Document:

ex10_1.htm

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

     

                                                                                                                                              

     

    Exhibit
10.1

    

     

    
      

      

    

    

     

     

    PURCHASE
AGREEMENT

     

     

    between

     

     

    CATERPILLAR
FINANCIAL SERVICES CORPORATION

     

     

    Seller

     

     

    and

     

     

    CATERPILLAR
FINANCIAL FUNDING CORPORATION

     

     

    Depositor

     

     

    Dated
as of April 1, 2008

     

     

    

     

     

    
      

      

    

    

     

    

     

     

                                                                                                                                              

     

    
      
        
        

         

      

      
         

        
          

        

      

      
         

        
          TABLE
OF CONTENTS

          

          Page

           

          

        

      

    

    
      	
              ARTICLE I

            	
              CERTAIN
      DEFINITIONS     1 

            	
               

            

    

     

    
      	
               
      

            	
              SECTION
      1.01.  DEFINITIONS    
  1

            

    

     

    
      	
               
      

            	
              SECTION
      1.02.  OTHER DEFINITIONAL PROVISIONS    
      3

            

    

     

    
      	
              ARTICLE
      II

            	
              CONVEYANCE
      OF RECEIVABLES     4 

            	
               

            

    

     

    
      	
               
      

            	
              SECTION
      2.01.  CONVEYANCE OF RECEIVABLES    
      4

            

    

     

    
      	
               
      

            	
              SECTION
      2.02.  OWNERSHIP OF RECEIVABLES FILES    
      5

            

    

     

    
      	
               
      

            	
              SECTION
      2.03.  BOOKS AND RECORDS    
  5

            

    

     

    
      	
               
      

            	
              SECTION
      2.04.  THE CLOSING    
  6

            

    

     

    
      	
              ARTICLE III

            	
              REPRESENTATIONS
      AND WARRANTIES    
6

            

    

     

    
      	
               
      

            	
              SECTION
      3.01.  REPRESENTATIONS AND WARRANTIES OF
      DEPOSITOR     6

            

    

     

    
      	
               
      

            	
              SECTION
      3.02.  REPRESENTATIONS AND WARRANTIES OF
      SELLER     7

            

    

     

    
      	
              ARTICLE IV

            	
              CONDITIONS    
      12

            

    

     

    
      	
               
      

            	
              SECTION
      4.01.  CONDITIONS TO THE OBLIGATION OF THE
      DEPOSITOR    
12

            

    

     

    
      	
               
      

            	
              SECTION
      4.02.  CONDITIONS TO OBLIGATION OF SELLER    
      13

            

    

     

    
      	
               
      

            	
              SECTION
      4.03.  JUNIOR LIENS ON FINANCED EQUIPMENT AND OTHER
      EQUIPMENT    
13

            

    

     

    
      	
              ARTICLE V

            	
              COVENANTS
      OF THE SELLER AND THE DEPOSITOR    
  14

            

    

     

    
      	
               
      

            	
              SECTION
      5.01.  PROTECTION OF RIGHT, TITLE AND
      INTEREST     14

            

    

     

    
      	
               
      

            	
              SECTION
      5.02.  OTHER LIENS OR INTERESTS    
      14

            

    

     

    
      	
               
      

            	
              SECTION
      5.03.  CHIEF EXECUTIVE OFFICE    
    15

            

    

     

    
      	
               
      

            	
              SECTION
      5.04.  CORPORATE EXISTENCE    
  15

            

    

     

    
      	
               
      

            	
              SECTION
      5.05.  INDEMNIFICATION    
  17

            

    

     

    
      	
               
      

            	
              SECTION
      5.06.  REGULATION AB COMPLIANCE    
      18

            

    

     

    
      	
              ARTICLE VI

            	
              MISCELLANEOUS
      PROVISIONS    
18

            

    

     

    
      	
               
      

            	
              SECTION
      6.01.  OBLIGATIONS OF SELLER    
    18

            

    

     

    
      	
               
      

            	
              SECTION
      6.02.  REPURCHASE EVENTS    
  18

            

    

     

    
      	
               
      

            	
              SECTION
      6.03.  DEPOSITOR ASSIGNMENT OF REPURCHASED
      RECEIVABLES    
18

            

    

     

    
      	
               
      

            	
              SECTION
      6.04.  ISSUING ENTITY    
  18

            

    

     

    
      	
               
      

            	
              SECTION
      6.05.  AMENDMENT    
18

            

    

     

    
      	
               
      

            	
              SECTION
      6.06.  WAIVERS    
19

            

    

     

     

    
      
         

      

      
        -i-

        
          

        

      

      
         

      

    

     

    
      	
               
      

            	
              SECTION
      6.07.  NOTICES    
19

            

    

     

    
      	
               
      

            	
              SECTION
      6.08.  COSTS AND EXPENSES    
  19

            

    

     

    
      	
               
      

            	
              SECTION
      6.09.  REPRESENTATIONS OF SELLER AND
      DEPOSITOR    
19

            

    

     

    
      	
               
      

            	
              SECTION
      6.10.  CONFIDENTIAL INFORMATION    
      20

            

    

     

    
      	
               
      

            	
              SECTION
      6.11.  HEADINGS    
20

            

    

     

    
      	
               
      

            	
              SECTION
      6.12.  GOVERNING LAW    
  20

            

    

     

    
      	
               
      

            	
              SECTION
      6.13.  COUNTERPARTS    
  20

            

    

     

    

    EXHIBIT
A      ASSIGNMENT OF RECEIVABLES

    

    
      
        
          
            	 
      	
                  	 
      

          

          

        

         

      

      
        -ii- 

        
          

        

      

      
         

      

    

    PURCHASE
AGREEMENT, dated as of April 1, 2008, between CATERPILLAR FINANCIAL SERVICES
CORPORATION, a Delaware corporation, as seller (together with its successors and
assigns, the "Seller"), and CATERPILLAR FINANCIAL FUNDING CORPORATION, a Nevada
corporation, as purchaser (together with its successors and assigns, the
"Depositor").

     

    WHEREAS
in the regular course of its business, the Seller has originated or purchased
certain fixed-rate retail installment sale contracts and finance lease contracts
secured by new and used machinery and equipment; and

     

    WHEREAS
the Seller and the Depositor wish to set forth the terms pursuant to which the
Receivables (as hereinafter defined) are to be sold by the Seller to the
Depositor, which Receivables will be transferred by the Depositor, pursuant to
the Sale and Servicing Agreement (as hereinafter defined), to Caterpillar
Financial Asset Trust 2008-A, a Delaware statutory trust (the "Issuing Entity"),
and the Issuing Entity will issue (i) an Asset Backed Certificate (the
"Certificate") pursuant to the Trust Agreement (as hereinafter defined), which
will represent an undivided beneficial interest in the Issuing Entity and
(ii) the Notes (as hereinafter defined) pursuant to the Indenture (as
hereinafter defined), which will represent obligations of the Issuing
Entity.

     

    NOW,
THEREFORE, in consideration of the foregoing, other good and valuable
consideration and the mutual terms and covenants contained herein, the parties
hereto agree as follows:

     

    ARTICLE
I

     

    CERTAIN
DEFINITIONS

     

    SECTION
1.01. Definitions.  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 Agreement.

     

    "Administration
Agreement" means the Administration Agreement, dated as of April 1, 2008,
among the Issuing Entity, the Depositor, the Seller, as administrator, and U.S.
Bank National Association, as indenture trustee, as the same may be amended,
modified or supplemented from time to time.

     

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

     

    "Affiliate Trust Security
Interest" has the meaning specified in Section 4.03(b).

     

    "Agreement" means this
Purchase Agreement, as the same may be amended, modified or supplemented from
time to time.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    "Assignment" means the
document of assignment, a form of which is attached as
Exhibit A.

     

    "Basic Documents" has
the meaning specified in the Indenture.

     

    "Certificate" has the
meaning specified in the Trust Agreement.

     

    "Closing Date" means
April 29, 2008.

     

    "Contract" has the
meaning specified in the Sale and Servicing Agreement.

     

    "Indenture" means the
Indenture, dated as of April 1, 2008, between the Issuing Entity and U.S. Bank
National Association, as indenture trustee, as the same may be amended, modified
or supplemented from time to time.

     

    "Notes" means the
Class A-1 3.00500% Asset Backed Notes, the Class A-2a 4.09% Asset Backed Notes,
the Class A-2b Floating Rate Asset Backed Notes and the Class A-3 4.94% Asset
Backed Notes issued pursuant to the Indenture.

     

    "Other Equipment" has
the meaning specified in Section 4.03(b).

     

    "Other Obligation" has
the meaning specified in Section 4.03(a).

     

    "Other Security
Interest" has the meaning specified in Section 4.03(a).

     

    "Person" means any
individual, corporation, estate, partnership, joint venture, association, joint
stock company, trust, limited liability company, unincorporated organization or
government or any agency or political subdivision thereof.

     

    "Prospectus" means the
Prospectus (which consists of a base prospectus dated April 22, 2008, and a
prospectus supplement dated April 22, 2008) pursuant to which the Notes were
offered.

     

    "Receivable" has the
meaning specified in the Sale and Servicing Agreement.

     

    "Receivable Security
Interest" has the meaning specified in Section 4.03(a).

     

    "Repurchase Event" has
the meaning specified in Section 6.02(a).

     

    "Sale and Servicing
Agreement" means the Sale and Servicing Agreement, dated as of April 1,
2008, among the Issuing Entity, the Depositor (in its capacity as seller
thereunder) and the Seller (in its capacity as Servicer thereunder), as the same
may be amended, modified or supplemented from time to time.

     

    "Schedule of
Receivables" means the list of Receivables annexed as Schedule A (which
may be in the form of microfiche), as the same may be amended, modified or
supplemented from time to time.

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

     

    "Trust Agreement"
means the Amended and Restated Trust Agreement, dated as of April 29, 2008,
between the Depositor and BNYM (Delaware), a Delaware banking corporation, as
owner trustee, as the same may be amended, modified or supplemented from time to
time.

     

    "UCC" means the
Uniform Commercial Code as in effect in the relevant jurisdiction, as amended
from time to time.

     

    SECTION
1.02. Other Definitional
Provisions.  

     

    (a)            Capitalized
terms used herein and not otherwise defined have the meanings assigned to them
in the Sale and Servicing Agreement or, if not defined therein, in the
Indenture, or if not defined therein, in the Trust Agreement.

     

    (b) All terms defined in this Agreement
shall have the meanings contained herein when used in any certificate or other
document made or delivered pursuant hereto unless otherwise defined
therein.

     

    (c) As used in this Agreement and in any
document made or delivered pursuant hereto, accounting terms not defined in this
Agreement or in any such other document, and accounting terms partly defined in
this Agreement or in any such other document to the extent not defined, shall
have the respective meanings given to them under generally accepted accounting
principles. To the extent that the definitions of accounting terms in this
Agreement or in any such other document are inconsistent with the meanings of
such terms under generally accepted accounting principles, the definitions
contained in this Agreement or in any such other document shall
control.

     

    (d) The words "hereof," "herein,"
"hereunder," and words of similar import when used in this Agreement shall refer
to this Agreement as a whole and not to any particular provision of this
Agreement; Section, Schedule and Exhibit references contained in this Agreement
are references to Sections, Schedules and Exhibits in or to this Agreement
unless otherwise specified; the term "including" shall mean "including without
limitation"; and the term "or" is not exclusive.  Terms used herein
that are defined in the New York UCC and not otherwise defined herein shall have
the meanings set forth in the New York UCC, unless the context requires
otherwise.  Any reference herein to the Administration Agreement, the
Indenture, the Sale and Servicing Agreement or the Trust Agreement means such
agreement as in effect on the Closing Date.

     

    (e) The definitions contained in this
Agreement are applicable to the singular as well as the plural forms of such
terms and to the masculine as well as to the feminine and neuter genders of such
terms.

