Document:

EXHIBIT 4.2

EXECUTION COPY

AMENDED AND RESTATED

TRUST AGREEMENT

by and between

CIT FUNDING COMPANY, LLC

as Depositor,

and

THE BANK OF NEW YORK (DELAWARE)

as Owner Trustee

Dated as of October 1, 2006

CIT EQUIPMENT COLLATERAL 2006-VT2

	
 

	
 

	
 

	
 

	
 

	
TABLE OF CONTENTS

	
 

	
 

	
 

	
 

	
Page

	
 

	
 

	
 

	
 

	

	
 

	
 

	
 

	
 

	
 

	
ARTICLE I

	
DEFINITIONS

	
1

	
 

	
 

	
 

	
 

	
 

	
 

	
Section 1.01

	
 

	
Defined
  Terms Generally

	
1

	
 

	
 

	
Section 1.02

	
 

	
Specific
  Defined Terms

	
1

	
 

	
 

	
Section 1.03

	
 

	
Usage of
  Terms

	
4

	
 

	
 

	
Section 1.04

	
 

	
Section
  References

	
4

	
 

	
 

	
Section 1.05

	
 

	
Accounting
  Terms

	
5

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
ARTICLE II

	
ORGANIZATION
  AND ESTABLISHMENT OF TRUST

	
5

	
 

	
 

	
 

	
 

	
 

	
 

	
Section 2.01

	
 

	
Establishment
  of Trust; Name

	
5

	
 

	
 

	
Section 2.02

	
 

	
Office

	
5

	
 

	
 

	
Section 2.03

	
 

	
Purposes and
  Powers

	
5

	
 

	
 

	
Section 2.04

	
 

	
Appointment
  of Owner Trustee

	
6

	
 

	
 

	
Section 2.05

	
 

	
Organizational
  Expenses

	
6

	
 

	
 

	
Section 2.06

	
 

	
Declaration
  of Trust

	
6

	
 

	
 

	
Section 2.07

	
 

	
No Liability
  of Equity Certificateholder

	
6

	
 

	
 

	
Section 2.08

	
 

	
Title to
  Trust Property

	
6

	
 

	
 

	
Section 2.09

	
 

	
Situs of
  Trust

	
6

	
 

	
 

	
Section 2.10

	
 

	
Representations
  and Warranties of the Depositor

	
7

	
 

	
 

	
Section 2.11

	
 

	
Federal
  Income Tax Treatment

	
8

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
ARTICLE III

	
EQUITY
  CERTIFICATE AND TRANSFERS OF INTERESTS THEREIN

	
8

	
 

	
 

	
 

	
 

	
 

	
 

	
Section 3.01

	
 

	
Initial
  Ownership

	
8

	
 

	
 

	
Section 3.02

	
 

	
The Equity
  Certificate

	
9

	
 

	
 

	
Section 3.03

	
 

	
Authentication
  and Delivery of Equity Certificate

	
9

	
 

	
 

	
Section 3.04

	
 

	
Registration
  of Transfer and Exchange of the Equity Certificate

	
9

	
 

	
 

	
Section 3.05

	
 

	
Mutilated,
  Destroyed, Lost or Stolen Trust Equity Certificate

	
10

	
 

	
 

	
Section 3.06

	
 

	
Persons
  Deemed Equity Certificateholders

	
10

	
 

	
 

	
Section 3.07

	
 

	
Access to
  Equity Certificateholder’s Name and Addresses

	
10

	
 

	
 

	
Section 3.08

	
 

	
Maintenance
  of Office or Agency

	
11

	
 

	
 

	
Section 3.09

	
 

	
Ownership by
  Depositor of Equity Certificate

	
11

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
ARTICLE IV

	
ACTIONS BY
  OWNER TRUSTEE

	
11

	
 

	
 

	
 

	
 

	
 

	
 

	
Section 4.01

	
 

	
Prior Notice
  to Equity Certificateholder with Respect to Certain Matters

	
11

	
 

	
 

	
Section 4.02

	
 

	
Action by
  Equity Certificateholder with Respect to Certain Matters

	
12

	
 

	
 

	
Section 4.03

	
 

	
Action by
  Equity Certificateholder with Respect to Bankruptcy

	
12

	
 

	
 

	
Section 4.04

	
 

	
Restrictions
  on Owner’s Power

	
12

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
ARTICLE V

	
APPLICATION
  AND DISTRIBUTION OF TRUST FUNDS; CERTAIN DUTIES

	
12

	
 

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TABLE OF CONTENTS

	
 

	
 

	
 

	
 

	
Page

	
 

	
 

	
 

	
 

	

	
 

	
 

	
 

	
 

	
 

	
 

	
Section 5.01

	
 

	
Reports

	
12

	
 

	
 

	
Section 5.02

	
 

	
Taxes

	
13

	
 

	
 

	
Section 5.03

	
 

	
Method of
  Payment

	
13

	
 

	
 

	
Section 5.04

	
 

	
No Segregation
  of Moneys; No Interest

	
13

	
 

	
 

	
Section 5.05

	
 

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

	
13

	
 

	
 

	
Section 5.06

	
 

	
Signature on
  Returns; Tax Matters Partner

	
14

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
ARTICLE VI

	
AUTHORITY
  AND DUTIES OF OWNER TRUSTEE

	
14

	
 

	
 

	
 

	
 

	
 

	
 

	
Section 6.01

	
 

	
General
  Authority

	
14

	
 

	
 

	
Section 6.02

	
 

	
General
  Duties

	
14

	
 

	
 

	
Section 6.03

	
 

	
Action Upon
  Instruction

	
14

	
 

	
 

	
Section 6.04

	
 

	
No Duties
  Except as Specified in This Agreement or in Instructions

	
16

	
 

	
 

	
Section 6.05

	
 

	
No Action
  Except Under Specified Documents or Instructions

	
16

	
 

	
 

	
Section 6.06

	
 

	
Restrictions

	
16

	
 

	
 

	
Section 6.07

	
 

	
Administration
  Agreement

	
16

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
ARTICLE VII

	
CONCERNING
  THE OWNER TRUSTEE

	
17

	
 

	
 

	
 

	
 

	
 

	
 

	
Section 7.01

	
 

	
Acceptance
  of Trusts and Duties

	
17

	
 

	
 

	
Section 7.02

	
 

	
Furnishing
  of Documents

	
18

	
 

	
 

	
Section 7.03

	
 

	
Representations
  and Warranties of the Owner Trustee

	
19

	
 

	
 

	
Section 7.04

	
 

	
Reliance;
  Advice of Counsel

	
19

	
 

	
 

	
Section 7.05

	
 

	
Not Acting
  in Individual Capacity

	
20

	
 

	
 

	
Section 7.06

	
 

	
Owner
  Trustee Not Liable for Notes, Equity Certificate or Contracts

	
20

	
 

	
 

	
Section 7.07

	
 

	
Owner
  Trustee May Own Notes

	
20

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
ARTICLE VIII

	
COMPENSATION
  OF OWNER TRUSTEE

	
21

	
 

	
 

	
 

	
 

	
 

	
 

	
Section 8.01

	
 

	
Owner
  Trustee’s Fees and Expenses

	
21

	
 

	
 

	
Section 8.02

	
 

	
Indemnification

	
21

	
 

	
 

	
Section 8.03

	
 

	
Non-recourse
  Obligations

	
22

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
ARTICLE IX

	
TERMINATION
  OF TRUST

	
22

	
 

	
 

	
 

	
 

	
 

	
 

	
Section 9.01

	
 

	
Termination
  of Trust

	
22

	
 

	
 

	
Section 9.02

	
 

	
Dissolution upon
  Bankruptcy of Depositor

	
23

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
ARTICLE X

	
SUCCESSOR
  OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES

	
23

	
 

	
 

	
 

	
 

	
 

	
 

	
Section
  10.01

	
 

	
Eligibility
  Requirements for Owner Trustee

	
23

	
 

	
 

	
Section
  10.02

	
 

	
Resignation
  or Removal of Owner Trustee

	
24

	
 

	
 

	
Section
  10.03

	
 

	
Successor
  Owner Trustee

	
24

	
 

	
 

	
Section
  10.04

	
 

	
Merger or
  Consolidation of Owner Trustee

	
25

	
 

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TABLE OF CONTENTS

	
 

	
 

	
 

	
 

	
Page

	
 

	
 

	
 

	
 

	

	
 

	
 

	
 

	
 

	
 

	
 

	
Section
  10.05

	
 

	
Appointment
  of Co-Trustee or Separate Trustee

	
25

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
ARTICLE XI

	
MISCELLANEOUS

	
26

	
 

	
 

	
 

	
 

	
 

	
 

	
Section
  11.01

	
 

	
Supplements
  and Amendments

	
26

	
 

	
 

	
Section
  11.02

	
 

	
Limitations
  on Rights of Others

	
27

	
 

	
 

	
Section 11.03

	
 

	
Notices

	
28

	
 

	
 

	
Section
  11.04

	
 

	
Severability
  of Provisions

	
29

	
 

	
 

	
Section
  11.05

	
 

	
Counterparts

	
29

	
 

	
 

	
Section
  11.06

	
 

	
Successors
  and Assigns

	
29

	
 

	
 

	
Section
  11.07

	
 

	
No Petition

	
29

	
 

	
 

	
Section
  11.08

	
 

	
No Recourse

	
30

	
 

	
 

	
Section
  11.09

	
 

	
Headings

	
30

	
 

	
 

	
Section
  11.10

	
 

	
Governing
  Law

	
30

	
 

	
 

	
Section
  11.11

	
 

	
Certain
  Servicer Payment Obligations

	
30

	
 

	
 

	
Section
  11.12

	
 

	
JURISDICTION

	
30

	
 

	
 

	
Section
  11.13

	
 

	
WAIVER OF
  JURY TRIAL

	
30

	
 

	
 

	
Section
  11.14

	
 

	
Tax
  Characterization

	
31

	
 

	
 

	
EXHIBITS

	
 

	
Exhibit A –
  Section 3.01 Certificate

	
A-1

	
 

	
Exhibit B –
  Form of Equity Certificate

	
B-1

	
 

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          This
AMENDED AND RESTATED TRUST AGREEMENT dated as of October 1, 2006 is made by and
between CIT Funding Company, LLC, a Delaware limited liability company, as
Depositor (the “Depositor”), and The Bank of New York (Delaware), a Delaware
banking corporation, as owner trustee (the “Owner Trustee”). 

          Whereas,
the parties hereto wish to amend and restate the Trust Agreement dated as of
November 2, 2006 (the “Original Trust Agreement”), by and between the Depositor
and the Owner Trustee. 

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

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

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

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

ARTICLE I

DEFINITIONS

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

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

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

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

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

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

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

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

          “Certificate
of Trust” means the Certificate of Trust filed for the Trust with the Secretary
of State of the State of Delaware on November 2, 2006. 

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

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

          “Closing Date” means
November 22, 2006.  

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

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

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

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

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

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

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

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

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

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

- 2 -

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

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

          “Indenture
Trustee Corporate Trust Office” means the office of the Indenture Trustee at
which its corporate trust business shall be administered which initially shall
be 60 Wall Street, Attention: Corporate Trust & Agency Services –
Structured Finance Services, New York, New York 10005, or such other office at
such other address as the Indenture Trustee may designate from time to time by
written notice to the Equity Certificateholder, the Servicer, the Owner
Trustee, and the Depositor. 

          “Information
Agreement” means the Information Agreement, dated as of November 22, 2006, by
and among DFS-SPV LP (“DFS-SPV”), Dell Financial Services L.P. (“DFS”), the
Trust and CFUSA. 

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

          “Notes”
means the Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes, the Class
A-4 Notes, the Class B Notes, the Class C Notes and the Class D Notes in each
case issued pursuant to the Indenture. 

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

          “Owner
Trustee” means The Bank of New York (Delaware), not in its individual capacity
but solely as owner trustee under this Agreement, and any successor Owner
Trustee hereunder. 

          “Owner
Trustee Corporate Trust Office” means the corporate trust office of the Owner
Trustee in the State of Delaware, which office initially shall be located at
White Clay Center, Route 273, Newark, Delaware 19711, or such other office at
such other address in the State of Delaware as the Owner Trustee may designate
from time to time by written notice to the Equity Certificateholder, the
Servicer, the Indenture Trustee, and the Depositor. 

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

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

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

- 3 -

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

          “Pooling
Agreement” means the Pooling and Servicing Agreement, dated as of October 1,
2006, among the Trust, the Depositor, CFUSA, in its individual capacity, and
CFUSA, in its capacity as Servicer thereunder, as the same may be amended,
supplemented or restated from time to time. 

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

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

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

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

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

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

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

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

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

- 4 -

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

ARTICLE II

ORGANIZATION AND
ESTABLISHMENT OF TRUST

          Section
2.01 Establishment of Trust; Name. The Trust shall be known as “CIT
Equipment Collateral 2006-VT2”, in which name the Owner Trustee may conduct the
activities of the Trust, make and execute contracts and other instruments on
behalf of the Trust and sue and be sued on behalf of the Trust. 

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

          Section
2.03 Purposes and Powers.  

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

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

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

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

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

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

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

- 5 -

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

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

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

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

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

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

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

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

- 6 -

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

          Section
2.10 Representations and Warranties of the Depositor. 

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

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

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

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

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

- 7 -

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

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

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

ARTICLE III

EQUITY CERTIFICATE AND
TRANSFERS OF INTERESTS THEREIN

          Section
3.01 Initial Ownership. 

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

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

- 8 -

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

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

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

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

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

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

- 9 -

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

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

               (e)
All Equity Certificates surrendered for registration of transfer or exchange
shall be canceled and subsequently destroyed by the Owner Trustee or
Certificate Registrar in accordance with its customary practice. 

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

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

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

          Section
3.07 Access to Equity Certificateholder’s Name and Addresses. The Owner
Trustee or Certificate Registrar shall furnish or cause to be furnished to the
Servicer, the Administrator, the Indenture Trustee and the Depositor within 15
days after receipt by the Owner Trustee or Certificate Registrar of a written
request therefor from the Servicer, the Administrator, the Indenture Trustee or
the Depositor, the name and address of the Equity Certificateholder as 

- 10 -

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

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

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

ARTICLE IV

ACTIONS BY OWNER TRUSTEE

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

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

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

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

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

- 11 -

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

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

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

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

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

ARTICLE V

APPLICATION AND
DISTRIBUTION OF TRUST FUNDS; CERTAIN DUTIES

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

- 12 -

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

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

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

          Section
5.05 Accounting and Reports to the Equity Certificateholder, the Internal
Revenue Service and Others. The Administrator shall (a) maintain (or cause
to be maintained) the books of the Trust on a calendar year basis and the
accrual method of accounting, (b) deliver or cause to be delivered to the
Equity Certificateholder, as may be required by the Code and applicable
Treasury Regulations, such information as may be required (including Form 1099
or Schedule K-1) to enable the Equity Certificateholder to prepare its federal
and state income tax returns, (c) file or cause to be filed such tax returns
relating to the Trust and make such elections as from time to time may be
required or appropriate under any applicable state or federal statute or any
rule or regulation thereunder so as to maintain the federal income tax
treatment for the Trust as set forth in Section 2.11, (d) cause such tax
returns to be signed in the manner required by law and (e) collect or cause to
be collected any withholding tax as described in and in accordance with Section
5.02 with respect to income or distributions to the Equity Certificateholder.
The Trust shall elect under Section 1278 of the Code to include in income currently
any market discount that accrues with respect to Contracts 

- 13 -

becoming part of the Contract Pool. If
applicable, the Trust shall not make the election provided under Section 754 or
Section 761 of the Code. 

          Section
5.06 Signature on Returns; Tax Matters Partner. 

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

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

ARTICLE VI

AUTHORITY AND DUTIES OF
OWNER TRUSTEE

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

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

          Section
6.03 Action Upon Instruction. 

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

- 14 -

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

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

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

               (e)
Notwithstanding anything contained herein to the contrary, the Owner Trustee
shall not be required to take any action in any jurisdiction other than in the
State of Delaware if the taking of such action will (i) require the
registration with, licensing by or the taking of any other similar action in
respect of, any state or other governmental authority or agency of any
jurisdiction other than the State of Delaware by or with respect to the Owner
Trustee; (ii) result in any fee, tax or other governmental charge under the
laws of any jurisdiction or any political subdivisions thereof in existence on
the date hereof other than the State of Delaware being payable by the Owner
Trustee; or (iii) subject the Owner Trustee to personal jurisdiction in any
jurisdiction other than the State of Delaware for causes of action arising from
acts unrelated to the consummation of the transactions by the Owner Trustee
contemplated in this Agreement. In the event that the Owner Trustee has
determined that any action will result in the consequences set forth in clauses
(i)-(iii), the Administrator and the Owner Trustee shall appoint one or more
Persons to act as co-trustee pursuant to Section 10.05. 

- 15 -

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

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

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

          Section
6.07 Administration Agreement. 

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

               (b)
If the Administrator shall resign or be removed pursuant to the terms of the
Administration Agreement, the Owner Trustee may, at the written direction of
the 

- 16 -

Equity Certificateholder, appoint or consent
to the appointment of a successor Administrator pursuant to the Administration
Agreement. 

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

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

ARTICLE VII

CONCERNING THE OWNER
TRUSTEE

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

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

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

- 17 -

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

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

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

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

               (g)
the Owner Trustee shall not be under any obligation to exercise any of the
rights or powers vested in it by this Agreement, or to institute, conduct or
defend any litigation under this Agreement or otherwise or in relation to this
Agreement or any other Trust Agreement Transaction Document, at the request,
order or direction of the Equity Certificateholder, unless the Equity
Certificateholder has offered to the Owner Trustee security or indemnity
reasonably satisfactory to it against the costs, expenses and liabilities that
may be incurred by the Owner Trustee therein or thereby. The right of the Owner
Trustee to perform any discretionary act enumerated in this Agreement or in any
other Trust Agreement Transaction Document shall not be construed as a duty,
and, except as otherwise provided in the third sentence of Section 7.01, the
Owner Trustee shall not be answerable for the performance of any such act. 

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

- 18 -

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

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

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

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

          Section
7.04 Reliance; Advice of Counsel. 

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

               (b)
In the exercise or administration of the trusts hereunder and in the
performance of its duties and obligations under this Agreement or the other
Trust Agreement 

- 19 -

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

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

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

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

- 20 -

ARTICLE VIII

COMPENSATION OF OWNER
TRUSTEE

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

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

- 21 -

Depositor under this Section 8.02 shall
survive the resignation or removal of any trustee of the Trust, shall survive the
termination of this Agreement and the termination of the Trust. 

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

ARTICLE IX

TERMINATION OF TRUST 

          Section 9.01 Termination of Trust.

               (a)
The Trust created by this Agreement shall dissolve upon the earliest of (i) the
maturity or other liquidation of the last Contract and related Transferred
Assets, and the subsequent distribution of amounts in respect of such
Transferred Assets as provided in the Trust Agreement Transaction Documents, or
(ii) the payment to the Noteholders and any other party entitled thereto of the
entire outstanding principal balance of the Notes, together with accrued and
unpaid interest thereon to the date of repayment, and all other amounts required
to be paid to such parties or to which such parties are entitled pursuant to
this Agreement, the Pooling Agreement and the other Trust Agreement Transaction
Documents, or (iii) at the time provided in Section 9.02 below; provided that
the rights to indemnification under Section 8.02 shall survive the dissolution
and termination of the Trust. The Servicer shall promptly notify the Owner
Trustee and the Administrative Agent of any prospective dissolution pursuant to
this Section 9.01. Except as provided in Section 9.02, the bankruptcy,
liquidation, dissolution, termination, resignation, expulsion, withdrawal,
death or incapacity of the Equity Certificateholder, shall not (x) operate to
terminate this Agreement or the Trust, nor (y) entitle such Equity Certificateholder’s
legal representatives or heirs to claim an accounting or to take any action or
proceeding in any court for a partition or winding up of all or any part of the
Trust or Trust Assets, nor (z) otherwise affect the rights, obligations and
liabilities of the parties hereto. 

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

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

- 22 -

Trustee) at the time such notice is given to
Equity Certificateholder. Upon presentation and surrender of the Equity
Certificate to the Certificate Registrar, the Paying Agent shall direct the
Indenture Trustee, subject to any payments required pursuant to Section 3808(e)
of the Delaware Statutory Trust Act, to distribute to the Equity
Certificateholder amounts distributable on such Payment Date. 

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

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

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

ARTICLE X

SUCCESSOR OWNER TRUSTEES
AND ADDITIONAL OWNER TRUSTEES

          Section
10.01 Eligibility Requirements for Owner Trustee. 

               The
Owner Trustee shall at all times be a Person (i) satisfying the provisions of
Section 3807(a) of the Statutory Trust Statute; (ii) authorized to exercise
corporate trust powers and subject to supervision or examination by federal or
state authorities; (iii) having 

- 23 -

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

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

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

          Any
resignation or removal of the Owner Trustee and appointment of a successor
Owner Trustee pursuant to any of the provisions of this Section shall not
become effective until all fees and expenses, including any indemnity payments,
due to the outgoing Owner Trustee have been paid and until acceptance of
appointment by the successor Owner Trustee, pursuant to Section 10.03. 

          Section
10.03 Successor Owner Trustee. Any successor Owner Trustee appointed
pursuant to Section 10.02 shall execute, acknowledge and deliver to the
Depositor and to its predecessor Owner Trustee, an instrument accepting such
appointment under this Agreement, and thereupon the resignation or removal of
the predecessor Owner Trustee shall become effective and such successor Owner
Trustee without any further act, deed or 

- 24 -

conveyance, shall become fully vested with
all the rights, powers, duties, and obligations of its predecessor under this
Agreement, with like effect as if originally named as Owner Trustee. The
predecessor Owner Trustee, shall, upon receipt of fees, expenses and indemnity
due and owing to the Owner Trustee 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 Administrator shall mail notice thereof to the Equity
Certificateholder, the Indenture Trustee, the Noteholders and each Rating
Agency. If the Administrator shall fail to mail such notice within 10 days
after acceptance of appointment by the successor Owner Trustee, the successor
Owner Trustee shall cause such notice to be mailed at the expense of the
Depositor. 

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

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

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

- 25 -

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

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

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

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

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

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

ARTICLE XI

MISCELLANEOUS 

          Section
11.01 Supplements and Amendments.

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

- 26 -

not, as evidenced by an Opinion of Counsel,
adversely affect in any material respect the interest of any Noteholder or the
Equity Certificateholder; 

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

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

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

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

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

          Section
11.02 Limitations on Rights of Others. Except for Section 2.07, the
provisions of this Agreement are solely for the benefit of the Owner Trustee
(individually and in its capacity as such), the Depositor, the Equity
Certificateholder, the Administrator and, to the extent expressly provided
herein, the Indenture Trustee and the Noteholders and nothing in this 

- 27 -

Agreement
(other than Section 2.07), whether express or implied, shall be construed to
give to any other Person any legal or equitable right, remedy or claim in the
Trust Assets or under or in respect of this Agreement or any covenants,
conditions or provisions contained herein.

