Document:

EXHIBIT 4.2

                 FORM OF AMENDED AND RESTATED TRUST AGREEMENT

                                    among

                  CATERPILLAR FINANCIAL FUNDING CORPORATION

                                  Depositor

                                     and

                               [Owner Trustee],

                                Owner Trustee

                              Dated as of [Date]

                              TABLE OF CONTENTS

                                                                            Page

ARTICLE I      DEFINITIONS...................................................1

      Section 1.01.  Capitalized Terms.......................................1

      Section 1.02.  Other Definitional Provisions...........................3

ARTICLE II     ORGANIZATION..................................................4

      Section 2.01.  Name....................................................4

      Section 2.02.  Office..................................................4

      Section 2.03.  Purpose and Powers......................................4

      Section 2.04.  Appointment of Owner Trustee............................5

      Section 2.05.  Initial Capital Contribution of Trust Estate............5

      Section 2.06.  Declaration of Trust....................................5

      Section 2.07.  Liability of the Certificateholder......................5

      Section 2.08.  Title to Trust Property.................................6

      Section 2.09.  Situs of Trust..........................................6

      Section 2.10.  Representations and Warranties of Depositor.............6

      Section 2.11.  Amended and Restated Trust Agreement....................7

ARTICLE III    CERTIFICATE AND TRANSFER OF INTERESTS.........................7

      Section 3.01.  Initial Ownership.......................................7

      Section 3.02.  Form of Certificate.....................................7

      Section 3.03.  Authentication of the Certificate.......................7

      Section 3.04.  Registration of Transfer of the Certificate.............8

      Section 3.05.  Mutilated, Destroyed, Lost or Stolen Certificate........8

      Section 3.06.  Persons Deemed Owner....................................9

      Section 3.07.  Access to List of Certificateholder's Names and
                     Addresses...............................................9

      Section 3.08.  Maintenance of Office or Agency.........................9

      Section 3.09.  Appointment of Paying Agents............................9

      Section 3.10.  Certificate Nonassessable and Fully Paid...............10

ARTICLE IV     ACTIONS BY OWNER TRUSTEE.....................................10

      Section 4.01.  Prior Notice to Certificateholder with Respect to
                     Certain Matters........................................10

      Section 4.02.  Action By the Certificateholder with Respect to
                     Certain Matters........................................10

      Section 4.03.  Action By Certificateholder with Respect to
                     Bankruptcy.............................................11

                                       -i-

      Section 4.04.  Restrictions on Certificateholder's Power..............11

ARTICLE V      APPLICATION OF TRUST FUNDS; CERTAIN DUTIES...................11

      Section 5.01.  Establishment of Trust Account.........................11

      Section 5.02.  Application of Trust Funds.............................11

      Section 5.03.  Method of Payment......................................12

      Section 5.04.  No Segregation of Monies; No Interest..................12

      Section 5.05.  Accounting and Report to the Noteholders, the
                     Certificateholder, the Internal Revenue Service
                     and Others.............................................12

ARTICLE VI     AUTHORITY AND DUTIES OF OWNER TRUSTEE........................13

      Section 6.01.  General Authority......................................13

      Section 6.02.  General Duties.........................................13

      Section 6.03.  Action Upon Instruction................................13

      Section 6.04.  No Duties Except as Specified in This Agreement or
                     in Instructions........................................14

      Section 6.05.  No Action Except under Specified Documents or
                     Instructions...........................................15

      Section 6.06.  Restrictions...........................................15

ARTICLE VII    CONCERNING THE OWNER TRUSTEE.................................15

      Section 7.01.  Acceptance of Trusts and Duties........................15

      Section 7.02.  Furnishing of Documents................................16

      Section 7.03.  Representations and Warranties.........................16

      Section 7.04.  Reliance; Advice of Counsel............................17

      Section 7.05.  Not Acting in Individual Capacity......................17

      Section 7.06.  Owner Trustee Not Liable for the Certificate,
                     Notes or Receivables...................................17

      Section 7.07.  Owner Trustee May Own the Certificate and Notes........18

ARTICLE VIII   COMPENSATION OF OWNER TRUSTEE................................18

      Section 8.01.  Owner Trustee's Fees and Expenses......................18

      Section 8.02.  Indemnification........................................18

      Section 8.03.  Payments to the Owner Trustee..........................19

ARTICLE IX     TERMINATION OF TRUST AGREEMENT...............................19

      Section 9.01.  Termination of Trust Agreement.........................19

                                       -ii-

ARTICLE X      SUCCESSOR OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES.......20

      Section 10.01. Eligibility Requirements for Owner Trustee.............20

      Section 10.02. Resignation or Removal of Owner Trustee................20

      Section 10.03. Successor Owner Trustee................................21

      Section 10.04. Merger or Consolidation of Owner Trustee...............21

      Section 10.05. Appointment of Co-Trustee or Separate Trustee..........22

ARTICLE XI     MISCELLANEOUS................................................23

      Section 11.01. Supplements and Amendments.............................23

      Section 11.02. No Legal Title to Owner Trust Estate in the Owner......24

      Section 11.03. Limitations on Rights of Others........................24

      Section 11.04. Notices................................................24

      Section 11.05. Severability...........................................24

      Section 11.06. Separate Counterparts..................................25

      Section 11.07. Successors and Assigns.................................25

      Section 11.08. No Petition............................................25

      Section 11.09. No Recourse............................................25

      Section 11.10. Headings...............................................25

      Section 11.11. GOVERNING LAW..........................................25

      Section 11.12. Certificate Transfer Restrictions......................25

      Section 11.13. Depositor Payment Obligation...........................26

ARTICLE XII    REGULATION AB COMPLIANCE.....................................26

      Section 12.01. Intent of the Parties; Reasonableness..................26

      Section 12.02. Additional Representations and Warranties of the
                     Owner Trustee. ........................................27

      Section 12.03. Information to Be Provided by the Owner Trustee. ......27

      Section 12.04. Indemnification; Remedies. ............................27

      EXHIBITS

      EXHIBIT A – FORM OF CERTIFICATE......................................A-1
      EXHIBIT B – CERTIFICATE OF TRUST.....................................B-1
      EXHIBIT C – CERTIFICATEHOLDER CERTIFICATION..........................C-1

                                       -111-

    AMENDED  AND  RESTATED  TRUST  AGREEMENT  dated  as of  [Date],  between
CATERPILLAR FINANCIAL FUNDING CORPORATION, a Nevada corporation,  as depositor
(the "Depositor"), and [OWNER TRUSTEE], as trustee (the "Owner Trustee").

                                  ARTICLE I

                                 DEFINITIONS

Section 1.01.     Capitalized Terms.  For all purposes of this Agreement, the
following terms shall have the meanings set forth below:

      "Administration  Agreement" means the Administration Agreement, dated as
of [Date], among the Administrator,  the Issuing Entity, the Depositor and the
Indenture Trustee,  as the same may be amended,  modified or supplemented from
time to time.

      "Administrator"  means Caterpillar  Financial  Services  Corporation,  a
Delaware corporation,  or any successor Administrator under the Administration
Agreement.

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

      "Basic Documents" means the Purchase  Agreement,  the Sale and Servicing
Agreement,  the  Indenture,  the  Administration   Agreement,  the  Depository
Agreement,  the Custodial Agreement,  the Notes, the Certificate and the other
documents and certificates delivered in connection therewith.

      "Benefit Plan Investor" has the meaning specified in Section 11.12.

      "Certificate  Balance"  has  the  meaning  specified  in  the  Sale  and
Servicing Agreement.

      "Certificate   Distribution   Account"  has  the  meaning  specified  in
Section 5.01.

      "Certificateholder" means the registered holder of the Certificate.

      "Certificate  of Trust"  means the  Certificate  of Trust in the form of
Exhibit B   which  has  been  filed  for  the  Issuing   Entity   pursuant  to
Section 3810(a) of the Statutory Trust Statute.

      "Certificate  Register" and  "Certificate  Registrar" means the register
mentioned and the registrar appointed pursuant to Section 3.04.

      "Certificateholder  Certification" means a certification with respect to
non-foreign status and Benefit Plan Investor status in the form of Exhibit C.

      "Code" means the Internal Revenue Code of 1986, as amended.

      "Commission" means the United States Securities and Exchange  Commission
or any successor entity.

      "Corporate Trust Office" means,  with respect to the Owner Trustee,  the
principal  corporate  trust office of the Owner Trustee located at [Address of
Owner  Trustee];  or at such other  address as the Owner Trustee may designate
by  notice  to the  Certificateholder  and  the  Depositor,  or the  principal
corporate  trust office of any  successor  Owner Trustee (the address of which
the successor owner trustee will notify the Depositor and the Owner).

      "Depositor"  means  Caterpillar  Financial  Funding  Corporation  in its
capacity as Depositor, and its successors in such capacity.

      "Depository  Agreement"  means the  agreement,  dated [Date],  among the
Issuing Entity, the Indenture Trustee and The Depository Trust Company.

      "Exchange Act" means the Securities Exchange Act of 1934, as amended.

      "Expenses" has the meaning specified in Section 8.02.

      "Indemnified Parties" has the meaning specified in Section 8.02.

      "Indenture"  means  the  Indenture,  dated  as of  [Date],  between  the
Issuing  Entity  and  the  Indenture  Trustee,  as the  same  may be  amended,
modified or supplemented from time to time.

      "Indenture  Trustee" means  [Indenture  Trustee],  not in its individual
capacity  but  solely  as  Indenture  Trustee  under  the  Indenture,  and any
successor Indenture Trustee under the Indenture.

      "Issuing Entity" means Caterpillar  Financial Asset Trust 200[_]-[_],  a
Delaware statutory trust, and its successors.

      "Original  Trust  Agreement"  means  the  Trust  Agreement,  dated as of
[Date], between Depositor and Owner Trustee.

      "Owner Trust Estate" means all right,  title and interest of the Issuing
Entity in and to the  property  and  rights  assigned  to the  Issuing  Entity
pursuant  to  Article  II of the Sale and  Servicing  Agreement,  all funds on
deposit  from  time  to  time  in  the  Trust  Accounts  and  the  Certificate
Distribution  Account and all other  property of the Issuing  Entity from time
to time,  including  any rights of the Owner  Trustee and the  Issuing  Entity
pursuant to the Sale and Servicing Agreement and the Administration Agreement.

      "Owner Trustee" means [Owner Trustee],  a national banking  association,
not in its  individual  capacity  but  solely  as  owner  trustee  under  this
Agreement, and any successor Owner Trustee hereunder.

      "Paying  Agent"  means any paying  agent or  co-paying  agent  appointed
pursuant to Section 3.09 and shall initially be [Name].

      "Record  Date"  means,  with  respect to any  Distribution  Date and the
Certificate,  at the close of business on the last  calendar  day of the month
preceding the month in which such Distribution Date occurs.

                                       2

      "Regulation  AB"  means  Subpart  229.1100  –  Asset  Backed  Securities
(Regulation  AB), 17 C.F.R.  §§229.1100-229.1123,  as such may be amended from
time to time, and subject to such  clarification  and  interpretation  as have
been  provided  by  the  Commission  in  the  adopting  release  (Asset-Backed
Securities,  Securities Act Release No.  33-8518,  70 Fed. Reg.  1,506,  1,531
(January  7, 2005)) or by the staff of the  Commission,  or as may be provided
by the Commission or its staff from time to time.

      "Sale  and  Servicing  Agreement"  shall  mean the  Sale  and  Servicing
Agreement,  dated as of [Date],  among the Issuing Entity,  the Depositor,  as
Depositor,  and Caterpillar  Financial Services  Corporation,  as servicer, as
the same may be amended, modified or supplemented from time to time.

      "Sarbanes Certification" is defined in Section 12.04(c).

      "Secretary  of State" shall mean the  Secretary of State of the State of
Delaware.

      "Securities Act" means the Securities Act of 1933, as amended.

      "Servicing  Criteria"  means the "servicing  criteria" set forth in Item
1122(d) of Regulation AB, as such may be amended from time to time.

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

      "Transaction  Party"  means  the  Issuing  Entity,  the  Depositor,  the
Servicer,  the Owner Trustee, the Indenture Trustee, the Administrator and any
other material transaction party in connection with the Notes.

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

      "Trust" means the Issuing Entity.

      "Trustee   Information"   has   the   meaning   specified   in   Section
12.04(a)(i)(A).

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.

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

                                       3

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

(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 and Exhibit references
contained in this Agreement are references to Sections and Exhibits in or to
this Agreement unless otherwise specified; and the term "including" shall
mean "including without limitation"; the term "or" is not exclusive; and the
term "proceeds" has the meaning set forth in the UCC.

(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

                                 ORGANIZATION

Section 2.01.     Name.  The Trust created hereby shall be known as
"Caterpillar Financial Asset Trust 20[__]-[_]," in which name the Owner
Trustee may conduct the business of the Trust, make and execute contracts and
other instruments on behalf of the Trust and sue and be sued.

