Document:

form8k050108ex10-5.htm

    Exhibit
10.5

    

    STERLING
NATIONAL BANK

    LOCKBOX
AGREEMENT

    

    We are
pleased to confirm that we have established a lockbox on your behalf whereby
your customers are to send their remittances to you in care of Post Office Box #
768 and we are to process all mail received at said post office box number in
accordance with the following terms and conditions.

    

    1. Authorization: You will authorize the
postmaster to permit us access to post office

    box
number 768 for receipt of lockbox remittances.

    

    2. Notification: You will notify your clients
to send their remittances to:

    

    

    CAPSTONE
INDUSTRIES, INC.

    

    [Address
is deleted in this version]

    

    3. Mail
Collections: Our
employees will collect mail from this post office box
in    accordance with the Banks regular collection
schedule.

    .

    4. Endorsements: We will endorse all checks
received in the mail removed from the post

    office
box for deposit in this Bank.

    

    Disputed Payments-
Checks received with a letter containing a dispute

    will be
deposited to your account and the correspondence will be

    forwarded
to your attention.

    

    Post Dated Checks-
Post dated checks will be accepted and deposited

    to the
lockbox account subject to final collection.

    

    All
regular items shall be endorsed as follows:

    

    Credited
to Account of

    Within
Named Payee.

    Absence
of Endorsement Guaranteed

    Sterling
National Bank

    

    You shall
be liable to the Bank as a general endorser on all such items.

    

    It is
agreed, however, that Sterling National Bank shall not be liable for any loss in
the event that any checks are inadvertently processed contrary to these
instructions.

    

    
      
         

      

      
        1

        
          

        

      

      
         

      

    

    5. Deposits:
We will process the endorsed checks and credit the total amount to your account.
NOTE:
Proceeds of checks collected will be for the benefit of Sterling National
Bank

    

    Such
processing, crediting and collection of items credited shall be subject to all
federal and state applicable laws, as well as all rules, regulations and
conditions of such account.

    Furthermore,
credit to your account for such checks shall be at all times subject to final
collection.

    

    6.Advices:
Advice of the total deposit accompanied by a copy of each check and all material
received to each processed payment will be sent daily, via e-mail to you at your
regular address or to such other address as you shall designate from time to
time.  Please indicate if you need copies of the checks:

    

    YES                         NO

    

    7. Returned
Checks: Checks which are returned unpaid because of insufficient funds
will be forwarded a second time for collection.  If unpaid upon the
second presentation, such checks, together with checks returned for any other
reason, will be charged back to your account and the checks together with
advices of debit and a service fee will be sent to you.

    

    8. Fees:
These lockbox services will be performed for a fee of $_____ per month. This fee is
subject to change monthly.  Fee includes, photocopy of deposited
check, original invoice, maintenance and P.O. Box rental charges.

    

    9. Out-of-Pocket
Expense: We will charge your account for any out-of-pocket
expenses  including postage due.

    

    10. Indemnity:
You agreed to indemnity and save us harmless from and against any and all claims
asserted, or loss, damage or expense ( including counsel fees) suffered by us
arising out of or resulting from the transactions contemplated in this
agreement.  You acknowledge that the Banks obligations and actions
hereunder are only as specifically provided, being purely ministerial in nature,
and that we shall have no liability whatever except for willful misconduct or
gross negligence.

    

    11. Notices:
Any notice to the Bank shall be effective only if sent to and received by us,
addressed as follows:

    

    Sterling
National Bank

    500
Seventh Avenue

    New York,
New York 10018

    Attn:
Asset Based Lending Department

    

    or to
such other address as we may hereafter specify in writing. Each said notice must
specify the post office box number, the account number and the branch where the
account is maintained.  Any notice to you shall be effective when sent
to you at the address set forth above or to such other address as you may
hereafter specify in writing.

    

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    12.
Miscellaneous: This agreement constitutes the entire agreement between us
and may only be changed, altered or amended in writing by either
party.  Any provision hereof which may prove unenforceable under any
law shall not affect the validity of any other provision hereof.  This
agreement shall be governed by and construed in accordance with the laws of the
State of New York and you hereby consent to the jurisdiction of any local, state
or federal court, located within the State of New York.

    

    Kindly
indicate your agreement with the foregoing by signing and returning the
duplicate copy of this letter enclosed.

    

    STERLING
NATIONAL BANK

    

    

    By:________________________

    Name:
John McCormack

    Title:
Senior Vice President

    Date:          ,
2008

    

    

    

    AGREED TO AND
ACCEPTED:

    

    CAPSTONE
INDUSTRIES, INC.

    

    

    By:__________________________

    Name:

    Title:

    Date:                     ,
2008

    

    

    

    AGREEMENT
OF CHDT

    

    

    Receipt
of a copy of the foregoing Subordination Agreement is hereby acknowledged and
the contents thereof are hereby incorporated herein as if fully set forth and
consented to by CHDT.

    

    WITNESS
OR ATTEST:

    

    CHDT
CORPORATION

    

    

    

    
      	
               
      

            	
              By:_____________________               By:___________________________

            

    

    Name:                                  Name:

    Title:
Secretary                       Title:
Presidentex4_1.htm

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

     

    Exhibit
4.1

     

    

    
      

      

    

     

    INDENTURE

     

    

     

    CATERPILLAR
FINANCIAL ASSET TRUST 2008-A

     

    Class
A-1 3.00500% Asset Backed Notes

     

    Class
A-2a 4.09% Asset Backed Notes

     

    Class
A-2b Floating Rate Asset Backed Notes

     

    Class
A-3 4.94% Asset Backed Notes

     

    

     

    Dated
as of April 1, 2008

     

     

    

     

    

     

    U.S.
BANK NATIONAL ASSOCIATION

     

    Indenture
Trustee

     

    

    
      

      

    

     

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    RECONCILIATION
AND TIE BETWEEN TRUST INDENTURE

    ACT
OF 1939 AND INDENTURE PROVISIONS*

     

    
      	
              Trust Indenture Act Section

            	
              Indenture Section

            
	
              310(a)(1)                                                                           

            	
              6.11

            
	
              (a)(2)                                                                      

            	
              6.11

            
	
              (a)(3)                                                                      

            	
              6.10

            
	
              (a)(4)                                                                      

            	
              Not
      Applicable

            
	
              (b)                                                                      

            	
              Not
      Applicable

            
	
              (c)                                                                      

            	
              Not
      Applicable

            
	
              311(a)                                                                           

            	
              6.12

            
	
              (b)                                                                      

            	
              6.12

            
	
              312(a)                                                                           

            	
              7.01(a)

            
	
              (b)                                                                      

            	
              7.02(b)

            
	
              (c)                                                                      

            	
              7.02(c)

            
	
              313(a)                                                                           

            	
              7.04

            
	
              (b)                                                                      

            	
              7.04

            
	
              (c)                                                                      

            	
              7.04

            
	
              (d)                                                                      

            	
              7.04

            
	
              314(a)                                                                           

            	
              3.09,
      7.03(a)

            
	
              (b)                                                                      

            	
              3.06

            
	
              (c)(1)                                                                      

            	
              2.09,
      8.04(b), 11.01(a)

            
	
              (c)(2)                                                                      

            	
              2.09,
      8.04(b), 11.01(a)

            
	
              (c)(3)                                                                      

            	
              2.09,
      8.04(b), 11.01(a)

            
	
              (d)(1)                                                                      

            	
              2.09,
      8.04(b), 11.01(a)

            
	
              (d)(2)                                                                      

            	
              Not
      Applicable

            
	
              (d)(3)                                                                      

            	
              Not
      Applicable

            
	
              (e)                                                                      

            	
              11.01(a)

            
	
              315(a)                                                                           

            	
              6.01(b)

            
	
              (b)                                                                      

            	
              6.05

            
	
              (c)                                                                      

            	
              6.01(a)

            
	
              (d)                                                                      

            	
              6.01(b)

            
	
              (d)(1)                                                                      

            	
              6.01(b)

            
	
              (d)(2)                                                                      

            	
              6.01(c)

            
	
              (d)(3)                                                                      

            	
              6.01(c)

            
	
              (e)                                                                      

            	
              5.13

            
	
              316(a)(1)(A)                                                                           

            	
              5.11

            
	
              316(a)(1)(B)                                                                           

            	
              5.12

            
	
              316(a)(2)                                                                           

            	
              Not
      Applicable

            
	
              316(b)                                                                           

            	
              5.07

            
	
              317(a)(1)                                                                           

            	
              5.03

            
	
              317(a)(2)                                                                           

            	
              5.03

            
	
              317(b)                                                                           

            	
              5.03

            
	
              318(a)                                                                           

            	
              11.07

            

    

    

      

    

      
      *  This
reconciliation and tie shall not, for any purpose, be deemed to be part of the
within indenture.

    

    
      
         

      

      
         

        
          

        

      

      
         

        
          TABLE
OF CONTENTS

          

          Page

        

      

    

     

     

     

    
 

    
 

    
      	
              ARTICLE I

            	
              DEFINITIONS
      AND INCORPORATION BY REFERENCE     3  
      

            	
               

            

    

     

    
      	
               
      

            	
              SECTION
      1.01.Definitions    
3

            

    

    
      	
               
      

            	
              SECTION
      1.02.Other Definitional Provisions    
    14

            

    

    
      	
               
      

            	
              SECTION
      1.03.Incorporation by Reference of Trust Indenture
      Act     14

            

    

    
      	
               
      

            	
              SECTION
      1.04.Calculations of Interest    
  15

            

    

     

    
      	
              ARTICLE
      II

            	
              THE
      NOTES     15 

            	
               

            

    

     

    
      	
               
      

            	
              SECTION
      2.01.Form    
15

            

    

    
      	
               
      

            	
              SECTION
      2.02.Execution, Authentication and Delivery    
      15

            

    

    
      	
               
      

            	
              SECTION
      2.03.Temporary Notes    
16

            

    

    
      	
               
      

            	
              SECTION
      2.04.Registration; Registration of Transfer and
      Exchange     16

            

    

    
      	
               
      

            	
              SECTION
      2.05.Mutilated, Destroyed, Lost or Stolen Notes    
      17

            

    

    
      	
               
      

            	
              SECTION
      2.06.Persons Deemed Owner    
  18

            

    

    
      	
               
      

            	
              SECTION
      2.07.Payment of Principal and Interest; Defaulted
      Interest     19

            

    

    
      	
               
      

            	
              SECTION
      2.08.Cancellation    
20

            

    

    
      	
               
      

            	
              SECTION
      2.09.Release of Collateral    
  20

            

    

    
      	
               
      

            	
              SECTION
      2.10.Book-Entry Notes    
20

            

    

    
      	
               
      

            	
              SECTION
      2.11.Notices to Clearing Agency    
  21

            

    

    
      	
               
      

            	
              SECTION
      2.12.Definitive Notes    
21

            

    

    
      	
               
      

            	
              SECTION
      2.13.Representations and Covenants by Noteholders and Note
      Owners     21

            

    

    
      	
               
      

            	
              SECTION
      2.14.Tax Treatment    
22

            

    

    
      	
               
      

            	
              SECTION
      2.15.The Interest Rate Swap Agreement    
      22

            

    

     

    
      	
              ARTICLE
      III  

            	
              COVENANTS    
      23

            

    

     

    
      	
               
      

            	
              SECTION
      3.01.Payment of Principal and Interest    
      23

            

    

    
      	
               
      

            	
              SECTION
      3.02.Maintenance of Office or Agency    
      23

            

    

    
      	
               
      

            	
              SECTION
      3.03.Money for Payments To Be Held in Trust    
      23

            

    

    
      	
               
      

            	
              SECTION
      3.04.Existence    
25

            

    

    
      	
               
      

            	
              SECTION
      3.05.Protection of Trust Estate    
  25

            

    

    
      	
               
      

            	
              SECTION
      3.06.Opinions as to Trust Estate    
  25

            

    

    
      	
               
      

            	
              SECTION
      3.07.Performance of Obligations; Servicing of
      Receivables    
26

            

    

    
      	
               
      

            	
              SECTION
      3.08.Negative Covenants    
  28

            

    

    
      	
               
      

            	
              SECTION
      3.09.Statements as to Compliance    
  28

            

    

    
      	
               
      

            	
              SECTION
      3.10.Issuing Entity May Consolidate, etc., Only on Certain
      Terms     29

            

    

    
      	
               
      

            	
              SECTION
      3.11.Successor or Transferee    
  30

            

    

    
      	
               
      

            	
              SECTION
      3.12.No Other Business    
  30

            

    

    
      	
               
      

            	
              SECTION
      3.13.No Borrowing    
31

            

    

    
      	
               
      

            	
              SECTION
      3.14.Servicer's Obligations    
  31

            

    

    
      	
               
      

            	
              SECTION
      3.15.Guarantees, Loans, Advances and Other
      Liabilities    
31

            

    

    
      	
               
      

            	
              SECTION
      3.16.Capital Expenditures    
  31

            

    

    
      	
               
      

            	
              SECTION
      3.17.Removal of Administrator    
  31

            

    

    
      	
               
      

            	
              SECTION
      3.18.Restricted Payments    
  31

            

    

    
      	
               
      

            	
              SECTION
      3.19.Notice of Events of Default    
  31

            

    

    
      	
               
      

            	
              SECTION
      3.20.Further Instruments and Acts    
    32

            

    

     

    
      	
              ARTICLE IV 

            	
              SATISFACTION
      AND DISCHARGE    
32

            

    

     

    
      	
               
      

            	
              SECTION
      4.01.Satisfaction and Discharge of Indenture    
      32

            

    

    
      	
               
      

            	
              SECTION
      4.02.Application of Trust Money    
  33

            

    

    
      	
               
      

            	
              SECTION
      4.03.Repayment of Monies Held by Paying Agent    
      33

            

    

     

    
      	
              ARTICLE V

            	
              REMEDIES    
      34

            

    

     

    
      	
               
      

            	
              SECTION
      5.01.Events of Default    
  34

            

    

    
      	
               
      

            	
              SECTION
      5.02.Acceleration of Maturity; Rescission and
      Annulment    
35

            

    

    
      	
               
      

            	
              SECTION
      5.03.Collection of Indebtedness and Suits for Enforcement by Indenture
      Trustee     36

            

    

    
      	
               
      

            	
              SECTION
      5.04.Remedies; Priorities    
  38

            

    

    
      	
               
      

            	
              SECTION
      5.05.Optional Preservation of the Receivables    
      40

            

    

    
      	
               
      

            	
              SECTION
      5.06.Limitation of Suits    
  40

            

    

    
      	
               
      

            	
              SECTION
      5.07.Unconditional Rights of Noteholders to Receive Principal and
      Interest     41

            

    

    
      	
               
      

            	
              SECTION
      5.08.Restoration of Rights and Remedies    
      41

            

    

    
      	
               
      

            	
              SECTION
      5.09.Rights and Remedies Cumulative    
    41

            

    

    
      	
               
      

            	
              SECTION
      5.10.Delay or Omission Not a Waiver    
    41

            

    

    
      	
               
      

            	
              SECTION
      5.11.Control by Noteholders    
  42

            

    

    
      	
               
      

            	
              SECTION
      5.12.Waiver of Past Defaults    
  42

            

    

    
      	
               
      

            	
              SECTION
      5.13.Undertaking for Costs    
  43

            

    

    
      	
               
      

            	
              SECTION
      5.14.Waiver of Stay or Extension Laws    
      43

            

    

    
      	
               
      

            	
              SECTION
      5.15.Action on Notes    
43

            

    

    
      	
               
      

            	
              SECTION
      5.16.Performance and Enforcement of Certain
      Obligations    
43

            

    

     

    
      	
              ARTICLE VI

            	
              THE
      INDENTURE TRUSTEE    
44

            

    

     

    
      	
               
      

            	
              SECTION
      6.01.Duties of Indenture Trustee    
  44

            

    

    
      	
               
      

            	
              SECTION
      6.02.Rights of Indenture Trustee    
  46

            

    

    
      	
               
      

            	
              SECTION
      6.03.Individual Rights of Indenture Trustee    
      46

            

    

    
      	
               
      

            	
              SECTION
      6.04.Indenture Trustee's Disclaimer    
    46

            

    

    
      	
               
      

            	
              SECTION
      6.05.Notice of Defaults    
  47

            

    

    
      	
               
      

            	
              SECTION
      6.06.Reports by Indenture Trustee to Holders    
      47

            

    

    
      	
               
      

            	
              SECTION
      6.07.Compensation and Indemnity    
  47

            

    

    
      	
               
      

            	
              SECTION
      6.08.Replacement of Indenture Trustee    
      47

            

    

    
      	
               
      

            	
              SECTION
      6.09.Successor Indenture Trustee by Merger    
      48

            

    

    
      	
               
      

            	
              SECTION
      6.10.Appointment of Co-Trustee or Separate Indenture
      Trustee     49

            

    

    
      	
               
      

            	
              SECTION
      6.11.Eligibility; Disqualification    
    50

            

    

    
      	
               
      

            	
              SECTION
      6.12.Preferential Collection of Claims Against Issuing
      Entity     51

            

    

    
    

    
      	
               
      

            	
              SECTION
      6.13.Representations and Warranties of the Indenture
      Trustee     51

            

    

    
      	
               
      

            	
              SECTION
      6.14.Interest Rate Swap Agreement Provisions    
      51

            

    

     

    
      	
              ARTICLE VII

            	
              NOTEHOLDERS'
      LISTS AND REPORTS    
55

            

    

     

    
      	
               
      

            	
              SECTION
      7.01.Issuing Entity To Furnish Indenture Trustee Names and Addresses of
      Noteholders    
55

            

    

    
      	
               
      

            	
              SECTION
      7.02.Preservation of Information; Communications to
      Noteholders    
55

            

    

    
      	
               
      

            	
              SECTION
      7.03.Reports by Issuing Entity    
  55

            

    

    
      	
               
      

            	
              SECTION
      7.04.Reports by Indenture Trustee    
    56

            

    

     

    
      	
              ARTICLE VIII

            	
              ACCOUNTS,
      DISBURSEMENTS AND RELEASES    
  56

            

    

     

    
      	
               
      

            	
              SECTION
      8.01.Collection of Money    
  56

            

    

    
      	
               
      

            	
              SECTION
      8.02.Trust Accounts     
  56

            

    

    
      	
               
      

            	
              SECTION
      8.03.General Provisions Regarding Accounts    
      57

            

    

    
      	
               
      

            	
              SECTION
      8.04.Release of Trust Estate    
  57

            

    

    
      	
               
      

            	
              SECTION
      8.05.Opinion of Counsel    
  58

            

    

     

    
      	
              ARTICLE IX

            	
              SUPPLEMENTAL
      INDENTURES    
58

            

    

     

    
      	
               
      

            	
              SECTION
      9.01.Supplemental Indentures Without Consent of
      Noteholders    
58

            

    

    
      	
               
      

            	
              SECTION
      9.02.Supplemental Indentures with Consent of
      Noteholders    
59

            

    

    
      	
               
      

            	
              SECTION
      9.03.Execution of Supplemental Indentures    
      61

            

    

    
      	
               
      

            	
              SECTION
      9.04.Effect of Supplemental Indenture    
      61

            

    

    
      	
               
      

            	
              SECTION
      9.05.Conformity With Trust Indenture Act    
      61

            

    

    
      	
               
      

            	
              SECTION
      9.06.Reference in Notes to Supplemental Indentures    
      61

            

    

     

    
      	
              ARTICLE X

            	
              PREPAYMENT
      IN FULL OF NOTES    
62

            

    

     

    
      	
               
      

            	
              SECTION
      10.01.Prepayment    
62

            

    

    
      	
               
      

            	
              SECTION
      10.02.Form of Prepayment Notice    
  62

            

    

    
      	
               
      

            	
              SECTION
      10.03.Notes Payable on Prepayment Date    
      62

            

    

     

    
      	
              ARTICLE XI

            	
              MISCELLANEOUS63

            

    

     

    
      	
               
      

            	
              SECTION
      11.01.Compliance Certificates and Opinions etc    
      63

            

    

    
      	
               
      

            	
              SECTION
      11.02.Form of Documents Delivered to Indenture
      Trustee     64

            

    

    
      	
               
      

            	
              SECTION
      11.03.Acts of Noteholders    
  65

            

    

    
      	
               
      

            	
              SECTION
      11.04.Notices, etc. to Indenture Trustee, Issuing Entity and Rating
      Agencies     66

            

    

    
      	
               
      

            	
              SECTION
      11.05.Notices to Noteholders; Waiver    
      66

            

    

    
      	
               
      

            	
              SECTION
      11.06.Alternate Payment and Notice Provisions    
      67

            

    

    
      	
               
      

            	
              SECTION
      11.07.Conflict with Trust Indenture Act    
      67

            

    

    
      	
               
      

            	
              SECTION
      11.08.Effect of Headings and Table of Contents    
      67

            

    

    
      	
               
      

            	
              SECTION
      11.09.Successors and Assigns    
  67

            

    

    
      	
               
      

            	
              SECTION
      11.10.Severability    
67

            

    

    
      	
               
      

            	
              SECTION
      11.11.Benefits of Indenture    
  67

            

    

    
      	
               
      

            	
              SECTION
      11.12.Legal Holidays    
68

            

    

    
      	
               
      

            	
              SECTION
      11.13.GOVERNING LAW    
68

            

    

    
      	
               
      

            	
              SECTION
      11.14.Counterparts    
68

            

    

    
      	
               
      

            	
              SECTION
      11.15.Recording of Indenture    
  68

            

    

    
      	
               
      

            	
              SECTION
      11.16.Trust Obligation    
  68

            

    

    
      	
               
      

            	
              SECTION
      11.17.No Petition    
69

            

    

    
      	
               
      

            	
              SECTION
      11.18.Inspection    
69

            

    

    
      	
               
      

            	
              SECTION
      11.19.Interest Rate Swap Agreement    
    69

            

    

    
      	
               
      

            	
              SECTION
      11.20.Limitation of Rights    
  71

            

    

     

    
      	
              ARTICLE XII

            	
              REGULATION
      AB COMPLIANCE    
71

            

    

     

    
      	
               
      

            	
              SECTION
      12.01.Intent of the Parties; Reasonableness    
      71

            

    

    
      	
               
      

            	
              SECTION
      12.02.Additional Representations and Warranties of the Indenture
      Trustee.     71

            

    

    
      	
               
      

            	
              SECTION
      12.03.Information to Be Provided by the Indenture
      Trustee.     72

            

    

    
      	
               
      

            	
              SECTION
      12.04.Report on Assessment of Compliance and
      Attestation    
72

            

    

    
      	
               
      

            	
              SECTION
      12.05.Indemnification; Remedies    
  73

            

    

    

    EXHIBIT
A                                Schedule
of Receivables

    EXHIBIT
B                                Form
of Note

    EXHIBIT
C                                [RESERVED]

    EXHIBIT
D                                Servicing
Criteria

    

    

    

    

    
      
        
          
            	 
      	
                    --

                  	 
      

          

          

        

         

      

      
         

        
          

        

      

      
         

      

    

    This
INDENTURE, dated as of April 1, 2008, is hereby executed by and between
CATERPILLAR FINANCIAL ASSET TRUST 2008-A, a Delaware statutory trust (the
"Issuing Entity" or the "Trust"), and U.S. BANK NATIONAL ASSOCIATION, as trustee
and not in its individual capacity (the "Indenture Trustee").