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

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

	
 

	
 

	
(i)

	
If to the
  initial Servicer/Administrator:

	
 

	
 

	
 

	
CIT Financial
  USA, Inc.

	
 

	
1 CIT Drive

	
 

	
Livingston,
  New Jersey 07039

	
 

	
 

	
 

	
Attention:
  Treasury – Securitization 

	
 

	
Fax No.:
  (973) 535-5900 

	
 

	
Telephone
  No.: (973) 740-5058

	
 

	
 

	
(ii)

	
If to the
  Depositor:

	
 

	
 

	
 

	
CIT Funding
  Company, LLC

	
 

	
c/o CIT
  Group Inc. 

	
 

	
1 CIT Drive

	
 

	
Livingston,
  New Jersey 07039

	
 

	
 

	
 

	
Attention:
  Treasury – Securitization

	
 

	
Fax No.:
  (973) 535-5900 

	
 

	
Telephone
  No.: (973) 740-5058

	
 

	
 

	
(iii)

	
If to the
  Owner Trustee:

	
 

	
 

	
 

	
The Bank of
  New York (Delaware) 

	
 

	
100 White
  Clay Center, Route 273

	
 

	
Newark,
  Delaware 19711

	
 

	
P.O. Box
  6995

- 28 -

	
 

	
 

	
 

	
Fax No.: (302)
  453-4400

	
 

	
Telephone: (302)
  283-8905

	
 

	
 

	
(iv)

	
If to the
  Indenture Trustee:

	
 

	
 

	
 

	
Deutsche
  Bank Trust Company Americas 

	
 

	
60 Wall
  Street

	
 

	
Attention: Corporate
  Trust & Agency Services – Structured Finance Services

	
 

	
New York,
  New York 10005

	
 

	
 

	
 

	
Fax No.:
  (212) 553-2462

	
 

	
Telephone:
  (212) 250-2946

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

          Section
11.04 Severability of Provisions. If any one or more of the covenants,
agreements, provisions, or terms of this Agreement shall be for any reason
whatsoever held invalid or unenforceable, then such covenants, agreements,
provisions or terms shall be deemed severable from the remaining covenants,
agreements, provisions or terms of this Agreement and shall in no way affect
the validity or enforceability of the other provisions of this Agreement or the
Equity Certificate or the rights of the Equity Certificateholder in respect
thereof.

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

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

          Section
11.07 No Petition.

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

- 29 -

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

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

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

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

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

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

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

          Section
11.13 WAIVER OF JURY TRIAL. EACH PARTY TO THIS AGREEMENT WAIVES ITS
RESPECTIVE RIGHTS TO A TRIAL BY JURY OF ANY CLAIM OR CAUSE OF ACTION BASED UPON
OR ARISING OUT OF OR RELATED TO

- 30 -

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

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

[signature page follows]

- 31 -

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

	
 

	
 

	
 

	
 

	
CIT FUNDING
  COMPANY, LLC

	
 

	
as Depositor

	
 

	
 

	
 

	
 

	
By:

	
 /s/ Glenn A. Votek 

	
 

	
 

	

	
 

	
 

	
Name: Glenn A. Votek

	
 

	
 

	
Title: Executive Vice President & Treasurer

	
 

	
 

	
 

	
 

	
THE BANK OF
  NEW YORK (DELAWARE), as Owner Trustee

	
 

	
 

	
 

	
 

	
By:

	
 /s/ Kristine K. Gullo 

	
 

	
 

	

	
 

	
 

	
Name: Kristine K. Gullo

	
 

	
 

	
Title: Vice President

	
 

	
 

	
 

	
Acknowledged
  and Agreed:

	
 

	
 

	
 

	
 

	
DEUTSCHE BANK
  TRUST COMPANY AMERICAS

	
 

	
As Paying
  Agent and Certificate Registrar

	
 

	
 

	
 

	
By:

	
  /s/ Irene Siegel 
	
 

	
 

	

	
 

	
 

	
Name: Irene Siegel
	
 

	
 

	
Title: Vice President
	
 

	
 

	
 

	
By:

	
  /s/ Louis Bodi 
	
 

	
 

	

	
 

	
 

	
Name: Louis Bodi
	
 

	
 

	
Title: Vice President
	
 

EXHIBIT A 

Section 3.01 Certificate

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

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

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

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

	
 

	
 

	
 

	
 

	
[Transferee]

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	

	
 

	
 

	
Name:

	
 

	
 

	
Title:

A-1

EXHIBIT B 

Form of Equity Certificate

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

THIS
CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR AN INTEREST IN CIT FUNDING
COMPANY, LLC, CIT GROUP INC., CIT FINANCIAL USA, INC., OR ANY AFFILIATE
THEREOF, OTHER THAN CIT EQUIPMENT COLLATERAL 2006-VT2. THIS CERTIFICATE HAS NOT
BEEN REGISTERED UNDER THE SECURITIES ACT (AS DEFINED BELOW) OR ANY STATE
SECURITIES LAWS AND MAY NOT BE SOLD, TRANSFERRED OR PLEDGED UNLESS THE
CONDITIONS SET FORTH IN SECTION 3.01 AND SECTION 3.04 OF THE TRUST AGREEMENT
HAVE BEEN COMPLIED WITH.

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

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

CIT EQUIPMENT COLLATERAL 2006-VT2

EQUITY CERTIFICATE

	
 

	
 

	
NO. 1

	
Equity Certificate

          THIS
CERTIFIES THAT CIT Funding Company, LLC is the registered owner of a beneficial
interest in the assets of CIT Equipment Collateral 2006-VT2 trust (the “Trust”)
formed by CIT Funding Company, LLC, a Delaware limited liability company (the “Depositor”).

          The
Trust is governed by an Amended and Restated Trust Agreement dated as of October
1, 2006 (as amended, restated, supplemented and/or otherwise modified from time
to time, the “Trust Agreement”), among CIT Funding Company, LLC, as Depositor
(the “Depositor”) and The Bank of New York (Delaware), as Owner Trustee (the “Owner
Trustee”), a summary of certain of the pertinent provisions of which is set
forth below. In the event of any conflict or inconsistency between this Certificate
and the Trust Agreement (or the Pooling Agreement, as the case may be), the
Trust Agreement (or the Pooling Agreement, as the case may be) shall govern. To
the extent not otherwise defined herein, the capitalized terms used herein have
the meanings which would be given to them if used in the Trust Agreement.

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

B-1

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

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

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

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

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

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

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

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

B-2

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

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

B-3

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

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

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

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

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

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

B-4

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

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

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

	
 

	
 

	
 

	
Dated: November
  22, 2006

	
CIT
  EQUIPMENT COLLATERAL 2006-VT2

	
 

	
 

	
 

	
By:

	
The Bank of
  New York (Delaware), not in its individual capacity but solely as Owner
  Trustee

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	

	
 

	
 

	
Authorized Signatory

CERTIFICATE OF AUTHENTICATION

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

	
 

	
 

	
 

	
 

	
Deutsche Bank
  Trust Company Americas, as authenticating agent

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	

	
 

	
 

	
Authorized Signatory

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	

	
 

	
 

	
Authorized Signatory

B-5

ASSIGNMENT

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

PLEASE INSERT
SOCIAL SECURITY OR

OTHER IDENTIFYING NUMBER OF ASSIGNEE

	
 

	
 

	
 

	
 

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

	
 

	

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

	
 

	

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

	
 

	
 

	
 

	
 

	
Dated:

	
 

	
 

	
 

	
 

	

	
 

	
 

	
 

	
 

	
 

	
 

	
Signature
  Guaranteed:

	
 

	
 

	
 

	

	
 

	

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

	
 

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

B-6EXHIBIT 4.3

EXECUTION COPY

POOLING AND SERVICING AGREEMENT

among

CIT EQUIPMENT COLLATERAL 2006-VT2,

as Trust,

CIT FUNDING COMPANY, LLC,

as Depositor, and

CIT FINANCIAL USA, INC.,

in its individual capacity, and as Servicer

Dated as of October 1, 2006

TABLE OF CONTENTS

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Page

	
 

	
 

	
 

	
ARTICLE I

	
DEFINITIONS

	
1

	
 

	
 

	
 

	
 

	
 

	
 

	
Section 1.01

	
Definitions

	
1

	
 

	
 

	
Section 1.02

	
Usage of
  Terms

	
37

	
 

	
 

	
Section 1.03

	
Section References

	
37

	
 

	
 

	
Section 1.04

	
Accounting
  Terms

	
37

	
 

	
 

	
Section 1.05

	
Undefined
  Capitalized Terms

	
37

	
 

	
 

	
ARTICLE II

	
FUNDINGS OF
  TRUST; TRANSFERS OF CONTRACTS

	
37

	
 

	
 

	
 

	
Section 2.01

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

	
37

	
 

	
 

	
Section 2.02

	
Acceptance
  by Trust

	
39

	
 

	
 

	
Section 2.03

	
Conveyance
  of Substitute Contracts

	
39

	
 

	
 

	
Section 2.04

	
Release of
  Excluded Amounts

	
40

	
 

	
 

	
Section 2.05

	
Waiver

	
41

	
 

	
 

	
 

	
 

	
ARTICLE III

	
REPRESENTATIONS
  AND WARRANTIES

	
41

	
 

	
 

	
 

	
 

	
 

	
Section 3.01

	
Representations
  and Warranties of CFUSA

	
41

	
 

	
 

	
Section 3.02

	
Representations
  and Warranties of the Depositor

	
42

	
 

	
 

	
Section 3.03

	
Representations
  and Warranties of the Servicer

	
44

	
 

	
 

	
ARTICLE IV

	
PERFECTION
  OF TRANSFERS AND PROTECTION OF SECURITY INTERESTS

	
46

	
 

	
 

	
 

	
Section 4.01

	
Custody of
  Contracts

	
46

	
 

	
 

	
Section 4.02

	
Filings

	
47

	
 

	
 

	
Section 4.03

	
Name Change
  or Relocation

	
47

	
 

	
 

	
 

	
 

	
ARTICLE V

	
SERVICING OF
  CONTRACTS

	
48

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Section 5.01

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

	
48

	
 

	
 

	
Section 5.02

	
General
  Duties

	
48

	
 

	
 

	
Section 5.03

	
Assignment
  or Replacement

	
49

	
 

	
 

	
Section 5.04

	
Disposition
  Upon Termination of Contract

	
49

	
 

	
 

	
Section 5.05

	
Subservicers

	
49

	
 

	
 

	
Section 5.06

	
Further
  Assurance

	
50

	
 

	
 

	
Section 5.07

	
Notice to
  Obligors

	
50

	
 

	
 

	
Section 5.08

	
Collection
  Efforts; Modification of Contracts

	
50

	
 

	
 

	
Section 5.09

	
Prepayments
  of Certain Contracts

	
51

	
 

	
 

	
Section 5.10

	
Certain
  Extensions; Acceleration

	
51

	
 

	
 

	
Section 5.11

	
Taxes and
  Other Amounts

	
52

	
 

	
 

	
Section 5.12

	
Suits by
  Servicer

	
52

	
 

	
 

	
Section 5.13

	
Remittances

	
52

	
 

-i-

TABLE OF CONTENTS
(continued)

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Page

	
 

	
 

	
 

	
 

	
Section 5.14

	
Servicer
  Advances

	
52

	
 

	
 

	
Section 5.15

	
Realization
  Upon Defaulted Contract

	
52

	
 

	
 

	
Section 5.16

	
Maintenance
  of Insurance Policies

	
53

	
 

	
 

	
Section 5.17

	
Certain
  Other Duties With Respect to Trust

	
53

	
 

	
 

	
Section 5.18

	
Servicing
  Compensation

	
53

	
 

	
 

	
Section 5.19

	
Payment of
  Certain Expenses by Servicer

	
53

	
 

	
 

	
Section 5.20

	
Records

	
54

	
 

	
 

	
Section 5.21

	
Inspection

	
54

	
 

	
 

	
Section 5.22

	
Trust To
  Cooperate in Releases

	
54

	
 

	
 

	
Section 5.23

	
Separate
  Entity Existence

	
55

	
 

	
 

	
Section 5.24

	
Assignment
  of Servicing

	
55

	
 

	
 

	
Section 5.25

	
Optional
  Repurchase of Defaulted Contracts

	
55

	
 

	
 

	
 

	
 

	
 

	
 

	
ARTICLE VI

	
COVENANTS OF
  THE DEPOSITOR

	
55

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Section 6.01

	
LLC
  Existence

	
55

	
 

	
 

	
Section 6.02

	
Contracts
  Not to be Evidenced by Promissory Notes

	
55

	
 

	
 

	
Section 6.03

	
Security
  Interests

	
55

	
 

	
 

	
Section 6.04

	
Delivery of
  Collections

	
56

	
 

	
 

	
Section 6.05

	
Regulatory
  Filings

	
56

	
 

	
 

	
Section 6.06

	
Compliance
  With Law

	
56

	
 

	
 

	
Section 6.07

	
Activities

	
56

	
 

	
 

	
Section 6.08

	
Indebtedness

	
56

	
 

	
 

	
Section 6.09

	
Guarantees

	
56

	
 

	
 

	
Section 6.10

	
Investments

	
57

	
 

	
 

	
Section 6.11

	
Merger;
  Transfers

	
57

	
 

	
 

	
Section 6.12

	
Payments

	
57

	
 

	
 

	
Section 6.13

	
Other
  Agreements

	
57

	
 

	
 

	
Section 6.14

	
Separate
  Entity Existence

	
57

	
 

	
 

	
Section 6.15

	
Location;
  Records

	
59

	
 

	
 

	
Section 6.16

	
Liability of
  Depositor; Indemnities

	
59

	
 

	
 

	
Section 6.17

	
Bankruptcy
  Limitations

	
61

	
 

	
 

	
Section 6.18

	
Limitation
  on Liability of Depositor and Others

	
61

	
 

	
 

	
 

	
 

	
ARTICLE VII

	
ESTABLISHMENT
  OF ACCOUNTS; PAYMENTS

	
61

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Section 7.01

	
Trust
  Accounts; Collections

	
61

	
 

	
 

	
Section 7.02

	
Reserve
  Account

	
62

	
 

	
 

	
Section 7.03

	
Trust
  Account Procedures

	
63

	
 

	
 

	
Section 7.04

	
Securityholder
  Payments

	
64

	
 

	
 

	
Section 7.05

	
Allocations
  and Payments

	
64

	
 

	
 

	
Section 7.06

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

	
69

	
 

	
 

	
Section 7.07

	
Reassignment
  of Repurchased or Substituted Contracts

	
70

	
 

-ii-

TABLE OF CONTENTS
(continued)

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Page

	
 

	
 

	
 

	
 

	
Section 7.08

	
The
  Servicer’s Purchase Option

	
70

	
 

	
 

	
 

	
 

	
ARTICLE VIII SERVICER
  DEFAULTS; SERVICING TRANSFER

	
70

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Section 8.01

	
Servicer
  Default

	
70

	
 

	
 

	
Section 8.02

	
Servicing
  Transfer

	
71

	
 

	
 

	
Section 8.03

	
Appointment
  of Successor Servicer; Reconveyance; Successor Servicer to Act

	
72

	
 

	
 

	
Section 8.04

	
Notifications
  to Noteholders and the Equity Certificateholders

	
73

	
 

	
 

	
Section 8.05

	
Effect of
  Transfer

	
74

	
 

	
 

	
Section 8.06

	
Database
  File

	
74

	
 

	
 

	
Section 8.07

	
Successor
  Servicer Indemnification

	
74

	
 

	
 

	
Section 8.08

	
Responsibilities
  of the Successor Servicer

	
74

	
 

	
 

	
Section 8.09

	
Servicer Not
  to Resign

	
75

	
 

	
 

	
 

	
 

	
ARTICLE IX

	
SERVICER
  REPORTING

	
75

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Section 9.01

	
Monthly
  Servicer’s Reports

	
75

	
 

	
 

	
Section 9.02

	
Officer’s
  Certificate

	
76

	
 

	
 

	
Section 9.03

	
Other Data

	
76

	
 

	
 

	
Section 9.04

	
Annual
  Reporting; Evidence as to Compliance

	
76

	
 

	
 

	
Section 9.05

	
Annual
  Statement of Compliance from Servicer

	
76

	
 

	
 

	
Section 9.06

	
Reports to
  the Commission

	
77

	
 

	
 

	
 

	
 

	
ARTICLE X

	
TERMINATION

	
77

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Section 10.01

	
Sale of
  Trust Assets

	
77

	
 

	
 

	
 

	
 

	
ARTICLE XI

	
MISCELLANEOUS

	
77

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Section 11.01

	
Amendments

	
77

	
 

	
 

	
Section 11.02

	
Governing
  Law

	
79

	
 

	
 

	
Section 11.03

	
Notices

	
79

	
 

	
 

	
Section 11.04

	
Severability
  of Provisions

	
81

	
 

	
 

	
Section 11.05

	
Third Party
  Beneficiaries

	
81

	
 

	
 

	
Section 11.06

	
Counterparts

	
82

	
 

	
 

	
Section 11.07

	
Headings

	
82

	
 

	
 

	
Section 11.08

	
No
  Bankruptcy Petition; Disclaimer and Subordination

	
82

	
 

	
 

	
Section 11.09

	
Jurisdiction

	
83

	
 

	
 

	
Section 11.10

	
Servicer
  Indemnity

	
83

	
 

	
 

	
Section 11.11

	
Limitation
  of Liability of Owner Trustee

	
83

	
 

	
 

	
Section 11.12

	
WAIVER OF
  JURY TRIAL

	
84

	
 

-iii-

TABLE OF CONTENTS
(continued)

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Page

	
 

	
 

	
 

	
EXHIBITS

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Exhibit A

	
Form of VFC
  Assignment

	
A-1

	
 

	
Exhibit B

	
Initial
  Schedule of Contracts

	
B-1

	
 

	
Exhibit C

	
Form of
  Monthly Servicer’s Report

	
C-1

	
 

	
Exhibit D

	
Form of
  Substitution Transfer Agreement

	
D-1

	
 

	
Exhibit E

	
Schedule of
  Representations and Warranties

	
E-1

	
 

	
Exhibit F

	
Minimum
  Value Filing Exceptions

	
F-1

	
 

-iv-

          This
POOLING AND SERVICING AGREEMENT dated as of October 1, 2006 (as amended,
restated, supplemented or otherwise modified from time to time in accordance
with the terms hereof, this “Agreement”), is among CIT Equipment
Collateral 2006-VT2, a Delaware statutory trust (together with its successors
and assigns, the “Trust”), CIT Funding Company, LLC, a Delaware limited
liability company (together with its successors and assigns, the “Depositor”)
and CIT Financial USA, Inc., a Delaware corporation (together with its
successors and assigns, “CFUSA” and in its capacity as servicer hereunder the
“Servicer”).

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

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

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

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

ARTICLE I

DEFINITIONS

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

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

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

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

1

month,
provided, that in each case, the initial Accrual Period following the Closing
Date shall be the period from and including the Closing Date to but excluding
December 20, 2006.

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

          “Administration
Agreement” means the Administration
Agreement dated as of October 1, 2006 (as amended, restated, supplemented, or
otherwise modified from time to time in accordance with the terms thereof) by
and among the Trust, CFUSA, the Depositor and the Indenture Trustee.

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

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

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

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

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

2

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

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

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

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

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

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

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

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

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

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

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

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

3

          “Class” means any of the group of
Notes, or the Equity Certificate identified herein as the Class A-1 Notes,
the Class A-2 Notes, the Class A-3 Notes, the Class A-4 Notes, the
Class B Notes, the Class C Notes and the Class D Notes or
the Equity Certificate, as applicable.

          “Class A
Notes” means the Class A-1
Notes, the Class A-2 Notes, the Class A-3 Notes and the Class A-4
Notes.

          “Class A
Percentage” means 92.00%.

          “Class A
Principal Payment Amount”
means: (a) with respect to any Payment Date on or prior to the Payment Date on
which the Principal Amount of the Class A-1 Notes has been reduced to zero, the
greater of (i) the excess, of (1) the Principal Amount of the
Class A-1 Notes over (2) the Class A-1 Scheduled Principal Balance and
(ii) the excess, of (1) the sum of the Principal Amount of the Class
A-1, Class A-2, Class A-3 and Class A-4 Notes over (2) the Class A
Target Principal Amount; and (b) with respect to any Payment Date thereafter,
the excess of (i) the sum of the Principal Amount of the Class A-2,
Class A-3 and Class A-4 Notes over (ii) the Class A Target Principal Amount.

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

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

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

          “Class A-1
Interest Rate” means 5.34435% per annum.

          “Class A-1
Maturity Date” means November 20, 2007 (or,
if such day is not a Business Day, the next succeeding Business Day).

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

4

          “Class
A-1 Notes” means the 5.34435% Class A-1
Receivable-Backed Notes in the Aggregate Principal Amount of $258,000,000,
issued pursuant to the Indenture.

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

	
   

  	
   

  	
   

  
	
  

  
	
  Payment
  Date

  	
  Class A-1
  Scheduled Principal Balance

  
	
  

  
	
  December 2006

  	
  $214,932,550.88

  	
   

  
	
  January 2007

  	
  $194,932,007.81

  	
   

  
	
  February 2007

  	
  $170,871,140.26

  	
   

  
	
  March 2007

  	
  $151,438,923.94

  	
   

  
	
  April 2007

  	
  $131,541,781.13

  	
   

  
	
  May 2007

  	
  $107,134,518.57

  	
   

  
	
  June 2007

  	
  $  87,487,564.58

  	
   

  
	
  July 2007

  	
  $  66,647,595.88

  	
   

  
	
  August 2007

  	
  $  41,572,421.89

  	
   

  
	
  September 2007

  	
  $  20,299,204.25

  	
   

  
	
  October 2007

  	
  0.00

  	
   

  

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

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

          “Class A-2
Interest Rate” means 5.19% per annum.

          “Class A-2
Maturity Date” means January 20, 2009 (or,
if such day is not a Business Day, the next succeeding Business Day
thereafter).

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

          “Class A-2
Notes” means the 5.19% Class A-2
Receivable-Backed Notes in the Aggregate Principal Amount of $144,000,000,
issued pursuant to the Indenture.

5

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

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

          “Class A-3
Interest Rate” means 5.07% per annum.

          “Class A-3
Maturity Date” means February 20, 2010 (or,
if such day is not a Business Day, the next succeeding Business Day
thereafter).

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

          “Class A-3
Notes” means the 5.07% Class A-3
Receivable-Backed Notes in the Aggregate Principal Amount of $180,000,000,
issued pursuant to the Indenture.