Section 2.02.     Office.  The office of the Trust shall be in care of the
Owner Trustee at the Corporate Trust Office or at such other address in the
State of Delaware as the Owner Trustee may designate by written notice to the
Depositor.

Section 2.03.     Purpose and Powers.

(a)   The purpose of the Trust is to engage in the following activities:

(i)   to issue the Class A-1 Notes, Class A-2 Notes, the Class A-3 Notes, the
Class A-4 Notes and the Class B Notes pursuant to the Indenture and the
Certificate pursuant to this Agreement, and to sell $[____] aggregate
principal amount of the Class A-1 Notes, $[____] aggregate principal amount
of Class A-2 Notes, $[____] aggregate principal amount of the Class A-3
Notes, $[____] aggregate principal amount of the Class A-4 Notes, $[____]
aggregate principal amount of Class B Notes to or upon the written order of
the Depositor pursuant to Section 2.01 of the Sale and Servicing Agreement
and issue the Certificate with an initial Certificate Balance of $[____] to
or upon the written order of the Depositor pursuant to Section 2.01 of the
Sale and Servicing Agreement;

                                       4

(ii)  with the proceeds from capital contributions from the Depositor to pay
the organizational, start-up and transactional expenses of the Trust and to
fund the Reserve Account;

(iii) to assign, grant, transfer, pledge, mortgage and convey the Trust
Estate pursuant to the Indenture and to hold, manage and distribute to the
Certificateholder pursuant to the terms of the Sale and Servicing Agreement
and this Agreement any portion of the Trust Estate released from the Lien of,
and remitted to the Trust pursuant to, the Indenture;

(iv)  to enter into and perform its obligations under the Basic Documents to
which it is to be a party;

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

(vi)  subject to compliance with the Basic Documents, to engage in such other
activities as may be required in connection with conservation of the Owner
Trust Estate and the making of distributions to the Certificateholder and the
Noteholders.

The Trust shall not engage in any activity  other than in connection  with the
foregoing  or  other  than as  required  or  authorized  by the  terms of this
Agreement or the Basic Documents.

Section 2.04.     Appointment of Owner Trustee.  The Depositor hereby
appoints the Owner Trustee as trustee of the Trust effective as of the date
hereof, to have all the rights, powers and duties set forth herein.

Section 2.05.     Initial Capital Contribution of Trust Estate.  Pursuant to
the Original Trust Agreement, the Depositor sold, assigned, transferred,
conveyed and set over to the Owner Trustee, as of the date thereof, the sum
of $100.  The Owner Trustee hereby acknowledges receipt in trust from the
Depositor, as of the date of the Original Trust Agreement, of the foregoing
contribution, which shall constitute the initial Owner Trust Estate and shall
be deposited in the Certificate Distribution Account. The Depositor shall pay
organizational expenses of the Trust as they may arise or shall, upon the
request of the Owner Trustee, promptly reimburse the Owner Trustee for any
such expenses paid by the Owner Trustee.

Section 2.06.     Declaration of Trust.  The Owner Trustee hereby declares
that it will hold the Owner Trust Estate in trust upon and subject to the
conditions set forth herein for the use and benefit of the Certificateholder,
subject to the obligations of the Trust under the Basic Documents.  It is the
intention of the parties hereto that the Trust constitute a statutory trust
under the Statutory Trust Statute and that this Agreement constitute the
governing instrument of such statutory trust.  It is the intention of the
parties hereto that, for income and franchise tax purposes, the Trust shall
be treated as a "disregarded entity" and, therefore, shall be disregarded as
an entity separate from the Certificateholder.  The parties agree that,
unless otherwise required by appropriate tax authorities, the Trust will file
or cause to be filed annual or other necessary returns, reports and other
forms consistent with the characterization of the Trust as a disregarded
entity for such tax purposes. Effective as of the date hereof, the Owner
Trustee shall have all rights, powers and duties set forth herein and in the
Statutory Trust Statute with respect to accomplishing the purposes of the
Trust.

                                       5

Section 2.07.     Liability of the Certificateholder.  The Certificateholder
shall not have any personal liability for any liability or obligation of the
Trust.

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

Section 2.09.     Situs of Trust.  The Trust will be located and administered
in the State of Delaware. All bank accounts maintained by the Owner Trustee
on behalf of the Trust shall be located in the State of Delaware or the State
of New York.  The Trust shall not have any employees in any state other than
Delaware; provided, however, that nothing herein shall restrict or prohibit
the Owner Trustee from having employees within or without the State of
Delaware.  Payments will be received by the Trust only in Delaware or New
York, and payments will be made by the Trust only from Delaware or New York.
The only office of the Trust will be at the Corporate Trust Office in
Delaware.

Section 2.10.     Representations and Warranties of Depositor.  The Depositor
hereby represents and warrants to the Owner Trustee that:

(a)   The Depositor is duly organized and validly existing as a corporation
in good standing under the laws of the State of Nevada, with power and
authority to own its properties and to conduct its business as such
properties are currently owned and such business is presently conducted.

(b)   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 failure to so qualify or to obtain such
license or approval would render any Receivable unenforceable that would
otherwise be enforceable by the Depositor, the Servicer or the Owner Trustee.

(c)   The Depositor has the power and authority to execute and deliver this
Agreement and to carry out its terms; the Depositor has full power and
authority to sell and assign the property to be sold and assigned to and
deposited with the Trust and the Depositor shall have duly authorized such
sale and assignment and deposit to the Trust by all necessary corporate
action; and the execution, delivery and performance of this Agreement has
been duly authorized by the Depositor by all necessary corporate action.

(d)   The consummation of the transactions contemplated by this Agreement and
the fulfillment of the terms hereof do not conflict with, result in any
breach of any of the terms and provisions of, or constitute (with or without
notice or lapse of time) a default under, the certificate 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
pursuant to the Basic Documents); nor violate any law or, to the best of the
Depositor's knowledge, any order, rule or regulation applicable to the

                                       6

Depositor of any court, federal or state regulatory body, administrative
agency or other governmental instrumentality having jurisdiction over the
Depositor or its properties.

(e)   There are no proceedings or investigations pending, or, to the best of
Depositor's 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 or any of the Basic Documents, (ii) seek to
prevent the consummation of any of the transactions contemplated by this
Agreement or any of the Basic Documents, 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 or any of the Basic Documents.

Section 2.11.     Amended and Restated Trust Agreement.  This Agreement
amends and restates in its entirety the Original Trust Agreement.

                                ARTICLE III

                    CERTIFICATE AND TRANSFER OF INTERESTS

Section 3.01.     Initial Ownership.  Upon the formation of the Trust by the
contribution by the Depositor pursuant to Section 2.05 and thereafter so long
as the Depositor remains the "Certificateholder," the Depositor shall be the
sole beneficiary of the Trust.  Notwithstanding any other provision of this
Agreement, the interest of the Depositor in the Trust (including its interest
by virtue of being the holder of the Certificate) shall be transferable only
in whole and any successor to the Depositor pursuant to such a transfer shall
thenceforth be deemed the Depositor for purposes of this Agreement.  No such
transfer shall be effective until such time as written notice thereof signed
by both the transferor and transferee and an executed copy of the
Certificateholder Certification are delivered to the Owner Trustee.

Section 3.02.     Form of Certificate.  The Certificate shall be issued in an
original Certificate Balance of $[____].  The Certificate shall be executed
on behalf of the Trust by manual or facsimile signature of a Trust Officer of
the Owner Trustee.  The Certificate bearing the manual or facsimile
signatures of individuals who were, at the time when such signatures shall
have been affixed, authorized to sign on behalf of the Trust, shall, when
duly authenticated pursuant to Section 3.03, be validly issued and entitled
to the benefits of this Agreement, notwithstanding that such individuals or
any of them shall have ceased to be so authorized prior to the authentication
and delivery of the Certificate or did not hold such offices at the date of
authentication and delivery of the Certificate.

Section 3.03.     Authentication of the Certificate.  Concurrently with the
initial sale of the Receivables to the Trust pursuant to the Sale and
Servicing Agreement, the Owner Trustee shall cause the Certificate in a
principal amount equal to the initial Certificate Balance to be executed on
behalf of the Trust, authenticated and delivered to or upon the written order
of the Depositor, signed by its Chairman of the Board, its President, any
Vice President, its Treasurer, its Secretary or any Assistant Treasurer,
without further corporate action by the Depositor.  The Certificate shall not
entitle its holder to any benefit under this Agreement, or be valid for any
purpose, unless there shall appear on the Certificate a certificate of

                                       7

authentication substantially in the form set forth in Exhibit A executed by
the Owner Trustee or the Owner Trustee's authentication agent, by manual
signature; such authentication shall constitute conclusive evidence that the
Certificate shall have been duly authenticated and delivered hereunder. The
Certificate shall be dated the date of its authentication.

Section 3.04.     Registration of Transfer of the Certificate.  The
Certificate Registrar shall keep or cause to be kept, at the office or agency
maintained pursuant to Section 3.08, a Certificate Register in which, subject
to such reasonable regulations as it may prescribe, the Owner Trustee shall
provide for the registration of the Certificate and of transfers of the
Certificate as herein provided.  [Name] shall be the initial Certificate
Registrar.

      Upon surrender for registration of transfer of the Certificate at the
office or agency maintained pursuant to Section 3.08, the Owner Trustee shall
execute, authenticate and deliver (or shall cause its authenticating agent to
authenticate and deliver), in the name of the designated transferee or
transferees, a new Certificate of a like aggregate amount dated the date of
authentication by the Owner Trustee or any authenticating agent.  The Owner
Trustee shall not register a transfer of any Certificate unless the
transferee of the Certificate delivers to the Certificate Registrar and
authenticating agent an executed Certificateholder Certification.

      The Certificate presented or surrendered for registration of transfer
shall be accompanied by a written instrument of transfer in form satisfactory
to the Owner Trustee and the Certificate Registrar duly executed by the
Certificateholder or its attorney duly authorized in writing, along with a
Certificateholder Certification duly executed by the transferee of such
Certificate.  The Certificate surrendered for registration of transfer shall
be cancelled and subsequently disposed of by the Owner Trustee in accordance
with its customary practice.

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

      The Certificate has not been and will not be registered under the
Securities Act, or any state securities laws and neither the Certificate nor
any interest therein may be offered, sold, pledged or otherwise transferred
except in accordance with applicable securities laws of any state of the
United States and in reliance on the private placement exemption of the
Securities Act.  The Trustee may (but shall not be obligated) at any time or
times request an Opinion of Counsel as to compliance with this restriction in
connection with any transfer of a Certificate.

Section 3.05.     Mutilated, Destroyed, Lost or Stolen Certificate.  If  (a)
the Certificate is mutilated and shall be surrendered to the Certificate
Registrar, or if the Certificate Registrar shall receive evidence to its
satisfaction of the destruction, loss or theft of the Certificate and (b)
there shall be delivered to the Certificate Registrar and the Owner Trustee
such security or indemnity as may be required by them to save each of them
harmless, then in the absence of notice that the Certificate shall have been
acquired by a protected purchaser, the Owner Trustee on behalf of the Trust
shall execute and the Owner Trustee, or the Owner Trustee's authenticating
agent, shall authenticate and deliver, in exchange for or in lieu of any such
mutilated, destroyed, lost or stolen Certificate, a new Certificate of like

                                       8

tenor and denomination.  In connection with the issuance of any new
Certificate under this Section, the Owner Trustee or the Certificate
Registrar may require the payment of a sum sufficient to cover any tax or
other governmental charge that may be imposed in connection therewith.  Any
duplicate Certificate issued pursuant to this Section shall constitute
conclusive evidence of an ownership interest in the Trust, as if originally
issued, whether or not the lost, stolen or destroyed Certificate shall be
found at any time.

Section 3.06.     Persons Deemed Owner.  Prior to due presentation of the
Certificate for registration of transfer, the Owner Trustee or the
Certificate Registrar may treat the Person in whose name a Certificate is
registered in the Certificate Register as the owner of such Certificate for
the purpose of receiving distributions pursuant to Section 5.02 and for all
other purposes whatsoever, and neither the Owner Trustee nor the Certificate
Registrar shall be bound by any notice to the contrary.

Section 3.07.     Access to List of Certificateholder's Names and Addresses.
The Owner Trustee shall furnish or cause to be furnished to the Servicer and
the Depositor, within 15 days after receipt by the Owner Trustee of a request
therefor from the Servicer or the Depositor in writing, the name and address
of the Certificateholder as of the most recent Record Date.  The
Certificateholder, by receiving and holding the Certificate, shall be deemed
to have agreed not to hold either the Depositor or the Owner Trustee
accountable by reason of the disclosure of its name and address, regardless
of the source from which such information was derived.

Section 3.08.     Maintenance of Office or Agency.  The Owner Trustee shall
maintain in the Borough of Manhattan, in the City of New York, an office or
offices or agency or agencies where notices and demands to or upon the Owner
Trustee in respect of the Certificate and the Basic Documents may be served.
The Owner Trustee initially designates [Name and address] as its principal
corporate trust office for such purposes. The Owner Trustee shall give prompt
written notice to the Depositor of any change in the location of the
Certificate Register or any such office or agency.