     

    Each
party agrees as follows for the benefit of the other party and for the benefit
of the Holders of the Issuing Entity's Class A-1 3.00500% Asset Backed Notes,
Class A-2a 4.09% Asset Backed Notes, Class A-2b Floating Rate Asset Backed Notes
and Class A-3 4.94% Asset Backed Notes (collectively, the "Notes") as provided
in this Indenture:

     

    GRANTING
CLAUSE

     

    The
Issuing Entity hereby Grants to the Indenture Trustee at the Closing Date for
the benefit of the Noteholders and the Swap Counterparty all of the Issuing
Entity's right, title and interest, whether now owned or hereafter acquired, in,
to and under (a) the Receivables, and all monies (including accrued interest)
due thereon on or after the Cut-off Date; (b) the security interests in the
Transaction Equipment granted by Obligors pursuant to the Receivables and any
other interest of the Issuing Entity in the Transaction Equipment, including any
Liquidation Proceeds; (c) any proceeds with respect to the Receivables from
claims on any physical damage, credit life, liability or disability insurance
policies covering Financed Equipment or Obligors, as the case may be; (d) the
Purchase Agreement, including the right assigned to the Issuing Entity to cause
CFSC to repurchase Receivables from the Depositor as provided therein; (e) the
Trust Account Property; (f) the Sale and Servicing Agreement, including all
rights of the Depositor under the Purchase Agreement assigned to the Issuing
Entity pursuant to the Sale and Servicing Agreement; (g)  the Initial
Interest Rate Swap Agreement and any Replacement Interest Rate Swap Agreement
hereinafter entered into by the Issuing Entity; (h) any proceeds from
recourse to, or other payments by, Dealers on Receivables; (i) any proceeds of
repossessed or returned Transaction Equipment; (j) all accounts, chattel
paper, deposit accounts, documents, general intangibles, goods, instruments,
investment property, letter-of-credit rights, letters of credit, money, and oil,
gas, and other minerals, consisting of, arising from, or relating to, any of the
foregoing; (k) all present and future claims, demands, causes and choses in
action in respect of any or all of the foregoing and all payments on or under
and all proceeds of every kind and nature whatsoever in respect of any or all of
the foregoing, including all proceeds, products, rents, receipts or profits of
the conversion, voluntary or involuntary, into cash or other property, all cash
and non-cash proceeds, accounts, accounts receivable, notes, drafts, general
intangibles, documents, money, certificates of deposit, letters of credit,
advices of credit, goods, investment property, acceptances, chattel paper,
checks, deposit accounts, insurance proceeds, condemnation awards, rights to
payment of any and every kind and other forms of obligations and receivables,
instruments and other property consisting of, arising from or relating to all or
any part of any of the foregoing or any proceeds thereof; and (l) all
proceeds of the foregoing (collectively, the "Collateral").

     

    The
foregoing Grant is made in trust to secure the payment of principal of and
interest on, and any other amounts owing in respect of, the Notes, ratably
without prejudice, priority or distinction, and to secure compliance with the
provisions of this Indenture, all as provided in this Indenture.

     

     

    
      
         

      

      
        1

        
          

        

      

      
         

      

    

     

    The
Indenture Trustee on behalf of the Noteholders and the Swap Counterparty
acknowledges such Grant, accepts the trusts under this Indenture in accordance
with the provisions of this Indenture and agrees to perform its duties as
required in this Indenture.

     

    In
connection with the foregoing Grant, the Issuing Entity makes the following
representations and warranties as to the Collateral to the Indenture
Trustee.  Such representations and warranties speak of the execution
and delivery of this Indenture.

     

    (a) Title.  The
Issuing Entity owns and has good and marketable title to the Collateral free and
clear of any Lien, claim or encumbrance of any Person.

     

    (b) Priority.  Other
than the security interest granted to the Indenture Trustee pursuant to this
Indenture, the Issuing Entity has not pledged, assigned, sold, granted a
security interest in, or otherwise conveyed any of the
Collateral.  The Issuing Entity has not authorized the filing of and
is not aware of any financing statements against the Issuing Entity that include
a description of collateral covering the Collateral other than any financing
statement relating to the security interest granted to the Indenture Trustee
hereunder or that has been terminated.  The Issuing Entity is not
aware of any judgment or tax lien filings against the Issuing
Entity.  None of the Contracts that constitute or evidence the
Receivables has any marks or notations indicating that it has been pledged,
assigned or otherwise conveyed to any Person other than the Issuing Entity or
the Indenture Trustee.

     

    (c) Security
Interest.  This Indenture creates a valid and continuing
security interest (as defined in the UCC) in the Collateral in favor of the
Indenture Trustee, which security interest is prior to all other liens, and is
enforceable as such against creditors of and purchasers from the Issuing
Entity.

     

    (d) Characterization of
Collateral.  The Collateral constitutes either "tangible
chattel paper," "accounts" or "general intangibles" within the meaning of the
UCC.

     

    (e) All Actions
Taken.  The Issuing Entity has caused or will have caused,
within ten days of the Closing Date, the filing of all appropriate financing
statements in the proper filing office in the appropriate jurisdiction under
applicable law in order to perfect the security interest in the Collateral
granted to the Indenture Trustee hereunder.

     

    (f) Perfection of Security
Interest in Financed Equipment.  The Issuing Entity has taken
all steps necessary to perfect its security interest against the Obligors in the
property securing the Contracts.

     

    So
long as any Notes are Outstanding or any amounts are due and payable by the
Issuing Entity under the Interest Rate Swap Agreement (i) the Indenture Trustee
shall not waive or impair, or fail to assert rights under, the foregoing
representations or in any Basic Document, if any such action would materially
and adversely affect the interests of the Noteholders or the Swap Counterparty
and (ii) the foregoing representations shall survive the termination of this
Indenture.

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    ARTICLE
I

     

    DEFINITIONS
AND INCORPORATION BY REFERENCE

     

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

     

    "Act" has the meaning
specified in Section
11.03(a).

     

    "Administration
Agreement" means the Administration Agreement, dated as of April 1, 2008,
among the Administrator, the Issuing Entity and the Indenture Trustee, as the
same may be amended, modified or supplemented from time to time.

     

    "Administrator" means
CFSC or any successor Administrator under the Administration
Agreement.

     

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

     

    "Authorized Officer"
means, with respect to the Issuing Entity, any officer of the Owner Trustee who
is authorized to act for the Owner Trustee in matters relating to the Issuing
Entity and who is identified on the list of Authorized Officers, containing the
specimen signature of each such Person, delivered by the Owner Trustee to the
Indenture Trustee on the Closing Date (as such list may be modified or
supplemented from time to time thereafter) and, so long as the Administration
Agreement is in effect, any Vice President or more senior officer of the
Administrator who is authorized to act for the Administrator in matters relating
to the Issuing Entity and to be acted upon by the Administrator pursuant to the
Administration Agreement and who is identified on the list of Authorized
Officers (containing the specimen signatures of such officers) delivered by the
Administrator to the Indenture Trustee on the Closing Date (as such list may be
modified or supplemented from time to time thereafter); provided, however, that for
purposes of Section
3.09 such officer of the Administrator must be any of the Chief Executive
Officer, Chief Financial Officer or Chief Accounting Officer.

     

    "Basic Documents"
means the Certificate of Trust, the Trust Agreement, this Indenture, the
Purchase Agreement, the Sale and Servicing Agreement, the Administration
Agreement, the Depository Agreement, the Notes, the Certificates, the Interest
Rate Swap Agreement and other documents and certificates delivered in connection
therewith.

     

    "Book-Entry Notes"
means a beneficial interest in the Notes, ownership and transfers of which shall
be made through book entries by a Clearing Agency as described in Section
2.10.

     

    "Business Day" has the
meaning specified in the Sale and Servicing Agreement.

     

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

     

    "Calculation Agent"
means U.S. Bank National Association, acting in such capacity under this
Indenture, and its successors in such capacity.

     

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

     

    "Certificate of Trust"
means the certificate of trust of the Issuing Entity substantially in the form
of Exhibit B to
the Trust Agreement.

     

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

     

    "Class A-1 Note" means
any Note, substantially in the form of Exhibit B, designated
therein as a Class A-1 3.00500% Asset Backed Note.

     

    "Class A-2 Note" means
any of the Class A-2a Notes and/or the Class A-2b Notes, as the case may be, and
the "Class A-2 Notes" means the Class A-2a Notes and the Class A-2b Notes,
collectively.

     

    "Class A-2a Note"
means any Note, substantially in the form of Exhibit B, designated
therein as a Class A-2a 4.09% Asset Backed Note.

     

    "Class A-2b Note"
means any Note, substantially in the form of Exhibit B, designated
therein as a Class A-2b Floating Rate Asset Backed Note.

     

    "Class A-3 Note" means
any Note, substantially in the form of Exhibit B, designated
therein as a Class A-3 4.94% Asset Backed Note.

     

    "Class A-1 Note Interest
Rate" means, for any Distribution Date, 3.00500% per annum.

     

    "Class A-2a Note Interest
Rate" means, for any Distribution Date, 4.09% per annum.

     

    "Class A-2b Note Interest
Rate" means, for any Distribution Date, LIBOR for the Interest Period
ending on but excluding such Distribution Date + 1.15% per annum.

     

    "Class A-3 Note Interest
Rate" means, for any Distribution Date, 4.94% per annum.

     

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

     

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

     

    "Closing Date" means
April 29, 2008.

     

    "Code" means the
Internal Revenue Code of 1986, as amended, and Treasury Regulations promulgated
thereunder.

     

    "Collateral" has the
meaning specified in the Granting Clause of this Indenture.

     

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

     

    "Commission" means the
United States Securities and Exchange Commission.

     

    "Corporate Trust
Office" means the office of the Indenture Trustee at which at any
particular time its corporate trust business shall be administered, which office
at date of the execution of this Indenture is located at 209 South LaSalle
Street, Suite 300, Chicago, Illinois, 60604, Attention: Caterpillar Financial
Asset Trust 2008-A, except that for purposes of Section 3.02, such
term shall mean the office or agency of the Indenture Trustee in the Borough of
Manhattan in the City of New York, which office at the date hereof is located at
100 Wall Street, Suite 1600, New York, New York 10005, or at such other address
as the Indenture Trustee may designate from time to time by notice to the
Noteholders, the Administrator, the Swap Counterparty, the Servicer and the
Depositor, or the principal corporate trust office of any successor Indenture
Trustee (the address of which the successor Indenture Trustee will notify the
Noteholders, the Administrator, the Swap Counterparty, the Servicer and the
Depositor); provided, that for the purposes of Section 3.02, the
address of any such office shall be in the Borough of Manhattan in the City of
New York.

     

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

     

    "Definitive Notes" has
the meaning specified in Section
2.10.

     

    "Depository Agreement"
means the letter of representations, dated April 28, 2008, among the Issuing
Entity, the Indenture Trustee, the Administrator, and The Depository Trust
Company, as the initial Clearing Agency.

     

    "Depositor" means
Caterpillar Financial Funding Corporation, a Nevada corporation, and its
successors in such capacity.

     

    "Designated LIBOR
Page" means the display designated as "LIBOR01" on the Reuters Money 3000
Service or any successor service or any page as may replace the designated page
on that service or any successor service that displays the London interbank
rates of major banks for U.S. dollars.

     

    "Distribution Date"
means the 25th day of each calendar month or, if such day is not a Business Day,
the immediately following Business Day, commencing on May 27, 2008.

     

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

     

    "Event of Default" has
the meaning specified in Section
5.01.

     

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

     

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

     

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

     

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

     

    "Holder" or "Noteholder" means the
Person in whose name a Note is registered on the Note Register.

     

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

     

    "Indenture Trustee"
means U.S. Bank National Association, a national banking association, as
Indenture Trustee under this Indenture, or any successor Indenture Trustee under
this Indenture.

     

    "Independent" means,
when used with respect to any specified Person, that the Person (a) is in fact
independent of the Issuing Entity, any other obligor upon the Notes, the
Depositor or any Affiliate of any of the foregoing Persons, (b) does not have
any direct financial interest or any material indirect financial interest in the
Issuing Entity, any such other obligor, the Depositor or any Affiliate of any of
the foregoing Persons and (c) is not connected with the Issuing Entity, any such
other obligor, the Depositor or any Affiliate of any of the foregoing Persons as
an officer, employee, promoter, underwriter, trustee, partner, director or
Person performing similar functions.

     

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

     

    "Interest Rate Swap
Agreement" means the Initial Interest Rate Swap Agreement and any
Replacement Interest Rate Swap Agreement.

     

    "Initial Swap
Counterparty" means, Barclays Bank PLC, as Party A under the Initial
Interest Rate Swap Agreement.

     

    "Initial Interest Rate Swap
Agreement" means the ISDA Master Agreement (1992 Multicurrency-Cross
Border), dated as of the Closing Date, between the Initial Swap Counterparty and
the Issuing Entity, the Schedule and the Credit Support Annex thereto, each
dated as of the Closing Date and, the Confirmation thereto with respect to the
Class A-2b Notes, dated as of the Closing Date, and entered into pursuant to
such ISDA Master Agreement, as the same may be amended or supplemented from time
to time in accordance with the terms thereof.

     

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

     

    "Interest Determination
Date" means, with respect to any Interest Period, the day that is two
London Business Days prior to the related Interest Reset Date.

     

    "Interest Period"
means (i) with respect to any Distribution Date other than the initial
Distribution Date, the period from and including the immediately preceding
Distribution Date to, but excluding, that Distribution Date, and (ii) with
respect to the initial Distribution Date, the period from and including the
Closing Date to, but excluding, the initial Distribution Date.

     

    "Interest Rate Swap
Agreement" means the Initial Interest Rate Swap Agreement and/or any
Replacement Interest Rate Swap Agreement.

     

    "Interest Reset Date"
means, with respect to any Interest Period, the first day of such Interest
Period; provided that if any Interest Reset Date would otherwise be a day that
is not a Business Day, that Interest Reset Date will be postponed to the next
succeeding day that is a Business Day, except that if that Business Day falls in
the next succeeding calendar month, such Interest Reset Date will be the
immediately preceding Business Day.

     

    "Issuing Entity Order"
and "Issuing Entity
Request" means a written order or request signed in the
name  of the Issuing Entity by an Authorized Officer of the Issuing
Entity or in the name of the Administrator by an Authorized Officer of the
Administrator and delivered to the Indenture Trustee.

     

    "LIBOR" means, for any
Interest Period, the rate for deposits in U.S. dollars for a one-month period
that appears on the Designated LIBOR Page, on the related Interest Determination
Date; provided that, the following procedures will be followed if LIBOR cannot
be determined as described above:

     

    (a)           With
respect to an Interest Determination Date on which no rate appears on the
Designated LIBOR Page, LIBOR for the applicable Interest Determination Date will
be the rate calculated by the Calculation Agent as the arithmetic mean of at
least two quotations obtained by the Calculation Agent after requesting the
principal London offices of each of four major reference banks in the London
interbank market, which may include the Calculation Agent and its affiliates, as
selected by the Calculation Agent, to provide the Calculation Agent with its
offered quotations for deposits in U.S. dollars for the period of one month,
commencing on the second London Business Day immediately following the
applicable Interest Determination Date, to prime banks in the London interbank
market at approximately 11:00 a.m., London time, on such Interest Determination
Date and in a principal amount that is representative for a single transaction
in U.S. dollars in that market at that time. If at least two such quotations are
provided, LIBOR determined on the applicable Interest Determination Date will be
the arithmetic mean of the quotations.

     

    (b)           If
fewer than two quotations referred to in clause (a) of this definition are
provided, LIBOR determined on the applicable Interest Determination Date will be
the rate calculated by the Calculation Agent as the arithmetic mean of the rates
quoted at approximately 11:00 a.m. in New York, New York on the applicable
Interest Determination Date by three major banks, which may include the
Calculation Agent and its affiliates, in New York, New York, selected by the
Calculation Agent for loans in U.S. dollars to leading European banks, having a
maturity of one-month and in a principal amount that is representative for a
single transaction in U.S. dollars in that market at that time.

     

    
      
         

      

      
        7

        
          

        

      

      
         

      

    

     

    (c)           If
the banks so selected by the Calculation Agent are not quoting as mentioned in
clause (b) of this definition, LIBOR for the applicable Interest Determination
Date will be LIBOR in effect on the applicable Interest Determination
Date.

     

    (d)           All
percentages resulting from any calculation on the Class A-2b Notes will be
rounded to the nearest one hundred thousandth of a percentage point, with
five-millionths of a percentage point rounded upwards, and all dollar amounts
used in or resulting from that calculation on the Class A-2b Notes will be
rounded to the nearest cent (with one-half cent being rounded
upwards).

     

    "London Business Day"
means any day on which dealings in deposits in U.S. dollars are transacted in
the London interbank market.

     

    "Monetary Event of
Default" means any Event of Default that occurs pursuant to Section 5.01(i) or 5.01(ii).

     

    "Net Swap Payment"
means for the Interest Rate Swap Agreement, the net amount owed, if any, by the
Issuing Entity to the Swap Counterparty on any Distribution Date, including any
prior, unpaid Net Swap Payments and any interest accrued thereon, under the
Interest Rate Swap Agreement; provided, that "Net Swap Payment" does not include
any Swap Termination Payment.

     

    "Net Swap Receipt"
means, for the Interest Rate Swap Agreement, the net amount, if any, owed by the
Swap Counterparty to the Issuing Entity on any Distribution Date (excluding any
Swap Termination Payment) which shall be deposited into the Collection
Account.

     

    "Note Interest Rate"
means the Class A-1 Note Interest Rate, the Class A-2a Note Interest Rate, the
Class A-2b Note Interest Rate or the Class A-3 Note Interest Rate, as
applicable.

     

    "Note Owner" means,
with respect to a Book-Entry Note, the Person who is the owner of such
Book-Entry Note, as reflected on the books of the Clearing Agency, or on the
books of a Person maintaining an account with such Clearing Agency (directly as
a Clearing Agency Participant or as an indirect participant, in each case in
accordance with the rules of such Clearing Agency).

     

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

     

    "Noteholders" means
the Holders of the Class A-1 Notes, the Class A-2 Notes and the Class A-3
Notes.

     

    "Notes" means,
collectively, the Class A-1 Notes, the Class A-2 Notes and the Class A-3
Notes.

     

    
      
         

      

      
        8

        
          

        

      

      
         

      

    

     

    "Officer's
Certificate" means a certificate signed by any Authorized Officer of the
Issuing Entity or the Administrator, under the circumstances described in, and
otherwise complying with, the applicable requirements of Section 11.01, and
delivered to the Indenture Trustee.  Unless otherwise specified, any
reference in this Indenture to an Officer's Certificate shall be to an Officer's
Certificate of any Authorized Officer of the Issuing Entity or the
Administrator.

     

    "Opinion of Counsel"
means one or more written opinions of counsel who may, except as otherwise
expressly provided in this Indenture, be employees of or counsel to CFSC and who
shall be satisfactory to the Indenture Trustee, and which opinion or opinions
shall be addressed to the Indenture Trustee, shall comply with any applicable
requirements of Section 11.01, and
shall be in form and substance satisfactory to the Indenture
Trustee.

     

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

     

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

     

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

     

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

     

    provided, however,
that in determining whether the Holders of the requisite Outstanding Principal
Amount of the Notes have given any request, demand, authorization, direction,
notice, consent or waiver hereunder or under any Basic Document, Notes owned by
the Issuing Entity, any other obligor upon the Notes, the Depositor or any
Affiliate of any of the foregoing Persons shall be disregarded and deemed not to
be Outstanding, except that, in determining whether the Indenture Trustee shall
be protected in relying upon any such request, demand, authorization, direction,
notice, consent or waiver, only Notes that the Indenture Trustee knows to be so
owned shall be so disregarded.  Notes owned by the Issuing Entity, any
other obligor upon the Notes, the Depositor or any Affiliate of any of the
foregoing Persons that have been pledged in good faith may be regarded as
Outstanding if the pledgee establishes to the satisfaction of the Indenture
Trustee the pledgee's right so to act with respect to such Notes and that the
pledgee is not any such Person.

     

    "Outstanding Principal
Amount" means the aggregate principal amount of all Notes, or a Class of
Notes, as applicable, Outstanding at the date of determination.

     

    "Owner Trustee" means
BNYM (Delaware), a Delaware banking corporation, not in its individual capacity
but solely as Owner Trustee under the Trust Agreement, or any successor Owner
Trustee under the Trust Agreement.

     

    
      
         

      

      
        9

        
          

        

      

      
         

      

    

     

    "Paying Agent" means
the Indenture Trustee or any Person that meets the eligibility standards for the
Indenture Trustee specified in Section 6.11 and is
authorized by the Issuing Entity to make the payments to and distributions from
the Collection Account and the Note Distribution Account, including payment of
principal of or interest on the Notes on behalf of the Issuing
Entity.

     

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

     

    "Plan" means any
employee benefit plan or other retirement plan, account or arrangement,
including an individual retirement account or annuity or collective investment
fund or insurance company general or separate account in which assets of such
plans, accounts or arrangements are invested, that is subject to the fiduciary
responsibility or prohibited transaction provisions of ERISA or Section 4975 of
the Code.

     

    "Plan Assets" mean
assets that are treated as "plan assets" of any Plan for purposes of applying
Title I of ERISA or Section 4975 of the Code.

     

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

     

    "Prepayment Date"
means the Distribution Date specified by the Servicer or the Issuing Entity
pursuant to Section
10.01.

     

    "Prepayment Price"
means in the case of a prepayment of the Class A-3 Notes pursuant to Section 10.01, an
amount equal to the unpaid amount of the Class A-3 Notes plus accrued and unpaid
interest thereon at the related Class A-3 Note Interest Rate to but excluding
the Prepayment Date, plus, to the extent permitted by law, interest on any past
due interest at the related Class A-3 Note Interest Rate.

     

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

     

    "Rating Agency" has
the meaning specified in the Sale and Servicing Agreement.

     

    "Rating Agency
Condition" has the meaning specified in the Sale and Servicing
Agreement.

     

    "Rating Event" means
the qualification, reduction or withdrawal by any Rating Agency of its
then-current rating of any Class of Notes.

     

    "Record Date" means,
with respect to a Distribution Date or Prepayment Date, (i) if the Notes are
held in book-entry form, the close of business on the calendar day immediately
preceding such Distribution Date or Prepayment Date or (ii) if the Notes are
held in definitive form, the last calendar day of the month preceding the month
in which such Distribution Date or Prepayment Date occurs.

     

    
      
         

      

      
        10

        
          

        

      

      
         

      

    

     

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

     

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

     

    "Replacement Swap
Counterparty" means, any Swap Counterparty under a Replacement Interest
Rate Swap Agreement that satisfies the conditions set forth in the Interest Rate
Swap Agreement.

     

    "Replacement Interest Rate
Swap Agreement" means any ISDA Master Agreement, dated after the Closing
Date, between a Swap Counterparty that on the date of such Replacement Interest
Rate Swap Agreement is an "Eligible Replacement" as defined in the Initial
Interest Rate Swap Agreement and the Issuing Entity, the Schedule and Credit
Support Annex thereto, each dated after the Closing Date, and the Confirmations
thereto, each dated after the Closing Date, and entered into pursuant to such
ISDA Master Agreement, and pursuant to the conditions set forth in the Initial
Interest Rate Swap Agreement in connection with the termination of the Initial
Interest Rate Swap Agreement, as the same may be amended or supplemented from
time to time in accordance with the terms thereof.

     

    "Responsible Officer"
means, with respect to the Indenture Trustee, any officer within the Corporate
Trust Office of the Indenture Trustee with direct responsibility for the
administration of the Indenture and the Basic Documents, and also, with respect
to a particular corporate trust matter, any other officer to whom such matter is
referred because of such officer's knowledge of and familiarity with the
particular subject.

     

    "Sale and Servicing
Agreement" means the Sale and Servicing Agreement, dated as of April 1,
2008, among the Issuing Entity, the Depositor and the Servicer, as the same may
be amended, modified or supplemented from time to time.

     

    "Schedule Of
Receivables" means the listing of the Receivables set forth in Exhibit A (which
exhibit may be in the form of microfiche).

     

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

     

    "Senior Swap Termination
Payment" means any Swap Termination Payment owed by the Issuing Entity to
the Swap Counterparty under the Interest Rate Swap Agreement other than a
Subordinated Swap Termination Payment.

     

    "Servicer" means CFSC,
as the servicer of the Receivables pursuant to the Sale and Servicing Agreement,
and its successors in such capacity.

     

    
      
         

      

      
        11

        
          

        

      

      
         

      

    

     

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

     

    "Similar Law" means
any federal, state, local, non-U.S. or other laws or regulations that contain
provisions similar to the fiduciary responsibility or prohibited transaction
provisions contained in Title I of ERISA or Section 4975 of the
Code.

     

    "State" means any one
of the 50 states of the United States of America or the District of
Columbia.

     

    "Subordinated Swap
Termination Payment" means any Swap Termination Payment owed by the
Issuing Entity to the Swap Counterparty under the Interest Rate Swap Agreement
on any Distribution Date relating to an early termination of a Transaction (as
defined therein) under the Interest Rate Swap Agreement following a Swap Event
of Default or a Swap Termination Event arising under the Interest Rate Swap
Agreement where the Swap Counterparty is the "Defaulting Party" or sole
"Affected Party" (other than any such termination event as a result of
"Illegality" or "Tax Event") (the terms "Defaulting Party," "Affected Party,"
"Illegality" and "Tax Event" each has the meaning set forth in the Interest Rate
Swap Agreement).

     

    "Successor Servicer"
has the meaning specified in Section
3.07(e).