     

    ARTICLE
II

     

    CONVEYANCE
OF RECEIVABLES

     

    SECTION
2.01. Conveyance of
Receivables.  In consideration of the sale on the Closing Date
of $648,365,308 in Contract Balance of Receivables as of the Cut-off Date, the
Depositor shall deliver to or upon the order of the Seller cash in an amount of
$636,426,673.37.  The Seller does hereby sell, transfer, assign, set
over and otherwise convey to the Depositor, without recourse (subject to the
obligations herein), all right, title and interest in and to the following,
whether now owned or hereafter acquired:

     

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

    (a) all right, title and interest of the
Seller in and to the Receivables, and all monies (including accrued interest)
due thereunder on or after the Cut-off Date;

     

    (b) the interests of the Seller in the
security interests in the Transaction Equipment granted by Obligors pursuant to
the Receivables and any other interest of the Seller in such Transaction
Equipment, including any Liquidation Proceeds;

     

    (c) the interest and rights of the Seller
in any proceeds with respect to the Receivables from claims on any physical
damage, credit life, liability or disability insurance policies covering
Financed Equipment or Obligors, as the case may be;

     

    (d) the interest of the Seller in any
proceeds of repossessed or returned Transaction Equipment;

     

    (e) the interest of the Seller in any
proceeds from recourse to, or other payments by, Dealers on Receivables;
and

     

    (f) the proceeds of any and all of the
foregoing.

     

    It
is the express intent of the parties hereto that the conveyance of the
Receivables and the other property described above by the Seller to the
Depositor as provided in this Agreement be, and be construed as, a sale of the
Receivables by the Seller to the Depositor.  It is, further, not the
intention of the parties that such conveyance be deemed the grant of a security
interest in the Receivables or the other property described above by the Seller
to the Depositor to secure a debt or other obligation of the
Seller.  However, in the event, notwithstanding the intent of the
parties, the Receivables or the other property described above are held to be
property of the Seller, or if for any reason this Agreement is held or deemed to
create a security interest in the Receivables or the other property described
above then, (a) this Agreement shall be a security agreement within the
meaning of Article 9 of the New York UCC; and (b) the Seller hereby grants
to the Depositor a security interest in all of the Seller's right, title, and
interest, whether now owned or hereafter acquired, in and to the property
described in clauses (a) through (f) above, as security for the obligations of
the Seller hereunder.  In connection herewith, the Depositor (or its
assignee) shall have all of the rights and remedies of a secured party under the
UCC.

     

    Any assignment of the interest of the
Depositor pursuant to this Section 2.01 shall
also be an assignment of the security interest created hereby.  The
Seller and the Depositor shall, to the extent consistent with this Agreement,
take such actions as may be necessary to ensure that, if this Agreement creates
a security interest in the Receivables, such security interest would be a
perfected security interest of first priority under applicable law and will be
maintained as such throughout the term of the Agreement.

    

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

    SECTION
2.02. Ownership of Receivables
Files.

     

    Upon
the acceptance by the Seller of the amount set forth in Section 2.01, the
ownership of each Receivable and the contents of the related Receivables File
shall be vested in the Depositor.

     

    SECTION
2.03. Books and
Records.

     

    The
transfer of each Receivable shall be reflected on the Seller's balance sheets
and other financial statements prepared in accordance with generally accepted
accounting principles as a sale of assets by the Seller to the
Depositor.  The Seller shall be responsible for maintaining, and shall
maintain, a complete and accurate set of accounts, records and computer files
for each Receivable which shall be clearly marked to reflect the ownership of
each Receivable by the Depositor.

     

    SECTION
2.04. The
Closing.

     

    The
conveyance of the Receivables and the other property described in
Section 2.01 shall take place on the Closing Date, simultaneously with the
closing of the transactions contemplated by the Sale and Servicing Agreement,
the Indenture, the underwriting agreement related to the Notes and the other
Basic Documents.

     

    ARTICLE
III

     

    REPRESENTATIONS
AND WARRANTIES

     

    SECTION
3.01. Representations and
Warranties of Depositor.  The Depositor hereby represents and
warrants to the Seller as of the date hereof and as of the Closing
Date:

     

    (a) Organization and Good
Standing.  The Depositor is duly organized, validly existing in
good standing under the laws of the State of Nevada, and has the power and
authority to own its properties and to conduct the business in which it is
currently engaged, and had at all relevant times, and has, the power, authority
and legal right to acquire and own the Receivables.

     

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

     

    (c) Power and
Authority.  The Depositor has the power and authority to
execute and deliver this Agreement and to carry out its terms and the execution,
delivery and performance of this Agreement has been duly authorized by the
Depositor by all necessary corporate action.

     

    (d) No
Violation.  The consummation by the Depositor of the
transactions contemplated by this Agreement and the fulfillment by the Depositor
of the terms hereof do not conflict with, result in any breach of any of the
terms and provisions of, nor constitute (with or without notice or lapse of
time) a default under, the articles of incorporation or by-laws of the
Depositor, or any indenture, agreement or other instrument to which the
Depositor is a party or by which it is bound; nor result in the creation or
imposition of any Lien upon any of its properties pursuant to the terms of any
such indenture, agreement or other instrument (other than the Basic Documents);
nor violate any law or, to the best of the Depositor's knowledge, any order,
rule or regulation applicable to the Depositor of any court, federal or state
regulatory body, administrative agency or other governmental instrumentality
having jurisdiction over the Depositor or its properties.

     

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

     

    (e) No
Proceedings.  There are no proceedings or investigations
pending or, to the Depositor's best knowledge, threatened, before any court,
federal or state regulatory body, administrative agency or other governmental
instrumentality having jurisdiction over the Depositor or its properties which
(i) assert the invalidity of this Agreement, (ii) seek to prevent the
consummation of any of the transactions contemplated by this Agreement or
(iii) seek any determination or ruling that might materially and adversely
affect the performance by the Depositor of its obligations under, or the
validity or enforceability of, this Agreement.

     

    SECTION
3.02. Representations and
Warranties of Seller.  

     

    (a)            The
Seller hereby represents and warrants to the Depositor of the date hereof and as
of the Closing Date:

     

    (i) Organization and Good
Standing.  The Seller is duly organized, validly existing in
good standing under the laws of the State of Delaware, and has the power and
authority to own its properties and to conduct the business in which it is
currently engaged, and had at all relevant times, and has, the power, authority
and legal right to acquire and own the Receivables.

     

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

     

    (iii) Power and
Authority.  The Seller has the power and authority to execute
and deliver this Agreement and to carry out its terms; the Seller has full power
and authority to sell and assign the property sold and assigned to the Depositor
hereby and has duly authorized such sale and assignment to the Depositor by all
necessary corporate action; and the execution, delivery and performance of this
Agreement has been duly authorized by the Seller by all necessary corporate
action.

     

    (iv) No
Violation.  The consummation by the Seller of the transactions
contemplated by this Agreement and the fulfillment by the Seller of the terms
hereof neither conflict with, result in any breach of any of the terms and
provisions of, nor constitute (with or without notice or lapse of time) a
default under, the certificate of incorporation or by-laws of the Seller, or any
indenture, agreement or other instrument to which the Seller is a party or by
which it is bound; nor result in the creation or imposition of any Lien upon any
of its properties pursuant to the terms of any such indenture, agreement or
other instrument (other than the Basic Documents); nor violate any law or, to
the best of the Seller's knowledge, any order, rule or regulation applicable to
the Seller of any court, federal or state regulatory body, administrative agency
or other governmental instrumentality having jurisdiction over the Seller or its
properties.

     

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

     

    (v) No
Proceedings.  There are no proceedings or investigations
pending, or, to the best of Seller's knowledge, threatened, before any court,
federal or state regulatory body, administrative agency or other governmental
instrumentality having jurisdiction over the Seller or its properties which
(i) assert the invalidity of this Agreement, (ii) seek to prevent the
consummation of any of the transactions contemplated by this Agreement or
(iii) seek any determination or ruling that might materially and adversely
affect the performance by the Seller of its obligations under, or the validity
or enforceability of, this Agreement.

     

    (vi) No Consents
Required.  All approvals, authorizations, consents, orders or
other actions of any Person or of any Governmental Authority required in
connection with the execution and delivery by the Seller of this Agreement or
any other Basic Document, the performance by the Seller of the transactions
contemplated by this Agreement or any other Basic Document and the fulfillment
by the Seller of the terms hereof or thereof, have been obtained or have been
completed and are in full force and effect (other than approvals,
authorizations, consents, orders or other actions which if not obtained or
completed or in full force and effect would not have a material adverse effect
on the Seller or upon the collectability of any Receivable or upon the ability
of the Seller to perform its obligations under this Agreement).

     

    (b) The Seller makes the following
representations and warranties as to the Receivables on which the Depositor
relied in accepting the Receivables.  The parties hereto acknowledge
that the representations and warranties below require the Seller to monitor
conditions that it may not have the ability to monitor.  Accordingly,
wherever the Seller makes, or is deemed to make, a representation that it cannot
monitor, such representation shall be made as if prefaced with the phrase "to
the best of the Seller's knowledge"; provided, however, that the
determination as to whether a Repurchase Event has occurred pursuant to Section 6.02
shall be made without reliance on whether the Seller actually had knowledge of
the accuracy of any of its representations.  Such representations and
warranties speak as of the execution and delivery of this Agreement but shall
survive the sale, transfer and assignment of the Receivables to the Depositor
and the subsequent assignments and transfers of the Receivables pursuant to the
Sale and Servicing Agreement and the Indenture:

     

    (i) Characteristics of
Receivables.  Each Receivable (A) was originated in the United
States of America by the Seller in the ordinary course of business or was
originated by a Dealer in the ordinary course of business, in each case in
connection with the retail sale by a Dealer of Financed Equipment in the
ordinary course of such Dealer's business, was fully and properly executed by
the parties thereto, and if originated by such Dealer, was purchased by the
Seller from such Dealer and was validly assigned by such Dealer to the Seller in
accordance with its terms, (B) has created a valid, subsisting and enforceable
(subject to paragraph (iv) below) first priority security interest in favor of
the Seller in the Financed Equipment, and if applicable, a valid, subsisting and
enforceable (subject to paragraph (iv) below) security interest in favor of the
Seller in the Cross-Collateralized Equipment, which security interests are
assignable by the Seller to the Depositor, by the Depositor to the Issuing
Entity and by the Issuing Entity to the Indenture Trustee, (C) contains
customary and enforceable (subject to paragraph (iv) below) provisions such that
the rights and remedies of the holder thereof are adequate for realization
against the collateral of the benefits of the security and (D) provides for
fixed payments (except as described below) on a periodic basis, yields interest
at a fixed-rate (in the case of Receivables related to an Installment Sales
Contract) and is prepayable without premium or penalty at any
time.  The fixed payments provided for are sufficient to amortize the
Amount Financed of such Receivable by maturity and yield interest at the
APR.

     

    
      
         

      

      
        7

        
          

        

      

      
         

      

    

     

    (ii) Schedule of
Receivables.  The information set forth in the Schedule of
Receivables to this Agreement is true and correct in all material respects as of
the opening of business on the Cut-off Date and no selection procedures believed
to be adverse to the Noteholders or the Certificateholder as assignees of the
Depositor were utilized in selecting the Receivables.  The computer
tape regarding the Receivables made available to the Depositor and its assigns
is true and correct in all respects.

     

    (iii) Compliance with
Law.  Each Receivable and the sale or lease of the Financed
Equipment complied at the time it was originated or made, and at the execution
of this Agreement complies in all material respects, with all requirements of
applicable federal, state and local laws and regulations thereunder, including
usury laws, the Federal Truth-in-Lending Act, the Equal Credit Opportunity Act,
the Fair Credit Reporting Act, the Fair Debt Collection Practices Act, the
Federal Trade Commission Act, the Magnuson-Moss Warranty Act, the Federal
Reserve Board's Regulations B and S and other equal credit opportunity and
disclosure laws.