          “Class A-4
Interest Carryover Shortfall”
means, with respect to any Payment Date, the excess, if any, of the
Class A-4 Interest Payment Amount for the preceding Payment Date over the
amount that was actually paid in respect of interest on the Class A-4
Notes on such preceding Payment Date, plus, to the extent permitted by
law, an amount equal to the product of (i) the Class A-4 Interest Rate,
(ii) such excess, and (iii) a fraction equal to one-twelfth.

          “Class A-4
Interest Payment Amount”
means, with respect to any Payment Date, the sum of the Class A-4 Monthly
Interest Payment Amount and the Class A-4 Interest Carryover Shortfall for
such Payment Date.

          “Class A-4
Interest Rate” means 5.05% per annum.

          “Class A-4
Maturity Date” means April 20, 2014 or, if
such day is not a Business Day, the next succeeding Business Day thereafter).

          “Class A-4
Monthly Interest Payment Amount” means (a) with respect to the first Accrual
Period and the related Payment Date, an amount equal to the product of (i) the
Class A-4 Interest Rate, (ii) the Initial Class A-4 Principal Amount,
and (iii) a fraction equal to the number of days in such Accrual Period divided
by 360, (b) with respect to each subsequent Accrual Period and the related
Payment Date, an amount equal to the product of (i) the Class A-4
Interest Rate, (ii) the Principal Amount of the Class A-4 Notes on the
immediately preceding Payment 

6

Date, after
giving effect to all payments of principal to Class A-4 Noteholders on or
prior to such immediately preceding Payment Date, and (iii) a fraction
equal to one-twelfth.

          “Class A-4
Notes” means the 5.05% Class A-4
Receivable-Backed Notes in the Aggregate Principal Amount of $100,524,000, issued
pursuant to the Indenture.

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

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

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

          “Class B
Interest Rate” means 5.24% per annum.

          “Class B
Maturity Date” means April 20, 2014 or, if
such day is not a Business Day, the next succeeding Business Day thereafter).

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

          “Class B
Notes” means the 5.24% Class B
Receivable-Backed Notes in the Aggregate Principal Amount of $16,689,000,
issued pursuant to the Indenture.

          “Class B
Percentage” means 2.25%.

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

7

event will the
Class B Principal Payment Amount exceed the Principal Amount of the
Class B Notes.

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

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

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

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

          “Class C
Interest Rate” means 5.29% per annum.

          “Class C
Maturity Date” means April 20, 2014 (or, if
such day is not a Business Day, the next succeeding Business Day thereafter).

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

          “Class C
Notes” means the 5.29% Class C
Receivable-Backed Notes in the Aggregate Principal Amount of $20,397,000 issued
pursuant to the Indenture.

          “Class C
Percentage” means 2.75%.

8

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

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

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

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

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

          “Class D
Interest Rate” means 5.46% per annum.

          “Class D
Maturity Date” means April 20, 2014 (or, if
such day is not a Business Day, the next succeeding Business Day thereafter).

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

          “Class D
Notes” means the 5.46% Class D Receivable-Backed
Notes in the Aggregate Principal Amount of $22,264,116, issued pursuant to the
Indenture.

9

          “Class D
Percentage” means 3.00%.

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

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

          “Closing
Date” means November 22, 2006.

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

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

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

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

          “Collections” means the sum of (i) all
Scheduled Payments on the Contracts, including (without duplication) Scheduled
Payments on Defaulted Contracts, received on or after the Cut-Off Date
(excluding the Excluded Amounts); (ii) any Prepayments received on the
Contracts on or after the Cut-Off Date (other than (a) in the case of a Lease,
any Excluded Residual Investment which shall be allocated to the Depositor, or
(b) in the case of a Prepaid Contract for which a substitution has been made in
accordance with Section 2.03 of this Agreement, that portion thereof to which
the Depositor is entitled pursuant to Section 2.03); (iii) the Purchase Amount
of any Contracts purchased by CFUSA in accordance with Section 7.06 of
this Agreement (other than any portion thereof attributable in the case of a
Lease to the Excluded Residual Investments); (iv) the amount paid by CFUSA or
the Depositor to purchase the Contracts pursuant to Section 7.08 of this
Agreement; (v) that portion of the Liquidation Proceeds received in respect of
any Contracts and the disposition of the related Equipment on or after the
Cut-Off Date allocated to the Trust; and any earnings on the investment of
amounts credited to amounts of deposit in the Collection Account; provided
that, Collections shall not include any amounts received with respect to any
Excluded Residual Investment.

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

10

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

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

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

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

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

                    (iii)
the related Contract Files;

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

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

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

          “Contract
File” means, with respect to each Contract, the fully
executed original counterpart (for UCC purposes) of the Contract, the original
certificate of title or other title document with respect to the related
Equipment (if applicable) or, in each case, if (but only if) such original
documents are intangible documents, the electronic files of such originals, and
otherwise such documents or electronic entries, if any, that the Servicer (or
applicable Financing 

11

Originator)
keeps on file in accordance with Customary Policies and Procedures evidencing
such Contracts or such ownership of such Equipment (if applicable), and
all other documents originally delivered to the Financing Originator or
held by the Servicer (or subservicer under Section 5.05) with respect
to any Contract.

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

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

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

          “Corporate
Trust Office” means the corporate trust
office of the Owner Trustee, which office initially shall be located at White
Clay Center, Route 273, Newark, Delaware 19711, or such other office at such
other address as the Owner Trustee may designate from time to time by notice to
the Equity Certificateholder, the Servicer, the Administrator and the
Depositor.

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

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

12

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

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

	
 

	
 

	
 

	
 

	
 

	
Collection Period

	
 

	
Cumulative
  Net Loss Ratio

	
 

	

	
 

	

	
 

	
 

	
 

	
 

	
 

	
November 2006

	
 

	
0.50

	
%

	
 

	
December 2006

	
 

	
0.50

	
%

	
 

	
March 2007

	
 

	
1.00

	
%

	
 

	
June 2007

	
 

	
1.75

	
%

	
 

	
September 2007

	
 

	
2.75

	
%

	
 

	
December 2007

	
 

	
3.25

	
%

	
 

	
March 2008

	
 

	
4.00

	
%

	
 

	
June 2008

	
 

	
4.25

	
%

	
 

	
September 2008

	
 

	
5.00

	
%

	
 

	
December 2008

	
 

	
5.25

	
%

	
 

	
March 2009

	
 

	
5.25

	
%

	
 

	
June 2009

	
 

	
5.50

	
%

	
 

	
September 2009 and each
  collection period thereafter

	
 

	
5.50

	
%

	
 

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

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

          “Cut-Off
Date” means October 1, 2006, and with respect to any
Substitute Contract, the Substitution Cut-Off Date (as the context may
require).

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

          “DFS” means Dell Financial
Services L.P.

13

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

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

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

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

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

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

          “Discount
Rate” means 5.886%.

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

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

                    (a)
the information with respect to the Contract, any Secondary Contract securing
the obligations under such Contract, and the Financed Items related to the
Contract, delivered to the Servicer by or at the direction of CFUSA under the
Series 2006-VT2 VFC Purchase Agreement or the Non-VFC Purchase Agreement, as
the case may be, or by or at the direction of the VFC Trust pursuant to the VFC
Assignment is true and correct in all material respects;

                    (b)
immediately prior to the transfer of such Contract and any related Equipment
(or security interest therein) or Applicable Security to the Depositor (and the
Depositor’s concurrent transfer thereof to the Trust), CFUSA or the VFC Trust
owned and had 

14

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

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

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

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

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

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

                    (h)
(i) the Contract and any related Financed Item or interest therein (other than
Excluded Residual Investments) have not been sold, transferred, assigned or
pledged by the Financing Originator or, CFUSA or the VFC Trust to any other
Person (other than (a) the sale of Contracts and any Financed Item financed or
interest therein to CFUSA or to the Depositor and then the VFC Trust and (b)
the financed sale of Equipment to an End-User effected through an End-User
Contract), or (ii) if such Contract finances Equipment, such Contract is
secured by a fully perfected lien or ownership interest in favor of the
Financing Originator or, in the case of Equipment relating to the VFC
Contracts, the Depositor, on or in respect of the related Equipment (other than
as contemplated by the Minimum Value Filing Exception), or, if the Contract is
a Vendor Loan, the Vendor Loan is secured by a fully perfected lien or
ownership interest in favor of the Financing Originator or the VFC Trust in the
related Applicable Security;

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

                    (j)
all filings (including filings of UCC financing statements) necessary (i) in
respect of all Contracts, to evidence or perfect the conveyance or transfer of
the relevant Financing Originator’s ownership interest in the Contract, and the
Financing Originator’s corresponding interest in the related Equipment or Applicable
Security, as applicable, to CFUSA, and (ii) in respect of all Contracts,
to evidence or perfect the conveyance or transfer of CFUSA’s or 

15

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

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

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

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

                    (n)
either (x) the obligations of the related Obligor under such Contract are
irrevocable and unconditional and non-cancelable (it being understood that
Contracts which are prepayable in accordance with their terms shall not, by
virtue of that fact alone, be deemed revocable, conditional or cancelable) or,
if not irrevocable and unconditional, have the benefit of a Vendor Guarantee or
(y) with respect to Leases with Lessees that are governmental entities or
municipalities, if such Lease is canceled in accordance with its terms, either
(1) the Vendor that assigned such Lease to the applicable Financing Originator
is unconditionally obligated to repurchase such lease from the Financing
Originator for a purchase price not less than the Contract Principal Balance of
such Lease (as of the date of cancellation), or (2) pursuant to the Purchase
and Sale Agreements, CFUSA has indemnified the Depositor against such
cancellation in an amount at least equal to the Contract Principal Balance of
such Lease (as of the date of cancellation), less any amounts paid by the
Vendor pursuant to clause (y)(1);

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

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

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

16

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

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

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

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

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

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

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

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

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

          “Eligible
Investments” means any of the following:

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

17

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

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

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

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

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

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

          “Eligible
Secondary Contract” shall mean each Secondary
Contract

18

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

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

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

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

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

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

          “Equipment” means with
respect to any
Contract, the tangible assets constituting “goods” within the meaning of the
UCC, in each case financed or leased by an Obligor pursuant to a Contract, or
which otherwise provide security for the payment of amounts payable thereunder.

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

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

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

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

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

          “Excluded
Amounts” means (i) any collections on
deposit in the Collection Account or otherwise received by the Servicer on or
with respect to the Contract Pool or related 

19

Equipment,
which collections are attributable to any taxes, fees or other charges imposed
by any Governmental Authority, (ii) any collections representing reimbursements
of insurance premiums or payments for services that were not financed by the
applicable Originator, (iii) collections relating to security deposits,
and (iv) collections representing Late Charges, documentation fees,
administrative charges or extension fees on any Contract, or maintenance
premiums in respect of related Equipment.

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

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

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

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

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

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

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

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

          “Holder” has the meaning
specified in
the Indenture.

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

20

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

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

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

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

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

               “Initial
Class A-1 Principal Amount”
means $258,000,000.

               “Initial
Class A-2 Principal Amount”
means $144,000,000.

               “Initial
Class A-3 Principal Amount”
means $180,000,000.

               “Initial
Class A-4 Principal Amount”
means $100,524,000.

               “Initial
Class B Principal Amount”
means $16,689,000.

               “Initial
Class C Principal Amount”
means $20,397,000.

               “Initial
Class D Principal Amount”
means $22,264,116.

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

               “Initial
Contract Pool Principal Balance”
means $741,874,116.

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

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

               “Insolvency
Event” means, with respect to a
specified Person, (a) the filing of a decree or the entry of an order for
relief by a court having jurisdiction in the premises in respect of such Person
or any substantial part of its property in an involuntary case under any
applicable Insolvency Law now or hereafter in effect, or appointing a receiver,
liquidator, assignee, custodian, trustee, sequestrator or similar official for
such Person or for any substantial part of its 

21

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

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

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

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

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

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

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

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

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

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

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

22

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

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

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

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

               “Material
Adverse Effect” means, with respect to any
event or circumstance, a material adverse effect on:

                    (i)
the ability of CFUSA, any Financing Originator, the VFC Trust, the Depositor,
the Trust or the Servicer to perform in all material respects its obligations
under this Agreement or any other Transaction Document;

                    (ii)
the validity or enforceability of this Agreement, any other Transaction
Document, or the Contracts, or the collectibility of the Contracts; or

                    (iii)
the status, existence, perfection, priority or enforceability of the Trust’s
interest in the Contracts and the other Trust Assets.

23

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

               “Maturity
Date” means, as applicable, the Class A-1
Maturity Date, Class A-2 Maturity Date, Class A-3 Maturity Date,
Class A-4 Maturity Date, Class B Maturity Date, Class C Maturity Date
or Class D Maturity Date.

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

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

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

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

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

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

               “Non-VFC
Conveyancing Agreement” means the Non-VFC
Conveyancing Agreement, dated as of October 1, 2006, by and among CIT
Communications Finance Corporation, CIT Technology Financing Services, Inc. and
CFUSA, as the same may be amended, supplemented, restated or otherwise modified
from time to time.

               “Non-VFC
Purchase Agreement” means the Non-VFC Purchase
and Sale Agreement, dated October 1, 2006, by and among CFUSA, as the seller,
and the Depositor, as purchaser, as the same may be amended, supplemented,
restated or otherwise modified from time to time. 

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

               “Noteholder”
means any registered holder
of a Note.

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

24

               “Notes” means the
Class A-1
Notes, Class A-2 Notes, Class A-3 Notes, Class A-4 Notes,
Class B Notes, Class C Notes, and Class D Notes.

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

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

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

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

               “Outstanding” has
the meaning specified in
the Indenture.

               “Owner
Trustee” means The Bank of New York
(Delaware), not in its individual capacity, but solely as Owner Trustee under
the Trust Agreement, its successors in interest and any successor owner trustee
under the Trust Agreement. 

               “Payment
Date” shall mean the twentieth (20th) day of each
calendar month or, if such twentieth (20th) day is not a Business Day, the
next succeeding Business Day, with the first such Payment Date being December
20, 2006.

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

               “Permitted
Liens” means

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

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

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

                         (iii)
Liens in favor of a
Financing Originator in respect of Contracts which have been transferred to
such Financing Originator or the VFC Trust and pursuant to the Purchase and
Sale Agreements by such Financing Originator or the VFC Trust to 

25

the Depositor (through CFUSA and the VFC Conveyancing Agreement or the
Non-VFC Conveyancing Agreement, as the case may be, in the case of CFUSA
Contracts, and through CFUSA, the Depositor and the VFC Trust and the VFC
Assignment in the case of the VFC Contracts) and in each case transferred to
the Trust pursuant hereto;

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

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

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

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

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

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

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

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

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

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

                         (viii)
interests in favor of (A) Dell Financial Services, L.P. (“DFS”) and which have
been transferred by DFS along with the related Contract to its limited purpose
affiliate, DFS-SPV L.P. and subsequently transferred by DFS-SPV L.P. to DFS
Equipment Holdings L.P., (B) Snap-On Credit LLC; (C) any other Financing
Originator; and (D)

26

a Vendor,
which, in each case,  are subject to the
prior payment of all Obligor obligations in respect of Scheduled Payments on
the related Contract; and

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

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

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

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

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

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

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

               “Purchase
and Sale Agreements” means, collectively, the
Non-VFC Purchase Agreement, the VFC Purchase Agreement, and the Series 2006-VT2
VFC Purchase Agreement.

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

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

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

27

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

          “Ratings
Effect” means, with respect to any
action or series of related actions or proposed transaction or series of
related proposed transactions, a reduction or withdrawal of the rating of any
outstanding Class with respect to which a Rating Agency has previously
issued a rating as a result of such action or series of related actions or the
consummation of such proposed transaction or series of related transactions.

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

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

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

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

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

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

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

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

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

          “Required
Holders” means (i) prior to the
payment in full of the Class A-Notes, Class A-1 Noteholders,
Class A-2 Noteholders, Class A-3 Noteholders and/or Class A-4
Noteholders, holding Class A-1 Notes, Class A-2 Notes, Class A-3
Notes and/or Class A-4 

28

Notes,
respectively, evidencing more than 66 2/3% of the Aggregate Principal Amount of
all Class A-Notes Outstanding, (ii) from and after the payment in full of
the Class A-Notes, Holders of Class B Notes holding Class B
Notes evidencing more than 66 2/3% of the Aggregate Principal Amount of all
Class B Notes Outstanding, (iii) from and after the payment in full of the
Class B Notes, Holders of Class C Notes holding Class C Notes
evidencing more than 66 2/3% of the Aggregate Principal Amount of all
Class C Notes Outstanding, and (iv) from and after the payment in full of
the Class C Notes, Holders of the Class D Notes holding Class D
Notes evidencing more than 66 2/3% of the Aggregate Principal Amount of all
Class D Notes Outstanding.

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

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

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

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

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

	
 

	
 

	
 

	
 

	
 

	
Collection Period

	
 

	
Reserve
  Account Cumulative 

  Net Loss Trigger

	
 

	

	
 

	

	
 

	
 

	
 

	
 

	
 

	
 

	
June 2008

	
 

	
2.50

	
%

	
 

	
September 2008

	
 

	
2.75

	
%

	
 

	
March 2009

	
 

	
3.00

	
%

	
 

          “Residual
Investment” means, with respect to
certain Leases, any funds that the applicable Financing Originator shall have
advanced against all or any portion of the anticipated 

29

residual value
of the leased Equipment upon the expiration of such Lease in accordance with
its terms in excess of the Contract Principal Balance of such Lease. 

          “Responsible
Officer” means, with respect to the
Owner Trustee, any officer in its Corporate Trust Administration Department (or
any similar group of a successor Owner Trustee) who has primary responsibility
for administering the Trust or the Trust Agreement, or to whom a corporate
trust matter is referred because of knowledge of, familiarity with, and
authority to act with respect to a particular matter.

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

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

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

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

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

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

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

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

30

          “Series
2006-VT2 VFC Purchase Agreement”
means the Series 2006-VT2 VFC Purchase and Sale Agreement, dated as of October
1, 2006, among CFUSA and the Depositor, as the same may be amended,
supplemented, restated or otherwise modified from time to time. 

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

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

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

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

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

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

          “Servicing
Fee Percentage” means 0.75%.

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

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

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

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

          
“Solvent” means, as to any Person at
any time, that (a) the fair value of the property of such Person is greater
than the amount of such Person’s liabilities (including disputed, contingent
and unliquidated liabilities) as such value is established or such liabilities
evaluated for purposes of Section 101(32) of the Bankruptcy Code; (b) the
present fair saleable value of the property of such Person in an orderly
liquidation of such Person is not less than the amount that will be required to
pay the probable liability of such Person on its debts as they become absolute
and matured; (c) such Person is able to realize upon its property and pay its
debts and other liabilities (including disputed, contingent and unliquidated
liabilities) as they mature in the normal course of business; (d) such Person
does not intend to, and does not believe 

31

that it will,
incur debts or liabilities beyond such Person’s ability to pay as such debts
and liabilities mature; and (e) such Person is not engaged in business or a
transaction, and is not about to engage in a business or a transaction, for
which such Person’s property would constitute unreasonably small capital.

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

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

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

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

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

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

          With
respect to any such Substitute Contract which is replacing a Replaced Contract
of the type described in clause (a) of the definition of Substitution Event,
the condition that after giving effect to such transfer, the Contract Pool
Principal Balance of all Substitute Contracts transferred to the Trust since
the Closing Date in respect of Replaced Contracts of the same type shall not
exceed 10% of the Initial Contract Pool Principal Balance.

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

          “Substitution
Assignment Agreement”
means, with respect to any Substitute Contracts, the agreement between CFUSA
and the Depositor pursuant to which CFUSA transfers the identified Substitute
Contracts to the Depositor pursuant to the Non-VFC Purchase Agreement or the
Series 2006-VT2 VFC Purchase Agreement, as the case may be.

32

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

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

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

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

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

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

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

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

33

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

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

          “Transaction
Documents” means this Agreement, any
Substitution Transfer Agreement, the VFC Conveyancing Agreement, the VFC
Purchase Agreement, the VFC Assignment, the VFC Pooling Agreement, the Non-VFC
Conveyancing Agreement, the Non-VFC Purchase Agreement, the Series 2006-VT2 VFC
Purchase Agreement, the Trust Agreement, the Administration Agreement, the
Indenture and any other agreements contemplated herein or therein.

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

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

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

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

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

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

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

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

34

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

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

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

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

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

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

          “Unfunded
Loss Amount” means, for any Payment Date,
an amount equal to any excess of: (a) the Aggregate Principal Amount of the
Notes, prior to giving effect to the payment of principal on the Notes on that
Payment Date (or as of the Closing Date, in the case of the first Payment
Date), minus (b) the lesser of (i) the Contract Pool Principal Balance as of
the last day of the Collection Period immediately preceding the preceding
Payment Date, minus the Contract Pool Principal Balance as of the last day of
the Collection Period immediately preceding the current Payment Date; or (ii)
the Available Funds remaining after payment of amounts owing to the Servicer
and interest due on the Notes on the Payment Date plus any withdrawal from the
Reserve Account for payment of principal on the Notes on the Payment Date,
minus (c) the Contract Pool Principal Balance as of the last day of the related
Collection Period.

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

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

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

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

35

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

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

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

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

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

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

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

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

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

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

          “Voting
Power” means, with respect to any outstanding
membership interest of the Depositor, the power (expressed as a percentage)
represented by such membership interest of the aggregate voting power of all
outstanding membership interests of the Depositor having 

36

ordinary
voting power, including the power to vote for election of members of the Board
of Directors (and, if any class thereof has power to designate members of the
Board of Directors or any special committee thereof, the power so to
designate).

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

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

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

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

ARTICLE II

FUNDINGS OF TRUST; TRANSFERS OF CONTRACTS

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

               (b)
Subject to the terms and conditions set forth herein, the Depositor, in
consideration of the purchase price of the Contracts and the related
Transferred Assets and the retention of the Equity Certificate, does hereby
transfer, assign, set over and otherwise convey to the Trust, on the Closing
Date, by execution of this Agreement, without recourse (other than as expressly
provided herein), (i) all the right, title and interest of the Depositor in and
to the Contracts and the related Transferred Assets identified in this
Agreement, and (ii) all income 

37

from and
proceeds of the foregoing. The “purchase price” for the Contracts and the
related Transferred Assets shall be an amount equal to $740,558,450.01. Such
purchase price shall be payable in immediately available funds on the Closing
Date. 