     

    "Swap Collateral
Account" means an Eligible Securities Account in the name of the
Indenture Trustee, which shall be designated as the "Swap Collateral Account"
which shall be held in trust for the benefit of the Noteholders and established
pursuant to this Indenture.

     

    "Swap Counterparty"
means (i) the Initial Swap Counterparty and (ii) a Person that is not an
Affiliate of the Issuing Entity, as swap counterparty under the Interest Rate
Swap Agreement, or any successor or replacement swap counterparty thereunder
from time to time.

     

    "Swap Event of
Default" means any event defined as an "Event of Default" under the
Interest Rate Swap Agreement.

     

    "Swap Replacement
Proceeds" means any amounts received from a Replacement Swap Counterparty
in consideration for entering into a Replacement Interest Rate Swap Agreement
for a terminated Transaction (as defined therein) under the Interest Rate Swap
Agreement.

     

    "Swap Termination
Event" means any event defined as a "Termination Event" or an "Additional
Termination Event" in the Interest Rate Swap Agreement.

     

    "Swap Termination Payment
Account" means an Eligible Securities Account in the name of the
Indenture Trustee, which shall be designated as the "Swap Termination Payment
Account" which shall be held in trust for the benefit of the Noteholders and the
Swap Counterparty and established pursuant to this Indenture.

     

    "Swap Termination
Payment" means any payment due to the Swap Counterparty by the Issuing
Entity or to the Issuing Entity by the Swap Counterparty, including interest
that may accrue thereon, under the Interest Rate Swap Agreement due to a
termination of a Transaction (as defined therein) under the Interest Rate Swap
Agreement due to a Swap Event of Default or a Swap Termination
Event.

     

    
      
         

      

      
        
          12

        

        
          

        

      

      
         

      

    

     

    "Transaction Party"
means the Issuing Entity, the Depositor, the Servicer, the Owner Trustee, the
Administrator, and any other material transaction party in connection with the
Notes, as identified by the Servicer to the Indenture Trustee in writing
(i) as of the Closing Date and (ii) as such parties may change from time to
time.

     

    "Trust
Agreement" means the Amended and Restated Trust Agreement, dated as of
April 29, 2008, between the Depositor and the Owner Trustee, as the same
may be amended, modified or supplemented from time to time.

     

    "Trust Estate" means
the Collateral.

     

    "Trust Indenture Act"
or "TIA" means
the Trust Indenture Act of 1939, as in force on the date hereof, unless
otherwise specifically provided.

     

    "Trustee Information"
has the meaning specified in Section 12.05(a)(i)(A).

     

    "UCC" means, unless
the context otherwise requires, the Uniform Commercial Code, as in effect in the
relevant jurisdiction, as amended.

     

    SECTION
1.02. Other Definitional
Provisions.  

     

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

     

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

     

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

     

    (d)           The
words "hereof," "herein," "hereunder," and words of similar import when used in
this Indenture shall refer to this Indenture as a whole and not to any
particular provision of this Indenture; Section and Exhibit references contained
in this Indenture are references to Sections and Exhibits in or to this
Indenture unless otherwise specified; the term "including" shall mean "including
without limitation"; and the term "or" is not exclusive.

     

    
      
         

      

      
        13

        
          

        

      

      
         

      

    

     

    (e)           Terms
used herein that are defined in the New York UCC and not otherwise defined
herein shall have the meanings set forth in the New York UCC, unless the context
requires otherwise.

     

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

     

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

     

    "Commission"
means the Securities and Exchange Commission.

     

    "indenture
securities" means the Notes.

     

    "indenture
security holder" means a Noteholder.

     

    "indenture
to be qualified" means this Indenture.

     

    "indenture
trustee" or "institutional trustee" means the Indenture Trustee.

     

    "obligor"
on the indenture securities means the Issuing Entity and any other obligor on
the indenture securities.

     

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

     

    SECTION
1.04. Calculations of
Interest.  All calculations of interest made hereunder shall be
made, with respect to the Class A-1 Notes and the Class A-2b Notes, on the
basis of a year of 360 days and the actual number of days elapsed, and with
respect to the Class A-2a Notes and the Class A-3 Notes, on the basis of a year
of 360 days of twelve 30-day months.

     

     

    ARTICLE
II

     

    THE
NOTES

     

    SECTION
2.01.     Form.  The
Class A-1 Notes, the Class A-2a Notes, the Class A-2b Notes and the Class A-3
Notes, in each case together with the Indenture Trustee's certificate of
authentication, shall be in substantially the forms set forth in Exhibit B, in each
case with such appropriate insertions, omissions, substitutions and other
variations as are required or permitted by this Indenture and may have such
letters, numbers or other marks of identification and such legends or
endorsements placed thereon as may, consistently herewith, be determined by the
officers executing such Notes, as evidenced by their execution of the
Notes.  Any portion of the text of any Note may be set forth on the
reverse thereof, with an appropriate reference thereto on the face of the
Note.

     

    
      
         

      

      
        14

        
          

        

      

      
         

      

    

     

    The
Definitive Notes shall be typewritten, printed, lithographed or engraved or
produced by any combination of these methods (with or without steel engraved
borders), all as determined by the officers executing such Notes, as evidenced
by their execution of such Notes.

     

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

     

    SECTION
2.02. Execution, Authentication
and Delivery.  The Notes shall be executed on behalf of the
Issuing Entity by the Owner Trustee.  The signature of the Owner
Trustee on the Notes may be manual or facsimile.

     

    Notes
bearing the manual or facsimile signature of individuals who were at any time
Authorized Officers of the Owner Trustee shall bind the Issuing Entity,
notwithstanding that such individuals or any of them have ceased to hold such
offices prior to the authentication and delivery of such Notes or did not hold
such offices at the date of such Notes.

     

    On
the Closing Date, the Indenture Trustee shall authenticate and deliver Class A-1
Notes for original issue in an aggregate principal amount of $182,000,000, Class
A-2a Notes for an original issue in an aggregate principal amount of
$105,000,000, Class A-2b Notes for an original issue in an aggregate principal
amount of $122,000,000 and Class A-3 Notes for an original issue in an aggregate
principal amount of $199,671,000. The aggregate principal amount of Class A-1
Notes, Class A-2a Notes, Class A-2b Notes and Class A-3 Notes outstanding at any
time may not exceed such amounts, respectively, except as provided in Section
2.05.

     

    Each
Note shall be dated the date of its authentication.  The Notes shall
be issuable as registered Notes in the minimum denomination of $1,000 and in
integral multiples thereof.

     

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

     

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

     

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

     

    
      
         

      

      
        15

        
          

        

      

      
         

      

    

     

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

     

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

     

    Upon
surrender for registration of transfer of any Note at the office or agency of
the Issuing Entity to be maintained as provided in Section 3.02, if the
applicable requirements of Article 8 of the UCC are met the Owner Trustee
on behalf of the Issuing Entity shall execute, and the Indenture Trustee shall
authenticate and the Noteholder shall obtain from the Indenture Trustee, in the
name of the designated transferee or transferees, one or more new Notes of the
same class in any authorized denominations, of a like aggregate principal
amount.

     

    At
the option of the Holder, Notes may be exchanged for other Notes of the same
class in any authorized denominations, of a like aggregate principal amount,
upon surrender of the Notes to be exchanged at such office or
agency.  Whenever any Notes are so surrendered for exchange, if the
applicable requirements of Article 8 of the UCC are met, the Owner Trustee on
behalf of the Issuing Entity shall execute, and the Indenture Trustee shall
authenticate and the Noteholder shall obtain from the Indenture Trustee, the
Notes which the Noteholder making the exchange is entitled to
receive.

     

    All
Notes issued upon any registration of transfer or exchange of Notes shall be the
valid obligations of the Issuing Entity, evidencing the same debt, and entitled
to the same benefits under this Indenture, as the Notes surrendered upon such
registration of transfer or exchange.

     

    Every
Note presented or surrendered for registration of transfer or exchange shall be
duly endorsed by, or be accompanied by a written instrument of transfer in form
satisfactory to the Indenture Trustee duly executed by, the Holder thereof or
such Holder's attorney duly authorized in writing, with such signature
guaranteed by a commercial bank or trust company located, or having a
correspondent located, in the City of New York or the city in which the
Corporate Trust Office is located, by a member firm of a national securities
exchange or by another institution required to be accepted as a signature
guarantor by Rule 17Ad-15 of the Exchange Act, and such other documents as the
Indenture Trustee may require.

     

    
      
         

      

      
        16

        
          

        

      

      
         

      

    

     

    No
service charge shall be made to a Holder for any registration of transfer or
exchange of Notes, but the Issuing Entity may require payment of a sum
sufficient to cover any tax or other governmental charge that may be imposed in
connection with any registration of transfer or exchange of Notes, other than
exchanges pursuant to Section 2.03 or 9.06 not involving
any transfer.

     

    The
preceding provisions of this section notwithstanding, the Issuing Entity shall
not be required to make, and the Note Registrar need not register, transfers or
exchanges of Notes to be prepaid on the next Distribution Date or of any Note
for a period of 15 days preceding the due date for any payment with respect to
the Note.

     

    SECTION
2.05.     Mutilated, Destroyed, Lost
or Stolen Notes.  If (i) any mutilated Note is surrendered to
the Indenture Trustee, or the Indenture Trustee receives evidence to its
satisfaction of the destruction, loss or theft of any Note and (ii) there is
delivered to the Indenture Trustee such security or indemnity as may be required
by it to hold the Issuing Entity and the Indenture Trustee harmless, then, in
the absence of notice to the Issuing Entity, the Note Registrar or the Indenture
Trustee that such Note has been acquired by a protected purchaser, and provided
that the applicable requirements of Article 8 of the UCC are met, the Owner
Trustee on behalf of the Issuing Entity shall execute and upon its request the
Indenture Trustee shall authenticate and deliver, in exchange for or in lieu of
any such mutilated, destroyed, lost or stolen Note, a replacement Note of the
same class; provided, however, that if any
such destroyed, lost or stolen Note, but not a mutilated Note, shall have become
or within seven days shall be due and payable, or shall be prepaid on the next
Distribution Date, instead of issuing a replacement Note, the Issuing Entity may
pay such destroyed, lost or stolen Note when so due or payable or upon the
Prepayment Date without surrender thereof.  If, after the delivery of
such replacement Note or payment of a destroyed, lost or stolen Note pursuant to
the proviso to the preceding sentence, a protected purchaser of the original
Note in lieu of which such replacement Note was issued presents for payment such
original Note, the Issuing Entity and the Indenture Trustee shall be entitled to
recover such replacement Note (or such payment) from the Person to whom it was
delivered or any Person taking such replacement Note from such Person to whom
such replacement Note was delivered or any assignee of such Person, except a
protected purchaser, and shall be entitled to recover upon the security or
indemnity provided therefor to the extent of any loss, damage, cost or expense
incurred by the Issuing Entity or the Indenture Trustee in connection
therewith.

     

    Upon
the issuance of any replacement Note under this Section, the Issuing Entity may
require the payment by the Holder of such Note of a sum sufficient to cover any
tax or other governmental charge that may be imposed in relation thereto and any
other reasonable expenses (including the fees and expenses of the Indenture
Trustee) connected therewith.

     

    Except
as set forth in the first paragraph of this Section 2.05, every
replacement Note issued pursuant to this Section in replacement of any
mutilated, destroyed, lost or stolen Note shall constitute an original
additional contractual obligation of the Issuing Entity, whether or not the
mutilated, destroyed, lost or stolen Note shall be at any time enforceable by
anyone, and shall be entitled to all the benefits of this Indenture equally and
proportionately with any and all other Notes duly issued hereunder.

     

    
      
         

      

      
        17

        
          

        

      

      
         

      

    

     

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

     

    SECTION
2.06.     Persons Deemed
Owner.  Prior to due presentment for registration of transfer
of any Note, the Issuing Entity, the Indenture Trustee and any agent of the
Issuing Entity or the Indenture Trustee may treat the Person in whose name any
Note is registered (as of the day of determination) as the owner of such Note
for the purpose of receiving payments of principal of and interest, if any, on
such Note and for all other purposes whatsoever, whether or not such Note be
overdue, and neither the Issuing Entity, the Indenture Trustee nor any agent of
the Issuing Entity or the Indenture Trustee shall be affected by notice to the
contrary.

     

    SECTION
2.07.     Payment of Principal and
Interest; Defaulted Interest.  (a) The Notes shall accrue
interest as provided in the form of the Note set forth in Exhibit B, and in
each case such interest shall be payable on each Distribution Date as specified
therein, subject to Section
3.01.  Any installment of interest or principal, if any, or any
other amount, payable on any Note which is punctually paid or duly provided for
by the Issuing Entity on the applicable Distribution Date shall be paid to the
Person in whose name such Note (or one or more Predecessor Notes) is registered
on the Record Date, by check mailed first-class, postage prepaid to such
Person's address as it appears on the Note Register on such Record Date, (i)
except that, unless Definitive Notes have been issued pursuant to Section 2.12, with
respect to Notes registered on the Record Date in the name of the nominee of the
Clearing Agency (initially, such nominee to be Cede & Co.), payment will be
made by wire transfer in immediately available funds to the account designated
by such nominee and (ii) except for (A) the final installment of principal
payable with respect to such Note on a Distribution Date and (B) the Prepayment
Price for any Note being prepaid pursuant to Section 10.01(a), in
each case which shall be payable as provided below.  The funds
represented by any such checks returned undelivered shall be held in accordance
with Section
3.03.

     

    (b)           The
principal of each Note shall be payable in installments on each Distribution
Date as provided in the form of Note set forth in Exhibit
B.  Notwithstanding the foregoing, the entire unpaid principal
amount of the Notes shall be due and payable, if not previously paid, on the
date on which an Event of Default shall have occurred and be continuing, if the
Indenture Trustee or the Holders of the Notes representing a majority of the
Outstanding Principal Amount of the Notes have declared the Notes to be
immediately due and payable in the manner provided in Section
5.02.  All principal payments on each class of Notes shall be
made pro rata to the Noteholders of such Class entitled thereto. Upon notice to
the Indenture Trustee by the Issuing Entity, the Indenture Trustee shall notify
the Person in whose name a Note is registered at the close of business on the
Record Date preceding the Distribution Date on which the Issuing Entity expects
that the final installment of principal of and interest on such Note will be
paid.  Such notice shall be mailed no later than five Business Days
prior to such final Distribution Date and shall specify that such final
installment will be payable only upon presentation and surrender of such Note
and shall specify the place where such Note may be presented and surrendered for
payment of such installment.  Notices in connection with prepayments
of Notes shall be mailed to Noteholders as provided in Section
10.02.

     

    
      
         

      

      
        18

        
          

        

      

      
         

      

    

     

    (c)           If
the Issuing Entity defaults in a payment of interest on the Notes, the Issuing
Entity shall pay defaulted interest (plus interest on such defaulted interest to
the extent lawful) at the applicable Note Interest Rate in any lawful
manner.  The Issuing Entity may pay such defaulted interest to the
Persons who are Noteholders on a subsequent special record date, which date
shall be fixed or caused to be fixed by the Issuing Entity and shall be at least
five Business Days prior to the payment date.  The Issuing Entity
shall fix or cause to be fixed any such payment date, and, at least 15 days
before any such special record date, the Issuing Entity shall mail to each
Noteholder a notice that states the special record date, the payment date and
the amount of defaulted interest to be paid.

     

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

     

    SECTION
2.09.     Release of
Collateral.  Subject to Section 3.03 and
Section 11.01,
the Indenture Trustee shall release property from the lien of this Indenture
only upon receipt of an Issuing Entity Request accompanied by an Officer's
Certificate, an Opinion of Counsel and Independent Certificates in accordance
with TIA §§ 314(c) and 314(d)(1) or an Opinion of Counsel in lieu of such
Independent Certificates to the effect that the TIA does not require any such
Independent Certificates.

     

    SECTION
2.10.     Book-Entry
Notes.  The Notes, upon original issuance, will be issued in
the form of a typewritten Note or Notes representing the Book-Entry Notes, to be
delivered to The Depository Trust Company, the initial Clearing Agency, by, or
on behalf of, the Issuing Entity.  Such Notes shall initially be
registered on the Note Register in the name of Cede & Co., the nominee of
the initial Clearing Agency, and no Note Owner will receive a Definitive Note
representing such Note Owner's interest in such Note, except as provided in
Section
2.12.  Unless and until definitive, fully registered Notes (the
"Definitive Notes") have been issued to Note Owners pursuant to Section
2.12:

     

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

     

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

     

    
      
         

      

      
        19

        
          

        

      

      
         

      

    

     

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

     

    (iv)           the
rights of Note Owners shall be exercised only through the Clearing Agency and
shall be limited to those established by law and agreements between such Note
Owners and the Clearing Agency or the Clearing Agency Participants pursuant to
the Depository Agreement.  Unless and until Definitive Notes are
issued pursuant to Section 2.12, the
initial Clearing Agency will make book-entry transfers among the Clearing Agency
Participants and receive and transmit payments of principal of and interest on
the Notes to such Clearing Agency Participants; and

     

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

     

    SECTION
2.11.     Notices to Clearing
Agency.  Whenever a notice or other communication to the
Noteholders is required under this Indenture, unless and until Definitive Notes
shall have been issued to Note Owners pursuant to Section 2.12, the
Indenture Trustee shall give all such notices and communications specified
herein to be given to Holders of the Notes to the Clearing Agency, and shall
have no obligation to the Note Owners.

     

    SECTION
2.12.     Definitive
Notes.  If (i) the Issuing Entity advises the Indenture Trustee
in writing that the Clearing Agency is no longer willing or able to properly
discharge its responsibilities with respect to the Notes, (ii) the Issuing
Entity, to the extent permitted by law, advises the Indenture Trustee in writing
that it elects to terminate the book-entry system through the Clearing Agency
with respect to the Book-Entry Notes or (iii) after the occurrence of an Event
of Default or a Servicer Default, Note Owners representing beneficial interests
aggregating a majority of the Outstanding Principal Amount of the Notes advise
the Clearing Agency in writing that the continuation of a book-entry system
through the Clearing Agency is no longer in the best interests of the Note
Owners, then the Clearing Agency shall notify all Note Owners and the Indenture
Trustee of the occurrence of any such event and of the availability of
Definitive Notes to Note Owners.  Upon surrender to the Indenture
Trustee of the typewritten Note or Notes representing the Book-Entry Notes by
the Clearing Agency, accompanied by registration instructions, the Issuing
Entity shall execute and the Indenture Trustee shall authenticate the Definitive
Notes in accordance with the instructions of the Clearing
Agency.  None of the Issuing Entity, the Note Registrar or the
Indenture Trustee shall be liable for any delay in delivery of such instructions
and may conclusively rely on, and shall be protected in relying on, such
instructions.  Upon the issuance of Definitive Notes, the Indenture
Trustee shall recognize the Holders of the Definitive Notes as
Noteholders.

     

    SECTION
2.13.     Representations and
Covenants by Noteholders and Note Owners.  Each Noteholder and
Note Owner, by acceptance of a Note, or in the case of a Note Owner, a
beneficial interest in a Note, will be deemed to have represented and warranted
for the benefit of the Depositor, the Servicer, the Indenture Trustee, the Owner
Trustee and the Issuing Entity that either (i) no portion of the
assets used by such Noteholder or Note Owner to Acquire or hold the Note or
beneficial interest therein constitutes Plan Assets or (ii) the
purchase and holding of the Note by such Noteholder or Note Owner will not
constitute a non-exempt prohibited transaction under ERISA or Section 4975
of the Code or a violation under any applicable Similar Law.

     

    
      
         

      

      
        20

        
          

        

      

      
         

      

    

     

    SECTION
2.14.    Tax
Treatment.  The Issuing Entity has entered into this Indenture,
and the Notes will be issued, with the intention that, for all purposes
including federal, State and local income, single business and franchise tax
purposes, the Notes will qualify as indebtedness of the Issuing Entity secured
by the Trust Estate.  The Issuing Entity, by entering into this
Indenture, and each Noteholder, by its acceptance of a Note (and each Note Owner
by its acceptance of an interest in the applicable Book-Entry Note), agree to
treat, and to take no action inconsistent with the treatment of, the Notes as
indebtedness of the Issuing Entity for all purposes, including federal, State
and local income, single business and franchise tax purposes.

     

    SECTION
2.15.     The Interest Rate Swap
Agreement.  

     

    (a) On
the Closing Date, the Issuing Entity shall execute and deliver the Initial
Interest Rate Swap Agreement.

     

    (b) Subject
to Section 6.14 hereof, the Indenture Trustee shall take all steps necessary to
enforce the Issuing Entity's rights under the Interest Rate Swap Agreement,
including receiving payments from the Swap Counterparty when due and exercising
the Issuing Entity's rights under the Interest Rate Swap Agreement in accordance
with the terms of the Interest Rate Swap Agreement.

     

    (c) U.S.
Bank National Association is hereby designated calculation agent (including any
successor or replacement calculation agent designated from time to time by
agreement of the parties hereto, the "Calculation Agent"), and in such capacity,
on each Interest Determination Date, will calculate the interest rate with
respect to the Class A-2b Notes. All determinations of interest by the
Calculation Agent shall, in the absence of manifest error, be conclusive for all
purposes and binding on the Class A-2b Noteholders.

     

    ARTICLE
III

     

    COVENANTS

     

    SECTION
3.01.     Payment of Principal and
Interest.  The Issuing Entity will duly and punctually pay the
principal of and interest, if any, on the Notes in accordance with the terms of
the Notes and this Indenture. Without limiting the foregoing, the Issuing Entity
will cause to be distributed the amounts on deposit in the Collection Account
and the Reserve Account in accordance with Article 5 of the Sale and Servicing
Agreement, subject to Section
5.04(b).  Amounts properly withheld under the Code by any
Person from a payment to any Noteholder of interest or principal or premium
shall be considered as having been paid by the Issuing Entity to such Noteholder
for all purposes of this Indenture.

     

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

     

    
      
         

      

      
        21

        
          

        

      

      
         

      

    

     

    SECTION
3.03.     Money for Payments To Be
Held in Trust.  As provided in Section 8.02, all
payments of amounts due and payable with respect to any Notes or to the Swap
Counterparty that are to be made from amounts withdrawn from the Collection
Account, the Reserve Account and the Swap Collateral Account pursuant to Section 8.02(b) shall
be made on behalf of the Issuing Entity by the Indenture Trustee or by another
Paying Agent, and no amounts so withdrawn from such accounts for payments of
Notes or to the Swap Counterparty shall be paid over to the Issuing Entity.
Unless the Paying Agent is the Indenture Trustee, the Issuing Entity shall
promptly notify the Indenture Trustee of its action or failure so to
act.

     

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

     

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

     

    (ii)           give
the Indenture Trustee notice of any default by the Issuing Entity (or any other
obligor upon the Notes) of which it has actual knowledge in the making of any
payment required to be made with respect to the Notes or under the Interest Rate
Swap Agreement;

     

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

     

    (iv)           immediately
resign as a Paying Agent and forthwith pay to the Indenture Trustee all sums
held by it for the payment of Notes or under the Interest Rate Swap Agreement if
at any time it ceases to meet the standards required to be met by a Paying Agent
at the time of its appointment; and

     

    (v)           comply
with all requirements of the Code with respect to the withholding from any
payments made by it on any Notes or under the Interest Rate Swap Agreement of
any applicable withholding taxes imposed thereon and with respect to any
applicable reporting requirements in connection therewith.

     

    
      
         

      

      
        22

        
          

        

      

      
         

      

    

     

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

     

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

     

    SECTION
3.04.     Existence.  The
Issuing Entity will keep in full effect its existence, rights and franchises as
a statutory trust under the laws of the State of Delaware (unless it becomes, or
any successor Issuing Entity hereunder is or becomes, organized under the laws
of any other State or of the United States of America, in which case the Issuing
Entity will keep in full effect its existence, rights and franchises under the
laws of such other jurisdiction) and will obtain and preserve its qualification
to do business in each jurisdiction in which such qualification is or shall be
necessary to protect the validity and enforceability of this Indenture, the
Notes and the Collateral.

     

    SECTION
3.05.     Protection of Trust
Estate.  The Issuing Entity will from time to time take all
actions necessary, including preparing, authorizing, executing, delivering and
filing all such supplements and amendments hereto and all such financing
statements, amendments to financing statements, continuation statements,
instruments of further assurance and other instruments, if applicable, and will
take such other action necessary or advisable to:

     

    (i)           maintain
or preserve the lien and security interest (and the priority thereof) of this
Indenture or carry out more effectively the purposes hereof;

     

    
      
         

      

      
        23

        
          

        

      

      
         

      

    

     

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

     

    (iii)           enforce
any of the Collateral (including all rights under the Interest Rate Swap
Agreement); or

     

    (iv)           preserve
and defend title to the Trust Estate and the rights of the Indenture Trustee,
the Noteholders and the Swap Counterparty in the Trust Estate against the claims
of all Persons and parties.