Section 3.09.     Appointment of Paying Agents.  The Paying Agent shall make
distributions to the Certificateholder from the Certificate Distribution
Account pursuant to Section 5.02 and shall report the amounts of such
distributions to the Owner Trustee.  Any Paying Agent shall have the
revocable power to withdraw funds from the Certificate Distribution Account
for the purpose of making the distributions referred to above.  The Owner
Trustee may revoke such power and remove the Paying Agent if the Owner
Trustee determines in its sole discretion that the Paying Agent shall have
failed to perform its obligations under this Agreement in any material
respect.  The Paying Agent shall initially be [Name], and any co-paying agent
chosen by [Name], and acceptable to the Owner Trustee.  [Name] shall be
permitted to resign as Paying Agent upon 30 days' written notice to the Owner
Trustee.  In the event that [Name] shall no longer be the Paying Agent, the
Owner Trustee shall appoint a successor to act as Paying Agent (which shall
be a bank or trust company).  The Owner Trustee shall cause such successor
Paying Agent or any additional Paying Agent appointed by the Owner Trustee to
execute and deliver to the Owner Trustee an instrument in which such
successor Paying Agent or additional Paying Agent shall agree with the Owner
Trustee that as Paying Agent, such successor Paying Agent or additional
Paying Agent will hold all sums, if any, held by it for payment to the
Certificateholder in trust for the benefit of the Certificateholder entitled

                                       9

thereto until such sums shall be paid to the Certificateholder.  The Paying
Agent shall return all unclaimed funds to the Owner Trustee and upon removal
of a Paying Agent such Paying Agent shall also return all funds in its
possession to the Owner Trustee.  The provisions of Sections 7.01, 7.03, 7.04
and 8.01 shall apply to the Owner Trustee also in its role as Paying Agent,
for so long as the Owner Trustee shall act as Paying Agent and, to the extent
applicable, to any other paying agent appointed hereunder.  Any reference in
this Agreement to the Paying Agent shall include any co-paying agent unless
the context requires otherwise.

Section 3.10.     Certificate Nonassessable and Fully Paid.  The interests
represented by the Certificate shall be nonassessable for any losses or
expenses of the Issuing Entity or for any reason whatsoever, and, upon the
authentication thereof by the Owner Trustee pursuant to Section 3.03, 3.04 or
3.05, the Certificate is and shall be deemed fully paid.

                                   ARTICLE IV

                           ACTIONS BY OWNER TRUSTEE

Section 4.01.     Prior Notice to Certificateholder with Respect to Certain
Matters.  With respect to the following matters, the Owner Trustee shall not
take action unless at least 30 days before the taking of such action, the
Owner Trustee shall have notified the Certificateholder in writing of the
proposed action and the Certificateholder shall not have notified the Owner
Trustee in writing prior to the 30th day after such notice is given that the
Certificateholder has withheld consent or provided alternative direction:

(a)   the initiation of any claim or lawsuit by the Trust (other than an
action to collect on a Receivable) and the compromise of any action, claim or
lawsuit brought by or against the Trust (other than an action to collect on a
Receivable);

(b)   the election by the Trust to file an amendment to the Certificate of
Trust;

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

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

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

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

                                       10

Section 4.02.     Action By the Certificateholder with Respect to Certain
Matters.  The Owner Trustee shall not have the power, except upon the
direction of the Certificateholder, to (a) remove the Administrator under the
Administration Agreement pursuant to Section 8 thereof, (b) appoint a
successor Administrator pursuant to Section 8 of the Administration
Agreement, (c) remove the Servicer under the Sale and Servicing Agreement
pursuant to Section 8.01 thereof or (d) except as expressly provided in the
Basic Documents, sell the Receivables after the termination of the
Indenture.  The Owner Trustee shall take the actions referred to in the
preceding sentence only upon written instructions signed by the
Certificateholder.

Section 4.03.     Action By Certificateholder with Respect to Bankruptcy. The
Owner Trustee shall not have the power to commence a voluntary proceeding in
bankruptcy relating to the Trust without the prior approval of the
Certificateholder and the delivery to the Owner Trustee by the
Certificateholder of a certificate certifying that the Certificateholder
reasonably believes that the Trust is insolvent.

Section 4.04.     Restrictions on Certificateholder's Power.  The
Certificateholder shall not direct the Owner Trustee to take or refrain from
taking any action if such action or inaction would be contrary to any
obligation of the Trust or the Owner Trustee under this Agreement or any of
the Basic Documents or would be contrary to Section 2.03 nor shall the Owner
Trustee be obligated to follow any such direction, if given.

                                   ARTICLE V

                  APPLICATION OF TRUST FUNDS; CERTAIN DUTIES

Section 5.01.     Establishment of Trust Account.  The Owner Trustee, for the
benefit of the Certificateholder, shall establish and maintain in the name of
the Trust an Eligible Securities Account (the "Certificate Distribution
Account"), bearing a designation clearly indicating that the funds deposited
therein are held for the benefit of the Certificateholder.

      The Owner Trustee shall possess all right, title and interest in all
funds on deposit from time to time in the Certificate Distribution Account
and in all proceeds thereof.  Except as otherwise provided herein, the
Certificate Distribution Account shall be under the sole dominion and control
of the Owner Trustee for the benefit of the Certificateholder.  If, at any
time, the Certificate Distribution Account ceases to be an Eligible
Securities Account, the Owner Trustee shall within 10 Business Days following
notification of such occurrence (or such longer period, not to exceed 30
calendar days, as to which each Rating Agency may consent) establish a new
Certificate Distribution Account as an Eligible Securities Account and shall
transfer any cash or any investments to such new Certificate Distribution
Account.

Section 5.02.     Application of Trust Funds.

(a)   On each Distribution Date, the Owner Trustee will distribute amounts
deposited in the Certificate Distribution Account pursuant to Sections 5.04
and 5.05 of the Sale and Servicing Agreement or pursuant to Section 5.04(b)
or 5.04(c) of the Indenture on or before such Distribution Date as follows:

                                       11

(i)   to the Certificateholder, to the extent necessary to reduce the
      Certificate Balance of the Certificate to zero, an amount equal to the
      excess if any, of the Regular Principal Distribution Amount for such
      Distribution Date over amounts distributable to the Noteholders
      pursuant to Section 5.04(c) of the Sale and Servicing Agreement on such
      Distribution Date; and

(ii)  to the Depositor, any remaining funds on deposit in the Certificate
      Distribution Account after distribution to the Certificateholder
      pursuant to the clause (i) above.

(b)   On each Distribution Date, the Owner Trustee shall send to the
Certificateholder the statement provided to the Owner Trustee by the Servicer
pursuant to Section 5.07 of the Sale and Servicing Agreement on such
Distribution Date.

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

Section 5.03.     Method of Payment.  Subject to Section 9.01(c),
distributions required to be made to the Certificateholder on any
Distribution Date shall be made to the Certificateholder of record on the
preceding Record Date either by wire transfer, in immediately available
funds, to the account of such Certificateholder at a bank or other entity
having appropriate facilities therefor, if the Certificateholder shall have
provided to the Certificate Registrar appropriate written instructions at
least five Business Days prior to such Distribution Date or, if not, by check
mailed to the Certificateholder at the address of such Certificateholder
appearing in the Certificate Register.

Section 5.04.     No Segregation of Monies; No Interest.  Subject to
Section 5.01 and 5.02, monies received by the Owner Trustee hereunder need
not be segregated in any manner except to the extent required by law or the
Sale and Servicing Agreement and may be deposited under such general
conditions as may be prescribed by law, and the Owner Trustee shall not be
liable for any interest thereon.

                                       12

Section 5.05.     Accounting and Report to the Noteholders, the
Certificateholder, the Internal Revenue Service and Others.  The Owner
Trustee shall (a) maintain (or cause to be maintained) the books of the Trust
on a fiscal year basis ending December 31, (or such other period as may be
required by applicable law), with the first year being a short year ending
December 31, 20[__], and on the accrual method of accounting, (b) deliver to
the Certificateholder, as may be required by the Code and applicable Treasury
Regulations, such information as may be required to enable the
Certificateholder to prepare its federal and state income tax returns, and
make such elections as may from time to time be required or appropriate under
any applicable state or federal statute or rule or regulation thereunder so
as to maintain the Trust's characterization as a disregarded entity for
federal income tax purposes and (c) collect or cause to be collected any
withholding tax as described in and in accordance with Section 5.02(c) with
respect to distributions from the Trust.

                                ARTICLE VI

                    AUTHORITY AND DUTIES OF OWNER TRUSTEE

Section 6.01.     General Authority.  The Owner Trustee is authorized and
directed to execute and deliver the Basic Documents to which the Trust is to
be a party and each certificate or other document attached as an exhibit to
or contemplated by the Basic Documents to which the Trust is to be a party,
or any amendment thereto or other agreement, in each case, in such form as
the Depositor shall approve as evidenced conclusively by the Owner Trustee's
execution thereof.  In addition to the foregoing, the Owner Trustee is
authorized, but shall not be obligated, to take all actions required of the
Trust pursuant to the Basic Documents.  The Owner Trustee is further
authorized from time to time to take such action as the Administrator directs
in writing with respect to the Basic Documents.

Section 6.02.     General Duties.  It shall be the duty of the Owner Trustee
to discharge (or cause to be discharged) all of its responsibilities pursuant
to the terms of this Agreement and the Basic Documents and to administer the
Trust in the interest of the Certificateholder, subject to the Basic
Documents and in accordance with the provisions of this Agreement.
Notwithstanding the foregoing, the Owner Trustee shall be deemed to have
discharged its duties and responsibilities hereunder and under the Basic
Documents to the extent the Administrator has agreed in the Administration
Agreement to perform any act or to discharge any duty of the Owner Trustee
hereunder or under any Basic Document, and the Owner Trustee shall not be
liable for the default or failure of the Administrator to carry out its
obligations under the Administration Agreement.

Section 6.03.     Action Upon Instruction.

(a)   Subject to Article IV, the Certificateholder may, by written
instruction, direct the Owner Trustee in the management of the Trust.  Such
direction may be exercised at any time by written instruction of the
Certificateholder pursuant to Article IV.

(b)   The Owner Trustee shall not be required to take any action hereunder or
under any Basic Document if the Owner Trustee shall have reasonably
determined, or shall have been advised by counsel, that such action is likely

                                       13

to result in liability on the part of the Owner Trustee or is contrary to the
terms hereof or of any Basic Document or is otherwise contrary to law.

(c)   Whenever the Owner Trustee is unable to decide between alternative
courses of action permitted or required by the terms of this Agreement or any
Basic Document, the Owner Trustee shall promptly give notice (in such form as
shall be appropriate under the circumstances) to the Certificateholder
requesting instruction as to the course of action to be adopted, and to the
extent the Owner Trustee acts in good faith in accordance with any written
instruction of the Certificateholder received, the Owner Trustee shall not be
liable on account of such action to any Person.  If the Owner Trustee shall
not have received appropriate instruction within 10 days of such notice (or
within such shorter period of time as reasonably may be specified in such
notice or may be necessary under the circumstances) it may, but shall be
under no duty to, take or refrain from taking such action, not inconsistent
with this Agreement or the Basic Documents, as it shall deem to be in the
best interest of the Certificateholder, and shall have no liability to any
Person for such action or inaction.

(d)   In the event that the Owner Trustee is unsure as to the application of
any provision of this Agreement or any Basic Document or any such provision
is ambiguous as to its application, or is, or appears to be, in conflict with
any other applicable provision, or in the event that this Agreement permits
any determination by the Owner Trustee or is silent or is incomplete as to
the course of action that the Owner Trustee is required to take with respect
to a particular set of facts, the Owner Trustee may give notice (in such form
as shall be appropriate under the circumstances) to the Certificateholder
requesting instruction and, to the extent that the Owner Trustee acts or
refrains from acting in good faith in accordance with any such instruction
received, the Owner Trustee shall not be liable, on account of such action or
inaction, to any Person.  If the Owner Trustee shall not have received
appropriate instruction within 10 days of such notice (or within such shorter
period of time as reasonably may be specified in such notice or may be
necessary under the circumstances) it may, but shall be under no duty to,
take or refrain from taking such action, not inconsistent with this Agreement
or the Basic Documents, as it shall deem to be in the best interests of the
Certificateholder and shall have no liability to any Person for such action
or inaction.

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

                                       14

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

Section 6.06.     Restrictions.  The Owner Trustee shall not take any action
(a) that is inconsistent with the purposes of the Trust set forth in
Section 2.03 or (b) that, to the actual knowledge of the Owner Trustee, would
result in the Trust being treated as a association (or publicly traded
partnership) taxable as a corporation for federal income tax purposes.  The
Owner Trustee and the Depositor agree that no election to treat the Trust as
an association (or publicly traded partnership) taxable as a corporation for
United States federal income tax purposes or any relevant state tax purposes
shall be made by or on behalf of the Trust.  The Certificateholder shall not
direct the Owner Trustee or the Depositor to take action that would violate
the provisions of this Section.

