maturity Date”) and the
Redemption Date, if any, pursuant to the Indenture referred to hereinbelow.

                    The
Issuer will pay interest on this Note at the rate per annum shown above on each
Payment Date until the principal of this Note is paid or made available for
payment, on the principal amount of this Note outstanding on the preceding
Payment Date (after giving effect to all payments of principal made on the
preceding Payment Date), subject to certain limitations contained in the
Indenture. Interest on this Note will accrue for each Payment Date from, and
including, the most recent Payment Date on which interest has been paid to but
excluding such Payment Date or, if no interest has yet been paid, from, and
including, the Closing Date. Interest will be computed on the basis of a
360-day year of twelve 30-day months. Such principal of and interest on this
Note shall be paid in the manner specified hereinbelow.

                    The
payment of interest and principal on the Class D Notes is subject to certain
prior payment rights of the Holders of Class A Notes, Class B Notes and Class C
Notes, as set forth in the Indenture.

                    The
principal of and interest on this Note are payable in such coin or currency of
the United States of America as at the time of payment is legal tender for
payment of public and private debts. All payments made by the Issuer with
respect to this Note shall be applied first to interest due and payable on this
Note as provided above and then to the unpaid principal of this Note.

                    Unless
the certificate of authentication hereon has been executed by the Indenture
Trustee whose name appears below by manual signature, this Note shall not be
entitled to any benefit under the Indenture referred to hereinbelow, or be
valid or obligatory for any purpose.

                    This
Note is one of a duly authorized issue of Notes of the Issuer, designated as
its 7.48% Class D Receivable-Backed Notes (the “Class D Notes”), all issued
under an Indenture, dated as of April 1, 2008 (the “Indenture”), between the
Issuer and Manufacturers and Traders Trust Company, as Indenture Trustee (the
“Indenture Trustee”), to which Indenture and all indentures supplemental
thereto reference is hereby made for a statement of the respective rights and
obligations thereunder of the Issuer, the Indenture Trustee and the Holders of
the Notes. The Class D Notes are subject to all terms of the Indenture. All
terms used in this Note that are defined in the Indenture, as supplemented or
amended, shall have the meanings assigned to them in or pursuant to the
Indenture, as so supplemented or amended. All terms used in this Note that are
defined in the Pooling and Servicing Agreement dated as of April 1, 2008 by and
among CIT Funding Company, LLC, CIT Financial USA, Inc., and the Issuer (the
“Pooling and Servicing Agreement”) shall have the meanings assigned to them
therein.

D-2

                    The
Class D Notes and the other Classes of Notes described in the Indenture
(collectively, the “Notes”) are and will be equally and ratably secured by the
Collateral pledged as security therefor as provided in the Indenture, subject
to the priorities of allocations as to interest and principal payments as
described therein and in the Pooling and Servicing Agreement.

                    Principal
of the Class D Notes will be payable on the earlier of the Class D Maturity
Date and the Redemption Date, if any, pursuant to the Indenture.
Notwithstanding the foregoing, the entire unpaid principal amount of the Class
D Notes shall be due and payable as and to the extent provided in the Indenture
if an Event of Default shall have occurred and be continuing, unless the
Required Holders have waived such Event of Default.

                    Payments
of interest on this Note due and payable on each Payment Date shall be made by
check mailed to the Person whose name appears as the Registered Holder of this
Note on the Note Register as of the close of business on each Record Date
immediately preceding the related Payment Date, except that with respect to
Notes registered on the applicable Record Date in the name of a nominee of the
Clearing Agency (initially, such nominee to be Cede & Co.), payments will
be made by wire transfer in immediately available funds to the account
designated by such nominee. Such checks shall be mailed to the Person entitled
thereto at the address of such Person as it appears on the Note Register as of
the applicable Record Date without requiring that this Note be submitted for
notation of payment. Any reduction in the principal amount of this Note
affected by any payments made on any Payment Date shall be binding upon all
future Holders of this Note and of any Note issued upon the registration of
transfer hereof or in exchange hereof or in lieu hereof, whether or not noted
hereon or thereon. If funds are expected to be available, as provided in the
Indenture, for payment in full of the then remaining unpaid principal amount of
this Note on a Payment Date, then the Indenture Trustee, in the name of and on
behalf of the Issuer, will notify the Person who was the Registered Holder
hereof as of the Record Date preceding such Payment Date by notice mailed
within five (5) Business Days of such Payment Date and the amount then due and
payable shall be payable only upon presentation and surrender of this Note at
the Corporate Trust Office of the Indenture Trustee or at the office of the
Indenture Trustee’s agent appointed for such purposes located in New York City.