     

    The
Issuing Entity hereby authorizes the Indenture Trustee as its agent and
attorney-in-fact to file any financing statement, continuation statement or
other instrument required to be filed pursuant to this Section.

     

    SECTION
3.06.     Opinions as to Trust
Estate.  (a)  On the Closing Date, the Issuing Entity
shall furnish to the Indenture Trustee an Opinion of Counsel either stating
that, in the opinion of such counsel (i) such action has been taken to
perfect the lien and security interest of this Indenture, including with respect
to the recording and filing of this Indenture, any indentures supplemental
hereto, and any other requisite documents, and with respect to the filing of any
financing statements and continuation statements, as are so necessary and
reciting the details of such action, or (ii) no such action is necessary to
maintain the perfection of such lien and security interest.

     

    (b)On
or before April 30 in each calendar year, beginning in 2009, the Issuing Entity
shall furnish to the Indenture Trustee an Opinion of Counsel either stating
that, in the opinion of such counsel (i) such action has been taken to
perfect the lien and security interest of this Indenture, including with respect
to the recording, filing, re-recording and refiling of this Indenture, any
indentures supplemental hereto and any other requisite documents and with
respect to the filing of any financing statements and continuation statements as
is so necessary and reciting the details of such action or (ii) no such
action is necessary to maintain the perfection of such lien and security
interest.  Such Opinion of Counsel shall also describe the recording,
filing, re-recording and refiling of this Indenture, any indentures supplemental
hereto and any other requisite documents and the filing of any financing
statements and continuation statements that will, in the opinion of such
counsel, be required to maintain the perfection of the lien and security
interest of this Indenture until April 30 in the following calendar
year.

     

    SECTION
3.07.     Performance of Obligations;
Servicing of Receivables.  

     

    (a) The
Issuing Entity will not take any action and will use its best efforts not to
permit any action to be taken by others that would release any Person from any
of such Person's material covenants or obligations under any instrument or
agreement included in the Trust Estate or that would result in the amendment,
hypothecation, subordination, termination or discharge of, or impair the
validity or effectiveness of, any such instrument or agreement, except as
expressly provided in this Indenture, the Sale and Servicing Agreement or such
other instrument or agreement.

     

    (b)The
Issuing Entity may contract with other Persons to assist it in performing its
duties under this Indenture, and any performance of such duties by a Person
identified to the Indenture Trustee in an Officer's Certificate of the Issuing
Entity shall satisfy the requirements of this Indenture.  Initially,
the Issuing Entity has contracted with the Administrator to assist the Issuing
Entity in performing its duties under this Indenture.

     

    
      
         

      

      
        24

        
          

        

      

      
         

      

    

     

    (c)The
Issuing Entity will punctually perform and observe all of its obligations and
agreements contained in this Indenture, the other Basic Documents and in the
instruments and agreements included in the Trust Estate, including filing or
causing to be filed all UCC financing statements and continuation statements
required to be filed by it by the terms of this Indenture and the other Basic
Documents in accordance with and within the time periods provided for herein and
therein.  Except as otherwise expressly provided therein, the Issuing
Entity shall not waive, amend, modify, supplement or terminate any Basic
Document or any provision thereof without the consent of the Indenture Trustee
or the Holders of a majority of the Outstanding Principal Amount of the
Notes.

     

    (d)If
the Issuing Entity shall have knowledge of the occurrence of a Servicer Default
under the Sale and Servicing Agreement, the Issuing Entity shall promptly notify
the Indenture Trustee and the Rating Agencies thereof, and shall specify in such
notice the action, if any, the Issuing Entity is taking in respect of such
default.  If a Servicer Default shall arise from the failure of the
Servicer to perform any of its duties or obligations under the Sale and
Servicing Agreement with respect to the Receivables, the Issuing Entity shall
take all reasonable steps available to it to remedy such failure.

     

    (e)As
promptly as possible after the giving of notice of termination to the Servicer
of the Servicer's rights and powers pursuant to Section 8.01 of the
Sale and Servicing Agreement, the Indenture Trustee shall appoint a successor
servicer (the "Successor Servicer"), and such Successor Servicer shall accept
its appointment by a written assumption in a form acceptable to the Indenture
Trustee.  In the event that a Successor Servicer has not been
appointed and accepted its appointment at the time when the Servicer ceases to
act as Servicer, the Indenture Trustee without further action shall
automatically be appointed the Successor Servicer.  The Indenture
Trustee may resign as the Servicer by giving written notice of such resignation
to the Issuing Entity and in such event will be released from such duties and
obligations, such release not to be effective until the date a new servicer
enters into a servicing agreement with the Issuing Entity as provided
below.  Upon delivery of any such notice to the Issuing Entity, the
Indenture Trustee shall obtain a new servicer as the Successor Servicer under
the Sale and Servicing Agreement.  Any Successor Servicer other than
the Indenture Trustee shall (i) be an established financial institution having a
net worth of not less than $50,000,000 and whose regular business includes the
servicing of equipment receivables and (ii) enter into a servicing agreement
with the Issuing Entity having substantially the same provisions as the
provisions of the Sale and Servicing Agreement applicable to the
Servicer.  If the Indenture Trustee is unable to act as Successor
Servicer, the Indenture Trustee may appoint, or may petition a court of
competent jurisdiction to appoint, a Successor Servicer.  In
connection with any such appointment, the Indenture Trustee may make such
arrangements for the compensation of such successor as it and such successor
shall agree, subject to the limitations set forth below and in the Sale and
Servicing Agreement, and in accordance with Section 8.02 of the
Sale and Servicing Agreement, the Issuing Entity shall enter into an agreement
with such successor for the servicing of the Receivables (such agreement to be
in form and substance satisfactory to the Indenture Trustee).  If the
Indenture Trustee shall succeed to the Servicer's duties as servicer of the
Receivables as provided herein, it shall do so in its individual capacity and
not in its capacity as Indenture Trustee and, accordingly, the provisions of
Article VI
hereof shall be inapplicable to the Indenture Trustee in its duties as the
successor to the Servicer and the servicing of the Receivables.  In
case the Indenture Trustee shall become successor to the Servicer under the Sale
and Servicing Agreement, the Indenture Trustee shall be entitled to appoint as
Servicer any one of its Affiliates, provided that it shall be fully liable for
the actions and omissions of such Affiliate in such capacity as Successor
Servicer.

     

    
      
         

      

      
        25

        
          

        

      

      
         

      

    

    (f)Upon
any termination of the Servicer's rights and powers pursuant to the Sale and
Servicing Agreement, the Issuing Entity shall promptly notify the Indenture
Trustee.  As soon as a Successor Servicer is appointed, the Indenture
Trustee shall notify the Issuing Entity and the Depositor of such appointment,
specifying in such notice the name and address of such Successor
Servicer.

     

    (g)Without
derogating from the absolute nature of the assignment granted to the Indenture
Trustee under this Indenture or the rights of the Indenture Trustee hereunder,
the Issuing Entity agrees that it will not, without the prior written consent of
the Indenture Trustee or the Holders of a majority in Outstanding Principal
Amount of the Notes, amend, modify, waive, supplement, terminate or surrender,
or agree to any amendment, modification, supplement, termination, waiver or
surrender of, the terms of any Collateral (except to the extent otherwise
permitted pursuant to the terms of the Sale and Servicing Agreement) or the
Basic Documents, or waive timely performance or observance by the Servicer or
the Depositor under the Sale and Servicing Agreement or by CFSC under the
Purchase Agreement; provided, however, that no such
amendment shall (i) except to the extent otherwise provided in the Sale and
Servicing Agreement, increase or reduce in any manner the amount of, or
accelerate or delay the timing of, collections of payments on Receivables or
distributions that are required to be made for the benefit of the Noteholders or
(ii) reduce the aforesaid percentage of the Notes which are required to consent
to any such amendment, without the consent of the holders of all the outstanding
Notes.  If any such amendment, modification, supplement or waiver
shall be so consented to by the Indenture Trustee or such Holders, the Issuing
Entity agrees, promptly following a request by the Indenture Trustee to do so,
to execute and deliver, in its own name and at its own expense, such agreements,
instruments, consents and other documents as the Indenture Trustee may
reasonably deem necessary or appropriate under the circumstances.

     

    SECTION
3.08.     Negative
Covenants.  So long as any Notes are Outstanding, the Issuing
Entity shall not:

     

    (i)           except
as expressly permitted by the Basic Documents, sell, transfer, exchange or
otherwise dispose of any of the properties or assets of the Issuing Entity,
including those included in the Trust Estate, unless directed to do so by the
Indenture Trustee;

     

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

     

    
      
         

      

      
        26

        
          

        

      

      
         

      

    

     

    (iii)           dissolve
or liquidate in whole or in part; or

     

    (iv)           (A)
permit the validity or effectiveness of this Indenture to be impaired, or permit
the lien of this Indenture to be amended, hypothecated, subordinated, terminated
or discharged, or permit any Person to be released from any covenants or
obligations with respect to the Notes under this Indenture except as may be
expressly permitted hereby, (B) permit any lien, charge, excise, claim, security
interest, mortgage or other encumbrance (other than the lien of this Indenture)
to be created on or extend to or otherwise arise upon or burden the Trust Estate
or any part thereof or any interest therein or the proceeds thereof (other than
tax liens, mechanics' liens and other liens that arise by operation of law, in
each case on Financed Equipment and arising solely as a result of an action or
omission of the related Obligor) or (C) permit the lien of this Indenture not to
constitute a valid first priority perfected security interest in the Trust
Estate (other than with respect to any such tax, mechanics' or other
lien).

     

    SECTION
3.09.     Statements as to
Compliance.  (a)  The Issuing Entity will deliver to
the Indenture Trustee and the Swap Counterparty, within 120 days after the end
of each fiscal year of the Issuing Entity (commencing within 120 days after the
end of the fiscal year 2008), an Officer's Certificate stating, as to the
Authorized Officer signing such Officer's Certificate, that

     

    (i)           a
review of the activities of the Issuing Entity during the 12-month period ending
at the end of such fiscal year (or in the case of the fiscal year ending
December 31, 2008, the period from the Closing Date to December 31, 2008) and of
performance under this Indenture has been made under such Authorized Officer's
supervision; and

     

    (ii)           to
the best of such Authorized Officer's knowledge, based on such review, the
Issuing Entity has complied with all conditions and covenants under this
Indenture throughout such year, or, if there has been a default in the
compliance of any such condition or covenant, specifying each such default known
to such Authorized Officer and the nature and status thereof.

     

    SECTION
3.10.     Issuing Entity May
Consolidate, etc., Only on Certain Terms.  

     

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

     

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

     

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

     

    
      
         

      

      
        27

        
          

        

      

      
         

      

    

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

     

    (iv)           the
Issuing Entity shall have received an Opinion of Counsel (and shall have
delivered copies thereof to the Indenture Trustee) to the effect that such
transaction will not have any material adverse tax consequence to the Issuing
Entity, any Noteholder or any Certificateholder;

     

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

     

    (vi)           the
Issuing Entity shall have delivered to the Indenture Trustee an Officer's
Certificate and an Opinion of Counsel each stating that such consolidation or
merger and such supplemental indenture comply with this Article III and that
all conditions precedent herein provided for relating to such transaction have
been complied with (including any filing required by the Exchange
Act).

     

    (b) (Other
than as set forth in clauses (x) and (y) of Section 3.18 and as
provided in the Basic Documents, the Issuing Entity shall not convey or transfer
any of its properties or assets, including those included in the Trust Estate,
to any Person, unless

     

    (i)           the
Person that acquires by conveyance or transfer the properties and assets of the
Issuing Entity the conveyance or transfer of which is hereby restricted shall
(A) be a United States citizen or a Person organized and existing under the laws
of the United States of America or any State, (B) expressly assumes, by an
indenture supplemental hereto, executed and delivered to the Indenture Trustee,
in form satisfactory to the Indenture Trustee, the due and punctual payment of
the principal of and interest on all Notes and the performance or observance of
every agreement and covenant of this Indenture on the part of the Issuing Entity
to be performed or observed, all as provided herein, (C) expressly agrees by
means of such supplemental indenture that all right, title and interest so
conveyed or transferred shall be subject and subordinate to the rights of
Holders of the Notes, (D) unless otherwise provided in such supplemental
indenture, expressly agrees to indemnify, defend and hold harmless the Issuing
Entity against and from any loss, liability or expense arising under or related
to this Indenture and the Notes and (E) expressly agrees by means of such
supplemental indenture that such Person (or if a group of Persons, then one
specified Person) shall make all filings with the Commission (and any other
appropriate Person) required by the Exchange Act in connection with the
Notes;

     

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

     

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

     

    (iv)           the
Issuing Entity shall have received an Opinion of Counsel (and shall have
delivered copies thereof to the Indenture Trustee) to the effect that such
transaction will not have any material adverse tax consequence to the Issuing
Entity, any Noteholder or any Certificateholder;

     

    
      
         

      

      
        28

        
          

        

      

      
         

      

    

     

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

     

    (vi)           the
Issuing Entity shall have delivered to the Indenture Trustee an Officer's
Certificate and an Opinion of Counsel each stating that such conveyance or
transfer and such supplemental indenture comply with this Article III and that
all conditions precedent herein provided for relating to such transaction have
been complied with (including any filing required by the Exchange
Act).

     

    SECTION
3.11.     Successor or
Transferee.  

     

    (a) Upon
any consolidation or merger of the Issuing Entity in accordance with Section 3.10(a), the
Person formed by or surviving such consolidation or merger (if other than the
Issuing Entity) shall succeed to, and be substituted for, and may exercise every
right and power of, the Issuing Entity under this Indenture with the same effect
as if such Person had been named as the Issuing Entity herein.

     

    (b) Upon
a conveyance or transfer of all the assets and properties of the Issuing Entity
pursuant to Section
3.10(b), Caterpillar Financial Asset Trust 2008-A will be released from
every covenant and agreement of this Indenture to be observed or performed on
the part of the Issuing Entity with respect to the Notes immediately upon the
delivery to the Indenture Trustee of the Officer's Certificate and Opinion of
Counsel specified in Section 3.10(b)(vi)
stating that Caterpillar Financial Asset Trust 2008-A is to be so
released.

     

    SECTION
3.12.     No Other
Business.  The Issuing Entity shall not engage in any business
other than the purposes and powers set forth in Section 2.03 of the Trust
Agreement.

     

    SECTION
3.13.     No
Borrowing.  The Issuing Entity shall not issue, incur, assume,
guarantee or otherwise become liable, directly or indirectly, for any
indebtedness except for (i) the Notes and (ii) any other indebtedness
permitted by or arising under the Basic Documents.

     

    SECTION
3.14.     Servicer's
Obligations.  The Issuing Entity shall cause the Servicer to
comply with all of its obligations under the Basic Documents, including without
limitation those set forth in Sections 4.09, 4.10, 4.11, 4.12, 4.13 and 5.06 of
the Sale and Servicing Agreement.

     

    SECTION
3.15.     Guarantees, Loans, Advances
and Other Liabilities.  Except as contemplated by the Basic
Documents, the Issuing Entity shall not make any loan or advance or credit to,
or guarantee (directly or indirectly or by an instrument having the effect of
assuring another's payment or performance on any obligation or capability of so
doing or otherwise), endorse or otherwise become contingently liable, directly
or indirectly, in connection with the obligations, stocks or dividends of, or
own, purchase, repurchase or acquire (or agree contingently to do so) any stock,
obligations, assets or securities of, or any other interest in, or make any
capital contribution to, any other Person.

     

    
      
         

      

      
        29

        
          

        

      

      
         

      

    

     

    SECTION
3.16.     Capital
Expenditures.  Except as contemplated by the Basic Documents,
the Issuing Entity shall not make any expenditure (by long-term or operating
lease or otherwise) for capital assets (either realty or
personalty).

     

    SECTION
3.17.     Removal of
Administrator.  So long as any Notes are Outstanding, the
Issuing Entity shall not remove the Administrator without cause unless the
Rating Agency Condition shall have been satisfied in connection with such
removal.

     

    SECTION
3.18.     Restricted
Payments.  The Issuing Entity shall not, directly or
indirectly, (i) pay any dividend or make any distribution (by reduction of
capital or otherwise), whether in cash, property, securities or a combination
thereof, to the Owner Trustee or any owner of a beneficial interest in the
Issuing Entity or otherwise with respect to any ownership or equity interest or
security in or of the Issuing Entity or to the Servicer, (ii) redeem, purchase,
retire or otherwise acquire for value any such ownership or equity interest or
security or (iii) set aside or otherwise segregate any amounts for any such
purpose; provided, however, that the
Issuing Entity may make, or cause to be made, (x) distributions to the Servicer,
the Depositor, the Owner Trustee and the Certificateholders as permitted by, and
to the extent funds are available for such purpose under, this Indenture, the
Sale and Servicing Agreement and the Trust Agreement and (y) payments to the
Indenture Trustee and the Administrator pursuant to this Indenture and the
Administration Agreement. The Issuing Entity will not, directly or indirectly,
make payments to or distributions from the Collection Account except in
accordance with this Indenture and the Basic Documents.

     

    SECTION
3.19.     Notice of Events of
Default.  The Issuing Entity agrees to give a Responsible
Officer of the Indenture Trustee, the Swap Counterparty and the Rating Agencies
prompt written notice of each Event of Default hereunder and each Swap Event of
Default and, immediately after obtaining knowledge of any of the following
occurrences, written notice of each default on the part of the Servicer or the
Depositor of its obligations under the Sale and Servicing Agreement and each
default on the part of CFSC of its obligations under the Purchase
Agreement.  In addition, on (i) any Distribution Date on which
the Issuing Entity has not received from the Swap Counterparty any amount due
from the Swap Counterparty on such Distribution Date, (ii) the Business Day
following any such Distribution Date if the Issuing Entity has not yet received
such amount due from the Swap Counterparty or (iii) the Business Day on
which such failure to pay by the Swap Counterparty becomes a Swap Event of
Default under the Interest Rate Swap Agreement, the Issuing Entity shall give
immediate notice thereof to the Swap Counterparty, the Indenture Trustee and
each Rating Agency.

     

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

     

    
      
         

      

      
        30

        
          

        

      

      
         

      

    

     

    ARTICLE
IV

     

    SATISFACTION
AND DISCHARGE

     

    SECTION
4.01.     Satisfaction and Discharge
of Indenture.  This Indenture shall cease to be of further
effect with respect to the Notes except as to (i) rights of registration of
transfer and exchange, (ii) substitution of mutilated, destroyed, lost or stolen
Notes, (iii) rights of Noteholders to receive payments of principal thereof and
interest thereon, (iv) Sections 3.02, 3.03, 3.04, 3.05, 3.08, 3.10, 3.11, 3.12, 3.13, 3.17, 3.19, 3.20 and 11.17, (v) the
rights, obligations and immunities of the Indenture Trustee hereunder (including
the rights of the Indenture Trustee under Section 6.07 and the
obligations of the Indenture Trustee under Section 4.02) and
(vi) the rights of Noteholders as beneficiaries hereof with respect to the
property so deposited with the Indenture Trustee payable to all or any of them,
and the Indenture Trustee, on demand of and at the expense of the Issuing
Entity, shall execute proper instruments acknowledging satisfaction and
discharge of this Indenture with respect to the Notes, when

     

    (A)           either

     

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

     

    (2)           all
Notes not theretofore delivered to the Indenture Trustee for
cancellation:

     

    (i)           have
become due and payable;

     

    (ii)           will
become due and payable at (A) the Class A-1 Note Final Scheduled Distribution
Date with respect to the Class A-1 Notes, (B) the Class A-2 Note Final Scheduled
Distribution Date with respect to the Class A-2 Notes and (C) the Class A-3 Note
Final Scheduled Distribution Date with respect to the Class A-3 Notes;
or

     

    (iii)           are
subject to prepayment within one year under arrangements satisfactory to the
Indenture Trustee for the giving of notice of prepayment by the Indenture
Trustee in the name, and at the expense, of the Issuing Entity;

     

    and
the Issuing Entity, in the case of (i), (ii) or (iii) above, has irrevocably
deposited or caused to be irrevocably deposited with the Indenture Trustee cash
or direct obligations of or obligations guaranteed by the United States of
America (which will mature prior to the date such amounts are payable), in trust
for such purpose, in an amount sufficient to pay and discharge the entire
indebtedness on such Notes not theretofore delivered to the Indenture Trustee
for cancellation when due to (x) the Class A-1 Note Final Scheduled Distribution
Date, Class A-2 Note Final Scheduled Distribution Date or Class A-3 Note Final
Scheduled Distribution Date, as applicable, or Prepayment Date (if Notes shall
have been called for prepayment pursuant to Section 10.01), as
the case may be;

     

    
      
         

      

      
        31

        
          

        

      

      
         

      

    

    (B)           the
Issuing Entity has paid or caused to be paid all other sums payable hereunder by
the Issuing Entity, including all amounts owed to the Swap Counterparty,
including all Swap Termination Payments; and

     

    (C)           the
Issuing Entity has delivered to the Indenture Trustee an Officer's Certificate,
an Opinion of Counsel and (if required by the TIA) an Independent Certificate
from a firm of certified public accountants, each meeting the applicable
requirements of Section 11.01(a) and
each stating that all conditions precedent herein provided for relating to the
satisfaction and discharge of this Indenture have been complied
with.

     

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

     

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

     

    ARTICLE
V

     

    REMEDIES

     

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

     

    (i)           default
in the payment of any interest on any Note when the same becomes due and
payable, and such default shall continue for a period of five days;

     

    (ii)           default
in the payment of the principal of or any installment of the principal of any
Note when the same becomes due and payable;

     

    (iii)           default
in the observance or performance of any covenant or agreement of the Issuing
Entity made in this Indenture (other than a covenant or agreement, a default in
the observance or performance of which is elsewhere in this Section specifically
dealt with), or any representation or warranty of the Issuing Entity made in
this Indenture or in any certificate or other writing delivered pursuant hereto
or in connection herewith proving to have been incorrect in any material respect
as of the time when the same shall have been made, and such default shall
continue or not be cured, or the circumstance or condition in respect of which
such representation or warranty was incorrect shall not have been eliminated or
otherwise cured, for a period of 30 days after there shall have been given, by
registered or certified mail, return receipt requested, to the Issuing Entity by
the Indenture Trustee or to the Issuing Entity and the Indenture Trustee by the
Holders of at least 25% of the Outstanding Principal Amount of the Notes, a
written notice specifying such default or incorrect representation or warranty
and requiring it to be remedied and stating that such notice is a "Notice of
Default" hereunder;

     

    
      
         

      

      
        32

        
          

        

      

      
         

      

    

    (iv)           the
filing of a decree or order for relief by a court having jurisdiction in the
premises in respect of the Issuing Entity or any substantial part of the Trust
Estate in an involuntary case under any applicable federal or state bankruptcy,
insolvency or other similar law now or hereafter in effect, or appointing a
receiver, liquidator, assignee, custodian, trustee, sequestrator or similar
official for the Issuing Entity or for any substantial part of the Trust Estate,
or ordering the winding-up or liquidation of the Issuing Entity's affairs, and
such decree or order shall remain unstayed and in effect for a period of 90
consecutive days; or

     

    (v)           the
commencement by the Issuing Entity of a voluntary case under any applicable
federal or state bankruptcy, insolvency or other similar law now or hereafter in
effect, or the consent by the Issuing Entity to the entry of an order for relief
in an involuntary case under any such law, or the consent by the Issuing Entity
to the appointment or taking possession by a receiver, liquidator, assignee,
custodian, trustee, sequestrator or similar official of the Issuing Entity or
for any substantial part of the Trust Estate, or the making by the Issuing
Entity of any general assignment for the benefit of creditors, or the failure by
the Issuing Entity generally to pay its debts as such debts become due, or the
taking of action by the Issuing Entity in furtherance of any of the
foregoing.

     

    The
Issuing Entity shall deliver to the Indenture Trustee and the Swap Counterparty,
within five days after the occurrence thereof, written notice in the form of an
Officer's Certificate of any event which with the giving of notice and the lapse
of time would become an Event of Default under clause (iii) or clause (v), its
status and what action the Issuing Entity is taking or proposes to take with
respect thereto.