     

    (iv) Binding
Obligations.  Each Receivable represents the genuine, legal,
valid and binding payment obligation in writing of the Obligor, enforceable by
the holder thereof (which as of the Closing Date is the Seller) in accordance
with its terms, subject to bankruptcy, insolvency and other laws relating to the
enforcement of creditors' rights generally and to general principles of equity
(regardless of whether enforceability is considered in a proceeding in equity or
at law).  Such enforceability has not been and is not adversely
affected by whether or not the Seller was or is qualified to do business in the
state in which the Obligor was or is located.

     

    
      
         

      

      
        8

        
          

        

      

      
         

      

    

     

    (v) Security Interest in
Financed Equipment.  Immediately prior to the sale, assignment
and transfer thereof, each Receivable shall be secured by a validly perfected
first priority security interest in the Financed Equipment in favor of the
Seller as secured party.  As of the Cut-off Date, such Financed
Equipment is located in the United States of America.

     

    (vi) Receivables in
Force.  No Receivable has been satisfied, subordinated or
rescinded and no Financed Equipment been released from the lien granted by the
related Receivable in whole or in part.  No Receivable is rescindable
on the basis of whether or not the Seller was or is qualified to do business in
the state in which the Obligor was or is located.

     

    (vii) Prospectus
Information.  As of the Cut-off Date, each Receivable conforms
and all Receivables in the aggregate conform, in all material respects, to the
description set forth in the Prospectus, including all statistical data or
otherwise.

     

    (viii) No
Amendments.  No Receivable has been amended such that the
amount of the Obligor's Scheduled Payments has been increased or decreased,
except for increases or decreases resulting from the inclusion of any premium
for forced-placed physical damage insurance covering the Financed
Equipment.

     

    (ix) No
Defenses.  No right of rescission, setoff, counterclaim or
defense has been asserted or threatened with respect to any
Receivable.

     

    (x) No
Liens.  No liens or claims have been filed for work, labor or
materials relating to any Financed Equipment that are liens prior to, or equal
or coordinate with, the security interest in the Financed Equipment granted by
the Receivable.

     

    (xi) No
Default.  No Receivable has a payment that is more than
30 days overdue as of the Cut-off Date and, except as permitted in this
paragraph, no default, breach, violation or event permitting acceleration under
the terms of any Receivable has occurred and is continuing; and (except for
payment defaults continuing for a period of not more than 30 days) no continuing
condition that with notice or the lapse of time would constitute a default,
breach, violation or event permitting acceleration under the terms of any
Receivable has arisen; and the Seller has not waived and shall not waive any of
the foregoing.

     

    (xii) Insurance.  Each
Obligor is required to obtain and maintain physical damage insurance and/or
liability insurance, as applicable, covering the Financed Equipment in
accordance with the Seller's normal requirements.

     

    (xiii) Title.  It
is the intention of the Seller that the transfer and assignment herein
contemplated constitute a sale of the Receivables from the Seller to the
Depositor, and that the beneficial interest in and title to the Receivables not
be part of the debtor's estate in the event of the filing of a bankruptcy
petition by or against the Seller under any bankruptcy law.  No
Receivable has been sold, transferred, assigned or pledged by the Seller to any
Person other than the Depositor.  Immediately prior to the transfer
and assignment herein contemplated, the Seller has good and marketable title to
each Receivable, free and clear of all Liens, encumbrances, security interests
and rights of others and, immediately upon the transfer thereof, the Depositor
shall have good and marketable title to each Receivable, free and clear of all
Liens, tax, governmental or similar liens, encumbrances, security interests and
rights of others; and the transfer of the Receivables to the Depositor has been
or will be within 10 days after the Closing Date perfected under the
UCC.

     

    
      
         

      

      
        9

        
          

        

      

      
         

      

    

    (xiv) Lawful
Assignment.  No Receivable has been originated in, or is
subject to the laws of, any jurisdiction under which the sale, transfer and
assignment of such Receivable or any Receivable under this Agreement, the Sale
and Servicing Agreement or the Indenture is unlawful, void or
voidable.

     

    (xv) All Actions
Taken.  All actions necessary to give the Depositor a first
priority perfected ownership interest in the Receivables pursuant to the UCC
have been taken or will be taken within 10 days after the Closing
Date.

     

    (xvi) Leases.  Each
Lease, relating to any Receivable (A) creates a security interest rather
than a lease for purposes of Section 1-201 of the UCC, (B) is not a
"consumer lease" within the meaning of Article 2A of the UCC in any jurisdiction
where said Article 2A has been adopted and governs the construction
thereof, (C) to the best knowledge of Seller, the related Obligor has
accepted the related Financed Equipment leased to it and has not notified Seller
of any defects therein, (D) is by its terms an absolute and unconditional
obligation of the related Obligor and non-cancelable, (E) requires the
related Obligor to maintain the related Financed Equipment for its own account
except for any rental, (F) the rights with respect to such Lease are
assignable by the Seller thereunder without the consent of any Person,
(G) is net to the Seller of any maintenance, taxes, insurance or other
expenses, (H) contains provisions requiring the related Obligor to assume
all risk of loss or malfunction of the related Financed Equipment and (I) may
not be prepaid by its terms, although the Obligor may discharge its obligations
by prepaying the aggregate remaining lease scheduled payments.

     

    (xvii) Maturity of
Receivables.  Each Receivable has a final scheduled payment
date due not later than the payment date occurring in March 2013 as of the
Cut-off Date and the weighted average remaining term of the Receivables is 40
months as of the Cut-off Date.

     

    (xviii) Location of Receivable
Files.  Within 30 days from the Closing Date, the Receivable
Files will be kept at the location listed in Schedule B to the Sale and
Servicing Agreement.

     

    (xix) Outstanding Contract
Balance.  Each Receivable has an outstanding Contract Balance
of at least $5,001 as of the Cut-off Date.

     

    
      
         

      

      
        10

        
          

        

      

      
         

      

    

     

    (xx) No
Bankruptcies.  No Obligor on any Receivable as of the Cut-off
Date was noted in the related Receivable File as having filed for bankruptcy or
as being subject to a bankruptcy proceeding and to the Seller's knowledge no
such proceeding is pending or threatened against any Obligor.

     

    (xxi) No
Repossessions.  No Financed Equipment securing any Receivable
is in repossession status.

     

    (xxii) Chattel
Paper.  Each Receivable constitutes "tangible chattel paper"
within the meaning of the UCC of the States of New York and Nevada;

     

    (xxiii) Obligors.  None
of the Receivables is due from any Person which does not have a mailing address
in the United States of America.  No Receivable is due from the United
States of America or any State or from any agency, department, instrumentality
or political subdivision thereof.

     

    (xxiv) One
Original.  There is only one Original Contract related to each
Receivable.  With respect to each Receivable, the Seller has a
perfected, first priority ownership or security interest in such Receivable,
free and clear of all Liens, encumbrances, security interests or rights of
others.

     

    (xxv) Payment
Frequency.  As of the Cut-off Date and as shown on the books of
the Seller, Receivables having an aggregate Contract Balance equal to
approximately 86.5% of the aggregate Contract Balance of all Receivables had
monthly scheduled payments; and as of the Cut-off Date and as shown on the books
of the Seller, Receivables having an aggregate Contract Balance equal to
approximately 13.5% of the aggregate Contract Balance of all Receivables had
scheduled payments which have monthly scheduled payments other than certain
months specified therein for which payment is skipped.

     

    (xxvi) Interest
Accrual.  Each Receivable related to an Installment Sales
Contract is, as of the Closing Date, accruing interest.

     

    (xxvii) Notification of
Obligors.  With respect to each Dealer Receivable, the related
Obligor has been notified with respect to the assignment of the related Contract
to the Seller.

     

    ARTICLE
IV

     

    CONDITIONS

     

    SECTION
4.01. Conditions to the Obligation
of the Depositor.  The obligation of the Depositor to purchase
the Receivables is subject to the satisfaction of the following
conditions:

     

    (a) Representations and
Warranties True.  The representations and warranties of the
Seller hereunder shall be true and correct on the Closing Date with the same
effect as if then made and the Seller shall have performed all obligations to be
performed by it hereunder on or prior to the Closing Date.

     

    
      
         

      

      
        11

        
          

        

      

      
         

      

    

     

    (b) Computer Files
Marked.  The Seller shall, at its own expense on or prior to
the Closing Date (i) indicate in its computer files that the Receivables have
been sold to the Depositor pursuant to this Agreement and sold by the Depositor
to the Issuing Entity pursuant to the Sale and Servicing Agreement and
(ii) deliver to the Depositor the Schedule of Receivables certified by the
Chairman, the President, a Vice President, Secretary, the Treasurer or an
Assistant Treasurer of the Seller to be true, correct and complete.

     

    (c) Documents to be Delivered by
Seller at Closing.

     

    (i) Assignment.  On
the Closing Date, the Seller will execute and deliver the
Assignment.  The Assignment shall be substantially in the form of
Exhibit A.

     

    (ii) Other
Documents.  On the Closing Date, the Seller will execute and
deliver such other documents as the Depositor may reasonably
request.

     

    (d) Other
Transactions.  The transactions contemplated by the Basic
Documents to be consummated on the Closing Date shall be consummated on such
date.

     

    SECTION
4.02. Conditions to Obligation of
Seller.  The obligation of the Seller to sell the Receivables
to the Depositor is subject to the satisfaction of the following
conditions:

     

    (a) Representations and
Warranties True.  The representations and warranties of the
Depositor hereunder shall be true and correct on the Closing Date with the same
effect as if then made and the Depositor shall have performed all obligations to
be performed by it hereunder on or prior to the Closing Date.

     

    (b) Receivables Purchase
Price.  On the Closing Date, the Depositor shall have delivered
to the Seller the purchase price specified in Section 2.01.

     

    SECTION
4.03. Junior Liens on Financed
Equipment and Other Equipment.  

     

    (a)            To
the extent that any item of Financed Equipment is subject to a security interest
in favor of the Seller (each, an "Other Security Interest") to secure an
obligation of the related Obligor that is not part of a Receivable that has been
transferred to the Depositor pursuant to Section 2.01 (each, an "Other
Obligation"), then the Seller agrees that, notwithstanding any other provision
of any document, instrument or agreement to the contrary, and until (i) the
related Receivable has been paid in full or (ii) the security interest in such
item of Financed Equipment that secures the Receivable (the "Receivable Security
Interest") has been discharged or released, (A) the Receivable Security Interest
in the Financed Equipment shall be prior and senior to the Other Security
Interest in the Financed Equipment, and the Other Security Interest in the
Financed Equipment shall be subordinate and junior to the Receivable Security
Interest in the Financed Equipment, (B) the Seller shall not transfer the Other
Obligation to an Affiliate of the Seller or a trust (other than the Issuing
Entity) established by the Depositor or any of its Affiliates unless the
documentation for such transaction provides that the Receivable Security
Interest in the Financed Equipment shall be prior and senior to the Other
Security Interest in the Financed Equipment, and the Other Security Interest in
the Financed Equipment shall be subordinate and junior to the Receivable
Security Interest in the Financed Equipment, and (C) the Seller shall not
transfer the Other Obligation (other than as described in clause (B) of this
paragraph) unless the transferee agrees in writing that the Receivable Security
Interest in the Financed Equipment shall be prior and senior to the Other
Security Interest in the Financed Equipment, and the Other Security Interest in
the Financed Equipment shall be subordinate and junior to the Receivable
Security Interest in the Financed Equipment.