                                ARTICLE VII

                         CONCERNING THE OWNER TRUSTEE

Section 7.01.     Acceptance of Trusts and Duties.  The Owner Trustee hereby
accepts the trusts hereby created and agrees to perform its duties hereunder
with respect to such trusts but only upon the terms of this Agreement.  The
Owner Trustee also agrees to disburse all monies actually received by it
constituting part of the Owner Trust Estate upon the terms of the Basic
Documents and this Agreement.  The Owner Trustee shall not be answerable or
accountable hereunder or under any Basic Document under any circumstances,
except (i) for its own willful misconduct or negligence or (ii) in the case
of the inaccuracy of any representation or warranty contained in Section 7.03
expressly made by the Owner Trustee.  In particular, but not by way of
limitation (and subject to the exceptions set forth in the preceding
sentence):

(a)   the Owner Trustee shall not be liable for any error of judgment made by
a responsible officer of the Owner Trustee;

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

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

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

                                       15

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

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

(g)   the Owner Trustee shall be under no obligation to exercise any of the
rights or powers vested in it by this Agreement, or to institute, conduct or
defend any litigation under this Agreement or otherwise or in relation to
this Agreement or any Basic Document, at the request, order or direction of
the Certificateholder, unless the Certificateholder has offered to the Owner
Trustee security or indemnity satisfactory to it against the costs, expenses
and liabilities that may be incurred by the Owner Trustee therein or
thereby.  The right of the Owner Trustee to perform any discretionary act
enumerated in this Agreement or in any Basic Document shall not be construed
as a duty, and the Owner Trustee shall not be answerable for other than its
negligence or willful misconduct in the performance of any such act.

Section 7.02.     Furnishing of Documents.  The Owner Trustee shall furnish
(a) to the Certificateholder promptly upon receipt of a written request
therefor, duplicates or copies of all reports, notices, requests, demands,
certificates, financial statements and any other instruments furnished to the
Owner Trustee under the Basic Documents and (b) to the Indenture Trustee
promptly upon written request therefor, copies of the Purchase Agreement, the
Sale and Servicing Agreement, the Administration Agreement and the Trust
Agreement.

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

(a)   It is a banking association duly organized and validly existing in good
standing under the federal laws of the United States and satisfies the
eligibility criteria set forth in Section 10.01. It has all requisite
corporate power and authority to execute, deliver and perform its obligations
under this Agreement.

(b)   It has taken all corporate action necessary to authorize the execution
and delivery by it of this Agreement, and this Agreement has been executed
and delivered by one of its officers who is duly authorized to execute and
deliver this Agreement on its behalf.

(c)   Neither the execution nor the delivery by it of this Agreement, nor the
consummation by it of the transactions contemplated hereby nor compliance by
it with any of the terms or provisions hereof will contravene any federal or
Delaware law, governmental rule or regulation governing the banking or trust

                                       16

powers of the Owner Trustee or any judgment or order binding on it, or
constitute any default under its charter documents or by-laws or any
indenture, mortgage, contract, agreement or instrument to which it is a party
or by which any of its properties may be bound.

Section 7.04.     Reliance; Advice of Counsel.

(a)   The Owner Trustee shall incur no liability to anyone in acting upon any
signature, instrument, notice, resolution, request, consent, order,
certificate, report, opinion, bond, or other document or paper believed by it
to be genuine and believed by it to be signed by the proper party or
parties.  The Owner Trustee may accept a certified copy of a resolution of
the board of directors or other governing body of any corporate party as
conclusive evidence that such resolution has been duly adopted by such body
and that the same is in full force and effect.  As to any fact or matter the
method of the determination of which is not specifically prescribed herein,
the Owner Trustee may for all purposes hereof rely on a certificate, signed
by the president or any vice president or by the treasurer or other
authorized officers of the relevant party, as to such fact or matter, and
such certificate shall constitute full protection to the Owner Trustee for
any action taken or omitted to be taken by it in good faith in reliance
thereon.

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

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

Section 7.06.     Owner Trustee Not Liable for the Certificate, Notes or
Receivables.  The recitals contained herein and in the Certificate (other
than the signature and counter-signature of the Owner Trustee on the
Certificate and its representations and warranties in Section 7.03) shall not
be taken as the statements of the Owner Trustee and the Owner Trustee assumes
no responsibility for the correctness thereof.  The Owner Trustee makes no
representations as to the validity or sufficiency of this Agreement, or of
the Certificate (other than the signature and countersignature of the Owner
Trustee on the Certificate), or the Notes or of any other Basic Document or
of any Receivable or related documents.  The Owner Trustee shall at no time
have any responsibility or liability for or with respect to the legality,
validity and enforceability of any Receivable, or the perfection and priority
of any security interest created by any Receivable in any Financed Equipment
or the maintenance of any such perfection and priority, or for or with
respect to the sufficiency of the Owner Trust Estate or its ability to

                                       17

generate the payments to be distributed to the Certificateholder under this
Agreement or the Noteholders under the Indenture, including: the existence,
condition and ownership of any Financed Equipment; the existence and
enforceability of any insurance thereon; the existence and contents of any
Receivable on any computer or other record thereof; the validity of the
assignment of any Receivable to the Trust or of any intervening assignment;
the completeness of any Receivable; the performance or enforcement of any
Receivable; the compliance by the Depositor or the Servicer with any warranty
or representation made under any Basic Document or in any related document or
the accuracy of any such warranty or representation or any action of the
Administrator, the Indenture Trustee or the Servicer or any subservicer taken
in the name of the Owner Trustee.

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

                                ARTICLE VIII

                        COMPENSATION OF OWNER TRUSTEE

Section 8.01.     Owner Trustee's Fees and Expenses.  The Owner Trustee shall
receive as compensation for its services hereunder such fees as have been
separately agreed upon before the date hereof between the Depositor and the
Owner Trustee, and the Owner Trustee shall be entitled to be reimbursed by
the Depositor for its other reasonable expenses hereunder, including the
reasonable compensation, expenses and disbursements of such agents,
representatives, experts and counsel as the Owner Trustee may employ in
connection with the exercise and performance of its rights and its duties
hereunder; provided, however, that the Owner Trustee's right to enforce such
obligation shall be subject to the provisions of Section 11.08.

Section 8.02.     Indemnification.  The Depositor shall be liable as primary
obligor for, and shall indemnify the Owner Trustee and its successors,
assigns, agents and servants (collectively, the "Indemnified Parties") from
and against, any and all liabilities, obligations, losses, damages, taxes,
claims, actions and suits, and any and all reasonable costs, expenses and
disbursements (including reasonable legal fees and expenses) of any kind and
nature whatsoever (collectively, "Expenses") which may at any time be imposed
on, incurred by, or asserted against the Owner Trustee or any Indemnified
Party in any way relating to or arising out of this Agreement, the Basic
Documents, the Owner Trust Estate, the administration of the Owner Trust
Estate or the action or inaction of the Owner Trustee hereunder, except only
that the Depositor shall not be liable for or required to indemnify the Owner
Trustee from and against Expenses arising or resulting from any of the
matters described in the third sentence of Section 7.01; provided, however,
that the Owner Trustee's right to enforce such obligation shall be subject to
the provisions of Section 11.08.  The indemnities contained in this
Section shall survive the resignation or termination of the Owner Trustee or
the termination of this Agreement.  In any event of any claim, action or
proceeding for which indemnity will be sought pursuant to this Section, the

                                       18

Owner Trustee's choice of legal counsel shall be subject to the approval of
the Depositor, which approval shall not be unreasonably withheld.

Section 8.03.     Payments to the Owner Trustee.  Any amounts paid to the
Owner Trustee pursuant to this Article VIII shall be deemed not to be a part
of the Owner Trust Estate immediately after such payment.

                                  ARTICLE IX

                        TERMINATION OF TRUST AGREEMENT

Section 9.01.     Termination of Trust Agreement.

(a)   This Agreement (other than Article VIII and Section 11.08) and the
Trust shall terminate and be of no further force or effect, upon the final
distribution by the Owner Trustee of all monies or other property or proceeds
of the Owner Trust Estate in accordance with the terms of the Indenture, the
Sale and Servicing Agreement and Article V.  Any money or other property held
as part of the Owner Trust Estate following such distribution shall be
distributed to the Depositor.  The bankruptcy, liquidation, dissolution,
death or incapacity of the Certificateholder shall not (x) operate to
terminate this Agreement or the Trust, or (y) entitle the Certificateholder's
legal representatives or heirs to claim an accounting or to take any action
or proceeding in any court for a partition or winding up of all or any part
of the Trust or Owner Trust Estate or (z) otherwise affect the rights,
obligations and liabilities of the parties hereto.

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

(c)   Notice of any termination of the Trust, specifying the Distribution
Date upon which the Certificateholder shall surrender the Certificate to the
Paying Agent for payment of the final distribution and cancellation, shall be
given by the Owner Trustee by letter to the Certificateholder mailed within
five Business Days of receipt of notice of such termination from the Servicer
given pursuant to Section 9.01(c) of the Sale and Servicing Agreement,
stating (i) the Distribution Date upon or with respect to which final payment
of the Certificate shall be made upon presentation and surrender of the
Certificate at the office of the Paying Agent therein designated, (ii) the
amount of any such final payment and (iii) that the Record Date otherwise
applicable to such Distribution Date is not applicable, payments being made
only upon presentation and surrender of the Certificate at the office of the
Paying Agent therein specified.  The Owner Trustee shall give such notice to
the Certificate Registrar (if other than the Owner Trustee) and the Paying
Agent at the time such notice is given to the Certificateholder.  Upon
presentation and surrender of the Certificate, the Paying Agent shall cause
to be distributed to the Certificateholder amounts distributable on such
Distribution Date pursuant to Section 5.02.

            In the event that the Certificateholder shall not surrender the
      Certificate for cancellation within six months after the date specified
      in the above mentioned written notice, the Owner Trustee shall give a
      second written notice to the Certificateholder to surrender the
      Certificate for cancellation and receive the final distribution with
      respect thereto.  If within one year after the second notice the

                                       19

      Certificate shall not have been surrendered for cancellation, the Owner
      Trustee may take appropriate steps, or may appoint an agent to take
      appropriate steps, to contact the Certificateholder concerning
      surrender of the Certificate, and the cost thereof shall be paid out of
      the funds and other assets that shall remain subject to this
      Agreement.  Any funds remaining in the Trust after exhaustion of such
      remedies shall be distributed by the Owner Trustee to the Depositor.

(d)   Upon the winding up of the Trust and its termination, the Owner Trustee
shall cause the Certificate of Trust to be canceled by filing a certificate
of cancellation with the Secretary of State in accordance with the provisions
of Section 3810 of the Statutory Trust Statute.

                                  ARTICLE X

            SUCCESSOR OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES

Section 10.01.    Eligibility Requirements for Owner Trustee.  The Owner
Trustee shall at all times be a corporation satisfying the provisions of
Section 3807(a) of the Statutory Trust Statute; authorized to exercise
corporate trust powers; having a combined capital and surplus of at least
$50,000,000 and subject to supervision or examination by federal or state
authorities; and having (or having a parent which has) a rating of at least
"Baa3" by Moody's and at least "BBB-" by Standard & Poor's.  If such
corporation shall publish reports of condition at least annually, pursuant to
law or to the requirements of the aforesaid supervising or examining
authority, then for the purpose of this Section, the combined capital and
surplus of such corporation shall be deemed to be its combined capital and
surplus as set forth in its most recent report of condition so published.  In
case at any time the Owner Trustee shall cease to be eligible in accordance
with the provisions of this Section, the Owner Trustee shall resign
immediately in the manner and with the effect specified in Section 10.02.

Section 10.02.    Resignation or Removal of Owner Trustee.  The Owner Trustee
may at any time resign and be discharged from the trusts hereby created by
giving written notice thereof to the Depositor, the Certificateholder and the
Administrator; provided, however, that such resignation and discharge shall
only be effective upon the appointment of a successor Owner Trustee.  Upon
receiving such notice of resignation, the Administrator shall promptly
appoint a successor Owner Trustee by written instrument, in duplicate, one
copy of which instrument shall be delivered to the resigning Owner Trustee
and one copy to the successor Owner Trustee.  If no successor Owner Trustee
shall have been so appointed and have accepted appointment within 30 days
after the giving of such notice of resignation, the resigning Owner Trustee
may petition any court of competent jurisdiction for the appointment of a
successor Owner Trustee.