               (c)
The parties hereto hereby agree and acknowledge that title to or ownership of
any related Equipment shall not be transferred to the Trust upon such
conveyance and that the Depositor shall retain its ownership interest (to the
extent the same has been so conveyed to the Depositor pursuant to the VFC
Purchase Agreement, the Non-VFC Purchase Agreement, the Series 2006-VT2 VFC
Purchase Agreement and the VFC Assignment) in such Equipment (provided, that
the parties agree and intend that any mere security interest, as opposed to
title or ownership interest, in the related Equipment which secures the
Contract pursuant to the terms thereof, is being assigned and conveyed as part
of the Transferred Assets in accordance with the definition thereof). The
Depositor and the Trust further intend and agree that, except as described in
the preceding sentence with respect to ownership interests in related
Equipment, any such transfer is intended to be a conveyance and transfer of
ownership of the Contracts and the related Transferred Assets (or Substitute
Transferred Assets conveyed as described in Section 2.03 below) and that such
Contracts and the related Transferred Assets shall not be part of the
Depositor’s estate in the event of the filing of a bankruptcy petition by or
against the Depositor under any bankruptcy law. In the event, however, that
notwithstanding such intent and agreement, a transfer and assignment
contemplated hereby (or Substitution Transfer Agreement, as applicable) is
determined not to be a conveyance of ownership, the Depositor hereby grants to
the Trust a first priority perfected security interest in (i) the right, title,
and interest of the Depositor in and to such Contracts and the related
Transferred Assets identified herein (or Substitution Transfer Agreement, as
applicable), and (ii) all income from and proceeds of the foregoing, and this
Agreement (or Substitution Transfer Agreement, as applicable), collectively,
shall constitute a security agreement under applicable law, securing the
related obligations of the Trust to the Noteholders and the Equity
Certificateholder, in the order and priorities, and subject to the other terms
and conditions of, this Agreement and the other Transaction Documents, together
with such other obligations or interests as may arise hereunder and thereunder
with respect to such Contracts and the related Transferred Assets in favor of
the parties hereto and thereto. 

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

               (e)
The Depositor, by execution and delivery of this Agreement (or Substitution
Transfer Agreement, as applicable) authorizes the Trust to file UCC financing 

38

statements
naming the Depositor as Debtor, the Trust as Secured Party and the Indenture
Trustee as Assignee in each jurisdiction that the Depositor deems necessary in
order to protect its security interests in the Contracts and Equipment. 

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

          Section
2.03 Conveyance of Substitute Contracts. (a) Subject to the limitations
set forth in (and the other terms and conditions of) this Section 2.03, the
Depositor may substitute other Contracts and related assets for Contracts and
related Transferred Assets previously conveyed to the Trust and in the Contract
Pool, by conveying such other Contracts and related assets to the Trust
pursuant to all procedures and documentation specified below. Upon the
effectiveness of such substitution, such other Contracts and related assets
(such Contracts, “Substitute Contracts”, and collectively, “Substitute
Transferred Assets”) shall, for all purposes of this Agreement and the Trust
Agreement, constitute and be considered as part of the Trust Assets, and the
Contracts already in the Contract Pool and related Transferred Assets for which
the Substitute Contract Assets have been substituted (such Contracts, “Replaced
Contracts”, and collectively, “Replaced Assets”) shall no longer constitute
Trust Assets. Upon consummation of such substitution, the Trust shall be deemed
to have assigned to the Depositor all of the Trust’s right, title and interest
in and to the Replaced Assets, without recourse, representation or warranty. 

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

               (b)
Subject to the conditions set forth in this subsection (b) below, and pursuant
to one or more related Substitution Transfer Agreements, the Depositor shall
transfer, assign, set over and otherwise convey to the Trust, without recourse
(other than as expressly provided herein), (i) all the right and interest of
the Depositor in and to the Substitute Contracts listed on the related
Substitution Schedule of Contracts, and (ii) all other rights and property
interests consisting of Transferred Assets related to such Substitute
Contracts, provided, that the Depositor may not (x) make substitutions for
Prepaid Contracts until the Class A-1 Notes have been paid in full, (y) make
substitution for Prepaid Contracts or Defaulted Contracts in excess of 10% of
the Initial Contract Pool Principal Balance and (z) make substitutions for
Prepaid Contracts or Defaulted Contracts after November 22, 2009. The Depositor
shall effect such transfers only upon the satisfaction of each of the following
conditions on or prior to the related Substitution Transfer Date (and the
delivery of a related Substitution Notice by the Depositor shall be deemed a
representation and warranty by the Depositor that such conditions have been or
will be, as of the related Substitution Transfer Date, satisfied): 

39

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

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

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

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

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

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

                    (vii)
each of the representations and warranties made by CFUSA pursuant to Article
III of the Series 2006-VT2 VFC Purchase Agreement or Non-VFC Purchase
Agreement, as the case may be, shall be true and correct as of the related
Substitution Transfer Date (including the representation made as to compliance
with the UCC filing criteria set forth in clause (j) of the definition of
Eligible Contract), and CFUSA shall have performed in all material respects all
obligations to be performed by it under the Series 2006-VT2 VFC Purchase
Agreement or Non-VFC Purchase Agreement, as the case may be, on or prior to
such Substitution Transfer Date; and 

                    (viii)
the Servicer and CFUSA and the applicable Financing Originator shall, at their
own expense, on or prior to the Substitution Transfer Date, have indicated in
their respective computer files that the Substitute Contracts identified on the
Substitution Schedule of Contracts attached to the related Substitution
Transfer Agreement have been assigned and conveyed to the Trust through the
Depositor pursuant to this Agreement and the Series 2006-VT2 VFC Purchase
Agreement or Non-VFC Purchase Agreement, as the case may be. 

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

          Section
2.04 Release of Excluded Amounts. The Trust hereby agrees to release to
the Servicer, an amount equal to the Excluded Amounts immediately upon
identification thereof, which release shall be automatic and shall require no further
act by the Trust, provided 

40

that the Trust
shall execute and deliver such instruments of release and assignment, or
otherwise confirm the foregoing release, as may reasonably be requested in
writing by the Servicer. Upon such release, such Excluded Amounts shall not
constitute and shall not be included in the Trust Assets. 

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

ARTICLE III

REPRESENTATIONS AND WARRANTIES

          Section
3.01 Representations and Warranties of CFUSA. Under the Purchase and
Sale Agreements, CFUSA has made, and upon execution of each Substitution
Assignment Agreement is deemed to make with respect to the relevant Contract
Assets conveyed by the Non-VFC Purchase Agreement, or the Series 2006-VT2 VFC
Purchase Agreement, as the case may be, each of the representations and
warranties set forth in the Schedule of Representations, and has consented (in
consideration of the Depositor’s purchase of the Contracts) to the assignment
by the Depositor to the Trust of the Depositor’s rights with respect thereto.
Such representations speak as of the Closing Date in the case of the Initial
Contracts, and as of the applicable Substitution Transfer Date in the case of
the Substitute Contracts, but shall survive the transfer and assignment of the
related Contracts to the Trust. Pursuant to Section 2.01 of this Agreement, the
Depositor has sold, assigned, transferred and conveyed to the Trust as part of
the Transferred Assets its rights under the Purchase and Sale Agreements,
including without limitation, the representations and warranties of CFUSA
therein as set forth in the Schedule of Representations, together with all
rights of the Depositor with respect to any breach thereof including any right
to require CFUSA to repurchase or substitute for any Contract in accordance
with the Purchase and Sale Agreements. It is understood and agreed that the
representations and warranties set forth or referred to in this Section shall
survive delivery of the Contract Files to the Trust or any custodian. 

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

41

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

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

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

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

               (d)
No Violations. The execution, delivery and performance of this Agreement
and the other Transaction Documents to which it is a party by the Depositor,
and the consummation of the transactions contemplated hereby and thereby, will
not violate any Requirements of Law applicable to the Depositor, or constitute
a material breach of any 

42

mortgage,
indenture, contract or other agreement to which the Depositor is a party or by
which the Depositor or any of the Depositor’s properties may be bound, or
result in the creation or imposition of any security interest, lien, charge,
pledge, preference, equity or encumbrance of any kind upon any of its
properties pursuant to the terms of any such mortgage, indenture, contract or
other agreement, other than as contemplated by the Transaction Documents. 

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

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

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

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

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

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

43

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

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

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

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

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

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

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

44

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

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

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

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

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

45

the Trust or
the transactions contemplated by this Agreement or any other Transaction
Document to which the Servicer is a party. 

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

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

ARTICLE IV

PERFECTION OF TRANSFERS AND PROTECTION OF
SECURITY INTERESTS

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

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

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

46

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

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

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

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

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

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

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

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

47

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

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

ARTICLE V

SERVICING OF CONTRACTS

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

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

          Section
5.02 General Duties. The Servicer will service, administer and enforce
the Contracts in the Contract Pool on behalf of the Trust and will have full
power and authority to do any and all things in connection with such servicing
and administration which it deems necessary or desirable and as shall not
contravene the provisions of this Agreement or any other Transaction Document.
The Servicer will manage, service, administer, and make collections on the
Contracts in the Contract Pool in accordance with the Servicing Standard. The
Servicer’s duties will include collection and posting of all payments,
responding to inquiries of Obligors regarding the Contracts in the Contract
Pool, investigating delinquencies, accounting for 

48

collections,
furnishing reports with respect to collections and payments as contemplated in
Article IX hereof, making Servicer Advances in accordance with Section 5.14
hereof, and using its best efforts to maintain the perfected first priority
interest of the Trust in the Trust Assets (subject to Permitted Liens).  The Servicer will have full power and
authority, acting alone, to do any and all things in connection with such
managing, servicing, administration, and collection that it deems necessary or
desirable.  If the Servicer commences a
legal proceeding to enforce a Defaulted Contract pursuant to Section 5.15 or
commences or participates in a legal proceeding (including a bankruptcy
proceeding) relating to or involving a Contract in the Contract Pool, the Trust
will be deemed to have automatically assigned such Contract to the Servicer
solely for purposes of, and to the extent necessary for, commencing or
participating in any such proceeding as a party or claimant (but in all cases
subject to the continuing interest of the Trust and its assignees in the
proceeds and recoveries from such proceedings, as and to the extent provided in
the Transaction Documents), and the Servicer is authorized and empowered by the
Trust, pursuant to this Section 5.02, to execute and deliver, on behalf of
itself and the Trust, any and all instruments of satisfaction or cancellation,
or partial or full release or discharge, and all other notices, demands,
claims, complaints, responses, affidavits or other documents or instruments in
connection with any such proceedings.
If in any enforcement suit or legal proceeding it is held that the
Servicer may not enforce a Contract on the grounds that it is not a real party
in interest or a holder entitled to enforce the Contract, then the Trust will,
at the Servicer’s expense and written direction, take steps to enforce the
Contract, including bringing suit in the Trust’s name. 

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

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

          Section
5.05 Subservicers. The Servicer may
enter into servicing agreements with one or more subservicers (including any
Affiliate of the Servicer) to perform all or a portion of the servicing
functions on behalf of the Servicer; provided that the Servicer shall remain
obligated and be liable to the Trust for servicing and administering the
Contracts in the Contract Pool in accordance with the provisions of this
Agreement without diminution of such obligation  

49

and liability
by virtue of the appointment of such subservicer, to the same extent and under
the same terms and conditions as if the Servicer alone were servicing and
administering such Contracts.  The fees
and expenses of the subservicer (if any) will be as agreed between the Servicer
and its subservicer and neither the Owner Trustee, the Trust, the Indenture
Trustee nor any Noteholder or Equity Certificateholder will have any
responsibility therefor.  All actions of
a subservicer taken pursuant to such a sub-servicing agreement will be taken as
an agent of the Servicer with the same force and effect as though performed by
the Servicer. 

          Section
5.06 Further Assurance. The Trust will
execute and deliver to the Servicer, and the Servicer will prepare and furnish
any subservicer with, any powers of attorney and other documents necessary or
appropriate to enable the Servicer or a subservicer, as applicable, to carry
out its servicing and administrative duties under this Agreement and the other
Transaction Documents.  

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

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

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

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

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

50

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

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

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

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

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

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

51

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

          Section
5.11 Taxes and Other Amounts. To the
extent provided for in any Contract in the Contract Pool, the Servicer will
make reasonable efforts consistent with the Servicing Standard to collect (or
cause to be collected) all payments with respect to amounts due for taxes,
assessments and insurance premiums relating to such Contract or the related Equipment
and remit such amounts to the appropriate Governmental Authority or insurer on
or prior to the date such payments are due.  

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

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

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

          Section
5.15 Realization Upon Defaulted Contract.
The Servicer will use its reasonable best efforts consistent with the
Servicing Standard to repossess or otherwise comparably convert the ownership
of any Equipment relating to a Defaulted Contract and will act as transfer and
processing agent for Equipment or Applicable Security which it
repossesses. The Servicer will follow
such other practices and procedures, consistent with the Servicing Standard, in
order to realize upon such Equipment or Applicable Security, which practices
and procedures may include reasonable efforts to enforce all obligations of
Obligors and repossessing and selling such Equipment or Applicable Security at
public or private sale in circumstances other than those described in the
preceding sentence. In any case in
which any such Equipment or Applicable Security has suffered damage, the
Servicer will not expend funds in connection  

52

with any
repair or toward the repossession of such Equipment or Applicable Security
unless it determines in its discretion that such repair and/or repossession
will increase the Liquidation Proceeds by an amount greater than the amount of
such expenses.  The Servicer will remit
to the Collection Account the Liquidation Proceeds received in connection with
the transfer or disposition of Equipment or Applicable Security relating to a
Defaulted Contract in accordance with Article VII hereof. 

          Section
5.16 Maintenance of Insurance Policies.
The Servicer will use reasonable efforts, consistent with the Servicing
Standard, to ensure that each Obligor complies with applicable insurance
requirements set forth in the related Contract; provided that the Servicer, in
accordance with Customary Policies and Procedures, may allow Obligors to
self-insure. If an Obligor fails to
maintain property damage insurance to the extent required under its Contract,
the Servicer may, consistent with Customary Policies and Procedures, purchase
and maintain such insurance on behalf of, and at the expense of (if the
applicable Contract so provides), the Obligor.
In connection with its activities as Servicer of Contracts in the
Contract Pool, the Servicer agrees to present, on behalf of itself, the Trust
and the Noteholders or Equity Certificateholders, claims to the insurer under
each Insurance Policy and any such liability policy, and to settle, adjust and
compromise such claims, in each case, consistent with the terms of each
Contract.  

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

          Section
5.18 Servicing Compensation. As
compensation for its servicing activities with respect to the Contract Pool,
and also in consideration of its expenses as set forth in Section 5.19, the
Servicer shall be entitled to receive a servicing fee in respect of any
Collection Period (or portion thereof) (with respect to each Collection Period,
the “Servicing Fee”), equal to the sum of (i) the product of one-twelfth of the
Servicing Fee Percentage per annum multiplied by the Contract Pool Principal
Balance as of the first day of such Collection Period (except that for the first
Collection Period the Servicing Fee will be the sum of (A) the product of
one-twelfth of the Servicing Fee Percentage per annum multiplied by the
Contract Pool Principal Balance as of October 1, 2006, plus (B) the product of
one-twelfth of the Servicing Fee Percentage per annum multiplied by the
Contract Pool Principal Balance as of November 1, 2006) and (ii) collections
representing Late Charges, documentation fees, administrative charges or
extension fees on any Contract, or maintenance premiums in respect of the
related Equipment.  

          Section
5.19 Payment of Certain Expenses by Servicer.
The Servicer will be required to pay all expenses incurred by it in
connection with its activities under this Agreement, including fees and
disbursements of independent accountants, counsel, the Trustees, taxes imposed
on the Servicer, expenses incurred in connection with payments and reports
pursuant to this Agreement and the Administration Agreement, and all other fees
and expenses not expressly stated under this Agreement (including ongoing fees
and expenses of the Owner Trustee) to be  

53

for the
account of the Trust or the Depositor, but excluding Liquidation Expenses
incurred as a result of activities contemplated by Section 5.15 (which may be
netted from Liquidation Proceeds).  The
Servicer will be required to pay all reasonable fees and expenses owing to the
Owner Trustee or the Indenture Trustee in connection with the maintenance of
the Collection Account.  The Servicer
shall be required to pay such expenses for its own account and shall not be
entitled to any payment or reimbursement therefor other than the Servicing Fee,
payable from Collections as provided herein. 

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

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

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

          Section
5.22 Trust To Cooperate in Releases. At
the same time as (i) any Lease in the Contract Pool terminates and the
Equipment related to such Lease is sold, (ii) any Contract in the Contract Pool
becomes a Prepaid Contract and in connection therewith the Equipment related to
such Prepaid Contract is sold, (iii) the final Scheduled Payment is made in
full on a Contract in the Contract Pool, (iv) a Contract previously in the Contract
Pool becomes a Replaced Contract in accordance with Section 2.03, or is
repurchased by deposit of a Purchase Amount as provided herein, or (v) the
Servicer substitutes or replaces any unit of Equipment as contemplated in
Section 5.03, the Trust shall to the extent requested by the Servicer release
the Trust’s interest in the Equipment relating to such affected Contract or
such substituted or replaced Equipment, as the case may be; provided that such
release will not constitute a release of the Trust’s interest in the proceeds
of Equipment the subject of a Contract still in the Contract Pool (other than
with respect to Equipment that is replaced pursuant to Section 5.03). In connection with any transfer of such
Equipment, the Trust and the Indenture Trustee shall execute and deliver to the
Servicer any assignments, bills of sale, authorizations to file termination
statements and any other releases and instruments as the Servicer may request
and prepare at its expense in order to effect such release and transfer;
provided that neither the Trust nor the Indenture Trustee shall be deemed to
make any representation or warranty, express or  

54

implied, with
respect to any such Equipment in connection with such transfer and
assignment.  Nothing in this Section
5.22 shall diminish the Servicer’s obligations pursuant to Article VII with
respect to the proceeds of any such transfer. 

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

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

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

ARTICLE VI

COVENANTS OF THE DEPOSITOR

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

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

          Section
6.03 Security Interests. The Depositor
will not sell, pledge, assign or transfer to any other Person, or grant,
create, incur, assume or suffer to exist any Lien on any Contract in the
Contract Pool or on any other Trust Asset or on any related Equipment, whether
now existing or hereafter transferred to the Trust, or any interest therein
(except for Permitted  

55

Liens).  The Depositor will immediately notify the
Trust and the Indenture Trustee of the existence of any Lien (other than
Permitted Liens) on any Contract in the Contract Pool or on any other Trust
Assets or on any related Equipment; and the Depositor shall defend the right
and interest of the Trust in, to and under the Contracts in the Contract Pool
and the related Equipment, against all claims of third parties; provided,
however, that nothing in this Section 6.03 shall prevent or be deemed to
prohibit (i) the Depositor from suffering to exist Permitted Liens upon any of
the Contracts in the Contract Pool or any related Equipment, or (ii)
repurchases or substitutions by CFUSA pursuant to the Purchase and Sale
Agreements. 

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

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

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

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

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

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

56

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

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

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

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

          Section
6.14 Separate Entity Existence.  

                    (i)
The Depositor shall: 

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

                         (B)
Ensure that, to the extent that it shares the same officers or other employees
as any of its members or Affiliates, the salaries of and the expenses 

57

related to
providing benefits to such officers and other employees shall be fairly
allocated among such entities, and each such entity shall bear its fair share
of the salary and benefit costs associated with all such common officers and
employees. 

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

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

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

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

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

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

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

                         (D)
the financial statements and books and records of the Depositor will reflect
the separate existence of CFUSA and the Trust except to the extent that 

58

the
Depositor’s financial and operating results are consolidated with those of its
ultimate parent company in consolidated financial statements; 

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

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

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

          Section
6.15 Location; Records. The Depositor
shall not change its state of organization nor move outside the State of New
Jersey, the location of its chief executive office, without thirty (30) days’
prior written notice to the Trust, the Indenture Trustee and the Servicer, and
will promptly take all actions reasonably required (including, but not limited
to, all filings and other acts necessary or advisable under the UCC of each
relevant jurisdiction) in order to continue the first priority perfected
security interest of the Indenture Trustee in Trust Assets (subject to
Permitted Liens). The Depositor will
give the Indenture Trustee, the Trust and the Servicer prompt notice of a
change within the State of New Jersey of the location of its chief executive
office.  

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

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

59

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

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

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

          Indemnification
under this Section shall include, without limitation, reasonable fees and
expenses of counsel and expenses of litigation; provided, however, that the
indemnification under this Section, notwithstanding anything to the contrary,
is limited to the assets of the Depositor (including its rights under Article
VI of the Series 2006-VT2 VFC Purchase Agreement or Article VI of the Non-VFC
Purchase Agreement); provided, further, any indemnity payments to be made
pursuant to this Section shall not be made from the Trust Assets (except to the
extent any of the same have been distributed to the Depositor free and clear of
any interest of the Trust therein and except to the extent CFUSA as co-obligor
is obligated to make such payment pursuant to Article VI of the Series 2006-VT2
VFC Purchase Agreement, or Article VI of the Non-VFC Purchase Agreement), and
such indemnity payments, if unpaid, shall not constitute a claim against the
Trust or the Trust Assets (except in respect of rights against CFUSA in respect
of the aforementioned Articles of the Purchase and Sale Agreements). If the
Depositor (or CFUSA pursuant to the aforementioned Articles of the Purchase and
Sale Agreements) shall have made any indemnity payments pursuant to this
Section and the Person to or on behalf of whom such payments are made
thereafter shall collect any of such amounts from others, such Person shall promptly
repay such amounts to the Depositor (or CFUSA, as applicable), without
interest. 

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

60

          Section
6.17 Bankruptcy Limitations. The Depositor shall not, without the
affirmative vote of each of the manager/directors of the Depositor (which must
include the affirmative vote of at least one duly appointed Independent
Director as defined in the Certificate of Formation and the Limited Liability
Company Agreement of the Depositor) (A) dissolve or liquidate, in whole or in
part, or institute proceedings to be adjudicated bankrupt or insolvent, (B)
consent to the institution of bankruptcy or insolvency proceedings against it,
(C) file a petition seeking or consent to reorganization or relief under any
applicable federal or state law relating to bankruptcy, (D) consent to the
appointment of a receiver, liquidator, assignee, trustee, sequestrator (or
other similar official) of the Depositor or a substantial part of its property,
(E) make a general assignment for the benefit of creditors, (F) admit in
writing its inability to pay its debts generally as they become due, or (G)
take any entity action in furtherance of the actions set forth in clauses (A)
through (F) above; provided, however, that no manager/director may be required
by any member of the Depositor to consent to the institution of bankruptcy or
insolvency proceedings against the Depositor so long as it is Solvent. 