                    As
provided in the Indenture, the Notes may be redeemed pursuant to the Indenture,
in whole, but not in part, at the option of the Servicer, on any Payment Date
on or after the date on which the Aggregate Principal Amount of the Notes
outstanding is less than 10% of the Initial Contract Pool Principal Balance.

                    As
provided in the Indenture and subject to certain limitations set forth therein,
the transfer of this Note may be registered on the Note Register upon surrender
of this Note for registration of transfer at the office or agency designated by
the Issuer pursuant to the Indenture, duly endorsed by, or accompanied by a
written instrument of transfer in form satisfactory to the Indenture Trustee
duly executed by, the Holder hereof or his attorney duly authorized in writing,
with such signature guaranteed by an eligible guarantor institution which is a
participant in the Securities Transfer Agent’s Medallion Program (STAMP) or
similar signature guarantee program, and such other documents as the Indenture
Trustee may require, and thereupon one or more new Class D Notes of authorized
denominations and in the same Aggregate Principal Amount will be issued to the
designated transferee or transferees (and, if applicable, such Holder). No
service charge will be charged for any registration of transfer or exchange of
this 

D-3

Note, but the
transferor may be required to pay a sum sufficient to cover any tax or other
governmental charge that may be imposed in connection with any such
registration of transfer or exchange.

                    Each
Noteholder, by acceptance of a Note or a beneficial interest in a Note,
covenants and agrees that no recourse may be taken, directly or indirectly,
with respect to the obligations of the Issuer, the Owner Trustee or the
Indenture Trustee on the Notes or under the Indenture or any certificate or
other writing delivered in connection therewith, against (i) the Indenture
Trustee or the Owner Trustee in their individual capacities, (ii) any owner of
a beneficial interest in the Issuer or (iii) any partner, owner, beneficiary,
agent, officer, director or employee of the Indenture Trustee or the Owner Trustee
in their individual capacities, the Issuer or any successor or assign of the
Indenture Trustee or the Owner Trustee in their individual capacities or the
Issuer, except as any such Person may have expressly agreed (it being
understood that the Indenture Trustee and the Owner Trustee have no such
obligations in their individual capacities) and except that any such partner,
owner or beneficiary shall be fully liable, to the extent provided by
applicable law, for any unpaid consideration for stock, unpaid capital
contribution or failure to pay any installment or call owing to such entity.

                    Each
Noteholder, by acceptance of a Note or a beneficial interest in a Note,
covenants and agrees that by accepting the benefits of the Indenture and such
Note that such Noteholder will not at any time institute against CFUSA, the
Depositor or the Issuer, or join in any institution against CFUSA, the
Depositor or the Issuer, of any bankruptcy, reorganization, arrangement,
insolvency or liquidation proceedings under any United States federal or state
bankruptcy or similar law.

                    The
Issuer has entered into the Indenture, and this Note is issued with the
intention that, for federal, state and local income, single business and
franchise tax purposes, the Notes will qualify as indebtedness which is solely
secured by the Collateral and that 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). Each Noteholder, by acceptance of a Note or of a
beneficial interest in a Note, agrees to treat the Notes for federal, state and
local income, single business and franchise tax purposes as indebtedness.

                    Prior
to the due presentment for registration of transfer of this Note, the Issuer
and the Indenture Trustee and any agent of the Issuer and the Indenture Trustee
may treat the Person in whose name this Note (as of the day of determination or
as of such other date as may be specified in the Indenture) is registered as
the owner hereof for all purposes, whether or not this Note may be overdue, and
neither the Issuer, the Indenture Trustee nor any such agent shall be affected
by notice to the contrary.