      If at any time the Owner Trustee shall cease to be eligible in
accordance with the provisions of Section 10.01 and shall fail to resign
after written request therefor by the Depositor, or if at any time the Owner
Trustee shall be legally unable to act, or shall be adjudged bankrupt or
insolvent, or a receiver of the Owner Trustee or of its property shall be
appointed, or any public officer shall take charge or control of the Owner
Trustee or of its property or affairs for the purpose of rehabilitation,
conservation or liquidation, then the Depositor may remove the Owner
Trustee.  If the Depositor shall remove the Owner Trustee under the authority

                                       20

of the immediately preceding sentence, the Depositor shall promptly appoint a
successor Owner Trustee by written instrument, in duplicate, one copy of
which instrument shall be delivered to the outgoing Owner Trustee so removed
and one copy to the successor Owner Trustee and the Depositor shall pay all
fees owed to the outgoing Owner Trustee.

      Any resignation or removal of the Owner Trustee and appointment of a
successor Owner Trustee pursuant to any of the provisions of this
Section shall not become effective until acceptance of appointment by the
successor Owner Trustee pursuant to Section 10.03 and payment of all fees and
expenses owed to the outgoing Owner Trustee.  The Depositor shall provide
notice of such resignation or removal of the Owner Trustee to each of the
Rating Agencies.

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

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

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

Section 10.04.    Merger or Consolidation of Owner Trustee.  Any corporation
into which the Owner Trustee may be merged or converted or with which it may
be consolidated, or any corporation resulting from any merger, conversion or
consolidation to which the Owner Trustee shall be a party, or any corporation
succeeding to all or substantially all of the corporate trust business of the
Owner Trustee, shall be the successor of the Owner Trustee hereunder;
provided such corporation shall be eligible pursuant to Section 10.01,
without the execution or filing of any instrument or any further act on the
part of any of the parties hereto; anything herein to the contrary
notwithstanding; provided, further, that the Owner Trustee shall mail notice
of such merger or consolidation to the Rating Agencies.

                                       21

Section 10.05.    Appointment of Co-Trustee or Separate Trustee.
Notwithstanding any other provisions of this Agreement, at any time, for the
purpose of meeting any legal requirements of any jurisdiction in which any
part of the Owner Trust Estate or any Financed Equipment may at the time be
located, the Depositor and the Owner Trustee acting jointly shall have the
power and shall execute and deliver all instruments to appoint one or more
Persons approved by the Owner Trustee to act as co-trustee, jointly with the
Owner Trustee, or separate trustee or separate trustees, of all or any part
of the Owner Trust Estate, and to vest in such Person, in such capacity, such
title to the Trust, or any part thereof, and, subject to the other provisions
of this Section, such powers, duties, obligations, rights and trusts as the
Depositor and the Owner Trustee may consider necessary or desirable.  If the
Depositor shall not have joined in such appointment within 15 days after the
receipt by it of a request so to do, the Owner Trustee alone shall have the
power to make such appointment.  No co-trustee or separate trustee under this
Agreement shall be required to meet the terms of eligibility as a successor
trustee pursuant to Section 10.01 and no notice of the appointment of any
co-trustee or separate trustee shall be required pursuant to Section 10.03.

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

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

(ii)  no trustee under this Agreement shall be personally liable by reason of
any act or omission of any other trustee under this Agreement; and
(iii) the Depositor and the Owner Trustee acting jointly may at any time
accept the resignation of or remove any separate trustee or co-trustee.

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

                                       22

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

                                  ARTICLE XI

                                MISCELLANEOUS

Section 11.01.    Supplements and Amendments.  This Agreement may be amended
by the Depositor and the Owner Trustee, with prior written notice to the
Rating Agencies, without the consent of any of the Noteholders or the
Certificateholder to cure any ambiguity, to correct or supplement any
provisions in this Agreement or for the purpose of adding any provisions to
or changing in any manner or eliminating any of the provisions in this
Agreement or of modifying in any manner the rights of the Noteholders or the
Certificateholder; provided, however, that such amendment shall not, as
evidenced by an Opinion of Counsel, adversely affect in any material respect
the interests of any Noteholder or the Owner or the federal tax
characteristics of the Notes.

      This  Agreement  may also be amended from time to time by the  Depositor
and the Owner Trustee, with prior written notice to the Rating Agencies,  with
the  consent of the  Certificateholders  of Notes  evidencing  not less than a
majority of the Outstanding  Principal Amount of the Notes, 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;  provided,  however, that no such amendment shall (a) increase or
reduce in any  manner the  amount  of, or  accelerate  or delay the timing of,
collections  of  payments  on  Receivables  or  distributions  that  shall  be
required   to  be  made   for  the   benefit   of  the   Noteholders   or  the
Certificateholder  or (b) reduce the aforesaid  percentage of the  Outstanding
Principal  Amount of the Notes or the  Certificate  required to consent to any
such  amendment,  without the  consent of the  holders of all the  outstanding
Notes and the Certificate.

      Promptly  after the  execution  of any such  amendment  or consent,  the
Owner  Trustee  shall furnish  written  notification  of the substance of such
amendment or consent to the Indenture Trustee and each of the Rating Agencies.

      It shall  not be  necessary  for the  consent  of the  Noteholders,  the
Certificateholder  or  the  Indenture  Trustee  pursuant  to  this  Section to
approve the  particular  form of any  proposed  amendment  or consent,  but it
shall be sufficient if such consent shall approve the substance  thereof.  The
manner  of  obtaining  such  consents  shall  be  subject  to such  reasonable
requirements as the Owner Trustee may prescribe.

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

                                       23

      Prior to the execution of any  amendment to this  Agreement or any other
Basic  Document,  the Owner Trustee shall be entitled to receive and rely upon
an  Opinion  of  Counsel  stating  that the  execution  of such  amendment  is
authorized or permitted by this Agreement and the other Basic  Documents.  The
Owner  Trustee  may,  but  shall  not be  obligated  to,  enter  into any such
amendment which affects the Owner  Trustee's own rights,  duties or immunities
under this Agreement or otherwise.

Section 11.02.    No Legal Title to Owner Trust Estate in the Owner.  The
Certificateholder shall not have legal title to any part of the Owner Trust
Estate.  The Certificateholder shall be entitled to receive distributions
with respect to its ownership interest therein only in accordance with
Articles V and IX.  No transfer, by operation of law or otherwise, of any
right, title, and interest of the Certificateholder to and in its ownership
interest in the Owner Trust Estate shall operate to terminate this Agreement
or the trusts hereunder or entitle any transferee to an accounting or to the
transfer to it of legal title to any part of the Owner Trust Estate.

Section 11.03.    Limitations on Rights of Others.  The provisions of this
Agreement are solely for the benefit of the Owner Trustee, the Depositor, the
Certificateholder, the Administrator and, to the extent expressly provided
herein, the Indenture Trustee and the Noteholders, and nothing in this
Agreement, whether express or implied, shall be construed to give to any
other Person any legal or equitable right, remedy or claim in the Owner Trust
Estate or under or in respect of this Agreement or any covenants, conditions
or provisions contained herein.

Section 11.04.    Notices.  (a)  Unless otherwise expressly specified or
permitted by the terms hereof, all notices shall be in writing and shall be
deemed given upon receipt by the intended recipient or three Business Days
after mailing if mailed by certified mail, postage prepaid (except that
notice to the Owner Trustee shall be deemed given only upon actual receipt by
the Owner Trustee), if to the Owner Trustee, addressed to the Corporate Trust
Office; if to the Depositor, addressed to Caterpillar Financial Funding
Corporation, 4040 S. Eastern Avenue, Suite 344, Las Vegas, Nevada 89119; or,
as to each party, at such other address as shall be designated by such party
in a written notice to each other party.

(b)   Any notice required or permitted to be given to the Certificateholder
shall be given by first-class mail, postage prepaid, at the address of such
Certificateholder as shown in the Certificate Register.  Any notice so mailed
within the time prescribed in this Agreement shall be conclusively presumed
to have been duly given, whether or not the Certificateholder receives such
notice.

Section 11.05.    Severability.  Any provision of this Agreement that is
prohibited or unenforceable in any jurisdiction shall, as to such
jurisdiction, 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.

                                       24

Section 11.06.    Separate Counterparts.  This Agreement may be executed by
the parties hereto in separate counterparts, each of which when so executed
and delivered shall be an original, but all such counterparts shall together
constitute but one and the same instrument.

Section 11.07.    Successors and Assigns.  All covenants and agreements
contained herein shall be binding upon, and inure to the benefit of, the
Depositor, the Owner Trustee and its successors and the Certificateholder and
its successors and permitted assigns, all as herein provided.  Any request,
notice, direction, consent, waiver or other instrument or action by the
Certificateholder shall bind the successors and assigns of the
Certificateholder.

Section 11.08.    No Petition.  Notwithstanding any prior termination of this
Agreement, the Owner Trustee, the Certificateholder, by accepting the
Certificate, and the Indenture Trustee and each Noteholder by accepting the
benefits of this Agreement, hereby covenant and agree that they will not,
prior to the date which is one year and one day after the termination of the
Trust, institute against the Depositor or the Issuing Entity, or join in any
institution against the Depositor or the Issuing Entity of, any bankruptcy,
reorganization, arrangement, insolvency or liquidation proceedings, or other
proceedings under any United States federal or state bankruptcy or similar
law in connection with any obligations relating to the Certificate, the
Notes, this Agreement or any of the Basic Documents.

Section 11.09.    No Recourse.  The Certificateholder by accepting the
Certificate acknowledges that the Certificate represents a beneficial
interest in the Trust only and does not represent an interest in or
obligation of the Depositor, the Servicer, the Administrator, the Owner
Trustee, the Indenture Trustee or any Affiliate thereof, and no recourse may
be had against such parties or their assets, except as may be expressly set
forth or contemplated in this Agreement, the Certificate or the other Basic
Documents.

Section 11.10.    Headings.  The headings of the various Articles and
Sections herein are for convenience of reference only and shall not define or
limit any of the terms or provisions hereof.

Section 11.11.    GOVERNING LAW.  THIS AGREEMENT SHALL BE CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE, WITHOUT REFERENCE TO ITS
CONFLICT OF LAW PROVISIONS AND THE OBLIGATIONS, RIGHTS, AND REMEDIES OF THE
PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

Section 11.12.    Certificate Transfer Restrictions.

(a)   The Certificate may not be acquired by or for the account of (i) an
employee benefit plan (as defined in Section 3(3) of the Employee Retirement
Income Security Act of 1974, as amended ("ERISA")), whether or not such plan
is subject to the provisions of Title I of ERISA, (ii) a plan (as defined in
Section 4975(e)(1) of the Code), whether or not such plan is subject to
Section 4975 of the Code, or (iii) any entity whose underlying assets include
"plan assets" by reason of any such plan's investment in the entity and the
application of U.S. Department of Labor (the "DOL") Regulation Section
2510.3-101 (the "Plan Asset Regulation") (excluding any investment company
that is registered under the Investment Company Act of 1940, as amended)

                                       25

(each, a "Benefit Plan Investor"), except as provided in the following
sentence.  By accepting and holding the Certificate, the Certificateholder
thereof shall be deemed to have represented, warranted and covenanted that it
is (A) not a Benefit Plan Investor, and that no assets of any Benefit Plan
Investor were used to acquire the Certificate, or (B) it is an insurance
company acting on behalf of its general account, and (i) on the date it
acquires the Certificate, less than 25% of the assets of such general account
constitute Plan Assets and (ii) if at any time during any calendar quarter
after the initial acquisition of the Certificate, 25% or more of the assets
of such general account constitute "plan assets" (as defined in the Plan
Asset Regulation) and no exemption or exception from the prohibited
transaction rules applies to the continued holding of the Certificate under
Section 401(c) of ERISA and final regulations thereunder or an exemption or
regulation issued by the DOL under ERISA, then such insurance company will
dispose of the Certificate then held in its general account by the end of the
next following calendar quarter, and shall deliver to the Owner Trustee at
the time of acquisition of the Certificate a duly executed Certificateholder
Certification in the form set forth in Exhibit C.

(b)   The Certificate may not be acquired by or for the account of an
individual or entity that is not a U.S. person as defined in Section
7701(a)(30) of the Code.  By accepting and holding the Certificate, the
Certificateholder shall be deemed to have represented and warranted under
penalties of perjury that it (or, if it is acting as a nominee, the
beneficial owner) is a U.S. person and shall deliver to the Owner Trustee, at
the time of acquisition of the Certificate and thereafter from time to time
upon request, a duly executed Certificateholder Certification in the form set
forth in Exhibit C.

Section 11.13.    Depositor Payment Obligation.  The Depositor shall be
responsible for payment of the Administrator's fees under the Administration
Agreement (to the extent not paid pursuant to Section 5.04 of the Sale and
Servicing Agreement) and shall reimburse the Administrator for all expenses
and liabilities of the Administrator incurred thereunder.