     

    SECTION
5.02.     Acceleration of Maturity;
Rescission and Annulment.  If an Event of Default should occur
and be continuing, then and in every such case the Indenture Trustee or the
Holders of Notes representing not less than a majority of the Outstanding
Principal Amount of the Notes may declare all the Notes to be immediately due
and payable, by a notice in writing to the Issuing Entity (and to the Indenture
Trustee if declared by Noteholders), and upon any such declaration the unpaid
principal amount of the Notes, together with accrued and unpaid interest thereon
through the date of acceleration, shall become immediately due and
payable.

     

    At
any time after such declaration of acceleration of maturity has been made and
before a judgment or decree for payment of the money due has been obtained by
the Indenture Trustee as hereinafter in this Article V provided,
the Holders of Notes representing not less than a majority of the Outstanding
Principal Amount of the Notes, by written notice to the Issuing Entity and the
Indenture Trustee, may rescind and annul such declaration and its consequences
if:

     

    
      
         

      

      
        33

        
          

        

      

      
         

      

    

     

    (i)           the
Issuing Entity has paid or deposited with the Indenture Trustee a sum sufficient
to pay

     

    (A)           all
payments of principal of and interest on all Notes and all other amounts that
would then be due hereunder or upon such Notes if the Event of Default giving
rise to such acceleration had not occurred;

     

    (B)           all
sums paid or advanced by the Indenture Trustee hereunder and the reasonable
compensation, expenses, disbursements and advances of the Indenture Trustee and
its agents and counsel; and

     

    (C)           any
Net Swap Payments and any Swap Termination Payment then due and payable to the
Swap Counterparty under the Interest Rate Swap Agreement; and

     

    (ii)           all
Events of Default, other than the nonpayment of the principal of the Notes that
has become due solely by such acceleration, have been cured or waived as
provided in Section
5.12.

     

    No
such rescission shall affect any subsequent default or impair any right
consequent thereto.

     

    SECTION
5.03.     Collection of Indebtedness
and Suits for Enforcement by Indenture Trustee.  

     

    (a) The
Issuing Entity covenants that if default is made in the payment of (i) any
interest on any Note when the same becomes due and payable, and such default
continues for a period of five days or (ii) the principal of or any installment
of the principal of any Note when the same becomes due and payable, the Issuing
Entity will, upon demand of the Indenture Trustee, pay to it, for the benefit of
the Holders of the Notes, the whole amount then due and payable on such Notes
for principal and interest, with interest upon the overdue principal, and, to
the extent payment at such rate of interest shall be legally enforceable, upon
overdue installments of interest, at the applicable Note Interest Rate borne by
the Notes, and in addition thereto will pay such further amount as shall be
sufficient to cover the costs and expenses of collection, including the
reasonable compensation, expenses, disbursements and advances of the Indenture
Trustee and its agents and counsel.

     

    (b)           In
case the Issuing Entity shall fail forthwith to pay such amounts upon such
demand, the Indenture Trustee, in its own name and as trustee of an express
trust, may institute a Proceeding for the collection of the sums so due and
unpaid, and may prosecute such Proceeding to judgment or final decree, and may
enforce the same against the Issuing Entity or other obligor upon such Notes and
collect in the manner provided by law out of the property of the Issuing Entity
or other obligor upon such Notes, wherever situated, the monies adjudged or
decreed to be payable.

     

    
      
         

      

      
        34

        
          

        

      

      
         

      

    

     

    (c)           If
an Event of Default occurs and is continuing, the Indenture Trustee may, as more
particularly provided in Section 5.04, in its
discretion, proceed to protect and enforce its rights and the rights of the
Noteholders and the Swap Counterparty, by such appropriate Proceedings as the
Indenture Trustee shall deem most effective to protect and enforce any such
rights, whether for the specific enforcement of any covenant or agreement in
this Indenture or in aid of the exercise of any power granted herein, or to
enforce any other proper remedy or legal or equitable right vested in the
Indenture Trustee by this Indenture or by law.

     

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

     

    (i)           to
file one or more claims for the whole amount of principal and interest owing and
unpaid in respect of the Notes and for all amounts owed under the Interest Rate
Swap Agreement and to file such other papers or documents, and take such
actions, as may be necessary or advisable in order to have the claims of the
Indenture Trustee (including any claim for reasonable compensation to the
Indenture Trustee and each predecessor Indenture Trustee, and their respective
agents, attorneys and counsel, and for reimbursement of all expenses and
liabilities incurred, and all advances made, by the Indenture Trustee and each
predecessor Indenture Trustee, except as a result of negligence or bad faith)
and of the Noteholders and the Swap Counterparty allowed in such
Proceedings;

     

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

     

    (iii)           to
collect and receive any monies or other property payable or deliverable on any
such claims and to distribute all amounts received with respect to the claims of
the Noteholders, of the Swap Counterparty and of the Indenture Trustee on their
behalf;

     

    
      
         

      

      
        35

        
          

        

      

      
         

      

    

     

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

     

    (e)           Nothing
herein contained shall be deemed to authorize the Indenture Trustee to authorize
or consent to or vote for or accept or adopt on behalf of any Noteholder any
plan of reorganization, arrangement, adjustment or composition affecting the
Notes or the rights of any Holder thereof or to authorize the Indenture Trustee
to vote in respect of the claim of any Noteholder in any such Proceeding except,
to vote for the election of a trustee in bankruptcy or similar Person as
provided in Section 5.03(d)(ii).

     

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

     

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

     

    SECTION
5.04.     Remedies;
Priorities.  (a)  If an Event of Default shall have
occurred and be continuing, the Indenture Trustee may do one or more of the
following (subject to Section
5.05):

     

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

     

    (ii)           institute
Proceedings from time to time for the complete or partial foreclosure of this
Indenture with respect to the Trust Estate;

     

    (iii)           exercise
any remedies of a secured party under the UCC and take any other appropriate
action to protect and enforce the rights and remedies of the Indenture Trustee
and the Holders of the Notes and the Swap Counterparty; and

     

    (iv)           in
the event that all the Notes have been declared due and payable pursuant to
Section 5.02,
sell the Trust Estate or any portion thereof or rights or interest therein, at
one or more public or private sales called and conducted in any manner permitted
by law;

     

    
      
         

      

      
        36

        
          

        

      

      
         

      

    

    provided, however, that the
Indenture Trustee may not sell or otherwise liquidate the Trust Estate following
an Event of Default, other than a Monetary Event of Default, unless (A) the
Holders of 100% of the Outstanding Principal Amount of the Notes and the Swap
Counterparty consent thereto, (B) the proceeds of such sale or liquidation
distributable to the Noteholders are sufficient to discharge in full all amounts
then due and unpaid upon such Notes for principal and interest and all amounts
due to the Swap Counterparty under the Interest Rate Swap Agreement or (C) the
Indenture Trustee determines that the Trust Estate will not continue to provide
sufficient funds for the payment of principal of and interest on the Notes as
they would have become due if the Notes had not been declared due and payable,
and the Indenture Trustee obtains the consent of Holders of at least 66-2/3% of
the Outstanding Principal Amount of the Notes voting together as a single
class.  In determining such sufficiency or insufficiency with respect
to clause (B) and (C), the Indenture Trustee may, but need not, obtain and rely
upon an opinion of an Independent investment banking or accounting firm of
national reputation as to the feasibility of such proposed action and as to the
sufficiency of the Trust Estate for such purpose.

     

    (b) If
the Indenture Trustee collects any money or property pursuant to this Article V following
any occurrence of an Event of Default and the acceleration of the maturities of
the Notes pursuant to Section 5.02 (so long
as such declaration shall not have been rescinded or annulled), it shall pay out
the money or property (other than the Additional Servicing Compensation, which
may be retained by the Servicer in accordance with Section 5.08 of the
Sale and Servicing Agreement) in the following order:

     

    FIRST:  to the Indenture
Trustee for amounts due under Section
6.07;

     

    SECOND: to the Swap Counterparty, any
due and unpaid Net Swap Payments;

     

    THIRD:  on a pro rata basis,
(i) to the Swap Counterparty, any due and unpaid Senior Swap Termination
Payment and (ii) to Noteholders for amounts due and unpaid on the Notes for
interest, ratably, without preference or priority of any kind, according to the
amounts due and payable on the Notes for interest;

     

    FOURTH:  to the Holders of
the Class A-1 Notes for amounts due and unpaid on the Class A-1 Notes for
principal until the principal amount of the Class A-1 Notes has been paid in
full;

     

    FIFTH:  to Holders of Class
A-2 and Class A-3 Notes for amounts due and unpaid on the Class A-2 and Class
A-3 Notes for principal, ratably, without preference or priority of any kind,
according to the amounts due and payable on the Class A-2 and Class A-3 Notes
for principal;

     

    SIXTH:  to the Servicer and
the Administrator, any amounts due and owing to the Servicer and the
Administrator, and

     

    SEVENTH:  to the Swap
Counterparty, any due and unpaid Subordinated Swap Termination Payment;
and

     

    EIGHTH:  to the Certificate
Distribution Account.

     

    
      
         

      

      
        37

        
          

        

      

      
         

      

    

     

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

     

    SECTION
5.05.     Optional Preservation of the
Receivables.  If the Notes have been declared to be due and
payable under Section
5.02 following an Event of Default and such declaration and its
consequences have not been rescinded and annulled, the Indenture Trustee may,
but need not, elect to maintain possession of the Trust Estate.  It is
the desire of the parties hereto, the Swap Counterparty and the Noteholders that
there be at all times sufficient funds for the payment of principal of and
interest on the Notes and all amounts due to the Swap Counterparty under the
Interest Rate Swap Agreement, and the Indenture Trustee shall take such desire
into account when determining whether or not to maintain possession of the Trust
Estate.  In determining whether to maintain possession of the Trust
Estate, the Indenture Trustee may, but need not, obtain and rely upon an opinion
of an Independent investment banking or accounting firm of national reputation
as to the feasibility of such proposed action and as to the sufficiency of the
Trust Estate for such purpose.

     

    SECTION
5.06.     Limitation of
Suits.  No Holder of any Note shall have any right to institute
any Proceeding, judicial or otherwise, with respect to this Indenture, or for
the appointment of a receiver or trustee, or for any other remedy hereunder,
unless:

     

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

     

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

     

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

     

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

     

    (v)           no
direction inconsistent with such written request has been given to the Indenture
Trustee during such 60-day period by the Holders of a majority of the
Outstanding Principal Amount of the Notes;

     

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

     

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

     

    
      
         

      

      
        38

        
          

        

      

      
         

      

    

     

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

     

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

     

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

     

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

     

    SECTION
5.11.     Control by
Noteholders.  The Holders of a majority (or 66 2/3% if an
Event of Default has occurred and is continuing) of the Outstanding Principal
Amount of the Notes shall have the right to direct the time, method and place of
conducting any Proceeding for any remedy available to the Indenture Trustee with
respect to the Notes or exercising any trust or power conferred on the Indenture
Trustee; provided that

     

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

     

    
      
         

      

      
        39

        
          

        

      

      
         

      

    

     

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

     

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

     

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

     

    provided, however, that,
subject to Section
6.01, the Indenture Trustee need not take any action that it determines
might involve it in liability or might materially adversely affect the rights of
any Noteholders not consenting to such action.

     

    SECTION
5.12.     Waiver of Past
Defaults.  Prior to the declaration of the acceleration of the
maturity of the Notes as provided in Section 5.02, the
Holders of Notes of not less than a majority of the Outstanding Principal Amount
of the Notes voting together as a single class may waive any past Default or
Event of Default and its consequences except a Default (a) in payment of
principal of or interest on any of the Notes or (b) in respect of a covenant or
provision hereof which cannot be modified or amended without the consent of the
Holder of each Note.  In the case of any such waiver, the Issuing
Entity, the Indenture Trustee and the Holders of the Notes shall be restored to
their former positions and rights hereunder, respectively; provided that no such
waiver shall extend to any subsequent or other Default or impair any right
consequent thereto.

     

    Upon
any such waiver, such Default shall cease to exist and be deemed to have been
cured and not to have occurred, and any Event of Default arising therefrom shall
be deemed to have been cured and not to have occurred, for every purpose of this
Indenture; provided that no such waiver shall extend to any subsequent or other
Default or Event of Default or impair any right consequent thereto.

     

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

     

    
      
         

      

      
        40

        
          

        

      

      
         

      

    

     

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

     

    SECTION
5.15.     Action on
Notes.  The Indenture Trustee's right to seek and recover
judgment on the Notes, the Interest Rate Swap Agreement or under this Indenture
shall not be affected by the seeking, obtaining or application of any other
relief under or with respect to this Indenture. Neither the lien of this
Indenture nor any rights or remedies of the Indenture Trustee, the Swap
Counterparty or the Noteholders shall be impaired by the recovery of any
judgment by the Indenture Trustee against the Issuing Entity or by the levy of
any execution under such judgment upon any portion of the Trust Estate or upon
any of the assets of the Issuing Entity.  Any money or property
collected by the Indenture Trustee shall be applied in accordance with Section
5.04(b).

     

    SECTION
5.16.     Performance and Enforcement
of Certain Obligations.  

     

    (a) Promptly
following a request from the Indenture Trustee to do so and at the Depositor's
expense, the Issuing Entity agrees to take all such lawful action as the
Indenture Trustee may request to compel or secure the performance and observance
by (x) the Depositor, the Servicer and the Swap Counterparty, as applicable, of
each of their obligations to the Issuing Entity under or in connection with the
Sale and Servicing Agreement and the Interest Rate Swap Agreement or (y) CFSC of
its obligations under or in connection with the Purchase Agreement in accordance
with the terms thereof, and to exercise any and all rights, remedies, powers and
privileges lawfully available to the Issuing Entity under or in connection with
the Sale and Servicing Agreement or the Interest Rate Swap Agreement to the
extent and in the manner directed by the Indenture Trustee, including the
transmission of notices of default on the part of the Depositor, the Servicer or
the Swap Counterparty thereunder and the institution of legal or administrative
actions or proceedings to compel or secure performance by the Depositor, the
Servicer or the Swap Counterparty of each of their obligations under the Sale
and Servicing Agreement or the Interest Rate Swap Agreement, as
applicable.

     

    (b)           If
an Event of Default has occurred and is continuing, the Indenture Trustee may,
and, at the direction (which direction shall be in writing or by telephone
(confirmed in writing promptly thereafter)) of the Holders of at least
66 2/3% of the Outstanding Principal Amount of the Notes shall, exercise
all rights, remedies, powers, privileges and claims of the Issuing Entity
against the Depositor, the Swap Counterparty or the Servicer under or in
connection with the Sale and Servicing Agreement or the Interest Rate Swap
Agreement, as applicable, including the right or power to take any action to
compel or secure performance or observance by the Depositor, the Swap
Counterparty or the Servicer of each of their obligations to the Issuing Entity
thereunder and to give any consent, request, notice, direction, approval,
extension or waiver under the Sale and Servicing Agreement or the Interest Rate
Swap Agreement, as applicable, and any right of the Issuing Entity to take such
action shall be suspended.

     

    
      
         

      

      
        41

        
          

        

      

      
         

      

    

     

    (c)           Promptly
following a request from the Indenture Trustee to do so and at the Depositor's
expense, the Issuing Entity agrees to take all such lawful action as the
Indenture Trustee may request to compel or secure the performance and observance
by CFSC of each of its obligations to the Depositor under or in connection with
the Purchase Agreement in accordance with the terms thereof, and to exercise any
and all rights, remedies, powers and privileges lawfully available to the
Issuing Entity under or in connection with the Purchase Agreement to the extent
and in the manner directed by the Indenture Trustee, including the transmission
of notices of default on the part of CFSC thereunder and the institution of
legal or administrative actions or proceedings to compel or secure performance
by CFSC of each of its obligations under the Purchase Agreement.

     

    (d)           If
an Event of Default has occurred and is continuing, the Indenture Trustee may,
and, at the direction (which direction shall be in writing or by telephone
(confirmed in writing promptly thereafter)) of the Holders of at least
66 2/3% of the Outstanding Principal Amount of the Notes shall, exercise
all rights, remedies, powers, privileges and claims of the Depositor against
CFSC under or in connection with the Purchase Agreement, including the right or
power to take any action to compel or secure performance or observance by CFSC
of each of its obligations to the Depositor thereunder and to give any consent,
request, notice, direction, approval, extension or waiver under the Purchase
Agreement, and any right of the Depositor to take such action shall be
suspended.

     

    ARTICLE
VI

     

    THE
INDENTURE TRUSTEE

     

    SECTION
6.01.     Duties of Indenture
Trustee.  

     

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

     

    (b)           Except
during the continuance of an Event of Default:

     

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

     

    (ii)           in
the absence of bad faith on its part, the Indenture Trustee may conclusively
rely, as to the truth of the statements and the correctness of the opinions
expressed therein, upon certificates or opinions furnished to the Indenture
Trustee and conforming to the requirements of this Indenture; provided, however, the
Indenture Trustee shall examine the certificates and opinions to determine
whether or not they conform on their face to the requirements of this
Indenture.

     

    
      
         

      

      
        42

        
          

        

      

      
         

      

    

     

    The
Indenture Trustee shall not be required to determine, confirm or recalculate the
information contained in the Servicer's Certificate delivered to it pursuant to
the Sale and Servicing Agreement.

     

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

     

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

     

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

     

    (iii)           the
Indenture Trustee shall not be liable with respect to any action it takes or
omits to take in good faith in accordance with a direction received by it
pursuant to Section
5.11.

     

    (d)           Every
provision of this Indenture that in any way relates to the Indenture Trustee is
subject to subsections 6.01(a), (b) and (c);

     

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

     

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

     

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

     

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

     

    SECTION
6.02.     Rights of Indenture
Trustee.  

     

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

     

    (b)           Before
the Indenture Trustee acts or refrains from acting, it may require an Officer's
Certificate or an Opinion of Counsel.  The Indenture Trustee shall not
be liable for any action it takes or omits to take in good faith in reliance on
the Officer's Certificate or Opinion of Counsel.

     

    
      
         

      

      
        43

        
          

        

      

      
         

      

    

     

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

     

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

     

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

     

    SECTION
6.03.     Individual Rights of
Indenture Trustee.  The Indenture Trustee in its individual or
any other capacity may become the owner or pledgee of Notes and may otherwise
deal with the Issuing Entity or its affiliates with the same rights it would
have if it were not Indenture Trustee.  Any Paying Agent, Note
Registrar, co-registrar or co-paying agent may do the same with like
rights.  However, the Indenture Trustee must comply with Sections 6.11 and
6.12.

     

    SECTION
6.04.     Indenture Trustee's
Disclaimer.  The Indenture Trustee shall not be responsible for
and makes no representation as to the validity or adequacy of the Trust Estate,
this Indenture, the Interest Rate Swap Agreement or the Notes, it shall not be
accountable for the Issuing Entity's use of the proceeds from the Notes, and it
shall not be responsible for any statement of the Issuing Entity in the
Indenture or in any document issued in connection with the sale of the Notes or
in the Notes other than the Indenture Trustee's certificate of
authentication.

     

    SECTION
6.05.     Notice of
Defaults.  If a Default occurs and is continuing and if it is
known to a Responsible Officer of the Indenture Trustee, the Indenture Trustee
shall mail to each Noteholder notice of the Default within 90 days after it
occurs.  Except in the case of a Default in payment of principal of or
interest on any Note (including payments pursuant to the mandatory prepayment
provisions of such Note), the Indenture Trustee may withhold the notice if and
so long as a committee of its Responsible Officers in good faith determines that
withholding the notice is in the interests of Noteholders.

     

    SECTION
6.06.     Reports by Indenture Trustee
to Holders.  The Indenture Trustee shall deliver to each
Noteholder such information as may be required to enable such holder to prepare
its federal and state income tax returns, which shall include the information
required to be distributed pursuant to the first paragraph of Section 5.06 of the
Sale and Servicing Agreement.  The Indenture Trustee shall only be
required to provide to the Noteholders the information given to it by the
Servicer.  The Indenture Trustee shall not be required to determine,
confirm or recompute any such information.

     

    
      
         

      

      
        44

        
          

        

      

      
         

      

    

     

    SECTION
6.07.     Compensation and
Indemnity.  The Issuing Entity shall pay to the Indenture
Trustee from time to time reasonable compensation for its
services.  The Indenture Trustee's compensation shall not be limited
by any law on compensation of a trustee of an express trust.  The
Issuing Entity shall reimburse the Indenture Trustee for all reasonable
out-of-pocket expenses incurred or made by it, including costs of collection, in
addition to the compensation for its services.  Such expenses shall
include the reasonable compensation and expenses, disbursements and advances of
the Indenture Trustee's agents, counsel, accountants and experts.  The
Issuing Entity shall indemnify the Indenture Trustee against any and all loss,
liability or expense (including the fees of either in-house counsel or outside
counsel, but not both) incurred by it in connection with the administration of
this trust and the performance of its duties hereunder.  The Indenture
Trustee shall notify the Issuing Entity and the Administrator promptly of any
claim for which it may seek indemnity.  Failure by the Indenture
Trustee to so notify the Issuing Entity and the Administrator shall not relieve
the Issuing Entity of its obligations hereunder.  The Issuing Entity
shall defend the claim and the Indenture Trustee may have separate counsel and
the Issuing Entity shall pay the fees and expenses of such
counsel.  The Issuing Entity need not reimburse any expense or
indemnify against any loss, liability or expense incurred by the Indenture
Trustee through the Indenture Trustee's own willful misconduct, negligence or
bad faith.

     

    The
Issuing Entity's payment obligations to the Indenture Trustee pursuant to this
Section shall survive the discharge of this Indenture.  When the
Indenture Trustee incurs expenses after the occurrence of a Default specified in
Section
5.01(iv) or (v) with respect to
the Issuing Entity, the expenses are intended to constitute expenses of
administration under Title 11 of the United States Code or any other applicable
federal or state bankruptcy, insolvency or similar law.

     

    Notwithstanding
anything herein to the contrary, the Indenture Trustee's right to enforce any of
the Issuing Entity's payment obligations pursuant to this Section 6.07 shall be
subject to the provisions of Section
11.17.

     

    SECTION
6.08.     Replacement of Indenture
Trustee.  No resignation or removal of the Indenture Trustee
and no appointment of a successor Indenture Trustee shall become effective until
the acceptance of appointment by the successor Indenture Trustee pursuant to
this Section
6.08.  The Indenture Trustee may resign at any time by so
notifying the Issuing Entity.  The Holders of a majority in
Outstanding Principal Amount of the Notes may remove the Indenture Trustee by so
notifying the Indenture Trustee and may appoint a successor Indenture
Trustee.  The Issuing Entity shall remove the Indenture Trustee
if:

     

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

     

    (ii)           the
Indenture Trustee is adjudged a bankrupt or insolvent;

     

    (iii)           a
receiver or other public officer takes charge of the Indenture Trustee or its
property; or

     

    (iv)           the
Indenture Trustee otherwise becomes incapable of acting.

     

    
      
         

      

      
        45

        
          

        

      

      
         

      

    

     

    If
the Indenture Trustee resigns or is removed or if a vacancy exists in the office
of Indenture Trustee for any reason (the Indenture Trustee in such event being
referred to herein as the retiring Indenture Trustee), the Issuing Entity shall
promptly appoint a successor Indenture Trustee, which successor shall be
reasonably acceptable to the Depositor.

     

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

     

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

     

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

     

    Notwithstanding
the replacement of the Indenture Trustee pursuant to this Section, the Issuing
Entity's obligations under Section 6.07 shall
continue for the benefit of the retiring Indenture Trustee.

     

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

     

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

     

    SECTION
6.10.     Appointment of Co-Trustee or
Separate Indenture Trustee.  (a) Notwithstanding any other
provisions of this Indenture, at any time, for the purpose of meeting any legal
requirement of any jurisdiction in which any part of the Trust may at the time
be located, the Indenture Trustee shall have the power and may execute and
deliver all instruments to appoint one or more Persons reasonably acceptable to
the Issuing Entity to act as a co-trustee or co-trustees, or separate trustee or
separate trustees, of all or any part of the Trust Estate, and to vest in such
Person or Persons, in such capacity and for the benefit of the Noteholders, such
title to the Trust Estate, or any part hereof, and, subject to the other
provisions of this Section, such powers, duties, obligations, rights and trusts
as the Indenture Trustee may consider necessary or desirable.  No
co-trustee or separate trustee hereunder shall be required to meet the terms of
eligibility as a successor trustee under Section 6.11 and no
notice to Noteholders or the Swap Counterparty of the appointment of any
co-trustee or separate trustee shall be required under Section 6.08
hereof.