     

    
      
         

      

      
        12

        
          

        

      

      
         

      

    

     

    (b) To the extent that any Receivable is
secured by a security interest in any equipment other than the Financed
Equipment (the "Other Equipment") and such Other Equipment is subject to a
security interest (each, an "Affiliate Trust Security Interest") in favor of the
Seller that has been or will in the future be assigned by the Seller to a trust
(other than the Issuing Entity) established by the Depositor or any of its
Affiliates, then the Seller and the Depositor agree that the Affiliate Trust
Security Interest in the Other Equipment shall be prior and senior to the
security interest in the Other Equipment that secures the Receivable, and the
security interest in the Other Equipment that secures the Receivable shall be
subordinate and junior to the Affiliate Trust Security Interest in the Other
Equipment.

     

    ARTICLE
V

     

    COVENANTS
OF THE SELLER AND THE DEPOSITOR

     

    The
Seller and the Depositor agree with each other as follows; provided, however, that to the
extent that any provision of this Article conflicts with any provision of the
Sale and Servicing Agreement, the Sale and Servicing Agreement shall
govern:

     

    SECTION
5.01. Protection of Right, Title
and Interest.  

     

    (a)            Further
Assurances.  The Seller shall take all actions to preserve and
protect the right, title and interest of the Depositor in and to the Receivables
and the other property transferred to the Depositor pursuant to Section
2.01.  The Depositor shall cooperate fully with the Seller in
connection with the obligations set forth above and will execute any and all
documents reasonably required to fulfill the purpose of this
paragraph.

     

    (b) Name
Change.  Within 15 days after the Seller makes any change in
its name or type or jurisdiction of organization, the Seller shall give the
Depositor notice of any such change.

     

    (c) UCC Financing
Statements.  The Seller shall file and maintain all appropriate
financing statements (in the proper filing office, in the appropriate
jurisdiction), necessary to perfect, and maintain the perfection of, the
ownership interest or security interest of the Depositor in the
Receivables.

     

    
      
         

      

      
        13

        
          

        

      

      
         

      

    

     

    SECTION
5.02. Other Liens or
Interests.  Except for the conveyances hereunder and pursuant
to the Sale and Servicing Agreement and the other Basic Documents, the Seller
shall not sell, pledge, assign or transfer to any Person, or grant, create,
incur, assume or suffer to exist any Lien arising through or under it or any
Dealer on, any interest in, to and under the Receivables, and the Seller shall
defend the right, title and interest of the Depositor in, to and under the
Receivables against all claims of third parties claiming through or under the
Seller or any Dealer; provided, however, that the
Seller's obligations under this Section shall terminate one year and one day
after the termination of the Issuing Entity pursuant to the Trust
Agreement.

     

    SECTION
5.03. Chief Executive
Office.  During the term of the Receivables, the Seller will
maintain its chief executive office in one of the States of the United States of
America or the District of Columbia.

     

    SECTION
5.04. Corporate
Existence.  

     

    (a)            During
the term of this Agreement, the Depositor will keep in full force and effect its
existence, rights and franchises as a corporation under the laws of Nevada and
will obtain and preserve its qualification to do business in each jurisdiction
in which such qualification is or shall be necessary to protect the validity and
enforceability of this Agreement, the Basic Documents and each other instrument
or agreement necessary or appropriate to the proper administration of this
Agreement and the Sale and Servicing Agreement and the transactions contemplated
hereby.

     

    (b) The Seller will not take any action or
fail to take any action if such act or omission would cause the Depositor not to
observe the covenants set forth in Section 5.04(c)
or to violate the provisions of the Depositor's articles of
incorporation.

     

    (c) The Depositor and the Seller agree that
each of their respective businesses shall be conducted as follows, and neither
Depositor nor the Seller shall take any action or fail to take any action if
such act or omission would cause its respective business not to be conducted as
follows:

     

    (i) The
Depositor will maintain both an office at which its business is and will be
conducted and a telephone number separate from the Seller or any of the Seller's
Affiliates.

     

    (ii) At
least two of the Depositor's directors are not and will not be directors,
officers or employees of the Seller or any of the Seller's
Affiliates.  No employee of the Depositor shall engage in any
servicing functions with respect to the Receivables (other than retrieving
Receivable Files, from their location listed in Schedule B to the Sale and
Servicing Agreement at the request of the Servicer, and sending such files to
the Servicer) and, with respect to the Depositor, shall only engage in corporate
governance and clerical functions.  So long as the Depositor maintains
an employee at its office, the Depositor shall at all times maintain
comprehensive liability and workmen's compensation insurance (as is customary
for commercial enterprises) in an amount, when taking into account any available
umbrella policy, at least equal to $5,000,000.

     

    
      
         

      

      
        14

        
          

        

      

      
         

      

    

     

    (iii) The
Depositor will maintain corporate records and books and accounts separate from
those of the Seller or any of the Seller's Affiliates.

     

    (iv) Except
as expressly permitted by the Sale and Servicing Agreement with respect to
collections on the Receivables prior to the transfer of such collections to the
Collection Account, the Depositor's funds will not be commingled with those of
the Seller or any of the Seller's Affiliates, and the Depositor shall maintain
bank accounts separate from those of the Seller or any of the Seller's
Affiliates.

     

    (v) As
long as it is the Servicer, the Seller shall maintain records permitting a
determination on a daily basis of the amount and location of any of its funds
which are commingled as permitted under clause (iv)
above.

     

    (vi) The
Board of Directors of the Depositor will take appropriate corporate action
(including holding meetings or acting by unanimous consent) to authorize all of
the Depositor's corporate actions, and minutes shall be maintained by the
Depositor separate and apart from those of the Seller or any of the Seller's
Affiliates.

     

    (vii) The
Depositor shall at all times be adequately capitalized to engage in the
transactions contemplated at its formation.  Without limiting the
foregoing, the Depositor shall at all times maintain capital sufficient to pay
its rent, salary of any employee, and any required insurance from the Closing
Date until the termination of the Issuing Entity in accordance with the terms
and conditions of the Trust Agreement.

     

    (viii) The
Depositor shall not incur or guarantee any debt other than under the Sale and
Servicing Agreement, nor shall the Depositor make any loans, pledge its assets
for the benefit of any other entity or hold out its credit as being available to
satisfy the obligations of others, other than as permitted by the Depositor's
articles of incorporation.

     

    (ix) The
Depositor shall not engage in any transaction with the Seller or any of the
Seller's Affiliates on terms more favorable than in a similar transaction
involving a third party.

     

    (x) The
Depositor shall at all times use its own stationery.

     

    (xi) The
Depositor shall always be described as a separate corporation, and never as a
department, division or otherwise of the Seller or any of the Seller's
Affiliates.

     

    (xii) The
Depositor shall act solely in its own corporate name and through its own
authorized officers and agents.  Neither the Depositor nor any of
Depositor's Affiliates shall be appointed agent of the Seller, except as
expressly provided for by the Sale and Servicing Agreement and the
Administration Agreement.

     

    
      
         

      

      
        15

        
          

        

      

      
         

      

    

     

    (xiii) The
data and records (including computer records) used by the Depositor or the
Seller in the collection and administration of the Receivables shall reflect the
Depositor's ownership interest therein.

     

    (xiv) Other
than organizational expenses, the Depositor shall be responsible for the payment
of all expenses including the salaries of its employees, indebtedness and other
obligations incurred by it, including a fair and reasonable allocation for
shared office space.

     

    (xv) The
Depositor shall at all times hold itself out to the public under the Depositor's
own name as a legal entity separate and distinct from the Seller and any of the
Seller's Affiliates and shall correct any known misunderstanding regarding its
separate identity.

     

    (xvi) None
of the Depositor's funds nor any of the funds held by the Seller on behalf of
the Depositor or the holders of the Certificate or the Notes shall be invested
in securities issued by the Seller or any of the Seller's
Affiliates.

     

    (xvii) The
Depositor shall at all times maintain a sufficient number of employees in light
of its contemplated business operations.

     

    (xviii) At
any time the Notes are outstanding, the Seller shall not (A) dissolve or
liquidate, (B) merge or consolidate with any other entity, (C) sell its assets
substantially in their entirety to any other entity or (D) amend its articles of
incorporation, in each case unless the Rating Agency Condition is
satisfied.

     

    (d) The Depositor and the Seller will each
furnish to the other on or before April 30 of each year (commencing April 30,
2009) for so long as any Certificate or Note remains outstanding an Officer's
Certificate to the effect that all of its respective obligations under this
Section 5.04 have been fulfilled throughout the preceding calendar year (or
the period from the Closing Date until December 31, 2008, as applicable), or, if
there has been any default in the fulfillment of any such obligations,
specifying each such default known to the signer thereof and the nature and
status thereof.

     

    (e) The Seller will not transfer or assign
any interest in the Depositor except pursuant to an instrument under which the
transferee or assignee of such interest expressly assumes the performance of all
covenants of the Seller to be performed or observed under this
Section 5.04.

     

    (f) The annual consolidated audited
financial statements of the Depositor and the Seller will reflect the results of
the issuance of the Notes and Certificates in accordance with generally accepted
accounting principles and also disclose that the assets of the Depositor are not
available to pay creditors of the Seller or any other Affiliate of the
Seller.

     

    
      
         

      

      
        16

        
          

        

      

      
         

      

    

     

    SECTION
5.05. Indemnification.  The
Seller shall indemnify the Depositor for any liability as a result of the
failure of a Receivable to be originated in compliance with all requirements of
law and for any breach of any of its representations and warranties contained
herein, other than the representations and warranties made pursuant to Section 3.02(b)
for which the sole remedy shall be provided by Section 6.02;
provided, however, that the
Seller shall indemnify the Depositor for any liability arising from a breach of
Section 3.02(b)(ii),
(iii) and (xxv).  These
indemnity obligations shall be in addition to any other obligation that the
Seller may otherwise have.

     

    SECTION
5.06. Regulation AB
Compliance.  The Seller shall provide to the Depositor such
information and disclosure regarding the Seller and the Receivables as is
required to enable the Depositor to comply with all of its obligations under
Regulation AB under the Securities Act of 1933 and the Securities Exchange Act
of 1934.  

     

    ARTICLE
VI

     

    MISCELLANEOUS
PROVISIONS

     

    SECTION
6.01. Obligations of
Seller.  The obligations of the Seller under this Agreement
shall not be affected by reason of any invalidity, illegality or irregularity of
any Receivable.

     

    SECTION
6.02. Repurchase
Events.  

     

    (a)            The
Seller hereby covenants and agrees with the Depositor for the benefit of the
Depositor, the Indenture Trustee, the Noteholders, the Owner Trustee and the
Certificateholder that the occurrence of a breach of any of the Seller's
representations and warranties contained in Section 3.02(b)
(other than the representation and warranty contained in Section 3.02(b)(xxv))
in respect of a Receivable shall constitute an event obligating the Seller to
repurchase such Receivable (each, a "Repurchase Event"), at the Purchase Amount
from the Depositor or from the Issuing Entity.

     

    (b) These repurchase obligations of the
Seller shall constitute the sole remedies to the Depositor, the Indenture
Trustee, the Noteholders, the Owner Trustee and the Certificateholder against
the Seller with respect to any Repurchase Event.

     

    (c) The terms and conditions of the
Depositor's rights and obligations to enforce its right of repurchase pursuant
to this Section 6.02 shall be governed by Section 3.02 of the Sale and
Servicing Agreement.

     

    SECTION
6.03. Depositor Assignment of
Repurchased Receivables.  With respect to all Receivables
repurchased by the Seller pursuant to this Agreement, the Depositor shall
assign, without recourse, representation or warranty, to the Seller all the
Depositor's right, title and interest in and to such Receivables, and all
security and documents relating thereto.

     

    SECTION
6.04. Issuing
Entity.  The Seller acknowledges and agrees that (a) the
Depositor will, pursuant to the Sale and Servicing Agreement, sell the
Receivables to the Issuing Entity and assign its rights under this Agreement to
the Issuing Entity, (b) the Issuing Entity will, pursuant to the Indenture,
assign such Receivables and such rights to the Indenture Trustee and (c) the
representations and warranties contained in this Agreement and the rights of the
Depositor under this Agreement, including Section 6.02,
are intended to benefit the Issuing Entity, the Certificateholder and the
Noteholders (and may be enforced directly by the Indenture Trustee on behalf of
the Noteholders and by the Owner Trustee on behalf of the Issuing Entity or the
Certificateholder).  The Seller hereby consents to all such sales and
assignments.