                                   ARTICLE XII

                           REGULATION AB COMPLIANCE

Section 12.01.    Intent of the Parties; Reasonableness.  The Depositor and
the Owner Trustee acknowledge and agree that the purpose of this Article XII
is to facilitate compliance by the Issuing Entity and the Depositor with the
provisions of Regulation AB and related rules and regulations of the
Commission.  Neither the Issuing Entity nor the Depositor shall exercise its
right to request delivery of information or other performance under these
provisions other than in good faith, or for purposes other than compliance
with the Securities Act, the Exchange Act and the rules and regulations of
the Commission under the Securities Act and the Exchange Act.  The Owner
Trustee acknowledges that interpretations of the requirements of Regulation
AB may change over time, whether due to interpretive guidance provided by the
Commission or its staff, consensus among participants in the asset-backed
securities markets, advice of counsel, or otherwise, and agrees to comply
with requests made by the Depositor in good faith for delivery of information
under these provisions on the basis of evolving interpretations of Regulation
AB.  The Owner Trustee shall cooperate fully with the Issuing Entity and the
Depositor to deliver to the Issuing Entity (including any of their respective
assignees or designees) and the Depositor any and all statements, reports,
certifications, records and any other information necessary in the good faith

                                       26

determination of the Issuing Entity or the Depositor to permit the Issuing
Entity or the Depositor to comply with the provisions of Regulation AB,
together with such disclosures relating to the Owner Trustee and the Notes
reasonably believed by the Issuing Entity or the Depositor to be necessary in
order to effect such compliance.

Section 12.02.    Additional Representations and Warranties of the Owner
Trustee.

(a)      The Owner  Trustee  shall be deemed to  represent  and warrant to the
Issuing Entity and to the Depositor,  as of the date hereof and as of the date
on which  information is first provided to the Issuing Entity or the Depositor
under  Section  12.03,  that,  except as  disclosed  in writing to the Issuing
Entity or such  Depositor  prior to such date: (i) it is not aware and has not
received  notice that any default,  early  amortization  or other  performance
triggering  event has occurred as to any other  securitization  due to any act
or failure to act of the Owner  Trustee;  (ii) it has not been  terminated  as
trustee in a  securitization  of lease or  installment  contract  receivables;
(iii)  there are no  aspects  of its  financial  condition  that  could have a
material  adverse effect on the  performance by it of its trustee  obligations
under  this  Agreement;  (iv) there are no legal or  governmental  proceedings
pending  (or known to be  contemplated)  against it that would have a material
adverse  impact on its  ability  to act as Owner  Trustee  hereunder;  and (v)
there are no  affiliations,  relationships  or  transactions  relating  to the
Owner Trustee with respect to any  Transaction  Party required to be disclosed
under Item 1119 of Regulation AB.

(b)   If so requested by the Issuing  Entity or the  Depositor  following  the
date hereof,  the Owner Trustee  shall,  within five  Business Days  following
such  request,  confirm in writing  the  accuracy of the  representations  and
warranties  set  forth  in  paragraph  (a) of this  Section  or,  if any  such
representation  and warranty is not accurate as of the date of such request or
such  confirmation,  provide reasonably  adequate  disclosure of the pertinent
facts, in writing, to the requesting party.

Section 12.03.    Information to Be Provided by the Owner Trustee.

(a)      For the  purpose  of  satisfying  the  reporting  obligations  of the
Issuing  Entity under the  Exchange  Act with respect to the Notes,  the Owner
Trustee  shall (i) notify the Issuing  Entity and the  Depositor in writing of
(A) any material  litigation or governmental  proceedings  pending against the
Owner Trustee,  (B) any  affiliations or relationships  that develop following
the date hereof between the Owner Trustee and any  Transaction  Party that are
required to be disclosed  under Item 1119 of Regulation AB, and (C) any change
in control or sale of substantially  all the assets of the Owner Trustee,  and
(ii) provide to the Issuing Entity and the Depositor a written  description of
such litigation proceedings, affiliations, relationships or corporate changes.

(b)      In addition to such  information as the Owner Trustee is obligated to
provide  pursuant to other  provisions of this  Agreement,  if so requested by
the Issuing  Entity or the  Depositor,  the Owner  Trustee  shall provide such
information   reasonably   available  to  the  Owner  Trustee   regarding  the
performance  or  servicing of the  Receivables  as is  reasonably  required to
facilitate  preparation of  distribution  reports in accordance with Item 1121
of Regulation AB.

Section 12.04.    Indemnification; Remedies.

                                       27

(a)   The Owner Trustee shall indemnify the Issuing Entity,  each affiliate of
the Issuing Entity,  the Depositor,  the Servicer and each Person  responsible
for the  preparation,  execution or filing of any report  required to be filed
with the  Commission  with respect to the Notes,  each broker dealer acting as
underwriter,  placement agent or initial purchaser or each Person who controls
any of such parties  (within the meaning of Section 15 of the  Securities  Act
and Section 20 of the Exchange  Act);  and the  respective  present and former
directors,  officers, employees and agents of each of the foregoing, and shall
hold each of them  harmless from and against any losses,  damages,  penalties,
fines, forfeitures,  legal fees and expenses and related costs, judgments, and
any other costs,  fees and expenses  that any of them may sustain  arising out
of or based upon:

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

(ii)  any  failure by the Owner  Trustee to deliver any  information,  report,
certification  or other  material when and as required under this Article XII;
or

(iii) any breach by the Owner  Trustee of a  representation  or  warranty  set
forth in  Section  12.02(a)  or in a writing  furnished  pursuant  to  Section
12.02(b).

(b)   In the case of any failure of  performance  described in clause  (a)(ii)
of this  Section,  the Owner  Trustee  shall  promptly  reimburse  the Issuing
Entity,  the Depositor,  as applicable,  and each Person  responsible  for the
preparation,  execution or filing of any report  required to be filed with the
Commission  with  respect to the Notes for all costs  reasonably  incurred  by
each such party in order to obtain the information,  report,  certification or
other material not delivered as required by the Owner Trustee.

                           [Signature Page Follows]

                                       28

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

                                       [OWNER TRUSTEE],
                                       not in its individual capacity but
                                       solely as Owner Trustee,

                                       By:_____________________________________
                                          Name:
                                          Title:

                                       CATERPILLAR FINANCIAL FUNDING
                                       CORPORATION, as Depositor,

                                       By:_____________________________________
                                          Name:
                                          Title:

                                  EXHIBIT A

                             FORM OF CERTIFICATE

NUMBER                                                          $[___________]
R-1

                     SEE REVERSE FOR CERTAIN DEFINITIONS

                THIS CERTIFICATE IS ONLY TRANSFERABLE IN WHOLE
                  AND IS SUBJECT TO RESTRICTIONS ON TRANSFER
                       SET FORTH IN THE TRUST AGREEMENT

      THIS  CERTIFICATE  HAS NOT BEEN  REGISTERED  AND WILL NOT BE  REGISTERED
UNDER THE UNITED STATES  SECURITIES  ACT OF 1933, AS AMENDED (THE  "SECURITIES
ACT"),  AND MAY  NOT BE  OFFERED,  SOLD OR  DELIVERED  UNLESS  PURSUANT  TO AN
EFFECTIVE  REGISTRATION  STATEMENT  OR  PURSUANT  TO  AN  EXEMPTION  FROM  THE
SECURITIES ACT.

      THIS  CERTIFICATE  MAY NOT BE  ACQUIRED  BY OR FOR THE ACCOUNT OF (i) AN
EMPLOYEE  BENEFIT PLAN (AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE  RETIREMENT
INCOME SECURITY ACT OF 1974, AS AMENDED  ("ERISA")),  WHETHER OR NOT SUCH PLAN
IS SUBJECT TO THE  PROVISIONS OF TITLE I OF ERISA,  (ii) A PLAN (AS DEFINED IN
SECTION  4975(e)(1)  OF THE  CODE),  WHETHER  OR NOT SUCH PLAN IS  SUBJECT  TO
SECTION 4975 OF THE CODE, OR (iii) ANY ENTITY WHOSE UNDERLYING  ASSETS INCLUDE
"PLAN  ASSETS" BY REASON OF ANY SUCH PLAN'S  INVESTMENT  IN THE ENTITY AND THE
APPLICATION  OF U.S.  DEPARTMENT  OF  LABOR  (THE  "DOL")  REGULATION  SECTION
2510.3-101  (THE "PLAN ASSET  REGULATION")  (EXCLUDING ANY INVESTMENT  COMPANY
THAT IS  REGISTERED  UNDER THE  INVESTMENT  COMPANY  ACT OF 1940,  AS AMENDED)
(EACH,  A  "BENEFIT  PLAN  INVESTOR"),  EXCEPT AS  PROVIDED  IN THE  FOLLOWING
SENTENCE.  BY  ACCEPTING  AND HOLDING  THIS  CERTIFICATE,  THE HOLDER  THEREOF
SHALL BE DEEMED TO HAVE  REPRESENTED,  WARRANTED AND COVENANTED THAT IT IS (A)
NOT A BENEFIT PLAN  INVESTOR,  AND THAT NO ASSETS OF ANY BENEFIT PLAN INVESTOR
WERE USED TO  ACQUIRE  THIS  CERTIFICATE,  OR (B) IT IS AN  INSURANCE  COMPANY
ACTING ON BEHALF OF ITS GENERAL ACCOUNT,  AND (i) ON THE DATE IT ACQUIRES THIS
CERTIFICATE,  LESS THAN 25% OF THE ASSETS OF SUCH GENERAL  ACCOUNT  CONSTITUTE
PLAN  ASSETS AND (ii) IF AT ANY TIME  DURING ANY  CALENDAR  QUARTER  AFTER THE
INITIAL  ACQUISITION  OF THIS  CERTIFICATE,  25% OR MORE OF THE ASSETS OF SUCH
GENERAL  ACCOUNT  CONSTITUTE  "PLAN  ASSETS"  (AS  DEFINED  IN THE PLAN  ASSET
REGULATION)  AND NO  EXEMPTION OR EXCEPTION  FROM THE  PROHIBITED  TRANSACTION
RULES  APPLIES TO THE  CONTINUED  HOLDING OF THIS  CERTIFICATE  UNDER  SECTION
401(c)  OF  ERISA  AND  FINAL  REGULATIONS   THEREUNDER  OR  AN  EXEMPTION  OR

                                       A-1

REGULATION  ISSUED BY THE DOL UNDER ERISA,  THEN SUCH  INSURANCE  COMPANY WILL
DISPOSE  OF  THIS  CERTIFICATE  BY  THE  END OF THE  NEXT  FOLLOWING  CALENDAR
QUARTER,  AND SHALL DELIVER TO THE OWNER TRUSTEE AT THE TIME OF ACQUISITION OF
THIS CERTIFICATE A DULY EXECUTED  CERTIFICATEHOLDER  CERTIFICATION IN THE FORM
SET FORTH IN EXHIBIT C TO THE TRUST AGREEMENT REFERRED TO HEREIN.

      THIS  CERTIFICATE  MAY  NOT BE  ACQUIRED  BY OR FOR  THE  ACCOUNT  OF AN
INDIVIDUAL  OR  ENTITY  THAT  IS NOT A  U.S.  PERSON  AS  DEFINED  IN  SECTION
7701(a)(30)  OF THE CODE.  BY  ACCEPTING  AND HOLDING  THIS  CERTIFICATE,  THE
HOLDER SHALL BE DEEMED TO HAVE  REPRESENTED  AND WARRANTED  THAT IT (OR, IF IT
IS ACTING AS A  NOMINEE,  THE  BENEFICIAL  OWNER) IS A U.S.  PERSON  AND SHALL
DELIVER TO THE OWNER TRUSTEE,  AT THE TIME OF ACQUISITION OF THIS  CERTIFICATE
AND THEREAFTER FROM TIME TO TIME UPON REQUEST,  A DULY EXECUTED  CERTIFICATION
IN THE FORM SET FORTH IN EXHIBIT C TO THE TRUST AGREEMENT.

      THE  CERTIFICATE   BALANCE  OF  THIS  CERTIFICATE  IS  DISTRIBUTABLE  IN
INSTALLMENTS  AS  SET  FORTH  IN  THE  TRUST   AGREEMENT.   ACCORDINGLY,   THE
OUTSTANDING  CERTIFICATE  BALANCE OF THIS  CERTIFICATE AT ANY TIME MAY BE LESS
THAN THE AMOUNT SHOWN ON THE FACE HEREOF.

                                       A-2

                 CATERPILLAR FINANCIAL ASSET TRUST 20[__]-[_]

                           ASSET BACKED CERTIFICATE

evidencing an undivided  interest in the Trust, as defined below, the property
of which  includes a pool of retail  installment  sale  contracts  and finance
leases  secured by new and used  machinery and certain  monies due or received
thereunder and sold to the Trust (as defined  below) by Caterpillar  Financial
Funding Corporation.

(This  Certificate  does  not  represent  an  interest  in  or  obligation  of
Caterpillar  Financial Funding  Corporation,  Caterpillar  Financial  Services
Corporation,  Caterpillar Inc. or any of their respective  affiliates,  except
to the extent described below.)

      THIS  CERTIFIES  THAT   ______________________________________   is  the
registered    holder   of    ______________________________________    DOLLARS
($___________)  nonassessable,  fully-paid,  undivided interest in Caterpillar
Financial   Asset  Trust   20[__]-[_]  (the  "Trust")  formed  by  Caterpillar
Financial Funding Corporation, a Nevada corporation (the "Depositor").