     

    
      
         

      

      
        46

        
          

        

      

      
         

      

    

     

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

     

    (i)           all
rights, powers, duties and obligations conferred or imposed upon the Indenture
Trustee shall be conferred or imposed upon and exercised or performed by the
Indenture 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 Indenture Trustee joining in such act), except to the
extent that under any law of any jurisdiction in which any particular act or
acts are to be performed the Indenture Trustee shall be incompetent or
unqualified to perform such act or acts, in which event such rights, powers,
duties and obligations (including the holding of title to the Trust Estate 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 Indenture Trustee;

     

    (ii)           no
trustee hereunder shall be personally liable by reason of any act or omission of
any other trustee hereunder; and

     

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

     

    (c)           Any
notice, request or other writing given to the Indenture Trustee shall be deemed
to have been given to each of the then separate 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 Indenture and the
conditions of this Article
VI.  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 Indenture Trustee or
separately, as may be provided therein, subject to all the provisions of this
Indenture, specifically including every provision of this Indenture relating to
the conduct of, affecting the liability of, or affording protection to, the
Indenture Trustee.  Every such instrument shall be filed with the
Indenture Trustee.

     

    (d)           Any
separate trustee or co-trustee may at any time constitute the Indenture Trustee,
its agent or attorney-in-fact with full power and authority, to the extent not
prohibited by law, to do any lawful act under or in respect of this Indenture on
its behalf and in its name.  If any separate 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
Indenture Trustee, to the extent permitted by law, without the appointment of a
new or successor trustee.

     

    
      
         

      

      
        47

        
          

        

      

      
         

      

       

    

    SECTION
6.11.     Eligibility;
Disqualification.  The Indenture Trustee shall at all times
satisfy the requirements of TIA § 310(a).  The Indenture Trustee shall
have a combined capital and surplus of at least $50,000,000 as set forth in its
most recent published annual report of condition and its long-term unsecured
debt shall be rated at least "Baa3" by Moody's and "BBB-" by Standard &
Poor's.  The Indenture Trustee shall comply with TIA § 310(b),
including the optional provision permitted by the second sentence of TIA §
310(b)(9); provided, however, that there
shall be excluded from the operation of TIA § 310(b)(1) any indenture or
indentures under which other securities of the Issuing Entity are outstanding if
the requirements for such exclusion set forth in TIA § 310(b)(1) are
met.

     

    In
the case of the appointment hereunder of a successor Indenture Trustee with
respect to any Class of Notes pursuant to this Section 6.11, the
Issuing Entity, the retiring Indenture Trustee and the successor Indenture
Trustee with respect to such Class of Notes shall execute and deliver an
indenture supplemental hereto wherein each successor Indenture Trustee shall
accept such appointment and which (i) shall contain such provisions as shall be
necessary or desirable to transfer and confirm to, and to vest in, the successor
Indenture Trustee all the rights, powers, trusts and duties of the retiring
Indenture Trustee with respect to the Notes of the Class to which the
appointment of such successor Indenture Trustee relates, (ii) if the retiring
Indenture Trustee is not retiring with respect to all Classes of Notes, shall
contain such provisions as shall be deemed necessary or desirable to confirm
that all the rights, powers, trusts and duties of the retiring Indenture Trustee
with respect to the Notes of each Class as to which the retiring Indenture
Trustee is not retiring shall continue to be vested in the Indenture Trustee,
and (iii) shall add to or change any of the provisions of this Indenture as
shall be necessary to provide for or facilitate the administration of the trusts
hereunder by more than one Indenture Trustee, it being understood that nothing
herein or in such supplemental indenture shall constitute such Indenture
Trustees co-trustees of the same trust and that each such Indenture Trustee
shall be trustee of a trust or trusts hereunder separate and apart from any
trust or trusts hereunder administered by any other such Indenture Trustee; and
upon the execution and delivery of such supplemental indenture the resignation
or removal of the retiring Indenture Trustee shall become effective to the
extent provided therein.

     

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

     

    SECTION
6.13.     Representations and
Warranties of the Indenture Trustee.  The Indenture Trustee
hereby makes the following representations and warranties on which the Issuing
Entity and the Noteholders shall rely:

     

    (a) it
is a national banking association duly organized, validly existing and in good
standing under the laws of the United States of America;

     

    
      
         

      

      
        48

        
          

        

      

      
         

      

    

     

    (b) it
has full power, authority and legal right to execute, deliver, and perform its
obligations under this Indenture and has taken all necessary action to authorize
the execution, delivery and performance by it of this Indenture;
and

     

    (c) this
Indenture is an enforceable obligation of the Indenture Trustee.

     

    SECTION
6.14.     Interest Rate Swap Agreement
Provisions.  The Issuing Entity has entered into the Initial
Interest Rate Swap Agreement to hedge the floating rate interest expense on the
Class A-2b Notes. The Issuing Entity may, from time to time, enter into one or
more Replacement Interest Rate Swap Agreements if any Interest Rate Swap
Agreement is terminated prior to its scheduled expiration pursuant to a Swap
Event of Default or a Swap Termination Event. Other than any Replacement
Interest Rate Swap Agreement entered into pursuant to this Section 6.14, the
Issuing Entity may not enter into any additional interest rate swap agreements.

     

    (a) The
Indenture Trustee will be responsible for collecting Net Swap Receipts and any
Swap Termination Payments payable by the Swap Counterparty.

     

    (b) On
or prior to the Closing Date, the Indenture Trustee shall establish the Swap
Termination Payment Account (which is U.S. Bank National Association Account #
123072005 as of the Closing Date), which shall be established and maintained in
the manner provided in this Section 6.14 and
Section
8.03.  In the event of any early termination of any Interest
Rate Swap Agreement, upon written notification of such early termination from
the Issuing Entity, (i) the Indenture Trustee shall remit or cause to be
remitted to the Swap Termination Payment Account any Swap Termination Payments
received from the Swap Counterparty and (ii) the Issuing Entity shall remit any
Swap Replacement Proceeds received by the Issuing Entity from a Replacement Swap
Counterparty upon receipt directly to the Swap Counterparty; provided, that any
such remittance to the Swap Counterparty shall not exceed the amounts, if any,
owed to the Swap Counterparty under the Interest Rate Swap Agreement; provided,
further, that the Issuing Entity shall remit Swap Replacement Proceeds to the
Swap Counterparty only if all Swap Termination Payments due from the Swap
Counterparty to the Issuing Entity have been paid in full and if such amounts
have not been paid in full then the Issuing Entity shall remit the amount of
Swap Replacement Proceeds necessary to make up any deficiency to the Swap
Termination Payment Account.

     

    (c) The
Issuing Entity shall promptly, following the early termination of the Initial
Interest Rate Swap Agreement due to a Swap Event of Default or a Swap
Termination Event and in accordance with the terms of such Interest Rate Swap
Agreement, enter into a Replacement Interest Rate Swap Agreement to the extent
possible and practicable through application of funds available in the Swap
Termination Payment Account.

     

    (d) To
the extent that (i) the funds available in the Swap Termination Payment Account
exceed the costs of entering into a Replacement Interest Rate Swap Agreement or
(ii) the Issuing Entity determines that it is not possible or practicable to
replace the Initial Interest Rate Swap Agreement and the Rating Agency Condition
is met with respect to such determination, the amounts in the Swap Termination
Payment Account (other than funds used to pay the costs of entering into a
Replacement Interest Rate Swap Agreement, if applicable) shall be allocated in
accordance with the order of priority specified in Section 5.05 of the
Sale and Servicing Agreement on the following Distribution Date. In any other
situation, amounts on deposit in the Swap Termination Payment Account at any
time shall be invested pursuant to Section 8.03. Any
amounts remaining in the Swap Termination Payment Account after payment in full
of the Notes shall be allocated in accordance with the order of priority
specified in Section
5.05 of the Sale and Servicing Agreement on the following Distribution
Date.

     

    
      
         

      

      
        49

        
          

        

      

      
         

      

    

     

    (e) On
or prior to the Closing Date, the Indenture Trustee shall establish the Swap
Collateral Account (which is U.S. Bank National Association Account # 123072004
as of the Closing Date) over which the Indenture Trustee shall have exclusive
control and the sole right of withdrawal, and in which no Person other than the
Indenture Trustee, the Swap Counterparty and the Noteholders shall have any
legal or beneficial interest. If the Swap Counterparty is required to post
collateral under the terms of the Interest Rate Swap Agreement, upon written
notification of such requirement from the Issuing Entity, the Indenture Trustee
shall deposit all collateral received from the Swap Counterparty under the
Interest Rate Swap Agreement into the Swap Collateral Account. Any and all funds
at any time on deposit in, or otherwise to the credit of, the Swap Collateral
Account shall be held in trust by the Indenture Trustee for the benefit of the
Swap Counterparty and the Noteholders. The only permitted withdrawal from or
application of funds on deposit in, or otherwise to the credit of, the Swap
Collateral Account shall be (i) for application to obligations of the Swap
Counterparty to the Issuing Entity under the Interest Rate Swap Agreement in
accordance with the terms of the Interest Rate Swap Agreement or (ii) to return
collateral to the Swap Counterparty when and as required by the Interest Rate
Swap Agreement.

     

    (f) All
amounts held in the Swap Collateral Account shall be invested by the Indenture
Trustee, as directed in writing by the Servicer, in Eligible Investments;
provided that if (i) the Servicer shall have failed to give investment
directions for any funds on deposit in the Swap Collateral Account to the
Indenture Trustee by 2:00 p.m. Eastern Time (or such other time as may be agreed
by the Servicer and the Indenture Trustee) on any Business Day or (ii) a Default
or Event of Default shall have occurred and be continuing with respect to the
Notes, then the Indenture Trustee shall, to the fullest extent practicable,
invest and reinvest funds in the Swap Collateral Account in the First American
Prime Obligations Fund Class Y. All such Eligible Investments shall mature not
later than the Business Day preceding the next Distribution Date, in such manner
that such amounts invested shall be available to make the required deposits on
the Distribution Date. The Servicer will not direct the Indenture Trustee to
make any investment of any funds or to sell any investment held in the Swap
Collateral Account unless the security interest granted and perfected in such
account will continue to be perfected in such investment or the proceeds of such
sale, in either case without any further action by any Person, and, in
connection with any direction to the Indenture Trustee to make any such
investment or sale, if requested by the Indenture Trustee, the Servicer shall
deliver to the Indenture Trustee an Opinion of Counsel, acceptable to the
Indenture Trustee, to such effect. Earnings, if any, on investment of funds in
the Swap Collateral Account shall be credited to the Issuing Entity and losses
and any investment expenses shall be charged against the funds on deposit
therein. The Indenture Trustee shall incur no liability for the selection of
investments or for losses thereon absent its own negligence or willful
misfeasance. The Indenture Trustee shall have no liability in respect of losses
incurred as a result of the liquidation of any investment prior to its stated
maturity date or the failure of the Servicer to provide timely written
investment directions.

     

    
      
         

      

      
        50

        
          

        

      

      
         

      

    

     

    (g) Subject
to the right of the Indenture Trustee to make withdrawals therefrom, as directed
by the Servicer, for the purposes and in the amounts set forth in Section 5.05
of the Sale and Servicing Agreement, the Swap Collateral Account and all funds
held therein shall be the property of the Issuing Entity (subject to all rights
of the Swap Counterparty therein pursuant to the Interest Rate Swap Agreement).
The Issuing Entity, the Owner Trustee, the Swap Counterparty and the Indenture
Trustee will treat the Swap Collateral Account, all funds therein and all net
investment income with respect thereto as assets of the Issuing Entity for
federal income tax and all other purposes.

     

    (h) The
Issuing Entity hereby assigns, transfers and conveys to the Indenture Trustee
for the benefit of the Noteholders and the Swap Counterparty all of its right,
title and interest in the Swap Collateral Account and all funds (including
Eligible Investments) in the Swap Collateral Account and the proceeds thereof to
secure the payment of interest on and principal of the Notes and the Swap
Termination Payments to the Swap Counterparty under the Interest Rate Swap
Agreement, and the Indenture Trustee shall have all of the rights of a secured
party under the UCC with respect thereto; provided that all income from the
investment of funds in the Swap Collateral Account, and the right to receive
such income are retained by the Issuing Entity and are not transferred, assigned
or otherwise conveyed hereunder. If for any reason the Swap Collateral Account
is no longer an Eligible Securities Account, the Indenture Trustee shall
promptly cause the Swap Collateral Account to be moved to another institution or
otherwise changed so that the Swap Collateral Account becomes an Eligible
Securities Account.

     

    (i) If
at any time the Interest Rate Swap Agreement becomes subject to early
termination due to the occurrence of a Swap Event of Default or a Swap
Termination Event, the Issuing Entity and the Indenture Trustee shall use
reasonable efforts (following the expiration of any applicable grace period) to
enforce the rights of the Issuing Entity thereunder as may be permitted by the
terms of the Interest Rate Swap Agreement and consistent with the terms hereof.
To the extent not fully paid from Swap Replacement Proceeds, any Swap
Termination Payment owed by the Issuing Entity to the Swap Counterparty under
the Interest Rate Swap Agreement shall be payable to the Swap Counterparty in
installments made on each following Distribution Date until paid in full in
accordance with the order of priority specified in Section 5.05 of the
Sale and Servicing Agreement. To the extent that the Swap Replacement Proceeds
exceed any such Swap Termination Payments (or if there are no Swap Termination
Payments due to the Swap Counterparty), the Swap Replacement Proceeds in excess
of such Swap Termination Payments, if any, shall be included in the Total
Distribution Amount and allocated and applied in accordance with the order of
priority specified in Section 5.05 of the
Sale and Servicing Agreement on the following Distribution Date.

     

    (j) Upon
the occurrence of (i) any Swap Event of Default arising from any action taken,
or failure to act, by the Swap Counterparty, or (ii) any Swap Termination Event
(except as described in the following sentence) with respect to which the Swap
Counterparty is an "Affected Party" (as defined in the Interest Rate Swap
Agreement), the Indenture Trustee may and will, at the direction of Holders of
the Notes representing at least a majority of the Outstanding Principal Amount
of the Note, voting as a single class, by notice to the Swap Counterparty,
designate an "Early Termination Date" (as defined in the Interest Rate Swap
Agreement) with respect to the Interest Rate Swap Agreement. If a Swap
Termination Event occurs as a result of the insolvency or bankruptcy of the Swap
Counterparty, which event has not been otherwise cured under the terms of the
Interest Rate Swap Agreement, the Indenture Trustee will terminate the Interest
Rate Swap Agreement.

     

    
      
         

      

      
        51

        
          

        

      

      
         

      

    

     

    (k) The
Indenture Trustee, as assignee of the rights of the Issuing Entity under the
Interest Rate Swap Agreement, may enter into any amendment or supplement to the
Interest Rate Swap Agreement (i) to cure any ambiguity or mistake, (ii) to
correct any defective provisions or to correct or supplement any provision
therein that may be inconsistent with any other provision therein or with the
Indenture or (iii) to add any other provisions with respect to matters or
questions arising under the Interest Rate Swap Agreement; provided, that such
amendment will not adversely affect in any material respect the interests of any
Holders (as evidenced by an Opinion of Counsel acceptable to the Indenture
Trustee and satisfaction of the Rating Agency Condition with respect
thereto).

     

    (l) The
Issuing Entity shall notify the Swap Counterparty of any proposed amendment or
supplement to any Basic Document. If such proposed amendment or supplement would
materially and adversely affect any of the Swap Counterparty's rights or
obligations under the Interest Rate Swap Agreement, the Issuing Entity shall
obtain the consent of the Swap Counterparty prior to consenting to the adoption
of such amendment or supplement; provided, that the Swap Counterparty's consent
to any such amendment or supplement shall not be unreasonably withheld, and
provided, further, that the Swap Counterparty's consent will be deemed to have
been given if the Swap Counterparty does not object in writing within 10 days of
receipt of a written request for such consent.

     

    ARTICLE
VII

     

    NOTEHOLDERS'
LISTS AND REPORTS

     

    SECTION
7.01.     Issuing Entity To Furnish
Indenture Trustee Names and Addresses of Noteholders.  The
Issuing Entity will furnish or cause to be furnished to the Indenture Trustee
(a) not more than five days after the earlier of (i) each Record Date and (ii)
three months after the last Record Date, a list, in such form as the Indenture
Trustee may reasonably require, of the names and addresses of the Holders of
Notes as of such Record Date, and (b) at such other times as the Indenture
Trustee may request in writing, within 30 days after receipt by the Issuing
Entity of any such request, a list of similar form and content as of a date not
more than 10 days prior to the time such list is furnished; provided, however, that so long
as the Indenture Trustee is the Note Registrar, no such list shall be required
to be furnished.

     

    SECTION
7.02.     Preservation of Information;
Communications to Noteholders.  

     

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

     

    
      
         

      

      
        52

        
          

        

      

      
         

      

    

     

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

     

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

     

    SECTION
7.03.     Reports by Issuing
Entity.  

     

    (a) The
Issuing Entity shall:

     

    (i)           file
with the Indenture Trustee, within 15 days after the Issuing Entity is required
to file the same with the Commission, copies of the periodic reports and of the
information, documents and other reports (or copies of such portions of any of
the foregoing as the Commission may from time to time by rules and regulations
prescribe) which the Issuing Entity may be required to file with the Commission
pursuant to Section 13 or 15(d) of the Exchange Act including, without
limitation, reports on Form 10-K, Form 10-D and Form 8-K;

     

    (ii)           file
or cause the Servicer to file with the Indenture Trustee and the Commission in
accordance with rules and regulations prescribed from time to time by the
Commission such additional information, documents and reports as may be required
from time to time by such rules and regulations; and

     

    (iii)           supply
to the Indenture Trustee (and the Indenture Trustee shall transmit by mail to
all Noteholders described in TIA § 313(c)) such summaries of any information,
documents and reports required to be filed by the Issuing Entity pursuant to
clauses (i) and
(ii) of this
Section 7.03(a)
as may be required by rules and regulations prescribed from time to time by the
Commission.

     

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

     

    SECTION
7.04.     Reports by Indenture
Trustee.  If required by TIA § 313(a), within 60 days after
each March 31 beginning with March 31, 2009 the Indenture Trustee shall mail to
each Noteholder as required by TIA § 313(c) a brief report dated as of such date
that complies with TIA § 313(a).  The Indenture Trustee also shall
comply with TIA § 313(b).

     

    A
copy of each report at the time of its mailing to Noteholders shall be filed by
the Indenture Trustee with the Commission and each stock exchange, if any, on
which the Notes are listed.  The Issuing Entity shall notify the
Indenture Trustee if and when the Notes are listed on any stock
exchange.

     

    ARTICLE
VIII

     

    ACCOUNTS,
DISBURSEMENTS AND RELEASES

     

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

     

    
      
         

      

      
        53

        
          

        

      

      
         

      

    

     

    SECTION
8.02.     Trust
Accounts.  

     

    (a) On
or prior to the Closing Date, the Issuing Entity shall cause the Servicer to
establish and maintain, in the name of the Issuing Entity and subject to the
security interest of the Indenture Trustee the Trust Accounts as provided in
Section 5.01 of
the Sale and Servicing Agreement.

     

    (b)           On
or before the second Business Day preceding each Distribution Date, the Total
Distribution Amount with respect to the preceding Collection Period will be
deposited in the Collection Account as provided in Section 5.02 of the
Sale and Servicing Agreement. On each Distribution Date and Prepayment Date, the
Indenture Trustee shall distribute all amounts on deposit in the Collection
Account and the Reserve Account in accordance with the instructions received
from the Servicer pursuant to Section 4.09 of the
Sale and Servicing Agreement (except as otherwise provided in Section 5.04(b) of
this Indenture).

     

    SECTION
8.03.     General Provisions Regarding
Accounts.  

     

    (a) So
long as no Default or Event of Default shall have occurred and be continuing,
all or a portion of the funds in the Trust Accounts and the Swap Termination
Payment Account shall be invested in Eligible Investments and (except with
respect to the Certificate Distribution Account) reinvested by the Indenture
Trustee at the written direction of the Servicer, subject to the provisions of
Section 5.01(b)
of the Sale and Servicing Agreement.  All income or other gain from
investments of monies deposited in the Trust Accounts shall be deposited by the
Indenture Trustee in the Collection Account, and any loss resulting from such
investments shall be charged to such account.  The Issuing Entity will
not permit the Servicer to direct the Indenture Trustee to make any investment
of any funds or to sell any investment held in any of the Trust Accounts or the
Swap Termination Payment Account unless the security interest granted and
perfected in such account will continue to be perfected in such investment or
the proceeds of such sale, and, in connection with any direction to the
Indenture Trustee to make any such investment or sale, if requested by the
Indenture Trustee, the Issuing Entity shall cause the Servicer deliver to the
Indenture Trustee an Opinion of Counsel, acceptable to the Indenture Trustee, to
such effect.

     

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

     

    
      
         

      

      
        54

        
          

        

      

      
         

      

    

     

    (c) If
(i) the Servicer shall have failed to give investment directions for any funds
on deposit in the Trust Accounts to the Indenture Trustee by 12:00 noon New York
Time (or such other time as may be agreed by the Servicer and Indenture Trustee)
on any Business Day; or (ii) a Default or Event of Default shall have occurred
and be continuing with respect to the Notes but the Notes shall not have been
declared due and payable pursuant to Section 5.02, or, if
such Notes shall have been declared due and payable following an Event of
Default, amounts collected or receivable from the Trust Estate are being applied
in accordance with Section 5.05 as if
there had not been such a declaration; then the Indenture Trustee shall, to the
fullest extent practicable, invest and reinvest funds in the Trust Accounts in
investments under subparagraph (d) of the definition of Eligible Investments
maturing prior to the succeeding Distribution Date in accordance with Section
5.01(b) of the Sale and Servicing Agreement.

     

    SECTION
8.04.     Release of Trust
Estate.  

     

    (a) Subject
to the payment of its fees and expenses pursuant to Section 6.07, the
Indenture Trustee may, and when required by the provisions of this Indenture
shall, execute instruments to release property from the lien of this Indenture,
or convey the Indenture Trustee's interest in the same, in a manner and under
circumstances that are not inconsistent with the provisions of this
Indenture.  No party relying upon an instrument executed by the
Indenture Trustee as provided in this Article VIII shall be
bound to ascertain the Indenture Trustee's authority, inquire into the
satisfaction of any conditions precedent or see to the application of any
monies.

     

    (b) The
Indenture Trustee shall, at such time as there are no Notes Outstanding and all
sums due the Indenture Trustee pursuant to Section 6.07 have
been paid, and all sums due to the Swap Counterparty have been paid pursuant to
the Interest Rate Swap Agreement (as certified by an authorized officer of the
Issuing Entity in the Officer's Certificate delivered to the Indenture Trustee)
release any remaining portion of the Trust Estate that secured the Notes from
the lien of this Indenture and release to the Issuing Entity or any other Person
entitled thereto any funds then on deposit in the Trust Accounts.  The
Indenture Trustee shall release property from the lien of this Indenture
pursuant to this Section 8.04(b) only
upon receipt of an Issuing Entity Request accompanied by an Officer's
Certificate, an Opinion of Counsel and (if required by the TIA) Independent
Certificates in accordance with TIA §§ 314(c) and 314(d)(1) meeting the
applicable requirements of Section 11.01.

     

    SECTION
8.05.     Opinion of
Counsel.  The Indenture Trustee shall receive at least seven
days' notice when requested by the Issuing Entity to take any action pursuant to
Section
8.04(a), accompanied by copies of any instruments involved, and the
Indenture Trustee shall also require, as a condition to such action, an Opinion
of Counsel, in form and substance satisfactory to the Indenture Trustee, stating
the legal effect of any such action, outlining the steps required to complete
the same, and concluding that all conditions precedent to the taking of such
action have been complied with and such action will not materially and adversely
impair the security for the Notes or the rights of the Noteholders in
contravention of the provisions of this Indenture; provided, however, that such
Opinion of Counsel shall not be required to express an opinion as to the fair
value of the Trust Estate. Counsel rendering any such opinion may rely, without
independent investigation, on the accuracy and validity of any certificate or
other instrument delivered to the Indenture Trustee in connection with any such
action.

     

    
      
         

      

      
        
          55

           

        

        
          

        

      

      
         

      

    

     

    ARTICLE
IX

     

    SUPPLEMENTAL
INDENTURES

     

    SECTION
9.01.     Supplemental Indentures
Without Consent of Noteholders.  