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

ARTICLE VII

ESTABLISHMENT OF ACCOUNTS; PAYMENTS

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

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

                    (ii)
Notwithstanding anything in this Agreement to the contrary, for so long as, and
only so long as, 

61

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

                         (B)
the Servicer obtains a letter of credit, surety bond or insurance policy (the
“Servicer Letter of Credit”) under which demands for payment may be made to
secure timely remittance of monthly collections to the Collection Account and
the Trustees are provided with a letter from each Rating Agency to the effect
that the utilization of such alternative remittance schedule and any amendment
required to be made to this Agreement in connection therewith will not result in
a qualification, reduction or withdrawal of its then current rating of the
Notes, 

the Servicer
may make the deposits to the Collection Account specified in subsection
7.01(b)(i) hereof on a monthly basis, but not later than the Deposit Date
following the last day of the Collection Period within which such payments were
processed by the Servicer, in an amount equal to the net amount of such
deposits and payments which would have been made to the Collection Account
during such Collection Period but for the provisions of this subsection
7.01(b)(ii). In the event that the Servicer is permitted to make remittances of
collections to the Collection Account pursuant to Section 7.01(b)(ii)(B)
hereof, this Agreement may be modified, to the extent necessary to provide for
the Servicer Letter of Credit, without the consent of any Securityholder. The
Servicer shall notify the Trustees if the Servicer no longer complies with the
requirements set forth in clause (A) or (B) above. 

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

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

          Section
7.02 Reserve Account. (a) On the Closing Date, the Depositor shall
deposit the sum of $46,367,132.24 into the Reserve Account from the net proceeds of the
sale of the Notes. 

               (b)
The Indenture Trustee as directed by the Servicer shall use the amounts then
outstanding in the Reserve Account to (i) make payments that shall become due
and payable under Section 7.05(a)(iii) through Section 7.05(a)(xiv) hereof,
(ii) make payments 

62

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

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

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

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

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

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

          Section
7.03 Trust Account Procedures. If the Servicer so directs, in writing
(with a copy to the Owner Trustee and the Indenture Trustee), the Qualified
Institution 

63

maintaining
any Trust Account, shall invest the amounts therein in Eligible Investments of
the type specified in such written direction that mature not later than one
Business Day prior to the next succeeding Payment Date (or that mature on such
earlier Business Day as the Rating Agencies shall approve, with a copy of such
approval provided to the Indenture Trustee). Once such funds of any Trust
Account are invested, the Servicer shall not change or permit a change in the
investment of such funds. Subject to the other provisions hereof, the Indenture
Trustee shall have sole control over each such investment and the income
thereon, and any certificate or other instrument evidencing any such
investment, if any, shall be delivered directly to the Indenture Trustee or its
agent, together with each document of transfer, if any, necessary to transfer
title to such investment to the Indenture Trustee in a manner which complies
with this Section 7.03. All Investment Earnings, if any, on investments of
funds in the Collection Account shall be deposited in or maintained within the
Collection Account pursuant to Section 7.01 and paid on the next Payment Date
pursuant to Section 7.05. All Investment Earnings in the Reserve Account shall
be distributed in accordance with Section 7.02(d) of this Agreement. The
Servicer, the Depositor and the Trust agree and acknowledge that the Indenture
Trustee is to have “control” (within the meaning of Section 9-106 of the UCC as
enacted in New York) of collateral consisting of “Investment Property” (within
the meaning of Section 9-102 of the UCC as enacted in New York) for all
purposes of this Agreement. In the absence of timely written direction from the
Servicer, the Indenture Trustee shall invest or cause to be invested amounts in
the Trust Accounts in Eligible Investments of the type specified in clause (vi)
of the definition of Eligible Investments herein. The Indenture Trustee shall
not be liable for investment losses in Eligible Investments as directed by the
Servicer. 

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

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

          Section
7.05 Allocations and Payments. 

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

64

Available
Funds plus deposits made from the Reserve Account pursuant to Section 7.05(e)
for the related Payment Date, in the order of priority specified below:  

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

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

                    (iii)
pay the Class A-1 Interest Payment Amount, the Class A-2 Interest Payment
Amount, the Class A-3 Interest Payment Amount, and the Class A-4 Interest Payment
Amount, to each respective Class A Noteholder; provided, that if the amount of
Available Funds remaining to be allocated pursuant to this clause is less than
the full amount required to be so paid, such Available Funds shall be paid to
the Class A Noteholders pro rata based on their respective entitlement pursuant
to this clause; 

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

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

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

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

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

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

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

65

                         (D)
to the Class A-4 Noteholders, until the Principal Amount of the Class A-4 Notes
has been reduced to zero; 

                    (viii)
pay to the Class B Noteholders, the Class B Principal Payment Amount; 

                    (ix)
pay to the Class C Noteholders, the Class C Principal Payment Amount; 

                    (x)
pay to the Class D Noteholders, the Class D Principal Payment Amount; 

                    (xi)
pay to the Class A Noteholders, Reallocated Principal in the following
priority; 

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

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

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

                         (D)
to the Class A-4 Noteholders, until the Principal Amount of the Class A-4 Notes
has been reduced to zero; 

                    (xii)
pay to the Class B Noteholders, any remaining Reallocated Principal until the
Principal Amount of the Class B Notes has been reduced to zero; 

                    (xiii)
pay to the Class C Noteholders, any remaining Reallocated Principal until the
Principal Amount of the Class C Notes has been reduced to zero; 

                    (xiv)
pay to the Class D Noteholders, any remaining Reallocated Principal until the
Principal Amount of the Class D Notes has been reduced to zero; 

                    (xv)
transfer to the Reserve Account any amount necessary to increase the Reserve
Account Amount to the Specified Reserve Account Balance; 

                    (xvi)
pay to the Trustees, concurrently and pro rata, any amounts owing thereto under
the Transaction Documents; and 

                    (xvii)
pay any remaining amounts to the Equity Certificateholder. 

               (b)
Allocations and Payments After an Event of Default or After the Cumulative
Net Loss Trigger is Exceeded. On each Determination Date after the
occurrence and during the continuance of an Event of Default or on any
Determination Date when the Cumulative Net Loss Trigger is exceeded, the
Servicer, pursuant to written monthly payment 

66

instructions
and notification (which shall accompany the Monthly Servicer’s Report delivered
on such Determination Date), shall instruct the Indenture Trustee to withdraw,
and on the succeeding Payment Date the Indenture Trustee acting in accordance
with such written instructions shall withdraw, the amounts required to be
withdrawn from the Collection Account and shall make the following payments or
allocations from Available Funds plus deposits made from the Reserve Account
pursuant to Section 7.05(e) for the related Payment Date, in the order of
priority specified below: 

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

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

                    (iii)
pay the Class A-1 Interest Payment Amount, the Class A-2 Interest Payment
Amount, the Class A-3 Interest Payment Amount, and the Class A-4 Interest
Payment Amount, to each respective Class A Noteholder; provided, that if the
amount of Available Funds remaining to be allocated pursuant to this clause is
less than the full amount required to be so paid, such Available Funds shall be
paid to the Class A Noteholders pro rata based on their respective entitlement
pursuant to this clause; 

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

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

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

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

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

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

67

                    (x)
pay to the Class A-4 Noteholders principal, until the Principal Amount of the
Class A-4 Notes has been reduced to zero; 

                    (xi)
pay to the Class B Noteholders principal, until the Principal Amount of the
Class B Notes has been reduced to zero; 

                    (xii)
pay to the Class C Noteholders principal, until the Principal Amount of the
Class C Notes has been reduced to zero; 

                    (xiii)
pay to the Class D Noteholders principal, until the Principal Amount of the
Class D Notes has been reduced to zero; 

                    (xiv)
pay to the Trustees, concurrently and pro rata, any amounts owing thereto under
the Transaction Documents; and 

                    (xv)
pay any remaining amounts to the Equity Certificateholder. 

          If
either (a) the Event of Default is cured or (b) the Cumulative Net Loss Ratio
does not exceed the Cumulative Net Loss Trigger as of the next Collection
Period, payments on the following Payment Date and on subsequent Payment Dates
shall be made in the priority set forth in Section 7.05(a). 

               (c)
Payments at Stated Maturity. Notwithstanding Section 7.05(a) or Section
7.05(b), to the extent that following the payments set forth above, any amounts
would remain outstanding on any Class of Notes on the Maturity Date of such
Class of Notes, the Indenture Trustee shall apply all remaining Available Funds
to payment of principal on such Class of Notes prior to making any payment or
allocation set forth above to any Class of Notes which is lower in priority
than payment of interest on such Class of Notes.  

               (d)
Payments of Outstanding Interest. Following the payment of Available Funds on
any Payment Date in accordance with the priority of payment set forth above, if
any Class A-1 Interest Payment Amount, Class A-2 Interest Payment Amount, Class
A-3 Interest Payment Amount, Class A-4 Interest Payment Amount, Class B
Interest Payment Amount, Class C Interest Payment Amount, or Class D Interest
Payment Amount remains outstanding, the Indenture Trustee shall apply any other
amounts of cash available on deposit in the Collection Account to satisfy any such
interest payment obligations in accordance with the priority set forth above in
Section 7.05(a) or 7.05(b).  

               (e)
On the Business Day preceding each Payment Date, the Indenture Trustee shall,
in accordance with written directions from the Servicer, withdraw from amounts
on deposit in the Reserve Account, and deposit into the Collection Account, an
amount equal to the lesser of the Available Reserve Amount for such Payment
Date and the sum of the following amounts, if any: 

                    (i)
the amount, if any, by which the Available Funds with respect to such Payment
Date, is less than the amount required to make the payments or allocations set
forth in clauses (iii)-(xiv) of Section 7.05(a); plus  

68

                    (ii)
the amount, if any, by which the Available Funds with respect to such Payment
Date, is less than the amount required to make the payments or allocations set
forth in clauses (iii)-(vi) of Section 7.05(b) plus any shortfall in amounts
necessary to reduce the Aggregate Principal Amount of the Notes to the Contract
Pool Principal Balance as of the prior Accounting Date; plus  

                    (iii)
on the first Payment Date following an Event of Default, the entirety of the
Available Reserve Amount shall be deposited in the Collection Account. 

               (f)
All instructions required to be provided by the Servicer are deemed given if
included in the Monthly Servicer’s Report or in a separate writing. 

               (g)
In the event the Monthly Servicer’s Report shows that, as of any Determination
Date, there are amounts on deposit in the Collection Account which do not
constitute Collections and to which the Depositor is entitled hereunder, the
Servicer shall direct the Indenture Trustee to forthwith pay such amount to or
upon its written order. 

          Section
7.06 Repurchases of, or Substitution for, Contracts for Breach of
Representations and Warranties. Upon a discovery by the Servicer of an
inaccuracy or breach of a representation or warranty set forth in the Schedule
of Representations which has been made or deemed made with respect to a
Contract in the Contract Pool, which inaccuracy or breach materially adversely
affects the Trust’s or any Noteholder’s or the Equity Certificateholder’s
interest in such Contract (without regard to the benefits of the Reserve
Account, any reserve fund, over collateralization or other similar enhancement)
or the collectibility thereof (an “Ineligible Contract”), the Servicer shall
promptly notify CFUSA thereof. As provided in the Series 2006-VT2 VFC Purchase
Agreement and the Non-VFC Purchase Agreement and in accordance with this
Section 7.06, CFUSA is obligated to repurchase each such Ineligible Contract,
at a repurchase price equal to the Purchase Amount (determined as of the date
such repurchase is to be funded), not later than the second Deposit Date
following the date the Servicer becomes aware of any such breach or inaccuracy
and which breach or inaccuracy has not otherwise been cured; provided, however,
that if CFUSA is able to effect a substitution for any such Ineligible Contract
in compliance with Section 2.03, CFUSA may, in lieu of repurchasing such
Ineligible Contract, effect a substitution for such Ineligible Contract with a
Substitute Contract not later than the date a repurchase of such Ineligible
Contract would be required hereunder; and provided further, that with respect
to a breach or inaccuracy of any such representations or warranties relating to
the Contract Pool (or all Contracts conveyed on the Closing Date or
Substitution Transfer Date, as the case may be) in the aggregate and not to any
particular Contract, CFUSA (or the Servicer acting on its behalf) may select
Contracts (without adverse selection) to repurchase (or substitute for) such
that had such Contracts not been included as part of the related Transferred
Assets (and, in the case of a substitution, had such Substitute Contract been
included as part of the related Transferred Assets instead of the selected
Ineligible Contract) there would have been no breach or inaccuracy of such
representation or warranty. Notwithstanding any other provision of this
Agreement, the obligation of CFUSA under the Purchase and Sale Agreements and
described in this Section 7.06 shall not terminate or be deemed released by any
party hereto upon a Servicing Transfer pursuant to Article VIII. The right to
enforce the repurchase or substitution obligation described in this Section
shall constitute the sole remedy of the Trust, the Indenture Trustee, the
Depositor, the Noteholders and 

69

the Equity
Certificateholder with respect to the inaccuracy or breach related to such
Ineligible Contract. The Purchase Amount shall be allocated in accordance with
the Allocation Criteria. 

          Section
7.07 Reassignment of Repurchased or Substituted Contracts. Upon deposit
into the Collection Account of the Purchase Amount with respect to an
Ineligible Contract as described in Section 7.06 (or upon the Substitution
Transfer Date related to a Substitute Contract described in Section 7.06), or
of the repurchase price set forth in Section 7.08, the Indenture Trustee shall
release and reassign to CFUSA all of the Trust’s right and interest in the
repurchased or substituted Contract and related Transferred Assets upon receipt
of written instruction from the Servicer without recourse, representation or
warranty, and such reassigned Contract shall no longer thereafter be included
in any calculations of Contract Principal Balances required to be made
hereunder or otherwise be deemed a part of the Trust Assets. 

          Section
7.08 The Servicer’s Purchase Option. On written notice to the Indenture
Trustee at least twenty (20) days prior to a Payment Date, and provided that
the aggregate Principal Amount of Notes outstanding on such Payment Date is
less than 10% of the Initial Contract Pool Principal Balance, the Servicer may
(but is not required to) repurchase from the Trust on that Payment Date all
outstanding Contracts in the Contract Pool at a price equal to the sum of (a)
the aggregate outstanding Principal Amount of the Notes plus accrued
unpaid interest thereon as of such Payment Date, plus (b) the amount of
Unreimbursed Servicer Advances (if any) as well as accrued and unpaid monthly
Servicing Fees to the date of such repurchase, plus (c) fees, expenses
and indemnities owed to the Trustees, as applicable, minus (d)
Collections and other Available Funds on deposit in the Collection Account and
available to make such payments on such Payment Date (collectively the
“Redemption Price”). If the Servicer elects to purchase the outstanding
Contracts, the then outstanding Notes shall be redeemed on the Payment Date on
which the purchase by the Servicer occurs (the “Redemption Date”). 

ARTICLE VIII

SERVICER DEFAULTS; SERVICING TRANSFER

          Section
8.01 Servicer Default. “Servicer Default” means the occurrence of any of
the following: 

               (a)
any failure by the Servicer to make any payment, transfer or deposit or to give
instructions or notice to the Owner Trustee or the Indenture Trustee to make
any payment, transfer or deposit, or to deliver the Monthly Servicer’s Report
pursuant to this Agreement, which failure continues unremedied for a period of
five (5) Business Days after the first to occur of (i) the date on which written
notice from the Owner Trustee (with a copy to the Indenture Trustee) or the
Indenture Trustee (with a copy to the Owner Trustee) of such failure shall have
been given to the Servicer, or (ii) the date the Servicer becomes aware
thereof; or 

               (b)
failure on the part of the Servicer duly to observe or perform any other
covenants or agreements of the Servicer set forth in this Agreement which has a
material adverse effect on the Noteholders, which continues unremedied for a
period of thirty (30) days 

70

after the
first to occur of (i) the date on which written notice of such failure
requiring the same to be remedied shall have been given to the Servicer and the
Owner Trustee by the Indenture Trustee or to the Servicer, the Owner Trustee
and the Indenture Trustee by the Noteholders or the Indenture Trustee on behalf
of such Noteholders of Notes aggregating not less than 25% of the Principal
Amount of any Class adversely affected thereby, and (ii) the date on which
the Servicer becomes aware thereof, and such failure continues to materially
adversely affect the Noteholders for such period; or

               (c)
any representation, warranty or certification made by the Servicer in this
Agreement or in any certificate delivered pursuant hereto shall prove to have
been incorrect when made, which has a material adverse effect on the
Noteholders and which continues to be incorrect in any material respect for a
period of thirty (30) days after the first to occur of (i) the date on which
written notice of such incorrectness requiring the same to be remedied shall
have been given to the Servicer and the Owner Trustee by the Indenture Trustee,
or to the Servicer, the Owner Trustee and the Indenture Trustee by Noteholders
or by the Indenture Trustee on behalf of Noteholders of Notes aggregating not
less than 25% of the Principal Amount of any Class adversely affected
thereby, and (ii) the date on which the Servicer becomes aware thereof, and
such incorrectness continues to materially adversely affect the Noteholders for
such period; or

               (d)
an Insolvency Event shall occur with respect to the Servicer.

          Notwithstanding
the foregoing, a delay in or failure of performance referred to under clause
(a) above for a period of five (5) Business Days or referred to under clause
(b) or (c) for a period of sixty (60) days (in addition to any period provided
in (a), (b) or (c)) shall not constitute a Servicer Default until the
expiration of such additional five (5) Business Days or sixty (60) days,
respectively, if such delay or failure could not be prevented by the exercise
of reasonable diligence by the Servicer and such delay or failure was caused by
an act of God or other similar occurrences. Upon the occurrence of any such
event the Servicer shall not be relieved from using its best efforts to perform
its obligations in a timely manner in accordance with the terms of this
Agreement and the Servicer shall provide the Owner Trustee, the Indenture
Trustee and the Depositor prompt notice of such failure or delay by it,
together with a description of its efforts to so perform its obligations. The
Servicer shall promptly notify the Indenture Trustee in writing of any Servicer
Default of which it is aware.

          Section
8.02 Servicing Transfer. (a) If a Servicer Default has occurred and is
continuing, the Required Holders or the Indenture Trustee (subject to the right
of the Indenture Trustee to indemnification pursuant to Section 6.02(g) or
6.07 of the Indenture) may and shall at the direction of the Required Holders,
by written notice (a “Termination Notice”) delivered to the parties hereto,
terminate all (but not less than all) of the Servicer’s rights and obligations
under this Agreement with respect to the Trust Assets.

               (b)
Upon delivery of the Termination Notice (or, if later, on a date designated
therein), and on the date that a successor Servicer shall have been appointed
pursuant to Section 8.03 (such appointment being herein called a
“Servicing Transfer”), all rights, benefits, fees, indemnities, authority and
power of the Servicer under this Agreement, whether with respect to the
Contracts in the Contract Pool, the Contract Files or otherwise,
shall pass to

71

and be vested
in such successor (the “Successor Servicer”) pursuant to and under this
Section 8.02; and, without limitation, the Successor Servicer is
authorized and empowered to execute and deliver on behalf of the Servicer, as
attorney-in-fact or otherwise, any and all documents and other instruments, and
to do any and all acts or things necessary or appropriate to effect the
purposes of such notice of termination. The Servicer agrees to reasonably
cooperate with the Successor Servicer in effecting the termination of the
responsibilities and rights of the Servicer under this Agreement, including,
without limitation, the transfer to the Successor Servicer for administration
by it of all cash amounts which shall at the time be held by the Servicer for
deposit, or have been deposited by the Servicer, in the Collection Account, or
for its own account in connection with its services hereafter or thereafter
received with respect to the Contracts in the Contract Pool. The Servicer shall
transfer to the Successor Servicer (i) all records held by the Servicer
relating to such Contracts in such electronic form as the Successor Servicer
may reasonably request and (ii) any related Contract Files in the Servicer’s
possession. In addition, the Servicer shall permit access to its premises and
employees (including all computer records and programs) to the Successor
Servicer or its designee, and shall pay the reasonable transition expenses of
the Successor Servicer. Upon a Servicing Transfer, the Successor Servicer
shall thereafter also be entitled to receive the Servicing Fee for performing
the obligations of the Servicer.

          Section
8.03 Appointment of Successor Servicer; Reconveyance; Successor Servicer to
Act. Upon delivery of the Termination Notice (or, if later, on a date
designated therein), the Servicer shall continue to perform all servicing
functions under this Agreement until the date specified in the Termination
Notice or, if no such date is specified, until a date mutually agreed by the
Servicer and the Indenture Trustee. The Indenture Trustee shall as promptly as
possible after the giving of or receipt of a Termination Notice, appoint a
Successor Servicer, and such Successor Servicer shall accept its appointment by
a written assumption and by delivery of an opinion of counsel (which shall not
be at the expense of the Indenture Trustee) to the Successor Servicer relating
to corporate matters and enforceability, in each case in a form acceptable to
the Indenture Trustee and the Owner Trustee. Any Successor Servicer shall be a
financial institution having a net worth of at least $50,000,000 and whose
regular business includes the servicing of contracts similar to the Contracts
in the Contract Pool.

          In
the event that a Successor Servicer has not been appointed and has not accepted
its appointment within 60 days of the delivery of a Termination Notice, then
the Indenture Trustee shall offer the Depositor, and the Depositor shall offer
CFUSA, the right to accept retransfer of all the Trust Assets, and such party
may accept retransfer of such Trust Assets in consideration of the Depositor’s
delivery to the Collection Account on or prior to the next upcoming Payment
Date of a sum equal to the Aggregate Principal Amount of all Notes then
outstanding, together with accrued and unpaid interest thereon through such
date of deposit; provided, that the Indenture Trustee, if so directed by the
Required Holders, need not accept and effect such reconveyance in the absence
of evidence (which may include valuations of an investment bank or similar
entity, which shall not be at the expense of the Indenture Trustee) reasonably
acceptable to such Indenture Trustee or Required Holders that such retransfer
would not constitute a fraudulent conveyance of the Depositor or CFUSA;
provided, further, CFUSA may not accept such retransfer unless it shall have
delivered to each Rating Agency, with a copy to the Indenture Trustee, an
Opinion of Counsel (which shall not be an employee of the Trust)

72

that such
retransfer would not constitute a fraudulent conveyance of the Depositor or
CFUSA or that such retransfer would not constitute a preferential payment by
the Depositor or CFUSA.