      The  Trust  was  created  pursuant  to an  Amended  and  Restated  Trust
Agreement,  dated as of [Date] (the "Trust Agreement"),  between the Depositor
and [Owner Trustee],  as trustee (the "Owner  Trustee"),  a summary of certain
of the  pertinent  provisions  of which is set forth below.  To the extent not
otherwise defined herein,  the capitalized terms used herein have the meanings
assigned to them in the Trust  Agreement or the Sale and Servicing  Agreement,
dated as of [Date] (the "Sale and Servicing Agreement"),  among the Trust, the
Depositor and Caterpillar  Financial  Services  Corporation,  as servicer (the
"Servicer"), as applicable.

      This  Certificate is the duly authorized  Certificate  designated as the
"Asset Backed  Certificate"  (herein  called the  "Certificate").  Also issued
under the  Indenture,  dated as of  [Date],  between  the Trust and U.S.  Bank
National  Association,   as  trustee  (the  "Indenture  Trustee"),  are  Notes
designated  as "Class A-1 [__]% Asset  Backed  Notes" (the "Class A-1 Notes"),
"Class A-2 [__]%  Asset  Backed  Notes" (the  "Class A-2  Notes"),  "Class A-3
[__]% Asset  Backed  Notes" (the  "Class A-3  Notes"),  "Class A-4 [__]% Asset
Backed  Notes" (the "Class A-4 Notes") and "Class B [__]% Asset Backed  Notes"
(the "Class B Notes";  together with the Class A-1 Notes, the Class A-2 Notes,
the Class A-3 Notes and the Class A-4 Notes,  the "Notes").  This  Certificate
is issued under and is subject to the terms,  provisions and conditions of the
Trust  Agreement,  to which Trust Agreement the holder of this  Certificate by
virtue of the  acceptance  hereof  assents  and by which such holder is bound.
The  property  of  the  Trust  includes  a pool  of  retail  installment  sale
contracts  and  finance   leases  secured  by  new  and  used  equipment  (the
"Receivables"),  all monies  received on or after [Date] from  payments on the
Receivables,  security interests in the equipment financed thereby and certain
other cross-collateralized  equipment,  certain bank accounts and the proceeds
thereof,  proceeds from claims on certain insurance policies and certain other
rights under the Trust  Agreement  and the Sale and Servicing  Agreement,  all
right,  title, and interest of the Depositor in and to the Purchase  Agreement
dated as of [Date] between Caterpillar  Financial Services Corporation and the
Depositor and all proceeds of the  foregoing.  The holder of this  Certificate
acknowledges  and agrees that its rights to receive  distributions  in respect

                                       A-3

of this  Certificate  are  subordinated  to the rights of the  Noteholders  as
described in the Sale and Servicing Agreement and the Indenture.

      Under the Trust Agreement,  there will be distributed on the 25th day of
each month or, if such day is not a Business  Day, the next  Business Day (the
"Distribution  Date"),  commencing  on [Date] to the Person in whose name this
Certificate  is  registered  at the close of business on the last calendar day
of the month preceding the month in which such  Distribution  Date occurs (the
"Record Date") the amount to be distributed to the  Certificateholder  on such
Distribution Date.

      Notwithstanding  any  prior  termination  of the  Trust  Agreement,  the
Certificateholder,  by its  acceptance  of  this  Certificate,  covenants  and
agrees  that it shall  not,  prior  to the date  which is one year and one day
after the  termination  of the Trust,  institute  against the Depositor or the
Issuing  Entity,  or join in any  institution  against  the  Depositor  or the
Issuing Entity of, any bankruptcy, reorganization,  arrangement, insolvency or
liquidation proceedings,  or other proceedings under any United States federal
or  state  bankruptcy  or  similar  law in  connection  with  any  obligations
relating to this  Certificate,  the Notes,  the Trust  Agreement or any of the
Basic Documents.

      Distributions  on this Certificate will be made as provided in the Trust
Agreement  by the  Owner  Trustee  by wire  transfer  or check  mailed  to the
Certificateholder   of  record  in  the  Certificate   Register   without  the
presentation  or surrender of this  Certificate  or the making of any notation
hereon.   Except  as   otherwise   provided   in  the  Trust   Agreement   and
notwithstanding  the above, the final distribution on this Certificate will be
made  after  due  notice  by  the  Owner  Trustee  of  the  pendency  of  such
distribution  and only upon  presentation and surrender of this Certificate at
the office or agency  maintained  for the purpose by the Owner  Trustee in the
Borough of Manhattan, The City of New York.

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

      The Trust Agreement  permits,  with certain exceptions therein provided,
the amendment  thereof and the  modification  of the rights and obligations of
the  Depositor  and  the  rights  of the  Certificateholder  under  the  Trust
Agreement at any time by the  Depositor and the Owner Trustee with the consent
of the holders of the Notes evidencing a majority of the outstanding Notes.

                                       A-4

      As provided in the Trust  Agreement  and subject to certain  limitations
therein set forth,  the transfer of this  Certificate is  registerable  in the
Certificate  Register upon surrender of this  Certificate for  registration of
transfer at the offices or agencies of the  Certificate  Registrar  maintained
by the Owner  Trustee in the  Borough of  Manhattan,  in the City of New York,
accompanied by a written  instrument of transfer in force  satisfactory to the
Owner  Trustee  and the  Certificate  Registrar  duly  executed  by the holder
hereof  or such  holder's  attorney  duly  authorized  in  writing  and a duly
executed  Certificateholder  Certification  of  the  transferee  thereof,  and
thereupon one or more new Certificates of authorized  denominations evidencing
the same  aggregate  interest  in the Trust  will be issued to the  designated
transferee.  No  service  charge  will be made  for any such  registration  of
transfer,  but the Owner  Trustee or the  Certificate  Registrar  may  require
payment of a sum  sufficient to cover any tax or  governmental  charge payable
in connection  therewith.  The initial  Certificate  Registrar appointed under
the Trust Agreement is [Name], New York, New York.

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

      The obligations and responsibilities  created by the Trust Agreement and
the  Trust  created   thereby  shall   terminate   upon  the  payment  to  the
Certificateholder  of all  amounts  required  to be paid to it pursuant to the
Trust  Agreement and the Sale and Servicing  Agreement and the  disposition of
all property held as part of the Trust.  The Servicer of the  Receivables  may
at its option  purchase  the corpus of the Trust at a price  specified  in the
Sale and Servicing  Agreement,  and such purchase of the Receivables and other
property  of the  Trust  will  effect  early  retirement  of the  Certificate;
provided,  however,  such  right  of  purchase  is  exercisable  only  on  any
Distribution  Date on which the Note Value is 10% or less of the Initial  Note
Value .

      This  Certificate  may not be  acquired  by or for the account of (i) an
employee  benefit plan (as defined in Section 3(3) of the Employee  Retirement
Income Security Act of 1974, as amended  ("ERISA")),  whether or not such plan
is subject to the  provisions of Title I of ERISA,  (ii) a plan (as defined in
Section  4975(e)(1)  of the  Code),  whether  or not such plan is  subject  to
Section 4975 of the Code, or (iii) any entity whose underlying  assets include
"plan  assets" by reason of any such plan's  investment  in the entity and the
application  of U.S.  Department  of  Labor  (the  "DOL")  Regulation  Section
2510.3-101  (the "Plan Asset  Regulation")  (excluding any investment  company
that is  registered  under the  Investment  Company  Act of 1940,  as amended)
(each,  a  "Benefit  Plan  Investor"),  except as  provided  in the  following
sentence.  By  accepting  and holding  this  Certificate,  the holder  thereof
shall be deemed to have  represented,  warranted and covenanted that (A) it is
not a Benefit Plan  Investor,  and that no assets of any Benefit Plan Investor
were used to  acquire  this  Certificate,  or (B) it is an  insurance  company
acting on behalf of its general account,  and (i) on the date it acquires this
Certificate,  less than 25% of the assets of such general  account  constitute
Plan  Assets and (ii) if at any time  during any  calendar  quarter  after the
initial  acquisition  of this  Certificate,  25% or more of the assets of such
general  account  constitute  "plan  assets"  (as  defined  in the Plan  Asset
Regulation)  and no  exemption or exception  from the  prohibited  transaction
rules  applies to the  continued  holding of this  Certificate  under  Section
401(c)  of  ERISA  and  final  regulations   thereunder  or  an  exemption  or
regulation  issued by the DOL under ERISA,  then such  insurance  company will
dispose  of  this  Certificate  by  the  end of the  next  following  calendar

                                       A-5

quarter,  and shall deliver to the Owner Trustee at the time of acquisition of
this Certificate a duly executed  Certificateholder  Certification in the form
set forth in Exhibit C to the Trust Agreement.

      This  Certificate  may  not be  acquired  by or for  the  account  of an
individual  or  entity  that  is not a  U.S.  person  as  defined  in  Section
7701(a)(30)  of the Code.  By  accepting  and holding  this  Certificate,  the
holder shall be deemed to have  represented  and warranted  under penalties of
perjury that it (or, if it is acting as a nominee,  the beneficial owner) is a
U.S.  person  and  shall  deliver  to  the  Owner  Trustee,  at  the  time  of
acquisition  of this  Certificate  and  thereafter  from  time  to  time  upon
request,  a duly  executed  Certificateholder  Certification  in the  form set
forth in Exhibit C to the Trust Agreement.

      Unless  the  certificate  of  authentication   hereon  shall  have  been
executed by an authorized  officer of the Owner Trustee,  by manual signature,
this Certificate  shall not entitle the holder hereof to any benefit under the
Trust  Agreement  or the  Sale and  Servicing  Agreement  or be valid  for any
purpose.

      THIS  CERTIFICATE  SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE
STATE OF DELAWARE.

                                       A-6

      IN WITNESS  WHEREOF,  the Owner Trustee,  on behalf of the Trust and not
in its individual capacity, has caused this Certificate to be duly executed.

                                       CATERPILLAR FINANCIAL ASSET TRUST
                                           20[__]-[_],

                                       By:  [Owner Trustee], as Owner Trustee

Dated:  __________                     By:____________________________________
                                           Name:
                                           Title:

                        CERTIFICATE OF AUTHENTICATION

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

[Owner Trustee], as Owner Trustee     or     [Owner Trustee], as Owner Trustee

                                             By   [NAME], as Authenticating
                                                  Agent
By:_______________________________________   By:_______________________________
           Authorized Signatory                        Authorized Signatory

                                       A-7

                                  ASSIGNMENT

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

PLEASE INSERT SOCIAL SECURITY
OR OTHER IDENTIFYING NUMBER
OF ASSIGNEE

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

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

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

Dated:                              _________________________________________*
                                    Signature Guaranteed:

                                    _________________________________________*

____________________

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

                                       A-8

                                  EXHIBIT B

                           CERTIFICATE OF TRUST OF
                 CATERPILLAR FINANCIAL ASSET TRUST 20[__]-[_]

            THIS Certificate of Trust of Caterpillar Financial Asset Trust
20[__]-[_] (the "Trust") is being duly executed and filed on behalf of the
Trust by the undersigned, as trustee, to form a statutory trust under the
Delaware Statutory Trust Act (12 Del. C. § 3801 et seq.) (the "Act").

            Name.  The name of the statutory trust formed by this Certificate
of Trust is Caterpillar Financial Asset Trust 20[__]-[_].

            Delaware Trustee.  The name and business address of the trustee
of the Trust in the State of Delaware are [Name, Address, Attention: _____].

            Effective Date.  This Certificate of Trust shall be effective
upon filing.

            IN WITNESS WHEREOF, the undersigned has duly executed this
Certificate of Trust in accordance with Section 3811(a)(1) of the Act.

                                    [Owner Trustee], not in its individual
                                    capacity but solely as Trustee

                                    By:_________________________________
                                    Name:
                                    Title:

                                       B-1

                                  EXHIBIT C

                       CERTIFICATEHOLDER CERTIFICATION

      This  Certificateholder  Certification  ("Certification")  is  delivered
pursuant to Section  11.12(b) of Caterpillar  Financial Asset Trust 20[__]-[_]
Amended  and  Restated  Trust  Agreement,  dated  as  of  [Date]  (the  "Trust
Agreement"),  between  Caterpillar  Financial  Funding  Corporation and [Owner
Trustee],  as Owner Trustee,  in connection  with the acquisition of, transfer
to or  possession  by  the  undersigned,  whether  as  beneficial  owner  (the
"Beneficial  Owner"),  or nominee on behalf of the  Beneficial  Owner,  of the
Caterpillar  Financial Asset Trust  20[__]-[_]  Asset Backed  Certificate (the
"Certificate").  Capitalized terms used but not defined in this  Certification
have the respective meanings given them in the Trust Agreement.

      The holder must  complete  Part I, Part II (if the holder is a nominee),
and in all cases sign and otherwise complete Part III of Section A.