                    By
purchasing this Note, the holder is deemed to represent that the acquisition
and holding of this Note will not constitute a prohibited transaction in
violation of Section 406 of ERISA or Section 4975 of the Code which is not
covered by (i) prohibited transaction class exemption (“PTCE”) 84-14, PTCE
90-1, PTCE 91-38, PTCE 95-60, PTCE 96-23, (ii) the statutory exemption that may
be available under Section 408(b)(17) of ERISA and Section 4975(d)(20) of the
Code to a party in interest that is a service provider to a plan investing in the
Notes for adequate consideration (as determined in good faith by the plan
fiduciary pursuant to 

D-4

regulations
that, as of the date of the Indenture, are to be promulgated by the U.S.
Department of Labor), provided such service provider is not (A) the fiduciary
with respect to the plan’s assets used to acquire the Notes or an affiliate of
such fiduciary or (B) an affiliate of the employer sponsoring the plan or (iii)
some other applicable class or individual exemption (or, in the case of a
governmental or church plan, any similar federal, state or local law, does not
cause a non-exempt violation of any substantially similar law).

                    The
Indenture permits, with certain exceptions as therein provided, the amendment
thereof and the modification of the rights and obligations of the Issuer and
the rights of the Noteholders under the Indenture at any time by the Issuer
with the consent of the Majority in Interest of the Notes. The Indenture also
contains provisions permitting the Noteholders representing specified
percentages of the Outstanding Amount of the Notes, on behalf of the
Noteholders, to waive compliance by the Issuer with certain provisions of the
Indenture and certain defaults under the Indenture and their consequences. Any
such consent or waiver by the Noteholders shall be conclusive and binding upon
such Holders and upon all future Holders of any Note issued upon the
registration of transfer hereof or in exchange hereof or in lieu hereof whether
or not notation of such consent or waiver is made upon this or such Note. The
Indenture also permits the Issuer and the Indenture Trustee to amend or waive
certain terms and conditions set forth in the Indenture without the consent of
Noteholders.

                    The
Notes are issuable only in registered form in denominations as provided in the
Indenture, subject to certain limitations therein set forth.

                    This
Note and the Indenture shall be construed in accordance with the laws of the
State of New York, and the obligations, rights and remedies of the parties
hereunder and thereunder shall be determined in accordance with such laws.

                    No
reference herein to the Indenture and no provision of this Note or of the
Indenture shall alter or impair the obligation of the Issuer, which is absolute
and unconditional, to pay the principal of and interest on this Note at the
times, place, and rate, and in the coin or currency herein prescribed.

D-5

                    IN
WITNESS WHEREOF, the Issuer has caused this instrument to be signed, manually
or in facsimile, by its Authorized Officer.

	
 

	
 

	
 

	
 

	
 

	
Date: May
 [__], 2008

	
 

	
CIT
 EQUIPMENT COLLATERAL 2008-VT1

	
 

	
 

	
 

	
 

	
 

	
By:

	
DEUTSCHE
 BANK TRUST COMPANY DELAWARE, not in its individual capacity but solely on
 behalf of the Issuer as Owner Trustee under the Trust Agreement

	
 

	
 

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	
 

	

	
 

	
 

	
 

	
Name:

	
 

	
 

	
 

	
 

	
 

	

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Title:

	
 

	
 

	
 

	
 

	
 

	

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	
 

	

	
 

	
 

	
 

	
Name:

	
 

	
 

	
 

	
 

	
 

	

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Title:

	
 

	
 

	
 

	
 

	
 

	

D-6

               INDENTURE
TRUSTEE’S CERTIFICATE OF AUTHENTICATION

                   This
is one of the Notes designated above and referred to in the within-mentioned
Indenture.

	
 

	
 

	
 

	
 

	
MANUFACTURERS
 AND TRADERS TRUST COMPANY, not in its individual capacity but solely as
 Indenture Trustee

	
 

	
 

	
By:

	
 

	
 

	
 

	

	
 

	
 

	
Authorized Signatory

D-7

FORM OF NOTE 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 Note, and all rights thereunder, hereby irrevocably constituting and
 appointing

	
 

	

	
   to
 transfer said Note on the books kept for registration thereof, with full
 power of substitution in the premises.

	
 

	
 

	
Dated:

	
 

	
 

	

Signature
Guaranteed:

	
 

	
 

	
 

	

	
 

	

	
Signature
 must be guaranteed by an eligible guarantor institution which is a
 participant in the Securities Transfer Agent’s Medallion Program (STAMP) or
 similar signature guarantee program

	
 

	
Notice: The
 signature(s) on this assignment must correspond with the name(s) as it
 appears on the face of the within Note in every particular, without
 alteration or enlargement or any change whatsoever

	
 

	

	
 

	
 

	
(Authorized
 Officer)

	
 

	
 

D-8

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00142-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00142-of-00352.parquet"}]]