     

    
      
         

      

      
         

        17

          

        

      

      
         

      

    

    SECTION
6.05. Amendment.  This
Agreement may be amended from time to time, with prior written notice to the
Rating Agencies, by a written amendment duly executed and delivered by the
Seller and the Depositor, without the consent of the Noteholders or the
Certificateholder, for the purpose of adding any provisions to or changing in
any manner or eliminating any of the provisions of this Agreement or of
modifying in any manner the rights of the Noteholders or Certificateholder;
provided that such amendment will not, as expressed in an Opinion of Counsel,
materially and adversely affect the interest of any Noteholder or the
Certificateholder or the federal tax characterization of the
Notes.  This Agreement may also be amended by the Seller and the
Depositor, with prior written notice to the Rating Agencies, with the consent of
the Noteholders evidencing a majority in the Outstanding Principal Amount of the
Notes and the Certificateholder for the purpose of adding any provisions to or
changing in any manner or eliminating any of the provisions of this Agreement or
of modifying in any manner the rights of Noteholders or the Certificateholder;
provided, however, that no such
amendment may (i) increase or reduce in any manner the amount of, or
accelerate or delay the timing of, any payment by Seller hereunder or
collections of payments on Receivables or distributions that are required to be
made for the benefit of Noteholders or the Certificateholder or (ii) reduce the
aforesaid percentage of the Notes and the Certificate which are required to
consent to any such amendment, without the consent of the holders of all the
outstanding Notes and the holder of the Certificate.

     

    SECTION
6.06. Waivers.  No
failure or delay on the part of the Depositor in exercising any power, right or
remedy under this Agreement or the Assignment shall operate as a waiver thereof,
nor shall any single or partial exercise of any such power, right or remedy
preclude any other or further exercise thereof or the exercise of any other
power, right or remedy.

     

    SECTION
6.07. Notices.  All
demands, notices and communications under this Agreement shall be in writing,
personally delivered or mailed by certified mail, return receipt requested, and
shall be deemed to have been duly given upon receipt (a) in the case of the
Seller, to Caterpillar Financial Services Corporation, 2120 West End Avenue,
Nashville, TN 37203-0001, (615) 341-1000; (b) in the case of the Depositor, to
Caterpillar Financial Funding Corporation, 4040 S. Eastern Avenue, Suite 344,
Las Vegas, Nevada 89119 (702) 735-2514; (c) in the case of Moody's, to
Moody's Investors Service, Inc., ABS/RMBS Monitoring Department, 25th Floor, 7
World Trade Center, 250 Greenwich Street, New York, NY 10007; and (d) in the
case of Standard & Poor's, to Standard & Poor's Ratings Services, 55
Water Street, 40th Floor, New York, New York 10004, Attention of Asset Backed
Surveillance Department; or as to each of the foregoing, at such other address
as shall be designated by written notice to the other parties.

     

    SECTION
6.08. Costs and
Expenses.  The Seller will pay all expenses incident to the
performance of its obligations under this Agreement, and the Seller agrees to
pay all reasonable out-of-pocket costs and expenses of the Depositor, excluding
fees and expenses of counsel, in connection with the perfection as against third
parties of the Depositor's right, title and interest in and to the Receivables
and the enforcement of any obligation of the Seller hereunder.

     

    
      
         

      

      
        18

        
          

        

      

      
         

      

    

     

    SECTION
6.09. Representations of Seller
and Depositor.  The respective agreements, representations,
warranties and other statements by the Seller and the Depositor set forth in or
made pursuant to this Agreement shall remain in full force and effect and will
survive the closing under Section 2.04.

     

    SECTION
6.10. Confidential
Information.  The Depositor agrees that it will neither use nor
disclose to any Person the names and addresses of the Obligors, except in
connection with the enforcement of the Depositor's rights hereunder, under the
Receivables, under the Sale and Servicing Agreement or any other Basic Document
or as required by any of the foregoing or by law.

     

    SECTION
6.11. Headings
..  The various headings in this Agreement are included for convenience
only and shall not affect the meaning or interpretation of any provision of this
Agreement.  

     

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

     

    SECTION
6.13. Counterparts.  This
Agreement may be executed in two or more counterparts and by different parties
on separate counterparts, each of which shall be an original, but all of which
together shall constitute one and the same instrument.

     

    [Signature
Page Follows]

    
      
         

      

      
        19 

        
          

        

      

      
         

      

    

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

     

                                                     
CATERPILLAR FINANCIAL FUNDING

                                                    
 CORPORATION, as Depositor

     

    

                                                      
By /s/ David A.
Kacynski                                                                      

                                                  
Name: David A. Kacynski

                                                  
Title: Treasurer

     

                                                      
CATERPILLAR FINANCIAL SERVICES

                                                      
CORPORATION, as Seller

    

    

    

                                                      
By: /s/ James A.
Duensing                                                                      

                                                   
Name: James A. Duensing

                                                    Title: Executive
Vice President and Chief Financial Officer

     

    
      
        
           Purchase
Agreement

        

         

      

      
         

        
          

        

      

      
         

      

    

    SCHEDULE
A

     

    SCHEDULE
OF RECEIVABLES

     

    

     

    

     

    

     

    
      
        
        

         

      

      
        
          Schedule A-1
 

        
          

        

      

      
         

      

    

    EXHIBIT
A

     

    ASSIGNMENT
OF RECEIVABLES

     

    April
29, 2008

     

    For
value received, in accordance with the Purchase Agreement, dated as of April 1,
2008 (the "Purchase Agreement"), between the undersigned, as seller, and
Caterpillar Financial Funding Corporation, as purchaser (the "Depositor"), the
undersigned does hereby sell, assign, transfer and otherwise convey unto the
Depositor, without recourse, (i) all right, title and interest of the
undersigned in and to the Receivables, and all monies (including accrued
interest) due thereunder on and after the Cut-off Date; (ii) the interests
of the undersigned in the security interests in the Transaction Equipment
granted by Obligors pursuant to the Receivables and any other interest of the
undersigned in such Transaction Equipment, including any Liquidation Proceeds;
(iii) the interest and rights of the undersigned in any proceeds with
respect to the Receivables from claims on any physical damage, credit life,
liability or disability insurance policies covering Financed Equipment or
Obligors, as the case may be; (iv) the interest of the undersigned in any
proceeds from recourse to, or other payment by, Dealers on Receivables; and
(v) the proceeds of any and all of the foregoing.

     

    This
Assignment is made pursuant to and upon the representations, warranties and
agreements on the part of the undersigned contained in the Purchase Agreement
and is to be governed by the Purchase Agreement.

     

    Capitalized
terms used herein and not otherwise defined shall have the meaning assigned to
them in the Purchase Agreement.

     

    IN
WITNESS WHEREOF, the undersigned has caused this Assignment to be duly executed
as of the date first set forth above.

     

    CATERPILLAR
FINANCIAL SERVICES

    CORPORATION

    

    

    By:       _________________________________

    Name:

    Title:

    
      
         

      

      
         
1ex10_2.htm

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

     

    Exhibit
10.2

     

    

    
      

      

    

     

    

     

    CATERPILLAR
FINANCIAL ASSET TRUST 2008-A

     

    Class
A-1 3.00500% Asset Backed Notes

     

    Class
A-2a 4.09% Asset Backed Notes

     

    Class
A-2b Floating Rate Asset Backed Notes

     

    Class
A-3 4.94% Asset Backed Notes

     

     

    ADMINISTRATION
AGREEMENT

     

    Dated
as of April 1, 2008

     

     

    

     

    

     

    CATERPILLAR
FINANCIAL SERVICES CORPORATION

     

    Administrator

     

    

    
      

      

    

     

    

     

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    ADMINISTRATION
AGREEMENT, dated as of April 1, 2008 (as amended, modified or supplemented from
time to time, this "Agreement"), among CATERPILLAR FINANCIAL ASSET TRUST 2008-A,
a Delaware statutory trust (the "Issuing Entity"), CATERPILLAR FINANCIAL
SERVICES CORPORATION, a Delaware corporation ("CFSC"), as administrator (the
"Administrator"), CATERPILLAR FINANCIAL FUNDING CORPORATION, a Nevada
corporation, as depositor (the "Depositor"), and U.S. BANK NATIONAL ASSOCIATION,
a national banking association, not in its individual capacity but solely as
trustee (the "Indenture Trustee").

     

     

    W
I T N E S S E T H :

     

    WHEREAS
the Issuing Entity is issuing the Class A-1 3.00500% Asset Backed Notes (the
"Class A-1 Notes"), the Class A-2a 4.09% Asset Backed Notes (the "Class
A-2a Notes"), the Class A-2b Floating Rate Asset Backed Notes (the "Class A-2b
Notes" and, together with the Class A-2a Notes, the "Class A-2 Notes") and the
Class A-3 4.94% Asset Backed Notes (the "Class A-3 Notes" and, together with the
Class A-1 Notes and Class A-2 Notes, the "Notes") pursuant to the
Indenture, dated as of April 1, 2008 (as amended, modified or supplemented from
time to time, the "Indenture"), between the Issuing Entity and the Indenture
Trustee.

     

    WHEREAS
the Issuing Entity has entered into certain agreements in connection with the
issuance of the Notes and of certain beneficial ownership interests in the
Issuing Entity, including (i) a Sale and Servicing Agreement, dated as of
April 1, 2008 (as amended, modified or supplemented from time to time, the "Sale
and Servicing Agreement") (capitalized terms used herein and not defined herein
shall have the meanings assigned such terms in the Sale and Servicing Agreement,
or if not defined therein, in the Indenture) among the Issuing Entity, CFSC, as
servicer, and the Depositor, (ii) a Depository Agreement dated April 28,
2008 (the "Depository Agreement"), among the Issuing Entity and The Depository
Trust Company, (iii) the Indenture and (iv) the Interest Rate Swap
Agreement. The Sale and Servicing Agreement, the Depository Agreement, the
Indenture and the Interest Rate Swap Agreement are hereinafter referred to
collectively as the "Related Agreements";

     

    WHEREAS
pursuant to the Related Agreements, the Issuing Entity and the Owner Trustee are
required to perform certain duties in connection with (a) the Notes and the
collateral therefor granted to the Indenture Trustee pursuant to the Indenture
(the "Collateral"), (b) the requirements of the Interest Rate Swap Agreement and
(c) the beneficial ownership interests in the Issuing Entity (the holders
of such interests being referred to herein as the "Owners");

     

    WHEREAS
the Issuing Entity desires to have the Administrator provide certain
administrative services to the Issuing Entity and the Owner
Trustee;

     

    WHEREAS
the Administrator has the capacity to provide the services required hereby and
is willing to perform such services for the Issuing Entity and the Owner Trustee
on the terms set forth herein;

     

    NOW,
THEREFORE, in consideration of the mutual covenants contained herein, and other
good and valuable consideration, the receipt and adequacy of which are hereby
acknowledged, the parties agree as follows:

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    1. Duties of
Administrator.  