      Section A. To confirm to the Trust that the  provisions  of Section 1446
of  the  Internal  Revenue  Code  (relating  to  withholding  tax  on  foreign
partners) do not apply in respect of the Certificate  held by the undersigned,
the undersigned hereby certifies:

Part I - Complete Either A or B

      A.    Individual as Beneficial Owner

            1.    I am (The Beneficial Owner is) not a non-resident  alien for
                  purposes of U.S. income taxation;

            2.    My (The Beneficial Owner's) name and home address are

                  _____________________________________________

                  _____________________________________________

                  _____________________________________________; and

            3.    My (The  Beneficial  Owner's) U.S.  taxpayer  identification
                  number (Social Security Number) is ______________________.

      B.    Corporate, Partnership or other Entity as Beneficial Owner

            1.    ________________________________  (Name  of  the  Beneficial
                  Owner) is not a foreign  corporation,  foreign  partnership,
                  foreign trust or foreign  estate (as those terms are defined
                  in the Code and Treasury regulations);

                                       C-1

          2.    The   Beneficial   Owner's   office  address  and  place  of
                  incorporation           (if          applicable)          is
                  _________________________________________

                  _________________________________________; and

            3.    The Beneficial Owner's U.S. employer  identification  number
                  (Social Security Number) is _______________.

Part II - Nominees

      If  the  undersigned  is the  nominee  for  the  Beneficial  Owner,  the
undersigned  certifies that this  Certification has been made in reliance upon
information contained in:

      _________ an IRS Form W-9

      _________ a form such as this or substantially similar

provided to the  undersigned by an appropriate  person and (i) the undersigned
agrees to notify  the Trust at least  thirty  (30) days prior to the date that
the form relied upon becomes  obsolete,  and (ii) in connection with change in
Beneficial  Owners,  the undersigned  agrees to submit a new  Certification of
Non-Foreign Status to the Trust promptly after such change.

Part III - Declaration

      The undersigned,  as the Beneficial  Owner or a nominee thereof,  agrees
to notify the Trust  within  sixty  (60) days of the date that the  Beneficial
Owner  becomes  a  foreign  person.  The  undersigned  understands  that  this
Certification  may be disclosed to the Internal  Revenue  Service by the Trust
and any  false  statement  contained  therein  could be  punishable  by fines,
imprisonment or both.

                                       C-2

      Under  penalty  of  perjury,   I  declare  that  I  have  examined  this
Certification  and to the best of my knowledge and belief it is true,  correct
and complete and, if applicable,  I further declare that I have the authority*
to sign this document

________________________________________________________________
                                  Name

________________________________________________________________
                          Title (if applicable)

________________________________________________________________
                           Signature and Date

*NOTE:   If signed  pursuant  to a power of  attorney,  the power of  attorney
         must accompany this Certification.

      THE  CERTIFICATION  CONTAINED IN THIS SECTION A WILL BECOME  OBSOLETE AT
THE END OF THE THIRD YEAR AFTER THE  TAXABLE  YEAR OF THE TRUST  DURING  WHICH
THIS CERTIFICATION IS DELIVERED TO THE TRUST.

      Section B.  The undersigned hereby certifies that (check one):

                                      1.
 1.  [  ] no assets of any Benefit Plan Investor were used to acquire the Certificate.

            OR

                                      2.
 2.  [  ] I am an insurance company, acting on behalf of my general account, and

      a.    on the  date I  acquired  the  Certificate,  less  than 25% of the
assets of my general account constituted Plan Assets, and

      b.    if, at any time  during any  calendar  quarter  after the  initial
acquisition  of the  Certificate,  25% or more of the  assets of such  general
account  constitute  "plan  assets" (as defined in the Plan Asset  Regulation)
and no exemption or exception  from the prohibited  transaction  rules applies
to the continued  holding of the Certificate under Section 401(c) of ERISA and
final  regulations  thereunder or an exemption or regulation issued by the DOL
under ERISA,  then I will dispose of the  Certificate  then held in my general
account by the end of the next  following  calendar  quarter and shall deliver
to the Owner  Trustee at the time of  acquisition  of the  Certificate  a duly
executed  Certificateholder  Certification  in the  form  set  forth  in  this
exhibit.

      I declare that I have examined this  Certification and to the best of my
knowledge and belief it is true,  correct and complete and, if  applicable,  I
further declare that I have the authority* to sign this document

                                       C-3

________________________________________________________________
                                  Name

________________________________________________________________
                          Title (if applicable)

________________________________________________________________
                           Signature and Date

*NOTE:   If signed  pursuant  to a power of  attorney,  the power of  attorney
         must accompany this Certification.

                                       C-4EXHIBIT 10.1

                              PURCHASE AGREEMENT

                                   between

                  CATERPILLAR FINANCIAL SERVICES CORPORATION

                                    Seller

                                     and

                  CATERPILLAR FINANCIAL FUNDING CORPORATION

                                  Depositor

                              Dated as of [Date]

                               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 AND CUSTODY OF RECEIVABLES FILES......................5

SECTION 2.03.BOOKS AND RECORDS...............................................5

SECTION 2.04.CUSTODY OF RECEIVABLE FILES.....................................5

SECTION 2.05.CERTIFICATIONS BY THE SERVICER AND THE CUSTODIAN................5

SECTION 2.06.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

                                       -i-

SECTION 6.05.AMENDMENT......................................................19

SECTION 6.06.WAIVERS........................................................19

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 AND CROSS-REFERENCES..................................20

SECTION 6.12.GOVERNING LAW..................................................20

SECTION 6.13.COUNTERPARTS...................................................20

                                       -ii-

      PURCHASE AGREEMENT,  dated as of [Date],  between CATERPILLAR  FINANCIAL
SERVICES CORPORATION,  a Delaware corporation,  as seller (the "Seller"),  and
CATERPILLAR FINANCIAL FUNDING CORPORATION, a Nevada corporation,  as purchaser
(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  200[_]-[_]  (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  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  [Date],   among  the  Issuing  Entity,  the  Depositor,   the  Seller,  as
administrator,  and [Name of Indenture Trustee],  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 [Date].

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

      "Custodian"  means [Name of  Custodian],  in its  capacity as  custodian
under the Custodial Agreement, and its successors in such capacity.

      "Custodial  Agreement"  means  the  Custodial  Agreement,  dated  as  of
[Date],  among  the  Seller,  the  Depositor,   the  Issuing  Entity  and  the
Custodian,  as the same may be amended,  modified or supplemented from time to
time.

      "Depositor" means Caterpillar  Financial Funding  Corporation,  a Nevada
corporation, its successors and assigns.

      "Indenture"  means  the  Indenture,  dated  as of  [Date],  between  the
Issuing Entity and [Name of Indenture  Trustee],  as indenture trustee, as the
same may be amended, modified or supplemented from time to time.

      "Issuing   Entity"   means  the   Caterpillar   Financial   Asset  Trust
200[_]-[_], a Delaware statutory trust.

      "Notes"  means the Class A-1 [__]%  Asset  Backed  Notes,  the Class A-2
[__]% Asset Backed Notes,  the Class A-3 [__]% Asset Backed  Notes,  the Class
A-4 [__]% Asset  Backed  Notes and the Class B [__]% 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 [Date], and a prospectus  supplement dated [Date]) 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).

                                       -2-

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

      "Sale and Servicing  Agreement" means the Sale and Servicing  Agreement,
dated as of [Date],  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.

      "Seller" means Caterpillar  Financial Services  Corporation,  a Delaware
corporation, its successors and assigns.

      "Trust Agreement" means the Amended and Restated Trust Agreement,  dated
as of [Date],  between the  Depositor  and [Name of Owner  Trustee],  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.  Any  reference  herein to the  Administration  Agreement,

                                       -3-

      the  Custodial  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 $[__]  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 $[__].  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:

(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 a pledge of 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

                                       -4-

(a)  through  (f)  above,  in order to secure  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 and creditor  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.

SECTION 2.02.     Ownership and Custody of Receivables Files.

(a)               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.

(b)               In connection with the sale of the  Receivables  pursuant to
      Section 2.01,  within 30 days of the  Closing  Date,  the  Seller  shall
      deliver  each  Receivable  File  to  the  Custodian  on  behalf  of  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.     Custody  of  Receivable  Files.  Pursuant  to the  Custodial
Agreement  the  Depositor  has  appointed  the  Custodian,  and the  Custodian
accepted such appointment, to act as custodian of the Receivables Files.

SECTION 2.05.     Certifications by the Servicer and the Custodian.

(a)               In  accordance  with the  terms  of the  Sale and  Servicing
      Agreement,  the Servicer  will review the  Receivable  Files and deliver
      the certification  required by Section 3.05(a) of the Sale and Servicing
      Agreement.

(b)               In  accordance  with the terms of the  Custodial  Agreement,
      the Custodian will review each of the  Receivable  Files and deliver the
      certifications  or notices  required by to  Sections  3.1 and 4.1 of the
      Custodial   Agreement.   It  is   understood   that  the  scope  of  the
      Custodian's  review  of  the  Receivable  Files  is  limited  solely  to
      confirming  that  it has  received  each  Receivable  File.  The  Seller
      agrees  to use  reasonable  efforts  to  cause  to be  delivered  to the
      Custodian any Receivable  File that the Custodian  determines is missing
      and  to  cause  to  be   remedied  a  material   defect  in  a  document
      constituting  part of a Receivables  File. If,  however,  within 60 days
      after it has  delivered  the  Receivable  Files to the Custodian (A) the

                                       -5-

      Seller has not caused such  missing  Receivable  File to be delivered or
      (B) the Seller has not caused to be remedied any such  material  defect,
      and such defect  materially  and  adversely  affects the interest of the
      Depositor  in  the  related  Receivable,  the  Seller  shall  remit  the
      Purchase  Amount with respect to such  Receivable to the Depositor.  The
      sole remedy of the  Depositor,  the Issuing  Entity,  the Owner Trustee,
      the Indenture  Trustee,  the Noteholders or the  Certificateholder  with
      respect  to a breach  shall  be to  require  the  Seller  to  repurchase
      Receivables  pursuant  to  this  Section,   subject  to  the  conditions
      contained  herein.  The Owner  Trustee shall have no duty to conduct any
      affirmative   investigation  as  to  the  occurrence  of  any  condition
      requiring the repurchase of any Receivable pursuant to this Section.

SECTION 2.06.     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 agreements 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  shall
      require 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

                                       -6-

      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.

(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
            shall require 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

                                       -7-

            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.

(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

                                       -8-

            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.

(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    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.

(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

                                       -9-

            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.  To the best  knowledge of Seller,  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  31 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 31 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

                                       -10-

            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.

(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) to  the best  knowledge  of Seller,  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 is  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  and
            (H) contains  provisions  requiring the related  Obligor to assume
            all risk of loss or malfunction of the related Financed Equipment.

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

(xviii)     Location of Receivable  Files.  The  Receivable  Files are 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 $[__] as of the Cut-off Date.

(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.

                                       -11-

(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  [__]% 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  [__]%
            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.

(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  receivables  created in connection with the Receivables have
      been sold to the  Depositor  pursuant to this  Agreement and sold by the

                                       -12-

      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.  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

                                       -13-

      in clause (B) of this Section)  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.

(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  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 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  included  in the Owner
      Trust Estate.  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.

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 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

                                       -14-

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  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.

(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

                                       -15-

            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.

(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

                                       -16-

            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, 20[__]) 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, 20[__],  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 Seller
      are  not  available  to pay  creditors  of the  Depositor  or any  other
      Affiliate of the Seller.

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.

                                       -17-

SECTION 5.06.     Regulation  AB  Compliance.  The Seller shall provide to the
Depositor  such  information  and  disclosure  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.

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,

                                       -18-

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 and 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 [Name and address of Rating
Agency  1]; and (d) in the case of [Name and  address of Rating  Agency 2]; 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.

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 2.02.

                                       -19-

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  and  Cross-References.  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.  References in
this  Agreement  to Section  names or  numbers  are to such  Sections  of this
Agreement.

SECTION 6.12.     Governing Law. THIS AGREEMENT AND THE  ASSIGNMENTS  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, 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]

                                       -20-

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

                                       CATERPILLAR FINANCIAL FUNDING
                                       CORPORATION, as Depositor

                                       By:_____________________________________
                                            Name:
                                            Title:

                                       CATERPILLAR FINANCIAL SERVICES
                                       CORPORATION, as Seller

                                       By:_____________________________________
                                            Name:
                                            Title:

                                  SCHEDULE A

                           SCHEDULE OF RECEIVABLES

                               Schedule A-1

                                  EXHIBIT A

                          ASSIGNMENT OF RECEIVABLES

                                    [Date]

            For value received, in accordance with the Purchase Agreement,
dated as of [Date] (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 day and year first set forth above.

                                    CATERPILLAR FINANCIAL SERVICES
                                    CORPORATION

                                    By:   _________________________________
                                          Name:
                                          Title:

                                       A-1

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