     

    (a) Without
the consent of the Holders of any Notes but with prior notice to the Rating
Agencies, the Issuing Entity and the Indenture Trustee, when authorized by an
Issuing Entity Order, at any time and from time to time, may enter into one or
more indentures supplemental hereto (which shall conform to the provisions of
the TIA as in force at the date of the execution thereof), in form satisfactory
to the Indenture Trustee, for any of the following purposes:

     

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

     

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

     

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

     

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

     

    (v)           to
cure any ambiguity, to correct or supplement any provision herein or in any
supplemental indenture which may be inconsistent with any other provision herein
or in any supplemental indenture or to make any other provisions with respect to
matters or questions arising under this Indenture or in any supplemental
indenture; provided that such
action shall not, as evidenced by an Opinion of Counsel, adversely affect in any
material respect the interests of the Holders of the Notes or the Swap
Counterparty;

     

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

     

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

     

    
      
         

      

      
        56

        
          

        

      

      
         

      

    

     

    The
Indenture Trustee is hereby authorized to join in the execution of any such
supplemental indenture and to make any further appropriate agreements and
stipulations that may be therein contained.

     

    (b)           The
Issuing Entity and the Indenture Trustee, when authorized by an Issuing Entity
Order, may, also without the consent of any of the Holders of the Notes but with
prior notice to the Rating Agencies, enter into an indenture or indentures
supplemental hereto for the purpose of adding any provisions to, or changing in
any manner or eliminating any of the provisions of, this Indenture or of
modifying in any manner the rights of the Holders of the Notes under this
Indenture; provided, however, that such
action shall not, as evidenced by an Opinion of Counsel, adversely affect in any
material respect the interests of any Noteholder or the Swap
Counterparty.  The Issuing Entity and the Indenture Trustee, when
authorized by an Issuing Entity Order, may, also without consent of any of the
Holders of the Notes, enter into an indenture or indentures supplemental hereto
for the purpose of substituting credit enhancement for any Class of Notes; provided, however, that the
Rating Agency Condition with respect thereto shall have been
satisfied.

     

    SECTION
9.02.     Supplemental Indentures with
Consent of Noteholders.  The Issuing Entity and the Indenture
Trustee, when authorized by an Issuing Entity Order, also may, with prior notice
to the Rating Agencies and with the consent of the Holders of a majority of the
Outstanding Principal Amount of the Notes, by Act of such Holders delivered to
the Issuing Entity and the Indenture Trustee, enter into an indenture or
indentures supplemental hereto for the purpose of adding any provisions to, or
changing in any manner or eliminating any of the provisions of, this Indenture
or of modifying in any manner the rights of the Holders of the Notes under this
Indenture; provided, however, that no such
supplemental indenture shall, without the consent of the Holder of each
Outstanding Note affected thereby:

     

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

     

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

     

    (iii)           modify
or alter the provisions of the proviso to the definition of the term
"Outstanding";

     

    
      
         

      

      
        57

        
          

        

      

      
         

      

    

     

    (iv)           reduce
the percentage of the Outstanding Principal Amount of the Notes required to
direct the Indenture Trustee to direct the Issuing Entity to sell or liquidate
the Trust Estate pursuant to Section
5.04;

     

    (v)           modify
any provision of this Section 9.02 except
to increase any percentage specified herein or to provide that additional
provisions of this Indenture or the Basic Documents cannot be modified or waived
without the consent of the Holder of each Outstanding Note affected
thereby;

     

    (vi)           modify
any of the provisions of this Indenture in such manner as to affect the
calculation of the amount of any payment of interest or principal due on any
Note on any Distribution Date (including the calculation of any of the
individual components of such calculation) or to affect the rights of the
Holders of Notes to the benefit of any provisions for the mandatory prepayment
of the Notes contained herein; or

     

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

     

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

     

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

     

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

     

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

     

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

     

    
      
         

      

      
        58

        
          

        

      

      
         

      

    

     

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

     

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

     

    ARTICLE
X

     

    PREPAYMENT
IN FULL OF NOTES

     

    SECTION
10.01.     Prepayment.  The
Class A-3 Notes shall be prepaid in whole, but not in part, on any Distribution
Date after the Class A-1 Notes and the Class A-2 Notes have been paid in full on
which the Servicer exercises the option to purchase the Trust Estate pursuant to
Section 9.01(a)
of the Sale and Servicing Agreement; provided, however, that such
purchase is subject to such payment resulting in the Issuing Entity having
available funds sufficient to pay (i) all amounts due pursuant to Section 5.05(b)(i) of
the Sale and Servicing Agreement and (ii) the aggregate Prepayment Price
for the Class A-3 Notes.  The Issuing Entity shall furnish the Rating
Agencies notice of such prepayment in full.  If the Class A-3 Notes
are to be prepaid pursuant to this Section 10.01, the
Issuing Entity shall furnish notice of such prepayment to the Indenture Trustee
not later than 15 days prior to the Prepayment Date, and the Issuing Entity
shall deposit in the Collection Account not later than two Business Days prior
to the Prepayment Date, the Prepayment Price of the Class A-3 Notes, whereupon
all such Class A-3 Notes shall be due and payable on the Prepayment Date upon
the furnishing of a notice and the deposit of the Prepayment Price in the
Collection Account complying with Section 10.02 to each
Holder of the Notes.

     

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

     

    
      
         

      

      
        59

        
          

        

      

      
         

      

    

     

    All
notices of prepayment shall state:

     

    (i)           the
Prepayment Date;

     

    (ii)           the
Prepayment Price; and

     

    (iii)           the
place where such Notes are to be surrendered for payment of the Prepayment Price
(which shall be the office or agency of the Issuing Entity to be maintained as
provided in Section
3.02).

     

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

     

    SECTION
10.03.     Notes Payable on Prepayment
Date.  The Notes to be prepaid shall, following notice of
prepayment as required by Section 10.02, on the
Prepayment Date become due and payable at the Prepayment Price and (unless the
Issuing Entity shall default in the payment of the Prepayment Price) no interest
shall accrue on the Prepayment Price for any period after the date to which
accrued interest is calculated for purposes of calculating the Prepayment
Price.

     

    ARTICLE
XI

     

    MISCELLANEOUS

     

    SECTION
11.01.     Compliance Certificates and
Opinions etc.  (a) Upon
any application or request by the Issuing Entity to the Indenture Trustee to
take any action under any provision of this Indenture, the Issuing Entity shall
furnish to the Indenture Trustee (i) an Officer's Certificate stating that all
conditions precedent, if any, provided for in this Indenture relating to the
proposed action have been complied with, (ii) an Opinion of Counsel stating that
in the opinion of such counsel all such conditions precedent, if any, have been
complied with and (iii) (if required by the TIA) an Independent Certificate from
a firm of certified public accountants meeting the applicable requirements of
this Section, except that, in the case of any such application or request as to
which the furnishing of such documents is specifically required by any provision
of this Indenture, no additional certificate or opinion need be
furnished.

     

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

     

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

     

    
      
         

      

      
        60

        
          

        

      

      
         

      

    

     

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

     

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

     

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

     

    (b)           (i)           Prior
to the deposit of any Collateral or other property or securities with the
Indenture Trustee that is to be made the basis for the release of any property
or securities subject to the lien of this Indenture, the Issuing Entity shall,
in addition to any obligation imposed in Section 11.01(a) or
elsewhere in this Indenture, furnish to the Indenture Trustee an Officer's
Certificate certifying or stating the opinion of each Person signing such
certificate as to the fair value (within 90 days of such deposit) to the Issuing
Entity of the Collateral or other property or securities to be so
deposited.

     

    (ii)           Whenever
the Issuing Entity is required to furnish to the Indenture Trustee an Officer's
Certificate certifying or stating the opinion of any signer thereof as to the
matters described in clause (i) above, the Issuing Entity shall also deliver to
the Indenture Trustee an Independent Certificate as to the same matters, if the
fair value to the Issuing Entity of the securities to be so deposited and of all
other such securities made the basis of any such withdrawal or release since the
commencement of the then-current fiscal year of the Issuing Entity, as set forth
in the certificates delivered pursuant to clause (i) above and this clause (ii),
is 10% or more of the Outstanding Principal Amount of the Notes, but such a
certificate need not be furnished with respect to any securities so deposited if
the fair value thereof to the Issuing Entity as set forth in the related
Officer's Certificate is less than $25,000 or less than one percent of the
Outstanding Principal Amount of the Notes.

     

    (iii)           Other
than with respect to the release of any Purchased Receivables or Liquidated
Receivables or payments pursuant to Section 3.03,
whenever any property or securities are to be released from the lien of this
Indenture, the Issuing Entity shall also furnish to the Indenture Trustee an
Officer's Certificate certifying or stating the opinion of each Person signing
such certificate as to the fair value (within 90 days of such release) of the
property or securities proposed to be released and stating that in the opinion
of such Person the proposed release will not impair the security under this
Indenture in contravention of the provisions hereof.

     

    (iv)           Whenever
the Issuing Entity is required to furnish to the Indenture Trustee an Officer's
Certificate certifying or stating the opinion of any signer thereof as to the
matters described in clause (iii) above, the Issuing Entity shall also furnish
to the Indenture Trustee an Independent Certificate as to the same matters if
the fair value of the property or securities and of all other property, other
than Purchased Receivables and Liquidated Receivables or payments pursuant to
Section 3.03,
or securities released from the lien of this Indenture since the commencement of
the then current calendar year, as set forth in the certificates required by
clause (iii) above and this clause (iv), equals 10% or more of the Outstanding
Principal Amount of the Notes, but such certificate need not be furnished in the
case of any release of property or securities if the fair value thereof as set
forth in the related Officer's Certificate is less than $25,000 or less than one
percent of the then Outstanding Principal Amount of the Notes.

     

    
      
         

      

      
        61

        
          

        

      

      
         

      

    

     

    (v)           Notwithstanding
Section 2.09 or
any other provision of this Section, the Issuing Entity may, without complying
with clauses (i)-(iv) above, (A) collect, liquidate, sell or otherwise dispose
of Receivables and Financed Equipment as and to the extent permitted or required
by the Basic Documents and (B) make cash payments out of the Trust Accounts as
and to the extent permitted or required by the Basic Documents.

     

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

     

    Any
certificate or opinion of an Authorized Officer of the Issuing Entity may be
based, insofar as it relates to legal matters, upon a certificate or opinion of,
or representations by, counsel, unless such officer knows, or in the exercise of
reasonable care should know, that the certificate or opinion or representations
with respect to the matters upon which such officer's certificate or opinion is
based are erroneous. Any such certificate of an Authorized Officer or Opinion of
Counsel may be based, insofar as it relates to factual matters, upon a
certificate or opinion of, or representations by, an officer or officers of the
Servicer, the Depositor, the Issuing Entity or the Administrator, stating that
the information with respect to such factual matters is in the possession of the
Servicer, the Depositor, the Issuing Entity or the Administrator, unless such
officer or counsel knows, or in the exercise of reasonable care should know,
that the certificate or opinion or representations with respect to such matters
are erroneous.

     

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

     

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

     

    
      
         

      

      
        62

        
          

        

      

      
         

      

    

     

    SECTION
11.03.     Acts of
Noteholders.  

     

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

     

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

     

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

     

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

     

    SECTION
11.04.     Notices, etc. to Indenture
Trustee, Issuing Entity and Rating Agencies.  Any request,
demand, authorization, direction, notice, consent, waiver or Act of Noteholders
or other documents provided or permitted by this Indenture to be made upon,
given or furnished to or filed with:

     

    (a)           the
Indenture Trustee shall be sufficient for every purpose hereunder if made,
given, furnished or filed in writing to or with the Indenture Trustee and
received at its Corporate Trust Office, or

     

    (b)           the
Issuing Entity shall be sufficient for every purpose hereunder if in writing and
mailed, first-class, postage prepaid, to the Issuing Entity addressed to:
Caterpillar Financial Asset Trust 2008-A, in care of BNYM (Delaware), as Owner
Trustee, 100 White Clay Center, Route 273, Newark, Delaware 19711, Attention:
Corporate Trust Administration, with a copy to the Administrator, at the
following address: Caterpillar Financial Services Corporation, 2120 West End
Avenue, Nashville, Tennessee 37203-1071 or at any other address previously
furnished in writing to the Indenture Trustee by Issuing Entity or the
Administrator.  The Issuing Entity shall promptly transmit any notice
received by it from the Noteholders to the Indenture Trustee.

     

    (a) (c)           the
Rating Agencies shall be sufficient for every purpose hereunder if in writing,
personally delivered or mailed by certified mail, return receipt requested, to
(i) in the case of Moody's, at the following address: Moody's Investors Service,
Inc., ABS/RMBS Monitoring Department, 25th Floor, 7 World Trade Center, 250
Greenwich Street, New York, NY 10007 and (ii) in the case of Standard &
Poor's, at the following address: Standard & Poor's Ratings Services, 55
Water Street (40th Floor), New York, New York 10041, Attention of Asset Backed
Surveillance Department; or as to each of the foregoing, at such other address
as shall be designated by written notice to the other parties.

     

    
      
         

      

      
        63

        
          

        

      

      
         

      

    

     

    (d)           the
Swap Counterparty, as provided in the Interest Rate Swap Agreement.

     

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

     

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

     

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

     

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

     

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

     

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

     

    
      
         

      

      
        64

        
          

        

      

      
         

      

    

     

    The
provisions of TIA §§ 310 through 317 that impose duties on any Person (including
the provisions automatically deemed included herein unless expressly excluded by
this Indenture) are a part of and govern this Indenture, whether or not
physically contained herein.

     

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

     

    SECTION
11.09.     Successors and
Assigns.  All covenants and agreements in this Indenture and
the Notes by the Issuing Entity shall bind its successors and assigns, whether
so expressed or not.  All covenants and agreements of the Indenture
Trustee in this Indenture shall bind its successors, co-trustees and agents of
the Indenture Trustee.

     

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

     

    SECTION
11.11.     Benefits of
Indenture.  The Swap Counterparty shall be a third-party
beneficiary to the provisions of this Indenture.  Nothing in this
Indenture or in the Notes, express or implied, shall give to any Person, other
than the parties hereto and their successors hereunder, the Swap Counterparty
and the Noteholders, and any other party secured hereunder, and any other Person
with an ownership interest in any part of the Trust Estate, any benefit or any
legal or equitable right, remedy or claim under this
Indenture.  Notwithstanding the foregoing, this Indenture shall inure
to the benefit of and be binding upon the parties hereto, and the Owner Trustee,
the Noteholders, the Certificateholders and their respective successors and
permitted assigns shall be third party beneficiaries. Except as otherwise
provided in this Article, no other Person shall have any right or obligation
hereunder.

     

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

     

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

     

    SECTION
11.14.     Counterparts.  This
Indenture may be executed in any number of counterparts, each of which so
executed shall be deemed to be an original, but all such counterparts shall
together constitute but one and the same instrument.

     

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

     

    
      
         

      

      
        65

        
          

        

      

      
         

      

    

     

    SECTION
11.16.     Trust
Obligation.  No recourse may be taken, directly or indirectly,
with respect to the obligations of the Issuing Entity, the Owner Trustee or the
Indenture Trustee on the Notes or under this Indenture or any certificate or
other writing delivered in connection herewith or therewith, against (i) the
Indenture Trustee or the Owner Trustee in its individual capacity, (ii) any
owner of a beneficial interest in the Issuing Entity or (iii) any partner,
owner, beneficiary, agent, officer, director, employee or agent of the Indenture
Trustee or the Owner Trustee in its individual capacity, any holder of a
beneficial interest in the Issuing Entity, the Owner Trustee or the Indenture
Trustee or of any successor or assign of the Indenture Trustee or the Owner
Trustee in its individual capacity, except as any such Person may have expressly
agreed (it being understood that the Indenture Trustee and the Owner Trustee
have no such obligations in their individual capacity) and except that any such
partner, owner or beneficiary shall be fully liable, to the extent provided by
applicable law, for any unpaid consideration for stock, unpaid capital
contribution or failure to pay any installment or call owing to such
entity.  For all purposes of this Indenture, in the performance of any
duties or obligations of the Issuing Entity hereunder, the Owner Trustee shall
be subject to, and entitled to the benefits of, the terms and provisions of
Article VI, VII and VIII of the Trust Agreement.

     

    SECTION
11.17.     No
Petition.  Notwithstanding any prior termination of this
Indenture, the Indenture Trustee, by entering into this Indenture, and each
Noteholder and Note Owner, by accepting a Note or an interest therein, and the
Swap Counterparty, by accepting the benefits of this Agreement, hereby covenant
and agree that they will not at any time institute against the Depositor or the
Trust, or voluntarily join in any institution against the Depositor or the Trust
of, any bankruptcy, reorganization, arrangement, insolvency or liquidation
proceedings, or other proceedings under any United States federal or state
bankruptcy or similar law.

     

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

     

    SECTION
11.19.     Interest Rate Swap
Agreement .  

     

    (a) The
Indenture Trustee shall have no liability with respect to any act or failure to
act by the Issuing Entity under the Interest Rate Swap Agreement (provided that
this sentence shall not limit or relieve the Indenture Trustee from any
responsibility it may have under this Indenture upon the occurrence of and
during the continuance of any Event of Default hereunder).

     

    
      
         

      

      
        66

        
          

        

      

      
         

      

    

     

    (b) The
grant made by this Indenture is executed as collateral security, and the
execution and delivery hereby shall not in any way impair or diminish the
obligations of the Issuing Entity under the provisions of the Interest Rate Swap
Agreement, nor shall any of the obligations contained in the Interest Rate Swap
Agreement be imposed on the Indenture Trustee.

     

    (c) Upon
the retirement of the Notes and the release of the Trust Estate from the lien of
this Indenture, all rights conveyed by this Indenture to the Indenture Trustee,
for the benefit of the Holders of the Notes, in the Interest Rate Swap Agreement
shall cease and terminate and all the estate, right, title and interest of the
Indenture Trustee and the Holders of the Notes in, to and under the Interest
Rate Swap Agreement shall revert to the Issuing Entity and no further instrument
or act shall be necessary to evidence such termination and
reversion.

     

    (d) The
Issuing Entity represents that the Issuing Entity has not executed any other
assignment of the Interest Rate Swap Agreement.

     

    (e) The
Issuing Entity agrees that the grant pursuant to this Indenture is irrevocable,
and that it will not take any action which is inconsistent with the grant or
make any other assignment inconsistent herewith. The Issuing Entity will, upon
the request of the Indenture Trustee, execute all instruments of further
assurance and all such supplemental instruments with respect to the grant as the
Indenture Trustee may specify.

     

    (f) The
Issuing Entity further agrees, with respect to the Interest Rate Swap Agreement,
that so long as no Event of Default has occurred and is continuing, the Issuing
Entity will deliver to the Indenture Trustee copies of all notices and
communications delivered or required to be delivered to the Issuing Entity
pursuant to the Interest Rate Swap Agreement, but only if such notice or
communication relates to any (A) default under, (B) early termination of or (C)
amendment of, the Interest Rate Swap Agreement.

     

    SECTION
11.20.     Limitation of
Rights.  All of the rights of the Swap Counterparty in, to and
under this Indenture or any other Basic Document (including, but not limited to,
all of the Swap Counterparty's rights as a third-party beneficiary of this
Indenture and all of the Swap Counterparty's rights to receive notice of any
action hereunder or under any other Basic Document and to give or withhold
consent to any action hereunder or under any other Basic Document) shall
terminate upon the termination of the Interest Rate Swap Agreement in accordance
with the terms thereof and the payment in full of all amounts owing to the Swap
Counterparty under such Interest Rate Swap Agreement.

     

    ARTICLE
XII

     

    REGULATION
AB COMPLIANCE

     

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

     

    
      
         

      

      
        67

        
          

        

      

      
         

      

    

     

    SECTION
12.02.     Additional Representations
and Warranties of the Indenture Trustee.

     

    (a) The
Indenture Trustee shall be deemed to represent and warrant to the Issuing Entity
and to the Depositor, as of the date hereof and as of the date on which
information is first provided to the Issuing Entity or the Depositor under
Section 12.03, that, except as disclosed in writing to the Issuing Entity or the
Depositor prior to such date:  (i) it is not aware and has not
received notice that any default, early amortization or other performance
triggering event has occurred as to any other securitization transaction
involving equipment leases due to any default by the Indenture Trustee; (ii)
there are no aspects of its financial condition that could have a material
adverse effect on the performance by it of its trustee obligations under this
Indenture; (iii) there are no legal or governmental proceedings pending (or
known to be contemplated) against it that would be material to holders of Notes;
and (iv) except as previously disclosed to the Depositor, there are no
affiliations, relationships or transactions relating to the Indenture Trustee
with respect to any Transaction Party required to be disclosed under Item 1119
of Regulation AB. The Depositor shall notify the Indenture Trustee of any change
in the identity of a Transaction Party after the Closing Date.

     

    (b) If
so requested by the Issuing Entity or the Depositor on any date following the
date on which information is first provided to the Issuing Entity or the
Depositor under Section 12.03, the Indenture Trustee shall, within five Business
Days following such request, confirm in writing the accuracy of the
representations and warranties set forth in paragraph (a) of this Section or, if
any such representation and warranty is not accurate as of the date of such
request or such confirmation, provide reasonably adequate disclosure of the
pertinent facts, in writing, to the requesting party.  Any such
request from the Issuing Entity or the Depositor shall not be given more than
once each calendar quarter, unless such party shall have a reasonable basis for
a determination that any of the representations and warranties may not be
accurate.

     

    SECTION
12.03.     Information to Be Provided
by the Indenture Trustee.

     

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

     

    
      
         

      

      
        68

        
          

        

      

      
         

      

    

     

    (b) As
of the date each Report on Form 10-D with respect to the Notes is filed by or on
behalf of the Issuing Entity, and as of the date each Report on Form 10-K with
respect to the Notes is filed, the Indenture Trustee shall be deemed to
represent and warrant that any information previously provided by the Indenture
Trustee under this Article XII is materially correct and does not have any
material omissions unless the Indenture Trustee has provided an update to such
information.  The Issuing Entity and the Depositor will allow the
Indenture Trustee to review any disclosure relating to material litigation
against the Indenture Trustee prior to filing such disclosure with the
Commission to the extent the Issuing Entity or the Depositor changes the
information provided by the Indenture Trustee.

     

    SECTION
12.04.     Report on Assessment of
Compliance and Attestation..   On or before March 15 of
each calendar year in which a Form 10-K is required to be filed in connection
with the Notes, commencing in 2009, the Indenture Trustee shall:

     

    (a) deliver
to the Servicer, Issuing Entity and Depositor a report (in form and substance
reasonably satisfactory to the Servicer) regarding the Indenture Trustee's
assessment of compliance with the applicable Servicing Criteria during the
immediately preceding calendar year, as required under Rules 13a-18 and 15d-18
of the Exchange Act and Item 1122 of Regulation AB. Such report shall be
addressed to the Servicer, Issuing Entity and Depositor and signed by an
authorized officer of the Indenture Trustee, and shall address each of the
Servicing Criteria specified on Exhibit D; and

     

    (b) deliver
to the Servicer, Issuing Entity and Depositor a report of a nationally
recognized registered public accounting firm that satisfies the requirements of
Rule 2-01 of Regulation S-X under the Securities Act and the Exchange Act that
attests to, and reports on, the assessment of compliance made by the Indenture
Trustee and delivered pursuant to the preceding paragraph as set forth in Item
1122(b) of Regulation AB.  Such attestation shall be in accordance
with Rules 1-02(a)(3) and 2-02(g) of Regulation S-X under the Securities Act and
the Exchange Act.

     

    SECTION
12.05.     Indemnification;
Remedies.

     

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

     

    
      
         

      

      
        69

        
          

        

      

      
         

      

    

     

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

     

    (ii) any
failure by the Indenture Trustee to deliver any information, report,
certification or other material when and as required under this Article XII,
other than a failure to deliver the accountants' attestation.

     

    (b) In
the case of any failure of performance described in clause (a)(ii) of this
Section, other than a failure to deliver an accountants' attestation, the
Indenture Trustee shall promptly reimburse the Servicer, the Issuing Entity, and
the Depositor, as applicable, and each Person responsible for the preparation,
execution or filing of any report required to be filed with the Commission with
respect to the Notes, or for execution of a certification pursuant to Rule
13a-14(d) or Rule 15d-14(d) under the Exchange Act with respect to the Notes,
for all costs reasonably incurred by each such party in order to obtain the
information, report, certification  or other material not delivered as
required by the Indenture Trustee.