     

    (a) Duties with Respect to the
Related Agreements.  (i) The Administrator agrees to cause
the Issuing Entity to perform all the duties of the Issuing Entity and the Owner
Trustee under the Depository Agreement.  In addition, the
Administrator shall consult with the Owner Trustee regarding the duties of the
Issuing Entity and the Owner Trustee under the Related Agreements. The
Administrator shall monitor the performance of the Issuing Entity and shall
advise the Owner Trustee when action is necessary to comply with the Issuing
Entity's or the Owner Trustee's duties under the Related Agreements. The
Administrator shall prepare for execution by the Issuing Entity or the Owner
Trustee or shall cause the preparation by other appropriate persons of all
documents, reports, filings, instruments, certificates and opinions as it shall
be the duty of the Issuing Entity or the Owner Trustee to prepare, file or
deliver pursuant to any Related Agreement. The Administrator, subject to
Section 1(c), shall cause the Issuing Entity to take all appropriate action
that it is the duty of the Issuing Entity or the Owner Trustee to take pursuant
to the Indenture including, without limitation, the following duties or actions
under the Indenture (references are to sections of the Indenture):

     

    (A) the
preparation of or obtaining of the documents and instruments required for
authentication of the Notes, if any, and delivery of the same to the Indenture
Trustee (Section 2.02);

     

    (B) causing
the Note Register to be kept and giving the Indenture Trustee notice of any
appointment of a new Note Registrar and the location, or change in location, of
the Note Register (Section 2.04);

     

    (C) the
notification of Noteholders of the final principal payment on their Notes
(Section 2.07(b));

     

    (D) the
fixing or causing to be fixed of any specified record date and the notification
of the Indenture Trustee and Noteholders with respect to special payment dates,
if any (Section 2.07(c));

     

    (E) the
preparation, obtaining or filing of the instruments, opinions and certificates
and other documents required for the release of collateral (Section
2.09);

     

    (F) causing
newly appointed Paying Agents, if any, to deliver to the Indenture Trustee the
instrument specified in the Indenture regarding funds held in trust (Section
3.03);

     

    (G) the
direction to Paying Agents, if any, to pay to the Indenture Trustee all sums
held in trust by such Paying Agents (Section 3.03);

     

    (H) the
obtaining and preservation of the Issuing Entity's qualification to do business
in each jurisdiction in which such qualification is or shall be necessary to
protect the validity and enforceability of the Indenture, the Notes, the
Collateral and each other instrument and agreement included in the Trust Estate
(Section 3.04);

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

     

    (I) the
preparation of all supplements, amendments, financing statements, continuation
statements, if any, instruments of further assurance and other instruments, in
accordance with Section 3.05 of the
Indenture, necessary to protect the Trust Estate (Section 3.05);

     

    (J) the
obtaining of the Opinion of Counsel on the Closing Date and the obtaining of
annual Opinions of Counsel, in accordance with Section 3.06 of the
Indenture, as to the Trust Estate, and the obtaining of the annual Officer's
Certificate and certain other statements, in accordance with Section 3.09 of the
Indenture, as to compliance with the Indenture (Sections 3.06 and
3.09);

     

    (K) the
identification to the Indenture Trustee in an Officer's Certificate of a Person
with whom the Issuing Entity has contracted to perform its duties under the
Indenture (Section 3.07(b));

     

    (L) the
notification of the Indenture Trustee and the Rating Agencies of a Servicer
Default pursuant to the Sale and Servicing Agreement and, if such Servicer
Default arises from the failure of the Servicer to perform any of its duties
under the Sale and Servicing Agreement, the taking of all reasonable steps
available to remedy such failure (Section 3.07(d));

     

    (M) the
preparation and obtaining of documents and instruments required for the release
of the Issuing Entity from its obligation under the Indenture
(Section 3.11(b));

     

    (N) the
delivery of notice to the Indenture Trustee and the Rating Agencies of each
Event of Default and each default by the Servicer or Depositor under the Sale
and Servicing Agreement (Section 3.19);

     

    (O) the
preparation of an Officer's Certificate and the obtaining of the Opinion of
Counsel and the Independent Certificate relating to satisfaction and discharge
of the Indenture (Section 4.01);

     

    (P) the
compliance with any written directive of the Indenture Trustee with respect to
the sale of the Trust Estate in a commercially reasonable manner if an Event of
Default shall have occurred and be continuing (Section 5.04);

     

    (Q) the
preparation and delivery of notice to Noteholders of the removal of the
Indenture Trustee and the appointment of a successor Indenture Trustee (Section
6.08);

     

    (R) the
preparation of any written instruments required to confirm more fully the
authority of any co-trustee or separate trustee and any written instruments
necessary in connection with the resignation or removal of any co-trustee or
separate trustee (Sections 6.08 and 6.10);

     

    (S)  (i) in
the event of any early termination of any Interest Rate Swap Agreement, the
preparation of written direction and notification of such early termination to
the appropriate parties and (ii) the notification of the Swap Counterparty
of any proposed amendment or supplement to any Basic Document (Section
6.14);

     

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

     

    (T) the
furnishing of the Indenture Trustee with the names and addresses of Noteholders
during any period when the Indenture Trustee is not the Note Registrar (Section
7.01);

     

    (U) the
preparation and filing with the Commission, any applicable state agencies and
the Indenture Trustee of documents required to be filed on a periodic basis
with, and summaries thereof as may be required by rules and regulations
prescribed by, the Commission and any applicable state agencies and the
transmission of such summaries, as necessary, to the Noteholders (Section
7.03);

     

    (V) the
opening of one or more accounts, the preparation of Issuer Orders, Officer's
Certificates and Opinions of Counsel and all other actions necessary with
respect to investment and reinvestment of funds in the Trust Accounts (Sections
8.02 and 8.03);

     

    (W) the
preparation of an Issuer Request and Officer's Certificate and the obtaining of
an Opinion of Counsel and Independent Certificates, if necessary, for the
release of the Trust Estate (Sections 8.04 and 8.05);

     

    (X) the
preparation of Issuer Orders and the obtaining of Opinions of Counsel with
respect to the execution of supplemental indentures and the mailing to the
Noteholders and the Swap Counterparty of notices with respect to such
supplemental indentures (Sections 9.01, 9.02 and 9.03);

     

    (Y) the
preparation of new Notes conforming to any supplemental indenture (Section
9.06);

     

    (Z) the
notification of Noteholders of redemption of the Notes
(Section 10.02);

     

    (AA) the
preparation of all Officer's Certificates, Opinions of Counsel and Independent
Certificates with respect to any requests by the Issuing Entity to the Indenture
Trustee to take any action under the Indenture (Section 11.01(a));

     

    (BB) the
preparation and delivery of Officer's Certificates and the obtaining of
Independent Certificates, if necessary, for the release of property from the
lien of the Indenture (Section 11.01(b));

     

    (CC) the
notification of the Rating Agencies, upon the failure of the Indenture Trustee
to give such notification, of the information required pursuant to Section 11.04 of the
Indenture (Section 11.04);

     

    (DD) the
preparation and delivery to Noteholders and the Indenture Trustee of any
agreements with respect to alternate payment and notice provisions (Section
11.06);

     

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

     

    (EE) the
recording of the Indenture, if applicable (Section 11.15); and

     

    (FF) causing
the Servicer to comply with Sections 4.09, 4.10, 4.11, 4.12, 4.13 and 5.07 of the Sale and
Servicing Agreement.

     

    (ii) The
Administrator will:

     

    (A) pay
the Indenture Trustee from time to time reasonable compensation for all services
rendered by the Indenture Trustee under the Indenture (which compensation shall
not be limited by any provision of law in regard to the compensation of a
trustee of an express trust);

     

    (B) except
as otherwise expressly provided in the Indenture, reimburse the Indenture
Trustee upon its request for all reasonable expenses, disbursements and advances
incurred or made by the Indenture Trustee in accordance with any provision of
the Indenture (including the reasonable compensation, expenses and disbursements
of its agents and either in-house counsel or outside counsel, but not both),
except any such expense, disbursement or advance as may be attributable to its
negligence or bad faith;

     

    (C) indemnify
the Indenture Trustee and its agents for, and hold them harmless against, any
losses, liability or expense incurred without negligence or bad faith on their
part, arising out of or in connection with the acceptance or administration of
the transactions contemplated by the Indenture, including the reasonable costs
and expenses of defending themselves against any claim or liability in
connection with the exercise or performance of any of their powers or duties
under the Indenture; and

     

    (D) indemnify
the Owner Trustee and its agents for, and to hold them harmless against, any
losses, liability or expense incurred without negligence or bad faith on their
part, arising out of or in connection with the acceptance or administration of
the transactions contemplated by the Trust Agreement, including the reasonable
costs and expenses of defending themselves against any claim or liability in
connection with the exercise or performance of any of their powers or duties
under the Trust Agreement.

     

    (b) Additional
Duties.  (i)  In addition to the duties of the
Administrator set forth above, but subject to Sections 1(c) and 5, the
Administrator shall cause the Issuing Entity to perform such calculations and to
prepare for execution by the Issuing Entity or the Owner Trustee, or to cause
the preparation by other appropriate persons of, all documents, reports,
filings, instruments, certificates and opinions as it shall be the duty of the
Issuing Entity or the Owner Trustee to prepare, file or deliver pursuant to the
Related Agreements, and at the request of the Owner Trustee shall cause the
Issuing Entity to take all appropriate action that it is the duty of the Issuing
Entity or the Owner Trustee to take pursuant to the Related
Agreements.  Subject to Sections 1(c) and
5 of this Agreement, and in accordance with the directions of the Owner
Trustee, the Administrator shall provide such other services with respect to the
Issuing Entity as are not covered by any of the foregoing provisions and as are
expressly requested by the Owner Trustee and are reasonably within the
capability of the Administrator.

     

    (ii) Notwithstanding
anything in this Agreement or the Related Agreements to the contrary, the
Administrator shall promptly notify the Owner Trustee in the event that any
withholding tax is imposed on the Issuing Entity's payments (or allocations of
income) to the "Owner" as contemplated in Section 5.02(c) of
the Trust Agreement. Any such notice shall specify the amount of any withholding
tax required to be withheld by the Owner Trustee pursuant to such
provision.

     

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

     

    (iii) The
Administrator may satisfy its obligations with respect to clause (ii) above and
Section 5.05 of the Trust Agreement by retaining, at the expense of the
Administrator, a firm of independent public accountants (the "Accountants")
acceptable to the Owner Trustee which shall perform the obligations of the
Administrator thereunder.  If the Administrator so elects, in
connection with paragraph (ii) above, the Accountants will provide prior to
May 27, 2008 a letter in form and substance satisfactory to the Owner
Trustee as to whether any tax withholding is then required and, if required, the
procedures to be followed with respect thereto to comply with the requirements
of the Code.

     

    (iv) The
Administrator shall perform the duties of the Administrator specified in Section 10.02 of the
Trust Agreement required to be performed in connection with the resignation or
removal of the Owner Trustee, and any other duties expressly required to be
performed by the Administrator under the Trust Agreement.

     

    (v) In
carrying out the foregoing duties or any of its other obligations under this
Agreement, the Administrator may enter into transactions with or otherwise deal
with any of its Affiliates; provided, however, that the
terms of any such transactions or dealings shall be in accordance with any
directions received from the Issuing Entity and shall be, in the Administrator's
opinion, no less favorable to the Issuing Entity than would be available from
unaffiliated parties.

     

    (vi) The
Administrator shall cause the Issuing Entity to execute all documents, reports,
filings, instruments, and certificates as it shall be the duty of the Issuing
Entity or the Owner Trustee to prepare, file or deliver pursuant to the Basic
Documents.  In furtherance thereof, the Owner Trustee shall, on behalf
of itself and of the Issuing Entity, execute and deliver to the Administrator,
and to each successor Administrator appointed pursuant to the terms hereof, one
or more powers of attorney substantially in the form of Exhibit A hereto,
appointing the Administrator the attorney-in-fact of the Owner Trustee and the
Issuing Entity for the purpose of executing on behalf of the Owner Trustee and
the Issuing Entity all such documents, reports, filings, instruments, and
certificates.