          In
the event that a Successor Servicer has not been appointed and has not accepted
its appointment at the time when the then Servicer has ceased to act as
Servicer, the Indenture Trustee without further action shall automatically be
appointed the Successor Servicer. The Indenture Trustee shall be entitled to
receive the Servicing Fee while assuming such duties and shall be entitled to
all rights and benefits of the Servicer (or Successor Servicer) including the
indemnity rights under Section 8.07 hereof. Notwithstanding the foregoing,
if the Indenture Trustee is legally unable or prohibited from so acting or is
unwilling to so act, it shall petition a court of competent jurisdiction to
appoint any established financial institution having a net worth of at least
$50,000,000 and whose regular business includes the servicing of contracts
similar to the Contracts in the Contract Pool as the Successor Servicer
hereunder. On or after a Servicing Transfer, the Successor Servicer shall be
the successor in all respects to the Servicer in its capacity as servicer under
this Agreement, and the transactions set forth or provided for in this
Agreement, and shall be subject to all the responsibilities, duties and
liabilities relating thereto placed on the Servicer by the terms and provisions
hereof, and the terminated Servicer shall be relieved of such responsibilities,
duties and liabilities arising after such Servicing Transfer; provided, however,
that the Successor Servicer shall not be liable for any acts or omissions of
the departing Servicer occurring prior to such Servicing Transfer or for any
breach by the departing Servicer of any of its representations and warranties
contained in this Agreement or in any related Transaction Document or other
agreement. As compensation therefor, the Successor Servicer shall be entitled
to receive the Servicing Fee from and after the Servicing Transfer.
The Trust, the Noteholders and the Equity Certificateholders, the
Indenture Trustee and such successor shall take such action, consistent with
this Agreement, as shall be necessary to effectuate any such succession. To the
extent the terminated Servicer has made Servicer Advances, it shall be entitled
to reimbursement of the same (and any unpaid Servicing Fees accrued prior to
the Servicing Transfer) notwithstanding its termination hereunder, to the same
extent as if it had continued to service the Trust Assets hereunder.
In addition, it is understood and agreed that if an Event of Default has
occurred and a Servicer Transfer is being effected by action of the Indenture
Trustee hereunder, any documented expenses reasonably incurred by the Indenture
Trustee in connection with effecting such Servicer Transfer shall be deemed
expenses reimbursable from Available Funds.

          Section
8.04 Notifications to Noteholders and the Equity Certificateholders. (a)
Promptly following the occurrence of any Servicer Default of which it is aware,
the Servicer shall give written notice thereof to the Trustees, the Depositor
and each Rating Agency at the addresses described in Section 11.03 and to
the Noteholders and Equity Certificateholder at their respective addresses
appearing on the Note Register and the Certificate Register, respectively.

               (b)
Within ten (10) days following any termination or appointment of a Successor
Servicer pursuant to this Article VIII, the Indenture Trustee shall give
written notice thereof to each Rating Agency and the Depositor at the addresses
described in Section 11.03, and to the Noteholders, at their
respective addresses appearing on the Note Register, and to the Owner Trustee.

73

          Section
8.05 Effect of Transfer. (a) Except as otherwise set forth in this
Agreement, after a Servicing Transfer, the terminated Servicer shall have no
further rights or obligations under this Agreement, including, without
limitation, with respect to the management, administration, servicing, custody
or collection of the Trust Assets, and the Successor Servicer appointed
pursuant to Section 8.03 shall have all of such obligations, except that
the terminated Servicer will transmit or cause to be transmitted directly to
the Successor Servicer for its own account, promptly on receipt and in the same
form in which received, any amounts or items (properly endorsed where required
for the Successor Servicer to collect them) received as payments upon or
otherwise in connection with the Contracts in the Contract Pool.

               (b)
A Servicing Transfer shall not affect the rights and duties of the parties to
this Agreement (including but not limited to the indemnities of the departing
Servicer) other than those relating to the management, administration,
servicing, custody or collection of the Contracts in the Contract Pool and
related Transferred Assets.

          Section
8.06 Database File. The Servicer will provide the Successor Servicer
with a magnetic tape containing the database file for each Contract in the
Contract Pool on and as of the Business Day before the actual commencement of
servicing functions by the Successor Servicer following the occurrence of a
Servicer Default.

          Section
8.07 Successor Servicer Indemnification. The departing Servicer shall
defend, indemnify and hold the Successor Servicer and any officers, directors,
employees or agents of the Successor Servicer harmless against any and all
claims, losses, penalties, fines, forfeitures, reasonable legal fees and
related costs, judgments and any other costs, fees, and expenses that the
Successor Servicer may sustain in connection with the claims asserted at any
time by third parties against the Successor Servicer which result from (i) any
willful or grossly negligent act taken or omission by the departing Servicer or
(ii) a breach of any representations of the departing Servicer in
Section 3.03. The indemnification provided by this Section 8.07 shall
survive (a) a Servicing Transfer and/or (b) the termination of this Agreement.

          Section
8.08 Responsibilities of the Successor Servicer. The Successor Servicer
will not be responsible for delays attributable to the departing Servicer’s
failure to deliver information, defects in the information supplied by the
departing Servicer or other circumstances beyond the control of the Successor
Servicer.

          The
Successor Servicer will make arrangements with the departing Servicer for the
prompt and safe transfer of, and the departing Servicer shall provide to the
Successor Servicer, all necessary servicing files and records, including (as
deemed necessary by the Successor Servicer at such time): (i) microfiche loan
documentation, (ii) servicing system tapes, (iii) Contract payment history,
(iv) collections history and (v) the trial balances, as of the close of
business on the day immediately preceding conversion to the Successor Servicer,
reflecting all applicable Contract Pool information. The departing Servicer
shall be obligated to pay the costs associated with the transfer of the
servicing files and records to the Successor Servicer.

          The
Successor Servicer shall have no responsibility and shall not be in default
hereunder nor incur any liability for any failure, error, malfunction or any
delay in carrying out any of its duties under this Agreement if any such failure
or delay results from the Successor

74

Servicer
acting in accordance with information prepared or supplied by a Person other
than the Successor Servicer or the failure of any such Person to prepare or
provide such information. The Successor Servicer shall have no responsibility,
shall not be in default and shall incur no liability (i) for any act or failure
to act by any third party, including the departing Servicer, the Depositor or
the Trustees or for any inaccuracy or omission in a notice or communication
received by the Successor Servicer from any third party or (ii) which is due to
or results from the invalidity or unenforceability of any Contract under
applicable law or the breach or the inaccuracy of any representation or
warranty made with respect to any Contract.

          Any
Successor Servicer which assumes the role of Successor Servicer hereunder shall
be entitled to the benefits of (and subject to the provisions of)
Section 5.05 concerning delegation of duties to subservicers.

          None
of the provisions contained in this Agreement shall in any event require the
Indenture Trustee to perform, or be responsible for the manner of performance
of, any of the obligations of the Servicer under this Agreement except during
such time, if any, as the Indenture Trustee shall be the successor to, and
be vested with the rights, duties, powers and privileges of, the Servicer in
accordance with the terms of this Agreement.

          Section
8.09 Servicer Not to Resign. The Servicer shall not resign from its
obligations and duties under this Agreement except upon determination that the
performance of its duties shall no longer be permissible under applicable law,
compliance with which could not be realized without material adverse impact on
the Servicer’s financial condition. No such resignation shall become effective
until the Indenture Trustee or a successor Servicer shall have assumed the
responsibilities and obligations of the Servicer in accordance with
Section 8.03 hereof.

ARTICLE IX

SERVICER REPORTING

          Section
9.01 Monthly Servicer’s Reports. With respect to each Payment Date and
the related Collection Period, the Servicer will provide to each Trustee,
Paying Agent and each Rating Agency, on the related Determination Date, a
monthly statement (a “Monthly Servicer’s Report”) substantially in the form of Exhibit
C hereto. The Servicer will make the Monthly Servicer’s Report available
each month to Noteholders and the Rating Agencies via the investor relations
section of CIT Group Inc.’s website at http://www.cit.com. Parties that
are unable to use http://www.cit.com are entitled to have a paper copy
of the Monthly Servicer’s Report mailed to them via first class mail by
requesting such in writing to the Indenture Trustee. The Indenture Trustee shall
have the right to change the way the Monthly Servicer’s Report is distributed
in order to make such distribution more convenient and/or more accessible to
the above parties and the Indenture Trustee shall provide timely and adequate
notification (which notice shall not be less than 30 days) to all above parties
regarding any such changes. The parties hereto acknowledge that the Indenture
Trustee has no obligation to verify the accuracy of the Monthly Servicer’s
Report. The Servicer will file the Monthly Servicer’s Reports with the
Commission to the extent required by the Exchange Act.

75

          Section
9.02 Officer’s Certificate. Each Monthly Servicer’s Report delivered
pursuant to Section 9.01 shall be accompanied by a certificate of a
Servicing Officer certifying the accuracy of the Monthly Servicer’s Report.

          Section
9.03 Other Data. The Servicer shall, upon the request of any Trustee, or
any Rating Agency, furnish such Trustee or Rating Agency, as the case may be,
such underlying data used to generate a Monthly Servicer’s Report as may
be reasonably requested. 

          Section
9.04 Annual Reporting; Evidence as to Compliance. The Servicer shall
cause a firm of nationally recognized independent accountants (the “Independent
Accountants”), who may also render other services to the Servicer or its
Affiliates, to deliver to the Trustees, the Depositor and each Rating Agency,
on or before March 31 of each year, beginning on March 31, 2007, with respect
to the twelve months ended the immediately preceding December 31 or other
applicable date), a report addressed to the Board of Directors of the Servicer
and to the Trustees (the ”Accountant’s Report”) to the effect that such
Independent Accountants have, at the request of the Servicer, (i) audited the
financial statements of the Servicer (or, if the Servicer is a wholly owned
subsidiary of another entity, the financial statements of such parent entity)
and issued an opinion thereon and that such audit was made in accordance with
generally accepted auditing standards as in effect in the jurisdiction of the
entity being audited, which require that such Independent Accountants plan and
perform the audit to obtain reasonable assurance as to whether the financial
statements of the Servicer (or its parent, as applicable) are free of material
misstatement, and (ii) examined management’s assertion that the Servicer
maintained effective control over the servicing of its assets based on the
servicing activities that the Servicer performs in accordance with this
Agreement, and providing an attestation report on assessments of compliance
with the servicing criteria with respect to the Servicer during the related
fiscal year in compliance with United States of America securities laws,
including Rule 13(a)-18 or Rule 15(d)-18 of the Exchange Act and Item 1122 of
Regulation AB, as well as confirming that such examination was performed in
accordance with standards established by the American Institute of Certified
Public Accountants. A copy of the Accountant’s Report may be obtained by any
Securityholder by a request in writing to the Indenture Trustee, in the case of
a Noteholder, or in the case of the Equity Certificateholder, by a request in
writing to the Owner Trustee addressed to its Corporate Trust Office.

          Section
9.05 Annual Statement of Compliance from Servicer. The Servicer will
deliver to the Trustees, the Depositor and each of the Rating Agencies, on or
before March 31 of each year commencing March 31, 2007, a statement of
compliance required under United States securities laws, including Item 1123 of
Regulation AB, with respect to such fiscal year, which statement will include
Item 1122 and an Officer’s Certificate of the Servicer (with appropriate
insertions) to the effect that (a) a review of the activities of the Servicer
during the prior calendar year and of its performance under this Agreement was
made under the supervision of the officer signing such certificate and (b) to
the best of such officer’s knowledge, based on such review, the Servicer has
fulfilled all of its obligations under this Agreement in all material respects
throughout such fiscal year or, if there has been a failure to fulfill any such
obligation in any material respect, specifying each such failure known to such
officer and the nature and status thereof.

76

          A
copy of such certificate may be obtained by any Noteholder or the Equity
Certificateholder by a request in writing to the Indenture Trustee, with
respect to any Noteholder, or to the Owner Trustee, with respect to the Equity
Certificateholder.

          Section
9.06 Reports to the Commission. (a) The Servicer is hereby authorized and
empowered, at the expense of the Depositor, to make any filings, reports,
notices, applications and registrations with, and to seek any consents or
authorizations from, the Commission and any state securities authority on
behalf of the Trust as may be necessary or advisable to comply with any Federal
or state securities laws or reporting requirements. The Trustees shall furnish,
within a reasonable period of time, the Servicer with any powers of attorney or
other documents necessary or appropriate to enable the Servicer to carry out
its servicing and administrative duties hereunder.

               (b)
The Servicer shall, on behalf of the Trust and the expense of the Depositor,
cause to be filed with the Commission any periodic reports required to be filed
under the provisions of the Exchange Act and the rules and regulations of the
Commission thereunder. The Depositor shall, at the expense of the Servicer,
cooperate in any reasonable request of the Servicer in connection with such
filings.

ARTICLE X

TERMINATION

          Section
10.01 Sale of Trust Assets. (a) Upon any transfer of Trust Assets
pursuant to Section 9.02 of the Trust Agreement, the Servicer shall
instruct the Indenture Trustee in writing to deposit the proceeds from such
transfer after all payments and reserves therefrom have been made (the
“Insolvency Proceeds”) into the Collection Account. On the Payment Date on
which the Insolvency Proceeds are deposited in such Collection Account (or, if
such proceeds are not so deposited on a Payment Date, on the Payment Date
immediately following such deposit), the Servicer shall instruct the Indenture
Trustee to allocate and apply the Insolvency Proceeds as if (and in the same
order of priority as if) the Insolvency Proceeds were Collections being
allocated and paid on such date pursuant to this Agreement.

               (b)
Notice of any termination of the Trust shall be given by the Servicer to the
Owner Trustee and the Indenture Trustee as soon as practicable after the
Servicer has received notice thereof.

               (c)
Following the satisfaction and discharge of the Indenture and the payment in
full of the principal of and interest on the Notes, the Equity
Certificateholder will succeed to the rights of the Noteholders hereunder.

ARTICLE XI

MISCELLANEOUS

          Section
11.01 Amendments. (a) This Agreement may be amended in writing by CFUSA,
the Servicer and the Trust and the Indenture Trustee without prior notice to or
the consent of any of the Holders, and in the case of clauses (iv), (v) and
(vi), upon satisfaction of

77

the Rating
Agency Condition, (i) to correct manifest error or cure any ambiguity;
(ii) to correct or supplement any provisions herein which may be
inconsistent with any other provisions herein; (iii) to add or amend any
provisions as requested by the Rating Agencies in order to maintain or improve
any rating of the Notes (it being understood that, after the Closing Date,
neither the Trust, the Owner Trustee, the Indenture Trustee, nor CFUSA is
obligated to maintain or improve such rating); (iv) to add to the covenants,
restrictions or obligations of CFUSA, the Servicer, the Trust or the
Indenture Trustee or to provide for the delivery of or substitution of a
Servicer Letter of Credit; (v) to evidence and provide for the acceptance of
the appointment of a successor trustee with respect to the Trust Estate and add
to or change any provisions as shall be necessary to facilitate the
administration of the trusts under the Trust Agreement by more than one trustee
pursuant to Article X of the Trust Agreement; (vi) to add, change or amend any
provision to maintain the trust as an entity not subject to federal income tax;
or (vii) to add, change or eliminate any other provisions, provided that an
amendment pursuant to this clause (vii), shall not, as evidenced by an
Officer’s Certificate for the Servicer or CFUSA, adversely affect in any
material respect the interests of the Trust, any Noteholder or the Equity
Certificateholder.

               (b)
This Agreement may also be amended from time to time by the parties signatory
hereto, with the consent of the Required Holders, for the purpose of adding any
provisions to or changing in any manner or eliminating any of the provisions
thereof or of modifying in any manner the rights of the Noteholders or the
Equity Certificateholder; provided, however, that no such amendment shall (i)
increase or reduce in any manner the amount of, or accelerate or delay the
timing of, Collections, payments on the Trust Assets or payments that shall be
required to be made on any Note or the Equity Certificate (including by way of
amendment of related definitions); (ii) change the manner in which the Reserve
Account is applied; or (iii) change in any manner (including through amendment
of related definitions), the Noteholders and the Equity Certificateholder which
are required to consent to any such amendment; or (iv) make any Note or the
Equity Certificate payable in money other than Dollars, without the consent of
the Noteholders of all Notes of the relevant affected Class then outstanding
and the Equity Certificateholder, if affected; or (v) change in any manner the
duties of the Indenture Trustee under this Agreement without its written
consent (in any such case).

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

               (d)
Promptly after the execution of any such amendment or consent, the Indenture
Trustee shall furnish written notification of the substance of such amendment
or consent to each Noteholder and the Equity Certificateholder, respectively.
It shall not be necessary for the consent of Noteholders and the Equity
Certificateholder pursuant to Section 11.01(b) to approve the particular form
of any proposed amendment or consent, but it shall be sufficient if such
consent shall approve the substance thereof. The manner of obtaining such
consents and of evidencing the authorization by Noteholders and the Equity
Certificateholder of the execution thereof shall be subject to such reasonable
requirements as the Indenture Trustee may prescribe.

               (e)
Each Trustee shall be entitled to receive and rely upon an Opinion of Counsel
stating that the execution of such amendment on behalf of the Trust is
authorized or

78

permitted by
this Agreement, and that all conditions precedent to such execution as set
forth herein have been satisfied. A Trustee may, but shall not be obligated to,
enter into any such amendment which affects such Trustee’s own rights, duties
or immunities under this Agreement or otherwise.

               (f)
Notwithstanding anything to the contrary in the foregoing provisions of this
Section 11.01, the Depositor or the Servicer, acting on behalf of the
Depositor, may request each Rating Agency to approve a formula for determining
the Specified Reserve Account Balance that is different from the formula or
result determined from the current definition thereof contained herein so as to
result in a decrease in the amount of the Specified Reserve Account Balance or
the manner by which such Reserve Account is funded. If each Rating Agency
delivers to the Indenture Trustee and Owner Trustee a written notice or letter
satisfying the Rating Agency Condition in connection with such change, then the
Specified Reserve Account Balance will be thereafter determined in accordance
with such changed formula or manner of funding, and an amendment to this
Agreement effecting such change may be executed without the consent of any
Noteholder and the Equity Certificateholder.

          Section
11.02 Governing Law. THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE
WITH THE LAWS OF THE STATE OF NEW YORK AND THE OBLIGATIONS, RIGHTS, AND
REMEDIES OF THE PARTIES UNDER THIS AGREEMENT SHALL BE DETERMINED IN ACCORDANCE
WITH SUCH LAWS, WITHOUT REGARD TO CONFLICTS OF LAWS PROVISIONS.

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

	
 

	
 

	
 

	
 

	
 

	
(i)

	
If to the
  Servicer:

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
CIT
  Financial USA, Inc.

	
 

	
 

	
 

	
l CIT Drive

	
 

	
 

	
 

	
Livingston,
  New Jersey 07039

	
 

	
 

	
 

	
Attn:
  Treasury – Securitization

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Fax No.:
  (973) 535-5900

	
 

	
 

	
 

	
Telephone
  No.: (973) 740-5058

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
with a copy
  to:

	
 

79

	
 

	
 

	
 

	
 

	
 

	
 

	
CIT Group
  Inc. 

	
 

	
 

	
 

	
1 CIT Drive

	
 

	
 

	
 

	
Livingston,
  New Jersey 07039

	
 

	
 

	
 

	
Attn:
  Treasury - Securitization

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Fax No.:
  (973) 535-5900

	
 

	
 

	
 

	
Telephone
  No.: (973) 740-5058

	
 

	
 

	
 

	
 

	
 

	
 

	
(ii)

	
If to the
  Depositor:

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
CIT Funding
  Company, LLC

	
 

	
 

	
 

	
1 CIT Drive

	
 

	
 

	
 

	
Livingston,
  New Jersey 07039

	
 

	
 

	
 

	
Attn:
  Treasury - Securitization

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Fax No.:
  (973) 535-5900

	
 

	
 

	
 

	
Telephone
  No.: (973) 740-5058

	
 

	
 

	
 

	
 

	
 

	
 

	
(iii)

	
If to the
  Indenture Trustee:

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Deutsche
  Bank Trust Company Americas

	
 

	
 

	
60 Wall
  Street, MS NYC 60-2606

	
 

	
 

	
 

	
New York,
  New York 10005

	
 

	
 

	
 

	
Attn:
  Corporate Trust & Agency Services –

  Structured Finance Services

	
 

	
 

	
 

	
 

	
 

	
 

	
Fax No.:
  (212) 553-2462

	
 

	
 

	
 

	
Telephone
  No.: (212) 250-2946

	
 

	
 

	
 

	
 

	
 

	
 

	
(iv)

	
If to CFUSA:

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
CIT
  Financial USA, Inc. 

	
 

	
 

	
 

	
1 CIT Drive

	
 

	
 

	
 

	
Livingston,
  New Jersey 07039 

	
 

	
 

	
 

	
Attn:
  Treasury - Securitization

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Fax No.:
  (973) 535-5900 

	
 

	
 

	
 

	
Telephone
  No.: (973) 740-5058

	
 

	
 

	
 

	
 

	
 

	
 

	
(v)

	
If to the
  Trust or the Owner Trustee:

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
The Bank of
  New York (Delaware)

	
 

	
 

	
 

	
100 White
  Clay Center, Route 273

	
 

	
 

	
 

	
P.O. Box
  6995

	
 

	
 

	
 

	
Newark,
  Delaware 19711

	
 

80

	
 

	
 

	
 

	
 

	
 

	
 

	
Fax No.:
  (302) 453-4400

	
 

	
 

	
 

	
Telephone
  No.: (302) 283-8905

	
 

	
 

	
 

	
 

	
 

	
 

	
(vi)

	
if to
  Standard and Poor’s:

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Standard
  & Poor’s Ratings Services

	
 

	
 

	
 

	
55 Water
  Street

	
 

	
 

	
 

	
New York,
  New York 10041

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Fax No.:
  (212) 438-2489

	
 

	
 

	
 

	
Telephone
  No.: (212) 438-2649

	
 

	
 

	
 

	
 

	
 

	
 

	
(vii)

	
if to
  Moody’s:

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Moody’s
  Investors Service, Inc.

	
 

	
 

	
 

	
99 Church
  Street

	
 

	
 

	
 

	
New York,
  New York 10007

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Fax No:
  (212) 553-7820

	
 

	
 

	
 

	
Telephone
  No.: (212) 553-3661

	
 

	
 

	
 

	
 

	
 

	
 

	
(viii)

	
if to Fitch:

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Fitch, Inc.

	
 

	
 

	
 

	
70 West
  Madison

	
 

	
 

	
 

	
Suite 3500

	
 

	
 

	
 

	
Chicago,
  Illinois 60602

	
 

	
 

	
 

	
Attention:
  Asset Backed Monitoring Group

  (Equipment)

	
 

	
 

	
 

	
 

	
 

	
 

	
Fax No.:
  (312) 368-2068

	
 

	
 

	
 

	
Telephone
  No.: (312) 368-3100

	
 

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

          Section
11.04 Severability of Provisions. If one or more of the covenants,
agreements, provisions or terms of this Agreement shall be for any reason
whatsoever held invalid or unenforceable, then such covenants, agreements,
provisions or terms shall be deemed severable from the remaining covenants,
agreements, provisions or terms of this Agreement and shall in no way affect
the validity or enforceability of the other provisions of this Agreement or of
the Securities or the rights of the holders thereof.