     

    (c) The
Issuing Entity, the Servicer and the Depositor shall indemnify the Indenture
Trustee, each affiliate of the Indenture Trustee and the respective present and
former directors, officers, employees and agents of the Indenture Trustee, and
shall hold each of them harmless from and against any losses, damages,
penalties, fines, forfeitures, legal fees and expenses and related costs,
judgments, and any other costs, fees and expenses that any of them may sustain
arising out of or based upon (i) any untrue statement of a material fact
contained or alleged to be contained in any information provided under this
Indenture by or on behalf of the Issuing Entity or the Depositor for inclusion
in any report filed with the Commission under the Exchange Act (collectively,
the "Depositor Information"), or (ii) the omission or alleged omission to state
in the Depositor Information a material fact required to be stated in the
Depositor Information or necessary in order to make the statements therein, in
the light of the circumstances under which they were made, not misleading;
provided, by way of clarification, that clause (ii) of this paragraph shall be
construed solely by reference to the Depositor Information and not to any other
information communicated in connection with the sale or purchase of securities,
without regard to whether the Depositor information or any portion thereof is
presented together with or separately from such other information; provided,
however, that the Issuing Entity may provide indemnification hereunder only
after payments required under Sections 5.05(b)(i) through 5.05(b) (ix) of the
Sale and Servicing Agreement have been paid.

     

    
      
         

      

      
        70

        
          

        

      

      
         

      

    

    [Signature
Page Follows]

    
      
         

      

      
        71

        
          

        

      

      
         

      

    

    IN
WITNESS WHEREOF, the Issuing Entity and the Indenture Trustee have caused this
Indenture to be duly executed by their respective officers, thereunto duly
authorized, all as of the date first above written.

     

    CATERPILLAR
FINANCIAL ASSET

    TRUST
2008-A,

    

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

    

    

    By:           /s/ Kristine K.
Gullo                                                                

        Name:  Kristine
K. Gullo

        Title: Vice
President

    

    U.S.
BANK NATIONAL ASSOCIATION,

    not
in its individual capacity but as

    Indenture
Trustee,

    

    

    By:           /s/ Melissa A.
Rosal                                                                

        Name: 
Melissa A. Rosal

        Title: Vice
President

    
      
        
           

        

         

      

      
         

        
          

        

      

      
         

      

    

    STATE
OF
DELAWARE,                   )

    ) ss.:

    COUNTY
OF NEW
CASTLE,           )

     

    BEFORE
ME, the undersigned authority, a Notary Public in and for said County and State,
on this day personally appeared Kristine K. Gullo known to me to be the person
and officer whose name is subscribed to the foregoing instrument and
acknowledged to me that the same was the act of the said Vie President and that
she/he executed the same as the corporation for the purpose and consideration
therein stated.

     

    GIVEN
UNDER MY HAND AND SEAL OF OFFICE, this the 24th day of April, 2008.

     

    /s/ Sandra
Kisner                                                                           

    Notary
Public

     

    [Seal]

    My
commission expires:

     

    7/19/2008                                                      

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    STATE
OF
____________,                )

    ) ss.:

    COUNTY
OF
__________                )

     

    BEFORE
ME, the undersigned authority, a Notary Public in and for said County and State,
on this day personally appeared Melissa A. Rosal known to me to be the person
and officer whose name is subscribed to the foregoing instrument and
acknowledged to me that the same was the act of the said Vice President and that
she/he executed the same as the corporation for the purpose and consideration
therein stated.

     

    GIVEN
UNDER MY HAND AND SEAL OF OFFICE, this the ____ day of April, 2008.

     

    /s/ Erika
Forshtay                                                                           

    Notary
Public

     

    [Seal]

    My
commission expires:

     

    11/6/2018                                                      

     

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

    EXHIBIT
A

     

    SCHEDULE
OF RECEIVABLES

     

    

     

    

     

    
      
        
           

          

        

         

      

      
         A-1

        
          

        

      

      
         

      

    

    EXHIBIT
B

     

    FORM
OF NOTE

     

    REGISTERED                                                                                                                                                                                                                                                            $___________*

     

    No.
____

     

    SEE
REVERSE FOR CERTAIN DEFINITIONS

     

    CUSIP
NO.________

     

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

     

    THE
PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH
HEREIN.  ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT
ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.

     

    

      

    

      
      *  Denominations
of $1,000 and integral multiples thereof.

    

    
      
        
           

        

         

      

      
         

          B-1

        

        
          

        

      

      
         

      

    

    CATERPILLAR
FINANCIAL ASSET TRUST 2008-A

    [____%
CLASS A-l] [____% CLASS A-2a] [CLASS A-2b FLOATING RATE] [____% CLASS A-3] ASSET
BACKED NOTES

    Caterpillar
Financial Asset Trust 2008-A, a statutory trust organized and existing under the
laws of the State of Delaware (herein referred to as the "Issuing Entity"), for
value received, hereby promises to pay to [_________], or registered assigns,
the principal sum of [____________] DOLLARS ($[____________]) payable on each
Distribution Date in an amount equal to the result obtained by multiplying (i) a
fraction the numerator of which is $[INSERT INITIAL PRINCIPAL AMOUNT OF THIS
NOTE] and the denominator of which is [$   ] [for Class A-1
Notes]] [$      ] [for Class A-2a Notes]]
[$         ][for Class A-2b Notes]
[for Class A-3 Notes]] by (ii) the aggregate amount, if any, payable pursuant to
the priorities set forth in the Sale and Servicing Agreement and the Indenture
in respect of principal on the [Class A-1] [Class A-2a] [Class A-2b] [Class
A-3]] Notes pursuant to Section 8.02(b) of
the Indenture; provided, however, the entire
unpaid principal amount of this Note shall be due and payable on [the earlier of
[date] [for Class A-1]] [date [for Class A-2]] [date] [for Class A-3]] [and the
Prepayment Date, if, any, pursuant to Section 10.01 of the
Indenture [for Class A-3 Notes]].  No payments of principal of the
Class A-2a Notes and the Class A-2b Notes shall be made until the principal of
the Class A-l Notes has been paid in its entirety and no payments of principal
of the Class A-3 Notes shall be made until the principal of the Class A-1 Notes,
the Class A-2a Notes and the Class A-2b Notes has been paid in its
entirety.  The Issuing Entity will pay interest on this Note at the
[Class A-1] [Class A-2a] [Class A-2b] [Class A-3]] Note Interest Rate on each
Distribution Date until the principal of this Note is paid or made available for
payment, on the principal amount of this Note outstanding on the preceding
Distribution Date after giving effect to all payments of principal made on such
preceding Distribution Date (or in the case of the first Distribution Date, on
the initial principal amount of this Note).  Interest will accrue for
each Distribution Date, with respect to the [Class A-1 Notes and the Class A-2b
Notes], from and including the most recent Distribution Date on which interest
has been paid to but excluding such Distribution Date or, in the case of the
initial Distribution Date, from and including the Closing Date to but excluding
such Distribution Date. Interest will accrue for each Distribution Date, with
respect to the [Class A-2a Notes and the Class A-3 Notes], from and including
the 25th day of
the month prior to such Distribution Date to but excluding the 25th day of
the month of such Distribution Date or, in the case of the initial Distribution
Date, from and including the Closing Date to but excluding the 25th day of
the month of such Distribution Date. Interest will be computed, with respect to
the [Class A-1 Notes and the Class A-2b Notes], on the basis of a 360-day year
and the actual number of days elapsed and, with respect to the [Class A-2a Notes
and the Class A-3 Notes], on the basis of a 360-day year of twelve 30 day
months.  Such principal of and interest on this Note shall be paid in
the manner specified on the reverse hereof.

     

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

     

    Reference
is made to the further provisions of this Note set forth on the reverse hereof,
which shall have the same effect as though fully set forth on the face of this
Note.

     

    
      
         

      

      
        B-2

        
          

        

      

      
         

      

    

     

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

     

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

     

    Date:                                                                CATERPILLAR
FINANCIAL ASSET

      TRUST
2008-A

    

    
      	
               
      

            	
              By:

            	
              BNYM
      (DELAWARE), not in its individual capacity but solely as Owner Trustee
      under the Trust Agreement,

            

    

    

    By:                                                                           

    Name:

    Title:

    
      
        
        

         

      

      
         

          B-3

        

        
          

        

      

      
         

      

    

    INDENTURE
TRUSTEE'S CERTIFICATE OF AUTHENTICATION

     

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

     

    U.S.
BANK NATIONAL ASSOCIATION,

    not in its individual capacity
but

    solely as Indenture
Trustee,

    

    

    

    By:       ______________________________________                              

    Name:

    Title:

    
      
        
           

        

         

      

      
         

          B-4

        

        
          

        

      

      
         

      

    

    [REVERSE
OF NOTE]

     

    This
Note is one of the [Class A-1] [Class A-2a] [Class A-2b] [Class A-3]] Notes of a
duly authorized issue of Notes of the Issuing Entity, designated as its [___%
Class A-1] [___% Class A-2a] [Class A-2b Floating Rate] [___% Class A-3] Asset
Backed Notes (herein called the "Notes"), all issued under an Indenture, dated
as of April 1, 2008 (such indenture, as supplemented or amended, is herein
called the "Indenture"), between the Issuing Entity and U.S. Bank National
Association, as trustee (the "Indenture Trustee", which term includes any
successor Indenture Trustee under the Indenture), to which Indenture and all
indentures supplemental thereto reference is hereby made for a statement of the
respective rights and obligations thereunder of the Issuing Entity, the
Indenture Trustee and the Holders of the Notes.  The Notes are subject
to all terms of the Indenture.  All terms used in this Note that are
defined in the Indenture, as supplemented or amended, shall have the meanings
assigned to them in or pursuant to the Indenture, as so supplemented or
amended.

     

    The
Notes are and will be equally and ratably secured by the collateral granted to
the Indenture Trustee as provided in the Indenture.

     

    Principal
of the Notes will be payable on each Distribution Date in an amount described on
the face hereof.  "Distribution Date"
means the 25th day of
each calendar month, or, if any such date is not a Business Day, the next
succeeding Business Day, commencing May 27, 2008.

     

    As
described above, the entire unpaid principal amount of this Note shall be due
and payable on the earlier of [date] [for Class A-1]] [date] [for Class A-2]
[date] [for Class A-3]], and the Prepayment Date, if any, pursuant to Section 10.01 of the
Indenture.  Notwithstanding the foregoing, the entire unpaid principal
amount of the Notes shall be due and payable on the date on which an Event of
Default shall have occurred and be continuing and the Indenture Trustee or the
Holders of the Notes representing a majority of the Outstanding Principal Amount
of the Notes have declared the Notes to be immediately due and payable in the
manner provided in Section 5.02 of the
Indenture.  All principal payments on the Notes of a Class shall be
made pro rata to the Noteholders of such Class entitled thereto.

     

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

     

    
      
         

      

      
        B-5

        
          

        

      

      
         

      

    

     

    The
Issuing Entity shall pay interest on overdue installments of interest at the
[Class A-1] [Class A-2a] [Class A-2b] [Class A-3]] Note Interest Rate to the
extent lawful.

     

    [As
provided in the Indenture, the Class A-3 Notes may be prepaid in whole, but not
in part, by the Issuing Entity, upon the exercise by the Servicer of its option
to repurchase the Receivables on any Distribution Date on or after the date on
which the Note Value is ten percent or less of the Initial Note
Value.]

     

    As
provided in the Indenture and subject to certain limitations set forth therein,
the transfer of this Note may be registered on the Note Register upon surrender
of this Note for registration of transfer at the office or agency designated by
the Issuing Entity pursuant to the Indenture, duly endorsed by, or accompanied
by a written instrument of transfer in form satisfactory to the Indenture
Trustee duly executed by, the Holder hereof or such Holder's attorney duly
authorized in writing, with such signature guaranteed by a commercial bank or
trust company located, or having a correspondent located, in the City of New
York or the city in which the Corporate Trust Office is located, or a member
firm of a national securities exchange or by another institution required to be
accepted as a signature guarantor by Rule 17Ad-15 of the Exchange Act, and
such other documents as the Indenture Trustee may require, and thereupon one or
more new Notes of authorized denominations and in the same aggregate principal
amount will be issued to the designated transferee or transferees.  No
service charge will be charged for any registration of transfer or exchange of
this Note, but the transferor may be required to pay a sum sufficient to cover
any tax or other governmental charge that may be imposed in connection with any
such registration of transfer or exchange.

     

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

     

    
      
         

      

      
        B-6

        
          

        

      

      
         

      

    

     

    Each
Noteholder or Note Owner, by acceptance of a Note or, in the case of a Note
Owner, a beneficial interest in a Note, covenants and agrees that it will not at
any time institute against the Issuing Entity or the Depositor, or join in any
institution against the Issuing Entity or the Depositor of, any bankruptcy,
reorganization, arrangement, insolvency or liquidation proceedings under any
United States federal or state bankruptcy or similar law.

     

    It
is the intent of the Depositor, the Noteholders, the Note Owners, the Issuing
Entity, the Certificateholders and the Certificate Owners that the Notes will be
classified as indebtedness of the Issuing Entity for all United States tax
purposes.  The Noteholders, by acceptance of a Note, agree to treat,
and to take no action inconsistent with the treatment of, the Notes for such tax
purposes as indebtedness of the Issuing Entity.

     

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

     

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

     

    The
term "Issuing Entity" as used in this Note includes any successor to the Issuing
Entity under the Indenture.

     

    The
Issuing Entity is permitted by the Indenture, under certain circumstances, to
merge or consolidate, subject to the rights of the Indenture Trustee and the
Holders of Notes under the Indenture.

     

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

     

    This
Note and the Indenture shall be construed in accordance with the laws of the
State of New York, without reference to its conflict of law provisions, and the
obligations, rights and remedies of the parties hereunder and thereunder shall
be determined in accordance with such laws.

     

    
      
         

      

      
        B-7

        
          

        

      

      
         

      

    

     

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

     

    Anything
herein to the contrary notwithstanding, except as expressly provided in the
Basic Documents, neither BNYM (Delaware) in its individual capacity, any owner
of a beneficial interest in the Issuing Entity, nor any of their respective
partners, beneficiaries, agents, officers, directors, employees or successors or
assigns shall be personally liable for, nor shall recourse be had to any of them
for, the payment of principal of or interest on, or performance of, or omission
to perform, any of the covenants, obligations or indemnifications contained in
this Note or the Indenture, it being expressly understood that said covenants,
obligations and indemnifications have been made by the Owner Trustee for the
sole purposes of binding the interests of the Owner Trustee in the assets of the
Issuing Entity.  The Holder of this Note by the acceptance hereof
agrees that, except as expressly provided in the Basic Documents in the case of
an Event of Default under the Indenture, the Holder shall have no claim against
any of the foregoing for any deficiency, loss or claim therefrom; provided, however, that nothing
contained herein shall be taken to prevent recourse to, and enforcement against,
the assets of the Issuing Entity for any and all liabilities, obligations and
undertakings contained in the Indenture or in this Note.

     

    
      
        
          

        

         

      

      
        B-8

        
          

        

      

      
         

      

    

    ASSIGNMENT

     

    Social
Security or taxpayer I.D. or other identifying number of assignee

     

    

    ___________________________________________

     

    

     

    

     

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

     

    

      
        
(name
and address of assignee)

    

     

    

     

    the
within Note and all rights thereunder, and hereby authorizes the transfer of
said Note on the books kept for registration thereof.

     

    

     

    

     

    
      	
              Dated:
      _______________________

            	                        
      ________________________________________*	 	
               

            

    

    Signature Guaranteed:

     

    

      

    

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

    

    
      
        
          
 

        

         

      

      
         
B-9

        
          

        

      

      
         

      

    

    EXHIBIT
C

     

    [RESERVED]

     

    

     

    
      
        
           

        

         

      

      
        C-1

        
          

        

      

      
         

      

    

    

     

    EXHIBIT
D

     

    

    SERVICING
CRITERIA TO BE ADDRESSED IN ASSESSMENT OF COMPLIANCE

    

    The
assessment of compliance to be delivered by the Indenture Trustee shall address,
at a minimum, the criteria identified as below as "Applicable Servicing
Criteria":

    

    
      	
              Servicing
      Criteria

            	
              Applicable
      Servicing Criteria

            
	
              Reference

            	
              Criteria

            	 
      
	 
      	
              General
      Servicing Considerations

            	 
      
	
              1122(d)(1)(i)

            	
              Policies
      and procedures are instituted to monitor any performance or other triggers
      and events of default in accordance with the transaction
      agreements.

            	 
      
	
              1122(d)(1)(ii)

            	
              If
      any material servicing activities are outsourced to third parties,
      policies and procedures are instituted to monitor the third party's
      performance and compliance with such servicing activities.

            	 
      
	
              1122(d)(1)(iii)

            	
              Any
      requirements in the transaction agreements to maintain a back-up servicer
      for the pool assets are maintained.

            	 
      
	
              1122(d)(1)(iv)

            	
              A
      fidelity bond and errors and omissions policy is in effect on the party
      participating in the servicing function throughout the reporting period in
      the amount of coverage required by and otherwise in accordance with the
      terms of the transaction agreements.

            	 
      
	 
      	
              Cash
      Collection and Administration

            	 
      
	
              1122(d)(2)(i)

            	
              Payments
      on pool assets are deposited into the appropriate custodial bank accounts
      and related bank clearing accounts no more than two business days
      following receipt, or such other number of days specified in the
      transaction agreements.

            	 
      
	
              1122(d)(2)(ii)

            	
              Disbursements
      made via wire transfer on behalf of an obligor or to an investor are made
      only by authorized personnel.

            	
              ü

            
	
              1122(d)(2)(iii)

            	
              Advances
      of funds or guarantees regarding collections, cash flows or distributions,
      and any interest or other fees charged for such advances, are made,
      reviewed and approved as specified in the transaction
      agreements.

            	 
      
	
              1122(d)(2)(iv)

            	
              The
      related accounts for the transaction, such as cash reserve accounts or
      accounts established as a form of overcollateralization, are separately
      maintained (e.g., with respect to commingling of cash) as set forth in the
      transaction agreements.

            	 
      
	
              1122(d)(2)(v)

            	
              Each
      custodial account is maintained at a federally insured depository
      institution as set forth in the transaction agreements. For purposes of
      this criterion, "federally insured depository institution" with respect to
      a foreign financial institution means a foreign financial institution that
      meets the requirements of Rule 13k-1(b)(1) of the Securities Exchange
      Act.

            	 
      
	
              1122(d)(2)(vi)

            	
              Unissued
      checks are safeguarded so as to prevent unauthorized
    access.

            	 
      
	
              1122(d)(2)(vii)

            	
              Reconciliations
      are prepared on a monthly basis for all asset-backed securities related
      bank accounts, including custodial accounts and related bank clearing
      accounts. These reconciliations are (A) mathematically accurate; (B)
      prepared within 30 calendar days after the bank statement cutoff date, or
      such other number of days specified in the transaction agreements; (C)
      reviewed and approved by someone other than the person who prepared the
      reconciliation; and (D) contain explanations for reconciling items. These
      reconciling items are resolved within 90 calendar days of their original
      identification, or such other number of days specified in the transaction
      agreements.

            	 
      
	 
      	
              Investor
      Remittances and Reporting

            	 
      
	
              1122(d)(3)(i)

            	
              Reports
      to investors, including those to be filed with the Commission, are
      maintained in accordance with the transaction agreements and applicable
      Commission requirements. Specifically, such reports (A) are prepared in
      accordance with timeframes and other terms set forth in the transaction
      agreements; (B) provide information calculated in accordance with the
      terms specified in the transaction agreements; (C) are filed with the
      Commission as required by its rules and regulations; and (D) agree with
      investors' or the trustee's records as to the total unpaid principal
      balance and number of pool assets serviced by the
Servicer.

            	 
      
	
              1122(d)(3)(ii)

            	
              Amounts
      due to investors are allocated and remitted in accordance with timeframes,
      distribution priority and other terms set forth in the transaction
      agreements.

            	
              ü

            
	
              1122(d)(3)(iii)

            	
              Disbursements
      made to an investor are posted within two business days to the Servicer's
      investor records, or such other number of days specified in the
      transaction agreements.

            	
              ü

            
	
              1122(d)(3)(iv)

            	
              Amounts
      remitted to investors per the investor reports agree with cancelled
      checks, or other form of payment, or custodial bank
      statements.

            	
              ü

            
	 
      	
              Pool
      Asset Administration

            	 
      
	
              1122(d)(4)(i)

            	
              Collateral
      or security on pool assets is maintained as required by the transaction
      agreements or related asset pool documents.

            	 
      
	
              1122(d)(4)(ii)

            	
              Pool
      asset and related documents are safeguarded as required by the transaction
      agreements

            	 
      
	
              1122(d)(4)(iii)

            	
              Any
      additions, removals or substitutions to the asset pool are made, reviewed
      and approved in accordance with any conditions or requirements in the
      transaction agreements.

            	 
      
	
              1122(d)(4)(iv)

            	
              Payments
      on pool assets, including any payoffs, made in accordance with the related
      pool asset documents are posted to the Servicer's obligor records
      maintained no more than two business days after receipt, or such other
      number of days specified in the transaction agreements, and allocated to
      principal, interest or other items (e.g., escrow) in accordance with the
      related asset pool documents.

            	 
      
	
              1122(d)(4)(v)

            	
              The
      Servicer's records regarding the pool assets agree with the Servicer's
      records with respect to an obligor's unpaid principal
    balance.

            	 
      
	
              1122(d)(4)(vi)

            	
              Changes
      with respect to the terms or status of an obligor's pool
      asset  (e.g., loan modifications or re-agings) are made,
      reviewed and approved by authorized personnel in accordance with the
      transaction agreements and related pool asset documents.

            	 
      
	
              1122(d)(4)(vii)

            	
              Loss
      mitigation or recovery actions (e.g., forbearance plans, modifications and
      deeds in lieu of foreclosure, foreclosures and repossessions, as
      applicable) are initiated, conducted and concluded in accordance with the
      timeframes or other requirements established by the transaction
      agreements.

            	 
      
	
              1122(d)(4)(viii)

            	
              Records
      documenting collection efforts are maintained during the period a pool
      asset is delinquent in accordance with the transaction agreements. Such
      records are maintained on at least a monthly basis, or such other period
      specified in the transaction agreements, and describe the entity's
      activities in monitoring delinquent pool assets including, for example,
      phone calls, letters and payment rescheduling plans in cases where
      delinquency is deemed temporary (e.g., illness or
      unemployment).

            	 
      
	
              1122(d)(4)(ix)

            	
              Adjustments
      to interest rates or rates of return for pool assets with variable rates
      are computed based on the related pool asset documents.

            	 
      
	
              1122(d)(4)(x)

            	
              Regarding
      any funds held in trust for an obligor (such as escrow accounts): (A) such
      funds are analyzed, in accordance with the obligor's pool asset documents,
      on at least an annual basis, or such other period specified in the
      transaction agreements; (B) interest on such funds is paid, or credited,
      to obligors in accordance with applicable pool asset documents and state
      laws; and (C) such funds are returned to the obligor within 30 calendar
      days of full repayment of the related pool assets, or such other number of
      days specified in the transaction agreements.

            	 
      
	
              1122(d)(4)(xi)

            	
              Payments
      made on behalf of an obligor (such as tax or insurance payments) are made
      on or before the related penalty or expiration dates, as indicated on the
      appropriate bills or notices for such payments, provided that such support
      has been received by the servicer at least 30 calendar days prior to these
      dates, or such other number of days specified in the transaction
      agreements.

            	 
      
	
              1122(d)(4)(xii)

            	
              Any
      late payment penalties in connection with any payment to be made on behalf
      of an obligor are paid from the servicer's funds and not charged to the
      obligor, unless the late payment was due to the obligor's error or
      omission.

            	 
      
	
              1122(d)(4)(xiii)

            	
              Disbursements
      made on behalf of an obligor are posted within two business days to the
      obligor's records maintained by the servicer, or such other number of days
      specified in the transaction agreements.

            	 
      
	
              1122(d)(4)(xiv)

            	
               Delinquencies,
      charge-offs and uncollectible accounts are recognized and recorded in
      accordance with the transaction agreements.

            	 
      
	
              1122(d)(4)(xv)

            	
              Any
      external enhancement or other support, identified in Item 1114(a)(1)
      through (3) or Item 1115 of Regulation AB, is maintained as set forth in
      the transaction agreements.

            	 
      

    

    

    
      
        
           

          

        

         

      

      
        D-1

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