     

    (c) Non-Ministerial
Matters.  (i)  With respect to matters that in the
reasonable judgment of the Administrator are non-ministerial, the Administrator
shall not take any action unless within a reasonable time before the taking of
such action, the Administrator shall have notified the Owner Trustee of the
proposed action and the Owner Trustee shall not have withheld consent or
provided an alternative direction. For the purpose of the preceding sentence,
"non-ministerial matters" shall include, without limitation:

     

    (A) the
amendment of or any supplement to the Indenture, any other Basic Document, any
other Related Agreement, or any other document or agreement to which the Issuing
Entity or the Owner Trustee is a party;

     

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

     

    (B) the
initiation or compromise of any claim or lawsuit to which the Issuing Entity is
a party;

     

    (C) the
appointment of successor Note Registrars, successor Paying Agents and successor
Indenture Trustees pursuant to the Indenture or the appointment of successor
Administrators, or the consent to the assignment by the Note Registrar, Paying
Agent or Indenture Trustee of its obligations under the Indenture;

     

    (D) the
removal of the Indenture Trustee;

     

    (E) the
allocation, deposit, withdrawal or payment of funds under any Basic Document or
Related Agreement, including the timing or amount of any of the
foregoing;

     

    (F) the
prepayment in full of any Note;

     

    (G) the
waiver of any default under any document, agreement, or instrument;

     

    (H) the
release of any part of the Collateral;

     

    (I) the
entering into of any agreement by the Issuing Entity or the Owner
Trustee;

     

    (J) any
matter described in Article IV of the Trust Agreement;

     

    (K) any
matter that is reserved to the discretion of the Issuing Entity or the Owner
Trustee under any Basic Document or Related Agreement or that could have a
material impact on the financial condition of the Issuing Entity or the
Certificateholder;

     

    (L) the
incurring of any obligation or liability by the Issuing Entity or the Owner
Trustee;

     

    (M) the
disposition of any assets of the Issuing Entity, except as expressly authorized
by the Trust Agreement or the Indenture;

     

    (N) any
filings required by the Delaware Statutory Trust Act;

     

    (O) the
provision of copies of any amendment or supplement to the Interest Rate Swap
Agreement to the Rating Agencies; and

     

    (P) the
notification to the Swap Counterparty of any proposed amendment or supplement to
any of the Basic Documents.

     

    (ii) Notwithstanding
anything to the contrary in this Agreement, the Administrator shall not be
obligated to, and shall not, (A) pay any obligation of the Issuing Entity
or the Owner Trustee, (B) execute or authenticate any note or certificate,
(C) make any payments to the Noteholders, the Certificateholder, the Swap
Counterparty or any other Person under any Related Agreement or any Basic
Document, (D) sell the Trust Estate pursuant to Section 5.04 of the
Indenture or (E) take any other action that the Issuing Entity directs the
Administrator not to take on its behalf or take, or cause or instruct the
Issuing Entity or the Owner Trustee to take, any action that the Issuing Entity
or the Owner Trustee is prohibited from taking under any Basic
Document.

     

    
      
         

      

      
        7

        
          

        

      

      
         

      

    

     

    2. Records.  The
Administrator shall maintain appropriate books of account and records relating
to services performed hereunder, which books of account and records shall be
accessible for inspection by the Issuing Entity, the Owner Trustee, the
Indenture Trustee and the Depositor at any time during normal business
hours.

     

    3. Compensation.  As
compensation for the performance of the Administrator's obligations under this
Agreement, the Administrator shall be entitled to $500 per month which shall be
payable in accordance with Section 5.05 of the
Sale and Servicing Agreement.  The Depositor shall also reimburse the
Administrator for any of its liabilities and expenses related to its performance
hereunder or under any Related Agreement (including without limitation those
expenses set forth in Section 1(a)(ii) of
this Agreement).

     

    4. Additional Information To Be
Furnished to Issuing Entity.  The Administrator shall furnish
to the Issuing Entity from time to time such additional information regarding
the Collateral as the Issuing Entity shall reasonably request.

     

    5. Independence of
Administrator.  For all purposes of this Agreement, the
Administrator shall be an independent contractor and shall not be subject to the
supervision of the Issuing Entity or the Owner Trustee with respect to the
manner in which it accomplishes the performance of its obligations hereunder.
Unless expressly authorized by the Issuing Entity, the Administrator shall have
no authority to act for or represent the Issuing Entity or the Owner Trustee in
any way and shall not otherwise be deemed an agent of the Issuing Entity or the
Owner Trustee.

     

    6. No Joint
Venture.  Nothing contained in this Agreement shall (i)
constitute the Administrator and either of the Issuing Entity or the Owner
Trustee as members of any partnership, joint venture, association, syndicate,
unincorporated business or other separate entity, (ii) be construed to impose
any liability as such on any of them or (iii) be deemed to confer on any of them
any express, implied or apparent authority to incur any obligation or liability
on behalf of the others.

     

    7. Other Activities of
Administrator.  Nothing herein shall prevent the Administrator
or its affiliates from engaging in other businesses or, in its sole discretion,
from acting in a similar capacity as an administrator for any other person or
entity even though such person or entity may engage in business activities
similar to those of the Issuing Entity, the Owner Trustee or the Indenture
Trustee.

     

    8. Term of Agreement;
Resignation and Removal of Administrator.  (a)  This
Agreement shall continue in force until the dissolution of the Issuing Entity,
upon which event this Agreement shall automatically terminate.

     

    
      
         

      

      
        8

        
          

        

      

      
         

      

    

     

    (b) Subject
to Section 8(e) and (f), the Administrator may resign its duties hereunder by
providing the Issuing Entity with at least 60 days prior written
notice.

     

    (c) Subject
to Section 8(e) and (f), the Issuing Entity may remove the Administrator without
cause by providing the Administrator with at least 60 days prior written
notice.

     

    (d) Subject
to Section 8(e) and (f), at the sole option of the Issuing Entity, the
Administrator may be removed immediately upon written notice of termination from
the Issuing Entity to the Administrator if any of the following events shall
occur:

     

    (i) the
Administrator shall default in the performance of any of its duties under this
Agreement and, after notice of such default, shall not cure such default within
ten days (or, if such default cannot be cured in such time, shall not give
within 10 days such assurance of cure as shall be reasonably satisfactory to the
Issuing Entity);

     

    (ii) a
court having jurisdiction in the premises shall enter a decree or order for
relief, and such decree or order shall not have been vacated within 60 days, in
respect of the Administrator in any involuntary case under any applicable
bankruptcy, insolvency or other similar law now or hereafter in effect or
appoint a receiver, liquidator, assignee, custodian, trustee, sequestrator or
similar official for the Administrator or any substantial part of its property
or order the winding-up or liquidation of its affairs; or

     

    (iii) the
Administrator shall commence a voluntary case under any applicable bankruptcy,
insolvency or other similar law now or hereafter in effect, shall consent to the
entry of an order for relief in an involuntary case under any such law, or shall
consent to the appointment of a receiver, liquidator, assignee, trustee,
custodian, sequestrator or similar official for the Administrator or any
substantial part of its property, shall consent to the taking of possession by
any such official of any substantial part of its property, shall make any
general assignment for the benefit of creditors or shall fail generally to pay
its debts as they become due.

     

    The
Administrator agrees that if any of the events specified in clause (ii) or (iii)
of this Section shall occur, it shall give written notice thereof to the Issuing
Entity and the Indenture Trustee within seven days after the happening of such
event.

     

    (e) No
resignation or removal of the Administrator pursuant to this Section shall be
effective until (i) a successor Administrator shall have been appointed by the
Issuing Entity and (ii) such successor Administrator shall have agreed in
writing to be bound by the terms of this Agreement in the same manner as the
Administrator is bound hereunder.

     

    (f) The
appointment of any successor Administrator shall be effective only after
satisfaction of the Rating Agency Condition with respect to the proposed
appointment.

     

    9. Action upon Termination,
Resignation or Removal.  Promptly upon the effective date of
termination of this Agreement pursuant to Section 8(a) or the
resignation or removal of the Administrator pursuant to Section 8(b) or (c), respectively,
the Administrator shall be entitled to be paid all fees and reimbursable
expenses accruing to it to the date of such termination, resignation or removal.
The Administrator shall forthwith upon such termination pursuant to Section 8(a) deliver
to the Issuing Entity all property and documents of or relating to the
Collateral then in the custody of the Administrator. In the event of the
resignation or removal of the Administrator pursuant to Section 8(b) or (c), respectively,
the Administrator shall cooperate with the Issuing Entity and take all
reasonable steps requested to assist the Issuing Entity in making an orderly
transfer of the duties of the Administrator.

     

    
      
         

      

      
        9

        
          

        

      

      
         

      

    

     

    10. Notices.  Any
notice, report or other communication given hereunder shall be in writing and
addressed as follows:

     

    (a) if
to the Issuing Entity, to

     

    Caterpillar
Financial Asset Trust 2008-A

    BNYM
(Delaware)

    100
White Clay Center, Route 273

    Newark,
Delaware 19711

    Attention:  Corporate
Trust Administration

     

    (b) if
to the Owner Trustee, to

     

    BNYM
(Delaware)

    100
White Clay Center, Route 273

    Newark,
Delaware 19711

    Attention:  Corporate
Trust Administration

     

    (c) if
to the Administrator, to

     

    Caterpillar
Financial Services Corporation

    2120
West End Avenue

    Nashville,
TN  37203-0001

     

    (d) if
to the Indenture Trustee, to

     

    U.S.
Bank National Association

    209
S. LaSalle Street, Suite 300

    Chicago,
IL 60604

     

    (e) if
to the Depositor, to

     

    Caterpillar
Financial Funding Corporation

    4040
S. Eastern Avenue

    Suite
344

    Las
Vegas, Nevada  89119

     

    or
to such other address as any party shall have provided to the other parties in
writing. Any notice required to be in writing hereunder shall be deemed given
upon receipt.

     

    11. Amendments.  This
Agreement may be amended, with prior written notice to the Rating Agencies, from
time to time by a written amendment duly executed and delivered by the Issuing
Entity, the Administrator and the Indenture Trustee, with the written consent of
the Owner Trustee, without the consent of the Swap Counterparty, the Noteholders
and the Certificateholder, for the purpose of adding any provisions to or
changing in any manner or eliminating any of the provisions of this Agreement or
of modifying in any manner the rights of the Swap Counterparty, the Noteholders
or the Certificateholder; provided, however, that such
amendment will not, in the Opinion of Counsel, materially and adversely affect
the interest of the Swap Counterparty, any Noteholder or the Certificateholder
or the federal tax characterization of the Notes; provided, further, that such
amendment shall not materially and adversely affect the rights and obligations
of the Swap Counterparty or the Issuing Entity under the Interest Rate Swap
Agreement unless the Swap Counterparty shall have consented in writing to such
amendment (and such consent shall be deemed to have been given if the Swap
Counterparty does not object in writing within ten (10) Business Days after
receipt of a written request for such consent).  This Agreement may
also be amended, with prior written notice to the Rating Agencies, by the
Issuing Entity, the Administrator and the Indenture Trustee with the written
consent of the Owner Trustee and the holders of Notes evidencing a majority in
the Outstanding Amount of the Notes and the holder of the Certificate for the
purpose of adding any provisions to or changing in any manner or eliminating any
of the provisions of this Agreement or of modifying in any manner the rights of
Noteholders or the Certificateholder; provided, however, that no such
amendment may (i) increase or reduce in any manner the amount of, or accelerate
or delay the timing of, collections of payments on Receivables or distributions
that are required to be made for the benefit of the Noteholders or the
Certificateholder or (ii) reduce the aforesaid percentage of the holders of
Notes and the holder of the Certificate which are required to consent to any
such amendment, without the consent of the holders of all the outstanding Notes
and the Certificate. Notwithstanding the foregoing, this Agreement may not be
amended without the consent of the Depositor, which consent shall not be
unreasonably withheld.