          Section
11.05 Third Party Beneficiaries. Except as otherwise specifically
provided herein, the parties hereto hereby manifest their intent that no third
party shall be deemed a third party beneficiary of this Agreement, and
specifically that Obligors are not third party beneficiaries of this Agreement;
provided, that (i) the Owner Trustee shall be a third party

81

beneficiary of
this Agreement for purposes of Sections 3.01 and 3.02 and 11.11, and the fee
and indemnification provisions hereof and (ii) the Indenture Trustee shall be a
third party beneficiary of this Agreement for purposes of Section 3.01, 3.02
and 8.03 and the fee and indemnification provisions hereof. 

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

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

          Section
11.08 No Bankruptcy Petition; Disclaimer and Subordination. 

               (a)
Each of the Servicer, the Owner Trustee and each Noteholder and the Equity
Certificateholder (by acceptance of the applicable Notes or the Equity
Certificate) covenants and agrees that it will not institute against the
Depositor, or the Trust, or solicit or join in or cooperate with or encourage
any other Person in instituting against the Depositor or the Trust, any bankruptcy,
reorganization, arrangement, insolvency or liquidation proceedings or other
similar proceedings under the laws of the United States of America or any state
of the United States of America. The parties hereto agree that the obligations
under this Section 11.08 shall survive termination of this Agreement. 

               (b)
Consistent with the provisions in Section 2.07 of the Trust Agreement and
Section 6.17 hereof, the Trust, as well as each Noteholder and the Equity
Certificateholder by accepting a Note or the Equity Certificate, acknowledges
and agrees that such Note or the Equity Certificate represents a debt
instrument secured by, or a beneficial interest in, the Trust and Trust Assets
only and does not represent an interest in any assets (other than the Trust
Assets) of the Depositor (including by virtue of any deficiency claim in
respect of obligations not paid or otherwise satisfied from the Trust Assets
and proceeds thereof). In furtherance of and not in derogation of the
foregoing, to the extent the Depositor enters into other securitization
transactions as contemplated in Section 6.07, the Trust as well as each
Noteholder and the Equity Certificateholder by accepting a Note or Equity
Certificate acknowledges and agrees that it shall have no right, title or
interest in or to any assets (or interests therein) (other than Trust Assets)
conveyed or purported to be conveyed by the Depositor to another securitization
trust (i.e., other than the Trust) or other Person or Persons in connection
therewith (whether by way of a sale, capital contribution or by virtue of the
granting of a Lien) (“Other Assets”). To the extent that, notwithstanding the
agreements and provisions contained in the preceding sentences of this
subsection, the Trust, or any Noteholder and the Equity Certificateholder,
either (i) asserts an interest in or claim to, or benefit from, Other Assets,
whether asserted against or through the Depositor or any other Person owned by
the Depositor, or (ii) is deemed to have any such interest, claim or benefit in
or from Other Assets, whether by operation of law, legal process, pursuant to
applicable provisions of Insolvency Laws or otherwise (including without
limitation by virtue of Section 1111(b) of the federal Bankruptcy Code or any
successor provision having similar effect under the Bankruptcy Code), and
whether 

82

deemed
asserted against or through the Depositor or any other Person owned by the
Depositor, then the Trust and each Noteholder and the Equity Certificateholder
by accepting a Note or the Equity Certificate further acknowledges and agrees
that (y) any such interest, claim or benefit in or from Other Assets is and
shall be expressly subordinated to the indefeasible payment in full of all
obligations and liabilities of the Depositor which, under the terms of the
relevant documents relating to the securitization of such Other Assets, are
entitled to be paid from, entitled to the benefits of, or otherwise secured by
such Other Assets (whether or not any such entitlement or security interest is
legally perfected or otherwise entitled to a priority of payment or application
under applicable law, including Insolvency Laws, and whether asserted against
the Depositor or any other Person owned by the Depositor), including, without
limitation, the payment of post-petition interest on such other obligations and
liabilities; and (z) it shall not enforce or collect, or seek or cause the
enforcement or collection of, any rights or remedies with respect to any such
interest, claim or benefit in or from Other Assets at any time prior to the
indefeasible payment in full of all obligations and liabilities of the
Depositor which, under the terms of the relevant documents relating to the
securitization of such Other Assets, are entitled to be paid from, entitled to
the benefits of, or otherwise secured by such Other Assets. This subordination
agreement shall be deemed a subordination agreement within the meaning of
Section 510(a) of the Bankruptcy Code. Each Noteholder and the Equity
Certificateholder further acknowledges and agrees that no adequate remedy at
law exists for a breach of this Section 11.08 and that the terms and provisions
of this Section 11.08 may be enforced by an action for specific performance. 

               (c)
The provisions of this Section 11.08 shall be for the third party benefit of
those entitled to rely thereon and shall survive the termination of this
Agreement. 

          Section
11.09 Jurisdiction. Any legal action or proceeding with respect to this
Agreement may be brought in the courts of the United States of America for the
Southern District of New York, and by execution and delivery of this Agreement,
each party hereto consents, for itself and in respect of its property, to the
non-exclusive jurisdiction of those courts. Each such party irrevocably waives
any objection, including any objection to the laying of venue or based on the
grounds of forum non conveniens, which it may now or hereafter have to the
bringing of any action or proceeding in such jurisdiction in respect of this
Agreement or any document related hereto. 

          Section
11.10 Servicer Indemnity. The Servicer will indemnify the Depositor, the
Trust, the Noteholders, and the Trustees (including in their respective
individual capacities), and any of their officers, directors, employees or
agents (each an “Indemnified Party”) from and against any and all claims,
losses, penalties, fines, forfeitures, legal fees and related costs, judgments
and any other costs, fees and expenses that any Indemnified Party may sustain
in connection with claims asserted by third parties against such Indemnified
Party which result from any act or omission on the part of the Servicer with
respect to the Trust Assets or its duties and obligations under this Agreement,
except where such claims arise out of any willful misconduct, gross negligence
or bad faith on the part of such Indemnified Party. Indemnification under this
Section shall survive the resignation or removal of the Owner Trustee or
Indenture Trustee, as the case may be, and the termination of the Trust
Agreement or this Agreement. 

83

          Section
11.11 Limitation of Liability of Owner Trustee. Notwithstanding anything
contained herein to the contrary, this Agreement has been executed on behalf of
the Trust by The Bank of New York (Delaware), not in its individual capacity
but solely in its capacity as Owner Trustee of the Trust and in no event shall
The Bank of New York (Delaware), in its individual capacity or any beneficial
owner of the Trust have any liability for the representations, warranties,
covenants, agreements or other obligations of the Trust hereunder, as to all of
which recourse shall be had solely to the assets of the Trust. For all purposes
of this Agreement, in the performance of any duties or obligations of the Trust
hereunder, the Owner Trustee shall be subject to, and entitled to the benefits
of, the terms and provisions of the Trust Agreement which apply to or extend to
the benefit of the Owner Trustee. 

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

[signature page follows]

84

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

	
 

	
 

	
 

	
 

	
CIT
  EQUIPMENT COLLATERAL 2006-VT2

	
 

	
 

	
 

	
 

	
By:

	
THE BANK OF
  NEW YORK (DELAWARE), not in its individual capacity but solely as Owner
  Trustee on behalf of the Trust

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
By:

	
 /s/ Kristine K. Gullo 

	
 

	
 

	

	
 

	
 

	
Name: Kristine K. Gullo

	
 

	
 

	
Title: Vice President

	
 

	
 

	
 

	
 

	
CIT FUNDING
  COMPANY, LLC, as Depositor

	
 

	
 

	
 

	
 

	
By:

	
 /s/ Glenn A. Votek

	
 

	
 

	

	
 

	
 

	
Name: Glenn A. Votek

	
 

	
 

	
Title: Executive Vice President & Treasurer 

	
 

	
 

	
 

	
 

	
CIT
  FINANCIAL USA, INC., in its individual capacity and as Servicer

	
 

	
 

	
 

	
 

	
By:

	
 /s/ Glenn A. Votek

	
 

	
 

	

	
 

	
 

	
Name: Glenn A. Votek

	
 

	
 

	
Title: Executive Vice President – Corporate Treasury & Treasurer

85

Exhibit A

Form of VFC Assignment

RELEASE AND ASSIGNMENT AGREEMENT

FROM

CIT EQUIPMENT TRUST – VFC SERIES

          This
RELEASE AND ASSIGNMENT AGREEMENT, dated November __, 2006, is by and between
CIT Equipment Trust - VFC Series, as transferor (the “VFC Trust”), and CIT Funding Company,
LLC (formerly NCT Funding Company, L.L.C.), as Trust Depositor and transferee
with respect to the conveyances provided for herein. 

          WHEREAS,
the parties named above are parties, together with Capita Corporation (formerly
known as AT&T Capital Corporation), as servicer, to the Second Amended and
Restated Pooling and Servicing Agreement dated as of August 21, 2006, amending
and restating in full the Amended and Restated Pooling and Servicing Agreement
dated as of June 29, 2000 (the “VFC
PSA”); 

          WHEREAS,
the Trust Depositor wishes to engage in a Take-Out Securitization (as defined
in the VFC PSA); and 

          WHEREAS,
pursuant to Section 5.22 and Section 7.09 of the VFC PSA, the VFC
Trust wishes to release and convey the Contract Assets which are being conveyed
by the Trust Depositor under and pursuant to, and which are identified on the
Schedule of Contracts attached to the Pooling and Servicing Agreement (the “New PSA”), dated as of October 1, 2006 by
and among CIT Equipment Collateral 2006-VT2, as Issuer (the “New Trust”), the Trust Depositor, CIT
Financial USA, Inc., in its individual capacity and as servicer. 

          NOW,
THEREFORE, in consideration of the premises and the mutual agreements set forth
herein and in the VFC PSA, and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereto
agree as follows: 

          1.
Definitions. All terms defined in the New PSA (whether directly or by
reference to other documents) shall have such defined meanings when used
herein, unless such terms are otherwise defined herein. 

          2.
Specification of Cut-Off Date. The “Cut-Off
Date” applicable to the Contracts conveyed hereby is October 1,
2006. 

          3.
Release and Conveyance. The VFC Trust hereby releases and sells,
transfers, assigns, sets over and otherwise conveys to the Trust Depositor,
without recourse, the Contracts and related Contract Assets identified on the
list contained in the computer disk or printout attached hereto as Schedule A. 

A-1

          4.
Counterparts. This Release and Assignment Agreement may be executed in
two or more counterparts including by telefax transmission thereof (and by
different parties on separate counterparts), each of which shall be an
original, but all of which together shall constitute one and the same
instrument. 

          5.
Governing Law. This Release and Assignment Agreement shall be governed
by, and construed and enforced in accordance with, the internal laws of the
State of New York. 

          6.
Receipt. The VFC Trust, on behalf of itself and all Certificateholders
(as defined in the VFC PSA), hereby acknowledges (a) receipt by each of the
Managing Agents (as defined in the VFC PSA) of the Securitization Transfer
Price (as defined in the VFC PSA) pertaining to the release and transfer of
Contracts and Related Contract Assets as provided above, and (b) the
satisfaction of all conditions to such release and transfer specified in
Section 7.09 of the VFC PSA.  

          7.
Further Assurances. The VFC Trust will, at any time and from time to
time, at the expense of the Trust Depositor, promptly execute and deliver all
further instruments and documents and take all further action that may be
necessary or desirable or that the Trust Depositor may reasonably request in
order to effect the purposes of this Release and Assignment Agreement,
including, without limitation, executing and filing financing statements,
release and termination statements, or amendments thereto. 

          8.
Limitation of Liability. It is expressly understood and agreed by the
parties hereto that (a) this Release and Assignment Agreement is executed and
delivered by The Bank of New York (Delaware), not individually or personally
but solely as Owner Trustee of the VFC Trust, in the exercise of the powers and
authority conferred upon and vested in it, (b) each of the representations,
undertakings and agreements herein made on the part of the VFC Trust is made
and intended not as personal representations, undertakings and agreements by
The Bank of New York (Delaware) but is made and intended for the purpose for
binding only the VFC Trust, (c) nothing herein contained shall be construed as
creating any liability on The Bank of New York (Delaware), individually or
personally, to perform any covenant, either expressed or implied, contained
herein, all such liability, if any, being expressly waived by the parties
hereto and by any Person claiming by, through or under the parties hereto, and
(d) under no circumstances shall The Bank of New York (Delaware) be personally
liable for the payment of any indebtedness or expenses of the VFC Trust or be
liable for the breach or failure of any obligation, representation, warranty or
covenant made or undertaken by the VFC Trust under this Release and Assignment
Agreement. 

[signatures follow]

A-2

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

	
 

	
 

	
 

	
 

	
 

	
CIT FUNDING
  COMPANY, LLC,

	
CIT
  EQUIPMENT TRUST – VFC SERIES

	
               as
  Depositor

	
 

	
 

	
 

	
 

	
By:

	
 

	
THE BANK OF
  NEW YORK (DELAWARE), not in its individual capacity but solely as Trustee

	
 

	
 

	
By:

	
 

	
By:

	
 

	
 

	

	
 

	

	
 

	
 

	
 

	
 

	
Name:

	
 

	
Name:

	
 

	
 

	

	
 

	

	
 

	
 

	
 

	
 

	
Title:

	
 

	
Title:

	
 

	
 

	

	
 

	

	
 

	
 

	
 

	
 

A-3

Exhibit B

Initial Schedule of Contracts

(On File with McDermott Will & Emery LLP)

B-1

Exhibit
C

Form of Monthly Servicer’s Report

CIT Equipment Collateral 2006-VT2

Monthly Servicing Report

	
 

	
 

	
 

	
 

	
Determination
  Date:

	
01/18/00

	
 

	
Collection
  Period:

	
01/01/00
  – 01/31/00

	
 

	
Record
  Date

	
01/19/00

	
 

	
Payment
  Date:

	
01/20/00

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
I.

	
AVAILABLE FUNDS

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
A.

	
Collections

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
a.

	
Scheduled Payments
  Received

	
$

	
—

	
 

	
 

	
 

	
b.

	
Liquidation Proceeds
  A1located to Owner Trust

	
 

	
0.00

	
 

	
 

	
 

	
c.

	
Prepayments on Contracts

	
 

	
0.00

	
 

	
 

	
 

	
d.

	
Payments on Purchased
  Contracts

	
 

	
0.00

	
 

	
 

	
 

	
e.

	
Proceeds of Clean-up Call

	
 

	
0.00

	
 

	
 

	
 

	
f.

	
Investment Earnings on
  Collection Account

	
 

	
0.00

	
 

	
 

	
 

	
 

	
 

	

	

	
 

	
 

	
 

	
 

	
Total Collections =

	
$ 

	
—

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
B.

	
Determination of Available Funds

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
a.

	
Total Collections

	
$

	
—

	
 

	
 

	
 

	
b.

	
Servicer Advances

	
 

	
0.00

	
 

	
 

	
 

	
c.

	
Recoveries of prior
  Servicer Advances

	
 

	
0.00

	
 

	
 

	
 

	
d.

	
Withdrawal from Reserve
  Account

	
 

	
0.00

	
 

	
 

	
 

	
 

	
 

	

	

	
 

	
 

	
 

	
 

	
Total Available Funds =

	
$ 

	
—

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
II.

	
DISTRIBUTION AMOUNTS

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
A.

	
Collection Account Distribution

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
1.

	
Servicing Fee

	
 

	
 

	
 

	
0.00

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
2.

	
Class A-1 Note Interest
  Distribution

	
 

	
0.00

	
 

	
 

	
 

	
 

	
 

	
 

	
Class A-1 Note Principal
  Distribution

	
 

	
0.00

	
 

	
 

	
 

	
 

	
 

	
 

	
Aggregate Class A-1 distribution

	
 

	
 

	
 

	
0.00

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
3.

	
Class A-2 Note Interest
  Distribution

	
 

	
0.00

	
 

	
 

	
 

	
 

	
 

	
 

	
Class A-2 Note Principal
  Distribution

	
 

	
0.00

	
 

	
 

	
 

	
 

	
 

	
 

	
Aggregate Class A-2 distribution

	
 

	
 

	
 

	
0.00

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
4.

	
Class A-3 Note Interest
  Distribution

	
 

	
0.00

	
 

	
 

	
 

	
 

	
 

	
 

	
Class A-3 Note Principal
  Distribution

	
 

	
0.00

	
 

	
 

	
 

	
 

	
 

	
 

	
Aggregate Class A-3 distribution

	
 

	
 

	
 

	
0.00

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
5.

	
Class A-4 Note Interest
  Distribution

	
 

	
0.00

	
 

	
 

	
 

	
 

	
 

	
 

	
Class A-4 Note Principal
  Distribution

	
 

	
0.00

	
 

	
 

	
 

	
 

	
 

	
 

	
Aggregate Class A-4
  distribution

	
 

	
 

	
 

	
0.00

	
 

C-1

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
6.

	
Class B Note Interest
  Distribution

	
 

	
0.00

	
 

	
 

	
 

	
 

	
 

	
 

	
Class B Note Principal
  Distribution

	
 

	
0.00

	
 

	
 

	
 

	
 

	
 

	
 

	
Aggregate Class B distribution

	
 

	
 

	
 

	
0.00

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
7.

	
Class C Note Interest
  Distribution

	
 

	
0.00

	
 

	
 

	
 

	
 

	
 

	
 

	
Class C Note Principal
  Distribution

	
 

	
0.00

	
 

	
 

	
 

	
 

	
 

	
 

	
Aggregate Class C distribution

	
 

	
 

	
 

	
0.00

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
8.

	
Class D Note Interest
  Distribution

	
 

	
0.00

	
 

	
 

	
 

	
 

	
 

	
 

	
Class D Note Principal
  Distribution

	
 

	
0.00

	
 

	
 

	
 

	
 

	
 

	
 

	
Aggregate Class D distribution

	
 

	
 

	
 

	
0.00

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
9.

	
Deposit to the Reserve
  Account

	
 

	
 

	
 

	
0.00

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
10.

	
Trustee Expenses

	
 

	
 

	
 

	
0.00

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
11.

	
Remainder to the holder of
  the equity certificate

	
 

	
 

	
 

	
0.00

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	

	
 

	
 

	
 

	
 

	
Collection Account Distribution =

	
 

	
 

	
 

	
0.00

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
B.

	
Incorrect Deposits to be Returned to CIT       Collection Account Distribution =

	
 

	
 

	
 

	
0.00

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	

	
 

	

III.

	

INFORMATION REGARDING DISTRIBUTIONS ON THE SECURITIES

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Distribution

Amounts 

	
  

	
Class
A-1

Notes 

	
  

	
Class
A-2

Notes 

	
  

	
Class
A-3

Notes 

	
  

	
Class
A-4

Notes 

	
  

	
 

	

	
 

	

	
 

	

	
 

	

	
 

	

	
 

	
1.

	
Interest
  Due

	
 

	
0.0

	
 

	
0.0

	
 

	
0.0

	
 

	
0.0

	
 

	
2.

	
Interest
  Paid

	
 

	
0.0

	
 

	
0.0

	
 

	
0.0

	
 

	
0.0

	
 

	
3.

	
Interest
  Shortfall

  ((1) minus (2))

	
 

	
0.0

	
 

	
0.0

	
 

	
0.0

	
 

	
0.0

	
 

	
4.

	
Principal
  Paid

	
 

	
0.0

	
 

	
0.0

	
 

	
0.0

	
 

	
0.0

	
 

	
 

	
 

	
 

	
0.0

	
 

	
0.0

	
 

	
0.0

	
 

	
0.0

	
 

	
5.

	
Total
  Distribution Amount

  ((2) plus (4))

	
 

	
0.0

	
 

	
0.0

	
 

	
0.0

	
 

	
0.0

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Distribution

Amounts 

	
  

	
Class
B

Notes 

	
  

	
Class
C

Notes 

	
  

	
Class
D

Notes 

	
  

	
Total
Offered

Notes 

	
  

	
 

	

	
 

	

	
 

	

	
 

	

	
 

	

	
 

	
1.

	
Interest
  Due

	
 

	
0.0

	
 

	
0.0

	
 

	
0.0

	
 

	
0.0

	
 

	
2.

	
Interest
  Paid

	
 

	
0.0

	
 

	
0.0

	
 

	
0.0

	
 

	
0.0

	
 

	
3.

	
Interest
  Shortfall

  ((1) minus (2))

	
 

	
0.0

	
 

	
0.0

	
 

	
0.0

	
 

	
0.0

	
 

	
4.

	
Principal
  Paid

	
 

	
0.0

	
 

	
0.0

	
 

	
0.0

	
 

	
0.0

	
 

	
 

	
 

	
 

	
0.0

	
 

	
0.0

	
 

	
0.0

	
 

	
0.0

	
 

	
5.

	
Total
  Distribution Amount

  ((2) plus (4))

	
 

	
0.0

	
 

	
0.0

	
 

	
0.0

	
 

	
0.0

	
 

C-2

	
 

	
 

	
 

	
IV.

	
INFORMATION REGARDING THE SECURITIES

	
 

	
 

	
 

	
 

	
A.

	
Summary of Balance Information

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Class

	
 

	
Applicable

  Coupon

  Rate

	
 

	
Principal Balance

  Jan-00

  Payment Date

	
 

	
Class Factor

  Jan-00

  Payment Date

	
 

	
Principal Balance

  May-00

  Payment Date

	
 

	
Principal Balance

  Jun-00

  Payment Date

	
 

	
Class Factor

  Jun-00

  Payment Date

	
 

	

	
 

	

	
 

	

	
 

	

	
 

	

	
 

	

	
 

	

	
a.

	
Class A-1 Notes

	
 

	
0.0000%

	
 

	
0.0

	
 

	
0.00000

	
 

	
0.0

	
 

	
0.0

	
 

	
0.00000

	
b.

	
Class A-2 Notes

	
 

	
0.0000%

	
 

	
0.0

	
 

	
0.00000

	
 

	
0.0

	
 

	
0.0

	
 

	
0.00000

	
c.

	
Class A-3 Notes

	
 

	
0.0000%

	
 

	
0.0

	
 

	
0.00000

	
 

	
0.0

	
 

	
0.0

	
 

	
0.00000

	
d.

	
Class A-4 Notes

	
 

	
0.0000%

	
 

	
0.0

	
 

	
0.00000

	
 

	
0.0

	
 

	
0.0

	
 

	
0.00000

	
e.

	
Class B Notes

	
 

	
0.0000%

	
 

	
0.0

	
 

	
0.00000

	
 

	
0.0

	
 

	
0.0

	
 

	
0.00000

	
f.

	
Class C Notes

	
 

	
0.0000%

	
 

	
0.0

	
 

	
0.00000

	
 

	
0.0

	
 

	
0.0

	
 

	
0.00000

	
g.

	
Class D Notes

	
 

	
0.0000%

	
 

	
0.0

	
 

	
0.00000

	
 

	
0.0

	
 

	
0.0

	
 

	
0.00000

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
h.

	
Total Offered Notes

	
 

	
 

	
 

	
0.0

	
 

	
 

	
 

	
0.0

	
 

	
0.0

	
 

	
 

	
 

	
 

	
 

	
 

	
B.