     

    
      
         

      

      
        10

        
          

        

      

      
         

      

    

     

    12. Successors and
Assigns.  This Agreement may not be assigned by the
Administrator unless such assignment is previously consented to in writing by
the Issuing Entity and the Owner Trustee and subject to the satisfaction of the
Rating Agency Condition in respect thereof.  An assignment with such
consent and satisfaction, if accepted by the assignee, shall bind the assignee
hereunder in the same manner as the Administrator is bound
hereunder.  Notwithstanding the foregoing, this Agreement may be
assigned by the Administrator without the consent of the Issuing Entity or the
Owner Trustee to a corporation or other organization that is a successor (by
merger, consolidation or purchase of assets) to the Administrator, provided that
such successor organization executes and delivers to the Issuing Entity, the
Owner Trustee and the Indenture Trustee an agreement in which such corporation
or other organization agrees to be bound hereunder by the terms of said
assignment in the same manner as the Administrator is bound
hereunder.  Subject to the foregoing, this Agreement shall bind any
successors or assigns of the parties hereto.

     

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

     

    
      
         

      

      
        11

        
          

        

      

      
         

      

    

     

    14. Headings.  The
section headings hereof have been inserted for convenience of reference only and
shall not be construed to affect the meaning, construction or effect of this
Agreement.

     

    15. Counterparts.  This
Agreement may be executed in counterparts, each of which when so executed shall
together constitute but one and the same agreement.

     

    16. Severability.  Any
provision of this Agreement that is prohibited or unenforceable in any
jurisdiction shall be ineffective to the extent of such prohibition or
unenforceability without invalidating the remaining provisions hereof and any
such prohibition or unenforceability in any jurisdiction shall not invalidate or
render unenforceable such provision in any other jurisdiction.

     

    17. Not Applicable to the
Administrator in Other Capacities.  Nothing in this Agreement
shall affect any obligation the Administrator may have in any other
capacity.

     

    18. Limitation of Liability of
Owner Trustee and Indenture Trustee.

     

    (a) Notwithstanding
anything contained herein to the contrary, this instrument has been signed by
BNYM (Delaware) not in its individual capacity but solely in its capacity as
Owner Trustee of the Issuing Entity and in no event shall BNYM (Delaware) in its
individual capacity or any beneficial owner of the Issuing Entity have any
liability for the representations, warranties, covenants, agreements or other
obligations of the Issuing Entity hereunder, as to all of which recourse shall
be had solely to the assets of the Issuing Entity.  For all purposes
of this Agreement, in the performance of any duties or obligations of the
Issuing Entity hereunder, the Owner Trustee shall be subject to, and entitled to
the benefits of, the terms and provisions of Articles VI, VII and VIII of the
Trust Agreement.

     

    (b) Notwithstanding
anything contained herein to the contrary, this Agreement has been signed by
U.S. Bank National Association not in its individual capacity but solely as
Indenture Trustee and in no event shall U.S. Bank National Association have any
liability for the representations, warranties, covenants, agreements or other
obligations of the Issuing Entity hereunder or in any of the certificates,
notices or agreements delivered pursuant hereto, as to all of which recourse
shall be had solely to the assets of the Issuing Entity.

     

    (c) All
of the rights of the Swap Counterparty in, to and under this Agreement, if any,
shall terminate upon the termination of the Interest Rate Swap Agreement in
accordance with the terms thereof and the payment in full of all amounts owing
to the Swap Counterparty under such Interest Rate Swap Agreement.

     

    19. Third-Party
Beneficiary.  The Owner Trustee is a third-party beneficiary to
this Agreement and is entitled to the rights and benefits hereunder and may
enforce the provisions hereof as if it were a party hereto.

     

    20. Successor Servicer and
Administrator.  A successor Servicer appointed pursuant to
Section 8.02 of the Sale and Servicing Agreement shall, upon compliance with the
last sentence of the first paragraph of Section 8.02 of the
Sale and Servicing Agreement, become the successor Administrator hereunder;
provided, however, that if the
Indenture Trustee shall become such successor Administrator, the Indenture
Trustee shall not be required to perform any obligations or duties or conduct
any activities as successor Administrator that would be prohibited by law and
not within the banking and trust powers of the Indenture Trustee.  In
such event, the Indenture Trustee shall appoint a sub-administrator to perform
such obligations and duties.

     

    
      
         

      

      
        12

        
          

        

      

      
         

      

    

     

    21. Nonpetition
Covenants.  

     

    (a) Notwithstanding
any prior termination of this Agreement, the Depositor, the Administrator, the
Owner Trustee and the Indenture Trustee shall not, prior to the date which is
one year and one day after the payment of the Notes in full, acquiesce, petition
or otherwise invoke or cause the Issuing Entity to invoke the process of any
court or government authority for the purpose of commencing or sustaining a case
against the Issuing Entity under any Federal or state bankruptcy, insolvency or
similar law or appointing a receiver, liquidator, assignee, trustee, custodian,
sequestrator or other similar official of the Issuing Entity or any substantial
part of its property, or ordering the winding up or liquidation of the affairs
of the Issuing Entity.

     

    (b) Notwithstanding
any prior termination of this Agreement, the Issuing Entity, the Administrator,
the Owner Trustee and the Indenture Trustee shall not, prior to the date which
is one year and one day after the payment of the Notes in full, acquiesce,
petition or otherwise invoke or cause the Depositor to invoke the process of any
court or government authority for the purpose of commencing or sustaining a case
against the Depositor under any Federal or state bankruptcy, insolvency or
similar law or appointing a receiver, liquidator, assignee, trustee, custodian,
sequestrator or other similar official of the Depositor or any substantial part
of its property, or ordering the winding up or liquidation of the affairs of the
Depositor.

     

    [Signature
Page Follows]

    
      
         

      

      
        13 

        
          

        

      

      
         

      

    

    IN
WITNESS WHEREOF, the parties have caused this Agreement to be duly executed and
delivered as of the date first above written.

     

    
    

     

    
      	 	 CATERPILLAR
      FINANCIAL ASSET TRUST 2008-A
	 	 
	 	
               By:  BNYM
      (DELAWARE), not in its individual

            
	 	        
      capacity but soley as Owner Trustee 
	 	 
	 	By:  /s/ Kristine K.
      Gullo 
	 	       
      Name:  Kristine K. Gullo 
	 	       
      Title:    Vice President 
	 	 
	 	U.S. BANK NATIONAL
      ASSOCIATION, 
	 	        
      not in its individual capacity
	 	        
      but soley as Indenture Trustee
	 	 
	 	By:  /s/ Melissa A.
    Rosal 
	 	       
      Name:  Melissa A. Rosal
	 	       
      Title:    Vice President
	 	 
	 	
              CATERPILLAR
      FINANCIAL SERVICES CORPORATION, 

            
	 	       
      as Administrator
	 	 
	 	By:  /s/ James A. Duensing 
      
	 	       
      Name:  James A. Duensing
	 	       
      Title :   Executive Vice President and  Chief Financial
      Officer
	 	 
	 	 
	 	CATERPILLAR
      FINANCIAL FUNDING CORPORATION, 
	 	         
      as Depositor
	 	 
	 	By:  /s/ David A.
      Kacynski 
	 	       
      Name:  David A. Kacynski 
	 	       
      Title:    Treasurer
	 	 
	 	 

    

     

     

    
      
        
           Administration
Agreement

        

         

      

      
         

        
          

        

      

      
         

      

    

    EXHIBIT
A

    [Form
of Power of Attorney]

     

    POWER
OF ATTORNEY

     

    STATE
OF
____________                 )

    )

    COUNTY
OF
__________                )

     

    KNOW
ALL MEN BY THESE PRESENTS, that ______________________, a
____________________________, not in its individual capacity but solely as owner
trustee ("Owner Trustee") for the Caterpillar Financial Asset Trust 2008-A
("Trust"), does hereby make, constitute and appoint
____________________________, as Administrator under the Administration
Agreement (as defined below), as Attorney-in-Fact to execute on behalf of the
Owner Trustee or the Issuing Entity all documents, reports, filings,
instruments, and certificates as it shall be the duty of the Owner Trustee or
the Issuing Entity to prepare, file or deliver pursuant to the Related
Agreements (as defined in the Administration Agreement), including, without
limitation, to appear for and represent the Owner Trustee and the Issuing Entity
in connection with the preparation, filing and audit of federal, state and local
tax returns pertaining to the Issuing Entity, and with full power to perform any
and all acts associated with such returns and audits that the Owner Trustee
could perform, including without limitation, the right to distribute and receive
confidential information, defend and assert positions in response to audits,
initiate and defend litigation, and to execute waivers of restriction on
assessments of deficiencies, consents to the extension of any statutory or
regulatory time limit, and settlements.  For the purpose of this Power
of Attorney, the term "Administration Agreement" means the Administration
Agreement, dated as of April 1, 2008, among the Issuing Entity, Caterpillar
Financial Services Corporation, as Administrator, Caterpillar Financial Funding
Corporation, as Depositor, and U.S. Bank National Association, as Indenture
Trustee, as amended, modified or supplemented from time to time.

     

    All
powers of attorney for this purpose heretofore filed or executed by the Owner
Trustee are hereby revoked.

     

    EXECUTED
this 29th day of April 2008.

     

    
      	
               
      

            	
              BNYM
      (DELAWARE), not in its individual capacity but solely as Owner
      Trustee,

            

    

     

    
      	
                                                                                
      By:

            	 ________________________________________________	 

    

    
      	
               
      

            	
              Name:

            

    

    
      	
               
      

            	
              Title:

            

    

    

     

    
      
         

      

      
         

        
          

        

      

      
         

        
          TABLE
OF CONTENTS

          

          Page

          

          

        

      

    

    
      	
              1.

            	
              DUTIES
      OF ADMINISTRATOR     2 

            	
               

            

    

     

    
      	
              2.

            	
              RECORDS    
      8 

            	
               

            

    

     

    
      	
              3.

            	
              COMPENSATION     
      8

            	
               

            

    

     

    
      	
              4.

            	
              ADDITIONAL
      INFORMATION TO BE FURNISHED TO ISSUING
      ENTITY      8

            	
               

            

    

     

    
      	
              5.

            	
              INDEPENDENCE
      OF ADMINISTRATOR     8 

            	
               

            

    

     

    
      	
              6.

            	
              NO
      JOINT VENTURE      8

            	
               

            

    

     

    
      	
              7.

            	
              OTHER
      ACTIVITIES OF ADMINISTRATOR    
8 

            	
               

            

    

     

    
      	
              8.

            	
              TERM
      OF AGREEMENT; RESIGNATION AND REMOVAL OF
      ADMINISTRATOR      8

            	
               

            

    

     

    
      	
              9.

            	
              ACTION
      UPON TERMINATION, RESIGNATION OR REMOVAL    
      9 

            	
               

            

    

     

    
      	
              10.

            	
              NOTICES    
      10 

            	
               

            

    

     

    
      	
              11.

            	
              AMENDMENTS    
      11 

            	
               

            

    

     

    
      	
              12.

            	
              SUCCESSORS
      AND ASSIGNS     11 

            	
               

            

    

     

    
      	
              13.

            	
              GOVERNING
      LAW     11 

            	
               

            

    

     

    
      	
              14.

            	
              HEADINGS    
      12 

            	
               

            

    

     

    
      	
              15.

            	
              COUNTERPARTS    
      12 

            	
               

            

    

     

    
      	
              16.

            	
              SEVERABILITY    
      12 

            	
               

            

    

     

    
      	
              17.

            	
              NOT
      APPLICABLE TO THE ADMINISTRATOR IN OTHER
      CAPACITIES      12

            	
               

            

    

     

    
      	
              18.

            	
              LIMITATION
      OF LIABILITY OF OWNER TRUSTEE AND INDENTURE
      TRUSTEE     12 

            	
               

            

    

     

    
      	
              19.

            	
              THIRD-PARTY
      BENEFICIARY      12

            	
               

            

    

     

    
      	
              20.

            	
              SUCCESSOR
      SERVICER AND ADMINISTRATOR    
13 

            	
               

            

    

     

    
      	
              21.

            	
              NONPETITION
      COVENANTS     13 

            	
               

            

    

     

    

    EXHIBIT
A   -      Form of Power of
Attorney

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00141-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00141-of-00352.parquet"}]]