	
Other Information

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Class

	
 

	
Scheduled

  Principal Balance

  Jan-00

  Payment Date

	
 

	
Principal Balance

  Jan-00

  Payment Date

	
 

	
 

	
 

	

	
 

	

	
 

	

	
 

	
 

	
 

	
Class
  A-1 Notes

	
 

	
0.0

	
 

	
0.0

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Class

	
 

	
Class Percentage

	
 

	
Target Principal Amount

  Jan-00

  Payment Date

	
 

	
Class Floor

  Jan-00

  Payment Date

	
 

	
Target Principal Amount

  Jan-00

  Payment Date

	
 

	
Class Floor

  Jan-00

  Payment Date

	
 

	

	
 

	

	
 

	

	
 

	

	
 

	

	
 

	

	
 

	
Class
  A

	
 

	
0.00%

	
 

	
0.0

	
 

	
 

	
 

	
0.0

	
 

	
 

	
 

	
Class
  B

	
 

	
0.00%

	
 

	
0.0

	
 

	
0.00

	
 

	
0.0

	
 

	
0.00

	
 

	
Class
  C

	
 

	
0.00%

	
 

	
0.0

	
 

	
0.00

	
 

	
0.0

	
 

	
0.00

	
 

	
Class
  D

	
 

	
0.00%

	
 

	
0.0

	
 

	
0.00

	
 

	
0.0

	
 

	
0.00

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
V.

	
PRINCIPAL

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
A.

	
Monthly Principal Amount

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
1.

	
Principal Balance of Notes
  and Equity Certificates

  (End of Prior Collection Period)

	
0.00

	
 

	
 

	
 

	
2.

	
Contract Pool Principal
  Balance (End of Collection Period)

	
0.00

	
 

	
 

	
 

	
 

	
 

	

	
 

	
 

	
 

	
 

	
Total
  monthly principal amount

	
0.00

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
B.

	
Principal Breakdown

	
 

	
 

	
 

	
 

	
 

	
 

	
No. of
  Accounts

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	

	
 

	
 

	
 

	
 

	
 

	
1.

	
Schedule Principal

	
0

	
 

	
0.00

	
 

	
 

	
 

	
2.

	
Prepaid Contracts

	
0

	
 

	
0.00

	
 

	
 

	
 

	
3.

	
Default Contracts

	
0

	
 

	
0.00

	
 

	
 

	
 

	
4.

	
Contracts purchased by CIT
  Financial USA, Inc.

	
0

	
 

	
0.00

	
 

	
 

	
 

	
 

	
 

	

	
 

	

	
 

	
 

	
 

	
 

	
Total
  Principal Breakdown

	
0

	
 

	
0.00

C-3

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
VI.

	
CONTRACT POOL DATA

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
A.

	
Contract Pool Characteristics

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Original Pool

	
 

	
Mar-04

  Payment Date

	
 

	
Feb-04

  Payment Date

	
 

	
 

	
 

	
 

	
 

	

	
 

	

	
 

	

	
 

	
1.

	
a. Contract Pool Balance

	
0.00

	
 

	
0.00

	
 

	
0.00

	
 

	
 

	
b. No. of Contracts

	
0

	
 

	
0

	
 

	
0

	
 

	
 

	
c. Pool Factor

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
2.

	
Weighted Average Remaining
  Term

	
0.00

	
 

	
0.00

	
 

	
0.00

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
3.

	
Weighted Average Original
  Term

	
0.00

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
B.

	
Delinquency Information

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
% of Contracts

	
 

	
% of Aggregate

  Required Payoff Amount

	
 

	
No. of Accounts

	
 

	
Aggregate Required Payoff Amounts

	
 

	
 

	
 

	
 

	
 

	

	
 

	

	
 

	

	
 

	

	
 

	
1.

	
Current

	
0.00%

	
 

	
0.00%

	
 

	
0

	
 

	
0.00

	
 

	
 

	
31–60 days

	
0.00%

	
 

	
0.00%

	
 

	
0

	
 

	
0.00

	
 

	
 

	
61–90 days

	
0.00%

	
 

	
0.00%

	
 

	
0

	
 

	
0.00

	
 

	
 

	
91–120 days

	
0.00%

	
 

	
0.00%

	
 

	
0

	
 

	
0.00

	
 

	
 

	
121-150 days

	
0.00%

	
 

	
0.00%

	
 

	
0

	
 

	
0.00

	
 

	
 

	
151-180 days

	
0.00%

	
 

	
0.00%

	
 

	
0

	
 

	
0.00

	
 

	
 

	
180+ days

	
0.00%

	
 

	
0.00%

	
 

	
0

	
 

	
0.00

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Total Delinquency

	
0.00%

	
 

	
0.00%

	
 

	
0

	
 

	
0.00

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
2.

	
Delinquent Schedule
  Payments:

	
 

	
 

	
 

	
 

	
 

	
 

	
0.00

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Beginning of Collection
  Period

	
 

	
 

	
 

	
 

	
0.00

	
 

	
 

	
 

	
 

	
End of Collection Period

	
 

	
 

	
 

	
 

	
0.00

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	

	
 

	
 

	
 

	
 

	
Change
  in Delinquent Scheduled Payments

	
 

	
0.00

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
C.

	
Defaulted Contract Information

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
1.

	
Aggregate Contract Balance
  on Defaulted Contracts

	
 

	
0.00

	
 

	
 

	
 

	
 

	
 

	
2.

	
Liquidation Proceeds (or
  other cash collections on Defaulted Contracts) received

	
 

	
0.00

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
3.

	
Cumulative Reported Net
  Losses

	
 

	
0.00

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
4.

	
Cumulative Net Loss Ratio

	
 

	
0.000

	
%

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
5.

	
Cumulative Net Loss
  Trigger

	
 

	
0.000

	
%

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
VII.

	
MISCELLANEOUS INFORMATION

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
A.

	
Servicer Advance Balance

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
1.

	
Opening Servicer Advance
  Balance

	
 

	
0.00

	
 

	
 

	
 

	
 

	
 

	
2.

	
Current Period Servicer
  Advance

	
 

	
0.00

	
 

	
 

	
 

	
 

	
 

	
3.

	
Recoveries of prior
  Servicer Advances

	
 

	
0.00

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	

	
 

	
 

	
 

	
 

	
 

	
4.

	
Ending Servicer Advance
  Balance

	
 

	
0.00

	
 

	
 

	
 

	
 

	
 

	
5.

	
Unreimbursed Servicer
  Advances

	
 

	
0.00

	
 

	
 

C-4

	
 

	
 

	
 

	
 

	
 

	
B.

	
Reserve Account

	
 

	
1.

	
Opening Reserve Account

	
 

	
 

	
0.00

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
2.

	
Deposit from the Collection
  Account

	
 

	
 

	
0.00

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
3.

	
Withdrawals from the
  Reserve Account

	
 

	
 

	
0.00

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
4.

	
Investment Earnings

	
 

	
 

	
0.00

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
5.

	
Investment Earnings Distributions
  to the Depositor

	
 

	
 

	
0.00

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
6.

	
Remaining available amount

	
 

	
 

	
0.00

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
7.

	
Specified Reserve Account
  Balance

	
 

	
 

	
0.00

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
8.

	
Reserve Account Surplus/
  (Shortfall)

	
 

	
 

	
0.00

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
9.

	
Distribution of Reserve
  Account Surplus to the Depositor

	
 

	
 

	
0.00

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
10.

	
Ending Reserve Account
  Balance

	
 

	
 

	
0.00

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
11.

	
Reserve Account deficiency

	
 

	
 

	
0.00

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
12.

	
Reserve Account Floor

	
 

	
 

	
0.000

	
%

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
C.

	
Other Related Information

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
1.

	
Discount Rate

	
 

	
0.0000

	
%

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
2.

	
Life to Date Prepayment
  (CPR)

	
 

	
0.0000

	
%

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
3.

	
Life to Date Substitutions:

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
a. Prepayments

	
0.00

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
b. Defaults

	
0.00

	
 

	
 

	
 

	
 

	

4.

	

[If applicable, Material
  Changes in how delinquencies, charge-offs and uncollectibles are determined:

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
5.

	
Any material modifications,
  extensions or waivers to pool asset terms, fees, penalties or payments:

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
6.

	
Any material breaches of
  pool asset representations or warranties or transaction covenants:

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
7.

	
Information regarding pool
  asset substitutions and repurchases:

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
8.

	
Material changes in the
  solicitation, credit-granting, underwriting, origination, acquisition or pool
  selection criteria or procedures used to originate, acquire, or select new
  pool assets:]

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
D1.

	
Statement of Priority of
  Distributions Prior to an Event of Default or the Cumulative Net Loss Trigger
  is Exceeded

	
 

	
 

	
1.

	
Unreimbursed Servicer
  Advances;

	
 

	
 

	
2.

	
Servicing Fee;

	
 

	
 

	
3.

	
a.

	
Class A-1 Note Interest
  Distribution

	
 

	
 

	
 

	
b.

	
Class A-2 Note Interest
  Distribution

	
 

	
 

	
 

	
c.

	
Class A-3 Note Interest
  Distribution

	
 

	
 

	
 

	
d.

	
Class A-4 Note Interest
  Distribution;

	
 

	
 

	
4.

	
Class B Note Interest
  Distribution;

	
 

	
 

	
5.

	
Class C Note Interest
  Distribution;

	
 

	
 

	
6.

	
Class D Note Interest
  Distribution;

	
 

	
 

	
7.

	
Class A-1 Note Principal
  Distribution;

C-5

	
 

	
 

	
 

	
 

	
 

	
 

	
8.

	
Class A-2 Note Principal
  Distribution;

	
 

	
 

	
9.

	
Class A-3 Note Principal
  Distribution;

	
 

	
 

	
10.

	
Class A-4 Note Principal
  Distribution;

	
 

	
 

	
11. 

	
Class B Note Principal
  Distribution;

	
 

	
 

	
12.

	
Class C Note Principal
  Distribution;

	
 

	
 

	
13.

	
Class D Note Principal
  Distribution;

	
 

	
 

	
14.

	
Class A-1 Note Reallocated
  Principal Distribution

	
 

	
 

	
15.

	
Class A-2 Note Reallocated
  Principal Distribution;

	
 

	
 

	
16.

	
Class A-3 Note Reallocated
  Principal Distribution;

	
 

	
 

	
17.

	
Class A-4 Note Reallocated
  Principal Distribution;

	
 

	
 

	
18. 

	
Class B Note Reallocated
  Principal Distribution;

	
 

	
 

	
19.

	
Class C Note Reallocated
  Principal Distribution;

	
 

	
 

	
20.

	
Class D Note Reallocated
  Principal Distribution;

	
 

	
 

	
21.

	
Deposit to the Reserve
  Account;

	
 

	
 

	
22.

	
Any amounts owing to the
  Trustees; and

	
 

	
 

	
23.

	
Remainder to the holder of
  the equity certificate.

	
 

	
 

	
 

	
 

	
 

	
 

	
D2.

	
Statement of Priority of
  Distributions After an Event of Default or the Cumulative Net Loss Trigger is
  Exceeded

	
 

	
 

	
1.

	
Unreimbursed Servicer
  Advances;

	
 

	
 

	
2.

	
Servicing Fee;

	
 

	
 

	
3.

	
a.

	
Class A-1 Note Interest
  Distribution

	
 

	
 

	
 

	
b.

	
Class A-2 Note Interest
  Distribution

	
 

	
 

	
 

	
c.

	
Class A-3 Note Interest
  Distribution

	
 

	
 

	
 

	
d.

	
Class A-4 Note Interest
  Distribution;

	
 

	
 

	
4.

	
Class B Note Interest
  Distribution;

	
 

	
 

	
5.

	
Class C Note Interest
  Distribution;

	
 

	
 

	
6.

	
Class D Note Interest
  Distribution;

	
 

	
 

	
7.

	
Class A-1 Note Principal
  Distribution;

	
 

	
 

	
8.

	
Class A-2 Note Principal
  Distribution;

	
 

	
 

	
9.

	
Class A-3 Note Principal
  Distribution;

	
 

	
 

	
10.

	
Class A-4 Note Principal
  Distribution;

	
 

	
 

	
11. 

	
Class B Note Principal
  Distribution;

	
 

	
 

	
12.

	
Class C Note Principal
  Distribution;

	
 

	
 

	
13.

	
Class D Note Principal
  Distribution;

	
 

	
 

	
14.

	
Deposit to the Reserve
  Account;

	
 

	
 

	
15.

	
Any amounts owing to the
  Trustees; and

	
 

	
 

	
16.

	
Remainder to the holder of
  the equity certificate.

C-6

	
E.

	
Delinquency, Net Losses and CPR History

	
 

	
 

	
Collection
  Periods

	
 

	
% of Aggregate 

  Required Payoff 

  Amounts

  

  31-60 Days Past 

  Due

	
 

	
% of Aggregate 

  Required Payoff 

  Amounts

  

  61-90 Days Past 

  Due

	
 

	
% of Aggregate 

  Required Payoff 

  Amounts

  

  91-120 Days Past 

  Due

	
 

	
% of Aggregate 

  Required Payoff 

  Amounts

  

  121-150 Days Past 

  Due

	
 

	
% of Aggregate 

  Required Payoff 

  Amounts

  

  151-180 Days Past 

  Due

	
 

	
% of Aggregate

  Required Payoff 
Amounts

  

  180+ Days Past 

  Due

	
 

	

	
 

	

	
 

	

	
 

	

	
 

	

	
 

	

	
 

	

	
 

	
01/00/00

	
 

	
0.00%

	
 

	
0.00%

	
 

	
0.00%

	
 

	
0.00%

	
 

	
0.00%

	
 

	
0.00%

	
Collection Month

	
 

	
Net Loss Percentage

	
 

	
Net Losses

	
 

	
 

	
LTD CPR

	
 

	

	
 

	

	
 

	

	
 

	
 

	

	 

	
January-00

	
 

	
0.000%

	
 

	
0.00

	
 

	
 

	
0.00%

	 

C-7

Exhibit D 

Form of Substitution Transfer Agreement

SUBSTITUTION TRANSFER AGREEMENT

          This
SUBSTITUTION TRANSFER AGREEMENT, dated _____________ __, ____, is by and
between CIT Funding Company, LLC, as Depositor and transferor, and CIT
Equipment Collateral 2006-VT2, as transferee with respect to the conveyances
evidenced hereby. 

          WHEREAS,
the parties named above are each parties to the Pooling and Servicing Agreement
dated as of October 1, 2006 (as from time to time amended, supplemented or
otherwise modified, the “PSA”); and 

          WHEREAS,
pursuant to the PSA, the Depositor wishes to effect conveyances of the
Substitute Contracts (together with related Substitute Transferred Assets),
identified on the Substitution Schedule of Contracts attached hereto, in each
case in the manner and to the effect described in Article II of the PSA; and 

          WHEREAS,
the Servicer has delivered or caused to be delivered a Substitution Notice with
respect to such conveyance as required in the PSA; 

          NOW,
THEREFORE, in consideration of the premises and the mutual agreements set forth
herein and in the PSA, and for other good and valuable consideration, the receipt
of which is hereby acknowledged, the parties hereto agree as follows: 

          1.
Definitions. All terms defined in the PSA (whether directly or by
reference to other documents) shall have such defined meanings when used
herein, unless such terms are otherwise defined herein. 

          2.
Specification of Cut-Off Date. The “Substitution Cut-Off Date”
applicable to the Substitute Contracts conveyed hereby is _______________ __,
____. 

          3.
Conveyances. Subject to the terms and conditions provided for in the
PSA, the Depositor hereby makes the assignments and conveyances specified in
Article II of the PSA as being effected by execution and delivery of this
Substitution Transfer Agreement, in each case (i) with respect to the
Substitute Contracts (together with related Substitute Transferred Assets)
identified on the Substitution Schedule of Contracts attached hereto, and (ii)
in the manner and to the effect described in Article II of the PSA. 

          4.
Incorporation of PSA. This Substitution Transfer Agreement is made
pursuant to and upon the representations, warranties and agreements on the part
of the parties hereto contained in the PSA and shall be governed in all
respects by the PSA. 

          5.
Ratification of PSA. As supplemented by this Substitution Transfer
Agreement, the PSA is in all respects ratified and confirmed by the parties
hereto. 

D-1

          6.
Counterparts. This Substitution Transfer Agreement may be executed in
two or more counterparts including by telefax transmission thereof (and by
different parties on separate counterparts), each of which shall be an
original, but all of which together shall constitute one and the same
instrument. 

          7.
Governing Law. This Substitution Transfer Agreement shall be governed
by, and construed and enforced in accordance with, the internal laws of the
State of New York. 

          8.
Reaffirmation. As provided in Section 2.03 of the PSA, by delivery of
this Substitution Transfer Agreement, the Depositor confirms that the
conditions to transfer set forth in Section 2.03(b) have been satisfied or
otherwise waived as described therein. 

[signatures follow]

D-2

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

	
   

  	
   

  	
   

  	
   

  	
   

  
	
  CIT FUNDING COMPANY, LLC,

  as Depositor

  	
   

  	
  CIT
  EQUIPMENT COLLATERAL 2006-VT2 

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  THE BANK OF
  NEW YORK 

  
	
  By:

  	
   

  	
   

  	
  (DELAWARE),
  not in its individual 

  
	
   

  	
  

  	
   

  	
   

  	
  capacity but
  solely as Owner Trustee on 

  
	
   

  	
   

  	
   

  	
  behalf of
  the Trust

  

	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   By:

  	
   

  
	
   

  	
   

  	
   

  	
  

  

D-3

Exhibit E 

Schedule of Representations and Warranties

          (a)
List of Contracts. The information set forth in the Schedule of
Contracts (as the same may be amended or deemed amended in respect of a
conveyance of Substitute Contracts on a Substitution Transfer Date) is true,
complete and correct in all material respects as of the Closing Date (or
Substitution Transfer Date, as applicable). 

          (b)
Eligible Contract. As of its applicable Cut-Off Date, each Contract
satisfied the criteria for the definition of Eligible Contract set forth in
this Agreement, and each Secondary Contract securing a Vendor Loan constituting
a Contract satisfied, as of its applicable Cut-Off Date, the definition of
Eligible Secondary Contract set forth in this Agreement. 

          (c)
Contract Files. As of the Closing Date (or as of the Substitution Transfer
Date, with respect to Substitute Contracts), (i) immediately prior to such
date, CFUSA (or the applicable Financing Originator as custodian for CFUSA) had
possession of each original Contract and the related complete Contract File,
and there were no other custodial agreements relating to the same in effect
(other than offsite storage arrangements described in Section 4.01(b)); (ii)
each of such documents which is required to be signed by the Obligor has been
signed by the Obligor in the appropriate spaces; and (iii) to the Depositor’s
knowledge, the complete Contract File for each Contract is in the possession of
the Servicer or subservicer contemplated under section 5.05. If the Contract is
“tangible chattel paper” as defined in the UCC, the End-User Contract that
constitutes or evidences the Contract does not have any marks or notations
indicating that it has been pledged, assigned or otherwise conveyed to any
other Person besides CFUSA (prior to its conveyance to the Depositor under the
Non-VFC Purchase Agreement), the VFC Trust (prior to its conveyance to the
Depositor under the VFC Assignment) and the Depositor. 

          (d)
No Material Obligation. No Financing Originator has a material
performance obligation in respect of any Contract in favor of an Obligor or
End-User (it being understood that covenants of quiet enjoyment, purchase
options, obligations to accept return of the property at end of lease term, and
like obligations of a lessor typical of a “triple net” lease, shall not be
deemed “material performance obligations” for purposes of this representation).

          (e)
Vendor Agreements. The Receivables Purchase Agreement, dated as of
October 31,1998, by and between DFS-SPV L.P., a Delaware limited partnership (“DFS-SPV”)
and CFUSA, as amended by (1) the Partial Waiver of Repurchase Option and
Amendment to Receivables Purchase Agreement, dated as of August 20, 1999, (2)
that certain Omnibus Agreement dated as of November 1, 2000, (3) the amendment
dated August 15, 2002 and (4) that certain 2004 Extension and Funding Agreement
dated as of September 8, 2004 is in full force and effect and has not been
amended since September 8, 2004. The Purchase Agreement, dated as of October
31, 1998, by and between Dell Financial Services, L.P., a Delaware limited partnership
and DFS-SPV as amended by (1) the Partial Waiver of Repurchase Option and
Amendment to Purchase Agreement, dated as of August 20, 1999, (2) that certain
Omnibus Agreement dated as of November 1, 2000, (3) the Second Amendment to
Purchase Agreement dated February 1, 2004, and (4) that certain 2004 Extension
and Funding Agreement dated as of 

E-1

September 8,
2004, is in full force and effect and has not been amended since September 8,
2004. The Financial Services Agreement dated as of March 9, 1998, between
Lucent Technologies, Inc., a Delaware corporation, and The CIT Group, Inc. (now
known as CIT Group Inc.), a Delaware corporation (as assignee of Newcourt
Credit Group Inc.), as amended by the Amendment No. 1 to Financial Services
Agreement, dated as of September 30, 1999, is in full force and effect and has
not been amended since September 30, 1999, except that such agreement was
assigned by Lucent Technologies Inc. to Avaya, Inc. pursuant to a certain
Assignment and Assumption Agreement dated as of September 28, 2000. Any
Contracts in which the Vendor is Snap-on Tools were purchased pursuant to the
Funding Agreement (Regarding Lease and Dealer Loan Agreements) between New
Creditcorp SPC, LLC and CIT Financial USA, Inc., dated January 4, 1999 and the
Pooling and Servicing Agreement (Regarding Lease and Dealer Loan Agreements)
between New Creditcorp SPC, LLC and Snap-on Credit LLC dated January 4, 1999
and neither such Funding Agreement nor such Pooling and Servicing Agreement
have been amended since the date thereof. 

          (f)
Instruments. Not more than 0.75% of the Initial Contract Pool Principal
Balance are “Instruments” (within the meaning of Article 9 of the UCC), which
evidence or relate to any Contract conveyed to the Trust on the Closing Date. 

          (g)
Intent to Transfer. CFUSA is selling the Contracts, and on each
Substitution Transfer Date is conveying the Substitute Contracts, to the
Depositor with the intention of removing the Contracts, or the Substitute
Contracts, as the case may be, from the estate of CFUSA pursuant to the
applicable provisions of the Bankruptcy Code. 

E-2

Exhibit F 

Minimum Value Filing Exceptions

          No
financing statements are filed against an Obligor located in a particular State
describing Equipment which is the subject of a particular Contract of any
Financing Originator, unless the fair market value of the Equipment (determined
in accordance with its Customary Policies and Procedures) related to such
particular Contract is at least $25,000 (or, in the alternative, at least
$50,000 if such Contract is a Lease with a “fair market value” purchase
option). 

F-1

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